Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 87

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 87
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 Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) priced at US$500 per ton). The Company
may issue restricted CHNR shares at a discount to the market price to secure a portion of the required capital. On April 14, 2023, the
Company announced that it completed its due diligence investigation with satisfactory results and decided to proceed with the Acquisition.
The Company paid an aggregate of $35 million by way of promissory notes (instead of cash) as a deposit on April 21, 2023, and will pay
an aggregate of $140 million by way of promissory notes and/or cash as an initial installment.

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Completion of the Acquisition
is contingent upon the satisfaction of a number of conditions, including, among other things, the issuance of independent technical reports,
the actual quantity of qualified lithium oxide metal resources proven or estimated to exist in each mining area covered by the relevant
report, and the Company’s full settlement of the purchase consideration in cash and restricted shares. There is no guarantee that
the Acquisition will close or be completed at the anticipated valuation and terms, or at all.

On December 22, 2023,
the Company entered into an amendment agreement (the “Amendment Agreement”) to the sale and purchase agreement dated as of
February 27, 2023 (the “Zimbabwe SPA”) by and among Feishang Group and Top Pacific (China) Limited (together, the “Sellers”),
and the respective beneficial owner of the Sellers, Mr. Li Feilie and Mr. Yao Yuguang with the parties thereto. As the Sellers are still
in the process of satisfying conditions precedent to the closing of the acquisition in accordance with the Zimbabwe SPA, including but
not limited to obtaining requisite governmental approvals, the parties entered into the Amendment Agreement to extend the long stop date
for closing the acquisition from December 31, 2023 to December 31, 2024. On December 31, 2024, the Company entered into a second amendment
agreement (the “Amendment Agreement II”) to the Zimbabwe SPA to further extend the long stop date for closing the acquisition
from December 31, 2024 to December 31, 2025.

The foregoing description
of the Zimbabwe SPA, the Amendment Agreement and the Amendment Agreement II, is only a summary and is qualified in its entirety by reference
to the Sale and Purchase Agreement between China Natural Resources, Inc., Feishang