Rio Alto Announces Net Income of US$49.8 Million for 2014
Published : March 16, 2015
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 16, 2015) - Rio Alto Mining Limited ("Rio Alto or the Company") (News - Market indicators)(LMA:RIO)(NYSE:RIOM) announces that, for 2014, net income amounted to $49.8 million or $0.21 per share and that cash flow from operations was $110.9 million.

Highlights for the quarter ended December 31, 2014 included:

  • Net income amounted to $1.5 million, or $0.00 per share. The recognition of final income tax adjustments occurred in Q4, and therefore resulted in a lower net income for the quarter ended December 31, 2014.
  • Net cash provided by operations was $39.2 million.
  • Gold produced and sold was 57,908 ounces which were sold at an average realized price of $1,192 per ounce.
  • World Gold Council ("WGC") adjusted operating costs per ounce of gold sold during the quarter were $549 per ounce.
  • WGC all-in sustaining costs per ounce of gold sold were $760 per ounce.
  • WGC all-in costs per ounce of gold sold were $819 per ounce.

Highlights for the year ended December 31, 2014 included:

  • Net income amounted to $49.8 million, or $0.21 per share.
  • Net cash provided by operations was $110.9 million.
  • Gold produced and sold was 222,255 ounces, of which 209,350 ounces were sold at an average realized price of $1,251 per ounce.
  • WGC adjusted operating costs per ounce of gold sold were $576 per ounce.
  • WGC all-in sustaining costs per ounce of gold sold were $772 per ounce.
  • WGC all-in costs per ounce of gold sold were $879 per ounce.
  • On August 5, 2014, the Company completed the acquisition of Sulliden Gold Corporation Ltd. The main asset acquired was the Shahuindo Gold Project.
  • Cash of $65.1 million was invested in capital, $4.8 million in exploration activities and $47.9 million to complete the Shahuindo acquisition.
  • On July 4, 2014, the Company received funds of $35 million from a loan with BCP Banco de Credito del Peru ("BCP").

Subsequent to December 31, 2014, the Company and Tahoe Resources Inc. announced that they have entered into a definitive agreement to combine their respective businesses and create a new, leading intermediate precious metals producer.

"I am very pleased with the Company's operational and financial performance for 2014. The net cash generated from operations during Q4 of $39.2 million was an outstanding result. Our focused management team at La Arena has been able to deliver costs at, or below our low end of guidance and comfortably exceeded our high end of gold production guidance. The board of directors would like to express its appreciation for the commitment and effort of everyone involved in the operation of the La Arena Gold Mine and look forward to the same team executing and delivering the timely development of the Shahuindo Gold Project in 2015," commented Alex Black, President & CEO.

The Company has filed its annual report on Form 40-F with the U.S. Securities and Exchange Commission, consisting of the Company's 2014 Annual Audited Consolidated Financial Statements, Management's Discussion and Analysis and Annual Information Form ("AIF"). These filings are available for viewing and retrieval at www.sec.gov. The AIF and the 2014 Annual Audited Consolidated Financial Statements and Management's Discussion and Analysis have also been filed by the Company with the applicable Canadian regulatory bodies and are available for viewing and retrieval through Sedar at www.sedar.com.

The Company's annual filings are also available on the Company's website at www.rioaltomining.com.

Hard copies of the annual Audited Consolidated Financial Statements and accompanying notes are available, free of charge, to shareholders upon written request.

To learn more about Rio Alto Mining Limited, please visit: www.rioaltomining.com or Rio Alto's SEDAR profile at www.sedar.com.

Cautionary Notes

Rio Alto has included certain non-Generally Accepted Accounting Principles ("GAAP") financial measures in this press release, including WGC adjusted operating costs, WGC all-in sustaining costs, and WGC all-in costs. Rio Alto has prepared and presented these non-GAAP measures with comparative periods restated accordingly. These measures are prepared on the basis of ounces of gold sold. Under the WGC guidance, all-in sustaining costs include total production cash costs incurred at mining operations, sustaining capital expenditures, corporate administrative expense, stock-based compensation expense, exploration and evaluation costs, and reclamation cost accretion. In addition, the WGC guidance for all-in costs includes non-sustaining capital, non-cash costs and other expenditures not necessary to sustain current activities. These non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Although the WGC has published its definitions, other companies may prepare these measures differently. For a more detailed discussion of these Non-GAAP measures, please refer to the Company's Annual Management Discussion & Analysis.

ON BEHALF OF RIO ALTO MINING LIMITED

Kathryn Johnson, Chief Financial Officer

Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Rio Alto Mining Limited

DEVELOPMENT STAGE
CODE : RIO.TO
ISIN : CA76689T1049
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Rio Alto is a copper and gold development stage company based in Canada.

Rio Alto develops copper, gold and silver in Peru, and holds various exploration projects in Mexico.

Its main asset in development is LA ARENA in Peru and its main exploration properties are ANILLO DE FUEGO, PROVIDENCIA, RAL ( LA IGUANA ), VALLECILLO, MAMULIQUE and LA BLANCA in Mexico.

Rio Alto is listed in Canada. Its market capitalisation is CA$ 793.2 millions as of today (US$ 798.5 millions, € 597.1 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.07, and its highest recent level on February 23, 2012 at CA$ 4.54.

Rio Alto has 175 886 000 shares outstanding.

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In the News and Medias of Rio Alto Mining Limited
1/31/2008Follow up N° 2
Annual reports of Rio Alto Mining Limited
2007 annual report
2007 Q1 report
2006 Q3 report
2006 annual report
Financings of Rio Alto Mining Limited
11/30/2010Completes First Tranche of Private Placement for C$12.8 Mill...
1/7/2009Extends Expiry Date of Outstanding Warrants
12/23/2008Proposes to Extend Expiry Date of Outstanding Warrants
Option Grants of Rio Alto Mining Limited
7/23/2009Name Change to Rio Alto Mining Limited and Grant of Stock Op...
5/25/2009Announces Grant of Stock Options
Nominations of Rio Alto Mining Limited
3/14/2011Announces Appointment of Victor Gobitz and Sidney Robinson t...
2/18/2011Announces the Departure of Feisal Somji
6/17/2008Appoints Jose Sayo Garcia as VP Exploration and Brings Addit...
Project news of Rio Alto Mining Limited
4/29/2011(La Arena)Drills 173 Metres of 1.53 Grams of Gold Per Tonne
2/9/2011(La Arena)Announces Acquisition of 100% of La Arena Project
8/5/2009(La Arena)La Arena Surface Rights and Project Update
6/29/2009(La Arena)Confirms Option Agreement on La Arena and Equity Position in...
7/7/2008(Mamulique)Commences First Phase Drilling at the Mamulique Project
6/4/2008(Ral ( La Iguana ))Reports Extension of Mantos in the First Phase of Drilling a...
5/12/2008(La Blanca)Discovers New High Grade Veins
3/25/2008(Vallecillo)Initiates IP Geophysics at Vallecillo
2/19/2008(Mamulique) Announces Positive Exploration Results and Drill Plan for t...
1/30/2008(Ral ( La Iguana ))Announces an Exploration Update on its Iguana Project
1/23/2008(Vallecillo)Reports further drill results from the Vallecillo drill prog...
Corporate news of Rio Alto Mining Limited
4/1/2015Tahoe Resources and Rio Alto Mining Announce Completion of M...
3/30/2015Announces Shareholder and Court Approval of the Plan of Arra...
3/16/2015Announces Net Income of US$49.8 Million for 2014
7/20/2011Drills 238 Metres of 1.06 Grams of Gold Per Tonne
6/15/2011Drills 134 Metres of 2.29 Grams of Gold Per Tonne
5/9/2011(La Arena)Pours 1,115 Oz of Gold at La Arena
6/30/2009Completes Acquisition of Rio Alto Mining Limited
6/22/2009Enters Definitive Agreement to Acquire Rio Alto Mining Limit...
3/10/2009Enters into Letter of Intent to Acquire Rio Alto Mining Limi...
2/25/2009at 2009 Prospectors & Developers Association of Canada Confe...
12/19/2008Featured on Business Television
11/19/2008Provides a Corporate Update and Initiates Review of Strategi...
4/23/2008 Grants and Re-Prices Options
4/8/2008 Announces the Addition of Jim Glass to Board of Directors
2/29/20082007 Q3 Report
1/28/2008Announces Exploration Results from the Magnolia Mine Area wi...
12/5/2007 Announces Positive Drill Assay Results From Vallecillo and ...
11/30/20072007 Q2 report
11/19/2007 Acquires the Voladora Mine in the State of Nuevo Leon
10/31/2007Increases Drill Program at Vallecillo
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