Golden Cross Resources Ltd (ASX:GCR) Announces Suspension from ASX Quotation

Suspension Announcement

Golden Cross Resources Ltd (ASX:GCR) has announced that the Australian Securities Exchange (ASX) will suspend its securities from quotation effective 27 December 2024. The suspension is due to concerns regarding the company’s level of operations not meeting the requirements of Listing Rule 12.1, particularly relating to limited exploration expenditure and a lack of ground-disturbing activities.

Future Plans

In response to the suspension, GCR plans to initiate field exploration programs over the next two quarters. These activities aim to enhance the company’s operational levels and address ASX concerns regarding its business viability. Executive Chairman Jordan Li stated that the completion of these exploration activities is critical for a potential reinstatement of quotation.

Joint Venture Discussions

GCR is also in talks with potential joint venture partners for its Copper Hill Project. A successful transaction could lead to a significant boost in exploration activities and financial resources. GCR remains optimistic about the prospects of increased exploration efforts stemming from these discussions.

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Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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