DAN: TSX-V (Canada)
JE9N: FSE (Germany)
DRRSF: OTC (USA)
SAGUENAY, QC, Nov. 22,
2022 /CNW Telbec/ - Arianne Phosphate (the
"Company" or "Arianne") (TSXV: DAN) (OTC: DRRSF) (FRANKFURT:
JE9N) a development-stage phosphate mining company, advancing
its Lac à Paul project in Quebec's
Saguenay-Lac-Saint-Jean region, reported its financial results for
the three and nine-month periods ended September 30, 2022. All amounts are in Canadian
dollars unless otherwise noted.
Financial and Operational
Highlights
- On April 1, 2022 the Company
issued 4,166,096 common shares at a price of $0.512 per share, in lieu of cash, as its annual
interest payment to Mercury Financing Corp. as at March 31, 2022. The Company has elected to pay in
common shares, with these securities issued being subject to a hold
period that ended August 2, 2022.
- In April 2022, Arianne entered
into a collaboration with Northern Nutrients of Saskatchewan, Canada to advance the use of its
high-purity phosphate concentrate in alternatively derived
fertilizers. The benefits of this work would result in the ability
to integrate the Company's phosphate concentrate directly into
fertilizers without having to first transform it through
acidulation.
- In May 2022, the Company
announced that it successfully tested an enhanced process that will
allow the Company to optimize its high-purity phosphate concentrate
for specific end markets. Working with Corem, Arianne produced both
a low MER (minor element ratio) and higher MER phosphate
concentrate using high intensity magnetic separation. The results
demonstrated that Arianne's phosphate concentrate can be further
optimized to meet target markets with an easy addition to the
process flowsheet. The low MER material is of interest to
those looking for specialty phosphate applications, such as
high-purity acid used in lithium-iron-phosphate ("LFP") batteries
while, the higher MER concentrate would be of interest for direct
application fertilizers, as it would be higher in beneficial
micronutrients such as iron.
- In June 2022, Arianne appointed
Mr. Michael Gentile as a strategic
advisor to the Company. Mr. Gentile's role will be to advise
the Board on matters regarding capital markets and its discussions
with potential financial partners and investors. Mr. Gentile
has also purchased 4 million shares of Arianne Phosphate in the
open market and secured an option, from a private investor,
allowing him to purchase an additional 2 million shares at
$0.75 for a period of 18 months.
- In June 2022, the Company
announced that it has received positive results from tests that
confirm its high-purity phosphate concentrate can be used in the
production of technical grade phosphoric acid used in the
production of batteries. These tests were designed to confirm
that Arianne meets specifications provided by a producer of
lithium-based batteries and performed through an independent
facility specializing in the production of purified phosphoric
acid. The lithium-iron-phosphate battery ("LFP") has emerged as a
leading technology in batteries. Many automotive companies
are currently or have already announced plans to use LFPs in their
cars, following that of many Chinese companies. As well,
beyond the automotive market, many industry analysts view the LFP
battery as playing a key role in the energy storage market, a
market that could exceed automotive demands and continue to drive
demand for these battery materials such as phosphate.
- On September 22, 2022, the
Company's shares began trading on the OTCQX under the symbol DRRSF.
Upgrading to the OTCQX Market is an important step for Arianne,
seeking to provide transparent trading for their U.S.
investors.
- In October 2022, Arianne
appointed Ms Geneviève Ayotte as the Company's CFO. Ms Ayotte
replaced Pier-Elise Hébert-Tremblay who had held the position since
February 2021.
Financial Summary
Arianne is a development-stage
company and, as such, did not generate revenue or positive cash
flow in Q3 2022. In the third quarter ended September 30, 2022, the Company incurred net
losses of $1.3 million for the
three-month period and $4.6M for the
nine-month period. For the same periods in 2021, the net loss
incurred was $1.2M for the
three-month period and $7.1M for the
nine-month period. The lower loss in 2022 is explained by
finance costs that were higher in 2021 due to the conversion in
share of the loans that created a loss on conversion and the
extension of the credit line as at Q1 2021. These costs are
noncash.
Arianne's Management Discussion and Analysis and condensed
consolidated interim financial statements for the three and
nine‑month periods ended September 30,
2022, are available on the Company's website and on SEDAR at
www.sedar.com.
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 190,037,348
shares outstanding.
Qualified Person
Raphael Gaudreault, eng., Qualified Person by NI
43-101, has approved this release. Mr. Gaudreault is also the
Company's Chief Operating Officer.
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.
Follow Arianne
on:
Facebook: https://www.facebook.com/ariannephosphate
Twitter: http://twitter.com/arianne_dan
YouTube: http://www.youtube.com/user/ArianneResources
Flickr: http://www.flickr.com/photos/arianneresources
Resource Investing
News: http://resourceinvestingnews.com/?s=Arianne
Cautionary Statements Regarding Forward Looking
Information
This news release contains "forward-looking statements"
and "forward-looking information" within the meaning of applicable
securities regulations in Canada
and the United States
(collectively, "forward-looking information"). Forward-looking
information includes, but is not limited to,
anticipated quality and production of the apatite concentrate
at the Lac à Paul project. Often, but not always, forward-looking
information can be identified by the use of words such as "plans",
"expects, "is expected", "budget", "scheduled", "estimates",
forecasts", "intends", "anticipates", or "believes", or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might", or "will" be taken, occur or be achieved.
Forward-looking information is subject to be 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:
volatile stock price; risks related to changes in commodity prices;
sources and cost of power facilities; the estimation of initial and
sustaining capital requirements; the estimation of labor and
operating costs; the general global markets and economic
conditions; the risk associated with exploration, development and
operations of mineral deposits; the estimation of mineral reserves
and resources; the risks associated with uninsurable risks arising
during the course of exploration, development and production; risks
associated with currency fluctuations; environmental risks;
competition faced in securing experienced personnel; access to
adequate infrastructure to support mining, processing, development
and exploration activities; the risks associated with changes in
the mining regulatory regime governing the Company; completion of
the environmental assessment process; risks related to regulatory
and permitting delays; risks related to potential conflicts of
interest; the reliance on key personnel; financing, capitalization
and liquidity risks including the risk that the financing necessary
to fund continued exploration and development activities at Lac à
Paul project may not be available on satisfactory terms, or at all;
the risk of potential dilution through the issue of common shares;
the risk of litigation. Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in commodity
prices, exploration and development plans proceeding in accordance
with plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approval, and such other assumptions
and factors as set out herein. Although the Company has attempted
to identify important factors that could cause actual results to
differ materially from those contained in the 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 forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly,
readers should not place undue reliance on forward-looking
information. Forward-looking information is made as of the date of
this press release, and the Company does not undertake to update
such forward-looking information except in accordance with
applicable securities laws.
SOURCE Arianne Phosphate Inc.