Capstone Copper Corp. · TSX:CS
Capstone Copper — Investor Presentation (February 2026)
53 slides from Capstone Copper's investor presentation, February 2026
Slide 1: Corporate Update
Corporate Update February 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: Overview
Overview CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 4 CAPSTONE CAPSTONE COPPER COPPER CORP. CORP. | TSX:CS | TSX:CS | ASX:CSC | ASX:CSC 44
Slide 5: 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 ~380ktpa ~30% decrease >$1B liquidity*,1 *Adjusted EBITDA and Available Liquidity are Non-GAAP and Other Perfor
Slide 6: District-Scale Growth in the Americas
District-Scale Growth in the Americas MANTOS BLANCOS (100%) Production by Region5 Producing Asset Development Stage Asset 2026E Production Open Pit 48-56 13+ year mine life kt Cu U.S. 20,000tpd mill capacity 23% +60ktpa cathode capacity3 Cu Ag Mexico PINTO VALLEY (100%) HQ, Vancouver, Canada 10% Chi
Slide 7: 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 ~380kt $3.00 C1 Cash Cost2 (US$/lb) ~270kt SANTO DOMINGO1 300 $2.25 225kt MV OPTIMIZED1 200 184kt $1.50 164kt MANTOVERDE1
Slide 8: Executing District Growth Strategy
Executing District Growth Strategy Transformational 2025 Sets a Strong Foundation for 2026 and Beyond 2025 Key Achievements 2026 Strategic Priorities Project Completion MV-O Execution Ramped-up projects at MV Complete construction and and MB, achieving +22% ramp-up of MV-O, delivering production gro
Slide 9: 2026 Production and Cost Guidance
2026 Production and Cost Guidance FY 2026 Cu Production C1 Cash Costs1 Delivering reliable results from a portfolio of long- (kt) (US$/lb Cu) life assets located in top-tier jurisdictions: 3 Sulphide Business o Stable production over 2025 and 2026 Mantoverde2 64 – 74 $1.25 – $1.55 Mantos Blancos 38
Slide 10: 2026 Capital and Exploration Guidance
2026 Capital and Exploration Guidance FY 2026 Sustaining Expansionary Capital Total Total Exploration Capital Capital Stripping $70 (US$M) (US$M) (US$M) (US$M) (US$M) Capital Expenditures Other PV 7% Mantoverde2 $100 $150 $100 $350 7% Mantos Blancos $50 $15 $65 $130 MB 14% Pinto Valley $100 - $60 $1
Slide 11: Financial
Mantoverde Sulphide Plant Financial CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 11 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 12: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Net Debt / TTM EBITDA* Adjusted EBITDA2 Sensitivity (US$M) Consol. Attr. 1.8x ~$3,000 2026E EBITDA3 1.5x 3, 4 1.3x Annual EBITDA with MV-O Run-rate Production Cash & ST Investments $310 $252 1.
Slide 13: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at September 30, 2025) As at Available US$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 14: Operations
Pinto Valley Open Pit Operations CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 14 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 15: 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 16: 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 17: 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 18: 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 19: Growth & Exploration
Santo Domingo Growth & Exploration CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 19 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 20: 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 21: 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 22: 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 23: 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 & Tie-Ins (~15 days Q3/26)
Slide 24: 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 25: Santo Domingo Production Profile
Aerial view of Santo Domingo Commodity site Mix: with First proposed 7 Years1 locations of key infrastructure Commodity Mix: LOM1 Santo Domingo Flowsheet ~74% ~66% Long Mine Life with a Robust Production Profile ~34% ~26% 200 Copper (kt) Iron Ore (kt) Average Cu Production: ~106kt Average Cu Product
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: Santo Domingo and Sierra Norte Exploration Program
Santo Domingo and Sierra Norte Exploration Program 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 Opportunity to define an oxide resource i
Slide 34: Responsibility
One of four new electric rope shovels at Mantoverde Responsibility CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 34 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 35: Sustainable Development Strategy
Sustainable Development Strategy • Our Sustainable Development Strategy and GHG reduction targets follow a detailed review of our operations to establish a 2021 baseline. • The Strategy identifies five initial priorities with milestones, goals and targets supported by robust reporting and evaluation
Slide 36: GHG Emissions Reduction Targets
GHG Emissions Reduction Targets Climate Interim target: Reduce GHG emissions from fuel and power by 30% by 2030 compared to 2021 baseline year. Our carbon reduction strategy to 2030: • Transition to 50% renewable electricity in Chile by 2025 • Transition to >90% renewable electricity across Capstone
Slide 37: Investment Thesis
Mantos Blancos Open Pit Investment Thesis CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 37 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 38: 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 39: 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 40: 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 2 178 million Bradesco BBI Macquarie Market Cap 3 US$8.9Bn BMO Capital Markets Moelis & Company Canaccord Genuity Morgans Shareholders % of S/O Mana
Slide 41: 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 ~380ktpa ~30% decrease >$1B liquidity*,1 *Adjusted EBITDA and Available Liquidity are Non-GAAP and Other Perfor
Slide 42: Appendix
Appendix CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 42 CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Slide 43: 2025 Actuals
2025 Actuals Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Copper Production (kt) and C1 Cash Cu C1 Cash Cu C1 Cash Cu C1 Cash Cu Costs (US$/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 44: Proven Mine Building and Operating Leadership Team
Proven Mine Building and Operating Leadership Team +150 Years of Combined Mine Operations, Projects and Management Experience Cashel Meagher James Whittaker Raman Randhawa President & CEO SVP & COO SVP & CFO • +30 Years Experience • +25 Years Experience • +25 Years Experience • Former COO of Hudbay
Slide 45: Board of Directors
Board of Directors John MacKenzie Rick Coleman Non-Executive Chair Independent Director Peter Meredith Anne Giardini Lead Independent Director Independent Director Alison Baker Cashel Meagher Independent Director Director, President & CEO Gordon Bell Patricia Palacios Independent Director Independen
Slide 46: Mantos Blancos Exploration Potential
Mantos Blancos Exploration Potential Near-mine and District Opportunities Mantos Blancos Exploration Potential Opportunity to add additional sulphide and oxide resources Nora-Quinta below and lateral to the existing resource pit shell Veronica Nora-Quinta • Exploration Target: ~30-40Mt @ 0.5-0.7% Cu
Slide 47: Mantos Blancos Exploration Potential (Cont'd)
Mantos Blancos Exploration Potential (Cont’d) Near-mine and District Opportunities Mantos Blancos Block Geophysics exploration to identify appropriated volcanic rock (mineralized) package at depth and under the cover. Mantos Blancos Block mine mine prospective geology? 2.5 km ANT survey (seismic) ex
Slide 48: Pinto Valley: District Consolidation Potential
Pinto Valley: District Consolidation Potential • Globe-Miami is one of the oldest and most productive mining districts in the US • First recorded production occurred in 1878 since then, +15 billion lbs Cu have been produced • Since 1975, Pinto Valley has produced +4 billion lbs Cu, including ~0.5
Slide 49: MV-SD Pyrite Augmentation & Cobalt Opportunity
MV-SD Pyrite Augmentation & Cobalt Opportunity 27 Co Cobalt Heap Leach Ion-Exchange to Recover Cobalt Integration with Santo Domingo Proven Extraction Technology Planned Pyrite Concentrate Pipeline • Proven BPA ion-exchange technology • Commonly used in Ni/Co industry Santo Domingo • Selective for
Slide 50: 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 51: 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 52: 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 53: 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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