GobiMin Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

GobiMin Inc., together with its subsidiaries, is engaged in the development and exploration of mineral properties, mainly in the Xinjiang Uygur Autonomous Region of China.

GobiMin holds an equity interest of 70% in a company incorporated in China to explore, develop and operate the Sawayaerdun Gold Project located in Xinjiang.

GobiMin also holds an equity interest of 48.02% in Loco Hong Kong Holdings Limited, a company incorporated in Hong Kong and the shares of which are listed in the Stock Exchange of Hong Kong Limited (HKEx) under the stock code 8162. It is principally engaged in metal trading, predominately silver and operates a processing workshop.

In addition, GobiMin owns 40% equity interests each in three companies incorporated in China to engage in base metals and precious metal exploration, including nickel, copper and gold, in Xinjiang, and a 3.5% equity interest in the Yanxi Copper Property.

GobiMin is and will be in a solid financial position to develop its existing and potential projects.

Projects in Hand

Sawayaerdun Gold Project, Xinjiang, China

GobiMin owns 70% equity interest in the Sawayaerdun Gold Project. The Project is located 200 km northwest of the city of Kashi, western Xinjiang of China. The property area lies within the Tian Shan Gold Belt, one of the most promising gold belts in China.

Resource Estimate:

According to an updated NI 43-101 technical report in April 2014 prepared by Qualified Persons defined in the NI 43-101, Mr. Jeremy Clark and Mr. David Allmark, for Zone IV and Zone I at Sawayaerdun, the resource estimate at a cut-off grade of 1 g/t gold is listed in the table below. The full report can be viewed at www.sedar.com and GobiMin’s website www.gobimin.com:

Mineralisation is separated into two main areas, a western zone and an eastern zone, known as "Zone IV" and "Zone I" respectively, which form two distinct mineralised zones. Both areas contain multiple veins or mineralised bodies which have strike and dip extensions.

In September 2014, GobiMin engaged a qualified person as defined in NI 43-101, Mining One Pty Ltd., to update the resource estimate of the Gold Project. It visited the Gold Project in October 2014 and the NI 43-101 compliant resource estimate update is expected to be available in early 2015.

During the three months ended September 30, 2014, drilling of approximately 8,200 meters has been completed with a cumulative total of approximately 8,500 meters for the nine months 2014. Among the 8,500 meters drilling, 46 drill holes have been completed. Other exploration work done during this quarter included core logging and sampling. The exploration program of Zone I and Zone IV for the year 2014 has been completed. GobiMin will continue the remaining planned drilling of Zone XI and the construction of the office building.

For 2015, GobiMin is to find a partner for the development of its Sawayaerdun Gold Project. Since the correction of the precious metal market, the Company has concentrated its exploration works to fulfill the Chinese national standard for the development of the Project. There are certain criteria for GobiMin to obtain mining licence. At this stage, the Company has one mining license covering 1.7 sq. km and an exploration licence covering the whole project area.

Solid Financial Position

• Highly liquid assets with USD35.02 million cash and cash equivalents as at September 30, 2014.
• Declared dividend annually since 2005 in accordance with GobiMin’s dividend policy: 2013 annual dividend of CAD0.01 per share paid in June 2014.
• Repurchased 1,618,000 shares under the normal course issuer bid for the year ended December 31, 2014.

Management

Management and Directors

Felipe Tan, Chairman, President, Chief Executive Officer and Director

Mr. Tan stationed in Wuhan, Shanghai and Beijing of PR China from 1977 to 1982. He was a trader for Philipp Brothers in Beijing (now known as Salomon Brothers). He has over 36 years of experience in metals trading in Hong Kong and the PRC. Mr. Tan was a director of a listed company in Hong Kong from 1989 to 2006.

Zhang Ming, Director

Mr. Zhang has been in charge of the PRC operation of GobiMin since joining in 2001. He has occupied numerous management positions and has comprehensive experience in mining operations in the PRC. He was the Director of Hami Economy & Trade Committee and the Director of Hami Gold Bureau.

Hubert Marleau, Director

Mr. Marleau was a founder and currently Economist of Palos Capital Corporation. He has over 40 years of experience in the business and financial community. He sits on the board of directors of several public companies.

Dominic Cheng, Director

Mr. Cheng has occupied a number of management positions throughout his career. Prior to returning to Vancouver for his retirement in 2001, he worked for a publicly listed company in Hong Kong as an executive from 1992 until June 2001.

Fugui Qiao, Director

Mr. Qiao is the Chairman of the Board of Gansu Jin Ao Mineral Resources Company Limited. He is also the General Manager of Jinchuan Group Central Asia Resources Limited and Mineral Resources Department of Jinchuan Group Limited. He has over 18 years experience in the mining sector.

Joyce Ko, Chief Financial Officer, Vice President Corporate Affairs and Secretary

Ms. Ko is a Qualified Accountant. She is members of the Hong Kong Institute of Certified Public Accountants, the CPA Australia and the Hong Kong Institute of Chartered Secretaries.

News Update

On January 21, 2016, GobiMin Inc. announced that it proposes to extend into 2016 its normal course issuer bid (the “Bid”), subject to approval of the TSX Venture Exchangeand has filed a further Notice of Intention to Make a Normal Course Issuer Bid with the TSXV.

Under the bid in 2016, a total of up to 2,627,324 common shares may be purchased through the facilities of the TSX-V and any such purchases will be at market prices. The bid will commence on or after Feb. 12, 2016, and will end on Feb. 11, 2017, or on such earlier date as GobiMin may complete its purchases pursuant to the bid or as it may otherwise determine.

GobiMin is continuing to engage in the bid because it believes that the market price of its common shares does not properly reflect its underlying value. Purchases pursuant to the bid will be conducted through Desjardins Securities Inc. Under the bid in 2015, Gobimin has purchased 2,765,500 common shares to date at an average price of 46.15 cents for cancellation.

On January 20, 2016, Gobimin Inc. announced that it has filed an amended and restated National Instrument 43-101 technical report dated Jan. 7, 2016, prepared by Bin Guo of Mining One Pty. Ltd, titled "NI 43-101 Resources Estimation of the Sawayaerdun Gold Deposit."

The amended report does not change the mineral resource estimate contained in the original report dated April, 2015, and announced by the Company in a news release dated April 16, 2015.

On October 8, 2015, GobiMin Inc. reported that Mr. Felipe Tan to file Early Warning Report. Since July 24, 2015, Felipe Tan, the majority shareholder of GobiMin Inc., has gained directly and indirectly via Belmont Holdings Group Ltd. beneficial ownership of common shares exceeding 2% of the outstanding common shares of GobiMin as a result of shares acquisition. This reporting threshold was reached on Oct. 7, 2015, with the acquisition of 200,000 common shares in the capital of GobiMin by Mr. Tan via Belmont Holdings Group Ltd. at an average price of 39 cents per share through the facilities of the TSX Venture Exchange for investment purposes. In addition, since July 24, 2015, Mr. Tan acquired, directly or indirectly, a total of 900,000 common shares in the capital of GobiMin at an average price of 40 cents per share through the facilities of the TSX-V for investment purposes. Mr. Tan effected the acquisition of common shares for investment purposes.

Following the acquisition, Mr. Tan holds, directly or indirectly, a total of 33,269,000 common shares, representing approximately 63.31 per cent of the currently issued and outstanding common shares (or 34,069,000 common shares representing approximately 64.84 per cent of the currently issued and outstanding common shares assuming all convertible securities held by Mr. Tan are exercised and converted into common shares).

On August 27, 2015, GobiMin Inc. reported its financial and operating results for the second quarter of 2015. GobiMin loses $700,000 (U.S.) in Q2 2015.

Financial Highlights

(1) EBITDA (LBITDA) (earnings (losses) before interest income and expense, income taxes, depreciation and amortisation)

On July 24, 2015, GobiMin Inc. reported that since December 4, 2013, Mr. Felipe Tan, the majority shareholder of the Company, has gained beneficial ownership of common shares exceeding 2% of the outstanding common shares of GobiMin. Mr. Tan now holds, directly or indirectly, a total of 32,169,000 common shares, representing approximately 61.22% of the currently issued and outstanding common shares.

On April 23, 2015, GobiMin Inc. announced its financial results for the year ended Dec. 31, 2014, and declared an annual dividend of one U.S. cent per share. All amounts are expressed in United States dollars except where otherwise indicated. GobiMin earns US$300,000 in 2014.

Financial Highlights

(1) EBITDA (LBITDA) (earnings (losses) before interest income and expense, income taxes, depreciation and amortisation)

On April 16, 2015, GobiMin Inc. announced the updated resource estimates prepared by Mining One Pty Ltd. for the Sawayaerdun Gold Project.

Estimated Mineral Resources, March 18, 2015

On February 6, 2015, GobiMin Inc. announced that it proposes to extend into 2015 its normal course issuer bid (the "Bid") subject to approval of the TSX Venture Exchange ("TSXV") and has filed a further Notice of Intention to Make a Normal Course Issuer Bid with the TSXV.

Under the Bid in 2015, a total of up to 2,765,599 of its common shares may be purchased through the facilities of the TSXV and any such purchases will be at market prices. The Bid will commence on or after February 12, 2015 and will end on February 11, 2016 or on such earlier date as GobiMin may complete its purchases pursuant to the Bid or as it may otherwise determine.

GobiMin is continuing to engage in the Bid because it believes that the market price of its common shares does not properly reflect its underlying value. Purchases pursuant to the Bid will be conducted through Desjardins Securities Inc. Under the Bid in 2014, GobiMin has purchased 2,691,000 common shares to date at an average price of CAD$0.4701 for cancellation.

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