ALTIPLANO METALS INC. Altiplano Metals Inc.
250 Southridge NW, Suite 300
Edmonton, AB
Canada
T6H 4M9
Altiplano Reports Q3 Operational Results with Record Tonnes Mined at Farellon
EDMONTON, October 31, 2022, Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on quarterly results for Q3 2022 from the Farellon Copper-Gold-Iron (Cu- Au-Fe) mine located near La Serena, Chile.
During Q3, 2022, the Company extracted a total 13,440 tonnes of mineralized Cu-Au material at Farellon. This represents an increase of 25% from Q2 results of 10,742 tonnes with Q3 representing the highest quarterly production since operations began in 2018. Tonnes processed in Q3 represented 7,570 tonnes, up 1% from the previous quarter of 7,488 tonnes. The copper grade recovered was 1.87%, down 4.8% from the previous Q2 result of 1.96%. Waste removal in Q3 decreased by 56% to 1,199 tonnes in Q2 as focus returned to advancing production headings.
Sales of 297,400 pounds of copper generated approximately US$691,000 in revenue (after processing costs). While Q3 copper sales were generally in line with the previous quarter (down 4% from 310,0000), revenues were reduced by 35% based on the effect of copper prices falling to $3.51/pound compared to the previous Q2 average of $4.21/pound.
At the end of September 2022, the Company had 750 tonnes in stockpiles at the Farellon site and a total of 3,160 tonnes of stockpiles at the El Peñón mill site. In addition, the company currently has 1,738 tonnes of material in process with ENAMI. This material will be processed for sale and the revenue will be realized in the next coming months.
President and CEO Alastair McIntyre comments: "We are pleased to see operational improvements continue at Farellon, with Q3 production being its highest on record. This puts us on track to achieve full operational capacity at Farellon as El Peñón completes the commissioning process with full-scale processing transitioning to the plant. We are also pleased to reach another significant milestone: achieving US$10.5 mm in revenues from our total sales since operations began at Farellon."
Figure 1. Quarterly Review of US$ Revenue and Copper Pounds Sold
Period | Mined | USD Revenue | Cu Pounds Sold |
Q1 2018 | 2,520 | $148,200 | 94,909 |
Q2 2018 | 10,269 | $210,492 | 118,287 |
Q3 2018 | 6,298 | $274,499 | 109,283 |
Q4 2108 | 11,365 | $695,386 | 272,381 |
Q12019 | 8,075 | $589,098 | 233,425 |
Q22019 | 6,935 | $578,282 | 229,986 |
Q3 2019 | 5,643 | $460,273 | 318,832 |
Q4 2019 | 5,968 | $381,427 | 238,371 |
Altiplano Metals Inc.
250 Southridge NW, Suite 300
Edmonton, AB
Canada
T6H 4M9
Q1 2020 | 5,557 | $320,960 | 188,671 |
Q2 2020 | 9,075 | $431,906 | 310,256 |
Q3 2020 | 9,660 | $831,241 | 460,384 |
Q4 2020 | 11,685 | $576,386 | 322,130 |
Q1 2021 | 9,770 | $540,713 | 257,522 |
Q2 2021 | 10,090 | $599,711 | 220,660 |
Q3 2021 | 11,624 | $561,345 | 221,518 |
Q4 2021 | 11,189 | $779,054 | 267,927 |
Q1 2022 | 9,843 | $908,419 | 295,199 |
Q2 2022 | 10,742 | $967,685 | 310,062 |
Q3 2022 | 13,440 | $691,323 | 297,403 |
TOTAL | 169,748 | $10,546,400 | 4,767,208 |
Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter
Mined, Processed & Cu Grade | |||||||||||||||
16,000 | 2.5% | ||||||||||||||
14,000 | 1.97% | 2.09% | 2.00% | 2.06% | 1.96% | ||||||||||
1.87% | |||||||||||||||
1.75% | 2.0% | ||||||||||||||
12,000 | |||||||||||||||
1.68% | |||||||||||||||
Material tonnes | |||||||||||||||
10,000 | 1.53% | 1.49% | 1.38% | 1.5% | grade Cu | ||||||||||
8,000 | |||||||||||||||
6,000 | 1.0% | ||||||||||||||
4,000 | 0.5% | ||||||||||||||
2,000 | |||||||||||||||
0 | 0.0% | ||||||||||||||
Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | |||||
Mined Material | Processed Material | Waste | ENAMI Stock | Cu grade |
Figure 3. Processed Material, Income vs. Mining Costs by Quarter
Altiplano Metals Inc.
250 Southridge NW, Suite 300
Edmonton, AB
Canada
T6H 4M9
Processed Material & Incomes vs Mining Costs
USD
$1,200,000 | 10,795 | 12,000 | ||||||||
$1,000,000 | 9,149 | 10,000 | ||||||||
8,055 | 7,635 | 7,488 | 7,570 | |||||||
7,047 | 7,254 | |||||||||
$800,000 | 6,962 | 6,751 | 8,000 | |||||||
$600,000 | 6,000 | |||||||||
4,489 | ||||||||||
$400,000 | 4,000 | |||||||||
$200,000 | 2,000 | |||||||||
$0 | 0 | |||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 |
2020 | 2020 | 2020 | 2020 | 2021 | 2021 | 2021 | 2021 | 2022 | 2022 | 2022 |
(tonnes) Material Processed
Total Incomes | Mining Cost | Incomes vs Mining Costs | Processed Material | |||
Figure 4. Farellon Mine Section
The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision
Altiplano Metals Inc.
250 Southridge NW, Suite 300
Edmonton, AB
Canada
T6H 4M9
Mining activity during Q3, 2022, focused on the 360 m and 352 m levels where grade of this material has averaged approximately 1.95% copper to date in 2022. Widening of the first 150 m of the Hugo Decline has begun to improve the operational efficiency of the Farellon mine. This work will provide transit trucks to operate with greater efficiency thus reducing mining costs. The Hugo Decline continues the advance to the next production area at the 344 m level. To date 50 m of this work has been completed with the end of November targeted for completion.
Figure 4. Trucks Loading for Shipment to Processing Facilities
Figure 5. Jumbo at the Face of the 344 m Hugo Decline Advance
Altiplano Metals Inc.
250 Southridge NW, Suite 300
Edmonton, AB
Canada
T6H 4M9
Altiplano has generated over US$10.5 million from the recovery and sale (after processing costs) of 4.77 million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q3). Cash flow has been reinvested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commissioning of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near
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Altiplano Metals Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 12:31:04 UTC.
