TIDMPERE
RNS Number : 7995G
Pembridge Resources plc
17 November 2022
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED
BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
17 November 2022
Minto Metals Corp Releases Its 2022 Third Quarter Results
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that Minto
Metals Corp ("Minto") has released its third quarter results for
2022, which show an increase in revenue of 17% compared to the same
quarter in 2021.
Highlights:
-- Copper sales increased by 7.1% to 7.86 million pounds for the
third quarter of 2022 compared to 7.34 million pounds for the same
quarter in 2021. Year-to-date copper sales in 2022 were 29.6%
higher at 22.4 million pounds compared to 17.3 million pounds for
the same period in 2021.
-- Revenue for the third quarter increased by 17.1% to CAD $35.3
million compared to CAD $30.1 million for the same period in 2021.
This was mainly due to an increase in sales volume partly offset by
an 16.4% decrease in average realized copper prices. Year to date
revenue of CAD $120.6 million was 32.5% higher compared to CAD
$91.0 million for the same period in 2021.
-- Mined ore increased by 9.5% to 222,696 tonnes for the third
quarter of 2022 compared to 203,312 tonnes for the same period of
2021. Total year-to-date 2022 mined ore tonnes of 698,470 was 15.7%
higher compared to 603,957 tonnes for the same period of 2021.
-- Mill Feed was 269,096 dry metric tonnes ("dmt") for the third
quarter of 2022, a 35.8% increase from 198,221 dmt for the same
quarter in 2021. The total year-to-date 2022 mill feed of 682,504
dmt was 6.3% higher compared to 641,883 dmt for the same period in
2021.
-- Cash costs per pound sold(1) averaged USD $3.18/lb for the
third quarter of 2022, a 16.5% increase from USD $2.73/lb for the
same quarter of 2021. Year to date cash costs per pound sold(1)
averaged USD $2.91/lb, a 12.6% decrease from USD $3.33/lb in the
same period in 2021.
-- All-In Sustaining Costs ("AISC") per pound sold(1) averaged
USD $3.87/lb in the third quarter of 2022, a 4.0% increase from USD
$3.72/lb in the same period of 2021. AISC per pound sold(1)
averaged USD $3.88/lb, a 3.9% decrease from USD $4.04/lb in the
same period in 2021.
-- Adjusted EBITDA(2) for the third quarter of 2022 was CAD
$(0.7) million compared to CAD $1.1 million for the same period in
2021. Year-to-date 2022 Adjusted EBITDA(2) of CAD $18.5 million was
CAD $9.3 million higher compared to CAD $9.2 million for the same
period in 2021.
1. Refers to Cash Costs & All-In Sustaining Costs "Non-IFRS
Measures" on page 22 of Minto's Quarter 3 2022 MD&A.
2. Refers to Adjusted Earnings before Interest, Taxes,
Depreciation, and Amortization on page 21 of Minto's Quarter 3 2022
MD&A.
The full release from Minto can be found at the following
link.
http://www.rns-pdf.londonstockexchange.com/rns/7995G_1-2022-11-17.pdf
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"We are pleased that Minto continues to improve operational
results year on year. We thank the Minto team for their hard work
in what are still difficult conditions and remain confident in the
prospects of the Minto mine."
Cautionary Statement
This News Release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company, or management, expects a stated condition
or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's intentions regarding its objectives,
goals or future plans and statements. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability
to predict or counteract the potential impact of COVID-19
coronavirus on factors relevant to the Company's business, failure
to identify additional mineral resources, failure to convert
estimated mineral resources to reserves with more advanced studies,
the inability to eventually complete a feasibility study which
could support a production decision, the preliminary nature of
metallurgical test results may not be representative of the deposit
as a whole, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, and those risks set out in the Company's public
documents. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
ENDS
NOTES TO EDITORS
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Metals Corp, a British
Columbia incorporated business listed on the TSX Venture Exchange
under the symbol "MNTO" that operates the Minto mine in Yukon,
Canada.
About Minto Metals Corp
Minto Metals Corp operates the underground copper-gold-silver
mine located in central Yukon, approximately 240 kilometres north
of the capital Whitehorse along the Klondike Highway. In excess of
US$350 million of capital expenditure has been invested into Minto
operations since site construction began in 2006. The Minto mine
was in continuous production between 2007 and 2018, when the mine
was placed onto temporary care and maintenance. Pembridge acquired
the Minto mine from Capstone Mining Corporation in June 2019 and
restarted operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0) 7905 125740
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Tavira Financial Ltd: +44 (0)20 7100 5100
Jonathan Evans
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END
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November 17, 2022 06:47 ET (11:47 GMT)
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