Century Announces Filing of Second Quarter Financial Results and Management Discussion and
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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN
THE UNITED STATES OR TO U.S. NEWS AGENCIES
For Immediate Release TSX: CNT
Century Announces Filing of Second Quarter Financial Results and Management Discussion and
Analysis for Six Months Ended September 30, 2023
Hong Kong , November 10 , 202 3 – 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 second fiscal quarter ended September 30, 2023 and the related management
discussion and analysis (“MD&A”) . Copies of these documents are available under Century’s SEDAR +
profile at www.sedarplus.ca and will also be posted on Century’s website at www.centuryglobal.ca.
As of September 30, 202 3, the Company had net working capital * of $ 7.0 million, consisting of
unrestricted free cash, bank deposits and marketable securities totaling $ 5.6 million, together with
accounts receivables and other current assets of $ 4.0 million, less accounts payable and other current
liabilities of $2.6 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
* This is a non-IFRS financial measure. Refer to the Company’s MD&A for more information.
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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 six
months ended September 30, 2023 which is available on SEDAR+ at www.sedarplus.ca.
Reconciliation to the most directly comparable IFRS measures
September 30
2023
$
March 31
2023
$
Net working capital
Current assets 9,615,115 11,560,744
Current liabilities 2,597,064 3,200,618
7,018,051 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 VALU E AND RATES OF RETURN
FOR THE PROJECT, (III) PROJECTIONS AS TO THE TIME FRAME FOR THE ADDITIONAL WORK REQUIRED TO COMPLY
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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 I NFORMATION 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 ACCORD ANCE WITH APPLICABLE LAWS.