Canada Rare Earth Quarterly Accomplishments - Q2
QUARTERLY ACCOMPLISHMENTS
Record Revenues and Profitability
We draw your attention to our September 30, 2022 quarterly report (financial statements and management discussion and analysis) filed on SEDAR.com
Significant highlights include:
We are focusing on speed to revenues and generating cash from operations.
Increasing our revenues will generate positive cash flows.
Our revenues increased substantially over prior years.
Very significantly, we completed sales totalling $2,659,655 during the six months ended September 30, 2022. This compares to completing sales of $410,297 and $1,275,733 for the entire fiscal years ended March 31, 2022 and 2021, respectively.
We are expecting revenues in the current three-month period ending December 31, 2022 to reflect continuing strength.
We’ve achieved positive net income for the past six months.
Also, very significantly, we achieved positive net income during the past six months. After adding back depreciation, amortization, and share-based expenses, we generated over $150,000 of net income.
We are building our critical mineral property portfolio, including Bom Futuro and additional properties.
Bom Futuro
We continue to work on Bom Futuro in our role as project leader. Activities include bulk tests, development of flow sheets, equipment selection, financial modelling, and compiling mineral analyses. We are approaching prospective financers for the funding required to acquire, install and commission the equipment for near-term production.
Bom Futuro is permitted for extraction activities. We have data regarding the property, some of which is available as part of a 43-101 report and some is prepared from internal and other non-43-101 compliant sources.
The property contains many critical minerals, including cassiterite/tin, zircon and rare earths.
Additional potential expansion of critical minerals property portfolio
We are engaged in discussions to acquire substantial or entire interests in multiple properties, primarily in South America. These properties are rich in critical minerals and could be major opportunities for our Company.
We are frequently presented with opportunities to investigate properties in other parts of the world to develop, acquire, or enter into off-take agreements. We are currently not active in Canada in this regard.
We continue solidifying strategic partnerships and value-add processing.
Our joint venture with a crown corporation will further integrate and expand our rare earth processing business.
We signed a memorandum of understanding with a government crown corporation to jointly establish an in-country rare earth industry. The first of five stages is in progress. Decisions will be made after each stage on whether to proceed to the following stage.
The Laos refinery is still not permitted; therefore, we have not recently made efforts to acquire the refinery.
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth Corp. is developing an international vertically integrated business within the global rare earth industry. Our key focus is to generate revenues and positive cash flow from various profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms. We are in the process of establishing our own mining, concentrating and refinery capabilities in addition to working with affiliated and third party organizations.
ON BEHALF OF THE BOARD OF DIRECTORS OF CANADA RARE EARTH CORP:
Tracy A. Moore, CEO and Peter Shearing, COO
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. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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Tracy A. Moore Chief Executive Officer |
Peter Shearing Chief Operating Officer |
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Telephone: (604) 638-8886 Website: www.canadarareearth.com |
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