Perth, April 29, 2024 - Golden Horse Minerals Ltd. (TSXV: GHML) ("Golden Horse" or the "Company") provides a corporate update.
The Company has identified that Golden Horse and Altan Rio Holdings Canada Limited (a wholly owned subsidiary of the Company) ("ARHCL") have not filed certain income tax and information returns with the Canada Revenue Agency ("CRA") for taxation years 2010 to 2022. As a result, although the Company does not believe that any income taxes are payable to the CRA, Golden Horse may be liable for penalties and interest under the relevant income tax legislation. Following consultation with the Company's advisors, in the December 2023 Consolidated Financial Statements the Directors will provision $222,000 for potential penalties and interest for non-compliance with tax filing obligations.
The Company recognises that it has an ongoing obligation to comply with tax regulations in the jurisdictions in which it operates. Management is actively engaged in resolving this matter and working towards ensuring compliance with all applicable tax laws. The Company is working closely with its tax advisors to address the outstanding tax filings and following that, will also work closely with its tax advisors to negotiate the amount of any potential penalties and interest with the CRA.
It is important to note that the ultimate outcome cannot be reasonably or accurately estimated at this time as there is potential for additional penalties for non-compliance with tax filing obligations and therefore the provision of $222,000 is subject to change, pending CRA's final assessment of the tax returns and the results of any negotiations and agreement with the CRA in respect of amounts due.
The Company will provide further updates as additional information becomes available.
For and on behalf of the Board
For more information contact:
Graeme Sloan
Chairman / Interim CEO
Email: graeme.sloan@goldenhorseminerals.com.au
+61 8 9322 1788
Josh Conner
Chief Operating Officer
Email: josh.conner@goldenhorseminerals.com.au
+61 8 9322 1788
Media
David Tasker
Chapter One Advisors
Email: dtasker@chapteroneadvisors.com.au
+61 433 112 936
Investors
Adam Davey
Canaccord Genuity Financial Limited
Email: ADavey@cgf.com
+61 8 9225 2811
Mason Brown
Canaccord Genuity Financial Limited
Email: mpbrown@cgf.com
+61 8 9225 2862
Disclaimer
This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Golden Horse. Such forward‐looking statements are based on numerous assumptions regarding the Golden Horse's present and future business strategies and the political and economic environment in which the Golden Horse will operate in the future, which are not guarantees or predictions of future performance. Actual results and developments may vary materially from those that may be contemplated or implied by forward-looking statements in this release.
Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release (where applicable). To the maximum extent permitted by law, Golden Horse and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:
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disclaim any obligations or undertaking to release any updates or revisions to the information in this release to reflect any events, circumstances or change in expectations or assumptions after the date of this release;
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do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
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disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207232
