Battle North Gold Announces Filing of its Third Quarter 2020 Results

TORONTO, Nov. 5, 2020 /PRNewswire/ - Battle North Gold Corporation BNAU BNAUF ("Battle North" or the "Company") announces that it has filed its interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2020 ("Q3/2020"). Copies of these filings can be obtained at www.battlenorthgold.com or under the Company's profile at www.sedar.com. All references to dollars herein are in Canadian dollars ("$") unless otherwise specified.

Financial Highlights from Q3/2020

• Cash position: As of September 30, 2020, the Company had cash and cash equivalents and short-term investments of approximately $66.9 million.
  
  
• Exploration and evaluation expenditures: For Q3/2020, the Company spent approximately $2.9 million in expenditures related to drilling, maintenance and technical consulting fees. Expenditures were higher by $0.9 million compared to the same period in 2019 due to feasibility study expenditures for the Bateman Gold Project (the "Project") and exploratory drilling.
  
  
• General and administrative expenses (including salaries and benefits, and consulting and professional fees): The Company spent approximately $1.0 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q3/2020, lower by $0.5 million due to less staffing than Q3/2019.

Outlook

As of November 5, 2020, the Company had cash and cash equivalents of approximately $65.1 million. The Company has sufficient financial resources to carry out the Company's planned activities in 2020 including:

• Completion and filing of an updated Technical Report for the Project reflecting the Feasibility Study on www.sedar.com within on or before December 4, 2020. At a US$1,525/oz gold price assumption, the Feasibility Study estimates LOM Free Cash Flow generation at $419 million, a 50.3% after-tax IRR, a $305 million after-tax NPV_5%, and C1 Cash Costs and AISC of US$613/oz and US$865/oz, respectively, during the Commercial Production period. For the further summary details of the Feasibility Study for the Project, please review the Battle North news release on October 21, 2020.
  
  
• Advancement and complete negotiations with lenders for financing to address the currently unfunded Projected Funding Requirement.
  
  
• Implementation of a construction decision on the Bateman Gold Project subject to Board of Directors' approval.
  
  
• Staffing and mobilization of a Project EPCM team.
  
  
• Ongoing and planned exploration including continued drilling at the F2 Deposit and at the McFinley and Pen Zones: Battle North has completed more than 5,000 m of underground confirmatory diamond drilling to determine the Mineral Resource potential of the historic McFinley Zone (approximately 420 m west of the F2 Gold Zone) and the Pen Zone (approximately 500 m northwest of the F2 Gold Zone). The drill program is designed to follow-up on the historic high-grade drill intercepts that were intersected in these two targets¹. Battle North plans to deliver Mineral Resource estimates for both the McFinley and Pen Zones in late 2020 and early 2021, respectively. Due to the proximity of these targets to the existing underground and surface infrastructure of the Bateman Gold Project's F2 Gold Zone, mineralized material at the McFinley and Pen Zone areas have the potential to augment the production profile of the Bateman Gold Project contemplated by the Feasibility Study².
  
  
• Drilling on the Company's regional Red Lake Properties, expected to commence in Q1/2021.

About Battle North Gold Corporation

Battle North Gold is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the second largest and strategic exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX (BNAUF) markets. For more information, please visit our website at www.battlenorthgold.com.

BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Cautionary Statement regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "advance", "anticipated", "assumption", "contemplated", "contingencies", "de-risked", "designed", "estimate", "expected", "exploration", "factors", "feasibility", "forward", "future", "may", "ongoing", "outlook", "plans", "possible", "potential", "profile", "program", "project", "risk", "shovel-ready", "strategic", "study", "targets", "trend" and "uncertainties", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved, occur or result in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding Mineral Resource estimates and mineralization (including ongoing, future or other exploration drilling of the Pen and McFinley Zones and including any Mineral Resource potential of thereat, any Mineral Resource estimates therefor and use mineralized material therefrom); the results of the Feasibility Study for the Project (including Free Cash Flow, IRR, NPV, C1 Cash Costs, AISC and production profile, all of which are estimates only); timing and content of the updated Technical Report to be filed for the Project; sufficiency of financial resources for planned activities; decisions to be made and actions to be taken in respect of the Project (including any construction decision, approval thereof and implementation); and feasibility and commercial viability of the Bateman Gold Project.

Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made.  If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the quarters ended to date in 2020 (collectively, "2020 MD&A") and the accompanying financial statements, the Company's news release referenced herein (including the FS News Release) and the technical report for the Project filed on July 27, 2020 (the "July 2020 Technical Report"), all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of mineral resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any studies, including the ongoing Feasibility Study for the Project, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models including those reflected in mineral resource estimates, or included in the Updated 2020 Technical Report and the ongoing Feasibility Study for the Project, and any other studies for the Project; changes in Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including its current loan facility and other financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner (including those working on the ongoing Feasibility Study for the Project); risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 (the "2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the news releases referenced herein (including the FS News Release), the July 2020 Technical Report and the 2020 MD&A and accompanying financial statements, all of which are available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive. For a more complete discussion of the Company's business, financial condition and prospects, readers should review the 2020 AIF.

The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the news releases referenced herein (including the FS News Release), the 2020 MD&A, the 2020 AIF and the July 2020 Technical Report.  Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

SOURCE Battle North Gold Corporation