Slide 1: Q4 2024 Results Conference Call
Q4 2024 Results Conference Call February 19, 2025 Mantos Blancos mine 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: Q4 2024 Highlights
Q4 2024 Highlights Q4 2024 FY 2024 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) Pinto Valley2 11,626 $3.30 57,272 $2.77 Cozamin 6,724 $1.55 24,907 $1.75 Mantos Blancos 12,165 $2.30 37,744 $2.95 Mantoverde3 13,580 $1.83 21,777 $
Slide 6: 2025: An Inflection Point for Capstone
2025: An Inflection Point for Capstone Consolidated Copper Production (kt) 1 Consolidated C1 Cash Costs (US$/lb)1,2 Consolidated EBITDA (US$M) 1 +29% -15% +80% ~$0.9B 220 - 255 ~$2.77 $2.20 - $2.50 184 ~$0.5B 1 2024 2025 Guidance 2024 2025 Guidance 2024 2025 Guidance 1 Percentage changes based on mi
Slide 7: Q4 2024 Financial Highlights
Q4 2024 Financial Highlights Q4 2024 Production (tonnes; contained) 53,942 Copper sales of 50,014 tonnes below payable production A levels by ~2,300 tonnes driven by seasonal swells at load ports Sales (tonnes) A 50,014 in Chile. Realized copper price1 (US$/lb) B $4.04 Realized copper price of $4.04
Slide 8: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility Through Next Stage of Growth Available Liquidity*,1 (US$M) Adjusted EBITDA* Sensitivity (US$M) Cash & ST Investments Undrawn RCF Capacity ~$3,000 2024A EBITDA 2 2025E EBITDA 2, 3 ~$2,500 Annual EBITDA with MV-O Run-rate Production $374M 2, 3 Annual EBIT
Slide 9: 2025 Cost Structure and Sensitivities
2025 Cost Structure and Sensitivities 2025E EBITDA and OCF Sensitivity to Copper Price (US$M)*,1 2025E Operating Cost Drivers ~$1,400 EBITDA ~$1,200 OCF Reagents & Water ~$1,000 Processing Materials ~$800 Contractors & Services Other 4% ~$600 6% 18% ~$400 6% Explosives, ~$200 Tires & Drill Parts $0
Slide 10: Pinto Valley: Q4 2024 Update
Pinto Valley: Q4 2024 Update Q4 2024 YTD 2024 2025 Guidance Copper Production (tonnes) 11,626 57,272 51,000 - 58,000 C1 Cash Cost1,2 (US$/lb) $3.30 $2.77 $2.55 - $2.85 • Annual Cu production increased 4% y/y, although Q4 production was impacted by lower throughput as a result of unplanned downtime a
Slide 11: Cozamin: Q4 2024 Update
Cozamin: Q4 2024 Update Q4 2024 YTD 2024 2025 Guidance Copper Production (tonnes) 6,724 24,907 23,000 – 26,000 C1 Cash Cost1,2 (US$/lb) $1.55 $1.75 $1.60 - $1.80 • Production increased q/q and y/y • Q4 costs benefitted from higher production, higher silver by-products and favourable foreign exchange
Slide 12: Mantos Blancos: Q4 2024 Update
Mantos Blancos: Q4 2024 Update Q4 2024 YTD 2024 2025 Guidance Copper Sulphide Production (tonnes) 12,165 37,744 43,000 – 51,000 Copper Cathode Production (tonnes) 1,398 6,830 6,000 – 8,000 Total Copper Production (000s tonnes) 13,563 44,574 49,000 – 59,000 Sulphide C1 Cash Cost1,2 (US$/lb) $2.30 $2.
Slide 13: Mantos Blancos: 2024 & 2025 Plant Throughput Performance
Mantos Blancos: 2024 & 2025 Plant Throughput Performance Confidence in Achieving Throughput Design Rates 20,271 20,628 20,007 18,481 17,554 17,419 16,665 16,944 15,560 14,644 14,521 2-week planned 13,498 shutdown completed (installation of a new holding tank and additional pumps in the tailings area
Slide 14: Mantoverde: Q4 2024 Update
Mantoverde: Q4 2024 Update Q4 2024 YTD 2024 2025 Guidance 2024/2025 Average Monthly Sulphide Plant Throughput (tpd) Copper Sulphide Production (tonnes) 13,580 21,777 68,000 – 80,000 33,409 15-day Copper Cathode Production (tonnes) 8,449 35,930 29,000 – 32,000 shutdown 26,188 26,278 27,105 for facili
Slide 15: Sustainability Q4 Developments
Sustainability Q4 Developments Published 2023 Sustainability Report with Sustainability Performance Databook Implemented key initiatives to reduce GHG emissions, such as electrifying four generators and three diesel pumps at Pinto Valley and commissioning a 4th electric shovel and adding 2 elect
Slide 16: 2025: Key Priorities
2025: Key Priorities Operational Mantoverde Deleveraging Ahead of Excellence Optimized (MV-O) Future Growth • Asset integrity program at all • Obtain MV-O DIA permit • Generate cash flow to reduce debt operations (expected mid-2025) leverage prior to next major capital project • Deliver strong opera
Slide 17: 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 $1.50 MANTOVERDE1 100 MANTOS BLANC
Slide 18: Copper in Good Jurisdictions in the Americas
Copper in Good Jurisdictions in the Americas Near-term copper 29 Strong foundation of growth with a Cu 5 assets with long pathway towards Copper lives, in stable ~400ktpa and jurisdictions in the declining unit costs +50% Americas 5 Experienced Balance sheet management team strength and focused on r
Slide 19: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 20: Upcoming Catalysts
Upcoming Catalysts Sector leading near-term copper growth 2026 followed by further capital efficient expansion opportunities across the • MV-O Execution portfolio. • SD Cu Oxides & Cobalt Study • PV District Growth Study H2 2025 • MV-O Execution • MB Phase II Study • MV Pyrite Augmentation & Cobalt
Slide 21: 2025 Production, Cost and Capital Guidance
2025 Production, Cost and Capital Guidance FY 2025 FY 2025 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping (kt) (US$/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.