Northpeak Lithium Corp.
TSXV: NPLIJunior exploration issuer focused on the Slocan Ridge lithium brine project. Three names, two jurisdictions, and an auditor change in the last six years.
Open flags
Northpeak's auditor (Brookmere & Co.) resigned 28 days before the scheduled Q2 review. A replacement (Crescent Audit Group) was appointed without a competitive process, and the filing says there were 'no reportable events'.
The annual report said Northpeak was 'fully funded' for its 2024 program. Four months later it took a $1.2M loan from a related party to cover an operating shortfall.
$1.2M unsecured loan from Halcyon Capital, which shares a director (Derrick Vail) with Northpeak. Only mentioned as a 'subsequent event' in the MD&A, and shareholder ratification has been deferred.
FY2023 annual financials were due March 30, 2024 and filed April 29 — 28 days late. No management cease-trade application was filed to explain the delay.
Three name changes across unrelated sectors (cobalt → cannabis → lithium) in six years, a shared office with Halcyon Capital, and overlapping directors with a previously cease-traded issuer.
Derrick A. Vail paid a $75,000 penalty and served a 5-year director ban in a 2014 BCSC settlement for misleading promotional disclosure. The ban expired in 2019. Name match: 98%.
Northpeak's latest quarterly report says it's negotiating another loan from Tryggvi Capital — a shell company that shares directors and an office with Northpeak.