Feishang Anthracite Resources Limited Issues Update on Disclaimer of Opinion and Recovery Actions
Key Highlights and Investor Implications
Feishang Anthracite Resources Limited has released an important update for shareholders and potential investors regarding the actions it is taking to resolve a disclaimer of opinion expressed by its auditors on the Company’s financial statements for the years ended 31 December 2024 and 2025. This disclaimer, which relates to the Company’s going concern status, was disclosed in the annual report published on 29 April 2026.
Summary of Actions and Developments
- Capital Raising: The Group has been exploring various capital raising exercises in response to challenging market conditions. While preliminary discussions with potential investors have taken place, no firm commitments or arrangements have been reached so far. Feishang will continue to consider capital raising opportunities as the market allows.
- Divestiture Plans: The Group has also initiated preliminary talks with potential buyers for interests in Dayun Coal Mine and Liujiaba Coal Mine as part of its efforts to lower debt and the gearing ratio. However, as with the capital raising, no binding agreements have been made yet. The Group intends to continue pursuing these plans.
- Negotiations with Lenders: Ongoing negotiations with lenders are critical to the Group’s operational continuity, cash flow, profitability, and stability. The outcome of these negotiations may significantly impact the Company’s ability to continue as a going concern.
- Litigation and Arbitration Settlements: The Group is negotiating settlements with plaintiffs regarding litigation/arbitrations, including those already determined in the plaintiffs’ favor. This includes legal proceedings involving the controlling shareholder’s pledged shares with Guizhou Province Development Investment Company Limited.
- Production Output: There has been a substantial decline in coal production from approximately 416,000 tons (January–June 2025) to about 248,000 tons for the same period in 2026. This sharp drop may affect revenue and profitability.
- Coal Quality Management: A coal quality control team has been established, and comprehensive measures have been implemented across the production and sales process to enhance product quality. The sales department is actively adjusting strategies and product mix to respond to market changes and improve efficiency.
- Cost Controls: The Group is strengthening cost and expense control by:
- Promoting gob-side entry retaining (GSER) technology to lower roadway driving costs.
- Optimizing roadway plans to reduce driving meters per ton of coal produced.
- Applying directional pre-splitting techniques at mines to reduce maintenance costs.
- Auditor Discussions: Regular discussions are occurring with auditors on production, sales, borrowings, and legal matters to ensure transparency and address the disclaimer of opinion.
Potential Price Sensitive Information
- Unresolved Disclaimer of Opinion: The Company is still subject to a disclaimer of opinion relating to its ability to continue as a going concern, which is a significant risk factor for investors.
- No Firm Commitments on Capital Raising or Asset Sales: The lack of finalized agreements for capital raising or divestiture plans means the Group’s financial improvement remains uncertain.
- Significant Production Decline: The notable decrease in coal output could lead to lower revenues, impacting near-term earnings and possibly the share price.
- Ongoing Legal and Debt Negotiations: The results of lender negotiations and litigation settlements could have a material impact on the Company’s future operations and financial position.
Board Statement
The Board, led by Chairman Li Zongyang, advises shareholders and investors to exercise caution when dealing in the shares of the Company due to the ongoing uncertainty and unresolved matters.
Disclaimer
This article is for information purposes only and does not constitute investment advice. Shareholders and investors should refer to official Company disclosures and consult with professional advisers before making any investment decisions.
飛尚無煙煤資源有限公司發佈審核意見聲明及復甦行動最新公告
重點摘要及投資者注意事項
飛尚無煙煤資源有限公司發佈重要公告，向股東及潛在投資者更新公司處理2024及2025年財報審核師「無法表示意見」（Disclaimer of Opinion）問題的進展。該意見涉及公司持續經營能力，已於2026年4月29日的年報中披露。
主要行動及最新發展
- 資本籌集：集團曾因應市況與潛在投資者進行初步磋商以進行資金籌集，但暫未有任何落實協議或承諾。公司將根據市場狀況繼續考慮不同籌資方式。
- 資產出售計劃：集團為降低負債比率，初步與潛在買家洽談出售大運煤礦及劉家壩煤礦部分權益，但尚未簽署具體協議，將繼續推進相關計劃。
- 與貸款方協商：集團正與貸款方協商還款安排，議價結果將對公司營運、現金流和穩定性有重大影響。
- 訴訟及仲裁和解：集團正與原告磋商解決包括已判決案件在內的相關訴訟/仲裁案，涉及控股股東質押股份與貴州省發展投資公司相關法律程序。
- 產量大幅下降：2026年上半年煤炭產量約24.8萬噸，較2025年同期41.6萬噸大幅下滑，或將影響公司收入及盈利能力。
- 煤質管理：已成立煤質管理團隊，從開採、運輸、篩選、洗選到銷售全流程加強管控，銷售部根據市場變化調整產品結構，提高效率。
- 成本控制：通過推動沿空留巷（GSER）技術降低掘進成本、優化掘進方案以減少單噸煤掘進米數，以及應用定向預裂技術降低維護費用。
- 審核師溝通：公司已與審核師就生產、銷售、借款及訴訟等事項持續溝通，以回應審核意見。
可能影響股價的重要事項
- 持續存在「無法表示意見」：公司能否持續經營仍不明朗，屬重大風險。
- 資本籌集及資產出售尚未落實：短期內現金流及財務改善具高度不確定性。
- 產量大幅下跌：直接影響收入及盈利，或對股價產生壓力。
- 債務及訴訟協商進展：協商結果或對公司未來營運和財務狀況構成重大影響。
董事會聲明
董事會主席李宗陽提醒股東及投資者，由於相關不確定性仍然存在，買賣公司股份時應審慎行事。
免責聲明
本文僅供參考，不構成任何投資建議。股東及投資者應參閱公司正式披露，並於作出投資決定前諮詢專業顧問。
