International Battery Metals Ltd. is pleased to announce the appointment of Marcum LLP as its independent registered public accounting firm, effective immediately. This appointment follows the resignation of Crowe MacKay LLP, which became effective on [date]. The company’s board of directors, upon the recommendation of its audit committee, appointed Marcum LLP as the new auditor until the next Annual General Meeting. The resignation of Crowe MacKay LLP was not due to any disagreements with the company regarding accounting principles, financial statement disclosure, or auditing scope or procedure. The company has sent a Notice of Change of Auditor to both Crowe MacKay LLP and Marcum LLP, and both firms have confirmed their agreement with the information contained in the Notice. The Notice, along with letters from both firms, is available on [website].
In addition to the auditor change, International Battery Metals announces that it will begin reporting its results and preparing its financial statements in accordance with United States Generally Accepted Accounting Principles (US GAAP), starting with its audited financial statements for the year ended [date]. Previously, the company followed International Financial Reporting Standards (IFRS). Some prior year information will be restated in accordance with US GAAP, solely related to the company’s transition to US GAAP. There were no prior material errors, corrections, or misstatements in the company’s previously issued financial statements prepared in accordance with IFRS.
The company intends to register its common equity under the United States Securities Exchange Act of 1934 and retain an auditor registered with the Public Company Accounting Oversight Board (PCAOB). Crowe MacKay LLP has formally requested withdrawal from registration with the PCAOB.
International Battery Metals is an advanced technology company specializing in the development of environmentally responsible methods for extracting lithium compounds from brine. The company has developed a patented modular direct lithium extraction plant (MDLE Plant) that allows for rapid deployment to resource holders’ production sites. International Battery Metals works with resource holders of oilfield brines, brine aquifers, and industrial customers with brine by-products. The company believes that the modular design of its MDLE Plant offers significant initial cost savings to customers, while its proprietary direct lithium extraction technology reduces operating costs by selectively extracting lithium from brine and efficiently removing contaminants.
