Business
Capstone Copper Reports Second Quarter 2023 Results
All amounts in US$ unless otherwise indicated VANCOUVER, British Columbia / Aug 02, 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 / Aug 02, 2023 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) today reported financial results for the six months and quarter ended June 30, 2023 (“Q2 2023”). Copper production in Q2 totaled 39.3 thousand tonnes at C1 cash costs1 of $3.01 per payable pound of copper produced. The Company has provided H2 2023 guidance of 83-93kt of copper at C1 cash costs1 of $2.55 to $2.75 per payable pound. Link HERE for Capstone’s Q2 2023 webcast presentation. \"We are excited to report that construction at our flagship Mantoverde Development Project (\"MVDP\") remains on-time and on-budget ahead of our ramp-up commencing by year-end. Furthermore, despite a challenging start to the year, we expect our operational performance to improve in H2,\" commented John MacKenzie, Chief Executive Officer. \"We would also like to note the retirement of Giancarlo Bruno, and thank him for the role he played in the development of Mantos Blancos and Mantoverde, and welcome James Whittaker as our new SVP, Head of Chile. As we continue to execute on our sector leading growth, Mr. Whittaker brings over 30 years of experience in operations and project development, and most recently was with BHP Chile as President of Escondida. This year marks an inflection point for Capstone Copper; with a strong team, a deep organic growth profile, and a solid balance sheet, I believe we are well-positioned to benefit all stakeholders.\" Q2 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS Net loss of $33.9 million, or $(0.05) per share for Q2 2023. Adjusted net loss attributable to shareholders1 of $12.2 million, or $(0.02) per share for Q2 2023. Q2 2023 adjusted net loss attributable to shareholders1 is lower compared to Q2 2022 adjusted net loss attributable to shareholders1 of $27.7 million due to lower income taxes. Adjusted EBITDA1 of $43.4 million for Q2 2023 compared to $115.8 million for Q2 2022. The decrease in Adjusted EBITDA1 is driven by lower copper sold (40.8 thousand tonnes in Q2 2023 versus 45.5 thousand tonnes in Q2 2022) and a lower copper price of $3.76/lb compared to $4.10/lb (prior to unrealized provisional pricing adjustments). Operating cash flow before changes in working capital of $22.0 million in Q2 2023 compared to $40.7 million in Q2 2022. Consolidated c...