Capstone Copper

CG jointly leads A$593m ASX block trade in Capstone Copper (TSX:CS & ASX:CSC)

Canaccord Genuity is pleased to announce that we acted as Joint Lead Manager, Underwriter and Bookrunner to a fully underwritten A$593 million sell-down of 62.4 million CDIs in Capstone Copper Corp. on the ASX. Following the transaction, the vendor (Orion Resource Partners) reduced their shareholding in Capstone from 20.3% to 12.0%.

Capstone Copper Corp. (market capitalization: ~C$7 billion) is an Americas-focused copper company who own 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. Capstone also owns the fully permitted Santo Domingo copper-iron-gold project, located northeast of Mantoverde in the Atacama region, Chile.

The block trade transaction represents a meaningful liquidity event for the trading of CDIs on the ASX following Capstone’s compliance listing on the ASX in February 2024.  Canaccord Genuity worked closely with Orion and Capstone over a significant period and undertook a targeted, successful cornerstone process ahead of transaction launch. To that end, the bookbuild was significantly supported by key, APAC-based resources, and superannuation funds. The block trade was priced at a 5.7% discount to the last closing price on the TSX and a premium to the longer dated VWAPs.