The four Group's vanadium-bearing titano-magnetite mines and two iron ore mines are located in Sichuan province—the region with the richest reserve of vanadium-bearing titanomagnetite in the PRC.

Baicao Mine
The mine, located in Xiaoheiqing Townlet, Huili County, has a mining rights area of approximately 1.88 square kilometers and an elevation range of 2,100 to 2,525 meters. It is connected to the Panzhihua-Miyi Highway and the Chengdu-Kunming Railroad. Mining commenced in 1998.

Xiushuihe Mine
The mine, located in Ailang Townlet, Huili County, has a mining rights area of approximately 0.52 square kilometers and an elevation range of 2,230 to 2,580 meters. It is connected to the provincial 310 Highway. Mining commenced in 1999.

The Huili County Government resolved to support the Group's plan to extend the coverage area of the current mining rights at the Xiushuihe Mine to the adjacent area in the west. After obtaining the exploration right and the related mining right, the exploration right covers the entire 1.73 square kilometers of the Xiushuihe deposit including an area of 1.21 square kilometers previously unexplored by the Group.

Yangqueqing Mine
The mine, located in Xiaoheiqing Townlet, Huili County and is adjacent to the Baicao Mine and the Cizhuqing Mine. The mining right covers an area of 0.25 sq.km.

Cizhuqing Mine
The mine, located in Xiaoheiqing Townlet, Huili County and is adjacent to the Baicao Mine and the Yangqueqing Mine. The exploration right covers an area of 2.30 sq.km.

Maoling Mine
The mine, located at Maoling Village, Weizhou Town, Wenchuan County, Aba Autonomous Prefecture, which the mining right covers an area of approximately 1.90 sq.km and the exploration right covers an area of approximately 2.83 sq.km.

Yanglongshan Mine
The mine, located at Yanglongshan in Wenchuan County, which the exploration right covers an area of approximately 8.79 sq.km.