Troilus Refiles Amended and Restated Third Quarter Financial Statements
September 23 2024 - 6:13AM
Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF; FSE: CM5R) announces the Company filed restated Q3 financial
statements with the corresponding management discussion &
analysis (“MD&A”), initially filed on June 14th, 2024. The
decision follows a review that amends the accounting treatment of
the Company’s holdings in Prospector Metals Corp. (“Prospector”),
which impacted the previously reported figures and has led to the
need for this correction. As a result, the previous Q3 2024
financial statements and the corresponding management discussion
& analysis should no longer be relied upon.
Previously, the Company classified its holdings
in Prospector as an investment in securities under IFRS 9,
Financial Instruments; however, upon review and consultation with
its auditors, management has determined that the Company has
significant influence due to its board nomination rights and
shareholdings. Consequently, the investment has been classified as
an investment in associate, accounted for using the equity method.
Currently, the Company owns approximately 18% of Prospector (see
news release dated March 5, 2024).
The effect of the restatement does not impact
the Company's ongoing cash position and the changes are non-cash in
nature. All other disclosure in the amended and restated financial
statements and corresponding amended MD&A remains essentially
the same as when such documents were originally filed except for
certain noted subsequent events.
The corrected Q3 financial statements and
MD&A are now available on the Company’s website at
www.troilusgold.com and can be found at SEDAR+ (www.sedarplus.com)
under the Company’s issuer profile.
For more details, please refer to the updated
2024 fiscal third-quarter financial statement on SEDAR+.
About Troilus Gold Corp.
Troilus Gold Corp. is
a Canadian development-stage mining company focused on the
systematic advancement of the former gold and copper Troilus Mine
towards production. Troilus is located in the tier-one mining
jurisdiction of Quebec, Canada, where it holds a large land
position of 435 km² in the Frôtet-Evans Greenstone Belt. A
Feasibility Study completed in May 2024 supports a large-scale
22-year, 50ktpd open-pit mining operation, positioning it as a
cornerstone project in North America.
For more information:
Caroline ArsenaultVP Corporate
Communications+1 (647) 407-7123info@troilusgold.com
Cautionary Note Regarding
Forward-Looking Statements and Information
This press release
contains “forward-looking statements” within the meaning of
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements regarding
the impact of the restatement and refiling on the Company..
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “continue”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases
or statements that certain actions, events or results “may”,
“could”, “would”, “will”, “might” or “will be taken”, “occur” or
“be achieved”. Forward-looking statements are made based upon
certain assumptions and other important facts that, if untrue,
could cause the actual results, performances or achievements of
Troilus to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which Troilus will operate in the future.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, amongst others, currency
fluctuations, the global economic climate, dilution, share price
volatility and competition. Forward-looking statements are subject
to known and unknown risks, uncertainties and other important
factors that may cause the actual results, level of activity,
performance or achievements of Troilus to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: there being no assurance that the
exploration program or programs of the Company will result in
expanded mineral resources; risks and uncertainties inherent to
mineral resource and reserve estimates; the high degree of
uncertainties inherent to feasibility studies and other mining and
economic studies which are based to a significant extent on various
assumptions; variations in gold prices and other metals, exchange
rate fluctuations; variations in cost of supplies and labour;
receipt of necessary approvals; availability of financing for
project development; uncertainties and risks with respect to
developing mining projects; general business, economic,
competitive, political and social uncertainties; future gold and
other metal prices; accidents, labour disputes and shortages;
environmental and other risks of the mining industry, including
without limitation, risks and uncertainties discussed in the
Company’s latest Annual Information Form, its technical reports and
other continuous disclosure documents of the Company available
under the Company’s profile at www.sedarplus.ca. Although Troilus
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Troilus does
not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.
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