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Capstone Copper Reports Fourth Quarter and Full-Year 2022 Financial Results
All amounts in US$ unless otherwise indicated VANCOUVER, British Columbia / Feb 15, 2023 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (
About this update from Capstone Copper Corp.
[{"type":"text","content":"All amounts in US$ unless otherwise indicated VANCOUVER, British Columbia / Feb 15, 2023 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) today reported financial results for the three months and year ended December 31, 2022 (“Q4 2022” and \"2022\"). The results are preliminary and subject to change based on final results. Q4 copper production totaled 45,500 tonnes at C1 cash costs1 of $2.50 per payable pound of copper produced. As previously reported on February 1, 2023, Capstone achieved production and cost guidance for the period April 1, 2022 to December 31, 2022, with consolidated copper production of 136.3 thousand tonnes at C1 cash costs1 of $2.68/lb. Link HERE for Capstone’s Q4 2022 webcast presentation. John MacKenzie, CEO of Capstone, commented, \"We achieved several major milestones in 2022 following the Capstone/Mantos merger in late Q1 including the successful integration of the two companies, the release of our MV-SD District Integration Plan, the ramp-up at Mantos Blancos, and tremendous progress at our transformational Mantoverde Development Project (\"MVDP\"), which remains on-time and on-budget. This year, 2023, is pivotal for Capstone as we expect to complete MVDP construction in Q4 setting the stage for a doubling of consolidated cash flow and positioning us well for further growth\". Q4 2022 HIGHLIGHTS Net income of $136.1 million, or $0.20 per share, for 2022, and net loss of $28.4 million, or $(0.03) per share for Q4 2022. Adjusted net income1 of $84.5 million, or $0.14 per share for 2022, and $52.9 million or $0.06 per share for Q4 2022. Q4 2022 is down $20.3 million, or $0.12 per share, compared to the same quarter last year due to a lower copper price and inflationary pressure on costs. Adjusted EBITDA1 of $352.8 million for 2022 compared to $432.2 million for 2021. Adjusted EBITDA1 of $80.5 million for Q4 2022, which includes a realized provisional pricing loss of $7.8 million relating to Q3 and Q2, compared to Adjusted EBITDA1 of $113.3 million in Q4 2021. The decrease in Adjusted EBITDA1 is driven by a lower realized copper price and inflationary pressure on costs, particularly sulphuric acid and diesel fuel costs. Operating cash flow before changes in working capital of $99.4 million in Q4 2022 compared to $104.9 million in Q4 2021. Achieved production and cost guidance...