Capstone Copper Corp. · TSX:CS
Capstone Copper — Q3 2026 Earnings Presentation
29 slides from Capstone Copper's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Results Conference Call
Q3 2026 Results Conference Call October 29, 2026 Mantoverde, 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 Cashel Meagher Raman Randhawa President & CEO SVP & CFO Wendy King Jim Whittaker SVP, Risk, ESG & SVP & COO General Counsel Peter Amelunxen Daniel Sampieri SVP, Technical Services VP, Investor Relations CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 4
Slide 5: Q3 2026 Highlights
Q3 2026 Highlights Q3 2026 YTD 2026 Quarterly Adj. EBITDA1 (US$M) and Adj. EBITDA Margin (%) 400 60% Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 50% 50% Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) 350 48% 45% 50% Mantoverde2 17,376 $0.90 49,300 $1.00 300 42% Mantos Blan
Slide 6: Creating a Platform for District Scale Development
Creating a Platform for District Scale Development Unlocking Substantial Exploration Upside Near District Infrastructure 1 Sierra Norte ENAMI Option Sulphides: 0.08Bt M&I, 0.03Bt Inferred ~18,000 hectares opportunity to define oxide resource@ 1 Santo Domingo Sulphides: 0.4Bt Reserve, 0.1Bt M&I, 0.2B
Slide 7: Cozamin Divestiture for up to $385M
Cozamin Divestiture for up to $385M Copper-zinc-silver-lead mine to be sold to Luca Mining Streamlines Strengthens Retains Upside Portfolio Balance Sheet Exposure Enables leadership to focus Proceeds support growth Equity interest in Luca on delivering pipeline, enabling provides Capstone transforma
Slide 8: Financials
Mantoverde Sulphide Plant Financials Q3 2026 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 8 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 8
Slide 9: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Copper production of 45,218 tonnes impacted by Q3 2026 2026 YTD A planned maintenance at Mantoverde, Mantos Blancos and Pinto Valley Production (tonnes; contained) A 45,218 144,939 Realized copper price of $6.61/lb increased by Sales (tonnes) 45,409 142,636 B 7% q/q and
Slide 10: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Quarterly Adjusted EBITDA & Free Cash Flow from Net Debt1 (US$M) Operations (US$M)* Consolidated Attributable FCF from Operations Adj. EBITDA Cash & cash equivalents $263 $218 354 358 Long-term Debt2 $827 $806
Slide 11: Increasing High-Margin Sulphide Production
Increasing High-Margin Sulphide Production While Optimizing Cash Flow Contribution from Cathode Business Mantoverde Production Sulphide vs Cathode (kt) Mantoverde EBITDA Contribution Sulphide vs Cathode (US$M)* 95.1 MVDP $589.6 completion and 3% ramp-up 34% $473.3 4% 63.3 57.7 22% 97% 35.4 62% MV-O
Slide 12: Operations
Pinto Valley Open Pit Operations Q3 2026 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 12 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 13: Mantoverde: Q3 2026 Update
Mantoverde: Q3 2026 Update 2025/2026 Average Quarterly Sulphide Plant Throughput (ktpd) 15-Day Q3 2026 YTD 2026 2026 Guidance 35-day 36 shutdown Unplanned motor strike Design: 32 ktpd3 32 33 Copper Sulphide Production (tonnes) 17,376 49,300 64,000 - 74,000 31 maintenance action 27 28 Copper Cathode
Slide 14: MV-Optimized Capital-Efficient Brownfield Expansion
MV-Optimized Capital-Efficient Brownfield Expansion Project tie-ins successfully completed, ramp-up to 45ktpd underway $176M ~$9,000/t +20ktpa Initial Capex for Brownfield Capital intensity per tonne of incremental Incremental Avg. Annual Expansion Opportunity annual Cu equivalent production(1) Copp
Slide 15: Mantos Blancos: Q3 2026 Update
Mantos Blancos: Q3 2026 Update Q3 2026 YTD 2026 2026 Guidance 2024 - 2026 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 10,037 30,139 38,000 - 44,000 Consistency in Achieving Design Throughput Rates Copper Cathode Production (tonnes) 1,974 6,657 10,000 - 12,000 Planned maintenan
Slide 16: Pinto Valley: Q3 2026 Update
Pinto Valley: Q3 2026 Update Q3 2026 YTD 2026 2026 Guidance Copper Production3 (tonnes) 6,358 27,115 42,000 - 48,000 2025 2026 C1 Cash Cost1,2 (US$/lb) $6.11 $4.35 $3.00 - $3.30 Mark Scott hired as Upgraded key • Production impacted by 45 days of downtime during Q3 new GM, new Mine manager roles (eg
Slide 17: Cozamin: Q3 2026 Update
Cozamin: Q3 2026 Update C1 Cash Costs (US$/lb) 1,2 Strong by-product Q3 2026 YTD 2026 2026 Guidance4 production and silver prices driving Copper Production (tonnes) 6,044 17,720 21,000 - 24,000 strong YTD C1 cash costs1,2 C1 Cash Cost1,2 (US$/lb) $1.64 $1.28 $1.55 - $1.85 $1.74 $1.78 • Strong quarte
Slide 18: Growth & Exploration
Santo Domingo Growth & Exploration Q3 2026 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 18 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 18
Slide 19: Key Catalyst Tracker
Key Catalyst Tracker H1 2026 H2 2026 2027 3-year Chilean Labour Agreements MB Phase II EIA Submission San Pietro Acquisition Cozamin Divestment 3 MV-O Tie-in & Ramp-up MB Phase II Study Santo Domingo FID MV-SD District Exploration Programs Reserve & Resource Update MV Pyrite Project & Coba
Slide 20: Santo Domingo Path Forward
Santo Domingo Path Forward Advancing Remaining Workstreams in Parallel In Progress: Completed: In Progress: Engineering & (1) Study Balance Sheet Optimization Published updated Targeting <1.0x net debt to Progress detailed engineering; Feasibility Study for EBITDA (2) leverage and pursue infrastruct
Slide 21: Clear Path to Transformational Growth
Clear Path to Transformational Growth Further organic Cu upside opportunities: • MB Phase II • SD Oxides • MV Phase II • Sierra Norte 500 $3.75 Annual Copper Production (kt) 400 ~375kt $3.00 C1 Cash Cost2 (US$/lb) ~265kt SANTO DOMINGO1 300 $2.25 225kt MV OPTIMIZED1 200 184kt $1.50 164kt MANTOVERDE1
Slide 22: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 23: Appendix
Appendix CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 23 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 24: 2026 Production and Cost Guidance
2026 Production and Cost Guidance FY 2026 2026 production expected at low end of guidance range; C1 cash costs1 Cu Production C1 Cash Costs1 expected at high end of guidance range: (kt) (US$/lb Cu) Sulphide Business Mantoverde Mantoverde2 64 – 74 $1.25 – $1.55 • Sulphides – trending towards the uppe
Slide 25: Updated 2026 Capital Expenditures Guidance
Updated 2026 Capital Expenditures Guidance Investing in a strong foundation of operating assets and a peer-leading growth pipeline Sustaining Capital Expansionary Capital Capital Stripping Total (US$M) (US$M) (US$M) (US$M) Capital Expenditures Mantoverde2 $80 $150 $145 $375 Mantos Blancos $80 $10 $5
Slide 26: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at September 30, 2026) As at Available US$M (1) Total Facility Size Interest Rate Tenor As at 30-Sep-26 30-Sep-26 Liquidity(4) Attributable At 30-Sep-26 Revolving Credit Facil
Slide 27: Consolidated Estimated Mineral Resources
Consolidated Estimated Mineral Resources NOTES: Mineral Resources take into account mining activities to the effective date, where applicable and are reported insitu, using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Slide 28: Consolidated Estimated Mineral Reserves
Consolidated Estimated Mineral Reserves MINERAL RESERVES CONTAINED METAL TCu SCu ICu Zn Pb Mo Ag Au Fe Cu Zn Pb Mo Ag Au Fe3 Category kt % % % % % % g/t g/t % kt kt kt kt koz koz Mt Pinto Valley1 Proven 249,491 0.32 - - - - 0.007 - - - 803 - - 16 - - - 31-Dec-2025 Probable 50,724 0.30 - - - - 0.005
Slide 29: Other Mineral Resources
Other Mineral Resources San Pietro & Sierra Norte San Pietro Mineral Resource Estimate for Rincones & Colla Deposits Notes: The Rincones and Colla initial resource estimate comprises 83 million tonnes of oxide Inferred Mineral Resource and 410 million tonnes of sulphide Inferred Mineral Resource. Th