Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 210

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 210
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 as a critical audit matter due to the significant judgment required in determining whether the acquisition constituted
a business, applying the concentration test, and allocating the purchase consideration based on relative fair values.

How We Addressed the Matter in Our Audit

Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These audit procedures included:

  Obtained and reviewed relevant acquisition agreements and supporting  

  Assessed the definition and criteria for meeting the scope and                                                                                    

  Evaluated the reasonableness of the allocation basis of the                                             

/s/Onestop Assurance PAC

Singapore

May 15, 2025

PCAOB ID number: 6732

We have served as the Company’s auditor since 2022.

F-2

JX Luxventure Group Inc.

Consolidated Statements of Operations and Comprehensive
Income/(Loss)

For the years ended December 31, 2024, 2023, 2022

(Stated in U. S. Dollars)

                                                                                      Year ended December 31,                                                        
                                                                           Notes                         2024                                                        
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                                                      8                                     49,840,288        31,840,588        79,874,727  
  Cost of sales                                                                9                                   ( 41,487,972      ( 26,384,219      ( 78,410,244  
  Gross profit                                                                                                        8,352,316         5,456,369         1,464,483  
  Other income                                                                10                                         69,113            71,408            16,636  
  Other losses, net                                                           11                                      ( 107,384         ( 342,954          ( 98,650  
  Distribution and selling expenses                                           12                                    ( 2,651,904          ( 58,981         ( 721,388  
  Administrative expenses                                                     13                                    ( 1,830,214       ( 2,076,876      ( 56,043,741  
  Profit /(loss) from operations                                                                                      3,831,927         3,048,966      ( 55,382,660  
  Finance costs                                                               14                                       ( 13,895           ( 5,187                 -  
  Profit /(loss) before tax                                                                                           3