Antioquia Gold Inc. Announces Withdrawal of Auditor's Report

Auditor withdrawal signals deep uncertainty—avoid until restated financials are published and verified.

What the company is saying

Antioquia Gold Inc. is informing investors that its former auditor, Doane Grant Thornton LLP, has withdrawn its audit report for the years ended December 31, 2023 and 2022, effective June 19, 2026. The company frames this as a necessary regulatory update, emphasizing that the audit report should no longer be relied upon and that restatement is required due to changes in the depletion basis for productive-stage assets and the useful life of titles and licenses in its subsidiary. The announcement stresses that amended and restated financial statements will address depreciation, depletion, useful life estimates, impairment, and foreign currency transactions, but provides no quantitative details. Antioquia Gold highlights its ongoing process to identify and retain a successor auditor, referencing prior disclosures from April and May 2026 to suggest procedural diligence. The company’s tone is factual and negative, with no attempt to minimize the seriousness of the auditor’s withdrawal or to spin the situation positively. Notably, the announcement omits any discussion of operational performance, financial results, or a timeline for resolution, leaving investors with little insight into the underlying business health. The only named individual is Gustavo Noriega Bentin, Chief Financial Officer, whose mention is procedural rather than a signal of external validation or institutional support. This narrative fits a defensive investor relations strategy, focused on regulatory compliance rather than proactive engagement or reassurance. There is no evidence of a shift toward promotional language or optimism compared to prior communications; the messaging remains strictly procedural and reactive.

What the data suggests

The disclosed data is limited to procedural facts: the audit report dated September 18, 2024, covering the years ended December 31, 2023 and 2022, has been withdrawn as of June 19, 2026. No financial results, operational metrics, or period-over-period figures are provided—there are no numbers for revenue, profit, cash flow, or asset values. The only quantitative disclosures are dates of the audit report, its withdrawal, and prior regulatory filings. There is no information on the magnitude of the required restatement, the specific financial impact of changes to depletion or useful life estimates, or any impairment charges. The absence of restated or original financial statements means there is no way to assess financial trajectory, compare periods, or evaluate whether prior targets were met or missed. Key metrics are entirely missing, and the disclosure is limited to regulatory process updates. An independent analyst, relying solely on the numbers provided, would conclude that the company’s financial position is opaque and that the withdrawal of the audit report introduces significant uncertainty about the reliability of any previously reported results. The lack of transparency and completeness in financial disclosures is a major red flag, as investors are left without any basis to assess the company’s financial health or prospects.

Analysis

The announcement is factual and regulatory in nature, disclosing the withdrawal of an audit report and the need for restatement of financial statements. There is no promotional or exaggerated language; the tone is appropriately negative given the circumstances. About half of the key claims are forward-looking, relating to the process of appointing a new auditor and the future restatement of financials, but these are procedural rather than aspirational or promotional. No large capital outlay or operational promises are made, and there is no attempt to frame the situation positively. The data supports only the withdrawal of the audit report and the ongoing search for a successor auditor, with no evidence of narrative inflation. The gap between narrative and evidence is minimal, as the company does not attempt to overstate progress or prospects.

Risk flags

• ●Auditor withdrawal risk: The withdrawal of an audit report by a reputable firm is a severe signal of potential accounting or governance issues. Investors should be concerned that previously published financials may be materially misstated or unreliable, as the auditor is no longer willing to stand behind them.
• ●Restatement uncertainty: The company has disclosed that restatements are required due to changes in depletion basis and useful life estimates, but provides no quantitative detail on the magnitude or impact. This lack of specificity leaves investors unable to assess the true financial position or the scale of potential impairments.
• ●Disclosure opacity: The announcement omits all operational and financial metrics, providing no information on revenue, profitability, cash flow, or asset values. This absence of transparency is a major red flag, as it prevents any meaningful analysis of business fundamentals.
• ●Timeline and execution risk: The process of appointing a new auditor and restating multiple years of financials is inherently uncertain and often protracted. Delays are common, and there is no stated timeline for resolution, increasing the risk of prolonged investor uncertainty.
• ●Forward-looking bias: The majority of the company’s claims are forward-looking, relating to future restatements and auditor appointments. With no concrete progress or deliverables, investors are being asked to trust in a process that has yet to begin or be scheduled.
• ●Regulatory and reputational risk: The withdrawal of an audit report and the need for restatement can trigger regulatory scrutiny and damage the company’s reputation with investors, lenders, and counterparties. This can have knock-on effects on access to capital and business relationships.
• ●Key person risk: While the Chief Financial Officer is named, there is no evidence of external validation or institutional support. The absence of notable third-party involvement means there is no external check on management’s narrative or process.
• ●Geographic and jurisdictional risk: The company’s operations and disclosures reference Alberta, Canada, but the announcement provides no detail on how local regulatory requirements or legal risks may affect the restatement process or investor recourse.

Bottom line

For investors, this announcement is a clear warning sign: the company’s audited financial statements for 2022 and 2023 can no longer be relied upon, and there is no visibility into when credible, restated financials will be available. The narrative is strictly procedural, with no attempt to reassure or provide operational context, and the absence of any financial or business metrics leaves investors completely in the dark about the company’s underlying health. The withdrawal of an audit report is one of the most serious red flags in public company reporting, often signaling deep-seated accounting, governance, or operational issues. The lack of external validation—no institutional investors, no new auditor named, and no timeline for resolution—means there is no independent check on management’s process or claims. To change this assessment, the company would need to promptly appoint a reputable successor auditor, publish detailed and transparent restated financials, and provide a clear explanation of the magnitude and impact of the restatement. Key metrics to watch in the next reporting period include the appointment date of the new auditor, the timing and content of the restated financials, and any regulatory or legal developments arising from the withdrawal. Until these are disclosed, investors should treat the stock as uninvestable—this is a situation to monitor from the sidelines, not to act on. The single most important takeaway is that, in the absence of reliable financials and with an auditor walking away, the risk of permanent capital loss is high and the burden of proof is entirely on the company to restore trust.

Announcement summary

(OTC: AGDXF) Antioquia Gold Inc. announced that its former auditor, Doane Grant Thornton LLP, has withdrawn its audit report dated September 18, 2024, on the Company's consolidated financial statements as at and for the years ended December 31, 2023 and December 31, 2022. The withdrawal is effective June 19, 2026, and the Audit Report should no longer be relied upon. The restatement of the 2023 Financial Statements 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. 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.

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