Le Lézard
Classified in: Mining industry, Business, Covid-19 virus
Subject: EARNINGS

Aquila Resources Announces First Quarter 2020 Financial Results


Aquila Resources Inc. (TSX:AQA, OTCQB:AQARF) ("Aquila" or the "Company") announced the filing of its financial results for the first quarter ended March 31, 2020. All amounts, unless indicated, are reported in US dollars.

"As always, our priority is ensuring the health and safety of our employees and our local community. I am pleased to confirm that we have had no cases of COVID-19 to date," said Barry Hildred, President and Chief Executive Officer of Aquila. "While working from home, we continue to focus on managing spend while advancing financing discussions in order to fund ongoing operations and development at Back Forty. Although the metals markets have experienced extreme volatility this quarter, we feel that the current environment is constructive for gold outperformance. This would benefit the Back Forty Project, which contains over 1 million ounces of gold in the Measured & Indicated Mineral Resource categories. Our focus continues to be closing our interim financing and clearing remaining legal hurdles to get Back Forty shovel-ready."

FIRST QUARTER HIGHLIGHTS

POST QUARTER HIGHLIGHTS

OUTLOOK

SELECTED FINANCIAL INFORMATION
The following table provides selected financial information that should be read in conjunction with the financial statements of the Company for the quarter ended March 31, 2020:

 

 

Three months ended

 

 

March 31, 2020

 

2020

 

2019

Mineral property exploration expenses

 

$

712,160

 

$

1,043,283

Administrative expenses

 

 

804,227

 

 

1,250,683

Net finance charges (recoveries)

 

 

170,598

 

 

696,666

Loss from operations

 

$

1,686,985

 

$

2,990,632

 

 

 

 

 

(Gain) loss on foreign exchange

 

 

(984,234)

 

 

(91,999)

Loss (gain) on change in value of contingent consideration

 

 

220,913

 

 

63,768

(Gain) loss on change in fair value of warrant liability

 

 

(163,054)

 

 

(47,058)

Net and comprehensive loss for the period

 

$

760,610

 

$

2,915,343

Net loss per share - basic and diluted

 

 

-

 

 

0.01

ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX:AQA, OTCQB:AQARF) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction activities for its 100%-owned zinc- and gold-rich Back Forty Project in Michigan.

Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential.

The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release may contain certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.

These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.


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