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Sankamap Metals Inc. (CSE: SCU) ("Sankamap" or the "Company") announces that it anticipates a delay in the filing of its financial statements, as required pursuant to Part 4 of National Instrument 51-102 - Continuous Disclosure Obligations (the "Instrument"). The potential delay arises from a joint assessment by the Company and its auditors regarding the time required to complete the remaining audit procedures and the related review process. The delay is also attributable to the later-than-expected finalization of financial information from Sankamap's recently acquired subsidiary.
All outstanding audit issues relating to the subsidiary have now been addressed and submitted to the subsidiary's auditor. The Company is currently awaiting the auditor's response and any final audit adjustments. Once this step is completed, the audited financials will be submitted to the Company's auditor as part of the final planning documentation required to proceed. The Company is in ongoing communication with its auditor to confirm any remaining documentation requirements and has committed to providing any outstanding materials promptly upon request. Based on discussions with the Company's auditor, once audit work formally commences, the anticipated timeline for completion is approximately three to four weeks, which is expected to allow for the filing of the audited financial statements on or before November 28, 2025.
As a precautionary measure, the Company is pursuing a Management Cease Trade Order ("MCTO") to provide additional time, if required. Both the Company and its auditors remain fully committed and are working diligently toward the completion and filing of the financial statements.
The Instrument requires that the Company's audited financial statements, MD&A, and Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") certifications relating to the audited financial statements for the year ended June 30, 2025 be filed by October 28, 2025. The Company expects that the audited financial statements, MD&A, and CEO and CFO certifications relating to the audited financial statements for the year ended June 30, 2025 (collectively, the "Required Filings") will be completed and filed on or before November 28, 2025. The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has made an application under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") to the Alberta Securities Commission, as principal regulator for the Company, requesting that a MCTO be issued. If granted, the MCTO will restrict all trading by the Company's CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Sankamap Metals Inc.
Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company's fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest's Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).
Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap's Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.
At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area's significant potential.
At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property's strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap's profile.
1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012
QP Disclosure
The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "John Florek"
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.
Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com
The Canadian Securities Exchange has not approved nor disapproved this press release.
Forward-Looking Statements
Certain statements made and information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates," "believes," "targets," "estimates," "plans," "expects," "may," "will," "could" or "would."
This press release contains forward-looking statements, including, but not limited to, statements regarding management's expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedarplus.ca .
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271370
