UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  May 8, 2013
 
THOMPSON CREEK METALS COMPANY INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
British Columbia, Canada
 
001-33783
 
98-0583591
(State or Other Jurisdiction
 
(Commission
 
(IRS Employer
of Incorporation)
 
File Number)
 
Identification No.)
 
26 West Dry Creek Circle
Suite 810
Littleton, Colorado 80120
(Address of Principal Executive Offices)
 
(303) 761-8801
Registrant’s Telephone Number, Including Area Code
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Items to be Included in this Report
 
Item 2.02  Results of Operations and Financial Condition.

On May 8, 2013, Thompson Creek Metals Company Inc. (the “Company”) issued a press release (the “Press Release”) announcing results for the three months ended March 31, 2013. Furnished hereto as Exhibit 99.1 to this Current Report is a copy of the Press Release.

Item 7.01 Regulation FD Disclosure.

The Company is furnishing the attached investor presentation as Exhibit 99.2 which will be used as public relations material as well as for future meetings with investors, stockholders and analysts. The Company does not intend to file any update to this investor presentation. The fact that this investor presentation is being furnished should not be deemed an admission as to the materiality of any information contained in the presentation.

The information in this Current Report and Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.
 
(d)                                 Exhibits.
 
 
 
 
 
Exhibit No.
 
Description
99.1
 
Thompson Creek Metals Company Inc. Press Release dated May 8, 2013
99.2
 
Investor Presentation






SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
THOMPSON CREEK METALS COMPANY INC.
 
 
 
 
By:
/s/ Wendy Cassity
Date: May 8, 2013
Name:
Wendy Cassity
 
Title:
Vice President, General Counsel and Secretary






Exhibit Index
 
 
 
 
 
Exhibit No.
 
Description
99.1
 
Thompson Creek Metals Company Inc. Press Release dated May 8, 2013
99.2
 
Investor Presentation




Press Release 05/8/2013 10-Q



news release
    
NYSE: TC
TSX: TCM
May 8, 2013


THOMPSON CREEK METALS COMPANY REPORTS FIRST QUARTER 2013 FINANCIAL RESULTS

Denver, CO – 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, 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,
 
 
March 31, 2013
(Actual)
 
2013
(Estimated, Including Q1 2013)
 
2014
(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
Basic Shares
 
Weighted-Average
Diluted Shares
 
 
Net Income
(Loss)
 
Shares
(000's)
 
$/share
 
Shares
(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
March 31, 2013
 
Three Months Ended
March 31, 2012
 
 
Operating
Expenses
 
Pounds
Produced(1)

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

 
 
(in millions)
 
(000's 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.









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
 
 








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)
(in millions, except per share amounts)
Three Months Ended 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)
(in millions)
Three Months Ended 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

 
 
 
 



thompsoncreekinvestorpre
A Growing, Diversified North American Mining Company May 2013


 
2 Cautionary Statements This document 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, as amended, Section 21E of the Securities Act of 1934, as amended and applicable Canadian securities legislation, which are intended to be covered by the safe harbor created by those sections and other applicable laws. These forward- looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "future," "opportunity," "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; access to existing or future financing arrangements, future inventory, production, sales, cash costs, capital expenditures and exploration expenditures; future earnings and operating results; expected concentrate and recovery grades; estimates of mineral reserves and resources, including estimated mine life and annual production; statements as to the projected development of Mt. Milligan and other projects, including expected production commencement dates; Mt. Milligan development costs; future operating plans and goals; and future molybdenum, copper and gold 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 for the year ended December 31, 2012, 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, and investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Cautionary Note to our United States and Other Investors Concerning Estimates of Measured and Indicated Mineral Resources: This presentation uses the terms “Measured” and “Indicated” Resources. United States investors are advised that while such terms are recognized by Canadian regulations, the United States Securities and Exchange Commission (the “SEC”) only permits United States mining companies, in their filings with the SEC, to disclose those mineral deposits that a company can economically and legally extract or produce in accordance with SEC Industry Guide 7. Our United States and other investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. Compliance with NI 43-101 Unless otherwise indicated, we have prepared the technical information in this presentation based on information contained in the technical reports available under our company profile on SEDAR at www.sedar.com. Each technical report was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For readers to fully understand the information in this presentation, they should read the technical reports n their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this presentation which qualifies such information. This presentation summarizes some of the information contained in the following technical reports: "Technical Report Thompson Creek Molybdenum Mine" dated February 9, 2011 and filed on SEDAR on February 24, 2011; "Technical Report Endako Molybdenum Mine" dated and filed on SEDAR on September 12, 2011; "Technical Report—Feasibility Update Mt. Milligan Property—Northern BC" dated October 13, 2009 and filed on our SEDAR profile on October 13, 2011; and "2009 Mineral Resource Estimate on the Berg Copper Molybdenum Silver Property, Tahtsa Range, British Columbia" dated June 26, 2009 and filed on our SEDAR profile on October 13, 2011. The Mineral Reserves estimates included in this presentation have been prepared in accordance with NI 43-101 and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards -– For Mineral Resources and Mineral Reserves." Mineral Reserves are equivalent to Proven and Probable Reserves as defined by the SEC Industry Guide 7. Mineral Reserve estimates reflect our reasonable expectation that all necessary permits and approvals will be obtained and maintained. Mining dilution and mining recovery vary by deposit and have been applied in estimating the Mineral Reserves. As Mineral Reserves are reported under both NI 43-101 and SEC Industry Guide 7 standards, it is possible for Mineral Reserve figures to vary between the two standards due to the differences in reporting requirements under each standard. For example, NI 43-101 has a minimum requirement that Mineral Reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a detailed feasibility study that demonstrates that economic extraction is justified. For our Mineral Reserves at December 31, 2012, there is no difference between the Mineral Reserves as disclosed under NI 43-101 and those disclosed under SEC Industry Guide 7, and therefore no reconciliation is provided. The Mineral Resources estimates included in this presentation were estimated in accordance with the definitions and requirements of NI 43-101. The Mineral Resources are equivalent to Mineralized Material as defined by the SEC Industry Guide 7. The Mineral Resources are not included in and are in addition to the Mineral Reserves.


 
3 Company Overview NYSE: TC; TSX: TCM Strong North American Portfolio of Assets Overview: One of the largest molybdenum producers in the world with two operating mines Thompson Creek Mine in Idaho (100% ownership) Endako Mine in B.C. (75% ownership) Langeloth metallurgical refinery in Pennsylvania (100% ownership) Diversifying into copper and gold with development of the Mt. Milligan project in B.C. (100% ownership) Start-up expected in Q3 2013 52.25% of life of mine gold production sold to Royal Gold Reserves:


 
Financials


 
5 TC/TCM Common Shares (US$) Recent share price1 $3.15 Current market cap1 $537.7 million 52-week low/high1 $2.25/$5.32 Basic shares outstanding 170.7 million Share options, restricted/performance shares 5.7 million tMEDS – maximum shares upon conversion 45.7 million Fully diluted shares outstanding 222.1 million Listings: NYSE:TC, TSX:TCM Pro Forma Share Structure March 31, 2013 1 Updated May 6, 2013.


 
6 3 15 1.1 0.9 (17) 17 114 109 Q112 Q113 Financial Summary | Q113 vs Q112 Revenue [in millions of US dollars] Operating Income [in millions of US dollars] Net Income [in millions of US dollars] Operating Cash Flow [in millions of US dollars]


 
7 Key Statistics | Q113 vs Q112 From Owned Mines 4.4 7.7 4.9 6.6 Q112 Q113 ■ Mo Production ■ Mo Sold [in millions of pounds] $12.95 $5.91 $14.74 $11.87 Q112 Q113 ■ Cash Costs1 ■ Average Realized Sales Price [in US dollars per pound produced and sold] 1 See non-GAAP reconciliation slides.


 
8 Key Statistics | Q113 vs Q112 From Thompson Creek Mine 3.4 5.9 3.1 5.3 Q112 Q113 ■ Mo Production ■ Mo Sold [in millions of pounds] $10.34 $4.18 $15.08 $11.96 Q112 Q113 ■ Cash Costs1 ■ Average Realized Sales Price [in US dollars per pound produced and sold] 1 See non-GAAP reconciliation slides .


 
9 Key Statistics | Q113 vs Q112 From Endako Mine (75% share) 1.0 1.8 1.8 1.3 Q112 Q113 ■ Mo Production ■ Mo Sold [in millions of pounds] $21.87 $11.75 $14.08 $11.49 Q112 Q113 ■ Cash Costs1 ■ Average Realized Sales Price [in US dollars per pound produced and sold] 1 See non-GAAP reconciliation slides.


 
10 Molybdenum Outlook | Production & Cash Costs 4.4 4.1 6.1 7.7 7.7 $12.95 $14.57 $9.46 $6.58 $5.91 4 6 8 10 12 14 16 - 1 2 3 4 5 6 7 8 9 Q112 Q212 Q312 Q412 Q113 22.4 27.5 30.5 $6.50 $7.50 4.00 6.00 8.00 10.00 12.00 14.00 16.00 - 5 10 15 20 25 30 35 2012 actual 2013 guidance ■ Mo Production [in millions of pounds] ■ Cash Cost1 [per pound] ■ Lower & ■ Upper Ranges2 ■ Lower & ■ Upper Ranges2 1 See non-GAAP reconciliation on slides 28 – 30. 2 Guidance numbers for Endako for the remainder of 2013 assume a USD/CAD exchange rate of 1.00. $10.09


 
11 Molybdenum Outlook | Production & Cash Costs From Thompson Creek Mine 3.4 2.5 4.3 6.0 5.9 $10.34 $13.46 $7.87 $4.59 $4.18 4 5 6 7 8 9 10 11 12 13 14 - 1 2 3 4 5 6 7 Q112 Q212 Q312 Q412 Q113 16.2 20.0 22.0 $4.75 $8.06 $5.75 4.00 6.00 8.00 10.00 12.00 14.00 16.00 - 5 10 15 20 25 2012 actual 2013 guidance ■ Mo Production [in millions of pounds] ■ Cash Cost1 [per pound] ■ Lower & ■ Upper Ranges ■ Lower & ■ Upper Ranges 1 See non-GAAP reconciliation on slides 28 – 30.


 
12 Molybdenum Outlook | Production & Cash Costs From Endako Mine (75% share) 1.0 1.6 1.8 1.8 1.8 $21.87 $16.37 $13.19 $13.26 $11.75 4 6 8 10 12 14 16 18 20 22 24 - 0 0 1 1 1 1 1 2 2 2 Q112 Q212 Q312 Q412 Q113 6.2 7.5 8.5 15.42 4.00 6.00 8.00 10.00 12.00 14.00 16.00 - 1 2 3 4 5 6 7 8 9 2012 actual 2013 guidance ■ Mo Production [in millions of pounds] ■ Cash Cost1 [per pound] 1 See non-GAAP reconciliation on slide 28 – 30. 2 Guidance numbers for Endako for the remainder of 2013 assume a USD/CAD exchange rate of 1.00. ■ Lower & ■ Upper Ranges2 ■ Lower & ■ Upper Ranges2 $12.25 $10.75


 
13 Cash Capital Expenditures1 Q1 2013 Actual 2013 Estimate1 2014 Estimate1 Mt. Milligan (millions C$) 2,3 153.0 370 – 390 – Mt. Milligan Permanent Operations Residence (millions C$) 1.4 35 – 40 5 – 10 Mt. Milligan Operations (millions C$) – 20 – 30 20 – 30 Operations (millions US$) 0.7 15 – 20 30 – 40 TOTAL 155.1 440 – 480 55 – 80 1 Cash capital expenditures guidance numbers are as of February 25, 2013 and unchanged as of March 31, 2013. Canadian to US foreign exchange rate for 2013 and 2014 assumed at parity (C$1.00 = US$1.00). 2 Excludes capitalized interest and debt issuance costs. 3 Includes amounts for equipment purchased under capital leases, as well as first-fills, spare parts and commissioning parts.


 
14 Mt. Milligan Upside Potential and Robust Economics In millions of US Dollars Reserve calculation utilized conservative metals pricing of $1.60/lb Cu and $690/oz Au Current resource is open at depth and possibly extends laterally Multiple exploration drill targets within company’s land position Mt. Milligan geophysical and geochemical signature repeated on several targets within the holdings Upside potential Significant annual cash flow potential $ 280 1 $ 5202 Cash Costs Cash Revenue - Current pricing 1 Estimated cash costs recently updated for the first full six years of production and include operating costs, refining/smelting costs and transportation. Assumes average annual production of 89 million lbs of copper in concentrate (85.4 million lbs of payable copper) and 262,000 oz of gold in concentrate (256,760 oz of payable gold) for years 1-6 of full production. Exchange rate is assumed at parity (C$1.00 = US$1.00). 2 Bloomberg pricing as of 05/06/13: Cu - $3.30/lb; Au - 47.75% @ $1,470 oz and 52.25% @ $435/oz (per Amended and Restated Gold Stream Agreement with Royal Gold). 1


 
15 $532 Funding in Place $469 $13 $50 $325 $38 $169 Cash on hand Estimated equipment financing 2013 Remaining Royal Gold proceeds Net other cash use 2013 High estimate CapEx 2013 Cash cushion Cash Outlook | Remainder of 2013 In millions of US Dollars 1 As of March 31, 2013. 2 Expected CAT equipment financing as of March 31, 2013 through December 31, 2013. 3 Net other cash flows represents estimated cash flow from operations using a molybdenum oxide price of $11.42/lb for the remainder of 2013, together with $21 million of restricted cash related to vendor holdbacks at Mt. Milligan (contractor retention), net of existing debt service, reclamation and all other cash uses. 4 Cash capital expenditures guidance numbers are as of March 31, 2013 for the remainder of 2013. Assumes CAD/USD exchange rate of 1.00. 5 Includes for Mt. Milligan approximately $30 million for first fills, spare parts, and commissioning parts, and $40 million for a permanent operations residence. Funding in Place Cash Uses 1 1 2 3 4,5


 
16 $532 Funding in Place $469 $13 $50 $325 $38 $169 Cash on hand Estimated equipment financing 2013 Remaining Royal Gold proceeds Net other cash use 2013 High estimate CapEx 2013 Cash cushion Cash Outlook | Remainder of 2013 In millions of US Dollars 1 As of March 31, 2013. 2 Expected CAT equipment financing as of March 31, 2013 through December 31, 2013. 3 Net other cash flows represents estimated cash flow from operations using a molybdenum oxide price of $11.42/lb for the remainder of 2013, together with $21 million of restricted cash related to vendor holdbacks at Mt. Milligan (contractor retention), net of existing debt service, reclamation and all other cash uses. 4 Cash capital expenditures guidance numbers are as of March 31, 2013 for the remainder of 2013. Assumes CAD/USD exchange rate of 1.00. 5 Includes for Mt. Milligan approximately $30 million for first fills, spare parts, and commissioning parts, and $40 million for a permanent operations residence. Funding in Place Cash Uses 1 1 2 3 4,5


 
17 Mt. Milligan Capital Forecast as of March 31, 2013 In millions of Canadian Dollars 1 Contractor Retention is a fixed project cost in a restricted cash account to be paid when work is completed. 2 Purchase commitments includes both material and services 3 Includes approximately $30 million of first fills, spare parts and commissioning parts. 4 Total project Capex may be affected by start-up to reach commercial production. All operating expenses would be capitalized until commercial production is reached 5 Excludes permanent operations residence of $35-$40 million for 2013. $1,294 $21 $94 $43 $79 $1,530 Cash spent to 3/31/2013 Contractor Retention Purchase commitments Committed lump- sum contracts Non-fixed cost remaining Total project CapEx ~ 95% of Project Capex Spent or Contractually Committed 3,4,5 1 2


 
Reserves


 
19 Thompson Creek Mine 203.3 million pounds Mo 2 Avg. grade of 0.077% Endako Mine 312.6 million pounds Mo 3 Avg. grade of 0.046% Molybdenum Reserves 515.9 million pounds of contained Mo 1 Large Proven and Probable Reserves 1 Based on Proven and Probable Mineral Reserves. 2 The mineral reserve estimate is as of December 31, 2012 and was prepared by the Thompson Creek Mine staff and reviewed and verified by Bruce Parker, P.E., Mine Manager of the Thompson Creek Mine, who is a Qualified Person under NI 43-101. Data verification and block model assembly was completed by Michael J. Lechner of Resource Modeling Inc. The mineral reserve estimate at the Thompson Creek Mine utilized a cut-off grade of 0.030% molybdenum and an average long-term molybdenum price of $12.00 per pound. 3 The mineral reserve estimate is as of December 31, 2012 and was prepared by the Endako Mine staff and reviewed and verified by Bob Jedrzejczak, P. Eng, Mine Superintendent of the Endako Mine, who is a Qualified Person under NI 43-101. The mineral reserve is stated on a 100% basis; we own 75% of the Endako Mine. The mineral reserve estimate for the Endako Mine utilized a cut-off grade of 0.021% molybdenum and a long-term molybdenum price of C$13.50 per pound or $12.00 per pound using an exchange rate of C$1.125/US$1.00. 4 The production, mineral reserve and resource estimates were prepared by Herbert E. Welhener, MMSA-QPM, of IMC, who is a Qualified Person under NI 43-101. The mineral reserve and resource estimates were prepared in accordance with definitions and requirements of 43-101. See technical report entitled "Technical Report—Feasibility Update Mt. Milligan Property—Northern BC" dated October 13, 2009 and filed on SEDAR on October 13, 2011. Copper Reserves 2.1 billion pounds1 Mt. Milligan Mine 2.1 billion pounds Cu 4 Avg. grade of 0.20% Gold Reserves 6.0 million ounces1 Mt. Milligan Mine 6.0 million ounces Ag 4 Avg. grade of 0.011 oz/t


 
Operations


 
21 Company All Incidence Recordable Rate (AIRR)1 2007 – Q1 2013 (82% Improvement Over 5 Yr. Period) 7.00 5.94 5.03 2.60 2.30 1.32 1.37 3.0 3.2 3.2 2.5 1.8 1.8 2007 2008 2009 2010 2011 2012 Q1 2013 Thompson Creek Metals Company Metals Mining U.S. AIRR Average 1 Includes lost time and reportable incidents.


 
22 Production and Cash Costs 2011 through 2014 1 Total sales include third-party material purchases, which are used to fill excess roaster capacity at the Langeloth Metallurgica l Facility and to increase inventory to provide greater flexibility to meet customers’ demands. 2011 40.1 million lbs Mo Sold 1 28.3 million lbs Mo Production 2012 22.4 million lbs Mo Production $10.09/lb Average Cash Cost 28.7 million lbs Mo Sold 1 $13.48/lb Average Realized Price 2014E 27.5 - 30.5 million lbs Mo Production Guidance $6.50 - $7.75/lb Estimated Average Cash Costs $16.28/lb Average Realized Price 2013E $7.94/lb Average Cash Cost 27.5 - 30.5 million lbs Mo Production Guidance $6.50 - $7.50/lb Estimated Average Cash Costs


 
23 Suspended stripping activity associated with the next phase of production Mining operations will continue as planned through 2014 New mine plan expected to achieve significant cost deferrals ~$100 million in operating cost deferrals Q4 2012 through 2014 $8 – $9 million in capital expenditure deferrals Reduced mine workforce by ~100 workers If stripping of phase 8 has not already recommenced at the end of phase 7, we will either restart stripping at that time or put the mine on care and maintenance Thompson Creek Mine Update 1 $6 million in Q4 2012. Production and Cash Costs Forecast 2013E 2014E Production (mm lbs) 20 - 22 17 - 19 Cash costs ($/lb) 4.75 - 5.75 5.00 - 6.00 Cost Deferrals Forecast 2013E 2014E Operating1 ($ mm) $40 $54 Capital ($ mm) $5 $3.5


 
24 Endako Mill expansion completed in April 2012 Increased throughput from 31,000 to 55,000 tons per day Ceased mining ore in the third quarter of 2012 and began processing stockpiled ore to reduce costs Expect to mill approximately1/3 of existing stockpiled ore through mid-2013 Expect to resume mining during the second quarter of 2013 Working to increase mill recovery by addressing: Increased mill throughput Increased mill run times through maintenance management Process control optimization Operator training Reagent evaluations and enhancements Stockpile material management Endako Mine Update Production and Cash Costs Forecast (75% share) 2013E 2014E Production (mm lbs) 7.5 – 8.5 10.5 – 11.5 Cash costs ($/lb) 10.75 – 12.25 9.00 –10.50 Modified tailings distribution system Modified piping of tailings to the pond to enhance tailings depositions for beach building Enhanced tailings management protocols in place


 
Mt. Milligan


 
26 Mt. Milligan Project Development Update Mt. Milligan Remains on Schedule Start up expected Q3 13 Commercial production expected Q4 13 Overall project completion estimated to be at 89% Recent achievements Operations readiness well advanced Operations senior management team in place Mine developed with ore ready faces Truck shop, warehouse and administration building in commissioning Eight 793 haul trucks, two 7495 shovels and one 994 loader in operation Engineering and Procurement for plant complete All required permits in place All required documentation for startup submitted to agencies SAG and two ball mills mechanically assembled Mechanical contractor ramping down Primary crusher operational Coming Critical Activities Freshet tops up water to above 12 million cubic meters TSF starter height completed by end of second quarter Utilities powered up in concentrator Power to SAG mill Plant piping at 55% primary focus of mechanical team Plant electrical cable installation and termination focus Instrumentation and DCS controls powering up Pre commissioning sub systems underway Building crushed ore stockpile as weather warms


 
Future Critical Milestones Milestone 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 June 2012 Process building grinding area enclosed (3 sides) May 2012 Mechanical mill installation begins July 2012 230kV permanent power energized and available onsite June 2012 Delivery and assembly of major mining equipment July 2012 Mining equipment fleet ready Sep 2012 Mine development for TSF construction July 2012 Pre-stripping initiated Sep 2012 Pebble crushing building foundation complete Nov 2012 Concentrator building fully enclosed Jan 2013 Truck shop complete Feb 2013 SAG wrap around motor mechanically complete Feb 2013 Reclaim water ready for pre-commissioning March 2013 Primary crusher ready for testing April 2013 SAG mill, west and east ball mills ready for pre-commissioning June 2013 Process plant mechanical/pre-commissioning complete June 2013 Commissioning started August 2013 First feed December 2013 Full commercial production Completed In progress


 
Mt. Milligan Aerial 28


 
7495 Shovel Loading a 793F Truck


 
30 Mine


 
Primary Crusher


 
Ore Delivery to Primary Crusher


 
33 Building Coarse Ore Stockpile


 
Pebble Crushing Facility


 
Concentrator Building


 
40-Foot SAG Mill


 
Two 24-Foot Ball Mills


 
Rougher Floatation Circuit – 10 Cells


 
Cleaner Floatation Circuit


 
Regrind Area


 
Truck Shop, Warehouse & Administration Building


 
42 Mt. Milligan Upside Potential and Robust Economics In millions of US Dollars Reserve calculation utilized conservative metals pricing of $1.60/lb Cu and $690/oz Au Current resource is open at depth and possibly extends laterally Multiple exploration drill targets within company’s land position Mt. Milligan geophysical and geochemical signature repeated on several targets within the holdings Upside potential Significant annual cash flow potential $ 280 1 $ 5202 Cash Costs Cash Revenue - Current pricing 1 Estimated cash costs recently updated for the first full six years of production and include operating costs, refining/smelting costs and transportation. Assumes average annual production of 89 million lbs of copper in concentrate (85.4 million lbs of payable copper) and 262,000 oz of gold in concentrate (256,760 oz of payable gold) for years 1-6 of full production. Exchange rate is assumed at parity (C$1.00 = US$1.00). 2 Bloomberg pricing as of 05/06/13: Cu - $3.30/lb; Au - 47.75% @ $1,470 oz and 52.25% @ $435/oz (per Amended and Restated Gold Stream Agreement with Royal Gold). 1


 
43 Excellent safety and environmental record Experienced management team Substantial growth in molybdenum production 2013 – 2014 New Mt. Milligan copper-gold mine to open in 2013 Significant increase in revenue, net income and cash flow beginning in 2014 Diversification of asset base Long-lived assets with substantial reserves and resources (P&P) 2.1 billion pounds Cu 516 million pounds Mo 6.0 million ounces of Au Development projects, as market conditions warrant (M&I resources) Berg – Cu, Mo and Ag 3.3 billion pounds Cu 412 million pounds Mo 61 million ounces Ag Davidson – Mo Value Creation Creating Shareholder Value


 
Appendix


 
45 Reconciliation of 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 in evaluating our 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. We use these measures to evaluate the operating performance at each of our mines, as well as on a consolidated basis, as a measure of profitability and efficiency. We believe that these non-GAAP measures provide useful supplemental information to investors in order that they may evaluate our performance using the same measures as management and, as a result, the investor is afforded greater transparency in assessing our financial performance. US$ in millions, except per pound amounts – unaudited Three months ended March 31, 2013 Operating Expenses (in millions) Pounds Produced (1) (000’s lbs) $/lb Thompson Creek Mine Cash costs — Non-GAAP (2) $ 24.8 5,929 $ 4.18 Add/(Deduct): Stock-based compensation 0.2 Inventory and other adjustments 3.3 GAAP operating expenses $ 28.3 Endako Mine Cash costs — Non-GAAP (2) $ 20.7 1,761 $ 11.75 Add/(Deduct): Stock-based compensation 0.1 Inventory and other adjustments (5.2) GAAP operating expenses $ 15.6 Other operations GAAP operating expenses (3) $ 24.7 GAAP consolidated operating expenses $ 68.6 Weighted-average cash cost — Non-GAAP $ 45.4 7,690 $ 5.91 Non-GAAP Reconciliation of Cash Cost Per Pound Produced Three Months Ended March 31, 2013 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 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. 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.


 
46 Reconciliation of 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 in evaluating our 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. We use these measures to evaluate the operating performance at each of our mines, as well as on a consolidated basis, as a measure of profitability and efficiency. We believe that these non-GAAP measures provide useful supplemental information to investors in order that they may evaluate our performance using the same measures as management and, as a result, the investor is afforded greater transparency in assessing our financial performance. US$ in millions, except per pound amounts – unaudited Three months ended March 31, 2012 Three Months Ended June 30, 2012 Operating Expenses (in millions) Pounds Produced (1) (000’s lbs) $/lb Operating Expenses (in millions) Pounds Produced(1) (000’s lbs) $/lb Thompson Creek Mine Cash costs — Non-GAAP (2) $ 35.4 3,422 $ 10.34 $ 34.2 2,544 $ 13.46 Add/(Deduct): Stock-based compensation 0.1 - Inventory and other adjustments - 6.1 GAAP operating expenses $ 35.5 $ 40.3 Endako Mine Cash costs — Non-GAAP (2) $ 21.9 1,002 $ 21.87 $ 25.8 1.575 $ 16.37 Add/(Deduct): Stock-based compensation 0.2 0.1 Commissioning and start-up costs 2.3 2.9 Inventory and other adjustments 4.3 (4.3) GAAP operating expenses $ 28.7 $ 24.5 Other operations GAAP operating expenses (3) $ 35.4 $ 43.0 GAAP consolidated operating expenses $ 99.6 $ 107.8 Weighted-average cash cost — Non-GAAP $ 57.3 4,424 $ 12.95 $ 60.0 4,119 $ 14.57 Non-GAAP Reconciliation of Cash Cost Per Pound Produced Three Months Ended March 31, 2012 and June 30, 2012 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 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. 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.


 
47 Reconciliation of 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 in evaluating our 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. We use these measures to evaluate the operating performance at each of our mines, as well as on a consolidated basis, as a measure of profitability and efficiency. We believe that these non-GAAP measures provide useful supplemental information to investors in order that they may evaluate our performance using the same measures as management and, as a result, the investor is afforded greater transparency in assessing our financial performance. US$ in millions, except per pound amounts – unaudited Three months ended September 30, 2012 Three Months Ended December 31, 2012 Operating Expenses (in millions) Pounds Produced (1) (000’s lbs) $/lb Operating Expenses (in millions) Pounds Produced(1) (000’s lbs) $/lb Thompson Creek Mine Cash costs — Non-GAAP (2) $ 33.9 4,302 $ 7.87 $ 27.4 5,970 $ 4.59 Add/(Deduct): Stock-based compensation - 0.2 Inventory and other adjustments (9.5) 1.9 GAAP operating expenses $ 24.4 $ 29.5 Endako Mine Cash costs — Non-GAAP (2) $ 24.2 1,837 $ 13.19 $ 23.6 1,777 $ 13.26 Add/(Deduct): Stock-based compensation 0.1 0.2 Commissioning and start-up costs 0.1 - Inventory and other adjustments 2.2 0.5 GAAP operating expenses $ 26.6 $ 24.3 Other operations GAAP operating expenses (3) $ 34.9 $ 30.1 GAAP consolidated operating expenses $ 85.9 $ 83.9 Weighted-average cash cost — Non-GAAP $ 58.1 6,139 $ 9.46 $ 51.0 7,747 $ 6.58 Non-GAAP Reconciliation of Cash Cost Per Pound Produced Three Months Ended September 30, 2012 and December 31, 2012 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 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. 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.


 
Thompson Creek Metals Company www.thompsoncreekmetals.com Pamela Solly Director, Investor Relations and Corporate Responsibility NYSE:TC TSX:TCM Phone (303) 762-3526 Email psolly@tcrk.com