Orbite announces third quarter and nine month 2014 results

Orbite Aluminae Inc. announced today the filing of its third quarter and nine months ended September 30, 2014 financial results.

Third Quarter Highlights are provided below:

All dollar amounts are in Canadian dollars unless stated otherwise.

• Mechanical installation of the decomposer and calcinator has been completed per the Company’s earlier communicated timeline.

• Extensive testing confirms consistency of front-end process performance and suitability of refractory materials to yield HPA meeting high-end market specifications.

• Company has decided to include additional de-risking step in refractory completion to pre-empt potential long-term mechanical stability issues with certain delivered refractory materials. Consequently, management anticipates commercial production for Q2 2015.

• Cash and Short-Term Investments of $11.6 million as at September 30, 2014. Positive Working Capital of $14.2 million.

• Continued financial discipline in cash flows used in operations decreasing by $250,000 to $1.9 million, as compared to the same period in the prior year.

• $6 million in Québec investment tax credits (ITCs) was received, related to investments made in 2012, pledged to secure the Company’s $25 million 2012 debenture.

• $19.7 million in non-current Investment tax credits receivable pledged to secure the $25 million December 2012 debentures.

• Subsequent to the quarter, the second installment of $6.3 million related to the 2012 ITCs was received.

• Property, Plant and Equipment of $74.9 million.

• Quarterly Net loss and Comprehensive loss of $228,000 down by $1.8 million compared to Q3-2013, and down by $4.1 million compared to Q2-2014.

• Cash flows from financing activities of $9.8 million, as compared to cash flows from financing activities of $0.1 million in the same period last year. • Cash flows used for investing activities of $5.5 million, as compared to $1.8 million for Q3 2013.

• Shareholders’ equity of $103.0 million.