Slide 1: Q2 2025 Results Conference Call
Q2 2025 Results Conference Call July 31, 2025 Mantoverde, Chile – view from SAG Mill 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 2025 Highlights
Q2 2025 Highlights One of four electric shovels at Mantoverde4 Q2 2025 2025 YTD Quarterly Copper Production (kt) and C1 Cash Costs (US$/lb) 1 Cu Production C1 Cash Costs1 Cu Production C1 Cash Costs1 70 $2.90 Sulphide Business (tonnes) (US$/lb Cu) (tonnes) (US$/lb Cu) 60 $2.80 Mantoverde2 16,507 $1.
Slide 6: Reaffirming 2025 Consolidated Guidance
Reaffirming 2025 Consolidated Guidance Building On Our Accomplishments in H1 2025 Higher copper 1 production expected, Mantoverde: 97 – 112 kt Trending towards the mid point as lower recoveries have driven primarily by been slightly offset by stronger throughput in H1 Mantoverde & Pinto Valley 220 –
Slide 7: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Q2 2025 Production (tonnes; contained) 57,416 Copper sales of 53,977 tonnes were ~1,800 tonnes below A payable production levels due to timing, but still resulted in Sales (tonnes) A 53,977 record quarterly revenues Realized copper price of $4.39/lb increased $0.03/lb co
Slide 8: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Net Debt1 (US$M) Adjusted EBITDA2 Sensitivity (US$M) Consolidated Attributable ~$3,000 3 2025E EBITDA Cash & Short-term Investments $312 $254 3, 4 Annual EBITDA with MV-O Run-rate Production Long-term Debt2 $1,
Slide 9: Mantoverde: Q2 2025 Update
Mantoverde: Q2 2025 Update 2024/2025 Average Monthly Sulphide Plant Throughput (ktpd) Q2 2025 H1 2025 2025 Guidance Planned Copper Sulphide Production (tonnes) 16,507 32,775 68,000 – 80,000 maintenance 33.4 and Chile 34.3 34.8 Design throughput: 32 ktpd3 power 30.4 31.9 Copper Cathode Production (to
Slide 10: Case Study: Mantoverde Development Project
Case Study: Mantoverde Development Project MVDP Key Achievements: Mantoverde Development Project Ramp-Up vs Comparable Operations* 2022 Commenced construction 125% 2023 % Design Throughput 100% Completed construction for $870M, within 5% of budget 75% 2024 Produced first saleable copper concen
Slide 11: Mantos Blancos: Q2 2025 Update
Mantos Blancos: Q2 2025 Update Q2 2025 H1 2025 2025 Guidance 2024 & 2025 Throughput1 Performance (ktpd) Copper Sulphide Production (tonnes) 13,945 26,217 43,000 – 51,000 Confidence in Achieving Design Throughput Rates Copper Cathode Production (tonnes) 1,851 3,425 6,000 – 8,000 Planned Total Copper
Slide 12: Pinto Valley: Q2 2025 Update
Pinto Valley: Q2 2025 Update Q2 2025 H1 2025 2025 Guidance Copper Production (tonnes) 10,125 21,011 51,000 - 58,000 C1 Cash Cost1,2 (US$/lb) $3.89 $3.86 $2.55 - $2.85 • Q2 production impacted by throughput restrictions due to water constraints, as well as electrical and mechanical issues • Grades an
Slide 13: Cozamin: Q2 2025 Update
Cozamin: Q2 2025 Update Q2 2025 H1 2025 2025 Guidance Copper Production (tonnes) 6,509 13,033 23,000 – 26,000 C1 Cash Cost1,2 (US$/lb) $1.49 $1.38 $1.60 - $1.80 • Production increased 6% y/y with continued steady operating performance and slightly higher copper grades • Costs decreased 16% y/y due t
Slide 14: 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 MV OPTIMIZED1 200 184kt $1.50 MANTOVERDE1 10
Slide 15: Copper in Top-Tier Jurisdictions in the Americas
Copper in Top-Tier Jurisdictions in the Americas Near-term copper 29 Strong foundation of growth with a Cu 5 assets with long pathway towards Copper lives, in stable ~400ktpa and jurisdictions in the declining unit costs +50% Americas 5 Experienced Balance sheet management team strength and focused
Slide 16: Contact
Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC Vancouver, BC - V6B 0M9 Capstonecopper.com info@capstonecopper.com 604-684-8894 Toll-free NA 1-866-684-8894 MEDIA & INVESTOR ENQUIRIES Daniel Sampieri, Vice President, Investor R
Slide 17: 2025 Production, Cost and Capital Guidance
2025 Production, Cost and Capital Guidance FY 2025 FY 2025 Cu Production C1 Cash Costs1 Sustaining Capital Expansionary Capital Capital Stripping (kt) (US$/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 $1.
Slide 18: Balance Sheet Strength & Financial Flexibility
Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth Capstone Balance Sheet Summary (as at June 30, 2025) As at Available US$M (1) Total Facility Size Interest Tenor As at 30-Jun-25 30-Jun-25 Liquidity(5) Attributable At 30-Jun-25 Revolving Credit Facility $1,000