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Guidance

Production Guidance

Contained Metal in Concentrate and Doré1 2023 Guidance Year Ended Dec. 31, 2022 2022 Guidance
Peru
Copper tonnes 91,000 - 116,000 89,395 89,000 - 115,000
Gold ounces 83,000 - 108,000 58,229 70,000 - 90,000
Silver ounces 2,210,000 - 2,650,000 2,309,352 1,620,000 - 2,100,000
Molybdenum tonnes 1,300 - 1,600 1,377 1,100 - 1,400
Manitoba
Gold ounces 175,000 - 205,000 161,471 150,000 - 185,000
Zinc tonnes 28,000 - 36,000 55,381 50,000 - 70,000
Copper tonnes 9,000 - 12,000 14,778 12,000 - 16,000
Silver ounces 750,000 - 1,000,000 851,942 800,000 - 1,100,000
Total
Copper tonnes 100,000 - 128,000 104,173 101,000 - 131,000
Gold ounces 258,000 - 313,000 219,700 220,000 - 275,000
Zinc tonnes 28,000 - 36,000 55,381 50,000 - 70,000
Silver ounces 2,960,000 - 3,650,000 3,161,294 2,420,000 - 3,200,000
Molybdenum tonnes 1,300 - 1,600 1,377 1,100 - 1,400

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

Capital Expenditure Guidance

Capital Expenditures1
(in $ millions) 		2023 Guidance2 Year Ended Dec. 31, 2022 2022 Guidance
Sustaining capital
Peru3 160 102 105
Manitoba4 75 125 115
Total sustaining capital 235 227 220
Growth capital
Peru3 10 4 10
Manitoba4 15 34 50
Arizona5 30 36 40
Total growth capital 55 74 100
Capitalized exploration5 10 42 40
Total capital expenditures 300 343 360

1 Excludes capitalized costs not considered to be sustaining or growth capital expenditures.

2 2023 capital expenditure guidance excludes right-of-use lease additions.

3 Includes capitalized stripping costs.

4 2023 capital expenditures are converted into U.S. dollars using an exchange rate of 1.35 Canadian dollars.

5 2022 guidance reflects revised Arizona spending guidance issued on June 8, 2022, which includes $5 million in additional growth expenditures and $15 million in additional capitalized exploration related to Copper World.

Exploration Guidance

Exploration Expenditures
(in $ millions) 		2023 Guidance1 Year Ended Dec. 31, 2022 2022 Guidance
Peru 15 25 25
Manitoba 15 14 15
Arizona and other2 0 38 40
Total exploration expenditures 30 77 80
Capitalized spending2 (10) (42) (40)
Total exploration expense 20 35 40

1 2023 exploration guidance excludes $5 million of non-cash amortization of community agreements for exploration properties.

2 2022 guidance reflects an additional $15 million in capitalized exploration at Copper World announced on June 8, 2022.

Cash Cost Guidance

Cash cost1 2023 Guidance Year Ended Dec. 31, 2022 2022 Guidance
Peru cash cost per pound of copper2 $/lb 1.05 - 1.30 1.58 1.10 - 1.40
Manitoba cash cost per ounce of gold3 $/oz 500 - 800 297 300 - 550
Consolidated cash cost per pound of copper2 $/lb 0.40 - 0.80 0.86 0.60 - 1.05
Consolidated sustaining cash cost per pound of copper2 $/lb 1.35 - 2.05 2.07 1.60 – 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 Reporting Measures” section of this news release.

2 Peru cash cost per pound of copper and consolidated copper 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, 2022 for the streamed ounces in Peru and the following commodity prices: $1,800 per ounce gold, $21.00 per ounce silver, $25.00 per pound molybdenum, $1.40 per pound zinc and an exchange rate of 1.35 C$/US$.

3 Manitoba gold cash cost per ounce of gold contained in concentrate and doré assumes by-product credits are calculated using the following commodity prices: $1.40 per pound zinc, $21.00 per ounce silver, $3.75 per pound copper and an exchange rate of 1.35 C$/US$.