China Vanadium Titano-Magnetite Mining Company Limited provided preliminary unaudited consolidated earnings guidance for the year ended December 31, 2020. The company expected that the Group will record a net profit after tax of approximately RMB 8.3 million for the high-Fe mining operation and trading businesses (the "Continuing Operations"), net of operating expenses for its corporate functions for financial year 2020, despite major operational and supply chain disruptions during the first half of 2020 as a result of the COVID-19 pandemic. The profitability of the Continuing Operations was due mainly to higher average selling price and post-pandemic demand recovery; and a net loss after tax of approximately RMB 33.0 million for its specialized mining services business in Australia (the "Discontinued Operations" or "Specialized Mining Services") due mainly to falling fair values for its equipment held-for-sale and lower value-in-use given the significantly lower capacity utilization under the complex macro and challenging business environment. The company previously provided the Shareholders and potential investors of the company an update on the performance of the Specialized Mining Services in its announcement dated 18 August 2020. Combining the above, the Net Loss for the discontinued operations is expected to exceed the Net Profit for the Continuing Operations due mainly to the accounting impairment losses recorded by the specialized mining Services, a discontinued business unit in Australia. As a result, the Group is expected to report a net loss attributable to owners of the company of not more than RMB 18.0 million for financial year 2020 compared to a net profit attributable to owners of the company of RMB 69.2 million for financial 2019.