RE: Placing price15 Nov 2023 15:47
Banbury
from the 2022 Annual Report
"Material Uncertainty Related to Going Concern
We draw attention to note 1.2 in the Financial Statements, which indicates that the Group is required to raise funds within the going
concern period. As stated in note 1.2, these events or conditions, along with the other matters as set forth in note 1.2, indicate that
a material uncertainty exists that may cast significant doubt on the Group’s and Parent Company’s ability to continue as a going
concern. Our opinion is not modified in respect of this matter.
In auditing the Financial Statements, we have concluded that the Director’s use of the going concern basis of accounting in the
preparation of the Financial Statements is appropriate. Our evaluation of the Directors’ assessment of the Group’s and Company’s
ability to continue to adopt the going concern basis of accounting included:
• Challenging the forecasts prepared by the Directors in their assessment of the Group’s and Parent Company’s ability to meet
their financial obligations as they fall due for a period of at least 12 months from the date of approval of the Financial Statements.
The forecasts demonstrated that the Group and Parent Company will require additional funding, or will need to dispose of
investments, to meet their liabilities as and when they fall due.
• The forecasts also indicated that the current funding will not be sufficient to meet the planned additional investments and
exploration activities.
Our responsibilities and the responsibilities of the Directors, with respect to going concern, are described in the relevant sections of
this report."
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