Accounts17 Dec 2024 21:36
I thought I'd reiterate this from the accounts section on going concern.
"Going Concern
The Financial Statements have been prepared under the going concern assumption. Under the going concern
assumption, an entity is ordinarily viewed as continuing in business for at least 12 months from the date of the
approval of the group Financial Statements with neither the intention nor the necessity of liquidation, ceasing
trading or seeking protection from creditors pursuant to laws or regulations.
The Group’s assets are not generating revenues and an operating loss has been reported for the year ended
30 June 2024. The Directors have prepared financial projections and cash flow forecasts covering the period to
November 2025 showing that the Group is expected to have sufficient available funds to meet its contracted
and committed expenditure within this period (Note 23).
As with all similar sized exploration companies, the Group is required to raise money for further exploration and
capital projects as and when required. The Company has applied for a ML over the Rukwa project and, subject
to the granting of this ML, further fundraising will need to take place over the 12-month period from the date
of approval of these Financial Statements, in order to fully fund the work programme contemplated by the
ML application.
Future work on the development of these projects, the level of commercial reserves and financial returns arising,
may be adversely affected by factors outside the control of the Group.
It is the prime responsibility of the Board to ensure the Group remains a going concern. The Directors’
expectation is that the Group will be able to continue in operational existence for the next 12 months and
continue to adopt the going concern basis of accounting in preparing these Financial Statements."
I spoke to a friend tonight who is an accountant, he said a lot of companies have had issues this year with accounts due to the Christmas and New Year holiday dates and trying to file in time.
I might be wrong but I looked up about the scenario that happened with Resolution 1, and as far as I can see from the internet, the company now has 3 weeks in which to produce the accounts and to notify shareholders of an EGM so that the same can be passed. If that is right, which will take us to mid Jan, then I assume that if that is right, then if they fail to do so, we will be suspended as we will be in breach of the accounting rules. Are there any accountants who can clarify please?
My take from the AGM was that the Board looked rather nervous. I didn't see anyone smile much when Jacobs was reinstated and I wonder if there is a rift for some reason. That said, I'm mindful of something which will apply to us all imo, and that is, the TG probably read this forum, and so it's probably in our interests to stick only to facts currently and not make reference to certain Brokers activities regarding share price movement, or anything else that
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