
20236 30 • • •JD Zhixing Fund L.P.JDZF2020112021720225202211202337,500 •2023 •2023 •6 • •6 • •••••202311• 20237,5007,5001202011 1920201120194 2320217 3020217202251320225202211 1120221120233 2420233610 51.6102.163.184.1819195.286.307.318.319.3110.3111. 20238 1420236 3034 SouthGobi Sands LLCSGSMazaalaiResources LLCRDCC LLC Nariinsukhait Railway LLC Shiveekhuren Terminal LLC (Canadian Securities Administrators)National Instrument 43-101NI 43-101 2017515DMCLLarry LiNI 43-101SEDARwww.sedar.comDMCL 1. 20236 305011878TSX-VSGQ Zag SuujUmnugobi Aimag150 402008 1. 20236 3020238 14 •202220234 202266.6202395.3 •20234,05020222702023202377,500 •2023324JDZF20233JDZF(i)20235 1979020235(ii)20225 132023831JDZF87020225(iii)20217 3020238 31JDZF1,35020217(iv)202011 1920238 31JDZF11,04020201120235202252021720233 2023320233501(c) 1. • 20233 •2023320248 31•2023320233JDZF6.4%20233•2023320233JDZF1.5%20233•202332023320233JDZF202332023320233JDZFJDZFJDZF2023 3•20233JDZF•20238 2320238 2420233 1. •TSX-V2023417(i)(ii)TSX-V2023417TSX-V1878SGQ •202332JDZF9,000 •••(15)5%• 20236 3020236 1 1. • 20237 18SGSSGS20172020SGSSGS7,50030 20236 307,500 • 20235 8 20235 1520236 20 20235 1520236 20 20235 17 • 510 2. 20236 30 202266.6202395.3202365%5%30%202252%40%8% 202256.3202347.8 2. 20236 30 2023150202210202266.6202398.9 20232022202220234 202267.5202349.3 2. 20236 30 20234,05020222702023(i)(ii)7,500 20238,3202022580(i)20222023(ii)202266.6202395.3 20234,20020225103 20233,1102022310202310202220 2023400202238020232901102022140160 2. 20236 30 202327020221802023 20232023 202320221,1601,0202.5 20236 30 20231,25020222502023(i)(ii)7,500 202314,5002022580(i)20222023(ii)202266.6202395.3 20237,3002022610 2. 20236 30 20234,9402022360 202310202270 2023480202258020232501902022190280 202347020223002023 20232023 202320222,3502,0302.5 2. 2. (ii) 3. 3. 20236 3020226 30 3. 20236 3020226 30 4. (MV-012726MV-016869MV-020436 MV-020451Zag SuujMV-020676MV-020675 Umnugobi AimagDalanzadgad320950Gurvantes Soum 4. DMCL20175 15SEDARwww.sedar.com DMCL20175 15SEDARwww.sedar.com Liebherr 9963336LiebherrR92501519MT4400AC218 20236 30SGS4134133737641341299%16339%GurvantesDalanzadgad Sevrei Noyon Soums 5. Turquoise Hill Resources LimitedTurquoise Hill 20154 23Novel Sunrise Investments LimitedNovel SunriseRioTinto plcRio TintoRio TintoRio TintoRio TintoRio TintoRio TintoTurquoise Hill 20236 30Turquoise Hill630 5. 20233 29,000 •••5%• 20236 30202361 20237 18SGSSGS20172020SGSSGS7,50030 20236 307,500 5. 20246 30 20235,28020221,78020236 3019,540202212 3114,25020236 3025,740202212 3118,470 20236 305,9101,9207,500 20238 14 5. 20236 3012(a)2023 3 24JDZF202332024831(i)20235 19JDZF790(ii)20225 1320238 31JDZF870(iii)20217 3020238 31JDZF1,350(iv)202011 1920238 31JDZF11,04020238 2320238 2420233(b)(c)(d)7,30020236 3012 20236 30202212 31 5. 20091158.0%6.4%1.6%30 20103 2911.6411.882.52,150 20225 1320225(i)2022 5 19790(ii)20222 1420228 142022 20225 •202220238 31 •202220225 196.4%•2.5%••2022•20225 5. 20228 30JDZF(i)(ii)(iii)(iv) 202211 11JDZF202211JDZF(i)2022 11 19JDZF710(ii)20221119JDZF110(iii)202211152023215202351620238 15JDZF 202211 •202211202211202311 19•202211202211JDZF202211 196.4%•2022112022JDZF1.5%202211•202211202211JDZF•JDZF•JDZF202211JDZF 20233 24JDZF20233JDZF202011 1920238 31JDZF2023 3 5. 2023320233501(c) 20233 •2023320248 31•2023320233JDZF6.4%20233•2023320233JDZF1.5%20233•202332023320233JDZF202332023320233JDZFJDZFJDZF20233•20233JDZF•20238 2320238 2420233 5. 20232,90020224002023 20231,29020221020231,370202210 20231,02020222020231,000 20236 30 5. 20236 302023630 5 6. 20141Siskinds LLP 201511 5 20179 18 20171120186 201812 (i)(ii)(iii)202310 23 20236 30 6. 2011350 201110 11,8501,850 20236 30 20152 13(MV-016869MV-020436 MV-020451)Umnugobi Aimag 20157 8SGS20157 10 20217 24SGS(MV-016869MV– 020451)(MV-020436) F 201812 15FF 6. 20236 305 7. 20238 142.9530.110.131.41380 20238 14 •JDZF8,57029.0%•4,64015.7%•Voyage Wisdom Limited2,5808.7% 8. 9. 202212 31 20236 302.3 10. 202212 31SEDARwww.sedar.com 11. 2022202320232023 JDZF 2023 11. •(i)(ii)(iii)(iv)•(i)(ii)(iii)•• •4050•9,000•20150Zag Suuj• 20238 14 20236 30 1. 2.3.4.5.6.7.8.9.10.11.12.13.14.15.16.17.18.19.20. A1. 59A2.60A3.60A4.60A5.60A6.61A7.62A8.63 51-10220236 3020237 3120236 3020236 30 119 1. 1878TSX-VSGQ20234 1720234 17TSX-V20236 30JD Zhixing Fund L.P.JDZF29.0%Voyage Wisdom Limited15.7%8.7% Zag SuujUmnugobi Aimag150 20th Floor, 250 Howe Street, Vancouver, British Columbia, Canada, V6C3R81931208-10 20246 30 202352,777202217,82520236 30195,433202212 31142,52420236 30257,446202212 31184,665 20236 3059,13019,19874,990 1. 20238 14 20236 3012(a)2023 3 24JDZF202332024831(i)20235 19JDZF7,934(ii)20225 1320238 31JDZF8,716(iii)20217 3020238 31JDZF13,460(iv)202011 1920238 31JDZF110,40620238 2320238 2420233(b)(c)(d)73,00020236 3012 1. 20236 30202212 31 2. 2.1 34 20236 3020