Thompson Creek Had Excellent Operation Performance 
 

TORONTO - Thompson Creek Metals Company Inc. one of the world's largest publicly traded, pure molybdenum producers, reported financial results for the three months ended March 31, 2010. All dollar amounts are in United States ("US") dollars unless otherwise indicated.

"Thompson Creek achieved excellent operational performance in the first quarter of 2010 and the Company is on track to achieve its production and cost guidance for the year," said Kevin Loughrey, Chairman and Chief Executive Officer. "During the first quarter of 2010, the Company produced 8.3 million pounds of molybdenum, a quarterly record, and cash cost per pound produced was $5.36 per pound, which was below our guidance of $6 to $7 per pound for the full year. "Reflecting the recovery in the world economy and the steel industry in particular, the Company's average realized price on molybdenum sales for the first quarter of 2010 has risen by 43% from the same quarter a year earlier. A continuation of the economic recovery can be expected to yield a positive trend for molybdenum prices and an improving financial performance for the Company over the medium term," Mr. Loughrey said. The Company's revenues rose by 62% to $127.8 million in the first quarter of 2010 from $78.8 million a year earlier primarily due to a 43% increase in the average realized price for molybdenum products to $14.50 per pound from $10.14 per pound. After the deduction of operating, selling, marketing, general and administrative, exploration, depreciation, depletion, amortization and accretion costs, the Company generated operating income totaling $31.1 million in the first quarter, up from $1.7 million a year earlier. First-quarter net income was $1.1 million or $0.01 per basic and diluted share, compared with $8.7 million or $0.07 per basic and diluted share in the first quarter of 2009. Non-GAAP adjusted net income (excluding non-cash charges related to the Company's warrants) was $25.6 million or $0.18 per basic and $0.17 per diluted share in the first quarter of 2010 versus $9 million or $0.07 per basic and diluted share a year earlier. The non-GAAP adjusted net income excludes non-cash charges related to the Company's warrants of $24.5 million in the first quarter of 2010 and $0.3 million a year earlier. The Company's mines produced 8.3 million pounds of molybdenum in the first quarter versus 6.1 million pounds in the first quarter of 2009. The Thompson Creek Mine produced 6.3 million pounds, up from 4.4 million pounds a year earlier, while the Company's 75% share of the Endako Mine's production was 2.0 million, up from 1.7 million pounds a year earlier. The weighted-average cash cost per pound produced (including all stripping costs) was $5.36 per pound in the first quarter, down from $5.93 per pound in the first quarter of 2009. At the Thompson Creek Mine, cash cost per pound produced in the first quarter was $4.74 per pound, down from $5.83 per pound a year earlier. The Endako Mine's cash cost per pound produced was $7.26 per pound, compared with $6.17 per pound in the same quarter a year earlier.