Vancouver, British Columbia--(Newsfile Corp. - May 14, 2025) - Rusoro Mining Ltd. (TSXV: RML) (the "Company" or "Rusoro") is providing this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") with respect to the previously announced Management Cease Trade Order (the "MCTO") issued by the British Columbia Securities Commission, as principal regulator, on May 1, 2025.
On April 30, 2025, the Company announced that it was unable to file its annual audited financial statements for the year ended December 31, 2024, the related management's discussion and analysis, and the related Chief Executive Officer (the "CEO") and Chief Financial Officer (the "CFO") certificates (collectively, the "Annual Filings") by the deadline of April 30, 2025 (the "Default Announcement"). The Company confirms that it is actively working with its audit team to complete the Annual Filings, which will be filed as soon as possible.
As previously stated, subject to current conditions remaining the same, the Company remains confident in its ability to complete the Annual Filings before the June 30, 2025, deadline.
The Company confirms that since the date of the Default Announcement: (i) other than as described above, there has been no material change to the information set out in the Default Announcement that has not been generally disclosed, (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203, and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The MCTO restricts the Company's CEO and CFO from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
ABOUT RUSORO MINING LTD.
The principal business activities of Rusoro were the acquisition, exploration, development, and operation of gold mineral properties. Since Venezuela expropriated Rusoro's assets in Venezuela in 2012 the Company has been focused on the recovery of its Arbitration Award.
Cautionary Note Regarding Forward-Looking Information and Statements:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements about the expected filing of the Required Filings.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made including, without limitations, information based on the current status of the Required Filings and discussions with the auditor of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information, and there is no guarantee the Required Filings will be made on the timeline currently expected or at all. If the Required Filings are not filed on time or are subject to additional delays, the securities of the Company could be subject to a cease trade order or other actions taken by the securities regulators and/or the TSXV. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
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.
