Anomalies identified

Tryggvi's new merger partner (Slocan Ridge Holdings) was the subject of a similar deal with Halcyon Capital that fell apart weeks earlier. All three companies share directors and a registered office.

Tryggvi is registered at Suite 1820, 1055 W. Georgia St., Vancouver — the same office already tied to Northpeak Lithium and Halcyon Capital in this workspace.

Erika Lindqvist paid a $35,000 penalty to the Alberta Securities Commission in 2016 for misleading promotional statements at a prior company. Name match: 93%.

Veldmar says it has cash to last into Q1 2027, but doesn't show the quarterly spending assumptions or sensitivity ranges that back up the estimate.

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.

The 2023 MD&A booked $4.0M of Merevix milestones as revenue in full. The 2024 financials quietly restate that and defer $2.1M of it — but the cover-page narrative never mentions a restatement.

The Phase II press release claims regulatory approval and commercial launch are on track, but doesn't include the standard risk factors and assumptions that are required for that kind of forward-looking statement.

The company Halcyon plans to merge with (Slocan Ridge Holdings) uses the same office and overlapping directors as Northpeak Lithium. Three of five Halcyon directors also hold roles at Northpeak.

Halcyon's Vancouver office (Suite 1820, 1055 W. Georgia St.) has been the registered address for 7 public issuers in the last decade — 3 were later cease-traded by regulators.

Grayson Holt was fined $42,000 and suspended for 6 months by IIROC in 2017 for hiding related-party involvement in three private placements. Name match: 91%.

Halcyon lent $1.2M to Northpeak Lithium — a company it shares directors with. The board approved it internally, but the required minority shareholder vote (MI 61-101) is not addressed anywhere in the disclosure.

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.

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 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'.

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.