Capstone Copper Announces Filing of Audited Annual Financial Statements
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February 17, 2023
Capstone Copper Announces Filing of Audited Annual
Financial Statements
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) has filed
its audited annual financial statements and related management’s discussion and analysis for the financial
year ended December 31, 2022 with the applicable Canadian securities regulatory authorities on SEDAR.
The documents are available on the Company’s website at www.capstonecopper.com and at www.sedar.com.
ABOUT CAPSTONE COPPER CORP.
Capstone Copper Corp. is an Americas -focused copper mining company headquartered in Vancouver,
Canada. We own and oper ate 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-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 pro fitability 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 sustainably producing copper to meet the
world’s growing needs.
Contact Information
Jerrold Annett, SVP, Strategy and Capital Markets
647-273-7351
Kettina Cordero, Director Investor Relations & Communications
604-262-9794
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 relate to future events or future performance a nd reflect our expectations or beliefs
regarding future events and the impacts of the ongoing and evolving COVID -19 pandemic and the evolving
geopolitical environment. Forward -looking statements include, but are not limited to, statements with respect to
the execution of our future growth projects, our financial liquidity and development of our projects, the estimation
of Mineral Resources and Mineral Reserves, the success of the underground paste backfill and tailings filtration
projects at Cozamin, the ti ming and cost of the construction of the paste backfill and dry stack tailings plant at
Cozamin, the success and timing of the Mantos Blancos Concentrator Debottlenecking Project, the timing and
cost of the Mantoverde Development Project, the timing and results of the PV4 study, the expected reduction in
capital requirements for the Santo Domingo project, the timing and success of the Cobalt Study for Santo Domingo,
the timing and results of the integrated plan for Mantoverde - Santo Domingo, the realizat ion of Mineral Reserve
estimates, the timing and amount of estimated future production, the costs of production and capital expenditures
and reclamation, the budgets for exploration at Cozamin, Santo Domingo, Pinto Valley, Mantos Blancos,
NEWS RELEASE
TSX:CS ● capstonecopper.com
1 These are alternative performance measures. Refer to the section entitled “Alternative Performance Measures” in the Cautionary Notes
2 2022 C1 Cash Costs are preliminary. Final results will be released on February 15th, 2023.
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Mantoverde and ot her 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 exploration tar gets, our ability to fund future exploration activities, our ability to
finance the Santo Domingo project and other current or future projects and expansions, environmental risks,
unanticipated reclamation expenses and title disputes, the success of the sy nergies and catalysts related to prior
transactions, and the anticipated future production, costs of production, including the cost of sulphuric acid and oil
and other fuel, capital expenditures and reclamation of the Company's operations and development p rojects and
the risks included in our continuous disclosure filings on SEDAR at www.sedar.com. The potential effects of the
COVID-19 pandemic on our business and operations are unknown at this time, including Capstone Copper’s ability
to manage challenges and restrictions arising from COVID -19 in the communities in which Capstone Copper
operates and our ability to continue to safely operate. The impact of COVID -19 to Capstone Copper is dependent
on a number of factors outside of our control and knowledge, i ncluding the effectiveness of the measures taken
by public health and governmental authorities to combat the spread of the disease, global economic uncertainties
and outlook due to the disease, supply chain delays resulting in lack of availability of suppl ies, 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. In this document certain forward -looking statements are identified by words including
“anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward -looking statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, performan ce or
achievements to be materially different from any future results, performance or achievements expressed or implied
by the forward -looking statements. Such factors include, amongst others, risks related to inherent hazards
associated with mining operat ions and closure of mining projects, future prices of copper and other metals,
compliance with financial covenants, surety bonding, our ability to raise capital, Capstone Copper’s ability to
acquire properties for growth, counterparty risks associated with sales of our metals, use of financial derivative
instruments and associated counterparty risks, foreign currency exchange rate fluctuations, market access
restrictions or tariffs, changes in general economic conditions, availability and quality of water, accuracy of Mineral
Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental
regulation, compliance with governmental regulations, compliance with environmental laws and regulations,
reliance on approvals, licences and permits from governmental authorities and potential legal challenges to permit
applications, contractual risks including but not limited to, our ability to meet the completion test requirements
under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), our ability to meet
certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor
for Minto Metals Corp.’s surety bond obligations post divestiture, impact of climate change and changes to climatic
conditions at our operations and projects, changes in regulatory requirements and policy related to climate change
and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, aboriginal title claims and
rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreak including
the COVID-19 pandemic; the impact of COVID -19 on our workforce, risks related to construction activities at our
operations and development projects, suppliers and other essential resources and what effect those impacts, if
they occur, would have on our business, including our ability to access goods and supplies, the ability to transport
our products and impacts on employee productivity, the risks in connection with the operations, cash flow and
results of Capstone Copper relating to the unknown duration and impact of the COVID -19 pandemic, impacts of
inflation, geopolitical events and the effects of global supply chain disruptions, uncertain ties and risks related to
the potential development of the Santo Domingo project, risks related to the Mantos Blancos Concentrator
Debottlenecking Project and the Mantoverde Development Project, increased operating and capital costs,
increased cost of rec lamation, challenges to title to our mineral properties, increased taxes in jurisdictions the
Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or
interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social licence to operate,
seismicity and its effects on our operations and communities in which we operate, dependence on key
management personnel, potential conflicts of interest involving our directors and officers , corruption and bribery,
limitations inherent in our insurance coverage, labour relations, increasing input costs such as those related to
sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry inclu ding
but not limited to competition for skilled labour, risks associated with joint venture partners and non -controlling
shareholders or associates, our ability to integrate new acquisitions and new technology into our operations,
cybersecurity threats, le gal proceedings, the volatility of the price of the common shares, the uncertainty of
maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock
options or other convertible securities are exercis ed, the history of Capstone Copper with respect to not paying
dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by
1 These are alternative performance measures. Refer to the section entitled “Alternative Performance Measures” in the Cautionary Notes
2 2022 C1 Cash Costs are preliminary. Final results will be released on February 15th, 2023.
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existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors
detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements
and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR
at www.sedar.com. Although the Company has attempted to identify important factors that could cause our actual
results, performance or achievements to differ materially from those described in our forward -looking statements,
there may be other factors that cause our results, performance or achievements not to be as anticipated, estimated
or intended. There can be no assurance that our forward -looking statements will prove to be accurate, as our
actual results, performance or achievements could differ materiall y from those anticipated in such statements.
Accordingly, readers should not place undue reliance on our forward -looking statements.
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 accordance with Canadian National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. In accordance with NI 43 -101, we use the terms mineral reserves and
resources as they are defined in accordance with the CIM Definition Standards on mineral reserves and resources
(the “CIM Definition Standards”) adopted by the Canadian Institute of Mining, Metallurgy and Petroleum. In
particular, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this annual
information form and the documents incorporated by reference herein and therein, are Canadian mining terms
defined in accordance with CIM Definition Standards. These definitions differ from the definitions in the disclosure
requirements promulgated by the SEC. Accordingly, information contained in this annual information form and the
documents incorporated by reference herein may not be comparable to similar information made public by U.S.
companies reporting pursuant to SEC disclosure requirements.
United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”,
“indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of
the mineralization in these categories will ever be converted into a higher category of mineral resources or into
mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their
existence and feasibility than mineralization that has been characterized as rese rves. Accordingly, investors are
cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral
resources” that we report are or will be economically or legally mineable. Further, “inferred resources” have a greater
amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore,
United States investors are also cautioned not to assume that all or any part of the inferred resources exist. In
accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or
other economic studies, except in limited circumstances where permitted under NI 43-101.