Capstone Copper Corp. · TSX:CS
Capstone Copper — Investor Presentation (January 2026)
36 slides from Capstone Copper's investor presentation, January 2026
Slide 1: Corporate Update
Corporate Update January 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: Copper in Top-Tier Jurisdictions in the Americas
29 Cu Copper COPPER IN TOP-TIER JURISDICTIONS IN THE AMERICAS Peer-Leading Declining Best-in-Class Strong Financial Copper Growth Cash Costs Mine Build and Position Operating Team +70% to ~400ktpa ~30% decrease >$1B liquidity*,1 *Adjusted EBITDA and Available Liquidity are Non-GAAP and Other Perform
Slide 5: District-Scale Growth in the Americas
District-Scale Growth in the Americas MANTOS BLANCOS (100%) Production by Region5 Producing Asset Development Stage Asset Production 2025A Open Pit 62 14+ year mine life U.S. kt Cu 20,000tpd mill capacity 23% +60ktpa cathode capacity3 Cu Ag Mexico 10% Chile PINTO VALLEY (100%) HQ, Vancouver, Canada
Slide 6: 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 ~400kt Annual Copper Production (kt) 400 $3.00 C1 Cash Cost2 (US$/lb) ~280kt SANTO DOMINGO1 300 $2.25 MV OPTIMIZED1 225kt MV OPTIMIZED1 200 $1.50 MANTOVERDE
Slide 7: Executing District Growth Strategy
Executing District Growth Strategy Transformational 2025 Sets a Strong Foundation for 2026 and Beyond 2025 Key Achievements 2026 Strategic Priorities Project Completion MV-O Execution Ramped-up projects at MV Complete construction and and MB, achieving ~22% ramp-up of MV-O, delivering production gro
Slide 8: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Net Debt / TTM EBITDA* Adjusted EBITDA2 Sensitivity (US$M) 3 Consol. Attr. 1.8x ~$3,500 2025E EBITDA 1.5x Annual EBITDA with MV-O Run-rate Production 3, 4 1.3x 3, 4 Cash & ST Investments $310 $
Slide 9: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at September 30, 2025) As at Available US$M1 Total Facility Size Interest Tenor As at 30-Sep-25 30-Sep-25 Liquidity5 Attributable At 30-Sep-25 Revolving Credit Facility $1,000
Slide 10: Mantoverde
2024/2025 Plant Throughput2 (ktpd) Mantoverde Planned maintenance 33 power 34 and Chile 35 37 Design throughput: 32 ktpd1 32 32 outage 30 30 Asset Overview 26 26 27 25 Ball and SAG mill motor issues and maintenance Location Atacama Region, Chile; ~900m above sea level 15-day 21 20 shutdown 18 for fa
Slide 11: Mantos Blancos
Mantos Blancos 2024 & 2025 Throughput1 Performance (ktpd) Asset Overview Confidence in Achieving Throughput Design Rates Location Antofagasta Region, Chile; ~900m above sea level Ownership Capstone (100%) Design throughput: 20 ktpd2 21.4 Mine Type Open Pit (operating since 1960) 21.3 Debottlenecking
Slide 12: Pinto Valley
Pinto Valley Pinto Valley (Arizona, USA) Asset Overview Pinto Valley District in Globe-Miami, Arizona Arizona (Globe-Miami), USA; Location ~1,000m above sea level Ownership Capstone (100%) Mine Type Open Pit (operating since 1975) Commodity Cu (primary), Mo/Au (secondary) Product(s) Sulphide concent
Slide 13: Cozamin
Cozamin Asset Overview Location Zacatecas, Mexico; ~2,400m above sea level Ownership Capstone (100%) Mine Type Underground (operating since 2007) Commodity Cu (primary); Ag (secondary) Product(s) Sulphide concentrate Capacity 4,400 tpd sulphide concentrator Growth Catalysts • Mine plan enables highe
Slide 14: Expansion & Optionality Across the Portfolio
Expansion & Optionality Across the Portfolio MANTOVERDE – SANTO DOMINGO DISTRICT MV-SD 35km Apart PINTO VALLEY COZAMIN MANTOS BLANCOS MANTOVERDE SANTO DOMINGO Mine Life Extension and Fully Permitted Project; Mine Life Extension and Expansion Opportunities Across our Producing Assets Expansion Opport
Slide 15: Expansion & Optionality Across the Portfolio
Expansion & Optionality Across the Portfolio Project Status MV Optimized Construction underway Near-Term +20kt copper/year incremental production1 Low capital intensity, brownfield expansion Santo Domingo Fully permitted, sanctioning +106kt copper/year incremental production2 decision expected H2 20
Slide 16: Mantoverde-Optimized Key Metrics at a Glance
Mantoverde-Optimized Key Metrics at a Glance MV-O (2024) vs. MVDP (2021) Feasibility Study Mill Feed (Mt) & Mine Life (Years) Mill Throughput (ktpd) Head Grade (%) +6 years 19 25 32 45 394Mt Incremental Mine Life 236Mt 0.49% 0.60% +$100M/yr MVDP MV-O MVDP MV-O MVDP MV-O Incremental Avg. Annual EBITD
Slide 17: Mantoverde Optimized: A Capital-Efficient Brownfield Expansion
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 $9,000/t Ramp Up Capital in
Slide 18: Santo Domingo Key Metrics at a Glance
Key Metrics at a Glance - July 2024 Feasibility Study Santo Domingo 29 Cu Copper 19 Year 106kt $0.28/lb Mine Life Avg. Annual C1 Cash Costs2 Asset Overview Cu Production2 (by-product basis) Location Atacama Region, Chile; low elevation at ~1,000m above sea level 1 Ownership Capstone (75%), Orion Res
Slide 19: 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 EBITDA3 leverage and pursue incremental copp
Slide 20: Santo Domingo Illustrative Funding Structure
Santo Domingo Illustrative Funding Structure Prudent Approach to Capital Allocation in Pursuit of Transformational Growth $2.3Bn1 $1.2Bn2 Capstone Q3 2025 Balance Sheet Summary4 Remaining Funding Requirement Consolidated Net Debt5 of $726M Capstone portion of remaining funding 0.9x Net Debt / LT
Slide 21: Achieving District Scale Optimization in the MV-SD District
Achieving District Scale Optimization in the MV-SD District Unlocking a New World-Class Copper District with Additional Value Through Upside Opportunities Targeting +250,000 tonnes per year of low-cost copper production with a significant by-product of premium grade iron ore, with the potential to b
Slide 22: MB Phase II Study
MB Phase II Study Opportunity Highlights Stage / Impact • Controlled Potential Sulphidation (CPS) • Flotation activator for copper oxides in sulphide • At 20ktpd throughput, opportunity to Continuous circuit expand sulphide Cu production by Improvements • Energy Efficient Pulp Lifter (EEPL) Conversi
Slide 23: Enhancing the Pipeline Through Exploration
Enhancing the Pipeline Through Exploration MANTOVERDE – SANTO DOMINGO DISTRICT MV-SD 35km Apart SANTO DOMINGO + PINTO VALLEY COZAMIN MANTOS BLANCOS MANTOVERDE SIERRA NORTE Mala Noche Vein SR Gap MNFWZ – Vein 20 MNV West MNFWZ Deep District Growth Study Mine Life Extension Near-Mine Exploration Near-
Slide 24: MV-SD: Exploration Program
MV-SD: Exploration Program Mantoverde Initial Two-Year $25M Exploration Mantoverde & Santo Domingo District1 Program Sierra Norte • Targeting higher copper grades 6 5 N • Exploring new areas adjacent or inside the current Mantoverde pits 4 • Testing high priority targets in the northern area of Nort
Slide 25: MV Initial Two-Year Exploration Program
MV Initial Two-Year Exploration Program Results from Phase 1 Overview of Phase 11: Highlights from Initial Results: 30,000-metres of drilling focused on areas • Higher than expected grades in Brecha Flores sector, where drill intercepts returned copper grades above those predicted adjacent to MV-O P
Slide 26: Santo Domingo and Sierra Norte Exploration Program
Santo Domingo and Sierra Norte Exploration Program Increased District Exploration Budget Santo Domingo Exploration Potential IOCG type of mineralization with copper, gold, iron and cobalt ~340Mt of sulphide resource not included into reserves Key programs include: 54,700 metre drill program at Opp
Slide 27: Three Geo's Constraining Copper Supply Growth
Three “Geo’s” Constraining Copper Supply Growth… LME copper prices gained +40% over 2025, the highest annual increase since 2009 • Declining Cu grades • More complex mining • Security of supply • Lack of new copper methods (deeper • Rising geopolitical discoveries underground mines, tensions • Lack
Slide 28: While New Sources of Copper Demand Emerge
…While New Sources of Copper Demand Emerge Robust “traditional” demand amplified by emerging global trends • Population growth • Renewable power • AI & data centres • Urbanization • Electric vehicles • Onshoring of supply • Industrialization • Industry electrification chains • Increasing living • Gr
Slide 29: Capstone Copper – Capital Structure
Capstone Copper – Capital Structure Share Metrics Analyst Coverage Shares Outstanding (FD) 1 762 million Barrenjoey J.P. Morgan Shares Held as ASX CDIs 2 205 million Bradesco BBI Macquarie Market Cap 3 US$7.6Bn BMO Capital Markets Moelis & Company Canaccord Genuity Morgans Shareholders % of S/O Mana
Slide 30: Copper in Top-Tier Jurisdictions in the Americas
29 Cu Copper COPPER IN TOP-TIER JURISDICTIONS IN THE AMERICAS Peer-Leading Declining Best-in-Class Strong Financial Copper Growth Cash Costs Mine Build and Position Operating Team +70% to ~400ktpa ~30% decrease >$1B liquidity*,1 *Adjusted EBITDA and Available Liquidity are Non-GAAP and Other Perform
Slide 31: 2025 Actuals
2025 Actuals Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Copper Production (kt) and C1 Cash Cu C1 Cash Cu C1 Cash Cu C1 Cash Cu Costs (US$/lb) 1 Production Costs1 Production Costs1 Production Costs1 Production (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) (tonnes) 70 $2.90 Sulphide Bu
Slide 32: 2025 Guidance Breakdown
2025 Guidance Breakdown FY 2025 FY 2025 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping Total (kt) (US$/lb Cu) (US$M) (US$M) (US$M) (US$M) Sulphide Business Capital Expenditures Mantoverde2 68 – 80 $1.25 – $1.55 Mantoverde2 $75 $30 $70 $175 Mantos Blancos 43 –
Slide 33: Consolidated Estimated Mineral Resources
Consolidated Estimated Mineral Resources MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL 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
Slide 34: Consolidated Estimated Mineral Reserves
Consolidated Estimated Mineral Reserves NOTES: Mineral Reserves take into account mining activities as stated, where applicable. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. Grade TCu% refers to total cop
Slide 35: Sierra Norte Historical Mineral Resources
Sierra Norte Historical Mineral Resources Notes: Category Tonnes (Mt) CuT % CuS % Copper (kt) The Historical Mineral Resource was derived from the report “Actualización del Modelo Geológico y de la Estimación de Recursos Minerales del Proyecto Diego de Almagro” completed by Amec Foster Carmen-Paulin
Slide 36: General Enquiries
GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com +1-604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor Relations +1-437-788-1767, Toronto, ON Michael Sl
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