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BQE Water PRESS RELEASE May 27 , 2021 BQE Water Reports Q1 2021 Results VANCOUVER , BC - BQE Water Inc. ( TSX - V : BQE ) , a leader in the treatment and management of mine impacted waters , is pleased to release its interim consolidated financial results for the three months ended March 31 , 2021 . " Our financial results for the first quarter have always been influenced by difficult - to - time non - recurring project revenues and by climatic conditions on recurring revenues from our existing operations , ” stated David Kratochvil , President & CEO of BQE Water . " While the financial results are not those of our record Q1 quarter of last year , our outlook is extremely positive . We anticipate the start - up of new water treatment plants that will provide year - round recurring revenues , projects delayed in Q1 to resume and our balance sheet to remain strong . " FINANCIAL HIGHLIGHTS • Adjusted EBITDA for the three - month period ended March 31 , 2021 was ( $ 231,000 ) , compared to $ 91,000 for the same period last year . • • • • Proportional Revenue for Q1 2021 was $ 1.5 million , an $ 805,000 or 34 % decrease compared to $ 2.4 million in Q1 2020 . Net loss for the three - month period ended March 31 , 2021 was $ 523,000 compared to a net loss of $ 18,000 for the same period in 2020 . Working capital increased $ 810,000 or 36 % from $ 2.3 million as at March 31 , 2020 to $ 3.1 million as at March 31 , 2021 . Proportional Cash , which includes our share held in joint ventures , as of March 31 , 2021 was $ 5.0 million compared to $ 2.9 million at March 31 , 2020 , an increase of $ 2.1 million or 70 % . OPERATIONAL SERVICES HIGHLIGHTS Our operational services consist of the operation of water treatment plants , which generate recurring revenues for the Company from two main sources : sales of recovered metals and water treatment fees . Revenues from Sales of Recovered Metals The Company operates four water treatment plants that generate revenues from the sale of recovered metals , three plants from the JCC - BQE Joint Venture ( " JCC - BQE " ) and one plant from the MWT - BQE Joint Venture ( " MWT - BQE ” ) . JCC - BQE Joint Venture Our 50/50 joint venture with partner Jiangxi Copper Company ( " JCC " ) operates water treatment plants at Dexing Mine and at Yinshan Mine in Jiangxi province of China . The volume of water treated and pounds of copper recovered by the plants fluctuate seasonally depending on precipitation levels in the region . The operating results for Q1 2021 are as follows : 1