ATLY:CC - Altaley Mining Discloses 2021 Financial and Operating Results Reporting Net Income of $36.2 Million and $0.15 Earnings per Share
(NewsDirect)
Altaley MiningCorporation ( TSXV:ATLY ) ( OTCQX:ATLYF ) ( FSE:TSGA ) ("Altaley" or the "Company") is pleased toannounce the SEDAR filing of its audited consolidated financialstatements and management discussion & analysis for the year endedDecember 31, 2021.
2021 Financial Highlights
- 121% increase ingross revenues to $98.4M
- Mine operating profit increased to$34.2M from a 2020 loss of $138K
- Basic earnings per share of$0.15
- Positive net income of $36.2M, up from the previousyear's loss of $11.6M
Ralph Shearing, CEO states,” I am immensely proudof our entire Altaley team who have worked tirelessly throughout 2021to deliver a record-breaking year of rapid growth and excellentprofitability to the Company and our shareholders. We will build onthese excellent 2021 results as we continue our improvements at CampoMorado and very soon, enter production at our Tahuehueto gold minewhere we expect robust economics to significantly increase ourrevenues and profitability.” Pleasesee recent press release dated April 26, 2022, disclosing Tahuehuetopre-feasibility results.
Highlights of Campo Morado Mine
- 2021 average AISC of $0.83/lb Zn. andC1 cash cost per lbs of US$0.60
- Produced 45,778 tonnes ofzinc concentrate grading an average of 46% zinc, 2.12 g/t gold, 658g/t silver and sold approximately 45,680 tonnes of zinc concentrategenerating 2021 revenue of US$52.14M
- Produced 9,936 tonnes oflead concentrate grading an average of 22% lead, 1.65% copper, 6.08g/t gold, 776 g/t silver and sold 9,657 tonnes generating 2021 revenueof US$8.96M.
- Mined 689,963 tonnes of ore grading 4.27% zinc,1.09% lead, 124 g/t silver and 1.06 g/t gold.
- An estimated689,963 tonnes of mineralized material were processed during yearended December 31, 2021,
The followingtable provided a summary of the operating performance of the Companyfor the three months and years ended December 31, 2021, and 2020.(Dollar amounts expressed in thousands of Canadian dollars, unlessotherwise stated).
Campo Morado MineQ4 operating income for the three months and year ended December 31,2021, and 2020, is comprised of:
PrivatePlacement
The TSXV has providedthe Company with a thirty-day extension to close the 2 nd and final tranche of the private placement first announced on March17, 2022.
About Altaley Mining Corporation
AltaleyMining Corporation is a Canadian based mining company with two 100%owned Mexican gold, silver, and base metal miningprojects.
Altaley's Tahuehueto mining project is innorth-western Durango State, Mexico where construction has beenadvanced to near completion on its 1,000 tonne per day processingfacility and related mine infrastructure to initiate production ofgold, silver, lead, and zinc in concentrates at Tahuehueto. TheCompany is targeting initial pre-production in May 2022 and ramping upto full production capacity during Q2-Q3 2022.
Campo Morado isan operating polymetallic base metal mine with mining and millingequipment currently producing at an average of 2,200 tonnes per dayand is currently estimated to be Mexico’s 6th largest zincproducer.
Visit: www.altaleymining.com
On Behalf of theBoard of Directors
(signed) “Ralph Shearing”Ralph Shearing,P. Geol,
CEO, President and Director
Cautionary NoteRegarding Production Decisions and Forward-LookingStatements
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
It should be noted that Altaley declaredcommercial production at Campo Morado and elected to initiateconstruction to go into production at Tahuehueto prior to completingfull feasibility studies demonstrating economic and technicalviability. Accordingly, readers should be cautioned that Altaley’sproduction decisions have been made without comprehensive feasibilitystudies of established reserves at Campo Morado and prefeasibilitylevel reserves at Tahuehueto, such that there is greater risk anduncertainty as to future economic results from the Campo Morado mineand at Tahuehueto mine where reserves are established to theprefeasibility level of confidence and therefore a higher technicalrisk of failure than would be the case if full feasibility studieswere completed and relied upon to make production decisions. Altaleyhas completed a preliminary economic assessment (“PEA”) miningstudy on the Campo Morado mine and a prefeasibility study (‘PFS”)at Tahuehueto mine that provides a conceptual life of mine plan and apreliminary economic analysis based on the previously identifiedmineral resources (see News Release dated November 8, 2017, April 4,2018, and April 25, 2022).
Statements contained in this newsrelease that are not historical facts are "forward-lookinginformation" or "forward-looking statements"(collectively, "Forward-Looking Information") within themeaning of applicable Canadian securities laws. Forward-LookingInformation includes but is not limited to conditions or financialperformance that are based on assumptions about future economicconditions and courses of action; the timing and costs of futureactivities on the Company's properties, such as production ratesand increases; success of exploration, development and bulk sampleprocessing activities, and timing for processing at its own mineralprocessing facility on the Tahuehueto project site. In certain cases,Forward-Looking Information can be identified using words and phrasessuch as "plans," "expects," "scheduled,""estimates," "forecasts," "intends,""anticipates" or variations of such words and phrases. Inpreparing the Forward-Looking Information in this news release, theCompany has applied several material assumptions, including, but notlimited to, that the current exploration, development, environmentaland other objectives concerning the Campo Morado Mine and theTahuehueto Project can be achieved: the continuity of the price ofgold and other metals, economic and political conditions, andoperations. Forward-Looking Information involves known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance, or achievements of the Company to be materiallydifferent from any future results, performance or achievementsexpressed or implied by the Forward-Looking Information. There can beno assurance that Forward-Looking Information will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on Forward-Looking Information. Except asrequired by law, the Company does not assume any obligation to releasepublicly any revisions to Forward-Looking Information contained inthis news release to reflect events or circumstances after the datehereof or to reflect the occurrence of unanticipatedevents.
Contact Details
Glen Sandwell
+1604-684-8071
CompanyWebsite
https://www.altaleymining.com/
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