Business
Lions Bay Capital Inc. Reports Earnings for the Year Ended May 31, 2021
Lions Bay earned net income of $6.1 million for the year ended May 31, 2021 The fair valu...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Capital Inc. Reports Earnings for the Year Ended May 31, 2021Lions Bay earned net income of $6.1 million for the year ended May 31, 2021The fair value of the Company's investment portfolio is $11.5 million as at May 31, 2021 Vancouver, British Columbia--(Newsfile Corp. - September 28, 2021) - Lions Bay Capital Inc. (TSXV: LBI) (\"Lions Bay\" or the \"Company\") announces the Company earned net income of $6.1 million, or $0.05 per share, for the year ended May 31, 2021, compared to a net loss of $432,321, or $0.00 per share, for the year ended May 31, 2020. Total shareholders' equity increased from $2.3 million to $11.0 million from May 31, 2020 to May 31, 2021 as a result of the market value of the Company's investment portfolio increasing during the year ended May 31, 2021 from $3.4 million to $11.5 million. As at May 31, 2021, Lions Bay had working capital of $12.2 million. The Chairman and Chief Executive officer, Mr. John Byrne commented: \"We are now starting to see the results of our investment strategy and we expect continued improvement as these investments move towards maturity. Our largest investment by value is our shareholding in Elementos Ltd. which as at May 31, 2021 was valued at $3.8 million. Elementos Ltd. is a tin exploration and development company and is the owner of Oropesa tin project in Spain. This is one of the best undeveloped tin projects in the world and we expect development to commence in 2022 following the delivery of a Bankable Feasibility study. Elementos Ltd. recently completed a highly successful drilling program and a new resource estimate is expected next month. With tin prices soaring to over $US38,000 a tonne, we expect the share price to continue to appreciate. Two of our other listed investments, Parkway Minerals and South Harz Potash, successfully completed fund raising in the last six months and are now well placed to deliver on their respective business plans.\"The two other major listed investments are Fidelity Minerals Corp. and Kalina Power Ltd. Mr Byrne commented: \"We believe Fidelity Minerals represents exceptional value at current levels and will attract significant interest as exploration starts on its Las Huaquillas gold property in Peru. It has taken almost three years to restructure Fidelity and acquire world class projects. We expect Fidelity will be in a position ...