Century Announces Filing of Third Quarter Financial Results and Management Discussion and Analysis for Nine Months Ended December 31, 2024
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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 Third Quarter Financial Results and
Management Discussion and Analysis for Nine Months Ended December 31, 2024
Hong Kong, February 13, 2025 – 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 third fiscal quarter ended December 31, 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.
Highlights of operating results:
For the nine months ending December 31, 2024, the Company:
• Closed a total of A$500,000 private placement financing, by its subsidiary Joyce Direct Iron Inc.
(“JDI”), at an A$25 million valuation to prepare for a spinout.
• Achieved nine months’ record sales of $10.16 million. Century Food generated gross segmental
profit of $2.50 million and net segmental profit of $472,377.
For the quarter ending December 31, 2024, the Company:
• Delivered an operating after tax profit of $163,132, made possible by a strong gross profit
contribution by Century Food, currently the sole revenue-generating operation of the Company,
of $964,905. This is the first operating profit quarter for the Company, as a resource exploration
and development company, and also a record gross profit since inception.
As of December 31, 2024, the Company had net working capital* of $6.3 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 $5.3 million, less accounts payable and other current
liabilities of $3.3 million.
* This is a non-IFRS financial measure. Refer to the Company’s MD&A for more information.
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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 89.8%.
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 nine
months ended December 31, 2024 which is available on SEDAR+ at http://www.sedarplus.ca.
Reconciliation to the most directly comparable IFRS measures
December 31
2024
$
March 31
2024
$
Net working capital
Current assets 9,582,221 10,080,639
Current liabilities 3,247,158 3,976,896
6,335,063 6,103,743
For further information please contact:
Sandy Chim, President & CEO
Century Global Commodities Corporation
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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, 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.