Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 264

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 264
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 |     | Share options |        |
|                                                 |     |                |  2021 |     |               |   2022 |
| Fair value at the measurement date (US$)        |     |                |    70 |     |               |  2,400 |
| Fair value at the measurement date (CNY)        |     |                |   449 |     |               | 16,209 |
| Expected volatility (%)                         |     |                | 93.67 |     |               |  93.50 |
| Risk-free interest rate (%)                     |     |                |  0.19 |     |               |   3.16 |
| Expected life (years)                           |     |                |  2.50 |     |               |      3 |
| Share price (US$)                               |     |                | 0.901 |     |               |  0.623 |

The
expected life of the agent warrants and share options is based on historical data and current expectations and is not necessarily indicative
of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar
to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

| F-80 |

| 27. |     | PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS |

On July 27, 2021, the Company acquired
100% of the equity interests
of PST Technology which held 51% equity interests in
Shanghai Onway and its subsidiaries (“Shanghai Onway Group”), and Shanghai Onway Group became partly owned subsidiary with
material non-controlling interests. During the year 2023, Shanghai Onway Group as part of the water treatment business was disposed (Note
3), therefore non-controlling interests was derecognized.

Financial information of Shanghai Onway
Group which that has material non-controlling interests is provided below:

Proportion of equity interest held by non-controlling interests as of December 31, 2021 and 2022:

| Schedule of equity interest held by non-controlling interests |     |                                        |     |      |   |     |      |   |
| Name                                                          |     | Country of incorporation and operation |     | 2021 |   |     | 2022 |   |
| Shanghai Onway Group                                          |     | PRC/Mainland China                     |