CHANGE IN USE OF PROCEEDS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.GOLDEN SOLAR NEW ENERGY TECHNOLOGY HOLDINGS LIMITED金阳新能源科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1121) CHANGE IN USE OF PROCEEDS Reference is made to the announcements of Golden Solar New Energy Technology Holdings Limited (the “Company” and together with its subsidiaries the “Group”) dated 30 December 2021 14 January 2022 and the annual report of the Company for the year ended 31 December 2023 dated 28 March 2024 (the “Annual Report”) in relation to among other things the placing (the “Placing”) of an aggregate of 50000000 ordinary shares of the Company and the use of the net proceeds from the Placing (“Net Proceeds”). Unless otherwise defined capitalised terms used in this announcement shall have the same meanings as those defined in the Annual Report.CHANGE IN USE OF PROCEEDS As of 31 December 2023 a total of approximately RMB301312000 of the Net Proceeds had been utilised by the Group according to the allocation as disclosed in the section headed “FINANCIAL REVIEW – Use of Net Proceeds From 2022 Placing” in the Annual Report and theremaining unutilised Net Proceeds amounted to approximately RMB105979000 (the “RemainingNet Proceeds”).– 1 –In order to better deploy the resources of the Group the board of directors (the “Board”) of the Company has resolved to reallocate the use of the Remaining Net Proceeds. An analysis of the utilisation of Net Proceeds up to 31 December 2023 and the reallocation of use of Remaining Net Proceeds (“Change in Use of Proceeds”) are summarised as follows:– Amount Amount Remaining of the Net of the Net balance of Proceeds Proceeds the Net Revised utilised utilised Proceeds use of Intended during the during the unutilised remaining use of year ended year ended as at balance of the Net 31 December 31 December 31 December the Net Nature Proceeds 2022 2023 2023 Proceeds RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (1) Procurement costs of raw materials 156952 88297 68655 – 13000 and subcontracting fee for production of the cast monocrystalline silicon (“Cast-mono”) wafers and solar modules (2) Modification of the casting silicon 61358 2016 6498 52844 1000 furnaces (3) Procurement of other peripheral 49086 5889 39724 3473 10000 production equipment (4) Procurement of production equipment 14726 2763 3206 8757 40000 for Cast-mono heterojunction (“HJT”) back contact (“HBC”) solar cells and modules and flexible modules (5) Procurement costs of raw materials 2454 2454 – – 10000 for the flexible modules (6) Potential strategic equity investment 40905 – – 40905 – to establish a Cast-mono HJT photovoltaic cell and module manufacturing facility (7) General working capital 81810 69345 12465 – 31979 Total 407291 170764 130548 105979 105979 – 2 –REASONS FOR AND BENEFITS OF THE CHANGE IN USE OF PROCEEDS The Group has successfully tapped into the European American and Australian markets in particular the recreational vehicle market with its development of bendable flexible solar energy products targeting the consumer market in the past few years. As such the Board believes that the Group should reallocate the use of the Remaining Net Proceeds to continue to among others upgrading the HBC solar cells and modules and flexible modules technology expanding its production equipment and exploring the market. Further having considered the business operation needs of the Group the Board is of the view that the Group should reallocate the use of the Remaining Net Proceeds to be used for general working capital of the Group which shall be applied on among other things research and development expenses production overheads and general and administrative expenses.Having considered that the Change in Use of Proceeds will allow the Group to deploy its financial resources more efficiently the Board considers the above Change in Use of Proceeds is fair and reasonable and will enable the Group to better utilise the Remaining Net Proceeds and generate a satisfactory and rapid return to the Group. The Board believes that there is no material change to the existing business and operation of the Group and is in the best interests of the Company and its shareholders as a whole.The Board will continue to assess the plan for the use of the Remaining Net Proceeds and may revise such plan where necessary to respond to the business operations of the Group and to be in line with the business strategy of the Group.On behalf of the Board Golden Solar New Energy Technology Holdings Limited Leung Tsz Chung Chairman Hong Kong 13 June 2024 As at the date of this announcement the executive Directors are Mr. Leung Tsz Chung and Mr. Zheng Jingdong; the non-executive Director is Ms. Lin Weihuan; and the independent non- executive Directors are Dr. Zhang Baoping Mr. Chen Shaohua and Professor Zhao Jinbao.–3–