ASX gets tough with explorers over production target claims
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The ASX has forced two more explorers to retract statements as the bourse gets tough on the reporting of “production targets”.
Junior graphite explorer First Graphene (ASX:FGR) has backpeddled on its news this week that it is aiming to produce 200 tonnes per annum of graphite from its Aluketiya project in Sri Lanka.
“The company has been advised the information may be considered to be production targets in accordance with ASX Listing Rule 19.1,” First Graphene told investors.
First Graphene said, however, that it was not intended as a production target and “it is not the policy of the company to release production targets”.
Galena Mining (ASX:G1A) has also told investors to ignore an announcement it made on Wednesday about its Abra lead-silver project in Western Australia.
The company said it was retracting the announcement because “it included production targets which cannot be relied upon and included a comparison of Abra’s resources … to peers’ reserves”.
Earlier this week, Pilbara gold explorer Artemis Resources (ASX:ARV) was suspended from trading by the ASX over statements it made in three announcements released to the market earlier in March.
The bourse queried resources that Artemis outlined for the Weerianna and Carlow Castle deposits.