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Thompson Creek Metals Co Inc.

Publié le 19 mai 2016

Thompson Creek Reports First Quarter 2016 Financial Results

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Thompson Creek Reports First Quarter 2016 Financial Results

Denver, CO - Thompson Creek Metals Company Inc. (TSX: TCM) (OTCQX: TCPTF) (the 'Company' or 'Thompson Creek'), a North American mining company, announced today financial results for the three months ended March 31, 2016, prepared in accordance with United States generally accepted accounting principles ('US GAAP'). All dollar amounts are in United States ('US') dollars unless otherwise indicated.

Jacques Perron, President and Chief Executive Officer of Thompson Creek, said, 'During the first quarter, we remained focused on improving our safety performance, optimizing operations at Mount Milligan, and containing costs at our molybdenum operations. We are pleased with the quarter over quarter increases in throughput and payable copper and gold production at Mount Milligan, and the 30% decrease in our unit cash costs on a by-product basis, resulting from much higher gold sales revenue compared to the first quarter of 2015. We ended the quarter with approximately $169 million of working capital, which included approximately $139 million of cash.'

Mr. Perron continued, 'Activities relating to the construction of the permanent secondary crushing circuit at Mount Milligan are progressing on schedule and on budget, and we expect to complete construction and commissioning by year end.'

Highlights for the First Quarter 2016

  • Total cash and cash equivalents at March 31, 2016 were $139.1 million, compared to $176.8 million at December 31, 2015. Total debt, including capital lease obligations but excluding unamortized debt issuance costs and debt discounts, was $879.6 million at March 31, 2016, compared to $885.9 million at December 31, 2015.
  • Working capital at March 31, 2016 was $168.7 million, compared to $174.7 million at December 31, 2015.
  • Cash used in operating activities was $15.7 million in the first quarter of 2016, compared to cash used in operating activities of $5.3 million in the first quarter of 2015.
  • Consolidated revenues for the first quarter of 2016 were $97.4 million, compared to $123.0 million in the first quarter of 2015. Copper and gold sales contributed $73.4 million in revenue in the first quarter of 2016, compared to $68.2 million in the first quarter of 2015. Molybdenum sales were $19.6 million for the first quarter of 2016, compared to $42.8 million in the first quarter of 2015. During the first quarter of 2016 we completed three shipments of copper-gold concentrate and recorded three sales, compared to four shipments and three sales in the first quarter of 2015.
  • Sales volumes and average realized sales prices for copper and gold for the first quarter of 2016 were 15.0 million pounds of copper at an average realized price of $2.17 per pound and 44,391 ounces of gold at an average realized price of $1,026 per ounce, compared to 14.8 million pounds of copper at an average realized price of $2.47 per pound and 36,750 ounces of gold at an average realized price of $986 per ounce for the first quarter of 2015. In the first quarter of 2016 we sold 3.0 million pounds of molybdenum, which consisted of roasted molybdenum concentrate sourced from third parties, at an average realized price of $6.47 per pound. In the first quarter of 2015 we sold 4.3 million pounds of molybdenum, which consisted of inventory produced at our mines in 2014 in addition to third-party sourced product, at an average realized price of $10.00 per pound.
  • Consolidated operating income for the first quarter of 2016 was $7.4 million, compared to $5.2 million for the first quarter of 2015.
  • Net income for the first quarter of 2016 was $35.1 million, or $0.16 per diluted share, compared to a net loss of $87.2 million, or $0.41 per diluted share, for the first quarter of 2015. The net income for the first quarter of 2016 and the net loss for the first quarter of 2015 included primarily unrealized non-cash foreign exchange gains and losses of $59.4 million and $88.2 million, respectively, primarily on intercompany notes.
  • Non-GAAP adjusted net loss for the first quarter of 2016 was $19.3 million, or $0.09 per diluted share, compared to non-GAAP adjusted net loss for the same period of 2015 of $14.2 million, or $0.07 per diluted share. Non-GAAP adjusted net income (loss) excludes foreign exchange gains and losses, net of related income tax effects. See 'Non-GAAP Financial Measures' for the definition and reconciliation of non-GAAP adjusted net income (loss).
  • Payable production at Mount Milligan Mine for the first quarter of 2016 was 19.1 million pounds of copper and 53,329 ounces of gold, compared to payable production of 15.4 million pounds of copper and 46,119 ounces of gold for the first quarter of 2015.
  • Non-GAAP unit cash cost per pound of copper produced for the first quarter of 2016, on a by-product basis, net of gold credits, was $0.78 per pound and, on a co-product basis, $1.41 per pound of copper and $523 per ounce of gold. Non-GAAP unit cash cost in the first quarter of 2015 was, on a by-product basis, $1.12 per pound and on a co-product basis, $1.64 per pound of copper and $498 per ounce of gold. See 'Non-GAAP Financial Measures' for the definition and reconciliation of non-GAAP cash costs.
  • Capital expenditures for the first quarter of 2016 were $15.6 million, composed of $15.2 million for Mount Milligan Mine and $0.4 million for TC Mine, compared to $13.2 million for the first quarter of 2015.

Summary of Quarterly Results
(US$ in millions, except per share, per pound and per ounce amounts-unaudited)

Mar 31 2016

Dec 31 2015

Sep 30 2015

Jun 30 2015

Mar 31 2015

Financial Information
Revenues $ 97.4 $ 95.3 $ 141.7 $ 134.1 $ 123.0
Operating income (loss) $ 7.4 $ 3.2 $ 10.5 $ 12.1 $ 5.2
Net income (loss) $ 35.1 $ 12.9 $ (60.9) $ 0.3 $ (87.2)
Net income (loss) per share:
-basic $ 0.16 $ 0.06 $ (0.28) $ 0.00 $ (0.41)
-diluted $ 0.16 $ 0.06 $ (0.28) $ 0.00 $ (0.41)
Cash (used in) generated by operating activities $ (15.7) $ (19.7) $ 38.5 $ 23.9 $ (5.3)
Adjusted Non-GAAP Measures
Adjusted net (loss) income $ (19.3) $ (17.1) $ (5.0) $ (13.5) $ (14.2)
Adjusted net (loss) income per share
-basic $ (0.09) $ (0.08) $ (0.02) $ (0.06) $ (0.07)
-diluted $ (0.09) $ (0.08) $ (0.02) $ (0.06) $ (0.07)
Operational Statistics
Copper
Payable production (000's lb) 19,062 19,473 16,363 20,159 15,405
Cash cost ($/payable lb produced) - By-Product $ 0.78 $ 0.79 $ (0.16) $ 0.48 $ 1.12
Cash cost ($/payable lb produced) - Co-Product $ 1.41 $ 1.39 $ 1.66 $ 1.55 $ 1.64
Copper sold (000's lb) 14,962 16,123 24,427 21,195 14,791
Average realized sales price ($/lb) $ 2.17 $ 1.92 $ 2.09 $ 2.63 $ 2.47
Gold
Payable production (oz) 53,329 58,254 53,791 59,917 46,119
Cash cost ($/payable oz produced) - Co-Product $ 523 $ 463 $ 527 $ 434 $ 498
Gold sold (oz) 44,391 51,781 75,451 57,920 36,750
Average realized sales price ($/oz) $ 1,026 $ 932 $ 926 $ 975 $ 986
Molybdenum
Molybdenum sold (000's lb):
TC Mine and Endako Mine product - 244 592 576 2,552
Purchased and processed product 3,036 2,410 2,342 1,679 1,733
3,036 2,654 2,934 2,255 4,285
Average realized sales price ($/lb) $ 6.47 $ 6.39 $ 7.86 $ 9.23 $ 10.00

___________________________________________________________

See 'Non-GAAP Financial Measures' for the definition and reconciliation of these non-GAAP measures.

Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate, and payable metal deductions, subject to metal content, levied by smelters. The current payable percentage applied is approximately 95.0% for copper and 96.5% for gold.

Selected Condensed Consolidated Financial and Operational Information

(US$ in millions, except per share, per pound and per ounce amounts)

Three Months Ended March 31,
2016 2015
(unaudited)
Financial Information
Revenues
Copper sales $ 28.1 $ 32.2
Gold sales 45.3 36.0
Molybdenum sales 19.6 42.8
Tolling, calcining and other 4.4 12.0
Total revenues 97.4 123.0
Costs and expenses
Cost of sales
Operating expenses 57.5 83.0
Depreciation, depletion and amortization 19.8 20.0
Total cost of sales 77.3 103.0
Total costs and expenses 90.0 117.8
Operating income 7.4 5.2
Other (income) expense (35.2 ) 109.1
Income (loss) before income and mining taxes 42.6 (103.9 )
Income and mining tax benefit 7.5 (16.7 )
Net income (loss) $ 35.1 $ (87.2 )
Net income (loss) per share
Basic $ 0.16 $ (0.41 )
Diluted $ 0.16 $ (0.41 )
Cash used in operating activities $ (15.7 ) $ (5.3 )
Adjusted Non-GAAP Measures:
Adjusted net (loss) income $ (19.3 ) $ (14.2 )
Adjusted net (loss) income per share-basic $ (0.09 ) $ (0.07 )
Adjusted net (loss) income per share-diluted $ (0.09 ) $ (0.07 )
Three Months Ended
March 31, 2016 March 31, 2015
(unaudited)
Operational Statistics
Copper
Payable production (000's lb) 19,062 15,405
Cash cost ($/payable lb produced) - By-Product $ 0.78 $ 1.12
Cash cost ($/payable lb produced) - Co-Product 1.41 $ 1.64
Copper sold (000's lb) 14,962 14,791
Average realized sales price ($/lb) $ 2.17 $ 2.47
Gold
Payable production (oz) 53,329 46,119
Cash cost ($/payable oz produced) - Co-Product $ 523 $ 498
Gold sold (oz) 44,391 36,750
Average realized sales price ($/oz) $ 1,026 $ 986
Molybdenum sold (000's lb):
TC Mine and Endako Mine product $ - $ 2,552
Purchased and processed product 3,036 1,733
3,036 4,285
Average realized sales price ($/lb) $ 6.47 $ 10.00

_______________________________________________________________________________

See 'Non-GAAP Financial Measures' for the definition and reconciliation of these non-GAAP measures.

Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate, and payable metal deductions, subject to metal content, levied by smelters. The current payable percentage applied is approximately 95.0% for copper and 96.5% for gold.

Current Guidance

The following table presents our guidance for the full year 2016, which remains unchanged from our guidance issued previously. See footnotes below for changes in underlying foreign exchange rate and gold price assumptions.

Year Ending December 31, 2016
(Estimated)
Mount Milligan Mine Copper and Gold
Concentrate production (000's dry tonnes) 125 - 135
Copper payable production (000's lb) 55,000 - 65,000
Gold payable production (000's oz) 240 - 270
Unit cash cost - By-product ($/payable lb copper produced): $0.25 - $0.70
Cash Capital Expenditures ($ in millions, plus or minus 10%):
Mount Milligan operations $5
Mount Milligan tailings dam $20
Mount Milligan secondary crusher $47
Total capital expenditures $72

_______________________________________________________________________________

Estimates for cash costs and capital expenditures assume an average foreign exchange rate of US$1.00 = C$1.28 for 2016.

Assumes gold by-product credits at a weighted average gold price of $825/oz, which takes into account the $435/oz under the streaming arrangement with Royal Gold ('Gold Stream Arrangement').

Excluded $6.2 million in accruals as of December 31, 2015 that were paid in 2016.

Non-GAAP Financial Measures

In addition to the condensed consolidated financial statements presented in accordance with US GAAP, management uses certain non-GAAP financial measures to assess its operating performance for the reasons described further below. These measures do not have standard meanings prescribed by US GAAP and may not be comparable to similar measures presented by other companies. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with US GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the results of operations as determined in accordance with US GAAP.

Adjusted Net (Loss) Income, Adjusted Net (Loss) Income Per Share-Basic and Diluted

Management of the Company uses adjusted net (loss) income and adjusted net (loss) income per share-basic and diluted- to evaluate the Company's operating performance, and for planning and forecasting future business operations. The Company believes the use of these measures allows investors and analysts to compare results of the continuing operations of the Company to similar operating results of other mining companies, by excluding unusual or infrequent items that are considered non-core to our business.

Adjusted net (loss) income represents the (loss) income prepared in accordance with US GAAP, adjusted for significant non-cash items.

For the first three months of 2016 and 2015 and for the five quarters ended March 31, 2016, the significant items were the net gains and losses related to the impact of foreign exchange due primarily to intercompany notes and related tax effects. Additionally for the fourth quarter of 2015, in connection with a change in our legal structure we also had a significant non-cash release of tax valuation allowances which were generated in prior years primarily as a result of asset impairments.

In connection with the Company's strategy to manage cash balances, fund its operations and provide future tax benefits, the Company may enter into intercompany loan arrangements. At times, the loans are denominated in currencies other than the measurement currency of one of the parties. US GAAP requires that notes that are intended to be repaid should not be considered a capital contribution, and, therefore, the foreign exchange fluctuations related to these loans impact net income (loss) each period. At each period end, management compares the exchange rate between the Canadian and US dollars to the exchange rate at the end of the prior reporting period. The difference between those rates is recorded as an unrealized gain or loss on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Settlement of these intercompany loans results in realized foreign exchange gains or losses recorded on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As the loans between the parent company and its subsidiaries are the primary driver of the Company's foreign exchange gains and losses, as discussed above, management does not consider gains or losses on foreign exchange in its evaluation of our financial performance. Management believes that presentation of our non-GAAP measures excluding these gains or losses provides useful information to our investors regarding the Company's financial condition and results of operations.

Adjusted net income (loss) per share (basic and diluted) is calculated using adjusted net income (loss), as defined above, divided by the weighted-average basic and weighted-average diluted shares outstanding during the period as determined in accordance with US GAAP. If the adjustments to net (loss) on a US GAAP basis result in non-GAAP adjusted net income, management calculates weighted-average diluted shares outstanding in accordance with US GAAP and use that to calculate adjusted net income per share-diluted. If the adjustments to net income on a US GAAP basis result in non-GAAP adjusted net (loss), the Company utilizes weighted-average basic shares outstanding to calculate adjusted net income per share-diluted, in accordance with US GAAP.

The following table reconciles net (loss) income presented in accordance with US GAAP to the non-GAAP financial measures of adjusted net (loss) income and adjusted net (loss) income per share-basic and diluted- for the three months ended March 31, 2016 and for the previous four quarters. All figures within the tables are unaudited and are presented in US$ in millions, except shares and per share amounts.

Non-GAAP Reconciliation

Three Months Ended
Mar 31
2016

Dec 31

2015

Sep 30

2015

Jun 30
2015
Mar 31
2015
Net income (loss) $ 35.1 $ 12.9 $ (60.9 ) $ 0.3 $ (87.2 )
Add (Deduct):
Tax valuation allowance - (51.6 ) - - -
(Gain) loss on foreign exchange (60.6 ) 29.3 69.9 (17.2 ) 89.8
Tax expense (benefit) on foreign exchange loss (gain) 6.2 (7.7 ) (14.0 ) 3.4 (16.8 )
Non-GAAP adjusted net (loss) income $ (19.3 ) $ (17.1 ) $ (5.0 ) $ (13.5 ) $ (14.2 )
Net income (loss) per share
Basic $ 0.16 $ 0.06 $ (0.28 ) $ 0.00 $ (0.41 )
Diluted $ 0.16 $ 0.06 $ (0.28 ) $ 0.00 $ (0.41 )
Adjusted net (loss) income per share
Basic $ (0.09 ) $ (0.08 ) $ (0.02 ) $ (0.06 ) $ (0.07 )
Diluted $ (0.09 ) $ (0.08 ) $ (0.02 ) $ (0.06 ) $ (0.07 )
Weighted-average shares
Basic 222.2 221.6 221.2 218.0 214.4
Diluted 222.2 221.6 221.2 218.0 214.4

_______________________________________________________________________________

Included a foreign exchange gain of $1.2 million; a foreign exchange loss of $1.0 million and $1.1 million; a foreign exchange gain of $0.3 million; and a foreign exchange loss of $1.6 million, presented in income and mining tax expense (benefit) in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015, respectively.

Copper-Gold Operations - Unit Cash Cost and Average Realized Price per Payable Pound or Payable Ounce Sold

Unit cash cost on a by-product and co-product basis are considered key measures in evaluating operating performance in the Company's Copper-Gold operations, as well as measures of profitability and efficiency on a consolidated basis. Although, unit cash cost on a by-product and co-product basis are not measures of financial performance, do not have standardized meaning prescribed by US GAAP and may not be comparable to similar measures presented by other companies, management believes these non-GAAP measures provide useful supplemental information to investors.

Unit cash cost on a by-product and co-product basis represent the mining, milling, on-site general and administration, truck and rail transportation, warehousing, refining and treatment, and ocean freight and insurance costs; and exclude the effects of changes in inventory, other non-cash employee benefits, such as stock-based compensation, depreciation, depletion, amortization and accretion.

On a by-product basis, sales of by-product metals are deducted when computing cash costs in accordance with the cash cost standard endorsed by the World Gold Council and, previously, the Gold Institute.

On a co-product basis, cash costs are allocated between copper and gold based on production. Copper production is stated in thousands of pounds. Gold production has been converted to thousands of copper equivalent (Cu eq.) pounds using the gold production for the periods presented, as well as the most recent quarterly average prices for copper and gold. The price used for copper is the most recent quarterly average of the Metals Bulletin Daily published price for LME settlement per tonne. The price used for gold is a weighted average of the most recent quarterly average of the Metals Bulletin Daily published prices for daily average London price per ounce adjusted for the fixed price established under the Gold Stream Arrangement ($435 per oz).

The following tables provide a reconciliation of cash costs, unit cash costs, and operating expenses for Copper-Gold operations included in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) in the determination of net income (loss) for the five quarters ended March 31, 2016.

Non-GAAP Cash Cost

Three Months Ended
(US$ in millions) Mar 31
2016
Dec 31
2015
Sep 30
2015
Jun 30
2015
Mar 31
2015
Direct mining costs $ 44.8 $ 44.5 $ 41.3 $ 45.0 $ 37.4
Truck and rail transportation and warehousing costs 3.5 2.7 3.9 3.8 4.4
Costs reflected in inventory and operations costs $ 48.3 $ 47.2 $ 45.2 $ 48.8 $ 41.8
Refining and treatment costs 4.6 5.2 7.9 6.6 4.5
Ocean freight and insurance costs 1.8 1.8 2.5 1.8 2.0
Direct costs reflected in revenue and selling and marketing costs $ 6.4 $ 7.0 $ 10.4 $ 8.4 $ 6.5
Non-GAAP cash costs $ 54.7 $ 54.2 $ 55.6 $ 57.2 $ 48.3
Reconciliation to amounts reported (US$ in millions)
Direct costs $ (6.4 ) $ (7.0 ) $ (10.4 ) $ (8.4 ) $ (6.5 )
Changes in inventory (11.5 ) (10.2 ) 14.1 1.8 (7.0 )
Silver by-product credits (1.0 ) (0.9 ) (1.4 ) (1.2 ) (1.2 )
Non cash costs and other 0.2 0.1 0.2 0.2 0.2
Copper-Gold segment US GAAP operating expenses $ 36.0 $ 36.2 $ 58.1 $ 49.6 $ 33.8

_______________________________________________________________________________

Mining, milling and on-site general and administration costs. Mining includes all stripping costs but excludes costs capitalized related to the construction of the tailings dam. Stripping costs that provide access to mineral reserves that will be produced in future periods are expensed as incurred under US GAAP.

Silver sales are reflected as a credit to operating costs.

By-Product

Three Months Ended
(US$ in millions, except pounds and per pound amounts) Mar 31
2016
Dec 31
2015
Sep 30
2015
Jun 30
2015
Mar 31
2015
Copper payable production (000's lbs) 19,062 19,473 16,363 20,159 15,405
Non-GAAP cash cost $ 54.7 $ 54.2 $ 55.6 $ 57.2 $ 48.3
Less by-product credits
Gold sales $ 45.5 $ 48.2 $ 69.9 $ 56.5 $ 36.2
Gold sales related to deferred portion of Gold Stream Arrangement (6.6 ) (10.4 ) (13.1 ) (10.0 ) (6.4 )
Net gold by-product credits $ 38.9 $ 37.8 $ 56.8 $ 46.5 $ 29.8
Silver by-product credits 1.0 0.9 1.4 1.3 1.2
Total by-product credits $ 39.9 $ 38.7 $ 58.2 $ 47.8 $ 31.0
Non-GAAP cash cost net of by-product credits $ 14.8 $ 15.5 $ (2.6 ) $ 9.4 $ 17.3
Non-GAAP cash cost per pound, on a by-product basis $ 0.78 $ 0.79 $ (0.16 ) $ 0.48 $ 1.12

_______________________________________________________________________________

Excluded refining and treatment charges.

The three months ended March 31, 2016 included $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

Silver sales are reflected as a credit to operating costs.

Co- Product

Three Months Ended
(US$ in millions, except pounds, ounces and per unit amounts) Mar 31
2016
Dec 31
2015
Sep 30
2015
Jun 30
2015
Mar 31
2015
Copper payable production (000's lbs) 19,062 19,473 16,363 20,159 15,405
Gold payable production in Cu eq. (000's lbs) 19,938 19,962 17,199 17,317 14,082
Payable production (000's lbs) 39,000 39,435 33,562 37,476 29,487
Non-GAAP cash cost allocated to Copper $ 26.8 $ 27.7 $ 27.2 $ 30.8 $ 25.2
Non-GAAP cash cost per pound, on a co-product basis $ 1.41 $ 1.39 $ 1.66 $ 1.55 $ 1.64
Non-GAAP cash cost allocated to Gold $ 27.9 $ 26.5 $ 28.4 $ 26.4 $ 23.1
Gold payable production (ounces) 53,329 58,254 53,791 59,917 46,119
Non-GAAP cash cost per ounce, on a co-product basis $ 523 $ 463 $ 527 $ 434 $ 498

______________________________________________________________________________

Gold has been converted from payable ounces to thousands of copper equivalent pounds by using the gold production for the periods presented, using a gold price of $793, $757, $764, $795 and $806 per ounce for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively, (adjusted for the Royal Gold price of $435 per ounce) and a copper price of $2.12, $2.21, $2.39, $2.75 and $2.64 per pound for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

Average Realized Sales Price

The average realized sales price per payable pound or payable ounce sold is calculated by dividing copper or gold sales revenue, gross together with the final pricing adjustments and mark-to-market adjustments by the pounds or ounces sold, respectively, as shown in the tables below.

Three Months Ended
(US$ in millions, except pounds, ounces and per unit amounts) Mar 31
2016
Dec 31
2015
Sep 30
2015
Jun 30
2015
Mar 31
2015
Average realized sales price for Copper
Copper sales reconciliation ($)
Copper sales, excluding adjustments $ 32.1 $ 33.9 $ 59.6 $ 58.4 $ 38.3
Final pricing adjustments (2.4 ) (5.1 ) (7.1 ) 1.6 (7.3 )
Mark-to-market adjustments 2.8 2.2 (1.5 ) (4.3 ) 5.5
Copper sales, net of adjustments 32.5 31.0 51.0 55.7 36.5
Less Refining and treatment costs 4.4 4.9 7.5 6.4 4.3
Copper sales $ 28.1 $ 26.1 $ 43.5 $ 49.3 $ 32.2
Pounds of Copper sold (000's lb) 14,962 16,123 24,427 21,195 14,791
Average realized sales price for Copper on a per unit basis
Copper sales excluding adjustments $ 2.15 $ 2.10 $ 2.44 $ 2.76 $ 2.59
Final pricing adjustments (0.16 ) (0.32 ) (0.29 ) 0.08 (0.49 )
Mark-to-market adjustments 0.18 0.14 (0.06 ) (0.21 ) 0.37
Average realized Copper sales price per pound sold $ 2.17 $ 1.92 $ 2.09 $ 2.63 $ 2.47
Average realized sales price for Gold
Gold sales reconciliation ($)
Gold sales related to cash portion of Gold Stream Arrangement $ 10.0 $ 11.7 $ 17.0 $ 13.1 $ 8.3
Gold sales related to deferred portion of Gold Stream Arrangement 6.6 10.4 13.1 10.0 6.4
Gold sales under Gold Stream Arrangement 16.6 22.1 30.1 23.1 14.7
TCM share of gold sales to MTM Customers 26.2 26.6 40.2 34.0 21.2
Final pricing adjustments 0.6 0.1 (0.4 ) (1.1 ) 0.7
Mark-to-market adjustments 2.1 (0.6 ) 0.1 0.4 (0.4 )
Gold sales TCM Share 28.9 26.1 39.9 33.3 21.5
Gold sales, net of adjustments 45.5 48.2 70.0 56.4 36.2
Less Refining and treatment costs 0.2 0.2 0.5 0.1 0.2
Gold sales $ 45.3 $ 48.0 $ 69.5 $ 56.3 $ 36.0
Ounces of gold sold to Royal Gold 23,079 26,819 39,061 30,070 19,154
TCM share of ounces of gold sold to MTM customers 21,312 24,962 36,390 27,850 17,596
Total ounces of Gold sold 44,391 51,781 75,451 57,920 36,750
Average realized sales price for Gold on a per ounce basis
Gold sales related to cash portion of Gold Stream Arrangement $ 435 $ 435 $ 435 $ 435 $ 435
Gold sales related to deferred portion of Gold Stream Arrangement 286 390 334 334 334
Average realized sales price per ounce sold to Royal Gold $ 721 $ 825 $ 769 $ 769 $ 769
TCM share of gold sales to MTM Customers $ 1,229 $ 1,066 $ 1,105 $ 1,221 $ 1,205
Final pricing adjustments 28 3 (11 ) (39 ) 40
Mark-to-market adjustments on current period sales 99 (23 ) 3 15 (25 )
Average realized sales price per ounce sold for TCM share $ 1,356 $ 1,046 $ 1,097 $ 1,197 $ 1,220
Average realized sales price per ounce sold $ 1,026 $ 932 $ 926 $ 975 $ 985

The three months ended March 31, 2016 included $1.5 million reduction related to five invoices from 2015. The decrease resulted from a downward revision of $66/oz. to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

Conference Call and Webcast

Thompson Creek will hold a conference call for analysts and investors to discuss its first quarter 2016 financial results on Thursday, May 5, 2016, at 11:00 am Eastern Time.

To participate in the call, please dial 1 (647) 427-7450 or 1 (888) 231-8191. A live audio webcast of the conference call will be available at http://bit.ly/1oyWYCN and www.thompsoncreekmetals.com.

An archived recording of the conference call will be available through May 19, 2016. To access the recording, dial 1 (416) 849-0833 or 1 (855) 859-2056 and enter replay code 86376413. The archived recording will also be available on the Thompson Creek website.

About Thompson Creek Metals Company Inc.

Thompson Creek Metals Company Inc. is a North American mining company. The Company's principal operating property is its 100%-owned Mount Milligan Mine, an open-pit copper and gold mine and concentrator in British Columbia. The Company's molybdenum assets consist of its 100%-owned Thompson Creek Mine, an open-pit molybdenum mine and concentrator in Idaho, its 75% joint venture interest in the Endako Mine, an open-pit molybdenum mine, concentrator and roaster in British Columbia, and its Langeloth Metallurgical Facility in Pennsylvania. The Company's development projects are the Berg and IKE properties, both copper, molybdenum and silver exploration properties located in British Columbia. The Company's principal executive office is located in Denver, Colorado. More information is available at www.thompsoncreekmetals.com.

For more information, please contact:

Pamela Solly
Director, Investor Relations
Thompson Creek Metals Company Inc.
Tel: (303) 762-3526
[email protected]

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31, December 31,
(US dollars in millions, except share amounts) 2016 2015
ASSETS
Current assets
Cash and cash equivalents $ 139.1 $ 176.8
Accounts receivable 60.3 52.7
Product inventory 74.6 55.8
Materials and supplies inventory 31.7 28.3
Prepaid expenses and other current assets 9.7 4.2
Income and mining taxes receivable 6.2 6.1
321.6 323.9
Property, plant, equipment and development, net 1,962.9 1,856.2
Reclamation deposits 10.1 10.1
Other assets 22.4 21.0
Deferred income tax assets 156.3 155.4
$ 2,473.3 $ 2,366.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 76.7 $ 72.0
Income, mining and other taxes payable 1.3 1.1
Current portion of Gold Stream deferred revenue 46.4 47.0
Current portion of long-term lease obligations 25.3 25.6
Other current liabilities 3.2 3.5
152.9 149.2
Gold Stream deferred revenue 672.4 677.8
Long-term debt, net of unamortized debt issuance costs and discounts 823.0 821.8
Long-term lease obligations 21.4 27.4
Other liabilities 14.2 13.6
Asset retirement obligations 35.7 33.8
Deferred income tax liabilities 72.3 67.7
1,791.9 1,791.3
Commitments and contingencies
Shareholders' equity

Common stock, no-par, 222,475,350 and 221,622,186 shares issued and outstanding

as of March 31, 2016 and December 31, 2015, respectively

1,197.7 1,196.4
Additional paid-in capital 82.7 82.5
Accumulated deficit (346.7 ) (381.8 )
Accumulated other comprehensive income (loss) (252.3 ) (321.8 )
681.4 575.3
$ 2,473.3 $ 2,366.6

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three Months Ended March 31,
(US dollars in millions, except per share amounts) 2016 2015
REVENUES
Copper sales $ 28.1 $ 32.2
Gold sales 45.3 36.0
Molybdenum sales 19.6 42.8
Tolling, calcining and other 4.4 12.0
Total revenues 97.4 123.0
COSTS AND EXPENSES
Cost of sales
Operating expenses 57.5 83.0
Depreciation, depletion and amortization 19.8 20.0
Total cost of sales 77.3 103.0
Selling and marketing 2.2 3.0
Strategic initiatives and related costs 3.4 -
Accretion expense 0.6 0.6
General and administrative 4.1 5.6
Costs for idle mining operations 2.4 5.6
Total costs and expenses 90.0 117.8
OPERATING INCOME 7.4 5.2
OTHER (INCOME) EXPENSE
(Gain) loss on foreign exchange (59.4 ) 88.2
Interest and finance fees 21.1 22.6
Gain from debt extinguishment - (0.3 )
Interest income (0.1 ) (0.1 )
Other 3.2 (1.3 )
Total other (income) expense (35.2 ) 109.1
Income (loss) before income and mining taxes 42.6 (103.9 )
Total income and mining tax expense (benefit) 7.5 (16.7 )
NET INCOME (LOSS) $ 35.1 $ (87.2 )
COMPREHENSIVE INCOME (LOSS)
Foreign currency translation 69.5 (96.5 )
Total other comprehensive (income) loss 69.5 (96.5 )
Total comprehensive income (loss) $ 104.6 $ (183.7 )
NET INCOME (LOSS) PER SHARE
Basic $ 0.16 $ (0.41 )
Diluted $ 0.16 $ (0.41 )
Weighted-average number of common shares
Basic 222.2 214.4
Diluted 222.2 214.4

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended March 31,
(US dollars in millions) 2016 2015
OPERATING ACTIVITIES
Net income (loss) $ 35.1 $ (87.2 )
Adjustments to reconcile net income (loss)
Depreciation, depletion and amortization 19.8 20.0
Deferred revenue related to Gold Stream Arrangement (6.6 ) (6.4 )
Accretion expense 0.6 0.6
Amortization of finance fees 1.2 1.2
Stock-based compensation 1.3 1.3
Product inventory write downs 0.7 5.2
Deferred income tax benefit 8.0 (15.1 )
Unrealized (gain) loss on financial instruments and mark-to-market adjustments (10.7 ) 6.0
Unrealized foreign exchange (gain) loss (59.8 ) 86.6
Debt extinguishment - (0.3 )
Changes in other long term liabilities 0.6 -
Gold Stream Arrangement net payable 10.1 (5.5 )
Change in current assets and liabilities (16.0 ) (11.7 )
Cash used in operating activities (15.7 ) (5.3 )
INVESTING ACTIVITIES
Capital expenditures (15.6 ) (13.2 )
Capitalized interest payments (0.4 ) (0.7 )
Restricted cash - 7.1
Proceeds from sale of assets 0.1 -
Cash used in investing activities (15.9 ) (6.8 )
FINANCING ACTIVITIES
Equipment financings and repayments (6.3 ) (6.5 )
Repayment of long-term debt - (1.3 )
Senior note repurchases - (6.8 )
Proceeds from issuance of common shares, net 0.1 0.3
Cash used in financing activities (6.2 ) (14.3 )
EFFECT OF EXCHANGE RATE CHANGES ON CASH 0.1 (1.0 )
DECREASE IN CASH AND CASH EQUIVALENTS (37.7 ) (27.4 )
Cash and cash equivalents, beginning of period 176.8 265.6
Cash and cash equivalents, end of period $ 139.1 $ 238.2
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Thompson Creek Metals Co Inc.

PRODUCTEUR
CODE : TCM.TO
Suivi et investissement
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Thompson Creek est une société de production minière d'or et de cuivre basée au Canada.

Thompson Creek est productrice d'or, de cuivre, de molybdène en USA et au Canada, en développement de projets de cuivre, de molybdène et d'or au Canada, et détient divers projets d'exploration au Canada.

Ses principaux projets en production sont THOMPSON CREEK MINE en USA et ENDAKO au Canada, ses principaux projets en développement sont DAVIDSON (YORKE-HARDY) et MOUNT MILLIGAN au Canada et ses principaux projets en exploration sont MAZE LAKE, BERG et HOWARDS PASS au Canada.

Thompson Creek est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 149,3 millions CA$ (111,4 millions US$, 102,3 millions €).

La valeur de son action a atteint son plus haut niveau récent le 15 juillet 2011 à 9,88 CA$, et son plus bas niveau récent le 22 janvier 2016 à 0,16 CA$.

Thompson Creek possède 222 780 000 actions en circulation.

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Dans les médias de Thompson Creek Metals Co Inc.
29/09/2007War Eagle - Financial Post article - Commodities boom extend...
Financements de Thompson Creek Metals Co Inc.
23/05/2011Announces Closing of its Senior Unsecured Notes Offering
Nominations de Thompson Creek Metals Co Inc.
17/09/2013mpany Announces Start Date for New Chief Executive Officer
08/08/2013mpany Announces Appointment of Jacques Perron as Chief Execu...
25/05/2011Promotes Scott Shellhaas to President
11/08/2010Appointment of General Counsel
11/08/2009Appointment of Chief Operating Officer
08/08/2008Announces Appointment of James L. Freer to Board of Director...
29/07/2008Announces Appointment of Chief Financial Officer
Rapports Financiers de Thompson Creek Metals Co Inc.
21/10/2013mpany Schedules Third Quarter 2013 Financial Results Confere...
11/07/2013mpany Schedules Second Quarter 2013 Financial Results Confer...
08/05/2013mpany Reports First Quarter 2013 Financial Results
17/04/2013mpany Schedules First Quarter 2013 Financial Results Confere...
25/02/2013mpany Reports Fourth Quarter and Full Year 2012 Financial Re...
28/01/2013mpany Schedules 2012 Financial Results Conference Call/Webca...
08/11/2012Reschedules Third Quarter 2012 Financial Results Conference ...
12/10/2011Schedules Third Quarter 2011 Financial Results Conference Ca...
09/08/2011Announces 2011 Second Quarter Revenue Up 28.6% to $190.9 Mil...
15/07/2011Schedules Second Quarter 2011 Financial Results Conference C...
14/07/2011Schedules Second Quarter 2011 Financial Results Conference ...
09/05/2011Announces Offering of Senior Unsecured Notes
06/04/2011Schedules First Quarter 2011 Financial Results Conference Ca...
25/02/2011Announces Record Production and Sales Volumes for Fiscal 201...
06/08/2010Reports significantly improved financial results for second ...
26/07/2010Schedules Conference Call/Webcast to Review Second Quarter 2...
05/05/2010First-Quarter 2010 Financial Results
22/04/2010Schedules First-Quarter 2010 Financial Results Conference Ca...
06/11/2009Third-quarter 2009 financial results and production and cost...
28/10/2009Schedules third-quarter 2009 financial results conference ca...
28/07/2009schedules second-quarter 2009 financial results conference c...
08/08/2008Announces Second-Quarter 2008 Financial Results
14/03/2008Announces 2007 Financial Results
Projets de Thompson Creek Metals Co Inc.
03/10/2012(Thompson Creek Mine)New Mine Plan at the Thompson Creek Mine Expected to Achieve...
15/12/2011Announces Royal Gold Increases Gold Stream Interest to Purch...
08/08/2011(Endako)mpany Inc. - Lawsuit Relating to Endako Expansion Project Di...
04/04/2011(Mount Milligan)Annouces Completion of $132 Million Equipment Financing
27/07/2010(Endako)Union Obtains Certification
19/08/2008Signs Option Agreement to Acquire Up to 75% of High-Grade Mo...
02/04/2008(Davidson (yorke-hardy)) Announces Davidson Deposit Feasibility Study
14/03/2008(Endako)Announces Approval for Endako Expansion
20/02/2008(Endako)Announces Revised 2008 Endako Production Guidance and 2007 P...
14/12/2007(Endako)Announces Changes to Production Estimates for 2007
Communiqués de Presse de Thompson Creek Metals Co Inc.
12/07/2016Thompson Creek Reports Second Quarter and Year-to-Date 2016 ...
05/07/2016Centerra Gold And Thompson Creek Announce Transformational B...
24/06/2016Thompson Creek Metals Company Announces Election of Director...
19/05/2016Thompson Creek Reports First Quarter 2016 Financial Results
14/01/2016Thompson Creek Announces Listing Change
14/01/2016Thompson Creek Reports 2015 Production Results and Announces...
28/11/2015Is Sotherly Hotels Inc (SOHO) A Good Stock To Buy?
15/10/2015Thompson Creek (TC) Posts Q3 Production & Sales Results
13/10/2015Thompson Creek Reports Third Quarter 2015 Production and Sal...
08/10/2015Why Thompson Creek Metals (TC) Could Be Positioned for a Slu...
07/08/2015Edited Transcript of TCM.TO earnings conference call or pres...
06/08/2015Thompson Creek misses Street 2Q forecasts
06/08/2015Thompson Creek Reports Second Quarter 2015 Financial Results
05/08/2015Why Thompson Creek Metals (TC) Might Surprise This Earnings ...
04/08/2015Will Thompson Creek (TC) Beat Earnings Estimates in Q2? - An...
16/07/2015Thompson Creek Schedules Second Quarter 2015 Financial Resul...
14/07/2015Thompson Creek Repurchases $34M of Senior Secured Notes - An...
13/07/2015Thompson Creek Announces Repurchase of $34 Million of 9.75% ...
13/07/2015Announces Repurchase of $34 Million of 9.75% Senior Secured ...
08/07/2015Thompson Creek Reports Second Quarter 2015 Production and Sa...
07/07/2015Thompson Creek Receives Continued Listing Standard Notice fr...
20/04/2015Royal Gold (RGLD) Issues Update on Mt. Milligan Mine - Analy...
13/04/2015Thompson Creek Schedules First Quarter 2015 Financial Result...
19/02/2015Thompson Creek Reports Significantly Improved 2014 Financial...
19/02/2015Reports Significantly Improved 2014 Financial Results Revenu...
06/02/2015Thompson Creek Schedules 2014 Financial Results Conference C...
19/01/2015Thompson Creek reports 2014 production results and announces...
12/01/2015Thompson Creek Schedules Conference Call/Webcast on January ...
10/12/2014Thompson Creek Metals Company to Place Endako Molybdenum Min...
09/12/2014Thompson Creek Metals Company Announces Change in Senior Man...
10/11/2014Thompson Creek Reports Significantly Improved Third Quarter ...
20/10/2014Thompson Creek Metals Company Schedules Third Quarter 2014 F...
14/10/2014Thompson Creek Metals Company Announces Third Quarter 2014 O...
05/08/2014Thompson Creek Metals Company Reports Increase in Second Qua...
21/07/2014Thompson Creek Metals Company Schedules Second Quarter 2014 ...
10/07/2014Thompson Creek Metals Company Announces Second Quarter 2014 ...
25/06/2014Thompson Creek Announces Results of Its Previously Announced...
23/06/2014Thompson Creek Announces Pricing Terms for Its Previously An...
11/06/2014Thompson Creek Announces Extension and Amendment of Pricing ...
11/06/2014Thompson Creek Announces Extension and Amendment of Pricing ...
11/06/2014Thompson Creek Announces Extension and Amendment of Pricing ...
27/05/2014Thompson Creek Metals Company Announces Appointment of Anne ...
07/10/2013mpany Celebrates the Opening of Mt. Milligan With Dedication...
24/09/2013mpany Announces Copper-Gold Concentrate Production at Mt. Mi...
16/08/2013mpany Processes First Feed at Mt. Milligan Copper and Gold M...
22/01/2013mpany Approval of Deposition of Tailings at the Mt. Milligan...
13/09/2011(Endako)Announces Increased Reserves and Extended Mine Life for the ...
15/08/2011Announces Executive Promotions
09/05/2011Announces First Quarter 2011 Record Production of 10.3 Milli...
31/03/2011ANNOUNCES COMPLETION OF $132 MILLION EQUIPMENT FINANCING
15/07/2010Enters into agreement to acquire Terrane Metals Corp.
10/05/2010Election Of Carol T. Banducci To Board Of Directors
06/05/2010Annual General Meeting Webcast Notification - May 6, 2010
25/01/2010Confirms move to U.S. generally accepted accounting principl...
24/06/2009completion of stock option cancellation program
08/06/2009Changes to 2009 Operating Plans
05/06/2009Resignation of Chief Operating Officer
18/02/2009provides update on 2009 operating plans
27/01/2009Changes Production Guidance for 2009
05/12/2008Provides Update on Capital Expenditure Plans
25/09/2008announces normal course issuer bid
27/06/2008Completes Over-Allotment Option
05/06/2008Completes C$215,000,000 Financing
05/05/2008webcast Annual and Special Meeting of Shareholders on May 8 ...
11/12/2007Announces Changes to Board of Directors
26/11/2007Announces Revised Reserves and New 10-Year Mine Plan for Tho...
14/11/2007 Reports Slide at Endako Mine Affects Operations
15/10/2007(angl) Posts New Report On Expanded Uses Of Molybdenum In T...
10/08/2007Reports Net Income of US$56.8 Million or 51 Cents Per Share ...
10/07/2007Announces Revised Mine Life of 27 Years at Endako Molybdenum...
11/05/2007Elects Two New Directors And Changes Name To Thompson Creek ...
10/05/2007Reports Cash Flow From Operating Activities of US$105.1 Mill...
16/04/2007A New Measured And Indicated Resource Of 464 Million Pounds
11/04/2007New Report on 'Structural Changes in Molybdenum Demand'
27/03/2007Reports Cash Flow From Operating Activities Of US$75.4 Milli...
13/04/2006Reports grades up to 0,797% MoS2 from Davidson drilling:…
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TORONTO (TCM.TO)FRANKFURT (A6R.F)
0,670+3.08%0,433-0.69%
TORONTO
CA$ 0,670
21/10 14:59 0,020
3,08%
Cours préc. Ouverture
0,650 0,650
Bas haut
0,650 0,670
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  0,670 -%
Volume var. 1 mois
192 028 -%
24hGold TrendPower© : 20
Produit Molybdenum
Développe Copper - Gold - Molybdenum
Recherche Copper - Gold - Molybdenum - Silver
 
 
 
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