The board of directors of Lygend Resources & Technology Co., Ltd. announced that on 25 May 2023, the Company has successfully obtained a syndicated loan for phase III (ONC) of the HPAL project of the Obi projects. The amount of the Syndicated Loan is USD 780 million. The Board is also pleased to announce that, in connection with the Syndicated Loan, the ONC Guarantee, the ONC Pledge Agreement, the HJR ONC Guarantee, the TBP ONC Pledge Agreement and the Li Yuen ONC Pledge Agreement (collectively, the "ONC Agreements") have been signed by the Company and/or the relevant parties as disclosed in the Circular.

The Company confirms that there are no material differences between the executed ONC Agreements and the ONC Agreements as disclosed in the Circular and approved by the Independent Shareholders at the EGM. The transactions contemplated under the ONC Agreements constitute connected transactions of the Company under Chapter 14A of the Listing Rules and Independent Shareholders' approval have been obtained in the EGM of the Company held on 31 March 2023. Reference is also made to the disclosure in the Prospectus relating to the business of the Company.

Phase III of the HPAL project is operated by ONC, in which the Company holds a 60.0% equity interest. The production process and equipment of production lines of phase III have been upgraded compared to those of phase I, and it is also planned that phase III of the HPAL project shall be equipped with nickel sulfate and cobalt sulfate production lines. The Company leads the arrangement of the Syndicated Loan mentioned above.

All syndicate members are Chinese financial institutions, including Agricultural Bank of China Ningbo Branch, Bank of China Limited Ningbo Branch, China CITIC Bank Corporation Limited Ningbo Branch, Shanghai Pudong Development Bank Co., Ltd. Ningbo Branch, Industrial Bank Co., Ltd. Ningbo Branch and China Guangfa Bank Co., Ltd. Ningbo Branch. The Company will make appropriate announcement(s) about the update to the Amended and Restated Pledge of Shares Agreement, the Kang Xuan Pledge Agreement, the HJR Amended and Restated Completion Guarantee Agreement and the TBP Amended and Restated Pledge of Shares Agreement.