Metamaterial Releases Fourth Quarter and Full Year 2020 Results

Metamaterial Inc. (the "Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, today released fourth quarter and full year 2020 results. Please visit the investors section of our website to view the Q4 2020 Shareholder Letter

The financial statements and the associated management discussion and analysis for the quarter and twelve months ended December 31, 2020 are available on the Investors section of our website as well as under the Company's profile on SEDAR at www.sedar.com.

The 2020 net loss was $19,806,340, 27c per share on 74,271,609 weighted average shares, compared to a 2019 net loss of $11,083,258, $1.14 per share on 9,724,476 weighted average shares. Total 2020 revenue was $1,507,690, compared to 2019 revenue of $1,195,058.

About Metamaterial Inc.

META delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our achievements have been widely recognized, including being named a Global Cleantech 100 company. Learn more at www.metamaterial.com.

The CSE has neither approved nor disapproved the contents of this news release.

Media inquiries:
media@metamaterial.com

Investor inquiries:
Mark Komonoski
Investor Relations
phone: 1-877-255-8483
mark@metamaterial.com

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of financial position
[expressed in Canadian dollars]

	December 31, 2020			December 31, 2019
	$			$

Assets
Current
Cash and cash equivalents		1,776,983			528,691
Grants receivable		417,442			242,705
Other receivables		50,330			79,072
Inventory		589,977			438,726
Prepaid expenses		436,909			365,602
HST receivable		196,526			262,512
Total current assets		3,468,167			1,917,308
Intangible assets, net		5,699,626			6,404,812
Property and equipment, net		3,515,523			3,558,675
Right-of-use assets		337,441			66,951
Total non-current assets		9,552,590			10,030,438
Total assets		13,020,757			11,947,746
Liabilities and shareholders' equity (deficiency)
Current
Trade payables		3,743,783			3,176,642
Due to related party		312,528			345,033
Current portion of long-term debt		369,921			104,376
Current portion of deferred revenue		1,578,676			1,483,645
Current portion of deferred government assistance		1,179,096			518,837
Derivative liability		-			1,175,056
Secured convertible debentures		7,060,493			-
Secured convertible promissory notes		-			4,595,975
Unsecured convertible promissory notes		1,531,960			-
Current portion of lease liabilities		192,001			71,947
Total current liabilities		15,968,458			11,471,511
Deferred revenue		1,023,835			1,862,420
Deferred government assistance		-			1,414,037
Deferred tax liability		404,947			658,481
Unsecured convertible debentures		2,324,085			760,145
Funding obligation		989,128			808,298
Lease liabilities		152,506			-
Long-term debt		3,493,029			3,139,301
Total non-current liabilities		8,387,530			8,642,682
Total liabilities		24,355,988			20,114,193

Shareholders' deficiency
Common shares		34,248,734			7,598,670
Preferred shares		-			12,748,100
Contributed surplus		5,804,292			3,753,211
Warrants		565,446			175,095
Accumulated other comprehensive loss		134,648			(159,512	)
Deficit		(52,088,351	)		(32,282,011	)
Total shareholders' deficiency		(11,335,231)			(8,166,447)
Total liabilities and shareholders' deficiency		13,020,757			11,947,746

Consolidated statements of loss and comprehensive loss
[expressed in Canadian dollars]

	Year ended December 31
	2020			2019
	$			$
Product sales		2,615			31,426
Development revenue		1,505,075			1,163,632
Revenue, net		1,507,690			1,195,058
Cost of goods sold		4,409			12,138
Gross Profit		1,503,281			1,182,920

Expenses (income)
Salaries and benefits		3,390,940			3,040,775
Depreciation and amortization		2,840,640			3,178,505
Impairment expense		5,224			87,166
Travel and entertainment		79,369			493,800
Other expenses		742,476			507,980
Listing expenses		3,370,249			-
Stock exchange fees		12,000			-
Rent and utilities		404,699			414,958
Finance Income		(34,302	)		(822,375	)
Finance costs		2,142,131			937,435
Consulting		1,416,962			548,922
Investor relations		154,496			30,936
Research and development		516,577			788,476
Professional fees		2,274,554			846,418
Share-based compensation expense		2,032,055			1,710,952
Unrealized loss on FVTPL liabilities		1,917,860			862,176
Realized loss on derivative liability		128,653			-
Technology license fees		14,602			50,807
Realized foreign currency exchange loss		83,750			1,290
Unrealized foreign currency exchange (gain) loss		255,109			417,115
Amortization of deferred government assistance		(182,685	)		(178,834	)
Other loss (income)		-			(530,960	)
		21,565,359			12,385,542
Net loss before tax		(20,062,078)			(11,202,622)
Income tax recovery		255,738			119,364
Net loss for the period		(19,806,340)			(11,083,258)

Other comprehensive loss, net of income taxes
Items that may be subsequently reclassified to income:
Unrealized foreign currency translation adjustment		294,160			246,998
Comprehensive loss for the period		(19,512,180)			(10,836,260)

Basic and diluted loss per share	$	(0.27)		$	(1.14)
Weighted average number of shares outstanding
- basic and diluted		74,271,609			9,724,476

Metamaterial Inc. (formerly Continental Precious Minerals Inc.)
Consolidated statements of cash flows
[expressed in Canadian dollars]

Year ended December 31	2020			2019
	$			$

Operating activities
Net loss for the period		(19,806,340	)		(11,083,258	)
Add (deduct) items not affecting cash:
Non-cash finance income		(22,927	)		(821,599	)
Non-cash finance costs		1,627,599			703,798
Deferred income tax recovery		(255,738	)		(119,364	)
Depreciation and amortization		2,840,640			3,121,654
Impairment of intangible assets		5,224			87,166
Unrealized foreign currency exchange loss		260,068			437,935
Listing expenses		3,370,249			-
Unrealized loss on FVTPL liabilities		1,917,860			862,176
Realized loss on derivative liability		128,653			-
Change in deferred revenue		(738,720	)		(841,370	)
Change in deferred government assistance		(342,216	)		(435,558	)
Share-based compensation expense		2,032,055			1,780,952
Non-cash consulting		30,000			51,750
Other loss (income)		-			(530,960	)
Net change in non-cash working capital items		(849,236	)		1,179,094
Cash used in operating activities		(9,802,829)			(5,607,584)

Investing activities
Additions to intangible assets		(140,323	)		(220,480	)
Additions to property and equipment		(1,152,752	)		(1,449,951	)
Reverse takeover, net cash		4,179,371			-
Cash used in investing activities		2,886,296			(1,670,431)

Financing activities
Proceeds from long-term debt		35,075			879,860
Repayment of long-term debt		(263,431	)		(77,024	)
Repurchase of shares		(24,365	)		-
Proceeds from unsecured convertible promissory notes		1,804,570			3,185,760
Proceeds from funding obligation		-			1,300,000
Net proceeds from units		814,270			1,013,622
Proceeds from unsecured convertible debentures		950,000			750,000
Proceeds from secured convertible debentures		5,000,000			-
Payment of lease liabilities		(149,991	)		(75,335	)
Cash provided by financing activities		8,166,128			6,976,883

Net (decrease) increase in cash and cash equivalents		1,249,595			(301,132)
Cash and cash equivalents, beginning of the period		528,691			850,623
Effects of exchange rate changes on cash and cash equivalents		(1,303	)		(20,800	)
Cash and cash equivalents, end of the period		1,776,983			528,691

Supplemental cash flow information
Interest on debt paid		406,518			20,335

SOURCE:Metamaterial Inc.

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Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
299516	509114	5685249	99.41	0.11	0.02	0.39	0.01	<0.01	<0.01	6
299517	509193	5685166	98.84	0.14	0.01	0.23	0.02	<0.01	<0.01	8
299518	509314	5685171	99.20	0.10	0.01	0.25	0.02	<0.01	0.01	10
299519	509350	5685151	98.26	0.12	0.01	0.35	0.01	<0.01	0.01	15
299520	509369	5685129	99.20	0.13	0.01	0.21	<0.01	<0.01	0.03	16
299521	509395	5685107	99.17	0.15	0.01	0.27	0.02	<0.01	0.01	8
299522	509418	5685094	98.78	0.23	0.02	0.26	0.01	<0.01	0.01	12
299523	509442	5685075	98.59	0.14	0.02	0.26	<0.01	0.01	0.01	12
299524	509450	5685043	99.74	0.07	0.01	0.30	0.01	0.01	0.01	6
299525	509471	5685019	98.58	0.04	0.01	0.36	0.01	0.01	0.01	7
299526	509482	5684990	99.25	0.14	0.02	0.27	0.04	0.01	0.01	7
299527	509500	5684961	99.66	0.16	0.02	0.31	0.02	0.01	0.01	7
299528	509515	5684938	99.21	0.14	0.01	0.32	0.02	0.01	0.01	7
299529	509538	5684911	99.13	0.11	0.01	0.27	0.03	0.01	0.01	21
299530	509561	5684862	98.18	0.25	0.01	0.31	0.03	0.01	0.01	7
299531	509598	5684823	98.93	0.27	0.02	0.36	0.03	0.01	0.01	7
299532	509583	5684759	98.99	0.09	0.01	0.30	<0.01	0.01	0.01	7
299533	509619	5684743	98.72	0.16	0.01	0.35	0.02	0.01	0.01	14
299534	509641	5684726	98.18	0.30	0.01	0.33	0.04	0.01	0.02	15
299535	509712	5684697	99.41	0.13	0.01	0.30	0.02	0.01	0.01	7
299536	509736	5684685	99.27	0.11	0.01	0.33	0.02	0.01	0.01	7
299537	509764	5684670	98.58	0.13	0.02	0.36	0.03	0.01	0.02	8
299548	509306	5685510	99.32	0.14	0.01	0.29	0.01	0.01	0.01	18
299560	509476	5685127	98.99	0.13	0.01	0.32	0.03	0.01	0.02	27
299561	509472	5685107	99.01	0.05	0.01	0.32	0.01	0.01	<0.01	18
299562	509457	5685115	98.74	0.15	0.01	0.26	0.01	0.01	0.02	28
299563	509439	5685112	98.35	0.20	0.02	0.34	0.02	0.01	0.01	27
299564	509459	5685092	99.20	0.09	0.01	0.32	<0.01	0.01	0.01	21
299565	509487	5685107	99.49	0.09	0.01	0.28	0.03	0.01	0.02	28
299566	509490	5685083	98.48	0.25	0.02	0.35	0.01	0.01	0.01	26
299567	509503	5685071	99.03	0.11	0.02	0.34	0.02	0.01	<0.01	21
299568	509477	5685067	99.16	0.10	0.01	0.30	<0.01	0.01	<0.01	18
299569	509478	5685044	98.68	0.10	0.01	0.32	0.03	0.01	<0.01	20
299570	509506	5685041	98.46	0.43	0.02	0.32	0.06	0.01	0.01	29
299571	509523	5685054	98.81	0.13	0.01	0.31	0.03	0.01	0.01	22
299572	509382	5685160	98.42	0.09	0.01	0.29	0.01	0.01	0.01	23
299573	509397	5685160	98.92	0.11	0.01	0.36	<0.01	0.01	<0.01	18
299574	509406	5685142	99.12	0.09	0.01	0.30	0.02	0.01	<0.01	17
299575	509409	5685120	98.56	0.14	0.01	0.37	<0.01	0.01	<0.01	21
299581	509357	5685172	98.84	0.08	0.02	0.32	<0.01	0.01	0.01	18
299582	509429	5685142	98.87	0.15	0.01	0.29	<0.01	0.01	0.02	8
299583	509446	5685146	98.25	0.33	0.02	0.33	0.03	0.01	0.03	17
299584	509455	5685145	99.49	0.11	0.02	0.27	<0.01	0.01	0.01	5
299585	509473	5685142	98.66	0.08	0.01	0.36	<0.01	0.01	<0.01	6
299586	509493	5685133	98.52	0.05	0.01	0.29	<0.01	0.01	<0.01	<5

Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
248351	511603	5682006	98.60	0.28	0.08	0.25	0.04	0.01	0.01	15
248352	511563	5681948	99.45	0.15	0.02	0.22	0.02	0.01	<0.01	6
248353	511552	5681948	99.01	0.19	0.03	0.29	0.04	0.01	0.01	9
248354	511551	5681951	99.09	0.11	0.02	0.22	0.03	0.01	0.01	6
248355	511530	5681940	98.74	0.09	0.02	0.23	<0.01	0.01	<0.01	6
248356	511522	5681942	98.82	0.08	0.01	0.31	<0.01	0.01	<0.01	<5
248357	511512	5681951	98.31	0.09	0.01	0.24	0.01	0.01	0.01	5
248358	511485	5681948	98.14	0.13	0.28	0.32	0.03	0.01	0.01	8
248359	511461	5681935	99.49	0.11	0.02	0.30	0.02	0.01	<0.01	10
248360	511436	5681932	99.06	0.03	0.05	0.25	0.01	0.02	<0.01	5
248361	511444	5681918	99.42	0.07	0.01	0.29	0.02	0.01	<0.01	6
248362	511440	5681942	97.83	0.32	0.73	0.36	0.03	0.03	0.01	8
248364	511374	5682002	98.43	0.09	0.43	0.36	<0.01	0.16	<0.01	<5

Sample #	Easting (m)	Northing (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
248384	513642	5680350	98.22	0.37	0.21	0.41	0.14	0.02	0.03	27
248385	513671	5680320	95.82	0.57	0.69	0.51	0.52	0.02	0.03	30
248386	513685	5680313	97.77	0.48	0.05	0.37	0.05	0.01	0.03	30
248387	513708	5680285	98.90	0.36	0.02	0.35	0.04	<0.01	0.03	30
248388	513735	5680261	98.11	0.32	0.03	0.31	0.04	<0.01	0.03	35
248389	513748	5680244	98.05	0.49	0.03	0.30	0.03	<0.01	0.01	28
248390	513654	5680223	98.91	0.13	0.01	0.27	0.04	<0.01	0.01	29
248391	513627	5680208	98.74	0.09	0.02	0.30	0.02	<0.01	0.02	27
248392	513600	5680217	99.52	0.06	0.02	0.32	0.03	<0.01	0.01	23
248393	513564	5680220	96.98	1.04	0.05	0.33	0.07	0.03	0.07	41
248394	513592	5680259	98.91	0.30	0.13	0.35	0.13	<0.01	0.02	31
248395	513390	5680466	99.26	0.11	0.02	0.35	0.03	<0.01	0.01	25
248396	513367	5680495	98.81	0.12	0.07	0.34	0.04	<0.01	0.01	25
248397	513332	5680531	99.25	0.08	0.02	0.37	0.01	<0.01	0.01	26
248398	513301	5680539	99.08	0.15	0.21	0.33	0.04	<0.01	0.01	27
248399	513283	5680559	98.76	0.07	0.09	0.36	0.02	<0.01	0.01	22
248400	513263	5680602	98.77	0.08	0.01	0.29	<0.01	<0.01	0.01	24
299501	513231	5680636	98.14	0.15	0.02	0.41	0.02	<0.01	0.01	26
299502	513188	5680660	99.05	0.20	0.02	0.27	<0.01	<0.01	0.01	27
299503	513160	5680700	99.07	0.16	0.02	0.31	0.02	<0.01	0.01	27
299504	513133	5680705	98.85	0.13	0.02	0.26	0.01	<0.01	0.01	26
299508	513834	5679986	98.68	0.15	0.03	0.26	0.02	<0.01	0.01	21
299509	513876	5679941	98.88	0.23	0.03	0.27	0.04	<0.01	0.03	34
299510	513904	5679907	99.08	0.05	0.02	0.29	<0.01	<0.01	0.01	11
299511	513968	5679864	99.82	0.15	0.02	0.27	0.02	<0.01	0.01	23
299512	514023	5679832	99.21	0.12	0.02	0.29	0.03	<0.01	0.03	10
299513	514070	5679980	97.08	1.11	0.02	0.75	0.09	0.01	0.05	18
299514	514081	5680011	96.66	1.27	0.02	0.43	0.05	0.01	0.07	26
299515	514075	5680039	98.58	0.26	0.07	0.45	0.07	0.01	0.03	14

Channel	From (m)	To (m)	Interval (m)	SiO₂ (%)	Al₂O₃ (%)	CaO (%)	Fe₂O₃ (%)	MgO (%)	P₂O₅(%)	TiO₂(%)	B (ppm)
TM1	0.00	4.74	4.74	98.83	0.15	0.01	0.30	0.01	0.01	0.01	24
TM2	0.00	5.80	5.80	98.88	0.10	0.01	0.33	0.01	0.01	0.01	10
5.80	6.30	0.50	Overburden
6.30	8.83	2.53	98.90	0.10	0.01	0.30	0.01	0.01	0.02	7
8.83	9.38	0.55	Overburden
9.38	13.0	3.62	99.21	0.09	<0.01	0.35	0.01	0.01	0.02	11
TM3	0.00	7.60	7.60	99.03	0.11	<0.01	0.32	0.01	0.01	0.02	7
7.60	10.20	2.60	Overburden
10.20	11.00	0.80	99.08	0.11	<0.01	0.27	0.01	0.01	0.02	6
11.00	11.90	0.90	Overburden
11.90	18.00	6.10	98.79	0.11	<0.01	0.29	<0.01	0.01	0.02	10
TM4	0.00	5.22	5.22	99.09	0.09	<0.01	0.33	<0.01	0.01	0.02	12
TM5	0.00	3.80	3.80	98.82	0.15	<0.01	0.29	<0.01	0.01	0.04	15
3.80	4.50	0.70	Overburden
4.50	7.00	2.50	98.85	0.12	<0.01	0.31	0.02	0.01	0.02	20
7.00	10.20	3.20	Overburden
10.20	12.00	1.80	98.77	0.09	<0.01	0.34	0.01	<0.01	0.01	12
12.00	13.00	1.00	Overburden
13.00	17.50	4.50	98.30	0.15	0.09	0.34	0.02	<0.01	0.01	13
17.50	20.10	2.60	Overburden
20.10	33.20	13.10	98.81	0.11	<0.01	0.31	0.01	<0.01	0.01	9

Metamaterial Releases Fourth Quarter and Full Year 2020 Results

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