Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 190

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 15
Chunk 190
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 with IFRS, and that receipts and expenditures are being made...  

  provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.  

Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance
with the policies or procedures may deteriorate.

Management assessed our internal control over
financial reporting as of December 31, 2024. The standard measures adopted by management in making its evaluation are the measures in the
Internal-Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on management’s assessment using the
COSO criteria, our CEO and CFO concluded that our internal control over financial reporting as of December 31, 2024 was ineffective.
We have taken, and are taking, certain actions to remediate the material weakness related to our lack of IFRS and SEC reporting experience.
We engaged a consultant with IFRS knowledge and experience to supplement our current internal accounting personnel and assist us in the
preparation of our financial statements to ensure that our financial statements are prepared in accordance with IFRS.

The Company continues to make efforts to implementing
our existing and newly adopted procedures to improve our disclosure controls and internal controls over financing reporting.

C. Attestation Report of the Registered Public
Accounting Firm

Because the Company is a non-accelerated filer,
this annual report does not include an attestation report of our registered public accounting firm regarding internal control over financial
reporting.

D. Changes in Internal Controls over Financial
Reporting

Other than discussed above, there has been no
change to our internal control over financial reporting that occurred during the period covered by this annual report on Form 20-F that
has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 16. [RESERVED]