Reference is made to the Company’s announcement dated 11 January 2022 in relation to the MOU (“Announcement”). Unless otherwise defined, all abbreviations and definitions used herein shall have the same meaning as defined in the Announcement.

The Board of Directors of the Company wishes to announce that there is no material development since the last announcement except the parties are still in the process of conducting the Project Study.

Further announcement will be released should there be any new development to the MOU.

This announcement is dated 26 May 2022.