• China Gold International Resources Corp Ltd (TSX: CGG) (“CGG”, or “Company”) is a polymetallic miner with two producing assets in the Greater China Region – CSH mine and Jiama mine. The Company has delivered a return of 389% since our initiation on August 27, 2020. • Rise in Gold price to aid profitability: CGG produced 238,836 oz of gold in 2022, which was 2% below 2021. However, for 2023, gold production is expected to increase to 241,130-244,345 oz. Based on the CME gold futures, the gold price is expected to average around $2,000/oz for 2023 (vs. $1,806/oz in 2022). Higher production coupled with improving gold prices should drive revenue and profitability. • Lower cash production cost at Jiama: We expect by-product revenue to increase in 2023 on account of higher precious metal prices, which in turn should lower the production cost at Jiama and improve profitability. We forecast a ~15% increase in by-product revenue for 2023. • Access to Cheap Debt Financing: CGG's borrowings