VANCOUVER, BC, May 4, 2022
/CNW/ - Kainantu Resources Ltd. (TSXV: KRL) ("KRL" or the
"Company"), the Asia-Pacific
focused gold mining company, is pleased to report the filing of its
annual and fourth quarter results for the fiscal year ending
December 31, 2021 ("Results"), a copy
of which is available for review on the Company's website.
Key aspects to report from a financial perspective over the
fiscal period ending December 31,
2021 include:
- prudent management of the Company's balance sheet and capital
resources is ongoing;
- expenditure on exploration and evaluation activities for the 13
months to December 31, 2021 totalled
US$1.45 million (which has been
capitalised), with additions of US$0.29
million for the quarter;
- closing cash was US$0.65 million
with total cash outflows of US$0.45
million during the quarter;
- a net loss for the 13 months of US$1.78
million (inclusive of $0.98
million listing and equity compensation costs), the loss for
the quarter was US$0.67 million (with
$0.41 million listing and equity
compensation costs); and
- given the Company's transition to a calendar reporting cycle,
the results are presented for a 13-month period on this
occasion.
Subsequent to December 31, 2021,
the Company completed an oversubscribed private placement capital
raising in 2 tranches on January 4
and 21, 2021 totalling CAD$2.77
million. Further, on April 6,
2022, the Company announced it had entered into a definitive
agreement with Harmony Gold (PNG)
Exploration Limited, a wholly-owned subsidiary of Harmony Gold
Mining Company Limited, to acquire 100% ownership of the Kili Teke
Gold-Copper Project.
Matthew Salthouse, CEO of KRL,
commented:
"KRL is pleased to provide this update for the year ended
December 31, 2021, to its
shareholders. The Company has successfully executed initiatives
over the last 12 months to build a portfolio of projects, all with
material value accretive potential. In addition, significant
operational progress has also been made at both KRL North and KRL
South, all in the context of a diligently managed balance
sheet.
Appetite to support the Company was evident subsequent to
year end with completion of an oversubscribed financing. The
definitive agreement with Harmony also demonstrates the Company's
ability to enter into value accretive acquisition in region with
high regarded industry participants."
About KRL
Kainantu Resources 'KRL' is an Asia-Pacific focused gold mining company with
four highly prospective gold-copper projects, the Kili Teke
Project, KRL South, KRL North, the May River Project. All projects
are located in premier mining regions in PNG.
Both KRL North and KRL South show potential to host high-grade
epithermal and porphyry mineralisation, as seen elsewhere in the
high-grade Kainantu Gold District. The May River project is in
close proximity to the world-renowned Frieda River Copper-Gold
Project, with historical drilling indicating the potential for
significant copper-gold projects. KRL has a highly experienced
board and management team with a proven track record of working
together in the region; and an established in-country partner.
For further information please visit https://kainanturesources.com/
Neither the TSX-V nor its Regulation Services Provider (as that term is defined
in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release. Disclaimer and Forward-Looking Information
Statements contained in this release that are not historical facts
are forward-looking statements that involve various risks and
uncertainty affecting the business of KRL. In making the
forward-looking statements,
KRL has applied certain assumptions that are based on information available, including KRL's strategic plan for the near and mid-term. There
can be no assurance that such information will prove to be accurate,
as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information. KRL does not undertake to update any forward-looking
information, except in
accordance with applicable securities laws.
SOURCE Kainantu Resources Ltd.