Altaley Mining Discloses 2021 Financial and Operating Results, Reporting Net Income of $36.2 Million and $0.15 Earnings per Share

Press Releases

May 2, 2022

Altaley Mining Corporation (TSXV: ATLY) (OTCQX: ATLYF) (FSE: TSGA) ("Altaley" or the "Company") is pleased to announce the SEDAR filing of its audited consolidated financial statements and management discussion & analysis for the year ended December 31, 2021.

2021 Financial Highlights

  • 121% increase in gross revenues to $98.4M
  • Mine operating profit increased to $34.2M from a 2020 loss of $138K
  • Basic earnings per share of $0.15
  • Positive net income of $36.2M, up from the previous year's loss of $11.6M

Ralph Shearing, CEO states,” I am immensely proud of our entire Altaley team who have worked tirelessly throughout 2021 to deliver a record-breaking year of rapid growth and excellent profitability to the Company and our shareholders. We will build on these excellent 2021 results as we continue our improvements at Campo Morado and very soon, enter production at our Tahuehueto gold mine where we expect robust economics to significantly increase our revenues and profitability.” Please see recent press release dated April 26, 2022, disclosing Tahuehueto pre-feasibility results.

Highlights of Campo Morado Mine

  • 2021 average AISC of $0.83/lb Zn. and C1 cash cost per lbs of US$0.60
  • Produced 45,778 tonnes of zinc concentrate grading an average of 46% zinc, 2.12 g/t gold, 658 g/t silver and sold approximately 45,680 tonnes of zinc concentrate generating 2021 revenue of US$52.14M
  • Produced 9,936 tonnes of lead concentrate grading an average of 22% lead, 1.65% copper, 6.08 g/t gold, 776 g/t silver and sold 9,657 tonnes generating 2021 revenue of US$8.96M.
  • Mined 689,963 tonnes of ore grading 4.27% zinc, 1.09% lead, 124 g/t silver and 1.06 g/t gold.
  • An estimated 689,963 tonnes of mineralized material were processed during year ended December 31, 2021,

The following table provided a summary of the operating performance of the Company for the three months and years ended December 31, 2021, and 2020. (Dollar amounts expressed in thousands of Canadian dollars, unless otherwise stated).

Campo Morado Mine Q4 operating income for the three months and year ended December 31, 2021, and 2020, is comprised of:

Private Placement

The TSXV has provided the Company with a thirty-day extension to close the 2nd and final tranche of the private placement first announced on March 17, 2022.

About Altaley Mining Corporation

Altaley Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.

Altaley's Tahuehueto mining project is in north-western Durango State, Mexico where construction has been advanced to near completion on its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto. The Company is targeting initial pre-production in May 2022 and ramping up to full production capacity during Q2-Q3 2022.

Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average of 2,200 tonnes per day and is currently estimated to be Mexico’s 6th largest zinc producer.


On Behalf of the Board of Directors

(signed) “Ralph Shearing”Ralph Shearing, P. Geol,

CEO, President and Director

Cautionary Note Regarding Production Decisions and Forward-Looking Statements

Neither 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.

It should be noted that Altaley declared commercial production at Campo Morado and elected to initiate construction to go into production at Tahuehueto prior to completing full feasibility studies demonstrating economic and technical viability. Accordingly, readers should be cautioned that Altaley’s production decisions have been made without comprehensive feasibility studies of established reserves at Campo Morado and prefeasibility level reserves at Tahuehueto, such that there is greater risk and uncertainty as to future economic results from the Campo Morado mine and at Tahuehueto mine where reserves are established to the prefeasibility level of confidence and therefore a higher technical risk of failure than would be the case if full feasibility studies were completed and relied upon to make production decisions. Altaley has completed a preliminary economic assessment (“PEA”) mining study on the Campo Morado mine and a prefeasibility study (‘PFS”) at Tahuehueto mine that provides a conceptual life of mine plan and a preliminary economic analysis based on the previously identified mineral resources (see News Release dated November 8, 2017, April 4, 2018, and April 25, 2022).

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward-Looking Information includes but is not limited to conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved: the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact Details

Glen Sandwell

+1 604-684-8071

Company Website

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