VANCOUVER, British Columbia, April 03, 2023 (GLOBE NEWSWIRE) -- Titan Mining Corporation (TSX: TI) ("Titan" or the "Company") announces the results for the year ended December 31, 2022. (All amounts are in U.S. dollars unless otherwise stated)
Don Taylor, President and Chief Executive Officer of Titan, commented, "Titan finished 2022 with a strong fourth quarter in both safety and production. Costs and grade returned to budgeted levels during the quarter which helped deliver a record 52.2 million payable zinc pounds produced at ESM. The decision to move forward with construction/development at Sphaleros will increase production in the fourth quarter of 2023 and increasingly benefit productivity at the mines as ramp up continues into 2024."
FY 2022 HIGHLIGHTS:
- Record zinc production of 52.5 million payable pounds, a 10.5% increase from 2021
- $62 million in revenue, an 11.6% increase from 2021
- Record net cash flow of $15 million
- Paid a quarterly cash dividend yielding 8.5% at December 30, 2022
- Completed permitting for the Sphaleros expansion project
- Commenced trading in the U.S. on the OTCQB under the symbol "TIMCF"
- Increased 2023 exploration budget focusing targets for new discoveries on 80,000 acres of private mineral rights owned or leased surrounding the existing operations
TABLE 1 Financial and Operating Highlights
| | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | FY 2022 |
Operating | | | | | | |
Payable Zinc Produced | mlbs | 14.4 | | 11.6 | | 16.5 | 10.1 | | 52.5 | |
Payable Zinc Sold | mlbs | 13.0 | | 12.6 | | 15.0 | 10.4 | | 51.1 | |
Average Realized Zinc Price | $/lb | 1.36 | | 1.49 | | 1.74 | 1.57 | | 1.55 | |
Financial | | | | | | |
Revenue | $m | 13.95 | | 14.03 | | 20.13 | 13.96 | | 62.06 | |
Net Income (loss) after tax | $m | (4.08 | ) | (0.16 | ) | 5.92 | (2.62 | ) | (0.94 | ) |
Earnings (loss) per share - basic | $/sh | (0.03 | ) | 0.00 | | 0.04 | (0.02 | ) | (0.01 | ) |
Cash Flow from Operating Activities before changes in non-cash working capital | $m | 2.32 | | 1.22 | | 9.42 | 2.10 | | 15.06 | |
Financial Position | | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 31-Mar-22 | 31-Dec-21 |
Cash and Cash Equivalents | $m | 6.72 | | 13.57 | | 11.02 | 3.24 | | 6.04 | |
Net Debt1 | $m | 23.31 | | 22.45 | | 24.93 | 32.03 | | 28.67 | |
Note: The sum of the quarters in the table above may not equal the full-year amounts disclosed elsewhere due to rounding.
1 Net Debt is a non-GAAP measure. This term is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See Non-GAAP Performance Measures below for additional information.
For further details the reader is directed to the Company's year ended December 31, 2022 Financial Statements and Management Discussion and Analysis available on sedar.com
OPERATIONS REVIEW
Mining efforts throughout 2022 focused on the Mahler, New Fold, Mud Pond and N2D zones. Waste development continued to advance on the New Fold and Mahler ramp systems to access high grade material that was mined in the fourth quarter of 2022 and will continue to supplement production well into 2023. The long hole stoping program for New Fold commenced in the fourth quarter of 2022 and will provide higher grade ore to the mill throughout 2023. The Mahler White Dolomite zone also contributed strong grades to the mill through the fourth quarter.
Additional efforts focused on design and planning of the Sphaleros underground project as well as completion of the base layer of the haul road that will connect the Sphaleros project to the mill site. Final road capping will occur in 2023.
Joel Rheault, Mine General Manager at ESM said, "During the first quarter of 2023, we sourced the required mobile equipment and advanced the necessary infrastructure to begin driving the portal and decline in the second quarter of 2023. We are confident that the underground mine plan at Sphaleros will successfully recover the modelled mineralization as well as provide access to deeper mineralization that the originally planned open pits could not access."
EXPLORATION UPDATE
Underground:
Definition drilling targeted near mine extensions of mineralization at Mahler, Mud Pond Main, Mud Pond Apron, N2D, New Fold, and Fowler. Additionally, seven underground exploration holes were drilled targeting a zone of previously unidentified mineralization between the New Fold and Mahler orebodies. A total of 8,173 ft were drilled targeting this zone in 2022. The preliminary results are detailed in the Company's news release titled "Titan Mining Announces Discovery of New Zone of Near-Mine Mineralization Including 48.7 ft at 23.91% Zinc" dated January 31, 2023. Drilling will continue to test this zone in 2023, with results pending on three subsequent holes.
Surface:
Surface exploration in 2022 was split between near mine resource expansion and delineation, and regional greenfields and brownfields exploration. Near mine exploration successfully identified and extended mineralized horizons within the Sphaleros project area, (formerly identified separately as Pump House, Hoist House, Turnpike, and West Ridge). The results of phase one were announced in the Company's news release titled "Titan Announces Significant High Grade Drill Extensions to ESM Open Pit Project" dated May 25, 2022. In total 12,716 ft were drilled in 42 near mine holes. Regional exploration drilling tested historically documented mineralization at four targets, with a total of 16,685 ft drilled in 17 holes. Anomalous zinc mineralization was encountered in three of the targets (Beaver Creek, Morrison Road, and North Gouverneur) and graphite mineralization was intercepted at Bostwick that has warranted further study and review.
Assays and Quality Assurance/Quality Control
To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) has been performed at ALS Geochemistry ("ALS"), an independent ISO/IEC accredited lab located in Sudbury, Ontario, Canada. ALS prepares a pulp of all samples and sends the pulps to their analytical laboratory in Vancouver, B.C., Canada, for analysis. ALS analyzes the pulp sample by an aqua regia digestion (ME-ICP41 for 35 elements) with an ICP – AES finish including Cu (copper), Pb (lead), and Zn (zinc). All samples in which Cu (copper), Pb (lead), or Zn (zinc) are greater than 10,000 ppm are re-run using aqua regia digestion (Cu-OG46; Pb-OG46; and Zn-OG46) with the elements reported in percentage (%). Silver values are determined by an aqua regia digestion with an ICP-AES finish (ME-ICP41) with all samples with silver values greater than 100 ppm repeated using an aqua regia digestion overlimit method (Ag-OG46) calibrated for higher levels of silver contained. Gold values are determined by a 30 g fire assay with an ICP-AES finish (Au-ICP21).
The Company has not identified any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data set out in this news release.
Qualified Person
The scientific and technical information contained in this news release and the sampling, analytical and test data underlying the scientific and technical information has been reviewed, verified and approved by Donald R. Taylor, MSc., PG, President and Chief Executive Officer of the Company, a qualified person for the purposes of NI 43-101. Mr. Taylor has more than 25 years of mineral exploration and mining experience and is a Registered Professional Geologist through the SME (registered member #4029597). The data was verified using data validation and quality assurance procedures under high industry standards.
Non-GAAP Performance Measures
This document includes non-GAAP performance measures, discussed below, that do not have a standardized meaning prescribed by IFRS. The performance measures may not be comparable to similar measures reported by other issuers. The Company believes that these performance measures are commonly used by certain investors, in conjunction with conventional GAAP measures, to enhance their understanding of the Company's performance. The Company uses these performance measures extensively in internal decision-making processes, including to assess how well the Empire State Mine is performing and to assist in the assessment of the overall efficiency and effectiveness of the mine site management team. The tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measures as contained within the Company's issued financial statements.
Net Debt
Net debt is calculated as the sum of the current and non-current portions of long-term debt, net of the cash and cash equivalent balance as at the balance sheet date. A reconciliation of net debt is provided below.
| | December 31 | | | December 31 | |
| | 2022 | | | 2021 | |
Current portion of debt | $ | 176 | | $ | 95 | |
Non-current portion of debt | | 29,856 | | | 34,617 | |
Total debt | $ | 30,032 | | $ | 34,712 | |
Less: Cash and cash equivalents | | (6,720 | ) | | (6,041 | ) |
Net debt | $ | 23,312 | | $ | 28,671 | |
About Titan Mining Corporation
Titan is an Augusta Group company which produces zinc concentrate at its 100%-owned Empire State Mine located in New York state. Titan is built for growth, focused on value and committed to excellence. For more information on the Company, please visit our website at
Contact
For further information, please contact: Investor Relations: Email: info@titanminingcorp.com
Cautionary Note Regarding Forward-Looking Information
Certain statements and information contained in this new release constitute "forward-looking statements", and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements appear in a number of places in this news release and include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including the decision to move forward with construction/development at Sphaleros will increase production in the fourth quarter of 2023 and increasingly benefit productivity at the mines as ramp up continues into 2024; that high grade material at New Fold and Mahler will continue to supplement production well into 2023; that final road capping will occur in 2023; during the first quarter of 2023, we will complete the purchase of the required equipment and complete the infrastructure necessary to begin driving the portal and decline access in the second quarter of 2023; we are confident that the underground mine plan at Sphaleros will successfully recover the modelled mineralization as well as provide access to deeper mineralization that the originally planned open pits could not access; drilling will continue to test the zone between the New Fold and Mahler orebodies in 2023; that the Settlement will be effected on the terms set out herein, if at all; and that the Star Shares will be cancelled upon receipt. When used in this news release words such as "to be", "will", "planned", "expected", "potential", and similar expressions are intended to identify these forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to vary materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators. Such forward-looking statements are based on various assumptions, including assumptions made with regard to the ability to advance exploration efforts at ESM; the results of such exploration efforts; the ability to secure adequate financing (as needed); the Company maintaining its current strategy and objectives; and the Company's ability to achieve its growth objectives. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Except as required by applicable law, we assume no obligation to update or to publicly announce the results of any change to any forward-looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If we update any one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. You should not place undue importance on forward-looking statements and should not rely upon these statements as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
溫哥華,不列顛哥倫比亞省,2023年4月3日(環球社)--泰坦礦業公司(多倫多證券交易所股票代碼:TI)(“泰坦“或”公司“)公佈截至2022年12月31日的年度業績。(除另有說明外,所有金額均以美元計算)
泰坦公司首席執行官唐·泰勒、總裁和首席執行官唐·泰勒表示:“2022年結束時,泰坦在安全和生產方面都取得了強勁的第四季度業績。該季度的成本和品位恢復到了預算水準,幫助ESM生產了創紀錄的5,220萬應付鋅磅。推進斯帕雷洛斯的建設/開發的決定將在2023年第四季度提高產量,並隨著產能持續到2024年不斷提高,礦山的生產率也會越來越高。”
2022財年亮點:
- 鋅產量達到創紀錄的5250萬英鎊,比2021年增長10.5%
- 收入6200萬美元,比2021年增長11.6%
- 創紀錄的淨現金流為1500萬美元
- 支付季度現金股息,截至2022年12月30日收益率為8.5%
- 完成了對斯帕雷洛斯擴建專案的許可
- 開始在美國OTCQB進行交易,交易代碼為“TIMCF”
- 增加了2023年勘探預算,重點是新發現的目標是圍繞現有作業擁有或租賃的8萬英畝私人礦業權
表1財務和業務要點
| | 2022年第四季度 | 2022年第三季度 | 2022年第二季度 | 2022年第一季度 | 2022財年 |
運營中 | | | | | | |
生產的應付鋅 | 百萬磅 | 14.4 | | 11.6 | | 16.5 | 10.1 | | 52.5 | |
已售出應付鋅 | 百萬磅 | 13.0 | | 12.6 | | 15.0 | 10.4 | | 51.1 | |
已實現鋅的平均價格 | 美元/磅 | 1.36 | | 1.49 | | 1.74 | 1.57 | | 1.55 | |
金融 | | | | | | |
收入 | 百萬美元 | 13.95 | | 14.03 | | 20.13 | 13.96 | | 62.06 | |
稅後淨收益(虧損) | 百萬美元 | (4.08 | ) | (0.16 | ) | 5.92 | (2.62 | ) | (0.94 | ) |
每股收益(虧損)-基本 | $/sh | (0.03 | ) | 0.00 | | 0.04 | (0.02 | ) | (0.01 | ) |
非現金營運資本變動前的經營活動現金流量 | 百萬美元 | 2.32 | | 1.22 | | 9.42 | 2.10 | | 15.06 | |
財務狀況 | | 12月31日至22日 | 9月30日至22日 | 6月30日至22日 | 3月31日至22日 | 12月31日-12月21日 |
現金和現金等價物 | 百萬美元 | 6.72 | | 13.57 | | 11.02 | 3.24 | | 6.04 | |
淨債務1 | 百萬美元 | 23.31 | | 22.45 | | 24.93 | 32.03 | | 28.67 | |
注:由於四捨五入,上表各季度的總和可能不等於其他地方披露的全年金額。
1淨債務是非公認會計準則的衡量標準。這一術語不是國際財務報告準則下的標準化財務衡量標準,可能無法與其他發行人披露的類似財務衡量標準相提並論。看見非GAAP業績衡量標準有關更多資訊,請參閱以下內容。
欲瞭解更多詳情,讀者請訪問本公司截至2022年12月31日的年度財務報表和管理層討論與分析,網址為sedar.com
運營回顧
2022年全年的採礦工作主要集中在馬勒、新褶皺、泥塘和N2D地區。在New Fold和Mahler坡道系統上,廢物開發繼續推進,以獲取2022年第四季度開採的高品位材料,並將繼續補充生產,直到2023年。New Fold的深孔採礦法計劃於2022年第四季度啟動,並將在整個2023年為磨礦廠提供更高品位的礦石。馬勒白雲巖帶在整個第四季度也為該廠貢獻了強勁的品位。
其他工作的重點是設計和規劃斯帕雷洛斯地下專案,以及完成將斯帕魯斯專案與廠址連接起來的運輸道路基層。最終的道路封頂將在2023年進行。
ESM礦業總經理Joel Rheault表示:“在2023年第一季度,我們採購了所需的移動設備,並推進了必要的基礎設施,以便在2023年第二季度開始驅動門戶和下降。我們有信心,斯帕拉洛斯的地下采礦計劃將成功恢復類比的礦化,並提供最初計劃的露天礦坑無法到達的更深礦化的通道。”
勘探更新
地下:
定義鑽探的目標是馬勒、泥塘主區、泥塘停機坪、N2D、新褶皺和福勒礦化延伸礦化附近的礦山。此外,還鑽探了七個地下勘探孔,目標是新褶皺和馬勒礦體之間以前未確定的礦化帶。2022年,針對這一區域總共鑽探了8173英尺。初步結果詳載於本公司日期為2023年1月31日的題為“泰坦礦業宣佈發現新的近礦成礦帶,包括48.7英尺含23.91%鋅”的新聞稿中。2023年,鑽探將繼續測試這一區域,後續三個孔的結果將待定。
表面:
2022年的地表勘探分為近礦資源擴展和圈定,以及區域綠地和棕地勘探。近礦勘探成功發現並擴大了Sphlaros專案區內的礦化層位(以前分別確定為泵房、提升機房、收費公路和西嶺)。第一階段的結果在公司於2022年5月25日發佈的題為“泰坦宣佈對ESM露天礦專案進行重大的高品位鑽探擴展”的新聞稿中公佈。在42個附近的礦洞中總共鑽出了12,716英尺。區域勘探鑽探在四個目標上測試了歷史上有記錄的礦化,在17個孔中總共鑽出了16,685英尺。在其中三個目標(Beaver Creek、Morison Road和North Gouverneur)發現異常鋅礦化,在Bostwick截獲石墨礦化,值得進一步研究和審查。
化驗和品質保證/質量控制
為了確保可靠的樣品結果,公司制定了嚴格的QA/QC計劃,監控樣品的保管鏈,包括在每批樣品中按統計得出的間隔插入空白和經認證的參考標準。巖芯被拍照並一分為二,一半保留在安全的設施中,以供核查。樣品製備(粉碎和粉碎)在ALS地球化學(“ALS”)進行,ALS是一家獨立的ISO/IEC認證實驗室,位於加拿大安大略省薩德伯裡。ALS準備了所有樣品的紙漿,並將紙漿送到他們位於加拿大不列顛哥倫比亞省溫哥華的分析實驗室進行分析。ALS用王水消解(ME-ICP41中35種元素)和包括銅(銅)、鉛(鉛)和鋅(鋅)的電感耦合等離子體原子發射光譜分析(ALS)分析紙漿樣品。所有銅(銅)、鉛(鉛)或鋅(鋅)含量大於10,000 ppm的樣品都用王水消解(銅-OG46;鉛-OG46;和鋅-OG46)重新運行,元素以百分比(%)報告。銀值由王水消解和電感耦合等離子體原子發射光譜分析(ME-ICP41)測定,所有銀值大於100ppm的樣品重複使用王水消解超限法(Ag-OG46)進行校準,以獲得更高水平的銀。金的價值是通過30克火焰分析與電感耦合等離子體發射光譜分析(金-ICP21)。
本公司尚未發現任何可能對本新聞稿中數據的準確性或可靠性產生重大影響的鑽井、採樣、回收或其他因素。
有資格的人
本新聞稿中包含的科學技術資訊以及作為科學技術資訊基礎的抽樣、分析和測試數據已由唐納德·R·泰勒、碩士、PG、總裁和公司首席執行官(符合NI 43-101的資格人員)審查、核實和批准。泰勒先生擁有超過25年的礦產勘探和採礦經驗,是通過中小企業註冊的專業地質學家(註冊會員編號4029597)。根據高行業標準,使用數據驗證和品質保證程式對數據進行了驗證。
非GAAP業績衡量標準
本文件包括以下討論的非公認會計準則業績衡量標準,但沒有國際財務報告準則所規定的標準化含義。這些業績指標可能無法與其他發行人報告的類似指標相提並論。公司認為,這些業績指標通常被某些投資者與傳統的公認會計準則指標結合使用,以加強他們對公司業績的瞭解。該公司在內部決策過程中廣泛使用這些業績衡量標準,包括評估帝國國礦的表現如何,以及協助評估礦場管理團隊的整體效率和效力。下表提供了這些非公認會計準則計量與公司已發佈財務報表中包含的最直接可比的國際財務報告準則計量的對賬。
淨債務
淨負債是長期債務的當期和非當期部分減去截至資產負債表日的現金和現金等值餘額後的總和。對淨債務的對賬如下。
| | 12月31日 | | | 12月31日 | |
| | 2022年 | | | 2021 | |
債務的當期部分 | $ | 一百七十六 | | $ | 95 | |
債務的非流動部分 | | 29,856 | | | 34,617 | |
債務總額 | $ | 30,032 | | $ | 34,712 | |
減去:現金和現金等價物 | | (6720 | ) | | (6,041 | ) |
淨債務 | $ | 23,312 | | $ | 28,671 | |
關於泰坦礦業公司
泰坦是奧古斯塔集團的一家公司,在其位於紐約州的全資擁有的帝國國礦生產鋅精礦。泰坦是為增長而建的,專注於價值,致力於卓越。欲瞭解更多有關本公司的資料,請瀏覽我們的網站
聯繫方式
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關於前瞻性資訊的注意事項
本新聞稿中包含的某些陳述和資訊構成適用證券法所指的“前瞻性陳述”和“前瞻性資訊”(統稱為“前瞻性陳述”)。這些聲明出現在本新聞稿的多個地方,包括關於我們的意圖、信念或我們高級管理人員和董事當前預期的聲明,包括決定推進斯帕雷洛斯的建設/開發,將在2023年第四季度增加產量,並隨著產能的增加而日益提高礦山的生產率;New Fold和Mahler的高品位材料將繼續補充產量,直到2023年;最終道路封頂將在2023年進行;在2023年第一季度,我們將完成所需設備的採購,並完成必要的基礎設施,以開始推動門戶網站,並在2023年第二季度拒絕進入;我們相信,Sphlaros的地下采礦計劃將成功恢復類比的礦化,並提供通往原計劃露天礦場無法進入的更深礦化的通道;鑽探將於2023年繼續測試New Fold和Mahler礦體之間的區域;結算將按本文所述的條款完成;Star股份將於收到後註銷。在本新聞稿中使用“將要”、“將”、“計劃”、“預期”、“潛在”等詞語以及類似的表達方式,旨在識別這些前瞻性陳述。儘管公司認為這些前瞻性陳述和/或資訊中反映的預期是合理的,但不應過度依賴前瞻性陳述,因為公司不能保證這些預期將被證明是正確的。這些陳述涉及已知和未知的風險、不確定因素和其他因素,這些因素可能導致實際結果或事件與這些前瞻性陳述中預期的大不相同,包括公司向加拿大證券監管機構提交的定期報告中確定的風險、不確定因素和其他因素。這些前瞻性陳述基於各種假設,包括關於推進ESM勘探工作的能力、此類勘探工作的結果、(根據需要)獲得充足融資的能力、公司維持當前戰略和目標以及公司實現其增長目標的能力的假設。雖然根據現有資訊,公司認為這些假設是合理的,但它們可能被證明是不正確的。除適用法律另有要求外,我們沒有義務更新或公開宣佈本文中包含的任何前瞻性表述的任何變化的結果,以反映實際結果、未來事件或發展、假設的變化或影響前瞻性表述的其他因素的變化。如果我們更新任何一個或多個前瞻性陳述,不應推斷我們將對這些或其他前瞻性陳述進行額外更新。您不應過分重視前瞻性陳述,也不應依賴截至任何其他日期的這些陳述。本新聞稿中包含的所有前瞻性陳述都明確地受到本警示性聲明的限制。