Aquila Resources Announces Third Quarter 2020 Financial Results
Aquila Resources Inc. (TSX:AQA, OTCQB:AQARF) (“Aquila” or the “Company”) announced the filing of its financial results for the third quarter ended September 30, 2020. All amounts, unless indicated, are reported in US dollars.
Barry Hildred, President & CEO of Aquila, commented, “As site operations began to normalize in the third quarter, Aquila added key hires to our team in the areas of Environment & Infrastructure as well as Exploration. We are focused on activities to support an updated Back Forty Project feasibility study that will build on the positive Preliminary Economic Assessment published in September and we are also actively in the planning phase for drill programs at Back Forty and our gold-copper exploration properties in Wisconsin.”
THIRD QUARTER HIGHLIGHTS
- Aquila has had no confirmed or presumptive cases of the COVID-19 virus at any of the Company’s offices or at the Back Forty site. Aquila’s top priority is maintaining the health and safety of its employees and local communities. Aquila’s team is following the guidelines and directions set out by the local public health authorities.
- As at September 30, 2020, Aquila had cash of $2.6 million and working capital of $0.6 million. This compared to cash of $4.0 million and working capital of $1.6 million at December 31, 2019. The decrease in working capital is primarily due to permitting and legal activities at its Back Forty Project. The Company has been focused on securing interim financing and on the implementation of required permitting activities, including progressing certain Back Forty pre-construction activities such as environmental fieldwork and site data collection.
- In September 2020, the Company filed the technical report supporting the positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Back Forty. The PEA was prepared in accordance with National Instrument 43-101 by P&E Mining Consultants Inc. in collaboration with Golder Associates Ltd. and Lycopodium Minerals Canada Ltd.
- As site operations began to normalize in the third quarter, the Company added key hires to its team in August 2020:
- The Company hired Mike Foley as Director of Environment & Infrastructure. Mr. Foley has 32 years of experience as a Civil Engineer in the Upper Peninsula of Michigan and northern Wisconsin.
- The Company hired Bob Mahin as Director of Exploration. Mr. Mahin is a senior level geologist with thirty years of progressive experience guiding mineral exploration programs. Since 1990, Mr. Mahin has been based in Michigan’s Upper Peninsula and has gained progressive experience from fieldwork to managing multi-million dollar exploration programs in the pursuit of gold and base metals.
- In September 2020, the Company held its 2020 annual meeting of shareholders at which the six nominees listed in the management information circular were elected as directors of Aquila. The Company welcomed a new director, Mr. Paul Johnson, to the Board. Mr. Johnson is a mining engineer with 40 years of experience in the mining industry. Prior experience includes serving as Open Pit Project Evaluation Manager for Osisko Gold Royalties and being part of the initial development team for Osisko Mining Corporation’s Canadian Malartic project.
- In August 2020, the Company achieved DTC eligibility for its common shares from The Depository Trust Company (“DTC”). The DTC is a subsidiary of the Depository Trust & Clearing Corp. and manages the electronic clearing and settlement for the vast majority of publicly traded equities and other securities in the United States. This electronic method of clearing securities accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements. The Company’s common shares continue to be listed for trading in the United States on the OTCQB market under the symbol AQARF.
POST QUARTER HIGHLIGHTS
|Diskussion: Back Forty Projekt - eine Zink-Gold-Story (ehemals JML Resources)|