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SYDNEY - Future Metals NL (ASX | AIM: FME), an Australian mining company, has responded to a price query from the Australian Securities Exchange (ASX) regarding a recent increase in its share price. The ASX sought clarification on February 14, 2025, after noticing significant trading activity in the company's shares.
The company acknowledged having information about drilling results at its Eileen Bore Prospect that had not yet been announced to the market, which could have explained the trading surge. Future Metals was in the process of preparing a market announcement detailing these results when the ASX issued its query.
Future Metals had relied on Listing Rule 3.1A to withhold the drilling results from public disclosure, maintaining that the information had remained confidential and that its confidentiality had not been compromised. The company stated that the increase in share price and volume on February 13, 2025, was likely due to other factors, specifically investor anticipation following a hint in their Quarterly Activities/Appendix 5B Cashflow Report released on January 30, 2025, that assay results were expected soon.
In response to the ASX's price query, Future Metals requested a trading halt to manage the situation appropriately and to finalize the announcement regarding the drilling results. Following board approval, the company released the announcement while the securities were still in a trading halt on February 17, 2025.
Future Metals confirmed its compliance with the Listing Rules, particularly Listing Rule 3.1, which governs continuous disclosure requirements for listed companies. The responses provided to the ASX were authorized and approved by the company's board.
The company's share price movement and the subsequent query highlight the sensitivity of the market to undisclosed information that could affect investment decisions. This incident underscores the importance of transparency and adherence to market regulations designed to maintain fair trading practices.
The information in this article is based on a press release statement from Future Metals NL.
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