DGAP-News

Altaley Mining Reports on Q2 2022 Financials

DGAP-News: Altaley Mining Corp Altaley Mining Reports on Q2 2022 Financials 30.08.2022 / 16:00 CET/CEST The issuer is solely responsible for the content of this announcement. Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) (the "Company" or "Altaley") is pleased to announce the release of its Q2 2022 financial results.

Q2 2022 Financials

Campo Morado Mine

During the three months ended June 30, 2022, Campo Morado produced 8,603 tonnes of zinc concentrate grading an average of 45% zinc, 1.73 g/t gold, 404 g/t silver and sold 8,194 tonnes generating Q2-2022 revenue from zinc concentrate of US$9.02 million. In May 2022, the mine began producing copper concentrate, of which 1,870 tonnes was produced during Q2-2022 grading an average of 14% copper, 6.3 g/t gold, 650 g/t silver and approximately 1,516 tonnes were sold generating Q2-2022 revenue from copper concentrate of US$ 2.1 million. Additionally, 951 tonnes of lead concentrate was produced grading an average of 16% lead, 3.58% copper, 4.71 g/t gold, 654 g/t silver and 2,626 tonnes were sold, generating Q2-2022 revenue from lead concentrate of US$0.34 million.

During Q2-2022, approximately 189,194 tonnes of mineralized material were processed through the processing plant at a C1 cash cost per lbs of US$1.13 with average grades of 3.01% zinc, 0.51% copper, 0.74% lead, 0.88 g/t gold, and 84 g/t silver achieving recoveries of 68.4% in zinc, 27.5% in copper, 10.8% in lead, 8.1% in gold, and 18.1% in silver.

Ralph Shearing states, "Q2 2022 second quarter financial results reflect a challenging quarter for the Company. Campo Morado operations saw a decrease in profitability over H1 2022 compared to H2 2021 as a result of the El Largo zone nearing depletion delivering lower grade ore to the mill which negatively affected both recoveries and concentrate grades. In addition, the mine installed a copper recovery flotation circuit to begin producing copper concentrate, foregoing lead concentrate production to take advantage of the significantly higher price of copper over lead. These factors along with downtime due to equipment failure and regular maintenance plus some inflationary cost increases resulted in decreased Campo Morado profit during the first half of 2022. Management however, is confident that these difficulties are behind us with Campo Morado back on track mining higher grade ore from the G9/Southwest allowing the project to achieve significantly better recoveries and concentrate grades during August, resulting in increased concentrate grades and increased production tonnages.