VANCOUVER, BC / ACCESS Newswire / June 13, 2025 / SouthGobi Resources Ltd. (TSXV:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that reference is made to the announcements of the Company dated July 31, 2023, August 18, 2023, February 26, 2024, May 22, 2024, June 12, 2024, January 20, 2025, February 13, 2025, March 26, 2025, March 28, 2025 and May 6, 2025 (the "Announcements") in relation to the Mongolia tax audit. Unless otherwise specified, capitalised terms used herein shall have the same meanings as those defined in the Announcements.
On June 9, 2025, the Company's wholly owned subsidiary in Mongolia, Southgobi Sands LLC ("SGS"), obtained a copy of a judgement dated May 27, 2025 ("Appellate Court Judgement") issued by the Appellate Court for Administrative in Ulaanbaatar, Mongolia (the "Appellate Court"). As per the Appellate Court Judgement, the Appellate Court upheld the court order issued by the Judge of the Administrative Court of First Instance in Mongolia on April 15, 2025. As a result, the claim brought by certain MTA Officials against the TDRC in an attempt to dispute or overturn the previous decision made by the TDRC regarding the Re-assessment Result has been dismissed and rejected. According to applicable Mongolian law, the Appellate Court Judgement shall be final and is not subject to further appeal.
As of the date of this announcement, the Re-assessment Result remains legally valid and effective. The Company expects no further dispute regarding the Re-assessment Result and will only make further announcement(s) as and when there is new development regarding this matter.
About SouthGobi
SouthGobi, listed on the Hong Kong Stock Exchange and the TSX Venture Exchange, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licenses of its other metallurgical and thermal coal deposits in South Gobi region of Mongolia. SouthGobi produces and sells coal to customers in China.
Contact:
Investor Relations
Email: info@southgobi.com
Mr. Ruibin Xu
Chief Executive Officer
Office: +1 604 762 6783 (Canada)
+852 2156 1438 (Hong Kong)
Website: www.southgobi.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: SouthGobi Resources Ltd.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/southgobi-announces-update-on-mongolia-tax-audit-1039221
