Capstone Copper Corp. · TSX:CS
Capstone Copper — Q4 2025 Earnings Presentation
24 slides from Capstone Copper's earnings presentation, Mar 2, 2026
Slide 1: Q4 2025 Results Conference Call
Q4 2025 Results Conference Call March 2, 2026 Santo Domingo, 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: Q4 2025 Highlights
Q4 2025 Highlights One of four electric shovels at Mantoverde4 Q4 2025 FY 2025 Quarterly Copper Production (kt) and C1 Cash Costs (US$/lb) 1 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 70 $2.70 Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) 60 $2.60 Mantoverde2 14,314 $1.0
Slide 6: Executing District Growth Strategy
Executing District Growth Strategy Transformational 2025 Sets a Strong Foundation for 2026 and Beyond 2025 Key Achievements 2026 Strategic Priorities Project Completion MV-O Execution Ramped-up projects at MV Complete construction and and MB, achieving +22% ramp-up of MV-O, delivering production gro
Slide 7: 2026 Production, Cost and Capital Guidance
2026 Production, Cost and Capital Guidance Delivering reliable results from a portfolio of long-life assets in top-tier jurisdictions FY 2026 FY 2026 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping Total (kt) (US$/lb Cu) (US$M) (US$M) (US$M) (US$M) Sulphide Bus
Slide 8: 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 9: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights Q4 2025 Production (tonnes; contained) 58,273 Copper sales of 54,038 tonnes were ~2,600 tonnes below A payable production levels largely driven by timing of sales at Sales (tonnes) A 54,038 Mantoverde Realized copper price of $5.36/lb increased $0.87/lb compared B to Q3
Slide 10: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Adjusted EBITDA: Sensitivity to Copper Price (US$M)* Consolidated Attributable $5.50/lb $6.00/lb $6.50/lb ~$2,500 Cash & cash equivalents $304 $249 Long-term Debt2 $1,084 $924 Net Debt $780 $67
Slide 11: Cost Structure and EBITDA Sensitivities
Cost Structure and EBITDA Sensitivities 2026E Operating Cost Drivers (%) 2026E Adjusted EBITDA and OCF Reagents & Sensitivity to Copper Price (US$M)*,1 Processing Materials Other Water ~$1,800 EBITDA OCF (grinding, liners, 4% Contractors & crushing, steels) 5% ~$1,600 Services 6% 22% ~$1,400 Explosi
Slide 12: Operations
Mantoverde aerial site view Operations Q4 2025 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 12
Slide 13: Mantoverde: Q4 2025 Update
Mantoverde: Q4 2025 Update Q4 2025 FY 2025 2026 Guidance 2024/2025 Average Monthly Sulphide Plant Throughput (ktpd) Copper Sulphide Production (tonnes) 14,314 62,308 64,000 – 74,000 Planned maintenance 37 Copper Cathode Production (tonnes) 9,506 32,807 25,000 – 28,000 34 35 33 Design throughput: 32
Slide 14: Mantoverde Optimized
Mantoverde Optimized A Capital-Efficient Brownfield Expansion 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Feasibility Study $176M Approval of Long-Lead Items Initial Capex for Brownfield DIA Permit Expansion Opportunity Detailed Engineering Sanctioning Construction & Tie-Ins (~15 Days Q3/26)
Slide 15: Mantos Blancos: Q4 2025 Update
Mantos Blancos: Q4 2025 Update Q4 2025 FY 2025 2026 Guidance 2024 & 2025 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 14,985 54,793 38,000 – 44,000 Confidence in Achieving Design Throughput Rates Copper Cathode Production (tonnes) 1,876 7,126 10,000 – 12,000 Planned Total Coppe
Slide 16: Pinto Valley: Q4 2025 Update
Pinto Valley: Q4 2025 Update Q4 2025 FY 2025 2026 Guidance Copper Production3 (tonnes) 11,423 42,382 42,000 - 48,000 C1 Cash Cost1,2 (US$/lb) $3.53 $3.72 $3.00 - $3.30 • Q4 production impacted by throughput restrictions due to water constraints in October • Grades and recoveries of 0.33% and 85.5% r
Slide 17: Cozamin: Q4 2025 Update
Cozamin: Q4 2025 Update Q4 2025 FY 2025 2026 Guidance Copper Production (tonnes) 6,170 25,348 21,000 – 24,000 C1 Cash Cost1,2 (US$/lb) $0.98 $1.32 $1.55 - $1.85 • Annual production increased 2% y/y with continued strong operating performance and copper grades • Record low cash costs1,2 decreased 35%
Slide 18: 2025 Safety & Sustainability Highlights
2025 Safety & Sustainability Highlights Released 2024 Sustainability Report “Concentrating on Performance” highlighting progress on our Sustainable Development Strategy Awarded The Copper Mark at our Pinto Valley operation, joining Mantos Blancos and Mantoverde who received the award in 2023; Co
Slide 19: Growth & Exploration
Santo Domingo, Chile Growth & Exploration Q4 2025 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 19
Slide 20: Santo Domingo Path Forward
Santo Domingo Path Forward Advancing Remaining Workstreams in Parallel In Progress: Completed: In Progress: Engineering & (2) Study Balance Sheet Optimization Published updated Targeting <1.0x net debt to Progress detailed engineering; Feasibility Study for EBITDA (3) leverage and pursue incremental
Slide 21: Executing Key Catalysts in 2026
Executing Key Catalysts in 2026 In alignment with our district-growth strategy Q1 Q2 Q3 Q4 MV-O CONSTRUCTION AND RAMP-UP MV PHASE II & SANTO DOMINGO/SIERRA NORTE EXPLORATION PROGRAMS MANTOS BLANCOS PHASE II STUDY SANTO DOMINGO FID Executing peer-leading copper production growth, with a focus on oper
Slide 22: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 23: Appendix
Mantoverde Open Pit Appendix CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 23
Slide 24: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at December 31, 2025) As at Available US$M (1) Total Facility Size Interest Tenor As at 31-Dec-25 31-Dec-25 Liquidity(4) Attributable At 31-Dec-25 Revolving Credit Facility $1