10 March 2021
Minto Copper Sale Price Secured
London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or the "Company") is pleased to announce news of a secured sale price for the existing copper production of Minto Explorations Ltd. ("Minto")
As at 1 March 2021, Minto had in stock 7,927 dry MT of concentrate produced since the last shipment to Sumitomo with a copper content of 2,780 MT. In view of the current copper price, Minto has taken the opportunity to lock in a sale price of $4.07 per pound on 2,501 metric tonnes of copper, representing 90% of the current copper quantities in stock. The remaining 10% of the stock will be priced after delivery to Sumitomo in accordance with the pricing terms set out in the Offtake Agreement between Minto and Sumitomo.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"The copper price has performed well recently and, although it may continue to rise further, Minto has taken the decision to fix 90% of the revenue from the produced to 1 March copper. This will ensure that we limit the cash flow risks of the business and also benefit from receiving the funds arising from the copper price increase now instead of in Q3 2021 at the 3MAMA fixing date."
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
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 Explorations Ltd, a British Columbia incorporated business operating the Minto mine in Yukon, Canada.
About Minto Explorations Limited
Minto 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 Minto from Capstone Mining Corporation in June 2019 and restarted operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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