INV Metals Reports Q1 2020 Results and Update on COVID-19 Response

TORONTO, May 13, 2020 (GLOBE NEWSWIRE) — INV Metals (“INV Metals” or “Company”) (TSX: INV) reports its financial results for the three-month period ended March 31, 2020. The Company recorded a total loss of $3,339,751 or $0.02 per share for the three-month period ended March 31, 2020, compared to $650,591 or $0.01 per share for the corresponding period in 2019. The Company’s unaudited cash balance as at May 13, 2020 was approximately $9.6 million.
The Company is maintaining its efforts to ensure the safety of our employees, contractors and communities during the COVID-19 pandemic and continues to follow guidelines imposed by the relevant authorities in Toronto and Ecuador. Our employees continue to work remotely, together with local consultants, to advance the permitting efforts on the Loma Larga gold-copper-silver project (“Loma Larga”), which are progressing with the preparation of the Environmental Impact Assessment through web-based protocols.INV Metals continues to work together with local community leaders and authorities to provide support for impacted families in the communities and for frontline healthcare professionals within our areas. The Company has provided emergency funding for medical supplies and personal protective equipment such as masks, gloves and protective suits. Examples of our initiatives include providing resources to a local sewing group to produce masks that are distributed to local community members and to another women’s group to produce hand sanitizer, as well as partnering with local authorities to carry out the sanitation of public spaces and private vehicles transporting supplies in the area. Further aid was provided to families within our stakeholder communities in the form of food baskets and cleaning supplies. Safety supplies were provided to nine local health centres and ongoing food assistance is being provided to over 300 affected families. We are committed to continue to work with our local communities to address ongoing needs as they emerge during the COVID-19 pandemic.The Company recently hosted a Live Town Hall Webinar (“Webinar”) with O&M Partners on April 28, 2020, where our Chief Executive Officer, Ms. Candace MacGibbon, provided an overview of the Company and focused on INV Metals’ efforts within 2020 to advance Loma Larga towards development. The Webinar was the first in a series of three live Webinar events, where the Company will highlight its current activities. The details and the replay of the Webinar can be found in the link https://bit.ly/2Woc2Xp.For additional financial information please see INV Metals’ unaudited condensed interim consolidated financial statements and management’s discussion and analysis filed on www.sedar.com and on the Company’s website at www.invmetals.com.About INV™ Metals