Minera IRL Provides a Standard Status Report Every Two Weeks - Latest Global News

Minera IRL Provides a Standard Status Report Every Two Weeks

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LIMA, Peru, May 16, 2024 (GLOBE NEWSWIRE) — Minera IRL Limited (“Mining” or the “Company”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF) is providing this standard status report in accordance with National Policy 12-203 – Management places trading orders (“NP 12-203”) and the terms of a Management Cease Trade Order (“MCTO”), entered by the British Columbia Securities Commission (the “BCSC”) on April 3, 2024.

As previously announced, the MCTO was issued to the Company’s Chief Executive Officer and Interim Chief Financial Officer due to the Company’s failure to file its audited financial statements, management’s discussion and analysis, annual information form and required certification(s). “Annual submission”) on or before April 2, 2024, as required by National Instrument 51-102, Ongoing disclosure requirementsand National Instrument 52-109, Certification of disclosure in the issuer’s annual and interim filingsrespectively.

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In the press release dated April 4, 2024, we indicated that the Company had experienced delays in compiling the information necessary to prepare the local (Peruvian) audits of its operating subsidiaries in Peru, relied upon by the UK auditor of the company in its audits ultimately leaves the consolidated units. The local audits have now been completed and the audit of the consolidated entity, which could only begin after the completion of the local audits and the publication of the local audit reports, is expected to be completed by May 30, 2024. The revised deadline for completion of the final report is June 3, 2024, when we will submit the annual documents.

NP 12-203 requires the company to file standard status reports in the form of press releases every two weeks until the MCTO is revoked.

Accordingly, the company confirms that since the default announcement:

  • There were no changes to the information in the Company’s April 4, 2024 press release announcing the default (the “Standard announcement”) with the exception of the changed date for the submission of annual documents.
  • The Company has failed to comply with its stated intentions to comply with the alternative information reporting guidelines set forth in NP 12-203.
  • After the payment default mentioned in the payment default notice, no specific payment default has occurred and is not expected to occur; And
  • There have been no material changes in the Company’s affairs that have not been generally disclosed.

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During the MCTO, the general investing public will continue to have the opportunity to trade the Company’s common shares listed on the Canadian Securities Exchange. However, the Company’s Chief Executive Officer and Interim Chief Financial Officer will not be able to trade the Company’s shares until the annual filings are made and the Executive Director of the BCSC revokes the MCTO.

On behalf of the Board of Directors of Minera IRL Limited

Gerardo Perez
Chairman of the Board

Diego Benavides
CEO and Director

FOR MORE INFORMATION PLEASE CONTACT:

Minera IRL Limited

Susan Gabbie
Manager, communications
+51 1 418 – 1230

Pedro Valdez
Head of Investor Relations
+51 1 418 – 1230

Cautionary Statement Regarding Forward-Looking Information

Certain information in this press release, including information regarding the Company’s expectation of filing its annual filings by June 3, 2024, constitutes “forward-looking statements.” Forward-looking statements are based on assumptions. While management believes that these assumptions and statements are reasonable in the context of forward-looking statements
are inherently political and legal, regulatory, business and economic risks, unforeseen delays in the accounting and auditing process and competitive uncertainties and contingencies. The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL’s actual results and future performance to differ materially from its expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results or achievements.

Minera IRL undertakes no obligation, except as required by law, to update or revise it to reflect new events or circumstances.

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