Company: CHNR
Filing Date: 2025-12-31
Form Type: 6-K
Source: 0001553350-25-000219
Chunk: 23

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-12-31
Form: 6-K
Chunk 23
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F-25</div>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

The following discussion
contains statements that constitute forward-looking statements within the meaning of the U.S. federal securities laws. These statements
appear in a number of places throughout this report and include, without limitation, statements regarding the intent, belief and current
expectations of China Natural Resources, Inc. (the “Company,” and together with its subsidiaries, the “Group”),
its directors or its officers with respect to the applicability of US taxes to the Company, the availability of internally generated funds
and funds for the payment of operating expenses, the sufficiency of working capital for present operations and over the next twelve months
and access to capital, and its intent to locate and execute on strategic opportunities. Forward-looking statements are not a guarantee
of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking
statement as a result of various factors. Among the risks and uncertainties that could cause our actual results to differ from our forward-looking
statements are: uncertainties regarding the governmental, economic and political circumstances in the PRC; the impact on the Company’s
financial position, growth potential and business of in the sale of PST Technology and Shanghai Onway specifically; uncertainties related
to the Company’s ability to identify potential partners or acquisition targets as it considers strategic alternatives in non-natural
resources sectors; uncertainties associated with metal price volatility; uncertainties concerning the viability of mining and estimates
of reserves at the Company’s Wulatehouqi Moruogu Tong Mine in Inner Mongolia; uncertainties regarding our ability to acquire a mining
permit and to extract mineral reserves located in the Moruogu Tong Mine in an economically feasible manner; uncertainties related to our
ability to fund operations and capital expenditures; uncertainties relating to the acquisition of Williams Minerals that were not discovered
by us through our due diligence investigation; uncertainties related to the completion of the acquisition of Williams Minerals which is
conditional upon satisfaction or waiver of various conditions; failure to complete the acquisition of Williams Minerals may have a material
adverse effect on the Company’s business, financial condition and results of operations; uncertainties related to the realization
of the anticipated benefits associated with it; the potential lack of appetite for the Company’s current holdings as consideration
for a transaction; uncertainties related to geopolitical events and conflicts, such as the conflict between Russia and Ukraine; uncertainties
regarding the impact of climate