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.
23 February 2023
Minto Metals Reports Copper Production of 28.9 Million Pounds for 2022, Provides Production Guidance for 2023 and Announces Changes to Board of Directors
Highlights
· Payable copper production for 2022 of 28.9 million pounds, in line with expected production of between 28.0 - 31.0 million pounds and a 12.6% increase over 2021
· Copper sales increased in the first, second and third quarters of 2022, compared to the same periods in 2021.
·
o Water Treatment Plant enhancements were made, creating the ability to discharge water through the winter months for the first time in
o Operations at the mill were suspended for a total of 8 weeks due to this water event, and tonnes milled were lower than expected as a result.
· New tele-remote scooptram (controlled from surface) began operating underground in between shift changes moving ore/waste.
· Equipment condition monitoring was operational and communicates in real-time using new fiber network installed underground, key operating data/information from onboard the equipment.
· 2 new ore lenses were identified, with plans to build on these in 2023.
Production Results YE 2022 |
YE 2022 |
|
YE 2021 |
|
% Change |
Ore Tonnes Produced |
904,066 |
|
866,805 |
|
4.30% |
Ore Tonnes Milled |
878,380 |
|
903,498 |
|
-2.80% |
Head Grade % |
1.58% |
|
1.40% |
|
12.90% |
Payable Copper (million pounds) |
28.86 |
|
25.64 |
|
12.60% |
Gold (ounces) (1) |
12,168 |
|
11,783 |
|
3.30% |
Silver (ounces) (1) |
135,878 |
|
135,354 |
|
0.40% |
1. Under the Wheaton Precious Metals agreement,
Changes to Board of Directors
Replacing Mr. McKnight as Chairman of the Board is Joe Phillips who has served as a Director on
An executive search is underway and a notice of appointment will be announced as soon as qualified replacements are secured.
2023 Outlook Guidance
· Plan to operate the mill at an average throughput of 3900 tonnes/day as the ore production continues to climb closer to the mill's ultimate permitted capacity of 4,200 tonnes/day
· Copper production of 31-34 million pounds
· C1 Cash cost (USD/lb) of
· Capital expenditure of
· Exploration cost of
The press release from
http://www.rns-pdf.londonstockexchange.com/rns/8830Q_1-2023-2-23.pdf
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"This is positive news of
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
About Minto Metals Corp
Minto Metals Corp operates the underground copper-gold-silver mine located in central
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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