Company: CHNR
Filing Date: 2025-10-06
Form Type: 20-F/A
Source: 0001079973-25-001556
Chunk: 5

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-10-06
Form: 20-F/A
Chunk 5
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 stockholders’ equity and
cash flows for the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of
the Company as of December 31, 2024, and the consolidated results of its operations and its cash flows for the year then ended, in conformity
with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the Company has incurred net losses and significant net operating cash outflow for the year ended December 31, 2024. All these factors
raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also
discussed in Note 2 to the consolidated financial statements. These consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are
the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain
an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures
to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our