Slide 1: Q1 2025 Results Conference Call
Q1 2025 Results Conference Call May 1, 2025 Mantoverde Sulphide Concentrator in Chile CAPSTONE COPPER CORP. | TSX : CS | ASX : CSC
Slide 2: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES As a British Columbia corporation and a “reporting issuer” under Canadian securities laws, we are required to provide disclosure regarding our mineral properties in ac
Slide 3: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 19
Slide 4: Today's Attendees
Today’s Attendees John MacKenzie Cashel Meagher Raman Randhawa CEO President & COO SVP & CFO Wendy King Jim Whittaker SVP, Risk, ESG & SVP, Head of Chile General Counsel Peter Amelunxen Daniel Sampieri SVP, Technical Services VP, Investor Relations CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 4
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights One of four electric shovels at Mantoverde4 Cu Production C1 Cash Costs1 Sulphide Business (tonnes) (US$/lb Cu) Mantoverde2 16,268 $1.53 Mantos Blancos 12,272 $2.23 Pinto Valley3 10,886 $3.84 Cozamin 6,524 $1.28 Total Sulphides 45,950 $2.23 Cathode Business Mantoverde2 6,272 $4.81
Slide 6: 2025: An Inflection Point for Capstone
2025: An Inflection Point for Capstone Consolidated Copper Production (kt) 1 Consolidated C1 Cash Costs (US$/lb)1,2 Adjusted EBITDA2 Sensitivity (US$M) ~$3,000 4 2025E EBITDA 4,5 Annual EBITDA with MV-O Run-rate Production -15% ~$2,500 +29% Annual EBITDA with MV-O + Santo Domingo Run-rate 4,5 ~$2,00
Slide 7: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Q1 2025 Production (tonnes; contained) 53,796 Copper sales of 53,134 tonnes, along with higher realized A copper prices, resulted in record quarterly revenue for Q1. Sales (tonnes) A 53,134 Realized copper price of $4.36/lb increased 13% compared to B Q1 2024 and was abo
Slide 8: Evaluating Potential Tariff Impacts
Evaluating Potential Tariff Impacts Sales: no current impacts on concentrate or cathode sales across our portfolio Costs: no material direct impacts expected on costs from tariffs proposed to date Proposed tariffs announced to date could increase Pinto Valley costs by ~5%, reflecting the pass-throug
Slide 9: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility Through Next Stage of Growth Available Liquidity*,1 (US$M) Cash & ST Investments Undrawn RCF Capacity Strong liquidity comprised of cash and undrawn amounts on the corporate revolving credit facility Completed an upsized offering of $600 million of
Slide 10: Proforma Capitalization
Proforma Capitalization Post Mantoverde Project Facility Refinancing Expected in Q2 2 As of US$ millions Pro Forma Coupon Maturity 3 31-Mar-2025 3 Cash & Cash Equivalents $ 345 (195) $ 150 Revolving Credit Facility ($700M) - 140 140 S + 200-287.5 bps Sep-2027 Mantoverde Development Project Facility
Slide 11: Mantoverde: Q1 2025 Update
Mantoverde: Q1 2025 Update 2024/2025 Average Monthly Sulphide Plant Throughput (ktpd) Planned Q1 2025 2025 Guidance maintenance and Chile 34.3 Copper Sulphide Production (tonnes) 16,268 68,000 – 80,000 Design throughput: 32 ktpd3 33.4power outage Copper Cathode Production (tonnes) 6,272 29,000 – 32,
Slide 12: Mantos Blancos: Q1 2025 Update
Mantos Blancos: Q1 2025 Update Q1 2025 2025 Guidance 2024 & 2025 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 12,272 43,000 – 51,000 Confidence in Achieving Throughput Design Rates Planned Copper Cathode Production (tonnes) 1,574 6,000 – 8,000 maintenance and Chile Total Copper
Slide 13: Pinto Valley: Q1 2025 Update
Pinto Valley: Q1 2025 Update Q1 2025 2025 Guidance Copper Production (tonnes) 10,886 51,000 - 58,000 C1 Cash Cost1,2 (US$/lb) $3.84 $2.55 - $2.85 • Q1 production impacted by lower grades due to mine sequence, in addition to lower throughput and recoveries due to unplanned downtime and maintenance, w
Slide 14: Cozamin: Q1 2025 Update
Cozamin: Q1 2025 Update Q1 2025 2025 Guidance Copper Production (tonnes) 6,524 23,000 – 26,000 C1 Cash Cost1,2 (US$/lb) $1.28 $1.60 - $1.80 • Production increased 9% y/y compared to Q1/24 due to higher grades and higher mill throughput • Costs decreased 34% y/y compared to Q1/24 due to improvements
Slide 15: Sustainability Q1 Developments
Sustainability Q1 Developments Water: • Adopted a Water Stewardship Policy aligning to the ICMM Water Solar panels at Pinto Valley mine in Arizona Stewardship Framework. • Mantos Blancos 35-year water agreement with Econssa. Tailings: • Adopted a Tailings, Leaching and Waste Rock Management Poli
Slide 16: A Clear Path to Transformational Growth
A Clear Path to Transformational Growth Further Upside with Expansions Across the Portfolio Including MB Phase II, MV-SD Cobalt, and MV Phase II 500 $3.75 ~400kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost2 (US$/lb) ~280kt SANTO DOMINGO 300 $2.25 200 184kt $1.50 MANTOVERDE1 100 MANTOS BLANC
Slide 17: Santo Domingo Path Forward
Santo Domingo Path Forward Leverage recent and relevant Potential JV Minority interest Partner attributes 1 Partner sell down experience in project (financial, technical, other) partnership Achieve optimal ~$1.2 billion 2 Financing 1 project financing project finance facility with JV partner <1.0 x
Slide 18: Copper in Top-Tier Jurisdictions in the Americas
Copper in Top-Tier Jurisdictions in the Americas Near-term copper 29 Strong foundation of growth with a Cu 5 assets with long pathway towards Copper lives, in stable ~400ktpa and jurisdictions in the declining unit costs +50% Americas 5 Experienced Balance sheet management team strength and focused
Slide 19: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 20: Upcoming Catalysts
Upcoming Catalysts Sector leading near-term copper growth 2026 followed by further capital efficient expansion opportunities across the • MV-O Execution portfolio. • SD Cu Oxides & Cobalt Study • PV District Growth Study • Santo Domingo Financing & H2 2025 Sanctioning Readiness • MV-O Execution • MB
Slide 21: 2025 Production, Cost and Capital Guidance
2025 Production, Cost and Capital Guidance FY 2025 FY 2025 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping (kt) (US$/lb Cu) (US$M) (US$M) (US$M) Sulphide Business Capital Expenditures Pinto Valley 51 – 58 $2.55 – $2.85 Pinto Valley $85 - $50 Cozamin 23 – 26 $1.