TIDMPERE
RNS Number : 6586V
Pembridge Resources plc
06 April 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.
6 April 2023
Minto Metals Reports Financial and Production Results for
2022
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") reports that Minto Metals Corp.
("Minto") has announced its results for the year ended 31 December
2022.
Highlights for the year ended December 31 2022:
-- Production totalling 28.9 million pounds of copper, a 12.6% increase over 2021
-- Increase in revenue by $14.9 million
-- Production costs increased by 17.9% to $133.8 million
compared to 2021 or 12.8% increase on a per unit basis due to the
higher ore output from the mine in 2022
-- $3.7 million was invested in the water treatment plant
Highlights for Fourth Quarter 2022:
-- Copper sales decreased 22.6% to 6.46 million pounds for Q4
2022 compared to 8.35 million pounds for the same period in 2021
due to a mill shutdown in December as a result of extremely cold
weather, contractor equipment reliability issues as well as
decreases in market average copper prices
-- Revenue declined by $14.7 million to $32.6 million for Q4
2022 compared to the same period in 2021
-- Production costs for Q4 2022 were $33.6 million, a 3.5%
decrease compared to $34.8 million for the same period in 2021,
which is consistent with decrease in mined ore
The full press release from Minto can be accessed from the
following link.
http://www.rns-pdf.londonstockexchange.com/rns/6586V_1-2023-4-6.pdf
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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