Capstone Copper Corp. · TSX:CS
Capstone Copper — Q2 2026 Earnings Presentation
27 slides from Capstone Copper's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Results Conference Call
Q2 2026 Results Conference Call July 30, 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: Q2 2026 Highlights
Q2 2026 Highlights Q2 2026 H1 2026 Quarterly Adj. EBITDA1 (US$M) and Adj. EBITDA Margin (%) 400 60% Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 50% Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) 350 48% 45% 50% Mantoverde2 18,190 $0.86 31,923 $1.06 300 42% 40% Mantos Blanc
Slide 6: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Q2 2026 Copper production of 51,759 tonnes includes record sulphide Production (tonnes; contained) A 51,759 A production from Mantoverde Sales (tonnes) 50,651 Realized copper price of $6.22/lb increased by 5% q/q and 42% y/y B and was above the LME average copper price f
Slide 7: Continued Improvement in Financial Position
Continued Improvement in Financial Position Strong Operating Cash Flows Contribute to $63M Reduction in Net Debt Over Q2 $800 Consolidated Net Debt Waterfall between March 31 and June 30, 2026 (US$M)* $738 $700 $26 $675 $80 $10 $600 $100 $500 -$260 -$19 $400 $300 $200 $100 $- Net Debt* Net Debt at M
Slide 8: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Adjusted EBITDA: Trailing Twelve Months (US$M)* Consolidated Attributable ~2.9B Cash & cash equivalents $367 $281 Long-term Debt2 $1,042 $918 Net Debt $675 $637 Net Debt / TTM EBITDA 0.5x 0.6x
Slide 9: Reaffirming 2026 Production & Cost Guidance
Reaffirming 2026 Production & Cost Guidance Building On Our Accomplishments from H1 2026 Mantoverde 2026 Guidance: 89 - 102 kt 1 2 Focusing on Operational Execution: H1: 42.5 kt H2 copper production expected to be On track, with higher sulphide grades and throughput higher than H1 driven primarily
Slide 10: Proactive Initiatives to Reduce Input-Cost Exposure
Proactive Initiatives to Reduce Input-Cost Exposure Mitigating cost pressures, protecting margins and maximizing cash flows Copper Markets Supply Costs remain strong, with $6.05/lb our mines continue to operate Impacts of input costs mitigated by average LME copper price up 4% normally, with no dire
Slide 11: Operations
Pinto Valley Open Pit Operations Q2 2026 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 11
Slide 12: Mantoverde: Q2 2026 Update
Mantoverde: Q2 2026 Update 2025/2026 Average Quarterly Sulphide Plant Throughput Q2 2026 H1 2026 2026 Guidance Planned (ktpd) 36 35-day maintenance Unplanned motor strike Design throughput: 32 ktpd3 31 32 maintenance Copper Sulphide Production (tonnes) 18,190 31,923 64,000 - 74,000 action 27 28 Copp
Slide 13: MV-Optimized Capital-Efficient Brownfield Expansion
MV-Optimized Capital-Efficient Brownfield Expansion Project capital estimate and timelines unchanged $176M ~$9,000/t +20ktpa Initial Capex for Brownfield Capital intensity per tonne of incremental Incremental Avg. Annual Expansion Opportunity annual Cu equivalent production(1) Copper Production(2) C
Slide 14: Mantoverde Pyrite Augmentation Project
Mantoverde Pyrite Augmentation Project Lowering operating costs while increasing copper production Base Case Spot Case ~3,500 tpa Assumptions: incremental Cu production from mill Copper Price (US$/lb) $5.00 $6.25 tailings, unlocks future Co production Sulphuric Acid Price (US$/t)3 $200 $475 ~20% or
Slide 15: Mantos Blancos: Q2 2026 Update
Mantos Blancos: Q2 2026 Update Q2 2026 H1 2026 2026 Guidance 2024 - 2026 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 9,600 20,101 38,000 - 44,000 Confidence in Achieving Design Throughput Rates Planned maintenance and Chile power Planned and Copper Cathode Production (tonnes)
Slide 16: Pinto Valley: Q2 2026 Update
Pinto Valley: Q2 2026 Update Q2 2026 H1 2026 2026 Guidance Copper Production3 (tonnes) 10,047 20,758 42,000 - 48,000 C1 Cash Cost1,2 (US$/lb) $4.17 $3.80 $3.00 - $3.30 • Production impacted by unplanned downtime, mainly filter plant issues • Plant throughput +9% vs. Q1 • Strong grades of 0.32%, driv
Slide 17: Cozamin: Q2 2026 Update
Cozamin: Q2 2026 Update C1 Cash Costs (US$/lb) 1,2 Q2 2026 H1 2026 2026 Guidance Strong by-product production and Copper Production (tonnes) 5,745 11,675 21,000 - 24,000 silver prices driving strong H1 C1 cash costs1,2 C1 Cash Cost1,2 (US$/lb) $1.52 $1.11 $1.55 - $1.85 $1.74 $1.78 $1.32 $1.10 • Stea
Slide 18: Safety & Sustainability Highlights
Safety & Sustainability Highlights 2025 Sustainability Report Key Achievements Improved health and safety performance through the CuSafe HSE roadmap • Drove ~22% reduction in recordable injuries y/y Full participation in The Copper Mark across all sites Launched CS-wide Biodiversity and Social
Slide 19: Growth & Exploration
Santo Domingo Growth & Exploration Q2 2026 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 19 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 & (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: Upcoming 2026 Catalysts
Upcoming 2026 Catalysts Q1 Q2 Q3 Q4 MV-O CONSTRUCTION AND RAMP-UP MV PHASE II & SANTO DOMINGO/SIERRA NORTE EXPLORATION PROGRAMS MB PHASE II STUDY SANTO DOMINGO FID Executing peer-leading copper production growth, with a focus on safety, operational excellence and responsible production ~70% ~30% >$1
Slide 22: 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 $1.50 164kt MANTOVERDE1
Slide 23: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 24: Appendix
Appendix CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 24
Slide 25: 2026 Production and Cost Guidance
2026 Production and Cost Guidance Delivering reliable results from a portfolio of long-life assets in top-tier jurisdictions FY 2026 Cu Production C1 Cash Costs1 (kt) (US$/lb Cu) • Mantoverde Sulphide Business • Expecting ~5kt higher sulphides and ~5kt lower cathodes Mantoverde2 64 – 74 $1.25 – $1.5
Slide 26: 2026 Capital Expenditures and Exploration Guidance
2026 Capital Expenditures and Exploration Guidance Investing in a strong foundation of operating assets and a peer-leading growth pipeline Sustaining Capital Expansionary Capital Capital Stripping Total (US$M) (US$M) (US$M) (US$M) Capital Expenditures Mantoverde2 $100 $150 $100 $350 Mantos Blancos $
Slide 27: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at June 30, 2026) As at Available US$M (1) Total Facility Size Interest Rate Tenor As at 30-Jun-26 30-Jun-26 Liquidity(4) Attributable At 30-Jun-26 Revolving Credit Facility $