Tranche Update on Guangdong Fangyuan New Materials Group Co., Ltd.'s Equity Buyback Plan announced on November 4, 2022.

Guangdong Fangyuan New Materials Group Co Ltd, formerly Guangdong Fangyuan Environment Co Ltd, is a China-based company mainly engaged in the research and development, production and sales of lithium battery ternary cathode material precursors and nickel battery cathode materials. The Company's products are mainly used in the manufacture of lithium batteries and nickel batteries. Its lithium battery ternary cathode material precursors include nickel-cobalt-aluminum (NCA) ternary precursors and nickel-cobalt-manganese (NCM) ternary precursors. Its nickel battery cathode materials include zinc ball nickel and cobalt coated nickel ball. The Company distributes its products in domestic market and to overseas markets.