Mr. Li Kai Ning, an investor, reports

REPORT OF ACQUISITION OF COMMON SHARES OF MINCO CAPITAL CORP.

Li Kai Ning acquired 18,000 common shares of Minco Capital Corp. on the TSX Venture Exchange on Aug. 24, 2026, at a price of 16.5 cents per common share for total consideration of $2,970. Prior to that on Aug. 4, 2026, Mr. Li had acquired 30,000 common shares at a price of 17 cents, bringing his total holdings of common shares at that time to 4,325,000 common shares, or 10.02 per cent of the total issued and outstanding common shares of Minco Capital of 43,175,881. The trade was the last in a series of trades that took place between Aug. 4, 2026, and Aug. 24, 2026, pursuant to which Mr. Li purchased a total of 3,021,000 additional common shares.

Immediately following the transactions, Mr. Li had beneficial ownership of 7,346,000 common shares, representing approximately 17.0 per cent of the issued and outstanding common shares of Minco Capital. His holdings make Mr. Li a reporting insider (as defined under National Instrument 55-104, Insider Reporting Requirements and Exemptions) of Minco Capital, requiring the filing of an early warning report pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Mr. Li acquired the common shares of Minco Capital for investment purposes. He may, from time to time and at any time, acquire additional common shares, and/or other equity, debt, or other securities or instruments of Minco Capital in the open market or otherwise, and reserves the right to dispose of any or all securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Minco Capital and other relevant factors.

A copy of the related early warning report to be filed under applicable securities laws will be available under Mr. Li's profile on SEDAR+ or from Mr. Li at 852-26256511.