Capstone Copper Corp. · TSX:CS
Capstone Copper — Q1 2023 Earnings Presentation
22 slides from Capstone Copper's earnings presentation, May 3, 2023
Slide 1: Q1 2023 Results Conference Call
Q1 2023 Results Conference Call May 3, 2023 Mantoverde - April 2023 CAPSTONE COPPER CORP. | TSX : CS
Slide 2: Today's Presenters
Today’s Presenters John MacKenzie Raman Randhawa CEO SVP & CFO Cashel Meagher Wendy King SVP Risk, ESG & General President & COO Counsel Jerrold Annett SVP Strategy & Capital Markets CAPSTONE COPPER CORP. | TSX:CS 2
Slide 3: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION The financial results contained in this document are preliminary and represent the most current information available to the Company's management, as the Company completes its financial procedures. The Company's audited consolida
Slide 4: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, we are required to provide disclosure regarding our mineral properties in ac
Slide 5: MVDP – Construction On Time & On Budget
MVDP – Construction On Time & On Budget ~3Mt of Sulphide Ore Grading ~0.6% Cu Stockpiled as at March 31, 2023 Wet commissioning to commence before year end Mining sulphides at Mantoverde Photos captured April 5th, 2023. CAPSTONE COPPER CORP. | TSX:CS 5
Slide 6: Q1 2023 Operating Highlights
Q1 2023 Operating Highlights Cu Production C1 Cash Costs1 Production Expected to Improve Over Sulphide Business (kt) (US$/lb Cu) Remainder of 2023 Pinto Valley2 12.9 $3.09 Copper in Cozamin 5.2 $1.72 Concentrate (kt) Improved Cu Mantos Blancos 10.8 $2.46 grades at Pinto Valley and Total Sulphides 28
Slide 7: Reiterating 2023 Consolidated Guidance
Reiterating 2023 Consolidated Guidance Cu Production C1 Cash Costs1 A (kt) B (US$/lb Cu) A Copper production expected to sequentially improve quarter-over-quarter Sulphide Business • Pinto Valley production increased +30% month-over-month in March; no planned shutdowns expected for remainder of the
Slide 8: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights Q1 2023 A Sales lagged payable production by ~2.4kt in Q1/23 Production (000s tonnes; contained) 40.7 • Sales lag was the result of availability of ocean vessels for Sales (000s tonnes) A 37.5 shipments in Chile • Sales catch-up expected in Q2 Realized copper price1 ($/l
Slide 9: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility Through Next Stage of Growth Available Liquidity*,1 (US$M) Adjusted EBITDA* Sensitivity (US$M) Cash & ST Investments Undrawn RCF Capacity 2023E EBITDA ~$2,500 2 Annual EBITDA with MVDP Run-rate Production (~mid-2024) 3 $428M Annual EBITDA with MVDP + Sa
Slide 10: Pinto Valley: Q1 2023 Update
Pinto Valley: Q1 2023 Update Q1 2023 Production (000s tonnes) 12.8 C1 Cash Cost1 (US$/payable lb Cu produced) $3.09 • Production and costs were impacted by heavy rainfall in Q1/2023 • PV4 PFS deferred • Near-term focus is on district consolidation opportunities to allow for incorporation of potentia
Slide 11: Cozamin: Q1 2023 Update
Cozamin: Q1 2023 Update Q1 2023 Production (000s tonnes) 5.2 C1 Cash Cost1 (US$/payable lb Cu produced) $1.72 • Mill throughput affected by implementation of new cut-and-fill mining method • C1 cash costs1 were 23% higher quarter-over-quarter due to lower copper production and higher mining costs as
Slide 12: Mantos Blancos: Q1 2023 Update
Mantos Blancos: Q1 2023 Update Q1 2023 Sulphide Production (000s tonnes) 10.8 Cathode Production (000s tonnes) 3.3 Total Production (000s tonnes) 14.1 Sulphide C1 Cash Cost1 (US$/payable lb Cu produced) $2.46 Cathode C1 Cash Cost1 (US$/payable lb Cu produced) $3.36 Combined C1 Cash Cost1 (US$/payabl
Slide 13: Mantoverde: Q1 2023 Update
Mantoverde: Q1 2023 Update Q1 2023 Cathode Production (000s tonnes) 8.5 C1 Cash Cost1 (US$/payable lb Cu produced) $4.02 • C1 cash costs1 were impacted by high energy costs and carry-over sulphuric acid in inventory costs • MVDP remains on-time and on-budget, with completion expected before year-end
Slide 14: MVDP Construction Progress – April 2023
MVDP Construction Progress – April 2023 Primary Crushing Grinding + Flotation Photos captured April 5th, 2023. CAPSTONE COPPER CORP. | TSX:CS 14
Slide 15: MVDP Construction Progress (cont'd)
MVDP Construction Progress (cont’d) Concentrate Thickening and Filtering SAG/Ball Mills Photos captured April 5th, 2023. CAPSTONE COPPER CORP. | TSX:CS 15
Slide 16: MVDP Construction Progress (cont'd)
MVDP Construction Progress (cont’d) Truck Shop Ore Stockpile Photos captured April 5th, 2023. CAPSTONE COPPER CORP. | TSX:CS 16
Slide 17: MVDP Construction Progress (cont'd)
MVDP Construction Progress (cont’d) Desalination Plant expansion to 380 l/s on track for Q2/23 Tailings Storage Facility Photos captured April 5th, 2023. CAPSTONE COPPER CORP. | TSX:CS 17
Slide 18: Sustainable Development Strategy
Sustainable Development Strategy • Our Sustainable Development Strategy and GHG reduction targets follow a detailed review of our operations to establish a 2021 baseline. • The Strategy identifies five initial priorities with milestones, goals and targets supported by robust reporting and evaluation
Slide 19: Sustainability Q1 Developments
Sustainability Q1 Developments • Completed the self-assessment stage of the Copper Mark at Mantos Blancos & Mantoverde and the gap-assessment stage at Pinto Valley Arrival of Capstone rotainers (in blue) in preparation for shipments of • Use of rotainers for concentrate storage and shipment for MV
Slide 20: Upcoming Catalysts
Upcoming Catalysts 2023 will be a catalyst-rich year. 2024 • MVDP ramp-up Feasibility studies support sector-leading • MV-SD Cobalt Roaster FS copper production growth and further • MV-SD Leaching-IX PEA upside across our portfolio. • PV District Evaluation H2 2023 • MVDP Completion + Commissioning
Slide 21: A Clear Path to Permitted Transformational Growth
A Clear Path to Permitted Transformational Growth Further Upside with Expansions Across the Portfolio, 500 $3.75 Including Cobalt Opportunity ~380kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost3 (US$/lb) 300 ~260kt SANTO DOMINGO $2.25 ~180kt 200 $1.50 MANTOVERDE2 MANTOS BLANCOS1 100 $0.75 CO
Slide 22: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 CAPSTONE COPPER CORP. | TSX : CS MEDIA & INVESTOR ENQUIRIES Jerrold Annett, SVP, Strategy & Capital Markets 1-647