Market Newsdesk

BOSTON, May 18, 2021 (GLOBE NEWSWIRE) — Aprea Therapeutics, Inc. (Nasdaq: APRE), a biopharmaceutical company focused on developing and commercializing novel cancer therapeutics that reactivate mutant tumor suppressor protein, p53, today announced that Christian S. Schade, Chairman and Chief Executive Officer, and Eyal C. Attar, Senior Vice President and Chief Medical Officer, will participate in a fireside discussion at the 2021 RBC Capital Markets Global Healthcare Conference on Tuesday, May 18, 2021 at 2:30 p.m. ET.

A webcast of the presentation can be accessed from the “Events Calendar” in the News and Events section of the Aprea website at Link.

About Aprea Therapeutics, Inc.

Aprea Therapeutics, Inc. is a biopharmaceutical company headquartered in Boston, Massachusetts with research facilities in Stockholm, Sweden, focused on developing and commercializing novel cancer therapeutics that reactivate mutant tumor suppressor protein, p53. The Company’s lead product candidate is eprenetapopt (APR-246), a small molecule in clinical development for hematologic malignancies and solid tumors. Eprenetapopt has received Breakthrough Therapy, Orphan Drug and Fast Track designations from the FDA for myelodysplastic syndromes (MDS), Orphan Drug and Fast Track designations from the FDA for acute myeloid leukemia (AML), and Orphan Drug designation from the European Commission for MDS, AML and ovarian cancer. APR-548, a next generation small molecule reactivator of mutant p53, is being developed for oral administration. For more information, please visit the company website at www.aprea.com.

The Company may use, and intends to use, its investor relations website at https://ir.aprea.com/ as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

About p53, eprenetapopt and APR-548

The p53 tumor suppressor gene is the most frequently mutated gene in human cancer, occurring in approximately 50% of all human tumors. These mutations are often associated with resistance to anti-cancer drugs and poor overall survival, representing a major unmet medical need in the treatment of cancer.

Eprenetapopt (APR-246) is a small molecule that has demonstrated reactivation of mutant and inactivated p53 protein – by restoring wild-type p53 conformation and function – thereby inducing programmed cell death in human cancer cells. Pre-clinical anti-tumor activity has been observed with eprenetapopt in a wide variety of solid and hematological cancers, including MDS, AML, and ovarian cancer, among others. Additionally, strong synergy has been seen with both traditional anti-cancer agents, such as chemotherapy, as well as newer mechanism-based anti-cancer drugs and immuno-oncology checkpoint inhibitors. In addition to pre-clinical testing, a Phase 1/2 clinical program with eprenetapopt has been completed, demonstrating a favorable safety profile and both biological and confirmed clinical responses in hematological malignancies and solid tumors with mutations in the TP53 gene.

A pivotal Phase 3 clinical trial of eprenetapopt and azacitidine for frontline treatment of TP53 mutant MDS has been completed and failed to meet the primary endpoint of complete remission. Additional clinical trials in hematologic malignancies and solid tumors are ongoing. Eprenetapopt has received Breakthrough Therapy, Orphan Drug and Fast Track designations from the FDA for MDS, Orphan Drug and Fast Track designations from the FDA for AML, and Orphan Drug designation from the European Medicines Agency for MDS, AML and ovarian cancer.

APR-548 is a next-generation small molecule p53 reactivator. APR-548 has demonstrated high oral bioavailability, enhanced potency relative to eprenetapopt in TP53 mutant cancer cell lines and has demonstrated in vivo tumor growth inhibition following oral dosing of tumor-bearing mice. Enrollment in a Phase 1 clinical trial of APR-548 is anticipated to begin early in the second quarter of 2021.

Forward-Looking Statement

Certain information contained in this press release includes “forward-looking statements”, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, related to our study analyses, clinical trials, regulatory submissions, and projected cash position. We may, in some cases use terms such as “future,” “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “targeting,” “confidence,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team that involve risks, potential changes in circumstances, assumptions, and uncertainties. Any or all of the forward-looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the success and timing of our clinical trials or other studies, risks associated with the coronavirus pandemic and the other risks set forth in our filings with the U.S. Securities and Exchange Commission. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Source: Aprea Therapeutics, Inc.

Corporate Contacts:

Scott M. Coiante
Sr. Vice President and Chief Financial Officer
617-463-9385

Gregory A. Korbel
Sr. Vice President and Chief Business Officer
617-463-9385

PARAMOUNT, Calif., May 18, 2021 (GLOBE NEWSWIRE) — Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant-based foods, today announced that on May 14, 2021, it completed the acquisition of New Mexico Food Distributors, Inc. and Karsten Tortilla Factory, LLC (collectively referred to as “Foods of New Mexico”) for approximately $37.0 million in cash, subject to a customary adjustment based on inventory at closing.

Foods of New Mexico produces ready-to-eat Mexican food items for both retail and food service. This acquisition diversifies Tattooed Chef’s manufacturing capabilities, expands production capacity, and accelerates the Company’s expansion outside frozen food and into ambient products. Foods of New Mexico’s facility in Albuquerque currently produces Mexican foods including quesadillas, burritos, and other handheld items, as well as sauces. The second facility in Karsten is brand new and will enable the Company to have extensive tortilla manufacturing capabilities as well as be able to customize the existing footprint.

Reclassification of Expenses

On May 12, 2021, the Company issued a press release announcing results for the first quarter of 2021. Subsequent to issuance of the press release, the Company determined that it should reclassify fulfillment costs from operating expenses to cost of goods sold during the first quarter. This adjustment does not impact the trajectory of the brand, or the reported revenue, net income, adjusted EBITDA or cash balances. The net effect is an increase of $6.9 million to cost of goods sold (from $39.0 million to $45.9 million) and a reduction of both operating expenses (from $20.7 million to $13.8 million) and gross profit (from $13.7 million to $6.8 million) by that same amount. Gross margin was also reduced from 26.0% to 12.9% in the first quarter. The reclassification will be reflected in the Form 10-Q filed today.

The Company is in the process of preparing a preferability study to change the accounting methods being used to classify these expenses and with the help of its advisors hopes to complete that process in the second quarter. If approved, this would move fulfillment costs back into operating expenses, which the Company believes is in-line with industry standards for accounting for such costs and will permit a more direct comparison of the Company’s financial performance to that of its nearest competitors. The Company continues to expect full year 2021 revenue in the range of $235 million to $242 million, an increase of 58% to 63% compared to 2020, and adjusted EBITDA in the range of $2 million to $4 million. The Company’s previous guidance for full year 2021 gross margin should not be relied upon and the Company will seek to update the market when the preferability matter is resolved.

ABOUT TATTOOED CHEF

Tattooed Chef is a leading plant-based food company offering a broad portfolio of innovative and sustainably sourced plant-based foods. Tattooed Chef’s signature products include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts, which are available in the frozen food sections of leading national retail food stores across the United States as well as on Tattooed Chef’s e-commerce site. Understanding consumer lifestyle and food trends, a commitment to innovation, and self-manufacturing allows Tattooed Chef to continuously introduce new products. Tattooed Chef provides approachable, great tasting and chef-created products to the growing group of plant-based consumers as well as the mainstream marketplace. For more information, please visit www.tattooedchef.com​.

ABOUT NEW MEXICO FOOD DISTRIBUTORS, INC.

Founded in 1987, Foods of New Mexico is a prepared food production company that produces ready-to-eat New Mexican food items both for retail and food service. Foods of New Mexico’s line of products continues to provide the recipes that have been handed down through generations of families. Foods of New Mexico products are complete farm crop-to-package integration and nationwide distribution network allows them to consistently deliver the highest quality foods with the greatest reliability standards in the food industry.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “trend,” “accelerate,” “expansion,” “new,” “leverage,” “continues,” “opportunities,” “next,” “increase,” “beyond,” “potential,” “growth,” “pipeline,” “guidance” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Tattooed Chef’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: uncertainty surrounding the ultimate success of Tattooed Chef’s e-commerce platform; the need to prove Tattooed Chef’s ability to build brand awareness and continue to launch innovative products; continued acceptance of Tattooed Chef branded products by new retail customers; Tattooed Chef’s ability to increase in-store count and points of distribution; the outcome of any legal proceedings that may be instituted against Tattooed Chef; Tattooed Chef’s ability to effectively and efficiently integrate the Foods of New Mexico acquisition and any other businesses it acquires; Tattooed Chef’s success in completing its preferability study and having it accepted; competition and the ability of the business to grow and manage growth profitably; the ability to meet Nasdaq’s listing requirements; costs related to our recent business combination; anticipated but unpredictable increased costs associated with our transition to a public company; and other risks and uncertainties indicated from time to time in our annual report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”), including those under “Risk Factors” therein, and other factors identified in past and future filings with the SEC, available at www.sec.gov. Some of these risks and uncertainties may be amplified by the COVID-19 outbreak. Tattooed Chef undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

FOR MEDIA INQUIRIES:

Julia Fasano
[email protected]

FOR INVESTOR INQUIRIES:

Rachel Perkins-Ulsh
[email protected]

EDMONTON, Alberta, May 18, 2021 (GLOBE NEWSWIRE) — Flair Airlines, Canada’s only independent ultra low-cost carrier, has launched a new mobile application to improve the passenger experience. From trip planning to in-flight entertainment, the new app enhances the entire experience for passengers seeking affordable, convenient travel options.

Available on both Android and iOS platforms, the new Flair mobile app enhances the process of booking and managing the travel experience with speed and ease of use. The app marks the beginning of a multi-year plan to bring new and exciting features and capabilities to Flair’s customers and can be downloaded from the App Store or Google Play.

Google Play:
https://play.google.com/store/apps/details?id=com.FlairMobileApp

App Store:
https://apps.apple.com/ca/app/flair-travel-app/id1524339766

“As non-essential travel begins to return this summer, Flair has been preparing to meet the needs of our customers who demand travel that is affordable, easy, and green,” says Sarah Riches, Vice President, Marketing and Customer Experience. “The mobile app is an important step for our passengers which simplifies many of the travel processes while removing physical touch points and reducing printed materials. As Flair grows to 50 aircraft in the coming years, the app provides the features our customers expect in making travel easy and affordable.”

Features of the new Flair mobile app

The new app is designed with simplicity and ease of use at its heart and features beautiful graphics inspired by some of Canada’s best-loved landmarks.

Customers will be able to manage their own accounts within the app to allow for faster booking and boarding. Individual information is safely stored within the app and used for expedited booking, check-in, boarding, and in-flight experience.

The app can also be used to make booking changes and updates to itineraries with the new Manage My Booking module.

Once onboard the aircraft, customers will be able to access our brand new in-flight entertainment which includes short films from the National Film Board of Canada, behind-the-scenes videos, destination information and games.

About Flair Airlines

Flair Airlines is Canada’s only independent Ultra Low-Cost Carrier (ULCC) and is on a mission to liberate the lives of Canadians by providing affordable air travel that connects them to the people and experiences they love. With an expanding fleet of Boeing 737 aircraft, Flair is growing to serve 19 cities across Canada. For more information, please visit www.flyflair.com

Media inquiries, please contact:
Jamina Kotak
780.887.9209
[email protected]

Photo accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/dc2e08a1-ae1b-475c-b7d9-60b80ecf9c9d

https://www.globenewswire.com/NewsRoom/AttachmentNg/63877084-e7b7-4187-ac3a-252137f51751

LOS ANGELES and DESERT HOT SPRINGS, Calif., May 18, 2021 (GLOBE NEWSWIRE) — via InvestorWire – Grapefruit USA, Inc. (OTCQB: GPFT) (“Grapefruit” or the “Company”), a diversified California-based cannabis and hemp company, today announces it has commenced accepting cryptocurrency as payment at its recently launched e-commerce store: www.hourglassonlinestore.com

Grapefruit’s customers who prefer to use Bitcoin, Ether, Bitcoin Cash, Litecoin, Dogecoin or Monero will now be able to “convert” their crypto of choice at checkout to make purchases at the Company’s new e-commerce store.

With respect to the Company’s novel acceptance of cryptocurrencies, Bradley J. Yourist, GPFT CEO, commented, “Grapefruit’s THC-free hemp-derived CBD Hourglass technology-driven products, just like cryptocurrencies and the blockchain, are the future, and Grapefruit’s acceptance of crypto as payment demonstrates GPFT’s outreach to the explosively growing demographic of crypto early adopters and other ‘younger’ buyers who also seek the holistic benefits of Grapefruit’s THC-free, hemp-derived Hourglass time-release CBD products. Everyone, young and old, experiences sore muscles from working out and other aches and pains, and our THC-free hemp-derived CBD Hourglass-powered products can provide a solution for all demographics – whether they choose to pay by American Express Platinum or Dogecoin on our accurate and secure payment platform. We envision the days after Sen. Schumer succeeds in his efforts to decriminalize THC and customers from the 50 states and throughout the world will be able to use crypto to pay for purchases of our full-spectrum THC Hourglass time-release technology-powered products through our e-commerce platform.”

Grapefruit is devoted to selling only the highest-quality, plant-based, independently tested and reliable cannabis and hemp products and will make no claims unless clinically validated. All of Grapefruit’s THC-free hemp-derived CBD-based products to be marketed and sold on the new e-commerce website will be thoroughly tested and include a QR coded certificate of analysis, which will provide consumers with a complete list of third-party-verified ingredients certifying each product’s cannabinoid content, purity and safety. The Company does not recommend investing in cryptocurrencies without doing your own due diligence and obtaining the advice of an investment advisor or other counsel.

To learn more about the new Grapefruit Affiliate Program, please visit:
https://hourglassonlinestore.com/affiliates/

To learn more about the new e-commerce store, please visit:
https://hourglassonlinestore.com/

To learn more about Grapefruit, please visit InvestorBrandNetwork:
https://www.investorbrandnetwork.com/clients/grapefruit-usa-inc/

To learn more about Grapefruit’s new sustained-release Hourglass™ THC + Cannabinoid Topical Delivery Cream, please watch this promotional video, https://www.youtube.com/watch?v=6cU9MJMgH1w&feature=youtu.be, and visit our website at
https://grapefruitblvd.com/hourglass/.

To learn more about Grapefruit, please visit our website at:
https://grapefruitblvd.com/investor-relations/

Follow us on Facebook, Instagram, LinkedIn and Twitter
Facebook | Instagram | LinkedIn | Twitter

About GRAPEFRUIT

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. To obtain further information on Grapefruit and its operations, please visit the Company’s website at https://grapefruitblvd.com/.

Safe Harbor Statement

Grapefruit cautions that any statement included in this press release that is not a description of historical facts is a forward-looking statement. Many of these forward-looking statements contain the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties inherent in Grapefruit’s business, including, without limitation: the Company may not ever obtain additional funds necessary to support its business development and growth plans; and the Company may not ever achieve the market success to reach or sustain a profitable business. In addition, there are risks and uncertainties related to economic recession or terrorist actions, competition from much larger cannabis companies, unexpected costs and delays, potential product liability claims, and many other factors. More detailed information about Grapefruit and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, its Quarterly Report on Form 10-K for the period ended Dec. 31, 2020, and its Registration Statement on Form S-1/A. Such documents may be read free of charge on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Grapefruit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.

*The statements made regarding these products have not been evaluated by the Food and Drug Administration. The efficacy of these products has not been confirmed by FDA-approved research. These products are not intended to diagnose, treat, cure or prevent any disease. All information presented here is not meant as a substitute for or alternative to information from healthcare practitioners. Please consult your healthcare professional about potential interactions or other possible complications before using any product. The Federal Food, Drug, and Cosmetic Act requires this notice.

Investor Relations Contact:

Bradley Yourist
[email protected]
18776 Blue Dream Crossing, Unit LL1 53-07
Desert Hot Springs, California 92240
(760) 205-1382
https://grapefruitblvd.com/

Please be aware that our social media accounts can be used from time to time for additional material events. They can be found here:

Grapefruit USA:
Facebook: https://www.facebook.com/Grapefruit-Boulevard-2304698596251925/
Instagram: https://www.instagram.com/grapefruit_usa/
Twitter: https://twitter.com/grapefruitusa
LinkedIn: https://www.linkedin.com/company/grapefruit-boulevard/
Weedmaps: https://weedmaps.com/brands/grapefruit

Corporate Communications:

InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]

MONTRÉAL, May 18, 2021 (GLOBE NEWSWIRE) — Osisko Metals Incorporated (the “Company” or “Osisko Metals“) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce the final results from the winter drilling program at its Pine Point Project, located in the NWT.

The shallow mineralization reported herein is from two multi-purpose drill holes used for in-fill drilling and ongoing hydrogeological investigations. These holes are located within the R67 deposit in the South Trend and the periphery of the W85 Prismatic deposit in the Project’s North Trend (see Map 1 & Table 1).

• Drill hole R67-21-PP-001 intersected 6.67 metres grading 14.87% Zn and 0.40% Pb (15.27% Zn+Pb) as well as 7.00 metres grading 13.84% Zn and 4.24% Pb (18.08% Zn+Pb) in the R67 deposit.
• Drill hole W85-21-PP-001 intersected 3.00 metres grading 7.65% Zn and 1.56% Pb (9.21% Zn+Pb) outside of the in-pit resources at the W85 deposit, peripheral to Prismatic mineralization in the core of the deposit.

The R67 deposit occurs in the significantly underexplored South Trend that hosts only Prismatic-type mineralization and hosts the X15 deposit which was the largest deposit mined by Cominco.

Drill hole W85-21-PP-001 has extended the near-pit mineralization that may be expanded upon further with future drilling. Hydrogeological testing is ongoing for the purpose of characterizing the groundwater flow near deposits on both margins of the Pine Point reef structure. The Company expects to be able to release these results during H2 2021.

Table
1: Drill Hole Composite Assay Results.

Robert Wares, Chairman & CEO, commented: “The hydrogeological investigations and modelling are an important milestone in better quantifying dewatering costs at Pine Point. Preliminary water flow data collected to date is positive and we eagerly await a report in the second H2 2021. Concurrent to this, the infill and expansion drilling will resume following spring break-up. Many deposits remain open along strike with today’s result at W85 highlighting this potential.”

Table
2: Drill Hole Collar Locations (NAD83 (CSRS) Zone 11)

Qualified Person

Mr. Robin Adair is the Qualified Person and the Vice President Exploration for Osisko Metals Incorporated. He is responsible for the technical data reported in this news release and he is a Professional Geologist registered in the Northwest Territories.

Quality Assurance / Quality Control

Osisko Metals adheres to a strict QA/QC program with regard to core handling, sampling, transportation of samples and lab analyses. Drill core samples from the Pine Point project area were securely transported to its core facility at the Pine Point project site, Northwest Territories where they were logged and sampled. Samples selected for assay were shipped via secure transportation to the ALS Canada Ltd.’s preparation facility in Yellowknife. Pulps were analyzed at the ALS Canada Ltd. facility in North Vancouver, British Columbia. All samples are analyzed by four acid digestion followed by both ICP-AES and ICP-MS for ultra-trace level detection for a multi-element suite with a 1% upper detection limit for base metals. Samples reporting over 1% for Zn and 1% for Pb are analyzed by assay grade, four acid digestion and ICPAES analysis with an upper detection limit of 30% and 20% respectively. Samples reporting Zn >30% and or Pb >20% are analyzed by traditional titration. Current drill program is following strict COVID19 protocols, has been underway since January 15^th 2021 and is in progress. Further assay results are pending.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space. The Company controls one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories for which the 2020 PEA has indicated an after-tax NPV of $500M and an IRR of 29.6%. The Pine Point Project PEA is based on current Mineral Resource Estimates that are amenable to open pit and shallow underground mining and consist of 12.9Mt grading 6.29% ZnEq of Indicated Mineral Resources and 37.6Mt grading 6.80% ZnEq of Inferred Mineral Resources. Please refer to the technical report entitled “Preliminary Economic Assessment, Pine Point Project, Hay River, North West Territories, Canada” dated July 30, which has been filed on SEDAR. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, paved highway access, and has an electrical substation as well as 100 kilometres of viable haulage roads already in place.

The current Mineral Resources mentioned in this press release conform to NI43-101 standards and were prepared by independent qualified persons, as defined by NI43-101 guidelines. The abovementioned Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. Zinc equivalency percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges (see respective technical reports for details).

For further information on this press release, visit

www.osiskometals.com

or contact:

Cautionary Statement on Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point Project, including, among other things, the results of the PEA and the IRR, NPV and estimated costs, production, production rate and mine life; the expectation that the Pine Point Project will be an robust operation and profitable at a variety of prices and assumptions; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potential generation of tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new discoveries. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future prices of zinc and lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatory stability; the receipt of governmental and third party approvals; licences and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of equipment; and positive relations with local groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public documents filed at
www.sedar.com
. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3526d3a1-2208-49e1-8296-f00042130e3f

SHANGHAI, China, May 18, 2021 (GLOBE NEWSWIRE) — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun” or the “Company”), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

• Total net revenues were RMB2,020.5 million (US$¹308.4 million), an increase of 32.6% year-over-year.
• Income from operations was RMB52.9 million (US$8.1 million), an increase of 313.4% year-over-year. Operating margin was 2.6%, compared with 0.8% in the same quarter of last year.
• Non-GAAP income from operations² was RMB75.8 million (US$11.6 million), an increase of 105.9% year-over-year. Non-GAAP operating margin was 3.7%, compared with 2.4% in the same quarter of last year.
• Net income attributable to ordinary shareholders of Baozun Inc. was RMB1.3 million (US$0.2 million), compared with RMB2.2 million in the same quarter of last year.
• Non-GAAP net income attributable to ordinary shareholders of Baozun Inc.³ was RMB61.2 million (US$9.3 million), an increase of 135.5% year-over-year. Non-GAAP net margin was 3.0%, compared with 1.7% in the same quarter of last year.
• Basic and diluted net income attributable to ordinary shareholders of Baozun Inc. per American Depository Share (“ADS⁴”) were RMB0.02 (US$0.00) and RMB0.02 (US$0.00), respectively, compared with RMB0.04 and RMB0.04, respectively, for the same quarter of last year.
• Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS⁵ were RMB0.83 (US$0.13) and RMB0.82 (US$0.13), respectively, compared with RMB0.44 and RMB0.44, respectively, for the same period of 2020.

_______________________________

¹ This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
² Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisition.
³ Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. is a non-GAAP financial measure, which is defined as net income attributable to ordinary shareholders of Baozun Inc. excluding share-based compensation expenses, amortization of intangible assets resulting from business acquisition and unrealized investment loss.
⁴ Each ADS represents three Class A ordinary shares.
⁵ Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS are non-GAAP financial measures, which are defined as non-GAAP net income attributable to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in calculating basic and diluted net income per ordinary share multiplied by three, respectively.
⁶ GMV includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled.
⁷ Distribution GMV refers to the GMV under the distribution business model.
⁸ Non-distribution GMV refers to the GMV under the service fee business model and the consignment business model.

First Quarter 2021 Operational Highlights

• Total Gross Merchandise Volume (“GMV”)⁶ was RMB13,241.0 million, an increase of 43.8% year-over-year.
• Distribution GMV⁷ was RMB1,074.2 million, an increase of 37.2% year-over-year.
• Non-distribution GMV⁸ was RMB12,166.8 million, an increase of 44.4% year-over-year.
• Number of brand partners increased to 281 as of March 31, 2021, from 239 as of March 31, 2020.
• Number of GMV brand partners increased to 272 as of March 31, 2021, from 228 as of March 31, 2020.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “We are pleased to announce a solid quarter of high-quality growth as we kick off our medium-term strategic plan. In this new era of e-commerce, where store operations and store management increasingly rely on digital operating platforms and ecosystems, our belief that ‘technology empowers future success’ and our comprehensive infrastructure have consistently enabled us to extend our competitive advantage. We are thrilled that we have made faster-than-expected progress, especially in executing our omni-channel strategy and deepening our penetration into the luxury sector.”

“During the quarter, we refined our strategic priorities around sustainability and established a sustainability committee that reports directly to our board of directors. As the leader and a pioneer in the brand e-commerce service industry in China, we recognize and embrace our unique and pioneering role, and we will continue to work on building a sustainable and innovative ecosystem while striving to set new benchmarks for our industry. Meanwhile, we deepened our investments in talent and look forward to enabling our people to exceed their potential. We believe we are well on our way to achieving sustainable and profitable long-term growth as a result of the accelerated progress we have made so far this year,” Mr. Qiu concluded.

Mr. Arthur Yu, Chief Financial Officer of Baozun, commented, “With the acceleration of our omni-channel strategy, together with strong business diversification and efficiency improvements, we demonstrated the great resilience of our business model. We delivered a 33% year-over-year rise in total net revenues to RMB2 billion and a more than doubling in non-GAAP income from operations to RMB76 million. More importantly, we achieved outstanding improvement in operating efficiency, driven by greater fulfillment efficiency, highly effective digital marketing services and the implementation of the latest proprietary technology resulting from our continuous focus on innovation. Meanwhile, during the quarter, we entered into a few strategic alliances to reinforce and sharpen our value proposition and expand our addressable market. Going forward, we will continue to innovate to drive organic growth, and selectively explore strategic acquisitions when opportunities arise.”

First Quarter 2021 Financial Results

Total net revenues were RMB2,020.5 million (US$308.4 million), an increase of 32.6% from RMB1,523.6 million in the same quarter of last year.

Product sales revenue was RMB971.8 million (US$148.3 million), an increase of 38.6% from RMB701.1 million in the same quarter of last year. The increase was primarily attributable to the acquisition of new brand partners and the increased popularity of the Company’s brand partners’ products, and was partially offset by slower growth in personal-care products in the appliances category.

Services revenue was RMB1,048.7 million (US$160.1 million), an increase of 27.5% from RMB822.5 million in the same quarter of last year. The increase was primarily attributable to the rapid growth of the Company’s consignment model and service fee model.

Total operating expenses were RMB1,967.6 million (US$300.3 million), compared with RMB1,510.8 million in the same quarter of last year.

• Cost of products was RMB822.3 million (US$125.5 million), compared with RMB590.1 million in the same quarter of last year. The increase was primarily due to higher costs associated with the increase in product sales revenue.
• Fulfillment expenses were RMB508.0 million (US$77.5 million), compared with RMB413.0 million in the same quarter of last year. The increase was primarily due to an increase in GMV contribution from the Company’s distribution and consignment model, an increase in warehouse rental expenses associated with expanded warehouse capacity to address additional growth opportunities, and an increase in customer service expenses as the Company establishes its remote service centers, all of which were partially offset by efficiency improvements.
• Sales and marketing expenses were RMB470.6 million (US$71.8 million), compared with RMB366.2 million in the same quarter of last year. The increase was in line with GMV growth and the increase in digital marketing services revenue, both of which were partially offset by efficiency improvements.
• Technology and content expenses were RMB93.0 million (US$14.2 million) compared with RMB95.9 million in the same quarter of last year. The decline was mainly attributable to the Company’s cost control initiatives, efficiency improvements and better prioritization of the Company’s system development pipeline.
• General and administrative expenses were RMB79.6 million (US$12.2 million), an increase of 59.5% compared with RMB49.9 million in the same quarter of last year. The increase was primarily due to a rise in staff costs for the Company’s investment in talent recruitment, especially for its growing omni-channel services, and the modification of compensation packages to retain and attract the best talents in the industry, an increase in professional fees related to the Company’s recent M&A activities, and an increase in rental expenses for the Company’s new headquarters, all of which were partially offset by cost control initiatives.

Income from operations was RMB52.9 million (US$8.1 million), an increase of 313.4% compared with RMB12.8 million in the same quarter of last year. Operating margin was 2.6%, compared with 0.8% in the same quarter of last year.

Non-GAAP income from operations was RMB75.8 million (US$11.6 million), an increase of 105.9% compared with RMB36.8 million in the same quarter of last year. Non-GAAP operating margin was 3.7%, compared with 2.4% in the same quarter of last year.

Net income attributable to ordinary shareholders of Baozun Inc. was RMB1.3 million (US$0.2 million), compared with RMB2.2 million in the same quarter of last year. The Company recorded an unrealized investment loss of RMB37.4 million related to the stock price fluctuation of iClick Interactive Asia Group Limited, on the Company’s minority investment during the first quarter of 2021. Basic and diluted net income attributable to ordinary shareholders of Baozun Inc. per ADS were RMB0.02 (US$0.00) and RMB0.02 (US$0.00), respectively, compared with RMB0.04 and RMB0.04, respectively, in the same quarter of last year.

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB61.2 million (US$9.3 million), an increase of 135.5% compared with RMB26.0 million in the same quarter of last year. Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS were RMB0.83 (US$0.13) and RMB0.82 (US$0.13), respectively, compared with RMB0.44 and RMB0.44, respectively, in the same quarter of last year.

As of March 31, 2021, the Company had RMB4,461.3 million (US$680.9 million) in cash, cash equivalents and short-term investments, compared with RMB5,028.5 million as of December 31, 2020.

Recent Developments

On April 28, 2021, the Company announced a strategic alliance with Fosun Fashion Group (Cayman) Limited (“FFG”), a subsidiary of Fosun International Limited (HKEX: 0656) (“Fosun”), to capitalize on the emerging demand for luxury brands in China. Baozun and FFG will work together to develop best practices and achieve best results for FFG’s brands in China e-commerce, while exploring opportunities to introduce new brands to the Chinese market. In addition, Baozun will become a minority shareholder in FFG, along with other strategic investors and seasoned industry players, by participating in FFG’s financing, in which Fosun will serve as the lead investor. The Company believes that the alliance not only brings Baozun an extended portfolio of luxury brand partners, but also gives the Company deeper insight into the global luxury sector.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Tuesday, May 18, 2021 (7:30 p.m. Beijing time on the same day).

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants wishing to attend the call must preregister online before they can receive the dial-in numbers. Preregistration may require a few minutes to complete. The Company would like to apologize for any inconvenience caused by not having an operator as a result of COVID-19.

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/2945107. Once preregistration has been completed, participants will receive dial-in numbers, the passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 09:59 p.m. Beijing Time, May 26, 2021.

A live and archived webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com/.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net margin, non-GAAP net income attributable to ordinary shareholders of Baozun Inc. and non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Non-GAAP income from operations is income from operations excluding the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net income is net income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and unrealized investment loss. Non-GAAP net margin is non-GAAP net income as a percentage of total net revenues. Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. is net income attributable to ordinary shareholders of Baozun Inc. excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, and unrealized investment loss. Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS is non-GAAP net income attributable to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in calculating net income per ordinary share multiplied by three.

The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income from operations enables the Company’s management to assess the Company’s financial and operating results without considering the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP net income enables the Company’s management to assess the Company’s financial and operating results without considering the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and unrealized investment loss. Such items are non-cash expenses that are not directly related to the Company’s business operations. Share-based compensation expenses represent non-cash expenses associated with share options and restricted share units the Company grants under the share incentive plans. Amortization of intangible assets resulting from business acquisition represents non-cash expenses associated with intangible assets acquired through one-off business acquisition. Unrealized investment loss represents non-cash expenses associated with the change in fair value of the equity investment. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of the Company’s financial and operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders of Baozun Inc., and non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation expenses, amortization of intangible assets resulting from business acquisition and unrealized investment loss have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP income from operations and non-GAAP net income. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net margin, non-GAAP net income attributable to ordinary shareholders of Baozun Inc. and non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS for the period should not be considered in isolation from or as an alternative to income from operations, operating margin, net income, net margin, net income attributable to ordinary shareholders of Baozun Inc. and net income attributable to ordinary shareholders of Baozun Inc. per ADS, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance,” “going forward,” “outlook” and similar statements. Statements that are not historical facts, including quotes from management in this announcement and statements about the Company’s strategies and goals, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s operations and business prospects; the Company’s business and operating strategies and its ability to implement such strategies; the Company’s ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; the Company’s ability to control costs; the Company’s dividend policy; changes to regulatory and operating conditions in the industry and geographical markets in which the Company operates; and other risks and uncertainties. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission and the Company’s announcements, notice or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under the applicable law.

About Baozun Inc.

Baozun Inc. is the leader and a pioneer in the brand e-commerce service industry in China. Baozun empowers a broad and diverse range of brands to grow and succeed by leveraging its end-to-end e-commerce service capabilities, omni-channel coverage and technology-driven solutions. Its integrated one-stop solutions address all core aspects of the e-commerce operations covering IT solutions, online store operations, digital marketing, customer services, and warehousing and fulfillment.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.

Ms. Wendy Sun
Email: [email protected]

Christensen

In China
Mr. Rene Vanguestaine
Phone: +852-6686-1376
E-mail: [email protected]

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

(1) Share-based compensation expenses are allocated in operating expenses items as follows:

(2) Including amortization of intangible assets resulting from business acquisition, which amounted to RMB0.4 million for both the three months period ended March 31, 2020 and 2021.

(3) Including income tax benefits of RMB0.1 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for both the three months period ended March 31, 2020 and 2021.

VANCOUVER, British Columbia, May 18, 2021 (GLOBE NEWSWIRE) — Newcore Gold Ltd. (“Newcore” or the “Company”) (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce additional drill results from the 66,000 metre drill program underway at the Company’s 100% owned Enchi Gold Project (“Enchi” or the “Project”) in Ghana. Drilling at the Kwakyekrom Gold Target (“Kwakyekrom”) has intersected 0.61 grams per tonne gold (“g/t Au”) over 50.0 metres (“m”) from 148 m, including 1.36 g/t Au over 9.0 m from 164 m, and 1.19 g/t Au over 20.0 m from 112 m, including 2.75 g/t Au over 5.0 m from 113 m. These results continue to expand the gold mineralization outside of the previously tested area, including down dip and along strike to the south by 500 metres. These results have now expanded the drill tested strike extent to 1.3 kilometres at Kwakyekrom, a target which is outlined on surface by a four-kilometre-long by one-to-two-kilometre-wide gold-in-soil anomaly. Newcore is also pleased to announce positive metallurgical results from bottle roll tests completed on the Kwakyekrom Gold Target, with samples achieving an average gold recovery of 79.8%. Kwakyekrom is one of the most advanced exploration targets at Enchi with no currently defined gold resource.

Highlights

• Drilling at Kwakyekrom has intersected wide zones of mineralization, including high-grade core structures, extending the zone down dip:
  • Deepest intercepts to date on the central portion of the target, with holes KKRC051 and KKRC056 crossing the main structure approximately 150 metres vertically below surface.
  • Hole KKRC051 intersected 0.61 g/t Au over 50.0 m from 148 m to 198 m, including 1.36 g/t Au over 9.0 m from 164 m to 173 m (sulphide zone).
• Drilling continues to expand the gold mineralization within the near surface oxide zone and upper portions of the sulphide mineralization at Kwakyekrom:
  • Hole KKRC055 intersected two gold mineralized zones, 1.21 g/t Au over 4.0 m from 8 m to 12 m (oxide zone) and 0.94 g/t Au over 13.0 m from 108 m to 121 m (sulphide zone).
  • Hole KKRC048, completed on the southern limit of the previous tested area, intersected two gold mineralized zones 1.29 g/t Au over 15.0 m from 58 m to 73 m (upper sulphide zone) and 1.86 g/t Au over 11.0 m from 111 m to 122 m (sulphide zone).
  • Hole KKRC065, the most southernly drilled hole to date and a 500-metre step-out to the south from prior drilling, intersected 0.90 g/t Au over 11.0 m from 94 m to 105 m (sulphide zone).
• Metallurgical testing returned an average gold recovery of 79.8% from bottle roll testing completed on oxide material from Kwakyekrom.
• Newcore is in the final stages of completing an updated PEA study for the Project, with completion targeted before the end of Q2 2021.

Greg Smith, Vice President of Exploration of Newcore stated, “Drilling at Kwakyekrom continues to define and grow the potential extent of gold mineralization, both along strike and down dip. With these results including the deepest intercepts to date on the central portion of the target, we have now crossed the main gold-bearing structure at a vertical depth of approximately 150 metres below surface. In addition, we continue to extend the known mineralization along strike with this set of drill results encountering mineralization 500 metres to the south of prior drilling. Further drilling is planned in 2021 at this priority exploration target which is one of the most advanced exploration targets on the property without an existing resource.”

This news release reports drill results for 22 RC holes (4,022 m) targeting the Kwakyekrom Gold Target at Enchi, with 21 of the 22 holes intersecting gold mineralization.

Select assay results from the 22 holes of the drill program reported in this release are below:

Table 1 – Enchi Gold Project Drill Highlights

Notes:

1. See detailed table for complete results
2. Intervals reported are core lengths with true width estimated to be 75 – 85%
3. Length-weighted averages from uncut assays

Drilling at Kwakyekrom included a series of 11 holes (KKRC050 to KKRC054, KKRC056 to KKRC061C) directed at the down dip extension of the gold mineralization on the central portion of the currently drill tested area. The holes intersected wide zones of mineralization, including high-grade core structures extending the zone down dip. Hole KKRC051 intersected 0.61 g/t Au over 50.0 m from 148 m to 198 m (sulphide zone), including 1.36 g/t Au over 9.0 m from 164 m to 173 m. Hole KKRC056, drilled 100 metres south of KKRC051, intersected an upper intercept of 0.96 g/t Au over 15.0 m from 110 m to 125 m (sulphide zone), including 1.46 g/t Au over 9.0 m from 110 m to 119 m, and a second interval of 0.94 g/t Au over 29.0 m from 160 m to 189 m (sulphide zone), including 2.65 g/t Au over 6.0 m from 170 m to 176 m. Hole KKRC052 targeted the zone 50 metres north of KKRC051 and intersected 1.19 g/t Au over 20.0 m from 112 m to 132 m (sulphide zone), including 2.75 g/t Au over 5.0 m from 113 m to 118 m. The gold mineralized intersects in holes KKRC051 and KKRC056 are the deepest intercepts to date on the central portion of the Kwakyekrom Gold Target, each crossing the main structure approximately 150 metres vertically below surface.

The remaining 11 holes (KKRC044 to KKRC049, KKRC055, and KKRC062 to KKRC065) targeted the southern strike extent of the Kwakyekrom Gold Target. This drilling continues to expand the gold mineralization within the near surface oxide zone and upper portions of the sulphide mineralization. Hole KKRC055 was drilled near the southern edge of the previously drill tested portion of the structure and intersected two gold mineralized zones, 1.21 g/t Au over 4.0 m from 8 m to 12 m (oxide zone) and 0.94 g/t Au over 13.0 m from 108 m to 121 m (sulphide zone). Hole KKRC048 completed 100 metres south of KKRC055, at the southern extent of the previous drilling, intersected two gold mineralized zones, 1.29 g/t Au over 15.0 m from 58 m to 73 m (upper sulphide zone) and 1.86 g/t Au over 11.0 m from 111 m to 122 m (sulphide zone). KKRC046, collared an additional 100 metres south of KKRC048 intersected 0.50 g/t Au over 24.0 m from 55 m to 79 m (upper sulphide zone). KKRC065, located 400 metres south of KKRC048, is the most southernly hole drilled on the target to date and intersected 0.90 g/t Au over 11.0 m from 94 m to 105 m (sulphide zone).

A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/5692/2021_05_18-ncau-nr-enchi-plan-map-kwakyekrom-l.pdf

A cross section showing drill results and highlights for hole KKRC051 can be viewed at:
https://newcoregold.com/site/assets/files/5692/2021_05_18-ncau-crosssections-kwakyekrom-l.pdf

A complete list of the 2020 – 2021 drill results to date, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5692/2021_05_18-ncau-enchi-2020-2021-drill-results-l.pdf

A total of 43,380 metres in 261 holes have been completed as part of the ongoing 2020 – 2021 drill program at Enchi. For the total planned 66,000 metre drill program, assay results have now been received and released for 202 holes representing 32,867 metres.

The Enchi Gold Project hosts a pit constrained Inferred Mineral Resource of 52.9 million tonnes grading 0.72 g/t Au containing 1.22 million ounces gold (see Newcore news release dated September 14, 2020). The Mineral resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019), and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 (“NI 43-101”). The Mineral Resource is detailed in a technical report titled “Enchi Gold Project, Resource Update, Enchi Ghana” with an effective date of October 21, 2020, prepared by Todd McCracken and Greg Smith and filed on SEDAR at www.sedar.com.

Metallurgical Testwork

The 2021 metallurgical testwork completed to date on the Kwakyekrom Gold Target at Enchi consisted of a series of bottle roll tests completed by Intertek Minerals Limited on 25 representative oxide samples from the ongoing drill program. An average gold recovery of 79.8% was achieved from 24-hour bottle roll tests, with 18 of the 25 samples achieving a recovery greater than 80% and averaging 86.9%.

The 25 samples were selected from RC drilling completed in 2020 and used a total of six individual drill holes covering a strike length of approximately 400 metres. Samples included a range of gold grades (from 0.26 g/t Au to 4.32 g/t Au, with an average of 1.02 g/t Au) and a range of weathering intensities correlating with depth (from 5.0 m to 45.7 m, with an average depth of 22.8 m). The samples were selected from the moderately and highly weathered categories which represent the largest component of the weathered profile at the Project. There was no significant relationship noted between the recovery rate and the sample grade or sample depth.

Further metallurgical testing, including column tests, is ongoing as part of the current work program at Enchi.

Updated PEA Study

Newcore has engaged BBA Engineering Ltd. independent engineering consultants to prepare an updated NI 43-101 Preliminary Economic Assessment (“PEA”) study for the Project. The study is progressing and is in the final stages of completion, with results anticipated by the end of Q2 2021. The updated PEA will incorporate approximately 18,000 metres of drilling completed in 2020.

2020 – 2021 Enchi Drilling Program

A 66,000 metre discovery and resource expansion drilling program is underway at Enchi. The program includes both RC and diamond drilling and will include the first deep drilling planned on the Project. This drill program includes testing extensions of the existing resource areas while also testing a number of high priority exploration targets outside of the Inferred Mineral Resource. Drilling is focused on step out extensions and exploration drilling at the Boin, Sewum, and Nyam Deposits. Additional drilling is planned at previously drilled zones that are outside of the resource area (Kojina Hill, Kwakyekrom and Eradi), along with first pass drilling to test a series of kilometre-scale gold-in-soil anomalous zones with no prior drilling (Nkwanta, Sewum South and other anomalies). All zones represent high priority targets based on geological, geochemical and geophysical surface work and previous trenching and drilling.

Kwakyekrom Gold Target

The Kwakyekrom Gold Target had seen limited past drilling and does not currently have a defined mineral resource. Kwakyekrom is one of the most advanced exploration targets being tested by Newcore as part of the 2020 – 2021 drill program, with 7,666 metres of drilling in 49 RC holes completed to date as part of the ongoing 66,000 metre drill program. Kwakyekrom is located 15 kilometres south of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. The Kwakyekrom structure is interpreted to be an extension of the Nyam structure and is located five kilometres south of Nyam. The zone is outlined on surface by a four-kilometre-long and one-to-two-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Kwakyekrom Gold Target is a sharp break in the conductivity trend.

Drill Hole Locations

Table 2 – Enchi Gold Project Drill Hole Location Details

COVID-19 Protocols

Newcore’s first priority is the health and safety of all employees, contractors, and local communities. The Company is following all Ghana guidelines and requirements related to COVID-19. The Company has implemented COVID-19 protocols for its ongoing drill program consisting of the mandatory use of personal protective equipment (including facemask for all employees), maintaining social distancing, frequent hand washing, and daily temperature checks at the start of each shift.

Newcore Gold Best Practice

Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by an independent drilling firm using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.

Qualified Person

Mr. Gregory Smith, P. Geo, Vice President of Exploration of Newcore, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold project located in Ghana, Africa’s largest gold producer ¹. The Project currently hosts an Inferred Mineral Resource of 1.2 million ounces of gold at 0.72 g/t ². Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 32% equity ownership, and prime district scale exploration opportunities. Enchi’s 216 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several 5 million-ounce gold deposits, including Kinross’ Chirano mine 50 kilometers to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

On Behalf of the Board of Directors of Newcore Gold Ltd.

Luke Alexander
President, CEO & Director

For further information, please contact:

Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
[email protected]
www.newcoregold.com

1 Source: Production volumes for 2019 as sourced from the World Gold Council

2 Notes for Inferred Mineral Resource Estimate:

1. CIM definition standards were followed for the resource estimate.
2. The 2020 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by whittle pits shell.
3. A base cut-off grade of 0.3 g/t Au was used with a capping of gold grades at 18 g/t.
4. A US$1,500/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade of 0.3 g/t Au. Mining costs of US$2.27/mined tonne and G&A and Milling costs of US$9.84/milled tonne. The Inferred Mineral Resource Estimate is pit constrained.
5. A density of 2.45 g/cm³ was applied. Numbers may not add due to rounding.
6. Mineral Resources that are not mineral reserves do not have economic viability.
7. These numbers are from the technical report titled “Enchi Gold Project, Resource Update, Enchi, Ghana”, with an effective date of October 21, 2020, prepared by Todd McCracken, P. Geo. and Greg Smith, P. Geo. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available under Newcore’s SEDAR profile at www.sedar.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 release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain “forward-looking information” within the meaning of the applicable Canadian securities legislation (“forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources; results of our ongoing drill campaign, magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; and future exploration prospects.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. The assumptions underlying the forward-looking statements are based on information currently available to Newcore. Although the forward-looking statements contained in this news release are based upon what management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking information also involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking 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.