Wilton Resources Corporation Limited Issues Disclaimer of Opinion on Audited Consolidated Financial Statements

Strategic Insights -

Wilton Resources Corporation Limited's board of directors has announced that the company's independent auditor, PKF-CAP LLP, has issued a disclaimer of opinion on the company's audited consolidated financial statements for the financial year ended 31 December 2024. The disclaimer is based on concerns regarding the appropriateness of going concern assumptions, impairment assessments of mine properties, property, plant, and equipment, right-of-use assets, investment in subsidiaries, and amounts due from subsidiaries. Despite these concerns, the audited consolidated financial statements have been prepared on a going concern basis due to reasons disclosed in Note 2.1 to the audited consolidated financial statements and as set out in paragraph 3.1 of the company's announcement.

Key Takeaways:

  • Wilton Resources Corporation Limited's independent auditor, PKF-CAP LLP, has issued a disclaimer of opinion on the company's audited consolidated financial statements for FY2024.
  • The disclaimer is based on concerns regarding the appropriateness of going concern assumptions used in the preparation of the audited consolidated financial statements.
  • The impairment assessment of the Group's mine properties, property, plant, and equipment, and right-of-use assets, are also questioned by the auditor.
  • The auditor has expressed concerns about the impairment assessment of the Company's investment in subsidiaries and amounts due from subsidiaries.
  • The audited consolidated financial statements have been prepared on a going concern basis, despite the concerns raised by the auditor.
  • The Company's board of directors has confirmed that sufficient information has been disclosed for the trading of the Company's securities to continue in an orderly manner.
  • The 2024 Annual Report has been released separately on the SGXNet and the Company's corporate website.

Statistics:

  • The financial year ended on 31 December 2024.
  • The company's audited consolidated financial statements were prepared on a going concern basis.
  • PKF-CAP LLP has issued a disclaimer of opinion on the audited consolidated financial statements.
  • The auditor has questioned the appropriateness of going concern assumptions and impairment assessments of various assets and liabilities.
  • The company's securities continue to trade on the SGX-ST listing.

Sources:

  • Wilton Resources Corporation Limited. (2025, October 10). Disclaimer of Opinion Announcement. Retrieved from https://links.sgx.com/FileOpen/WRC%20-%20Disclaimer%20of%20Opinion%20Announcement%20.ashx?App=Announcement&FileID=864000