Kingsgate Consolidated's Debt Disclosure Update

Kingsgate Consolidated Limited (ASX:KCN) has provided clarification regarding its 2024 Diggers and Dealers Presentation and Australian Gold Conference 2024 Presentation. The company corrected the debt disclosure in both presentations, with the debt being updated from A$53.6m to A$72.8m. This update accounts for the inclusion of A$11.4m related to preference shares in KCN subsidiary Akara Resources Public Company Limited, which are classified as equity in Thailand but treated as debt under Australian Accounting Standards. Additionally, there was an upward adjustment of A$7.8m to rectify a transcription error in the debt balances as of 31 July 2024.

Executive Clarification

The company acknowledges the need for transparency and accuracy in its financial disclosures. The correction of the debt disclosure in the presentations reflects our commitment to providing precise and reliable information to our stakeholders and the investment community. We believe that this update ensures a more accurate representation of our financial position and capital structure, aligning with our dedication to upholding the highest standards of corporate governance and reporting.

Summary of Clarification

Kingsgate Consolidated's correction of the debt disclosure in its 2024 Diggers and Dealers Presentation and Australian Gold Conference 2024 Presentation demonstrates the company's commitment to accuracy and transparency. The updated debt figure of A$72.8m includes the adjustment for preference shares in its subsidiary, Akara Resources Public Company Limited, and rectifies a transcription error. This clarification aims to provide stakeholders and investors with a more precise understanding of the company's financial position and capital structure. Looking ahead, Kingsgate Consolidated remains dedicated to upholding the highest standards of corporate governance and financial reporting, ensuring the continued trust and confidence of its stakeholders.