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These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.
−Removed: We believe that none of the litigation in which we are currently involved, or have been involved since the beginning of our most recently completed fiscal year, individually or in the aggregate, is material to our financial condition, cash flows or results of operations.
+Added: We believe that none of the litigation in which we are currently involved, or have been involved in since the beginning of our most recently completed fiscal year, individually or in the aggregate, is material to our financial condition, cash flows or results of operations.
Two of our subsidiaries are involved in legal proceedings described below.
−Removed: Our subsidiary Kaizen is currently subject to litigation in British Columbia, Canada which commenced in 2017.
−Removed: The proceedings relate to a claim against Kaizen in respect of its acquisition of the Pinaya Project.
−Removed: The trial of the action has been concluded and the trial judge agreed with Kaizen’s position that the plaintiff’s claims were without merit and dismissed the action in its entirety.
−Removed: The plaintiff commenced an appeal from the trial judgment which was dismissed by the British Columbia Court of Appeal on January 21, 2022.
−Removed: The plaintiff can only appeal with leave to appeal from the Supreme Court of Canada.
−Removed: The plaintiff has applied for leave to appeal and a decision is expected in September, 2022.
−Removed: Kaizen is entitled to recover costs of the trial and applied for an enhanced, substantial indemnity costs award which was granted against the plaintiff AM Gold Inc.
−Removed: and its principal.
−Removed: The defendants appealed this indemnity costs award to the British Columbia Court of Appeal and a hearing on the costs order was held on May 31, 2022, with a decision expected within 90 days.
−Removed: Kaizen has incurred approximately Cdn$3.2 million in legal fees and expenses to date in this dispute, which has occupied significant management time.
−Removed: If the plaintiff obtains leave to appeal and/or Kaizen is unable to make a substantial recovery of its legal costs incurred, Kaizen may be unable to advance the Pinaya Project at the rate it wishes to and may incur additional costs, which could negatively impact its financial position as well as its ability to explore and potentially develop the Pinaya Project into an operating mine.
+Added: Our subsidiary Kaizen is currently involved in litigation in British Columbia, Canada which commenced in 2017.
+Added: The proceedings relate to a claim by AM Gold Inc.
+Added: (“AMG”) against Kaizen in respect of its acquisition of the Pinaya Project.
+Added: On September 2, 2022, the Supreme Court of Canada dismissed the application of AMG seeking leave to appeal the January 21, 2022 decision of the British Columbia Court of Appeal.
+Added: The British Columbia Court of Appeal decision upheld the March 23, 2021 decision of the trial judge which dismissed all of AMG’s claims against Kaizen.
+Added: There is no further avenue of appeal or review available to AMG from the Supreme Court of Canada’s judgment.
+Added: In a separate decision by the trial judge, Kaizen was awarded the costs of the trial on an enhanced, substantial-indemnity basis against AMG and its principal John Fiorino.
+Added: Fiorino appealed the costs award and on August 22, 2022, the Court of Appeal partially allowed the appeal, reversing the substantial-indemnity costs order.
+Added: The Court of Appeal upheld the order that Mr.
+Added: Fiorino be liable to pay the costs along with AMG and directed that such costs are payable at 1.5 times the rates provided in the BC Supreme Court Rules Tariff of Costs.
+Added: Kaizen is also entitled to recover the costs of the merits appeal and the application for leave to the Supreme Court of Canada.
+Added: Kaizen will have to pay AMG’s cost with respect to the costs appeal.
Our subsidiary Cordoba is currently involved in two legal proceedings.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.