Altaley Mining Discloses 2021 Financial and Operating Results, Reporting Net Income of $36.2 Million and $0.15 earnings per share
Altaley Mining Corporation
1000 – 1111 Melville St.
Vancouver, BC, V6E 3V6
www.altaleymining.com
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Altaley Mining Discloses 2021 Financial and Operating
Results, Reporting Net Income of $36.2 Million and $0.15
earnings per share
VANCOUVER, BRITISH COLUMBIA – MAY 02, 2022
Altaley Mining Corporation ( TSXV: ATLY ) ( OTCQX: ATLYF ) ( FSE: TSGA ) ("Altaley" or the
"Company") is pleased to announce the SEDAR filing of its audited consolidated financial
statements and management discussion & analysis for the year ended December 31, 2021.
2021 FINANCIAL HIGHLIGHTS
121% increase in gross revenues to $98.4M
Mine operating profit increased to $34.2M from a 2020 loss of $138K
Basic earnings per share of $0.15
Positive net income of $36.2M, up from the previous year's loss of $11.6M
Ralph Shearing, CEO states,” I am immensely proud of our entire Altaley team who have
worked tirelessly throughout 2021 to deliver a record-breaking year of rapid growth and
excellent profitability to the Company and our shareholders. We will build on these excellent
2021 results as we continue our improvements at Campo Morado and very soon, enter
production at our Tahuehueto gold mine where we expect robust economics to significantly
increase our revenues and profitability.” Please see recent press release dated April 26, 2022, disclosing
Tahuehueto pre-feasibility results.
HIGHLIGHTS OF CAMPO MORADO MINE
2021 average AISC of $0.83/lb Zn. and C1 cash cost per lbs of US$0.60
Produced 45,778 tonnes of zinc concentrate grading an average of 46% zinc, 2.12 g/t gold, 658
g/t silver and sold approximately 45,680 tonnes of zinc concentrate generating 2021 revenue of
US$52.14M
Produced 9,936 tonnes of lead concentrate grading an average of 22% lead, 1.65% copper, 6.08
g/t gold, 776 g/t silver and sold 9,657 tonnes generating 2021 revenue of US$8.96M.
Mined 689,963 tonnes of ore grading 4.27% zinc, 1.09% lead, 124 g/t silver and 1.06 g/t gold.
An estimated 689,963 tonnes of mineralized material were processed during year ended
December 31, 2021,
Altaley Mining Corporation
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The following table provided a summary of the operating performance of the Company for
the three months and years ended December 31, 2021, and 2020. (Dollar amounts expressed in
thousands of Canadian dollars, unless otherwise stated).
Campo Morado Mine Q4 operating income for the three months and year ended December
31, 2021, and 2020, is comprised of:
2021 2020 2021 2020
Operational
Ore processed 183,091 168,310 689,963 454,624
Zn concentrate produced (ton) 12,209 9,974 45,778 28,032
Average realized zinc price per tonne (US$) 3,105 $ 2,360 $ 2,894 $ 2,220 $
Zn grade 46% 45% 46% 45%
Zn recovery 71% 69% 71% 69%
Pb concentrate produced (ton) 2,691 1,916 9,936 5,794
Average realized lead price per tonne (US$) 2,348 $ 1,863 $ 2,177 $ 1,804 $
Pb grade 22% 23% 22% 22%
Pb recovery 30% 26% 29% 29%
Cost Analysis
C1 Cash Cost (US$/lb) 0.74 $ 1.28 $ 0.60 $ 1.01 $
All In Sustaining Cost (US$/lb) 0.95 $ 1.39 $ 0.83 $ 1.15 $
Financial
Gross revenues 29,671 $ 18,960 $ 98,452 $ 44,443 $
Mine operating profit 10,125 $ ($189) 34,256 $ ($138)
Income (loss) for the period 20,611 $ ($9,680) 36,265 $ ($11,624)
Cash 3,049 $ 257 $ 3,049 $ 257 $
Working capital deficiency ($3,114) ($60,334) ($3,114) ($60,334)
Shareholders
Basic earnings (loss) per share 0.08 $ (0.06) 0.15 (0.07)
Fully diluted earnings (loss) per share 0.07 $ (0.06) 0.13 (0.07)
3 months ended Dec 31 Years ended Dec 31
2021 2020 2021 2020
Revenue
Gross sales 29,671 $ 18,960 $ 98,452 $ 44,443 $
Treatment and selling costs (9,914) (9,335) (28,768) (21,286)
19,757$ 9,625 $ 69,684 $ 23,157 $
Cost of Sales
Production costs 8,885 $ 9,322 $ 32,628 $ 22,023 $
Royalties 599 $ 365 $ 2,262 $ 827 $
Depreciation and amortization 148 $ 127 $ 538 $ 445 $
9,632$ 9,814 $ 35,428 $ 23,295 $
Mine operating income (loss) 10,125 $ ($189) 34,256 $ ($138)
3 months ended Dec 31 Years ended Dec 31
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Private Placement
The TSXV has provided the Company with a thirty-day extension to close the 2 nd and final
tranche of the private placement first announced on March 17, 2022.
About Altaley Mining Corporation
Altaley Mining Corporation is a Canadian based mining company with two 100% owned
Mexican gold, silver, and base metal mining projects.
Altaley's Tahuehueto mining project is in north-western Durango State, Mexico where
construction has been advanced to near completion on its 1,000 tonne per day processing
facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in
concentrates at Tahuehueto. The Company is targeting initial pre-production in May 2022 and
ramping up to full production capacity during Q2-Q3 2022.
Campo Morado is an operating polymetallic base metal mine with mining and milling
equipment currently producing at an average of 2,200 tonnes per day and is currently
estimated to be Mexico’s 6th largest zinc producer.
Visit: www.altaleymining.com
On Behalf of the Board of Directors
(signed) “Ralph Shearing”
Ralph Shearing, P. Geol,
CEO, President, and Director
CAUTIONARY NOTE REGARDING PRODUCTION DECISIONS AND FORWARD-LOOKING
STATEMENTS
It should be noted that Altaley declared commercial production at Campo Morado and elected to initiate construction to go into
production at Tahuehueto prior to completing full feasibility studies demonstrating economic and technical viability.
Accordingly, readers should be cautioned that Altaley’s production decisions have been made without comprehensive feasibility
studies of established reserves at Campo Morado and prefeasibility level reserves at Tahuehueto, such that there is greater risk
and uncertainty as to future economic results from the Campo Morado mine and at Tahuehueto mine where reserves are
established to the prefeasibility level of confidence and therefore a higher technical risk of failure than would be the case if full
feasibility studies were completed and relied upon to make production decisions. Altaley has completed a preliminary economic
assessment (“PEA”) mining study on the Campo Morado mine and a prefeasibility study (‘PFS”) at Tahuehueto mine that provides
a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see
News Release dated November 8, 2017, April 4, 2018, and April 25, 2022).
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking
statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward-
Looking Information includes but is not limited to conditions or financial performance that are based on assumptions about
future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as
production rates and increases; success of exploration, development and bulk sample processing activities, and timing for
processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information
can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates"
or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has
applied several material assumptions, including, but not limited to, that the current exploration, development, environmental
and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved: the continuity of the
price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known
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and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-
Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
Neither 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.
For further information about Altaley Mining Corporation, please contact:
Glen Sandwell
Corporate Communications Manager
Tel: +1 (604) 684-8071