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Thompson Creek Announces First Quarter 2012 Financial Results

May 3, 2012

NYSE: TC
TSX: TCM
TSX-V: TRX.WT

DENVER, CO, May 3, 2012 /PRNewswire/ – Thompson Creek Metals Company Inc. (the
“Company” or “Thompson Creek”), a growing, diversified North American
mining company, today announced financial results for the three months
ended March 31, 2012, prepared in accordance with United States
generally accepted accounting principles (“US GAAP”). All dollar
amounts are in United States (“US”) dollars unless otherwise indicated.

Thompson Creek reported net income of $1.1 million, or $0.01 per basic
and diluted share for the first quarter of 2012. The Company’s
operating results reflected an operating loss of $16.5 million due to
lower production and higher costs in connection with the start-up and
commissioning of the new mill at the Endako mine.  This operating loss
was more than offset by a foreign exchange gain and an income tax
benefit.  The first quarter 2012 financial results included the
Company’s 75% share of an aggregate lower-of-cost or market product
inventory write-down at the Endako mine of $11.1 million and $2.3
million of the Company’s share of Endako commissioning and start-up
costs that were expensed through operating expenses and included in the
Company’s share of total estimated capital expenditures of
approximately C$500 million. These final figures update the previously
announced preliminary figures of approximately $12 million and $3
million, respectively. The first quarter 2012 results were impacted by
significantly lower production, higher unit costs, higher unit
depreciation and lower sales volumes and average realized prices
compared to the first quarter of 2011, as well as significant stripping
costs at the Thompson Creek mine associated with the ongoing mine
sequencing.

“Through continued optimization we expect to make up for the lower
production throughout the remainder of 2012 and to meet our previously
announced 2012 production guidance from the Endako mine of
approximately 14 to 15 million pounds of molybdenum on a 100% basis, or
10 to 11 million pounds for the Company’s 75% share,” said Kevin
Loughrey, Chairman and Chief Executive Officer of Thompson Creek.  “We
anticipate meeting our total 2012 production guidance of approximately
26 to 28 million pounds of molybdenum; however, due to  inflationary
pressures on energy and consumables, we are currently tracking to the
higher range of the Company’s current 2012 average cash cost guidance
of approximately $7.75 to $9.00 per pound produced.  Despite our
efforts to aggressively manage costs, inflationary pressures may cause
actual costs to vary from current guidance.  Additionally, the
Company’s operating performance for the first half of 2012 is expected
to be less than the operating performance for the second half of 2012.
Production is expected to be higher in the second half of 2012 due to
the anticipated ramp-up of production from the newly completed mill,
together with the improved ore accessibility at the Thompson Creek
mine. Waste stripping activities at the Thompson Creek mine are
expected to continue throughout 2012 and 2013,” added Mr. Loughrey.

“During the first quarter of 2012, we completed the Endako mill
expansion project, which is currently performing exceptionally well and
is expected to meet design specifications in the near future,” said Mr.
Loughrey. “We also continued to advance our Mt. Milligan copper-gold
project, which remains on schedule for completion in the third quarter
of 2013 and commercial production in the fourth quarter of 2013. As we
continue our transition from a pure molybdenum producer into a
diversified base metals company, we are very optimistic about the
long-term prospects for our Company, our business, and the commodity
markets,” added Mr. Loughrey.

Financial Highlights:

Revenue for the first quarter of 2012 was $113.6 million, compared to $206.7
million for the first quarter of 2011.  Sales volume from our mines for
the first quarter of 2012 was 4.9 million pounds of molybdenum,
compared to 10.1 million pounds of molybdenum in the first quarter of
2011.  The average realized sales price for molybdenum for the first
quarter of 2012 was $14.74 per pound, compared to $17.39 per pound in
the first quarter of 2011.

Foreign Exchange Gain for the first quarter of 2012 was $6.6 million (of which $3.5 million
was an unrealized gain), compared to a foreign exchange loss of $0.3
million in the first quarter of 2011.

Net Income for the first quarter of 2012 was $1.1 million, or $0.01 per basic and
diluted share, which included a non-cash unrealized loss on common
stock purchase warrants of $0.1 million, or nil per share.  Net income
for the first quarter of 2011 was $128.9 million, or $0.78 per basic
and $0.73 per diluted share, which included a non-cash unrealized gain
on common stock purchase warrants of $66.0 million, or $0.40 per basic
and $0.37 per diluted share.

Non-GAAP Adjusted Net Income for the first quarter of 2012 (excluding the non-cash unrealized loss
on the warrants) was $1.2 million, or $0.01 per basic and diluted
share, compared to non-GAAP adjusted net income for the first quarter
of 2011 (excluding the non-cash unrealized gain on the warrants) of
$62.9 million, or $0.38 per basic and $0.36 per diluted share.

Molybdenum Production for the first quarter of 2012 was 4.4 million pounds, compared to 10.3
million pounds in the first quarter of 2011.

Non-GAAP Weighted Average Cash Cost per Pound Produced for the first quarter of 2012 was $12.95 per pound, compared to $5.37
per pound for the first quarter of 2011.

Cash Flow from Operations for the first quarter of 2012 was $3.1 million, compared to $76.6
million for the first quarter of 2011.

Capital Costs incurred for the first quarter of 2012 were $208.2 million, comprised of $164.8
million for the development of Mt. Milligan, $37.5 million of capital
costs for the Endako mill expansion project (which represents the
Company’s 75% share), and $5.9 million of other capital costs for the
Endako and Thompson Creek mines, the Langeloth facility and corporate
combined.  The capital costs for the first quarter of 2012 included
increases in accrued amounts of $20.3 million; therefore, cash used for
capital expenditures for the first quarter of 2012 was $187.9 million.

Total Cash and Cash Equivalents at March 31, 2012 were $162.7 million, compared to $294.5 million as of
December 31, 2011.  Total debt as of March 31, 2012, including capital
lease obligations, was $373.2 million, compared to $374.9 million as of
December 31, 2011.


    Selected Consolidated Financial and Operational Information

    (US$ in millions except per share and per pound
    amounts)                                                             

                                                       Three Months Ended

                                                             March 31,

                                                       2012        2011 

                                                           (unaudited)

    Financial                                                            

    Revenues                                                             

      Molybdenum sales                               $ 109.6    $  202.4 

      Tolling, calcining and other                       4.0         4.3 

                                                       113.6       206.7 

    Costs and expenses                                                   

      Operating expenses                               102.4        98.0 

      Depreciation, depletion and amortization          16.8        18.4 

        Total cost of sales                            119.2       116.4 

      Selling and marketing                              1.5         2.4 

      Accretion expense                                  0.5         0.5 

      General and administrative                         8.1         7.9 

      Exploration                                        0.8         3.6 

        Total costs and expenses                       130.1       130.8 

      Operating (loss) income                          (16.5)       75.9 

      Other income                                      (5.5)      (65.0)

      (Loss) income before income and mining taxes     (11.0)      140.9 

      Income and mining taxes (benefit) expense        (12.1)       12.0 

      Net income                                     $   1.1    $  128.9 

      Net income per share                                               

        Basic                                        $  0.01    $   0.78 

        Diluted                                      $  0.01    $   0.73 

      Cash generated by operating activities         $   3.1    $   76.6 

      Adjusted non-GAAP Measures:(1)                                     

      Adjusted net income(1)                         $   1.2    $   62.9 

      Adjusted net income per share - basic(1)       $  0.01    $   0.38 

      Adjusted net income per share - diluted(1)     $  0.01    $   0.36 

      Operational Statistics                                             

      Mined molybdenum production (000's lb)(2)        4,424      10,329 

      Cash cost ($/lb produced)(3)                   $ 12.95    $   5.37 

      Molybdenum sold (000's lb):                                        

        Thompson Creek and Endako Mine product         4,871      10,060 

        Purchased and processed product                2,567       1,580 

                                                       7,438      11,640 

      Average realized sales price ($/lb)(1)         $ 14.74    $  17.39 

    (1)      See "Non-GAAP Financial Measures" for the definition and
             reconciliation of these non-GAAP measures.

    (2)      Mined production pounds reflected are molybdenum oxide and
             high performance molybdenum disulfide ("HPM") from our share
             of production from the mines; excludes molybdenum processed
             from purchased product.

    (3)      Weighted-average of Thompson Creek mine and Endako mine (75%
             share) cash costs (mining, milling, mine site administration,
             roasting and packaging) for molybdenum oxide and HPM produced
             in the period, including all stripping costs. Cash cost
             excludes: the effect of purchase price adjustments, the
             effects of changes in inventory, corporate allocations,
             stock-based compensation, other non-cash employee benefits,
             depreciation, depletion, amortization and accretion, and
             commissioning and start-up costs for the Endako mill. The cash
             cost for the Thompson Creek mine, which only produces
             molybdenum sulfide and HPM on site, includes an estimated
             molybdenum loss (sulfide to oxide), an allocation of roasting
             and packaging costs from the Langeloth facility, and
             transportation costs from the Thompson Creek mine to the
             Langeloth facility. See "Non-GAAP Financial Measures" for
             additional information.


    Summary of Quarterly Results

    (US$ in millions except per share and per pound amounts - unaudited)

                    Mar 31     Dec 31    Sep 30    Jun 30    Mar 31     Dec 31    Sep 30    Jun 30

                      2012       2011      2011      2011      2011       2010      2010      2010

    Financial                                                                                      

    Revenues       $  113.6   $  116.7   $ 154.8   $ 190.9   $ 206.7   $  156.8   $ 161.8   $ 148.4

    Operating      $ (16.5)   $ (18.1)   $  22.4   $  69.1   $  75.9   $   47.4   $  45.6   $  50.3
    (loss)
    income

    Net income     $    1.1   $    0.8   $  45.6   $ 116.8   $ 128.9   $ (45.0)   $  31.1   $ 126.5
    (loss)

    Income
    (loss) per
    share:

      - basic      $   0.01   $      -   $  0.27   $  0.70   $  0.78   $ (0.28)   $  0.22   $  0.90

      - diluted    $   0.01   $      -   $  0.27   $  0.68   $  0.73   $ (0.28)   $  0.22   $  0.87

    Cash           $    3.1   $   21.1   $  51.4   $  53.6   $  76.6   $   31.6   $  59.0   $  41.2
    generated by
    operating
    activities 

    Adjusted
    non-GAAP
    Measures:(1)

    Adjusted net
    income (1)     $    1.2   $      -   $   3.6   $  56.4   $  62.9   $   34.4   $  51.6   $  51.7

    Adjusted net
    income per
    share: (1)

      - basic
      (1)          $   0.01   $      -   $  0.02   $  0.34   $  0.38   $   0.22   $  0.37   $  0.37

      - diluted
      (1)          $   0.01   $      -   $  0.02   $  0.33   $  0.36   $   0.20   $  0.36   $  0.36

    Operational
    Statistics

    Mined             4,424      4,310     3,696    10,010    10,329      9,316     7,958     7,034
    molybdenum
    production
    (000's lb)

    Cash cost
    ($/lb
    produced)
    (1)            $  12.95   $  12.69   $ 15.62   $  5.74   $  5.37   $   5.81   $  6.24   $  7.06

    Molybdenum
    sold (000's
    lb):

    Thompson          4,871      5,368     7,426     8,952    10,060      7,574     7,750     7,013
    Creek and
    Endako
    Mine product

    Purchased         2,567      2,650     2,191     1,824     1,580      1,896     2,513     1,626
    and
    processed
    product

                      7,438      8,018     9,617    10,776    11,640      9,470    10,263     8,639

    Average
    realized
    sales price
    ($/lb) (1)     $  14.74   $  14.08   $ 15.64   $ 17.28   $ 17.39   $  16.05   $ 15.30   $ 16.84

    (1) See "Non-GAAP Financial Measures" for the definition and
        calculation of these non-GAAP measures.

Capital Projects Update

Endako Mill Expansion

In March 2012, we completed the mill expansion project at our Endako
mine, with our share of the aggregate capital expenditures totaling
approximately C$500 million (including $2.3 million of our share of
start-up and commissioning costs that were expensed through operating
expenses).  The Endako mill expansion project included the construction
of a new mill, replacing the existing mill constructed in the 1960′s. 
The new mill is designed to increase ore-processing capacity from the
existing 31,000 tons per day to 55,000 tons per day.  Commissioning of
the new SAG/Ball mill and rougher flotation circuit was completed in
early January, followed by a successful ramp-up to commercial
production beginning February 1, 2012.  The remaining construction work
on the regrind circuit and the pebble crusher was completed in late
March.  The mill is regularly meeting its design capacity throughput of
approximately 55,000 tons per day.  Concentrate grades and recovery
continue to improve and are expected to meet design specifications in
the near future. The existing 45-year old mill at the site has been
shut down and will be left on care and maintenance.

During the three months ended March 31, 2012, our share of cash capital
expenditures for the mill expansion project, excluding capitalized
interest and debt issuance costs of US$1.1 million, was C$39.8
(US$39.8) million. Remaining cash payments for the completed mill
expansion project are expected to be $43.2 million (assuming an average
exchange rate of US$1.00 = C$1.00).

Mt. Milligan Copper-Gold Mine

The development of the Mt. Milligan mine and the construction of the
processing plant are proceeding in accordance with the planned
schedule.  All but one major contract has been awarded, major concrete
pours are 60% complete, steel erection for the concentrator has
commenced, and the tailings construction remains on schedule.  The
engineering by the EPCM joint venture is 95% complete, procurement is
95% complete and construction is 44% complete. The current status of
the Mt. Milligan project is consistent with the Company’s original
construction and development timeline and is on schedule for completion
in the third quarter of 2013 and commercial production in the fourth
quarter of 2013.

During the first quarter of 2012, we made cash capital expenditures of
C$141.0 (US$140.8) million, and including accruals, incurred C$165.0
million of capital expenditures for the Mt. Milligan project, excluding
capitalized interest and debt issuance costs of US$5.9 million. Capital
expenditures were primarily related to the ongoing construction of the
tailing storage facility, plant site earthworks, cement works, steel
erection, construction camp costs, mining equipment and engineering
design costs.  Since inception of the project through March 31, 2012,
we have spent approximately C$592.5 million on a cash basis, including
approximately C$40.9 million spent prior to our acquisition of Terrane
Metals Corp.

We are currently estimating aggregate cash expenditures of approximately
C$1.4 to C$1.5 billion to construct and develop the Mt. Milligan
copper-gold mine, of which approximately C$799 to C$929 million remain
to be spent. We continue to monitor our current costs, future cost
estimates and scheduling for the project.


    Reaffirmation of 2012 and 2013 Guidance

                         Three Months          Years Ended December 31,
                             Ended

                         March31, 2012        2012               2013 

                                         (Estimated,
                                         including Q1
                            (Actual)        2012)           (Estimated)

    Molybdenum
    Production (000's
    lb):(1)

      Thompson Creek          3,422         16,000 -      19,000 - 22,000
      Mine                                   17,000

      Endako Mine (75%        1,002         10,000 -      11,000 - 12,000
      Share)                                 11,000

    Total molybdenum          4,424         26,000 -      30,000 - 34,000
    production (000's                        28,000
    lb)

    Cash cost ($/lb
    produced):(2)

      Thompson Creek   $      10.34    $ 7.50 - 8.50    $    6.00 - 7.00
      Mine

      Endako Mine             21.87      8.25 - 9.25         8.00 - 9.00

    Total cash cost    $      12.95    $ 7.75 - 9.00    $    6.75 - 7.75
    ($/lb produced)

    Capital
    Expenditures (in
    millions):

      Mt. Milligan
      (3),(4)          $      140.8    $   750 - 825    $     190 - 245

      Endako mill
      expansion (3),
      (4)                      39.8             83                  -

      Thompson Creek
      and Endako
      mines, Langeloth
      & other                  7.3          35 - 40             15 - 20

    Total capital      $      187.9    $   868 - 948    $     205 - 265
    expenditures

    (1) Mined production pounds reflected are molybdenum oxide and high
        performance molybdenum disulfide ("HPM") from our share of
        production from the mines; excludes molybdenum processed from
        purchased product.

    (2) Weighted-average of Thompson Creek mine and Endako mine (75% share)
        cash costs (mining, milling, mine site administration, roasting,
        and packaging) for molybdenum oxide and HPM produced in the period,
        including all stripping costs. Cash cost excludes: the effect of
        purchase price adjustments, the effects of changes in inventory,
        corporate allocations, stock-based compensation, other non-cash
        employee benefits, depreciation, depletion, amortization and
        accretion, commissioning and start-up costs for the Endako mill.
        The cash cost for the Thompson Creek mine, which only produces
        molybdenum sulfide and HPM on site, includes an estimated
        molybdenum loss (sulfide to oxide), an allocation of roasting and
        packaging costs from the Langeloth facility, and transportation
        costs from the Thompson Creek mine to the Langeloth facility. See
        "Non-GAAP Financial Measures" for additional information.

    (3) Excludes capitalized interest and debt issuance costs and excludes
        changes in accruals of $20.3 million for the quarter ended March
        31, 2012.  The 2012 estimate includes our share of start-up and
        commissioning costs.

    (4) Canadian to US foreign exchange rate for 2012 and 2013 assumed at
        parity (C$1.00 = US$1.00).

Non-GAAP Financial Measures

In addition to the consolidated financial statements presented in
accordance with US GAAP, the Company uses the following non-GAAP
financial measures of its financial performance in this press release: 
adjusted net income, adjusted net income per share (basic and diluted),
cash cost per pound produced, weighted average cash cost per pound
produced and average realized sales price per pound sold.  These are
considered key measures by management in evaluating the Company’s
performance.  These measures do not have standard meanings prescribed
by US GAAP and may not be comparable to similar measures presented by
other companies.  The Company believes these measures provide useful
supplemental information to investors in order for them to evaluate the
Company’s financial performance using the same measures as management. 
The Company believes that the use of these measures affords investors
greater transparency in assessing the Company’s financial performance. 
Non-GAAP financial measures should not be considered in isolation from,
as a substitute for, or superior to, measures of financial performance
prepared in accordance with US GAAP.  The presentation of these
measures may be different from non-GAAP financial measures used by
other companies.  In addition, these non-GAAP measures have limitations
in that they do not reflect all of the amounts associated with the
results of operations as determined in accordance with US GAAP.

Adjusted Net Income, Adjusted Net Income Per Share — Basic and Diluted

Adjusted net income represents the net income prepared in accordance
with US GAAP, adjusted for significant non-cash items.  For the first
quarter of 2012, there were no significant non-cash items.  For the
three months ended March 31, 2011, the significant non-cash item was
the non-cash gain on the fair value adjustment related to the Company’s
outstanding common stock purchase warrants.

On October 24, 2011, certain of the Thompson Creek warrants expired
unexercised as the stock price was below the C$9.00 exercise price for
such warrants. As a result, after October 24, 2011, the Company will
not recognize any non-cash unrealized gains and losses on these
warrants.  The 2012 Terrane Warrants remain outstanding and,
accordingly, the Company will continue to record unrealized gains and
losses on those warrants until they are exercised or expire on June 21,
2012.  Other than the consideration pursuant to the arrangement related
to the 2012 Terrane Warrants, a cash payment will not be required at
the settlement of the warrants; therefore, the Company does not
consider gains or losses on the warrants in the evaluation of our
financial performance.

Adjusted net income per share (basic and diluted) is calculated using
adjusted earnings, as defined above, divided by the weighted average
basic and weighted average diluted shares outstanding during the
period, as determined in accordance with US GAAP.

The following tables reconcile net income presented in accordance with
US GAAP to the non-GAAP financial measures of adjusted net income and
adjusted net income per share (basic and diluted), for the three months
March 31, 2012 and 2011:


    For the Three Months Ended March 31,
    2012

    (US$ in millions except shares and
    per share amounts - unaudited)

                                    Weighted Average       Weighted Average
                                      Basic Shares          Diluted Shares

                                  Shares                Shares
                     Net Income   (000's)     $/share   (000's)     $/share 

    Net Income       $      1.1   168,054   $    0.01   168,483   $     0.01

    Add (Deduct):                                                           

    Unrealized              0.1   168,054           -   168,483           -
    (gain) loss on
    common
    stock purchase
    warrants

    Non-GAAP         $      1.2   168,054   $    0.01   168,483   $     0.01
    adjusted net
    income

    For the Three
    Months Ended
    March 31, 2011

    (US$ in millions except shares and
    per share amounts - unaudited

                                    Weighted Average       Weighted Average
                                      Basic Shares          Diluted Shares

                                  Shares                Shares
                     Net Income   (000's)    $/share    (000's)    $/share 

    Net Income       $    128.9   165,565   $    0.78   176,452   $    0.73 

    Add (Deduct):                                                           

    Unrealized           (66.0)   165,565      (0.40)   176,452       (0.37)
    (gain) loss on
    common
    stock purchase
    warrants

    Non-GAAP         $     62.9   165,565   $    0.38   176,452   $    0.36
    adjusted net
    income

Cash Cost per Pound Produced, Weighted Average Cash Cost per Pound
Produced, and Average Realized Sales Price per Pound Sold

Cash cost per pound produced represents the mining (including all
stripping costs), milling, mine site administration, roasting and
packaging costs for molybdenum oxide and HPM produced by each mine in
the period. Stripping costs represent the costs associated with the
activity of removing overburden in the production phase of a mining
operation.  Stripping costs that provide access to mineral reserves
that will be produced in future periods are expensed under US GAAP as
incurred.  Cash cost per pound produced excludes the effect of purchase
price adjustments, the effects of changes in inventory, corporate
allocations, stock-based compensation, other non-cash employee
benefits, depreciation, depletion, amortization and accretion, and
commissioning and start-up costs for the Endako Mill.  Cash cost for
the Thompson Creek mine, which only produces molybdenum sulfide and HPM
on site, includes an estimated molybdenum loss (sulfide to oxide), an
allocation of roasting and packaging costs from the Langeloth Facility,
and transportation costs from the Thompson Creek mine to the Langeloth
facility. The weighted average cash cost per pound produced represents
the cumulative total of the cash costs for the Thompson Creek mine and
the Endako mine divided by the cumulative total production from the
Thompson Creek mine and the Endako mine.

The average realized sales price per pound sold represents molybdenum
sales revenue divided by the pounds sold.

The following tables provide reconciliations of cash costs and cash
costs per pound produced, by mine, and operating expenses included in
our consolidated statements of operations and comprehensive income in
the determination of net income:


    (US$ in millions except per poundamounts-unaudited)

                           Three months ended March 31,        Three months ended March 31,
                                       2012                                2011

                                                                            Pounds
                                      Pounds                               Produced
                      Operating      Produced                Operating       (1)
                       Expenses         (1)                   Expenses      (000's
                     (inmillions)   (000's lbs)     $/lb    (inmillions)     lbs)       $/lb

    ThompsonCreek
    Mine

    Cash costs       $       35.4         3,422   $ 10.34   $       35.9      8,684   $  4.13
    -- Non-GAAP
    (2)

    Add/(Deduct):                                                                            

      Stock-based             0.1                                    0.3
      compensation

      Inventory and             -                                    7.8
      other
      adjustments

    GAAP operating   $       35.5                           $       44.0
    expenses

    Endako Mine                                                                              

    Cash costs       $       21.9         1,002   $ 21.87   $       19.3      1,645   $ 11.73
    -- Non-GAAP
    (2)

    Add/(Deduct):                                                                            

      Stock-based             0.2                                    0.2
      compensation

      Commissioning           2.3                                      -
      and start-up
      costs

      Inventory and           7.1                                    6.4
      other
      adjustments

    GAAP operating   $       31.5                           $       25.9
    expenses

    Other            $       35.4                           $       28.1
    operationsGAAP
    operating
    expenses (3)

    GAAP             $      102.4                           $       98.0
    consolidated
    operating
    expenses

    Weighted-average $       57.3         4,424   $ 12.95   $       55.2     10,329   $  5.37
    cash cost
    -- Non-GAAP

    (1)  Mined production pounds are molybdenum oxide and HPM from our
         share of the production from the mines; excludes molybdenum
         processed from purchased product.

    (2)  Cash costs represent the mining (including all stripping costs),
         milling, mine site administration, roasting and packaging costs
         for molybdenum oxide and HPM produced in the period.  Cash cost
         excludes: the effect of purchase price adjustments, the effects of
         changes in inventory, corporate allocation stock-based
         compensation, other non-cash employee benefits, depreciation,
         depletion, amortization and accretion, and commissioning and
         start-up costs for the Endako mill.  The cash cost for the
         Thompson Creek mine, which only produces molybdenum sulfide and
         HPM on site, includes an estimated molybdenum loss (sulfide to
         oxide), an allocation of roasting and packaging costs from the
         Langeloth facility, and transportation costs from the Thompson
         Creek mine to the Langeloth facility.

    (3)  Other operations represent activities related to the roasting and
         processing of third-party concentrate and other metals at the
         Langeloth facility and exclude product volumes and costs related
         to the roasting and processing of Thompson Creek mine and Endako
         mine concentrate. The Langeloth facility costs associated with
         roasting and processing of Thompson Creek mine and Endako mine
         concentrate are included in their respective operating results
         above.

Additional information on the Company’s financial results is available
in Thompson Creek’s Quarterly Report on Form 10-Q for the period ended
March 31, 2012, which was filed today on EDGAR (www.sec.gov) and SEDAR (www.sedar.com) and posted on the Company’s website (www.thompsoncreekmetals.com).

Conference Call and Webcast

Thompson Creek will hold a conference call for analysts and investors to
discuss its first quarter 2012 financial results on Monday, May 7, 2012
at 8:00 am Eastern Time.

To participate in the call, please dial 1 (647) 427-7450 or 1 (888)
231-8191 about five minutes prior to the start of the call.  A live
audio webcast of the investor conference call will be available at www.newswire.ca/en/webcast and www.thompsoncreekmetals.com.

An archived recording of the conference call will be available at 1
(416) 849-0833 or 1 (855) 859-2056 (access code 73852927#) from 9:30
a.m. Eastern Time on May 7 to 11:59 p.m. Eastern Time on May 14.  An
archived recording of the webcast will also be available at Thompson
Creek’s website.

About Thompson Creek Metals Company Inc.

Thompson Creek Metals Company Inc. is a growing, diversified North
American mining company.  The Company produces molybdenum at its
100%-owned Thompson Creek Mine in Idaho and Langeloth Metallurgical
Facility in Pennsylvania and its 75%-owned Endako Mine in northern
British Columbia.  The Company is also in the process of constructing
the Mt. Milligan copper-gold mine in northern British Columbia, which
is expected to commence production in 2013.  The Company’s development
projects include the Berg copper-molybdenum-silver property and the
Davidson molybdenum property, both located in central British
Columbia.  Thompson Creek has approximately 1,100 employees.  Its
principal executive office is in Denver, Colorado and its Canadian
administrative office is in Vancouver, British Columbia.  More
information is available at www.thompsoncreekmetals.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains ”forward-looking statements” within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation. 
Forward-looking statements include statements with respect to: future
financial or operating performance of Thompson Creek or its
subsidiaries and its projects; future inventory, production, sales,
cash costs, capital expenditures and exploration expenditures; future
earnings and operating results; expected concentrate grades, and
recovery; statements as to the projected development of Mt. Milligan
and other projects, including expected production commencement dates;
Mt. Milligan development costs; 2012 operating goals; and 2012
molybdenum prices.

Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause actual results to
differ materially from any future results, performance or achievements
expressed or implied by the forward-looking statements.  Such factors
include, among others, risks related to general business, economic,
competitive, political and social uncertainties including global
economic conditions; volatility in molybdenum prices; labor cost and
materials cost fluctuations; foreign currency fluctuations; energy
price fluctuations; project delays; title disputes or claims;
limitations of insurance coverage; changes in governmental regulation
of mining operations; risks related to the volatility of Thompson
Creek’s share price; changes in environmental regulation; actual
results of current exploration activities; actual results of
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; possible variations
of ore grade or recovery rates; mining and processing conditions;
construction delays and related disruptions in production; costs of
capital expenditures; industrial accidents; weather and geological
related conditions; permitting and regulatory matters (including
penalties, fines, sanctions and shutdowns); and failure of plant,
equipment or processes to operate as anticipated.  Additional factors
that could cause Thompson Creek’s results to differ from those
described in the forward-looking statements can be found in the section
entitled ”Risk Factors” in Thompson Creek’s Annual Report on Form
10-K and in Part II, Item 1A of Form 10-Q, and subsequent documents
filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com.  Forward-looking statements contained herein are made as of the date
of this news release and Thompson Creek disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as required
by law.  There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements.  Accordingly, the
reader is cautioned not to place undue reliance on forward-looking
statements.


                               THOMPSON CREEK METALS COMPANY INC.

                                     CONSOLIDATED BALANCE SHEETS

                                                 (Unaudited)

                                           March31,          December 31,
                                             2012                2011

                                           (in millions, except share data)

                            ASSETS                                         

    Current assets                                                         

      Cash and cash equivalents            $   162.7   $              294.5

      Accounts receivable                       56.9                   71.8

      Accounts receivable--related          8.7                    6.8
      parties

      Product inventory                         84.4                   77.9

      Material and supplies inventory           34.8                   35.9

      Prepaid expense and other current          7.9                    5.6
      assets

      Income and mining taxes receivable         8.5                    9.1

                                               363.9                  501.6

    Property, plant, equipment and           2,590.4                2,359.4
    development, net

    Restricted cash                             36.6                   39.0

    Reclamation deposits                        19.5                   24.6

    Goodwill                                    47.0                   47.0

    Other assets                                25.7                   22.6

                                           $ 3,083.1   $            2,994.2

     LIABILITIES AND SHAREHOLDERS' EQUITY                                  

    Current liabilities                                                    

      Accounts payable and accrued         $   215.3   $              186.2
      liabilities

      Income, mining, and other taxes            3.2                    2.2
      payable

      Current portion of long-term debt          5.7                    5.7

      Current portion of long-term capital       1.0                    1.0
      lease obligation

      Deferred income tax liabilities           11.5                   14.0

      Other current liabilities                  8.7                    9.0

                                               245.4                  218.1

    Gold Stream deferred revenue               409.6                  364.6

    Long-term debt                             359.3                  361.0

    Capital lease obligations                    7.2                    7.2

    Other liabilities                           17.4                   15.9

    Asset retirement obligations                33.6                   32.8

    Common stock purchase warrant                3.0                    3.0
    derivatives

    Deferred income tax liabilities            247.7                  262.1

                                             1,323.2                1,264.7

    Shareholders' equity                                                   

      Common stock, no-par, 168,077,396      1,015.2                1,014.3
      and 167,963,639 shares issued and
      outstanding, as of March 31, 2012
      and December 31, 2011, respectively

      Additional paid-in capital                53.6                   52.6

      Retained earnings                        639.7                  638.6

      Accumulated other comprehensive           51.4                   24.0
      income

                                             1,759.9                1,729.5

                                           $ 3,083.1   $            2,994.2

                               THOMPSON CREEK METALS COMPANY INC.

          CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE INCOME

                                                 (Unaudited)

                                                    Three Months Ended

                                                            March31,

                                         2012                    2011

                                      (in millions, except pershareamounts)

    REVENUES                                                               

      Molybdenum sales                $  109.6   $                   202.4 

      Tolling, calcining and other        4.0                          4.3 

        Total revenues                  113.6                        206.7 

    COSTS AND EXPENSES                                                     

      Cost of sales                                                        

        Operating expenses              102.4                         98.0 

        Depreciation, depletion and      16.8                         18.4
        amortization

      Total cost of sales               119.2                        116.4 

      Selling and marketing               1.5                          2.4 

      Accretion expense                   0.5                          0.5 

      General and administrative          8.1                          7.9 

      Exploration                         0.8                          3.6 

        Total costs and expenses        130.1                        130.8 

    OPERATING (LOSS) INCOME             (16.5)                        75.9 

    OTHER (INCOME) AND EXPENSE                                             

      Change in fair value of common      0.1                        (66.0)
      stock purchase warrants        

      (Gain) loss on foreign exchange    (6.6)                         0.3 

      Interest and finance fees           1.5                          1.3 

      Interest income                    (0.2)                        (0.4)

      Other                              (0.3)                        (0.2)

        Total other (income) and         (5.5)                       (65.0)
        expense      

    (Loss) income before income and     (11.0)                       140.9
    mining taxes      

    Income and mining tax (benefit)     (12.1)                        12.0
    expense      

    NET INCOME                        $   1.1    $                   128.9 

    COMPREHENSIVE INCOME                                                   

      Foreign currency translation       27.4                         30.5 

        Total comprehensive income    $  28.5    $                   159.4 

    NET INCOME PER SHARE                                                   

      Basic                           $  0.01    $                    0.78 

      Diluted                         $  0.01    $                    0.73 

    Weighted average number of common
    shares

      Basic                             168.1                        165.6 

      Diluted                           168.5                        176.5 

                               THOMPSON CREEK METALS COMPANY INC.

                           CONSOLIDATED STATEMENTS OF CASH FLOWS

                                              (Unaudited)

                                                      Three Months Ended
                                                           March31,

                                                        2012       2011

                                                         (in millions)

    OPERATING ACTIVITIES                                                

    Net income                                        $   1.1   $  128.9

    Items not affecting cash:                                           

        Change in fair value of common stock purchase     0.1     (66.0)
        warrants

        Depreciation, depletion and amortization         16.8       18.4

        Accretion expense                                 0.5        0.5

        Amortization of finance fees                      0.7        0.5

        Stock-based compensation                          1.5        1.8

        Product inventory write-downs                    11.1          -

        Deferred income taxes (benefit)                (11.3)      (5.3)

        Unrealized loss (gain) on foreign currency
        derivative instruments                            1.6      (0.6)

        Unrealized foreign exchange (gain) loss         (5.1)        0.9

        Change in working capital accounts             (13.9)      (2.5)

          Cash generated by operating activities          3.1       76.6

    INVESTING ACTIVITIES                                                

    Capital expenditures                              (187.9)     (92.9)

    Restricted cash                                       2.7      (1.9)

    Reclamation deposit                                   5.2          -

        Cash (used) in investing activities           (180.0)     (94.8)

    FINANCING ACTIVITIES                                                

    Proceeds from issuance of common shares, net          0.5        5.4

    Debt issuance costs                                     -      (1.5)

    Gold stream proceeds                                 45.0          -

    Repayment of long-term debt                         (1.5)      (1.5)

        Cash generated by financing activities           44.0        2.4

    EFFECT OF EXCHANGE RATE CHANGES ON CASH               1.1        2.8

    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS  (131.8)     (13.0)

    Cash and cash equivalents, beginning of period      294.5      316.0

    Cash and cash equivalents, end of period          $ 162.7   $  303.0

 

 

 

 

Pamela Solly
Director Investor Relations
Thompson Creek Metals Company Inc.
Tel: (303) 762-3526
psolly@tcrk.com

Christine Stewart
Renmark Financial Communications Inc.
Tel: (416) 644-2020
cstewart@renmarkfinancial.com

SOURCE Thompson Creek Metals Company Inc.


Source: PR Newswire