Century Announces Filing of First Quarter Financial Results and Management Discussion and Analysis for Three Months Ended June 30, 2023

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HONG KONG, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Century Global Commodities Corporation (“Century” or the “Company”) (TSX: CNT) is pleased to announce that it has filed its condensed consolidated interim financial statements for the first fiscal quarter ended June 30, 2023 and the related management discussion and analysis (“MD&A”). Copies of these documents are available under Century’s SEDAR profile at www.sedar.com and will also be posted on Century’s website at www.centuryglobal.ca.

As of June 30, 2023, the Company had net working capital* of $7.6 million, consisting of cash, bank deposits and marketable securities totaling $5.3 million, together with accounts receivables and other current assets of $4.8 million, less accounts payable and other current liabilities of $2.5 million.

ABOUT CENTURY

Century Global Commodities Corporation (TSX:CNT) is primarily a resource exploration and development company with a large portfolio of multi-billion tonne iron ore projects in Canada, mostly discovered by its own exploration team. It has other non-ferrous metals properties under exploration as well as a well-established food distribution business (Century Food) in Hong Kong.

The Joyce Lake Direct Shipping Iron Ore Project

Joyce Lake, our most advanced project, is an open pit direct shipping iron ore project in Newfoundland and Labrador, close to the town of Schefferville, Québec which is serviced by a rail link directly to ocean shipping iron ore ports at Sept-Îles. The Project has completed an updated feasibility study in 2022 and is undergoing environmental assessment. Joyce Lake is held in a special purpose vehicle, Joyce Direct Iron Inc. (“JDI”), in which Century owns 91.6%.

Century Food

Century Food is a subsidiary operation of the Company which started a few years ago and is a value-adding marketing and distribution business of quality food products sourced from such regions as Europe and Australia and sold in the Hong Kong and Macau markets.

Non-IFRS and Other Financial Measures

Certain financial measures used by the Company to analyze and evaluate its results are non-International Financial Reporting Standards (“IFRS”) financial measures or ratios. Each of these indicators is not a standardized financial measure under the IFRS and might not be comparable to similar financial measures used by other issuers. These indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Further information on the non-IFRS and other financial measures included in this press release is provided in the section “Non-IFRS and Other Financial Measures” of the Company’s MD&A for the three months ended June 30, 2023 which is available on SEDAR at www.sedar.com.