Exploring New Frontiers
London 19 May 2020 - Covid-19 Business Impact
It is with pleasure that we provide an update of the business activities of Sumo Resources over the past months.
The recent and ongoing global economic disruption due to the spread of Covid-19 affected and continues to affect the operations of Sumo Resources, as it has for most other businesses.
The executives, senior managers and consultants the company employs are foreign nationals in our operational areas. As such the various travels bans have a major impact on the ability to be on the ground and direct activities. Therefor all these members have been withdrawn from subsidiaries and operations suspended until further notice.
Work that can be done remotely is continuing where possible. These include remote studies to define exploration targets. Trade in minerals have been halted as it requires cross-border travel to realise revenue.
At this time it is not possible to determine what the demand for our portfolio minerals will be in the future. Therefor we cannot provide timelines for development of exploration projects and trading resumption. We are monitoring ongoing developments and will provide more information about our plans at the appropriate time.
The group is debt free at time of this writing and operational costs has been minimized. With the support of the directors this ensures that the business will survive Covid-19 and can continue operations when we have more clarity on what the world is going to look like in a few months from now.
We would like to thank our shareholders for their patience and continued support.