olivLaw · US equity research
China Natural Resources, Inc. CHNR
Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)
China Natural Resources, Inc. is a BVI holding company whose operations run through PRC subsidiaries, focused on exploring for lead, silver and other nonferrous metals in Inner Mongolia. It sold its rural wastewater treatment unit in July 2023 and remains dependent on an early-stage exploration project and a lithium mine acquisition in Zimbabwe whose closing has been conditional and repeatedly extended.
At the close of 03 Nov 2026, China Natural Resources, Inc. (CHNR) stock was 4.00 USD (+2.04% on the day), with market capitalisation 5.0 m USD, beta 0.78, 52-week range 3.23–5.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.1
- neutral
- Bollinger (20, 2)
- 3.89 – 4.11
- in the lower half of the band · %B 0.49 · band width 5.4%
- SMA 50 / 200
- 3.96 / 3.95
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −1.1% | +4.7 pp | — |
| 3 months | +7.2% | −0.5% | +7.7 pp | — |
| 6 months | −10.5% | +4.4% | −14.9 pp | — |
| Year to date | +11.1% | +12.3% | −1.2 pp | — |
| 1 year | −19.0% | +13.5% | −32.6 pp | −11.8% |
| 3 years | −71.1% | +76.4% | −147.5 pp | +144.6% |
| 5 years | −92.6% | +63.7% | −156.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 2.9 m | 2.9 m | unavailable | unavailable |
| Revenue YoY | unavailable | −0.1% | unavailable | unavailable |
| Net income | -7.6 m | -3.6 m | -1.8 m | -432.0 k |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.44 | -0.24 | -0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -257.0% | -121.3% | unavailable | unavailable |
| Free cash flow | -1.9 m | -1.9 m | 1.9 m | -1.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 422.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 12.1 m USD
- Total assets
- 35.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.25x
- ROE
- -3.8%
- ROA
- -1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.9 m | 2.9 m | — | — | SEC (XBRL)· 15 May 2023verified |
| Cost of revenue | 2.9 m | 2.1 m | — | — | SEC (XBRL)· 15 May 2023verified |
| Gross profit | 38.0 k | 844.0 k | — | — | SEC (XBRL)· 15 May 2023verified |
| Depreciation & amortisation | -80.0 k | -44.0 k | -99.0 k | -1.0 k | SEC (XBRL)· 15 May 2025verified |
| Interest expense | -686.0 k | — | -7.0 k | 4.0 k | SEC (XBRL)· 15 May 2025verified |
| Pre-tax income | -8.3 m | -2.4 m | -1.2 m | -432.0 k | SEC (XBRL)· 15 May 2025verified |
| Income tax | 336.0 k | 850.0 k | 272.0 k | — | SEC (XBRL)· 30 Apr 2024verified |
| Net income | -7.6 m | -3.6 m | -1.8 m | -432.0 k | SEC (XBRL)· 15 May 2025verified |
| Diluted EPS | — | -0.44 | -0.24 | -0.04 | SEC (XBRL)· 15 May 2025verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 8.5 m | 4.5 m | 671.0 k | 422.0 k | SEC (XBRL)· 15 May 2025verified |
| Receivables | 8.0 m | 8.3 m | — | — | SEC (XBRL)· 15 May 2023verified |
| Inventories | 155.0 k | 106.0 k | — | — | SEC (XBRL)· 15 May 2023verified |
| Current assets | 33.0 m | 28.6 m | 830.0 k | 596.0 k | SEC (XBRL)· 15 May 2025verified |
| Property, plant & equipment, net | 112.0 k | — | — | — | SEC (XBRL)· 17 May 2022verified |
| Intangibles (excl. goodwill) | — | 111.0 k | — | — | SEC (XBRL)· 15 May 2023verified |
| Total assets | 52.5 m | 46.4 m | 35.9 m | 35.7 m | SEC (XBRL)· 15 May 2025verified |
| Accounts payable | 3.3 m | 2.9 m | 14.0 k | 38.0 k | SEC (XBRL)· 15 May 2025verified |
| Current liabilities | 11.6 m | 9.4 m | 25.1 m | 2.4 m | SEC (XBRL)· 15 May 2025verified |
| Total liabilities | 23.8 m | 20.7 m | 25.1 m | 23.7 m | SEC (XBRL)· 15 May 2025verified |
| Equity | 28.6 m | 25.7 m | 10.7 m | 12.1 m | SEC (XBRL)· 15 May 2025verified |
| Shares outstanding at year end | 40.9 m | 40.9 m | 8.4 m | 8.4 m | SEC (XBRL)· 15 May 2025verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -1.9 m | -1.9 m | 1.9 m | -1.0 m | SEC (XBRL)· 15 May 2025verified |
| Capex | 4.0 k | 2.0 k | 2.0 k | 1.0 k | SEC (XBRL)· 15 May 2025verified |
| Free cash flow | -1.9 m ≈ | -1.9 m ≈ | 1.9 m ≈ | -1.0 m ≈ | SEC (XBRL)· 15 May 2025derived |
| Investing cash flow | 8.4 m | 1.0 m | -149.0 k | — | SEC (XBRL)· 30 Apr 2024verified |
| Financing cash flow | -6.1 m | -3.3 m | -5.4 m | 2.1 m | SEC (XBRL)· 15 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -20.4% | 0 (on a fixed band) | 67% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CHINA NATURAL RESOURCES, INC. (CHNR). Latest full fiscal year: 2022; data up to 2024-12-31.
Figures computed from the financial statements: revenue 2.9 m USD in 2022; YoY growth -0.1%; ROE -3.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.3x
- FCF yield: -20.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEMNewmont Corporation | 122.7 bn | 13.7 | 26.8% | 34.7% | +21.3% | +30% / +194% |
| AEMAgnico Eagle Mines Limited | 91.7 bn | 20.7 | 19.6% | 37.5% | +43.7% | +5% / +242% |
| BBarrick Mining Corp | 67.2 bn | 13.7 | 19.6% | 29.4% | +31.2% | −3% / +128% |
| FNVFRANCO NEVADA Corp | 46.7 bn | 42.0 | 16.3% | 61.0% | +63.7% | +15% / +116% |
| AUAngloGold Ashanti plc | 44.4 bn | 17.0 | 43.1% | 32.1% | +70.8% | +3% / +357% |
| GFIGold Fields Limited | 32.9 bn | 26.6 | 25.7% | 23.9% | +15.6% | −14% / +140% |
| KGCKinross Gold Corp | 25.7 bn | 11.0 | 31.0% | 33.9% | +36.9% | −24% / +264% |
| PAASPan American Silver Corp. | 17.5 bn | 16.2 | 16.8% | 27.1% | +28.4% | −9% / +165% |
| CDECoeur Mining, Inc. | 14.9 bn | 16.0 | 10.3% | 19.2% | +96.4% | −16% / +378% |
| AGIAlamos Gold Inc. | 12.6 bn | 14.3 | 22.1% | 49.0% | +34.3% | −20% / +103% |
| HMYHarmony Gold Mining Company Limited | 10.4 bn | — | — | — | +25.8% | −17% / +163% |
| EQXEquinox Gold Corp. | 8.9 bn | 32.2 | 4.8% | 12.2% | +99.1% | −19% / +106% |
| AGFirst Majestic Silver Corp. | 7.6 bn | 45.3 | 8.0% | 13.1% | +124.3% | +1% / +158% |
| EGOEldorado Gold Corp | 6.7 bn | 13.6 | 12.4% | 27.9% | +37.5% | +7% / +155% |
| CGAUCenterra Gold Inc. | 4.3 bn | — | -4.7% | -7.4% | +28.8% | +61% / +249% |
| ARISAris Mining Corp | 3.2 bn | 38.3 | 7.0% | 8.4% | +81.7% | +12% / +396% |
| NGNovagold Resources Inc. | 2.7 bn | — | -32.8% | — | unavailable | −40% / +45% |
| AAUCAllied Gold Corporation | 2.5 bn | — | -13.8% | -3.9% | +82.3% | −3% / unavailable |
| EXKEndeavour Silver Corp. | 2.1 bn | — | -22.4% | -25.5% | +114.8% | −21% / +259% |
| HYMCHycroft Mining Holding Corporation | 1.6 bn | — | -72.3% | — | −100.0% | +49% / +716% |
| IAUXi-80 GOLD CORP. | 1.2 bn | — | -81.9% | -202.7% | +89.1% | +18% / −15% |
| NEWPNew Pacific Metals Corp. | 952.3 m | — | -2.8% | — | −19.1% | +101% / +181% |
| MUXMcEWEN INC. | 916.1 m | 12.8 | 13.5% | 32.5% | +13.2% | −20% / +94% |
| MTAMetalla Royalty & Streaming Ltd. | 732.0 m | — | -1.7% | -36.1% | +99.6% | +6% / +145% |
| GROYGold Royalty Corp. | 648.9 m | — | -0.7% | -26.5% | +54.5% | −34% / +86% |
1- and 3-year price returns: for CHNR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
China Natural Resources, Inc. is a BVI holding company whose operations run through PRC subsidiaries, focused on exploring for lead, silver and other nonferrous metals in Inner Mongolia. It sold its rural wastewater treatment unit in July 2023 and remains dependent on an early-stage exploration project and a lithium mine acquisition in Zimbabwe whose closing has been conditional and repeatedly extended.
SWOT
Strengths
- The company has a focused exploration portfolio and financial support from its controlling shareholder, which has said it will keep supporting operations.
- The holding structure offers flexibility to diversify, and administrative expenses have been kept under control.
- Experience across several sectors, from wastewater to mining, could support new projects.
Weaknesses
- The company has no significant operating revenue, and its main mine is still at the exploration stage.
- Funding depends on loans from related parties and agreement-based funds rather than internally generated cash.
- The absence of customer contracts for future output makes turning exploration into revenue uncertain.
Opportunities
- If the Zimbabwe acquisition completes, the company could gain access to a lithium resource and reshape its business profile.
- Further exploration at Moruogu Tong could confirm other minerals and expand the deposit's potential.
- The company is reviewing opportunities in non-resource sectors, which could open new revenue sources.
Threats
- PRC rules on overseas offerings and listings could limit access to international capital.
- Volatile metal prices could weigh on project results and their attractiveness.
- Repeated postponement of the Zimbabwe acquisition could point to execution difficulties.
Risks
- Dependence on controlling shareholder fundinghigh
Operations rely on financial support from entities controlled by the principal shareholder, whose terms could change if their own position changes.
- Uncertainty over the Zimbabwe acquisitionhigh
Completion depends on multiple conditions and has been postponed several times, which could delay or cancel the transaction.
- PRC regulatory interventionhigh
Chinese authorities can intervene in the operations and overseas offerings of China-based companies, with potentially significant effects on security values.
- Uncertain exploration resultsmedium
Resource estimates may prove inaccurate, and there is no assurance that minerals can be produced on a commercially viable basis.
- Volatility of metal pricesmedium
Changes in lead and silver prices could directly affect the economic prospects of the projects.
Investment thesis
What would need to be true (bull case)
- If exploration at Moruogu Tong confirms economically viable resources, the company could turn the activity into a real source of revenue.
- Completing the Zimbabwe acquisition could add a significant lithium project to the portfolio.
- Continued support from the controlling shareholder could provide financial stability during the transition.
What would break the thesis
- The lack of operating revenue and reliance on loans could leave the company vulnerable if funding shrinks.
- Repeated postponements of the Zimbabwe acquisition could signal execution or approval problems.
- PRC regulatory risks could limit access to overseas capital markets.
What to watch
- Status of the conditions for the Williams Minerals acquisition and any further extension of the deadline2026
- Results of the exploration program at Moruogu Tong2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a holding company incorporated in the British Virgin Islands in December 1993 that conducts no operations directly but through subsidiaries established in the PRC. Its core activity is exploring for lead, silver and other nonferrous metals through Bayannaoer Mining, which holds an exploration permit for the Moruogu Tong Mine in Inner Mongolia 1. After the sale of PST Technology in July 2023, the company is solely engaged in metal exploration and mining 1.
The Moruogu Tong Mine is still in the exploration stage, and initial results indicate lead and silver, with further exploration possibly revealing other ores such as copper 1. Activities are funded by non-interest-bearing loans from affiliates and funds under a cooperation agreement 1.
Segments
Exploration and mining
The main segment explores the Moruogu Tong deposit in Wulatehouqi, Inner Mongolia, where resource evaluation is still at an early stage. Recent capital spending has been limited to office equipment, which points to limited operational activity 1.
Williams Minerals acquisition (lithium, Zimbabwe)
The agreement to acquire Williams Minerals, which holds a mining permit for a lithium mine in Zimbabwe, has been extended several times, most recently to December 31, 2026 1. Completion depends on independent technical reports, the quantity of qualified resources and full settlement of the consideration in cash and restricted shares 1.
Market context
The company operates in nonferrous metals, particularly lead and silver, whose prices fluctuate and directly affect the results of an exploration-stage business. All its activity is in China, exposing it to the economic and regulatory policies of the People's Republic of China 1.
The lithium market relevant to the Zimbabwe project depends on demand and on the legal and tax conditions of the host country, factors that remain uncertain for now 1.
Trends
- PRC rules on overseas offeringsheadwind
New CSRC rules require filings for overseas offerings and listings by China-based companies, which could delay international fundraising if procedures are not completed on time 1.
- Exit from wastewater treatmentmixed
Leaving the wastewater segment simplified the structure but reduced internal revenue sources, which could make raising additional capital necessary 1.
- Chinese government economic policymixed
In 2025 the government pursued an active fiscal policy and a moderately accommodative monetary stance, and industrial policies can shape market access and competitive intensity in the resources sector 1.
- Lower administrative coststailwind
Administrative expenses fell in 2025 as a result of expense control and lower professional fees, which supports a smaller loss even though operating revenue remains absent 1.
Competitive position
The sources provided do not identify direct competitors for the company's exploration activity in Inner Mongolia. At this exploration stage, competition mainly concerns access to resources and the ability to obtain permits and financing.
For the Zimbabwe lithium project, competition for resources and permits could be intense, but the sources give no details on other players in the sector.
- Other exploration companies in Inner Mongolia
The sources do not name these competitors.
- Lithium operators in Zimbabwe
The sources do not indicate specific competitors for the lithium project.
- Nonferrous metal exploration companies
General competition for financing and permits, with no names given in the source.
- Controlling shareholder Feishang Group
Not a competitor but the controlling shareholder that provides financial support to the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)15 May 2026
- Current report (foreign issuer)19 Mar 2026
- Current report (foreign issuer)29 Jan 2026
- Current report (foreign issuer)02 Jan 2026
- Current report (foreign issuer)31 Dec 2025
- Current report (foreign issuer)19 Dec 2025
- Current report (foreign issuer)10 Jun 2025
- Current report (foreign issuer)27 May 2025
- Annual report (foreign issuer)15 May 2025
- Current report (foreign issuer)08 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / China Natural Resources, Inc. · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.