南戈壁2025年中期报告

20256 30 • • •JD Zhixing Fund L.P.JDZF202532,6501,900 •SGS •2025 •6 • • • • • • 202512 • 20252,6501,900112,6501,900120253610 41.5102.173.194.1920205.276.307.308.309.3010.3111.3112. 20258 1420256 3034 Southgobi Sands LLCSGSMazaalaiResources LLCTST Coal Trans LLC RDCC LLC Nariinsukhait Railway LLC Shiveekhuren Terminal LLC (Canadian Securities Administrators)National Instrument 43-101NI 43-101 2024122Jaydee AmmugauanLarry LiNI 43-101SEDAR+www.sedarplus.ca 2024122Jaydee AmmugauanLarry LiNI 43-101SEDAR+www.sedarplus.ca 1. 20256 308081878TSX-VSGQ Zag SuujUmnugobi Aimag150 402008 1. 20256 3020258 14 •2024 FF2024 20253002024120202552.6202477.62024 •20251,43020241,50020251,230 •202542SGSSGSSGS 2024420252 5 1. • 20254 24SGSSGS •2023718SGSSGS20172020SGSSGS7,5003020238 17 20242 8SGS(Tax Dispute Resolution Council)TDRCTDRCTDRCSGS20237 18 20242 22SGS20243 745 20245 15SGS8,000SGS30TDRC 20246 12SGSTDRC 1. • 20251 10SGSTDRC202412 19SGS2024 6 12TDRCTDRCSGS8,0002,650SGS30 20253 19SGSSGSTDRCSGS20253 7TDRCSGS8,0002,650 (i) SGS(ii)TDRC(iii)SGSTDRC 20254 25SGS20254 15 20256 9SGS20255 2720254 15TDRCTDRC 4,5502,6501,90020244,8501,730 1. •202532025320JDZF20253JDZF(i)20243 19202443020258 31JDZF11,160(ii)20255 19JDZF790(iii)202511 19JDZF810202511 19JDZF400(iv)202551620258152025111520262 15JDZF61020253 202532025314.3314A.36202532025320256 27 20253 •2025320268 3120253•2025320253JDZF6.4%20253•2025320253JDZF1.5%20253 1. •20253 •202532025320253JDZF20253202532025320253JDZFJDZFJDZF20253 •20253JDZF • 510 2. 2. 20256 30 202552.6202477.6202420256%56%3%35%202425%23%10%42% 202553.9202461.320252024 20252024 20256 30 20255002024230202555.4202478.52024 202558.4202452.9 202520240.11 2. 20256 30 20251,43020241,50020251,230 202515,53020249,280 202515,95020247,360 3 2. 202513,68020245,950 202530202410 2025700202412020251,230630 20253102024300 2. 20256 30 20252025 202520249101,03025,000 20256 30 20253,00020244,72020251,230 202527,820202417,500 202529,310202411,910 202525,14020249,290 202560202410 2. 20256 30 2025860202422020251,230630 20256402024640 20252025 202520241,8002,07025,000 2. 2. (ii) 3. 3. 20256 3020246 30 202449.6202546.220252024 3. 20256 3020246 30 4. MV-012726MV-016869MV-020436 MV-020451Zag SuujMV-020676MV-020675 Umnugobi AimagDalanzadgad320950Gurvantes Soum 202412 2SEDAR+www.sedarplus.ca 202412 2SEDAR+www.sedarplus.ca 4. Liebherr 99634Liebherr R92501519MT4400AC 240 20256 30SGS701701472Dalanzadgad65270169799%25036%GurvantesDalanzadgadSevrei Noyon Soums 5. 20237 18SGSSGS20172020SGSSGS7,5003020238 17 20242 8SGSTDRCTDRCTDRCSGS20237 18 20242 22SGS20243 745 20245 15SGS8,000SGS30TDRC 5. 20246 12SGSTDRC 20251 10SGSTDRCSGS2024 6 12TDRCTDRCSGS8,0002,650SGS30 20253 19SGSSGSTDRCSGS20253 7 (i)SGS(ii)TDRC(iii)SGSTDRC 20254 25SGS 20256 9SGS20254 15TDRCTDRC 4,5502,6501,90020244,8501,730 5. 20266 30 20256 301840202412314,98020256 3014,800202412 3122,810 20256 3021,2302,820 20258 14 5. 20256 3012(a)2025 3 202025320253(b)(c)12,700920256 3012 20256 30202412 31 20091158.0%6.4%1.6%30 20103 2911.6411.8825,0002,150 5. 20253 20JDZF20253JDZF20253 202532025314.3314A.36202532025320256 27 20253 •2025320253•2025320253JDZF6.4%20253•2025320253JDZF1.5%20253•202532025320253JDZF20253202532025320253JDZFJDZFJDZF2025 3•20253JDZF 5. 2025630-476%202412 31-945% 20253,46020243,240 20253,93020246,43020253,96020246,400 2025402024330 20256 30 20256 3020256 30 5. 5 6. 20141Siskinds LLP 201511 5 20179 18 20171120186 201812 (i)(ii)(iii)GeorgeStrathy20258 11 68020141 202512 31 20256 30 6. 20152 13(MV-016869MV-020436 MV-020451)Umnugobi Aimag 20157 8SGS1220157 10 20217 24SGS(MV-016869MV-020451)(MV-020436) 202312 7Gurvantes soumGurvantes Soum20241 4MRPAM 20241 11MRPAMGurvantes soum 20246 18SGSGurvantes soumGurvantes soumGurvantes SoumGurvantes soum 20249 12Gurvantes soumGurvantes soum 6. 20253 19SGSSGSTDRCSGS20253 7 (i)SGS(ii)TDRC(iii)SGSTDRC 20254 25SGS 20256 9SGS20254 15TDRCTDRC 4,5502,6501,90020244,8501,7305 6. 7. 20258 1429,6701.41120 20258 14 •JDZF8,57028.9%•4,64015.6%•Voyage Wisdom Limited2,5808.7% 8. 9. 202412 31 20256 302.3 10. 202412 31SEDAR+www.sedarplus.ca 11. 20256 30 20256 30 20256 30 20256 30808 12. JDZF 12. 20232024 2025 •(i)(ii)(iii)•(i)(ii)(iii)•• •4050•8,230•20150Zag Suuj• 20258 14 20256 30 36 37 38 1.392.413.424.435.446.447.458.459.4710.4711.4712.4813.4814.4915.5016.5017.5118.5119.5620.5721.5822.6123.6224.6225.64 123 1. 1878TSX-VSGQ20256 30JD Zhixing Fund L.P.JDZF28.9%Voyage Wisdom Limited15.6%8.7% Zaa SuujUmnugobi Aimag150 20th Floor, 250 Howe Street, Vancouver, British Columbia, Canada, V6C3R81931208-10 20266 30 20256 30108,4062024123149,84320256 30147,962202412 31228,134 20256 30212,28928,184 1. 20258 14 20256 3012(a)2025 3 202025318.52025318.5(b)(c)127,000920256 3012 1. 20256 30202412 31 2. 2.1 34 20256 3020258 14 2.2 202412 31202412 31 2.3 202412