on Gabriel Resources Ltd. (isin : CA3619701061)
Gabriel Resources Ltd. Releases Second Quarter 2024 Report Amid Legal and Financial Hurdles
Gabriel Resources Ltd. (TSXV: GBU) has published its Second Quarter Financial Statements and Management's Discussion and Analysis for the period ending June 30, 2024. A crucial development includes the dismissal of ICSID arbitration claims against the Romanian State, resulting in an awarded cost of approximately $10 million to Romania.
The company filed for the annulment of the arbitral decision, contesting the impartiality of the arbitrators and fundamental procedural errors. As of July 12, the provisional stay on the costs order is in place.
Financial challenges persist, with a net loss of $3.2 million in Q2 2024 and cash reserves of $2.5 million. The company plans to raise more funds during Q3 2024 to meet its operational needs.
Additionally, Gabriel's application for a License Extension in Romania was rejected, prompting intentions to defend its legal rights rigorously.
R. P.
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