BSX Bermuda Stock Exchange : Pallinghurst Resources Limited - Notification of change in auditor

HAMILTON, Bermuda - January 8, 2018 -In a filing with the Bermuda Stock Exchange, Pallinghurst Resources Limited (the 'Company'; Ticker: PALLRES.BH), announced a change in auditor. The full filing stated:

Notification of change in auditor

Pallinghurst shareholders are advised in terms of paragraph 3.78 of the JSE Listings Requirements that BDO LLP have been appointed as the Company's external auditors for the financial year ending 31 December 2017, with Mr Scott Knight as the designated audit partner, replacing Saffery Champness Chartered Accountants ('Saffery Champness').

The change in audit firm, effective immediately, was initiated by Saffery Champness following the formal completion of the compulsory acquisition of Gemfields plc becoming effective. Following the acquisition, the Company is set to become an operating mining company (subject to the applicable regulatory provisions) whereas previously it has been an investment entity. Having reviewed section 26 (a) ISQC1 (UK) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and other Assurance and Related Services Engagements (2017), Saffery Champness have concluded that they would not be able to meet the requirements of this section due to the change in the nature of the entity and decided to resign as auditors.

BSX Listing Sponsor:

Kim Gibson, Clarien BSX Services Ltd (#294 2971) [phone] ********

Enquiries

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