- CVW CleanTech (CVW) has issued year end results for 2021
- The net loss for the year was $2.3M or $0.01 per share
- Optimization and validation engineering work at the Horizon Oil Sands mining site came at a gross cost of C$5.6M, with CVW’s share being $1.8M
- The company will hold its annual general meeting online on Wednesday, June 22, 2022, at 11:00 am Calgary time
- CVW CleanTech, formerly Titanium Corporation, develops technologies to reduce the environmental footprint of the oil sands industry
- CVW CleanTech (CVW) closed down by 9.33 per cent trading at $1.36 per share
CVW CleanTech (CVW) has issued year end results for 2021.
Last year saw CVW and Canadian Natural Resources focused on validating and optimizing engineering at the Canadian Natural Horizon Oil Sands mining site, the location of the first prototype commercial implementation of CVW’s technology to recover bitumen, minerals and solvents from froth treatment waste tailings.
Engineering work included refinements to the tailings thickener, concentrator plant and minerals separation plant, along with the minerals transload facility.
The companies split government funding and project expenditures at a rate of 70 per cent Canadian Natural and 30 per cent CVW.
Highlights
- Optimization and validation engineering work at Horizon was completed at a gross cost of C$5.6M, with CVW’s share being $1.8M
- CVW’s share of milestone funding payments from Emissions Reduction Alberta, Sustainable Resources Development Canada and Natural Resources Canada, Clean Growth Program totaled $2M
- The company incurred 2021 general and administrative expenses of $2M and research and development expenditures of $2.3M prior to receipts of government funding to recover costs
- The net loss for the year was $2.3M or $0.01 per share basic and diluted
- Cash on hand at year end was $408,000
The company continues to study mineral content and tailings sampling at Horizon, as well as review, refine and assess the project’s capital and operating costs.
Subsequent to these results, CVW was recently awarded $5M in grant funding from the Clean Resource Innovation Network to cover detailed engineering and procurement activity.
Readers may attend CVW’s annual general meeting online on Wednesday, June 22, 2022, at 11:00 am Calgary time.
“Our company has made great strides moving towards commercialization of our project,” stated Darren Morcombe, CVW’s Executive Chairman and Interim CEO. “Using our technology, froth treatment tailings can be remediated in a more environmentally friendly manner, while also helping to reduce methane emissions. We can help to grow a world-leading zircon, ilmenite and titanium minerals industry in Alberta. These minerals are a vital part of transitioning to a lower-carbon economy.”
CVW CleanTech, formerly Titanium Corporation, develops technologies to reduce the environmental footprint of the oil sands industry.
CVW CleanTech (CVW) closed down by 9.33 per cent trading at $1.36 per share.
