VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / Universal Copper Ltd. ("UNV", "Universal Copper" or the "Company") (TSXV:UNV)(FSE:3TA1)(OTC PINK:ECMXF) is pleased to announce the signing of an agreement with Doctors Investment Group Ltd. ("Doctors") to acquire its Lac Villebon property consisting of 15 prospective mining claims totaling 864 hectares in Lac Villebon Township located at the eastern end of the Val D'or Gold Mining District, approximately 40 kilometres east of Val D'Or, Quebec.

Lac Villebon lies along a south splay of the Cadillac Transition Zone, a north-northwest trending fault contact between the Pontiac and Abitibi sub-provinces of the Superior province. A potentially auriferous cross cutting offset fault is the exploration target. 2016 diamond drilling, confined to a relatively small section of the claim block, tested a number of EM and magnetic anomalies encountering graphitic shear/fault zones exhibiting strong and pervasive silicification carrying narrow zones of semi-massive to massive sulfide mineralization, primarily pyrite and pyrrhotite, in metavolcanics and metasediments. Along with weakly anomalous gold values, intervals of interesting zinc were also encountered in all holes, with widths ranging from 65 centimetres to 33.05 metres and grades ranging from 0.11% to 0.59% zinc.

UNV President and CEO Clive Massey stated, "Universal is pleased to acquire a nicely situated, technically favorable exploration project in mining friendly Quebec. There are several geophysical anomalies including significant zinc values requiring further exploration. The Lac Villebon project fits nicely into Universal's property portfolio in this ever strengthening resource market."

The Company can obtain a 100% interest in the Lac Villebon property by completing the following terms:

$25,000 within 30 days of signing of the option agreement;
750,000 shares on TSX.V approval;
$50,000 on the 1st anniversary of TSX.V approval;
$50,000 on the 2nd anniversary of TSX.V approval;
$100,000 on the 3rd anniversary of TSX.V approval;

There are no work requirements with the option agreement. There is a 1% Net Smelter Return (NSR) Royalty that can be purchased for $1,000,000.

R. Tim Henneberry, P.Geo., UNV's Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.

Further to the Company's news release on October 13, 2020, the Company has terminated its LOI with UrbanGold Minerals Inc.

For additional information please visit the Company's website at www.universalcopper.com

ON BEHALF OF THE BOARD OF DIRECTORS

"Clive Massey"
Clive H. Massey
President & CEO

For further information, please contact:
Universal Copper Investor Relations
Phone: (604) 341-6870
Email: info@universalcopper.com

Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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

SOURCE: Universal Copper Ltd.

ReleaseID: 619094

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0) (the "Company" or "Commerce") is pleased to announce that, further to its news release of November 5, 2020, the Company is increasing the number of units (each, a "Unit') to be issued in its non-brokered private placement offering (the "Offering") from up to 9,523,809 Units for gross proceeds of up to $2,000,000 to up to 14,285,714 Units at a price of $0.21 per Unit for gross proceeds of up to $3,000,000. The terms of the Units remain the same as announced on November 5, 2020 and the closing of the Offering remains subject to the approval of the TSX Venture Exchange (the "Exchange").

A portion or all of the Offering may be completed pursuant to Multilateral Notice 45-313 – Prospectus Exemption for Distributions to Existing Security Holders and the corresponding blanket orders and rules in the participating jurisdictions (the "Existing Security Holder Exemption"). The Company has set November 4, 2020 as the record date for the purpose of determining shareholders entitled to participate in the Offering in reliance on the Existing Shareholder Exemption. Qualifying shareholders who wish to participate in the Offering should contact the Company at the contact information set forth below. In the event that aggregate subscriptions for Units under the Offering exceed the maximum number of securities to be distributed, then Units will be sold to qualifying subscribers on a pro rata basis based on the number of Units subscribed for. In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, the Offering will also be conducted pursuant to other available prospectus exemptions.

Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

The aggregate gross proceeds from the sale of the Offering will be used to advance the developments of the Company's Ashram REE Deposit in Quebec and for working capital.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Commerce Resources Corp.

Commerce Resources Corp. is an exploration and development company with a particular focus on deposits of rare metals and rare earth elements. The Company is focused on the development of its Ashram Rare Earth Element/ Fluorspar Deposit in Quebec and the Upper Fir Tantalum-Niobium Deposit in British Columbia.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.

"Chris Grove"
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

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

Cautionary Statement Regarding Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, the expiry of hold periods for securities distributed pursuant to the Offering, and Exchange approval of the proposed Offering. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news release; the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE: Commerce Resources Corp.

ReleaseID: 619241

VANCOUVER, BC / ACCESSWIRE / December 2, 2020 / Kismet Resources Corp. (the "Company" or "Kismet") (TSXV:KSMT.P) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") today to close its previously announced acquisition of TDG Gold Corp. ("TDG") by way of a three-cornered amalgamation among the Company, TDG and a wholly-owned subsidiary of the Company (the "Transaction"), as more particularly described in the Company's press releases dated July 29, 2020 and October 5, 2020. The Transaction will constitute the Company's qualifying transaction pursuant to the policies of the Exchange.

Kismet and TDG anticipate closing the Transaction on or about December 11, 2020. Immediately prior to the completion of the Transaction, the outstanding common shares of Kismet will be consolidated on the basis of two pre-consolidation common shares for every one post-consolidation common share (each, a "Resulting Issuer Share"), and Kismet will change its name to "TDG Gold Corp." (the "Resulting Issuer").

In connection with the Transaction, the Company has filed on SEDAR its filing statement dated November 27, 2020 (the "Filing Statement") and a National Instrument 43-101 Technical Report on the Baker-Shasta-Oxide Peak Property, Omineca Mining Division, British Columbia, Canada published for TDG and Kismet dated effective October 18, 2020 by SGDS-HIVE Geological. Investors are encouraged to review the Filing Statement at www.sedar.com, which provides detailed information about the Transaction, the Resulting Issuer, the Company, and TDG, including the audited consolidated financial statements of TDG for the years ended July 31, 2020 and 2019 which reflect that, as at July 31, 2020, TDG had a net loss for the year of $342,949 and total assets of $1,920,409. The Filing Statement also describes the concurrent financing (the "Concurrent Financing") to be completed by Kismet in connection with the Transaction pursuant to which Kismet intends to complete a private placement equity financing to raise gross proceeds of a minimum of $4,000,000 and a maximum of up to $5,000,000 through the issuance of up to 6,666,666 non-flow through units (each, a "Non-Flow Through Unit") at a price of $0.30 per Non-Flow Through Unit and up to 7,058,823 flow-through units (each, a "Flow Through Unit") at a price of $0.425 per Flow Through Unit. Each Non-Flow Through Unit will consist of one Resulting Issuer Share and one-half of one Resulting Issuer Share purchase warrant (each whole warrant, a "Resulting Issuer Warrant"). Each Flow Through Unit will consist of one Resulting Issuer Share that will qualify as a "flow-through share" under the Income Tax Act and one-half of one Resulting Issuer Warrant. Each Resulting Issuer Warrant will be exercisable by the holder thereof to acquire one Resulting Issuer Share at an exercise price of $0.45 for a period of three years from issuance. A finder's fee will be payable in Non Flow-Through Units to certain finders equal to up to 6% of the number of Flow-Through Units and Non Flow-Through Units sold to subscribers brought to the Concurrent Financing by such finders.

Upon the closing of the Transaction, the board of directors and management of the Resulting Issuer will consist of the following individuals:

Dr. Fletcher Morgan – Chief Executive Officer and Director
Dr. Morgan has been the Chief Compliance Officer and Ultimate Designated Person of Elemental Capital Partnership LLP since May 2015 and prior to that a management consultant from July 2009 to April 2015. Dr. Morgan is currently Chair and director of QuestEx Gold & Copper Ltd. and Chair and director of Roughrider Exploration Limited. Dr. Morgan holds a Master of Arts (Honours) degree in Natural Sciences from Cambridge University, UK and a veterinary medical degree also from Cambridge University.

Andrew French – Chair and Director
Mr. French is a Geologist and Senior Mining Fund Analyst with 26 years of international mining resource fund experience, including Sun Valley Gold LLC., Gold 2000 Ltd. and Konwave Gold Equity Fund. Mr. French gained over 10 years' experience as an exploration geologist for several mining companies searching for precious and base metals, diamonds and industrial minerals. He has been the President of Welesmere Management Ltd. since 2010. Mr. French is a Professional Geologist (P.Geo.) and holds a M.Sc. degree in Mineral Exploration from the Royal School of Mines, Imperial College, London, United Kingdom.

Dan O'Brien – Chief Financial Officer
Mr. O'Brien is a member of the Institute of Chartered Professional Accountants of British Columbia. Mr. O'Brien is also Chief Financial Officer for a number of publicly listed exploration companies trading on the Toronto Stock Exchange and the Exchange. Mr. O'Brien was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.

Duncan McBean, P.Geo – VP Exploration
Duncan McBean is a geologist with 30 years' experience working in mineral exploration managing projects from early stage to feasibility level and production. Mr. McBean has prior exploration experience in British Columbia and has managed gold projects throughout Canada and Mexico, most recently as Senior Project Manager for Yamana Gold Ltd. in Manitoba.

Doris Meyer – Corporate Secretary
Ms. Meyer is a corporate secretary and a past member of the Institute of Chartered Professional Accountants of British Columbia. Ms. Meyer is also Corporate Secretary for a number of publicly listed exploration companies trading on the Toronto Stock Exchange and the Exchange.

John-Paul Dau – Director
Mr. Dau was a co-founder of Angkor Gold Corp., an Exchange-listed Project Generator, in 2011 and President until 2019. Under his tenure as President, Angkor Gold Corp. acquired and developed numerous assets in Asia. Mr. Dau brings an extensive background in project management, business development, and fundraising, accomplished by early career involvement in the venture capital sector. Since August 2019, he has been President of Vanguard Properties Inc. From July 2008 to June 2011, he was the Country Manager of Prairie Pacific Mining Corp.

Terence Harbort – Director
Mr. Harbort has been the President, Chief Executive Officer and a Director of Talisker Resources Ltd. since April 2019. He is a recognized senior member of the discovery team of AngloGold's Ashanti's La Colosa and Gramalote deposits. Mr. Harbort is a specialist in mapping and interpretation of ore geometries and ore controls covering various types of geological environments with direct applications to mineral economics from target generation, target definition and evaluation, and project management. He is the co‑founder and Vice President Exploration of Talisker Exploration Services Inc. and current Director and Vice President Corporate Development, Sable Resources Ltd. and former Chief Geoscientist, Barkerville Gold Mines Ltd. Mr. Harbort holds a PhD in Structural Geology and Tectonics.

Evandra Nakano – Director
Ms. Nakano has more than a decade of international mineral exploration and mining industry experience. She is the founder, Director and Chief Executive Officer of Infield Minerals Corp., a mineral exploration company with focus in Nevada. She is also a co-founder of Kismet. From 2010 to 2014, Ms. Nakano was a technical team member of B2Gold Corp., where she participated in the evaluation of several major acquisitions. Ms. Nakano holds a Bachelor of Science (Honours Geology) from the University of British Columbia (UBC) and a Master of Business Administration (Finance) from Sauder School of Business, UBC.

About the Company
The Company is a capital pool company ("CPC") within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the Company are: Evandra Nakano (CEO, CFO, Corporate Secretary and Director), Shervin Teymouri (Director) and David Hladky (Director). Except as specifically contemplated in the CPC policies of the TSX-V, until the completion of its "Qualifying Transaction" (as defined therein), the Company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed "Qualifying Transaction".

For more information please contact the Company at 604-220-4691 or email: info@kismetresources.com.

On Behalf of the Board of Directors of Kismet Resources Corp.
Evandra Nakano
Director

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV Requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the Transaction, any information release or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.

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

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the Transaction and certain terms and conditions thereof, the ability of the parties to complete the Transaction, Kismet's proposed share consolidation, Kismet's proposed name change, the Resulting Issuer's ability to qualify as a Tier 2 Mining issuer, shareholder, director and regulatory approvals, completion of the Concurrent Financing, future press releases and disclosure, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, geological risks, risks associated with the effects of COVID-19, the financial markets generally, the results of the due diligence investigations to be conducted in connection with the Transaction, the ability of the Company to complete the Transaction or obtain requisite Exchange acceptance and, if applicable, shareholder approvals. As a result, the Company cannot guarantee that the Transaction will be completed on the terms described herein or at all. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE: Kismet Resources Corp

ReleaseID: 619251

PERTH, AUSTRALIA / ACCESSWIRE / December 2, 2020 / MARTIN HORGAN, CEO, COMMENTED: "With the focus on improving operational flexibility at Sukari, introducing contract-mining over the next few years for waste stripping in the open pit is cost and time effective. Following a rigorous tender process, Capital was determined to be the best suited to deliver what is needed.

Capital is a trusted contractor to the Company, with a strong understanding of Sukari and the operating environment, including the employment of local workforce and established training programmes, consistent with Centamin's approach to local workforce development. Further detail on the Sukari three-year mining schedule and cost will be provided this morning at our capital markets event."

Centamin announces it has taken the proactive measure to partially integrate contract-mining into the open pit medium term mine plan at Sukari. This cost-effective and time efficient solution enables the Company to accelerate the increased waste stripping programme and improve overall operational flexibility in the open pit.

As part of this increased open pit waste stripping programme Centamin continues to utilise its existing owner operator fleet, which has capacity of 80-90 million tonnes ("Mt") total material moved (ore and waste) per annum. The Company conducted an independent contract-mining tender process to assess incremental contract-waste stripping costs, and capacity, against the cost to expand the current owner-operator mining fleet.

It was concluded that the optimal integration of contract-mining was to isolate the waste stripping workstream on the East wall of the open pit, thereby limiting the day to day interaction with the operations and simplifying operational oversight and planning from a health, safety and logistical standpoint. The East wall waste stripping programme will move material to a dedicated waste dump.

Following a competitive tender process, the Company has awarded Capital Drilling (Egypt) LLC, a subsidiary of LSE listed Capital Limited ("Capital") with a conditional open pit waste mining services contract for the East wall (the "Capital Waste Contract") and has also expanded and extended its existing drilling contract at Sukari (the "Amended Capital Drilling Contract").

The Capital Waste Contract has a four-year term, starting January 2021, to complete a 120Mt open pit waste stripping at Sukari Gold Mine ("Sukari"), providing load & haul and ancillary services
The Amended Capital Drilling Contract was extended from its current end date of 30 September 2023 to 31 December 2024 and expanded by nine blast-hole rigs, bringing total Capital production rigs operating at Sukari to 24 and matching the term of the Capital Waste Mining Contract
The Capital Waste Contract is conditional on Capital raising funds to purchase mining equipment in part via a public market equity placing (the "Capital Placing") required to fulfil the contract. The Capital Placing is subject to shareholder approval
This announcement should be reviewed in conjunction with the Capital announcement published today. For more information on Capital Ltd, please refer to the website www.capdrill.com.
Capital was selected as the preferred contract-miner based on an assessment matrix of cost, speed of implementation, local content and training commitments and ability to execute the contract given the local conditions.

Under the terms of the Capital Waste Contract, Capital is utilising mining equipment consistent with Sukari's current fleet. Centamin has the contractual right to purchase the Capital mining equipment at the end of the Capital Waste Contract. This provides a number of synergies in respect of fleet maintenance during the contract term and provides flexibility for Sukari's fleet replacement strategy and life of mine planning.

FOR MORE INFORMATION please visit the website www.centamin.com or contact:

Centamin plc

Alexandra Carse, Investor Relations

+44 (0) 7700 713 738

investors@centamin.je

Buchanan

Bobby Morse / Kelsey Traynor

+ 44 (0) 20 7466 5000

centamin@buchanan.uk.com

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: Centamin PLC

ReleaseID: 619128

PERTH, AUSTRALIA / ACCESSWIRE / December 2, 2020 / MARTIN HORGAN, CEO, COMMENTED: "Today we are setting out how we will unlock Centamin's potential. We have already strengthened the board and management as we embark on a programme to optimise Sukari and ensure it remains one of the world's leading, low-cost gold mines for the long-term. By generating strong and sustainable cash flows, we will be able to exploit our excellent growth opportunities while delivering returns for all our stakeholders."

Centamin is hosting a capital markets webcast today, Wednesday, 2 December 2020, for investors and analysts. The event will be hosted by Martin Horgan, CEO, and Ross Jerrard, CFO with the presentation starting at 09.00 GMT (UK time). The Company will present its strategic priorities, long-term vision including the three-year outlook and the Group's growth opportunities.

HIGHLIGHTS

Reshaping the business through the right people undertaking the right processes
Investing for operating stability and consistency
Enhanced focus on cash flow generation; targeting US$100 million reduction in the gross annual cost base by 2024
Positioning Sukari to reliably produce 450,000-500,000 ounces of gold per annum, at all-in sustaining costs ("AISC") below US$900/oz sold from 2024
A commitment to shareholder returns with the intention to distribute at least US$100 million in total dividends for each of the financial years 2020 and 2021
Progressing the active pipeline of existing growth opportunities within the business

LIFE OF ASSET REVIEW ("(LOA")

Centamin has completed Phase 1 of the two-phase LOA at Sukari. The Company's objective is to deliver a reliable and consistent operating performance, identify opportunities and potential challenges over the mine life and to move from a short-term planning cycle to a long term, life of mine plan.

Phase 1 of the LOA is the basis to align the asset to industry standards, resulting in a robust three-year mine plan. This new plan will deliver production growth in the medium term and underpin levels of production that will deliver strong, sustainable cash flows from Sukari over the longer term.

Phase 2 of the LOA is actively underway evaluating additional opportunities to further improve operating costs and productivity. This work will result in an updated life of mine plan to be disclosed in Q4 2021.

GROUP THREE YEAR OUTLOOK

units

FY20

FY21

FY22

FY23

PRODUCTION

koz

445-455

400-430

430-460

450-480

TOTAL CASH COST

US$/oz producer

740-790

800-900

775-850

750-825

AISC

US$/oz sold

950-1050

1150-1250

950-1125

900-1075

CAPITAL EXPENDITURE

US$m

155

225

195

175

COMMITMENT TO SHAREHOLDER RETURNS

It is the Board's intention to recommend, subject to final approvals:

US$35 million as the 2020 final dividend, bringing the 2020 total dividend to US$104 million
A minimum of US$105 million as the 2021 total dividend – distributed as an interim and final dividend

The Company maintains a strong balance sheet, has clear visibility on the near and medium capital expenditure requirements and expects to generate significant cash flow at market consensus gold prices.

WEBCAST

To join the webcast please follow this link, allowing a few minutes to register: https://webcasting.buchanan.uk.com/broadcast/5fb2877abe1fd642a3ef21b0

A recording of the event and presentation material will be available on the Company's website shortly after the webcast has concluded.

During the live event, there is a tab where investors can submit questions. Should any questions arise after the event or while watching the replay, please email investors@centamin.je.

FOR MORE INFORMATION please visit the website www.centamin.com or contact:

Centamin plc

Alexandra Carse, Corporate Communications

+44 (0) 7700 713 738

investors@centamin.je

Buchanan

Bobby Morse / Kelsey Traynor

+ 44 (0) 20 7466 5000

centamin@buchanan.uk.com

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: Centamin PLC

ReleaseID: 619127

TIMMINS, ON / ACCESSWIRE / November 30, 2020 / Golden Birch Resources Inc. (CSE:GBRX) ("Golden Birch" or the "Company") announces that further to its announcement on September 16, 2020,it has been informed that the parties to the action (the "PMPL Action") in the Western Australia Supreme Court have entered into a settlement agreement. The parties to the PMPL Action were a certain shareholder of Papuan Minerals Pty Ltd ("PMPL"), the Directors of PMPL, and PMPL itself. The Company is not a party to the PMPL Action and neither PMPL nor Papuan Minerals Ltd ("PML") is an affiliate of Golden Birch.

Golden Birch is a party to an option agreement dated March 20, 2020 (the "Option Agreement") among PMPL and PML, a wholly‐owned subsidiary of PMPL and the holder of the exploration licences that make up the Keveri project ("Keveri Project"). Pursuant to the Option Agreement, Golden Birch holds the option to earn up to an 85% interest in PML.

Golden Birch is continuing to seek further information and take legal advice on the matter and it will update the market on any relevant developments as required. The Company does not expect these legal proceedings will have a material impact on its exploration plans or commitment at the Keveri Project.

About Golden Birch Resources Inc.

Golden Birch Resources Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. Core values for the Company are respect for the community, the landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practise standards of corporate governance.

For further information please visit the Company's website at www.goldenbirchresources.ca or contact:

Golden Birch Resources
Iain Martin, Chief Administrative Officer (CAO)
& Executive Director

Yellow Jersey PR Limited
Sarah Hollins
Henry Wilkinson
Emma Becirovic

Tel: +1 (0) 705 288 0249
martiniainr@gmail.com

Tel: +44 (0) 20 3004 9512
goldenbirch@yellowjerseypr.com

Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Such statements reflect the Company's present views, future plans, objective or goals, including words to the effect that the Company or management expects a stated condition or result to occur. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Many risks, uncertainties, and other factors involved with forward-looking information could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities.

Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, such actual results of current exploration programs, the general risks associated with the mining industry, the price of copper, gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, , uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.

SOURCE: Golden Birch Resources Inc.

ReleaseID: 618926

VALEURA ANNOUNCES PDMR SHARE DEALING

CALGARY, AB / ACCESSWIRE / December 1, 2020 / Valeura Energy Inc. (TSX:VLE, LSE:VLU) (the "Company"), an upstream oil and gas company with assets in the Thrace Basin of Turkey, announces that its Vice President, Exploration, Rob Sadownyk, purchased a total of 200,000 common shares of no par value in the capital of the Company at an average price of C$0.473 per share (approximately £0.272 per share) on the Toronto Stock Exchange between November 26th and November 30th, 2020.

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, Billy Clegg, Monique Perks, Hugo Liddy
Valeura@camarco.co.uk

This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.

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: 618937

BISHOPSGATE, LONDON / ACCESSWIRE / December 1, 2020 / The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to provide an update regarding the completion of the Pre-Feasibility Study ("PFS") at the Alpala Project on the Cascabel concession in northern Ecuador.

As reported on 30 September 2020, SolGold initially planned delivery of the PFS at the end of Q3 2020. However, as a result of COVID-19 restrictions, SolGold had limited physical access to site in Ecuador for a number of months. Additionally, there were restrictions and limited staff at laboratories in Chile. These limitations resulted in delays in gathering and processing critical geotechnical data required to meet the original study plan and schedule.

The 30 September 2020 update also provided a summary of the status of the geotechnical evaluations and modelling as well as other critical activities required for completion of the PFS. While this work program is now nearing completion, various aspects will, however, continue to be further optimised following publication of the PFS.

Assessment of the new geotechnical information has necessitated a redesign of certain underground infrastructure to a location outside of the cave footprint, changes to the mine design and development, and mining production schedules. This work is nearing completion with preliminary financial modelling expected to be undertaken in December this year and be subject to reiterative optimisation.

In parallel, the project team is also assessing aspects of the Alpala Project which can be further investigated to improve the modelled financial performance of the proposed mine development.

It is expected that consideration of this additional optimisation work will be reported in an updated PFS prior to the final Feasibility Study.

As part of this additional optimisation work, the PFS team is also investigating:

· Improvements to metallurgy and the quality of metallurgical assumptions;

· Seismicity studies to refine design of the tailings dam and processing plant sites; and

· Sustainability improvements, including the option for hydroelectric power supply to Alpala.

This additional optimisation work is expected to increase the accuracy of current assumptions and deliver further value over the PFS outcomes.

The recently formed Alpala Project Committee, chaired by Non-executive Director Keith Marshall, is currently undertaking a review of the PFS work input components and the report drafting progress. The key objectives of this committee are to actively participate in setting the development strategy, provide advice, support effective decision making and monitor the staged development to achieve agreed outcomes relating to the Alpala Project.

The Apala Project Committee review is expected to be completed by the end of January 2021, followed by a recommendation to the Board. The Company plans to update the market on the PFS shortly thereafter.

This review by the Alpala Project Committee is leading practice and a key building block to further advance Alpala and transition the project to the next development phase.

By order of the Board
Karl Schlobohm
Company Secretary

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.

CONTACTS

Nicholas Mather

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

Tel: +61 (0) 7 3303 0665

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

Eliza Michael / Fawzi Hanano

SolGold Plc (PR / IR)

emichael@solgold.com.au fhanano@solgold.com.au

Tel: +44 (0) 20 3823 2131

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 and most active concession holder 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 700 employees of whom 98% are Ecuadorean. 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 over 80 geologists 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 junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of 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 reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5million.

Advancing Alpala towards development

The resource at the Alpala deposit contains a high-grade core which will be targeted to facilitate early cashflows and an accelerated payback of initial capital. SolGold is currently progressing its Pre-Feasibility Study and is fully funded through to development decision following the Net Smelter Royalty Financing with Franco-Nevada Corporation for US$100million. Franco-Nevada will receive a perpetual 1% NSR interest from the Cascabel licence area.

SolGold is currently assessing financing options available to the Company for the development of the Alpala mine following completion of the Definitive Feasibility Study.

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 2,084,113,494 fully-paid ordinary shares and 112,275,000 share options.

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.

The data aggregation method for calculating Copper Equivalent (CuEq) for down-hole drilling intercepts and rock-saw channel sampling intervals are reported using copper equivalent (CuEq) cut-off grades with up to 10m internal dilution, excluding bridging to a single sample and with minimum intersection length of 50m.

Copper Equivalent is currently calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.751 (CuEq = Cu + Au x 0.751), calculated from a current nominal copper price of US$3.30/lb and a gold price of US$1700/oz.

True widths of downhole intersections are not well constrained. Drill hole one was inclined -55degrees towards the east, and the interpreted trend of the Cacharposa Intrusive Complex and its associated porphyry copper-gold mineralisation is subvertical, dipping approximately 85-90 degrees to the west. The true width of down-hole intersections reported are therefore expected to be approximately 55-60% of the down-hole lengths.

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. 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: 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. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. 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: 618945

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / Tracesafe Inc. ("TraceSafe") (CSE:TSF) today commented on the announcement of a significant corporate development by Airbeam Wireless Technologies Inc. ("Airbeam"). TraceSafe is one of Airbeam's largest shareholders holding approximately 9.9 million Airbeam shares, representing approximately 16% of Airbeam's outstanding shares.

Airbeam announced today that it entered into a letter of intent with Canadian Securities Exchange (CSE: WPN) listed First Responder Technologies Inc. ("First Responder"). Pursuant to the letter of intent, First Responder agreed to acquire all of the outstanding Airbeam shares for a number of First Responder shares to be determined. The transaction is expected to constitute a reverse takeover of First Responder by Airbeam and a "fundamental change" of First Responder pursuant to Canadian Securities Exchange policies.

Tracesafe will monitor further developments regarding the potential Airbeam transaction. If the transaction is completed, which is not guaranteed and remains subject to a number of conditions, including the execution of a definitive agreement, TraceSafe will explore options to monetize its investment in the resulting issuer for the direct benefit of Tracesafe shareholders, which could include a special dividend of any shares received by Tracesafe pursuant to the transaction.

Airbeam was valued at approximately $97 million in a private funding round completed roughly one year ago, confirmed by company sources. TraceSafe believes that the market and competitive landscape for Airbeam's business has improved since Airbeam's last funding round, and that Airbeam's reverse take-over of First Responder could accelerate the deployment of 5G small cell, edge compute, wireless backhaul and AI capabilities.

Executive Quote

James Passin, the Chairman of the Board of TraceSafe, stated, "We congratulate the management of Airbeam for announcing this potentially value-unlocking corporate development. We will continue to follow for developments on the transaction and any ensuing opportunities to maximize value for the benefit of TraceSafe shareholders."

Additional details on the proposed transaction are available under First Responder's SEDAR profile at www.sedar.com.

About TraceSafe

TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management. TraceSafe's leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe's patented contact tracing bracelet has already been deployed in mission critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading edge solutions for Enterprise, Healthcare, Education, Government and large-scale venue management.

For further information, please contact:

Wayne Lloyd, CEO
+1 (604) 629-9975
wayne@tracesafe.io

Alan Tam, CFO
+1 (604) 377‐7575
alan@tracesafe.io

John Costigan
+1 (604) 620-8589
jcostigan@ecmbcapital.com

The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release.

Statements in this news release may contain forward-looking statements that are based on TraceSafe's expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of COVID-19 and solutions adopted in response to the virus, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments reopen, competition, the spread or containment of COVID-19 and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.

SOURCE: Tracesafe Inc.

ReleaseID: 618977

VANCOUVER, BC / ACCESSWIRE / December 1, 2020 / CIBT Education Group Inc. ("CIBT" or the "Company") (TSX:MBA)(OTCQX:MBAIF) reports that it has filed on SEDAR its annual audited consolidated financial statements (the "Annual Financial Statements") and related Management's Discussion & Analysis (the "MD&A") (collectively, the "2020 Financial Report") for the fiscal year ended August 31, 2020 ("Fiscal 2020"). This news release should be read in conjunction with the 2020 Financial Report in its entirety. To review the 2020 Financial Report, please visit CIBT's profile at www.sedar.com.

The following table presents selected financial data from the 2020 Financial Report with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted.

For the years ended August 31,

2020

2019

% Change

Total revenues

$

62,548

$

70,997

-12%

Cost of operations

$

25,639

$

30,723

-17%

Gross margin

$

36,909

$

40,274

-8%

Other operating expenses

$

32,769

$

36,496

-10%

Finance costs

$

8,168

$

6,594

24%

Gain (loss) on change in fair value of investment properties

$

(5,730)

$

20,116

-128%

Other income (expense), net

$

5,317

$

(1,213)

-538%

Income (loss) before income taxes

$

(4,441)

$

16,087

-128%

Income tax expense

$

310

$

1,155

-73%

Net income (loss)

$

(4,751)

$

14,932

-132%

Net income attributable to CIBT shareholders

$

1,229

$

2,614

-53%

Income (loss) per share – CIBT shareholders

Basic

$

0.02

$

0.03

-33%

Diluted

$

(0.01)

$

0.03

-133%

Total assets

$

452,767

$

389,670

16%

Total non-current liabilities

$

111,273

$

113,824

-2%

The following reconciles net income (loss) to EBITDA and Adjusted EBITDA (non IFRS):

Fiscal 2020

Fiscal 2019

($)

($) (2)

Net income (loss) – Continuing operations

(4,751)

14,932

Deduct: interest income

(2,863)

(471)

Add: interest expense

8,496

7,011

Add: income tax provision

310

1,155

Add: depreciation and amortization

7,927

3,667

EBITDA [non-IFRS] (1)(2)

9,119

26,294

Add loss/deduct (gain) on changes in fair value of investment properties

5,730

(20,116)

Add loss/deduct (gain) on derivatives, net

(381)

(336)

Adjusted EBITDA [non-IFRS] (1)(2)

14,468

5,842

See the "Non-IFRS Financial Measurements" cautionary note at the end of this news release.
For the year ended August 31, 2019, previously reported EBITDA and Adjusted EBITDA were $23,752 and $3,636, respectively. Previous presentation of interest expense did not include accretion of deferred finance fees. Previous presentation of depreciation and amortization did not include amortization of agency fee intangibles.

"Fiscal 2020 displayed strong growth for our domestic education business at Sprott Shaw College as our revenue from those operations increased from $35.43 million to $37.04 million," commented Toby Chu, Chairman, President and Chief Executive Officer of CIBT. "The on-going pandemic ("COVID-19") and resulting border closures that were imposed during Fiscal 2020 had an impact on our overall business including our subsidiaries serving international students, which resulted in a 12% decline in total revenue. It is important to note that while the Company reported a net loss for Fiscal 2020, EBITDA was $9.19M and Adjusted EBITDA was $14.468M, respectively, in Fiscal 2020. Other highlights are:

Non-cash adjustments in Fiscal 2020 totaled $10.156 million associated with write-down of intangible assets and goodwill of $3.556 million, decrease of $5.73 million on fair value changes in our investment properties, and allowances against deferred tax assets
Net income attributable to CIBT shareholders was $1.229 million
Income per share (basic) declined to $0.02 per share for Fiscal 2020 however was still positive
Total asset value grew from $389.67 million to $452.767 million compared to the same period of last year, which does not include the $48.5 million purchase price for our 11th project, GEC® Marine Gateway, completed following our year-end
Cash on hand was $23 million as of August 31, 2020

CIBT management undertook significant efforts during Fiscal 2020 to address the new business landscape:

Transitioned all education platforms from an on-campus learning model to a virtual classroom model within ten days after lock-down measures were imposed
Provided 24/7 services to students residing in Canada and abroad throughout the pandemic period
Accommodated new students that vacated public university dormitories by relocating them to GEC® rental apartments while managing early cancellations for certain tenants
Provided Vancouver Coastal Health staff and frontline health workers with temporary housing at reduced costs at GEC® properties near hospitals
Increased the diversity of the GEC® rental tenant base to not only include students but also working professionals
Expanded GEC® Granville's tenant base, a twelve-story hotel operation, to accept international students seeking short-term accommodations who were unable to leave the country
Reduced the number of occupants per unit in GEC® properties to comply with quarantine requirements and social distancing, but most importantly, to protect the health of CIBT's tenants from the spread of COVID-19

"During the year, we took necessary steps to ensure that our tenants and students were less vulnerable to contracting COVID-19 within the premises of our schools and rental properties," continued Toby Chu. "We will continue to uphold CIBT's reputation by prioritizing the health of our tenants and students as their well-being is highly integral to our business."

Despite COVID-19's effect on the global economy, CIBT has continued its successful track record by achieving the following milestones:

Completed the land acquisition of GEC® Oakridge for $30.3 million in Fiscal 2020
Successfully raised $28.7 million, directly and through its subsidiary limited partnerships, during the 14 months from the beginning of Fiscal 2020 to October 30, 2020
Completed $203 million in mortgage financing, re-financing, and construction loans during the 15 months from the beginning of Fiscal 2020 to November 30, 2020, and took advantage of the lower interest rates where applicable
Completed the acquisition of GEC® Marine Gateway for a purchase price of $48.5 million on October 27, 2020
Expanded the real estate portfolio from ten projects to eleven projects, consisting of sixteen buildings which includes seven buildings that are operational, four buildings under construction, and five proposed buildings on land in the rezoning and construction phase. Refer to the Company's news release dated November 3, 2020 for a complete update of CIBT's real estate development progress1
All entities under CIBT's education and real estate subsidiaries have remained fully operational throughout the global pandemic
Continued construction and rezoning of various properties that are under development with public hearing dates confirmed for GEC Education Mega Center®, which occurred on November 19, 2020, and for GEC® Oakridge on January 19, 2021
Reduced dilution by cancelling 9.1288 million shares as of November 2, 2020, purchased through its normal course issuer bids from January 2015 to November 2020

Recent developments in the education and real estate market in Vancouver and Canada that have impacted the Company are as follows:

As of October 20, 2020, Canada re-opened its borders to international students from most countries attending eligible schools, and international student enrollments in CIBT's education subsidiaries have resumed
Occupancy rates for GEC® Granville Hotel and GEC® rental apartments are gradually returning to pre-pandemic levels
Real estate transactions in Metro Vancouver experienced a growth of 56.2% and 29% during the months of September and October 2020 compared to the same period in 2019 respectively, according to the Greater Vancouver Real Estate Board(*2)
Rental apartments have garnered strong interest from institutional investors seeking acquisition opportunities according to analyst reports from CBRE, Cushman and Associates, Colliers and Goodman Commercial
Canada was ranked #1 in ‘Top 10 Places to Study Abroad' by Educations.com(*3) and ranked #3 in ‘Best Country for Education' by U.S News(*4),encouraging international students to return to Canada
According to a Canada Mortgage and Housing report(*5), the vacancy rate for rental accommodations in Vancouver remains approximately 1%

(*1) http://www.cibt.net/cibt-group-provides-update-gec-branded-real-estate-portfolio/

(*2) https://www.rebgv.org/market-watch/monthly-market-report/october-2020.html

(*3) https://www.educations.com/top-10-lists/top-10-places-to-study-abroad-global-18096

(*4) https://www.usnews.com/news/best-countries/best-education

(*5) https://goodmanreport.com/app/uploads/2020/01/rental-market-reports-vancouver-64467-2020-a01-en.pdf

"We view the above recent developments, together with the recent news of the progress of several COVID-19 vaccines, as positive signs that the international education and real estate market will start to pick up again in the next few months," stated Toby Chu. "Moreover, the on-going shortage of rental properties is expected to cause rental prices to rise, which will increase our real estate portfolio value. Fair value changes in our investment properties is subject to recovery when the real estate market returns to a normal state. As a result, we expect this will enable us to realize fair value gains in the future. We are grateful for receiving tremendous support from the investment community and we are very proud of our 600 employees for their relentless effort in dealing with the current business environment amid COVID-19. Moving forward, we plan to expand our education footprints, acquire new properties to grow our student housing portfolio, increase the scale of future GEC® projects, and repeat our business model to produce strong financial results."

About CIBT Education Group:

CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 47 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. The total annual enrollment for the group in 2019 exceeds 12,000 students.

CIBT owns Global Education City Holdings Inc. ("Global Holdings"), an investment holding, and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.

CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.

For more information contact:

Toby Chu
Chairman, President & CEO
CIBT Education Group Inc.
investor Relations Contact: 1-604-871-9909 extension 310 or | Email: info@cibt.net

NON-IFRS FINANCIAL MEASUREMENTS

The Company has included non-IFRS performance measures throughout this press release, including Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") and "Adjusted EBITDA" which is EBITDA adjusted for the gain (loss) on change in fair value of the Company's investment property and the gain (loss) on change in derivative liabilities, net. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures 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. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions and Adjusted EBITDA as a measure of net income (loss) without the impact of gain (loss) on the change in the fair value measurements which are not realized. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures has been provided throughout the Company's MD&A filed under the Company's profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS:

Some statements in this news release contain forward-looking information (the "forward-looking statements") about CIBT Education Group Inc. and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements in this news release include, without limitation, statements as to: (i) the expectation that the real estate market will start to pick up again in the next few months and that property values will return to pre-COVID-19 values; (ii) that rental prices will rise due to the on-going shortage of rental properties, increasing CIBT's real estate portfolio value; and (iii) that the Company's limited partnership subsidiaries will be able to acquire new properties leading to strong financial results. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause CIBT's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation: (a) that restrictions arising as a result of COVID-19 will continue for a period of time beyond management's current expectations, continuing to adversely affect the economy and real estate values; (b) the ability of CIBT's subsidiary limited partnerships to arrange equity investment and secure other required funding to acquire and build GEC® projects, usual construction risks, the ability to obtain all required municipal approvals, the ability to continue to attract students to reside in GEC® branded accommodations, and the level of competition faced by the Company. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT's management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.

SOURCE: CIBT Education Group Inc.

ReleaseID: 619067