Poplar Creek Resources Inc. Announces Auditor's Resignation

CALGARY, AB / ACCESSWIRE / June 13, 2024 / Poplar Creek Resources Inc. (the "Corporation") has announced the resignation of Buchannan Barry LLP (the "Predecessor Auditor") as the auditor of the Corporation. The resignation was initiated by the Predecessor Auditor and considered by the Corporation's board of directors.

During its tenure, the Predecessor Auditor did not express a modified opinion on the Corporation's financial statements for the years ending December 31, 2021, and December 31, 2022. However, the Predecessor Auditor identified an unresolved issue that could have a material impact on the financial statements.

The issue pertains to the termination of an option agreement, which was not accounted for in the Corporation's draft Q4 financial statements or the December 31, 2023 audited statements of its subsidiary, Zambezi Rainbow Minerals ("ZRM"). This raised concerns about the reliability of the financial presentations and disclosures.

Furthermore, the Predecessor Auditor was informed that access to a property option had been denied for over a year, suggesting a potential impairment of the intangible asset that was not reflected in the draft Q4 financial statements.