ANTIOQUIA GOLD INC. : http://www.antioquiagoldinc.com/ : QwikReport

News Releases

November 11, 2020
Antioquia Gold Reports 2020 Third Quarter Financial Results

CALGARY, ALBERTA - (November 11, 2020) - Antioquia Gold Inc. (“Antioquia Gold” or the “Corporation”) (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to announce a summary of its financial results for the third quarter ended September 30, 2020. All amounts are in Canadian dollars, unless otherwise indicated.

For the third quarter of 2020, the company has again shown a significant improvement in its financial performance.  The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in processing third-party mineralized material.  Increases in the price of gold and silver during Q3 of 2020 also played an important role.

The main operational and financial results for the third quarter 2020 are as follows (1):

Summary of operating and financial results

  For the three months ended
Sep 30,
For the nine months ended
Sep 30,
2020 2019 2020 2019
Plant Process data        
Mineral Processed (Dry Tonnes) 64,418 49,981 138,452 120,723
Feed Grade (g/t Au) 3.13 2.43 3.21 4.36
Gold produced (ounces) 6,259 3,705 13,824 9,351
Total Recovery (%) 96.64% 95.04% 96.60% 94.32%
Days Worked 92 92 274 253
Average Processed (Dry Tonnes/Day) 700 543 504 750
Gold sold (ounces) 6,325 3,661 12,947 8,160
         
Operating data (2) (Currency: CAD)        
Average realized gold price ($/oz sold) 2,431 1,932 2,290 1,745
Total cash costs ($/oz sold) 1,302 1,920 1,374 1,770
AISC ($/oz sold) 1,420 2,064 1,509 1,909
All-in costs ($/oz sold) 1,428 1,928 1,597 2,135
Operating data (2) (Currency: USD)        
Average realized gold price ($/oz sold) 1,825 1,444 1,691 1,309
Total cash costs ($/oz sold) 978 1,435 1,014 1,327
AISC ($/oz sold) 1,066 1,543 1,114 1,431
All-in costs ($/oz sold) 1,072 1,441 1,179 1,601
         
Financial data (Currency: CAD 000's)        
Revenue 15,928 7,088 30,633 14,283
Cost of sales 11,473 9,523 25,105 20,552
Exploration and evaluation expenditures 54 (499) 1,140 1,844
General and administrative expenses 622 459 1,515 1,049
EBITDA (2) 6,889 (5) 10,252 (3,064)
Adjusted EBITDA (2) 6,498 (329) 11,627 (1,108)
Interest expense and other income (2,209) (1,907) (5,074) (4,237)
Net Gain (Loss) 1,509 (4,474) (2,342) (13,509)
Net Gain (Loss) per share, basic and fully diluted (0.00) (0.01) (0.01) (0.02)
         
Balance sheet (Currency: CAD 000's)        
Total Assets     113,143 111,583
Working capital deficit     (114,493) (109,146)

(1) This news release should be read in conjunction with the Company’s financial statements and management’s discussion and analysis for the three and six months ended September 30, 2020, filed on SEDAR at www.sedar.com and on the Company’s website at www.antioquiagoldinc.com.
(2) Non-IFRS performance measures. For more information, refer to the definitions of EBITDA, Adjusted EBITDA, Average realized gold price, Cash Cost, AISC and All-in Cost in the "Non-IFRS Measures" section of the Q2 2020 MD&A.

Cisneros Project

The Company owns and operates the Cisneros Project, located in the Municipality of Santo Domingo (Antioquia, Colombia) and approximately 70-km from the city of Medellin.  The Cisneros Project consists of two operating, underground mines, Guaico and Guayabito and a processing plant with a newly expanded capacity of 1,200-tonnes/day.  Flotation and gravity concentrates are produced and sold through internationally recognized trading houses. A new underground project, La Palma, is currently being permitted.  La Palma is expected to begin initial underground development early in 2021.

The Company controls the mineral rights to a large, consolidated land package of approximately 17,000 hectares and maintains an active exploration program.  This program has produced new projects (La Palma, El Papi) and generated a number of highly-prospective targets that are being investigated.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons 

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:

Antioquia Gold Inc.
Email:
www.antioquiagoldinc.com

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-11-11_NR.pdf
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November 05, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (November 5, 2020) - Antioquia Gold Inc. (“Antioquia Gold” or the “Corporation”) (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of October 2020 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During October 2,263 troy ounces of gold were produced at the Cisneros mining operation. An average of 965 tonnes per day were processed with a recovery of gold to concentrate of 97.2% during the month.

Below is additional important information associated with the current status of the operation:

“While we are in the process of reorganizing our mining operations, we have achieved excellent results that fill us with satisfaction. I want to highlight the record in processed tonnage and gold recovery reached this month following successful completion of our process plant expansion project.” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:

Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

 

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-11-05_MR.pdf
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October 30, 2020
Antioquia Gold Inc. Announces Management Appointment

October 30, 2020, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold" or the "Company") (TSX-V: AGD; OTCQX: AGDXF) is pleased to announce that Mr. Ivo Alfonso Bravo has been appointed as the Company's Chief Financial Officer, effective November 1, 2020.

Mr. Bravo is a senior executive with 24 years of experience at local and international companies. Throughout his career, he has delivered strong leadership, strategic vision and innovation compromise in banking, insurance, retail, manufacturing and air transportation industries.

CHEMIE Corp. is his latest professional experience. With operations in Chile, Colombia and Perú, CHEMIE develops, produce and sells products and business solutions for the agriculture & farming industries. As CHEMIE Perú's CEO, he has been responsible of company's strategic plan design and execution with focus on improving brand awareness and value proposition.

Prior to his current appointment, he has been Business Manager of Property & Casualty at Pacífico Seguros (Credicorp Group -- Perú), Business Manager at Maestro -- Sodimac (Enfoca SAFI -- Perú), Planning & Controlling Manager at LAN Airlines (Chile) and Consumer Bank's Treasury Manager at Citibank (Perú).

Born in Lima in 1971, is Industrial Engineer by Universidad de Lima (Perú 1996) and Master in Business Administration by Universidad Adolfo Ibañez (Chile 2003) with "Best Graduate Class of 2003" award.

Ms. Patricia Barbotto Ferrer has resigned as the Chief Financial Officer of the Company, effective November 1, 2020. The Board of Directors would like to thank Ms. Barbotto Ferrer for her contributions to the Company.

ON BEHALF OF THE BOARD OF ANTIOQUIA GOLD INC.

Gonzalo de Losada President and CEO Antioquia Gold Inc.

For further information contact:
Antioquia Gold Inc.
Email:
www.antioquiagoldinc.com

Neither the 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 press release.

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-10-30-NR-AGD.pdf
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October 07, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (October 7, 2020) - Antioquia Gold Inc. (“Antioquia Gold” or the “Corporation”) (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of September 2020 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During September 1,873 troy ounces of gold were produced at the Cisneros mining operation. An average of 733 tonnes per day were processed with a recovery of gold to concentrate of 97.1% during the month.

    January February March April May June July August September
Mineral Processed Dry Tonnes 14,349 8,936 12,081 13,329 11,077 14,262 17,216 25,190 22,012
Feed Grade g/t Au 2.60 2.27 3.02 3.25 4.19 4.20 4.27 2.69 2.73
Gold Produced Tr. Oz. 1,155 625 1,133 1,349 1,446 1,857 2,292 2,094 1,873
Total Recovery % 96.4% 95.9% 96.5% 96.9% 97.0% 96.5% 97.0% 96.0% 97.1%
Worked days Days 31 29 31 30 31 30 31 31 30
Average Processed Dry Tonnes/Day 463 308 390 444 357 475 555 812 733

Below is additional important information associated with the current status of the operation:

“As we anticipated, production for the month decreased slightly due to mechanical issues in the process plant and the low mechanical availability of the mining equipment. The difficulties in the process plant have already been overcome and we are reinforcing the current mining fleet with eight new units of equipment that will allow us to reach the production goals we have projected” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.


For further information on Antioquia Gold Inc. contact:

Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

View news release in PDF format:
File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-10-07_NR.pdf
 102 KB, approx. 20 seconds at 56.6Kbps
September 03, 2020
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (September 3, 2020) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of August 2020 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

During August 2,094 troy ounces of gold were produced at the Cisneros mining operation. An average of 812 tonnes per day were processed with a recovery of gold to concentrate of 96.0% during the month. As shown in the table below, the process plant processed the most ore in the project’s history, however a slight decrease in fine gold production has occurred in the month, mainly due to low mechanical availability of the mine’s equipment and a reduction in personnel due to isolation protocols related to COVID-19, which resulted in slower preparation of higher grade veins.

    January February March April May June July August
Mineral Processed Dry Tonnes 14,349 8,936 12,081 13,329 11,077 14,262 17,216 25,190
Feed Grade g/t Au 2.60 2.27 3.02 3.25 4.19 4.20 4.27 2.69
Gold Produced Tr. Oz. 1,155 625 1,133 1,349 1,446 1,857 2,292 2,094
Total Recovery % 96.4% 95.9% 96.5% 96.9% 97.0% 96.5% 97.0% 96.0%
Worked days Days 31 29 31 30 31 30 31 31
Average Processed Dry Tonnes/Day 463 308 390 444 357 475 555 812

Below is additional information regarding the current status of the operation:

“We are very comfortable with the successful ramp up we achieved in the plant expansion to 1,200 tonnes per day and with the results that we have been obtaining in the surface exploration program at the La Palma project. Some difficulties with the mining equipment are being resolved and we will be improving this situation in the shortest possible time.” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.


Figure 1. Current mapping of the La Palma shear zone

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

File: http://www.antioquiagoldinc.com/i/pdf/nr/2020-09-03_NR.pdf
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