Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 86

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 86
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 the Company’s controlling shareholder, and Top Pacific, a
non-affiliate, and Mr. Li Feilie and Mr. Yao Yuguang for the extension of the long stop date for closing the Acquisition from
December 31, 2023 to December 31, 2024. In December 2024, the parties entered into a second amendment agreement to the sale and purchase agreement to further
extend the long stop date for closing the Acquisition from December 31, 2024 to December 31, 2025.

The Company is also actively
exploring business opportunities in other non-natural resource sectors.

Acquisition of Williams Minerals

On February 27, 2023, the
Company entered into a material definitive agreement (the “Zimbabwe SPA”) with Feishang Group and Top Pacific, as well as
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 as liability
for operational costs and third-party claims.

Subject to the terms and
conditions of the Zimbabwe SPA, the Company plans to issue restricted shares as 50% of the consideration for the Acquisition, with the
remaining 50% of the consideration comprised of a promissory note and/or cash, for maximum consideration of US$1.75 billion (3.5 million
estimated tons of measured, indicated and inferred resources of lithium oxide (grade 1.06% or above in accordance with the standard under
the Australasian