VANCOUVER, British Columbia, May 30, 2022 (GLOBE NEWSWIRE) -- Minto Metals Corp. (TSXV:MNTO) has reported a record first quarter with 9.1 million pounds of copper production. Copper production for the first quarter of 2022 increased by 70.7% to 9.1 million pounds from the 5.3 million pounds reported in the first quarter of 2021. Revenue for the first quarter of 2022 increased 109% to $53.3 million from the $25.5 million reported in the first quarter of 2021.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with comments by Chris Stewart, Minto’s President and COO. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Minto Metals” in the search box.
Adjusted EBITDA improved to $19.2 million for the first quarter of 2022 compared to a loss of $900,000 in the first quarter of 2021.
Minto owns and operates the producing Minto mine located in the Minto Copper Belt of the Yukon, Canada, which has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500 million lbs of copper have been produced from the Minto mine. The Minto property is located on the Selkirk First Nation's Territory, west of the Yukon River, about 20 km west northwest of Minto Landing, the latter on the east side of the river, and approximately 250 road-km north of the City of Whitehorse, the capital city of Yukon.
The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and all supporting infrastructure associated with a remote location in Yukon.
The Yukon received between 150% and 400% of the normal annual snowfall during this past winter which generated a significant volume of water across the territory as it melted. With the warmer temperatures over the past couple of weeks, the Minto mine site saw daily water volume inflow exceed the mine's discharge capacities which caused the storage pond water levels to rise. Underground mining operations continued uninterrupted during this temporary mill shutdown with ore being stockpiled ahead of the milling facility restart.
The Mill is permitted to process an average of 4,200 tonnes/day of ore and underground production is currently averaging around 3,000 tonnes/day. With the milling facility restart, the stockpiled ore will be processed at a higher rate which means that there will be no metal production impact on the original guidance in 2022.
Minto Metals recently extended an offtake agreement with Sumitomo Corporation, contracted through Sumitomo Canada Limited, under more favourable terms, whereby Sumitomo Corporation agrees to purchase 100% of the copper concentrate produced at the Minto Mine for 4 years based on 50,000 dry metric tonnes per year of concentrate production. Under a precious metals agreement with Wheaton Precious Minerals, all gold and silver production is sold to Wheaton.
The shares, which began trading on the TSX Venture Exchange on November 29th are currently trading at $2.30.
For more information, please visit the company’s website, www.MintoMetals.com, contact David J. Birch, CFO at 416- 895-4824 or Chris Stewart, President & CEO, at 647-523-6618 or by email at info@MintoMine.com.
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