Production Guidance

Contained Metal in Concentrate and Doré1 2024 Guidance Year Ended Dec. 31, 2023 2023 Guidance
Peru
Copper tonnes 98,000 - 120,000 100,487 91,000 - 116,000
Gold ounces 76,000 - 93,000 114,218 83,000 - 108,000
Silver ounces 2,500,000 - 3,000,000 2,505,229 2,210,000 - 2,650,000
Molybdenum tonnes 1,250 - 1,500 1,566 1,300 - 1,600
Manitoba
Gold ounces 170,000 - 200,000 187,363 175,000 - 205,000
Zinc tonnes 27,000 - 35,000 34,642 28,000 - 36,000
Copper tonnes 9,000 - 12,000 12,154 9,000 - 12,000
Silver ounces 750,000 - 1,000,000 851,723 750,000 - 1,000,000
British Columbia
Copper tonnes 30,000 - 44,000 19,050 18,500 - 20,500
Gold ounces 17,000 - 26,000 8,848 8,000 - 10,000
Silver ounces 300,000 - 455,000 218,282 190,000 - 210,000
Total
Copper tonnes 137,000 - 176,000 131,691 118,500 - 148,500
Gold ounces 263,000 - 319,000 310,429 266,000 - 323,000
Zinc tonnes 27,000 - 35,000 34,642 28,000 - 36,000
Silver ounces 3,550,000 - 4,455,000 3,575,234 3,150,000 - 3,860,000
Molybdenum tonnes 1,250 - 1,500 1,566 1,300 - 1,600

1 Metal reported in concentrate and doré is prior to refining losses or deductions associated with smelter terms.

1 Metal reported in concentrate and doré is prior to smelting and refining losses or deductions associated with smelter terms.

2 Manitoba production guidance assumes the 777 mine is depleted at the end of the second quarter of 2022, resulting in lower copper and zinc production after its closure.

Capital Expenditure Guidance

Capital Expenditures
(in $ millions)
2024 Guidance4 Year Ended Dec. 31, 2023 2023 Revised Guidance 5 2023 Original Guidance
Sustaining capital1
Peru2 130.0 132.1 150.0 160.0
Manitoba 55.0 55.8 60.0 75.0
British Columbia – sustaining capital 35.0 30.22 33.02 -
British Columbia – capitalized stripping2 70.0
Total sustaining capital 290.0 218.1 243.0 235.0
Growth capital
Peru 2.0 12.1 10.0 10.0
Manitoba3 10.0 13.5 15.0 15.0
British Columbia 5.0 1.2 2.0 -
Arizona 20.0 21.3 25.0 30.0
Total growth capital 37.0 48.1 52.0 55.0
Capitalized exploration 8.0 7.8 10.0 10.0
Total capital expenditures 335.0 274.0 305.0 300.0

Note: Excludes capitalized costs not considered to be sustaining or growth capital expenditures.
1 Sustaining capital guidance excludes right-of-use lease additions and additions as a result of equipment financing arrangements.
2 Includes capitalized stripping costs.
3 Partially funded by approximately $3 million in Canadian Development Expense flow-through financing proceeds.
4 Capital expenditures are converted into U.S. dollars using an exchange rate of 1.35 C$/US$.
5 Capital expenditure guidance reflects revised guidance issued with third quarter results, including lower anticipated capital spend in Manitoba and Peru, and new British Columbia guidance.

Exploration Guidance

Exploration Expenditures
(in $ millions)
2024 Guidance1 Year Ended Dec. 31, 2023 2023 Guidance
Peru1 17.0 15.2 15.0
Manitoba2 23.0 10.4 15.0
British Columbia 2.0 3.9
Arizona and other 1.0 2.4
Total exploration expenditures 43.0 31.9 30.0
Capitalized spending (8.0) (7.8) (10.0)
Total exploration expense 35.0 24.1 20.0

1 2023 exploration guidance excludes $5 million of non-cash amortization of community agreements for exploration properties.
2 Partially funded by approximately $11 million in Canadian Exploration Expense flow-through financing proceeds.

Cash Cost Guidance

Cash cost1 2024 Guidance Year Ended Dec. 31, 2023 2023 Guidance
Peru cash cost per pound of copper2 $/lb 1.25 - 1.60 1.07 1.05 - 1.30
Manitoba cash cost per ounce of gold3 $/oz  700 - 900 727 500 - 800
British Columbia cash cost per pound of copper2 $/lb 2.00 - 2.50 2.50 2.40 - 2.85
Consolidated cash cost per pound of copper $/lb 1.05 - 1.25 0.80 0.80 - 1.10
Consolidated sustaining cash cost per pound of copper $/lb 2.00 - 2.45 1.72 1.80 - 2.25

1 Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, and 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.
2 Peru and British Columbia cash cost per pound of copper contained in concentrate assumes by-product credits are calculated using the gold and silver deferred revenue drawdown rates in effect on December 31, 2023 for the streamed ounces in Peru and the following commodity prices: $1,900 per ounce gold, $23.00 per ounce silver, $18.00 per pound molybdenum, $1.15 per pound zinc and an exchange rate of 1.35 C$/US$.
3 Manitoba cash cost per ounce of gold produced, net of by-product credits, contained in concentrate and doré assumes by-product credits are calculated using the following commodity prices: $1.15 per pound zinc, $23.00 per ounce silver, $3.75 per pound copper and an exchange rate of 1.35 C$/US$.