Arianne Phosphate reports corporate and financial results for the third quarter 2021
SAGUENAY, QUEBEC – (November 17, 2021) – Arianne Phosphate (the “Company” or “Arianne”) (TSX VENTURE: DAN; OTC: DRRSF; FRANKFURT: JE9N), a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, reported its financial results for the three-month and nine-month period ended September 30, 2021. All amounts are in Canadian dollars unless noted.
“The third quarter saw continued advancement for our Company,” said Brian Ostroff, President of Arianne Phosphate. “Supply disruptions, export restrictions and a much-improved agricultural macro have all acted to push phosphate prices to multi-year highs and act as a catalyst in our discussions with potential partners and offtakers. Beyond agricultural requirements, other applications such as Lithium-Iron-Phosphate batteries have also advanced, resulting in discussions with those in the battery and automotive industry as well. Arianne’s high-purity phosphate concentrate from a safe geopolitical jurisdiction places the Company in an enviable position and, higher prices continue to make a compelling argument for the project.”
Financial and Operational Highlights
• In November 2021, the Company announced that following preliminary test work, conducted in collaboration with several battery industry participants, the Company will now be sending out its high-purity phosphate concentrate for a more detailed analysis. This next stage of testing has been designed to meet specifications provided by a major battery producer by way of MoU and, through an independent facility that is a producer of purified phosphoric acid.
• During Q3 2021. Arianne had sold a piece of land to Port of Saguenay according to the agreement in principle with the Port of Saguenay regarding the future site of a maritime loading facility on the north shore of the Saguenay River closed in April 2021.
• On August 10, 2021, Arianne announced that it had engaged Lytham Partners to provide investor relations services to the Company. The engagement of Lytham Partners will allow Arianne to continue its outreach program that had commenced in the first quarter of 2021.
Arianne is a development-stage company and, as such, did not generate revenue or positive cash flow in Q3 2021. In the third quarter ended September 30, 2021, the Company incurred net losses of $1.2 million (M) for the three-month period and $7.1M for the nine-month period. For the same period in 2020, the net loss incurred was $1.7M for the three-months period and $4.2M for the nine-month period. The higher losses are explained by borrowing costs that were previously capitalized. Since the Company is currently in a period of raising funding for its project development through financing and offtake agreements and, is not carrying on substantial technical work, the Company is expensing its borrowing costs until further technical work is done on the project.
Arianne’s Management Discussion and Analysis and condensed consolidated interim financial statements for the three month and nine-month period ended September 30, 2021 are available on the Company’s website and on SEDAR at www.sedar.com.
Raphael Gaudreault, eng. Qualified Person by NI 43-101, has approved this release. Mr. Gaudreault is also the Company’s Chief Operating Officer.
About Arianne Phosphate
Arianne Phosphate (“Arianne Phosphate Inc.”) (www.arianne-inc.com) is developing the Lac à Paul phosphate deposits located approximately 200 km north of the Saguenay/Lac St. Jean area of Quebec, Canada. These deposits will produce a high-quality igneous apatite concentrate grading 39% P2O5 with little or no contaminants (Feasibility Study released in 2013). The Company has 185,389,469 shares outstanding.
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.
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Source : Raphael Gaudreault, COO Tél. : 418-549-7316 [email protected]
Info: Brian Ostroff, President Tel. : 514-908-4202 [email protected]