Century Global Commodities Corporation provided a strategic update of its project, the Joyce Lake DSO Iron Ore Project (or Joyce Lake) in the context of the current strong iron ore price recovery, since reaching a bottom in 2015, and the positive outlook for the global seaborne iron ore market. Iron ore has been the best performing metal commodity in 2020 trading at a price level the market has not seen since about the beginning of the decade. Underpinning this performance is a strong and steady Chinese market growth and looking forward to the anticipated post COVID-19 global stimuli will be an additional key driver, continuing to support the growth in demand and strong price cycle. The lack of major new iron ore mine developments or capital expansions by the major mining companies over the last few years has capped supply, which fails to match continuous incremental demand growth. To date in 2020, the capped supply and strong Chinese demand dynamic has gradually built tremendous market momentum, recently driving prices close to USD 180/t (62% Fe CFR China). To finance this next phase of project development, the Company is reviewing the option of spinning out Joyce Lake as a stand-alone newly listed public company, with the Company retaining a majority ownership, controlling shareholder position. The Company would then pursue financing for Joyce Lake on a stand-alone basis to enhance the 2015 Study and advance the project towards a production decision. The proposed spin-out would be completed in a manner similar to its successful spin-out of Century Metals Inc. (Century Metals) completed in June 2019. The Century Metals spin-out included distributing to Company shareholders a dividend in-kind of shares in Century Metals, independent financings and a subsequent successful reverse-take-over transaction with Reyna Silver Corporation in 2020. This option is being reviewed further to the November 2020 announced consolidation of the Company's interest in its iron ore assets to 100% ownership, which included Joyce Lake, and with the ongoing support of its strategic partners will make any spinout transaction smoother and more effective. Mineral Reserves: The mineral resources and mineral reserves are reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards for Mineral Resources, Mineral Reserves and their Guidelines, and are compliant with NI43-101. The mineral reserves estimate for Joyce Lake DSO Project is set below and was estimated during the Study. The strip ratio is 4.09. The 2015 Study contemplated an open pit of 2.5M t/a over a 7-year LOM producing both lump and fines from crushing and screening with no tailings generated and used a long term price of $95 per tonne, a capital cost of $259.6 million and operating costs of $46.60 FOB the port at Sept-Iles, which generated an after tax NPV of $61.4 million. The Joyce Lake Project is located in Newfoundland and Labrador close to the town of Schefferville, Quebec which is serviced by a rail link directly to ocean shipping iron ore ports at Sept-Iles. A new 43km dedicated haul road will be used from the Joyce Lake Project to the rail link.