JL Mag Rare-Earth Co., Ltd. announce that the following resolutions was considered and approved at the first meeting (the "Board Meeting") of the fourth session of the Board of the Company: Mr. Cai Baogui was appointed as the chief executive officer of the Company. The term of office commenced from the date of approval of the Board Meeting to the expiry of the term of the fourth session of the Board. The fees (including basic salary and performance bonus, etc.) for Mr. Cai Baogui's role as the chief executive officer of the Company will be determined by the Board with reference to his duties and responsibilities with the Company, the articles of association and the remuneration policy of the Company as well as the prevailing market conditions.

Save as disclosed above, as of the date of this announcement, there has been no change to the biographical details of Mr. Cai Baogui and other information related to his appointment contained in the Circular.