The Board of Rare Earth Magnesium Technology Group Holdings Limited announces that Mr. Kwan Ngai Kit ("Mr. Kwan") had retired as an independent non-executive director, a member of audit committee and a member of nomination committee of the Company, with effect from the conclusion of the annual general meeting on 27 June 2022. Mr. Kwan has confirmed that there is no disagreement with the Board and there is no matter relating to his retirement that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.