Mr. Sandy Chim reports

CENTURY ANNOUNCES FILING OF THIRD QUARTER FINANCIAL RESULTS AND MANAGEMENT DISCUSSION AND ANALYSIS FOR NINE MONTHS ENDED DECEMBER 31, 2023, CHANGES OF ITS BOARD OF DIRECTORS AND ITS AUDITOR

Century Global Commodities Corp. has filed its condensed consolidated interim financial statements for the third fiscal quarter ended Dec. 31, 2023, and the related management's discussion and analysis (MD&A). Copies of these documents are available under Century's SEDAR+ profile and will also be posted on Century's website.

As of Dec. 31, 2023, the company had net working capital of $6.7-million, consisting of unrestricted free cash, bank deposits and marketable securities totalling $5.4-million, together with accounts receivables and other current assets of $4.4-million, less accounts payable and other current liabilities of $3.1-million.

Change of board of directors

The company also announced that Jianlong Yang has resigned from its board of directors. Mr. Yang has been a valuable member of Century's board of directors since nominated to the board by WISCO International Resources Development & Investment Ltd. (WISCO), a member of the Baosteel Group, which is a strategic partner and major shareholder of the company, owning about 19.6 per cent in the company.

The board of directors has appointed Kangle Zhao as a director of the company to replace Mr. Yang on the board. Mr. Zhao has been appointed as nominee of WISCO under the WISCO investment agreement, as described in Century's most recent annual information form.

Mr. Zhao currently serves as an investment manager of China Baowu Resources Co. Ltd. He has worked for Baowu Resources for four years, and has extensive experience in asset acquisitions, investment management, financial modelling and valuation. He now focuses on equity investment in the areas of mining, base-metal trading and so on. Mr. Zhao graduated from the University of Science and Technology of China with a bachelor's degree in finance, and from the City University of Hong Kong with a master's degree in professional accounting and corporate governance.

Sandy Chim, president and chief executive officer of Century, commented: "We thank Mr. Yang for his services to the company and wish him well in his future endeavours. We welcome Mr. Zhao to the board of directors."

Change of auditor

The company announced that it has changed its auditor from PricewaterhouseCoopers LLP (predecessor auditor) to Mao & Ying LLP (successor auditor), effective Feb. 7, 2024.

At the request of the company, the predecessor auditor resigned as the auditor of the company effective Feb. 7, 2024, and the board of directors of the company appointed the successor auditor as the company's auditor effective Feb. 7, 2024, until the next annual general meeting of the company.

The predecessor auditor has not expressed a modified opinion in its audit reports for the two most recently completed financial years of the company ended March 31, 2023, and 2022. There have been no audits of the company's financial statements for the period subsequent to March 31, 2023, and ending on Feb. 7, 2024. There were no reportable events, as such term is defined in National Instrument 51-102 -- Continuous Disclosure Obligations, in connection with the audits for the period commencing at the beginning of the company's two most recently completed financial years and ending on Feb. 7, 2024.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the predecessor auditor and the successor auditor, have been reviewed by the board of directors of the company and filed on SEDAR+.

About Century Global Commodities Corp.

Century Global Commodities is primarily a resource exploration and development company with a large portfolio of multibillion-tonne iron ore projects in Canada, mostly discovered by its own exploration team. It has other non-ferrous metals properties under exploration as well as a well-established food distribution business (Century Food) in Hong Kong.

The Joyce Lake direct shipping iron ore project

Joyce Lake, the company's most advanced project, is an open-pit direct shipping iron ore project in Newfoundland and Labrador, close to the town of Schefferville, Que., which is serviced by a rail link directly to ocean shipping iron ore ports at Sept-Iles. The project has completed an updated feasibility study in 2022 and is undergoing environmental assessment. Joyce Lake is held in a special purpose vehicle, Joyce Direct Iron Inc. (JDI), in which Century Global owns 91.6 per cent.

Century Food

Century Food is a subsidiary operation of the company which started a few years ago and is a value-adding marketing and distribution business of quality food products sourced from such regions as Europe and Australia and sold in the Hong Kong and Macau markets.

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