Business
Capstone Copper Reports First Quarter 2022 Results and Provides Consolidated Production and Cost Guidance for the Remainder of 2022
VANCOUVER, British Columbia / May 12, 2022 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) today announced production and financi
About this update from Capstone Copper Corp.
[{"type":"text","content":"VANCOUVER, British Columbia / May 12, 2022 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) today announced production and financial results for the quarter ended March 31, 2022 (Q1 2022) and production and cost guidance for the remainder of 2022. Quarterly consolidated copper production totaled 22,500 tonnes at C1 cash costs1 of $2.31 per payable pound of copper produced. Link HERE for Capstone’s Q1 2022 management’s discussion and analysis (“MD&A”) and financial statements and HERE for the webcast presentation. “It is with great pleasure that I report the inaugural first quarter’s results of the new Capstone Copper, and I would particularly like to take this opportunity to thank everybody in our organization for their tremendous support as we integrate our business. Despite inflationary pressures facing the entire mining industry, Capstone delivered strong financial results, highlighted by adjusted EBITDA of $123 million that included only a nine-day contribution from our Mantoverde and Mantos Blancos mines since the combination took effect on March 23, 2022,” said John MacKenzie, CEO. “This is a transformational year for Capstone as we ramp-up our new Mantos Blancos mill, construct the Mantoverde sulphides project and deliver a District Integration Plan for Santo Domingo with Mantoverde. These are critical steps toward achieving over 40% copper production growth by 2024 and a further 45% when Santo Domingo goes into production. In the context of the current macro-environment we have critically evaluated our business to provide guidance for the remaining 9-months of 2022, and expect to produce 136,000 to 150,000 tonnes of copper at C1 cash costs of $2.55 to $2.70 per pound.” Q1 2022 OPERATIONAL AND FINANCIAL HIGHLIGHTS The Transaction to combine with Mantos to create Capstone Copper Corp. was completed on March 23, 2022. The Transaction establishes Capstone Copper as a premier copper producer with a diversified portfolio of high-quality, long-life operating assets focused in the Americas with an extensive pipeline of near-term fully-permitted organic growth opportunities. Net income of $35.1 million, or $0.08 per share. Adjusted net income1 of $61.1 million or $0.14 per share for Q1 2022, with the main reconciling item for Q1 2022 being $19.9 million of transaction and integration costs relate...