Kainantu Resources Reports Filing of Fiscal 2021 Results
Kainantu Resources Reports Filing of Fiscal 2021 Results
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.
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For further information:
Kainantu Resources, Matthew Salthouse, Chief Executive Officer (Tel: + 65 8318 8125; Callum Jones,
Corporate Development Co-Ordinator (Tel: + 61 450 969 697) , Email: [email protected]; EU IR / Financial PR (Camarco): Gordon
Poole / Charlotte Hollinshead, Tel: +44(0) 3757 4989; Investor Relations (Gemini Capital): Kevin Shum, Tel: +1 212 219 4670
(702), Email: [email protected]
CO: Kainantu Resources Ltd.
CNW 21:06e 04-MAY-22