Itasca Capital Files First Quarter Financial Statements for the Period Ended March 31, 2020

VANCOUVER, May 7, 2020 - Itasca Capital Ltd. (TSX-V: ICL) ("Itasca" or "Company") today filed its unaudited interim financial statements for the three months ended March 31, 2020 and the related management discussion & analysis, both of which are available under Itasca's profile on SEDAR at www.sedar.com. All amounts are in Canadian dollars unless indicated otherwise.

The Company reported net loss attributable to common shareholders of $0.3 million, or $0.01 loss per share, and total comprehensive income of $0.8 million in the first quarter of 2020, primarily due to $1.1 million currency translation gain, partially reduced by general and administrative expenses of $0.3 million. Itasca reported net loss attributable to common shareholders of $0.2 million, or $0.01 loss per share in the first quarter of 2019.

As of March 31, 2020, Itasca reported total shareholders' equity of $13.9 million with a book value per share of $0.64 based on the 21,810,626 issued and outstanding common shares.

Management Comments:
Larry G. Swets, Jr., Chief Executive Officer and Director, stated, "We continue to analyze various alternatives for deployment of the liquidity currently held by Itasca and believe the Company is well positioned to capitalize on opportunities in the current environment."

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CAUTIONARY NOTE
Book value per share is a non-IFRS measure calculated as the total of shareholders' equity divided by the issued and outstanding shares of Itasca. The term "book value per share" does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Itasca's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. Itasca believes that book value per share can provide information useful to its shareholders.

SOURCE Itasca Capital Ltd.