TAWAU: The Board of Directors of AuMas Resources Berhad has reaffirmed the company’s operational integrity, regulatory compliance and financial strength, while firmly rejecting allegations raised by Datuk Lo Fui Ming during the company’s 21st Annual General Meeting (AGM) held at City Hall here today.
Datuk Lo, the former Chief Executive Officer of AuMas and Wullersdorf Resources Sdn Bhd (WRSB), as well as Managing Director of Southsea Gold Sdn Bhd (SGSB), had raised several issues at the meeting which the board described as unfounded and misleading.
The board said the claims appeared aimed at casting doubt on the company’s operations and undermining investor confidence.
It stressed that the Environmental Impact Assessment (EIA) for WRSB’s mining operations at Bukit Mantri remains valid, in force and fully compliant with the requirements set by the Sabah Environmental Protection Department.
“All licences and approvals, including the Operational Mining Scheme (OMS), are duly in place and have been renewed in accordance with regulatory requirements,” the board said.
On ore reserves, the board noted that the company has technical reports compliant with JORC standards, supported by feasibility studies confirming sufficient resources to sustain both existing and new gold processing plants.
AuMas has invested approximately RM40 million in a new gold processing plant with a capacity of about 2,000 tonnes per day, compared to 1,200 tonnes per day for the existing facility, a move expected to boost production and revenue.
In a related matter, the board said the legal dispute between AuMas and SGSB remains ongoing in court and cannot be elaborated upon due to the sub judice principle.
However, it confirmed that the High Court had previously granted an injunction to prevent any interference with WRSB’s operations, while the main case involving alleged breach of trust and the loss of 41 gold dorés valued at approximately RM67 million is still under trial.
Commenting on the proposed share buyback, the board emphasised that the decision falls within management’s authority and should not be questioned based on inaccurate assumptions about the company’s financial position.
Since a management change in 2023, AuMas has recorded significant improvements in financial performance, including a net profit of RM33.3 million for the financial year ended September 30, 2025, supported by strong operating cash flow.
The board maintained that the company remains on solid footing, with stable operational fundamentals and positive long-term prospects, urging shareholders to assess its performance based on facts and current financial records.
Also present at the meeting were Independent Non-Executive Chairman Datuk Seri Mohd Ajib Anuar; Company Secretary Nicholas Tan Tong Lang; Executive Director and Chief Operating Officer Wong Ji Yung; Executive Director and Chief Commercial Officer Low Min Lai; Independent Non-Executive Directors Hazlina Ahmad and Tew Xue Shan, as well as several shareholders.
Following the AGM, an Extraordinary General Meeting (EGM) was also convened before proceedings concluded at about 1pm.
