RNS24 Sep 2021 09:37
Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of Pembridge said:
"These interim financial statements set out the position of our Company at a time of slow recovery from the Covid 19 pandemic. Although in recovery, the economy and Minto's operations are still affected by the Covid 19 pandemic impact. This has resulted in additional costs being incurred in relation to protecting the Minto staff and ensuring that we comply with all Government regulations implemented to combat the pandemic. The recovery in the copper price has supported the Minto operations, which generated free cash flow from operations of USD$7,815,000. The preparation of the NI 43-101 Preliminary Economic Assessment Technical Report ("Technical Report") clearly showed the long term potential of the Minto mine. The issuance of the Technical Report and the current market conditions have provided the opportunity to list Minto on the TSX Venture Exchange as well as raise CAD 30.5 million. This capital raise has provided a solid foundation for Minto's continued growth by ensuring that Minto has sufficient working capital to meet all its financial obligations as well as fund an exploration programme that we believe will significantly increase the Minto resource base. Although we will no longer be controlling Minto and thus will not be consolidating Minto's financial results into our Company's, as a result of the convertible loan raised this year we have been able to maintain our interest in Minto at 11.1%. I look forward to realising further gains on our investment as the market recognises the true value of Minto and this being reflected in the market valuation of our Company."
