Niko Announces Resignation of Auditor

CALGARY, AB, March 18, 2025 /CNW/ - Niko Resources Ltd. ("Niko" or the "Company") announces the resignation of its auditors, KPMG LLP ("KPMG"). The Board of Directors (the "Board") of the Company has accepted the resignation and thanks KPMG for their work as auditor over the past 27 years.

The principal reason for the resignation of its auditor is that in the opinion of the Board, the Company's financial condition does not warrant incurring the costs of auditing the Company's financial statements. As has been disclosed by the Company in its audited financial statements for the year ended March 31, 2021 and each of its audited financial statements since that time, the Company's primary focus is on attempting to realize value related to amounts for which the Company believes are owed to its subsidiaries that hold interests in Bangladesh and attempting to collect income tax refunds in India, with any realized value expected to be for the ultimate benefit of its senior lenders. As such, the Board does not believe its other stakeholders will benefit from an audit of its financial statements or, for that matter, the current attempts to realize value.

There have been no modified opinions expressed in the auditor's reports of KPMG on the Company's financial statements relating to the "relevant period" (as defined in National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102")). To the knowledge of the Company, there were no reportable events (as defined in NI 51-102).

Forward-Looking Information
Certain statements in this press release constitute forward-looking information. Specifically, this press release contains forward-looking information regarding the Company's primary focus of attempting to realize value related to amounts for which the Company believes are owed to its subsidiaries that hold interests in Bangladesh and attempting to collect income tax refunds in India, with any realized value expected to be for the ultimate benefit of its senior lenders.  Such forward-looking information is based on a number of risks, uncertainties and assumptions, which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Undue reliance should not be placed on forward-looking information.  Such forward-looking information reflects the Company's current beliefs and assumptions and is based on information currently available to the Company. This forward-looking information is based on certain key expectations and assumptions, many of which are not within the control of the Company. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect.  Actual results may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors and such variations may be material.  Niko makes no representation that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.

The forward-looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward-looking information included herein is made as of the date of this press release and Niko assumes no obligation to update or revise any forward- looking information to reflect new events or circumstances, except as required by law.

SOURCE Niko Resources Ltd.

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