Toronto, May 15, 2023 – Canadian Manganese Company Inc. (“CDMN” or the “Company”) (NEO: CDMN; OTCQB: CDMNF) reports its financial results for the first quarter ended March 31, 2023.
This news release should be read in conjunction with the Company’s condensed interim consolidated financial statements and associated management’s discussion and analysis for the quarter ended March 31, 2023, which are available on the Company’s website at www.CanadianManganese.com or under the Company’s profile at www.sedar.com.
FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2023
During the first quarter of 2023 the Company continued its focus of advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits, near Woodstock, New Brunswick.
The Company recorded a loss of $492,805 during the first quarter, compared to a loss of $294,528 in the first quarter of 2022. The loss in the first quarter of 2023 included non-cash share based compensation of $25,228, whereas the loss in first quarter of 2022 included non-cash share based compensation of $118,436 and $247,519 of other income from the reversal of flow-through share premium.
The Company invested $1,128,494 in exploration and evaluation activities during the first quarter of 2023, including the completion of a Technical Report on the Plymouth deposit and the commencement of a drilling program on the North Hartford deposit.
At March 31, 2023, the Company held exploration and evaluation assets with a carrying value of $15,563,452, including the Woodstock manganese project in New Brunswick with a carrying value of $8,569,821, and subsidiary Mongoose’s Cobequid IOCG property in Nova Scotia with a carrying value of $6,993,630 (before a 59.5% non-controlling interest).
About Canadian Manganese
CDMN is a Canadian mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. CDMN holds the Woodstock Project in New Brunswick.
For further information:
President and CEO
+1 647 338 3748
The NEO Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.
Additional information on CDMN is available at www.CanadianManganese.com.
Notice regarding forward-looking statements:
This news release includes forward-looking statements regarding CDMN, and its respective businesses, which may include, but are not limited to, statements with respect to the timing of additional assay results and the ability to provide a Mineral Reserve, the expected plan to become a supplier of high-quality manganese metal products. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited, risks regarding the mining industry, economic factors, the equity markets generally, risks associated with growth and competition as well as those risks and uncertainties identified and reported in the Company’s public filings under its SEDAR profile at www.sedar.com. Although CDMN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and CDMN undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.