Mongolian Market Updates | December 31, 2024

🌄 Good morning!

The Mongolian stock market has entered a new stage of development, experiencing remarkable growth throughout 2024. This year has been transformative, marked by significant achievements in the market. Below is a summary of our company’s contributions and a review of the stock market’s performance in 2024.

🗞️ In this week’s newsletter:

• 2024 Year in Review

• Market News

🟣 2024 Review in Review

🏛️ With the aim of expanding Mongolia's capital market and enhancing the interest of international investors, CMM is committed to organizing the annual “Mongolia Investment Week” event.

The inaugural event was held on April 22-23, 2024, in New York City. It brought together representatives from Mongolia’s banking and financial sectors with those from U.S.-based banks, financial institutions, rating agencies, and investment funds. This event provided a platform for exchanging insights and fostering meaningful connections.

✏️ The next event is scheduled to take place on April 28-29, 2025. Detailed information will be provided in due course through official channels and via email.

🏙️ CMM successfully hosted the “Mongolian Investment Forum” in Singapore on November 4-5, 2024, to introduce Mongolian companies to investors and explore new investment opportunities. The event brought together over 100 international investors and more than 35 Mongolian institutions.

🌞 The forum featured presentations and discussions on Mongolia’s capital market outlook, growth prospects, banking and financial reforms, developments in the energy sector, and investment opportunities. These sessions offered valuable insights into Mongolia’s leading institutions and marked a significant step toward fostering international cooperation.

🤝 We are proud to acknowledge StoneX Group Inc., a Nasdaq-listed financial institution, as the global partner for the Mongolian Investment Forum: Singapore 2024.

The Ministry of Industry and Mineral Resources, The Mineral Resources and Petroleum Authority, Mongolian National Mining Association and CMM successfully organized the Miningweek & Mine Pro 2024 international mining exhibition and convention from October 2-5, 2024, at the base of Taij Khairkhan in Nalaikh District, Ulaanbaatar.

🪙This event was notable not only for its focus on mining-related organizations but also for the participation and sponsorship of financial institutions.

In cooperation with the Mongolian National Mining Association and the Mineral Resources and Petroleum Authority (MRPAM), efforts were made to connect mining projects requiring investment with potential investors. Project details were compiled and prepared based on information provided by MRPAM.

💡The Miningweek & Mine Pro 2025 international mining exhibition and convention is scheduled to take place from September 11-13, 2025.

✅Make sure to mark your calendars!

🧭 CMM has successfully organized a series of five webinars in collaboration with professional organizations to deliver accurate and well-rounded information to stakeholders in the capital market.

🏦 These webinars covered the following key topics:

• Issuing and trading stocks and bonds on international stock exchanges and over-the- counter (OTC) markets

• Criteria, requirements, processes, and available fundraising instruments

• Differences and features of domestic and international credit ratings

• Presentations on projects implemented in Mongolia through green financing.

📈 In 2024, CMM hosted 12 earnings calls to support stable communication and increase the flow of reliable information among stakeholders in the capital market. These included 3 calls related to the 2023 year-end reports and 9 calls covering the 2024 half-year reports. The events were held with the participation of 10 publicly listed companies, 18 securities firms, and 32 analysts.

💡 These online earnings calls provide a platform for senior executives of publicly listed companies to share financial and operational updates, performance results, planned activities, and upcoming projects with investors, shareholders, and analysts. Analysts can also ask questions about the companies' operations and get direct answers, making the sessions highly effective.

🗞️CMM GUIDE, the monthly business guide newspaper that consolidates and delivers insights on international and Mongolian capital markets, proudly introduced its inaugural editions to you this past year.

💡Our guides, covering topics such as Mining Finance, and Green Financing, were designed not only to provide reliable, credible information from a single source but also to offer practical solutions that can support your business operations. We are confident that these editions have served as a valuable resource for our readers.

🌟CMM GUIDE stands out for being available in English, distributed in both digital and print formats.

CMM RESEARCH: Monthly Market Update is a digital publication prepared in English to provide foreign investors with an overview of Mongolia's economy and capital markets. It is released monthly and serves as a concise bulletin accessible to the public.

🗂️This publication covers the following sections:

• Economic Highlights

• Story of the Month

• Chart of the Month

• Bond Market Updates

• Highlights from the Capital Markets

• What to Expect Next Month

🏛️ Market News

• The TOP-20 Index has increased by 23.4% since the beginning of the year, reaching ₮50,866.

• Among the companies listed on the Mongolian Stock Exchange, KHAN Bank [MSE: KHAN] led in total trading volume, with a cumulative trade value of ₮36.9 billion year-to-date.

• In terms of average daily trading volume, KHAN Bank [MSE: KHAN] ranked first with ₮148.9 million, followed by Invescore NBFI [MSE: INV] with ₮144.6 million.

• Stocks on the Mongolian Stock Exchange delivered remarkable results this year. MIK Holding [MSE: MIK] led the way with an extraordinary 333% surge, reaching ₮15,100. Following closely, the Mongolian Stock Exchange [MSE: MSE] recorded an impressive 205% increase to ₮356.

  LendMN NBFI [MSE: LEND] also made waves, increasing 187% to ₮155, while Tavan Tolgoi [MSE: TTL] and Erdene Resource Development Corporation [MSE: ERDN] achieved notable gains of 95% and 83%, hitting ₮34,800 and ₮1,555, respectively. These remarkable gains reflect the growing dynamism and investor confidence in the Mongolian stock market.

🟣CMM Services

Capital Markets Mongolia (CMM) specializes in providing strategic advisory to public companies on optimizing investor relations (IR) and advising on upcoming IPOs, bond issuances, and effective participation in the capital markets with a focus on efficiency and reputation. Additionally, we undertake market research and provide financial PR services.