(Expressed in US dollars unless stated otherwise)
TORONTO, Nov. 30, 2015 /CNW/ - Red Tiger Mining
Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported
its financial and operating results for the three and nine months
ended September 30, 2015. This press
release should be read in conjunction with the Company's unaudited
Financial Statements for the three and nine months ended
September 30, 2015 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.
THIRD QUARTER HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 299 tonnes for the
three months ended September 30,
2015
- Copper sales of $1,419,869 for
the three months ended September 30,
2015 at an average realized price(1) of
$2.15 per copper pound
- Total cash costs per copper pound(1) of $1.35 and average realized margin(1)
of $0.80 per copper pound for the
three months ended September 30,
2015
- Net loss of $3,170,735 or
$0.03 per share for the three months
ended September 30, 2015
- Adjusted EBITDA(1) of ($1,305,725) or adjusted EBITDA per
share(1) of ($0.01) for
the three months ended September 30,
2015
- Cash of $407,443 as at
September 30, 2015
YEAR-TO-DATE HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 1,279 tonnes for
the nine months ended September 30,
2015
- Copper sales of $7,274,437 for
the nine months ended September 30,
2015 at an average realized price(1) of
$2.58 per pound
- Total cash costs per copper pound(1) of $1.46 and average realized margin(1)
of $1.12 per pound for the nine
months ended September 30, 2015
- Net loss of $8,068,976 or
$0.07 per share for the nine months
ended September 30, 2015
- Adjusted EBITDA(1) of ($1,898,996) or adjusted EBITDA per
share(1) of ($0.02) for
the nine months ended September 30,
2015
(1) "Total cash costs per copper 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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Q3
2015
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Q2
2015
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Q1
2015
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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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OPERATING
RESULTS
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Mining
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Ore mined
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tonnes
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-
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-
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-
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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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Waste rock mined and
removed
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tonnes
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-
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-
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-
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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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Total
mined
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tonnes
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-
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-
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-
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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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Waste-to-ore
ratio
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-
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-
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-
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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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Average grade of
mined ore
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total
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-
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-
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-
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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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copper
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Crushing and
Stacking
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Ore crushed and
stacked
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tonnes
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-
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-
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2,425
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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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Average grade of
stacked ore
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total
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-
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-
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1.38%
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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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copper
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Ore
Stockpiled
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Ore stockpiled at end of period
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tonnes
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29,175
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29,175
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29,175
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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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Average grade of ore
stockpiled
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total
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1.02%
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1.02%
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1.02%
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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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copper
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Copper cathodes
produced
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Copper cathodes produced
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tonnes
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299
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360
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620
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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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FINANCIAL
RESULTS
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Q3
2015
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Q2
2015
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Q1
2015
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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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Copper
sales
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$
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1,419,869
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$
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2,247,410
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$
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3,607,158
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$
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6,357,452
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$
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8,671,348
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$
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12,466,706
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$
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10,955,699
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$
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12,884,804
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Production
costs
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$
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892,526
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$
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1,422,372
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$
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1,378,301
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$
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1,431,511
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$
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4,556,892
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$
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6,155,323
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$
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4,058,486
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$
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6,861,256
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Net (loss)
earnings
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$ (3,170,735)
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$ (1,965,638)
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$ (2,932,603)
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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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Total cash costs
per
copper
pound(1)
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1.35
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1.61
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1.38
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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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1.65
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Average
realized
price(1)
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2.15
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2.83
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2.64
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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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3.12
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Average
realized
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margin(1)
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0.80
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1.22
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1.26
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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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1.47
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(1)
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Total cash costs,
average realized price, and average realized margin are calculated
on post-commercial pounds sold only. 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 do not have any standardized meaning prescribed under IFRS,
and therefore may not be comparable to other issuers.
About Red Tiger Mining
Red Tiger is engaged in copper
cathode production, and in the exploration and development of
copper and gold projects through its wholly-owned subsidiary,
Minerales Libertad, S.A. de C.V. ("Minerales") at San Antonio de la Huerta, in the state of Sonora, Mexico.
On July 1, 2013, Minerales placed
the Luz del Cobre Copper Project, an open-pit, heap leach, copper
recovery operation into commercial production. The Company has
other prospects on its over eleven thousand-hectare concession at
various stages of exploration, and is potentially a gold producer
in the mid-term.
Red Tiger is listed on the TSX
Venture Exchange (symbol "RMN"). The number of shares outstanding
is 128,110,293.
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.