Kainantu Resources Announces Filing of Fiscal 2021 Results

VANCOUVER, BC, May 4, 2022 /CNW/ – Kainantu Resources Ltd. (TSXV: KRL) (“KRL” or the “Company”), the Asia Pacific focused gold mining company, is pleased to announce the filing of its annual and fourth quarter results for the fiscal year ending December 31, 2021 (“Results”), a copy of which is available for viewing on the Company’s website.

Key Aspects to Report from a Financial Perspective in the Year Ending December 31, 2021 include:

    • the prudent management of the Company’s balance sheet and capital resources continues;
    • exploration and evaluation expenses for the 13 months to December 31, 2021 totaled $1.45 million (which has been capitalized), with additions of $0.29 million for the quarter;
    • closing cash was $0.65 million with total cash outflows of $0.45 million during the quarter;
    • a net loss for the 13 months of $1.78 million (including $0.98 million listing and equity compensation costs), the loss for the quarter was $0.67 million (with $0.41 million registration fees and remuneration of shares); and
    • given the Company’s transition to a calendar reporting cycle, the results are presented over a period of 13 months on this occasion.

After December 31, 2021the Company raised funds by private placement oversubscribed in 2 tranches on January 4 and 21, 2021 totaling 2.77 million Canadian dollars. Further away April 6, 2022the Company announced that it has entered into a definitive agreement with Harmony Gold (PNG) Exploration Limited, a wholly owned subsidiary of Harmony Gold Mining Company Limited, to acquire 100% ownership of the Kili Teke Gold-Copper Project.

Matthew SalthouseCEO of KRL, said:

“KRL is pleased to provide this update for the year ended December 31, 2021, to its shareholders. The Company has successfully implemented initiatives over the past 12 months to build a portfolio of projects, all of which have the potential to increase material value. In addition, significant operational progress was also made at KRL North and KRL South, all against the backdrop of a diligently managed balance sheet.

The desire to support the Company emerged after the end of the year with the completion of an oversubscribed financing. The definitive agreement with Harmony also demonstrates the company’s ability to complete an accretive acquisition in a region where industry players are renowned. »

About KRL

Kainantu Resources ‘KRL’ is a Asia Pacific gold mining company targeted with four very promising gold-copper projects, Kili Teke project, KRL South, KRL North, May River project. All projects are located in the main mining regions of PNG.

KRL North and KRL South have potential to host high-grade epithermal and porphyry mineralization, as seen elsewhere in the high-grade Kainantu gold district. The May River project is adjacent to the world famous Frieda River copper-gold project, with historic drilling indicating the potential for major copper-gold projects. KRL has a highly experienced board and management team with a proven track record of collaboration across the region; and a partner established in the country.

For more information, please visit https://kainanturesources.com/

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Disclaimer and Forward-Looking Information Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainties affecting KRL’s business. In making these forward-looking statements, KRL applied certain assumptions based on available information, including KRL’s short- and medium-term strategic plan. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. KRL does not undertake to update forward-looking information except in accordance with applicable securities laws.

SOURCE Kanantu Resources Ltd.

For further information: Kainantu Resources, Matthew Salthouse, CEO (Tel: +65 8318 8125; Callum Jones, Business Development Coordinator (Tel: +61 450 969 697), Email: [email protected]; EU IR / Financial PR (Camarco): Gordon Poole / Charlotte Hollinshead, tel. : +44(0) 3757 4989; Investor Relations (Gemini Capital): Kevin Shum, tel. : +1 212 219 4670 (702), e-mail: [email protected]

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