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Vancouver, British Columbia--(Newsfile Corp. - January 12, 2022) - Investmentpitch Media video features company is Minto Metals, which trades under the symbol (TSXV: MNTO), following a reverse take over in November. Minto owns and operates the producing Minto mine located in the Minto Copper Belt of the Yukon, Canada, which has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500 million lbs of copper have been produced from the Minto mine.
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Capstone Mining, the previous owner, put the mine into care & maintenance in 2018 and the mine operations were shut down. In mid-2019 Minto, formerly Minto Explorations Ltd., purchased the Minto mine operation and restarted the mine.
The current Minto mine includes underground mining operations, a processing plant that produces a high-grade copper, gold and silver concentrate, and all supporting infrastructure associated with operating a remote mine located in Yukon.
Minto completed 2021 with consolidated production totaling 26 million pounds of payable copper, a 46% increase versus the prior year. The full-year results were highlighted with a strong finish in November and December during which the company delivered an average of 3,000 tonnes per day of ore processed through the mill and 6.1 million pounds of payable copper.
Going forward, the company plans to operate the mill at an average throughput of 3,000 tonnes per day for the first half of 2022 and 3,250 tonnes per day for second half of 2022 as the ore production continues to ramp up towards the mill's ultimate permitted capacity of 4,200 tonnes per day.
Minto has offtake agreements with Sumitomo Canada and a precious metals agreement with Wheaton Precious Minerals under which all copper production is sold to Sumitomo, and all gold and silver production is sold to Wheaton. Under the terms of its agreement with Sumitomo, Minto receives 90% of the value of copper produced once the production is delivered to the on-site shed at the Minto mine. The remaining 10% of the payment is received following the delivery of the production to Sumitomo at the Port of Niihama, Japan or an alternative agreed-upon location.
Chris Stewart, P.Eng., President & CEO, stated: "The improved performance is encouraging and a testament to the drive and passion to win shown by everyone who works here at Minto. From the mine's performance to the enhancements we have seen in our milling operation, we are pleased with the production growth in 2021. I joined Minto in mid-January of 2021, and we are now starting to see the benefits of the many changes we have made which will benefit our employees as well as all our stakeholders. I am optimistic about the future at Minto and look forward to building stronger relationships with the Selkirk First Nation and the various Yukon regulatory agencies. Our goal is to carry the momentum from 2021 into 2022. All indicators are giving us reasons to be encouraged about the bright future ahead."
A NI 43-101 PEA Technical Report, produced by JDS Energy effective March 31, 2021, reported a resource estimate of 11,092,000 tonnes of ore in the Indicated category and another 13,013,000 tonnes in the Inferred category.
Concurrent with the RTO, the company raised gross proceeds of approximately $31 million ($31,033,231) from a combination of a brokered "best efforts" private placement offering and a non-brokered private placement offering, both priced at $2.60 per share.
The shares, which began trading on the TSX Venture Exchange on November 29th are currently trading at $2.50.
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