WhiteRock Lithium corrects CAD$19.7M warrant error

• WhiteRock Lithium revised a historical pro forma loss after finding an accounting error in its prospectus.
• The adjustment reduced the recorded accounting loss from CAD$19.9 million down to CAD$211,000.
• The company confirmed the change has no impact on its cash balance or total shareholders' equity.

WhiteRock Lithium (ASX:WLC) identified an accounting error that overstated a pro forma historical loss by CAD$19.7 million following an auditor review.

The initial June prospectus recorded a CAD$19.9 million loss by remeasuring all warrants during an early exercise discount window.

External accounting and legal advice showed that 11.8 million unexercised warrants were never modified and should not have been remeasured.

The corrected CAD$211,000 loss figure has now been formally reflected in the company's interim financial statements.

Following the announcement, the WhiteRock Lithium share price was unchanged at $4.33.

The company stated that the accounting adjustment only impacts its reserves and accumulated deficit accounts.

The update follows CAD$27.7 million raised in pre-IPO financing, bringing total proceeds since January to CAD$33.7 million.