Drilling Underway At Major Greenfields Target - Pelicano

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased announce it has commenced drill testing the high-priority greenfields Pelicano prospect, a new Volcanic hosted Massive Sulphide (“VMS”) prospect within the Palma Project (“Palma” or “the project”) located in central Brazil.

HIGHLIGHTS

Diamond drilling is underway on the first “Discovery” greenfields regional target generated by Alvo’s in- house technical team within the Palma VMS Project in Brazil.
The Pelicano prospect (“Pelicano”) has been ranked by Alvo as a high priority new target based on a 1.2km long Fixed Loop Electromagnetic (“FLEM”) conductor which is co-incident with a high chargeability Induced Polarisation (“IP”) response and coincident anomalous geochemistry.
Pelicano is located approximately 1km west of the C3 deposit, on a similar orientation and in a similar geological setting.
Drilling was initiated in late January 2023 and Alvo expects to reach target depth by mid-February 2023.

The Company has commenced a series of diamond holes to test this new target which is located in proximity to the high-grade C3 deposit and presents similar exploration characteristics.

Rob Smakman, Alvo’s Managing Director commented on the Pelicano Prospect:

"We are incredibly excited to test this major anomaly, having first defined the Pelicano prospect in Q3 CY22 after completing a FLEM survey that showed an unexpected high tenor anomaly.

“After inversion of the FLEM, additional lines were completed and we quickly built an understanding of the extensive size of the conductor at Pelicano. At over 1.2km in strike length, it’s the biggest anomaly we have seen to date at Palma. What makes Pelicano especially interesting is that the conductor wasn’t identified through the historic aerial EM survey (VTEM) completed in 2008 due to the cover.

“We spent time building on our interpretation, including completing IP surveys, mapping and geochemistry. We are now at a point where we have multiple pieces of geological evidence that all support drill testing this highly compelling and major target. We are excited to be undertaking our first hole at this target as drilling will be the ultimate test of the conductor.”

Diamond Drilling at Pelicano

Diamond drilling is underway on hole PDP-074 at the Pelicano Prospect, which is a new prospect within the Palma VMS project (see Figures 1 & 2). Drilling will target the anomalies generated by Alvo’s Brazilian exploration team which have combined to form a compelling co-incident drill target.

Pelicano was identified through a review of historical geochemical sampling results where a co-incident, first order anomaly of Zn, Cu and Pb was noted over ~600m in strike length. Due to the presence of this discrete soil anomaly and its proximity to the high-grade C3 deposit, an additional FLEM survey loop (Loop 3 in Figure 2) was completed.

Click here for the full ASX Release

This article includes content from Alvo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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ALV:AU

High Priority Bedrock Gold Target Identified - Amended

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) refers to the announcement released on 16 May 2024 titled “HIGH PRIORITY BEDROCK GOLD TARGET IDENTIFIED AT GIDJI JV” (Announcement).

An updated announcement is attached, which includes a JORC Table 1 and 2 with details of the Offset Pole-Dipole IP survey conducted by the Company in May 2022.

To clarify, the gravity image presented in Figure 5 of the above Announcement was produced by gridding open file gravity data over the project area downloaded from WA government websites.

This announcement was authorised for release by the board of directors.

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that reprocessing of geophysical data has upgraded the 8-Mile target within the Gidji JV Project (“Gidji” or “the Project”), 15 kilometres north of Kalgoorlie, WA.

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Greentech And Anax to Collaborate on Copper-Focussed Pilbara Base Metal Alliance

Anax Metals Limited (ASX: ANX, Anax, or the Company) and GreentTech Metals Ltd (ASX: GRE, GreenTech) are pleased to announce that they have signed a non-binding and non-exclusive Memorandum of Understanding (MoU) which sets out the terms on which Anax and GreenTech (together the Parties) agree to jointly assess the potential to treat GreenTech base metal assets, with a focus on the open-pittable Whundo deposit, at the fully-permitted Whim Creek Processing hub (Whim Creek).

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Intrepid Metals (TSXV: INTR) (OTCQB: IMTCF)

Intrepid Metals Intersects Shallow Mineralization of 72.20 Meters of 1.28% Copper Within 198.00 Meters of 0.68% CuEq During Its Initial Drill Program at Its Corral Copper Property in Arizona

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") provides results for 5 additional diamond drill holes from the Company's Corral Copper Property ("Corral Copper" or the "Property") located in Cochise County, Arizona. All 5 holes were drilled in the Ringo Zone which is located along the southern margin of a 3-kilometer-long trend of near surface carbonate replacement ("CRD") and related supergene enrichment oxide copper-gold-silver-zinc mineralization. Highlights from these 5 holes are shown in Table 1.

Additional highlights include:

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Hudbay Delivers Strong First Quarter 2024 Results

Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) today released its first quarter 2024 financial results. All amounts are in U.S. dollars, unless otherwise noted. All production and cost amounts reflect the Copper Mountain mine on a 100% basis, with Hudbay owning a 75% interest in the mine.

"We delivered another consecutive quarter of strong operational and financial performance with steady free cash flow generation and further debt reduction," said Peter Kukielski, President and Chief Executive Officer. "These results demonstrate the strength of our diversified operating base, with continued contributions from the high-grade Pampacancha deposit in Peru, better-than-planned gold production in Manitoba and benefits starting to be realized from operational stabilization efforts at the Copper Mountain mine in British Columbia. We are well on track to achieve all of our production and cost guidance metrics. Hudbay's resilient operating platform offers leading exposure to copper and unique complementary exposure to gold, which together with our quality pipeline of growth assets, provide significant upside potential for further value creation at higher copper and gold prices."

News Provided by GlobeNewswire via QuoteMedia

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Consolidated Financial Condition ($000s)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash and cash equivalents	284,385	249,794	255,563
Total long-term debt	1,278,587	1,287,536	1,225,023
Net debt ¹	994,202	1,037,742	969,460
Working capital ²	200,850	135,913	100,987
Total assets	5,231,283	5,312,634	4,367,982
Equity ³	2,107,532	2,096,811	1,574,521
Net debt to adjusted EBITDA ^1,4	1.3	1.6	2.1
¹ Net debt and net debit to adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.
² Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements.
³ Equity attributable to owners of the company.
⁴ Net debt to adjusted EBITDA for the 12 month period.

Consolidated Financial Performance		Three Months Ended
		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Revenue	$000s	524,989	602,189	295,219
Cost of sales	$000s	373,035	405,433	228,706
Earnings before tax	$000s	67,750	80,982	17,430
Net earnings	$000s	18,535	33,528	5,457
Basic earnings per share	$/share	0.05	0.10	0.02
Adjusted earnings per share ¹	$/share	0.16	0.20	0.00
Operating cash flow before change in non-cash working capital	$ millions	147.5	246.5	85.6
Adjusted EBITDA ¹	$ millions	214.2	274.4	101.9
¹ Adjusted earnings per share and adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section.

Consolidated Production and Cost Performance		Three Months Ended ¹
		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Contained metal in concentrate and doré produced ²
Copper	tonnes	34,749	45,450	22,562
Gold	ounces	90,392	112,776	47,240
Silver	ounces	947,917	1,197,082	702,809
Zinc	tonnes	8,798	5,747	9,846
Molybdenum	tonnes	397	397	289
Payable metal sold
Copper	tonnes	33,608	44,006	18,541
Gold ³	ounces	108,081	104,840	49,720
Silver ³	ounces	1,068,848	1,048,877	541,884
Zinc	tonnes	6,119	7,385	5,628
Molybdenum	tonnes	415	468	254
Consolidated cash cost per pound of copper produced ⁴
Cash cost	$/lb	0.16	0.16	0.85
Sustaining cash cost	$/lb	1.03	1.09	1.83
All-in sustaining cash cost	$/lb	1.32	1.31	2.07
¹ Includes 100% of Copper Mountain mine production. Hudbay owns 75% of Copper Mountain mine. As Copper Mountain was acquired on June 20, 2023, there were no comparative figures for the three months ended March 31, 2023.
² Metal reported in concentrate is prior to deductions associated with smelter contract terms.
³ Includes total payable gold and silver in concentrate and in doré sold.
⁴ Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.

Peru Operations		Three Months Ended
		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Constancia ore mined ¹	tonnes	2,559,547	973,176	3,403,181
Copper	%	0.31	0.30	0.34
Gold	g/tonne	0.04	0.04	0.04
Silver	g/tonne	2.79	2.26	2.52
Molybdenum	%	0.01	0.01	0.01
Pampacancha ore mined	tonnes	2,214,354	5,556,613	897,295
Copper	%	0.56	0.56	0.49
Gold	g/tonne	0.32	0.32	0.52
Silver	g/tonne	4.64	4.84	5.12
Molybdenum	%	0.02	0.01	0.01
Total ore mined	tonnes	4,773,901	6,529,789	4,300,476
Strip ratio ⁴		1.95	1.26	1.84
Ore milled	tonnes	8,077,962	7,939,044	7,663,728
Copper	%	0.36	0.48	0.33
Gold	g/tonne	0.15	0.25	0.08
Silver	g/tonne	3.48	4.20	3.69
Molybdenum	%	0.01	0.01	0.01
Copper recovery	%	84.9	87.4	81.7
Gold recovery	%	73.4	77.6	56.8
Silver recovery	%	70.7	78.0	60.7
Molybdenum recovery	%	43.2	33.6	34.8
Contained metal in concentrate
Copper	tonnes	24,576	33,207	20,517
Gold	ounces	29,144	49,418	11,206
Silver	ounces	639,718	836,208	552,167
Molybdenum	tonnes	397	397	289
Payable metal sold
Copper	tonnes	23,754	31,200	16,316
Gold	ounces	42,677	38,114	11,781
Silver	ounces	753,707	703,679	392,207
Molybdenum	tonnes	415	468	254
Combined unit operating cost ^2,3	$/tonne	10.92	12.24	11.47
Cash cost ³	$/lb	0.43	0.54	1.36
Sustaining cash cost ³	$/lb	1.06	1.21	2.12
¹ Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
² Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.
³ Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.
⁴ Strip ratio is calculated as waste mined divided by ore mined.

Manitoba Operations		Three Months Ended
		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Lalor
Ore mined	tonnes	407,708	372,384	373,599
Gold	g/tonne	4.84	5.92	3.96
Copper	%	0.84	1.04	0.57
Zinc	%	2.92	2.20	3.32
Silver	g/tonne	23.44	28.92	18.24
New Britannia
Ore milled	tonnes	170,409	165,038	143,042
Gold	g/tonne	7.03	8.03	6.05
Copper	%	1.13	1.46	0.61
Zinc	%	0.82	0.85	0.76
Silver	g/tonne	21.6	27.97	22.39
Gold recovery ¹	%	88.6	89.0	87.9
Copper recovery	%	96.2	91.6	91.7
Silver recovery ¹	%	82.0	83.2	79.1
Stall Concentrator
Ore milled	tonnes	219,358	228,799	242,619
Gold	g/tonne	3.07	4.22	2.78
Copper	%	0.64	0.73	0.59
Zinc	%	4.54	3.20	4.81
Silver	g/tonne	24.46	28.63	17.14
Gold recovery	%	68.0	67.5	61.9
Copper recovery	%	91.7	92.0	87.0
Zinc recovery	%	88.4	78.5	84.4
Silver recovery	%	59.8	61.8	56.3
Total contained metal in concentrate and doré ²
Gold	ounces	56,831	59,863	36,034
Copper	tonnes	3,149	3,735	2,045
Zinc	tonnes	8,798	5,747	9,846
Silver	ounces	219,823	255,579	150,642
Total payable metal sold
Gold ³	ounces	62,003	63,635	37,939
Copper	tonnes	2,921	3,687	2,225
Zinc	tonnes	6,119	7,385	5,628
Silver ³	ounces	231,841	246,757	149,677
Combined unit operating cost ^4,5	C$/tonne	235	216	216
Gold cash cost ⁵	$/oz	736	434	938
Gold sustaining cash cost ⁵	$/oz	950	788	1,336
¹ Gold and silver recovery includes total recovery from concentrate and doré.
² Doré includes sludge, slag and carbon fines in three ended March 31, 2024, December 31, 2023 and March 31, 2023.
³ Includes total payable precious metals in concentrate and in doré sold.
⁴ Reflects combined mine, mill and G&A costs per tonne of ore milled.
⁵ Combined unit cost, gold cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.

British Columbia Operations		Three Months Ended ⁵
		Mar. 31, 2024	Dec. 31, 2023
Ore mined ¹	tonnes	3,722,496	2,627,398
Waste mined	tonnes	15,276,598	14,032,093
Strip ratio ²		4.10	5.34
Ore milled	tonnes	3,180,149	3,261,891
Copper	%	0.27	0.33
Gold	g/tonne	0.07	0.06
Silver	g/tonne	1.19	1.36
Copper recovery	%	83.4	78.8
Gold recovery	%	61.8	54.1
Silver recovery	%	72.4	73.8
Total contained metal in concentrate ²
Copper	tonnes	7,024	8,508
Gold	ounces	4,417	3,495
Silver	ounces	88,376	105,295
Total payable metal sold
Copper	tonnes	6,933	9,119
Gold	ounces	3,401	3,091
Silver	ounces	83,300	98,441
Combined unit operating cost ^3,4	C$/tonne	23.67	20.90
Cash cost ⁴	$/lb	3.49	2.67
Sustaining cash cost ⁴	$/lb	4.85	3.93
¹ Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
² Strip ratio is calculated as waste mined divided by ore mined.
³ Reflects combined mine, mill and G&A costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.
⁴ Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.
⁵ Copper Mountain mine results are stated at 100%. Hudbay owns 75% of Copper Mountain mine.

3-Year Production Outlook Contained Metal in Concentrate and Doré ¹		2024 Guidance	2025 Guidance	2026 Guidance
Peru
Copper	tonnes	98,000 - 120,000	94,000 - 115,000	80,000 - 100,000
Gold	ounces	76,000 - 93,000	70,000 - 90,000	15,000 - 25,000
Silver	ounces	2,500,000 - 3,000,000	2,700,000 - 3,300,000	1,500,000 - 1,900,000
Molybdenum	tonnes	1,250 - 1,500	1,200 - 1,600	1,500 - 1,900

Manitoba
Gold	ounces	170,000 - 200,000	170,000 - 200,000	170,000 - 200,000
Zinc	tonnes	27,000 - 35,000	25,000 - 33,000	18,000 - 24,000
Copper	tonnes	9,000 - 12,000	8,000 - 12,000	10,000 - 14,000
Silver	ounces	750,000 - 1,000,000	800,000 - 1,100,000	800,000 - 1,100,000

British Columbia ²
Copper	tonnes	30,000 - 44,000	30,000 - 45,000	44,000 - 54,000
Gold	ounces	17,000 - 26,000	24,000 - 36,000	24,000 - 29,000
Silver	ounces	300,000 - 455,000	290,000 - 400,000	450,000 - 550,000

Total
Copper	tonnes	137,000 - 176,000	132,000 - 172,000	134,000 - 168,000
Gold	ounces	263,000 - 319,000	264,000 - 326,000	209,000 - 254,000
Zinc	tonnes	27,000 - 35,000	25,000 - 33,000	18,000 - 24,000
Silver	ounces	3,550,000 - 4,455,000	3,790,000 - 4,800,000	2,750,000 - 3,550,000
Molybdenum	tonnes	1,250 - 1,500	1,200 - 1,600	1,500 - 1,900
¹ Metal reported in concentrate and doré is prior to treatment or refining losses or deductions associated with smelter terms.
² Includes 100% of Copper Mountain mine production. Hudbay owns 75% of Copper Mountain mine.

Date:	Tuesday, May 14, 2024
Time:	11:00 a.m. ET
Webcast:	www.hudbay.com
Dial in:	1-416-764-8650 or 1-888-664-6383 Additional Dial-in

	Three Months Ended
(in $ millions)	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Net earnings for the period	18.5		33.5		5.4
Tax expense	49.3		47.5		12.0
Earnings before tax	67.8		81.0		17.4
Adjusting items:
Mark-to-market adjustments ¹	12.8		12.7		6.8
Foreign exchange loss	4.8		4.2		0.3
Inventory adjustments	—		1.4		—
Variable consideration adjustment - stream revenue and accretion	4.0		—		(5.0	)
Premium paid on redemption of notes	—		2.2		—
Re-evaluation adjustment - environmental provision ²	(5.3	)	34.0		(8.2	)
Insurance recovery	—		(4.2	)	—
Value-added-tax recovery	—		(3.9	)	—
Write off fair value of the Copper Mountain bonds	—		(1.0	)	—
Reduction of obligation to renounce flow-through expenditures	(0.7	)	—		—
Restructuring charges	0.9		0.6		—
Loss on disposal of investments	—		—		0.7
Write-down/loss on disposal of PP&E	9.0		6.6		0.1
Adjusted earnings before income taxes	93.3		133.6		12.1
Tax expense	(49.3	)	(47.5	)	(12.0	)
Tax impact on adjusting items	13.6		(14.8	)	—
Adjusted net earnings	57.6		71.3		0.1
Adjusted net earnings ($/share)	0.16		0.20		0.00
Basic weighted average number of common shares outstanding (millions)	350.8		349.1		262.0
¹ Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through net earnings or loss and share-based compensation expenses.
² Changes from movements to environmental reclamation provisions are primarily related to the Flin Flon operations, which were fully depreciated as of June 30, 2022, as well as other Manitoba non-operating sites.

(in $ thousands)
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Total long-term debt	1,278,587	1,287,536	1,225,023
Less: Cash and cash equivalents	284,385	249,794	255,563
Net debt	994,202	1,037,742	969,460
(in $ millions, except net debt to adjusted EBITDA ratio)
Net debt	994.2	1,037.7	969.5
Adjusted EBITDA (12 month period)	760.5	647.8	467.3
Net debt to adjusted EBITDA	1.3	1.6	2.1

Trailing Adjusted EBITDA	Three Months Ended								LTM ¹
(in $ millions)	Mar. 31, 2024		Dec. 31, 2023		Sept. 30, 2023		Jun. 30, 2023		LTM ¹
Net earnings (loss) for the period	18.5		33.5		45.5		(14.9	)	82.6
Add back:
Tax expense (recovery)	49.3		47.5		38.7		(15.8	)	119.7
Net finance expense	44.0		48.9		30.9		30.5		154.3
Other expenses	16.3		10.6		8.9		13.9		49.7
Depreciation and amortization	109.3		121.9		113.8		88.7		433.7
Amortization of deferred revenue and variable consideration adjustment	(23.2	)	(26.5	)	(16.8	)	(18.1	)	(84.6	)
Adjusting items (pre-tax):
Re-evaluation adjustment - environmental provision	(5.3	)	34.0		(32.4	)	(4.7	)	(8.4	)
Inventory adjustments	—		1.4		—		0.9		2.3
Option agreement proceeds	(0.4	)	—		—		—		(0.4	)
Share-based compensation expenses ²	5.7		3.1		2.1		0.7		11.6
Adjusted EBITDA	214.2		274.4		190.7		81.2		760.5
¹ LTM (last twelve months) as of March 31, 2024.
² Share-based compensation expense reflected in cost of sales and administrative expenses.

Consolidated	Three Months Ended
Net pounds of copper produced ¹
(in thousands)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Peru	54,181	73,209	45,233
British Columbia ²	15,485	18,755	—
Manitoba	6,942	8,234	4,508
Net pounds of copper produced	76,608	100,198	49,741
¹ Contained copper in concentrate.
² Includes 100% of Copper Mountain mine production, Hudbay owns 75% of Copper Mountain mine. As Copper Mountain was acquired on June 20, 2023, there were no comparative figures for the period ended March 31, 2023.

British Columbia	Three Months Ended
(in thousands)	Mar. 31, 2024	Dec. 31, 2023
Net pounds of copper produced ¹	15,485	18,755
¹ Contained copper in concentrate.

Peru	Three Months Ended
(in thousands except ore tonnes milled and unit cost per tonne)
Combined unit cost per tonne processed	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Mining	29,220		30,336		26,786
Milling	43,624		50,199		46,191
G&A ¹	23,092		24,909		16,466
Other G&A ²	(7,688	)	(8,303	)	(1,539	)
Unit Cost	88,248		97,141		87,904
Tonnes ore milled	8,078		7,939		7,664
Combined unit cost per tonne	10.92		12.24		11.47
Reconciliation to IFRS:
Unit cost	88,248		97,141		87,904
Freight & other	16,580		20,854		12,427
Other G&A	7,688		8,303		1,539
Share-based compensation expenses	116		85		(14	)
Change in product inventory	14,077		8,048		(11,135	)
Royalties	2,118		1,456		665
Depreciation and amortization	71,030		85,722		41,960
Cost of sales ³	199,857		221,609		133,346
¹ G&A as per cash cost reconciliation above.
² Other G&A primarily includes profit sharing costs.
³ As per IFRS consolidated interim financial statements.

Manitoba	Three Months Ended
(in thousands except tonnes ore milled and unit cost per tonne)
Combined unit cost per tonne processed	Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
Mining	44,360		40,236		37,752
Milling	16,476		15,346		14,848
G&A ¹	11,346		8,385		10,089
Less: Other G&A related to profit sharing costs	(4,131	)	(1,522	)	(1,139	)
Unit cost	68,051		62,445		61,550
USD/CAD implicit exchange rate	1.35		1.36		1.35
Unit cost - C$	91,748		85,013		83,193
Tonnes ore milled	389,767		393,837		385,661
Combined unit cost per tonne - C$	235		216		216
Reconciliation to IFRS:
Unit cost	68,051		62,445		61,550
Freight & other	6,189		6,765		5,349
Other G&A related to profit sharing	4,131		1,522		1,139
Share-based compensation expenses	234		216		93
Inventory adjustments	(24	)	1,402		—
Change in product inventory	(558	)	12,809		1,726
Royalties	—		—		41
Depreciation and amortization	26,594		30,601		25,462
Cost of sales ²	104,617		115,760		95,360
¹ G&A as per cash cost reconciliation above.
² As per IFRS consolidated interim financial statements.

Consolidated	Three Months Ended
	Mar. 31, 2024				Dec. 31, 2023				Mar. 31, 2023
Cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining	102,133		1.33		89,587		0.89		64,538		1.30
Milling	83,474		1.09		90,763		0.91		61,039		1.23
G&A	38,335		0.50		38,937		0.39		26,555		0.53
Onsite costs	223,942		2.92		219,287		2.19		152,132		3.06
Treatment & refining	27,664		0.36		35,665		0.36		18,495		0.37
Freight & other	27,062		0.36		32,273		0.32		17,776		0.36
Cash cost, before by-product credits	278,668		3.64		287,225		2.87		188,403		3.79
By-product credits	(266,686	)	(3.48	)	(271,738	)	(2.71	)	(146,111	)	(2.94	)
Cash cost, net of by-product credits	11,982		0.16		15,487		0.16		42,292		0.85

Peru	Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Mar. 31, 2023
Cash cost per pound of copper produced		$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining		29,220		0.54		30,336		0.41		26,786		0.59
Milling		43,624		0.80		50,199		0.69		46,191		1.03
G&A		23,092		0.43		24,909		0.34		16,466		0.36
Onsite costs		95,936		1.77		105,444		1.44		89,443		1.98
Treatment & refining		14,975		0.28		19,626		0.27		10,603		0.24
Freight & other		16,580		0.30		20,854		0.28		12,427		0.27
Cash cost, before by-product credits		127,491		2.35		145,924		1.99		112,473		2.49
By-product credits		(104,329	)	(1.92	)	(106,227	)	(1.45	)	(50,899	)	(1.13	)
Cash cost, net of by-product credits		23,162		0.43		39,697		0.54		61,574		1.36

British Columbia	Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023
Cash cost per pound of copper produced		$000s		$/lb		$000s		$/lb
Mining		28,553		1.85		19,015		1.01
Milling		23,374		1.51		25,218		1.35
G&A		3,897		0.25		5,643		0.30
Onsite costs		55,824		3.61		49,876		2.66
Treatment & refining		3,476		0.22		4,850		0.26
Freight & other		4,293		0.28		4,654		0.25
Cash cost, before by-product credits		63,593		4.11		59,380		3.17
By-product credits		(9,543	)	(0.62	)	(9,286	)	(0.50	)
Cash cost, net of by-product credits		54,050		3.49		50,094		2.67

Consolidated	Three Months Ended
		Mar. 31, 2024		Dec. 31, 2023		Mar. 31, 2023
All-in sustaining cash cost per pound of copper produced		$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits		11,982	0.16	15,487	0.16	42,292	0.85
Cash sustaining capital expenditures		62,314	0.80	87,609	0.87	47,869	0.96
Capitalized exploration		2,100	0.03	5,150	0.05	—	—
Royalties		2,873	0.04	1,032	0.01	706	0.02
Sustaining cash cost, net of by-product credits		79,269	1.03	109,278	1.09	90,867	1.83
Corporate selling and administrative expenses & regional costs		18,094	0.24	12,727	0.13	10,215	0.20
Accretion and amortization of decommissioning and community agreements ¹		4,007	0.05	8,967	0.09	1,958	0.04
All-in sustaining cash cost, net of by-product credits		101,370	1.32	130,972	1.31	103,040	2.07
Reconciliation to property, plant and equipment additions:
Property, plant and equipment additions		46,220		54,040		33,554
Capitalized stripping net additions		31,983		40,861		26,984
Total accrued capital additions		78,203		94,901		60,538
Less other non-sustaining capital costs ²		26,982		19,945		19,850
Total sustaining capital costs		51,221		74,956		40,688
Capitalized lease an equipment financing payments		8,274		8,708		4,702
Community agreement cash payments		800		2,274		1,189
Accretion and amortization of decommissioning and restoration obligations ³		2,019		1,671		1,290
Cash sustaining capital expenditures		62,314		87,609		47,869
¹ Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of current community agreements capitalized to Other assets.
² Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions and growth capital expenditures.
³ Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

Drilling Underway At Major Greenfields Target - Pelicano

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