ASX query and suspension

Asaplus Resources Limited (ASX: $AJY) has been facing continued suspension from quotation by ASX following a failure to respond to ASX's queries regarding its financial condition and activities. The queries, sent on 28 December 2023, pertain to AJY's financial reports, cash flow, financing facilities, and corporate governance compliance. The securities of AJY will remain suspended until ASX is satisfied with its compliance with the Listing Rules.

ASX Queries and Request for Information

ASX has raised several queries regarding Asaplus Resources Limited's financial condition and activities. The queries seek detailed information about AJY's financial reports, cash flow, financing facilities, corporate governance compliance, and the status of its mining project, particularly the Beikeng Mine. The company has been requested to provide explanations and updates on various financial and operational aspects, including its Receipts From Customers, cash balance discrepancy, convertible loan, negative operating cash flows, and its ability to continue operations and meet business objectives. Additionally, ASX has sought information on the Beikeng Mine's drilling program, mineral resource estimates, and the renewal of its extraction license. The company is required to respond to these queries by 15 January 2024 to avoid potential suspension of trading in its securities.

Outlook and Response

Asaplus Resources Limited (AJY) is under scrutiny by ASX due to its failure to respond to queries regarding its financial condition and activities. The company's compliance with Listing Rules, particularly in relation to its financial reports, cash flow, and corporate governance, is being closely examined. The queries also focus on the status and reporting of the Beikeng Mine's drilling activities and mineral resource estimates. AJY's response to these queries and its ability to address the concerns raised by ASX will be crucial in determining the outlook for the company's securities trading. The company's prompt and comprehensive response, along with its ability to address the financial and operational challenges, will be key in maintaining its listing on ASX and restoring investor confidence.