TORONTO, Nov. 30, 2015 /CNW/ – Red Tiger Mining Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported its financial and operating results for the three and nine months ended September 30, 2015. This press release should be read in conjunction with the Company's unaudited Financial Statements for the three and nine months ended September 30, 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.
THIRD QUARTER HIGHLIGHTS
- Comex Grade 1 Copper cathodes production of 299 tonnes for the three months ended September 30, 2015
- Copper sales of $1,419,869 for the three months ended September 30, 2015 at an average realized price(1) of $2.15 per copper pound
- Total cash costs per copper pound(1) of $1.35 and average realized margin(1) of $0.80 per copper pound for the three months ended September 30, 2015
- Net loss of $3,170,735 or $0.03 per share for the three months ended September 30, 2015
- Adjusted EBITDA(1) of ($1,305,725) or adjusted EBITDA per share(1) of ($0.01) for the three months ended September 30, 2015
- Cash of $407,443 as at September 30, 2015
- Comex Grade 1 Copper cathodes production of 1,279 tonnes for the nine months ended September 30, 2015
- Copper sales of $7,274,437 for the nine months ended September 30, 2015 at an average realized price(1) of $2.58 per pound
- Total cash costs per copper pound(1) of $1.46 and average realized margin(1) of $1.12 per pound for the nine months ended September 30, 2015
- Net loss of $8,068,976 or $0.07 per share for the nine months ended September 30, 2015
- Adjusted EBITDA(1) of ($1,898,996) or adjusted EBITDA per share(1) of ($0.02) for the nine months ended September 30, 2015
(1) "Total cash costs per copper 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.
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 do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
About Red Tiger Mining
Red Tiger is engaged in copper cathode production, and in the exploration and development of copper and gold projects through its wholly-owned subsidiary, Minerales Libertad, S.A. de C.V. ("Minerales") at San Antonio de la Huerta, in the state of Sonora, Mexico.
On July 1, 2013, Minerales placed the Luz del Cobre Copper Project, an open-pit, heap leach, copper recovery operation into commercial production. The Company has other prospects on its over eleven thousand-hectare concession at various stages of exploration, and is potentially a gold producer in the mid-term.
Red Tiger is listed on the TSX Venture Exchange (symbol "RMN"). The number of shares outstanding is 128,110,293.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains regulatory approval, future metal prices and the demand and market outlook for metals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's latest management discussion and analysis filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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 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.
SOURCE Red Tiger Mining Inc.