We expect Q4 sales of SEK 0m and total revenue of SEK 26m, up 19% y-o-y on higher capitalised capex as drilling work intensifies. We expect EBIT of SEK -6m (SEK -4m) off a growing opex base. However, Q4 will most likely be a calm quarter, as we expect Copperstone’s main focus to be on finalising the environmental permit application for the Viscaria mine. Management has set a target for submitting the application by Mar 22, and we expect no changes to this timeline in the Q4 report.
Opex and capitalised capex raised as operations grow
We have raised our capitalised capex estimates to account for the intensified drilling activity, which we do not see slowing down. Also, the opex base is raised further as we expect higher administrative and personnel costs as the operations ramp up. As such, the net effect on our EBIT estimates is minor.
Viscaria to generate ~SEK 1bn annual EBIT at full capacity
On our estimates, we see the Viscaria project generating its first revenues in H1’24e and reaching full capacity of 3mt milled tonnage per annum at 1.0% Cu grade by ’26e. Once operating at full capacity, we estimate Viscaria will generate annual sales of ~SEK 2.5bn and EBIT of ~SEK 1.0bn (assuming a Cu price of USD 9,275/tonne vs. the spot price of USD 9,965/tonne). We keep our fair value range of SEK 1.1-2.4 per share.
Läs mer på Introduce
Aktuellt
SENASTE
