Slide 1: Q4 2023 Results Conference Call
Q4 2023 Results Conference Call February 22, 2024 Mantoverde Development Project – January 2024 CAPSTONE COPPER CORP. | TSX : CS | ASX : CSC
Slide 2: 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 3: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 19
Slide 4: 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 | ASX:CSC 4
Slide 5: 2023 Highlights
2023 Highlights Q4 2023 FY 2023 Production C1 Cash Costs1 Production C1 Cash Costs1 ('000s tonnes) (US$/payable Cu lb) ('000s tonnes) (US$/payable Cu lb) Pinto Valley2 15.9 $2.36 55.1 $2.79 Cozamin 6.6 $1.76 24.3 $1.74 Mantos Blancos 9.7 $2.58 38.0 $2.74 Sulphides 32.2 $2.30 117.4 $2.56 Mantos Blanc
Slide 6: Q4 2023 Financial Highlights
Q4 2023 Financial Highlights Q4 2023 Production (000s tonnes; contained) 44.1 Realized copper price of $3.74/lb was largely in line with the A LME average copper price for the quarter. Sales (000s tonnes) 43.3 C1 cash costs of $2.67/lb within our H2 guidance range and B Realized copper price1 ($/lb)
Slide 7: 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) Proforma following C$356M December 31, 2023 2024E EBITDA equity raise1 in Feb. 2024 ~$2,500 2 Annual EBITDA with MVDP Run-rate Production 3 $226M $380M Annual
Slide 8: Pinto Valley: Q4 2023 Update
Pinto Valley: Q4 2023 Update Q4 2023 Production (tonnes) 15,933 C1 Cash Cost1 (US$/payable lb Cu produced) $2.36 • Strongest quarter of the year to finish 2023 as we begin to see benefits from the new asset integrity program • Production improved and costs declined 17% quarter-over-quarter • Positio
Slide 9: Cozamin: Q4 2023 Update
Cozamin: Q4 2023 Update Q4 2023 Production (tonnes) 6,564 C1 Cash Cost1 (US$/payable lb Cu produced) $1.76 • Production up 11% quarter-over-quarter while costs declined by 5% • 2024 costs to be impacted by a stronger Mexican Peso and additional use of cut-and-fill mining method FY 2024 Guidance Copp
Slide 10: Mantos Blancos: Q4 2023 Update
Mantos Blancos: Q4 2023 Update Q4 2023 Sulphide Production (tonnes) 9,664 Cathode Production (tonnes) 1,923 Total Production (000s tonnes) 11,587 Sulphide C1 Cash Cost1 (US$/payable lb Cu produced) $2.58 Cathode C1 Cash Cost1 (US$/payable lb Cu produced) $3.32 Combined C1 Cash Cost1 (US$/payable lb
Slide 11: Mantoverde: Q4 2023 Update
Mantoverde: Q4 2023 Update Q4 2023 Cathode Production (tonnes) 10,019 C1 Cash Cost1 (US$/payable lb Cu produced) $3.68 • New General Manager, Oscar Flores, appointed in Q1/24 – significant experience ramping up and operating sulphide concentrators • Mantoverde Development Project on track and commis
Slide 12: Primary Crusher & Coarse Ore Stockpile
Primary Crusher & Coarse Ore Stockpile Commissioning of the primary crusher commenced in Q4/23. The primary crusher was oversized to support throughput of up to 45,000 tonnes per day. The covered coarse ore stockpile sits one third full of crushed material ready to be fed to the mills. CAPSTONECAPST
Slide 13: Grinding Circuit: SAG & Ball Mills
Grinding Circuit: SAG & Ball Mills The SAG and Ball mills have also been oversized with expected capacity of up to 45,000 tonnes per day. First ore to the grinding circuit is expected during the first quarter. CAPSTONECAPSTONE COPPER COPPER CORP. CORP. | TSX:CS | TSX:CS | ASX:CSC 13
Slide 14: Processing Overview
Processing Overview Water has been fed through the entire plant. Following first ore to the grinding circuit in Q1/24, first saleable concentrate is expected in Q2/24. CAPSTONECAPSTONE COPPER COPPER CORP. CORP. | TSX:CS | TSX:CS | ASX:CSC 14
Slide 15: Tailings Storage Facility
Tailings Storage Facility The tailings storage facility has been sized to support MVDP. The area has the potential to accommodate expansions at Mantoverde. CAPSTONECAPSTONE COPPER COPPER CORP. CORP. | TSX:CS | TSX:CS | ASX:CSC 15
Slide 16: Desalination Plant
Desalination Plant The existing desalination plant (located on the coast 40km west of Mantoverde) was built in 2014 and was expanded for the MVDP. CAPSTONECAPSTONE COPPER COPPER CORP. CORP. | TSX:CS | TSX:CS | ASX:CSC 16
Slide 17: Sustainability Q4 Developments
Sustainability Q4 Developments Published first combined Sustainability Report titled, “Growing Responsibly” in November. Mantoverde named ‘2023 Company of the Year’ by CORPROA Atacama at their AGM; Cozamin recognized with several awards, including for Corporate Social Responsibility and Human Ri
Slide 18: A Clear Path to Permitted Transformational Growth
A Clear Path to Permitted Transformational Growth Further Upside with Expansions Across the Portfolio Including MB Phase II, MV-SD Cobalt, and MV Phase II 500 $3.75 MVDP Optimized Potential +20kt Cu ~380kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost2 (US$/lb) 300 ~260kt SANTO DOMINGO $2.25
Slide 19: Upcoming Catalysts
Upcoming Catalysts Sector leading near-term copper growth 2025 followed by further capital efficient expansion opportunities across the • MB Phase II Study portfolio. • PV District Growth Study • Potential Santo Domingo Project Sanctioning H2 2024 • MVDP achieves nameplate operating rates • MV-SD Co
Slide 20: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Jerrold Annett, SVP, Strategy & Capital Mar
Slide 21: 2024 Production and Cost Guidance
2024 Production and Cost Guidance H1 2024 H2 2024 FY 2024 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 (kt) (US$/lb Cu) (kt) (US$/lb Cu) (kt) (US$/lb Cu) Sulphide Business Pinto Valley 28 – 30 $2.60 – $2.80 30 – 34 $2.40 – $2.60 58 – 64 $2.50 – $2.70 Cozamin
Slide 22: 2024 Capital Guidance Overview
2024 Capital Guidance Overview Capital Cost Guidance (US$M) Pinto Santo Cozamin Mantoverde* Mantos Blancos Total Valley Domingo Sustaining1 70 25 40 60 - 195 Expansionary1 - - 65 - 15 80 Total Capex $70 $25 $105 $60 $15 $275 Capitalized Stripping $40 - $75 $65 - $180 Notes: 1 This is a Non-GAAP and