Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 111

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 111
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 the provision of consulting and professional technical services. We ceased the wastewater treatment business segment following the disposition of PST Technology in July 2023. See “Corporate History and Structure—Acquisition and Sale of Precise Space-Time Technology Limited.”

Metal Exploration Activities

Lead, Silver and Copper Industry and Market

Lead (chemical element
symbol Pb) is a supple and ductile heavy metal that is denser than most common materials. In its pure state, lead is bluish-white and
tarnishes to a dull gray color when exposed to air. It is extensively used in construction, plumbing, batteries, bullets and shot, weights,
solders, pewters, fusible alloys, white paints, leaded gasoline, and radiation shielding. Lead’s properties of high density, low
melting point, ductility and relative inertness to oxidation allow it to be used in a wide range of applications, of which use in lead-acid
batteries is by far the most prevalent. The reactions in the battery between lead, lead dioxide, and sulfuric acid provide a reliable
source of voltage. Despite having lower energy density and charge-discharge efficiency than lithium-ion batteries, lead-acid batteries
have stable electromotive force when discharging and steady working voltage, while being significantly cheaper. These properties and their
ability to supply high surge currents and operate under a wide range of temperatures make them useful in the automobile industry.

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Lead is an internationally
traded commodity, the price of which is established on commodity markets throughout the world. During 2024, the world witnessed the continuation
of the Russia-Ukraine conflict, the Israel Hamas war, and persistent high inflation and interest rate in many major economies, which led
to disruptions to, and notable fluctuations in, the commodity market worldwide. During the year, lead prices have been volatile due to
global uncertainty. The SHFE lead price started the year at CNY15,900 (US$2,179) per ton and soon hit an annual low of CNY15,790 (US$2,164)
per ton in late February 2024. It then rose notably until mid-July 2024 and reached an annual high of CNY20,050 (US$2,747) per ton. After
that, lead price declined quickly before it stabilized since mid-September 2024. The closing price at the end of 2024 was CNY16,765 (US$2,297)
per ton, representing an annual