All amounts in US$ unless otherwise indicated

VANCOUVER, British Columbia / Nov 03, 2023 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) today reported financial results for the nine months and quarter ended September 30, 2023 (“Q3 2023”). Copper production in Q3 totaled 40.3 thousand tonnes at C1 cash costs1 of $2.88 per payable pound of copper produced. Link HERE for Capstone’s Q3 2023 webcast presentation.

John MacKenzie, CEO of Capstone, commented, "I am encouraged by the progress we made during the third quarter in executing on our plan to improve operational reliability and expand margins across our portfolio. As construction at our flagship Mantoverde Development Project ("MVDP") approaches completion by year-end, we look forward to a transformational year in 2024. Our excitement follows many years of dedicated effort by our mine build team in Chile. MVDP will drive a significant reduction in our consolidated unit costs and provide a pathway to record operating cash flow generation for Capstone Copper."

Q3 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS

Net loss of $42.3 million, or $(0.05) per share for Q3 2023 compared to net income of $37.5 million, or $0.05 per share for Q3 2022.
Adjusted net loss attributable to shareholders1 of $15.8 million, or $(0.02) per share for Q3 2023. Q3 2023 adjusted net loss attributable to shareholders1 is lower than Q3 2022 adjusted net loss attributable to shareholders1 of $22.7 million due to higher copper prices.
Adjusted EBITDA1 of $62.8 million for Q3 2023 compared to $35.2 million for Q3 2022. The increase in Adjusted EBITDA1 is driven by a higher copper price of $3.75/lb compared to $3.18/lb (prior to unrealized provisional pricing adjustments), partially offset by lower copper sold (38.7 thousand tonnes in Q3 2023 versus 44.2 thousand tonnes in Q3 2022).
Operating cash flow before changes in working capital of $59.3 million in Q3 2023 compared to $14.4 million in Q3 2022.
Consolidated copper production for Q3 2023 of 40.3 thousand tonnes at C1 cash costs1 of $2.88/lb. Copper production in the third quarter was impacted by an unplanned eight days of cumulative downtime at Pinto Valley related to the secondary crusher jack shaft replacement and counter shaft repairs, plus planned maintenance downtime at Mantos Blancos. Lower production levels and maintenance expenses were the key drivers related to higher consolidated cash costs in the quarter.
The Company reaffirms its H2 copper production guidance of 83kt to 93kt. C1 cash costs1 are trending towards the upper end of the H2 guidance range of $2.55/lb to $2.75/lb due to additional unplanned maintenance expenditures noted in Q3.
Mantoverde Development Project ("MVDP") overall progress at 93% and remains on schedule. Construction is progressing well on all key areas of the project. Total project spend since inception was $763 million at the end of September 2023, compared to $706 million at June 2023. The project is on track for construction completion by year end 2023. As the project nears completion, the updated total project cost is estimated at $870 million which is a 5% increase and includes approximately $20 million in project improvements.
Total available liquidity1 of $424.5 million as at September 30, 2023, composed of $129.5 million of cash and short-term investments, and $295.0 million of undrawn amounts on the corporate revolving credit facility.
1 These are alternative performance measures. Refer to the section entitled “Alternative Performance.

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