Red Tiger Reports Quarter Ended June 30, 2016 Results

(via Thenewswire.ca)

Toronto, Ontario / TheNewswire / August 29, 2016 - Red Tiger Mining Inc., (TSXV:RMN), (the “Company” or “Red Tiger”) today reported its financial and operating results for the three and six months ended June 30, 2016. This press release should be read in conjunction with the Company’s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2016 and Management’s Discussion and Analysis (“MD&A”) for the corresponding period, available on the Company’s website at www.redtigermining.com and on SEDAR at www.sedar.com.

SECOND QUARTER HIGHLIGHTS

-Comex Grade 1 Copper cathodes production of 579 tonnes for the three months ended June 30, 2016

-Copper sales of $2,733,989 for the three months ended June 30, 2016 at an average realized price(1) of $2.14 per pound

-Total cash costs per copper pound(1) of $1.29 and average realized margin(1) of $0.85 per pound for the second quarter ended June 30, 2016

-Net loss of $1,168,582 or $0.01 per share for the three months ended June 30, 2016

-Adjusted EBITDA(1) of $572,216 or adjusted EBITDA per share(1) of $0.00 for the three months ended June 30, 2016

-Cash of $74,486 as at June 30, 2016

YEAR-TO-DATE HIGHLIGHTS

-Comex Grade 1 Copper cathodes production of 991 tonnes for the six months ended June 30, 2016

-Copper sales of $4,687,992 for the six months ended June 30, 2016 at an average realized price(1) of $2.15 per pound

-Total cash costs per copper pound(1) of $1.46 and average realized margin(1) of $0.69 per pound for the first half of 2016

-Net loss of $2,996,162 or $0.02 per share for the six months ended June 30, 2016

-Adjusted EBITDA(1) of $51,864 or adjusted EBITDA per share(1) of $0.00 for the six months ended June 30, 2016

(1)        “Total cash costs per pound”, “Average realized price”, “Average realized margin”, “Adjusted EBITDA” and “Adjusted EBITDA per share” are non-IFRS financial performance measures with no standard meaning under IFRS. Refer to the “Non-IFRS Financial Performance Measures” section of this MD&A for reconciliations of these non-IFRS measures.

(1) Increase in cash costs per copper pound sold in Q4 2015 is due to a write-down of inventory of $7,944,486 to net realizable value.

(2) Total cash costs, average realized price and average realized margin are calculated on post-commercial pounds sold only.

(3) Refer to the section on Non-IFRS Financial Performance Measures at end of the press release. Reconciliation of these measures is described in the MD&A.

(Expressed in US dollars except where noted as C$)

Non-IFRS Financial Performance Measures

The Company has included certain non-IFRS measures in this press release, including “total cash cost per copper pound”, “average realized price”, “average realized margin”, “adjusted EBITDA” and “adjusted EBITDA per share”. The Company believes these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Contact Information

For further information, please contact: 

Red Tiger Mining Inc.

PO Box 23006 Castlewood, Toronto, ON M5N 3A8

info@redtigermining.com

www.redtigermining.com

David Lurie

CEO & CFO

dlurie@redtigermining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that Red Tiger believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the completion and filing of its annual financial statements, MD&A and Certification constitute forward-looking information). This forward-looking information reflects the current expectations or beliefs of Red Tiger based on information currently available to Red Tiger as well as certain assumptions including the completion and filing of its annual financial statements, MD&A and Certification. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Red Tiger to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Red Tiger.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Red Tiger disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Red Tiger believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Copyright (c) 2016 TheNewswire - All rights reserved.