Capstone Copper Announces 2024 Production Results and Provides 2025 Guidance
1 These are Non-GAAP performance measures. Refer to the section entitled “ Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
2 Full year 2024 and Q4 2024 C1 Cash Costs are preliminary and unaudited. Final results will be released on February 19, 2025.
January 20, 2025
Capstone Copper Announces 2024 Production Results and
Provides 2025 Guidance
All amounts in US$ unless otherwise indicated
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS)
(ASX:CSC) today announced consolidated copper production for 2024 and provided operations and capital
expenditure guidance for 2025.
• Record consolidated copper production in 2024 was 184,458 tonnes at C1 cash costs1,2 of approximately
$2.75 to $2.80 per payable pound of copper.
• Consolidated copper production increased by 12% compared to 2023 driven by the ramp- up of the
Mantoverde Development Project (“MVDP”).
• During Q4 2024, Capstone produced record consolidated copper production of 53,942 tonnes at C1 cash
costs1,2 of approximately $2.55 to $2.60 per payable pound of copper.
• 2025 forecasted production volumes of 220,000 to 255,000 tonnes of copper are expected to increase
by approximately 19% to 38%, while 2025 forecasted C1 cash costs 1 of $2.20 to $2.50 per payable
pound of copper are expected to decrease by approximately 10% to 20% compared to 2024.
John MacKenzie, CEO of Capstone, commented, “The fourth quarter was an overall record for Capstone’s
consolidated copper production, with our output up 14% and unit costs down approximately 9% quarter-over-
quarter. Although total 2024 consolidated copper production of 184,458 tonnes finished slightly below our
guidance range, largely attributable to ramp-up delays at Mantos Blancos and Mantoverde, we exited the year
close to design production levels. At Mantos Blancos, we averaged above our design mill throughput rate of
20,000 tonnes per day in November and December. Meanwhile at Mantoverde, after producing first copper in
June, our ramp up showed sequential improvement over the second half of 2024, with mill throughput
averaging just over 27,000 tonnes per day and copper recoveries averaging almost 85% in December.
“This year in 2025, we will deliver meaningful copper production growth, with a commensurate decrease in
unit costs, that will drive a significant increase in cash flow generation. Meanwhile, we intend to advance our
Mantoverde Optimized brownfield expansion project after receipt of a DIA permit amendment which is
expected around the middle of the year. We also plan to continue progressing financing and partnership
discussions at our fully permitted Santo Domingo project, while in parallel advancing opportunities to
incorporate the recently acquired Sierra Norte project and Santo Domingo’s oxide material into the mine plan,
and advancing studies across the remainder of our portfolio that will define our future growth.”
2024 Consolidated Copper Production and Costs Highlights
Consolidated copper production in 2024 was 184,458 tonnes at C1 cash costs1,2 of approximately $2.75 to
$2.80 per payable pound of copper. Consolidated copper production increased by 12% compared to 2023
driven by the ramp- up of the Mantoverde Development Project (“MVDP”) which produced first copper
concentrate in late June. For Q4 2024, Capstone produced record consolidated copper production of 53,942
tonnes at C1 cash costs1,2 of approximately $2.55 to $2.60 per payable pound of copper.
NEWS RELEASE
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1 These are Non-GAAP performance measures. Refer to the section entitled “ Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
TSX:CS ● ASX:CSC ● capstonecopper.com
Summary of 2024 Copper Production:
Q4 2024 Copper
Production
(tonnes)
Full Year 2024 Copper
Production (tonnes)
Sulphides Business
Pinto Valley 11,626 57,271
Cozamin 6,724 24,906
Mantos Blancos 12,165 37,744
Mantoverde3 13,580 21,777
Total Sulphides 44,094 141,698
Cathode Business
Mantos Blancos 1,398 6,830
Mantoverde3 10,045 35,930
Total Cathodes 11,294 42,760
Consolidated Copper Production 53,942 184,458
Table footnotes:
3 Mantoverde production shown on a 100% basis.
Production at Pinto Valley in Q4 2024 was impacted by unplanned maintenance, resulting in lower than
expected availabilities and lower plant throughput. Copper grades averaged 0.30% in Q4 (compared to 0.34%
overall in 2024) consistent with the mine sequence.
Mantos Blancos sulphides posted record quarterly copper production of 12, 165 tonnes, driven by the
successful ramp-up of the concentrator after the installation of new equipment in the tailings handling area
during Q3 2024. Overall in Q4 2024, Mantos Blancos averaged plant throughput of approximately 19,579
tonnes of ore per day (“tpd”), including an average of 20,137 tpd through November and December (compared
to 16,027 tpd overall in 2024).
Mantoverde sulphides posted record quarterly copper production of 13,580 tonnes from the new sulphide
concentrator in Q4 2024. During the quarter, plant throughput averaged 24,800 tpd, copper grades averaged
0.80%, and copper recoveries averaged 74.4%. Plant throughput was impacted by a combination of planned
and unplanned downtime, with the planned downtime used to improve recoveries, and the unplanned
downtime mostly driven by typical ramp-up issues. Plant availability and recoveries have steadily increased
since first copper production in June, and in December, plant throughput averaged 27,105 tpd, copper grades
averaged 0.73%, and copper recoveries averaged 84.8%.
1 These are Non-GAAP performance measures. Refer to the section entitled “ Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
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2025 Production and Costs Guidance
2025 forecasted production volumes of 220,000 to 255,000 tonnes of copper are expected to increase by
approximately 19% to 38% , while 2025 forecasted C1 cash costs 1 of $2.20 to $2.50 per payable pound of
copper are expected to decrease by approximately 10% to 20% compared to 2024.
Capstone 2025 production and cost guidance are as follows:
Copper Production
(tonnes)
C1 Cash Costs2
(US$ per payable lb Cu
Produced)4
Sulphides Business
Pinto Valley 51,000 – 58,000 $2.55 – $2.85
Cozamin 23,000 – 26,000 $1.60 – $1.80
Mantos Blancos 43,000 – 51,000 $2.20 – $2.50
Mantoverde3 68,000 – 80,000 $1.25 – $1.55
Total Sulphides 185,000 – 215,000 $1.85 – $2.15
Cathode Business
Mantos Blancos 6,000 – 8,000 $3.40 – $3.70
Mantoverde3 29,000 – 32,000 $4.10 – $4.40
Total Cathodes 35,000 – 40,000 $3.95 – $4.25
Consolidated Copper Production 220,000 – 255,000 $2.20 – $2.50
Table footnotes:
3 Mantoverde production shown on a 100% basis.
4 Key C1 cash costs1 input assumptions include: CLP/USD: 900:1; MXN/USD: 18.5:1; Silver: $27/oz; Gold: $2,350/oz;
Molybdenum: $18/lb.
Pinto Valley: Similar copper production is forecasted when compared to 2024 as higher mill availability is
expected to offset lower copper grades of approximately 0.31% in 2025. Production is weighted towards the
second half of the year driven by higher copper grades and a planned maintenance shutdown in Q1 2025.
Cozamin: Copper production is expected to be similar compared to 2024 , with grades expected to
approximate 1.87%. Production is expected to be consistently weighted through the year.
Mantos Blancos: Copper production at Mantos Blancos is forecasted to increase in 2025 due to higher mill
throughput, with a commensurate decrease in C1 cash costs 1. Sulphide copper grades are expected to
approximate 0.88% . Production is slightly weighted towards the second half of the year driven by higher
throughput as a planned maintenance shutdown is scheduled in Q1 2025.
Mantoverde: Copper production at Mantoverde is forecasted to significantly increase in 2025 driven by the
new sulphide concentrator, with a corresponding decrease in consolidated cash costs1. Sulphide c opper
grades are expected to approximate 0.77% in 2025. Planned maintenance is scheduled during Q1 and Q3
2025. In addition, we expect to complete the ramp up from December 2024 monthly performance to full rates
within Q1 2025.
2025 Capital Expenditures Guidance
In 2025 , the Company plans to spend a total of $315 million in sustaining and expansionary capital
expenditures at its operating mines and the Santo Domingo Project. This is broken down into $255 million on
sustaining capital and $60 million on expansionary capital.
1 These are Non-GAAP performance measures. Refer to the section entitled “ Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
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The sustaining capital expenditure includes approximately $80 million of spending related to ESG initiatives,
largely related to upgrading tailings storage facilities at Pinto Valley and Mantos Blancos, as well as improving
tailings stewardship as the Company works towards implementing the Global Industry Standard for Tailings
Management (“GISTM”) by year end 2028. Pinto Valley sustaining capital includes approximately $50 million
related to ESG initiatives ( $10 million attributable to improving dust control and $25 million on GISTM
upgrades), while Mantos Blancos sustaining capital includes approximately $30 million ($15 million attributable
to a new tailings thickener and $10 million related to other GISTM initiatives).
Expansionary capital includes $10 million of early works spending for the Mantoverde Optimized Project, and
approximately $50 million at Santo Domingo. At Mantoverde Optimized, a DIA permit amendment is
anticipated around the middle of 2025, after which the Company will look to sanction the project, subject to
necessary approvals, and revisit expansionary capital expenditure guidance during the second half of 2025.
At Santo Domingo, the Company plans to progress partnership discussions and its financing strategy
throughout 2025. A potential project sanctioning decision is not anticipated prior to 2026.
Pinto
Valley Cozamin Mantos
Blancos Mantoverde* Santo
Domingo Total
Capital Expenditure ($ millions)
Sustaining Capital1 85 25 70 75 - 255
Expansionary Capital1 - - - 10 50 60
Total Capital Expenditures 85 25 70 85 50 315
*Mantoverde shown on a 100% basis
In addition, the Company plans to spend a total of $210 million in capitalized stripping at its three open pit
mines.
Pinto Valley Mantos Blancos Mantoverde* Total
Capitalized Stripping ($ millions) 50 85 75 210
*Mantoverde shown on a 100% basis
2025 Exploration Guidance
The Company plans to spend $25 million in brownfield and greenfield exploration activities in 2025 . The
brownfields exploration is focused on resource conversion at Pinto Valley, Mantoverde, Mantos Blancos, and
Santo Domingo. The greenfield exploration relates to expansionary work in the highly prospective northern
area of the Mantoverde land package and at Sierra Norte.
2025 Copper Cathode Hedging Strategy
During Q4 2024, the Company entered into approximately 20,000 tonnes of zero cost copper collars for 2025
in order to ensure break -even pricing on a portion of its higher cost copper cathode production. The collars
have an average floor price of LME Copper $4.15/lb, an average ceiling price of LME Copper $4.85/lb, and
are evenly distributed through 2025.
2024 Year-end Results Announcement and Conference Call
Capstone will release its 2024 f ull-year results on Wednesday, February 19, after market close. The
announcement will be followed by an investor conference call the same day at 5:00pm Eastern Time / 2:00pm
Pacific Time (Thursday, February 20, 2025, 9:00 am Australian Eastern Daylight Time).
5
2024 Year-end Webcast and Conference Call Details
Conference call webcast link: https://app.webinar.net/pWrNOolZnQV
To connect by phone:
To instantly join the conference call by phone, please use the following URL https://emportal.ink/4gIoBUG to
easily register yourself and be connected into the conference call automatically.
You can also dial direct to be entered to the call by the operator:
Toronto: 1-437-900-0527
Australia: 61-280-171-385
North America toll free: 1-888-510-2154
An audio replay of the conference call will be available until February 26, 2025.
Replay Dial-in Numbers
Toronto: 1-289-819-1450
North America toll free: 1-888-660-6345
Code: 65051#
After the replay expiration, an audio file will be available on Capstone’s website at Capstone Copper - Events
and Presentations. Further information is available at www.capstonecopper.com
ABOUT CAPSTONE COPPER CORP.
Capstone Copper Corp. is an Americas -focused copper mining company headquartered in Vancouver,
Canada. We own and operate the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-
silver mine located in Zacatecas, Mexico, the Mantos Blancos copper- silver mine located in the Antofagasta
region, Chile, and 70% of the Mantoverde copper-gold mine, located in the Atacama region, Chile. In addition,
we own the fully permitted Santo Domingo copper- iron-gold project, located approximately 30 kilometres
northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the
Americas.
Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost
and operational improvements through innovation, optimization and safe and responsible production
throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface
stakeholder value. We are committed to creating a positive impact in the lives of our people and local
communities, while delivering compelling returns to investors by responsibly producing copper to meet the
world’s growing needs.
Further information is available at www.capstonecopper.com
Contact Information
Daniel Sampieri, Director, Investor Relations & Strategic Analysis
437-788-1767
Michael Slifirski, Director, Investor Relations, APAC Region
61-412-251-818
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
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 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the
date of this document and the Company does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required under applicable securities legislation.
Forward-looking statements include, but are not limited to, statements with respect to the estimation of Mineral
Resources and Mineral Reserves, the success of the underground paste backfill and tailings filtration projects
at Cozamin, the timing and cost of the Mantoverde Development Project ("MVDP"), the timing and results of
the Optimized Mantoverde Development Project ("MV Optimized FS") and Mantoverde Phase II study, the
timing and results of PV District Growth Study (as defined below), the timing and results of Mantos Blancos
Phase II Feasibility Study, the timing and success of the Mantoverde - Santo Domingo Cobalt Feasibility Study,
the timing and results of the Santo Domingo FS Update and success of incorporating synergies previously
identified in the Mantoverde - Santo Domingo District Integration Plan, the timing and results of exploration
and potential opportunities at Sierra Norte, the realization of Mineral Reserve estimates, the timing and amount
of estimated future production, the costs of production and capital expenditures and reclamation, the timing
and costs of the Minto obligations and other obligations related to the closure of the Minto Mine, the budgets
for exploration at Cozamin, Santo Domingo, Pinto Valley, Mantos Blancos, Mantoverde, and other exploration
projects, the timing and success of the Copper Cities project, the success of our mining operations, the
continuing success of mineral exploration, the estimations for potential quantities and grade of inferred
resources and explorat ion targets, our ability to fund future exploration activities, our ability to finance the
Santo Domingo development project, environmental and geotechnical risks, unanticipated reclamation
expenses and title disputes, the success of the synergies and catalysts related to prior transactions, in
particular but not limited to, the potential synergies with Mantoverde and Santo Domingo, the anticipated future
production, costs of production, including the cost of sulphuric acid and oil and other fuel, capital expenditures
and reclamation of Company’s operations and development projects, our estimates of available liquidity, and
the risks included in our continuous disclosure filings on SEDAR+ at www.sedarplus.ca. The impact of global
events such as pandemics, geopolitical conflict, or other events, to Capstone is dependent on a number of
factors outside of our control and knowledge, including the effectiveness of the measures taken by public
health and governmental authorities to combat the spread of diseases, gl obal economic uncertainties and
outlook due to widespread diseases or geopolitical events or conflicts, supply chain delays resulting in lack of
availability of supplies, goods and equipment, and evolving restrictions relating to mining activities and to travel
in certain jurisdictions in which we operate. In certain cases, forward- looking statements can be identified by
the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, “expects”,
“forecasts”, “guidance”, “intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or
statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will
be taken” or “would” or the negative of these terms or comparable terminology.
COMPLIANCE WITH NI 43-101
Unless otherwise indicated, Capstone Copper has prepared the technical information in this document
(“Technical Information”) based on information contained in the technical reports, Annual Information Form
and news releases (collectively the “Disclosure Documents”) available under Capstone Copper’s company
profile on SEDAR+ at www.sedarplus.ca. Each Disclosure Document was prepared by or under the
supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards
of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43- 101”). Readers are
encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information.
Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated
7
economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should
not be read or relied upon out of context. The Technical Information is subject to the assumptions and
qualifications contained in the Disclosure Documents.
Disclosure Documents include the National Instrument 43- 101 technical reports titled "NI 43- 101 Technical
Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, “NI 43-101 Technical Report on
the Pinto Valley Mine, Arizona, USA” effective March 31, 2021, “Santo Domingo Project, NI 43-101 Technical
Report and Feasibility Study Update, Atacama Region, Chile” effective July 31, 2024, and "Mantos Blancos
Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" effective November 29, 2021
and "Mantoverde Mine NI 43-101 Technical Report and Feasibility Study / Atacama Region, Chile", effective
July 1, 2024.
The disclosure of Scientific and Technical Information in this document was reviewed and approved by Peter
Amelunxen, P.Eng., Senior Vice President, Technical Services (technical information related to project
updates at Santo Domingo and Mineral Resources and Mineral Reserves at Mantoverde), Clay Craig, P.Eng.,
Director, Mining & Strategic Planning (technical information related to Mineral Reserves at Pinto Valley and
Cozamin), and Cashel Meagher, P.Geo., President and Chief Operating Officer (technical information related
to Mineral Reserves and Resources at Mantos Blancos) all Qualified Persons under NI 43-101.
NON-GAAP AND OTHER PERFORMANCE MEASURES
The Company uses certain performance measures in its analysis. These Non-GAAP performance measures
are included in this document because these statistics are key performance measures that management uses
to monitor performance, to assess how the Company is performing, and to plan and assess the overall
effectiveness and efficiency of mining operations. These performance measures do not have a standard
meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by
other mining companies. These performance measures should not be considered in isolation as a substitute
for measures of performance in accordance with IFRS.
Some of these performance measures are presented in Highlights and discussed further in other sections of
the document. These measures provide meaningful supplemental information regarding operating results
because they exclude certain significant items th at are not considered indicative of future financial trends
either by nature or amount. As a result, these items are excluded for management assessment of operational
performance and preparation of annual budgets. These significant items may include, but are not limited to,
restructuring and asset impairment charges, individually significant gains and losses from sales of assets,
share based compensation, unrealized gains or losses, and certain items outside the control of management.
These items may not be non-recurring. However, excluding these items from GAAP or Non- GAAP results
allows for a consistent understanding of the Company's consolidated financial performance when performing
a multi-period assessment including assessing the likelihood of future results. Accordingly, these Non-GAAP
financial measures may provide insight to investors and other external users of the Company's consolidated
financial information.
C1 Cash Costs per payable pound of copper produced: C1 cash costs per payable pound of copper
produced is a measure reflective of operating costs per unit. C1 cash costs is calculated as cash production
costs of metal produced net of by-product credits and is a key performance measure that management uses
to monitor performance. Management uses this measure to assess how well the Company’s producing mines
are performing and to assess the overall efficiency and effectiveness of the mining operations and assumes
that realized by-product prices are consistent with those prevailing during the reporting period.