Lender

Term

Interest

rate

Collateral/Guarantee

As of

December 31,

2024

As of

December 31,

2023

United Overseas Bank Limited (“UOB”)

Varies from 36 monthly instalment, 72 monthly instalments, and 168 monthly instalments from the first date of first disbursement

Effective on September 20, 2022, the repriced interest rate changes to1st year and 2nd year fixed at 1.20% over the applicable 3-month compounded Singapore Overnight Rate Average (“SORA”); 3rd year and thereafter 2.00% over the applicable 3-month compounded SORA

Guaranteed by Mr. Wanjun Yao, the major shareholder, Mr. Jinan Tang, senior manager, Mrs. Liling Du, director, Mr. Demin Han, director, and the properties of Tung Resources

$

-

$

762,025

DBS Bank, Ltd. (“DBS”)

300 monthly instalments from the date of first disbursement

Effective on June 6, 2022, the repriced interest rate changes to 1st year and 2nd year fixed rate at 2.58%; SORA in-advance plus 3.00% (Margin)

Guaranteed by Mr. Wanjun Yao, the major shareholder, and the properties of Tung Resources

1,241,762

1,329,526

Standard Chartered Bank

180 months from the date of first disbursement

1st year and 2nd year fixed at 0.38% above fixed deposit rate, thereafter fixed at 1.78% above fixed deposit rate (the current 36-month fixed deposit rate for a 36-month Singapore dollar time deposit is 1.02% per annum)

Guaranteed by Mr. Wanjun Yao, major shareholder, Mr. Jinan Tang, senior manager, and the properties of Tungray Singapore

-

Total

1,241,762

2,091,551

Total current portion of banking facilities

(80,588

)

(140,162

)

Total noncurrent portion of banking facilities

$

1,161,174

$

1,951,389