Century Announces Filing of First Quarter Financial Results and Management Discussion and Analysis for Three Months Ended June 30, 2023
Century Announces Filing of First Quarter Financial Results and Management
Discussion and Analysis for Three Months Ended June 30, 2023
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN
THE UNITED STATES OR TO U.S. NEWS AGENCIES
HONG KONG, Aug. 11, 2023 -- 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, 2023 and the related management discussion and analysis (“MD&A”). Copies of these documents are available under
Century’s SEDAR profile at www.sedar.com and will also be posted on Century’s website at www.centuryglobal.ca.
As of June 30, 2023, the Company had net working capital* of $7.6 million, consisting of cash, bank deposits and marketable
securities totaling $5.3 million, together with accounts receivables and other current assets of $4.8 million, less accounts
payable and other current liabilities of $2.5 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 operation of the Company which started a few years ago and is a value-adding marketing and
distribution business of quality food products sourced from such regions as Europe and Australia and sold in the Hong Kong
and Macau markets.
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, 2023 which is available on SEDAR at www.sedar.com.
Reconciliation to the most directly comparable IFRS measures
June 30
2023
$
March 31
2023
$
Net working capital
Current assets 10,100,578 11,560,744
Current liabilities 2,516,492 3,200,618
7,584,086 8,360,126
For further information please contact:
Sandy Chim, President & CEO
Century Global Commodities Corporation
416-977-3188
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 EIS PROCESS BY JDI; (VI) THE ABILITY OF JDI TO MEET ALL FEDERAL
AND PROVISIONAL EIS 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, 2023. 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.
______________________________
* This is a non-IFRS financial measure. Refer to the Company’s MD&A for more information.