CHINA NATURAL RESOURCES REPORTS FIRST HALF 2025 RESULTS

Rhea-AI Summary

China Natural Resources (NASDAQ: CHNR) reported results for the six months ended June 30, 2025. Administrative expenses fell to CNY3.14 million (US$0.44 million) from CNY4.00 million a year earlier. Fair value gains on financial instruments were CNY1.88 million (US$0.26 million) versus CNY3.86 million in H1 2024. The company posted a loss of CNY1.27 million (US$0.18 million) versus a loss of CNY0.12 million in H1 2024. Cash and cash equivalents were US$0.10 million at June 30, 2025. Management said it continues exploration investment at the Wulatehouqi Moruogu Tong Mine and is working to resolve conditions delaying the previously announced US$1.75 billion acquisition of Williams Minerals.

Positive

• Administrative expenses decreased by ~21% YoY to CNY3.14 million
• Continues exploration activity at Wulatehouqi Moruogu Tong Mine

Negative

• Loss widened to CNY1.27 million from CNY0.12 million
• Fair value gain on financial instruments declined from CNY3.86M to CNY1.88M
• Cash and cash equivalents totaled only US$0.10 million at June 30, 2025
• Planned acquisition of Williams Minerals (up to US$1.75 billion) remains delayed

Key Figures

FX rate US$1.00 = CNY7.1725 Translation rate as of June 30, 2025

Admin expenses 1H25 CNY3.14M (US$0.44M) Six months ended June 30, 2025

Admin expenses 1H24 CNY4.00M Six months ended June 30, 2024

Fair value gain 1H25 CNY1.88M (US$0.26M) Fair value gain on financial instruments, 1H 2025

Fair value gain 1H24 CNY3.86M Fair value gain on financial instruments, 1H 2024

Net loss 1H25 CNY1.27M (US$0.18M) Loss for six months ended June 30, 2025

Net loss 1H24 CNY0.12M Loss for six months ended June 30, 2024

Cash balance US$0.10M Cash and cash equivalents at June 30, 2025

Market Reality Check

$3.58 Last Close

Volume Volume 4,838 versus 20-day average of 17,075 indicates relatively muted trading ahead of/around this report. low

Technical Shares at $3.585 are trading below the 200-day MA of $4.32, reflecting a longer-term downtrend.

Peers on Argus

CHNR gained 4.06% while key peers showed mixed moves: GTI -18.18%, ELBM -0.88%, LITM -4.19%, FMST +0.46%, suggesting a company-specific reaction.

Market Pulse Summary

This announcement highlights lower administrative expenses but a higher overall loss due to reduced fair value gains on financial instruments. The company reported a modest cash balance of US$0.10 million while continuing exploration at the Wulatehouqi Moruogu Tong Mine and working to close the sizable Williams Minerals acquisition. Investors may watch future updates on deal completion, funding arrangements, and any changes in warrant-related fair value impacts.

Key Terms

warrants financial

"The amount represented the fluctuation of fair values of the Company's outstanding warrants."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

AI-generated analysis. Not financial advice.

HONG KONG, Dec. 31, 2025 /PRNewswire/ -- China Natural Resources Inc. (NASDAQ: CHNR) (the "Company") today announced its results of operations for the six months ended June 30, 2025. For the convenience of the reader, amounts in Chinese Yuan ("CNY") have been translated into United States dollars ("US$") at the rate of US$1.00 = CNY7.1725 as quoted by www.ofx.com on June 30, 2025, except as otherwise disclosed.

Mr. Wong Wah On Edward, Chairman of the Company, commented, "We are continuing to prudently invest in our exploration activities as we work to extract further value from the Wulatehouqi Moruogu Tong Mine. Although the acquisition of William Minerals has encountered delay, we are using our best endeavors to resolve the condition precedent to the closing of the acquisition. We will move forward and leverage our mining expertise as we continue to execute on our long-term business strategy."

Financial Results for the Six Months Ended June 30, 2025

Administrative expenses for the six months ended June 30, 2025 were CNY3.14 million (US$0.44 million), as compared to expenses of CNY4.00 million for the same period in 2024. The decrease was mainly due to the reduction of daily expenditure as the company adopted a stringent cost control policy.

Fair value gain on financial instruments for the six months ended June 30, 2025 was CNY1.88 million (US$0.26 million), as compared to CNY3.86 million for the same period in 2024. The amount represented the fluctuation of fair values of the Company's outstanding warrants.

Loss for the six months ended June 30, 2025 was CNY1.27 million (US$0.18 million) as compared to CNY0.12 million for the six months ended June 30, 2024. The increase in loss was mainly due to the decrease of fair value gain on financial instruments.

The Company had a US$0.10 million balance of cash and cash equivalents at June 30, 2025.

About China Natural Resources:

China Natural Resources, Inc. (NASDAQ: CHNR) is currently a holding company that operates in exploration and mining business. The Company is engaged in the acquisition and exploitation of mining rights in Inner Mongolia, including exploring for lead, silver and other nonferrous metal, and is actively exploring business opportunities in the healthcare and other non-natural resource sectors. In 2023, China Natural Resources agreed to acquire Williams Minerals, which operates a lithium mine in Zimbabwe, for a maximum consideration of US$1.75 billion. Currently, we are actively working with all involved parties to close the deal as soon as possible. Williams Minerals is owned by China Natural Resources' controlling shareholder, Feishang Group Limited, and a non-affiliate, Top Pacific (China) Limited.

Forward-Looking Statements:

This press release includes forward-looking statements within the meaning of the U.S. federal securities laws. These statements include, without limitation, statements regarding the intent, belief and current expectations of the Company, its directors or its officers with respect to: the potential presented by the exploration and mining sector in the People's Republic of China (the "PRC") and other industry sectors in the PRC generally; the impact on the Company's financial position, growth potential and business of in the sale of Precise Space-Time Technology and Shanghai Onway specifically; the experience, supply chain and customer relationships and market insights of the Precise Space-Time Technology team; and the Company's ability to locate and execute on strategic opportunities in non-natural resources sectors. 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 the Company's actual results to differ from its forward-looking statements are 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 change on our operations and business; uncertainties related to possible future increases in operating expenses; the fluctuations of interest rates and foreign exchange rates; the results of the next assessment by the Staff of the Nasdaq Listing Qualifications department of the Company's compliance with the Nasdaq Listing Rules; uncertainties related to governmental, economic and political circumstances in the PRC; uncertainties related to the Company's ability to fund operations; uncertainties related to possible future increases in operating expenses, including costs of labor and materials; uncertainties related to the political situation between the PRC and the United States, and potential negative impacts on companies with operations in the PRC that are listed on exchanges in the United States; and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. When, in any forward-looking statement, the Company, or its management, expresses an expectation or belief as to future results, that expectation or belief is expressed in good faith and is believed to have a reasonable basis, but there can be no assurance that the stated expectation or belief will result or be achieved or accomplished. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(Amounts in thousands, except share and per share data)

		Six Months Ended June 30,
		2024			2025			2025
		CNY			CNY			US$
		(Unaudited)			(Unaudited)			(Unaudited)
Administrative expenses			(3,996)			(3,141)			(438)
Fair value gain on financial instruments			3862			1875			261
Finance costs			(30)			(9)			(1)
Finance income			42			1			—
LOSS BEFORE INCOME TAX			(122)			(1,274)			(178)
Income tax expense			—			—			—
LOSS FOR THE PERIOD			(122)			(1,274)			(178)
ATTRIBUTABLE TO:
Owners of the Company			(122)			(1,274)			(178)
Non-controlling interests			—			—			—
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Basic and diluted			(0.10)			(1.01)			(0.14)

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024
(Amounts in thousands)

		December 31,			June 30,
		2024			2025			2025
		CNY			CNY			US$
		(Audited)			(Unaudited)			(Unaudited)
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment			49			47			7
Other non-current assets			256,484			249,440			34,777
TOTAL NON-CURRENT ASSETS			256,533			249,487			34,784
CURRENT ASSETS
Prepayments			1,242			1,243			173
Other receivables			32			49			7
Cash and cash equivalents			3,082			727			101
TOTAL CURRENT ASSETS			4,356			2,019			281
TOTAL ASSETS			260,889			251,506			35,065
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables			280			280			39
Other payables and accruals			3,536			1,625			227
Derivative financial liabilities			2,138			236			33
Due to related companies			11,361			11,563			1,612
TOTAL CURRENT LIABILITIES			17,315			13,704			1,911
NON-CURRENT LIABILITIES
Other payables			76,945			75,947			10,589
Due to the Shareholder			78,567			75,361			10,507
TOTAL NON-CURRENT LIABILITIES			155,512			151,308			21,096
TOTAL LIABILITIES			172,827			165,012			23,006
EQUITY
Issued capital			450,782			450,782			62,849
Other capital reserves			772,465			772,465			107,698
Accumulated losses			(1,126,011)			(1,127,285)			(157,168)
Other comprehensive losses			(9,174)			(9,468)			(1,320)
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY			88,062			86,494			12,059
NON-CONTROLLING INTERESTS			—			—			—
TOTAL EQUITY			75,995			86,494			12,059
TOTAL LIABILITIES AND EQUITY			260,889			251,506			35,065

 

CHINA NATURAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS OF JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024
(Amounts in thousands)

The condensed consolidated statements of profit or loss of the Company for the six months ended June 30, 2025 and 2024, and the condensed consolidated statements of financial position of the Company as of December 31, 2024 and June 30, 2025, have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The condensed consolidated statements of profit or loss and the condensed consolidated statements of financial position have been derived from and should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024 contained in the Company's Annual Report on Form 20-F as filed with the Commission on May 15, 2025.

 

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SOURCE China Natural Resources, Inc.

FAQ

What were China Natural Resources (CHNR) results for the six months ended June 30, 2025?

CHNR reported a loss of CNY1.27 million (US$0.18 million), administrative expenses of CNY3.14 million (US$0.44M), and cash of US$0.10 million as of June 30, 2025.

Why did CHNR's loss increase in H1 2025 compared with H1 2024?

The company attributed the larger loss mainly to a decrease in fair value gains on its outstanding warrants (CNY1.88M in 2025 vs CNY3.86M in 2024).

What is the status of China Natural Resources' acquisition of Williams Minerals (CHNR)?

The acquisition, with maximum consideration of US$1.75 billion, has encountered delays and the company is working to resolve a condition precedent to closing.

How much cash did CHNR hold at June 30, 2025 and is liquidity a concern?

CHNR reported US$0.10 million in cash and cash equivalents at June 30, 2025, which is a low cash balance for ongoing operations.

Did China Natural Resources reduce operating costs in H1 2025?

Yes; administrative expenses decreased to CNY3.14 million from CNY4.00 million year-over-year due to stricter cost controls.