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Turquoise Hill (TRQ: TSX & NYSE) is an international mining company focused on the operation and further development of the Oyu Tolgoi copper-gold mine in southern Mongolia, which is the Company’s principal and only material mineral resource property. Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity.

Key operational metrics for Q3’21 are as follows:

Oyu Tolgoi Production Data

All data represents full production and sales on a 100% basis

  3Q
2021
3Q
2020
Change 9 months
2021
9 months
2020
Change
Open pit material mined('000 tonnes) 22,588 23,979 (5.8%) 61,005 74,032 (17.6%)
Ore treated (‘000 tonnes) 9,336 10,072 (7.3%) 28,550 30,606 (6.7%)
Average mill head grades:
Copper (%)
0.53 0.45 17.8% 0.52 0.45 15.6%
Gold (g/t)
0.63 0.21 200.0% 0.60 0.18 233.3%
Silver (g/t)
1.29 1.22 (5.7%) 1.26 1.19 5.9%
Concentrates produced (‘000 tonnes) 191.9 168.5 13.9% 567.0 502.9 12.7%
Average concentrate grade(%Cu)
21.9 21.5 1.9% 21.9 21.5 1.9%
Production of metals in concentrates:
Copper (‘000 tonnes)
41.9 36.5 15.4% 124.1 108. 14.9%
Gold (‘000 ounces)
131 37 254.1% 390 94 314.9%
Silver (‘000 ounces)
249 219 13.7% 739 645 14.6%
Concentrate sold (‘000 tonnes) 224.4 167.9 33.7 503.3 488.1 3.1$
Sales of metals in concentrates:
Copper (‘000 tonnes)
46.4 34.4 34.9% 105.0 99.9 5.1%
Gold (‘000 ounces)
149 34 338.2% 333 84 296.4%
Silver (‘000 ounces)
278 201 38.3% 591 566 4.4%
Metal recovery (%)
Copper
83.9 78.9 6.3% 83.6 77.4 8.0%
Gold
68.7 53.7 27.9% 70.3 51.0 37.8%
Silver
64.1 54.6 17.4% 64.0 54.0 18.5%

Key financial metrics for Q3’21 are as follows:

Oyu Tolgoi Key Financial Metrics(1)

      Three Months
ended
    Nine Months
ended
($ in millions, unless otherwise noted) 3Q
2021
3Q
2020
Change
%
3Q
2021
3Q
2020
Change
%
             
Revenue 622.8 264.4 135.6% 1,467.1 673.1 118.0%
Income (loss) for the period 22.9 161.7 - 473.9 253.0 -
Income (loss) attributable to owners of Turquoise Hill 34.9 128.6 - 368.5 246.4 -
Basic and diluted income (loss) per share attributable to owners of Turquoise Hill 0.17 0.64 - 1.83 1.22 -
Revenue by metals in concentrates            
Copper 362.7 198.7 82.5% 883.8 517.3 70.8%
Gold 254.3 61.1 316.2% 570.0 145.3 292.3%
Silver 5.8 4.6 21.6% 13.3 10.5 26.7%
Cost of sales 202.7 168.0 20.7% 440.9 495.9 (11.1%)
Production and delivery costs 152.6 125.7 21.4% 317.4 367.5 (13.6%)
Depreciation and depletion 50.1 42.2 (18.7%) 123.5 128.3 (3.7%)
Capital expenditure on cash basis 216.9 254.5 (14.8%) 697.4 817.5 (14.7%)
Underground-Development 136.9 203.2 (32.6%) 497.5 733.7 (34.6%)
Underground-Sustaining 63.7 38.9 63.8% 174.5 49.9 249.7%
Open pit 16.3 12.4 31.5% 43.4 33.9 28.0%
Proceeds from pre-production revenue (39.3) (18.5) 112.4% (51.3) (26.1) 96.6%
Royalties 37.6 15.5 142.6% 82.8 40.0 107.0%
Operating cash costs(2) 216.2 181.4 19.2% 627.9 550.3 14.1%
Unit costs ($)           %
Cost of sales (per pound of copper sold) 1.98 2.22 (10.8%) 1.90 2.25 (15.6%)
C1 (per pound of copper produced)(2) (0.65) 1.48 143.9% 0.06 1.72 (96.5%)
All-in sustaining (per pound of copper produced)(2) 0.03 1.88 (98.4%) 0.63 2.13 (70.4%)
Mining costs (per tonne of material mined)(2) 2.08 1.93 7.6% 2.20 1.78 23.6%
Milling costs (per tonne of ore treated)(2) 8.01 5.90 35.8% 7.10 6.06 17.2%
G&A costs (per tonne of ore treated) 3.63 2.98 22.0% 4.02 3.05 31.8%
Cash generated from (used in) operating activities 350.6 77.6 351.8% 426.7 (28.6) 1,592.0%
Cash generated from operating activities before interest and tax 351.1 89.2 293.6% 895.0 125.4 613.7%
Interest paid 0.9 0.7 28.6% 111.9 146.2 (23.5%)
Total assets 13,908 13,087 6.3% 13,908 13,087 6.3%
Total non-current financial liabilities 4,422 4,390 0.7% 4,422 4,390 0.7%

(1)Any financial information in Q3 2021 MD&A should be reviewed in conjunction with the Company‘s consolidated financial statements or condensed interim consolidated financial statements for the reporting periods indicated.

(2)Please refer to NON-GAAP MEASURES – on page 28 of Q3 2021 MD&A for further information.

Latest Metrics

0.13 AIFR Q3'21 AIFR per 200,000 hours worked
41,935 T Q3'21 copper production
130,799 Oz Q3'21 gold production
$622.8 m Q3'21 revenue
($0.65) /lb Cu Q3'21 C1 cash costs
2.2 Km Q3'21 Equivalent