Firstly, we would like to express our sincere regret to have caused our shareholders and stakeholders great concern in the past fiscal year over the significant loss in our Mineral Resources Business and our underperforming Smelting Business.

We have closely examined the factors that led to this situation and implemented measures to prevent recurrence.
In particular, we have considered it most important to ensure the rationality of management decisions by strengthening governance, and we have repeatedly examined the circumstances from various perspectives.
Furthermore, with a business environment that is becoming much severer than we had expected, we have continued to formulate a drastic Business Revitalization Plan which includes the early improvement of our profit structure.

Now that we have completed discussions and coordination with our creditors and capital and business partners, we would like to provide our shareholders with our Business Revitalization Plan.

This Business Revitalization Plan has been developed from a long-term perspective with the support of our creditors and capital and business partners, and aims to transform ourselves into a company capable of sustainable growth which we, the management team and employees, are determined to achieve with committing 100% of our efforts.
As we proceed with this transformation which is sure to involve a great deal of pain, we ask for the continued understanding and support of our shareholders and stakeholders.

ITO Masahito
President