Minto Q1 Production

Pembridge Resources plc

27 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.

27 April 2023

Minto Metals Announces Copper Production for First Quarter of 2023

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") announces that Minto Metals Corp. ("Minto") has released its production results for the first quarter of 2023.

First Quarter Highlights

·    Copper sales were 5.7 million pounds in QTR-1 compared to 9.1 million pounds in QTR-1 2022 as a result of limited mining areas during the transition in mining zones from Copper-Keel to Area-2 compared to 2022 but is in line with the forecast for 2023.

·      Operating Results:

·      Ore tonnes produced for QTR-1 was 175,944 dry metric tonnes ("dmt").

·      Mill feed for QTR-1 was 206,653 dmt.

·      Overall head grade for QTR-1 was 1.35%.

Production Results - Quarter 1		2023 -QTR 1		2022 -QTR 1		2021 -QTR 1
Ore Tonnes Produced		175,944		238,979		174,432
Ore Tonnes Milled		206,653		237.239		212,329
Head Grade %		1.35%		1.83%		1.17%
Payable Copper (million pounds)		5.74		9.10		5.33
Gold (ounces) (1)		3,055		3,695		2,199
Silver (ounces) (1)		29,385		45,126		22,720

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.

The full press release from Minto is available at the following link.

http://www.rns-pdf.londonstockexchange.com/rns/7417X_1-2023-4-27.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:                                                              [phone]

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Tavira Financial Ltd:                                                                        [phone]

Jonathan Evans

 

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