Investors
An industry-leading copper portfolio of high-quality and low-cost assets.
Unparalleled Copper Portfolio
Advanced development and cash-flowing assets in the first quartile of total cash costs curve
Word-Class Funding Partner
Sandstorm Gold Royalties is one of the largest royalty companies in the world
Financial Leverage with Favourable Terms
Below market interest rates and non-dilutive conversion features
TSX-V: HCU
Multi-Decade Cash Flowing Assets
AVERAGE ANNUAL CASH FLOWS1 (US$ MILLIONS)
Price Assumptions: $3.80/lb Copper, $1,800/oz Gold
1. Estimated average cash flows or dividend payments net of respective streams and royalties (Antamina Ag Stream, Antamina Residual Royalty and Hod Maden Gold Stream payable to Sandstorm).
Multi-Decade Cash Flowing Assets
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. With one asset cash-flowing today, and two others in development, Horizon’s portfolio has impressive growth built in and provides investors leverage to increasing commodity 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. With one asset cash-flowing today, and two others in development, Horizon’s portfolio has impressive growth built in and provides investors leverage to increasing commodity prices.
Tremendous Torque through Leverage
Tremendous Torque through Leverage
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 approximately 44%.
2. See Company’s capital structure below
Horizon Copper Valuation
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 approximately 44%.
2. See Company’s capital structure below
Multiple Routes to Re-Rating
Horizon is a growth company with an exceptional portfolio right out of the gate. Over the coming years, we expect multiple re-rating opportunities, including:
- Leverage to increasing copper prices
- Increased scale from future acquisitions
- Hod Maden re-rating upon construction and development milestones
- Hugo North advancements and first cash-flows
Unparalleled Copper Assets
Horizon’s portfolio of exceptional copper mining assets is the right foundation for the Company to grow and expand its operations. Learn more about these incredible assets.
Explore ProjectsHorizon 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.
RCTV
In Conversation with Horizon Copper
Erfan Kazemi, Horizon’s CEO & President, discuss what’s coming up next for Horizon Copper including the latest updates from Hod Maden and Antamina.
RCTV
In Conversation with Horizon Copper
Bloor Street Capital
Investing Ideas for Electrification
Horizon
Welcomes SSR Mining to Hod Maden
How Fed Tightening May Lead to More Resource Sector M&A
Capital Structure
| Market Cap | US$52M |
| Sandstorm Debentures | US$195M |
| Sub Total | US$247M |
| Less Cash & Working Capital | US$27M |
| Enterprise Value | US$220M |
Market based in CAD$0.80 per share
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 holds the option to pay its debt balance in common shares at 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%.
Financials Results
For all previously reported financial results, including filings under Royalty North Partners Ltd, please refer to Horizon Copper’s SEDAR+ issuer profile at www.sedarplus.ca
AGM and Corporate Materials
Horizon Copper held its Annual General Meeting of Shareholders on Friday June 9, 2023. Meeting materials are available as viewable PDF’s in the links below.