FRIEDENS, Pa., Aug. 11, 2021 /CNW/ - Corsa Coal Corp.
(TSXV: CSO) (OTCQX: CRSXF) ("Corsa" or the "Company"), a premium
quality metallurgical coal producer, today reported financial
results for the three and six months ended June 30,
2021. Corsa has filed its unaudited condensed interim
consolidated financial statements for the three and six months
ended June 30, 2021 and 2020 and related management's
discussion and analysis under its profile on www.sedar.com.
Unless otherwise noted, all dollar amounts in this news release
are expressed in United States
dollars and all ton amounts are short tons (2,000 pounds per
ton). Pricing and cost per ton information is expressed on a
free-on-board, or FOB, mine site basis, unless otherwise noted.
Second Quarter 2021 Highlights
- Key financial results and operational statistics are shown
below:
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
(in millions
except per share, per ton and sales tons)
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net and comprehensive
income (loss)
|
|
$
|
2.2
|
|
$
|
(41.3)
|
|
$
|
(2.3)
|
|
$
|
(47.1)
|
|
Non-cash asset
impairment adjustment (included above)
|
|
$
|
-
|
|
$
|
(41.7)
|
|
$
|
-
|
|
$
|
(41.7)
|
|
Diluted earnings
(loss) per share
|
|
$
|
0.02
|
|
$
|
(0.36)
|
|
$
|
(0.02)
|
|
$
|
(0.43)
|
|
Adjusted
EBITDA(1)
|
|
$
|
2.7
|
|
$
|
4.3
|
|
$
|
2.8
|
|
$
|
10.7
|
|
EBITDA(1)
|
|
$
|
7.0
|
|
$
|
(35.7)
|
|
$
|
7.1
|
|
$
|
(34.4)
|
|
Cash (used in)
provided by operating activities
|
|
$
|
(2.8)
|
|
$
|
12.9
|
|
$
|
(1.3)
|
|
$
|
21.2
|
|
Total
revenue
|
|
$
|
30.4
|
|
$
|
41.2
|
|
$
|
55.0
|
|
$
|
88.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized
price per ton of metallurgical coal sold(1)
|
$
|
91.67
|
|
$
|
82.72
|
|
$
|
89.35
|
|
$
|
86.64
|
|
Cash production cost
per ton sold(1)
|
|
$
|
77.23
|
|
$
|
63.04
|
|
$
|
78.12
|
|
$
|
67.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company produced
sales tons
|
|
|
290,117
|
|
|
336,928
|
|
|
541,582
|
|
|
721,678
|
|
Value added services
sales tons
|
|
|
13,578
|
|
|
2,426
|
|
|
20,073
|
|
|
32,002
|
|
Sales and Trading
sales tons
|
|
|
-
|
|
|
102,076
|
|
|
-
|
|
|
136,663
|
|
Total sales
tons
|
|
|
303,695
|
|
|
441,430
|
|
|
561,655
|
|
|
890,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Corsa's average realized price for the second quarter 2021 is
the approximate equivalent of between $129 to $134 per
metric ton on an FOB vessel basis(2). For the
second quarter 2021, Corsa's sales mix included 57% of sales to
domestic customers and 43% of sales to international
customers.
- In the second quarter 2021, QKGI Legacy Holdings, LP redeemed
their 170,316,639 Redeemable Units of Wilson Creek Energy, LLC. The
Company elected to satisfy the redemption by issuing 8,515,831
Common Shares.
|
(1)
|
This is a non-GAAP
financial measure. See "Non-GAAP Financial Measures"
below.
|
|
(2)
|
Similar to most U.S.
metallurgical coal producers, Corsa reports sales and costs per ton
on an FOB mine site basis and denominated in short tons. Many
international metallurgical coal producers report prices and costs
on a delivered-to-the-port basis (or "FOB vessel basis"), thereby
including freight costs between the mine and the port.
Additionally, Corsa reports sales and costs per short ton, which is
approximately 10% lower than a metric ton. For the purposes
of this figure, we have used an illustrative freight rate of
$25-$30 per short ton. Historically, freight rates rise and
fall as market prices rise and fall. As a note, most
published indices for metallurgical coal report prices on a
delivered-to-the-port basis and denominated in metric
tons.
|
Bob Schneid, President and Chief
Executive Officer of Corsa, commented, "Increased demand for
metallurgical coal and constrained supply are supporting a recovery
in the market for our low vol product. The easing of COVID-19
related restrictions and reopening of economies, along with the
growing potential for increased infrastructure spending continues
to support a higher priced environment both domestically and
internationally. Domestic U.S. steel producers have reported
that strong demand and higher steel prices are showing no signs of
slowing down into calendar year 2022.
The Company's focus in the first half of the year was to build
inventory in anticipation of higher spot market prices in the
second half of 2021. Although the price recovery in the
export spot market started midway through the second quarter, the
impact of higher priced export sales has not been reflected fully
in our historical results. Higher priced sales will be
reflected in the third quarter and Corsa's average selling price is
expected to increase accordingly.
Our cash costs per ton sold improved slightly from the first
quarter of 2021 but still reflect the impacts of challenging
conditions at various times throughout second quarter. We
expect these challenging conditions to be behind us in the third
quarter. When combined with the impact of higher priced export
sales, we anticipate increasing coal sales margins and improved
profitability for our shareholders in the second half of the
year."
Financial and Operations Summary
|
For the three
months ended
|
|
For the six months
ended
|
|
June
30,
|
|
June
30,
|
|
|
|
|
|
|
|
|
Increase
|
|
|
|
|
|
|
|
|
Increase
|
|
(in
thousands)
|
|
2021
|
|
|
2020
|
|
|
(Decrease)
|
|
|
2021
|
|
|
2020
|
|
|
(Decrease)
|
|
Revenues
|
$
|
30,426
|
|
$
|
41,224
|
|
$
|
(10,798)
|
|
$
|
55,045
|
|
$
|
88,065
|
|
$
|
(33,020)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
$
|
30,474
|
|
$
|
40,316
|
|
$
|
(9,842)
|
|
$
|
56,790
|
|
$
|
85,498
|
|
$
|
(28,708)
|
|
Cost of sales - asset
impairment
|
|
-
|
|
$
|
41,684
|
|
|
(41,684)
|
|
|
-
|
|
|
41,684
|
|
|
(41,684)
|
|
Total cost of
sales(2)
|
$
|
30,474
|
|
$
|
82,000
|
|
$
|
(51,526)
|
|
$
|
56,790
|
|
$
|
127,182
|
|
$
|
(70,392)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
$
|
2,201
|
|
$
|
2,444
|
|
$
|
(243)
|
|
$
|
4,230
|
|
$
|
4,553
|
|
$
|
(323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net and comprehensive
loss for the period
|
$
|
2,153
|
|
$
|
(41,313)
|
|
$
|
43,466
|
|
$
|
(2,280)
|
|
$
|
(47,102)
|
|
$
|
44,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by
operating activities
|
$
|
(2,756)
|
|
$
|
12,902
|
|
$
|
(15,658)
|
|
$
|
(1,255)
|
|
$
|
21,209
|
|
$
|
(22,464)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
$
|
7,011
|
|
$
|
(35,704)
|
|
$
|
42,715
|
|
$
|
7,096
|
|
$
|
(34,383)
|
|
$
|
41,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
$
|
2,721
|
|
$
|
4,268
|
|
$
|
(1,547)
|
|
$
|
2,842
|
|
$
|
10,660
|
|
$
|
(7,818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal sold -
tons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
|
304
|
|
|
441
|
|
|
(137)
|
|
|
562
|
|
|
890
|
|
|
(328)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This is a non-GAAP financial measure. See
"Non-GAAP Financial Measures" below.
(2) Cost of sales consists of the following:
|
For the three
months ended
|
|
For the six months
ended
|
|
June
30,
|
|
June
30,
|
|
(in
thousands)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Mining and processing
costs
|
$
|
21,206
|
|
$
|
19,493
|
|
$
|
40,057
|
|
$
|
45,135
|
|
Purchased coal
costs
|
|
1,415
|
|
|
8,797
|
|
|
2,473
|
|
|
13,574
|
|
Royalty
expense
|
|
1,208
|
|
|
1,794
|
|
|
2,447
|
|
|
3,695
|
|
Amortization
expense
|
|
4,207
|
|
|
5,020
|
|
|
8,056
|
|
|
11,524
|
|
Transportation costs
from preparation plant to customer
|
|
1,414
|
|
|
3,878
|
|
|
2,724
|
|
|
9,409
|
|
Idle mine
expense
|
|
151
|
|
|
78
|
|
|
303
|
|
|
165
|
|
Tolling
costs
|
|
218
|
|
|
313
|
|
|
237
|
|
|
572
|
|
Change in estimate of
reclamation provision
|
|
-
|
|
|
278
|
|
|
-
|
|
|
278
|
|
Limestone
costs
|
|
258
|
|
|
241
|
|
|
426
|
|
|
340
|
|
Write-off of advance
royalties and other assets
|
|
-
|
|
|
(13)
|
|
|
-
|
|
|
419
|
|
Other
costs
|
|
397
|
|
|
437
|
|
|
67
|
|
|
387
|
|
Cost of
sales
|
$
|
30,474
|
|
$
|
40,316
|
|
$
|
56,790
|
|
$
|
85,498
|
|
Cost of sales - asset
impairment
|
$
|
-
|
|
$
|
41,684
|
|
$
|
-
|
|
$
|
41,684
|
|
Total cost of
sales
|
$
|
30,474
|
|
$
|
82,000
|
|
$
|
56,790
|
|
$
|
127,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
|
For the six months
ended
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2020
|
|
Variance
|
|
2021
|
|
2020
|
|
Variance
|
|
Realized price per
ton sold(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
91.67
|
|
$
|
82.72
|
|
$
|
8.95
|
|
$
|
89.35
|
|
$
|
86.64
|
|
$
|
2.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash production cost
per ton sold(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
77.23
|
|
$
|
63.04
|
|
$
|
(14.19)
|
|
$
|
78.12
|
|
$
|
67.35
|
|
$
|
(10.77)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash cost per ton
sold(1)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
77.04
|
|
$
|
68.12
|
|
$
|
(8.92)
|
|
$
|
77.98
|
|
$
|
69.88
|
|
$
|
(8.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash margin per ton
sold(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP – metallurgical
coal
|
$
|
14.63
|
|
$
|
14.60
|
|
$
|
0.03
|
|
$
|
11.37
|
|
$
|
16.76
|
|
$
|
(5.39)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(1)(000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP
|
$
|
8,011
|
|
$
|
(34,886)
|
|
$
|
42,897
|
|
$
|
9,101
|
|
$
|
(32,709)
|
|
$
|
41,810
|
|
Corporate
|
|
(1,000)
|
|
|
(818)
|
|
|
(182)
|
|
|
(2,005)
|
|
|
(1,674)
|
|
|
(331)
|
|
Total
|
$
|
7,011
|
|
$
|
(35,704)
|
|
$
|
42,715
|
|
$
|
7,096
|
|
$
|
(34,383)
|
|
$
|
41,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)(000's)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAPP
|
$
|
3,467
|
|
$
|
4,914
|
|
$
|
(1,447)
|
|
$
|
4,319
|
|
$
|
12,075
|
|
$
|
(7,756)
|
|
Corporate
|
|
(746)
|
|
|
(646)
|
|
|
(100)
|
|
|
(1,477)
|
|
|
(1,415)
|
|
|
(62)
|
|
Total
|
$
|
2,721
|
|
$
|
4,268
|
|
$
|
(1,547)
|
|
$
|
2,842
|
|
$
|
10,660
|
|
$
|
(7,818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This is a non-GAAP
financial measure. See "Non-GAAP Financial Measures"
below.
|
|
(2)
|
Cash production cost
per ton sold excludes purchased coal. This is a non-GAAP
financial measure. See "Non-GAAP Financial Measures"
below.
|
|
(3)
|
Cash cost per ton
sold includes purchased coal. This is a non-GAAP financial
measure. See "Non-GAAP Financial Measures" below.
|
Coal Pricing Trends and Outlook
Price levels opened the second quarter 2021 at $112.50/metric ton ("mt") delivered-to-the-port
("FOBT") for spot deliveries of Australian premium low volatile
metallurgical coal and closed the quarter at $194.00/mt FOBT. The quarterly average
price for the second quarter of 2021 was $137.46 /mt FOBT, compared to $127.14/mt FOBT in the first quarter of 2021, and
traded in a range from a high of $194.00/mt FOBT to a low of $106.50/mt FOBT. July 2021 spot market pricing opened the month at
$198.00/mt FOBT, and as of late July
were $214.50/mt FOBT with trades in a
range from a high of $214.50/mt FOBT
to a low of $198.00 /mt FOBT for an
average price of $207.03/mt FOBT.
The World Steel Association reported that through June, global
crude steel production increased by 14.4% in 2021 versus 2020 with
India up 31.3%, Brazil up 24.0%, Turkey up 20.6%, U.S. up 15.5%, Japan up 13.8%, China up 11.8% and Russia up 8.5%. There were
no June year-to-date or year-over-year steel production decreases
in any of the top 10 steel producing countries. Regionally,
South America increased by 28.1%,
the EU increased by 18.4%, North
America increased by 16.4% and Asia and Oceania, which includes China and India, increased by 13.8%
year-over-year. Hot-rolled steel coil prices continued their
historic rise in the second quarter of 2021 and remain strong in
the first month of the third quarter. The reopening of
economies and the impacts of pent-up demand plus the potential of
increased infrastructure spending continue to fuel improved
domestic and international economic activities and growth.
From the beginning of 2021 through mid-July, hot-rolled steel coil
prices rose 82%, 76% and 39% in the U.S., Northern Europe and China, respectively.
The World Steel Association Short Range Outlook released in
April 2021 forecasted that steel
demand will increase by 5.8% in 2021 versus 2020 and increase by
2.7% in 2022 over 2021. Global steel demand in 2021 is
expected to exceed 2019 levels by over 6%, driven primarily by
Chinese increases compared to 2019. Chinese steel demand is
expected to increase by 3.0% in 2021 as compared to 2020 and remain
flat in 2022. Excluding China, steel demand from the rest of
the world is expected increase by 9.3% in 2021 and increase by 4.7%
in 2022. Regionally, the collective demand from the United States, Canada and Mexico is forecasted to increase by 7.6% in
2021 and increase by 4.6% in 2022; demand from the European Union
is forecasted to increase by 10.2% in 2021 and increase by 4.8% in
2022; the collective demand from Asia and Oceania (excluding China) is forecasted to increase by 10.2% in
2021 and increase by 5.1% in 2022; and the collective demand from
Central and South America is
forecasted to increase by 10.6% in 2021 and increase by 4.2% in
2022.
After opening the third quarter of 2021 at $198.00/mt FOBT, the forward curve for the third
quarter of 2021 according to the SGX TSI index is trading near
$213/mt FOBT with July at
$209.25/mt FOBT, August at
$217.33/mt FOBT and September at
$212.83/mt FOBT. Forward curve
pricing for 2021 is trading at an average of $178.33/mt FOBT with the first quarter of 2022 at
a high of $195.33/mt FOBT and the
fourth quarter of 2022 at a low of $165.33/mt FOBT. The forward curve for 2023
is showing pricing at an average of $168.00/mt FOBT. Increased global steel
demand and increased global steel production are driving the demand
and supporting higher prices for metallurgical coal. Trade
tensions between China and
Australia influenced the
international metallurgical coal market supply routes and pricing
dynamics and continue to impact the export pricing for
metallurgical coal products. Domestically, metallurgical coal
consumption is expected to increase year-over-year and according to
the U.S. Energy Information Administration (the "EIA") and is
forecasted to be 18.3 million tons in 2021 as compared to 14.4
million tons in 2020 and 18.0 million tons in 2019. The EIA
also reported that 2021 metallurgical coal exports are expected to
increase by to 46.9 million tons in 2021 and or an 11% increase
over the 42.1 million tons of metallurgical coal exported in
2020. Metallurgical coal exports are expected to increase by
22% in 2022 over 2021 to 57.4 million tons.
See "Risk Factors" in the Company's annual information form
dated March 3, 2021 for the year
ended December 31, 2020 for an
additional discussion regarding certain factors that could impact
coal pricing trends and outlook, as well as the Company's ongoing
operations.
Financial Statements and Management's Discussion and
Analysis
Refer to Corsa's unaudited condensed interim consolidated
financial statements for the three and six months ended
June 30, 2021 and 2020 and related management's discussion and
analysis, filed under Corsa's profile on www.sedar.com, for details
of the financial performance of Corsa and the matters referred to
in this news release.
Stock Options Granted
Corsa also announces that its Board of Directors has granted
stock options to purchase a total of 150,000 common shares of Corsa
to Robert J. Schneid, President and
Chief Executive Officer, which represents 0.15% of the total
outstanding common shares. These options were granted in
accordance with Corsa's Second Amended and Restated Option Plan
(the "2017 Plan"), are exercisable for five years at a price of the
higher of (a) C$0.42, being the
closing price of the common shares on the TSX Venture Exchange (the
"TSXV") on August 10, 2021 or (b) the
closing price of the common shares on the TSXV on August 13, 2021, being the date following Corsa's
"blackout" period in connection with its second quarter 2021
financial statements, and are subject to the terms and conditions
of the 2017 Plan and TSXV approval. Such options will vest
one-third on each the first, second and third anniversary of the
date of grant.
Corporate Update
In September 2020, the Company
learned that an overseas third-party sales agent had been charged
in an overseas jurisdiction in connection with allegedly unlawful
benefits given to a representative of an overseas customer in
relation to the sale of coal from operations of U.S. subsidiaries
of the Company. A special committee of the Board of Directors of
the Company (the "Special Committee") was promptly constituted, and
the Special Committee engaged outside legal counsel to conduct an
independent investigation as to whether any employees of the
Company or any of its subsidiaries were aware of, or involved in,
the alleged conduct and whether any such knowledge or involvement
may have given rise to a violation of anti-corruption laws by the
Company or any of its subsidiaries. On the basis of preliminary
findings resulting from such investigation, the Company has taken
corrective action to minimize risk. Furthermore, the Company
reported the matter to the U.S. Department of Justice and the Royal
Canadian Mounted Police, which are conducting investigations.
The Company and its subsidiaries are cooperating with these
investigations.
At this time, no charges have been brought against the Company,
any of its subsidiaries, or any employees thereof in any
jurisdiction. The risks associated with any charges that may
be brought against any such entity or any related processes are
uncertain. However, such risks may include resulting fines
and penalties, as well as the disgorgement of profits on revenues
received from the overseas customer. A range of potential exposure
to the Company and its subsidiaries is uncertain and is not
presently determinable.
The Company and its subsidiaries are committed to the highest
standards of integrity and diligence in their business dealings and
to the ethical and legally compliant business conduct by their
employees and representatives. Potentially unlawful business
conduct is in direct conflict with corporate and compliance
policies. The Company and its subsidiaries will continue to
cooperate with authorities with a view to a prompt and appropriate
resolution.
Non-GAAP Financial Measures
Management uses realized price per ton sold, cash production
cost per ton sold, cash cost per ton sold, cash margin per ton
sold, EBITDA and adjusted EBITDA, as both terms are defined below,
as internal measurements of financial performance for Corsa's
mining and processing operations. These measures are not
recognized under International Financial Reporting Standards
("GAAP"). Corsa believes that, in addition to the
conventional measures prepared in accordance with GAAP, certain
investors and other stakeholders also use these non-GAAP financial
measures to evaluate Corsa's operating and financial performance;
however, these non-GAAP financial measures do not have any
standardized meaning and therefore may not be comparable to similar
measures presented by other issuers. Accordingly, these
non-GAAP financial measures are intended to provide additional
information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
GAAP. Reference is made to the management's discussion and
analysis for the three and six months ended June 30, 2021 for
a reconciliation and definitions of non-GAAP financial measures to
GAAP measures.
Corsa defines adjusted EBITDA as EBITDA (earnings before
deductions for interest, taxes, depreciation and amortization)
adjusted for change in estimate of reclamation provision for
non-operating properties, impairment and write-off of mineral
properties and advance royalties, gain (loss) on sale of assets and
other costs, stock-based compensation, non-cash finance expenses
and other non-cash adjustments. Adjusted EBITDA is used as a
supplemental financial measure by management and by external users
of our financial statements to assess our performance as compared
to the performance of other companies in the coal industry, without
regard to financing methods, historical cost basis or capital
structure; the ability of our assets to generate sufficient cash
flow; and our ability to incur and service debt and fund capital
expenditures.
Qualified Person
All scientific and technical information contained in this news
release has been reviewed and approved by Peter Merritts, Professional Engineer and the
Company's Chief Operating Officer, who is a qualified person within
the meaning of National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
Caution
Potential developments and market conditions discussed in this
news release are considered to be forward looking
information. Readers are cautioned that actual results may
vary from this forward-looking information. See
"Forward-Looking Statements" below.
Information about Corsa
Corsa is a coal mining company focused on the production and
sales of metallurgical coal, an essential ingredient in the
production of steel. Our core business is producing and selling
metallurgical coal to domestic and international steel and coke
producers in the Atlantic and Pacific basin markets.
Forward-Looking Statements
Certain information set
forth in this press release contains "forward-looking statements"
and "forward-looking information" (collectively, "forward-looking
statements") under applicable securities laws. Except for
statements of historical fact, certain information contained herein
including, but not limited to, statements relating to the expected
price volatility of the metallurgical coal market, the future
demand for steel and its production, and the availability of its
supply, changes to sales margins and expected profitability
constitutes forward-looking statements which include management's
assessment of future plans and operations and are based on current
internal expectations, assumptions and beliefs, which may prove to
be incorrect. Some of the forward-looking statements may be
identified by words such as "will", "estimates", "expects"
"anticipates", "believes", "projects", "plans", "capacity", "hope",
"forecast", "anticipate", "could" and similar expressions. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties. These risks and uncertainties include, but are not
limited to: changes in market conditions, governmental or
regulatory developments as a result of the COVID-19 pandemic or
otherwise, the operating status and capabilities of our customers
and competitors; various events which could disrupt operations
and/or the transportation of coal products, including labor
stoppages, the outbreak of disease and severe weather conditions;
and management's ability to anticipate and manage the foregoing
factors and risks. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The reader is cautioned not to
place undue reliance on forward-looking statements. Corsa does not
undertake to update any of the forward-looking statements contained
in this press release unless required by law. The statements as to
Corsa's capacity to produce coal are no assurance that it will
achieve these levels of production or that it will be able to
achieve these sales levels.
The TSX Venture Exchange has in no way passed on the
merits of this news release. 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.
SOURCE Corsa Coal Corp.
