Thompson Creek Metals Company Reports First Quarter 2013 Financial Results

Thompson Creek Metals Company Reports First Quarter 2013 Financial Results 
DENVER, CO -- (Marketwired) -- 05/08/13 --  Thompson Creek Metals
Company Inc. (NYSE: TC) (TSX: TCM) (the "Company" or "Thompson
Creek"), a growing, diversified North American mining company, today
announced financial results for the three months ended March 31,
2013, prepared in accordance with United States generally accepted
accounting principles ("US GAAP"). All dollar amounts are in United
States ("US") dollars unless otherwise indicated. References to C$
refer to Canadian dollars. 
First Quarter 2013 Highlights (compared to the same period in 2012,
unless noted) 
Operational:  


 
--  Molybdenum production increased 74% to 7.7 million pounds, from 4.4
    million pounds
--  Average cash costs of molybdenum produced decreased 54% to $5.91 per
    pound, compared to $12.95 per pound
--  Total sales of molybdenum increased 18.5% to 8.8 million pounds,
    compared to 7.4 million pounds

  
Financial: 


 
--  Operating income was $17.0 million, a $33.5 million improvement from
    an operating loss of $16.5 million in the prior year, despite lower
    revenue
--  Consolidated revenue was $108.7 million, compared to $113.6 million
--  Cash flow from operations was $15.3 million, compared to $3.1 million
--  Net income totaled $0.9 million, or nil per diluted share, compared to
    $1.1 million, or $0.01 per diluted share

  
Mt. Milligan:  


 
--  Another safety milestone was reached at Mt. Milligan with
    approximately 4.0 million work hours without a lost time incident
--  Advanced construction progress at Mt. Milligan to overall completion
    of approximately 89%
--  Maintained construction schedule with anticipated commissioning and
    start-up in August of 2013
--  Approximately 95% of capital expenditures spent or contractually
    committed since inception of the Mt. Milligan project

  
Kevin Loughrey, the Company's Chairman and Chief Executive Officer,
stated, "We are pleased to report continued improvement of
operational performance at both our Thompson Creek and Endako Mines,
compared to the fourth quarter of 2012. We achieved lower cash costs
per pound produced and increased sales compared to the fourth quarter
of 2012. Metallurgical recovery at our Endako Mine has also continued
to improve. The Company's first quarter operational performance was
significantly improved from a year earlier, with increased production
and sales, and significantly decreased costs. We are also pleased to
report that construction of the Mt. Milligan Mine remains on
schedule. We currently anticipate commissioning and start-up in
August of 2013, and commercial production of copper and gold in the
fourth quarter of 2013." 
At the Thompson Creek Mine, molybdenum production for the first
quarter of 2013 was 5.9 million pounds at a cash cost of $4.18 per
pound produced, compared to 3.4 million pounds at a cash cost of
$10.34 per pound produced for the first quarter of 2012. These
improvements were primarily the result of the planned mine pit
sequencing and mining in a higher grade section of the mine during
the first quarter of 2013 compared to the first quarter of 2012,
together with the suspension of waste stripping activity associated
with the next phase of production, which began in October of 2012. 
At the Endako Mine, the Company's 75% share of molybdenum production
for the first quarter of 2013 was 1.8 million pounds at a cash cost
of $11.75 per pound produced, compared to 1.0 million pounds at a
cash cost of $21.87 per pound produced for the first quarter of 2012.
These improvements were primarily the result of the suspension of
waste stripping activities and processing of stockpiled ore beginning
in the third quarter of 2012, together with lower production in the
first quarter of 2012 related to the start-up of the new mill.
Although production from the Endako Mine was significantly improved
in the first quarter of 2013 from a year ago, production was
negatively impacted due to the previously disclosed winter tailings
pond management issues. The Company has completed initial remediation
work and instituted tailings management procedures to address these
issues to ensure sufficient water supply to the mill for future
winter seasons beyond 2013.  
Sales of molybdenum for the first quarter of 2013 were 8.8 million
pounds, at an average realized sales price of $11.87 per pound,
compared to 7.4 million pounds, at an average realized sales price of
$14.74 per pound for the first quarter of 2012.  
"We remain focused on completing and successfully starting up Mt.
Milligan, continuing the operational improvements at Endako,
maximizing the value of the Thompson Creek Mine during this time of
continued weakness in the molybdenum market, and meeting our
previously announced production and cash cost guidance," added Mr.
Loughrey. 
Selected Consolidated Financial and Operational Information
 (US$ in
millions except per share and per pound amounts) 


 
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
                                                         2013        2012   
Financial Information                                                       
Revenues                                                                    
  Molybdenum sales                                   $     104.7 $     109.6
  Tolling, calcining and other                               4.0         4.0
                                                     ----------- -----------
    Total revenues                                         108.7       113.6
                                                     ----------- -----------
Costs and expenses                                                          
  Cost of sales                                                             
    Operating expenses                                      68.6        99.6
    Depreciation, depletion and amortization                12.8        19.6
                                                     ----------- -----------
  Total cost of sales                                       81.4       119.2
  Selling and marketing                                      2.3         1.9
  Accretion expense                                          0.8         0.5
  General and administrative                                 7.1         7.7
  Exploration                                                0.1         0.8
                                                     ----------- -----------
    Total costs and expenses                                91.7       130.1
                                                     ----------- -----------
Operating income (loss)                                     17.0      (16.5)
Other expense (income)                                      19.3       (5.5)
                                                     ----------- -----------
(Loss) before income and mining taxes                      (2.3)      (11.0)
Income and mining tax (benefit)                            (3.2)      (12.1)
                                                     ----------- -----------
Net income                                           $       0.9 $       1.1
                                                     =========== ===========
Net income per share                                                        
  Basic                                              $      0.01 $      0.01
  Diluted                                            $        -- $      0.01
Cash generated by operating activities               $      15.3 $       3.1
Adjusted Non-GAAP Measures:(1)                                              
Adjusted net income (1)                              $       0.9 $       1.2
Adjusted net income per share--basic(1)              $      0.01 $      0.01
Adjusted net income per share--diluted(1)            $        -- $      0.01
Operational Statistics                                                      
Molybdenum production (000's lb)(2)                        7,690       4,424
Cash cost ($/lb produced)(3)                         $      5.91 $     12.95
Molybdenum sold (000's lb):                                                 
  Thompson Creek Mine and Endako Mine product              6,574       4,871
  Purchased and processed product                          2,240       2,567
                                                     ----------- -----------
                                                           8,814       7,438
                                                     =========== ===========
Average realized sales price ($/lb)(1)               $     11.87 $     14.74
                                                     =========== ===========
(1) See "Non-GAAP Financial Measures" for the definition and reconciliation 
of these non-GAAP measures.                                                 
(2) Production pounds reflected are molybdenum oxide and high performance   
molybdenum disulfide ("HPM") from the Company's share of production from the
mines, but exclude molybdenum processed from purchased product.             
(3) Weighted-average of Thompson Creek Mine and Endako Mines (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 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 cash cost for the Endako Mine in  
2013 includes an allocation of roasting and packaging costs from the        
Langeloth Facility and transportation costs from the Endako Mine to the     
Langeloth Facility. See "Non-GAAP Financial Measures" for additional        
information.                                                                

 
Mt. Milligan Copper-Gold Project 
During the first quarter of 2013, the Company made cash and financing
capital expenditures of C$154.3 ($153.0) million for the Mt. Milligan
copper-gold project. Capitalized interest and debt issuance costs
were C$25.4 ($24.6) million for the first quarter of 2013. Capital
expenditures were primarily related to the ongoing construction of
buildings and facilities (concentrator, truck shop, administration
building, tailings storage facility, and primary and pebble
crushers), continued development of the mine and expenses for mining
equipment. The Company incurred C$1,294.2 million in cash spend since
the inception of the project through March 31, 2013.  
The Company is currently estimating an aggregate of approximately
C$1.5 billion to construct and develop Mt. Milligan, of which
approximately C$240.0 million of expenditures remain to be spent,
plus an additional C$40.0 million to C$50.0 million of aggregate
capital expenditures for a permanent operations residence (of which
C$1.5 ($1.4) million has been spent on capital expenditures and C$6.6
($6.5) million has been prepaid to one vendor in the first quarter of
2013. The permanent operations residence is expected to be completed
in 2014.  
As of March 31, 2013, overall project completion is estimated to be
at 89%. The Mt. Milligan project remains on schedule, with
commissioning and start-up expected to commence in August of 2013,
and commercial production of copper and gold expected in the fourth
quarter of 2013.  
Guidance 
Mt. Milligan average annual production is expected to be higher
during the first full six years of production (approximately 89
million pounds of copper and 262,000 ounces of gold, both in
concentrate), compared to annual life-of-mine production
(approximately 81 million pounds of copper and 194,500 ounces of
gold, both in concentrate). Production and cash cost guidance for
2014 will be provided once Mt. Milligan is fully operational. 


 
                                   Three                                    
                                   Months                                   
                                   Ended        Years Ended December 31,    
                                 --------- ---------------------------------
                                                 2013                       
                                 March 31,    (Estimated,                   
                                    2013     Including Q1         2014      
                                  (Actual)       2013)         (Estimated)  
                                 --------- ---------------- ----------------
Molybdenum production (000's                                                
 lb):(1)                                                                    
  Thompson Creek Mine                5,929  20,000 - 22,000  17,000 - 19,000
  Endako Mine (75% share)            1,761    7,500 - 8,500  10,500 - 11,500
                                 --------- ---------------- ----------------
Total molybdenum production                                                 
 (000's lb)                          7,690  27,500 - 30,500  27,500 - 30,500
                                 ========= ================ ================
Cash cost ($/lb produced):(2)                                               
  Thompson Creek Mine            $    4.18 $    4.75 - 5.75 $    5.00 - 6.00
  Endako Mine                        11.75    10.75 - 12.25     9.00 - 10.50
Total cash cost ($/lb produced)  $    5.91 $    6.50 - 7.50 $    6.50 - 7.75
Capital expenditures (in                                                    
 millions):                                                                 
  Mt. Milligan (3),(4),(5)       $   153.0 $      370 - 390               --
  Mt. Milligan permanent                                                    
   operations residence(6)             1.4          35 - 40 $         5 - 10
  Mt. Milligan operations               --          20 - 30          20 - 30
  TC and Endako Mines, Langeloth                                            
   & other (3),(4)                     0.7          15 - 20          30 - 40
                                           ---------------- ----------------
Total capital expenditures       $   155.1 $      440 - 480 $        55 - 80
                                
 ========= ================ ================
(1) Production pounds reflected are molybdenum oxide and HPM from the       
Company's share of production from the mines, but exclude molybdenum        
processed from purchased product.                                           
                                                                            
(2) Weighted-average of the Thompson Creek Mine and the 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. The cash cost for the Endako Mine in  
2013 includes an allocation of roasting and packaging costs from the        
Langeloth Facility and transportation costs from the Endako Mine to the     
Langeloth Facility. See "Non-GAAP Financial Measures" for additional        
information.                                                                
                                                                            
(3) Excludes capitalized interest and debt issuance costs of $24.6 million  
and excludes decreases in accruals of $28.7 million for the three months    
ended March 31, 2013.                                                       
                                                                            
(4) Canadian to US foreign exchange rate for the remainder of 2013 and the  
year 2014 assumed at parity (C$1.00 = US$1.00).                             
                                                                            
(5) Includes capital expenditures anticipated to be incurred during         
production ramp up. Total project capital expenditures may be affected by   
the period of time to reach commercial production. All operating expenses   
will be capitalized until commercial production is reached.                 
                                                                            
(6) Excludes $6.5 million of deposits made to one vendor during the first   
quarter of 2013.                                                            

 
Non-GAAP Financial Measures
 In addition to the condensed consolidated
financial statements presented in accordance with US GAAP, we use
certain non-GAAP financial measures of the Company's financial
performance for the reasons described further below. The presentation
of these measures is not intended to be considered in isolation from,
as a substitute for, or as superior to, the financial information
prepared and presented in accordance with US GAAP, and 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 and adjusted net income per basic and
diluted share are considered key measures by management in evaluating
the Company's operating performance on a quarterly and annual basis.
Management uses these measures in evaluating the Company's
performance as they represent profitability measures that are not
impacted by changes in the market price of our previously outstanding
warrants or significant non-cash items, such as asset impairments,
that are considered non-recurring in nature. These measures do not
have standard meanings prescribed by US GAAP and may not be
comparable to similar measures presented by other companies.
Management believes that these non-GAAP measures provide useful
supplemental information to investors in order that they may evaluate
the Company's performance using the same measures as those used by
management and, as a result, the investor is afforded greater
transparency in assessing our financial performance. 
Adjusted net income represents net income prepared in accordance with
US GAAP, adjusted for significant non-cash items. For the first
quarter of 2013, there were no significant non-cash items. For the
first quarter of 2012, the significant non-cash items were non-cash
losses on the fair value adjustment related to certain warrants that
were outstanding until June 30, 2012. 
In connection with the Company's acquisition of Terrane Metals Corp.
in 2010, the Company agreed to pay holders of common stock purchase
warrants issued by Terrane certain share and cash consideration. Per
guidance issued by the Emerging Issues Task Force, common stock
purchase warrants with a strike price denominated in a currency other
than the entity's reporting currency are not considered linked to
equity and, therefore, are to be accounted for as derivatives. The
Company thus accounted for the Terrane warrants as derivatives. The
Company recorded a cumulative adjustment to retained earnings upon
its acquisition of Terrane, and subsequent changes to the fair value
of the Terrane Warrants were recorded to the Company's Condensed
Consolidated Statements of Operations and Comprehensive (Loss) Income
at each quarter-end. 
As a cash payment was not required by the Company at settlement of
the Terrane warrants, management does not consider gains or losses on
these warrants in its evaluation of our financial performance and
believes that presentation of the Company's adjusted net income
excluding these gains or losses provides useful information to its
investors regarding the Company's financial condition and results of
operations. 
Adjusted net income per basic and diluted share is calculated using
adjusted net income, 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 table reconciles net income presented in accordance
with US GAAP to the non-GAAP financial measures of adjusted net
income and adjusted net income per basic and diluted share for the
three months ended March 31, 2012. For the three months ended March
31, 2013, net income and net income per basic and diluted share
represented in accordance with US GAAP equals the non-GAAP financial
measures of adjusted net income and adjusted net income per basic and
diluted share. All figures within the tables are unaudited and are
presented in US$ in millions, except shares and per share amounts. 
For the Three Months Ended March 31, 2012 


 
                                          Weighted-Average  Weighted-Average
                                            Basic Shares     Diluted Shares 
                                         ----------------- -----------------
                                   Net                                      
                                  Income  Shares            Shares          
                                 (Loss)   (000's)  $/share  (000's)  $/share
                                         -------- -------- -------- --------
Net income                          $1.1  168,054    $0.01  168,483    $0.01
Add (Deduct):                                                               
Unrealized loss on common stock                                             
 purchase warrants                   0.1  168,054       --  168,483       --
                                --------          --------          --------
Non-GAAP adjusted net income        $1.2  168,054    $0.01  168,483    $0.01
                                ========          ========          ========

 
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, weighted-average cash cost per pound
produced and average realized sales price per pound sold are
considered key measures by management in evaluating the Company's
operating performance. Cash cost per pound produced, weighted-average
cash cost per pound produced and average realized sales price per
pound sold are not measures of financial performance, nor do they
have a standardized meaning prescribed by US GAAP and may not be
comparable to similar measures presented by other companies.
Management uses these measures to evaluate the operating performance
at each of its mines, as well as on a consolidated basis, as measures
of profitability and efficiency. Management believes that these
non-GAAP measures provide useful supplemental information to
investors in order that they may evaluate the Company's performance
using the same measures as those used by management and, as a result,
the investor is afforded 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. 
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 at each mine in
the period. Stripping costs represent the costs associated with the
activity of removing overburden and other mine waste materials 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 effects of purchase price adjustments, the effects of
changes in inventory; corporate allocations; stock-based
compensation; other non-cash employee benefits and depreciation,
depletion, amortization and accretion. 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 cash cost for the Endako Mine in 2013
includes an allocation of roasting and packaging costs from the
Langeloth Facility and transportation costs from the Endako 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 table
provides a reconciliation of cash costs and cash cost per pound
produced, by mine, and operating expenses included in our Condensed
Consolidated Statements of Operations and Comprehensive (Loss) Income
in the determination of net income. All figures within the tables are
unaudited and are presented in US$ in millions, except shares and per
share amounts. 


 
                        Three Months Ended           Three Months Ended     
                          March 31, 2013               March 31, 2012       
                  ----------------------------- ----------------------------
                                 Pounds                       Pounds        
                    Operating   Produced          Operating  Produced       
                    Expenses       (1)    $/lb    Expenses      (1)    $/lb 
                  ------------  -------- ------ ------------ -------- ------
                       (in       (000's              (in      (000's        
                    millions)     lbs)            millions)    lbs)         
Thompson Creek                                                              
 Mine                                                                       
Cash costs--Non-                                                            
 GAAP (2)         $       24.8     5,929 $ 4.18 $       35.4    3,422 $10.34
Add/(Deduct):                                                               
  Stock-based                                                               
   compensation            0.2                           0.1                
  Inventory and                                                             
   other                                                                    
   adjustments             3.3                            --                
                  ------------                  ------------                
GAAP operating                                                              
 expenses         $       28.3                $         35.5                
                  ------------                  ------------                
Endako Mine                                                                 
Cash costs--Non-                                                            
 GAAP (2)         $       20.7     1,761 $11.75 $       21.9    1,002 $21.87
Add/(Deduct):                                                               
  Stock-based                                                               
   compensation            0.1                           0.2                
  Commissioning                                                             
   and start-up                                                             
   costs                    --                           2.3                
  Inventory and                                                             
   other                                                                    
   adjustments            (5.2)                          4.3                
                  ------------                  ------------                
GAAP operating                                                              
 expenses         $       15.6                $         28.7                
                  ------------                  ------------                
Other operations                                                            
 GAAP operating                                                             
 expenses (3)     $       24.7                $         35.4                
                  ------------                  ------------                
GAAP consolidated                                                           
 operating                                                                  
 expenses         $       68.6                $         99.6                
                  ============  --------        ============ --------       
Weighted-average                                                            
 cash cost--Non-                                                            
 GAAP             $       45.4     7,690 $ 5.91 $       57.3    4,424 $12.95
                  ============  ========        ============ ========       
(1) Production pounds are molybdenum oxide and HPM from the Company's share 
of the production from the mines, but exclude 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 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. The cash cost 
for the Endako Mine in 2013 includes an allocation of roasting and packaging
costs from the Langeloth Facility and transportation costs from the Endako  
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 and Endako Mines 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 position is
available in Thompson Creek's Quarterly Report on Form 10-Q for the
period ended March 31, 2013, 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 2013 financial results on Thursday, May
9, 2013 at 8:30 am Eastern Time. Kevin Loughrey, Chairman and Chief
Executive Officer, and Pamela Saxton, Executive Vice President and
Chief Financial Officer, will be available to answer questions during
the call. 
To participate in the call, please dial 1 (888) 395-3230. A live
audio webcast of the conference call will be available at
http://www.visualwebcaster.com/event.asp?id=92852 and
www.thompsoncreekmetals.com. An archived recording of the conference
call/webcast will be available at 1 (888) 203-1112 (access code
5144866) from 11:30 a.m. ET on May 9, 2013 to 11:59 p.m. ET on May
16, 2013.  
About Thompson Creek Metals Company Inc.
 Thompson Creek Metals
Company Inc. is a growing, diversified North American mining company.
The Company's principal operating properties are its 100%-owned
Thompson Creek Mine, an open-pit molybdenum mine and concentrator in
Idaho, a 75% joint venture interest in the Endako Mine, an open-pit
molybdenum mine, concentrator and roaster in British Columbia, and
the Langeloth Metallurgical Facility in Pennsylvania. The Company is
also in the process of constructing the Mt. Milligan Mine in British
Columbia. Mt. Milligan is designed to be a conventional truck-shovel
open-pit copper-gold mine. Mt. Milligan is expected to commence
production in 2013. The Company's development projects include the
Berg property, a copper, molybdenum, and silver exploration property
located in British Columbia, the Davidson property, an underground
molybdenum exploration property located in British Columbia, and the
Maze Lake property, a joint venture gold exploration project located
in the Kivalliq District of Nunavut, Canada. The Company's principal
executive office is located in Denver, Colorado. 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
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934 and applicable Canadian securities
legislation. These forward-looking statements generally are
identified by the words "believe," "project," "expect," "anticipate,"
"estimate," "intend," "future," "plan," "may," "should," "will,"
"would," "will be," "will continue," "will likely result," and
similar expressions. Our forward-looking statements include
statements with respect to: future financial or operating performance
of the Company or its subsidiaries and its projects; future
inventory, production, sales, cash costs, capital expenditures and
exploration expenditures; future earnings and operating results;
expected concentrate and recovery grades; statements as to the
projected development of Mt. Milligan and other projects, including
expected production commencement dates; estimates of Mt. Milligan
development costs; future operating plans and goals; and future
molybdenum prices. 
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that are
subject to risks and uncertainties which may cause actual results to
differ materially from future results expressed, projected or implied
by those forward-looking statements. Important factors that could
cause actual results and events to differ from those described in
such forward-looking statements can be found in the section entitled
"Risk Factors" in Thompson Creek's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other documents filed on EDGAR at
www.sec.gov and on SEDAR at www.sedar.com. Although we have attempted
to identify those material factors that could cause actual results or
events to differ from those described in such forward-looking
statements, there may be other factors, currently unknown to us or
deemed immaterial at the present time, that could cause results or
events to differ from those anticipated, estimated or intended. Many
of these factors are beyond our ability to control or predict. Given
these uncertainties, the reader is cautioned not to place undue
reliance on our forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events, or
otherwise. 


 
                                                                            
                                                                            
                                                                            
                     THOMPSON CREEK METALS COMPANY INC.                     
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
                                 (UNAUDITED)                                
                                                                            
(in millions, except share data)                    March 31,   December 31,
                                                   ----------- -------------
                                                       2013         2012    
                                                   ----------- -------------
                      ASSETS                                                
Current assets                                                              
  Cash and cash equivalents                        $     469.3 $       526.8
  Accounts receivable                                     61.3          52.9
  Accounts receivable-related parties                      3.7           6.4
  Product inventory                                      105.7         110.8
  Material and supplies inventory                         50.4          48.4
  Prepaid expenses and other current assets               13.5           5.8
  Income and mining taxes receivable                      11.3          16.0
  Restricted cash                                         25.0          37.1
                                                   ----------- -------------
                                                         740.2         804.2
Property, plant, equipment and development, net        2,622.6       2,538.9
Restricted cash                                            5.7           5.7
Reclamation deposits                                      29.5          30.1
Other assets                                              30.0          31.3
                                                   ----------- -------------
                                                   $   3,428.0 $     3,410.2
                                                   =========== =============
       LIABILITIES AND SHAREHOLDERS' EQUITY                                 
Current liabilities                                                         
  Accounts payable and accrued liabilities         $     105.8 $       128.5
  Income, mining and other taxes payable                   0.8           0.6
  Current portion of long-term debt                       16.4          16.6
  Current portion of long-term capital lease                                
   obligations                                            18.6          14.1
  Deferred income tax liabilities                          7.0           5.9
  Other current liabilities                               13.7          13.8
                                                   ----------- -------------
                                                         162.3         179.5
Gold Stream deferred revenue                             731.6         669.6
Long-term debt                                           918.1         921.8
Long-term capital lease obligations                       74.5          58.0
Other liabilities                                          5.8           5.3
Asset retirement obligations                              35.1          36.6
Deferred income tax liabilities                          122.1         137.5
                                                   ----------- -------------
                                                       2,049.5       2,008.3
                                                   ----------- -------------
Commitments and contingencies                                               
Shareholders' equity                                                        
  Common stock, no-par, 170,671,457 and                                     
   168,726,984 shares issued and outstanding as of                          
   March 31, 2013 and December 31, 2012,                                    
   respectively                                        1,025.8       1,017.9
  Additional paid-in capital                             227.7         233.8
  Retained earnings                                       93.2          92.3
  Accumulated other comprehensive income                  31.8          57.9
                                                   ----------- -------------
                                                       1,378.5       1,401.9
                                                   ----------- -------------
                                                   $   3,428.0 $     3,410.2
                                                   =========== =============
                                                                            
                                                                            
                                                                            
                     THOMPSON CREEK METALS COMPANY INC.                     
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)  
                                   INCOME                                   
                                 (UNAUDITED)                                
                                                                            
                                                         Three Months Ended 
(in millions, except per share amounts)                      March 31,      
                                                       ---------------------
                                                          2013       2012   
                                                       ---------- ----------
REVENUES                                                                    
  Molybdenum sales                                     $   104.7  $   109.6 
  Tolling, calcining and other                               4.0        4.0 
                                                       ---------  --------- 
    Total revenues                                         108.7      113.6 
COSTS AND EXPENSES                                                          
  Cost of sales                                                             
    Operating expenses                                      68.6       99.6 
    Depreciation, depletion and amortization                12.8       19.6 
                                                       ---------  --------- 
  Total cost of sales                                       81.4      119.2 
  Selling and marketing                                      2.3        1.9 
  Accretion expense                                          0.8        0.5 
  General and administrative                                 7.1        7.7 
  Exploration                                                0.1        0.8 
                                                       ---------  --------- 
    Total costs and expenses                                91.7      130.1 
                                                       ---------  --------- 
OPERATING INCOME (LOSS)                                     17.0      (16.5)
                                                       ---------  --------- 
OTHER EXPENSE (INCOME)                                                      
  Change in fair value of common stock purchase                             
   warrants                                                   --        0.1 
  Loss (gain) on foreign exchange                           19.4       (6.6)
  Interest and finance fees                                  0.1        1.5 
  Interest income                                           (0.2)      (0.2)
  Other                                                       --       (0.3)
                                                       ---------  --------- 
    Total other expense (income)                            19.3       (5.5)
                                                       ---------  --------- 
  (Loss) before income and mining taxes                     (2.3)     (11.0)
  Income and mining tax (benefit)                           (3.2)     (12.1)
                                                                  --------- 
NET INCOME                                             $     0.9  $     1.1 
                                                       ---------  --------- 
COMPREHENSIVE (LOSS) INCOME                                                 
  Foreign currency translation                             (26.1)      27.4 
                                                       ---------  --------- 
    Total other comprehensive (loss) income                (26.1)      27.4 
Total comprehensive (loss) income                      $   (25.2) $    28.5 
                                                       =========  ========= 
                                                                            
NET INCOME PER SHARE                                                        
  Basic                                                $    0.01  $    0.01 
  Diluted                                              $      --  $    0.01 
Weighted-average number of common shares                                    
  Basic                                                    169.7      168.1 
  Diluted                                                  216.3      168.5 
                                                                            
                                                                            
                                                                            
                     THOMPSON CREEK METALS COMPANY INC.                     
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS               
                                (UNAUDITED)                                 
                                                                            
                                                        Three Months Ended  
(in millions)                                                March 31,      
                                                          2013       2012   
                                                       ---------  --------- 
OPERATING ACTIVITIES                                                        
Net income                                             $     0.9  $     1.1 
Items not affecting cash:                                                   
  Change in fair value of common stock purchase                             
   warrants                                                   --        0.1 
  Depreciation, depletion and amortization                  12.8       19.6 
  Accretion expense                                          0.8        0.5 
  Amortization of finance fees                                --        0.7 
  Stock-based compensation                                   1.4        1.5 
  Product inventory write downs                              4.7        8.3 
  Deferred income tax benefit                               (6.7)     (11.3)
  Unrealized loss on derivative instruments                   --        1.6 
  Unrealized foreign exchange loss (gain)                   19.6       (5.1)
  Change in working capital accounts                       (18.2)     (13.9)
                                                       ---------  --------- 
    Cash generated by operating activities                  15.3        3.1 
                                                       ---------  --------- 
INVESTING ACTIVITIES                                                        
Capital expenditures                                      (155.1)    (187.9)
Capitalized interest payments                               (7.9)        -- 
Restricted cash                                             11.4        2.7 
Reclamation (deposit) refund                                (0.2)       5.2 
                                                       ---------  --------- 
  Cash used by investing activities                       (151.8)    (180.0)
                                                       ---------  --------- 
FINANCING ACTIVITIES                                                        
Proceeds from the Gold Stream Arrangement                   62.0       45.0 
Proceeds from sales leaseback transactions                  27.3         -- 
Down payment on capital lease transactions                  (2.7)        -- 
Repayment of sale leaseback obligations                     (1.0)        -- 
Repayment of capital lease obligations                      (2.5)        -- 
Repayment of long-term debt                                 (3.9)      (1.5)
Proceeds from issuance of common shares, net                 0.4        0.5 
                                                       ---------  --------- 
  Cash generated by financing activities                    79.6       44.0 
                                                       ---------  --------- 
EFFECT OF EXCHANGE RATE CHANGES ON CASH                     (0.6)       1.1 
                                                       ---------  --------- 
DECREASE IN CASH AND CASH EQUIVALENTS                  $   (57.5)    (131.8)
Cash and cash equivalents, beginning of period         $   526.8      294.5 
                                                       ---------  --------- 
Cash and cash equivalents, end of period               $   469.3  $   162.7 
                                                       =========  ========= 

  
For more information, please contact: 
Pamela Solly
Director, Investor Relations and Corporate Responsibility
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