The Ontario Securities Commission has warned Gratomic Inc. that it would issue a failure-to-file cease trade order after April 30, 2025.
Gratomic has failed to file its annual audited consolidated financial statement and Management Discussion & Analysis for December 31, 2024, due to lack of funding.
The Canadian company had planned production of 12,000 tons by November 2024 but later said there had not been any preliminary economic analysis, preliminary feasibility study, or feasibility study completed to support any production level.
If Gratomic fails to meet the deadline, the Ontario Securities Commission will order that the company’s shares stop trading.
Such an order will affect the company’s work on the Aukam graphite project in Namibia and other projects in Brazil and Canada.
In December 2024, Gratomic Inc. allowed some of its mining claims in Brazil, comprising the Capim Grosso Property, to expire to focus attention and resources on its Aukam Property in Namibia.
In July 2024, Gratomic Inc. reduced its monthly expenses in Namibia, Canada, and Brazil by N$2,1 million (US$115,000).
The company also sold certain non-core assets, including a house the company owns in Windhoek, to obtain working capital and complete a technical report on the Aukam Property.
Many have left the company, including Armando Farhate, Director and COO, Karl Trudeau, and Stephen Woodhead, CFO.
The company will endeavour to complete the audit of the company’s financial statements for the year ended December 31, 2024, as soon as possible.
The Aukam is a historic mine in the Karas region, which first operated in 1940 and remained in production for 16 years, ceasing operations in 1956.
The second phase of activity began in 1964, and the mine remained active unit 1974.
