Investors
Diversified exposure to the world’s leading copper mines
- 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
TSX.V: HCU
Otcqx: HNCUF
Built-in Growth with Leverage to Rising Copper Prices
Horizon ADJUSTED 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 adjusted EBITDA1.
1. Adjusted 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
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 approximately 40%.
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
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.
Horizon COpper
Investor Presentation with Erfan Kazemi
Horizon Copper is well-positioned to take advantage of rising copper prices over the next decade. With diversified exposure to the world’s leading copper mines, Horizon Copper is an investment like no other. Hear from President & CEO, Erfan Kazemi, discuss Horizon’s portfolio and existing growth profile.
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Horizon Copper: Investor Update
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Horizon Copper: Investment Case
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Why This New Copper Play is Exciting Investors
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Sandstorm’s Quasi Royalty Copper Spin Out
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RCTV
In Conversation with Horizon Copper
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Bloor Street Capital
Investing Ideas for Electrification
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How Fed Tightening May Lead to More Resource Sector M&A
Capital Structure
| Market Capitalization | US$58M |
| Sandstorm Debentures | US$175M |
| Subtotal | US$233M |
| Less Cash & Cash Equivalents | US$13M |
| Enterprise Value | US$220M |
As at Sept 30 2024. Sandstorm Debentures measured at fair value.
Friendly Debt with Below Market Terms
Terms of Debt1
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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%.
Analyst Coverage
| Institution | Name | Phone | |
|---|---|---|---|
| National Bank Financial | Shane Nagle | shane.nagle@nbc.ca | (416) 869-7936 |
Financials Results
For all previously reported financial results, 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 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.
Questions?
We’ve provided answers to common inquiries from our shareholders and potential investors about our company and the copper industry.
Faqs