The board of directors of the Rare Earth Magnesium Technology Group Holdings Limited announces that Mr. Lin Pengxuan ("Mr. Lin") was appointed as an independent non-executive Director, a member of the audit committee and a member of the nomination committee of the Board with effect from 20 September 2022 to fill the vacancy left by Mr. Kwan. Mr. Lin, aged 39, was the senior compliance manager of Donghai International Financial Holdings Company Limited till August 8, 2022 and prior to that engagement, he has worked as the Compliance Director of Zhongrong PT Securities Limited and Zhongrong PT Finance Limited and the Chief Compliance Officer of Well Link Securities Limited. Mr. Lin has over eight years of working experience in internal control and compliance.

Mr. Lin has obtained a Ph.D. in International Finance of Applied Economics from Xiamen University, the Master of Laws from Translational Law and Business University and the Bachelor of Laws from East China University of Politics and Law. Mr. Lin has not held any directorship in any listed companies in Hong Kong or overseas in the last three years. Mr. Lin does not hold any position with the Company and its subsidiaries and he does not have any relationship with any directors, senior management, substantial shareholders or controlling shareholders of the Company.

As at the date of this announcement, Mr. Lin does not have any interest in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Mr. Lin has confirmed that he has met the independence guidelines as set out in Rule 3.13 of the Listing Rules. Mr. Lin has entered into a letter of appointment with the Company for a fixed term of two years commencing from the date of his appointment, subject to retirement and re-election in accordance with the Listing Rules and Bye-laws of the Company.

The letter of appointment may be terminated by three months' prior written notice given by either Mr. Lin or the Company at any time during the term of the letter of appointment. Pursuant to the letter of appointment, Mr. Lin is entitled to a fixed emolument of HKD 30,000 per annum. The remuneration of Mr. Lin is subject to the annual review of the Board with reference to his contribution in terms of time, effort and his expertise.

He will also be reimbursed for all reasonable expenses incurred in connection with the performance of his duties to the Company.