Altus Strategies Plc(AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF) announces that it has published its unaudited financial results for the three and nine-month periods ending 30 September 2020 and its Management's Discussion & Analysis for the three month period ending 30 September 2020. These documents have been posted on the Company's website at www.altus-strategies.com/investors/financials/ and are also available on SEDAR at www.sedar.com.
HIGHLIGHTS
Highlights for the three months ended 30 September 2020 are as follows:
Operational highlights:
- Mineral resource estimate published for the Company's 100% owned Diba gold project in western Mali, comprising 4,834,000 tonnes at 1.39 g/t gold ("Au") for 217,000 ounces in the Indicated category and 5,479,000 tonnes at 1.06 g/t Au for 187,000 ounces in the Inferred category - see news release "Significant Gold Resource at Diba Project, Western Mali" dated 06 July 2020
- Preliminary Economic Assessment published for Diba project outlined US$81 million after-tax net present value ("NPV") based on 10% discount rate and US$1,500/oz gold price (note that mineral resources that are not mineral reserves do not have demonstrated economic viability) - see news release "Robust US$81 Million (After-Tax) PEA for Diba Gold Project, Western Mali" dated 22 July 2020
- Results of a mineral resource estimate prepared in accordance with the JORC Code (an acceptable foreign code for the purposes of NI 43-101) for the Tabakorole gold project in southern Mali, comprising 1.2 g/t Au for 620,000 ounces in the Indicated category, 1.2 g/t Au for 290,000 ounces in the Inferred category, prepared by the Company's Joint Venture ("JV") partner, Australian Securities Exchange ("ASX") listed Marvel Gold Limited ("Marvel Gold", formerly called Graphex Mining Limited) - see news release "Substantial Increase in Gold Resource at Tabakorole Project, Southern Mali" dated 30 September 2020
- Further high-grade air-core drilling results at Tabakorole gold project announced by Marvel Gold extending the strike length of the FT Prospect by up to 600m
- Environmental Impact Assessment at the Company's 100% owned Agdz silver and copper project in eastern Morocco, accepted by Ministry of Interior, and new targets generated on the project using predictive mapping techniques
Corporate highlights:
- Definitive Purchase & Sale and Royalty agreements signed with TSX-V listed Stellar AfricaGold Inc. ("Stellar") in respect of the Company's 100% interest in the Prikro and Zenoula gold projects in Côte d'Ivoire for 2,500,000 Stellar shares, 2,500,000 warrants, milestone payments and a 2.5% Net Smelter Return royalty on each project
- Commencement of quotation of the Company's Ordinary Shares on the OTCQX Best Market in the United States under the ticker symbol "ALTUF" enhancing visibility of the Company to potential US investors
- Appointment of Sandra Bates as in-house General Counsel, who will play an integral role for the Company in structuring potential royalty and project transactions, as well as managing the Company's general legal affairs
- Grant of share options to certain directors and employees to acquire 5.1m Ordinary Shares at an exercise price of £0.7315 per Ordinary Share, representing a 10% premium to the closing market price on the date of grant
Financial highlights:
- Cash balance of £6.8m/C$11.6m as at 30 September 2020
- Cash outflow for operating activities of £0.7m/C$1.0m for three months ending 30 September 2020
- Balance of listed equity holdings of £1.5m/C$2.6m as at 30 September 2020
Post period:
- 10,000m reverse circulation ("RC") drill programme underway at the Diba gold project in western Mali to test resource expansion potential as well as five further priority prospects
- Updated Preliminary Economic Assessment published for Diba project, with 32% increase in after-tax NPV to US$107 million based on 10% discount rate and US$1,500/oz gold price (note that mineral resources that are not mineral reserves do not have demonstrated economic viability) - see news release "Updated PEA Delivers US$107 Million (After-Tax) NPV for Diba Gold Project, Western Mali" dated 18 November 2020
- Excellent results received from metallurgical test work on oxide and sulphide samples at Diba gold project in western Mali, which test the amenability of ores to carbon-in-leach ("CIL") and heap leach processing
- Commencement of 3,800m phase-1 drilling programme at Lakanfla gold project in western Mali under JV with Marvel Gold
- Commencement of 5,000m trenching programmes across several key prospects at the Company's 100% owned Laboum gold project in northern Cameroon
Source: Altus Strategies Plc
Full announcement below:
https://www.londonstockexchange.com/news-article/ALS/quarterly-results-financial-statements/14771286