M ANAGEMENT' S D ISCUSSION AND A NALYSIS - Q UARTERLY H IGHLIGHTS
F OR T HE N INE-M ONTHP ERIOD E NDED 30 A PRIL 2022
The Company has elected to provide "Quarterly Highlights" as provided for a venture issuer by Section 2.2.1 of National Instrument 51-102F1.
A NGKOR R ESOURCES C ORP.
M ANAGEMENT' S D ISCUSSION AND A NALYSIS - Q UARTERLY H IGHLIGHTS
F OR THE NINE- MONTH PERIOD ENDED 30 A PRIL 2022
T O O UR S HAREHOLDERS
This Management Discussion and Analysis ("MD&A") of Angkor Resources Corp. (formerly Angkor Gold Corp.) ("Angkor" or the "Company") is dated on 20 June 2022 and provides information on the Company's activities for the three months ended 30 April 2022, and subsequent activity to the date of this report. Consequently, this MD&A should be read in conjunction with the Condensed Interim Consolidated Financial Statements for the nine-month period ended 30 April 2022, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), as applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting.
Effective the third quarter of its 2020 fiscal year, the Company elected to provide interim MD&A disclosure under the "Quarterly Highlights" regime as set out in Section 2.2.1 of National Instrument 51-102F1. Discussion of the Company, its operations and associated risks is further described in the Company's filings, which include the 31 July 2021 MD&A and audited consolidated financial statements, available for viewing at www.sedar.com/
Angkor Resources Corp. was incorporated under the laws of the Province of British Columbia, Canada on 16 October 2008 with its primary focus on resource exploration in Cambodia. Angkor's two exploration licenses in the Kingdom of Cambodia cover approximately 266 km², which the Company has been actively exploring over the past 9 years. In early 2019, the Company announced its intention to pursue oil and gas opportunities in Cambodia, and subsequently announced in August 2019 that it had been granted government approval to pursue a PSC (Production Sharing Contract) and its application for an onshore 7300 square kilometer energy/oil and gas license titled Block VIII. The Company initiated negotiations on the PSC in 2020 and continued to final stages during 2021 after COVID restrictions lifted.
The Company is a reporting issuer in British Columbia and Alberta and trades on the TSX Venture Exchange under the symbol ANK and under the OTCQB under the symbol ANKOF. In 2019 the Company changed its name from Angkor Gold Corp. to Angkor Resources Corp. to reflect its addition of energy/oil and gas assets to expand across the resource sector.
During the last 5 months of 2021, the Company undertook a strategic review, and several corporate pivots were completed to focus the future of Angkor on building shareholder value. This shift maintained strong exploration in minerals and energy but advanced a modified hybrid of project-generation in familiar jurisdictions that allowed the company to optimize opportunities in the resource sector. Thus, the Company is described as a resource optimizer which includes exploration but also the development and production of energy and mineral products for niche markets of the resource sector. Ultimately, adding
A NGKOR R ESOURCES C ORP.
M ANAGEMENT' S D ISCUSSION AND A NALYSIS - Q UARTERLY H IGHLIGHTS
F OR THE NINE- MONTH PERIOD ENDED 30 A PRIL 2022
several resource-based cashflows strengthens the foundation of the company while our technical teams continue to explore mineral and energy opportunities.
As a resource optimizer, Angkor's business model is to secure opportunities in the resource sector that:
In its quest to achieve the criteria above on accelerated cashflow projects, Angkor minimizes dilution by implementing innovative funding by private investors that cover 100% of the project costs, see the funders' principal repaid from project proceeds, and then funders share with Angkor in a minority portion of the residual cashflow.
These projects, although in jurisdictions other than Cambodia, align with the Company's ongoing mineral and exploration activities, add financial strength to the Company, and mitigate risk for both investors and Company finances. The Company anticipates seeing partial cashflow initiated by September 2022.
To fund the exploration of mineral and energy projects in SE Asia, the Company acquires licenses to properties to investigate for resource potential. Initial exploration and investigation is generally conducted by the Company. Not all projects are always given equal priority, and technical work programs depend on the availability of exploration funding, the Company's assessment of geological potential, and the potential interest from third parties. Not all projects or licenses may be considered "significant" or "material" as those terms are defined in Form 51-102F1, although they may become so in the future depending on several factors, or conversely, may no longer be considered "significant" or "material" should they fail to meet expectations and the necessary criteria over time. Licenses that fail to meet criteria are released from the Company's portfolio.
As projects within the licenses show positive results through exploration, the Company may seek potential exploration and development partners to assist or fund further exploration by the Company with a view to further possible development. There is no fixed model for such arrangements with third parties but may generally include joint development agreements, funding agreements, earn-ins, partnerships, joint ventures and outright sale. When considering funding, earn-in and other agreements, Angkor generally negotiates a carried interest for the Company. Each agreement is negotiated on its own basis depending on the circumstances; specific terms may vary from agreement to agreement. The Company believes third party funding agreements benefit Angkor by reducing the need to go to public markets for capital financings that would result in greater shareholder dilution.
A NGKOR R ESOURCES C ORP.
M ANAGEMENT' S D ISCUSSION AND A NALYSIS - Q UARTERLY H IGHLIGHTS
F OR THE NINE- MONTH PERIOD ENDED 30 A PRIL 2022
The following highlights updates quarterly activities and subsequent events regarding the corporate level of Angkor:
A NGKOR R ESOURCES C ORP.
M ANAGEMENT' S D ISCUSSION AND A NALYSIS - Q UARTERLY H IGHLIGHTS
F OR THE NINE- MONTH PERIOD ENDED 30 A PRIL 2022
It is management's belief that the value of the property acquired far exceeds the cash consideration that was provided of $1.
In addition to corporate highlights, the following technical highlights describe activities over the quarter and subsequent events across multiple projects:
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Angkor Resources Corp. published this content on 30 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 19:42:15 UTC.