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Minto Metals generates record Adjusted EBITDA(1) in 2021 highlighting a 44% increase in production

Press Release

WHITEHORSE, YT, March 31, 2022 – Minto Metals Corp. (“Minto” or the “Company”) today announced the Company’s financial and operating results for the fourth quarter (“QTR 4 2021”) and the Full Year results of 2021 (“YTD 2021”). The Full Year Results include a strong 44% growth in production and an increase of $27.6 million in Adjusted EBITDA(1) compared to 2020.

For complete details of the audited Consolidated Financial Statements and associated Management’s Discussion and Analysis (“MD&A”), please refer to the Company’s filings on SEDAR ( or the Company’s website (

Fourth Quarter Highlights:

  • Copper sales increased 109% to 8.4 million pounds compared to 4.0 million pounds in Quarter 4 2020.
  • Revenue grew 160.8% to $47.3 million, a $29.2 million increase from $18.1 million in Quarter 4 2020.
  • Improved operating result
    • Mill Feed for Quarter 4 was 261,615 dry metric tonnes (dmt), a 58.6% increase from 164,969 dry metric tonnes (dmt) in Quarter 4 2020.
    • Production costs increased 40.0% to $34.8 million compared to $24.9 million in Quarter 4 2020, consistent with operational ramp-up.
    • Operating cash costs per pound sold (2) averaged USD $2.92/lb, a 35.0% decrease from USD $4.49/lb in Quarter 4 2020.
    • All-In Sustaining Costs (“AISC”) per pound sold (2) averaged USD $3.50/lb, a 33.5% decrease from USD $5.26/lb in Quarter 4 2020.
  • Adjusted EBITDA totaled $13.1 million, a $20.4 million increase from loss of $7.3 million in Quarter 4 2020.

Full Year Highlights:

  • Copper sales increased by 43.8% to 25.6 million pounds compared to 15.0 million pounds in 2020.
  • Revenue grew 72.3% to $138.3 million, a $58.0 million increase from $80.3 million in 2020.
  • Operating cash flow increased 72.2% to $12.2 million a $5.1 million increase from $7.1 million in 2020.
  • Improved operating results
    • Mill Feed total for the year was 903,498 dry metric tonnes (dmt), a 43.6% improvement from 629,078 dry metric tonnes (dmt) in 2020
    • Production costs increased 35.1% to $113.5 million compared to $84.0 million in 2020, consistent with the operational ramp-up.
    • Operating cash costs per pound sold (2) averaged USD $3.19/lb, 9.6% lower than USD $3.53/lb in 2020, the result of increased maintenance expenses to improve operational performance.
    • AISC per pound sold (2) averaged USD $3.87/lb, 6.5% lower than USD $4.14/lb in 2020.
  • Adjusted EBITDA(1) totaled $22.2 million, a $27.6 million increase from a loss of $5.4 million in 2020.
  • Total year-to-date Net Loss of $2.0 million, a 89.1% improvement from the $18.3 million net loss in 2020.

1. Refers to Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization see “Alternative Performance Measures” on page 19 of the Company’s 2021 Annual MD&A. 2. Refers to Cash Costs & All-In Sustaining Costs see “Alternative Performance Measures” on page 19 of the Company’s  2021 Annual MD&A.

“Our operation is showing positive momentum and is poised for an exciting step-change in 2022 thanks to the Yukon Government, the continued cooperation of the Selkirk First Nation and the employees and contractors at our Minto Mine located in central Yukon. Our investment to optimize and automate our process over the past 12 months will allow us to take advantage of the robust copper prices, positioning for growth in the future. Our Q4 2021 Adjusted EBITDA improved to $13.1 million dollars compared to a loss of $7.3 million dollar a year ago. The improved performance is extraordinary and a testament to the drive and passion to win shown by everyone who works here at Minto” said Chris Stewart, President & Chief Executive Officer of Minto Metals.

“From the mine’s improved performance to the enhancements in our milling operation, we are pleased with the turnaround our team has accomplished in such a short period of time. I am excited about the future at Minto Metals and in particular the Minto Mine and look forward to building stronger relationships within the Selkirk First Nation and the Yukon regulatory agencies. We are focused on delivering great results and carrying the momentum from Q4 of 2021 into 2022 should serve us well!” Stewart added.

Outlook for 2022


The following table summarises the production, cost, and capital expenditure outlook for 2022 which is consistent with the Company’s guidance provided earlier in 2022. The plan is to operate the mill at an average throughput of 3,000 tonnes/day for the first half of 2022 and 3,250 tonnes/day for the second half of 2022 as the ore production continues to ramp up towards our mill’s ultimate permitted capacity of 4,200 tonnes/day.

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