Excellent trip. Everything is in very good shape for a fully funded restart of Caribou being feed by the high grade Murray Brook open pit.

CEO Simon Quick adds colour to what’s coming as we ramp up over the next 18 months toward production.
Production in 2028, fully financed. Offtake sold by Ocean Partners, deep water port nearby, govt support, local workforce, power and water.
At current spot it’ll do approximately $150-$160 million CAD in Ebitda on $280 million CAD in Rev, 57% Ebitda margin, mine will payout in 3-4 months.
On macro we have forecasted Cu, Ag deficits into 2035 , zinc moving into a small deficit 2027-28
Annual Production profile plus +13 years
47 million lbs zinc (20% of Canada’s zinc production)
8 million lbs copper
783,000 ozs silver
10 million lbs lead
MC is $134 million CAD
EV (net of OR stream cash $31.5 million +$17 million cash, $1 million in investments and $10 million cash from warrant exercises) = $74.5 million CAD.
Trades at 0.4 EV to steady state Ebitda vs peers in production of 4-8X …. That’s the upside in 18-24 months with zero financing risk.
Total cash liquidity +$100 million cad including Ocean Partners off-take agreement
Total cap ex from PEA net of $6 million to acquire Caribou which has been paid to put MB into commercial production = $58 million CAD
Liquidity to cap ex ratio 1.9X
we could build it twice. Zero dilution risk to achieve commercial production.
Then exploration upside, govt funding grants upside, cost cut upside from critical metal govt rebates on 30% of equipment, potential $5 million in cash from sale of non-essentials that came with Caribou, M&A upside of local stranded deposits upside.
The risk is execution but this team has proven many times they have the ability to stay in budget and deliver on time. If not under budget and under time.
https://canadiancopper.com/
Very Good trip!
