TVI Pacific meldet Gewinn 0,021 US$/ Aktie
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TVI Pacific Inc. (TSX:TVI)
For the three months ended September 30, 2009
- Earnings per share $0.021
- Operating cash flow $11.4 mm
- Net income $9.9 mm
- Copper equivalent produced 8.2 mm pounds
- Production cash cost US$0.55/lb
- Percentage of gross revenue
from by-products (gold and silver) 18%
TVI Pacific Inc. ("TVI" or "the Company") today announced unaudited, consolidated financial and operational results for the three and nine months ended September 30, 2009. This press release should be read in conjunction with the third quarter financial statements and associated management's discussion and analysis filed with certain securities regulators in Canada on November 12, 2009 and also available on our web site (www.tvipacific.com) and SEDAR (www.sedar.com).
Key Financial Achievements Quarter Over Quarter
- 126% increase in Net Revenue
- 83% increase in Operating Cash Flow
- Earnings Per Share increase from $0.001 to $0.021
(in thousands of CDN % change
dollars except per share 3 Mo Ended 3 Mo Ended Quarter over 9 Mo Ended
information) 30-Sep-09 30-Jun-09 Quarter 30-Sep-09
------------------------------------------------
Net revenue 25,707 11,376 126% 44,148
Operating cash flow 11,397 6,229 83% 10,868
Free cash flow(1) 11,617 2,873 304% 11,056
Net income (loss) 9,917 676 1,367% 8,579
EPS (basic) 0.021 0.001 2,000% 0.019
Free cash flow per share(1) 0.024 0.006 300% 0.023
(1) See financial statements for the reconciliation from operating cash flow
to free cash flow.
Dafür, dass die gesamte Kapitalisierung bei 50Mio CAD liegt und die Aktie nur 10 Cent kostet und jetzt ganz plötzlich 2 cent/Aktie verdient scheint die Aktie mir sehr günstig bewertet.
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Key Financial Achievements for the Years Ended December 31, 2009 and 2008 - Increase in net revenue to $67,103,108 from $5,972,764 - Increase in operating cash flow to $21,661,992 from a deficit of $13,506,114 - Increase in net income to $18,322,345 from a net loss of $12,714,279 - 2009 production cash cost of $0.61 per copper equivalent pound
6:27 PM ET, March 25, 2010
CALGARY, ALBERTA, Mar 25, 2010 (Marketwire via COMTEX) -- TVI Pacific Inc. ("TVI" or "the Company") (TVI) today released audited, consolidated financial and operational results for the year ended December 31, 2009. This press release should be read in conjunction with the audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2009, filed with certain securities regulators in Canada on March 25, 2010, and also available on our web site (www.tvipacific.com) and SEDAR (www.sedar.com).
Key Operational Achievements Quarter Over Quarter
3 Mo Ended 3 Mo Ended 3 Mo Ended 3 Mo Ended
31-Mar-09 30-Jun-09 30-Sep-09 31-Dec-09
-------------------------------------------------
Copper pound equivalent
produced (000 lbs) 4,358 6,156 8,205 8,104
Copper produced (000 lbs) 3,018 4,862 6,701 6,145
Gold produced (oz) 866 1,502 2,162 2,440
Silver produced (oz) 119,178 110,298 121,034 181,598
Production cash cost
(US$/Cu lb eq) (1) 0.76 0.58 0.55 0.63
Average copper price
received (US$/lb) 1.77 2.11 2.67 3.05
(1) See MD&A for definition of this non-GAAP measure.
"As previously reported, a number of factors have contributed to our financial and operational success over the past year", stated Cliff James, TVI's President and CEO. "After the sulphide plant at the Canatuan mine reached commercial production on March 1, 2009, we were able to consistently ship concentrate almost every four weeks to generate cash flow. The steady state of operations, as well as process improvements at Canatuan and the improvement in copper prices during the year, has further strengthened our cash position. This has allowed us to fast-track development drilling at Balabag, pursue mine life expansion opportunities at Canatuan and advance plans to resume exploration activities at Tamarok. We also intend to continue exploration activities on our 1,240 km2 tenement package on the Zamboanga Peninsula that has the potential to host significant porphyry copper-gold, massive sulphide and epithermal gold deposits."
The following table details key operating statistics for the Canatuan Sulphide Mine for the year ended December 31, 2009.
Quarter ended Year
----------------------------------- Ended
Mar 31, June 30, Sept 30, Dec 31, Dec 31,
Operations: 2009 2009 2009 2009 2009
------------ --------------------------------------------
Total tonnes processed 89,884 104,390 158,040 173,071 525,385
Average tonnes processed per day 999 1,147 1,718 1,881 1,439
Ore copper grade (%) 2.46 2.43 2.13 1.85 2.15
Copper recovery (%) 61.80 86.93 90.19 87.24 83.07
Concentrates produced 6,460 12,229 16,427 15,287 50,403
(dry weight - t)
Average daily concentrates 72 134 179 166 138
produced (dry weight - t)
Concentrate copper grade (%) 21.20 18.03 18.50 18.23 18.65
Concentrate gold grade (g/t) 4.17 3.82 4.09 4.97 4.30
Concentrate silver grade (g/t) 573.86 280.53 229.17 369.48 328.36
Production cash cost per Cu lb
eq (US$)(1) 0.76 0.58 0.55 0.63 0.61
Offtake
--------
Copper concentrates shipped 5,351 10,136 19,434 15,164 50,085
(dry weight - t)
Average copper price received 1.77 2.11 2.67 3.05 2.56
(US$/lb)
(1) Excludes selling expenses. See MD&A for definition of this non-GAAP
measure.
2009 Highlights
- In January 2009, TVI finalized a US$30.1 million five-year term loan facility agreement. In only 12 months, two voluntary payments and two scheduled payments have been made, decreasing the original principal owing by 46% to US$16.2 million as of January 20, 2010.
- By March 2009, the company completed its first shipment of copper concentrates from the Canatuan mine. A total of 10 shipments of copper concentrates occurred in 2009 generating gross revenue of US$64 million. Subsequent to year end, an additional three shipments were completed for total gross revenues of US$26.2 million.
- In November 2009, construction commenced on an additional flotation circuit to process zinc ore at the Canatuan mine. The Zinc Circuit is expected to be fully operational by mid-Q2 2010 and is expected to monetize the zinc component of the deposit for an added revenue stream. Copper concentrate production will continue at a rate of approximately 5,000 tonnes per month while the zinc circuit is designed to produce approximately 1,000 tonnes of zinc concentrate per month.
- In December 2009, a Mineral Production Sharing Agreement ("MPSA") encompassing the Tamarok copper-gold project was formally approved by the Secretary of the Department of Energy and Natural Resources of the Philippines. This MPSA will allow advanced exploration activities including geophysical surveys, systematic detailed geological investigations and the delineation of drill targets.
- By December 31, TVI had recorded 2,048,506 work hours with no lost time incidents. This remarkable achievement is a reflection of a safe and supportive environment with professional management. TVI takes great pride in fostering a workplace that stresses safety, efficiency, responsibility and career development.
2010 Outlook
Canatuan Mine
The mine continues to achieve consistent operating throughput and concentrate production. It is anticipated that future shipments of approximately 5,000 dry metric tonnes each will occur approximately every six weeks. Previously, shipments occurred every four to six weeks. In order to significantly reduce shipping and freight costs, the Company will be increasing the grade of the copper content for each metric tonne of concentrate shipped. Therefore, with a fewer number of shipments in 2010, the Company intends to sell a similar amount of metal content at a higher grade.
In March 2010, the Company received an amendment to its Environmental Compliance Certificate which increases the daily maximum allowable production rate to 2,500 tonnes per day and a maximum annual extraction rate of 2,500,000 tonnes per year. This allows the Company the capacity to process additional ore from other sources, including the Canatuan Near-Mine Tenements.
Balabag
As of February 22, 2010, drilling has commenced at the Balabag project on a 26 hole, 2,500 metre drilling program focused on the Tinago vein, the largest of three spatially related vein systems occurring at Balabag Hill. This program aims to define the area where the Tinago vein system is anticipated to extend to depth. The target is a minimum of 50,000 gold equivalent ounces in the indicated category, allowing for a scoping study to define an economical start-up mine development program.
The Balabag gold project is a high priority for TVI. Based on preliminary exploration results, TVI believes that the Balabag property has the potential to become a second production centre for the Company.
Canatuan Near-Mine Tenements
A key factor in TVI's forward strategy is to optimize profits from the producing Canatuan copper mine. This operation is the foundation or platform for growth for TVI. Exploration to date has identified several mineral occurrences on the surrounding tenements, including Tabingan, Matigdao and Palalian that TVI believes are compelling exploration prospects.
In February 2010, a Joint Venture agreement was finalized with DMCI-CERI ("DMCI"), a subsidiary of DACON Corporation, to conduct exploration, development and production of mineral deposits in the Greater Canatuan Tenement area. The JV partners will fund an exploration program in the Greater Canatuan Tenement area for a period of two years amounting to a maximum of US$2 million, to be shared in accordance with their respective interests.
The strategic alliance with DMCI allows for the opportunity to participate in a number of mineral properties around the Philippines. These properties are currently owned by DMCI and combining the talents of both companies may prove mutually beneficial over the longer term.
Tamarok
In North Zamboanga, TVI's tenement package covers almost all the targets identified by a prior exploration program, numbering at least 20 epithermal gold, massive sulphide and porphyry copper-gold prospects. TVI's first priority, the Tamarok copper-gold project, is located 60 kilometres north-northeast of the Balabag project. Reconnaissance work carried out to date supports historical findings and has discovered new prospects. A great deal of the mineralization in these areas occurs on the surface and has been easily accessible to the Company's exploration teams.
A scout drilling program will test subsurface continuity of outcropping porphyry copper-gold mineralization at Malachite Hill, where an initial exploration program of a 38 metre continuous channel sample produced an average of 0.71% copper and 0.35 grams per tonne gold.
Other Non-Core Opportunities
TVI is constantly evaluating non-core opportunities for addition revenue. These include possible joint ventures, equipment and facility optimization options, and cost saving initiatives that can be monetized.
"We are moving our projects forward, we are capitalizing on our Philippine advantage, we have a proven strategy for growth and we will continue to execute on these strengths", continued Cliff James. "2009 was a significant year for TVI. Please also view our new, updated presentation on our web site at www.tvipacific.com".
About TVI Pacific Inc. (TVI)
TVI Pacific Inc. is a publically traded, profitable, low cost copper producer focused on the production, development, exploration and acquisition of precious and base metal mining projects in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
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CALGARY, ALBERTA--(Marketwire - June 25, 2012) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (TVI or the Company) announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed its 4th shipment of zinc concentrate on June 17, 2012, and its 29th shipment of copper concentrate on June 20, 2012. The concentrates were produced at TVIRD's operating Canatuan mine in the southern Philippines.
-- 5,062 dry metric tonnes (dmt) of zinc concentrate were shipped containing 49.43% zinc;
-- 5,015 dmt of copper concentrate were shipped containing 18.7% copper;
-- Gross revenue of approximately US$14.7 million will be received for both shipments; and
-- Inventory of 993 dmt of copper concentrate and 3 dmt of zinc concentrate is currently in storage.
The Company's concentrate shipments left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG (MRI). TVIRD expects to earn gross revenue of approximately US$14.7 million from MRI for these shipments (pending final assay and price adjustments).
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 18 and 25 percent and zinc concentrate grade levels between 49 and 55 percent. It is anticipated that future shipments of copper concentrate will continue every six to eight weeks, while future shipments of zinc concentrate will occur every four to six months.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is pre-developing its Balabag gold and silver project, and is carrying out exploration programs on its other North Zamboanga tenements. TVI also has an interest in an offshore Philippine oil property.
Connect with us www.tvipacific.com
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The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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VI Pacific Inc. Announces Joint Venture Opportunities and Equity Investment With Mindoro Resources Ltd.
CALGARY, ALBERTA--(Marketwire - July 6, 2012) - TVI Pacific Inc. ("TVI" or the "Corporation") (TSX:TVI)(OTCQX:TVIPF) announced today that it has entered into a heads of agreement (the "HOA"), dated July 6, 2012, which sets out the terms of various proposed transactions with Mindoro Resources Ltd. ("Mindoro"), a TSX Venture Exchange ("TSXV") listed issuer (TSX VENTURE:MIO), also listed on the ASX (ASX:MDO). The proposed transactions consist of a loan to, investment in, and joint ventures with, Mindoro (or affiliates of Mindoro). The joint ventures are expected to involve TVI's Philippine affiliate, TVI Resources Development Phils., Inc. ("TVIRD"). All references to currency in this news release are in Canadian dollars unless otherwise stated.
Secured Loan
Under the HOA and subject to the satisfaction of certain conditions, TVI has agreed to loan Mindoro $938,968 (the "Loan") pursuant to a secured promissory note. The Loan is to be secured by Mindoro's interests, whether direct or indirect, in the Agata South nickel laterite mineral project in the Philippines (the "Agata South Security"). Interest will accrue and be payable on the principal amount of the Loan at the rate of 8% per annum (calculated semi-annually and not in advance); however, if the full principal amount is repaid from the proceeds of the Tranche 1 Closing (as defined below), no interest will be payable on the Loan. Subject to acceleration as contemplated by the HOA, the Loan will mature and be repayable on October 1, 2012. The HOA provides that the Loan will be repaid by Mindoro promptly following the Tranche 1 Closing, using proceeds from the sale of Units (as defined below). Upon the occurrence of certain events of default, as set out in the HOA, Mindoro may, at its election, cause the Loan to be repaid with: (i) cash; (ii) the interests of Mindoro (whether direct or indirect) in the Agata South mineral project; or (iii) the interests of Mindoro (whether direct or indirect) in another Philippines mineral project. As a condition of the HOA, TVI must advance the Loan to Mindoro prior to July 18, 2012.
Private Placement
The HOA provides that, subject to the receipt of all regulatory approvals, the execution and delivery of a definitive subscription agreement and definitive joint venture agreements relating to various mining projects in the Philippines, TVI will purchase 63,115,559 units of Mindoro (the "Units") at a price of $0.05 per Unit, with each Unit consisting of: (i) one common share of Mindoro (a "Mindoro Share"); and (ii) one Mindoro Share purchase warrant (a "Mindoro Warrant"), exercisable into a Mindoro Share at a price of $0.10 per Mindoro Share (together, the "Private Placement"). Each Mindoro Warrant will have a term of five years.
TVI anticipates that the Private Placement will be completed in two tranches. The first tranche is to consist of 18,779,353 Units ($938,968) and is expected to close on August 15, 2012 or a later date agreed to by TVI and Mindoro (the "Tranche 1 Closing"). The second tranche is to consist of 44,336,206 Units ($2,216,810) and is expected to close following receipt by Mindoro of shareholder approval (not later than September 28, 2012) (the "Tranche 2 Closing"). The closing of the Private Placement is subject to completion of satisfactory due diligence by TVI.
The HOA provides that following the Tranche 2 Closing, TVI will be entitled to nominate one director to the board of directors of Mindoro out of a maximum of six directors and should TVI exercise the Warrants in full, it will have the right to nominate at least two directors to the board of directors of Mindoro.
The HOA also contemplates that TVI will have a pre-emptive right to participate in any future offerings of Mindoro Shares in order to enable TVI to maintain its percentage ownership interest in Mindoro.
Joint Ventures
Under the HOA, TVI, through its affiliate TVIRD, has the exclusive right or option to enter into joint venture arrangements with Mindoro (and its affiliates) with respect to the Agata Nickel Project and the Pan de Azucar Project (summarized below). The HOA provides that all joint ventures entered into between TVIRD and Mindoro will be operated by TVIRD and will be overseen by a management committee that includes representatives of TVI and Mindoro in proportion to their joint venture interests (provided that during the earning period of the joint ventures, TVIRD will control each management committee). TVI's participation in the joint ventures is conditional upon the Loan being extended to Mindoro prior to July 18, 2012.
Agata DSO Joint Venture
The Agata Nickel Project is located in the Suriago mining region. The HOA contemplates that stage one of the proposed TVIRD joint venture will involve a direct shipping operation ("DSO").
Under the HOA, TVIRD has the exclusive right to form joint ventures with Mindoro with respect to the Agata Nickel Project. TVIRD will be required to fund 100% of the required expenditures to enable the project to operate a DSO, upon the completion of which TVIRD is to earn a 60% interest in the DSO operation (subject to a minimum expenditure of $2 million within 12 months of the joint venture agreement and DSO operations having commenced within three years of the date of that agreement).
Agata Processing Joint Venture
The HOA provides that TVIRD will fund 100% of the required expenditures to complete a definitive feasibility study on nickel processing for the Agata Nickel Project. Upon delivery of the definitive feasibility study, TVIRD will earn a 60% interest in the Agata Nickel Project and tenements and properties (subject to a minimum expenditure of $2 million within 12 months of the date of that agreement and completing the definitive feasibility study within four years of the date of that agreement).
Pan de Azucar Joint Venture
The Pan de Azucar prospect is located near Panay Island, central Philippines. Under the HOA, TVIRD has the exclusive option to form a joint venture with Mindoro (and its affiliates) on the Pan de Azucar mineral project in the Philippines on the following terms and conditions: (i) TVIRD is to contribute US$2 million over a 24 month period to earn a 51% interest in the project (subject to TVIRD having spent a minimum of $1 million within 12 months of the date of the joint venture agreement); and (ii) TVIRD will have the option (exercisable at any time until July 4, 2013, and extendible at the election of TVI for an additional 12 month period upon payment of $200,000) to contribute an additional US$3 million over the 24 month period immediately following the initial 24 month earning period in exchange for an additional 9% interest in the Pan de Azucar Project.
Mindoro may undertake exploration activities on the Pan de Azucar property at any time prior to TVIRD exercising the option.
Tapian San Francisco Project
Tapian San Francisco lies within the towns of Mainit and Malimono, Surigao del Norte, approximately 32 km south of Surigao City, Northeast Mindanao, Philippines. TVI understands that this project is currently subject to a proposed sale to a third party.
In the event a proposed sale of Mindoro's Tapian San Francisco Project in the Philippines to a third party does not proceed, the HOA provides that TVIRD will have an exclusive option (expiring March 31, 2013) to form a joint venture with Mindoro on terms and conditions suitable for an early stage exploration prospect.
Exclusivity and Due Diligence
Mindoro has agreed to a 90 day exclusivity period with respect to the transactions set out in the HOA. During the exclusivity period, TVI and TVIRD are entitled to conduct such legal, financial and technical due diligence as they consider appropriate, and it is a condition of TVI and TVIRD that the results of such due diligence inquiries be satisfactory to TVI and TVIRD, in their sole discretion.
Mr. Clifford M. James, TVI's President and Chief Executive Officer noted: "based on our initial review (and subject to further confirmatory due diligence) the proposed joint ventures appear to represent compelling opportunities for the Corporation. We believe that the Agata and Pan de Azucar projects lend themselves to the type of strategy we have successfully deployed elsewhere in the Philippines to undertake mine development at low cost and on time. The work we have done to date indicates that the Agata and Pan de Azucar projects fit with our acquisition strategy of seeking long-life mining projects that have the potential to generate short term cash flow."
About Mindoro
Mindoro is a Canadian company engaged in mining exploration in the Philippines. The common shares of Mindoro are listed on the TSX-V and on the Australian Stock Exchange. Mindoro trades under the symbol MIO on the TSX-V and under the symbol MDO on the ASX. A copy of Mindoro's announcement can be accessed on www.sedar.com or on Mindoro's website, www.mindoro.com.
About TVI
TVI is a publicly-traded Canadian company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine and is pre-developing its Balabag gold and silver project. TVI also has an interest in an offshore Philippine oil property.
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