Antioquia Gold Inc. Announces Planned Restatement of Financial Statements for The Years Ended December 31, 2023 and December 31, 2022
Rhea-AI Summary
Antioquia Gold (OTC:AGDXF) plans to restate and refile its financial statements and MD&A for the years ended December 31, 2023 and 2022, which should no longer be relied upon. Restatements relate to depletion bases, useful life estimates, impairments, and foreign currency transactions in a subsidiary.
The company is conducting an independent review of internal controls and governance and is seeking a successor auditor after BDO Canada resigned. Antioquia Gold cannot yet estimate when the restated filings will be completed.
AI-generated analysis. Not financial advice.
Positive
- Independent expert review of internal controls and governance underway
- Company working to engage a successor auditor to replace BDO Canada
Negative
- 2023 and 2022 financial statements and MD&A cannot be relied upon
- Planned restatement to affect depreciation, depletion, useful lives, impairments, FX
- Resignation of BDO Canada as auditor
- No estimated timeline to file restated financial statements and MD&A
Calgary, Alberta--(Newsfile Corp. - May 15, 2026) - Antioquia Gold Inc. (OTC: AGDXF) ("Antioquia Gold" or the "Company") announces that its financial statements and corresponding management discussion and analysis for the years ended December 31, 2023, and December 31, 2022, cannot be relied upon and need to be restated and refiled. Restatement is necessary due to changes in the depletion basis for productive-stage assets and the useful life of titles and licenses in its wholly-owned subsidiary Antioquia Gold Ltd. The amended and restated financial statements will include adjustments to depreciation, depletion, useful life estimates and impairment of the affected assets, and foreign currency transactions.
As disclosed in the Company's press release dated April 22, 2026, following the resignation of BDO Canada as auditor, the Company (under the oversight of its Audit Committee) is in the process of engaging an independent expert to review its internal controls over financial reporting and its governance framework to ensure they meet applicable standards and reflect best practices.
The independent review remains ongoing and the full extent of this impact is still being determined. The Company is in the process of identifying and retaining a successor auditor. In the circumstances, the Company cannot at this time estimate when it will file its restated financial statements and corresponding management discussion and analysis for the years ended December 31, 2023, and December 31, 2022. The Company is working diligently on these matters and will provide updated information as appropriate.
ON BEHALF OF THE BOARD OF ANTIOQUIA GOLD INC.
Gustavo Noriega Bentin, Chief Financial Officer of Antioquia Gold Inc.
For further information contact:
Antioquia Gold Inc.
1-800-348-9657 (Canada)
Email: info@antioquiagoldinc.com
www.antioquiagoldinc.com
Forward-looking information
Certain information in this News Release constitutes "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would or might occur or be achieved. In particular, this News Release contains forward-looking information regarding: the restated financial statements and corresponding management discussion and analysis; the intended timing for the publication of its restated financial statements and the timing for engaging an independent expert to review its internal controls over financial reporting and its governance framework. This forward-looking information reflects current expectations and assumptions regarding future events and operating performance and speaks only as of the date of this News Release. These assumptions include: the Company's' current understanding of the reasons required for the restatement, the nature and magnitude of the restatement and the accounting work required to complete the restatement of the financial statements and corresponding management discussion and analysis.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct. Readers are further cautioned not to place under reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are place will occur. Forward-looking information contained in this News Release is expressly qualified by this cautionary statement. Except as required by law, the Company assumes no obligation to update or revise forward-looking information to reflect new events or circumstances.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297654