Korea Zinc Value Up

Campaign

Dec 2024 | MBK Partners-Young Poong

Value-up Proposal For Korea Zinc

Through Corporate Governance Reform

Value-up Proposal

For Korea Zinc

Through Corporate Governance Reform

'25 AGM Agenda Analysis

Korea Zinc Value-Up

Updates - 2025/11

Legal Proceedings with Igneo Holdings
Jenner & Block Secures Discovery Authorization in Major
Korean Corporate Dispute | Jenner & Block LLP | Law Firm

Legal Proceedings with Igneo Holdings
Jenner & Block Secures Discovery Authorization in
Major Korean Corporate Dispute | Jenner & Block LLP

Legal Proceedings with Igneo Holdings
美법원, 고려아연 기각 요청에도 이그니오

인수 관련 증거 인정 - 아시아경제

Legal Proceedings with Igneo Holdings
美법원, 고려아연 기각 요청에도 이그니오 인수 관련

증거 인정 - 아시아경제

Past Shareholders' Meetings

'25 January - EGM

During the January 2025 extraordinary meeting, MBKP and Young Poong confronted Korea Zinc management’s attempts to entrench control through controversial tactics –

including a cross-shareholding maneuver to strip Young Poong’s 25% stake of voting rights. The MBKP/YP Consortium condemned the meeting as invalid and pursued legal action,

winning a court decision to suspend the EGM’s outcomes.

Korea Zinc attempted to neutralize Young Poong’s 25% stake

via cross-shareholding. The MBKP/YP Consortium challenged

the move, winning a court suspension of the meeting.

Court Invalidates Korea Zinc’s Share Issuance to HMG Global,

Citing Bylaws Violation

Court Invalidates Korea Zinc’s Share Issuance

to HMG Global, Citing Bylaws Violation

FTC Launches Investigation into Korea Zinc’s

Alleged Illegal Circular Shareholding

Korea Zinc chairman's cumulative voting proposal

stirs controversy - The Korea Times

Korea Zinc chairman's cumulative voting

proposal stirs controversy..

ISS, 고려아연 집중투표제 도입 반대 권고…

이사 수 상한엔 찬성(종합) | 연합뉴스

'25 March - AGM

At the March 2025 AGM, MBK and Young Poong pressed for stronger oversight and an independent board to improve Korea Zinc’s governance. Their campaign won support from major

proxy advisors and global investors – including a vote of confidence from Norges Bank Investment Management, Norway’s sovereign fund – underscoring broad shareholder demand

for accountability, while Chairman Choi held on to his management control at the meeting.

The MBKP/YP Consortium pushed for an independent board

and better governance. Global investors supported MBKP/YP,
Consortium signaling growing pressure for reform, while

Chairman Choi held on to management control.

Top proxy advisors demand greater oversight

of Korea Zinc's board - The Korea Times

Norwegian Pension Fund Supports Youngpoong and

MBK at Korea Zinc Shareholders Meeting - 아시아경제

Norwegian Pension Fund Supports Youngpoong

and MBK at Korea Zinc Shareholders Meeting…

MBK "글래스루이스, 고려아연 분쟁서

MBK·영풍 지지로 선회"(종합) | 연합뉴스

ESG기준원, 고려아연 기존 이사진 재선임 반대…

“최윤범 2명, 영풍·MBK 6명” - 조선비즈

노르웨이연기금 “고려아연 측 안건 모두 반대”…

영풍·MBK ‘한 배’[시그널] | 서울경제

Destruction of Shareholder Value

Need for Corporate Governance Reform

Korea Zinc under Chairman Choi has been labeled “the epitome of bad corporate governance” by its largest shareholder, the MBKP/YP Consortium. The Consortium points to entrenched insider control,

lack of independent oversight,and self-serving decisions as evidence that the current governance structure fails to protect shareholder value. It advocates comprehensive

reform – including a truly independent board and stronger shareholder rights – to modernize Korea Zinc and ensure that the interests of all shareholders are fairly represented.

Korea Zinc is seen as a governance laggard under Chairman

Choi. The MBKP/YP Consortium cites insider control and

self-dealing and seeks independent oversight and
structural reform.

Young Poong accuses Korea Zinc chairman

of abusing board, draining profits

영풍-MBK "고려아연, 나쁜 지배구조의 전형" - 딜사이트

Relationship with Activist Platform, "ACT"

Media reports revealed that the supposedly "independent" minority shareholder platform called ACT was secretly funded by Korea Zinc’s management and used to manipulate

public opinion. According to the media, internal documents revealed that ACT orchestrated sham activist campaigns at unrelated major firms – even proposing cumulative voting at companies like

Emart and Samsung Electronics – solely to legitimize Chairman Choi’s own agenda against the MBKP/YP Consortium. This coordinated deception undermined genuine

shareholder activism and exemplifies how far the current leadership will go to cling to management control.

Media reports revealed that ACT was secretly funded by

Korea Zinc to mimic shareholder activism. It staged fake

campaigns to push Chairman Choi’s agenda. The incident

shows manipulation of investor voices.

Korea Zinc-backed activist platform accused of

using major firms to attack Young Poong - The Korea Times

Korea Zinc-backed activist platform accused of

using major firms to attack Young Poong…

소액주주 위한다더니 세력 편들기…

행동주의 플랫폼 액트 논란 | 한국경제

위임장 수거 총괄해놓고 공시 안한 액트

| 한국경제

영풍 “액트, 이마트·삼성전자 희생양 삼아 영풍 공격” - 뉴스톱

영풍 “액트, 이마트·삼성전자 희생양 삼아 영풍 공격”

- 뉴스톱

Disposal of Hanwha Shares

The MBKP/YP Consortium sued Korea Zinc’s chairman for selling a large block of Hanwha Corp. shares at a giveaway price without board approval, allegedly causing massive losses to the company.

Chairman Choi offloaded Korea Zinc’s entire 7.25% stake in Hanwha at below cost – reportedly as a favor to an ally – forfeiting over W100 billion in potential gains that should have

benefited shareholders. By taking legal actions, the MBKP/YP Consortium aims to hold management accountable and recover value for shareholders, sending a clear message against such unilateral,

value-destructive decisions.

Korea Zinc sold its 7.25% Hanwha stake at a loss, bypassing

board approval. The MBKP/YP Consortium estimates over

W100B in lost value and is suing to hold leadership accountable.

MBK sues Korea Zinc leaders over Hanwha

share sale loss of 100 billion won - CHOSUNBIZ

MBK, 고려아연 최윤범 회장에 손배 소송…

"한화 주식 헐값 처분"(종합) | 연합뉴스

Disposal of Jeongseok Enterprise Shares

Korea Zinc’s leadership orchestrated the purchase and subsequent low-price sale of shares in Jeongseok Enterprise (a Hanjin Group affiliate) under suspicious circumstances.

The MBKP/YP Consortium suspects this was a pre-arranged “parking” transaction – with Korea Zinc acting as a temporary holder of Hanjin’s stake – benefiting the chairman’s allies rather than

Korea Zinc’s own shareholders. This questionable deal further exemplifies the governance failures under Chairman Choi and reinforces the MBKP/YP Consortium’s push for transparency and accountability.

Korea Zinc’s buy-sell deal with Jeongseok appears prearranged.

The MBKP/YP Consortium suspects it benefited allies, not

shareholders. It reflects deeper governance failures.

Hanjin KAL Buys Back Jungseok Enterprise Stake

Previously Sold to Korea Zinc - 아시아경제

MBK "고려아연 정석기업 지분 매각은

부당 파킹 거래 의심" | 연합뉴스

Omission of Interim Dividend Payments

Korea Zinc’s management failed to follow through on promised interim dividends in 2025, leaving shareholders empty-handed despite prior assurances. The MBKP/YP Consortium points out that this

abrupt reversal – coinciding with Korea Zinc’s profits turning negative – was not even properly disclosed to investors, raising compliance concerns. This broken dividend promise

exemplifies the current leadership’s disregard for shareholder interests and underscores the MBKP/YP Consortium’s push for a reliable, shareholder-friendly dividend policy.

Despite promises, Korea Zinc skipped 2025 interim dividends.

The reversal lacked proper disclosure. The MBKP/YP

Consortium cite this as disregard for shareholder trust.

고려아연 중간배당 약속 불이행…

배당가능이익 마이너스 전환 | 한국경제

"알고도 안 밝혔나"…고려아연,

배당정책 공시 누락에 법 위반 '의혹' - 뉴스1

최윤범 고려아연 회장, 중간배당 중단에

2조 자사주 공개매수 논란 '재점화' - 블로터

Questionable Investments

Legal Proceedings Over the Acquisition of Igneo Holdings

Legal Proceedings Over the Acquisition of

Igneo Holdings

Korea Zinc’s 2022 acquisition of Igneo Holdings – a recycling business – has come under scrutiny after revelations that the sellers reaped an astonishing 100-fold return. The MBKP/YP Consortium
raised concerns over Chairman Choi orchestrating this overpriced deal to benefit connected parties at the expense of Korea Zinc shareholders. The MBKP/YP Consortium initiated legal proceedings

and even secured key witness testimony in the US to expose potential misconduct, reinforcing the need for improved oversight and transparency.

Korea Zinc’s Igneo deal delivered a 100x return to sellers.

The MBKP/YP Consortium argues the deal was overpriced

and unfair. Legal steps are underway to uncover potential

misconduct, including a key witness testimony in the US.

美법원, 고려아연 기각 요청에도 이그니오

인수 관련 증거 인정 - 아시아경제

Key Executive in Korea Zinc’s Ignio Investment

Controversy to Testify in U.S. Court

MBK, Young Poong secure key witness testimony in

US over Korea Zinc's Igneo acquisition - The Korea Times

MBK, Young Poong secure key witness testimony

in US over Korea Zinc's Igneo acquisition ...

영풍·MBK, 고려아연 이그니오 인수 공세…

"핵심 증언 확보" - 연합인포맥스

OneAsia Partners

The MBKP/YP Consortium has raised concerns over Korea Zinc’s entanglement with OneAsia Partners – a firm implicated in the SM Entertainment stock manipulation scandal – as a serious red flag.

Korea Zinc’s funds were allegedly used as a “cash pipeline” for the scheme, with Chairman Choi’s management effectively complicit in unlawful market manipulation. Recently, the court

rulings confirmed that OneAsia Partners and Korea Zinc's management had a "special relationship," validating concerns raised by the MBKP/YP Consortium.

Korea Zinc was linked to OneAsia Partners, tied to a market

manipulation case. The MBKP/YP Consortium alleges corporate

funds were misused. Recently the court rulings confirmed that

OneAsia Partners and Korea Zinc's management had a

"special relationship," validating these concerns.

Guilty Verdict for Ji Chang-bae Exposes

Korea Zinc’s 'Friendship Investment'

Young Poong Demands Probe into Korea Zinc’s

SM Stock Price Manipulation Role

‘Korea Zinc complicit in SM Entertainment

stock manipulation:’ MBK - The Korea Times

김범수 '무죄', 지창배는 '유죄'…

변곡점 맞이한 고려아연·하이브-인베스트조선

영풍 "고려아연, SM엔터 주가조작 자금줄"

- 딜사이트

TMC Investment

Korea Zinc’s management poured $85 million into The Metals Company (TMC) – a speculative deep-sea mining venture – despite Korea Zinc’s lack of mining expertise. The outcome has

been alarming: TMC’s stock price has been volatile and the project faces legal and regulatory hurdles, including scrutiny by international authorities over potential violations of deep-sea mining

rules. The MBKP/YP Consortium highlights this as a prime example of Chairman Choi’s reckless investments at the expense of shareholder value.

Korea Zinc invested $85M in a deep-sea mining firm with

little expertise. The project drew legal and regulatory scrutiny.

The MBKP/YP Consortium calls it a reckless use of capital.

TMC Announces Strategic Investment from Korea Zinc to Advance Development of

Deep-Seabed Critical Minerals in the U.S. | The Metals Company

TMC Announces Strategic Investment from Korea

Zinc to Advance Development of Deep-Seabed …

$TMC Korea Zinc will join a long series of blue-chip investors that have

been burned by Nautilus – Iceberg Research

$TMC Korea Zinc will join a long series of

blue-chip investors that have been burned …

FAQs - International Seabed Authority

Korea Zinc Responds to Controversy Over TMC Investment and Alleged Violations

of International Law… Environmental and Social Responsibility Still Lacking - CORI

Korea Zinc Responds to Controversy Over TMC

Investment and Alleged Violations of …

최윤범 고려아연 회장 1800억 쏜 ‘TMC’ 27.5% 급락…

심해채굴 국제법 위반 조사 [시그널] | 서울경제

ISA, TMC 조사 착수… 고려아연,

‘투자 리스크’ 커지나…시사위크

국제조사 직면한 TMC…

고려아연 수천억 ‘심해저 베팅’ 리스크 직면

‘고려아연 투자’ TMC 주가 폭락…

2분기 적자폭도 확대 | 서울경제

Alleged Capital Markets Act Violations over Concealment of Capital Increase Plan

Alleged Capital Markets Act Violations over
Concealment of Capital Increase Plan

Initial Raid of Korea Zinc Headquarters by Prosecutors

Initial Raid of Korea Zinc HQ by Prosecutors

In April 2025, prosecutors raided Korea Zinc’s offices – also targeting securities firms involved – as part of an investigation into the company’s controversial new share issuance plan.

This followed the MBKP/YP’ Consortium's successful efforts to block a massive $1.8 billion share issue that Chairman Choi had attempted – a move regulators and the market saw as unfair and harmful to

shareholders. The criminal probe into this aborted deal underscores the validity of the MBKP/YP Consortium's concerns and its role in safeguarding shareholder interests.

Authorities raided Korea Zinc over its blocked $1.8B share

issuance. The MBKP/YP Consortium had opposed the

move as unfair to shareholders. The investigation confirms

the need for reform.

Prosecutors Conduct Search and Seizure on Korea Zinc

Over Alleged Fraud in Capital Increase

Prosecutors Conduct Search and Seizure on

Korea Zinc Over Alleged Fraud in Capital …

Prosecutors raid Korea Zinc's office over probe into

new share issue plan | Reuters

Prosecutors raid Korea Zinc's office over probe

into new share issue plan | Reuters

검찰, '유상증자' 고려아연·증권사들 압수수색…

최윤범 수사(종합2보) | 연합뉴스

Second Raid of Korea Zinc Headquarters by Prosecutors

Second Raid of Korea Zinc HQ by Prosecutors

In November 2025, prosecutors carried out a second raid on Korea Zinc – also targeting additional securities firms involved – as the investigation into last year’s controversial share issuance

continues. Authorities suspect that Korea Zinc’s management engaged in fraudulent unfair trading by secretly planning a W2.5 trillion share issue immediately after a massive share buyback,

a scheme regulators have condemned and referred for prosecution.

Prosecutors raided Korea Zinc again over its secretive ₩2.5T

share issue. The scheme followed a large buyback and drew

regulatory referrals.

Prosecution Raids Korea Zinc,

Securities Firms Over Capital Increase

검찰, 유증 부정거래 혐의 고려아연 재차 압수수색…

미래에셋·KB증권 포함 | 한국경제

Supplementary Materials

Background of the YP-KZ’s Management Dispute

Opinion on Korea Zinc’s New Business Plans

Rebuttal against Korea Zinc’s Claims

Previously Shared Materials

'25 AGM Agenda Proposal

Value-up Proposal for Korea Zinc

Proposed Agenda

Who are we?

FAQs - International Seabed Authority