Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 269

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 269
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| F-91 |

<div align='center'>CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Amounts in thousands, except share and per share data)</div>

| 1. | ORGANIZATION AND PRINCIPAL ACTIVITIES |

China Natural Resources, Inc. (“CHNR”
or the “Company”) is a British Virgin Islands (“BVI”) holding company incorporated in 1993. The address of the
principal executive office is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The
Company’s principal activity is investment holding. The Company’s subsidiaries (collectively with CHNR, the “Group”)
are primarily involved in the exploration and mining and wastewater treatment businesses in the People’s Republic of China (“PRC”).

CHNR’s principal shareholder is Feishang
Group Limited (“Feishang Group” or the “Shareholder”), a BVI corporation. Mr. Li Feilie is the controlling shareholder
of Feishang Group. In the opinion of the directors of the Company (the “Directors”), the ultimate parent of CHNR is Laitan
Investment Limited, a BVI corporation.

| 2.1 | BASIS OF PRESENTATION |

The interim condensed consolidated financial
statements for the six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard (“IAS”)
34 Interim Financial Reporting.

The Group has prepared the financial statements
on the basis that it will continue to operate as a going concern.

As of June 30, 2024, the Group had net current
liabilities of CNY157,971 (US$21,737). In view of the circumstance, the directors have given consideration to the future liquidity and
performance of the Group and its available sources of financing in assessing whether the Group will have sufficient financial resources
to continue as a going concern. The Group has obtained letters from each of Feishang Group Limited (“Feishang Group” or the
“Shareholder”) and Feishang Enterprise Group Company Limited (“Feishang Enterprise