Arctic Star Announces Application for a Management Cease Trade Order

Core Viewpoint - Arctic Star Exploration Corp. is unable to file its annual financial statements by the April 30, 2025 deadline due to issues with its Finnish subsidiary, Foriet Oy, and expects to file by May 30, 2025 [1][2]. Group 1: Financial Reporting - The annual financial statements for the year ended December 31, 2024, including management discussion and analysis, are not expected to be filed by the required deadline [1]. - The delay in filing is attributed to difficulties in preparing financial statements for Foriet Oy, which must be audited before consolidation [2]. - The company is working with its accounting staff and external auditors to expedite the filing process [2]. Group 2: Regulatory Actions - Arctic Star has applied for a management cease trade order to restrict trading of its securities by the CEO and CFO until the filing issues are resolved [3]. - The company will provide updates following the decision on the cease trade order application [3]. Group 3: Company Overview - Arctic Star is primarily a diamond exploration company, having recently discovered five new kimberlites in the Lac De Gras kimberlite field, which supports two multi-billion dollar mining complexes [3]. - The company holds a 958 Ha exploration permit for its Timantti project in Kuusamo, Finland, which contains several diamond-bearing kimberlites [3]. - Arctic Star continues to seek additional diamond exploration opportunities [3].