THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMENDED BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

17 November 2022

Minto Metals Corp Releases Its 2022 Third Quarter Results

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce that Minto Metals Corp ("Minto") has released its third quarter results for 2022, which show an increase in revenue of 17% compared to the same quarter in 2021.

Highlights:

·      Copper sales increased by 7.1% to 7.86 million pounds for the third quarter of 2022 compared to 7.34 million pounds for the same quarter in 2021. Year-to-date copper sales in 2022 were 29.6% higher at 22.4 million pounds compared to 17.3 million pounds for the same period in 2021.      

·      Revenue for the third quarter increased by 17.1% to CAD $35.3 million compared to CAD $30.1 million for the same period in 2021. This was mainly due to an increase in sales volume partly offset by an 16.4% decrease in average realized copper prices. Year to date revenue of CAD $120.6 million was 32.5% higher compared to CAD $91.0 million for the same period in 2021.

·      Mined ore increased by 9.5% to 222,696 tonnes for the third quarter of 2022 compared to 203,312 tonnes for the same period of 2021. Total year-to-date 2022 mined ore tonnes of 698,470 was 15.7% higher compared to 603,957 tonnes for the same period of 2021. 

·      Mill Feed was 269,096 dry metric tonnes ("dmt") for the third quarter of 2022, a 35.8% increase from 198,221 dmt for the same quarter in 2021. The total year-to-date 2022 mill feed of 682,504 dmt was 6.3% higher compared to 641,883 dmt for the same period in 2021.   

·      Cash costs per pound sold¹ averaged USD $3.18/lb for the third quarter of 2022, a 16.5% increase from USD $2.73/lb for the same quarter of 2021. Year to date cash costs per pound sold¹ averaged USD $2.91/lb, a 12.6% decrease from USD $3.33/lb in the same period in 2021.

·      All-In Sustaining Costs ("AISC") per pound sold¹ averaged USD $3.87/lb in the third quarter of 2022, a 4.0% increase from USD $3.72/lb in the same period of 2021. AISC per pound sold¹ averaged USD $3.88/lb, a 3.9% decrease from USD $4.04/lb in the same period in 2021. 

·      Adjusted EBITDA² for the third quarter of 2022 was CAD $(0.7) million compared to CAD $1.1 million for the same period in 2021. Year-to-date 2022 Adjusted EBITDA² of CAD $18.5 million was CAD $9.3 million higher compared to CAD $9.2 million for the same period in 2021. 

1.     Refers to Cash Costs & All-In Sustaining Costs "Non-IFRS Measures" on page 22 of Minto's Quarter 3 2022 MD&A.

2.     Refers to Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization on page 21 of Minto's Quarter 3 2022 MD&A.

The full release from Minto can be found at the following link.

 http://www.rns-pdf.londonstockexchange.com/rns/7995G_1-2022-11-17.pdf

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:

"We are pleased that Minto continues to improve operational results year on year.  We thank the Minto team for their hard work in what are still difficult conditions and remain confident in the prospects of the Minto mine."

Cautionary Statement

This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company, or management, expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's intentions regarding its objectives, goals or future plans and statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company's ability to predict or counteract the potential impact of COVID-19 coronavirus on factors relevant to the Company's business, failure to identify additional mineral resources, failure to convert estimated mineral resources to reserves with more advanced studies, the inability to eventually complete a feasibility study which could support a production decision, the preliminary nature of metallurgical test results may not be representative of the deposit as a whole, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

ENDS

NOTES TO EDITORS

Pembridge is a mining company that is listed on the standard segment of the Official List of the FCA and trading on the main market for listed securities of London Stock Exchange plc. Pembridge has an investment in Minto Metals Corp, a British Columbia incorporated business listed on the TSX Venture Exchange under the symbol "MNTO" that operates the Minto mine in Yukon, Canada.

About Minto Metals Corp

Minto Metals Corp operates the underground copper-gold-silver mine located in central Yukon, approximately 240 kilometres north of the capital Whitehorse along the Klondike Highway. In excess of US$350 million of capital expenditure has been invested into Minto operations since site construction began in 2006. The Minto mine was in continuous production between 2007 and 2018, when the mine was placed onto temporary care and maintenance. Pembridge acquired the Minto mine from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.

Enquiries:

Pembridge Resources plc:                                                              +44 (0)7905 125740

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

Tavira Financial Ltd:                                                                        +44 (0)20 7100 5100

Jonathan Evans