Business
Capstone Copper Reports Second Quarter 2024 Results
All amounts in US$ unless otherwise indicated VANCOUVER, British Columbia / Aug 01, 2024 / 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 01, 2024 / Business Wire / Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX: CSC) today reported financial results for the six months and quarter ended June 30, 2024 (“Q2 2024”). Copper production in Q2 2024 totaled 40,937 tonnes at C1 cash costs1 of $2.84 per payable pound of copper produced. Link HERE for Capstone’s Q2 2024 webcast presentation. John MacKenzie, CEO of Capstone, commented, \"We had another solid quarter in Q2 as we executed on our operating plans and delivered strong financial results. At our Mantoverde Development Project, we are making excellent progress ramping up to nameplate production levels, which will be transformational to our results moving forward. Yesterday we released an updated feasibility study for our fully-permitted Santo Domingo project, which sits 35km northeast of Mantoverde, and represents the next major phase in our plan to create a world class district in the Atacama region of Chile. With the updated study in hand, we now plan to progress financing and partnership discussions at Santo Domingo, while advancing work on the detailed engineering.\" Q2 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS Consolidated H1 2024 copper production of 83,058 tonnes achieved guidance of 80,000 to 90,000 tonnes. Consolidated copper production for Q2 2024 was 40,937 tonnes at C1 cash costs1 of $2.84/lb, which consisted of 15,994 tonnes at Pinto Valley, 10,070 tonnes at Mantos Blancos, 8,721 tonnes at Mantoverde, and 6,152 tonnes at Cozamin. Net income attributable to shareholders of $29.3 million, or $0.04 per share for Q2 2024 compared to net loss attributable to shareholders of $36.5 million, or $(0.05) per share for Q2 2023, primarily due to the higher realized copper price of $4.54/lb compared to $3.76/lb (prior to unrealized provisional pricing adjustments) and the inclusion of a $53.9 million provision related to the Minto obligation in Q2 2023. Adjusted net income attributable to shareholders1 of $20.9 million, or $0.03 per share for Q2 2024, adjusted net loss attributable to shareholders1 of $12.2 million in Q2 2023, primarily due to a higher realized copper price. Adjusted EBITDA1 of $123.1 million for Q2 2024 compared to $43.4 million for Q2 2023. The increase in Adjusted EBITDA1 is primarily driven by a hi...