Antioquia Gold Inc. Announces Withdrawal of Auditor's Report
Rhea-AI Summary
Antioquia Gold (OTC:AGDXF) announced that former auditor Doane Grant Thornton LLP has withdrawn its September 18, 2024 audit report on the consolidated financial statements for the years ended December 31, 2023 and 2022. The audit report should no longer be relied upon.
The 2023 financial statements will be restated and refiled to reflect changes in depletion basis, useful lives of titles and licenses, and related adjustments to depreciation, depletion, impairment and foreign currency transactions. Antioquia Gold is working to appoint a successor auditor, which is expected to begin reviewing the 2022 financials.
Positive
- None.
Negative
- Former auditor withdraws report on 2022 and 2023 financial statements
- 2023 financial statements require restatement and refiling
- Adjustments expected to depreciation, depletion, impairment and FX items
- Successor auditor for financials from 2022 onward not yet appointed
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - June 19, 2026) - Antioquia Gold Inc. (OTC: AGDXF) ("Antioquia Gold" or the "Company") announces that its former auditor, Doane Grant Thornton LLP, has informed the Company that, effective June 19, 2026, it is withdrawing its audit report dated September 18, 2024 (the "Audit Report") on the Company's consolidated financial statements as at and for the years ended December 31, 2023 and December 31, 2022 (the "2023 Financial Statements"). As a result, the Audit Report should no longer be relied upon. Doane Grant Thornton LLP made the decision to withdraw its Audit Report because, as previously disclosed on May 15, 2026, the 2023 Financial Statements require restatement and refiling. The 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, impairment of the affected assets, and foreign currency transactions.
As previously disclosed on April 22, 2026 and May 15, 2026, the Company is in the process of identifying and retaining a successor auditor and is working diligently to do so. Upon appointment, the successor auditor is expected to undertake the review and audit of the Company's financial statements, commencing with the year ended December 31, 2022. The Company will provide further updates as they become available and 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; the intended timing for the publication of its restated financial statements and the appointment of a successor auditor. 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 undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed 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/302203