Minera IRL Reports First Quarter 2022 Financial Results

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LIMA, Peru, May 13, 2022 (GLOBE NEWSWIRE) — Minera IRL Limited (“Mine”the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) is pleased to announce that it has today filed on SEDAR its unaudited consolidated financial statements and related MD&A (“MD&A”) for the period ended March 31, 2022.

Financial results for the period ended March 31, 2022

A summary of the Company’s financial results for the first quarter ended March 31, 2022 is as follows:

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Quarter ended March 31
2022 2021
Revenue ($’000) 9,425 10,378
Gold sold (ounces) 5,067 5,875
Realized gold price ($ per ounce) 1,860 1,766
Gross Profit ($’000) 1,293 3,119
Loss after tax ($’000) (1,082) (1,181)
Loss per share (cents) (0.5) (0.5)

*Note – All reported results are prepared under IFRS and are in US dollars.

During the first quarter of 2022, the Company recorded revenue of $9.4 million, compared to revenue of $10.4 million during the first quarter of 2021. This 9% decrease is due to the combined effect of a 5% increase in the average price of gold sold and a fall of 14% in the average price of gold sold. the number of ounces of gold sold.

Total gold production at Minera’s Corihuarmi mine decreased 14% from 5,487 ounces in Q1 2021 to 4,736 ounces in Q1 2022. Gold sales during the first quarter of 2022 included 5,067 ounces of gold (Q1 2021: 5,875 ounces average realized gold price of $1,860 per ounce (Q1 2021: $1,766 per ounce). The annual production target of 23,000 ounces of gold for 2022 remains unchanged.

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For further details on the Company’s financial results for the first quarter ended March 31, 2022, see Minera’s unaudited consolidated financial statements and MD&A which have been filed on its SEDAR profile at www.sedar .com and the Lima Stock Exchange.

About Minera IRL Limited

Minera IRL Limited is the CSE and BVL listed holding company of Minera IRL SA and Compañía Minera Kuri Kullu SA, two precious metal mining companies engaged in mining exploration, development and operations in Peru, with a primary focus on the gold. Minera is led by an agile and experienced management team with extensive experience in the mining industry, particularly in South America. Minera operates the Corihuarmi gold mine located 5,000 meters above sea level in central Peru while evaluating opportunities to advance its Ollachea gold project located in the department of Puno, southern Peru. Peru. For more information, please visit www.minera-irl.com.

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On behalf of the Board of Directors of Minera IRL Limited

Gerard Perez
Executive Chairman

Diego Benavides
CEO and Director

FOR MORE INFORMATION, PLEASE CONTACT:

Minera IRL Limited

Pedro Valdez
Head of Investor Relations
+51 1 418 – 1230

Susan Gabby
Manager, Communications
+51 1 418 – 1230

No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this press release.

Caution regarding forward-looking information

Certain information contained in this press release constitutes “forward-looking statements”. Forward-looking statements in this press release include a reference to the Company’s annual production target, which remains unchanged. Forward-looking statements are based on assumptions. Although management believes these assumptions and statements to be reasonable in their context, forward-looking statements are inherently subject to political, legal, regulatory, business and economic risks, as well as competitive uncertainties and contingencies. The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results and future performance of Minera IRL to be materially different from any future results, performance or achievements expected. or estimated and that forward-looking statements are not guarantees of future performance, results or achievements.

Minera IRL assumes no obligation, except as required by law, to update or revise them to reflect new events or circumstances. The risks, uncertainties and contingencies and other factors that could cause actual performance to differ from forward-looking statements include, but are not limited to, Peru’s ability to contain the COVID-19 crisis, changes and market access to capital or precious metals, and changes in legislative, political, social, health or economic developments both in Peru and in general.

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