Market Newsdesk

November 12, 2020 7:03 am

Ford to Discuss the All-New E-Transit All-Electric Van and Opportunities for Connected Commercial Vehicles

Ford to Discuss the All-New E-Transit All-Electric Van and Opportunities for Connected Commercial Vehicles

DEARBORN, Mich.–(BUSINESS WIRE)–
Ford Motor Company leaders will discuss the all-new, all-electric E-Transit with Wolfe Research on Tuesday, Nov. 17.

The call, hosted by Wolfe’s Rod Lache, will feature:

Ted Cannis, general manager, North American commercial vehicle business, and
Lynn Antipas Tyson, executive director, Investor Relations.

Participants can listen to the Nov. 17 Wolfe Research fireside chat “live” at 11 a.m. ET by accessing the webcast for the event at shareholder.ford.com.

With a 45% share in the U.S. of the commercial pickup and van commercial market, Ford is extending its leadership by introducing the zero-emissions, all-electric E-Transit – a new era of the world’s best-selling cargo van brand. Ford team will provide details about E-Transit’s customer benefits and future revenue opportunities from expanded dealer services, integrated charging solutions, connected data networks, mobile applications and subscriptions.

Ford will reveal the BEV E-Transit on Thursday, Nov. 12, at 9:00 a.m. ET. A video of the reveal will be available at shareholder.ford.com.

About Ford Motor Company

Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification; mobility solutions, including self-driving services; and connected services. Ford employs approximately 187,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit www.corporate.ford.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005204/en/

Equity Investment Community:

Lynn Antipas Tyson

914.485.1150

[email protected]

Fixed Income Investment Community:

Karen Rocoff

313.621.0965

[email protected]

Shareholder Inquiries:

1.800.555.5259 or 313.845.8540

[email protected]

Media:

Ford Media Center

[email protected]

KEYWORDS: United States North America Michigan

INDUSTRY KEYWORDS: General Automotive Automotive Alternative Vehicles/Fuels

MEDIA:

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November 12, 2020 7:03 am

Castle Biosciences Presents Data on DecisionDx®-Melanoma and DecisionDx® DiffDx™-Melanoma Tests at American Society of Dermatopathology (ASDP) 57th Virtual Annual Meeting

Castle Biosciences Presents Data on DecisionDx^®-Melanoma and DecisionDx^® DiffDx™-Melanoma Tests at American Society of Dermatopathology (ASDP) 57^th Virtual Annual Meeting

FRIENDSWOOD, Texas–(BUSINESS WIRE)–
Castle Biosciences, Inc. (Nasdaq: CSTL), a skin cancer diagnostics company providing personalized genomic information to improve cancer treatment decisions, today announced the presentation of data on two of its skin cancer gene expression profile tests during the 57^th Meeting of The American Society of Dermatopathology (ASDP).

DecisionDx®-Melanoma:

“Identifying predictors of sentinel lymph node metastasis in cutaneous melanoma patients using molecular and clinicopathologic high-risk features” was presented by Federico Monzon, M.D.

DecisionDx-Melanoma is Castle’s gene expression profile test that uses an individual patient’s tumor biology to predict individual risk of cutaneous melanoma metastasis or recurrence, as well as sentinel lymph node (SLN) positivity, independent of traditional staging factors.

“DecisionDx-Melanoma uses primary tumor biology to delineate patient metastatic risk, including the risk of SLN metastasis,” said Monzon. “In this study, among all features evaluated, DecisionDx-Melanoma was the most significant factor in predicting rates of SLN positivity, justifying a role for the test alongside other commonly used features in considering the sentinel lymph node biopsy surgical procedure.”

Study methods and findings:

Authors modeled decision trees using the statistical R package for a cohort of 3,093 patients with cutaneous melanoma to determine which molecular and clinicopathologic features could best stratify the risk of patients’ receiving a positive result from a sentinel lymph node biopsy (SLNB).
DecisionDx-Melanoma was the most significant factor in distinguishing between high and low SLN-positivity rates (p<0.001).
- Patients with a Class 2 (high-risk) DecisionDx-Melanoma result under age 75 or with a very high mitotic rate (>10/mm²)^{had the highest SLN-positivity rates (>20%).}
- Conversely, patients with a Class 1A result over age 47 with tumors with no mitoses and those age 47 or younger with a Breslow thickness of 0.85mm or less had the lowest positivity rates (<5%), indicating they could potentially forego SLNB.
Patients of all ages and Breslow thicknesses with a Class 2 result had a greater than 10% risk of SLN positivity, indicating that a Class 2 DecisionDx-Melanoma result can be considered a high-risk factor when considering the SLNB procedure for individual patients.

DecisionDx^® DiffDx™-Melanoma:

“Development and validation of a diagnostic gene expression profile test for ambiguous or difficult-to-diagnose pigmented skin lesions” was presented by Sarah Estrada, M.D., FCAP.

DecisionDx DiffDx-Melanoma is designed to aid dermatopathologists in characterizing difficult-to-diagnose melanocytic lesions.

“Approximately 300,000 melanocytic lesions biopsied each year cannot be confidently identified as either malignant or benign, so the nature of these lesions remains ambiguous with discordant rates of diagnoses ranging from 25-43%,” said Estrada. “The accuracy metrics shown in the development and validation study suggest DecisionDx DiffDx-Melanoma could help alleviate uncertainty in difficult-to-diagnose lesions, leading to decreased unnecessary procedures while appropriately identifying at-risk patients.”

Study methods and findings:

DecisionDx DiffDx-Melanoma was designed to refine diagnoses of melanocytic neoplasms by providing clinicians with an objective ancillary tool with high accuracy.
A total of 503 formalin-fixed paraffin-embedded(FFPE) tissue samples sourced from primary cutaneous melanoma tumors and melanocytic nevi were used, of which 273 were benign and 230 were malignant lesions. Samples underwent quantitative polymerase chain reaction (qPCR) to evaluate expression of 76 genes with potential diagnostic utility.

Artificial intelligence approaches were used to select and prioritize gene sets, ultimately identifying 32 differentially expressed genes that reliably classified benign versus malignant melanocytic lesions.

The resulting 35-gene expression profile (GEP) test, DecisionDx DiffDx-Melanoma, (32 discriminant genes and 3 control genes) accurately diagnosed malignant and benign cases with 99.1% sensitivity, 94.3% specificity, 93.6% positive predictive value (PPV) and 99.2% negative predictive value (NPV).

About DecisionDx-Melanoma

DecisionDx®-Melanoma is a gene expression profile test that uses an individual patient’s tumor biology to predict individual risk of cutaneous melanoma metastasis or recurrence, as well as sentinel lymph node positivity, independent of traditional staging factors, and has been studied in more than 5,700 patient samples. Using tissue from the primary melanoma, the test measures the expression of 31 genes. The test has been validated in four archival risk of recurrence studies of 901 patients and six prospective risk of recurrence studies including more than 1,600 patients. Prediction of the likelihood of sentinel lymph node positivity has also been validated in two prospective multicenter studies that included more than 3,000 patients. Impact on patient management plans for one of every two patients tested has been demonstrated in four multicenter and single-center studies including more than 560 patients. The consistent performance and accuracy demonstrated in these studies provides confidence in disease management plans that incorporate DecisionDx-Melanoma test results. Through September 30, 2020, DecisionDx-Melanoma has been ordered more than 64,560 times for use in patients with cutaneous melanoma.

More information about the test and disease can be found at www.SkinMelanoma.com.

About DecisionDx DiffDx-Melanoma

DecisionDx® DiffDx™-Melanoma is designed to aid dermatopathologists in characterizing difficult-to-diagnose melanocytic lesions. Of the 2 million suspicious pigmented lesions biopsied annually in the U.S., Castle estimates that approximately 300,000 of those cannot be confidently classified as either benign or malignant through traditional histopathology methods. DecisionDx DiffDx-Melanoma classifies these lesions as: benign (gene expression profile suggestive of benign neoplasm); intermediate-risk (gene expression profile cannot exclude malignancy); or malignant (gene expression profile suggestive of melanoma). Interpreted in the context of other clinical, laboratory and histopathologic information, DecisionDx DiffDx-Melanoma is designed to add diagnostic clarity and confidence for dermatopathologists while helping dermatologists deliver more informed patient management plans.

More information about the test and disease can be found at www.CastleTestInfo.com.

About Castle Biosciences

Castle Biosciences (Nasdaq: CSTL) is a commercial-stage dermatologic cancer company focused on providing physicians and their patients with personalized, clinically actionable genomic information to make more accurate treatment decisions. The Company currently offers tests for patients with cutaneous melanoma (DecisionDx^®-Melanoma, DecisionDx^®-CMSeq), cutaneous squamous cell carcinoma (DecisionDx^®-SCC), suspicious pigmented lesions (DecisionDx^®DiffDx™-Melanoma) and uveal melanoma (DecisionDx^®-UM, DecisionDx^®-PRAME and DecisionDx^®-UMSeq). For more information about Castle’s gene expression profile tests, visit www.CastleTestInfo.com. Castle also has active research and development programs for tests in other dermatologic diseases with high clinical need. Castle Biosciences is based in Friendswood, Texas (Houston), and has laboratory operations in Phoenix, Arizona. For more information, visit www.CastleBiosciences.com.

DecisionDx-Melanoma, DecisionDx-CMSeq, DecisionDx-SCC, DecisionDx DiffDx-Melanoma, DecisionDx-UM, DecisionDx-PRAME and DecisionDx-UMSeq and are trademarks of Castle Biosciences, Inc.

Forward-Looking Statements

The information in this press release contains forward-looking statements and information 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, which are subject to the “safe harbor” created by those sections. These forward-looking statements include, but are not limited to, statements concerning the ability of DecisionDx DiffDx-Melanoma to accurately characterize difficult-to-diagnose melanocytic lesions, the ability of DecisionDx-Melanoma test results to help identify patients with low probability of sentinel lymph node positivity, and statements concerning each of their impact to optimize or improve treatment decisions and reduce healthcare costs. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the effects of the COVID-19 pandemic on our business and our efforts to address its impact on our business and our ability to maintain compliance with the covenants in our debt facility, the timing and amount of revenue we are able to recognize in a given fiscal period, unexpected delays in planned launch of our pipeline products, the level and availability of reimbursement for our products, our ability to manage our anticipated growth and the risks set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our other filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005108/en/

Investor and Media Contact:

Camilla Zuckero

832-835-5158

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Biotechnology Other Health Health General Health Oncology Other Science Medical Devices Research Genetics Science Clinical Trials

MEDIA:

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Posted on November 12, 2020 7:03 am
Calibre Provides Infill and Near-Mine Program Updates; Highlights Include Limon Open-Pit: 11.89 g/t Au Over 23.6 Metres & 16.97 g/t Au Over 12.2 Metres; and Panteon Underground: 62.67 g/t Au Over 4.0 Metres & 28.41 g/t Au Over 6.8 Metres

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update in regard to the Company’s 2020 infill and near-mine exploration diamond drilling programs.

Infill

D

rilling

Highlights

:

Panteon
Underground Deposit

13.73 g/t Au over 3.9 metres Estimated True Width (“ETW”) from 277.9 to 284.4 metres in LIM-20-4467;

28.41 g/t Au over 6.8 metres ETW from 207.2 to 216.0 metres in LIM-20-4468;

4.86 g/t Au over 8.6 metres ETW from 151.5 to 164.6 metres; and

62.67 g/t Au over 4.0 metres ETW from 164.6 to 170.2 metres in LIM-20-4476.

Limon
South
Open Pit
(
Pozo
Bono)

16.97 g/t Au over 12.2 metres ETW from 87.8 to 102.9 metres in LIM-20-4457; and

20.77 g/t Au over 1.2 metres ETW from 56.8 to 62.7 metres in LIM-20-4474.

Limon Central Open Pit

10.30 g/t Au over 2.9 metres ETW from 215.9 to 218.9 metres in LIM-20-4484; and

11.89 g/t Au over 23.6 metres ETW from 234.5 to 262.0 metres in LIM-20-4489.

Limon North Open Pit
(
Tigra
/Chapparal)

5.09 g/t Au over 12.9 metres ETW from 196.3 to 209.5 metres in LIM-20-4471; and

5.28 g/t Au over 10.1 metres ETW from 190.2 to 201.1 metres in LIM-20-4462.

Jabali
West Underground Deposit

8.80 g/t Au over 5.6 metres ETW from 175.1 to 181.5 metres in JB20-499; and

6.30 g/t Au over 7.6 metres ETW from 83.9 to 92.9 metres in JB20-509.

Resource Expansion

& Exploration

D

rilling

R

esults

:

Panteon
Underground Deposit

8.19 g/t Au over 3.7 metres ETW from 227.5 to 232.3 metres in LIM-20-4485.

Rosario Gold Prospect
(Libertad
)

2.34 g/t Au over 14.3 metres ETW from 208.2 to 226.5 metres in RS-20-052; and

7.96 g/t Au over 5.1 metres ETW from238.5 to 245.4 metres in RS20-060.

Nancite
Gold Prospect
(Libertad)

17.26 g/t Au over 1.5 metres from 132.3 to 134.3 metres and 5.02 g/t Au over 2.8 metres from 185.5 to 189.3 metres in NA20-010.

Russell Ball, Chief Executive Officer of Calibre stated: “The infill program continues to deliver results ahead of our expectations, with higher than expected grades and broader widths in the case of Panteon underground and the Limon open-pits. With the infill drilling program complete, we recently transitioned to resource expansion drilling. The Panteon underground deposit continues to deliver strong results and we expect the deposit to grow to the southeast.”

Calibre’s integrated infill, resource expansion and first pass exploration drilling program continues with 16 diamond drill rigs at the Limon and Libertad operations and the Pavon project. The results discussed below represent a combination of (i) 7,894 metres of infill drilling from the Limon open pits, Panteon underground and Jabali West underground deposits, and (ii) 13,779 metres of resource expansion and exploration drilling at the Panteon underground and Limon North (Tigra/Chaparral) prospects at Limon, as well as at Jabali West underground, and the Rosario, Tranca, Nancite and Escandalo prospects at Libertad.

Panteon
Underground Deposit

Following up on earlier 2020 drill results, which confirmed the relative positions of two parallel high-grade shoots along the southern extension of the Panteon vein system, the Company completed infill drilling on the two zones returning strong gold grades over broad, mineable widths:

LIM-20-4476 intercepted 62.67 g/t Au over 4.0m ETW, approximately 30m above LIM-20-4468; and

LIM-20-4468 intercepted 28.41 g/t Au over 6.8m ETW, outlining a particularly high-grade zone within 20 meters of historic mine workings (see news release figures link below).

Following the completion of infill drilling, the focus shifted to resource expansion drilling to test the potential for mineralization down-plunge and along strike to the southeast. The initial step out hole (LIM-20-4485) intercepted 8.19 g/t Au over 3.7 metres extending the southern shoot approximately 40 metres to the southeast (see drill results news release announced April 9, 2020) and (drill results news release September 15, 2020 ).

Calibre is continuing to drill the Panteon vein system along strike to the southeast toward its projected intersection with the Santa Pancha vein system. The Santa Pancha underground mine is located approximately 150 metres east of the Panteon vein system. Over the past ten months, Calibre has been advancing underground development to the Panteon vein system to mine ore starting in the first quarter of 2021.

On June 3, 2020, Calibre announced a maiden resource estimate at Panteon which contained an Indicated Mineral Resource of 90,000 tonnes at an average grade of 9.88 g/t Au for 29,000 contained gold ounces, and additional Inferred Mineral Resources of 303,000 tonnes at an average grade of 6.79 g/t Au for 66,000 contained gold ounces (for additional details see news release here).

Limon Open Pit Deposits (
Limon Central,
Pozo
Bono
and
Tigra
-Chaparral
)

Infill drilling continues to confirm the continuity of gold grades along the Limon vein system, which hosts a series of near-surface, open-pit mineral resources along a northwesterly trend in excess of two kilometres. Infill drilling to upgrade resources from Inferred to Indicated classification in each of the deposits has returned results above expectations. Examples include:

Drilling below the active Limon Central open-pit reserve intercepted 7.9 metres ETW grading 3.24 g/t Au (LIM-20-4478) and 23.6 metres ETW grading 11.89 g/t Au (LIM-20-4489);

Approximately 750 metres to the south, drilling at the Pozo Bono deposit returned 16.97 g/t Au over 12.2 metres ETW (LIM-20-4457) and 20.77 g/t Au over 1.2 metres ETW (LIM-20-4474);

Approximately one kilometer to the north, drilling at the Tigra-Chaparral deposit returned 10.1 metres ETW grading 5.28 g/t Au (LIM-20-4462) and 12.9 metres ETW grading 5.09 g/t Au (LIM-20-4471).

The combination of the above, along with previously reported results from the Limon Norte deposit, further underscore the robust character of near-surface gold mineralization along the Limon vein trend. With infill drilling along the trend completed, the focus of drilling has transitioned to testing resource expansion opportunities along strike and down-dip of the principal zones of high-grade mineralization.

As at December 31, 2019, the Limon Mine Complex included open-pit Probable Reserves of 1.4 million tonnes grading 4.25 g/t Au containing 195,000 ounces of gold. Additional open-pit mineral resources include Indicated resources totaling 0.5 million tonnes grading 4.29 g/t Au containing 62,000 ounces of gold (exclusive of mineral reserves), and Inferred resources totaling 3.8 million tonnes grading 5.49 g/t Au containing 679,000 ounces of gold (for additional details see news release here). Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of December 31, 2020, with a data cut-off date of November 7, 2020.

Jabali
West Underground Deposit
(Libertad
)

The Jabali West deposit is located directly below the Jabali Antena open-pit. Since the resumption of drilling in July, Calibre has completed 17 infill holes (2,600 metres), with highlights since the September 15 news release of:

8.80 g/t Au over 5.6 metres ETW from 175.1 to 181.5 metres (JB20-499); and

6.30 g/t Au over 7.6 metres ETW from 83.9 to 92.9 metres (JB20-509).

For a full list and location of results, please reference the drill hole table and figures link below.

Calibre is now advancing step-out drilling to test the potential to extend the resource which remains open down-plunge to the west.

Results of the combined infill and step-out exploration drilling will be integrated into an updated mineral resource estimate prepared as of December 31, 2020, with a data cut-off date of December 7, 2020.

As at December 31, 2019, the Jabali West Inferred Mineral Resource totaled 1.2 million tonnes averaging 7.87 g/t Au containing 315,000 ounces of gold (see Technical Report titled “The La Libertad Mine, Chontales Department, Nicaragua” available on SEDAR).

Nancite
Prospect
(Libertad
)

The Nancite prospect follows a four kilometre east-west trending structure located approximately five hundred metres south, and parallel to, the Jabali vein trend. Since the resumption of drilling in July, Calibre has drilled an additional 11 holes (2,402 metres) of first pass exploration drilling focused on the upper 125 metres of a one kilometre section of the four kilometre east-west trending structure. Drill hole NA-20-010 intercepted 17.26g/t over 1.5m, the highest-grade intercept on the multi-kilometre trend to date. We are evaluating the results to determine whether future exploration work is warranted.

Rosario Prospect
(Libertad
)

The Rosario deposit is located six kilometres southwest of the Libertad mill and currently hosts an inferred resource of 260,000 tonnes averaging 2.08 g/t Au containing 17,000 ounces of gold. Calibre has completed 3,200 metres of step-out and infill drilling in 14 holes, 9 of which are reported here (see drill results news release September 15, 2020). Step-out drilling to expand the resource laterally and at depth has intercepted significant gold mineralization, including 7.96 g/t Au over 5.1m ETW (RS-20-060) and 2.34 g/t Au over 14.3m ETW (RS-20-052).

The Rosario deposit is localized along a major northeasterly trending structure that marks the northern margin of the Cosmotillo vein cluster. During the first quarter of 2020, Calibre initiated a comprehensive field and data review of legacy surface and drill hole data to better understand the relationship between structural controls to gold mineralization and related hydrothermal alteration at Libertad. This work resulted in the recognition of the Cosmotillo area as an eight-square kilometer zone of barren, silica-clay lithocap style alteration that characteristically overlies unexposed bonanza style epithermal gold mineralization similar to the vein systems at Jabali and Panteon. Calibre recently completed drilling a series of deeper exploration holes (approximately 150 metres below the current Rosario mineral resource) to test the potential for higher-grade, bonanza style gold mineralization at depth. Assay results are pending.

To view a PDF of the figures as referenced in this news release, please go to the following links:

Link 1

– PDF Figures

Link 2

– VRIFY 3D Images

Quality Assurance/Quality Control

Calibre maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas’ Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasmaspectrometry (“ICP”).

Qualified Person

The scientific and technical data contained in this news release has been reviewed and approved by Mark A. Petersen, P.Geo., VP Exploration, and a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD

“
Russell Ball
”

Russell Ball, Chief Executive Officer

For further information, please contact:

Ryan King

Vice President, Corporate Development & IR
T: (604) 628-1012
E: [email protected]
W: www.calibremining.com

About

Calibre

Mining Corp.

Calibre Mining is a Canadian-listed gold mining and exploration company with two 100%-owned operating gold mines in Nicaragua. The Company is focused on sustainable operating performance and a disciplined approach to growth.

Cautionary Note Regarding Forward Looking Information

This news release includes certain
“
forward-looking information
“
and
“
forward-looking statements
“
(collectively
“
forward-looking statements
“
)
within the meaning of applicable Canadian securities legislation
.
All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”,
“
plan
“
,
“
anticipate
“
,
“
project
“
,
“
target
“
,
“
potential
“
,
“
schedule
“
,
“
forecast
“
,
“
budget
“
,
“
estimate
“
,
“
intend
“
or
“
believe
“
and similar expressions or their negative connotations, or that events or conditions
“
will
“
,
“
would
“
,
“
may
“
,
“
could
“
,
“
should
“
or
“
might
“
occur Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond
Calibre
‘
s
control
.
For a listing of
risk factors
applicable to the Company, please refer to
Calibre
‘
s
annual information form for the year ended December 31, 2019, available on www.sedar.com. This list is not exhaustive of the factors that may affect
Calibre
‘
s
forward-looking statements.

Calibre
‘
s
forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time.
Calibre
does not assume any obligation to update forward-looking statements if circumstances or management
‘
s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.

Q4 2020 EL LIMON: PANTEON DRILL RESULTS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width (m) Au

(g/t)

INFILL DRILLING

LIM-20-4454 Panteon 0.0 386.1 386.1 NS

386.1 401.9 15.7 0.02

401.9 402.9 1.0 0.33

402.9 408.1 5.2 3.8 6.45

Includes   402.9 403.9 1.0 2.70

403.9 405.0 1.1 17.10

405.0 408.1 3.1 4.03

408.1 424.6 16.5 0.16

424.6 429.9 5.3 0.04

429.9 448.0 18.1 NS

LIM-20-4456 Panteon 0.0 319.5 319.5 NS

319.5 323.5 4.0 0.05

323.5 324.6 1.1 0.8 8.80

324.6 327.5 2.9 0.76

327.5 352.5 25.0 0.07

352.5 367.2 14.7 NS

LIM-20-4461 Panteon 0.0 215.9 215.9 NS

215.9 235.1 19.2 0.03

235.1 236.1 1.0 0.8 2.49

236.1 239.5 3.4 0.17

239.5 240.5 1.0 0.8 2.46

240.5 251.1 10.7 0.19

251.1 263.5 12.4 NS

LIM-20-4467 Panteon 0.0 272.4 272.4 NS

272.4 277.9 5.5 0.03

277.9 284.4 6.5 3.9 13.73

Includes   277.9 280.1 2.2 4.42

280.1 282.3 2.3 31.05

282.3 284.4 2.1 4.73

284.4 286.6 2.3 0.98

286.6 293.2 6.6 0.12

293.2 299.9 6.7 NS

299.9 303.2 3.3 0.05

303.2 306.1 2.9 2.4 5.49

306.1 322.7 16.7 0.08

322.7 323.7 1.0 0.8 13.30

323.7 327.9 4.2 0.05

327.9 338.8 11.0 NS

LIM-20-4468 Panteon 0.0 193.8 193.8 NS

193.8 196.7 2.9 0.06

196.7 199.7 3.0 2.3 6.43

Includes   196.7 197.6 1.0 14.10

197.6 199.7 2.1 2.87

199.7 207.2 7.5 0.16

207.2 216.0 8.9 6.8 28.41

Includes   207.2 209.0 1.9 10.96

209.0 210.1 1.1 148.90

210.1 216.0 6.0 12.58

LIM-20-4468 216.0 219.1 3.1 0.09

Cont’d 219.1 225.0 6.0 NS

225.0 226.0 1.0 0.05

226.0 227.9 1.9 1.5 3.40

227.9 228.8 0.9 0.07

228.8 231.6 2.8 NS

231.6 236.3 4.7 0.34

236.3 240.7 4.5 NS

240.7 244.3 3.6 0.14

244.3 259.2 14.9 NS

LIM-20-4475 Panteon 0.0 308.0 308.0 NS

308.0 334.8 26.8 0.05

334.8 338.5 3.7 2.9 0.72

338.5 342.2 3.7 0.01

342.2 355.0 12.8 NS

LIM-20-4476 Panteon 0.0 144.5 144.5 NS

144.5 148.5 4.0 0.02

148.5 151.5 3.0 0.40

151.5 164.6 13.1 8.6 4.86

Includes   151.5 156.0 4.5 6.61

156.0 159.0 3.0 1.24

159.0 160.2 1.2 15.20

160.2 164.6 4.4 2.73

164.6 170.7 6.2 4.0 62.67

Includes   164.6 165.2 0.6 90.20

165.2 166.2 1.0 114.60

166.2 169.7 3.6 59.38

169.7 170.7 1.0 5.90

170.7 188.4 17.7 0.18

188.4 190.4 2.0 NS

LIM-20-4480 Panteon 0.0 104.9 104.9 NS

104.9 110.0 5.1 0.01

110.0 272.0 162.0 NS

272.0 275.2 3.2 0.03

275.2 280.0 4.8 3.1 0.29

280.0 289.2 9.3 0.02

289.2 304.0 14.8 NS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width (m) Au

(g/t)

RESOURCE EXPANSION DRILLING

LIM-20-4482 Panteon 0.0 233.6 233.6 NS

233.6 242.9 9.3 0.07

242.9 244.3 1.5 1.0 0.34

244.3 247.4 3.1 0.13

247.4 249.4 2.0 0.01

249.4 265.1 15.7 NS

LIM-20-4485 Panteon 0.0 131.7 131.7 NS

131.7 140.4 8.7 0.11

140.4 143.2 2.8 1.8 5.60

Includes   140.4 142.4 2.0 3.61

142.4 143.2 0.8 10.60

143.2 147.3 4.2 0.43

147.3 149.7 2.4 2.75

149.7 161.3 11.6 0.02

161.3 217.0 55.7 NS

217.0 221.0 4.0 0.09

221.0 224.5 3.6 1.34

224.5 227.5 3.0 0.08

227.5 232.3 4.8 3.7 8.19

Includes   227.5 229.2 1.7 4.18

229.2 230.3 1.1 25.90

230.3 232.3 2.0 1.86

232.3 237.3 5.0 0.21

237.3 252.3 15.0 NS

252.3 257.2 5.0 0.03

257.2 267.7 10.5 NS

267.7 287.3 19.6 0.02

287.3 290.1 2.9 NS

LIM-20-4486 Panteon 0.0 274.3 274.3 NS

274.3 283.3 9.0 0.03

283.3 294.6 11.3 NS

294.6 308.7 14.1 0.08

308.7 310.3 1.7 1.4 10.50

Includes   308.7 309.7 1.1 0.22

309.7 310.3 0.6 28.50

310.3 319.1 8.8 0.05

319.1 328.6 9.5 NS

328.6 341.1 12.6 0.05

341.1 343.1 2.0 0.15

343.1 345.7 2.6 1.43

345.7 349.1 3.4 0.23

349.1 352.1 3.0 0.01

352.1 366.5 14.5 NS

LIM-20-4488 Panteon 0 102.6 102.6 NS

102.6 126.65 24.05 0.019

126.65 129.25 2.6 1.6 1.025

129.25 134.95 5.7 0.102

134.95 149.8 14.85 NS

149.8 166.35 16.55 0.067

166.35 173.6 7.25 NS

173.6 197.85 24.25 0.025

197.85 199.3 1.45 NS

LIM-20-4490 Tigra/Chaparral 0.0 309.5 309.5 NS

309.5 350.4 40.9 0.02

350.4 360.0 9.6 NS

Q4 2020 EL LIMON: LIMON SOUTH, LIMON CENTRAL, TIGRA-
CHAPARRAL DRILL
RESULTS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width (m) Au

(g/t)

INFILL DRILLING

LIM-20-4457 Limon South 0.0 64.8 64.8 NS

64.8 72.4 7.7 0.01

72.4 75.8 3.4 4.97

75.8 87.8 12.0 0.18

87.8 102.9 15.1 12.2 16.97

Includes   87.8 90.9 3.1 1.82

90.9 92.6 1.8 11.20

92.6 94.2 1.6 3.42

94.2 100.4 6.2 34.74

100.4 102.9 2.5 4.76

102.9 107.3 4.5 0.06

107.3 126.7 19.4 NS

126.7 128.7 2.0 0.16

128.7 130.5 1.8 1.5 3.14

130.5 132.6 2.1 0.25

132.6 140.3 7.7 0.03

140.3 148.8 8.4 NS

LIM-20-4458 Limon South 0.0 90.0 90.0 NS

90.0 93.1 3.2 0.01

93.1 95.2 2.1 1.0 3.06

95.2 100.4 5.2 0.53

100.4 111.0 10.6 0.24

111.0 115.3 4.3 0.03

115.3 133.5 18.2 NS

LIM-20-4466 Limon South 0.0 77.5 77.5 NS

77.5 84.5 7.0 0.27

84.5 97.5 13.0 0.17

97.5 101.5 4.0 0.83

101.5 104.5 3.0 2.4 2.35

104.5 110.5 6.0 0.32

110.5 120.0 9.5 0.13

120.0 132.0 12.1 NS

LIM-20-4469 Limon South 0.0 45.3 45.3 NS

45.3 52.4 7.1 0.06

52.4 85.0 32.6 NS

85.0 95.0 10.1 0.12

95.0 102.9 7.9 0.22

102.9 104.9 2.0 0.6 2.47

104.9 112.0 7.1 0.38

112.0 118.2 6.3 0.07

118.2 130.0 11.8 NS

LIM-20-4472 Limon South 0.0 25.4 25.4 NS

25.4 85.1 59.7 0.07

85.1 91.1 6.0 0.17

91.1 97.1 6.0 1.0 0.56

97.1 101.1 4.0 0.20

101.1 114.4 13.3 NS

LIM-20-4474 Limon South 0.0 50.2 50.2 NS

50.2 56.8 6.7 0.01

56.8 62.7 5.9 1.2 20.77

Includes   56.8 59.1 2.3 45.86

59.1 62.7 3.6 4.74

62.7 87.8 25.1 0.41

87.8 94.8 7.0 0.16

94.8 108.9 14.1 0.01

108.9 110.9 2.0 1.35

110.9 117.9 7.0 0.05

117.9 130.0 12.1 NS

LIM-20-4477 Limon Central 0.0 229.2 229.2 NS

229.2 232.2 3.0 0.13

232.2 236.4 4.2 0.76

236.4 238.6 2.3 2.1 2.11

238.6 241.8 3.2 0.28

241.8 243.8 2.0 0.02

LIM-20-4478 Limon Central 0.0 313.6 313.6 NS

313.6 315.6 2.0 0.20

315.6 319.6 4.1 0.76

319.6 328.7 9.1 7.9 3.24

Includes   319.6 322.6 3.0 2.10

322.6 328.7 6.1 3.81

328.7 331.7 3.0 0.67

331.7 335.7 4.0 3.5 2.35

335.7 337.7 2.0 0.20

337.7 350.4 12.7 NS

LIM-20-4481 Limon Central 0.0 247.3 247.3 NS

247.3 248.3 1.0 0.01

248.3 251.3 3.0 0.50

251.3 254.4 3.1 2.7 1.32

254.4 257.4 3.0 0.32

257.4 263.4 6.0 0.07

263.4 280.4 17.1 NS

LIM-20-4483 Limon Central 0.0 298.4 298.4 NS

298.4 300.4 2.0 0.01

300.4 302.3 1.9 1.7 2.33

302.3 309.3 7.1 0.08

309.3 312.4 3.1 0.42

312.4 316.1 3.7 3.4 2.50

316.1 321.6 5.5 0.19

321.6 335.0 13.4 NS

LIM-20-4484 Limon Central 0.0 213.1 213.1 NS

213.1 214.4 1.3 1.08

214.4 215.9 1.5 NS

215.9 218.9 3.0 2.9 10.30

Includes   215.9 217.4 1.5 12.20

217.4 218.9 1.5 8.40

218.9 226.0 7.1 0.71

226.0 230.1 4.1 0.16

230.1 235.4 5.3 NS

235.4 236.1 0.7 0.02

236.1 236.9 0.8 NS

236.9 241.3 4.4 0.01

241.3 250.4 9.1 NS

LIM-20-4489 Limon Central 0.0 217.0 217.0 NS

217.0 224.5 7.5 0.00

224.5 229.5 5.1 0.46

229.5 234.5 5.0 0.08

234.5 262.0 27.5 23.6 11.89

Includes   234.5 237.6 3.1 4.59

237.6 243.0 5.4 50.13

243.0 262.0 19.0 0.89

262.0 271.1 9.2 1.39

271.1 274.2 3.1 0.02

274.8 286.0 11.3 NS

LIM-20-4459 Tigra / Chaparral 0.0 70.9 70.9 NS

70.9 73.4 2.5 0.16

73.4 76.0 2.6 1.8 5.14

76.0 88.8 12.8 0.07

88.8 96.5 7.7 0.47

96.5 149.1 52.6 0.13

149.1 154.2 5.2 NS

LIM-20-4462 Tigra / Chaparral 0.0 185.2 185.2 NS

185.2 190.2 5.0 0.02

190.2 201.1 10.9 10.1 5.28

201.1 210.9 9.8 0.17

210.9 212.9 2.0 0.96

212.9 219.9 7.0 0.23

219.9 238.0 18.2 0.06

238.0 242.4 4.4 NS

LIM-20-4471 Tigra / Chaparral 0.0 192.1 192.1 NS

192.1 196.3 4.2 0.01

196.3 209.5 13.3 12.9 5.09

Includes   196.3 199.6 3.4 3.63

199.6 200.6 1.0 12.60

200.6 207.3 6.8 3.29

207.3 209.5 2.2 9.62

209.5 216.5 7.0 1.46

216.5 223.6 7.1 0.79

223.6 239.0 15.4 0.11

239.0 240.0 1.0 3.27

240.0 253.4 13.5 0.07

253.4 265.2 11.8 NS

Q4 2020 EL LIMON: VETA NUEVA DRILL RESULTS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width

(m) Au

(g/t)

INFILL DRILLING

LIM-20-4460 Veta Nueva 0.0 171.1 171.1 NS

171.1 187.4 16.3 0.11

187.4 190.7 3.4 2.9 0.69

190.7 194.7 4.0 0.30

194.7 211.5 16.8 0.09

LIM-20-4465 Veta Nueva 0.0 190.7 190.7 NS

190.7 192.7 2.0 0.19

192.7 201.0 8.3 6.2 3.27

Includes   192.7 195.9 3.2 1.96

195.9 196.9 1.0 7.80

196.9 200.3 3.4 1.66

200.3 201.0 0.7 10.50

201.0 211.9 11.0 0.43

211.9 216.0 4.1 NS

LIM-20-4470 Veta Nueva 0.0 206.5 206.5 NS

206.5 208.4 1.9 0.06

208.4 217.9 9.6 7.4 1.08

217.9 223.1 5.2 0.15

223.1 237.0 13.9 NS

LIM-20-4473 Veta Nueva 0.0 207.8 207.8 NS

207.8 218.8 11.0 0.09

218.8 225.8 7.0 5.4 1.10

225.8 229.8 4.0 0.08

229.8 241.7 11.9 NS

Q4 2020 LA LIBERTAD: JABALI DRILL RESULTS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width

(m) Au

(g/t)

INFILL DRILLING

JB-20-495 Jabali UG 0.0 96.3 96.3 NS

96.3 132.9 36.6 0.04

132.9 135.9 3.0 0.59

135.9 156.9 21.0 0.07

156.9 158.9 2.0 1.31

158.9 165.0 6.1 4.8 3.42

Includes   160.0 161.0 1.0 9.20

161.0 165.0 4.0 2.36

165.0 174.4 9.5 0.72

174.4 182.4 8.0 0.09

182.4 200.3 17.9 NS

JB-20-497 Jabali UG 0.0 39.7 39.7 NS

39.7 105.5 65.8 0.03

105.5 109.5 4.0 0.78

109.5 112.5 3.0 0.18

112.5 115.5 3.0 2.0 0.99

115.5 131.5 16.0 0.12

131.5 134.5 3.0 2.0 0.93

134.5 159.5 25.0 0.02

159.5 168.1 8.6 NS

JB-20-499 Jabali UG 0.0 110.3 110.3 NS

110.3 162.6 52.3 0.04

162.6 166.6 4.0 0.25

166.6 167.6 1.0 1.97

167.6 169.9 2.4 0.11

169.9 172.1 2.2 NS

172.1 175.1 3.0 0.18

175.1 181.5 6.4 5.6 8.80

Includes   175.1 177.1 2.0 7.70

177.1 179.2 2.1 0.29

179.2 180.4 1.3 31.40

180.4 181.5 1.1 0.99

181.5 187.2 5.7 0.02

187.2 201.0 13.8 NS

JB-20-500 Jabali UG 0.0 1.2 1.2 NS

1.2 31.6 30.4 0.02

31.6 33.6 2.0 0.69

33.6 44.8 11.2 0.19

44.8 47.8 3.0 2.5 2.16

47.8 52.0 4.2 0.36

52.0 56.8 4.8 4.0 2.55

56.8 61.4 4.7 0.12

61.4 75.5 14.1 0.02

75.5 90.0 14.5 NS

JB-20-501 Jabali UG 0.0 36.7 36.7 NS

36.7 75.1 38.4 0.03

75.1 80.5 5.4 5.3 2.41

80.5 99.0 18.5 0.17

JB-20-502 Jabali UG 0.0 49.0 49.0 NS

49.0 67.0 18.0 0.09

67.0 68.0 1.0 1.0 4.30

68.0 74.0 6.0 0.03

74.0 90.3 16.3 16.0 2.21

Includes   74.0 77.5 3.5 0.35

77.5 79.2 1.7 2.60

79.2 80.2 1.0 14.10

80.2 90.3 10.1 1.61

90.3 97.3 7.0 0.16

97.3 104.3 7.1 NS

JB-20-506A Jabali UG 0.0 137.1 137.1 NS

137.1 157.5 20.4 0.03

157.5 162.7 5.2 0.40

162.7 163.8 1.1 1.49

163.8 167.4 3.7 0.09

167.4 168.4 1.0 0.9 4.08

168.4 175.5 7.1 0.17

175.5 177.5 2.0 2.0 8.30

Includes   175.5 176.5 1.0 2.20

176.5 177.5 1.0 14.40

177.5 179.2 1.7 0.34

179.2 181.2 2.0 1.51

181.2 183.7 2.5 0.65

183.7 197.2 13.5 0.08

JB-20-509 Jabali UG 0.0 14.6 14.6 NS

14.6 63.9 49.3 0.06

63.9 75.9 12.0 0.45

75.9 79.9 4.0 3.3 1.87

79.9 83.9 4.0 0.21

83.9 92.9 9.1 7.6 6.30

Includes   83.9 86.0 2.2 4.02

86.0 88.7 2.7 14.31

88.7 92.9 4.2 2.32

92.9 101.9 9.0 0.03

JB-20-510 Jabali UG 0.0 22.2 22.2 NS

22.2 29.5 7.3 0.06

29.5 40.9 11.5 0.30

40.9 43.0 2.1 1.10

43.0 45.8 2.8 2.8 5.09

Includes   43.0 44.0 1.0 3.60

44.0 45.0 1.0 9.00

45.0 45.8 0.8 2.08

45.8 47.9 2.1 0.51

47.9 59.5 11.7 0.05

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width

(m) Au

(g/t)

RESOURCE EXPANSION DRILLING

JB-20-493 Jabali UG 0.0 244.1 244.1 NS

244.1 264.7 20.6 0.02

264.7 265.7 1.0 26.80

265.7 273.8 8.1 0.28

273.8 280.4 6.6 6.6 3.35

Includes   273.8 275.8 2.0 1.19

275.8 277.9 2.1 3.16

277.9 278.9 1.0 11.60

278.9 280.4 1.5 0.90

280.4 283.0 2.6 0.15

283.0 326.1 43.1 0.02

JB-20-494 Jabali UG 0.0 231.4 231.4 NS

231.4 253.9 22.5 0.01

253.9 254.9 1.0 0.17

254.9 257.6 2.6 2.6 2.69

257.6 260.6 3.0 0.07

JB-20-494A Jabali UG 0.0 255.1 255.1 NS

255.1 258.1 3.0 0.05

258.1 261.0 3.0 2.9 4.80

Includes   258.1 259.1 1.0 2.78

259.1 260.1 1.0 8.90

260.1 261.1 1.0 2.66

261.1 263.6 2.6 0.50

263.6 327.7 64.1 0.01

JB-20-496 Jabali UG 0.0 188.1 188.1 NS

188.1 190.1 2.0 0.01

190.1 193.3 3.2 2.8 1.21

193.3 195.8 2.6 0.24

195.8 198.6 2.8 NS

198.6 201.6 3.0 2.6 1.24

201.6 254.8 53.1 0.02

JB-20-498 Jabali UG 0.0 326.5 314.4 NS

326.5 399.5 73.1 0.03

399.5 400.5 1.0 0.8 1.51

400.5 430.5 30.0 0.04

430.5 432.3 1.8 1.4 1.16

432.3 436.3 4.0 0.01

436.3 451.1 14.8 NS

JB-20-507 Jabali UG 0.0 176.8 176.8 NS

176.8 182.1 5.3 0.01

182.1 184.4 2.3 0.49

186.7 210.6 23.9 0.04

210.6 212.1 1.5 1.5 0.85

212.1 221.0 8.9 0.01

Q4 2020 LA LIBERTAD: ESCANDALO, NANCITE, ROSARIO, TRANCA DRILL RESULTS

Drill Hole

ID Vein

Structure From

(m) To

(m) Interval

(m) Estimated

True Width

(m) Au

(g/t)

EXPLORATION DRILLING

ES-20-019 Escandalo 0.0 42.8 42.8 NS

42.8 146.6 103.8 0.01

146.6 151.0 4.4 4.00 0.18

151.0 172.4 21.5 0.01

ES-20-020 Escandalo 0.0 45.4 45.4 NS

45.4 160.2 114.8 0.02

160.2 165.2 5.0 4.90 0.12

165.2 200.3 35.1 0.01

NA-20-001 Nancite 0.0 71.2 71.2 NS

71.2 216.1 144.9 0.07

216.1 224.5 8.5 5.33 1.83

Includes   216.1 218.5 2.5 1.15

218.5 221.5 3.0 3.21

221.5 224.5 3.0 1.00

224.5 246.2 21.7 0.20

246.2 270.4 24.2 NS

NA-20-002 Nancite 0.0 58.2 58.2 NS

58.2 59.2 1.0 0.01

59.2 61.2 2.0 1.6 2.63

61.2 63.2 2.0 0.01

63.2 86.5 23.3 NS

86.5 93.5 7.0 0.29

93.5 99.3 5.9 NS

99.3 120.5 21.2 0.20

120.5 125.5 5.0 0.45

125.5 128.6 3.1 2.4 1.48

128.6 129.6 1.0 0.09

129.6 190.1 60.6 NS

NA-20-003 Nancite 0.0 35.8 35.8 NS

35.8 81.0 45.3 0.07

40.3 94.6 54.4 NS

94.6 95.6 1.0 0.9 1.10

95.6 117.2 21.6 NS

117.2 158.4 41.2 0.04

158.4 163.4 5.0 4.1 1.19

163.4 211.0 47.6 0.01

211.0 221.0 10.0 NS

NA-20-004 Nancite 0.0 48.3 48.3 NS

48.3 50.3 2.0 0.21

50.3 85.6 35.3 NS

85.6 90.7 5.1 0.10

90.7 91.8 1.1 0.8 5.00

91.8 92.8 1.0 0.06

92.8 105.1 12.3 NS

105.1 111.5 6.5 0.51

111.5 150.5 39.0 NS

150.5 160.0 9.5 0.33

160.0 211.5 51.5 NS

NA-20-005 Nancite 0.0 97.8 97.8 NS

97.8 117.5 19.8 0.10

117.5 120.5 3.0 2.3 0.53

120.5 137.8 17.3 0.06

137.8 184.4 46.6 NS

NA-20-006 Nancite 0.0 166.0 166.0 NS

166.0 168.0 2.0 0.01

168.0 175.0 7.0 5.6 0.19

175.0 177.0 2.0 0.02

177.0 245.4 68.4 NS

NA-20-007 Nancite 0.0 100.8 100.8 NS

100.8 117.3 16.5 0.09

117.3 122.4 5.2 3.5 1.02

122.4 123.6 1.2 0.01

123.6 146.2 22.6 NS

146.2 154.8 8.6 0.13

154.8 178.8 24.0 NS

178.8 188.7 9.9 0.18

188.7 194.7 6.0 NS

NA-20-008 Nancite 0.0 96.0 96.0 NS

96.0 100.6 4.6 0.19

100.6 102.7 2.1 1.9 1.37

102.7 131.6 28.9 0.17

131.6 133.8 2.2 2.9 1.33

133.8 136.2 2.4 0.01

136.2 181.4 45.2 NS

NA-20-009 Nancite 0.0 65.5 65.5 NS

65.5 69.4 3.8 0.01

69.4 74.7 5.3 4.9 0.64

74.7 77.7 3.0 0.01

77.7 102.1 24.4 NS

102.1 224.0 121.9 0.11

104.6 262.1 157.5 NS

NA-20-010 Nancite 0.0 130.3 130.3 NS

130.3 132.3 2.0 0.01

132.3 134.3 2.0 1.5 17.26

Includes   132.3 133.3 1.0 1.53

133.3 134.3 1.0 33.00

134.3 146.9 12.6 0.01

146.9 168.8 21.9 NS

168.8 172.4 3.7 0.01

172.4 173.5 1.1 0.8 3.85

173.5 185.5 12.1 0.05

185.5 189.3 3.8 2.8 5.02

Includes   185.5 188.3 2.8 1.94

188.3 189.3 1.0 13.50

189.3 225.2 35.9 0.34

206.9 240.4 33.6 NS

NA-20-011 Nancite 0.0 137.4 137.4 NS

137.4 143.9 6.5 4.0 1.78

Includes   137.4 139.4 2.0 1.34

139.4 142.4 3.0 0.17

142.4 143.9 1.5 5.60

143.9 152.9 9.0 0.21

152.9 201.2 48.3 NS

RS-20-052 Rosario 0.0 193.5 193.5 NS

193.5 208.2 14.7 0.02

208.2 226.5 18.3 14.3 2.34

Includes   208.2 209.2 1.0 4.13

209.2 213.4 4.2 1.51

213.4 216.4 3.1 0.24

216.4 219.5 3.1 1.73

219.5 221.5 2.0 4.82

221.5 223.5 2.0 1.20

223.5 226.5 3.0 4.72

226.5 235.9 9.4 0.01

RS-20-053 Rosario 0.0 194.2 194.2 NS

194.2 199.2 5.0 0.04

199.2 200.3 1.1 0.7 0.75

200.3 219.7 19.5 0.04

219.7 221.7 2.0 0.66

221.7 233.2 11.5 0.01

233.2 249.9 16.8 NS

RS-20-054 Rosario 0.0 172.0 172.0 NS

172.0 193.0 21.0 0.08

193.0 199.0 6.0 5.2 0.65

199.0 204.0 5.0 0.04

204.0 228.5 24.5 NS

228.5 283.5 55.0 0.01

283.5 295.1 11.7 NS

RS-20-055 Rosario 0.0 73.3 73.3 NS

73.3 75.3 2.0 0.01

75.3 78.3 3.0 2.1 2.23

Includes   75.3 76.2 0.9 5.10

76.2 78.3 2.1 0.99

78.3 80.3 2.0 0.39

80.3 83.8 3.5 0.01

83.8 144.8 61.0 NS

RS-20-056 Rosario 0.0 4.6 4.6 NS

4.6 27.4 22.9 0.01

27.4 65.5 38.1 NS

65.5 114.3 48.8 0.02

114.3 144.8 30.5 NS

RS-20-057 Rosario 0.0 3.1 3.1 NS

3.1 22.9 19.8 0.01

22.9 39.6 16.8 NS

39.6 94.0 54.4 0.03

94.0 153.9 59.9 NS

RS-20-058 Rosario 0.0 178.7 178.7 NS

178.7 198.8 20.1 0.02

198.8 208.8 10.0 0.16

208.8 253.0 44.2 0.03

RS-20-059 Rosario 0.0 47.2 47.2 NS

47.2 275.2 227.9 0.01

275.2 277.2 2.0 1.5 0.57

277.2 286.5 9.4 0.03

RS-20-060 Rosario 0.0 4.6 4.6 NS

4.6 232.4 227.8 0.01

232.4 238.5 6.1 0.36

238.5 245.3 6.8 5.1 7.96

Includes   238.5 240.5 2.0 11.80

240.5 245.3 4.8 6.33

245.3 249.0 3.8 1.21

249.0 271.3 22.3 0.01

TR-20-019 Tranca 0.0 47.9 47.9 NS

47.9 217.8 169.9 0.01

53.9 246.1 192.3 NS

246.1 248.1 2.0 0.01

248.1 249.1 1.0 0.8 1.67

249.1 250.1 1.0 0.01

250.1 262.3 12.2 NS

262.3 264.3 2.0 0.01

264.3 265.3 1.1 0.9 1.68

265.3 271.3 6.0 0.02

271.3 300.4 29.1 NS

300.4 322.3 21.9 0.16

308.4 318.3 9.9 NS

322.3 323.3 1.0 3.09

323.3 342.9 19.6 NS

TR-20-020 Tranca 0.0 67.1 67.1 NS

67.1 114.3 47.2 0.01

74.7 228.6 153.9 NS

228.6 238.7 10.1 8.1 0.14

238.7 259.1 20.4 NS

TR-20-021 Tranca 0.0 59.0 59.0 NS

59.0 87.3 28.3 0.01

87.3 164.6 77.3 NS

164.6 168.6 4.0 0.21

168.6 175.1 6.5 6.3 1.45

175.1 177.7 2.5 0.17

177.7 280.4 102.7 NS

TR-20-022 Tranca 0.0 110.3 110.3 NS

110.3 137.6 27.3 0.01

137.6 247.0 109.4 NS

247.0 259.0 12.0 0.04

259.0 261.0 2.0 1.6 1.33

261.0 277.0 16.0 0.09

277.0 326.6 49.6 NS

326.6 385.3 58.7 0.01

330.6 410.1 79.5 NS

410.1 416.6 6.5 0.01

416.6 421.6 5.0 0.14

421.6 425.6 4.0 0.31

425.6 431.6 6.0 0.04

431.6 434.6 3.0 2.3 0.61

434.6 493.2 58.6 0.03

446.6 468.7 22.1 NS

TR-20-023 Tranca 0.0 267.5 267.5 NS

267.5 270.4 2.9 0.02

270.4 279.4 9.0 6.3 0.23

279.4 284.5 5.1 0.04

284.5 387.1 102.6 NS

TR-20-024 Tranca 0.0 253.0 253.0 NS

253.0 255.0 2.0 1.1 0.81

255.0 282.0 27.0 0.05

282.0 307.9 25.9 NS

TR-20-025 Tranca 0.0 98.3 98.3 NS

90.9 98.4 7.4 0.03

92.9 96.9 3.9 NS

98.3 104.4 6.0 4.7 0.49

104.4 126.4 22.1 0.03

119.1 178.3 59.2 NS

TR-20-026 Tranca 0.0 71.4 71.4 NS

71.4 72.4 1.0 0.01

72.4 74.4 2.0 1.8 1.04

74.4 116.3 41.8 0.01

116.3 119.3 3.0 0.37

119.3 125.4 6.1 0.01

125.4 128.4 3.0 0.21

128.4 131.4 3.0 0.02

Q4 2020 EL LIMON DRILL HOLE COLLAR COORDINATES

Mine Site Drill Hole ID Vein Structure UTM North (m) UTM East (m) Elevation (
masl
) Total Depth (m) Azimuth (degrees) Dip (degrees)

EL LIMON LIM-20-4454 Panteon 1407507 532275 73 448 43 -51

EL LIMON LIM-20-4456 Panteon 1407548 532253 71 367 43 -52

EL LIMON LIM-20-4461 Panteon 1407589 532312 69 264 43 -49

EL LIMON LIM-20-4467 Panteon 1407551 532291 69 339 47 -52

EL LIMON LIM-20-4468 Panteon 1407562 532337 68 259 46 -47

EL LIMON LIM-20-4475 Panteon 1407677 532740 64 355 223 -53

EL LIMON LIM-20-4476 Panteon 1407590 532372 68 190 44 -56

EL LIMON LIM-20-4480 Panteon 1407664 532715 64 304 223 -50

EL LIMON LIM-20-4482 Panteon 1407641 532676 66 265 229 -55

EL LIMON LIM-20-4485 Panteon 1407449 532861 65 290 229 -52

EL LIMON LIM-20-4486 Panteon 1407736 532708 64 367 230 -49

EL LIMON LIM-20-4488 Panteon 1407419 532819 67 199 229 -50

EL LIMON LIM-20-4457 Pozo Bono 1409716 528999 133 149 231 -61

EL LIMON LIM-20-4458 Pozo Bono 1409627 529014 110 133 255 -66

EL LIMON LIM-20-4466 Pozo Bono 1409581 529033 100 132 243 -60

EL LIMON LIM-20-4469 Pozo Bono 1409568 528998 108 130 207 -64

EL LIMON LIM-20-4472 Pozo Bono 1409543 528968 105 114 213 -60

EL LIMON LIM-20-4474 Pozo Bono 1409686 528982 131 130 232 -60

EL LIMON LIM-20-4477 Limon Central 1410378 529074 155 257 208 -62

EL LIMON LIM-20-4478 Limon Central 1410545 528914 184 350 208 -54

EL LIMON LIM-20-4481 Limon Central 1410402 529047 155 280 208 -68

EL LIMON LIM-20-4483 Limon Central 1410563 528862 185 335 208 -59

EL LIMON LIM-20-4484 Limon Central 1410375 529076 155 250 208 -46

EL LIMON LIM-20-4489 Limon Central 1410441 529010 156 286 208 -52

EL LIMON LIM-20-4459 Tigra / Chaparral 1411212 528312 165 154 243 -51

EL LIMON LIM-20-4462 Tigra / Chaparral 1411213 528492 210 242 243 -45

EL LIMON LIM-20-4471 Tigra / Chaparral 1411244 528476 215 265 245 -46

EL LIMON LIM-20-4490 Tigra / Chaparral 1411189 528715 212 360 242 -61

EL LIMON LIM-20-4460 Veta Nueva 1410066 526336 48 211 157 -52

EL LIMON LIM-20-4465 Veta Nueva 1410051 526307 48 216 158 -55

EL LIMON LIM-20-4470 Veta Nueva 1410062 526309 50 237 158 -56

EL LIMON LIM-20-4473 Veta Nueva 1410084 526328 49 242 157 -50

*Note: UTM drill hole collar coordinates refer to UTM map datum WGS84 Zone 16 North

Q4 2020 LA LIBERTAD DRILL HOLE COLLAR COORDINATES

Mine Site Drill Hole ID Vein Structure UTM North (m) UTM East (m) Elevation (
masl
) Total Depth (m) Azimuth (degrees) Dip (degrees)

LA LIBERTAD ES-20-019 Escandalo 1357590 705480 571 191 180 -51

LA LIBERTAD ES-20-020 Escandalo 1357573 705577 571 206 167 -50

LA LIBERTAD JB-20-491 Jabali UG West 1355963 707531 543 395 184 -51

LA LIBERTAD JB-20-492 Jabali UG West 1355953 707400 529 373 183 -50

LA LIBERTAD JB-20-493 Jabali UG West 1355926 707465 546 326 180 -45

LA LIBERTAD JB-20-494 Jabali UG West 1355907 707390 526 261 180 -44

LA LIBERTAD JB-20-494A Jabali UG West 1355914 707389 530 328 180 -44

LA LIBERTAD JB-20-495 Jabali UG West 1355865 707904 529 200 187 -46

LA LIBERTAD JB-20-496 Jabali UG West 1355840 707445 545 255 180 -45

LA LIBERTAD JB-20-497 Jabali UG West 1355754 708555 353 168 16 -25

LA LIBERTAD JB-20-498 Jabali UG West 1355976 707306 353 451 180 -57

LA LIBERTAD JB-20-499 Jabali UG West 1355873 707850 353 201 180 -45

LA LIBERTAD JB-20-500 Jabali UG West 1355808 708355 353 90 15 -7

LA LIBERTAD JB-20-501 Jabali UG West 1355754 708555 353 99 15 19

LA LIBERTAD JB-20-502 Jabali UG West 1355754 708553 353 104 2 24

LA LIBERTAD JB-20-506A Jabali UG West 1355878 707812 353 209 180 -45

LA LIBERTAD JB-20-507 Jabali UG West 1355824 707400 353 224 180 -45

LA LIBERTAD JB-20-509 Jabali UG West 1355803 708357 353 113 60 -1

LA LIBERTAD JB-20-510 Jabali UG West 1355812 708352 353 68 18 18

LA LIBERTAD NA-20-001 Nancite 1353765 704801 353 270 355 -45

LA LIBERTAD NA-20-002 Nancite 1353986 704739 353 190 177 -46

LA LIBERTAD NA-20-003 Nancite 1353951 704430 353 221 173 -45

LA LIBERTAD NA-20-004 Nancite 1353987 704739 353 211 176 -60

LA LIBERTAD NA-20-005 Nancite 1353888 704361 353 184 173 -48

LA LIBERTAD NA-20-006 Nancite 1353944 704275 353 245 172 -45

LA LIBERTAD NA-20-007 Nancite 1354003 704680 353 195 176 -45

LA LIBERTAD NA-20-008 Nancite 1353904 704169 353 181 173 -45

LA LIBERTAD NA-20-009 Nancite 1353969 704046 353 262 171 -45

LA LIBERTAD NA-20-010 Nancite 1354020 704593 353 240 176 -45

LA LIBERTAD NA-20-011 Nancite 1353960 704546 353 201 177 -45

LA LIBERTAD RS-20-052 Rosario 1349782 691108 353 236 156 -46

LA LIBERTAD RS-20-053 Rosario 1349898 691330 353 250 167 -46

LA LIBERTAD RS-20-054 Rosario 1350043 691637 354 295 153 -45

LA LIBERTAD RS-20-055 Rosario 1349577 691007 354 145 145 -45

LA LIBERTAD RS-20-056 Rosario 1349431 690832 354 145 157 -45

LA LIBERTAD RS-20-057 Rosario 1349348 690665 354 154 152 -47

LA LIBERTAD RS-20-058 Rosario 1349191 690584 354 276 305 -42

LA LIBERTAD RS-20-059 Rosario 1349889 691212 354 300 160 -45

LA LIBERTAD RS-20-060 Rosario 1350021 691438 354 300 156 -42

LA LIBERTAD TR-20-010 Tranca 1354055 705853 354 241 3 -48

LA LIBERTAD TR-20-011 Tranca 1353973 705380 354 282 5 -35

LA LIBERTAD TR-20-012 Tranca 1353992 706126 354 238 359 -37

LA LIBERTAD TR-20-013 Tranca 1354289 705186 354 207 180 -45

LA LIBERTAD TR-20-014 Tranca 1354335 705730 354 268 176 -46

LA LIBERTAD TR-20-015 Tranca 1354362 705185 354 306 180 -43

LA LIBERTAD TR-20-016 Tranca 1354283 705892 354 175 180 -45

LA LIBERTAD TR-20-017 Tranca 1354371 705110 354 312 180 -45

LA LIBERTAD TR-20-018 Tranca 1353972 705800 354 346 360 -45

LA LIBERTAD TR-20-019 Tranca 1354393 705020 354 343 180 -45

LA LIBERTAD TR-20-020 Tranca 1354344 705500 354 259 180 -45

LA LIBERTAD TR-20-021 Tranca 1354295 704930 354 280 180 -46

LA LIBERTAD TR-20-022 Tranca 1354500 705500 354 493 180 -45

LA LIBERTAD TR-20-023 Tranca 1354369 704870 354 387 180 -46

LA LIBERTAD TR-20-024 Tranca 1353971 706228 354 308 359 -44

LA LIBERTAD TR-20-025 Tranca 1354181 706305 354 178 180 -45

LA LIBERTAD TR-20-026 Tranca 1354256 706002 354 162 184 -45

LA LIBERTAD TR-20-027 Tranca 1354450 705988 354 431 178 -45

LA LIBERTAD TR-20-028 Tranca 1354424 705312 354 366 178 -44

*Note: UTM drill hole collar coordinates refer to UTM map datum WGS84 Zone 16 North

Posted on November 12, 2020 7:03 am
Schrödinger, Inc. Reports Third Quarter 2020 Financial Results and Business Update

Schrödinger, Inc. Reports Third Quarter 2020 Financial Results and Business Update

Total revenue of $25.8 million, up 29% year-over-year;

Software revenue of $22.9 million, up 42% year-over-year

Raised $325.6 million net proceeds in equity financing

Presenting data on our MALT 1 inhibitor program at the American Society of Hematology (ASH) Annual Meeting & Exposition

Conference call today, Thursday, Nov. 12, 2020 at 8:30 a.m. ET

NEW YORK–(BUSINESS WIRE)–
Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the third quarter ended September 30, 2020.

“We are executing on our strategic plan across every area of our business,” said Schrödinger CEO Ramy Farid, Ph.D. “We’re excited about the strong growth we’ve seen in our software business and the rapid progress of our internal and collaborative programs to discover and develop therapeutics.”

Third Quarter Financial Results

Revenue was $25.8 million for the third quarter of 2020, an increase of 29% compared to the third quarter of 2019.

Software revenue was $22.9 million for the third quarter of 2020, an increase of 42% over the third quarter in 2019. Drug discovery revenue was $2.9 million for the third quarter of 2020, a decline of 24% versus the third quarter of 2019.

Gross profit reached $15.3 million in the third quarter of 2020, an increase of 43% over the third quarter in 2019. Software gross margin was 81% in the third quarter, unchanged versus the third quarter of 2019.

Operating expenses for the third quarter of 2020 were $30.7 million, an increase of 40% over the third quarter of 2019.

Other income, which includes gains on equity investments and changes in fair value of such investments, was $18.7 million in the third quarter of 2020 versus a loss of $0.9 million in the third quarter of 2019. Other income for the third quarter of 2020 included an $18.0 million non-cash gain from our equity in Relay Therapeutics which completed its IPO in July 2020.

Net income, after adjusting for non-controlling interests, was $3.9 million for the third quarter of 2020, compared to a net loss of $11.5 million in the third quarter of 2019.

Schrödinger ended the third quarter of 2020 with cash, cash equivalents, restricted cash and marketable securities of $599.5 million, an increase of $315.0 million from the end of the second quarter of 2020, primarily as a result of net proceeds of $325.6 million from the equity financing in the third quarter.

“In the third quarter, we continued the excellent momentum across our business established in the first half of 2020,” said Schrödinger CFO Joel Lebowitz. “With our strong balance sheet and growing revenue, we believe we are well-positioned to continue to invest in R&D and execute on all elements of our strategy.”

Third Quarter Business Update

Driving growth in our Software business

42% revenue growth in the third quarter of 2020, driven by growth in both Life Sciences and Materials Science revenue

Increased Financial resources

Raised $325.6 million of net proceeds from an equity follow-on offering

Ending cash, cash equivalents, restricted cash and marketable securities for the third quarter were $599.5 million

Advancing internal discovery programs and pipeline progress

Expect to initiate IND enabling studies in 2021 on most advanced internal programs

Presenting data on our MALT 1 inhibitor program at the American Society of Hematology (ASH) Annual Meeting & Exposition; progressing research in single agent and combination studies targeting B-cell lymphomas

Advancing the underlying science of our platform and methods

Several scientific publications describing and validating our differentiated computational platform

Improved methods for accurately modeling the relative binding free energies of metalloenzyme inhibitors

Improved approaches to optimize binding selectivity

Validation and extension of our technologies to more comprehensively support macrocycle design and optimization

“We are very pleased with the significant progress we have made this year on our software business, our drug discovery collaborations and our internal pipeline,” said Dr. Farid. “Our ongoing commitment to advance the science underlying our industry-leading physics-based computational platform to achieve new breakthroughs will drive our continued success.”

Business Impact of COVID-19 Pandemic

While we did not see material impacts to our business from the COVID-19 pandemic during the first nine months of 2020, we have identified certain market risks that, if they materialize, could affect the growth of our software business and the timing of our drug discovery revenues for at least the remainder of 2020. Some of our software customers may experience increasing budgetary pressures, which may cause them to delay or reduce purchases. In addition, our sales force has limited in-person interactions, and their ability to attend industry conferences and events that promote and expand knowledge of our company and platform has been hampered. Relative to our drug discovery programs, certain programs, particularly ones that are in clinical studies or preparing to enter clinical studies, could be delayed which could result in delays in achieving milestones and related revenue. While there remains uncertainty about the extent of the effect of the COVID-19 pandemic, we do not envision a long-term impact from the COVID-19 pandemic on our ability to execute on our long-term strategy.

Webcast and Conference Call Information

Schrödinger will host a conference call to discuss its third quarter financial results on Thursday, November 12, 2020 at 8:30 AM Eastern Time. The conference call can be accessed live over the phone by dialing (833) 727-9520 (domestic) or +1 (830) 213-7697 (international) and refer to conference ID 8486343. The webcast can be accessed under “News & Events” in the investors section of Schrödinger’s website, https://ir.schrodinger.com/newsand-events/event-calendar. The archived webcast will be available on Schrödinger’s website following the event.

About Schrödinger

Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger’s multidisciplinary drug discovery team also leverages its software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

Founded in 1990, Schrödinger has over 400 employees and is engaged with customers and collaborators in more than 70 countries. To learn more visit www.schrodinger.com and follow us on LinkedIn and Twitter.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 including, but not limited to those regarding our expectations about the speed and capacity of our computational platform, our plans to continue to invest in research and our strategic plans to accelerate the growth of our software business and advance our collaborative and internal drug discovery programs, our ability to improve and advance the science underlying our platform, including through these use of new technologies, the timing of potential IND-enabling studies for our internal drug discovery programs, our expectations related to the use of our cash, cash equivalents, and marketable securities as well as our expectations related to the COVID-19 pandemic’s impact on our business. Statements including words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and statements in the future tense are forward-looking statements. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in these forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control, including the demand for our software solutions, our ability to further develop our computational platform, our reliance upon third-party providers of cloud-based infrastructure to host our software solutions, our reliance upon our third-party drug discovery collaborators, the ability to retain and hire key personnel and the direct and indirect impacts of the ongoing COVID-19 pandemic on our business and other risks detailed under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2020 filed with the Securities and Exchange Commission on November 12, 2020, as well as future filings and reports by us. Any forward-looking statements contained in this press release speak only as of the date hereof. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except for share and per share amounts)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2020

2019

2020

2019

Revenues:

Software products and services
$

22,861

$

16,118

$

67,573

$

49,205

Drug discovery

2,936

3,842

7,490

10,506

Total revenues

25,797

19,960

75,063

59,711

Cost of revenues:

Software products and services

4,334

3,097

12,197

9,901

Drug discovery

6,191

6,152

18,386

16,244

Total cost of revenues

10,525

9,249

30,583

26,145

Gross profit

15,272

10,711

44,480

33,566

Operating expenses:

Research and development

17,019

10,353

47,376

28,322

Sales and marketing

3,969

5,185

13,120

15,621

General and administrative

9,729

6,465

28,316

20,491

Total operating expenses

30,717

22,003

88,812

64,434

Loss from operations

(15,445

)

(11,292

)

(44,332

)

(30,868

)

Other income:

Gain on equity investments

—

—

4,156

—

Change in fair value

18,233

(1,427

)

23,513

10,607

Interest income

463

501

1,732

1,463

Total other income (loss)

18,696

(926

)

29,401

12,070

Income (loss) before income taxes

3,251

(12,218

)

(14,931

)

(18,798

)

Income tax (benefit) expense

(35

)

(257

)

120

(262

)

Net income (loss)

3,286

(11,961

)

(15,051

)

(18,536

)

Net loss attributable to noncontrolling interest

(566

)

(453

)

(1,727

)

(734

)

Net income (loss) attributable to Schrödinger common and
limited common stockholders
$

3,852

$

(11,508

)

$

(13,324

)

$

(17,802

)

Net income (loss) per share attributable to Schrödinger
common and limited common stockholders, basic:
$

0.06

$

(0.26

)

$

(0.23

)

$

(0.40

)

Weighted average shares used to compute net income (loss)
per share attributable to Schrödinger common and
limited common stockholders, basic:

66,339,570

44,879,188

56,802,567

44,623,383

Net income (loss) per share attributable to Schrödinger
common and limited common stockholders, diluted:
$

0.05

$

(0.26

)

$

(0.23

)

$

(0.40

)

Weighted average shares used to compute net income (loss)
per share attributable to Schrödinger common and
limited common stockholders, diluted:

72,693,173

44,879,188

56,802,567

44,623,383

Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except for share and per share amounts)

Assets September 30, 2020 December 31, 2019

Current assets:

Cash and cash equivalents
$

210,490

$

25,986

Restricted cash

500

500

Marketable securities

388,494

59,844

Accounts receivable, net of allowance for doubtful accounts of $50 and $50

12,290

18,676

Unbilled and other receivables

4,891

7,062

Prepaid expenses

4,449

6,468

Total current assets

621,114

118,536

Property and equipment, net

5,296

6,268

Equity investments

40,914

15,366

Right of use assets

10,583

12,762

Other assets

2,209

2,338

Total assets
$

680,116

$

155,270

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

Current liabilities:

Accounts payable
$

4,812

$

3,524

Accrued payroll, taxes, and benefits

7,702

7,034

Deferred revenue

19,067

25,054

Lease liabilities

5,491

5,584

Other accrued liabilities

2,204

3,824

Total current liabilities

39,276

45,020

Deferred revenue, long-term

2,592

2,205

Lease liabilities, long-term

6,762

8,888

Other liabilities, long-term

600

900

Total liabilities

49,230

57,013

Commitments and contingencies

Convertible preferred stock:

Series E convertible preferred stock, $0.01 par value. Authorized zero and 77,150,132
shares; zero and 73,795,777 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

—

109,270

Series D convertible preferred stock, $0.01 par value. Authorized zero and 39,540,611
shares; zero and 39,540,611 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

—

22,000

Series C convertible preferred stock, $0.01 par value. Authorized zero and 47,242,235
shares; zero and 47,242,235 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

—

19,844

Series B convertible preferred stock, $0.01 par value. Authorized zero and 29,468,101
shares; zero and 29,468,101 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

—

9,840

Series A convertible preferred stock, $0.01 par value. Authorized zero and 134,704,785
shares; zero and 134,704,785 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

—

30,626

Total convertible preferred stock

—

191,580

Stockholders’ equity (deficit):

Common stock, $0.01 par value. Authorized 500,000,000 and 425,000,000 shares; 56,298,216 and
6,121,821 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

563

61

Limited common stock, $0.01 par value. Authorized 100,000,000 and 146,199,885 shares; 13,164,193
and zero shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

132

—

Additional paid-in capital

748,123

11,655

Accumulated deficit

(118,420

)

(105,096

)

Accumulated other comprehensive income

480

16

Total stockholders’ equity (deficit) of Schrödinger stockholders

630,878

(93,364

)

Noncontrolling interest

8

41

Total stockholders’ equity (deficit)

630,886

(93,323

)

Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)
$

680,116

$

155,270

Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

Nine Months Ended

September 30,

2020

2019

Cash flows from operating activities:

Net loss
$

(15,051

)

$

(18,536

)

Adjustments to reconcile net loss to net cash used in

operating activities:

Gain on equity investments

(4,156

)

—

Noncash revenue from equity investments

(342

)

(139

)

Fair value adjustments

(23,513

)

(10,607

)

Depreciation

2,648

2,732

Stock-based compensation

7,542

1,612

Noncash research and development expenses

1,694

680

Noncash investment accretion

359

(277

)

Decrease (increase) in assets:

Accounts receivable, net

6,386

1,760

Unbilled and other receivables

2,580

2,719

Reduction in the carrying amount of right of use assets

3,957

3,045

Prepaid expenses and other assets

290

658

Increase (decrease) in liabilities:

Accounts payable

1,254

3,324

Accrued payroll, taxes, and benefits

668

896

Deferred revenue

(5,258

)

(1,461

)

Lease liabilities

(3,997

)

(2,961

)

Other accrued liabilities

(1,922

)

1,761

Net cash used in operating activities

(26,861

)

(14,794

)

Cash flows from investing activities:

Purchases of property and equipment

(1,652

)

(1,679

)

Purchases of equity investments

(2,869

)

—

Distribution from equity investment

4,582

—

Purchases of marketable securities

(446,816

)

(96,278

)

Proceeds from sale and maturity of marketable securities

118,272

37,725

Net cash used in investing activities

(328,483

)

(60,232

)

Cash flows from financing activities:

Issuances of common stock upon initial public offering, net

211,491

—

Issuances of common stock upon follow-on public offering, net

325,610

—

Issuances of Series E preferred stock, net

—

29,893

Issuances of common stock upon stock option exercise

2,747

425

Contribution by noncontrolling interest

—

100

Payment of deferred offering costs

—

(19

)

Net cash provided by financing activities

539,848

30,399

Net increase (decrease) in cash and cash equivalents and restricted cash

184,504

(44,627

)

Cash and cash equivalents and restricted cash, beginning of period

26,486

77,716

Cash and cash equivalents and restricted cash, end of period
$

210,990

$

33,089

Supplemental disclosure of cash flow and noncash information

Cash paid for income taxes
$

225

$

91

Supplemental disclosure of non-cash investing and financing activities

Accrued deferred offering costs

10

928

Purchases of property and equipment

24

—

Acquisitions of right of use assets in exchange for lease obligations

1,778

464

Right of use assets recognized on adoption

—

16,475

Reclass of deferred financing costs to additional paid in capital

1,858

—

View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005038/en/

Media Contact:

Stephanie Simon

Ten Bridge Communications

[email protected]

617-581-9333

Investor Contact:

Christina Tartaglia

Stern IR, Inc.

[email protected]

212-362-1200

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Health Technology Other Technology Software General Health Pharmaceutical Biotechnology

MEDIA:

Posted on November 12, 2020 7:03 am
Tower Semiconductor Reports Third Quarter 2020 Results and Guides Fourth Quarter Significant Revenue Increase

MIGDAL HAEMEK, Israel, Nov. 12, 2020 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reported today its results for the third quarter ended September 30, 2020.

Third
Quarter Results Overview

Revenues for the third quarter of 2020 were $310 million, as compared to $310 million in the prior quarter and $312 million in the third quarter of 2019.

G
ross profit and operating profit for the third quarter of 2020 were $53 million and $19 million as compared to $58 million and $22 million in the prior quarter and as compared to $58 million and $23 million in the third quarter of 2019.

Net profit for the third quarter of 2020 was $15 million, or $0.14 basic and diluted earnings per share, as compared to net profit of $19 million, or $0.18 basic and diluted earnings per share in the prior quarter, and $22 million or $0.21 basic and diluted earnings per share in the third quarter of 2019.

EBITDA for the third quarter of 2020 was $79 million, as compared to $82 million in the prior quarter and to $75 million in the third quarter of 2019.

As announced in the beginning of September, the Company’s IT safeguards identified a security incident on some of its systems. The Company took immediate actions to prevent damage, shutting down all of its Israeli and US IT systems, hence halting those facilities. In less than a week, all factories were returned to operational capability. Due to the effective procedures, there was no damage to the functional quality of the work in progress, with Company and customer data protected. Activities further securing the Company’s IT environment were put in place.

The impact of this event on Company’s operations was between 8-12 days of missed new wafer starts and, as the incident occurred during the last month of the quarter, during a demand ramp, it lost multiple weeks of full fab activity levels.

Cash flow generated from operations in the third quarter of 2020 was $69 million with investment in fixed assets, net of $67 million that included payments related to the 300mm facility capacity expansion program. In addition, in the third quarter of 2020, the company repaid $26 million of its debt.

Shareholders’ equity as of September 30, 2020 was a record of $1.41 billion, as compared to $1.35 billion as of December 31, 2019, and current ratio as of September 30, 2020 was 4.1X as compared to 4.3X as of December 31, 2019.

Business Outlook

Tower Semiconductor expects revenues for the fourth quarter of 2020 to be $340 million, with an upward or downward range of 5%, demonstrating 10% quarter over quarter growth and 11% year over year growth.

Mr. Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, commented: “Our fourth quarter of 2020 revenue growth guidance, 17% quarter over quarter and 14% year over year organic, driven by continued and increased strength in our RF and Power IC served markets, sets a good bridge to the new year. We look forward to 2021, with RF and Power IC continuing the present trend and increases in both industrial sensors and power discrete served markets, as evidenced by customer demand forecasts, and backed by market research reports. This strength should couple well with our increased 300mm and 200mm capability and capacity expansions.”

Teleconference and Webcast

Tower Semiconductor will host an investor conference call today, Thursday, November 12, 2020, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the company’s financial results for the third quarter of 2020 and its outlook.

This call will be webcast and can be accessed via Tower Semiconductor’s website at www.towersemi.com or by calling 1-888-642-5032 (U.S. Toll-Free), 03-918-0644 (Israel), +972-3-918-0644 (International). For those who are not available to listen to the live broadcast, the call will be archived on Tower Semiconductor’s website for 90 days.

The Company presents its financial statements in accordance with U.S. GAAP. The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information in this release and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, which we describe in this release as “adjusted” financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission as they apply to our Company. These adjusted financial measures are calculated excluding one or both of the following: (1) amortization of acquired intangible assets and (2) compensation expenses in respect of equity grants to directors,
officers,
and employees. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/ or presented in this release and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, as well as calculated in the tables herein, the term Earnings Before Interest Tax Depreciation and Amortization (EBITDA) consists of net profit in accordance with GAAP, excluding financing
and other income (
expense
)
, net, taxes, non-controlling interest, depreciation and amortization expense and stock-based compensation expense. EBITDA is reconciled in the tables below from GAAP operating profit. EBITDA is not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as used and/ or presented in this release and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, is comprised of cash, cash equivalents, short-term deposits and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.
The term Free Cash Flow, as used and/ or presented in this release and/ or in related public disclosures or filings with respect to the financial statements and/ or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $6
9
million, $6
7
million and $7
3
million for the three months periods ended
September 30, 2020,
June 30
, 2020 and September 30, 2019
, respectively) less cash used for investments in property and equip
ment, net (in the amounts of $67
million, $63 million and $
43
million for the three months periods ended
September 30, 2020, June 30, 2020 and September 30, 2019
, respectively)
.
The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP
.

About Tower Semiconductor

Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), the leader in high-value analog semiconductor foundry solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating positive and sustainable impact on the world through long term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm) through TPSCo. For more information, please visit www.towersemi.com.

CONTACTS:
Noit Levy | Investor Relations | +972 74 737 7556 | [email protected]

This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements. Potential risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets; (ii) over demand for our foundry services and/or products that exceeds our capacity; (iii) maintaining existing customers and attracting additional customers, (iv) high utilization and its effect on cycle time, yield and on schedule delivery which may cause customers to transfer their product(s) to other fabs, (v) operating results fluctuate from quarter to quarter making it difficult to predict future performance, (vi) impact of our debt and other liabilities on our financial position and operations, (vii) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (viii) fluctuations in cash flow, (ix) our ability to satisfy the covenants stipulated in our agreements with our lender banks and bondholders (as of September 30, 2020 we are in compliance with all such covenants included in our banks’ agreements, bond G indenture and others), (x) pending litigation, (xi) new customer engagements, qualification and production ramp-up at our facilities, including TPSCo and the San Antonio facility, (xii) meeting the conditions set in the approval certificates received from the Israeli Investment Center under which we received a significant amount of grants in past years, (xiii) receipt of orders that are lower than the customer purchase commitments, (xiv) failure to receive orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) effect of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we manufacture products before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) the execution of debt re-financing and/or fundraising to enable the service of our debt and/or other liabilities and/or for strategic opportunities and the possible unavailability of such financing and/ or the availability of such financing in unfavorable terms , (xxi) operating our facilities at high utilization rates which is critical in order to cover a portion or all of the high level of fixed costs associated with operating a foundry, and our debt, in order to improve our results, (xxii) the purchase of equipment to increase capacity, the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) the concentration of our business in the semiconductor industry, (xxiv) product returns, (xxv) our ability to maintain and develop our technology processes and services to keep pace with new technology, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxvi) competing effectively, (xxvii) use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers; (xxviii) achieving acceptable device yields, product performance and delivery times, (xxix) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxx) our fab3 landlord’s construction project adjacent to our fabrication facility, including possible temporary reductions or interruptions in the supply of utilities and/ or fab manufacturing, as well as claims that our noise abatement efforts are not adequate under the terms of the amended lease; (xxxi) retention of key employees and recruitment and retention of skilled qualified personnel, (xxxii) exposure to inflation, currency rates (mainly the Israeli Shekel and Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well fluctuations in the market price of our traded securities, (xxxiii) issuance of ordinary shares as a result of conversion and/or exercise of any of our convertible securities, as well as any sale of shares by any of our shareholders, or any market expectation thereof, which may depress the market price of our ordinary shares and may impair our ability to raise future capital, (xxxiv) meeting regulatory requirements worldwide, including environmental and governmental regulations, (xxxv) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, (xxxvi) potential effect on TPSCo and the Company due to the sale of PSCS (a company holding 49% of TPSCo) by Panasonic to Nuvoton, (xxxvii) industry and market impact due to the coronavirus and its potential impact on our business, operational continuity, supply chain, revenue and profitability; (xxxviii) potential security, cyber and privacy breaches, including the recently announced security incident, and (xxxix) business interruption due to fire and other natural disasters, the security situation in Israel and other events beyond our control such as power interruptions.

A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect our business is included under the heading “Risk Factors” in Tower’s most recent filings on Forms 20-F and 6-K, as were filed with the Securities and Exchange Commission (the “SEC”) and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

(Financial tables follow)

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in thousands)

September 30, June 30, December 31,

2020 2020 2019

A S S E T S

CURRENT ASSETS

Cash and cash equivalents $ 207,704 $ 258,793 $ 355,561

Short-term deposits 313,029 269,263 215,609

Marketable securities 183,946 195,886 176,070

Trade accounts receivable 118,111 128,401 126,966

Inventories 204,933 210,129 192,256

Other current assets 30,379 28,158 22,019

Total current assets 1,058,102 1,090,630 1,088,481

LONG-TERM INVESTMENTS 41,303 41,219 40,085

PROPERTY AND EQUIPMENT, NET 780,596 765,895 681,939

GOODWILL AND INTANGIBLE ASSETS, NET 15,806 16,298 17,281

DEFERRED TAX AND OTHER LONG-TERM ASSETS, NET 88,878 91,834 105,047

TOTAL ASSETS $ 1,984,685 $ 2,005,876 $ 1,932,833

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Short-term debt $ 86,717 $ 79,668 $ 65,932

Trade accounts payable 104,354 154,517 119,199

Deferred revenue and customers’ advances 9,660 8,455 10,322

Other current liabilities 58,098 68,192 57,603

Total current liabilities 258,829 310,832 253,056

LONG-TERM DEBT 229,266 219,764 245,821

LONG-TERM CUSTOMERS’ ADVANCES 25,780 27,570 28,196

LONG-TERM EMPLOYEE RELATED LIABILITIES 16,717 14,970 13,285

DEFERRED TAX AND OTHER LONG-TERM LIABILITIES 40,536 40,596 45,752

TOTAL LIABILITIES 571,128 613,732 586,110

TOTAL SHAREHOLDERS’ EQUITY 1,413,557 1,392,144 1,346,723

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,984,685 $ 2,005,876 $ 1,932,833

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars and share count in thousands, except per share data)

Three Months Ended

September 30,

June 30, September 30,

2020 2020 2019

REVENUES $ 310,212 $ 310,090 $ 312,122

COST OF REVENUES 256,751 252,385 253,841

GROSS PROFIT 53,461 57,705 58,281

OPERATING COSTS AND EXPENSES:

Research and development 19,569 19,424 18,722

Marketing, general and administrative 14,803 16,154 16,840

34,372 35,578 35,562

OPERATING PROFIT 19,089 22,127 22,719

FINANCING AND OTHER INCOME (EXPENSE), NET (565 ) 1,831 (426 )

PROFIT BEFORE INCOME TAX 18,524 23,958 22,293

INCOME TAX BENEFIT (EXPENSE), NET (2,798 ) (2,484 ) 61

NET PROFIT 15,726 21,474 22,354

Net income attributable to non-controlling interest (528 ) (2,422 ) (166 )

NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 15,198 $ 19,052 $ 22,188

BASIC EARNINGS
PER SHARE $ 0.14 $ 0.18 $ 0.21

Weighted average number of shares 107,475 106,956 106,644

DILUTED EARNINGS PER SHARE $ 0.14 $ 0.18 $ 0.21

Weighted average number of shares 108,500 108,277 107,601

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT $ 15,198 $ 19,052 $ 22,188

Stock based compensation 3,460 3,795 3,775

Amortization of acquired intangible assets 490 493 492

ADJUSTED NET PROFIT $ 19,148 $ 23,340 $ 26,455

ADJUSTED BASIC AND DILUTED EARNINGS PER SHARE $ 0.18 $ 0.22 $ 0.25

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars and share count in thousands, except per share data)

Nine Months Ended

September 30,

2020 2019

REVENUES $ 920,473 $ 928,293

COST OF REVENUES 756,764 753,454

GROSS PROFIT 163,709 174,839

OPERATING COSTS AND EXPENSES:

Research and development 58,407 56,702

Marketing, general and administrative 47,648 50,319

106,055 107,021

OPERATING PROFIT 57,654 67,818

FINANCING AND OTHER INCOME (EXPENSE), NET (847 ) 1,247

PROFIT BEFORE INCOME TAX 56,807 69,065

INCOME TAX EXPENSE, NET (3,576 ) (588 )

NET PROFIT 53,231 68,477

Net loss (income) attributable to non-controlling interest (1,961 ) 864

NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 51,270 $ 69,341

BASIC EARNINGS PER SHARE $ 0.48 $ 0.65

Weighted average number of shares 107,083 106,103

DILUTED EARNINGS PER SHARE $ 0.47 $ 0.65

Weighted average number of shares 108,311 107,252

RECONCILIATION FROM GAAP NET PROFIT TO ADJUSTED NET PROFIT:

GAAP NET PROFIT $ 51,270 $ 69,341

Stock based compensation 11,798 11,482

Amortization of acquired intangible assets 1,293 2,627

ADJUSTED NET PROFIT $ 64,361 $ 83,450

ADJUSTED EARNINGS PER SHARE:

Basic $ 0.60 $ 0.79

Diluted $ 0.59 $ 0.78

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

RECONCILIATION FROM GAAP OPERATING PROFIT TO EBITDA (UNAUDITED)

(dollars in thousands)

Three months ended

September 30, June 30, September 30,

2020 2020 2019

GAAP OPERATING PROFIT $ 19,089 $ 22,127 $ 22,719

Depreciation of fixed assets 56,131 55,175 48,355

Stock based compensation 3,460 3,795 3,775

Amortization of acquired intangible assets 490 493 492

EBITDA $ 79,170 $ 81,590 $ 75,341

Nine months ended

September 30, September 30,

2020 2019

GAAP OPERATING PROFIT $ 57,654 $ 67,818

Depreciation of fixed assets 162,790 142,362

Stock based compensation 11,798 11,482

Amortization of acquired intangible assets 1,293 2,627

EBITDA $ 233,535 $ 224,289

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)

(dollars in thousands)

Three months ended

September 30, June 30, September 30,

2020 2020 2019

CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 258,793 $ 251,348 $ 405,158

Net cash provided by operating activities 68,612 66,603 72,735

Investments in property and equipment, net (66,862 ) (62,537 ) (43,017 )

Exercise of options 272 1,127 43

Debt repaid, net (26,355 ) (5,000 ) (5,606 )

Effect of Japanese Yen exchange rate change over cash balance 2,227 682 (104 )

Investments in short-term deposits, marketable securities and other assets, net (28,983 ) 6,570 (11,573 )

CASH AND CASH EQUIVALENTS – END OF PERIOD $ 207,704 $ 258,793 $ 417,636

Nine months ended

September 30,

2020 2019

CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 355,561 $ 385,091

Net cash provided by operating activities 203,551 219,759

Investments in property and equipment, net (192,306 ) (128,462 )

Exercise of options 1,486 440

Debt repaid, net (55,552 ) (16,155 )

Effect of Japanese Yen exchange rate change over cash balance 2,733 2,361

Investments in short-term deposits, marketable securities and other assets, net (107,769 ) (45,398 )

CASH AND CASH EQUIVALENTS – END OF PERIOD $ 207,704 $ 417,636

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands)

Nine months ended Three months ended

September 30, September 30, September 30, June 30, September 30,

2020 2019 2020 2020 2019

CASH FLOWS – OPERATING ACTIVITIES

Net profit for the period $ 53,231 $ 68,477 $ 15,726 $ 21,474 $ 22,354

Adjustments to reconcile net profit for the period

to net cash provided by operating activities:

Income and expense items not involving cash flows:

Depreciation and amortization 177,576 158,070 60,277 60,268 53,203

Effect of exchange rate differences on debentures (82 ) 9,300 828 3,159 3,095

Other expense (income), net (332 ) (711 ) 558 (876 ) (266 )

Changes in assets and liabilities:

Trade accounts receivable 10,260 30,775 11,556 (12,981 ) (496 )

Other assets (2,508 ) (7,733 ) (7,630 ) (1,998 ) (1,978 )

Inventories (10,691 ) (16,293 ) 6,689 (11,209 ) (13,276 )

Trade accounts payable (23,249 ) (3,094 ) (10,299 ) (6,751 ) 12,110

Deferred revenue and customers’ advances (3,094 ) (9,471 ) (596 ) (1,927 ) 4,178

Other current liabilities (103 ) (8,340 ) (10,832 ) 13,977 (6,494 )

Long-term employee related liabilities 3,847 7 1,793 2,109 (32 )

Deferred tax, net and other long-term liabilities (1,304 ) (1,228 ) 542 1,358 337

Net cash provided by operating activities 203,551 219,759 68,612 66,603 72,735

CASH FLOWS – INVESTING ACTIVITIES

Investments in property and equipment, net (192,306 ) (128,462 ) (66,862 ) (62,537 ) (43,017 )

Investments in deposits, marketable securities and other assets, net (107,769 ) (45,398 ) (28,983 ) 6,570 (11,573 )

Net cash used in investing activities (300,075 ) (173,860 ) (95,845 ) (55,967 ) (54,590 )

CASH FLOWS – FINANCING ACTIVITIES

Debt repaid, net (55,552 ) (16,155 ) (26,355 ) (5,000 ) (5,606 )

Exercise of options 1,486 440 272 1,127 43

Net cash used in financing activities (54,066 ) (15,715 ) (26,083 ) (3,873 ) (5,563 )

EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE 2,733 2,361 2,227 682 (104 )

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (147,857 ) 32,545 (51,089 ) 7,445 12,478

CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 355,561 385,091 258,793 251,348 405,158

CASH AND CASH EQUIVALENTS – END OF PERIOD $ 207,704 $ 417,636 $ 207,704 $ 258,793 $ 417,636

Posted on November 12, 2020 7:03 am
Zentalis Pharmaceuticals to Participate In Two Upcoming Investor Conferences

NEW YORK and SAN DIEGO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Zentalis Pharmaceuticals, Inc. (Nasdaq: ZNTL), a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers, today announced that Anthony Sun, MD, Chairman and Chief Executive Officer of Zentalis, will participate in two upcoming virtual investor conferences.

Presentation Details:

Event: Jefferies Virtual London Healthcare Conference
Format: Fireside chat
Date: Thursday, November 19, 2020
Time: 5:00 p.m. GMT/12:00 p.m. EST

Event: SVB Leerink Oncology 1×1 Day
Format: One-on-one meetings
Date: Thursday, November 19, 2020

A live webcast of the Jefferies fireside chat will be accessible through the Investors section of the Company’s website at www.zentalis.com. Following the event, an archived webcast will be available on the Zentalis website.

About Zentalis

Zentalis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers. The Company is developing a broad pipeline of potentially best-in-class oncology candidates, including ZN-c5, an oral selective estrogen receptor degrader (SERD) for ER+/HER2- breast cancer, ZN-c3, a WEE1 inhibitor, ZN-d5, a BCL-2 inhibitor and ZN-e4, an EGFR inhibitor. Zentalis has operations in both New York and San Diego.

For more information, please visit www.zentalis.com. Follow Zentalis on Twitter at @ZentalisP and on LinkedIn at www.linkedin.com/company/zentalis-pharmaceuticals.

Investor Contact:

Thomas Hoffmann

Solebury Trout

1.646.378.2931

[email protected]

Media Contact:

Julia Deutsch

Solebury Trout

1.646.378.2967

[email protected]

Posted on November 12, 2020 7:03 am
First Advantage’s David Gamsey Named CFO of the Year by Atlanta Business Chronicle

Finance Executive Honored in Large Private Company Category, Recognized for Business Acumen, Communication and Organization

ATLANTA, Nov. 12, 2020 (GLOBE NEWSWIRE) — First Advantage, a global leader in background check and drug screening solutions, announced today that Executive Vice President and CFO David Gamsey was named Large Private Company CFO of the Year, as part of the Atlanta Business Chronicle’s 2020 CFO of the Year Awards.

The program, held in partnership with the Association for Corporate Growth, seeks to honor the city’s leading finance executives for their work, recognizing opportunities, identifying and managing risk, diminishing debt, achieving profitable growth and serving as corporate financial stewards.

Head of global finance for all operations, Gamsey joined First Advantage in 2016. Prior to that, he spent more than eight years at Air Serv Corporation, first as Chief Financial Officer and later as Chief Operating Officer. Gamsey also held executive positions at Beecher Carlson, Innotrac Corporation and AHL Services. An accounting major in college and a CPA, he started his career working for public accounting firms, Arthur Andersen and Price Waterhouse.

With regard to First Advantage, a recent profile of Gamsey in the Atlanta Business Chronicle details his recent accomplishments, including his work, which contributed to the doubling of the company’s enterprise value. First Advantage CEO Scott Staples commented, “David is the consummate professional, a leader with experience and integrity. He is always thinking about what’s good for the company, and with his support, First Advantage continues to grow.”

Gamsey shared, “Having spent my entire career in accounting and finance, it’s a huge honor to be named CFO of the Year. I’m extremely proud of the work we’re doing at First Advantage as a technology-enabled company. During my tenure, we went from a No. 3 share in the market to No. 1, expanding our client-facing solutions and enhancing our client service. It’s an exciting time to be a part of First Advantage.”

To read more about Gamsey, visit https://www.bizjournals.com/atlanta/news/2020/10/30/10-30-20-b-large-private-co-gamsey-cfo.html.

About First Advantage

First Advantage provides comprehensive background screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Atlanta, Georgia, First Advantage has offices throughout North America, Europe, Asia and the Middle East.

To learn more, please visit fadv.com.

Note to editors: Trademarks and registered trademarks referenced herein remain the property of their respective owners. A copy of the full research report can be requested through First Advantage’s media contact. Media Contact: Elisabeth Warrick First Advantage [email protected] 678-710-7298

Posted on November 12, 2020 7:03 am
Bunker Hill Mining Targets a Rapid Production Restart; Preliminary Economic Assessment Expected in Q1-2021

TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) — Bunker Hill Mining Corporation (the “Company”) (CSE: BNKR) is pleased to report that it has launched a Preliminary Economic Assessment (“PEA”), due in Q1-2021, to assess the potential to quickly restart production for minimal capital expenditure at its Bunker Hill Mine located in Idaho’s Silver Valley, USA.

Sam Ash, CEO of Bunker Hill Mining, stated: “We believe that there is strong potential to quickly restart production, which stopped in the early 1980s, for minimal capital by focusing on the de-watered upper areas of the mine, utilizing existing infrastructure, and based on truck haulage and toll milling methods. The rapid restart would allow us to self-fund our ongoing high grade silver exploration, immediately crystalize the value created through exploration, and demonstrate our ability to successfully operate the mine based on modern techniques.”

The PEA will be based on the resource published on September 28, 2020. Consulting Engineers from MineTech International LLC have been engaged to deliver the PEA, which will be conducted in accordance with National Instrument 43-101 (“NI 43-01”). The focus will be upon the study of mining operations conducted above the current water level (Level 11). This will include a systematic study of existing infrastructure, capital cost estimates, operating cost estimates, metallurgy, resource modeling, mine design and scheduling, ventilation, haulage, and marketing. The key areas of trade-off study will include: 1) Truck haulage from Russell Tunnel vs rail haulage from Kellogg Tunnel; 2) Toll-milling vs construction of various in-house processing options; 3) Sensitivity to production rate from 400-1000 TPD; Contract vs. Owner-Operator Mining; and Grade vs Tonnage trade-offs.

In addition, the Company continues to make good progress on its ongoing high grade silver focused exploration campaign which commenced September. Particular focus will be made to follow up recently released drill results in the near surface UTZ target area with the intent of adding to the recently reported resource.

Figure 1: Isometric view of UTZ exploration target area showing completed 2020 drill holes and additional planned holes
is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/678ca99b-9fd4-47c3-8920-7d5dd5770e75

James Stonehouse, VP of Exploration, stated: “In my short time on site I have seen the outstanding mineral potential that exists at Bunker Hill. As our geologic understanding continues to grow through modeling and drilling, I am confident in our ability to add to our already sizable resource through continued exploration success in both the upper and lower levels of the mine.”

A total of 5000’ of core were already drilled from surface with two drill rigs currently in operation. The first rig is focused on developing further the high-grade silver targets identified in the UTZ Ore zone between the 5 and 6 Levels as described in the press release of 27 October 2020. The second is exploring the historic high-grade silver targets in close proximity to the 9 Level. Assay results are expected from mid-December. All of these silver targets are close to existing infrastructure and have the potential to add high-grade resources to the upper level inventory and add greatly to the value of any restart plan. In support of the PEA, the Company will conduct approximately 4000’ of infill drilling designed to upgrade the highest-grade inferred resources of contained within the UTZ, Newgard and Quill ore bodies, above the 9 Level, into the Indicated Resources category.

The Company advises that it does not propose to base its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. The Company further cautions that a PEA is preliminary in nature. No mining study has been completed. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the PEA will be realized.

Qualified Person

Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc. and a consultant to the Company, is an Independent “Qualified Person” as defined by NI 43-101 and is acting at the Qualified Person for the Company. He has reviewed and approved the technical information summarized in this news release.

About Bunker Hill Mining Corp.

Bunker Hill Mining Corp. has an option to acquire 100% of all saleable assets at the Bunker Hill Mine. Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR databases.

For additional information contact:

Sam Ash, President and Chief Executive Officer
+1 208 786 6999
[email protected]

Cautionary Statements

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as well as within the meaning of the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on
information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results;
risks of basing a
production decision on a feasibility study of mineral reserves demonstrating economic and technical viability,
resulting in
increased uncertainty
due to
multiple technical and economic risks of failure which are associated with this production decision
including, among others,
areas that are analyzed in more detail in a feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental and community impacts
and, a
s a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing
a commercially mineable deposit
with
no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company’s ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability
;
delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill Mine Complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of proj
ects; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR. 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this press release have been disclosed in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and resource and reserve information contained in this press release may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for disclosure of “reserves” are also not the same as those of the SEC, and reserves disclosed by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits contained in our website may not be comparable with information made public by companies that report in accordance with U.S. standards.

Posted on November 12, 2020 7:02 am
Bausch + Lomb Reports Nearly 27 Million Units of Contact Lens Materials Recycled Through One By One Recycling Program

PR Newswire

LAVAL, QC, Nov. 12, 2020 /PRNewswire/ — Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health”), today announced that its exclusive ONE by ONE Recycling program has recycled nearly 27 million used contact lenses, top foils and blister packs since launching in November 2016. The program, made possible through a collaboration with TerraCycle®, a world leader in the collection and repurposing of hard-to-recycle post-consumer waste, has diverted more than 162,000 pounds of contact lens waste from oceans, lakes, streams and landfills.

“At Bausch Health, we continuously evaluate all aspects of our company to identify ways that we can achieve a more sustainable and regenerative state, while reducing our overall environmental footprint,” said Amy Butler, vice president, Global Environment, Health, Safety + Sustainability, Bausch Health. “We are proud to offer the ONE by ONE Recycling program to customers and contact lens wearers to help ensure these used materials do not end up in our environment.”

Today, more than 5,500 optometry practices are registered with the ONE by ONE Recycling program. To participate, contact lens wearers can bring their used contact lenses and packaging to one of these offices, which collects the used lens materials in a custom recycling bin provided by Bausch + Lomb. Once the bin is filled, the optometry practice will ship the materials to TerraCycle for proper recycling using a pre-paid shipping label.

“Millions of people wear contact lenses every day to help them see, but many do not realize the significant impact that these materials can have on the environment,” said Tom Szaky, founder and CEO, TerraCycle. “In just four years, we have recycled hundreds of thousands of these used materials, removing them from our environment, and instead using them to give back to the community. It is a program we’re proud to be part of and one we look forward to building upon in collaboration with Bausch + Lomb for years to come.”

Additionally, for every 10 pounds of material received from the ONE by ONE Recycling Program, TerraCycle donates $10 to Optometry Giving Sight, an organization that funds programs that provide eye examinations and low-cost eyeglasses to people in need, including tens of millions of children with uncorrected myopia.

In 2019, Bausch + Lomb took the program one step further by repurposing the recycled waste and combining it with other recycled material to create custom training modules that were donated to the Guide Dog Foundation, a national not-for-profit that trains guide dogs for people who are blind or visually impaired. The modules, which included benches, tables, waste stations and an agility ramp, are used to train the dogs and to further enhance the organization’s Smithtown, New York campus for those who visit.

For more information on the Bausch + Lomb ONE by ONE Recycling Program, visit www.bauschrecycles.com.

About TerraCycle

TerraCycle is an innovative waste management company with a mission to eliminate the idea of waste. Operating nationally across 21 countries, TerraCycle partners with leading consumer product companies, retailers and cities to recycle products and packages, from dirty diapers to cigarette butts, that would otherwise end up being landfilled or incinerated. In addition, TerraCycle works with leading consumer product companies to integrate hard to recycle waste streams, such as ocean plastic, into their products and packaging. Its new division, Loop, is the first shopping system that gives consumers a way to shop for their favorite brands in durable, reusable packaging. TerraCycle has won over 200 awards for sustainability and has donated over $44 million to schools and charities since its founding more than 15 years ago and was named #10 in Fortune magazine’s list of 52 companies Changing the World. To learn more about TerraCycle or get involved in its recycling programs, please visit www.terracycle.com.

About the ONE by ONE Recycling Program
Contact lens waste, including used lenses, foils and blister packs, is collected at eye care practices through special recycling bins provided by Bausch + Lomb and sent, postage-paid, to TerraCycle, where it is processed into raw material for the manufacture of new recycled products.

About Bausch + Lomb
Bausch + Lomb, a leading global eye health business of Bausch Health Companies Inc., is solely focused on helping people see better to live better. Its core businesses include over-the-counter products, dietary supplements, eye care products, ophthalmic pharmaceuticals, contact lenses, lens care products, ophthalmic surgical devices and instruments. Bausch + Lomb develops, manufactures and markets one of the most comprehensive product portfolios in the industry, which is available in approximately 100 countries. For more information, visit www.bausch.com.

About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people’s lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.

Forward-looking Statements
This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in Bausch Health’s most recent annual report on Form 10-K and detailed from time to time in Bausch Health’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch Health, including but not limited to its project development timelines, and costs (which may increase). Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

TerraCycle is a trademark of TerraCycle Inc.
Any other product/brand names and/or logos are trademarks of the respective owners.

© 2020 Bausch & Lomb Incorporated or its affiliates.

NPR.0281.USA.20

Investor Contact:

Media Contact:

Arthur Shannon

Lainie Keller

[email protected]

[email protected]

(514) 856-3855

(908) 927-1198

(877) 281-6642 (toll free)

View original content to download multimedia:http://www.prnewswire.com/news-releases/bausch–lomb-reports-nearly-27-million-units-of-contact-lens-materials-recycled-through-one-by-one-recycling-program-301171678.html

SOURCE Bausch Health Companies Inc.

Posted on November 12, 2020 7:02 am
MediPharm Labs Announces Change to Leadership Team

BARRIE, Ontario, Nov. 12, 2020 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”) a global leader in specialized, research-driven cannabis extraction, distillation and derivative products, today announced it has accepted the resignation of its Chief Financial Officer, Bobby Kwon, who is leaving for family reasons. Mr. Kwon will remain with the Company through to the end of November when the Company will appoint an interim CFO. The Company will also commence a rigorous search for a permanent replacement immediately.

“On behalf of the Board, we would like to thank Bobby for his many contributions to the Company over the last year and wish him well for the future,” said Pat McCutcheon, CEO, MediPharm Labs. “We look forward to commencing a rigorous search for a new Chief Financial Officer that will support the Company through our next phase of growth as a pharmaceutical company.”

About MediPharm Labs

Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-quality cannabis oil and concentrates and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research-driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm Labs formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets. As a global leader, MediPharm Labs has completed commercial exports to Australia and has fully commercialized its wholly-owned Australian extraction facility. MediPharm Labs Australia was established in 2017.

For further information, please contact:

Laura Lepore, VP, Investor Relations
Telephone: 705-719-7425 ext 1525
Email: [email protected]
Website: www.medipharmlabs.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. 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 discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s next phase of growth as a pharmaceutical company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs’ filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements 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 the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

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