Corporate Update; Update ON Publication of 2021 Audited Annual Results and 2021 Annual Filings; and Publication of 2022 Q1 Financial Results
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May 27, 2022
CORPORATE UPDATE;
UPDATE ON PUBLICATION OF 2021 AUDITED ANNUAL
RESULTS AND 2021 ANNUAL FILINGS; AND
PUBLICATION OF 2022 Q1 FINANCIAL RESULTS
VANCOUVER – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the
“Company”) announces that reference is made to the announcements of the Company dated
March 11, March 24, March 28, March 30, March 31, April 14, April 29, May 17, May 18, May
24, and May 25, 2022 in relation to, among others, the delay in publication of the 2021 Audited
Annual Results and delay in 2021 Annual Filings (the “ Announcements”). Unless otherwise
defined herein, capitalized terms used in this announcement shall have the same res pective
meanings as defined in the Announcements.
BI-WEEKLY DEFAULT STATUS REPORT
The Company provides this bi -weekly default status report in relation to the management
cease trade order dated April 1, 2022 (“ MCTO”) granted by the British Columbia Securities
Commission (“ BCSC”) pursuant to National Policy 12 -203 - Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203"). With the granting of the MCTO, the Company
has until May 30, 2022, being the expiry date of the MCTO, to file the 2021 Annual Filings.
The Company is required to file bi-weekly default status reports in accordance with NP 12-203
until such time that as the default in filing the 2021 Annual Filings is remedied. Pursuant to the
MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company are not
permitted to trade any securities of the Company unless and until such time as the Company
files the 2021 Annual Filings. While the MCTO is in effect, the shareholders of the Company
will continue to be able to trade the Company’s common shares on the TSX and the HKEx.
UPDATE ON PUBLICATION OF 2021 AUDITED ANNUAL RESULTS AND 2021 ANNUAL
FILINGS
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As disclosed in the Announcements, the Company has made concerted efforts to obtain an
unmodified opinion from the Auditors on the 2021 Financial Statements prior to May 30, 2022,
being the expiry date of the MCTO, and to address the going concern issues raised by the
Auditors. Taking into account the efforts made and interim progress, the Company has
resolved the going conc ern issue and anticipates obtaining an unmodified opinion from the
Auditors on the 2021 Financial Statements on May 30, 2022. As such, the Company
anticipates it will be able to file the 2021 Annual Filings on May 30, 2022.
As disclosed in the Announceme nt dated May 18, 2022, at the Board meeting scheduled to
be held on May 30, 2022, the Board will review and approve, the publication of the 2021
Audited Annual Results. The Company anticipates these results will be published on May 30,
2022.
PUBLICATION OF 2022 Q1 FINANCIAL RESULTS
As disclosed in the Announcements, the filing deadline for the Company’s 2022 Q1 financial
results for the quarter ended March 31, 2022 (“2022 Q1 Financial Results”) is May 15, 2022
as required under applicable Canadian securities laws. However, the Company cannot issue
its 2022 Q1 Financial Results until it first issues its 2021 Annual Filings. Pursuant to the terms
of the MCTO, the Company is required to file its 2022 Q1 Financial Results within five business
days following the filing of the 2021 Annual Filings. As disclosed in the Announcement dated
May 24, 2022, at the Board meeting scheduled to be held on June 6, 2022, the Board will
review and approve the publication of the 2022 Q1 Financial Results. The Company
anticipates these results will be published on June 6, 2022.
Unless and until such time as the Company files the 2021 Annual Filings, shareholders and
potential investors of the Company are urged to exercise extreme caution when dealing in the
securities of the Company.
Other than as disclosed herein, the Company confirms that since May 17, 2022: (i) there have
been no material changes to the information set out in the announcement dated May 17, 2022
that has not been generally disclosed; (ii) there have been no f ailures by the Company in
fulfilling its stated intentions with respect to satisfying the provisions of the alternative
information guidelines under NP 12-203; (iii) there has been no other, or anticipated, specified
default under NP 12 -203 concerning the Company; and (iv) there is no other material
information concerning the affairs of the Company that has not been generally disclosed.
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Shareholders of the Company and potential investors are advised to exercise caution
when dealing in the securities of the Company.
If there is any inconsistency or discrepancy between the English version and the Chinese
version, the English version shall prevail.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its
flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other
metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces
and sells coal to customers in China.
Contact:
Investor Relations
Office: +852 2156 1438 (Hong Kong)
+1 604 762 6783 (Canada)
Email: [email protected]
Website: www.southgobi.com
Forward-Looking Statements
Certain information included in this press release that is not current or historical factual
information constitutes forward -looking statements or information within the meaning of
applicable securities laws (collectively, “forward -looking statements”), in cluding information
regarding the anticipated date of filing of the 2021 Annual Filings and the 2022 Q1 Financial
Results . Forward-looking statements are frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “could”, “should”, “seek”, “likely”, “estimate”
and other similar words or statements that certain events or conditi ons “may” or “will” occur.
Forward-looking statements are based on certain factors and assumptions including, among
other things, the ability of the Company to complete and file the 2021 Annual Filings and the
2022 Q1 Financial Results on the anticipated f iling dates and other similar factors that may
cause actual results to differ materially from what the Company currently expects. Actual
results may vary from the forward -looking statements. Readers are cautioned not to place
undue importance on forward -looking statements, which speaks only as of the date of this
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disclosure, and not to rely upon this information as of any other date. While the Company may
elect to, it is under no obligation and does not undertake to, update or revise any forward -
looking statements, whether as a result of new information, further events or otherwise at any
particular time, except as required by law. Additional information concerning factors that may
cause actual results to materially differ from those in such forward -looking statements is
contained in the Company’s filings with Canadian securities regulatory authorities and can be
found under the Company’s profile on SEDAR at www.sedar.com.