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Thank you Ash for your reply and message of 4th June 2020 at 20.04. I accept that you are happy with the decision of the directors in connection with the change to the auditors. However, my bone of contention relates to the overall time line of events and the inference I draw into what are the underlying causes for the removal of the auditors given the delays which were, I believe, caused by the auditors sticking to their position that in order to provide an unqualified opinion then significant accounting adjustments would be required. I note the following dates:
• 4th June 2019 – PLC company’s accounts were signed
• 28th June 2019 - The AGM was held whereby all resolutions were passed including the reappointment of KPMG as the auditors
• 8th July 2019 – PLC company’s accounts filed at Companies House
• 28 February 2020 – the subsidiary’s accounts were signed
• 3rd March 2020 – the subsidiary’s accounts were filed at Companies House
• 17th March 2020 – an RNS was released to inform shareholders that the auditors had been changed to PKF Littlejohn.
I understand that there are a myriad of factors as to why audit firms are replaced such as adhering to the Sarbanes-Oxley Act and it may well be that this is the driving force behind the change of auditors but my question is, if the BoD were aware that KPMG’s tenure as auditors were due to cease shortly, why were they then reappointed at the AGM in June 2019 and the shareholders not made aware that the auditors would actually be changing??
I concur with your view that the company/subsidiary should apply for the extension to filing due to the impact of COVID19. I note from the website that this ordinarily is 3 months, i.e. 31 December 2020.
Best wishes, RD2U

Hello folks,
What an eclectic bunch. We welcome the recent new arrivals, both traders and committed bull believers (sic), as well as the committed lth’s of both the fundamental and technical persuasions.
Yes, there have been so many posts on a range of subjects in the past few days. It is too difficult for me to post in real time given my limitations; we can’t say the BB has been quiet.
Ash, I share your anxiety regarding the timing of the 2019 delivery of full year audited financial results being reported. Hence my desire to open this as a dedicated topic header, to see where the weight of opinion lies. I cannot imagine the 5th June is realistic, given issues related to Covid-19 et al. I wonder if it will coincide with the next RNS update relating to the MOU update which is scheduled for end of June which is worthy of much more discussion since we shall be called upon to vote on it. So still some uncertainty as to when that meeting will be held, before the AGM or as part of the AGM. Are we all going to tune into Zoom and have a virtual meeting? There is a lot of news that could impact on the SP during this window. In addition, we have to evaluate the impact of Covid-19 & the various responses to it at the macro and micro levels. I am sorry PAUL1DEANO did not respond to your question regarding gold contracts. Essentially, this is to do with future contracts which have a closing date and how these are responded to. These are usually rolled over. However, just as possible on the long contracts there could be a requirement to settle with physical product. P1D referred to issues, without elaborating his concerns. As you may recall the problem with oil prices recently where too much oil flooded the market and prices crashed as traders had insufficient storage capacity for the physical product. This was also compounded by the lockdown, courtesy of the global pandemic. Perhaps P1D is concerned about a possible shortage of physical gold to satisfy all of the outstanding contracts, both shorts and longs, and their impact on derivatives’ traders as they set about closing or taking new positions etc, especially during this time when air travel is limited.
As you know I prefer to look at the technicals; in the case of fundamentals there is simply too much noise! This link may help explain. I don’t think this gold action will materially affect the SP Oimo.
https://www.investopedia.com/terms/f/firstnoticeday.asp
Ash, your analogy of a James Bond film is most appropriate and I support you in this, re: Johnny English. An important matter to me which I don’t believe has received much commentary was the appointment of PKF Littlejohn LLP as auditors in place of KPMG (see RNS 17/03/2020). Presumably this was done as part of the “good practice” of changing auditors on a regular basis, i.e. say every 3-5 years, or possibly due to cost considerations, etc. I note that KPMG have a global ranking of #4 and have been replaced by a much smaller firm.

Ash you will recall an earlier comment made by me regarding the dark arts. I presume that you similarly will have noticed these technical indicators which I trust you will agree have been on a remarkable upward trajectory during this pandemic period and the resultant wide ranging impact on all things from money printing, debt financing/interest rates and other monetarist and fiscal actions. You would have noticed Ash, that the upper Bollinger band has been pierced. These economic measures to protect the global economies and minimise the impact of job losses which has proved to be nectar to pm prices in the global markets, yet tempered by the devastating impact of covid-19 at the individual level. Hopefully the bod and our workforce will remain unscathed and there are no nasty surprises that will affect us negatively either directly or otherwise, as we await the quarterly results. While aau has not quite got into the overbought territory, it has breached the Bb’s with an RSI of 68.5. Did you notice the chart pattern that formed on 21 May-a “shooting star pattern”, no less.
The comment by DJoe regarding his leader, sure enough he the (potus) came to the party with his announcement of further disharmony with a fresh wave of attack on all things Chinese! This was all too much for my brain as I had fleeting memories from the film Dr Strangelove. For those of you who are not familiar with this plot I strongly recommend that you google and watch the you tube clips of the various actions played out, a great watch particularly if you are a fan of peter sellers and the days of the goon show, oh dear I must be showing my age.. Queue China for Russia or maybe still Russia after the news item in which the USA threatens to tear up historic nuclear treaty with Russia on blue skies, see Fox news. The reported news that the USA was going to rip up the blue skies treaty together with their response to the political events impacting on Hong Kong and the potential reactions played great importance in sustaining the gold price in the 1730 range. Having found the 1747 resistance level, being too much for gold to break through so far this year, with the resultant fall back to the 1720. A great movie well worth watching as well as using up the time as we while away time waiting for lift off from the lockdown cells! That we have kept ourselves cocooned in for the past 4 months or so.
RD2U

Hi Ash
Very glad to hear that you are fighting fit and keeping safe. Sorry about the extra hours that you are having to do, totally understand your tactic to build your cash resources up during this period of market malaise. I trust that your timing will be perfect when you decide to re- enter the markets!
I wish to also complement you as the nominated doyen of the Ariana lSE board. Your selection by Paul 1 Deano, a selection; which I fully support and which you richly deserve when I think of all the replies and other posts that you have made with the intention of providing knowledge and factual information, without any significant emphasis to the upside or downside, instead leaving it up to the reader to form their own opinion/s.
The presentation on Saturday courtesy of Share Prophets was interesting and quite informative. A new thematic from Jim Mellon in his general slant on bio sciences! It would be interesting to chat with you to hear where you might take as your next risk on!! Trade/ investment, assuming its not AAU?
As far as the MOU discussion, I am supportive of the BOD’s decision to bring in the new partner for the reasons that they have stated. Like others I am sad to see our share diluted. As far as dividends go, I would want to ensure that Tavsan is up and running and is not prejudiced due to funding or timing difficulties which is scheduled to be completed by Q4 2021/borrowings on a similar basis as the Kiziltepe. I am also very happy that the dd has been extended to 30 June. The additional ounces proved up in the Red Rabbit project, I fear have been lost/possibly recognised in the new JV split (sic). In the meantime how is it possible to sign anything during this calamitous time, also considering the significant appreciation of the gold price as well as the extension of mine life at Kiziltepe. This additional time I expect will enable the parties to comprehensively value the assets more reliably based on the additional drill tests under taken and determine each partners’s fair value equity contributions. Most importantly to evaluate cash flows based on the significantly higher gold price given the date of the MOU announcement 25/11/19, which incidentally the SP opened at 2.1 and rose to a high of 2.9 before settling back to 2.725, (potentially £8m based on the non -binding MOU for Salinbas JV). In addition the impact of COVID-19 has made global as well as Turkish factors more uncertain during this time. So I am hopeful that the final MOU will take into account these issues so that it can be approved and hopefully with the blessing of SHs in General Meeting.
Best wishes, kindest regards
RD2U
As ever I am always grateful to my life partner of 40 years and counting. Not only my carer but also my typist extraordinaire!

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