(Expressed in US dollars except where noted as C$)
TORONTO, May 1, 2015 /CNW/ - Red Tiger Mining Inc.,
(TSXV:RMN), (the "Company" or "Red Tiger") today reported its
financial and operating results for the year ended December 31, 2014. This press release should be
read in conjunction with the Company's audited consolidated
financial statements for the year ended December 31, 2014 and Management's Discussion and
Analysis ("MD&A") for the corresponding period, available on
the Company's website at www.redtigermining.com and on SEDAR at
www.sedar.com.
FOURTH QUARTER HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 1,029 tonnes for
the three months ended December 31,
2014
- Copper sales of $6,357,452 for
the three months ended December 31,
2014 at an average realized price(1) of
$2.80 per pound
- Total cash costs per copper pound(1) of $1.47 and average realized margin(1)
of $1.34 per pound for the three
months ended December 31, 2014
- Net loss of $16,959,843 or
$0.17 per share for the three months
ended December 31, 2014.
- Adjusted EBITDA(1) of $(13,922,358) or adjusted EBITDA per
share(1) of $(0.14) for
the three months ended December 31,
2014
- Cash of $1,444,782 as at
December 31, 2014
(1)
|
"Total cash costs per
pound", "Average realized price", "Average realized
margin",
"Adjusted EBITDA" and
"Adjusted EBITDA per share" are non-IFRS financial
performance
measures with no
standard meaning under IFRS. Refer to the "Non-IFRS
Financial
Performance Measures"
section of this MD&A for reconciliations of these
non-IFRS
measures.
|
Year ended December 31, 2014
HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 5,734 tonnes for
the year ended December 31, 2014
- Copper sales of $38,451,205 for
the year ended December 31, 2014 at
an average realized price(1) of $3.04 per pound
- Total cash costs per copper pound(1) of $1.54 and average realized margin(1)
of $1.50 per pound for the year ended
December 31, 2014
- Net loss of $18,139,079 or
$0.01 per share for the year ended
December 31, 2014
- Adjusted EBITDA(1) of $(1,107,460) or adjusted EBITDA per
share(1) of $(0.01) for
the year ended December 31, 2014
- Cash of $1,444,782 as at
December 31, 2014
(1)
|
"Total cash costs per
pound", "Average realized price", "Average realized
margin",
"Adjusted EBITDA" and
"Adjusted EBITDA per share" are non-IFRS financial
performance measures
with no standard meaning under IFRS. Refer to the
"Non-IFRS
Financial Performance
Measures" section of this MD&A for reconciliations of
these
non-IFRS
measures.
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OPERATING
RESULTS
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Q4
2014
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Q3
2014
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Q2
2014
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Q1
2014
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Q4
2013
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Q3
2013(1)
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Q2
2013
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Q1
2013
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Mining
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Ore mined
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tonnes
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160,116
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248,408
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283,480
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331,465
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293,355
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248,342
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230,432
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185,742
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Waste rock mined and
removed
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tonnes
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707,319
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1,273,452
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1,343,687
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1,297,719
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997,378
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1,333,793
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1,047,433
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821,973
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Total
mined
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tonnes
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867,435
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1,521,860
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1,627,167
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1,629,184
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1,290,733
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1,582,135
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1,277,865
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1,007,715
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Waste-to-ore
ratio
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4.4
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5.1
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4.7
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3.9
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3.4
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5.4
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4.5
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4.4
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Average grade of
mined ore
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total
copper
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1.25%
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1.15%
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1.16%
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0.91%
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0.84%
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0.96%
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1.25%
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0.84%
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Crushing and
Stacking
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Ore crushed and
stacked
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tonnes
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148,241
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250,133
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279,910
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319,457
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292,329
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241,599
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230,326
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181,992
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Average grade of
stacked ore
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total
copper
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1.25%
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1.15%
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1.29%
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1.03%
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0.97%
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0.96%
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1.50%
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0.99%
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Ore
Stockpiled
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tonnes
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31,600
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30,960
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31,507
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27,937
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15,929
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14,903
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6,516
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6,410
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Average grade of ore
stockpiled
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total
copper
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1.02%
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1.01%
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1.06%
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0.95%
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0.84%
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1.01%
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0.94%
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0.93%
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Copper cathodes
produced
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Copper cathodes
produced
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tonnes
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1,029
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1,274
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1,812
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1,619
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1,784
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1,536
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1,108
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949
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FINANCIAL
RESULTS
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Q4
2014
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Q3
2014
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Q2
2014
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Q1
2014
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Q4
2013
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Q3
2013
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Copper
sales(1)
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6,357,452
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8,671,348
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12,466,706
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10,955,699
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12,884,804
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10,990,682
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Production
costs
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1,431,511
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4,556,892
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6,155,323
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4,058,486
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6,861,256
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2,329,048
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Net (loss)
earnings
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(16,959,843)
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(1,264,647)
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144,871
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(59,460)
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(5,121,019)
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3,014,042
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Total cash costs per
copper pound(2)
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$/pound
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1.60
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1.73
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1.65
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1.33
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1.78
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1.12
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Average realized
price(2)
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$/pound
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2.80
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3.09
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3.12
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3.07
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3.28
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3.24
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Average realized
margin(2)
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$/pound
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1.20
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1.36
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1.47
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1.74
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1.50
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2.12
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(1)
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Prior to the Company
declaring commercial production on July 1, 2013, all previous
revenues were credited
against capitalized
project costs.
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(2)
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Total cash costs,
average realized price and average realized margin are calculated
on post-commercial
pounds sold
only.
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(3)
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Refer to the section
on Non-IFRS Financial Performance Measures at end of the press
release. Reconciliation
of these measures is
described in the MD&A.
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Non-IFRS Financial Performance Measures
The Company has included certain non-IFRS measures in this press
release, including "total cash cost per copper pound", "average
realized price", "average realized margin", "adjusted EBITDA" and
"adjusted EBITDA per share". The Company believes these measures,
in addition to conventional measures prepared in accordance with
IFRS, provide investors an improved ability to evaluate the
underlying performance of the Company. The non-IFRS measures are
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. These measures do not
have any standardized meaning prescribed under IFRS, and therefore
may not be comparable to other issuers.
Operations Update
Copper production from the leaching operations began to decline
in September 2014. Investigation of
the cause revealed that a sudden and unprecedented occurrence of
clay materials had appeared in the ore in the south pit of the mine
where the last few benches of material from a "slip" (i.e.,
material higher up in the mine that slid down a slope as a result
of being located along a fault zone,) were being mined. This clay
material was mixed with ore sent to the crusher and distributed
onto the leach pad with a dozer. This resulted in a top layer of
low permeability of the heap (i.e., stacked ore on the leach pad),
greatly reducing the overall permeability of the heap and hence
reducing the percolation of fluid flow through the heap to the
SX/EW plant.
Last November, mining was suspended in order to (a) increase
permeability on the leach pad so that fresh ore could be stacked,
and (b) process clay-bearing ore inventory stacked on the pad.
The first phase of the company's rehabilitation plan included,
permeability testing, draining surface ponds, ripping the top
surface of the heap, optimizing irrigation to the pad, updating the
future mine plan with extensive blast hole data incorporated, and
performing agglomeration test work.
The second phase of the plan will include: conveying
clay-bearing stacked ore from the top layers of the heap to a
limited footprint on part of the pad; extending the impermeable pad
liner of the leach pad; and resuming mining in the north pit and
stacking fresh ore on the leach pad.
The final phase of the plan will be to agglomerate and re-stack
the clay-bearing ore on the leach pad.
Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws. Forward-looking information is based on
plans, expectations and estimates of management at the date the
information is provided and is subject to certain factors and
assumptions, including, that the Company's financial condition and
development plans do not change as a result of unforeseen events,
that the Company obtains regulatory approval, future metal prices
and the demand and market outlook for metals. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results
to vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risk that any of the
assumptions referred to prove not to be valid or reliable, that
occurrences such as those referred to above are realized and result
in delays, or cessation in planned work, that the Company's
financial condition and development plans change, delays in
regulatory approval, risks associated with the interpretation of
data, the geology, grade and continuity of mineral deposits, the
possibility that results will not be consistent with the Company's
expectations, as well as the other risks and uncertainties
applicable to mineral exploration and development activities and to
the Company as set forth in the Company's latest management
discussion and analysis filed under the Company's profile at
www.sedar.com. The Company undertakes no obligation to update these
forward-looking statements, other than as required by applicable
law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release Refer to the section on Non-IFRS Financial
Performance Measures at end of the press release. Reconciliation of
these measures is described in the MD&A.
SOURCE Red Tiger Mining Inc.