鉴于各国央行持续买入黄金、地缘政治局势紧张、经济不确定性加剧，以及近期去美元化与美元资产流 走的新趋势，公司对黄金的前景保持乐观。这将为Donlin项目未来几年的最终开发创造有利条件，而建 设及生产进程的推进可望重塑Novagold股份价值。董事认为，此项投资不仅能创造丰厚回报，亦高度契 合公司价值创造的战略重点。 公司专注于天然资源领域的战略投资，强调采矿机会，特别是采矿业。Novagold作为领先的黄金开采企 业，过往曾持有阿拉斯加Donlin Gold项目("Donlin")50%权益。该项目属世界级资源，拥有约3,900万盎 司探明及控制级别黄金资源量，平均品位达2.24克╱吨。 过去数年间，由于合资者Barrick Mining Corporation战略聚焦于铜等其他大型项目，开发进度较为缓 慢。Novagold近期宣布斥资10亿美元收购Barrick所持50%权益，其中Novagold出资2亿美元将持股比例 提升至60%，PaulsonAdvisors("Paulson")以8亿美元收购40%权益。Donlin项目已形成新的股权结构，双 方股东均有意推进项目开发。Novagold及Paulson ...

于该收购事项及场内交易收购事项前，附属公司于该收购事项当日及场内交易收购事项日期前12个月期 间内透过在澳交所进行场内交易合共收购1250万股Bellevue Gold股份(相当于该等配售后Bellevue Gold经 扩大已发行股本约0.85%)，总代价净额约为1422.1万澳元(不包括交易成本)，即每股股份约 1.14澳元。 智通财经APP讯，亚太资源(01104)发布公告，于2025年4月15日，附属公司(亚太资源商品贸易有限公 司)根据股份配售接纳获配发588.2万股Bellevue Gold股份(相当于该等配售后Bellevue Gold经扩大已发行 股本约0.40%)，涉及款额约为500万澳元(不包括交易成本)，即每股股份约0.85澳元。 于2025年4月15日，附属公司透过在澳交所进行场内交易合共收购200万股Bellevue Gold股份(相当于该 等配售后Bellevue Gold经扩大已发行股本约0.14%)，总代价净额约为179.1万澳元(不包括交易成本)，即 每股股份约0.90澳元。 公司专注于天然资源领域的战略投资，强调采矿机会。Bellevue Gold是一家著名的黄金生产商，在西 ...

2024/25 INTERIM REPORT 中期報告 僅供識別 CONTENTS 目錄 2 Corporate Information 公司資料 4 CEO's Message 行政總裁致辭 6 Management Discussion and Analysis 管理層討論及分析 23 Other Information 其他資料 29 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 30 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 31 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 33 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 34 Condensed Consolidated Statement of Cash Fl ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 APAC RESOURCES LIMITED 亞太資源有限公司* （於百慕達註冊成立之有限公司） （股份代號：1104） （認股權證代號：2478） 截至二零二四年十二月三十一日止六個月中期業績公告 亞 太 資 源 有 限 公 司（「本公司」或「亞太資源」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 六 個 月 之 未 經 審 核 中 期 業 績，該 等 業 績 已 經 由 本 集 團 核 數 師 及 本 公 司 審 核 委 員 會（「審核委員會」）審 閱。 簡明綜合損益表 截至二零二四年十二月三十一日止六個月 | | 附 註 | | | | 二零二四年 二零二三年 | | --- | --- | --- | --- | --- | --- | | | | | | | 千港元 千港元 | | | ...

APAC RESOURCES APAC Resources Limited 亞 太 資 源 有 限 公 司 * (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號 : 1104 2023/ ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告 * For identification purpose only 僅供識別 目錄 2 關於本報告 2 • 報告範圍 2 • 報告原則 3 管治架構 3 • 方針及策略 4 • 重要性評估及持份者參與 5 • 確認及批准 6 環境議題 6 • 排放物 7 • 資源使用 7 • 環境及天然資源 8 • 氣候變化 8 社會議題 10 • 僱傭 11 • 健康與安全 11 • 發展及培訓 12 • 勞工準則 12 • 供應鏈管理 13 • 產品責任 13 • 反貪污 14 社區 14 • 社區投資 關於本報告 重要性 本報告乃透過與持份者溝通及進行重要性評估編製，當中包括識別與環境、社會及管治相 關的議題、考慮內 ...

APAC RESOURCES APAC Resources Limited 亞 太 資 源 有 限 公 司 * (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) Stock Code 股份代號 : 1104 20 ANNUAL 年 報 * For identification purpose only 僅供識別 目錄 47 公司資料 48 行政總裁致辭 49 管理層討論及分析 59 董事及管理層履歷 64 董事會報告 77 企業管治報告 91 獨立核數師報告 100 綜合損益表 101 綜合損益及其他全面收益表 102 綜合財務狀況表 104 綜合權益變動表 105 綜合現金流量表 107 綜合財務報表附註 251 財務概要 公司資料 董事會 執行董事 Andrew Charles Ferguson先生（行政總裁） 非執行董事 Arthur George Dew先生（主席） （王大鈞先生為其替任董事） 李成輝先生 林蓮珠女士 獨立非執行董事 王永權博士 王宏前先生 | --- | --- | |------------------ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 APAC RESOURCES LIMITED 亞太資源有限公司* （於百慕達註冊成立之有限公司） （股份代號：1104） 截至二零二四年六月三十日止年度末期業績公告 亞 太 資 源 有 限 公 司（「本公司」或「亞太資源」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 四 年 六 月 三 十 日 止 年 度 之 經 審 核 綜 合 末 期 業績，連同截至二零二三年六月三十日止年度之比較數字如下： 綜合損益表 截至二零二四年六月三十日止年度 | --- | --- | --- | --- | |--------------------------------------------------------------------------|---------|--------------------------|------------ ...

管理層討論及分析（續） MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) As at 31 December 2023, we had borrowings of HK$88,000,000 (excluding lease liabilities) (As at 30 June 2023: HK$183,240,000) and had undrawn letter of credit, bank and other loan facilities amounting to HK$517,909,000. As at 31 December 2023, we had a gearing ratio of nil (As at 30 June 2023: Nil), calculated on the basis of net debt over equity attributable to owners of the Company. For this purpose, net debt is defined as borrowings (excluding le ...

– 5 – 香港會計準則第1號及香港財務報告準則實務報告第2號（修 訂 本），會 計 政 策 披 露 香港會計準則第12號（修 訂 本），與 單 一 交 易 產 生 的 資 產 及 負 債 相 關 的 遞 延 稅 項 該等修訂收窄初步確認豁免的範圍，使其不再適用於初始確認時產生等值而對銷的暫時差 額（例如租賃及棄置責任）的交易。就租賃及棄置責任而言，相關遞延稅項資產及負債須自呈 列的最早比較期間開始時確認，並於該日將任何累計影響確認為保留盈利或其他權益組成 部分的調整。就所有其他交易而言，該等修訂適用於已呈列的最早期間開始後發生的交易。 於 修 訂 前，本 集 團 並 未 對 租 賃 交 易 應 用 初 始 確 認 豁 免，並 已 確 認 相 關 遞 延 稅 項，惟 本 集 團 先前以淨額基準釐定使用權資產及相關租賃負債產生的暫時差額，基準為其產生自單一交 易。於修訂後，本集團已分別確定與使用權資產及相關租賃負債有關的暫時差額。該變動主 要影響年度財務報表內遞延稅項資產及負債組成部分的披露，但由於相關遞延稅項結餘符 合香港會計準則第12號項下的抵銷資格，故不會影響綜合財務狀況表呈列的整個遞延稅項 結餘。 – ...

Financial Performance and Losses - The company's resource investment division generated a segment profit of HK$92,801,000 for the year ended June 30, 2023, despite weak performance in the commodity sector[17] - Strategic investments in Mount Gibson and Metals X resulted in significant non-cash impairments of HK$267,769,000 and non-cash fair value losses of HK$77,575,000, respectively, leading to an overall net loss attributable to shareholders of HK$318,547,000[17] - The global economic outlook remains weak, with the company recording a net loss attributable to shareholders of HK$318,547,000, primarily due to non-cash impairment losses from the Mount Gibson investment and fair value adjustments for Metals X[28] - The company's attributable net loss for FY2023 was HKD 318,547,000, compared to HKD 465,994,000 in FY2022, including a significant non-cash impairment loss of HKD 267,769,000 related to Mount Gibson[57] - The company recorded a fair value loss of HKD 156,316,000 on its investment in Shougang Fushan Resources Group, with a carrying value of HKD 265,375,000 as of June 30, 2023[79] - The commodities division recorded a net fair value loss of HKD 129,409,000 in the 2023 fiscal year, with a book value of HKD 324,588,000 as of June 30, 2023 (compared to HKD 552,081,000 as of June 30, 2022)[109] - The base metals division (including copper, nickel, and zinc companies) recorded a net fair value loss of HKD 742,000 in the 2023 fiscal year, with copper prices down 0.4%, nickel down 13%, and zinc down 27%[110] - The major investments and financial services division recorded a loss of HKD 17,635,000 in the 2023 fiscal year (compared to a profit of HKD 32,466,000 in the 2022 fiscal year)[115] Investments and Strategic Moves - The company increased its stake in Metals X Limited to approximately 21.2% as of June 30, 2023, making it an associate company, with a net loss attributable to the company of HK$10,632,000 from its major strategic investments for the fiscal year 2023[21] - The company increased its stake in Prodigy Gold to 49.9% in October 2022, resulting in an attributable post-acquisition loss of HKD 9,721,000 for FY2023[58] - The company holds a 46.3% interest in Tanami Gold, which has a cash balance of AUD 31,000,000 and a 50% interest in the Central Tanami project[42][62] - The company increased its stake in Prodigy Gold from approximately 19.8% to 49.9% following a rights issue in October 2022, which was later diluted to 49.8% due to further share issuance by Prodigy Gold[129] - The company's largest investment, Mount Gibson, has successfully increased productivity at the Koolan Island mine after completing a major waste removal project and is expected to generate free cash flow in the coming years[182] - The company holds a 43.50% stake in United Group through controlled corporate interests, represented by 566,697,630 shares[171] - Shougang Fushan Resources Group Limited holds a 16.51% stake in the company with 215,100,000 shares[171] - Old Peak Asia Fund Ltd. and OPG Holdings LLC each hold a 10.90% stake in the company with 142,178,000 shares[171] - PIA Ltd, acting as an investment manager, holds a 6.10% stake in the company with 79,492,000 shares[171] Commodity and Resource Performance - Mount Gibson's cash reserves, including term deposits and marketable investments net of debt, stood at AUD 139,000,000 as of the end of the fiscal year 2023, equivalent to AUD 0.115 per share[24] - Mount Gibson sold 3 million tons of iron ore in FY2023, with an after-tax profit of AUD 5,000,000, but was impacted by non-cash impairments totaling AUD 75,000,000[39] - Metals X recorded an after-tax profit of AUD 12,100,000 for the six months ending June 30, 2023, with a net asset value of AUD 331,700,000[44] - The Platts IODEX 62% CFR China index averaged USD 103 per dry ton in FY2023, with fluctuations ranging from a low of USD 73 in October 2022 to a high of USD 127 in February 2023[41] - Metals X's Renison mine produced 4,023 tons of tin (50% basis) in FY2023, a 15% year-on-year decrease, with an average realized tin price of AUD 36,429 per ton, down 24% year-on-year[43] - The average tin price in FY2023 was USD 24,420 per ton, with recent concerns over supply issues, including reduced production in Indonesia and potential mining bans in Myanmar, supporting prices around USD 25,000 per ton[64] - Shougang Fushan Resources Group reported an EBITDA of HKD 2,373,000,000 and a post-tax profit of HKD 1,519,000,000 for the six months ended June 30, 2023[80] - Shougang Fushan produced 2.7 million tons of raw coking coal in the first half of 2023, aligning with its annual target of 5.25 million tons[100] - The average benchmark market price for Shougang Fushan's refined coking coal products decreased by 30% year-on-year in the first half of 2023, and its share price dropped by 22%[101] - The commodities business recorded a divisional profit of HKD 3,470,000 in the 2023 fiscal year (compared to a profit of HKD 53,649,000 in the 2022 fiscal year)[114] Financial and Operational Metrics - The company did not issue any debentures during the year ended June 30, 2023[14] - The company did not have any equity-linked agreements that would require the issuance of shares as of the end of the fiscal year 2023[15] - The company's distributable reserves to shareholders as of June 30, 2023, were HKD 1,194,959,000, compared to HKD 892,656,000 in 2022[49] - The company's resource investment segment recorded a fair value gain of HKD 16,813,000 in the 2023 fiscal year, with a segment profit of HKD 92,801,000 after accounting for dividends and other investment income and expenses[83] - The mineral investment portfolio, focused on battery metals, base metals, precious metals, uranium, and other hard commodities, achieved a return of 461.2% since its inception in October 2016, outperforming its benchmark by 459.2%[84] - The energy investment portfolio, which expanded to include renewable energy in late 2019, generated a 103% return over the past three and a half years from February 2020 to August 2023[87] - The resource investment strategy generated a 16.3% return for the fiscal year ending June 30, 2023, outperforming the benchmark return of -3.2% by 19.5%[106] - The resource investment portfolio's net asset value increased from HKD 482.675 million to HKD 561.199 million during the fiscal year 2023, with a gain of HKD 78.524 million[106] - The precious metals segment, primarily gold holdings, recorded a net fair value gain of HKD 98.194 million for the fiscal year 2023[108] - Northern Star (ASX: NST) contributed a fair value gain of HKD 45.544 million and had a carrying value of HKD 76.837 million as of June 30, 2023[108] - Westgold Resources Limited (ASX: WGX) recorded a fair value gain of HKD 9.703 million and had a carrying value of HKD 44.114 million as of June 30, 2023[108] - Centerra Gold Inc. (TSX: CG) contributed a fair value gain of HKD 7.387 million for the fiscal year 2023[108] - Gold prices strengthened in the second half of the 2023 fiscal year, trading above $2,000 per ounce in April and May, but later retreated due to delayed expectations of a US Federal Reserve rate cut, with recent trading range between $1,900 and $1,950 per ounce[109] - The company recorded a net fair value gain of HKD 5,335,000 from other commodities (diamonds, manganese, rare earths, lithium, and mineral sands) and non-commodity-related investments, with a book value of HKD 113,025,000 as of June 30, 2023 (compared to HKD 177,578,000 as of June 30, 2022)[113] - As of June 30, 2023, the company's borrowings (excluding lease liabilities) were HKD 183,240,000 (compared to HKD 289,617,000 as of June 30, 2022), with undrawn credit facilities, bank, and other loan financing amounting to HKD 381,500,000[117] - The company's fair value of listed securities held for trading was HKD 256,100,000 as of June 30, 2023 (compared to HKD 491,157,000 as of June 30, 2022), which were pledged to a bank as collateral for bank financing[120] - The company's total number of employees increased to 28 as of June 30, 2023 (compared to 15 as of June 30, 2022), primarily due to the addition of Prodigy Gold as a subsidiary, with total remuneration and pension contributions amounting to HKD 24,295,000 in the 2023 fiscal year (compared to HKD 19,282,000 in the 2022 fiscal year)[122] - Outstanding receivables (net of impairment provisions) were HKD 346,074,000 as of June 30, 2023, compared to HKD 362,698,000 in the previous year, with impairment provisions of HKD 11,715,000 for the year[144] - Non-current assets stood at HKD 2,025,899,000 as of June 30, 2023, down from HKD 2,386,729,000 in the previous year, while net current assets were HKD 1,569,339,000, with a current ratio of 6.1x[144] - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the fiscal year ending June 30, 2023[151] - The company has no significant investment or capital asset plans as of June 30, 2023[151] - The company will regularly review its investment strategy to mitigate risks related to market sentiment, commodity prices, interest rate changes, geopolitical conditions, and macroeconomic performance[152] - The company will seek potential investment opportunities to maximize shareholder value[152] - AP Finance Limited provided an unsecured revolving loan facility of up to HKD 200,000,000 to the company, with an annual interest rate of HIBOR plus 3%, repayable within 12 months[198] - The loan facility was increased to HKD 300,000,000 and the final repayment date was extended to September 14, 2023[198] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the year, with the option to receive it in fully paid new shares instead of cash[35] Market and Economic Conditions - The Federal Reserve raised interest rates by approximately 500 basis points over the past twelve months to curb inflation, with similar actions taken by most developed countries' central banks[29] - The company remains cautious about the outlook for commodity prices, expecting short-term investment opportunities due to potential central bank rate cuts and strong demand for selected commodities related to energy transition trends[13] Subsidiary and Associate Performance - Prodigy Gold recorded a net loss after tax of AUD 5.2 million for the fiscal year 2023, with a cash balance of AUD 6.1 million as of June 30, 2023[98] - Northern Star, a major gold producer, produced 1.563 million ounces of gold in the 2023 fiscal year and generated free cash flow of AUD 359,000,000, with a target production of 1.6 to 1.75 million ounces for the 2024 fiscal year[89] - Tanami Gold NL is owned approximately 46.30% by the company through its wholly-owned subsidiary, making it an associated corporation under the Securities and Futures Ordinance[180] - Mount Gibson partially participates in investments and trading of listed securities in the resources and related industries through its subsidiaries[197]