Capstone Copper Corp

Latest Results (14.08.2024):

Consolidated Production

Capstone Copper Corp.'s consolidated copper production for Q1 2024 was 42,121 tonnes, a 3% increase from 40,734 tonnes in Q1 2023. This rise was primarily due to higher production at Pinto Valley and Cozamin, driven by higher grades, and at Mantoverde, due to higher grades and recoveries. However, this was partially offset by lower production at Mantos Blancos. The C1 cash costs for Q1 2024 were $2.88 per pound, 3% lower than the $2.96 per pound in Q1 2023, attributed to higher copper production and cost-saving initiatives.

Pinto Valley Mine

In Q1 2024, Capstone Copper Corp.'s Pinto Valley Mine saw a 22% increase in production compared to Q1 2023, with significantly higher mill feed grades (0.36% in Q1 2024 versus 0.30% in Q1 2023) and higher recoveries (87.7% in Q1 2024 versus 86.8% in Q1 2023). The C1 cash costs for Q1 2024 were $2.53 per pound, 18% lower than the $3.09 per pound in Q1 2023, primarily due to higher production volume and lower costs on grinding media and diesel from favorable pricing contracts.

Mantos Blancos Mine

Capstone Copper Corp.'s Mantos Blancos Mine produced 11.0 thousand tonnes in Q1 2024, composed of 9.2 thousand tonnes from sulphide operations and 1.8 thousand tonnes of cathodes from oxide operations. This was 22% lower than Q1 2023 due to lower mill throughput and a planned mill shutdown in February. The combined C1 cash costs for Q1 2024 were $3.05 per pound, 14% higher than the $2.68 per pound in Q1 2023, mainly due to lower production and partially offset by lower key consumable prices.

Mantoverde Mine

In Q1 2024, Capstone Copper Corp.'s Mantoverde Mine produced 9.5 thousand tonnes, an 11% increase from Q1 2023. This was due to higher heap grades resulting from mine sequence (0.36% in Q1 2024 versus 0.31% in Q1 2023) and higher recoveries. The C1 cash costs for Q1 2024 were $3.82 per pound, slightly lower than the $4.02 per pound in Q1 2023, reflecting improved operational efficiencies and cost management.

Financial Performance

Capstone Copper Corp. reported a net loss attributable to shareholders of $4.8 million, or $(0.01) per share, for Q1 2024, compared to a net loss of $20.0 million, or $(0.03) per share, in Q1 2023. The adjusted net loss for Q1 2024 was $4.5 million, or $(0.01) per share, lower than the adjusted net income of $17.5 million in Q1 2023, primarily due to lower realized copper prices. Adjusted EBITDA for Q1 2024 was $80.1 million, up from $66.0 million in Q1 2023, driven by higher copper sales volumes.