Proposed Change of Auditor
VANCOUVER, May 15, 2025 - This announcement is made by China Gold International Resources Corp. Ltd. (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and to Section 4.11 of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”).
The Board announces that the current auditor of the Company, Deloitte Touche Tohmatsu (“Deloitte”), will retire as auditor of the Company with effect from the conclusion of the forthcoming annual general meeting of the Company to be held on June 26, 2025 (the “AGM”).
Taking into account that Deloitte has served as auditor of the Company for 15 consecutive years, the Board is of the view that a change of auditor after an appropriate period of time is a good corporate governance measure to ensure the independence and objectivity of external audit services. The Company has communicated with Deloitte on the proposed change of auditor and learned that it has no disagreement with such proposed change. The Company has received a confirmation letter from Deloitte confirming that there are no matters in respect of its retirement as auditor of the Company that need to be brought to the attention of the shareholders of the Company (the “Shareholders”). The Board has confirmed that there are no matters in respect of the proposed change of auditor that need to be brought to the attention of the Shareholders. There are no “reportable events” (as defined in Section 4.11 of NI 51-102), between the Company and Deloitte. The Board would like to take this opportunity to express its sincere gratitude to Deloitte for its professional services rendered to the Company over the past years.
With the recommendation of the audit committee of the Company (the “Audit Committee”), the Board has resolved to propose to the Shareholders to appoint BDO Limited (“BDO”) as the new auditor of the Company with effect from the conclusion of the AGM, and subject to the approval of the Shareholders at the AGM and the completion of BDO’s client acceptance procedures.
The Audit Committee has considered a number of factors when endorsing BDO to the Board as the new auditor of the Company, including but not limited to (i) their experience in handling audit work for companies listed on the Stock Exchange, their industry knowledge and their familiarity with the requirements under the Listing Rules and the Hong Kong Financial Reporting Standards; (ii) their qualification to act as an external auditor for companies listed in Hong Kong and Canada; (iii) their resources allocation, quality and capability including but not limited to manpower, time and other resources allocation; (iv) their independence and objectivity; (v) their audit fee; (vi) their market reputation; (vii) the “Guidelines for Effective Audit Committees – Selection, Appointment and Reappointment of Auditors” issued by the Accounting and Financial Reporting Council (“AFRC”) in December 2021 (the “Guide”), including section 2 “Selection and Appointment of Auditors” of the Guide; and (viii) the “Guidance Notes on Change of Auditors” published by AFRC in September 2023. Based on the above, the Audit Committee has assessed and considered that BDO is independent, competent and capable (including manpower, expertise, time and other resources) to perform a high- quality audit and is suitable to act as the new auditor of the Company.
A circular containing, among other things, details of the proposed appointment of BDO as the new auditor of the Company together with the notice convening the AGM will be published in due course.
About China Gold International Resources
China Gold International Resources is a gold and base metal mining company incorporated in BC, Canada and operates two mines, the CSH Gold Mine in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine in Tibet, China. The Company’s objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEX: 2099).
For further information on the Company, please refer to SEDAR’s website at www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the Company at +1-604-609-0598 and email to [email protected].
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
