Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. CEO & Executive Chairman Chenguang Hou was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 12
China Gold International Resources Corp. Ltd. to Report Fiscal Year 2025 Results on Mar 30, 2026 China Gold International Resources Corp. Ltd. announced that they will report fiscal year 2025 results on Mar 30, 2026 Announcement • Jan 28
China Gold International Resources Provides Production Guidance for the Year 2026 China Gold International Resources provided production guidance for the year 2026. For the year, the The Jiama Mine: The copper production will be approximately between 140 million pounds (63,500 tonnes) and 149 million pounds (67,500 tonnes); The gold production will be approximately between 70,732 ounces (2.2 tonnes) and 75,554 ounces (2.35 tonnes); The silver production will be approximately between 4.18 million ounces (130 tonnes) and 4.82 million ounces (150 tonnes). The CSH Mine: The total gold production is estimated between 70,732 ounces (2.2 tonnes) and 83,592 ounces (2.6 tonnes). Board Change • Dec 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. CEO & Executive Chairman Chenguang Hou was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 03
China Gold International Resources Corp. Ltd. to Report Nine Months, 2025 Results on Nov 12, 2025 China Gold International Resources Corp. Ltd. announced that they will report nine months, 2025 results on Nov 12, 2025 Announcement • Aug 04
China Gold International Resources Corp. Ltd. to Report First Half, 2025 Results on Aug 14, 2025 China Gold International Resources Corp. Ltd. announced that they will report first half, 2025 results on Aug 14, 2025 Announcement • Jun 27
China Gold International Resources Corp. Ltd. Announces Retirement of Weibin Zhang as an Executive Director, Member of the Compensation and Benefits Committee China Gold International Resources Corp. Ltd. announced that Mr. Weibin Zhang indicated that he would not offer himself for re-election at the AGM as he desired to focus on his own business. Accordingly, with effect from the conclusion of the AGM, Mr. Zhang retired as an executive director and has also ceased to be the member of the Compensation and Benefits Committee. In accordance with Rule 13.51(2) of the Listing Rules, Mr. Zhang has confirmed that he has no disagreement with the Board and there are no matters relating to his retirement that will need to be brought to the attention of the Stock Exchange and the shareholders. Announcement • May 01
China Gold International Resources Corp. Ltd. to Report Q1, 2025 Results on May 15, 2025 China Gold International Resources Corp. Ltd. announced that they will report Q1, 2025 results on May 15, 2025 Announcement • Apr 16
China Gold International Resources Corp. Ltd., Annual General Meeting, Jun 26, 2025 China Gold International Resources Corp. Ltd., Annual General Meeting, Jun 26, 2025. Announcement • Mar 12
China Gold International Resources Corp. Ltd. to Report Fiscal Year 2024 Results on Mar 27, 2025 China Gold International Resources Corp. Ltd. announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Jan 13
China Gold International Resources Corp. Ltd. Provides Production Guidance for the Year 2025 China Gold International Resources Corp. Ltd. provided production guidance for the year 2025. For the year, for The Jiama Mine, The copper production will be approximately between 139 million pounds (63,000 tonnes) and 148 million pounds (67,000 tonnes); The gold production will be approximately between 69,124 ounces (2.15 tonnes) and 73,947 ounces (2.3 tonnes), For The CSH Mine: The total gold production is estimated between 77,162 ounces (2.4 tonnes) and 83,592 (2.6 tonnes). Buy Or Sell Opportunity • Jan 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €4.94. The fair value is estimated to be €4.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Meanwhile, the company became loss making. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non Executive Independent Director Wei Shao was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.068 (vs US$0.08 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.068 (up from US$0.08 loss in 3Q 2023). Revenue: US$254.6m (up 309% from 3Q 2023). Net income: US$27.1m (up US$58.8m from 3Q 2023). Profit margin: 11% (up from net loss in 3Q 2023). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Announcement • Nov 01
China Gold International Resources Corp. Ltd. to Report Q3, 2024 Results on Nov 14, 2024 China Gold International Resources Corp. Ltd. announced that they will report Q3, 2024 results on Nov 14, 2024 New Risk • Sep 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Aug 01
China Gold International Resources Corp. Ltd. to Report First Half, 2024 Results on Aug 13, 2024 China Gold International Resources Corp. Ltd. announced that they will report first half, 2024 results on Aug 13, 2024 New Risk • May 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 19
First quarter 2024 earnings released: US$0.066 loss per share (vs US$0.20 profit in 1Q 2023) First quarter 2024 results: US$0.066 loss per share (down from US$0.20 profit in 1Q 2023). Revenue: US$60.5m (down 76% from 1Q 2023). Net loss: US$26.3m (down 134% from profit in 1Q 2023). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Apr 28
China Gold International Resources Corp. Ltd., Annual General Meeting, Jun 27, 2024 China Gold International Resources Corp. Ltd., Annual General Meeting, Jun 27, 2024. Recent Insider Transactions • Apr 10
Lead Independent Non Executive Director recently sold €307k worth of stock On the 3rd of April, Ying Bin He sold around 50k shares on-market at roughly €6.15 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 29
Full year 2023 earnings released: US$0.064 loss per share (vs US$0.56 profit in FY 2022) Full year 2023 results: US$0.064 loss per share (down from US$0.56 profit in FY 2022). Revenue: US$459.4m (down 58% from FY 2022). Net loss: US$25.5m (down 111% from profit in FY 2022). Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 1.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Board Change • Mar 18
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non Executive Independent Director Wei Shao was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 02
China Gold International Resources Corp. Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 China Gold International Resources Corp. Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Jan 05
China Gold International Resources Corp. Ltd. Announces CSH Gold Mine Operations Are Back to Normal China Gold International Resources Corp. Ltd. announce that the overall operations at its CSH Gold Mine ("CSH Mine") have returned to full production effective January 3, 2024. On November 15, 2023, the Company reported that CSH Mine reduced the mining rate at the end of the third quarter and in the fourth quarter in order to enhance the management andmaintenance of open pit slopes. The works on slope maintenance have been completed and the mining activities, including mining, hauling, crushing and heaping, have been returned to their normal operating level. The resumption of full mining activities at CSH Mine has laid a solid foundation for enhancing the Company's financial and production performance in 2024. The development of CSH Mine's underground resources is on schedule and has made significant progress, and the Company continues to advance a feasibility study for a possible underground extension of the CSH Mine. Announcement • Dec 19
China Gold International Resources Corp. Ltd. Announces Resumption of Certain Operations At Its Jiama Copper-Gold Polymetallic Mine China Gold International Resources Corp. Ltd. announced that the gradual resumption of certain operations at its Jiama Copper-Gold Polymetallic Mine (the "Jiama Mine") has begun on December 15, 2023 following the receipt of approval from the Lhasa Municipal Government, in line with previous announcements in relation to the overflow at the Guolanggou Tailings Dam at the Jiama Mine. The resumption of operations includes the underground void management and the restart of the Phase I processing plant of the Jiama Mine with a daily processing capacity of 6,000 tonnes. The tailings produced from processing operations will all be backfilled to the underground voids through the backfilling system. The Company has carried out a plan for the full resumption of operations, and the restart of the phase I processing plant is the first step in the overall plan. The repair and reinforcement work at the GuolanggOU Tailings Dam has been fully completed, and the safety assessment report has been completed, awaiting acceptance and approval by the government. The review process of the subsequent tailings discharge plan is occurring simultaneously. The Company will continue to proceed towards the resumption of full production on its design capacity at the Jiama Mine. Reported Earnings • Nov 17
Third quarter 2023 earnings released: US$0.08 loss per share (vs US$0.058 profit in 3Q 2022) Third quarter 2023 results: US$0.08 loss per share (down from US$0.058 profit in 3Q 2022). Revenue: US$62.3m (down 76% from 3Q 2022). Net loss: US$31.7m (down 237% from profit in 3Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Announcement • Nov 02
China Gold International Resources Corp. Ltd. to Report Q3, 2023 Results on Nov 13, 2023 China Gold International Resources Corp. Ltd. announced that they will report Q3, 2023 results on Nov 13, 2023 Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €4.66, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 382% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.50 per share. New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Aug 15
Second quarter 2023 earnings released: US$0.14 loss per share (vs US$0.20 profit in 2Q 2022) Second quarter 2023 results: US$0.14 loss per share (down from US$0.20 profit in 2Q 2022). Revenue: US$73.0m (down 75% from 2Q 2022). Net loss: US$53.7m (down 166% from profit in 2Q 2022). Revenue is forecast to grow 24% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
China Gold International Resources Corp. Ltd. to Report First Half, 2023 Results on Aug 14, 2023 China Gold International Resources Corp. Ltd. announced that they will report first half, 2023 results on Aug 14, 2023 Reported Earnings • May 16
First quarter 2023 earnings released: EPS: US$0.20 (vs US$0.18 in 1Q 2022) First quarter 2023 results: EPS: US$0.20 (up from US$0.18 in 1Q 2022). Revenue: US$252.8m (down 17% from 1Q 2022). Net income: US$77.8m (up 9.2% from 1Q 2022). Profit margin: 31% (up from 23% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 118% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 06
China Gold International Resources Corp. Ltd. Provides an Update on the Operations of Its Jiama Copper-Gold Polymetallic Mine China Gold International Resources Corp. Ltd. provided an update on the operations of its Jiama copper-gold polymetallic mine. Reference is made to the Company's announcement dated on March 31, 2023. On May 27, 2023, an overflow occurred at the Guolanggou Tailings Dam at Jiama Mine (the "overflow"). The Company quickly contained and repaired the breach to ensure no damage to the environment or neighboring communities. Subsequent to the overflow, Jiama Mine has suspended its operations while the Company takes the opportunity to conduct a comprehensive safety assessment of and repair work on its tailings dam with the assistance and supervision of government safety authorities. The Company does not have an exact timeline for the re-start of production. The overflow occurred at the top 19th subsequent dyke of the Guolangou Tailings Dam. However, other levels of subsequent dykes and the starter dyke were also damaged to varying degrees. The Company is conducting a comprehensive inspection and assessment of all 19 levels of subsequent dykes and The starter dyke of the tailings dam and is making permanent repairs and reinforcement construction is expected to be completed by the end of July 2023. Following the completion of the construction, the Company will conduct a safety assessment of the entire tailings pond and submit an assessment report to the regulatory authority by the end of August 2023. The government regulators will decide when to grant permission to resume production based on the assessment report. Due to the uncertainty of the date of resumption of production at Jiama Mine, the Company is withdrawing its annual production guidance for 2023 as set out in the announcement of the Company dated January 20, 2023. Once the impact of tailings overflow on the operation can be more clearly evaluated, the Company will re-issue the production guidelines. However, the Company notes that production operations at the Company's CSH gold mine are normal and stable. Upcoming Dividend • Apr 12
Upcoming dividend of US$0.37 per share at 7.5% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 15 June 2023. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (8.3%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.84, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 998% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: US$0.56 (vs US$0.67 in FY 2021) Full year 2022 results: EPS: US$0.56 (down from US$0.67 in FY 2021). Revenue: US$1.10b (down 2.8% from FY 2021). Net income: US$222.7m (down 17% from FY 2021). Profit margin: 20% (down from 24% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 1.5% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 21
China Gold International Resources Corp. Ltd. Provides Consolidated Production Guidance for the Year 2023 China Gold International Resources Corp. Ltd. provided consolidated production guidance for the year 2023. For the period, the company anticipated consolidated gold production will be between 241,130 ounces (7.5 tonnes) and 244,346 ounces (7.6 tonnes). Total copper production is estimated to be between 189 million pounds (86,000 tonnes) and 191 million pounds (87,000 tonnes). Buying Opportunity • Dec 20
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €3.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 6.0% in 2 years. Earnings is forecast to grow by 39% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non Executive Independent Director Wei Shao was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: US$0.18 (vs US$0.14 in 1Q 2021) First quarter 2022 results: EPS: US$0.18 (up from US$0.14 in 1Q 2021). Revenue: US$304.0m (up 12% from 1Q 2021). Net income: US$71.2m (up 26% from 1Q 2021). Profit margin: 23% (up from 21% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.3%, compared to a 39% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. 4 independent directors (5 non-independent directors). Lead Independent Non Executive Director Ian He is the most experienced director on the board, commencing their role in 2000. Non Executive Independent Director Wei Shao was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Apr 12
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 15 June 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 6.5%. Within top quartile of German dividend payers (3.9%). Lower than average of industry peers (7.6%). Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: US$0.67 (vs US$0.28 in FY 2020) Full year 2021 results: EPS: US$0.67 (up from US$0.28 in FY 2020). Revenue: US$1.14b (up 32% from FY 2020). Net income: US$267.4m (up 139% from FY 2020). Profit margin: 24% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.3%, compared to a 37% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 18% share price gain to €2.98, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 167% over the past three years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS US$0.13 (vs US$0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$248.3m (up 3.3% from 3Q 2020). Net income: US$52.0m (up 11% from 3Q 2020). Profit margin: 21% (up from 20% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 19% share price gain to US$2.48, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 118% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.57 per share. Announcement • Aug 14
China Gold International Resources Corp. Ltd. Provides Production Guidance for the Fiscal Year 2021 China Gold International Resources Corp. Ltd. provided production guidance for the fiscal year 2021. For the period, the company expects gold production of 235,000 ounces and copper production of 177 million pounds. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS US$0.25 (vs US$0.045 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$304.9m (up 46% from 2Q 2020). Net income: US$100.2m (up 459% from 2Q 2020). Profit margin: 33% (up from 8.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released: EPS US$0.14 (vs US$0.023 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$272.1m (up 83% from 1Q 2020). Net income: US$56.7m (up US$65.6m from 1Q 2020). Profit margin: 21% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 16
China Gold International Resources Corp. Ltd. Provides Production Guidance for the Year 2021 China Gold International Resources Corp. Ltd. provided production guidance for the year 2021. The company projected gold production of 235,000 ounces in 2021 and copper production of 177 million pounds in 2021. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 15% share price gain to US$2.97, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.87 per share. Announcement • Apr 01
China Gold International Resources Corp. Ltd. Provides Operating Guidance for the Full Year of 2021 China Gold International Resources Corp. Ltd. provided operating guidance for the full year of 2021. For the period, the company projected gold production of 235,000 ounces and projected copper production of 177 million pounds. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS US$0.28 (vs US$0.083 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$864.0m (up 31% from FY 2019). Net income: US$112.0m (up US$144.8m from FY 2019). Profit margin: 13% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Mar 31
China Gold International Resources Corp. Ltd. Declares Special Dividend for the Year Ended 31 December 2020, Payable on May 30, 2021 China Gold International Resources Corp. Ltd. announced the declaration of a special dividend of USD 0.12 per common share for the year ended 31 December 2020, payable on May 30, 2021 to shareholders of record as of April 20, 2021. Announcement • Mar 17
China Gold International Resources Corp. Ltd. to Report Fiscal Year 2020 Results on Mar 30, 2021 China Gold International Resources Corp. Ltd. announced that they will report fiscal year 2020 results on Mar 30, 2021 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 23% share price decline to US$1.97, the stock is trading at a trailing P/E ratio of 18.1x, down from the previous P/E ratio of 23.5x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 5.9%. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 28% share price gain to US$2.16, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 34%. Is New 90 Day High Low • Feb 10
New 90-day high: €1.87 The company is up 65% from its price of €1.13 on 11 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 54% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.85 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 21% share price gain to US$1.53, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13x. This compares to an average P/E of 14x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 6.3%. Is New 90 Day High Low • Jan 21
New 90-day high: €1.29 The company is up 22% from its price of €1.06 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 54% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.99 per share. Announcement • Dec 24
China Gold International Resources Corp. Ltd. Announces the Renewal of Deposit Services Agreement with China National Gold Group Finance Company Limited China Gold International Resources Corp. Ltd. announced that on December 22, 2020, the Company and China National Gold Group Finance Co. Ltd. entered into a 2021 Deposit Services Agreement to extend the original Deposit Services Agreement entered into on December 18, 2017 for a one year term with adjusted daily cap of deposit principal and interest. All other terms and conditions of the original Deposit Services Agreement remain the same. The term of the original Deposit Services Agreement will be extended to commence 1 January 2021 through 31 December 2021 and the daily cap will be adjusted to RMB 180 million. China Gold Finance is licensed by the China Banking Regulatory Commission. China National Gold Group Co. Ltd., the controlling shareholder of the Company, holds a 51% interest in China Gold Finance and therefore, the Deposit Services Agreement ("Transaction") constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). For the purposes of MI 61-101, the Transaction is exempt from the minority approval requirements of MI 61-101 in accordance with section 5.7(a) and the formal valuation requirement in accordance with section 5.5(a) by virtue of the fact that the value of the deposits is less than 25% of the Company's market capitalization . Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS US$0.12 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$240.5m (up 29% from 3Q 2019). Net income: US$47.1m (up US$47.7m from 3Q 2019). Profit margin: 20% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 63% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 13
New 90-day high: €1.17 The company is up 46% from its price of €0.80 on 14 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.10 per share. Announcement • Nov 13
China Gold International Resources Corp. Ltd. Announces Executive Changes China Gold International Resources Corp. Ltd. announces that Mr. Derrick Zhang has, for personal reasons, tendered his resignation as Chief Financial Officer ("CFO") of the Company with effect from 16 October 2020, Vancouver time. The Company announces that Ms. Yuehe Lu has been appointed as interim CFO of the Company with effect from 16 October 2020, Vancouver time. Ms. Yuehe Lu, aged 35, joined the Company in August 2011 and is responsible for corporate financial management. Ms. Lu has participated in major financing activities of the Company, including the issuance of U.S. dollar-denominated bonds. Ms. Lu has extensive experience in financial reporting, internal control and corporate financing. Prior to joining the Company, Ms. Lu worked as an auditor at Ernst & Young Hua Ming LLP (Ernst & Young) from August 2007 to August 2011. Announcement • Oct 16
China Gold International Resources Corp. Ltd. Announces Executive Changes China Gold International Resources Corp. Ltd. announced that Mr. Derrick Zhang has, for personal reasons, tendered his resignation as Chief Financial Officer ("CFO") of the Company with effect from 16 October 2020. The Company announced that Ms. Yuehe Lu has been appointed as interim CFO of the Company with effect from 16 October 2020. Ms. Yuehe Lu joined the Company in August 2011 and is responsible for corporate financial management. Ms. Lu has participated in major financing activities of the Company, including the issuance of U.S. dollar-denominated bonds. Ms. Lu has extensive experience in financial reporting, internal control and corporate financing. Prior to joining the Company, Ms. Lu worked as an auditor at Ernst & Young Hua Ming LLP (Ernst & Young) from August 2007 to August 2011. Announcement • Oct 14
China Gold International Resources Corp. Ltd. to Report Nine Months, 2020 Results on Nov 12, 2020 China Gold International Resources Corp. Ltd. announced that they will report nine months, 2020 results on Nov 12, 2020 Announcement • Aug 10
China Gold International Resources Corp. Ltd. to Report First Half, 2020 Results on Aug 13, 2020 China Gold International Resources Corp. Ltd. announced that they will report first half, 2020 results on Aug 13, 2020 
