Q3 2024 Results
Following a solid performance in Q3, the Group reported US$5.2 million of portfolio contribution. Importantly, underground operations at Voisey’s Bay are ramping up with total deliveries in H2 on schedule to at least double the number received in H1. The number of cobalt deliveries is anticipated to continue to increase throughout 2025 ahead of full steady state production being achieved during 2026. This will see Voisey’s Bay become a cornerstone asset for the Group, offering leverage to a recovery in cobalt prices from current cyclical lows.
There were several positive developments in our sector leading copper portfolio, including the updated Feasibility Study at Santo Domingo, which confirmed the project’s robust economics and potential to operate within the lowest cost quartile of global copper mines.
Marc Bishop Lafleche
Chief Executive Officer
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HY 2024 RESULTS
Our portfolio contribution in the first half of 2024 was up 15% year-on-year, driven by a strong performance from Kestrel. H2 portfolio contribution is expected to be principally weighted to the Group’s other producing royalties including production volume growth at the Voisey’s Bay and Mantos Blancos mines. Further production growth at Voisey’s Bay is expected thereafter as underground operations ramp-up up to steady state production levels.
“Capstone Copper’s updated Feasibility Study on the Santo Domingo project reiterated the project’s robust economics and potential to operate within the lowest cost quartile of global copper mines. BHP’s decision to temporarily suspend operations at its Australian Nickel division, in light of current nickel market weakness, including the construction of West Musgrave, was disappointing but we remain confident in the project’s potential as a low-cost producer of nickel and copper.
“We have seen a strong uptick in opportunities to further grow our portfolio, which we continue to evaluate applying our stated investment criteria and a capital allocation priority to maintain a strong balance sheet.
Marc Bishop Lafleche
Chief Executive Officer
2023 Full Year Results
We look forward with confidence in the business and in 2024, we anticipate year on-year production volume growth from the key assets underlying our royalty portfolio, and in the medium term onwards, our royalty portfolio is aligned to strong multi-decade structural demand growth trends driven by the energy transition.
Marc Bishop Lafleche
Chief Executive Officer
