June net sales of $10.0 million support improving revenue outlook while $1.1 million quarterly SG&A reduction reflects the impact of the continuing operational improvements

July net sales of $10.8 million continue strong recovery trajectory for the third quarter

AUBURN HILLS, MI / ACCESSWIRE / August 13, 2020 / Unique Fabricating, Inc. ("Unique Fabricating" or the "Company") (NYSE American:UFAB), a leader in engineering and manufacturing multi-material foam, rubber, and plastic components utilized in noise, vibration, and harshness management and air/water sealing applications for the transportation, appliance, consumer, and medical markets, today announced its financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Financial Results

Net sales of $14.8 million compared to $38.9 million in the second quarter of 2019.
Net loss of $4.3 million or $0.44 per basic and diluted share compared to a net loss of $7.6 million or $0.78 per basic and diluted share in the second quarter of 2019.
Net debt(1) decreased $5.4 million to $45.8 million as of June 30, 2020, inclusive of $4.7 million of cash and cash equivalents, compared to $51.2 million as of June 30, 2019, inclusive of $1.1 million of cash and cash equivalents.
Restructuring charges of $0.3 million primarily related to sale and closure of the Evansville, Indiana owned facility compared to $0.7 million in the second quarter of 2019 primarily related to executive severance.
Interest expense decreased $0.7 million to $0.6 million compared to prior year of $1.3 million.

"The COVID-19 situation had a significant negative impact on our second quarter results with $24.1 million lower sales and the corresponding impact on operating profit," said Doug Cain, President and Chief Executive Officer. "During this quarter, we completed our targeted restructuring activities, reduced our fixed cost structure, increased our plant productivity and efficiencies, and completed our executive leadership team. In combination with all of the improvement activities, our new bank loan amendment provides sufficient liquidity and a strong foundation for the Company to focus its efforts fully on profitable growth going forward. We saw a meaningful increase in our net sales in June to $10.0 million with the corresponding positive impact on operating profit. Our July net sales of $10.8 million support our view to a much improved third quarter and second half of 2020 with continued sustainable positive operating profits and operating cash flows to reduce debt. Our comprehensive operational improvement and cost reduction activities are in place and we are prepared to efficiently manage the increasing volumes."

"Beginning in April, we were able to adapt some of our manufacturing capacity to new personal protective equipment products with sales of $1.4 million in the quarter," Cain continued. "Our team is supporting the medical and manufacturing communities with our new production of N95 face masks begun in late July which highlights our competencies to produce solutions utilizing our multi-material and multi-process capabilities. The latest North America auto production second half forecasts as well as the positive market trends for home building and home remodeling driving our appliance business support our view to a much stronger second half of 2020 for the Company."

Cain concluded "We believe the worst is behind us. The activities we began in the second half of last year and continued in 2020 positioned us to weather the storm successfully. Despite the significant challenges presented by COVID-19 over the last months, we remain committed to our ‘Boldly Back on Track' initiatives. We move into the second half of 2020 and beyond with our targeted restructuring activities behind us, a capable and committed organization, improving liquidity, and a lean cost competitive geographic footprint."

Second Quarter 2020 Financial Summary
Net sales for the quarter were $14.8 million, down 62% or $24.1 million from $38.9 million during the same period last year. The 2020 decrease was attributable to lost sales resulting from customer shutdowns in April and May 2020 with a ramp up beginning in June due to the COVID-19 pandemic. Of the $14.8 million net sales, $10.0 million were in June. The $10.8 million net sales in July reinforces our confidence in a rebound.

Gross profit for the quarter was $1.7 million, or 11.8% of total net sales, compared to $8.2 million, or 21.1% of net sales, for the corresponding period last year. The loss of contribution margin on the $24.1 million lower sales is the primary cause of the lower gross profit margin.

Restructuring expense for the second quarter of 2020 was $0.3 million and primarily related to the sale and closure of the Company's owned facility in Evansville, Indiana, compared to $0.7 million in restructuring expense incurred in the same period last year.

Net loss of $4.3 million or $0.44 per basic and diluted share compared to a net loss of $7.6 million or $0.78 per basic and diluted share in the second quarter of 2019, which included a $6.8 million non-cash goodwill impairment charge. The decrease in net loss is the result of the 2019 impairment charge not recurring, a $1.1 million reduction in SG&A expenses, despite $0.3 million in severance charges, as a result of comprehensive cost reduction efforts, $0.5 million lower restructuring charges, and $0.7 million lower interest expense. These improvements were more than offset by the impact of the $24.1 million decrease in net sales year-over-year due to COVID-19.

Balance Sheet Summary
As of June 30, 2020, the Company had approximately $4.7 million in cash and cash equivalents, compared to June 30, 2019 and December 29, 2019 when the Company had $1.1 million and $0.6 million, respectively, in cash and cash equivalents. Total debt outstanding as of June 30, 2020 was $50.5 million compared to $52.3 million as of June 30, 2019 and $47.5 million as of December 29, 2019. The increase in cash and cash equivalents and outstanding debt since December 29, 2019 is primarily attributable to the $6.0 million loan the Company received pursuant to the U.S. Small Business Administration Paycheck Protection Program ("PPP") under Title I of the Coronavirus Aid, Relief, and Economic Security Act. As of June 30, 2020 the Company had $2.5 million of proceeds from the PPP loan in cash and cash equivalents.

2020 Outlook
The latest North American third-party service automotive production forecasts for the second half of the year are at approximately 90% of initial 2020 volumes. If this automotive production forecast level for the second half of 2020 holds, we expect to generate improved operating cash flows, reflecting actions taken to date. Supporting this level of activity, our July sales were approximately $10.8 million. We note that projected results are subject to substantial uncertainty regarding the continuing impact of the COVID-19 pandemic on the economy and our industry, as well as other factors referenced in "Forward Looking Statements." There can be no assurance that our results will not vary significantly from our current expectations.

Results Conference Call
Unique Fabricating will host a conference call and live webcast to review the quarterly results and provide a corporate update today at 9 a.m. Eastern Time. To access the call, please dial 877-407-8133 (toll-free) or 201-689-8040 (international) and if requested, reference conference ID 35308. The conference call will also be webcast live on the Investor Relations section of the company's website at http://ir.uniquefab.com.

Following the conclusion of the live call, a replay of the webcast will be available on the Investor Relations section of the Company's website for at least 90 days. A telephonic replay of the conference call will also be available from 12 p.m. ET on August 13, 2020 until 9 a.m. ET on July 9, 2020 by dialing 877-481-4010 (United States) or 919-882-2331 (international) and using the passcode 36529.

About Unique Fabricating, Inc.
Unique Fabricating, Inc. (NYSE American:UFAB) engineers and manufactures components for customers in the transportation, appliance, medical, and consumer markets. The Company's solutions are comprised of multi-material foam, rubber, and plastic components and utilized in noise, vibration and harshness (NVH) management, acoustical management, water and air sealing, decorative and other functional applications. Unique leverages proprietary manufacturing processes, including die cutting, thermoforming, compression molding, fusion molding, and reaction injection molding to manufacture a wide range of products including air management products, heating ventilating and air conditioning (HVAC), seals, engine covers, fender stuffers, air ducts, acoustical insulation, door water shields, gas tank pads, light gaskets, topper pads, mirror gaskets, glove box liners, personal protection equipment, and packaging. The Company is headquartered in Auburn Hills, Michigan. For more information, visit http://www.uniquefab.com.

About Non-GAAP Financial Measures
We present Net Debt, a non-GAAP financial measure, in this press release to provide a supplemental measure of our financial position. We believe that Net Debt is a useful measure of the Company's credit position and progress toward reducing leverage. The calculation is limited in that the company may not always be able to use cash to repay debt on a dollar-for-dollar basis.

We present Adjusted EBITDA in this press release to provide a supplemental measure of our operating performance. We define Adjusted EBITDA as earnings before interest expense, income tax expense, depreciation and amortization expense, non-cash stock awards, goodwill impairment, non-recurring integration expense, restructuring expenses, and one-time consulting and licensing ERP system implementation costs as we implement a new ERP system at all locations. We believe that Adjusted EBITDA is a useful performance measure used by us to facilitate a comparison of our operating performance and earnings on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under generally accepted accounting principles in the United States of America (GAAP) can provide alone. Our board and management also use Adjusted EBITDA as one of the primary methods for planning and forecasting overall expected performance and for evaluating on a quarterly and annual basis actual results against such expectations, and as a performance evaluation metric in determining achievement of certain compensation programs and plans for Company management. In addition, the financial covenants in our senior secured credit facility are based on Adjusted EBITDA, as presented in this press release, subject to dollar limitations on certain adjustments and certain other addbacks permitted by our senior secured credit facility.

These non-GAAP financial measures may have limitations as analytical tools, and these measures should not be considered in isolation as a substitute for analysis of Unique Fabricating's results as reported under GAAP.

Safe Harbor Statement
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company's or the Company's industry's actual results, levels of activity, performance or achievements including statements relating to the Company's results for the second quarter of 2020 to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by this press release. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook," and similar expressions are used to identify these forward looking statements. Such forward-looking statements include statements regarding, among other things, our expectations about revenue, Adjusted EBITDA, and adjusted diluted earnings per share. All such forward-looking statements are based on management's present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, those discussed in our Annual Report on Form 10-K/A for the year ended December 29, 2019, as amended, filed with the Securities and Exchange Commission and in particular the Section entitled "Risk Factors", as well as any updates to those risk factors filed from time to time in our periodic and current reports filed with the Securities and Exchange Commission. All statements contained in this press release are made as of the date of this press release, and Unique Fabricating does not intend to update this information, unless required by law. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.

(1)

Net debt, a non-GAAP financial measure, is defined as debt minus cash and cash equivalents. Please refer to the Reconciliation of Non-GAAP Financial measures included in the tables included with this press release for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.

UNIQUE FABRICATING INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited – dollars in thousands)

 
June 30,
2020
 
 
December 29,
2019
 

Assets

Current assets

Cash and cash equivalents

 
$ 
4,737
 
 
$ 
650
 

Accounts receivable, net of reserves of approximately $0.7 million and $0.9 million at June 30, 2020 and December 29, 2019, respectively

 
 
15,683
 
 
 
24,701
 

Inventory, net

 
 
15,137
 
 
 
13,047
 

Prepaid expenses and other current assets:

Prepaid expenses and other

 
 
3,654
 
 
 
2,108
 

Refundable taxes

 
 
1,391
 
 
 
1,049
 

Assets held for sale

 
 
–
 
 
 
1,003
 

Total current assets

 
 
40,602
 
 
 
42,558
 

Property, plant, and equipment, net

 
 
22,815
 
 
 
23,415
 

Goodwill

 
 
22,111
 
 
 
22,111
 

Intangible assets

 
 
9,625
 
 
 
11,625
 

Other assets

Operating leases

 
 
10,965
 
 
 
–
 

Investments, at cost

 
 
1,054
 
 
 
1,054
 

Deposits and other assets

 
 
227
 
 
 
226
 

Deferred tax asset

 
 
926
 
 
 
679
 

Total assets

 
$ 
108,325
 
 
$ 
101,668
 

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

 
$ 
7,784
 
 
$ 
9,324
 

Current maturities of long-term debt

 
 
2,847
 
 
 
2,847
 

Accrued compensation

 
 
993
 
 
 
1,225
 

Other accrued liabilities

 
 
4,312
 
 
 
1,979
 

Total current liabilities

 
 
15,936
 
 
 
15,375
 

Long-term debt, net of current maturities

 
 
37,794
 
 
 
33,220
 

Line of credit

 
 
9,874
 
 
 
11,418
 

Other long-term liabilities:

Deferred tax liability

 
 
–
 
 
 
1,324
 

Other liabilities

 
 
10,659
 
 
 
871
 

Total liabilities

 
 
74,263
 
 
 
62,208
 

Stockholders' equity:

Common stock, $0.001 par value – 15,000,000 shares authorized and 9,779,147 and 9,779,147 issued and outstanding at March 31, 2020 and December 29, 2019, respectively

 
 
10
 
 
 
10
 

Additional paid-in-capital

 
 
46,066
 
 
 
46,011
 

Accumulated deficit

 
 
(12,014
)
 
 
(6,561
)

Total stockholders' equity

 
 
34,062
 
 
 
39,460
 

Total liabilities and stockholders' equity

 
$ 
108,325
 
 
$ 
101,668
 

UNIQUE FABRICATING INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited – dollars in thousands, except per share amounts)

 
Three Months Ended June 30, 2020
 
 
Three Months Ended June 30, 2019
 
 
Six Months Ended June 30, 2020
 
 
Six Months Ended June 30, 2019
 

Net sales

 
$ 
14,759
 
 
$ 
38,889
 
 
$ 
49,736
 
 
$ 
78,356
 

Cost of sales

 
 
13,019
 
 
 
30,677
 
 
 
40,921
 
 
 
61,844
 

Gross profit

 
 
1,740
 
 
 
8,212
 
 
 
8,815
 
 
 
16,512
 

Selling, general, and administrative expenses

 
 
6,281
 
 
 
7,424
 
 
 
12,146
 
 
 
14,696
 

Impairment

 
 
–
 
 
 
6,760
 
 
 
–
 
 
 
6,760
 

Restructuring expenses

 
 
273
 
 
 
734
 
 
 
1,193
 
 
 
825
 

Operating loss

 
 
(4,814
)
 
 
(6,706
)
 
 
(4,524
)
 
 
(5,769
)

Other income (expense):

Other, net

 
 
18
 
 
 
25
 
 
 
(6
)
 
 
43
 

Interest expense

 
 
(624
)
 
 
(1,332
)
 
 
(2,289
)
 
 
(2,432
)

Other expense, net

 
 
(606
)
 
 
(1,307
)
 
 
(2,295
)
 
 
(2,389
)

(Loss) before income tax (benefit)

 
 
(5,420
)
 
 
(8,013
)
 
 
(6,819
)
 
 
(8,158
)

Income tax (benefit)

 
 
(1,103
)
 
 
(389
)
 
 
(1,366
)
 
 
(346
)

Net loss

 
$ 
(4,317
)
 
$ 
(7,624
)
 
$ 
(5,453
)
 
$ 
(7,812
)

Net loss per share:

Basic

 
$ 
(0.44
)
 
$ 
(0.78
)
 
$ 
(0.56
)
 
$ 
(0.80
)

Diluted

 
$ 
(0.44
)
 
$ 
(0.78
)
 
$ 
(0.56
)
 
$ 
(0.80
)

Dividends declared per share

 
$ 
–
 
 
$ 
–
 
 
$ 
–
 
 
$ 
0.05
 

UNIQUE FABRICATING INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited – dollars in thousands)

 
Six Months Ended June 30, 2020
 
 
Six Months Ended June 30, 2019
 

Cash Flows from Operating Activities

Net loss

 
$ 
(5,453
)
 
$ 
(7,812
)

Adjustments to reconcile net loss to net cash provided by operating activities:

Impairment of goodwill

 
 
–
 
 
 
6,760
 

Depreciation and amortization

 
 
3,458
 
 
 
3,404
 

Amortization of debt issuance costs

 
 
74
 
 
 
89
 

Loss on sale of assets

 
 
108
 
 
 
5
 

Bad debt adjustment

 
 
554
 
 
 
122
 

Loss on derivative instrument

 
 
598
 
 
 
665
 

Stock option expense

 
 
55
 
 
 
98
 

Deferred income taxes

 
 
(1,571
)
 
 
(728
)

Accounts receivable

 
 
8,464
 
 
 
2,576
 

Inventory

 
 
(2,021
)
 
 
1,064
 

Prepaid expenses and other assets

 
 
(1,889
)
 
 
(97
)

Accounts payable

 
 
(1,228
)
 
 
(107
)

Accrued and other liabilities

 
 
(983
)
 
 
(956
)

Other, net

 
 
1,202
 
 
 
–
 

Net cash provided by operating activities

 
 
1,368
 
 
 
5,084
 

Cash Flows from Investing Activities

Capital expenditures

 
 
(796
)
 
 
(1,880
)

Proceeds from sale of property, plant and equipment

 
 
884
 
 
 
41
 

Net cash provided by (used in) investing activities

 
 
88
 
 
 
(1,839
)

Cash Flows from Financing Activities

Net change in bank overdraft

 
 
(311
)
 
 
557
 

Payments on term loans

 
 
(1,474
)
 
 
(2,638
)

Proceeds from capital expenditure line

 
 
–
 
 
 
1,300
 

Payments on revolving credit facilities

 
 
(12,310
)
 
 
(15,189
)

Proceeds from revolving credit facilities

 
 
10,727
 
 
 
12,858
 

Proceeds from PPP loan

 
 
5,999
 
 
 
–
 

Distribution of cash dividends

 
 
–
 
 
 
(489
)

Net cash provided by (used in) financing activities

 
 
2,631
 
 
 
(3,600
)

Cash and cash equivalents:

Net increase (decrease) in cash and cash equivalents

 
 
4,087
 
 
 
(355
)

Cash and cash equivalents at beginning of period

 
 
650
 
 
 
1,410
 

Cash and cash equivalents at end of period

 
$ 
4,737
 
 
$ 
1,055
 

Supplemental disclosure of cash flow information:

Cash paid for interest

 
$ 
2,219
 
 
$ 
1,909
 

Cash paid for Income taxes

 
$ 
209
 
 
$ 
292
 

UNIQUE FABRICATING INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited – dollars in thousands)
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA

 
Three Months Ended June 30, 2020
 
 
Three Months Ended June 30, 2019
 
 
Six Months Ended June 30, 2020
 
 
Six Months Ended June 30, 2019
 

Net loss

 
$ 
(4,317
)
 
$ 
(7,624
)
 
$ 
(5,453
)
 
$ 
(7,812
)

Plus: Interest expense, net

 
 
624
 
 
 
1,332
 
 
 
2,289
 
 
 
2,432
 

Plus: Income tax (benefit) expense

 
 
(1,103
)
 
 
(389
)
 
 
(1,366
)
 
 
(346
)

Plus: Depreciation and amortization

 
 
1,765
 
 
 
1,702
 
 
 
3,458
 
 
 
3,404
 

Plus: Non-cash stock award

 
 
32
 
 
 
66
 
 
 
55
 
 
 
98
 

Plus: Non-recurring expenses

 
 
–
 
 
 
68
 
 
 
–
 
 
 
68
 

Plus: Goodwill impairment

 
 
–
 
 
 
6,760
 
 
 
–
 
 
 
6,760
 

Plus: Restructuring expenses

 
 
273
 
 
 
734
 
 
 
1,193
 
 
 
825
 

Plus: One-time consulting and licensing ERP system implementation costs

 
 
184
 
 
 
221
 
 
 
459
 
 
 
395
 

Adjusted EBITDA

 
$ 
(2,542
)
 
$ 
2,870
 
 
$ 
635
 
 
$ 
5,824
 

RECONCILIATION OF NET DEBT TO DEBT

 
June 30,
2020
 
 
December 29,
2019
 
 
June 30,
2019
 

Current maturities of long-term debt

 
$ 
2,847
 
 
$ 
2,847
 
 
$ 
2,923
 

Long-term debt, net of current maturities

 
 
37,794
 
 
 
33,220
 
 
 
33,807
 

Line of credit

 
 
9,874
 
 
 
11,418
 
 
 
15,614
 

Debt

 
 
50,515
 
 
 
47,485
 
 
 
52,344
 

Less: Cash and cash equivalents

 
 
4,737
 
 
 
650
 
 
 
1,055
 

Net debt

 
$ 
45,778
 
 
$ 
46,835
 
 
$ 
51,289
 

CONTACT:
Investor Inquiries:
Rob Fink, FNK IR
(646) 809-0408
rob@fnkir.com

SOURCE: Unique Fabricating, Inc.

ReleaseID: 601523

LOS ANGELES, CA / ACCESSWIRE / August 13, 2020 / International Endeavors Corporation, Inc. (OTC PINK:IDVV) today announced it has entered into a Memorandum of Understanding with Eco-Camps, LLC in a plan that includes the development of an Eco-Camps branded social distancing glamping resort on Company owned property.

Bill Martin, Vice President of International Endeavors Corporation (IEC) stated "I'm pleased to announce the MOU with Eco-Camps. Together IEC and Eco-Camps bring the experienced team needed including Eco-Camp's Founder & Chairman Paul Woolnough to develop out the Company's existing Temecula Valley property as well as other projects presently operated and being developed worldwide by Eco-Camps."

Terms of the MOU state the following:

Both Entities International Endeavors Corporation and Eco-Camps forming an LLC to jointly hold the Warner Springs / Temecula Valley Glamping resort.
Equity swap for both entities
Both Entities agree to use of IP

Paul Woolnough, Founder & Chairman of Eco-Camps stated "we are proud to have partnered with IEC in the development of the Temecula property, as well as working collaboratively on other projects within the United States and internationally"

The Company also announced that is has started the process of going back to Current Information with OTCMarkets. We anticipate updated filings to be posted in the coming weeks with a goal of becoming current by the end of the present quarter.

About Eco Resorts

Eco-Camps is a leading provider of unique and proprietary off-the-grid eco-friendly social distancing accommodation. Combining the outdoor experience of camping under canvas with the comforts and conveniences of a hotel, Eco-Camps delivers unforgettable experiences for guests in incredible locations. Eco-Camps partners with owners of properties to create one of a kind glamping destinations where other forms of accommodation can't be built.

For more information visit www.Eco-Camps.com

Disclaimer

Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. International Endeavors Corporation (IDVV) is under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:

Bill Martin, Vice President
Phone: 1-619-343-3199
Email: billmartin@internationalendeavorscorp.com

SOURCE: International Endeavors Corporation, Inc.

ReleaseID: 601544

Drilling Commenced at La Hueca to Test Large Copper Gold Porphyry Target Exposed at Surface

BISHOPSGATE, LONDON / ACCESSWIRE / August 13, 2020 / The Board of SolGold (LSE & TSX: SOLG) is pleased to provide an update on its wholly owned La Hueca Project, held by Cruz del Sol S.A, a 100% owned subsidiary of SolGold.

HIGHLIGHTS:

Regional exploration program fully funded to 2022 with the aim of discovering further world-class deposits similar to SolGold's flagship discovery at Alpala.
Drilling operations underway at La Hueca Project utilising one man-portable drill rig. Initial drill hole LHD-20-001 at current depth of 91m. This hole is designed to test depth extent of outcropping porphyry copper-gold-molybdenum mineralisation at Santos-Lindero Zone, La Hueca Target 6.
Geological setting at Santos-Lindero Zone is consistent with that of a preserved and mineralised porphyry Cu-Au-Mo system at depth.
The Target 6 discovery is significant due to mineralisation features indicative of large porphyry systems- secondary biotite and chlorite-sericite hydrothermal alteration intensity, and the presence of chalcopyrite, molybdenite and bornite. A- and B-type quartz veins are also present at variable density. These features are evident at depth at Alpala and encouragingly outcrop at La Hueca 6.
Target 6 defined by strong copper, gold and diagnostic molybdenum anomalism over a large area 1.25km by 1 km.
Best rock chip assays include:
6.27% Cu, 0.29g/t Au, 22.9 g/t Ag, >1% Mo
4.58% Cu, 0.13g/t Au, 14.6g/t Ag, 0.16% Mo
4.15% Cu, 0.24g/t Au, 16.1g/t Ag, 0.28% Mo
2.19% Cu, 0.12g/t Au, 9.11g/t Ag, 0.02% Mo
All regulatory approvals received for scout drilling at 4 platforms locations with additional platforms to follow.

References to figures and tables relate to the version visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/0290W_1-2020-8-13.pdf

Introduction:

SolGold is continuing to pursue its strategy to become a Tier 1 copper producing company through aggressive exploration of its extensive tenement portfolio in Ecuador, aiming to replicate the discovery of the Company's flagship Alpala project.

Commenting on the commencement of drilling at La Hueca, CEO Nick Mather said:

"SolGold seized first mover advantage in copper gold porphyry exploration in Ecuador in 2014 and is now the dominant tenure holder, with the most active, best funded and most qualified exploration team in Ecuador. With 13 priority exploration targets covered by 75 granted tenements, where the surface features indicate better results than initially found at Alpala, the team is confident in the discovery of a significant pipeline of wholly-owned potential Tier 1 assets."

"The commencement of drilling at La Hueca marks the start of SolGold's next growth phase for the benefit of all shareholders and Ecuador. We have now extended that invitation to the shareholders of Cornerstone Capital Resources Ltd and continue to encourage them to accept the bid and share in our success as we grow."

"SolGold is firmly dedicated to the long-term growth of Ecuador, and through the support of our predominantly Ecuadorean workforce and all levels of the social, environmental and regulatory frameworks in country, we are strongly placed to emerge as the resource mainstay of the country's copper gold mining industry in years to come."

Exploration Activities

The La Hueca Project is located in Southern Ecuador and lies on the southern part of Ecuador's eastern Jurassic Belt (Figure 1), which contains the Fruta del Norte epithermal gold deposit (14 million ounces Au), the Mirador porphyry copper deposit (3 million tonnes Cu) and the Santa Barbara porphyry gold-copper (8 million ounces Au and 0.5 million tonnes Cu). The Hueca Project comprises three concessions over 160km2 and 100% owned by SolGold's subsidiary, Cruz del Sol S.A.

Results from extensive mapping, gridded soils, rock saw and rock chip sampling throughout the La Hueca project delineated 6 porphyry copper targets (Figure 2) situated along the contact between the Zamora batholith and volcanic units.

The highest priority ''Target 6'' is defined by a 2km by 1km north-northeast trending dioritic intrusive complex with coincident Cu and Cu/Zn soil geochemistry, with a distinct central high priority drill target area at Santos-Lindero where outcropping porphyry style B-type quartz veins occur within the "Kfs Diorite", which lies coincident with Cu, Mo, Cu/Zn, and Mo/Mn soil geochemical anomalies occurring at confluence of primary north-northeast and secondary east-west regional structures (Figure 3).

At Santos-Lindero the Kfs Diorite hosts B-type quartz – chalcopyrite ± bornite veins associated with secondary biotite hydrothermal alteration and zones of >1% Cpy/Py ratio, within a halo zone (500m x 400m) of Sericite-Epidote-Chlorite hydrothermal alteration. This geological setting is consistent with that of a preserved and mineralised porphyry Cu-Au-Mo system at depth. Integration of existing datasets with the 3D geochemical modelling performed by Fathom GeophysicsTM further supports this, having determined the potential for mineralisation to extend to approximately 500m below surface.

Drilling operations commenced at Santos-Lindero Zone, La Hueca Project on August 8th 2020 following regulatory approvals for scout drilling from 5 drill platforms, with approvals for additional platforms to follow. Initial drill hole LHD-20-001 at current depth of 91m testing depth extent of outcropping porphyry copper-gold-molybdenum mineralisation (Figure 4). Phase 1 planned drilling program comprises 11 holes for 5,500m of diamond drilling.

All scout drilling approvals have been received to commence initial drilling on four drill platforms with additional platforms to follow.

Figure 1: La Hueca Project location plan

Figure 2: Prospect location plan – La Hueca Project, showing Target 6 where drill testing is currently underway.

Figure 3:Site plan of La Hueca Target 6 area showing dioritic intrusive complex with high priority drill target area at Santos-Lindero where outcropping porphyry style B-type quartz veins occur within the "Kfs Diorite" occurring at confluence of primary north-northeast and secondary east-west regional structures.

At Santos-Lindero the Kfs Diorite hosts B-type quartz – chalcopyrite ± bornite veins associated with secondary biotite hydrothermal alteration and zones of >1% Cpy/Py ratio, within a halo zone (500m x 400m) of Sericite-Epidote-Chlorite hydrothermal alteration..

Figure 4: Night shift commences LHD-20-001 at Santos-Lindero Zone, Target 6, La Hueca Project.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 until the release of this announcement.

Qualified Person:

Information in this report relating to the exploration results is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years' experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.

By order of the Board

Karl Schlobohm

Company Secretary

CONTACTS

Nicholas Mather

SolGold Plc (Chief Executive Officer) nmather@solgold.com.au

Tel: +61 (0) 7 3303 0665

+61 (0) 417 880 448

Karl Schlobohm

SolGold Plc (Company Secretary)

kschlobohm@solgold.com.au

Tel: +61 (0) 7 3303 0661

Ingo Hofmaier

SolGold Plc (GM – Project & Corporate Finance) ihofmaier@solgold.com.au

Tel: +44 (0) 20 3823 2131

Gordon Poole / Nick Hennis

Camarco (Financial PR / IR)

solgold@camarco.co.uk

Tel: +44 (0) 20 3757 4997

Andrew Chubb

Hannam & Partners (Joint Broker and Financial Advisor)

solgold@hannam.partners

Tel: +44 (0) 20 7907 8500

Ross Allister / David McKeown

Peel Hunt (Joint Broker and Financial Advisor)

solgold@peelhunt.com

Tel: +44 (0)20 7418 8900

Clayton Bush / Scott Mathieson

Tel: +44 (0) 20 3100 2227

Liberum (Joint Broker)

solgold@liberum.com

James Kofman / Darren Wallace

Cormark Securities Inc. (Financial Advisor)

dwallace@cormark.com

Tel: +1 416 943 6411

Follow us on twitter @SolGold_plc

ABOUT SOLGOLD

SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold's management team was recognised by the "Mines and Money" Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is the largest concession holder by land mass, and most active explorer in Ecuador and is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt.

The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.

Dedicated stakeholders

SolGold employs a staff of over 600 employees of whom 98% are Ecuadorian. This is expected to grow as the operations expand at Alpala, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has 86 geologists, of whom 30% are female, on the ground in Ecuador exploring for economic copper and gold deposits.

About Cascabel and Alpala

The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world's copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.

Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The minority equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of the distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall convert to a 0.5% NSR royalty which SolGold may acquire for US$3.5 million.

Advancing Alpala towards development

The resource at the Alpala deposit boasts a high-grade core which is targeted to facilitate early cashflows and an accelerated payback of initial capital. SolGold is currently assessing financing options available to the Company for the development of the Alpala mine following completion of the Definitive Feasibility Study.

Mineral Resource Estimate #3:

Mineral Resource of 2,663 Mt @ 0.53% CuEq for 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag in the Measured plus Indicated categories.
Mineral Resource of 544 Mt @ 0.31% CuEq for 1.3 Mt Cu, 1.9 Moz Au and 10.6 Moz Ag in the Inferred category

Qualified Persons: Information in this news release relating to technical information is based on data reviewed by Mr. Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr. Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years' experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.

SolGold's Regional Exploration Drive

SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is the largest and most active concessionaire in Ecuador.

The Company wholly-owns four other subsidiaries active throughout the country that are now focussed on thirteen high priority gold and copper resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.

SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,072,213,495 fully-paid ordinary shares and 183,662,000 unlisted options exercisable at various prices.

Quality Assurance / Quality Control on Sample Collection, Security and Assaying

SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.

Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.

Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.

In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.

SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.

Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.

See www.solgold.com.au for more information. Follow us on twitter @SolGold_plc

CAUTIONARY NOTICE

News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.

Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.

This release may contain "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties, successful completion of the NSR Financing, successful completion of Offer, future gold stream financing, resource estimates, the lifting of travel-related COVID-19 restrictions, results of exploration activities, development of the Alpala project, future funding participation by Cornerstone, future budgets to complete a feasibility study and re-activation of operations . Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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".

Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: timing of the lifting of COVID-19 related-related restrictions, the successful completion of the Offer, satisfactory completion of site visit due diligence by Franco-Nevada, the ability to complete future financings on terms acceptable to SolGold, transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on its website.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: SolGold PLC

ReleaseID: 601546

LONDON, UK / ACCESSWIRE / August 13, 2020 / Condor Gold (AIM:CNR)(TSX:COG) is pleased to announce that it has made significant progress meeting the terms of the Company's Environmental Permit for the development and exploitation of gold from the La India open pit, the associated mine site infrastructure and the construction and operation of a processing plant with capacity of up to 2,800 tonnes per day ("tpd") for a new gold mine at its La India Project. Condor has 1.12M oz gold open pit Mineral Resources (8,583Kt at 3.3g/t gold for 903,000 oz gold in the Indicated category and 1,901Kt at 3.6g/t gold for 220,000 oz gold in the Inferred category) permitted for extraction inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold. As further explained below, key elements in advancing the Project, namely acquiring the land and completing engineering studies are now well advanced.

Highlights:

Acquired 85% of the land within the permitted La India open pit mine site infrastructure, including the key areas of the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine.
Tailings Storage Facility and 2 water retention ponds are being fully designed by Tierra Group Inc. 40% of the engineering designs are completed.
The design of the site wide water balance including a surface water management plan is underway and has been awarded to SRK Consulting (UK) Ltd.
Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.
Mine and waste dump schedules for a number of mining scenarios have been completed
The power studies have been progressed and several meetings held with the Ministry of Energy and Mines

Mark Child, Chairman and CEO commented:

"Condor has made excellent progress advancing the La India Project to a construction decision and has acquired 85% of the land within the permitted La India open pit mine site infrastructure, including the location of the processing plant, tailings storage facility, open pit, waste dump area, explosive magazine, office and accommodation blocks and other key component areas required for the mine. This significantly de-risks the Project. Solid progress has also been made with the engineering studies: 40% of the engineering studies for the tailings storage facility and water retention ponds have been completed. The site wide water balance and surface water management system are underway. Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed. Mine and waste dump schedules for a number of mining scenarios have been completed. The power studies have been progressed. It remains our intention to buy the remainder of the land this year and commence site preparation, while significantly advancing the engineering studies and placing a deposit on a processing plant".

The Company has been focused on de-risking the La India Project by advancing and completing several technical and engineering studies, some of which are a condition of the Environmental Permit and purchasing the land for the associate mine site infrastructure. The following progress has been made:

Under the terms of the Environment Permit, the Company has to purchase or have legal agreements in place for the land required for the mine site infrastructure. Offers have been made to all land owners. The Company has now purchased 85% of the land in and around the permitted La India open pit mine site area thereby getting close to completing one of the main conditions of the Environmental Permit and significantly de-risking the Project. The Company has purchased 64 plots of land totalling 659 hectares in and around the permitted La India open pit mine site infrastructure, of which 479 hectares has been purchased this year, at the time of writing. In addition, the Company can also demonstrate physical possession for approximately 18 years on the land covering the Mestiza open pit, has purchased the majority of this land and has claimed ownership over 303 hectares in this area. The Company has ownership of 96 hectares of land in the area of the America open pit.
The Tailings Storage Facility and 2 water retention ponds are being fully designed and engineered with drawings one step short of "issued for construction". Tierra Group Inc, Denver, Colorado has completed site visits and is conducting the engineering studies. Good progress has been made, with 40% of the work completed.
The design of the site wide water balance (SWWB), including a surface water management plan, has been awarded to SRK Consulting (UK) Limited ("SRK"). SRK's work includes the area of La India, America and Mestiza open pits. The ultimate objective of the exercise is to produce engineering plans for the installation of the physical components of a management system, including the piping, pumping and structural requirements that will satisfy Nicaraguan authorities and at the same time meet the design standards for a feasibility study. The SWWB will include consideration of the pit dewatering contributions i.e. subsurface hydrology. SRK's remit includes an emphasis on training and capacity building for the local Condor team to ensure full ownership and facilitate implementation and sustainability of the SWWB.
Preliminary designs for the layout of the mine site infrastructure including, in some detail, the designs for the location of the processing plant have been completed.
Mine and waste dump schedules for a number of mining scenarios have been completed to a level that can be submitted to MARENA, once the capacity of the processing plant is finalised.
The processing plant designs will be finalised following the purchase of a second hand or new processing plant.
The power studies have been progressed as far as possible but final designs are only possible once the processing plant size has been finalised and the power requirement known. Several meetings have been held with the Ministry of Energy and Mines. A new electricity sub-station is being built closer to Mina La India.
MARENA has written to the Company confirming that the final designs for the domestic wastewater treatment system for the offices and accommodation blocks at Mina La India comply with MARENA's technical and environmental requirements and the final designs are approved.

The La India open pit hosts 8,377Kt at a grade of 3.1 g/t gold (837,000 oz contained gold) in the Indicated Mineral Resource category and 883Kt at grade of 2.4 g/t gold (68,000 oz contained gold) in the Inferred Mineral Resource category. La India open pit has a robust, economically viable Pre-Feasibility Study ("PFS") with Mineral Reserves of 6.9 million tonnes ("Mt") at 3.0 g/t for 675,000 oz gold. The Company also has Environmental Permits for 2 high grade feeder pits from which ore will be fed to a centralised processing plant and within the La India open pit permit. The America open pit hosts 114 thousand tonnes ("Kt") at a grade of 8.1 g/t gold (30,000 oz contained gold) in the Indicated Mineral Resource category and 677Kt at a grade of 3.1 g/t gold (67,000 oz contained gold) in the Inferred Mineral Resource category. The Mestiza open pit hosts 92Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. Following the permitting of the La India, America and Mestiza open pits Condor has 1.12M oz gold open pit Mineral Resources (8,583Kt at 3.3g/t gold for 903,000 oz gold in the Indicated category and 1,901Kt at 3.6g/t gold for 220,000 oz gold in the Inferrd category) permitted for extraction inclusive of a Mineral Reserve of 6.9Mt at 3.0g/t gold for 675,000 oz gold. The total permitted mill fully diluted mill feed combining La India, Mestiza and America open pits is 8,829Kt at 3.09g/t gold for 847,000 oz gold. Assuming a 92% metallurgical recovery, gold production is estimated to be 779,000 oz gold.

– Ends –

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and CEO

+44 (0) 20 7493 2784

Beaumont Cornish Limited

Roland Cornish and James Biddle

+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP

Ewan Leggat

+44 (0) 20 3470 0470

Blytheweigh

Tim Blythe, Camilla Horsfall and Megan Ray

+44 (0) 20 7138 3204

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Company the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The EP is considered to be the master permit for mining operations in Nicaragua. Condor Gold published a PFS on the La India Project in December 2014, as summarised in the Technical Report. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for seven years. La India Project contains a Mineral Resource of 9,850Kt at 3.6 g/t gold for 1,140Koz gold in the Indicated category and 8,479Kt at 4.3g/t gold for 1,179Koz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve. A gold price of $1,500/oz and a cut-off grade of 0.5g/t and 2.0g/t gold were assumed for open pit and underground resources respectively. A cut-off grade of 1.5g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.), Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Ben Parsons has some nineteen years' experience in the exploration, definition and mining of precious and base metal Mineral Resources. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

The mining dilution studies reported for the Mestiza and America deposits have been performed under the supervision of Dr Tim Lucks, Principal Consultant (Geology & Project Management), of SRK Consulting (UK) Limited, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). Tim Lucks is an independent "qualified person" as such term is defined in NI 43-101. Tim Lucks consents to the inclusion in the announcement that material that relates to the America and Mestiza dilution studies, in the form and context in which it appears and confirms that this information is accurate and not false or misleading

The technical and scientific information in this press release has been reviewed, verified and approved by Gerald D. Crawford, P.E., who is a "qualified person" as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled "Technical Report on the La India Gold Project, Nicaragua, December 2014", dated November 13, 2017 with an effective date of December 21, 2014 (the "Technical Report"), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent "qualified person" as defined by NI 43-101.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are ‘forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2019 dated March 31, 2020, available under the Company's SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Technical Glossary

Mineral Resource

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.

The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals.

The term Mineral Resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined by the consideration and application of Modifying Factors. The phrase ‘reasonable prospects for eventual economic extraction' implies a judgment by the Qualified Person in respect of the technical and economic factors likely to influence the prospect of economic extraction. The Qualified Person should consider and clearly state the basis for determining that the material has reasonable prospects for eventual economic extraction. Assumptions should include estimates of cutoff grade and geological continuity at the selected cut-off, metallurgical recovery, smelter payments, commodity price or product value, mining and processing method and mining, processing and general and administrative costs. The Qualified Person should state if the assessment is based on any direct evidence and testing.

Interpretation of the word ‘eventual' in this context may vary depending on the commodity or mineral involved. For example, for some coal, iron, potash deposits and other bulk minerals or commodities, it may be reasonable to envisage ‘eventual economic extraction' as covering time periods in excess of 50 years. However, for many gold deposits, application of the concept would normally be restricted to perhaps 10 to 15 years, and frequently to much shorter periods of time.

Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101.

There may be circumstances, where appropriate sampling, testing, and other measurements are sufficient to demonstrate data integrity, geological and grade/quality continuity of a Measured or Indicated Mineral Resource, however, quality assurance and quality control, or other information may not meet all industry norms for the disclosure of an Indicated or Measured Mineral Resource. Under these circumstances, it may be reasonable for the Qualified Person to report an Inferred Mineral Resource if the Qualified Person has taken steps to verify the information meets the requirements of an Inferred Mineral Resource.

Indicated Mineral Resource

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

Mineralization may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The Qualified Person must recognize the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource estimate is of sufficient quality to support a Pre-Feasibility Study which can serve as the basis for major development decisions.

Mineral Reserve

Mineral Reserves are sub-divided in order of increasing confidence into Probable Mineral Reserves and Proven Mineral Reserves. A Probable Mineral Reserve has a lower level of confidence than a Proven Mineral Reserve.

A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

Mineral Reserves are those parts of Mineral Resources which, after the application of all mining factors, result in an estimated tonnage and grade which, in the opinion of the Qualified Person(s) making the estimates, is the basis of an economically viable project after taking account of all relevant Modifying Factors. Mineral Reserves are inclusive of diluting material that will be mined in conjunction with the Mineral Reserves and delivered to the treatment plant or equivalent facility. The term ‘Mineral Reserve' need not necessarily signify that extraction facilities are in place or operative or that all governmental approvals have been received. It does signify that there are reasonable expectations of such approvals.

‘Reference point' refers to the mining or process point at which the Qualified Person prepares a Mineral Reserve. For example, most metal deposits disclose mineral reserves with a "mill feed" reference point. In these cases, reserves are reported as mined ore delivered to the plant and do not include reductions attributed to anticipated plant losses. In contrast, coal reserves have traditionally been reported as tonnes of "clean coal". In this coal example, reserves are reported as a "saleable product" reference point and include reductions for plant yield (recovery). The Qualified Person must clearly state the ‘reference point' used in the Mineral Reserve estimate.

Probable Mineral Reserve

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve.

The Qualified Person(s) may elect, to convert Measured Mineral Resources to Probable Mineral Reserves if the confidence in the Modifying Factors is lower than that applied to a Proven Mineral Reserve. Probable Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a Pre-Feasibility Study.

Pre-Feasibility Study (Preliminary Feasibility Study)

The CIM Definition Standards requires the completion of a Pre-Feasibility Study as the minimum prerequisite for the conversion of Mineral Resources to Mineral Reserves.

A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study.

SOURCE: Condor Gold plc

ReleaseID: 601456

Unaudited Interim Condensed Consolidated Financial Statements for the period ended 30 June 2020

NICOSIA, CYPRUS / ACCESSWIRE / August 13, 2020 / Atalaya Mining Plc (AIM:ATYM)(TSX:AYM), the European mining and development company, is pleased to announce its quarterly results for the period ended 30 June 2020 ("Q2 2020"), together with its unaudited interim condensed consolidated financial statements.

The Unaudited Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2020 ("H1 2020") are also available under the Company's profile on SEDAR at www.sedar.com and on Atalaya's website at www.atalayamining.com.

Financial Highlights

Period ended 30 June

Q2 2020

Q2 2019

H1 2020

H1 2019

Revenues from operations

€k

56,544

43,070

117,733

94,782

Operating costs

€k

(43,710)

(31,036)

(95,625)

(63,238)

EBITDA

€k

12,834

12,034

22,108

31,544

Profit for the period

€k

3,035

6,849

5,966

21,004

Basic earnings per share

€ cents/share

2.3

5.1

4.6

15.4

Cash flows from operating activities

€k

7,515

6,856

23,000

14,970

Cash flows used in investing activities

€k

(7,746)

(15,137)

(13,331)

(32,275)

Cash flows (used in)/from financing activities

€k

(9,415)

(268)

14,631

(268)

Working capital surplus / (deficit)

€k

10,309

(18,391)

10,309

(18,391)

Average realised copper price

US$/lb

2.51

2.81

2.54

2.80

Cu concentrate produced

(tonnes)

60,938

48,382

120,941

91,823

Cu production

(tonnes)

13,635

10,889

26,864

21,108

Cash costs

US$/lb payable

1.87

1.74

1.93

1.81

All-In Sustaining Cost

US$/lb payable

2.22

1.95

2.25

2.06

· Q2 2020 revenues of €56.5 million (Q2 2019: €43.1 million). H1 2020 revenues of €117.7 million were higher than the same period for the prior year of €94.8 million. Despite lower copper prices, revenues increased as a result of higher concentrate sales volume in the period following the completion of the plant expansion at Proyecto Riotinto.

· Q2 2020 operating costs were €43.7 million (Q2 2019: €31.0 million). H1 2020 operating costs amounted to €95.6 million (H1 2019: €63.2 million) reflecting the higher production volumes and higher cash costs.

· Q2 2020 EBITDA of €12.8 million (Q2 2019: €12.0 million). H1 2020 EBITDA of €22.1 million (H1 2019: €31.5 million). The increase in Q2 EBITDA was driven by an increase in copper concentrates sold in the period offset by lower commodity prices and higher cash costs.

· Q2 2020 profit after tax of €3.0 million or 2.3 cents basic earnings per share (Q2 2019: €6.8 million or 5.1 cents basic earnings per share). Profit after tax for H1 2020 was €6.0 million or 4.6 cents basic earnings per share (H1 2019: €21.0 million or 15.4 cents per share). Lower EBITDA and higher depreciation charges for the expanded plant at Proyecto Riotinto contributed to lower profits during the period.

· Q2 2020 cash costs of US$1.87/lb of payable copper, higher than Q2 2019 cash costs of US$1.74/lb, mainly attributable to increased processing costs during the quarter relating to higher consumption of lime and grinding balls and, to a lesser extent, SAG liners. Nevertheless, Q2 2020 cash costs were lower than Q1 2020 cash cost of US$1.99/lb.

· Q2 2020 AISC was US$2.22/lb of payable copper, higher than US$1.95/lb during Q2 2019. Increase in AISC was driven by additional investments in sustaining capex, stripping costs. AISC in Q2 2020 was lower than Q1 2020 AISC of US$2.27/lb.

· Inventories of concentrate at 30 June 2020 amounted to €2.9 million (€11.0 million at 31 December 2019).

· Working capital surplus as at 30 June 2020 of €10.3 million, increased from €3.6 million reported as at 31 December 2019. Increase in working capital attributable to operating, cash generated, cash from financing activities and partly netted off by investment cash outflows.

· Unrestricted cash balances as at 30 June 2020 amounted to €32.4 million with €14.9 million remaining drawn against the unsecured credit facilities

· Q2 2020 cash flows from operating activities before changes in working capital were €10.7 million (Q2 2019: €11.7 million). H1 2020 cash flows from operating activities before changes in working capital were €21.9 million (H1 2019: €31.9 million).

· Cash flow used for investing activities amounted to €7.7 million and €13.3 million for Q2 2020 and H1 2020 respectively (Q2 2019 and H1 2019: €15.1 million and €32.3 million respectively). The investments relate to sustaining capex and work on tailings dams.

· Q2 2020 cash from financing activities decreased by €9.4 million as credit facilities used to ensure sufficient liquidity during the COVID-19 pandemic were partly repaid. For H1 2020, the cash generated from financing activities was €14.6 million (H1 2019 €0.3 million).

Operational Highlights

Proyecto Riotinto

· Copper production during Q2 2020 was 13,635 tonnes, an increase of 25.2% compared with 10,888 tonnes produced during Q2 2019 due to the plant expansion completed in 2019. Copper production for H1 2020 was 26,864 tonnes compared with 21,108 tonnes during H1 2019.

· Ore processed during Q2 2020 was 3,572,094 tonnes, an increase on Q2 2019 when ore processed amounted to 2,565,559 tonnes. Total ore processed during H1 2020 amounted to 6,999,242 tonnes (H1 2019: 5,011,536 tonnes).

· Copper recovery during the quarter was 85.89%, higher than the 82.62% achieved in Q1 2020. For H1 2020 copper recovery was 84.32%, compared with 89.47% in H1 2019. Plant recoveries increased against Q1 2020 as a result of operational improvements to the fully commissioned plant.

· As reported on 30 March 2020, operations at Proyecto Riotinto halted for five days following the Royal Decree issued by the Spanish Government to establish national protective measures against COVID-19. This affected tonnage processed during April 2020 resulting in ore milled lower than planned during Q2 2020.

· On 13 April 2020, the Company was formally notified that the Environment Department of the Xunta de Galicia had issued a negative Impact Declaration ("DIA") required to restart copper production at Proyecto Touro.

· The Company continues to assess its options which may include several types of appeals or modified project proposals to address the concerns of the Xunta de Galicia.

· The Company is confident that its world class approach to Proyecto Touro, that includes fully plastic lined tailings with zero discharge, will satisfy the most stringent environmental conditions that may be imposed by the authorities prior to the development of the project.

Outlook 2020

· Annual guidance range of US$1.95/lb-US$2.05/lb and US$2.20/lb-US$2.30/lb for cash costs and AISC, respectively, is currently being maintained.

· Production guidance remains at 55k to 58k tonnes of contained copper.

· Management continues to monitor the impact of COVID-19 on the operations and the ongoing cost structure and will update the market with any potential changes in expectations.

COVID-19 Update

· Since the announcement on 6 April 2020, Proyecto Riotinto continues operating with exceptional requirements and recommendations to prevent exposure to COVID-19 and the spread of the virus.

· Atalaya's key priority continues to be protecting its workforce and the local communities surrounding both Proyecto Riotinto and Proyecto Touro.

· In light of new cases in the north of Spain, the Company has reinforced its measures to protect against the pandemic and any adverse development will be notified accordingly.

Legal updates

· On 7 May 2020, the Company announced the Junta de Andalucía had issued a favourable resolution (the "Resolution") which validates the Unified Environmental Authorisation (the "AAU") of Proyecto Riotinto. In addition, on 1 June 2020, the Company announced the Junta de Andalucía validated the Mining Permits. The Resolutions end the legal process announced by the Company on 26 September 2018 in relation to the judgement made by the Tribunal Superior de Justicia de Andalucía ("TSJA") in connection with the AAU and the Mining Permits.

Alberto Lavandeira, CEO commented:

"Despite the challenges of COVID-19, our Proyecto Riotinto site continues to perform well, with copper production and ore milled both increasing over the quarter and half year and our production and cash costs on track to meet our full year guidance. The work the Atalaya team has carried out during this time gives me immense pride as our key priority continues to be protecting our workforce and the local communities surrounding both Proyecto Riotinto and Proyecto Touro. Looking ahead, the completion of the Proyecto Riotinto expansion in 2019 means that Atalaya is well positioned to continue benefitting from higher copper concentrate sales and the improved commodity price environment."

This announcement contains information which, prior to its publication constituted inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

Contacts:

Newgate Communications

Elisabeth Cowell / Adam Lloyd / Tom Carnegie

+ 44 20 3757 6880

4C Communications

Carina Corbett

+44 20 3170 7973

Canaccord Genuity (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor / James Asensio

+44 20 7523 8000

BMO Capital Markets (Joint Broker)

Tom Rider / Michael Rechsteiner / Neil Elliot

+44 20 7236 1010

Peel Hunt LLP (Joint Broker)

Ross Allister / David McKeown

+44 20 7418 8900

Please click on or paste the following URL into your web browser to view the announcement in full:

http://www.rns-pdf.londonstockexchange.com/rns/9774V_1-2020-8-12.pdf

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Atalaya Mining Plc

ReleaseID: 601484

CALGARY, AB / ACCESSWIRE / August 13, 2020 / Valeura Energy Inc. (TSX:VLE)(LSE:VLU) ("Valeura" or the "Corporation") is pleased to provide the voting results from its annual and special meeting of shareholders held on August 12, 2020.

Shareholders voted on and approved the following proposals: (1) the appointment of KPMG LLP as the auditors of the Corporation; (2) the election of the directors of the Corporation; (3) the approval of the amended and restated stock option plan of the Corporation; and (4) the approval of the amended and restated performance and restricted share unit plan of the Corporation.

The voting results for the election of directors are as follows:

Total Votes

% of Votes Cast

Nominee

For

Withheld

Total

For

Withheld

Dr. W. Sean Guest

18,485,800

1,784,214

20,270,014

91.20%

8.80%

Dr. Timothy R. Marchant

18,476,118

1,793,896

20,270,014

91.15%

8.85%

James D. McFarland

18,485,800

1,784,214

20,270,014

91.20%

8.80%

Ronald W. Royal

18,427,468

1,842,546

20,270,014

90.91%

9.09%

Russell J. Hiscock

18,840,120

1,429,894

20,270,014

92.95%

7.05%

Kimberley K. Wood

17,955,402

2,314,612

20,270,014

88.58%

11.42%

Timothy N. Chapman

18,849,802

1,420,212

20,270,014

92.99%

7.01%

ABOUT THE CORPORATION

Valeura is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Turkey.

Additional information relating to Valeura is also available on SEDAR at www.sedar.com and on the Corporation's corporate website at www.valeuraenergy.com.

For further information please contact:

Valeura Energy Inc. (General and Investor Enquiries) +1 403 237 7102
Sean Guest, President and CEO
Heather Campbell, CFO
Robin Martin, Investor Relations Manager
Contact@valeuraenergy.com, IR@valeuraenergy.com

Canaccord Genuity Limited (Corporate Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor, James Asensio

CAMARCO (Public Relations, Media Adviser) +44 (0) 20 3757 4980
Owen Roberts, Monique Perks, Hugo Liddy, Billy Clegg
Valeura@camarco.co.uk

This Announcement does not contain inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR").

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Valeura Energy Inc.

ReleaseID: 601494

TAMPA, FL / ACCESSWIRE / August 13, 2020 / The Mosaic Company (NYSE:MOS) announced its July 2020 sales revenue and sales volumes by business unit.

Potash(1)

 
July 2020
 
 
July 2019
 

Sales Volumes in thousands of tonnes(2)

 
 
743
 
 
 
788
 

Sales Revenues in millions

 
$ 
154
 
 
$ 
212
 

Mosaic Fertilizantes(1)

 
July 2020
 
 
July 2019
 

Sales Volumes in thousands of tonnes(2)

 
 
1,201
 
 
 
1,029
 

Sales Revenues in millions

 
$ 
385
 
 
$ 
437
 

Phosphates(1)

 
July 2020
 
 
July 2019
 

Sales Volumes in thousands of tonnes(2)

 
 
676
 
 
 
578
 

Sales Revenues in millions

 
$ 
233
 
 
$ 
226
 

(1)The revenues and tonnes presented are sales as recognized in the month and do not reflect current market conditions due to the delays between pricing and revenue recognition.

(2)Tonnes = finished product tonnes

About The Mosaic Company
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphates and potash fertilizers and feed ingredients for the global agriculture industry. More information on the company is available at www.mosaicco.com.

The Mosaic Company Contacts

Media:

Ben Pratt, 813-775-4206
ben.pratt@mosaicco.com

Investors:

Laura Gagnon, 813-775-4214 or
Paul Massoud, 813-244-0669
investor@mosaicco.com

SOURCE: The Mosaic Company via EQS Newswire

ReleaseID: 601381