Luda Technology Group Inks Non-Binding MoU With Chuluut-International To Mull Proposed Takeover Of Mining Rights, Related Interest In Jonsh Tolgoi Fluorspar Project For $14M In Cash

Luda Technology Group Limited (NYSE:LUD) (the "Company" or "Luda Technology"), a manufacturer and trader of stainless steel and carbon steel flanges and fittings products, today announced that it has entered into a non-binding, non-exclusive memorandum of understanding (the "MOU") with Chuluut-International LLC ("Chuluut-International") to evaluate the proposed acquisition of 100% of the legally transferable mining rights and related interests in the Jonsh Tolgoi fluorspar project (the "Project").

The acquisition would be a direct transfer of the relevant mining rights. For discussion purposes, the parties have referenced an indicative consideration of US$14.0 million, currently expected to be paid in cash. This is not a fixed purchase price and may be revised. Any transaction depends on due diligence, definitive agreements, Mongolian governmental and regulatory approvals, financing if required, and other conditions. There can be no assurance that definitive agreements will be signed or that any transaction will be completed, on the indicative terms or at all.