DESERT MOUNTAIN ENERGY CORP. STATUS REPORT ON ANNUAL FINANCIAL STATEMENTS AND RELATED FILINGS

Rhea-AI Summary

Desert Mountain Energy Corp. faces delays in filing annual financial statements, aiming to remedy the default by March 29, 2024.

Positive

• None.

Negative

• Delayed filing of annual financial statements may impact investor confidence and raise concerns about the company's financial health.

TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01

VANCOUVER, BC, March 12, 2024 /PRNewswire/ - Desert Mountain Energy Corp. (the "Company" or "Desert Mountain") (TSXV: DME) was not able to file its annual audited financial statements for the year ended September 30, 2023 and its related MD&A, and other documents (the "Required Filings") as set out in its news release of January 30, 2024. At this time, the Company is continuing to work on the Required Filings and has no further information on this matter. The Company still anticipates that it will be in a position to remedy the default by filing the Required Filings no later than March 29, 2024. The MCTO will be in effect until the Required Filings are filed.

ABOUT DESERT MOUNTAIN ENERGY

Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on the exploration, development and production of helium, hydrogen, natural gas and condensate. The Company is focused on helium extraction from different raw gas sources in an environmental and economic manner supplying elements deemed critical to the renewable energy and high technology industries. 

We seek safe harbor

"Robert Rohlfing"
Robert Rohlfing
Exec Chairman & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties.  Actual events or results may differ from the Company's expectations.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward looking statements and information herein include but are not limited to statements regarding the Company's anticipated performance in the future the planned exploration activities, receipt of positive results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to helium prices, operating or technical difficulties in exploration and development activities; risks and hazards and the speculative nature of resource exploration and related development; risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company's exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and nor does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

View original content:https://www.prnewswire.com/news-releases/desert-mountain-energy-corp-status-report-on-annual-financial-statements-and-related-filings-302087307.html

SOURCE Desert Mountain Energy Corp.

FAQ

Why did Desert Mountain Energy Corp. fail to file its annual audited financial statements for the year ended September 30, 2023?

Desert Mountain Energy Corp. (DMEHF) was unable to file its annual financial statements due to unspecified reasons, leading to a delay in the process.

When does Desert Mountain Energy Corp. anticipate remedying the default in filing the Required Filings?

Desert Mountain Energy Corp. aims to remedy the default by filing the Required Filings no later than March 29, 2024.

What is the impact of the delayed filing on Desert Mountain Energy Corp.'s stock performance?

The delayed filing of annual financial statements may impact investor confidence and raise concerns about the company's financial health, potentially affecting the stock performance of Desert Mountain Energy Corp. (DMEHF).