International Battery Metals Ltd. Announces Auditor Change and Transition to US GAAP Reporting

International Battery Metals Ltd. Shifts Auditors and Adopts US GAAP Reporting, Marking a New Chapter in Financial Management

VANCOUVER, BC, and HOUSTON – July 12, 2024 – In a strategic move that underscores its commitment to transparency and regulatory compliance, International Battery Metals Ltd. (the "Company"), a pioneer in the sustainable extraction of lithium, announced significant changes to its financial oversight and reporting practices. Effective July 2, 2024, the company welcomed Marcum LLP as its new independent registered public accounting firm, succeeding Crowe MacKay LLP, which formally resigned on July 5, 2024.

This transition in auditors, endorsed by the Company’s board of directors upon the recommendation of its audit committee, is poised to ensure continuity in the Company’s financial auditing until the next Annual General Meeting. It’s noteworthy that the departure of Crowe MacKay LLP was not due to any disagreements on accounting principles or practices, ensuring a smooth transition to Marcum LLP.

In tandem with this change, International Battery Metals Ltd. is also transitioning its financial reporting to United States Generally Accepted Accounting Principles (US GAAP) from International Financial Reporting Standards (IFRS). This shift, starting with the audited financial statements for the year ended March 31, 2024, marks a significant milestone for the Company as it aligns with US regulatory standards and practices. The Company reassures that the restated information under US GAAP pertains solely to the transition and does not reflect any prior material errors or misstatements in its IFRS-based financial statements.

This strategic pivot is not just about compliance; it’s a forward-looking move as the Company intends to register its common equity under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such registration necessitates the retention of an auditor registered with the Public Company Accounting Oversight Board (PCAOB), a step that its former auditor, Crowe MacKay LLP, has gracefully exited by making a formal registration withdrawal request to the PCAOB.

International Battery Metals Ltd. is at the forefront of developing environmentally responsible lithium extraction technologies. Its patented modular direct lithium extraction plant (MDLE Plant) is a testament to its innovation, offering rapid deployment and significant cost savings through its proprietary technology that efficiently extracts lithium while removing contaminants.

The Company’s commitment to sustainable practices and its strategic financial management decisions underscore its position as a leader in the lithium extraction industry. As it transitions to US GAAP reporting and welcomes Marcum LLP as its new auditor, International Battery Metals Ltd. is poised for a new chapter of growth and success, ensuring its operations are transparent, compliant, and aligned with the best financial reporting practices.

For more information on these significant developments and their implications for investors and stakeholders, visit the Company’s website and the SEDAR+ platform.

This press release contains forward-looking statements subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated.

SOURCE International Battery Metals Ltd.