Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") announces that it has filed its audited financial statements, associated management's discussion and analysis, and the associated officer certifications (collectively, the "Annual Filings") for the year ended December 31, 2021. The Company also filed restated 2020 fiscal year audited financial statements.
As previously announced on April 29, 2022, the Annual Filings delay resulted from additional audit work required to restate certain 2020 fiscal year transactions, primarily related to the ESI Energy Services Inc. ("ESI") common control acquisition (the "Restatement"). The Restatement of the 2020 fiscal year audited financial statements did not have an impact on previously reported loss for the period from continuing operations. In summary the Restatement included, among other changes to BMR's 2020 financial statements, the following:
The consolidation of ESI in the financial statements of BMR on a 100% basis;
A reduction in total assets of approximately $5.5 million, including reclassifying ESI from a non-current asset included in disposal group held for sale, to a current asset included in disposal group held for sale;
No change in total liabilities, and a $5.5 million reduction in total equity corresponding to the aforementioned reduction in total assets;
A reduction in the loss and comprehensive loss for the period, from approximately ($11.4) million to approximately ($3.9) million; and
An increase in the total cash, end of period, from approximately $4.2 million previously reported, to approximately $14.0 million.
Readers are cautioned that the summary provided above does not include all of the changes to the 2020 fiscal year audited financial statements. Readers can access the re-stated 2020 fiscal year audited financial statements, as well as the Annual Filings, under the Company's SEDAR profile at www.sedar.com.
Battery CEO Martin Kostuik states; "While we were disappointed with the delay to our Annual Filings which was due to additional audit work required, we are pleased that the Annual Filings and the Restatement have now been finalized and filed on SEDAR. The British Columbia Securities Commission, our principal regulator, has been informed of the filings and we anticipate that the Cease Trade Order (CTO) currently in place will be revoked within one to two business days. Trading in BMR's shares will resume once that has occurred. We will provide a further update on trading in BMR's shares once the CTO has been revoked."
Mr. Kostuik continued; "Restatement of filings in concert with a change in auditors is not uncommon and we want to remind our shareholders that the Restatement and the delay of our Annual Filings did not impact the Company's assets or operations, including its Punitaqui project in Chile. We look forward to sharing continued news as we progress towards the restart of copper production and positive cash flow at Punitaqui."
Battery Mineral Resources ("BMR") is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable mining jurisdictions. Battery Mineral's mission is the discovery, acquisition, and development of battery metals (namely cobalt, lithium, graphite, and copper), in North America, South America and South Korea, to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a potential near-term resumption of operations in late 2022 of the Punitaqui Mining Complex, a past copper-gold producer, in the Coquimbo region of Chile. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc. a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada and Arizona, USA. Battery Minerals Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol "BMR" and on the OTCQB under the symbol "BTRMF". Further information about BMR and its projects can be found on www.bmrcorp.com.
For more information, please contact:
Martin Kostuik, CEO
Phone: +1 (604) 229 3830
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, timing of the completion of the Company's audit , risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.
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