Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 91

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 91
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VI in July
2008. It is a wholly owned subsidiary of CHNR.

Pineboom

Pineboom was incorporated in the BVI in May
2008. It is a wholly owned subsidiary of CHNR.

Yangpu Shuanghu

Yangpu Shuanghu was incorporated
in the PRC in May 2004. It is a wholly owned subsidiary of Feishang Yongfu.

Yunnan Mining

Yunnan Mining was incorporated in the PRC in
June 2007. It is a wholly owned subsidiary of Yangpu Shuanghu.

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<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus. Our actual results may differ materially from those we currently anticipate as a result of many factors, including those we describe under “Risk Factors” and elsewhere in this prospectus. See “Special Note Regarding Forward-Looking Statements.”

The following discussion and analysis
of the results of operations and the Company’s financial position should be read in conjunction with the audited consolidated financial
statements and accompanying notes included elsewhere herein. The consolidated financial statements of the Company have been prepared in
accordance with IFRS as issued by the IASB. This section contains certain “forward-looking statements” within the meaning
of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of our future performance
or results and our actual results could materially differ from those disclosed in the forward-looking statements. In evaluating our business,
you should carefully consider the information provided in “Risk Factors.”

Overview

We are principally engaged in exploration for lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and exploration of attractive opportunities in other sectors. Our operating subsidiary, Bayannaoer City Feishang Mining Company Limited (“Bayannaoer Mining”) holds an exploration permit issued by the Land and Resources Department of Inner Mongolia Autonomous Region covering the Moruogu Tong Mine, located in Wulatehouqi, Bayannaoer City, Inner Mongolia. The exploration permit evidences Bayannaoer Mining’s right to explore for minerals at the Moruogu Tong Mine. Initial results of the exploration program indicate the presence of lead and silver, with the prospect that further surveying and exploration may indicate