|By Marketwired .||
|January 28, 2013 08:01 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/28/13 -- North American Tungsten (TSX VENTURE:NTC) ("NTC" or "the Company") announces a net loss of $9.9 million or $0.04 per share for its fiscal year ended September 30, 2012 ("fiscal 2012") compared to a net loss of $15.5 million or $0.07 per share for the prior fiscal year ("fiscal 2011").
The Company's fiscal 2012 audited Consolidated Financial Statements and Management's Discussion & Analysis thereon may be accessed under the Company's profile on SEDAR (www.sedar.com) and may also be accessed at the Company's website www.natungsten.com.
---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Fiscal 2012: - Revenue $107.5 million - up 93% from fiscal 2011 - Cash flow from operating activities $21.1 million - improved by $33.9 million from fiscal 2011 - Underlying net income before impairment - $6.3 million or $0.03 per share, improved by $21.8 million from fiscal 2011 - Net loss $9.9 million or $0.04 per share - is after amortization, depreciation and impairment charges of $36.1 million ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Fiscal 2012 results include a $16.2 million non-cash impairment charge to write-down assets as required by IFRS accounting rules. Excluding this and other non-cash charges, including depreciation, EBITDA(1) was $30.3 million in fiscal 2012 compared to $10.3 million in fiscal 2011.
(1) EBITDA is an non IFRS measure. EBITDA is net income before: taxes, with interest and financing costs, interest income, depreciation and amortization, accretion and impairment removed.
"This was a pivotal year for the Company. Investments in people and capital improvements focused on initiatives to extend the Cantung mine life and strengthen operating performance," said Stephen Leahy, CEO of NTC. "Although tungsten prices in the second half of the year were lower, investments made and actions taken delivered on our goal of developing an industry-leading tungsten mining and processing operation. I believe this will increase value to our shareholders over the longer term."
Operating highlights include:
-- Tungsten concentrate production increased 22% to 273,000 metric tonne units ("MTUs") from 224,000 MTUs the previous year; -- Mine and mill operations improved and stabilized - as evidenced by mill availability of 97.62% (2011 - 90.37%), average metallurgical recovery of 76.9% (2011 - 75.3%), average daily feed tonnes of 969 (2011 - 925) and total ore milled of 339,000 (2011 - 322,000) tonnes. -- Capital expenditures of $25.2 million to support operations at the Cantung mine into the long term. -- Mine developments included the area below the 3700' level and also opened access to new zones, including the previously announced Amber Zone. They will also facilitate underground exploration. Exploration in and around the open pit is promising and may add low-cost tonnage. -- Copper sales increased to 807,000 (2011 - 279,000) pounds. -- The future recovery of tungsten from tonnages in tailings ponds on site is under investigation as a priority project.
Stephen Leahy continued, "We believe there is significant potential to extend the life of the Cantung mine through underground development, surface exploration and the tailings pond recovery project."
Lower demand during 2012 resulted in a reduction in tungsten APT quotations from its historical highs in 2011 of over US$450/MTU to its most recent US$300/MTU range.
Recently, market indicators have firmed. The Company anticipates improving price quotations and product demand during calendar 2013. The Company has entered into sales agreements to sell most of its anticipated fiscal 2013 production at prices which are tied to market APT prices.
NEW CREDIT FACILITY
Stephen Leahy reported, "To support Cantung operations and the MacTung project in the near term, the Company has entered into a letter of intent for a short term credit facility with Queenwood Capital Partners II LLC, controlled by two Directors of NTC."
Terms outlined in the letter of intent for the additional US$4.0 million short term credit facility include: interest at 12.5% per annum; maturity October 31, 2013; and security to be granted over the MacTung Property, subordinated to security previously granted.
Stephen Leahy concluded his remarks, "The Company looks forward to the future and wishes to thank its 'Tungsten Team' employees for all their hard work, dedication and extra effort that have allowed us to achieve record sales this year. I also wish to thank all stakeholders, shareholders, vendors, customers and associated partners for helping us build a better Company for the future."
Qualified Person Finley Bakker, P. Geo, Superintendent of Technical Services of the Cantung Mine for the Company has read and approved the technical disclosure contained in this news release. Mr. Bakker is a qualified person under the terms of National Instrument 43-101 of the Canadian Securities Administrators.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen M. Leahy, Chairman & CEO
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD
The Company is a publicly listed Tier 1 Junior Resource Company engaged primarily in the operation, development, and acquisition of tungsten and other related mineral properties in Canada. The Company's 100% owned CanTung mine and MacTung development project make it one of the few tungsten producers with a strategic asset in the western world. MacTung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.
Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.
Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation: Except for the statements of historical fact contained herein, the information presented contains "Forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variation of such words and phrases that refer to certain actions, events or results to be taken, and other factors which may cause the actual results, performance or achievements of North American Tungsten Corporation Ltd. To be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, future prices of commodities, possible variations in ore grade or recovery rates, efficacy and efficiency of milling process, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks in the mining industry. Although North American Tungsten Corporation Ltd. has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements contained herein and in North American Tungsten Corporation Ltd.'s other filing incorporated by reference.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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