2019-11-29 06:28 MT - News Release

Ms. Lucy Yan reports

AXMIN ANNOUNCES FINANCIAL RESULTS FOR THE NINE MONTHS ENDING SEPTEMBER 30, 2019 AND OPERATIONS UPDATE

Axmin Inc. has released highlights from its unaudited interim financial report for the nine months ended Sept. 30, 2019. All amounts included in this news release are in U.S. dollars.

Financial results:

• During the three months ended Sept. 30, 2019, the company did not receive royalty income as the Gora project is now complete. For the nine-month period, Axmin received royalty income of $563,028.
• The net loss for the three months ending Sept. 30, 2019, was $817,006 of which $689,955 was due to accounting for the issuance of share options to directors and management during the quarter. Net of this allowance, the net loss was $127,051.

Liquidity and capital resources:

• As at Sept. 30, 2019, the company had cash on deposit in the amount of $1,396,303.

Operations update

Axmin and the government of the Central African Republic (CAR) have been in extensive discussions over the last several months as to the development of the company's Passendro deposit. Both the company and the government of the CAR wish to see a rapid development of the asset, however the security situation in the area surrounding the company's development area has unfortunately not stabilized as quickly as the government and the company anticipated. This is expected to improve in the near term, and in the interim the company is starting activities that are practicable given the current situation.

Axmin has the requisite equipment in country to commence an initial site survey to further the previously defined site reclamation and rapid production plan. The implementation of this survey is in process and the company will provide timely updates on the social media platforms.

The company has also identified several humanitarian projects that have high positive social impact but low capital expenditure that are being commenced at this time. It has always been the company's intention to work for the benefit of all stakeholders in the project and improving the lives of the residents in the village near the company's asset is clearly in line with these goals.

The negotiations as to the choice of strategic partner have also been delayed slightly due to the security situation but talks are on going and meetings will be held in Beijing in early December in this regard.

About Axmin Inc.

Axmin is a Canadian exploration and development company with a strong focus on central and West Africa.

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