BANGOR DAILY NEWS • December 5, 2023
The accounting firm that audited a Canadian company seeking to develop a mineral mine in northern Penobscot County said Wolfden’s consolidated financial statements cast “significant doubt” about its ability to stay in business. During October public hearings, the Maine Land Use Planning Commission asked Wolfden officials for an audited financial statement, which was subsequently filed with the commission by the Nov. 2 deadline. The Toronto auditor, Grant Thornton, said that Wolfden has no source of operating cash flows, has not yet achieved profitable production and had accumulated losses of $40,834,518 as of Dec. 31, 2022.