Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 170

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 170
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 PST Technology, and PST Technology’s outstanding payable owed to the Company in the amount of CNY129,958,419. The Base Purchase
Price is subject to upward post-closing adjustment based on the difference between net assets of PSTT as included in its unaudited consolidated
balance sheet as of June 30, 2023 and the base net assets (which is determined as the higher of CNY-49,074,962, PST Technology’s
consolidated net assets as of December 31, 2022 and CNY-34,197,300, the value of PST Technology as determined by the valuation report
dated July 28, 2023), as referenced in the PSTT SPA. The transaction closed on July 31, 2023.

The description of the
PSTT SPA is qualified in its entirety by reference to the PST SPA and the letter between Feishang Group and the Company, dated July 28,
2023, a copy of which has been filed as Exhibit 2.1 to the registration statement that includes this prospectus.

Acquisition of Williams Minerals (Pvt) Ltd (“Williams Minerals”)

On February 27, 2023, the
Company entered into the Sale and Purchase Agreement (“Zimbabwe SPA”) with Feishang Group, Top Pacific (China) Limited (“Top
Pacific”), Mr. Li Feilie and Mr. Yao Yuguang, to indirectly acquire all interests in Williams Minerals, which owns the mining permit
for a Zimbabwean lithium mine. At the time of the entry into the Zimbabwe SPA, Feishang Group owned 70% of Williams Minerals, and Top
Pacific, a non-affiliate, owned the remaining 30%. Under the Zimbabwe SPA, it is expected that the Company will indirectly acquire all
interests in Williams Minerals in the second fiscal quarter of 2023, and that the Company’s “ownership” (which, as defined
in the Zimbabwe SPA, relates to its legal possession and control) of the Zimbabwean lithium mine will vest cumulatively, region by region
from 2024 through 2026, contingent upon the issuance of independent technical reports and the Company’s full settlement of the purchase
consideration in cash and restricted shares. For each relevant region of the lithium mine, until the Company’s legal possession
and control vests, the Sellers will maintain legal possession and control, including the right of exploration, sale of lithium, and the
revenue derived therefrom, as well