Slide 1: Q3 2023 Results Conference Call
Q3 2023 Results Conference Call November 3, 2023 Mantoverde - October 2023 CAPSTONE COPPER CORP. | TSX : CS
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 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: 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 4
Slide 5: MVDP Construction Nearing Completion
MVDP Construction Nearing Completion Key Milestones in Q3 2023 • ~5.0Mt of sulphide ore stockpiled as at September 30, 2023. • Commenced commissioning of the primary crusher. • Critical equipment assembly progressing on schedule: SAG/Ball mills’ lubrication and cooling systems installed and first ro
Slide 6: Q3 2023 Operating Highlights
Q3 2023 Operating Highlights Cu Production C1 Cash Costs1 Sulphide Business (kt) (US$/lb Cu) Pinto Valley2 13.7 $2.83 Cozamin 5.9 $1.85 Mantos Blancos 9.1 $2.85 Total Sulphides 28.7 $2.63 Cathode Business Mantos Blancos 3.0 $2.75 Mantoverde3 8.6 $3.74 Total Cathodes 11.6 $3.48 Consolidated Cu Produc
Slide 7: Re-iterating Consolidated Guidance
Re-iterating Consolidated Guidance • Re-iterating H2 copper production guidance range of 83 – 93kt • C1 cash costs1 are trending towards the upper end of the H2 guidance range of $2.55 to $2.75 per payable pound of copper produced • Consolidated capital expenditure guidance re-affirmed, with a recla
Slide 8: Q3 2023 Financial Highlights
Q3 2023 Financial Highlights Q3 2023 Production (000s tonnes; contained) 40.3 Realized copper price of $3.77/lb was largely in line with the A LME average copper price for the quarter. Sales (000s tonnes) 38.7 C1 cash costs of $2.88/lb impacted by lower production levels B Realized copper price1 ($/
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 Annual EBITDA with MVDP + Santo Do
Slide 10: Copper Hedging Program
Copper Hedging Program Downside Protection Through MVDP Ramp-up Copper Hedge Book (kt and $/lb) Cu Collar Price Ceiling Proactive measures taken to protect downside $4.33 $4.33 risk through MVDP ramp-up. $4.15 $3.58 $3.61 During Q3/23, entered into 20kt of copper $3.45 hedges for H1/24 at a weighted
Slide 11: Pinto Valley: Q3 2023 Update
Pinto Valley: Q3 2023 Update Q3 2023 Production (000s tonnes) 13.7 C1 Cash Cost1 (US$/payable lb Cu produced) $2.83 • Production and costs were impacted by unplanned downtime in the secondary crushing circuit resulting in ~8 lost production days • Asset integrity program underway with emphasis on op
Slide 12: Cozamin: Q3 2023 Update
Cozamin: Q3 2023 Update Q3 2023 Production (000s tonnes) 5.9 C1 Cash Cost1 (US$/payable lb Cu produced) $1.85 • Mining rates (including the new cut-and-fill method) continued at nameplate levels • Costs were impacted by foreign exchange and crusher availability Copper Production (kt) and Mining Rate
Slide 13: Mantos Blancos: Q3 2023 Update
Mantos Blancos: Q3 2023 Update Q3 2023 Sulphide Production (000s tonnes) 9.1 Cathode Production (000s tonnes) 3.0 Total Production (000s tonnes) 12.1 Sulphide C1 Cash Cost1 (US$/payable lb Cu produced) $2.85 Cathode C1 Cash Cost1 (US$/payable lb Cu produced) $2.75 Combined C1 Cash Cost1 (US$/payable
Slide 14: Mantoverde: Q3 2023 Update
Mantoverde: Q3 2023 Update Q3 2023 Cathode Production (000s tonnes) 8.6 C1 Cash Cost1 (US$/payable lb Cu produced) $3.74 Mantoverde Development Project (“MVDP”) Progress ~88% of projected capex spent as at 30-Sep-23 93% $870M $763M MVDP Q3 Construction Update • ~5.0 Mt of sulphide ore stockpiled to
Slide 15: Primary Crusher & Coarse Ore Stockpile
Primary Crusher & Coarse Ore Stockpile The primary crusher has been sized to support a throughput rate in excess of MVDP’s nameplate capacity of 32,000 tonnes per day. The covered coarse ore stockpile has 60,000 tonnes capacity. CAPSTONE COPPER CORP. | TSX:CS 15
Slide 16: Processing Overview
Processing Overview The front-end of the circuit (SAG and ball mills) have also been sized to support a throughput rate in excess of MVDP’s nameplate capacity of 32,000 tonnes per day. CAPSTONE COPPER CORP. | TSX:CS 16
Slide 17: Tailings Storage Facility
Tailings Storage Facility The tailings storage facility has been sized to support MVDP. The area has the potential to accommodate multiple expansions at Mantoverde. CAPSTONE COPPER CORP. | TSX:CS 17
Slide 18: Desalination Plant
Desalination Plant The existing desalination plant (located on the coast 40km west of Mantoverde) was built in 2014 and is being upsized as part of the MVDP. CAPSTONE COPPER CORP. | TSX:CS 18
Slide 19: Sustainability Q3 Developments
Sustainability Q3 Developments Awarded the Copper Mark at Mantoverde and Mantos Blancos. Recognized by CORPROA Atacama for Achievements and Advances in Sustainability for contribution to sustainable development in the region. Enhanced biodiversity monitoring at Cozamin (camera traps) and air q
Slide 20: A Clear Path to Permitted Transformational Growth
A Clear Path to Permitted Transformational Growth Further Upside with Expansions Across the Portfolio Including MVDP Optimized, Mantos Blancos Phase II, MV-SD Cobalt Opportunity, and Mantoverde Phase II 500 $3.75 ~380kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost3 (US$/lb) ~260kt SANTO DOMI
Slide 21: High Grade MVDP to Drive Lower Costs Across the Portfolio
High Grade MVDP to Drive Lower Costs Across the Portfolio Sulphide as % of Consolidated Production Capstone Avg. Cu Grade & Recovery Total Cu Production & C1 Cash Costs Higher cost oxides becoming a lower percentage of Cu Prod. (kt) C1 Costs (US$/lb) Cu Grade (%) Cu Recovery (%) total production 89%
Slide 22: Upcoming Catalysts
Upcoming Catalysts Sector leading near-term copper growth H2 2024 followed by further capital efficient • MV-SD Cobalt Study expansion opportunities across the • PV District Growth Study portfolio. • MB Phase II Study H1 2024 • MVDP Ramp-up • Santo Domingo Cu/Fe Feasibility Study • MVDP Optimized Fe
Slide 23: 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