REG-China Nonferrous Gold Limited Suspension of Trading

China Nonferrous GoldAnnouncement

24/11/2023 15:30

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Suspension of Trading

 

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

(“CNG” or the “Company”)

Financial Position

Suspension of Trading

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$20m dated 12 July 2023 and which is due
for renewal on 26 November 2023 (“The New Outstanding Loan”), will not be
extended. Instead CNMC Trade has today demanded that CNG repay the New
Outstanding Loan on time and without delay; and furthermore CNMC Trade has
confirmed it does not intend to provide any extension to this timetable.

At today’s date CNG has a cash balance of US$3.68m and loans of US$315m, of
which US$241.15m including this loan is provided by CNMC Trade and 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.

This call for the New Outstanding Loan is in addition to the US$65m loan from
CNMC Trade that was due for renewal on 7 September 2023 (“The First
Outstanding Loan”) but which by agreement between the parties is currently
not being called for repayment, see announcement of that date.

In light of these circumstances, the Company’s ordinary shares have been
suspended from trading on AIM with immediate effect pending clarification of
its financial position.

Further announcements will be made as and when appropriate.

For further information please visit the Company’s website (www.cnfgold.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.cnfgold.com&esheet=53862382&newsitemid=20231124794847&lan=en-US&anchor=www.cnfgold.com&index=1&md5=2a15f0cdae784240f54438377ed2dd71)
) 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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