Century Announces Filing of First Quarter Financial Results and Management Discussion and Analysis for Three Months Ended June 30, 2024
August 14 2024 - 8:00AM
Century Global Commodities Corporation
(“
Century” or the
“Company”)
(TSX: CNT) is pleased to announce that it has filed its condensed
consolidated interim financial statements for the first fiscal
quarter ended June 30, 2024 and the related management discussion
and analysis (“MD&A”). Copies of these documents are available
under Century’s SEDAR+ profile at http://www.sedarplus.ca and will
also be posted on Century’s website at www.centuryglobal.ca.
As of June 30, 2024, the Company had net working
capital* of $5.8 million, consisting of unrestricted free cash,
bank deposits and marketable securities totaling $4.3 million,
together with accounts receivables, inventories and other current
assets of $5.0 million, less accounts payable and other current
liabilities of $3.5 million.
ABOUT CENTURY
Century Global Commodities Corporation (TSX:CNT)
is primarily a resource exploration and development company with a
large portfolio of multi-billion tonne iron ore projects in Canada,
mostly discovered by its own exploration team. It has other
non-ferrous metals properties under exploration as well as a
well-established food distribution business (Century Food) in Hong
Kong.
The Joyce Lake Direct Shipping Iron Ore
Project
Joyce Lake, our most advanced project, is an
open pit direct shipping iron ore project in Newfoundland and
Labrador, close to the town of Schefferville, Québec which is
serviced by a rail link directly to ocean shipping iron ore ports
at Sept-Îles. The Project has completed an updated feasibility
study in 2022 and is undergoing environmental assessment. Joyce
Lake is held in a special purpose vehicle, Joyce Direct Iron Inc.
(“JDI”), in which Century owns 91.6%.
Century Food
Century Food is a subsidiary of the Company
operating a value-adding marketing and distribution business of
quality food products sourced from such high-quality regions as
Europe and Australia for the Hong Kong and Macau markets. It was
created as a counter-cyclical business at the bottom of the Super
Cycle in 2015 to generate profit and cash to supplement the metals
business.
Non-IFRS and Other Financial
Measures
Certain financial measures used by the Company
to analyze and evaluate its results are non-International Financial
Reporting Standards (“IFRS”) financial measures or ratios. Each of
these indicators is not a standardized financial measure under the
IFRS and might not be comparable to similar financial measures used
by other issuers. These indicators are intended to provide
additional information and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance
with IFRS. Further information on the non-IFRS and other financial
measures included in this press release is provided in the section
“Non-IFRS and Other Financial Measures” of the Company’s MD&A
for the three months ended June 30, 2024 which is available on
SEDAR+ at http://www.sedarplus.ca.
Reconciliation to the most directly comparable
IFRS measures
|
June
302024$ |
March
312024$ |
Net working capital |
|
|
Current assets |
9,287,432 |
10,080,639 |
Current liabilities |
3,478,485 |
3,976,896 |
|
5,808,947 |
6,103,743 |
For further information please contact:
Sandy Chim, President & CEOCentury Global Commodities
Corporation416-977-3188IR@centuryglobal.ca
CAUTIONARY STATEMENT ON FORWARD-LOOKING
INFORMATION
THIS PRESS RELEASE CONTAINS “FORWARD-LOOKING
INFORMATION” WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE.
FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO,
AMONG OTHER THINGS, THE COMPLETION OF THE RIGHTS OFFERING AND USE
OF PROCEEDS OF THE RIGHTS OFFERING, CENTURY’S OWNERSHIP AND PLANS
FOR SPIN-0UT, LISTING, FINANCING AND DEVELOPMENT OF THE JOYCE LAKE
DSO IRON ORE PROJECT, INCLUDING (I) ESTIMATES AS TO RESOURCES AND
RESERVES FOR THE PROJECT, (II) ESTIMATES AS TO THE CAPITAL COSTS,
OPERATING COSTS, PRODUCTION RATES, MINE LIFE, NET PRESENT VALUE AND
RATES OF RETURN FOR THE PROJECT, (III) PROJECTIONS AS TO THE TIME
FRAME FOR THE ADDITIONAL WORK REQUIRED TO COMPLY WITH THE
PROVINCIAL ENVIRONMENTAL IMPACT ASSESSMENT GUIDELINES; (IV) THE
ABILITY OF JDI TO CONCLUDE BENEFIT AGREEMENTS WITH FIRST NATIONS
AND THE GOVERNMENT OF NEWFOUNDLAND AND LABRADOR; (V) THE TIMELINE
FOR COMPLETION OF THE ENVIRONMENTAL IMPACT STATEMENT PROCESS BY
JDI; (VI) THE ABILITY OF JDI TO MEET ALL FEDERAL AND PROVISIONAL
ENVIRONMENTAL IMPACT STATEMENT REQUIREMENTS AND TO ULTIMATELY
SECURE THE REQUIRED ENVIRONMENTAL PERMITTING; AND (VII) THE ABILITY
OF JDI TO LIST ITS COMMON SHARES ON AN EXCHANGE, OF WHICH THERE IS
NO ASSURANCE. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER
THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE
CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING
INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT
RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY
CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM
THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE
RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR
IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT
LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY’S BUSINESS, AS
DESCRIBED IN CENTURY’S ANNUAL INFORMATION FORM FOR THE YEAR ENDED
MARCH 31, 2024. INVESTOR SHOULD ALSO REVIEW THE JOYCE LAKE DSO IRON
ORE PROJECT FEASIBILITY STUDY IN DETAIL IN ORDER TO FULLY
UNDERSTAND THE RISKS AFFECTING THE PROJECT AND THE ESTIMATES
INCLUDED IN THE PROJECT. READERS SHOULD NOT PLACE UNDUE IMPORTANCE
ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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