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Aquila Resources announces 4th quarter, 2020 financial results

Wednesday, Aquila said a major part of 2020 was advancements for the Back Forty Mine project in Menominee County.
 Photo courtesy: Aquila Resources Inc.
Photo courtesy: Aquila Resources Inc. (WLUC)
Published: Mar. 31, 2021 at 11:32 AM EDT
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TORONTO (WLUC) - Aquila Resources Inc. has announced its financial earnings for the fourth quarter and all of 2020.

Wednesday, Aquila said a major part of 2020 was advancements for the Back Forty Mine project in Menominee County.

“In 2020, Aquila significantly advanced our Back Forty Project in Michigan, highlighted by the Preliminary Economic Assessment the Company announced in August that showcased Back Forty’s potential as a near-term producer in the United States,” said Guy Le Bel, President & CEO of Aquila. “Despite the ongoing COVID-19 pandemic, Aquila was able to expand its team in Michigan and resolved all federal challenges to the Back Forty Project. Our current focus is securing additional capital and evaluating various strategic alternatives to maximize shareholder value, advancing the optimized Feasibility Study, and securing the remaining State permits required to build and operate Back Forty.”

Aquila says that as at December 31, 2020, Aquila had cash of $1.8 million and negative working capital of $0.8 million. This compared to cash of $4.0 million and working capital of $1.6 million at December 31, 2019. The company says the decrease in working capital is primarily due to permitting and legal activities at the Back Forty Project. Full details can be seen here.

For the Back Forty project, Aquila said its feasibility study will look at both open pit and underground mining operations. In March 2021, Aquila hired Osisko Technical Services (OTS) to lead the optimized feasibility study for the Back Forty Project.

The company also plans to keep appealing a judge’s decision to deny the Back Forty Wetlands Permit, originally issued by the Michigan Department of Environment, Great Lakes and Energy (EGLE). There are many who are against the Back Forty project, like the Coalition of Save the Menominee River. But, Upper Michigan legislators have voiced support for the project.

To see the entire release on 2020 financials and plans Aquila released Wednesday, click here.

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