Electric Metals (USA) Limited Announces Change of Auditor

Rhea-AI Summary

Electric Metals (TSXV:EML / OTCQB:EMUSF) announced a change of auditor effective February 4, 2026. Baker Tilly WM LLP has ceased to act as auditor and PricewaterhouseCoopers LLP (PwC) was appointed immediately to hold office until the next annual general meeting.

The resignation and appointment were reviewed and approved by the audit committee and board. The company filed a Notice of Change of Auditor and delivered required letters from both firms to securities regulators. The company reported no reportable events under National Instrument 51-102 for Baker Tilly's most recently completed financial year or the subsequent period to the resignation date.

Positive

• PwC appointed as new auditor effective Feb 4, 2026
• Audit committee and board approval of the auditor change
• Regulatory filings completed: Notice of Change and required letters filed

Negative

• Baker Tilly ceased to act as auditor effective Feb 4, 2026

News Market Reaction – EMUSF

-5.88%

1 alert

-5.88% News Effect

On the day this news was published, EMUSF declined 5.88%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WILMINGTON, DE / ACCESS Newswire / February 5, 2026 / Electric Metals (USA) Limited ("Electric Metals" or the "Company") (TSXV:EML)(OTCQB:EMUSF) announces that, following a transition initiated by the Company, Baker Tilly WM LLP ("Baker Tilly") has ceased to act as auditor of the Company, effective February 4, 2026. The Company thanks Baker Tilly for its professional services and support during its tenure as auditor. The Company's board of directors has appointed PricewaterhouseCoopers LLP ("PwC") as the Company's new auditor, effective immediately, to hold office until the next annual general meeting of shareholders.

There were no reportable events (as such term is defined in National Instrument 51-102 - Continuous Disclosure Obligations) between the Company and Baker Tilly during Baker Tilly's most recently completed financial year and the period from the end of that financial year to the date of Baker Tilly's resignation.

The resignation of Baker Tilly and the appointment of PwC were reviewed and approved by the Company's audit committee and board of directors. The Company has filed a Notice of Change of Auditor, together with the required letters from Baker Tilly and PwC, with the applicable securities regulatory authorities in accordance with National Instrument 51-102.

About Electric Metals (USA) Limited

Electric Metals (USA) Limited (TSXV: EML; OTCQB: EMUSF) is a U.S.-domiciled critical minerals and advanced materials company developing the North Star Manganese Project, a 100% U.S. domestic manganese supply chain supporting the electrification of everything.

The Company's principal asset is the Emily manganese deposit in Minnesota, the highest-grade manganese deposit in North America. The North Star Manganese Project comprises a manganese mine in Emily, Minnesota, and a planned high-purity manganese sulfate monohydrate (HPMSM) chemical processing facility in the United States.

The Project has been the subject of extensive technical evaluation, including a Preliminary Economic Assessment prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Electric Metals' mission is to establish a secure, resilient, and fully domestic U.S. supply of high-purity manganese chemical and metal products for electric vehicle and energy storage batteries, defense, technology, and industrial markets. With no current domestic production of manganese ore or battery-grade manganese in North America, the North Star Manganese Project represents a strategic opportunity to strengthen U.S. industrial capability, reduce foreign supply-chain dependence, and support domestic manufacturing and national security objectives.

For further information, please contact:

Electric Metals (USA) Limited
Brian Savage
CEO & Director
(303) 656-9197

Forward-Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. Forward-looking information in this news release includes, without limitation, statements relating to the Company's change of auditor, the appointment of PricewaterhouseCoopers LLP as the Company's auditor, the completion and acceptance of related regulatory filings, and statements in the "About Electric Metals (USA) Limited" section regarding the Company's strategy, objectives, and plans, including its goal of establishing a fully U.S. domestic manganese supply chain.

Forward-looking information is generally identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "may," "will," and similar expressions. Such forward-looking information is based on management's current expectations, assumptions, and beliefs as of the date of this news release.

Forward-looking information involves known and unknown risks, uncertainties, and other factors that may cause actual results or outcomes to differ materially from those expressed or implied in such forward-looking information. These risks and uncertainties include, but are not limited to, the completion of required regulatory filings, acceptance of such filings by applicable securities regulatory authorities and the TSX Venture Exchange, and other risks inherent in changes to professional service providers and the execution of corporate strategies.

Although the Company believes that the expectations and assumptions reflected in the forward-looking information are reasonable, there can be no assurance that such information will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement, and the Company disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

SOURCE: Electric Metals (USA) Limited

View the original press release on ACCESS Newswire

FAQ

Why did Electric Metals (EMUSF) change auditors on February 4, 2026?

The company initiated a transition and appointed a new auditor; Baker Tilly ceased to act effective February 4, 2026. According to the company, the board and audit committee reviewed and approved the resignation and appointment.

Who is the new auditor for Electric Metals (EMUSF) and when is the appointment effective?

PricewaterhouseCoopers LLP (PwC) was appointed as the new auditor effective immediately on February 4, 2026. According to the company, PwC will hold office until the next annual general meeting.

Did Baker Tilly report any reportable events before resigning from Electric Metals (EMUSF)?

No, there were no reportable events between the company and Baker Tilly for the most recently completed financial year or the subsequent period to the resignation. According to the company, this statement follows National Instrument 51-102 definitions.

Did Electric Metals (EMUSF) disclose the auditor change to regulators?

Yes, the company filed a Notice of Change of Auditor and provided the required letters from both Baker Tilly and PwC to securities regulators. According to the company, filings were made in accordance with National Instrument 51-102.

Will PwC remain Electric Metals' (EMUSF) auditor beyond the next annual general meeting?

PwC was appointed to hold office only until the next annual general meeting, so continuation depends on shareholder meeting outcomes. According to the company, the current appointment runs until that meeting when auditors are confirmed.