Minto Metals Corp. (TSX-V: MNTO) is pleased to announce the Company’s 2023 first quarter production results from the Minto Mine located within the Selkirk First Nation’s Territory in central Yukon, Canada. Payable copper production for was 5.7 million pounds in QTR-1.

First Quarter Highlights

• Copper sales were 5.7 million pounds in QTR-1 compared to 9.1 million pounds in QTR-1 2022 as a result of limited mining areas during the transition in mining zones from Copper-Keel to Area-2 compared to 2022 but is in line with the forecast for 2023
• Operating Results:
  • Ore tonnes produced for QTR-1 was 175,944 dry metric tonnes
  • Mill feed for QTR-1 was 206,653 dmt,
  • Overall head grade for QTR-1 was 1.35%

1. Under the Wheaton Precious Metals agreement, the Company receives 65% of the adjusted Gold price up to a maximum of US$1,250 for 2 years and then 50% up to a maximum of US$1,000 thereafter. (12 Months remaining on initial term) Silver receipts are at the lesser of the prevailing market price and US $4.35/oz with 1% annual escalator.

“The Company recognizes a slow start to 2023 with a challenging and disappointing first quarter. Limited mining horizons combined with geotechnical constraints in the Cu-Keel zone has had an adverse effect on the production in the first quarter as we transition from predominantly mining in the Copper-Keel zone into Area-2 and Minto East 152 zones. As a management team, we have been diligently taking all necessary steps to optimize our operation, to increase our production and reduce our costs for the second quarter and the balance of the year,” commented Chris Stewart, President and CEO.

“We expect to transition into the new mining areas in late mid-year, regaining our momentum, and consistent revenue generation. We will resume our exploration drilling program in the second half of the year and expect to have additional positive results by year end,” concluded Mr. Stewart.

Qualified Person

The technical contents of this news release have been reviewed and approved by Chris Stewart, P.Eng., President & CEO of Minto and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Minto Metals Corp.

Minto operates the producing Minto mine located within the traditional territory of the Selkirk First Nation in the Minto Copper Belt of the Yukon. The Minto mine has been in operation since 2007 with underground mining commencing in 2014. Since 2007, approximately 500Mlbs of copper have been produced from the Minto mine. The current mine operations are based on underground mining, a process plant to produce high-grade copper, gold, and silver concentrate, and all supporting infrastructure associated with a remote location in Yukon. The Minto property is located west of the Yukon River, about 20 km WNW of Minto Landing, the latter on the east side of the river, and approximately 250 road-km north of the City of Whitehorse, the capital city of Yukon.