On March 31, 2023, 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, the “Selling Shareholders”) completed its secondary bought deal offering of common shares of Capstone.

Pursuant to an underwriting agreement, dated March 24, 2023, among Capstone, the Selling Shareholders and a syndicate of underwriters co-led by National Bank Financial and Scotiabank, the Selling Shareholders sold an aggregate of 57,500,000 common shares of Capstone—including 7,500,000 common shares sold pursuant to the exercise in full of the over-allotment option granted to the underwriters by the Selling Shareholders—at a price of $5.70 per common share, for aggregate gross proceeds to the Selling Shareholders of $327,750,000.

Torys LLP acted as counsel to the syndicate of underwriters co-led by National Bank Financial and Scotiabank with a team that included Michael Pickersgill, Michael Zackheim, Braden Jebson, Kendall Grant, Brendan Dean, Brianna Pioli and Sarah Rimer.

Blake, Cassels & Graydon LLP acted as counsel to Capstone Copper.

Stikeman Elliott LLP acted as counsel to Orion.