The board of directors of Lingbao Gold Group Company Ltd. received a recommendation on the change of director from D&R Asset Management Group Company Limited, the substantial shareholder of the Company, in relation to the resignation of Mr. Zeng Xiangxin as the chairman and an executive director due to work re-arrangement, who will also cease to be the chairman of the strategic committee, a member of the nomination committee and the remuneration and review committee of the Company, with effect from 13 October 2022. The board announced that Mr. Chen Jianzheng (``Mr. Chen'') has been appointed as the chairman and an executive director of the Company, the chairman of the Strategic Committee, as well as a member of the Nomination Committee and the Remuneration Committee, with effect from 13 October 2022. Mr. Chen Jianzheng (``Mr. Chen''), born in December 1968.

He graduated from Hunan Agricultural University (land management) in July 1990 and later obtained the bachelor degree in law from Hunan Administration Institute in December 2003. He has many years of experience related to the management and the operation of the mining industry. He also has worked in the underground mine and smelter for more than one year and is very familiar with the mining, mineral separation and smelting process.

Prior to joining the Group, he was a member of the party leadership and deputy chief of Land and Resources Bureau of Yuanling County in Hunan Province. He was in charge of mine management and reserve management and possesses very good management experience in mining industry. Mr. Chen was the chairman of the Board and an executive director of the Company from 23 January 2017 to 28 May 2021.

Mr. Chen was the chairman and a member of Supervisory Committee of the Company from 28 May 2021 to 13 October 2022.