REG-China Nonferrous Gold Limited Financial Position

China Nonferrous GoldAnnouncement

03/01/2024 10:15

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Financial Position

 

China Nonferrous Gold Limited 中国有色黄金有限公司

(“CNG” or the “Company”)

Financial Position

China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the
mineral exploration and mining company currently mining the Pakrut gold
project in the Republic of Tajikistan, announces that it has received notice
from one of its creditors, CNMC Trade Company Limited (“CNMC Trade”) that
the loan it had provided to CNG of US$14.55m dated 12 July 2023 and which was
due for renewal on 31 December 2023 (“The New Outstanding Loan”), will not
be extended. Instead CNMC Trade has today demanded that CNG repay the New
Outstanding Loan immediately without delay; and furthermore, CNMC Trade has
confirmed it does not intend to provide any extension to this timetable.

In addition, CNMC Trade also demanded today that CNG immediately repay the
previous outstanding loan, which was US$206.10m announced on December 22 2023
and this new outstanding loan of US$14.55m, as well as the interests and the
related cost. The total amount of the loans matured to be repaid to CNMC Trade
is US$220.65m to date.

At today’s date CNG has a cash balance of US$3.79m and loans of US$314m, all
of which is due for repayment within the next 12 months. The Company therefore
does not have sufficient cash available to pay the amounts requested nor do
the directors believe CNG has the ability to source additional funds in the
time frame set out by the demand. Accordingly, the Directors are now liaising
with CNMC Trade to discuss a way forward for the Company.

Further updates will be provided in due course as appropriate.

For further information please visit the Company’s website (www.cnfgold.com)
or contact:

China Nonferrous Gold Limited

Feng Zhishuo, Managing Director

Tel: +86 10 8442 6627

WH Ireland Limited (NOMAD & Broker)

Katy Mitchell (mailto:Katy.Mitchell@whirelandcb.com) , Andrew de Andrade

Tel: +44 (0)207 220 1666

BlytheRay (PR)

Tim Blythe, Megan Ray

Tel: +44 (0)20 7138 3224

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014



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China Nonferrous Gold Limited


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