Diversified exposure to the world’s leading copper mines

Horizon Copper is a unique investment within the copper industry. With a portfolio of interests in some of the best copper projects around the world, including cash-flowing and development projects, Horizon provides shareholders with exposure to a unique mix of benefits and growth opportunities.

  • Portfolio of interests in low-cost, high-quality copper mines
  • Cash-flows levered to rising copper prices
  • Built-in growth and significant financing flexibility for future acquisitions
Investor presentation

TSX.V: HCU

Otcqx: HNCUF

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Built-in Growth with Leverage to Rising Copper Prices

Horizon ATTRIBUTABLE EBITDA1

Built-in Growth with Leverage to Rising Copper Prices

Horizon’s inaugural portfolio consists of a collection of world-renowned, low-cost copper mining projects that are expected to generate cash flow for multiple decades. Horizon’s portfolio has a pathway to grow to over $70M by 2032 in attributable EBITDA1.

1. Attributable EBITDA to Horizon Copper net of Hod Moden and Antamina stream obligations to Sandstorm Gold Royalties.

Horizon’s inaugural portfolio consists of a collection of world-renowned, low-cost copper mining projects that are expected to generate cash flow for multiple decades. Horizon’s portfolio has a pathway to grow to between $70–$100M by 2032 in attributable EBITDA1.

1. Adjusted EBITDA attributable to Horizon Copper net of Hod Moden and Antamina stream obligations to Sandstorm Gold Royalties


Unparalleled Copper Portfolio

Investors in Horizon Copper gain exposure to some of the world’s leading producing and developing copper mines. Today, Horizon’s portfolio includes:

Antamina

1.66% Net Profits Interest1

The world’s 3rd largest copper mine2.

Oyu Tolgoi

24% Equity Interest in Entreé

Entreé Resources is a public company that holds a unique 20% joint venture carried interest on the Hugo North Extension at Oyu Tolgoi.

Oyu Tolgoi

25% Equity Interest in Entreé

Entreé Resources is a public company that holds a unique 20% joint venture carried interest on the Hugo North Extension at Oyu Tolgoi.

Hod Maden

30% Non-Operating Interest3

One of the best copper-gold development projects in the world.

1. Before Antamina Silver Stream servicing and Sandstorm Antamina Residual Royalty payment.
2. S&P Global: 2023 actual production of top global copper mines on copper equivalent basis.
3. Less Gold Stream payable to Sandstorm Gold Royalties.

Levered Accretion for Equity Returns

enterprise Value

Levered Accretion for Equity Returns

Horizon has a unique capital structure2 made possible by its strategic partnership with Sandstorm Gold Royalties. Through the use of friendly debt on favourable terms, including below-market interest rates, Horizon has acquired a truly extraordinary copper portfolio while maintaining a relatively small market capitalization. As this portfolio develops, any increases in the Company’s valuation will be directly accretive to equity holders. In fact, for every 10% increase to Horizon’s Enterprise Value, it is expected that the amount attributed to equity will increase by 50%.

2. See Company’s capital structure below.

Horizon has a unique capital structure2 made possible by its strategic partnership with Sandstorm Gold Royalties. Through the use of friendly debt on favourable terms, including below-market interest rates, Horizon has acquired a truly extraordinary copper portfolio while maintaining a relatively small market capitalization. As this portfolio develops, any increases in the Company’s valuation will be directly accretive to equity holders. In fact, for every 10% increase to Horizon’s Enterprise Value, it is expected that equity will increase by over 45%.

2. See Company’s capital structure below

Key Catalysts for Asset Re-Rating

Horizon is a growth company with an exceptional portfolio right out of the gate. Key re-rating opportunities exist within the portfolio, including:

Antamina

  • Throughput expansion
  • Extended Reserve life to 2036

Oyu Tolgoi (Hugo North Extension)

  • Hugo North development
  • First production at Hugo North Extension
  • First cash flows to Entrée shareholders

Hod Maden

  • Construction decision and development milestones
  • First production
  • Exploration and Resource expansion of South Zone

Horizon in the Media

Watch recently posted Horizon Copper news stories, interviews, and video content to make sure you don’t miss a beat. Visit Horizon Copper’s YouTube Channel for more videos.

VaLPAL

Horizon Copper: Investor Update

President & CEO, Erfan Kazemi, joins ValPal to discuss the company’s latest developments and financial strategy. Erfan provides an overview of Horizon Copper’s strengthened financial position after securing a $30M USD credit facility, and discusses Horizon’s strategy going forward.

Capital Structure

Market CapitalizationUS$42M
Sandstorm DebenturesUS$181M
SubtotalUS$223M
Less Cash & Cash EquivalentsUS$14M
Enterprise ValueUS$209M

As at June 30 2024. Sandstorm Debentures measured at fair value.

Friendly Debt with Below Market Terms

Terms of Debt1

  • Below market interest rates.
    Horizon’s combined All-in interest rate is below 2% until the Hod Maden mine reaches production, after which, the combined interest rate is anticipated to be approximately 4%.
  • Long term debt with interest holiday on development assets.
    Each debenture is payable over a 10-year term. The Hod Maden debenture includes an interest holiday period until the mine is in production.
  • Payable in shares at market price.
    Horizon has the option to repay the Sandstorm debenture in common shares at the market price2, allowing the Company to leverage higher share prices in the future.
  • No financial covenants.
    Unlike many traditional debt facilities, Horizon’s debentures carry no financial covenants.

1. Refer to Horizon’s press releases dated July 26, 2022, and June 15, 2023.
2. Provided that Sandstorm’s ownership of Horizon does not exceed 34%.

Share Structure

OutstandingAverage Exercise PriceTreasury Stock Dilution
Common Shares86.5M86.5M
Warrants40.9MCA$0.820.5M
Options3.9MCA$0.800.0M
Restricted Share Rights0.3M0.3M
Total131.6M87.3M

As at June 30, 2024

Financials Results

For all previously reported financial results, please refer to Horizon Copper’s SEDAR+ issuer profile at www.sedarplus.ca

  • 2024 Q2 Financial Report

    Download
  • 2024 Q1 Financial Report

    Download
  • 2023 Q4 Annual Report

    Download
  • 2023 Q3 Financial Report

    Download
  • 2023 Q2 Financial Report

    Download
  • 2023 Q1 Financial Report

    Download
  • 2022 Q4 Annual Report

    Download
  • 2022 Q3 Financial Report

    Download

AGM and Corporate Materials

Horizon Copper held its Annual General Meeting of Shareholders on Friday June 7, 2024 in Vancouver, British Columbia, Canada. Meeting materials for the 2024 AGM are available as viewable PDFs in the links below, along with the Annual Information Form for the year ended December 31, 2023.

Combined Notice and Management Information Circular

Download

Voting Instruction Form

For informational purposes only

Download

Form of Proxy

For informational purposes only

Download

Financial Statements Request Form

Download

Annual Information Form

December 31, 2023

Download

Modern Slavery Act

December 31, 2023

Download

Questions?

We’ve provided answers to common inquiries from our shareholders and potential investors about our company and the copper industry.

Faqs

Recent News

Stay up to date with the latest news from Horizon Copper.