Century Announces Filing of Third Quarter Financial Results and Management Discussion and Analysis for the Nine Months Ended December 31, 2025

The news release dated February 11, 2026, details the third-quarter financial results for the period ended December 31, 2025. Key highlights include: - Liquid assets (unrestricted cash, bank deposits, and marketable securities) fell to $2.3 million, down significantly from $4.2 million on March 31, 2025. - Net working capital decreased to $5.21 million from $6.03 million over the nine-month period. - Current assets sit at $8.04 million against current liabilities of $2.83 million. - Management states the current capital position is "adequate for near-term administrative and basic mineral properties development" but explicitly notes the need for additional funding to complete project development. - The company’s primary focus remains the Joyce Lake Direct Shipping Iron Ore (DSO) project and its secondary food distribution business in Hong Kong.

The impact is negative due to the clear trend of cash depletion without a corresponding advancement in project status. - Liquidity Erosion: The company has burned approximately 45% of its unrestricted liquid assets in nine months ($4.2M to $2.3M). At this rate, the company has less than a year of runway before hitting critical liquidity thresholds unless further financing is secured or the food business generates significantly higher net cash. - Project Stagnation: Despite a 2022 Feasibility Study for Joyce Lake, the project remains in the "Environmental Assessment" stage in 2026. This multi-year delay increases the risk of the economic assumptions in the BFS becoming obsolete due to inflation and changing iron ore market dynamics. - Subsidiary Performance: While the food business provides revenue, its net segmental profit (approximately $420k AUD annually) is insufficient to offset the corporate burn and exploration expenses of a large-scale mining firm. - Market Sentiment: The consistent filing of "Routine" quarterly results with declining cash balances suggests a company in a defensive posture, likely unable to trigger a re-rating without a major financing or permitting breakthrough.

Century Global Commodities Corp. operates a dual-track business model: iron ore exploration in Canada and food distribution in Hong Kong/Macau. - Flagship Project: Joyce Lake DSO Project (Newfoundland and Labrador). - Project Stats: 17.4 Mt of Reserves at 59.94% Fe. - Economics (2022 BFS): Post-tax NPV8 of $185M and 20.1% IRR. Total initial Capex estimated at US$208.23M. - Strategy: Use the food business to provide cash flow while advancing iron ore assets to production. However, the mining side remains a heavy capital drain.