South Manganese Investment Limited released a supplemental announcement to its 2025 Annual Report, detailing the precise allocation of funds raised from two equity placings completed during 2025. All proceeds have been fully utilised as of 31 December 2025, primarily to streamline the balance sheet and support operating liquidity.

The First Placing, executed in April–May 2025, generated net proceeds of HK$140.97 million. Consistent with prior guidance, 95% (HK$133.92 million) was applied to repay outstanding liabilities, while the remaining 5% (HK$7.05 million) funded general working capital needs.

The Second Placing, conducted in July 2025, raised a further HK$180.44 million. The entire amount was used to retire the Group’s bank borrowings, in line with the previously stated objective.

In aggregate, the two placings supplied HK$321.41 million in new capital, of which 98% (HK$314.36 million) reduced debt and 2% (HK$7.05 million) supported working capital. Management confirmed that no other sections of the 2025 Annual Report are affected by this update.

The supplemental disclosure was approved by the Board and released on 6 October 2026.