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.
温哥华,不列颠哥伦比亚省,2023年4月3日(环球社)--泰坦矿业公司(多伦多证券交易所股票代码:TI)(“泰坦“或”公司“)公布截至2022年12月31日的年度业绩。(除另有说明外,所有金额均以美元计算)
泰坦公司首席执行官唐·泰勒、总裁和首席执行官唐·泰勒表示:“2022年结束时,泰坦在安全和生产方面都取得了强劲的第四季度业绩。该季度的成本和品位恢复到了预算水平,帮助ESM生产了创纪录的5,220万应付锌磅。推进斯帕雷洛斯的建设/开发的决定将在2023年第四季度提高产量,并随着产能持续到2024年不断提高,矿山的生产率也会越来越高。”
2022财年亮点:
- 锌产量达到创纪录的5250万英镑,比2021年增长10.5%
- 收入6200万美元,比2021年增长11.6%
- 创纪录的净现金流为1500万美元
- 支付季度现金股息,截至2022年12月30日收益率为8.5%
- 完成了对斯帕雷洛斯扩建项目的许可
- 开始在美国OTCQB进行交易,交易代码为“TIMCF”
- 增加了2023年勘探预算,重点是新发现的目标是围绕现有作业拥有或租赁的8万英亩私人矿业权
表1财务和业务要点
| | 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财年 |
运营中 | | | | | | |
生产的应付锌 | 百万磅 | 14.4 | | 11.6 | | 16.5 | 10.1 | | 52.5 | |
已售出应付锌 | 百万磅 | 13.0 | | 12.6 | | 15.0 | 10.4 | | 51.1 | |
已实现锌的平均价格 | 美元/磅 | 1.36 | | 1.49 | | 1.74 | 1.57 | | 1.55 | |
金融 | | | | | | |
收入 | 百万美元 | 13.95 | | 14.03 | | 20.13 | 13.96 | | 62.06 | |
税后净收益(亏损) | 百万美元 | (4.08 | ) | (0.16 | ) | 5.92 | (2.62 | ) | (0.94 | ) |
每股收益(亏损)-基本 | $/sh | (0.03 | ) | 0.00 | | 0.04 | (0.02 | ) | (0.01 | ) |
非现金营运资本变动前的经营活动现金流量 | 百万美元 | 2.32 | | 1.22 | | 9.42 | 2.10 | | 15.06 | |
财务状况 | | 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 |
现金和现金等价物 | 百万美元 | 6.72 | | 13.57 | | 11.02 | 3.24 | | 6.04 | |
净债务1 | 百万美元 | 23.31 | | 22.45 | | 24.93 | 32.03 | | 28.67 | |
注:由于四舍五入,上表各季度的总和可能不等于其他地方披露的全年金额。
1净债务是非公认会计准则的衡量标准。这一术语不是国际财务报告准则下的标准化财务衡量标准,可能无法与其他发行人披露的类似财务衡量标准相提并论。看见非GAAP业绩衡量标准有关更多信息,请参阅以下内容。
欲了解更多详情,读者请访问本公司截至2022年12月31日的年度财务报表和管理层讨论与分析,网址为sedar.com
运营回顾
2022年全年的采矿工作主要集中在马勒、新褶皱、泥塘和N2D地区。在New Fold和Mahler坡道系统上,废物开发继续推进,以获取2022年第四季度开采的高品位材料,并将继续补充生产,直到2023年。New Fold的深孔采矿法计划于2022年第四季度启动,并将在整个2023年为磨矿厂提供更高品位的矿石。马勒白云岩带在整个第四季度也为该厂贡献了强劲的品位。
其他工作的重点是设计和规划斯帕雷洛斯地下项目,以及完成将斯帕鲁斯项目与厂址连接起来的运输道路基层。最终的道路封顶将在2023年进行。
ESM矿业总经理Joel Rheault表示:“在2023年第一季度,我们采购了所需的移动设备,并推进了必要的基础设施,以便在2023年第二季度开始驱动门户和下降。我们有信心,斯帕拉洛斯的地下采矿计划将成功恢复模拟的矿化,并提供最初计划的露天矿坑无法到达的更深矿化的通道。”
勘探更新
地下:
定义钻探的目标是马勒、泥塘主区、泥塘停机坪、N2D、新褶皱和福勒矿化延伸矿化附近的矿山。此外,还钻探了七个地下勘探孔,目标是新褶皱和马勒矿体之间以前未确定的矿化带。2022年,针对这一区域总共钻探了8173英尺。初步结果详载于本公司日期为2023年1月31日的题为“泰坦矿业宣布发现新的近矿成矿带,包括48.7英尺含23.91%锌”的新闻稿中。2023年,钻探将继续测试这一区域,后续三个孔的结果将待定。
表面:
2022年的地表勘探分为近矿资源扩展和圈定,以及区域绿地和棕地勘探。近矿勘探成功发现并扩大了Sphlaros项目区内的矿化层位(以前分别确定为泵房、提升机房、收费公路和西岭)。第一阶段的结果在公司于2022年5月25日发布的题为“泰坦宣布对ESM露天矿项目进行重大的高品位钻探扩展”的新闻稿中公布。在42个附近的矿洞中总共钻出了12,716英尺。区域勘探钻探在四个目标上测试了历史上有记录的矿化,在17个孔中总共钻出了16,685英尺。在其中三个目标(Beaver Creek、Morison Road和North Gouverneur)发现异常锌矿化,在Bostwick截获石墨矿化,值得进一步研究和审查。
化验和质量保证/质量控制
为了确保可靠的样品结果,公司制定了严格的QA/QC计划,监控样品的保管链,包括在每批样品中按统计得出的间隔插入空白和经认证的参考标准。岩芯被拍照并一分为二,一半保留在安全的设施中,以供核查。样品制备(粉碎和粉碎)在ALS地球化学(“ALS”)进行,ALS是一家独立的ISO/IEC认证实验室,位于加拿大安大略省萨德伯里。ALS准备了所有样品的纸浆,并将纸浆送到他们位于加拿大不列颠哥伦比亚省温哥华的分析实验室进行分析。ALS用王水消解(ME-ICP41中35种元素)和包括铜(铜)、铅(铅)和锌(锌)的电感耦合等离子体原子发射光谱分析(ALS)分析纸浆样品。所有铜(铜)、铅(铅)或锌(锌)含量大于10,000 ppm的样品都用王水消解(铜-OG46;铅-OG46;和锌-OG46)重新运行,元素以百分比(%)报告。银值由王水消解和电感耦合等离子体原子发射光谱分析(ME-ICP41)测定,所有银值大于100ppm的样品重复使用王水消解超限法(Ag-OG46)进行校准,以获得更高水平的银。金的价值是通过30克火焰分析与电感耦合等离子体发射光谱分析(金-ICP21)。
本公司尚未发现任何可能对本新闻稿中数据的准确性或可靠性产生重大影响的钻井、采样、回收或其他因素。
有资格的人
本新闻稿中包含的科学技术信息以及作为科学技术信息基础的抽样、分析和测试数据已由唐纳德·R·泰勒、硕士、PG、总裁和公司首席执行官(符合NI 43-101的资格人员)审查、核实和批准。泰勒先生拥有超过25年的矿产勘探和采矿经验,是通过中小企业注册的专业地质学家(注册会员编号4029597)。根据高行业标准,使用数据验证和质量保证程序对数据进行了验证。
非GAAP业绩衡量标准
本文件包括以下讨论的非公认会计准则业绩衡量标准,但没有国际财务报告准则所规定的标准化含义。这些业绩指标可能无法与其他发行人报告的类似指标相提并论。公司认为,这些业绩指标通常被某些投资者与传统的公认会计准则指标结合使用,以加强他们对公司业绩的了解。该公司在内部决策过程中广泛使用这些业绩衡量标准,包括评估帝国国矿的表现如何,以及协助评估矿场管理团队的整体效率和效力。下表提供了这些非公认会计准则计量与公司已发布财务报表中包含的最直接可比的国际财务报告准则计量的对账。
净债务
净负债是长期债务的当期和非当期部分减去截至资产负债表日的现金和现金等值余额后的总和。对净债务的对账如下。
| | 12月31日 | | | 12月31日 | |
| | 2022年 | | | 2021年 | |
债务的当期部分 | $ | 一百七十六 | | $ | 95 | |
债务的非流动部分 | | 29,856 | | | 34,617 | |
债务总额 | $ | 30,032 | | $ | 34,712 | |
减去:现金和现金等价物 | | (6720 | ) | | (6,041 | ) |
净债务 | $ | 23,312 | | $ | 28,671 | |
关于泰坦矿业公司
泰坦是奥古斯塔集团的一家公司,在其位于纽约州的全资拥有的帝国国矿生产锌精矿。泰坦是为增长而建的,专注于价值,致力于卓越。欲了解更多有关本公司的资料,请浏览我们的网站
联系方式
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关于前瞻性信息的注意事项
本新闻稿中包含的某些陈述和信息构成适用证券法所指的“前瞻性陈述”和“前瞻性信息”(统称为“前瞻性陈述”)。这些声明出现在本新闻稿的多个地方,包括关于我们的意图、信念或我们高级管理人员和董事当前预期的声明,包括决定推进斯帕雷洛斯的建设/开发,将在2023年第四季度增加产量,并随着产能的增加而日益提高矿山的生产率;New Fold和Mahler的高品位材料将继续补充产量,直到2023年;最终道路封顶将在2023年进行;在2023年第一季度,我们将完成所需设备的采购,并完成必要的基础设施,以开始推动门户网站,并在2023年第二季度拒绝进入;我们相信,Sphlaros的地下采矿计划将成功恢复模拟的矿化,并提供通往原计划露天矿场无法进入的更深矿化的通道;钻探将于2023年继续测试New Fold和Mahler矿体之间的区域;结算将按本文所述的条款完成;Star股份将于收到后注销。在本新闻稿中使用“将要”、“将”、“计划”、“预期”、“潜在”等词语以及类似的表达方式,旨在识别这些前瞻性陈述。尽管公司认为这些前瞻性陈述和/或信息中反映的预期是合理的,但不应过度依赖前瞻性陈述,因为公司不能保证这些预期将被证明是正确的。这些陈述涉及已知和未知的风险、不确定因素和其他因素,这些因素可能导致实际结果或事件与这些前瞻性陈述中预期的大不相同,包括公司向加拿大证券监管机构提交的定期报告中确定的风险、不确定因素和其他因素。这些前瞻性陈述基于各种假设,包括关于推进ESM勘探工作的能力、此类勘探工作的结果、(根据需要)获得充足融资的能力、公司维持当前战略和目标以及公司实现其增长目标的能力的假设。虽然根据现有信息,公司认为这些假设是合理的,但它们可能被证明是不正确的。除适用法律另有要求外,我们没有义务更新或公开宣布本文中包含的任何前瞻性表述的任何变化的结果,以反映实际结果、未来事件或发展、假设的变化或影响前瞻性表述的其他因素的变化。如果我们更新任何一个或多个前瞻性陈述,不应推断我们将对这些或其他前瞻性陈述进行额外更新。您不应过分重视前瞻性陈述,也不应依赖截至任何其他日期的这些陈述。本新闻稿中包含的所有前瞻性陈述都明确地受到本警示性声明的限制。