TIDMPERE
RNS Number : 8830Q
Pembridge Resources plc
23 February 2023
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
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that Minto
Metals Corp ("Minto") has released its production results for the
12-month period ended December 31st, 2022.
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.
-- Minto navigated through a significant water event during
spring freshet, which was caused by a snow pack that was 417% above
normal, with no environmental impact. More than 1,400,000m(3) of
water was discharged from site, which was more than double the
volume discharged over the last 7 years combined:
o Water Treatment Plant enhancements were made, creating the
ability to discharge water through the winter months for the first
time in Minto's history; and
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 2021 % Change
YE 2022
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, Minto receives
65% of the adjusted Gold price up to a maximum of US$1,250 for 2
years and then 50% up to a maximum of US$1,000 thereafter (12
Months remaining on initial term). Silver receipts are at the
lesser of the prevailing market price and US $4.35/oz with 1%
annual escalator.
Changes to Board of Directors
Minto also announced that Edie Hofmeister will be stepping down
as a Director, and Greg McKnight will be stepping down as a
Director and Chairman of Minto's Board of Directors. Ms.
Hofmeister's departure is effective February 28, 2023 and Mr.
McKnight's departure is effective March 15, 2023.
Replacing Mr. McKnight as Chairman of the Board is Joe Phillips
who has served as a Director on Minto's Board since December 2021.
Mr. Phillips has over 45 years of experience in the construction,
commissioning and operation of mining projects in 13 countries in 5
continents. Over his career he has directed the construction,
commissioning and operation of 11 plants and mining operations, all
of which met or exceeded their designed capacities.
An executive search is underway and a notice of appointment will
be announced as soon as qualified replacements are secured.
2023 Outlook Guidance
Minto has provided guidance for 2023, the main points of which
are:
-- 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 $2.80-3.00
-- Capital expenditure of CAD 46 million
-- Exploration cost of CAD 7-9 million
The press release from Minto can be found here
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 Minto's production results in 2022 and
we we are hopeful of further growth and good results in 2023."
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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