Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 86

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 2
Chunk 86
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 of Mineral Resources Management (Trial) promulgated by the Ministry of Natural Resources of PRC on January 9, 2020,
which came into effect on May 1, 2020, privately owned enterprises are allowed to participate in the natural gas production. The Company
plans to proceed with its applications for the natural gas and brine project approvals with related government departments until after
the governmental planning has been finalized the land and resource planning for Sichuan Province.

18 

In April 2022, Shouguang Hengde Salt Industry
Co. Ltd（“SHSI”）,
our subsidiary, was incorporated in Shandong Province, China, for crude salt production and trading.

On January 28, 2020 we completed a 1-for-5 reverse
stock split of our common stock, such that for each five shares outstanding prior to the stock split there was one share outstanding after
the reverse stock split.  All shares of common stock referenced in this report have been adjusted to reflect the stock split
figures.

On October 27, 2025, we completed a 1-for-10 reverse stock split of
our common stock, such that for each ten shares outstanding prior to the stock split there was one share outstanding after the reverse
stock split. All shares of common stock referenced in this report have been adjusted to reflect the stock split figures.

Recent Developments

Acquisition Agreements

In June
2024, a wholly owned subsidiary of the Company, Shouguang Hengde Salt Industry Co. Ltd ( “SHSI”) entered into crude salt field
acquisition agreements with Shouguang Qingshuibo Farm Co., LTD. (“Seller A”), Shouguang city Yangkou town Dingjia Zhuangzi
village stock economic cooperative (“Seller B”), Shouguang city Yangkou town Shanjia Zhuangzi village stock economic cooperative
(“Seller C”), Shouguang City Yangkou town Zhengjia Zhuangzi village stock economic cooperative (“Seller D”), and
Shouguang city Yangkou town Renjia Zhuangzi village stock economic cooperative (“Seller E”), respectively, as amended in December
2024. A summary of these agreements are set forth below:

On
June 26, 2024, SHSI entered into an acquisition agreement with Seller A, pursuant to which Seller A agrees to transfer to SHSI, and SHSI
agrees to purchase,