REG-China Nonferrous Gold Limited Financial Position Update

China Nonferrous GoldAnnouncement

03/05/2024 08:30

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Financial Position Update

 

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

(“CNG” or the “Company”)

Financial Position

Update

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$19.50m dated 12 July 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$220.65m announced on January 02 2024
and this new outstanding loan of US$19.50m, as well as the interests and the
related cost. The total amount of the loans matured to be repaid to CNMC Trade
is US$237.15m to date.

At today’s date CNG has a cash balance of US$8.53m and loans of US$310m,
most of which is outstanding and due for repayment immediately. 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.

Admission Update

The Company’s ordinary shares were suspended from trading on AIM on 24
November 2023. Pursuant to AIM Rule 41 the Company’s admission to trading
will be cancelled when the ordinary shares have been suspended from trading
for six months.

Further updates will be provided in due course as 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=53971924&newsitemid=20240503715890&lan=en-US&anchor=www.cnfgold.com&index=1&md5=812380dcb76e5a628de13efb8c559dec)
) or contact:

China Nonferrous Gold Limited

Feng Zhishuo, Managing Director

Tel: +86 10 8442 6627

WH Ireland Limited

Katy Mitchell

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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