Newfield Resources (ASX:NWF) said it believes its financial condition is sufficient to support continued listing on the Australian Securities Exchange, according to a Friday Australian bourse filing.
The statement was in response to a query from the bourse on Dec. 20, 2024.
The firm is undertaking a review of its expenses and existing cost control measures on site and access to cash is controlled by its board with approved expenses triggering a drawdown on its working capital facility.
It has been drawing down a $15 million loan facility from Wonder Holding for working capital purposes since June 30, 2024, with a remaining balance of AU$330,000 as of Jan. 3.
The mining firm also entered into a separate AU$10 million loan facility with Wonder Holdings. It plans to draw upon the loan in January once the previous facility has been fully drawn down.
Further, It is currently in the process of appointing a new management team, which will implement new procedures for cost management. It plans to maintain a minimal cash balance until this new process is in place.
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