Orion A$593 million sale of Capstone CDIs on the ASX

On April 5, 2024, Capstone Copper Corp. (“Capstone”) and Orion Fund JV Limited, Orion Mine Finance Fund II LP and Orion Mine Finance (Master) Fund I-A LP (collectively “Orion”) jointly announced that Orion entered into a block trade agreement with Macquarie Capital (Australia) Limited, Canaccord Genuity (Australia) Limited and RBC Capital Markets (Australia). Under the terms of the agreement, Orion agreed to sell 62,400,000 CHESS depository interests (“CDIs”) over the common shares of Capstone (or the equivalent of 62,400,000 fully paid common shares) at a price of A$9.50 per CDI, for gross proceeds to Orion of approximately A$592,800,000.

Closing of the offering was announced on April 11, 2024. Prior to closing, Orion held an aggregate of 152,936,179 common shares of Capstone, representing approximately 20.3% of its issued and outstanding shares. Following closing, Orion remains one of the largest shareholders in Capstone beneficially owning 90,536,179 common shares, in the aggregate, representing approximately 12.0% of Capstone’s outstanding shares.

The net proceeds of the offering were paid directly to Orion. Capstone did not receive any proceeds from the sale.

Orion's secondary sale was the first transaction under Capstone's recent ASX listing and attracted several new blue-chip investors including Australian superannuation funds, large institutional funds and Asian resource funds to Capstone's shareholder register.

Further information can be found on Canada Newswire’s website.

Capstone Copper is an Americas-focused copper mining company headquartered in Vancouver, Canada. It owns and operates the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and 70% of the Mantoverde copper-gold mine, located in the Atacama region, Chile.

Orion is one of the world's leading mining-focused private equity businesses.