Golden Star Resources Ltd. has filed audited consolidated financial statements for the six months ended June 30, 2021, which are required by the Shanghai Stock Exchange in respect of Chifeng Jilong Gold Mining Co., Ltd. seeking to obtain the requisite approvals in connection with the company’s previously announced plan of arrangement under Section 192 of the CanadaBusiness Corporations Act, involving the company, Chifeng and its subsidiary Chijin International (Hong Kong) Limited and/or an assignee of the Purchaser, pursuant to the arrangement agreement dated October 31, 2021.
A statement said the company previously filed unaudited interim consolidated financial statements for the three and six months ended June 30, 2021, on July 28, 2021, in accordance with and as required by applicable securities laws.
The audited H1 2021 financial statements were prepared in accordance with the full set of international financial reporting standards, as issued by the International Accounting Standards Board (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee, which the Canadian Accounting Standards Board has approved for incorporation into Part 1 of the CPA Canada Handbook – Accounting, whereas, the Unaudited H1 2021 Financial Statements, although also prepared in accordance with IFRS, applied IAS 34 “Interim Financial Reporting” (IAS 34).
The audited H1 2021 Financial Statements are substantially consistent with the Unaudited H1 2021 Financial Statements and the only significant measurement difference arises from the income tax calculations prepared under IAS 12 “Income Taxes” for the Audited H1 2021 Financial Statements and under IAS 34 for the Unaudited H1 2021 Financial Statements.
The effect is an increase in current tax expense of US$2.1 million with a corresponding increase in current income tax liabilities of US$2.1 million and a decrease in deferred tax expense of US$2.1 million with a corresponding decrease in deferred tax liability of US$2.1 million.