Improved Operational Results
Third quarter results showed improvement over the previous two quarters, with higher mining rates and increased copper grades to 0.22%, up from 0.19% earlier in the year.
Increased Molybdenum Production
Molybdenum production increased to 560,000 pounds due to higher moly grades, which typically track copper grades.
Strong Copper Production and Sales
Overall copper production in the third quarter was just under 28 million pounds, including 900,000 pounds of cathode production.
Positive Financial Performance
Adjusted EBITDA was $62 million, a significant increase over the prior quarter, driven by higher sales and stronger copper prices.
Florence Project Milestones
The SX/EW plant at Florence achieved substantial completion, and wellfield operations have commenced, with initial performance exceeding expectations.
Strengthened Balance Sheet
A recent equity offering raised $173 million, allowing for the repayment of $75 million drawn on the revolving credit facility and additional working capital.