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

Aquila Resources Announces Second Quarter 2020 Financial Results


Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") announced the filing of its financial results for the second quarter ended June 30, 2020. All amounts, unless indicated, are reported in US dollars.

Barry Hildred, President & CEO of Aquila, commented, "During the second quarter, our team focused on prudently managing spend while finalizing amendments to the Company's gold and silver streaming agreements, which closed successfully in June. More recently, our operations have begun to normalize as we prepare for drilling programs and increased site activities at our projects in upcoming periods. We are also actively engaged with local regulators regarding permitting activities."

SECOND 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 June 30, 2020:

 

Three months ended

Six Months Ended

 

June 30

June 30

 

2020

 

2019

 

2020

 

2019

Mineral property exploration expenses

($

190,654)

$

2,164,885

$

521,506

$

3,208,168

Administrative expenses

 

845,826

 

1,170,077

 

1,650,053

 

2,420,760

Net finance charges (recoveries)

 

2,561,415

 

608,668

 

2,732,013

 

1,305,334

Loss from operations

$

3,216,587

$

3,943,630

$

4,903,572

$

6,934,262

 

 

 

 

 

(Gain) loss on foreign exchange

 

791,227

 

79,162

 

(193,007)

 

(12,837)

Loss (gain) on change in value of contingent consideration

 

15,692

 

98,720

 

236,605

 

162,488

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

 

117,990

 

(302,564)

 

(45,064)

 

(349,622)

Net and comprehensive loss for the period

$

4,141,496

$

3,818,948

$

4,902,106

$

6,734,291

Net loss per share - basic and diluted

 

0.01

 

0.01

 

0.03

 

0.02

About Aquila

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development?stage company focused on high grade and gold-rich projects in the Upper Midwest, USA. Aquila's experienced management team is focused on advancing pre-construction activities for its 100%?owned gold and zinc?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. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured & Indicated Mineral Resource classifications, with additional upside potential.

Aquila 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. Additional disclosure of Aquila's financial statements, technical reports, material change reports, news releases and other information can be obtained at www.aquilaresources.com or on SEDAR at www.sedar.com.

Cautionary statement regarding forward-looking information

This press release may contain certain forward-looking statements. 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". Forward-looking statements and information include, but are not limited to, statements with respect to future permitting and legal timelines and the advancement of the Company's Back Forty Project, the additional upside potential of the Project, statements with respect to the expected project economics for the Project, such as estimates of life of mine, total production and average production, metal production and recoveries, C1 cash costs, AISC, capital and operating costs, pre- and post-tax IRR, pre- and post-tax NPV and cash flows, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, and any projections outlined in the Preliminary Economic Assessment in respect of the Project. 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, including but not limited to: risks with respect to the COVID-19 pandemic; and other related risks and uncertainties, including, but not limited to, risks and uncertainties disclosed in Aquila's filings on its website at www.aquilaresources.com and on SEDAR at www.sedar.com. Aquila undertakes no 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.

1 Base case price deck: Gold $1,485/oz, Zinc $1.08/lb, Copper $3.05/lb, Silver $18.20/oz, Lead $0.91/lb.
2 Spot case price deck: Gold $1,998/oz, Zinc $1.04/lb, Copper $2.92/lb, Silver $25.00/oz, Lead $0.83/lb.


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