Altiplano Updates Status on Late Filing of Financial Statements
Vancouver, BC, August 23, 2024 – Altiplano Metals Inc. (TSXV:APN) (WKN: A2JNFG)) ("Altiplano" or the "Company") further to the Company’s press releases dated August 9th, 2024, the Company continues to work towards the filing of its annual audited financial statements for the 15 months ended March 31, 2024. The Company has provided a set of draft financial statements to its auditor and continues to address requests by the auditor for further information. Both the Company and its auditor continue to work diligently towards the completion and filing of the annual audited financial statements, and will meet early next week to review the status of the audit.
The Company’s audited financial statements and MD&A for the 15-month period ended March 31, 2024 were due to be filed by July 29, 2024. The delay in filing was due to its auditor’s assessment of the time required for the remaining audit procedures and the auditor’s review process, caused by the resignation of the Company’s previous Chief Financial Officer on short notice. Since then, the Company has faced additional delays in the audit process related to the negotiation of the termination of its Farallon mining lease (see the Company’s news release dated August 22, 2024), as well as seasonal staffing challenges. The Company and its auditor are in the process of completing the associated audit work, and the Company will provide additional updates once it has determined the anticipated filing date of the audited financial statements and MD&A (the “Required Filings”).
In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (“MCTO”) under National Policy 12-203 Cease Trade Orders (“NP 12-203”) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on July 31, 2024. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include a copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO [email protected]
Tel: (416) 434 3799
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970’s with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedarplus.com