Canadian Manganese Reports Third Quarter 2024 Financial Results

Rhea-AI Summary

Canadian Manganese Company (CBOE CA: CDMN) has released its Q3 2024 financial results, reporting a loss of $860,926, compared to a loss of $374,506 in Q3 2023. The quarterly loss includes interest expense on convertible debenture of $182,841, accretion expense of $267,428, and corporate development expenses of $94,507. The company continues to advance its Woodstock manganese project in New Brunswick. As of September 30, 2024, CDMN's exploration and evaluation assets were valued at $17,545,804, with the Woodstock project accounting for $10,517,949 and subsidiary Mongoose's Cobequid IOCG property valued at $7,027,855.

Positive

• Maintains substantial exploration assets valued at $17.5M
• Continued development of strategic Woodstock manganese project

Negative

• Q3 2024 loss increased by 130% to $860,926 compared to Q3 2023
• Significant interest and accretion expenses from convertible debenture totaling $450,269

News Market Reaction

+179.78%

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+179.78% News Effect

On the day this news was published, CDMNF gained 179.78%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - November 14, 2024) - Canadian Manganese Company Inc. (CBOE CA: CDMN) ("CDMN" or the "Company") reports its financial results for the third quarter ended September 30, 2024.

This news release should be read in conjunction with the Company's condensed interim consolidated financial statements and associated management's discussion and analysis for the three and nine months ended September 30, 2024, which are available on the Company's website at www.CanadianManganese.com or under the Company's profile at www.sedarplus.ca.

FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024

During the third quarter of 2024 the Company continued its focus of advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits, near Woodstock, New Brunswick.

During the third quarter, the Company recorded a loss of $860,926, which included interest expense on convertible debenture of $182,841, accretion expense on convertible debenture of $267,428 and corporate development expenses of $94,507. In the previous year's third quarter, the Company recorded a loss of $374,506, which included corporate development expenses of $104,528.

At September 30, 2024, the Company held exploration and evaluation assets with a carrying value of $17,545,804, including the Woodstock manganese project in New Brunswick with a carrying value of $10,517,949, and subsidiary Mongoose's Cobequid IOCG property in Nova Scotia with a carrying value of $7,027,855 (before a 59.5% non-controlling interest).

ABOUT CANADIAN MANGANESE

CDMN is a Canadian critical mineral development company aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. CDMN holds the Woodstock Project in New Brunswick.

For further information:

Investors@CanadianManganese.com
www.CanadianManganese.com
Matthew Allas: President and CEO +1 647 338 3748

Cboe Canada has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230082

FAQ

What was Canadian Manganese's (CDMNF) Q3 2024 financial loss?

Canadian Manganese reported a loss of $860,926 in Q3 2024, compared to $374,506 in Q3 2023.

What is the current value of Canadian Manganese's (CDMNF) exploration assets?

As of September 30, 2024, the company's exploration and evaluation assets were valued at $17,545,804.

How much is Canadian Manganese's (CDMNF) Woodstock project worth?

The Woodstock manganese project in New Brunswick has a carrying value of $10,517,949 as of September 30, 2024.