Barimaia, page-67

Asked GPT o3. Here's what it said.

Answer:
On the ASX you must announce any drill results—good or bad—as soon as they’re final and material. The rules give you only enough time to finish QA/QC and have a Competent Person sign off. If the assays were back and price-sensitive, they would already have been released. A silence today most likely means the lab work or verification isn’t finished, or the numbers aren’t material. Hiding bad news is illegal and risks heavy penalties.

Does the law clear up Biotrader’s worry about the “delay”?

• *If the assays are back and are materially disappointing (or exciting), the company cannot legally sit on them. Listing Rule 3.1 forces a prompt announcement.

If no announcement has appeared, the two lawful possibilities are:

• The final assays/QAQC haven’t been received or validated yet. Until the board is “aware” of complete, reliable data, Rule 3.1 isn’t triggered.
• The results are not material (i.e., broadly in line with what the market already knows). In that case they can wait and roll them into the next quarterly report.

• “Bad results = silence” is not a permitted strategy. Failing to disclose market-sensitive information exposes the company and its officers to trading halts, ASX aware letters, ASIC action and civil penalties.

Obligation	Where it is written	What it means in practice
Continuous disclosure	ASX Listing Rule 3.1	As soon as the company becomes aware of information that a reasonable person would expect to move the share price, it must tell ASX. ✔ Positive or negative assays can be price-sensitive. (ASX Online)
Timing – “immediately”	Guidance Note 8, s 4.5	“Immediately” = promptly and without delay – i.e., only the time needed to finish QA/QC, get Competent Person sign-off, draft the release and lodge it. Deliberately waiting for a “better moment” breaches the rule. (ASX Online)
Technical content of the announcement	Listing Rule 5.7 + JORC Code Table 1	For any material project, the first or any new exploration results must be released with: • a Table 1 checklist covering sampling & QA/QC • a full drill-hole table (or an explanation why it isn’t material). (Australian Securities Exchange)
Quarterly fallback	Listing Rule 5.3	Even if assays are not price-sensitive, explorers still report a summary of exploration activity and spend each quarter. (No hiding forever.) (Australian Securities Exchange)
Limited carve-outs	Listing Rule 3.1A	Non-disclosure is allowed only while all three tests are met: 1) the info fits a narrow category (e.g., incomplete negotiation); 2) it is confidential; and 3) a reasonable person would not expect disclosure. Completed assays normally fail test 1, so the carve-out rarely applies. (ASX Online)

(Not legal advice; summary of publicly available ASX rules.)