Gan-Ochir Zunduisuren

Career chronology

• Early career; exact dates not reported: Mining operations in Mongolia and Canada — Underground mining engineer, according to Aspire Mining. Aspire Mining Annual Report 2013 (printed p. 5, Gan-Ochir Zunduisuren profile)

• By 2013; current duration unknown: Altai Gold LLC — Executive director and co-founder. Aspire Mining Annual Report 2013 (p. 5, Mr Zunduisuren profile)

• To 20 September 2012; earlier start unverified: Aspire Mining Ltd — Non-executive director. Aspire Mining Annual Report 2013 (p. 5, resignation and profile)

• November 2020–October 2022: Oyu Tolgoi LLC — Board member. Oyu Tolgoi Year in Review 2022 (p. 51, former board member service dates)

• Appointed 18 June 2024; current at cutoff: Azzuro Resources PLC (formerly Asian Battery Metals PLC) — Managing Director. Annual Report 2025 (p. 9, director profile; company name at report date); Azzuro Resources PLC officers (officers listing confirms corporate entity and director-era filing context)

Education and qualifications

Mining education and finance postgraduate study

Undated / reported as at 2025 · issuer reported · medium materiality

The 2025 annual report records mining education at Haileybury School of Mines in Canada and the Mongolian University of Science and Technology, an MSc in Finance (NYU–HKUST), and AusIMM membership. Degrees and membership are issuer-reported; independent credential verification was not available in the reviewed sources.

Attribution: Individual involvement documented. The issuer’s annual report identifies these qualifications and membership.

Relevance: Relevant technical and finance preparation for leading an early-stage Mongolian explorer.

Annual Report 2025 (p. 9, “Information on Directors: Gan-Ochir Zunduisuren”; education and qualifications)

Personal achievements

Early Mongolian mining and Ovoot discovery experience

By September 2013 · issuer reported · medium materiality

Aspire Mining’s 2013 annual report states that Zunduisuren co-founded Altai Gold and was part of the syndicate that discovered the Ovoot Coking Coal Project. The report also documents mining engineering education and underground mining experience in Mongolia and Canada. Discovery participation is documented by the former employer; individual technical contribution is not specified.

Attribution: Individual involvement documented. The profile explicitly connects him to the syndicate; it does not describe his individual discovery work.

Relevance: Supports experience in Mongolian mineral exploration and project formation.

Aspire Mining Annual Report 2013 (p. 5, directors’ report profile for Mr Gan-Ochir Zunduisuren)

Contributions and company outcomes

Oval Cu-Ni-PGE discovery and follow-up drilling

2024–2026 · issuer reported · high materiality

During his Managing Director tenure, Azzuro/Asian Battery Metals advanced Oval from early exploration into a drilled massive-sulphide discovery. Its 2025 report records Phase 2 and Phase 3 drilling and project extensions; the 2026 interim report records the 2025 program and 880m strike extent. This is an exploration milestone, not a resource, reserve, economic study or delivered mine.

Attribution: Role overlaps event; causation unproven. He was Managing Director during the campaigns; public filings describe company outcomes but do not isolate his personal contribution to technical decisions.

Relevance: Directly relevant evidence of discovery-stage exploration execution.

Annual Report 2025 (pp. 3–5, Review of Operations; Oval and Yambat drilling); Interim Financial Report, six months ended 30 June 2026 (p. 4, Review of Operations; 2025 Oval drilling results)

Red Hill project acquisition and initial drilling

April–June 2026 · issuer reported · medium materiality

The group completed its Red Hill Cu-Au VMS project acquisition in April 2026 and reported 15 holes / 1,883.9m drilled during the half-year, defining a high-grade sulphide zone and a separate gold corridor. These are exploration results and potential, not an established resource or commercial project. The September-quarter report separately states Phase 1 comprised 14 holes totalling 5,835m; the difference from the half-year 15-hole / 1,883.9m figure has not been reconciled and may reflect differing scopes.

Attribution: Role overlaps event; causation unproven. His current Managing Director role overlaps the acquisition and program; filings do not establish individual causation.

Relevance: Relevant to asset screening, acquisition integration and exploration execution.

Interim Financial Report, six months ended 30 June 2026 (p. 4, Review of Operations: acquisition, drilling and interpretation results); September 2026 quarterly activities and cash flow report (p. 1, Phase 1 drilling program highlights)

Business failures and setbacks

Explorer losses and absence of operating cash flow

FY2025 and H1 2026 · issuer reported · medium materiality

The issuer reported a 2025 group net loss of A$2.397m and an operating cash outflow of A$2.2m, with no material revenue stream; the interim report recorded a A$1.055m half-year loss. This is normal but financially material early-stage explorer performance, not evidence of misconduct or a failed producing operation. At 30 September 2026 the issuer held A$1.615 million cash; the following month it issued CDIs for a A$3.06 million placement before costs. Quarter-end cash excludes that subsequent placement.

Attribution: Role overlaps event; causation unproven. The results occurred during his current executive tenure, but exploration-stage losses do not by themselves demonstrate poor individual capital allocation.

Relevance: Relevant to financing and disciplined allocation at a pre-revenue company.

Annual Report 2025 (p. 10, operating results and five-year performance; note on exploration-stage revenue); Interim Financial Report, six months ended 30 June 2026 (p. 4, half-year result); September 2026 quarterly activities and cash flow report (pp. 12 and 15–18: post-quarter placement and quarterly cash flow)

Litigation and enforcement

Oyu Tolgoi tax disputes remained unresolved during board tenure

2020–2026; relevant board overlap 2020–2022 · disputed · low materiality

During Zunduisuren’s 2020–2022 Oyu Tolgoi board service, Oyu Tolgoi and the Mongolian Government were involved in tax arbitration. A 2021 government counterclaim raised allegations concerning historical improper payments and sought to add Turquoise Hill, which was not then a party. Turquoise Hill denied allegations relating to it, and the tribunal declined to add it. Oyu Tolgoi said in March 2026 that the earlier arbitration continued and a separate 2021–2022 assessment had been disputed and paid under protest. The later final status is not independently verified. No reviewed source links Zunduisuren personally to the allegations or establishes personal responsibility.

Attribution: Role overlaps event; causation unproven. Board service overlaps corporate tax/governance controversy; allegations concerned historical payments and no personal responsibility is established.

Relevance: A governance context for prior board oversight; not a personal adverse finding.

Turquoise Hill Resources 2021 Annual Report (MD&A printed pp. 21–22 and financial-statement note 23: 2021 counterclaim, Turquoise Hill denial and tribunal ruling); Oyu Tolgoi LLC Statement on the Tax Act (12 March 2026 statement: 2021–2022 tax assessment, payment, complaint and earlier arbitration)

Suitability for the current role

Oyu Tolgoi board service during underground project transition

November 2020–October 2022 · analyst inference · medium materiality

Oyu Tolgoi’s 2022 Year in Review lists Zunduisuren as a board member from November 2020 to October 2022. The board approved commencement of the underground undercut in January 2022 during his service. The record establishes board service and board-level context, not his individual vote or causal contribution.

Attribution: Role overlaps event; causation unproven. The company report identifies him as a board member; the Turquoise Hill filing documents unanimous board approval but does not name individual votes.

Relevance: Relevant oversight experience with a large mine development and stakeholder setting.

Oyu Tolgoi Year in Review 2022 (p. 51, List of Board of Directors; former member dates); Turquoise Hill Resources 2021 Annual Report (MD&A pp. 20, 33; Jan. 2022 undercut approval and negotiated reset)

Role fit for Mongolian exploration leadership

Assessment at 9 October 2026 · analyst inference · medium materiality

The combination of mining education, Mongolian/Canadian underground work, exploration/finance background, prior board experience and current leadership at a Mongolian explorer is relevant to Azzuro’s exploration-stage work. This is an analyst inference; published evidence does not quantify project economics, attributable discovery impact or a delivered mine.

Attribution: Responsibility not applicable. Inference based on cited qualifications, company tenure, discovery activity and prior board service.

Relevance: Positive fit for exploration and country execution; mine development/production delivery is not yet demonstrated in this company.

Annual Report 2025 (p. 9, director profile); Aspire Mining Annual Report 2013 (p. 5, director profile); Interim Financial Report, six months ended 30 June 2026 (p. 4, Review of Operations)

Evidence gaps

• Older Aspire Mining appointment dates and the exact start/end of several Mongolian private-sector roles were not established from primary sources.

• No public evidence reviewed independently verifies education credentials or AusIMM membership.

• No personal contribution to the existing Khukh Tag graphite resource estimate, a delivered operating mine, a project economic study or a specific capital-allocation outcome has been established.

• The Oyu Tolgoi tax and environmental review scope does not establish a personal adverse finding; external regulator and community records were not comprehensively accessible.

• The former Canadian mine, earlier role titles, and separately claimed 2016–2018 Aspire board dates were not independently established from the cited historic source.

• The June 2026 interim report’s Red Hill drilling count and metres do not reconcile directly to the September-quarter phase 1 totals; differences in program scope are not established.

• The outcome of the Oyu Tolgoi tax arbitration after the company’s March 2026 statement is not independently verified.