Production Guidance

Contained Metal in Concentrate1 2021 Guidance 2020 Actual 2020 Guidance2
Peru
Copper tonnes 72,000 - 88,000 73,150 65,000 – 75,000
Gold3 oz 40,000 - 50,000 12,395
Silver3 oz 1,800,000 - 2,170,000 1,622,972
Molybdenum tonnes 1,400 - 1,700 1,204 1,100 – 1,300
Precious metals3 ounces 30,630 25,000 – 35,000
Manitoba
Zinc tonnes 96,000 – 107,000 118,130 105,000 – 125,000
Gold3 oz 150,000 – 165,000 112,227
Copper tonnes 20,000 – 24,000 22,183 18,000 – 22,000
Silver3 tonnes 1,200,000 – 1,400,000 1,127,901
Precious metals3 ounces 124,900 110,000 – 135,000
Total
Copper tonnes 92,000 - 112,000 95,333 83,000 – 97,000
Gold3 oz 190,000 – 215,000 124,622
Zinc tonnes 96,000 - 107,000 118,130 105,000 – 125,000
Silver3 tonnes 3,000,000 – 3,570,000 2,750,873
Molybdenum tonnes 1,400 - 1,700 1,204 1,100 – 1,300
Precious metals3 ounces - 155,530 135,000 – 170,000

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

2 Original 2020 guidance for Peru was revised on August 11, 2020 to account for a government-mandated temporary mine shutdown.

3 Precious metals production includes gold and silver production on a gold-equivalent basis and is only reported for 2020 since separate guidance for each gold and silver was introduced in 2021. For 2020, silver is converted to gold at a ratio of 89:1.

Capital Expenditure Guidance

Capital Expenditures1
(in $ millions)
2021 Guidance 2020 Actual 2020 Guidance2
Sustaining capital
Peru3 135.0 91.1 80.0
Manitoba 90.0 95.3 100.0
Total sustaining capital 225.0 186.4 180.0
Growth capital
Peru4 25.0 107.0 70.0
Manitoba 105.0 61.4 80.0
Arizona5 20.0 15.6 20.0
Total growth capital 150.0 184.0 170.0
Capitalized exploration 15.0 11.9 15.0
Total capital expenditures 390.0 382.3 365.0

1 Excludes capitalized costs not considered to be sustaining or growth capital expenditures. Capital expenditures are converted into U.S. dollars using the following rates: 1.30 Canadian dollars and 3.45 Peruvian soles.

2 Original 2020 guidance for Peru was revised on August 11, 2020 to account for a government-mandated temporary mine closure.

3 Includes capitalized stripping costs and Pampacancha capital after pre-stripping.

4 Revised Peru growth guidance announced on May 11, 2021, which includes amounts for final remaining land user agreements. Revised Manitoba growth guidance announced August 9, 2021

5 Arizona spending includes capitalized costs associated with the Rosemont project.

Exploration Guidance

Exploration Expenditures
(in $ millions)
2021 Guidance 2020 Actual 2020 Guidance
Peru 20.0 14.3 15.0
Manitoba 10.0 10.1 10.0
Arizona and other1 34.0 4.7 -
Total exploration expenditures 64.0 29.1 25.0
Capitalized spending (15.0) (11.9) (15.0)
Total exploration expense 49.0 17.2 10.0

1Arizona exploration includes $10M original guidance plus $14M of increased exploration expenditures and $10M of additional operating expenses announced on May 11, 2021.

Cash Cost and Sustaining Cash Cost Guidance

Consolidated Cash Cost per pound of
copper produced1,2
2021 Guidance 2020 Actual 2020 Guidance3
Cash cost $/lb 0.65 - 0.80 0.60 -
Sustaining cash cost $/lb 2.05 - 2.30 1.93 -

1 Cash cost and sustaining cash cost, net of by-product credits, per pound of copper contained in concentrate. By-product credits calculated assume the deferred revenue drawdown rates in effect at December 31, 2020 and the following commodity prices: $1.00 per pound zinc, $1,800 per ounce gold, $21.00 per ounce silver, $8.00 per pound molybdenum and an exchange rate of 1.30 C$/US$.

2 Cash cost and sustaining cash cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of our February 18, 2021 news release.

3 Cash cost and sustaining cash cost guidance was introduced in 2021 and is not available for 2020.

Unit Operating Cost Guidance

Combined Mine/Mill Unit Operating Cost1,2 2021 Guidance 2020 Actual 2020 Guidance3
Peru $/tonne 8.90 - 10.90 9.46 8.30 – 10.00
Manitoba C$/tonne 145 – 155 132 130 – 140

1 Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs reflect the deduction of expected capitalized stripping costs.

2 Cash cost and sustaining cash cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of our February 18, 2021 news release.

3 Original 2020 guidance for Peru was revised on August 11, 2020 to account for a government-mandated temporary mine closure.

Flin Flon Zinc Plant Guidance 2021 Guidance 2020 Actual 2020 Guidance
Zinc metal produced tonnes 96,000 – 103,000 111,637 100,000 – 112,000
Unit operating costs1 C$/lb 0.50 – 0.55 0.47 0.45 – 0.52

1 Unit costs are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS Financial Reporting Measures” section of this news release.