Minto Metals Corp (TSX-V:MNTO) has said it is pleased with the 'turnaround' seen at its Yukon copper mine as it posted results for the fourth quarter and full-year to end-December 2021, adding that it expects more progress in 2022.
In the final three months of 2021, the company said there was a 58.6% increase in feed to the mill compared to the year-earlier quarter, leading to sales of copper increasing by 109% to 8.4 million pounds compared to Q4, 2020, while revenue grew 160.8% to C$47.3 million.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at C$13.1 million, a C$20.4 million increase from the loss of C$7.3 million in the final three months of 2020.
For 2021 as a whole, Minto said revenue grew by 72.3% to C$138.3 million on copper sales, which rose 43.8% to 25.6 million pounds, while operating cash flow in the 12 months increased 72.2% to C$12.2 million a $5.1 million increase from C$7.1 million over 2020.
READ: Minto Metals is 'hitting its stride' at Yukon mine with more set to come under ramp-up plans
Chris Stewart, Minto CEO noted the "positive momentum" of the Minto mine, which is poised for an exciting "step-change" in 2022.
"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. 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," he said in a statement.
"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!," the Minto CEO added.
In 2022, Minto said the aim is to operate the mill at an average throughput of 3,000 tonnes per day (tpd) for the first half of 2022 and 3,250 tpd for the second half as the ore production continues to ramp up towards the mill's ultimate permitted capacity of 4,200 tpd.
It expects to generate between 27 and 31 million pounds of payable copper for the year (2021: 25.6 million pounds) at all-in-sustaining-costs (AISC) of between US$3.85 and US$4 for 2022.
Minto operates the producing Minto mine in the Yukon, which has been in operation since 2007 with underground mining beginning in 2014. Since 2007, around 500 million pounds (Mlbs) of copper have been produced from the asset.
Contact the author at giles@proactiveinvestors.com