Red Tiger Mining Inc. Reports Year Ended December 31, 2015 Results
Toronto, May 31, 2016 - Red Tiger Mining Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported its financial and operating results for the year ended December 31, 2015. This press release should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 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. (Expressed in US dollars except where noted as C$)
FOURTH QUARTER HIGHLIGHTS
-Comex Grade 1 Copper cathodes production of 302 tonnes for the three months ended December 31, 2015
-Copper sales of $1,377,181 for the three months ended December 31, 2015 at an average realized price(1) of $2.07 per pound
-Total cash costs per copper pound(1) of $18.64 and average realized margin(1) of $(16.57) per pound for the three months ended December 31, 2015, mainly due to a write-down in inventory of $7,944,486 during the quarter based on weak copper prices
-Net loss of $11,423,368 or $0.10 per share for the three months ended December 31, 2015
-Adjusted EBITDA(1) of $(12,405,014) or adjusted EBITDA per share(1) of $(0.10) for the three months ended December 31, 2015
-Cash of $12,329 as at December 31, 2015
FISCAL 2015 HIGHLIGHTS
-Comex Grade 1 Copper cathodes production of 1,581 tonnes for the year ended December 31, 2015
-Copper sales of $8,651,618 for the year ended December 31, 2015 at an average realized price(1) of $2.48 per pound
-Total cash costs per copper pound(1) of $4.62 and average realized margin(1) of $(2.14) per pound for the year ended December 31, 2015, mainly due to a write-down in inventory of $7,944,486 during the quarter based on weak copper prices
-Net loss of $19,492,344 or $0.17 per share for the year ended December 31, 2015
-Adjusted EBITDA(1) of $(14,304,010) or adjusted EBITDA per share(1) of $(0.13) for the year ended December 31, 2015
-Cash of $12,329 as at December 31, 2015
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(1)"Total cash costs per 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.
| OPERATING RESULTS | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | ||||
| Mining | ||||||||||||
| Ore mined | tonnes | 18,252 | - | - | - | 160,116 | 248,408 | 283,480 | 331,465 | |||
| Waste rock mined and removed | tonnes | 108,268 | - | - | - | 707,319 | 1,273,452 | 1,343,687 | 1,297,719 | |||
| Total mined | tonnes | 126,520 | - | - | - | 867,435 | 1,521,860 | 1,627,167 | 1,629,184 | |||
| Waste-to-ore ratio | 5.9 | - | - | - | 4.4 | 5.1 | 4.7 | 3.9 | ||||
| Average grade of mined ore | total copper | 0.97% | - | - | - | 1.25% | 1.15% | 1.16% | 0.91% | |||
| Crushing and Stacking | ||||||||||||
| Ore crushed and stacked | tonnes | 27,201 | - | - | 2,425 | 148,241 | 250,133 | 279,910 | 319,457 | |||
| Average grade of stacked ore | total copper | 1.36% | - | - | 1.38% | 1.25% | 1.15% | 1.29% | 1.03% | |||
| Ore Stockpiled | ||||||||||||
| Ore stockpiled at end of period | tonnes | 20,226 | 29,175 | 29,175 | 29,175 | 31,600 | 30,960 | 31,507 | 27,937 | |||
| Average grade of ore stockpiled | total copper | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% | 1.01% | 1.06% | 0.95% | |||
| Copper cathodes produced | ||||||||||||
| Copper cathodes produced | tonnes | 302 | 299 | 360 | 620 | 1,029 | 1,274 | 1,812 | 1,619 | |||
| FINANCIAL RESULTS | Q4 2015 | Q3 2015 | Q2 2015 | Q1 2015 | Q4 2014 | Q3 2014 | Q2 2014 | Q1 2014 | ||||||||
| Copper sales | $ | 1,377,181 | 1,419,869 | 2,247,410 | 3,607,158 | 6,357,452 | 8,671,348 | 12,466,706 | 10,955,699 | |||||||
| Production costs(1) | $ | 12,420,310 | 892,526 | 1,422,372 | 1,378,01 | 1,431,511 | 4,556,892 | 6,155,323 | 4,058,486 | |||||||
| Net (loss) earnings | $ | (11,423,368) | (3,170,735) | (1,965,638) | (2,932,603) | (16,959,843) | (1,264,647) | 144,871 | (59,460) | |||||||
| Total cash costs per copper pound(2) | $/pound | 18.64 | 1.35 | 1.61 | 1.38 | 1.60 | 1.73 | 1.65 | 1.33 | |||||||
| Average realized price(2) | $/pound | 2.07 | 2.15 | 2.83 | 2.64 | 2.80 | 3.09 | 3.12 | 3.07 | |||||||
| Average realized margin(2) | $/pound | (16.57) | 0.80 | 1.22 | 1.26 | 1.20 | 1.36 | 1.47 | 1.74 | |||||||
(1) Increase in cash costs per copper pound sold in Q4 2015 is due to a write-down of inventory of $7,944,486 to net realizable value.
(2) Total cash costs, average realized price and average realized margin are calculated on post-commercial pounds sold only.
(3) 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.
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 any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Contact Information
For further information, please contact:
PO Box 23006 Castlewood, Toronto, ON M5N 3A8
info@redtigermining.com
www.redtigermining.com
David Lurie
CEO & CFO
dlurie@redtigermining.com
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.
Forward-Looking Information
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that Red Tiger believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the completion and filing of its annual financial statements, MD&A and Certification constitute forward-looking information). This forward-looking information reflects the current expectations or beliefs of Red Tiger based on information currently available to Red Tiger as well as certain assumptions including the completion and filing of its annual financial statements, MD&A and Certification. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Red Tiger to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Red Tiger.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Red Tiger disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Red Tiger believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
