Red Tiger Mining Inc. Reports Quarter Ended September 30, 2016 Results
THIRD QUARTER HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 626 tonnes for the three months ended September 30, 2016
- Copper sales of $2,930,554 for the three months ended September 30, 2016 at an average realized price(1) of $2.12 per pound
- Total cash costs per copper pound(1) of $1.89 and average realized margin(1) of $0.23 per pound for the second quarter ended September 30, 2016
- Net loss of $1,490,739 or $0.01 per share for the three months ended September 30, 2016
- Adjusted EBITDA(1) of negative $86,236 or adjusted EBITDA per share(1) of ($0.00) for the three months ended September 30, 2016
- Cash of $28,780 as at September 30, 2016
- Comex Grade 1 Copper cathodes production of 1,617 tonnes for the nine months ended September 30, 2016
- Copper sales of $7,618,546 for the nine months ended September 30, 2016 at an average realized price(1) of $2.14 per pound
- Total cash costs per copper pound(1) of $1.63 and average realized margin(1) of $0.51 per pound for the first nine months of 2016
- Net loss of $4,486,901 or $0.03 per share for the nine months ended September 30, 2016
- Adjusted EBITDA(1) of negative $34,372 or adjusted EBITDA per share(1) of ($0.00) for the nine months ended September 30, 2016
- Cash of $28,780 as at September 30, 2016
(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.
(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.
For further information, please contact:
David Lurie, CEO
Red Tiger Mining Inc.
PO Box 23006 Castlewood, Toronto, ON M5N 3A8
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.
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.