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BQE Water PRESS RELEASE November 24 , 2021 BQE Water Reports Q3 2021 Results VANCOUVER , BC - BQE Water Inc. ( TSX - V : BQE ) , a leader in the management of mining and metallurgical waste streams , is pleased to release its interim consolidated financial results for the three and nine months ended September 30 , 2021 . " Our financial results for the nine months ended September 30 , 2021 have again set new highs in Proportional Revenue and in Adjusted EBITDA , recording $ 11.2 million and $ 3.3 million respectively , which translates to a 8 % and 32 % increase respectively when compared to last year , " stated David Kratochvil , President & CEO of BQE Water . “ Further to our financial growth , during Q3 2021 , we partnered with and acquired the intellectual property of Randy Agius , a global knowledge leader in cyanide destruction , which will allow BQE Water to provide cyanide management services to complement our expertise with the SART process . " FINANCIAL HIGHLIGHTS • Proportional revenue for Q3 2021 was $ 5.5 million , a $ 215,000 or 4 % increase from $ 5.3 million in Q3 2020 . • Net income increased by $ 102,000 to $ 1.5 million in Q3 2021 , compared to $ 1.4 million in Q3 2020 . Adjusted EBITDA for Q3 2021 was $ 2.1 million compared to $ 2.0 million in Q3 2020 , a $ 100,000 increase . • Working capital was $ 4.2 million at September 30 , 2021 , compared to $ 3.5 million at December 31 , 2020 , and $ 2.4 million at June 30 , 2021 , representing increases of 20 % and 78 % respectively . • Proportional cash , which includes our share of cash held in joint ventures , at September 30 , 2021 was $ 7.7 million , compared to $ 5.2 million at December 31 , 2020 , and $ 5.0 million at June 30 , 2021 , representing increases of 47 % and 54 % respectively . 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 are as follows : 1