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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Corporate Update May 2025 Mantoverde, Chile
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Cautionary Notes 2 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 accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. In accordance with NI 43-101, we use the terms mineral reserves and resources as they are defined in accordance with the CIM Definition Standards on mineral reserves and resources (the “CIM Definition Standards”) adopted by the Canadian Institute of Mining, Metallurgy and Petroleum. In particular, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this annual information form and the documents incorporated by reference herein and therein, are Canadian mining terms defined in accordance with CIM Definition Standards. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this annual information form and the documents incorporated by reference herein may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources”, or “inferred mineral resources” that we report are or will be economically or legally mineable. Further, “inferred resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist. In accordance with Canadian rules, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101. CURRENCY All amounts are in US$ unless otherwise specified. Non-GAAP and Other Performance Measures “C1 cash costs”, “cash cost”, “adjusted EBITDA”, “adjusted EPS”, “operating cash flow before changes in working capital”, “adjusted net income”, “net debt”, “net cash”, “attributable net debt/net cash”, “all-in sustaining costs”, “all-in costs”, “available liquidity”, “realized copper price per pound”, “expansion capital” and “sustaining capital” are Alternative Performance Measures. Alternative performance measures are furnished to provide additional information. These non-GAAP performance measures are included in this presentation because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. For full information, please refer to the Company’s latest Management Discussion and Analysis published on its Financial Reporting webpage or on SEDAR+. COMPLIANCE WITH NI 43-101 Unless otherwise indicated, Capstone Copper has prepared the technical information in this MD&A (“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under Capstone Copper’s company profile on SEDAR+ at www.sedarplus.ca. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents. Disclosure Documents include the National Instrument 43-101 technical reports titled "NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, “NI 43-101 Technical Report on the Pinto Valley Mine, Arizona, USA” effective March 31, 2021, “Santo Domingo Project, NI 43-101 Technical Report and Feasibility Study Update” effective July 31, 2024, and "Mantos Blancos Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" and "Mantoverde Mine and Mantoverde Development Project NI 43-101 Technical Report Chañaral / Región de Atacama, Chile", both effective November 29, 2021. Please also refer to the Company’s news release on October 1, 2024 regarding the Mantoverde Optimized Feasibility Study. The disclosure of Scientific and Technical Information in this MD&A was reviewed and approved by Clay Craig, P.Eng., Director, Mining & Strategic Planning (technical information related to Mineral Reserves at Pinto Valley and Cozamin), and Cashel Meagher, P.Geo., President and Chief Operating Officer (technical information related to project updates at Santo Domingo and Mineral Reserves and Resources at Mantos Blancos and Mantoverde) all Qualified Persons under NI 43-101. ADDITIONAL REFERENCE MATERIALS Refer to the Company’s news releases of May 1, 2025, and MD&A and Financial Statements for the three months (Q1 2025) ended March 31, 2025, for full details to the information referenced throughout this presentation.
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Cautionary Notes 3 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 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. Forward-looking statements relate to future events or future performance and reflect our expectations or beliefs regarding future events. Our Sustainable Development Strategy goals and strategies are based on a number of assumptions, including, but not limited to, the biodiversity and climate- change consequences; availability and effectiveness of technologies needed to achieve our sustainability goals and priorities; availability of land or other opportunities for conservation, rehabilitation or capacity building on commercially reasonable terms and our ability to obtain any required external approvals or consensus for such opportunities; the availability of clean energy sources and zero-emissions alternatives for transportation on reasonable terms; availability of resources to achieve the goals in a timely manner, our ability to successfully implement new technology; and the performance of new technologies in accordance with our expectations. Forward-looking statements include, but are not limited to, statements with respect to the estimation of Mineral Resources and Mineral Reserves, the success of the underground paste backfill and tailings filtration projects at Cozamin, the timing and cost of the Mantoverde Development Project ("MVDP"), the timing and results of the Optimized Mantoverde Development Project ("MV Optimized FS") and Mantoverde Phase II study, the timing and results of PV District Growth Study (as defined below), the timing and results of Mantos Blancos Phase II Feasibility Study, the timing and success of the Mantoverde - Santo Domingo Cobalt Feasibility Study, the timing and results of the Santo Domingo FS Update and success of incorporating synergies previously identified in the Mantoverde - Santo Domingo District Integration Plan, the timing and results of exploration and potential opportunities at Sierra Norte, the realization of Mineral Reserve estimates, the timing and amount of estimated future production, the costs of production and capital expenditures and reclamation, the timing and costs of the Minto obligations and other obligations related to the closure of the Minto Mine, the budgets for exploration at Cozamin, Santo Domingo, Pinto Valley, Mantos Blancos, Mantoverde, and other exploration projects, the timing and success of the Copper Cities project, the success of our mining operations, the continuing success of mineral exploration, the estimations for potential quantities and grade of inferred resources and exploration targets, our ability to fund future exploration activities, our ability to finance the Santo Domingo development project, environmental and geotechnical risks, unanticipated reclamation expenses and title disputes, the success of the synergies and catalysts related to prior transactions, in particular but not limited to, the potential synergies with Mantoverde and Santo Domingo, the anticipated future production, costs of production, including the cost of sulphuric acid and oil and other fuel, capital expenditures and reclamation of Company’s operations and development projects, our estimates of available liquidity, and the risks included in our continuous disclosure filings on SEDAR+ at www.sedarplus.ca. The impact of global events such as pandemics, geopolitical conflict, or other events, to Capstone is dependent on a number of factors outside of our control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of diseases, global economic uncertainties and outlook due to widespread diseases or geopolitical events or conflicts, supply chain delays resulting in lack of availability of supplies, goods and equipment, and evolving restrictions relating to mining activities and to travel in certain jurisdictions in which we operate. In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, our ability to raise capital, Capstone Copper’s ability to acquire properties for growth, counterparty risks associated with sales of our metals, use of financial derivative instruments and associated counterparty risks, foreign currency exchange rate fluctuations, market access restrictions or tariffs, changes in general economic conditions, availability and quality of water, accuracy of Mineral Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licenses and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, our ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), our ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at our operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on our workforce, risks related to construction activities at our operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, risks related to the Mantoverde Development Project, increased operating and capital costs, increased cost of reclamation, challenges to title to our mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social license to operate, seismicity and its effects on our operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") listing compliance requirements, potential conflicts of interest involving our directors and officers, corruption and bribery, limitations inherent in our insurance coverage, labour relations, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, our ability to integrate new acquisitions and new technology into our operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause our actual results, performance or achievements to differ materially from those described in our forward-looking statements, there may be other factors that cause our results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking statements will prove to be accurate, as our actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on our forward-looking statements.
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Overview 4
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 5 Copper in Top-Tier Jurisdictions in the Americas CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Near-term copper growth with a pathway towards ~400ktpa and declining unit costs +50% Cu 29 Copper Strong foundation of 5 assets with long lives, in stable jurisdictions in the Americas 5 Experienced management team focused on responsible production and creating a positive impact on communities Balance sheet strength and financial flexibility to fund the next stage of growth >$1B *Adjusted EBITDA and Available Liquidity are Non-GAAP and Other Performance Measures; shown on a consolidated basis (100% of Mantoverde) unless noted as attributable. 1. As at March 31, 2025, see slide 12. liquidity*,1
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC District-Scale Growth in the Americas 6 Production Open Pit 15+ year mine life 60,000tpd mill capacity +11ktpa cathode capacity3 2025E 51-58 kt Cu MANTOS BLANCOS (100%) Ramp-up underway Open Pit 25+ year mine life 32,000tpd mill capacity4 +60ktpa cathode capacity3 Potential District-Scale Synergies PINTO VALLEY (100%) Cu Mo Ag Production Underground 6+ year mine life 4,400tpd mill capacity COZAMIN (100%) 2025E 23-26 kt Cu Cu Zn Ag Pb Production Open Pit 14+ year mine life 20,000tpd mill capacity +60ktpa cathode capacity3 2025E 49-59 kt Cu 2025E 97-112 kt Cu Fully-permitted, shovel ready Open Pit 19+ year mine life 72,000tpd mill capacity planned SANTO DOMINGO (100%) First 7 years 106 ktpa Cu MV-O run-rate2 125-135 kt Cu HQ, Vancouver, Canada Producing Asset Development Stage Asset Cu Ag Cu Au Fe Co Cu Fe CoAu 1 Mantoverde production numbers shown on a 100% basis. 2 Reflects the first 7-years of production in most recently disclosed NI 43- 101 Technical Report. 3 Excess capacity exists at SX-EW plants at Pinto Valley, Mantos Blancos, and Mantoverde. 4 Mantoverde Optimized brownfield expansion project to debottleneck the plant to 45,000 tpd mill capacity. 5 2025E production guidance, please refer to the Company’s MD&A for the year ended December 31, 2024. MANTOVERDE (70%)1 Production by Asset5 Pinto Valley 23% Production by Region5 Significant district-scale opportunities surrounding Pinto Valley U.S. 23% Chile 67% Mexico 10% Mantoverde 44% Mantos Blancos 23% Pinto Valley 23% Cozamin 10%
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC A Clear Path to Transformational Growth 7 $0.00 $0.75 $1.50 $2.25 $3.00 $3.75 0 100 200 300 400 500 2024 MV-O Run-Rate Production Future Growth C1 Cash Cost2 (US$/lb) Annual Copper Production (kt) ~280kt SANTO DOMINGO ~400kt 184kt MANTOVERDE1 MANTOS BLANCOS COZAMIN PINTO VALLEY Solid Foundation Near-term Growth Future Growth • Santo Domingo project Further Upside with Expansions Across the Portfolio Including MB Phase II, MV-SD Cobalt, and MV Phase II 1 Mantoverde production numbers shown on a 100% basis. MV-O Run-rate Production is based on first seven years average in most recently disclosed NI 43-101 Technical Report. 2 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three months ended March 31, 2025. C1 cash costs (US$/payable lb Cu produced). 1 • MV Optimized
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC ~$2.77 2024 2025 Guidance 4 2025: An Inflection Point for Capstone Consolidated Copper Production (kt) 1 Consolidated C1 Cash Costs (US$/lb)1,2 8 1 Percentage changes based on mid-points of 2025 guidance. 2 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three months ended March 31, 2025. C1 cash costs (US$/payable lb Cu produced). 3 2025E C1 Cash Cost based on the mid-point of Company 2025 guidance found on page 21 of this presentation. 4 For the assumptions underlying the 2025E guidance, please refer to the Company’s MD&A for the year ended December 31, 2024. 5 Based on mid-point of guidance. Key input assumptions include: CLP/USD: 900:1; MXN/USD: 18.5:1; Silver: $27/oz; Gold: $2,350/oz; Molybdenum: $18/lb 6 MV Optimized and Santo Domingo projects not currently sanctioned. Potential timeline subject to project sanctioning decisions. MV-O and Santo Domingo run-rates based on first full 2-years of production and are on a consolidated basis at 100%. Assumes P65 Fe (CFR China) of $110/t and a long-term $1,800/oz gold price. $2.20 - $2.50 184 2024 2025 Guidance 220 - 255 4 +29% -15% $ 2.20 – $ 2.50 ~$0 ~$500 ~$1,000 ~$1,500 ~$2,000 ~$2,500 ~$3,000 $4.00/lb Cu $4.50/lb Cu $5.00/lb Cu 2025E EBITDA Annual EBITDA with MV-O Run-rate Production Annual EBITDA with MV-O + Santo Domingo Run-rate Adjusted EBITDA2 Sensitivity (US$M) 5 5, 6 5, 6
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Financial 9
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Balance Sheet Strength & Financial Flexibility Through Next Stage of Growth 10 *Available Liquidity is a Non-GAAP and Other Performance Measures; shown on a consolidated basis (100% of Mantoverde) unless noted as attributable. 1. As at March 31, 2025. Please see following slide for proforma available liquidity following the repayment of attributable project financing debt at Mantoverde (70%-owned). 2. Includes $55.1 million drawn on the cost overrun facility (defined as “Due to related party” as per our financial results) and excludes deferred financing costs and PPA fair value adjustments. Net Debt1 (US$M) Available Liquidity*,1 (US$M) Consolidated Attributable Cash & Short-term Investments $345 $319 Long-term Debt2 $1,133 $973 Net Debt $788 $654 Net Debt / TTM EBITDA 1.3x 1.2x $345M $700M $1,045M Cash & ST Investments Undrawn RCF Capacity Strong liquidity comprised of cash and undrawn amounts on the corporate revolving credit facility Completed an upsized offering of $600 million of 6.750% senior unsecured notes due 2033 in March 2025 Further decrease in Net Debt / EBITDA to 1.3x (down from 1.5x at Q4/24) as at March 31, 2025 Announced amended corporate revolving credit facility in May 2025: o Increased commitments to $1B (from $700M), plus a $200M accordion o Extended maturity to May 2029 (from September 2027)
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Capstone Balance Sheet Summary (as at March 31, 2025) 11 Strong Liquidity With Disciplined Approach to Future Growth (1) Shown on a consolidated basis (Mantoverde at 100%), except where noted as attributable (Mantoverde at 70%) (2) Weighted average based on published rate at March 27th, 2025 (with SOFR hedged) (3) Amortizing starting September 30, 2024. (4) Includes $0.8M of short-term investments (5) These are Alternative Performance Measures. Please refer to the Company’s MD&A for the period ended March 31, 2025 for more information. (6) The variable rate on the RCF is 1-month SOFR plus 10bps or 3M SOFR plus 15bps or 6 month SOFR plus 25bps (depending on the tenor of the draw). The variable rate on the Project debt is daily SOFR, compounded to a quarterly interest rate, plus 26.161bps. The interest rate swaps: pay 1.015% fixed rate and receive SOFR plus 26.161bps (7) Please see press release dated May 6, 2025 which announced an increase in facility size to $1.0B (from $0.7B) plus a $0.2B accordion, in addition to the amended interest rate spread and extension to May 2029. Available liquidity still shown at Mar 31, 2025. Capital Allocation Strategy – Focus on Long-Term Shareholder Value Creation Cash Flow from Operations Internal Competition for Capital Balance Sheet Strength Macro Backdrop High Return on Incremental Invested Capital (ROIIC) projects Risk / reward trade-off studies Cost control, productivity gains and reliability Pursuit of operational excellence and innovation Targeting 1.0x net leverage at conservative Cu price assumptions ahead of sanctioning decisions for major capital projects Copper price outlook Inflationary pressures Counter cyclical investing US$M (1) Total Facility Size Interest Tenor As at 31-Mar-25 As at 31-Mar-25 Attributable Available Liquidity(5) At 31-Mar-25 Revolving Credit Facility Capstone Corporate $1,000M(7) Adjusted SOFR(6) + 1.75%-2.75%(7) May 2029(7) – – $700M Senior Unsecured Notes Capstone Corporate $600M 6.75% March 2033 $600M $600M – Non-Recourse Project Finance Facility Mantoverde Asset Level $520M Adjusted SOFR(6) + 3.75% (Adjusted SOFR hedged at 1.015%) 2030 to 2032(3) $478M $334M – Mantoverde Cost Over-run Facility Mantoverde Asset Level $60M Adjusted SOFR(6) + 1.70% 2033(3) $55M $39M – Total Available / Drawn Debt $1,880M 5.89% (2) $1,133M $973M $700M Cash & Cash Equivalents(4) $345M $319M $345M Net Debt(5) $788M $654M Total Liquidity(1) $1,045M
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC US$ millions As of 31-Mar-2025 Pro Forma Coupon Maturity Cash & Cash Equivalents $ 345 (195) $ 150 Revolving Credit Facility ($1B + $200M accordion) - 140 140 Adj. S + 175-275 bps May-29 Mantoverde Development Project Facility 478 (478) - Adj. S + 375 bps 2030-2032 Mitsubishi Cost Overrun Facility 55 - 55 Adj. S + 170 bps 2030 Secured Debt $ 533 (338) $ 195 Senior Unsecured Notes 600 - 600 6.750% 2033 New Unsecured Loan at Mantoverde - 100% MMC Interest - 143 143 Total Debt $ 1,133 (195) $ 938 Net Debt $ 788 - $ 788 Net Debt / TTM EBITDA 1.3x 1.3x 12 1 MMC intends to repay its 30% interest of the Mantoverde Development Project Facility, which may take the form of an unsecured loan at the Mantoverde Development Project. 2 Shown on a consolidated basis (Mantoverde at 100%) 3 Includes $0.8M of short-term investments. 4 Net debt is a non-GAAP Alternative Performance Measures. 5 Please see press release dated May 6, 2025 which announced an increase in facility size to $1.0B (from $0.7B) plus a $0.2B accordion, in addition to the amended interes t rate spread and extension to May 2029. Proforma Capitalization Post Mantoverde Project Facility Refinancing Expected in Q2 3 1 4 Debt refinancing achieves the objective of replacing our higher cost, amortizing, and restrictive MV project debt facility with a lower cost, longer term senior unsecured note, while also increasing our pro forma liquidity. 2 3 4 5
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Evaluating Potential Tariff Impacts 13 *Adjusted EBITDA is a Non-GAAP and Other Performance Measures; shown on a consolidated basis (100% of Mantoverde) unless noted as attributable. 1. Based on mid-point of guidance. Key input assumptions include: CLP/USD: 900:1; MXN/USD: 18.5:1; Silver: $27/oz; Gold: $2,350/oz; Molybdenum: $18/lb 28% 14% 11% 9% 9% 8% 7% 6% 4% 2% Pinto Valley 2025E Operating Cost Drivers Contractors & Services Labour Spare Parts & Mechanical Diesel & Lubricants Sulphuric Acid Power Explosives, Tires & Drill Parts Processing Materials Reagents & Water Other 17% 13% 20% 49% 2025E EBITDA by Site (%)*,1 Pinto Valley Cozamin Mantos Blancos Mantoverde Sales: no current impacts on concentrate or cathode sales across our portfolio Costs: no material direct impacts expected on costs from tariffs proposed to date Proposed tariffs announced to date could increase Pinto Valley costs by ~5%, reflecting the pass-through of tariffs incurred by suppliers
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Operations 14
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MANTOS BLANCOSPINTO VALLEY MANTOVERDE District Growth Study • Mill throughput expansion and optimization • Expansion of the use of leach technology including pyrite agglomeration Mine Life Extension • Exploration expansion potential • Refinement of cut and fill to reduce mining dilution • Drift and fill methods to increase pillar recovery MV Optimized • Expansion from 32 to 45ktpd throughput • $146M initial capex with an incremental 20kt Cu pa Pyrite Augmentation & Cobalt • Opportunity to reduce sulphuric acid consumption and produce by-product cobalt MV Phase II • Potential for a second line • Only 34% of sulphide resource base is in MV-O mine plan Phase II Study – 2025 • Low capex expansion opportunity from 20ktpd to ~27ktpd using idled mill capacity • Evaluating potential for additional cathode production via re- leaching of spent ore Other • Exploration upside below current pit shell Santo Domingo FS – released August 2024 • Base case Cu/Fe/Au project Other • SD Cu Oxides & Cobalt Study – 2026 • Sierra Norte integration SANTO DOMINGOCOZAMIN Expansion & Optionality Across the Portfolio MV-SD 35km Apart Mine Life Extension and Expansion Opportunities Across our Producing Assets Fully Permitted Project; Key to Unlock MV-SD District Synergies 15
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 16 Expansion & Optionality Across the Portfolio Project Status Study Timing MV Optimized +20kt copper/year incremental production1 Low capital intensity, brownfield expansion Awaiting DIA Permit expected mid-2025 Released H2/24 Santo Domingo +120kt copper/year incremental production2 Builds on jurisdictional advantage, one step in unlocking MV-SD district potential Fully Permitted, Shovel Ready sanctioning window expected to open in 2026 Released H2/24 MV Pyrite Augmentation & Cobalt Reduction in sulphuric acid requirements and by-product cobalt production Study work ongoing with pilot plant testing underway Expected H2/25 Mantos Blancos Phase II Low capital intensity, utilizes existing excess sulphide mill and SX-EW capacity Study work ongoing Expected H2/25 Santo Domingo Oxides & Cobalt Incremental to SD base case FS leveraging underutilized district infrastructure Under evaluation Expected 2026 Sierra Norte Integration Opportunity for increased sulphide Cu production at SD and oxide Cu cathodes at MV Under evaluation TBD Mantoverde Phase II Potential incorporation of existing resource base into mine plan Under evaluation TBD PV District Consolidation Opportunity to unlock district-scale potential and synergies Under evaluation TBD Notes: 1) Mantoverde (MV) Optimized is based on the life of mine average incremental production per the 2024 Feasibility Study released on October 1, 2024. 2) Santo Domingo (SD) is based on the average of the first full 5 years of copper production in 2024 Feasibility Study released July 31, 2024. 3) Medium to long-term projects are speculative in nature and are not based on published NI 43-101 Technical Reports. Near-TermMedium-Term3Long-Term3
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantoverde 17 Mining at MVDP with one of four new electric rope shovels. Asset Overview Location Atacama Region, Chile; ~900m above sea level Ownership Capstone (70%); Mitsubishi Materials Corp. (30%) Mine Type Open Pit (operating since 1995) Commodity Cu (primary); Au/Fe/Co (secondary) Product(s) LME Grade A copper cathode; High quality copper in concentrate with significant gold by-product ramping up in 2024 Capacity 32,000 tpd sulphide concentrator; underutilized 60,000 tpa SX-EW facility The mine owns a state-of-the-art desalination plant, located ~40km west of the mine that supplies all the water required by the operation and was upsized as part of the MVDP. First ore to the primary crusher – completed in Q4 2023 First ore to the grinding circuit – completed in Q1 2024 First saleable copper concentrate – completed in Q2 2024 Achievement of nameplate throughput operating rates, Facility Practical Completion, and commercial production milestone – completed in Q3 2024 First two shipments of copper concentrates – delivered in Q3 2024 Exceeded nameplate capacity in January and March 2025 Mantoverde Development Project Key Commissioning Milestones For a virtual tour of MVDP , please visit: https://vrify.com/decks/12698-mantoverde-development-project
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantoverde Sulphides Ramp-up Performance Confidence in Achieving Design Rates 18 17.7 11.5 26.2 21.2 26.3 27.1 33.4 25.2 34.3 July Aug Sept Oct Nov Dec Jan Feb Mar Plant Throughput3 (ktpd) 15-day shutdown for facility practical completion Planned maintenance and Chile power outageDesign throughput: 32 ktpd1 52.9 76.1 74.3 67.0 70.9 84.8 81.0 84.9 81.9 July Aug Sept Oct Nov Dec Jan Feb Mar Recoveries (%) Design recovery: 87 - 91%1 1 Per latest Mantoverde Technical Report, recovery range based on first 10 years of mine plan. 2 C1 cash costs (US$ per payable lb Cu produced). 3 Throughput figures displayed are the average ore tonnes per day through the sulphide mill for each respective month. Mantoverde Sulphides 2025 Guidance 68 – 80kt sulphide copper production $1.25 – $1.55/lb C1 cash costs2 January and March throughput exceeded design capacity, with peak individual daily throughput over 45ktpd Recoveries improved to 82.3% in Q1/25, up from 74.4% in Q4/24 and 68.2% in Q3/24
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MV-O Key Metrics at a Glance Mantoverde Optimized Feasibility Study (Brownfield expansion) Cu 29 Copper 19 Post-tax NPV(8%) at $4.10/lb LT Cu; $3.6Bn NPV(8%) at +10% Cu Prices(1) $2.9Bn Avg. Annual EBITDA(2) +$600M Mine Life; 398Mt Sulphide Reserves at 0.49% Cu and 0.10 g/t Au Avg. Annual Cu Production(2), plus ~40koz of Gold 25 Year ~120kt Consolidated C1 Cash Costs(2); $1.54/lb Sulphide Cash Costs $1.82/lb Note: Refer to the MV Optimized press release announced on October 1, 2024. Mantoverde operational and financial information shown on a 100%-basis. (1) Based on 2025-2027 Cu prices of $4.30/lb, $4.40/lb, and $4.40/lb, plus $4.10/lb long-term, in the base case and 10% higher Cu prices in the $3.6Bn NPV(8%) case. (2) Reflects the first 10-years of production. Free cash flow (FCF) is unlevered. Avg. Annual After-tax Free Cash Flow (2) +$300M Cu 29 Copper Incremental Avg. Annual Cu Production over the LOM, relative to the MVDP plan +20kt $146M Initial Capex for Brownfield Expansion Opportunity
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MV-O (2024) vs. MVDP (2021) Feasibility Study 20Note: All currency values shown in U.S. dollars unless otherwise stated; Refer to the Mantoverde Optimized Feasibility Study press release announced on October 1, 2024. Mantoverde operational and financial information shown on a 100%-basis. Mine Life (Years) 19 25 MVDP MV-O Mill Throughput (ktpd) Mill Feed (Mt) & Head Grade (%) Avg. Annual Gold Production C1 Cash Costs 32 ktpd 45 ktpd MVDP MV-O 236Mt 394Mt MVDP MV-O 0.60% 0.49% $1.69/lb $1.82/lb MVDP MV-O First 10 Years (kozpa) First 10 Years (US$/lb) ~30 ~36 MVDP MV-O Avg. Annual EBITDA (US$M) First 10 Years ~500 ~600 MVDP MV-O Avg. Annual Copper Production ~102 ~123 MVDP MV-O First 10 Years (ktpa)
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Santo Domingo 21 Asset Overview Location Atacama Region, Chile; low elevation at ~1,000m above sea level Ownership Capstone (100%); no offtake committed Mine Type Open Pit (+19 year mine life) Commodity Cu/Fe (primary); Au/Co (secondary) Deposit Iron oxide-copper-gold (IOCG) type deposit Permitting Fully-permitted (DL-600: valid 15 years post commercial production) • Updated Feasibility Study results released in July 2024 • Optimized mine plan, updated capital and operating cost estimates, and incorporated all experience gained throughout engineering and construction of nearby Mantoverde Development Project • Progressing assessment of optimal financing structure and advancing detailed engineering • Advancing opportunities to incorporate the recently acquired Sierra Norte project and Santo Domingo’s copper oxide material into the mine plan Project Update For a virtual tour of Santo Domingo and the MV-SD District: https://youtu.be/n-FyVJ9t2JE?si=UD2U92Aomvy4FIyV
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Key Metrics at a Glance Santo Domingo 2024 Feasibility Study Cu 29 Copper 22 Post-tax IRR 24% Initial Capex; 3 Year Post-tax Payback $2.3Bn Avg. Annual EBITDA(2) ~$850M Mine Life Avg. Annual Cu Production(2), plus ~3.7Mt of High-grade Iron Ore Production(2) 19 Year 106kt C1 Cash Costs(2) (by-product basis) $0.28/lb In-Country Taxes Paid (LOM); Expected to Generate +1,000 Jobs +$2Bn Note: Refer to the Santo Domingo Feasibility Study press release announced on July 31, 2024. (1) Based on $4.10/lb Cu and $110/t P65 CFR China Fe in the base case and 10% higher prices in the $2.1Bn NPV(8%) case. (2) Reflects the first 7-years of production. Post-tax NPV(8%) at $4.10/lb LT Cu; $2.1Bn NPV(8%) at +10% Cu Prices(1) $1.7Bn
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC $33 $23 $23 $12 $34 $23 $23 $22 7.5 QB2 (2024) Quellaveco (2022) Cobre Panama (2019) Mantoverde (2024) Bagdad Exp. (2023) Centinela Exp. (2023) El Abra Exp. (2024) Santo Domingo (2024) MV Optimized Exp. (2024) Competitive Capital Intensity With Few Recent Large Scale Cu Feasibility Studies 23 Note: Refer to the Santo Domingo Feasibility Study press release announced on July 31, 2024. Source: Company filings, Wood Mackenzie (1) Calculated as initial capital cost divided by LOM CuEq. Production Area Cost (US$M) % of Total Mine $370 16% Process Plant $486 21% Tailings and Water Reclaim $67 3% Plant Infrastructure $144 6% Port & Port Infrastructure $283 12% External Infrastructure $151 7% Total Direct Cost $1,500 65% Indirect Costs $414 18% Owner Costs $109 5% Contingency $291 13% Total Indirect Costs $814 35% Total Initial Capital $2,315 100% Initial Capital Cost – Santo Domingo Capital Intensity Benchmarking (US$’000/t) (1) Recently Built Select Projects Less than 1,500 meters above sea level ~4,000 Elevation (meters above sea level) ~3,500 ~900 ~1,250 ~1,000~200 ~3,800~2,300 ~900
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 24Note: Refer to the MV Optimized Feasibility Study press release announced on October 1, 2024 and Santo Domingo Feasibility Study press release on July 31, 2024. MV-SD: Mine Life Extension & Optimization Potential Annual District Copper Production Potential of ~250kt 113 139 148 135 136 129 121 78 105 123 91 142 115 118 99 95 $2.03 $1.82 $1.62 $1.82 $1.60 $1.19 $0.85 $0.90 $0.80 $1.18 1 2 3 4 5 6 7 8 9 10 Santo Domingo (kt) Mantoverde (kt) C1 Costs ($/lb) Potential 10 Year District Copper Production Profile 227 271 236 197 204 218 Elevation: ~1,000 masl Location: Region III, Chile Road Infrastructure Mantoverde (70%) Sierra Norte (100%) Santo Domingo (100%) • Production • Sulphide plant • 60ktpa SX-EW • M&I Sulphide Resource ~528Mt @ 0.47% • Exploration • Potential oxide & sulphide feed • M&I Resource ~75Mt @ 0.46% • Feasibility study • Fully permitted • Sulphide plant • M&I Resource ~547Mt @ 0.31% AuCu Co AuCu Fe Co AuCu Fe Co Mantoverde Sierra Norte Santo Domingo District Mineralization
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MV-SD: Unlocking District Scale Optimization • Targeting +250,000 tonnes per year of low-cost copper production with a significant by-product of premium grade iron ore • Potential to be one of the largest and lowest cost cobalt producers in the world • Santo Domingo Oxides • Sierra Norte Integration • Mantoverde Phase II • Mantoverde Development Project (MVDP) and MV Optimized • Santo Domingo Cu/Fe Project; MV-SD Cobalt • Santo Domingo Port & Desalination Plant Base Case Future Production Profile 1 3 Creating a World-class Mining District Planned Santo Domingo Port MV Desal Plant Mantoverde Santo Domingo Project 25 Sierra Norte • Ports • Desalination Plant • Oxide Plant District Infrastructure Optimization2
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 26 1 Potential JV Partner Minority interest sell down Leverage recent and relevant experience in project partnership Partner attributes (financial, technical, other) 3 Balance Sheet <1.0 x net debt to EBITDA leverage3 >$500 million liquidity4 4 Optimization ~40% completion of detailed engineering Infrastructure optimization opportunities Incremental copper production optionality 5 Macro Markets Global markets & economy Copper price outlook Inflation & supply chains 2 Financing ~$1.2 billion1 project finance facility Achieve optimal project financing with JV partner 1 Based on debt service coverage and debt to equity ratios, several independent banks have provided an indicative project finance range of $1.1-1.3Bn plus a $100M cost over-run facility (not reflected in the numbers above). 2 Reflects target balance sheet performance measures before proceeding with a sanctioning decision for Santo Domingo. 3 Net debt to EBITDA leverage is a non-GAAP Alternative Performance Measure. Please refer to Cautionary Note Non-GAAP and Alternative Performance Measures on page 2 and the Appendix for a reconciliation. 4 Available liquidity is a non-GAAP Alternative Performance Measure. Please refer to Cautionary Note Non-GAAP and Alternative Performance Measures on page 2 and the Appendix for a reconciliation. Santo Domingo Path Forward 2
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Santo Domingo Illustrative Funding Structure 27Note: Refer to the Santo Domingo Feasibility Study press release announced on July 31, 2024. (1) Based on debt service coverage and debt to equity ratios, several independent banks have provided an indicative project finance range of $1.1-1.3Bn plus a $100M cost over-run facility (not reflected in the numbers above). $260M $1.2Bn(1) ~$2.3Bn Initial Capex Less: Remaining Au Stream Proceeds Less: Illustrative Project Financing Net Funding Requirement CS Funding Requirement Less: Minority Partner (Proceeds + Capital Contribution) ~$0.8Bn Expected to be funded through internal cash flow
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantoverde Near Mine Exploration Upside Staged & Flexible Approach 28 Santa Clara Corridor 45 1 2 3 N 2 km A C D B E Initial Two-Year $25M Exploration Program • Exploring new areas adjacent or inside the current Mantoverde pits • Targeting higher copper grades and shallower mineralization • Testing high priority targets in the northern area of Mantoverde land package MV-Optimized • Improve grade/continuity of MV Optimized Resources and Reserves (1) (2) (3) (4) (5) MV Near Mine Exploration • Explore new areas within or beside resource pit (A) (B) (C) (D) (E) (F) • Explore continuity along Santa Clara Corridor (SCC) • Improve high-grade zones across MV fault and others • Test north of MV pit F W E100000 400mMVO pit Resource pit CuT ? ? 102390 ? W E MVO pit Resource pit ? 400m CuT ? 28 MV-Optimized cross section example Near Mine cross section example
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantoverde District Exploration Upside Opportunity to Enable Future Expansion Beyond MV-O (MV Phase II) 29 Estrellita Santo Domingo 10 km N Mantoverde & Santo Domingo District1 Project Stage (1) Jano Norte, (3) La Reina, (4) Paloma Sur, (5) San Manuel Initial Drill Testing (6) Paloma and (2) Animas Intermediate Drill Testing Note 1: Red dots represent regional copper occurrences and small copper mines 2 1 6 5 3 4 MV plant Northern Corridor Santa Clara Corridor IP anomalies Sierra Norte Mantoverde MV District Exploration Initial and intermediate drill testing of targets north of Mantoverde (4-8 km away of current pit) • Targeting based on 3D structural model + geochemistry and geophysics • Exploration Target size potential between ~200-300Mt; between 0.4%-0.6% CuT • Disciplined and flexible decision making to guide exploration Mantoverde Phase II • Evaluating the potential duplication of the MV-O 45ktpd sulphide concentrator • Exploration results to influence location of key infrastructure
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantos Blancos 30 Asset Overview Location Antofagasta Region, Chile; ~900m above sea level Ownership Capstone (100%) Mine Type Open Pit (operating since 1960) Commodity Cu (primary); Ag (secondary) Product(s) Sulphide concentrate + LME Grade A copper cathode Capacity 20,000tpd sulphide concentrator, underutilized 60,000tpa SX-EW facility Growth Catalysts • Phase II brownfield expansion study expected around the end of 2025 • Analyzing increase in sulphide concentrator throughput capacity from 20 ktpd to around 27 ktpd using existing/underutilized equipment • Evaluating potential for increased cathode production via an opportunity to re- leach spent ore from historical VAT leaching operations • Exploration Potential • Mineralization open at depth and adjacent to pits • Several high potential opportunities for in-mine and brownfield exploration targets identified 1 Throughput figures displayed are the average ore tonnes per day through the sulphide mill for each respective month. 2 Per latest Mantos Blancos Technical Report. 14.6 14.5 13.5 15.6 16.7 16.9 7.1 17.6 17.4 18.5 20.3 20.0 20.6 16.5 20.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Design throughput: 20 ktpd2 2024 & 2025 Throughput1 Performance (ktpd) Confidence in Achieving Throughput Design Rates The overall variability of the milling process has been significantly reduced and the nameplate throughput capacity has been achieved in four of the last five months 14-day shutdown completed Planned maintenance and Chile power outage
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MB Phase II Study 31 Opportunity Highlights Stage / Impact Continuous Improvements • Controlled Potential Sulphidation (CPS) • Flotation activator for copper oxides in sulphide circuit • Energy Efficient Pulp Lifter (EEPL) Conversion • Improving ball mill energy efficiency • At 20ktpd throughput, opportunity to expand sulphide Cu production by ~5ktpa Phase II • Brownfield expansion with plan to increase mill throughput from 7.3Mtpa (20ktpd) to ~10Mtpa (~27ktpd) • Capital required for additional equipment in the following areas: concentrate filtration, thickening and filtering of tailings • Phase II study expected in H2 2025 • Targeting an additional ~10ktpa of Cu over the first 10-years Tailings Reprocessing • Opportunity to re-leach ripios from historical VAT leaching operations and coarse/fine tailings • ~120Mt at ~0.30% CuT • Strong recoveries shown from column test results • Underutilized SX-EW capacity (60ktpa Cu cathode) • Capital required to install dynamic leach pad, agglomeration and stacking infrastructure • Opportunity to increase cathode production by ~25ktpa Cu over 15 years (with no mining or crushing costs)
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Pinto Valley 32 Asset Overview Location Arizona (Globe-Miami), USA; ~1,000m above sea level Ownership Capstone (100%) Mine Type Open Pit (operating since 1975) Commodity Cu (primary), Mo (secondary) Product(s) Sulphide concentrate + Grade A copper cathode Capacity 60,000 tpd sulphide concentrator + 11,000 tpa SX-EW facility Growth Catalysts • District growth study evaluating inclusion of a portion of the 1B tonnes of mineral resources into the mine plan • Expansion and mine-life extension through 2050 • Evaluating near-mine district consolidation opportunities, specifically Copper Cities, in one of the most prolific mining jurisdictions Pinto Valley (Arizona, USA) Pinto Valley District in Globe-Miami, Arizona
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Cozamin 33 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 • New mine plan will enable higher mining productivity, dilution control, and overall higher resource extraction • Mine-life extended by ~6 years through 2030: • Exploration on drill targets open to the southeast, northwest, and down-dip • Implementation of selective mining techniques to decrease dilution and lower mining costs • Enhanced pillar recovery, leveraging the benefits of the new paste backfill plant Dry Stack Tailings and Paste Backfill Plant • The new approach, which is considered industry best practice, involves filtering tailings to extract more water, which can be reused. • Some of the filtered tailings are used to produce paste which is placed underground as mine backfill. The rest are placed in a dry stack, which is more stable than a conventional tailings storage method.
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC ESG 34
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Sustainable Development Strategy 35 • 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 processes under the direction of the Board of Directors and senior leadership: Visit Responsibility - Capstone Copper to learn more about our Sustainable Development Strategy and initiatives to reach our targets. Climate Water Tailings Biodiversity Communities Interim target: reduce GHG emissions from fuel and power by 30% by 2030 compared to a 2021 baseline year. Reduce freshwater use intensity by 2030, compared to a 2021 baseline. Increase low quality or recycled water as a proportion of total water consumed by 2030, compared to a 2021 baseline. Implement the Global Industry Standard for Tailings Management (GISTM) across all Capstone TSFs by YE 2028. All sites assessed against the Capstone Biodiversity Standard by 2025. Reclamation, reforestation, and habitat conservation project-specific metrics are achieved, with results annually reported. All sites assessed against the Capstone Social Performance Standard by 2025.
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC GHG Emissions Reduction Targets 36 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 by 2030 • Study renewable power self-generation and storage options at Pinto Valley • Assess future growth opportunities against our 2030 target and incorporate carbon reduction into feasibility studies • Pursue diesel displacement opportunities GHG Emissions Reduction Pathway to 2030. 2021 Baseline Scenario 2 (2025) Scenario 3 (2030) 2030 (Total) - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Total GHG Changes (tCO2e, change relative to 2021) 2021 Baseline Scenario 2 (2025) Scenario 3 (2030) 2030 (Total) - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 GHG Intensity Reduction (tCO2e/ktCu) +8% -36% 30% decrease from 2021 to 2030 -20% -33% 46% intensity reduction from 2021 to 2030 Projected near term increase in absolute emissions while intensity will decrease year over year. 1Scenario 2 includes the change from 100% coal/fossil fuel powered PPA at MB and MV to 50% renewable energy in 2025, as per existing PPAs. Under this scenario, the results show that Capstone’s total GHG will be 8% higher, while GHG intensity will be 15% lower when comparing 2021 and 2030 figures (excluding leach CO2). 2. Scenario 3 assumed 100% of electric power at MB, MV and PV will be sourced from renewable sources. Under this scenario, Capstone’s total GHG and GHG intensity for 2030 will be 31% and 46% lower compared to 2021, respectively (excluding leach CO2). 1 1 22
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Investment Thesis 37
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 38 COPPER IN TOP-TIER JURISDICTIONS IN THE AMERICAS Peer-Leading Copper Production Growth Declining Cash Costs Best-in-Class Mine Build and Operating Team Strong Balance Sheet
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Capstone vs. Key Peers 2024A Production Metrics (kt) Diversified Portfolio of High-Quality Copper Assets • 4 producing assets located in top-tier jurisdictions • Well-balanced portfolio across producing assets • Increased volumes from MVDP sulphide operations already delivering lowest cost production in portfolio • Mantos Blancos mill capacity successfully debottlenecked and delivering nameplate capacity Portfolio Highlights 39 Copper Production by Region (2024) Copper Production by Asset (2024) # of Producing Mines 4 5 5 42 3 1 3 1 Chile 55% Canada 23% Peru 22% Zambia 93% Mauritania 4% Turkey 3% Canada 100% 2 Gibraltar 100% Chile 67% USA 23% Mexico 10% Brazil 100% Caraiba 87% Tucuma 13% Kansanshi 40% Trident- Sentinel 54% Guelb Moghrein 4% Cayeli 3% Candelaria 44% Caserones 34%Chapada 12% Eagle 2% Neves-Corvo 8% Zinkgruvan 1%Antamina 22% Highland Valley Copper 23% Quebrada Blanca 47% Carmen de Andacollo 9% Constancia 72% 1 Reflects Capstone 2025E production guidance and the 54kt production increase from 2024 production of 184kt. For assumptions underlying the 2025E guidance, please refer to the Company’s MD&A for the year ended December 31, 2024. 2 Does not include the 45kt from December 9, 2024 publicly announced sale of European assets ( Zinkgruvan and Neves Corvo) to Boliden. 3 Capstone production numbers refer to the mid-point of 2025E guidance found on page 43 of this presentation. MV 44% MB 23% PV 23% Cozamin 10% Peru 72% Canada 28% Lalor 9% Copper Mountain 19% Chile 78%Brazil 12% USA 2% Portugal 8% Sweden 1% Copper Production (2024A) 184 446 431 324 138 48 41 54 45238 369 2 2025 Guidance3 2025 Guidance3
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Volume (RHS) Price (LHS) Capstone 12-Month Price (C$/share) & Total Volumes(3) Capstone Copper – Capital Structure 40 One-Year Average Daily Trading Volume of ~4.9 million shares 1. As at March 31, 2025. 2. As per ASX announcement dated April 3, 2025. 3. Capstone Copper’s Market Cap based on closing share price on April 28, 2025. 4. Prices and total volumes sourced from FactSet and include all Canadian exchanges, in addition to the ASX. Top Shareholders* Institution Name % of S/O Hadrian Capital Partners ~13% Orion Mine Finance ~12% Management & Board Ownership** ~2% * Investors who own, directly or indirectly, or exercise control or direction over voting securities carrying more than 10% of Capstone Copper’s voting rights. ** Insiders including members of the Board of Directors and Senior Leadership who own, directly or indirectly, or exercise control or direction over voting securities of Capstone Copper’s voting rights. Shares Outstanding (FD) (1) 762 million Shares Held as ASX CDIs (2) 191 million Market Cap (3) US$3.8Bn Analyst Coverage Barrenjoey J.P. Morgan BMO Capital Markets Macquarie Canaccord Genuity Moelis & Company CIBC Capital Markets National Bank Financial Citibank Paradigm Capital Inc. Clarksons Raymond James Cormark Securities Inc. RBC Dominion Securities Inc. Desjardins Scotia Capital Global Mining Research Stifel Goldman Sachs TD Securities Inc. Jefferies Wilsons
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Upcoming Catalysts Sector leading near-term copper growth followed by further capital efficient expansion opportunities across the portfolio. H1 2025 H2 2025 • MV-O Execution • MB Phase II Study • MV Pyrite Augmentation & Cobalt Study 41 • MV-O DIA Permit • SD Partnership Process 2026 • MV-O Execution • SD Cu Oxides & Cobalt Study • PV District Growth Study • Santo Domingo Financing & Sanctioning Readiness
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Appendix 42
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 2025 Guidance Breakdown 43 Note: Key C1 cash costs input assumptions include: CLP/USD: 900:1; MXN/USD: 18.5:1; Silver: $27/oz; Gold: $2,350/oz; Molybdenum: $18/lb 1. This is an alternative performance measure; refer to the Company’s press release dated January 20, 2025. C1 cash costs (US$ per payable lb Cu produced). 2. Mantoverde shown on a 100% basis. Cu Production (kt) C1 Cash Costs1 (US$/lb Cu) Sustaining Capital (US$M) Expansionary Capital (US$M) Capital Stripping (US$M) Sulphide Business Capital Expenditures Pinto Valley 51 – 58 $2.55 – $2.85 Pinto Valley $85 - $50 Cozamin 23 – 26 $1.60 – $1.80 Cozamin $25 - - Mantos Blancos 43 – 51 $2.20 – $2.50 Mantos Blancos $70 - $85 Mantoverde2 68 – 80 $1.25 – $1.55 Mantoverde2 $75 $10 $75 Total Sulphides 185 – 215 $1.85 – $2.15 Santo Domingo - $50 - Consolidated (US$M) $255 $60 $210 Cathode Business Mantos Blancos 6 – 8 $3.40 – $3.70 Total Exploration (US$M) $25 Mantoverde2 29 – 32 $4.10 – $4.40 Total Cathodes 35 – 40 $3.95 – $4.25 Consolidated 220 – 255 $2.20 – $2.50 FY 2025FY 2025
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 44 Proven Mine Building and Operating Team In-place +100 Years of Combined Mine Operations, Projects and Senior Leadership Experience Cashel Meagher President & CEO • +30 Years Experience • Former SVP, COO of Hudbay Minerals • Extensive mine building and operating experience, including leading the construction of Constancia James Whittaker SVP & COO • +30 Years Experience • Former President of Escondida • Significant experience leading operations and project development in North and South America Raman Randhawa SVP & CFO • +25 Years Experience • Chartered Professional Accountant (CPA, CA) with financial and leadership experience • Prior to joining Capstone in 2018, Raman spent 13 years at Goldcorp Peter Amelunxen SVP, Technical Services • +25 Years Experience • Former VP, Technical Services at Hudbay Minerals • Deep knowledge of Latin American mining operations
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Board of Directors 45 Patricia Palacios Independent Director Peter Meredith Lead Independent Director Alison Baker Independent Director Anne Giardini Independent Director Cashel Meagher Director, President & CEO John MacKenzie Non-Executive Chair Gordon Bell Independent Director Rick Coleman Independent Director
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantos Blancos Exploration Potential Near-mine and District Opportunities 46 Mantos Blancos Exploration Potential Opportunity to add additional sulphide and oxide resources below and lateral to the existing resource pit shell Nora-Quinta • Exploration Target: ~30-40Mt @ 0.5-0.7% CuT; • Potential new mine phase beyond 2036 Barbara SW, Central and SE • Exploration Target: ~80-90Mt @ 0.7-0.8% CuT; • Geophysical exploration and drilling to unlock additional value Veronica Oxides • Exploration Target: 2-4Mt@ 0.25-0.35% CuS • Exploration program underway • Potential oxide LOM extension from 2028 District Sulphide & Oxide Deposits • Capri and Rosario targets Barbara SW Barbara Central Barbara SE 3D view Veronica Barbara SE Barbara SW Barbara Central Nora-Quinta
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantos Blancos Exploration Potential (Cont’d) Near-mine and District Opportunities 47 Mantos Blancos Block • Exploration Geophysics to identify appropriated volcanic rock (mineralized) package at depth and under the cover • High resolution drone mag + Ambient Noise Tomography (Seismic) survey Rosario Block • Follow-up geochem and magnetic anomaly in southern Domain B Domain B Domain A Follow-up on geochemical anomalies generated in 2023 stream sediment and historic geochem program mine Rosario Block Mantos Blancos Block prospective geology? mine Rosario Block Mantos Blancos Block 5 km 2.5 km Geophysics exploration to identify appropriated volcanic rock (mineralized) package at depth and under the cover. ANT survey (seismic) example Magnetics RTP Regional Sulphide/Oxide Deposits 47
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC • 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 billion lbs of cathode • Pinto Valley is currently the second largest employer in the area; total economic impact in Arizona is +$270 million per year • Measured and Indicated Mineral Resource1 base of 1 billion tonnes, currently not in Mineral Reserve, has the potential to create long-term sustainable benefits for multiple generations BHP Copper Cities KGHM Carlota Mine Carlota SX-EW 70M Ibs/yr Pinto Valley Mine PV SX- EW 25M Ibs/yr PV ~60k tpd Mill BHP Miami SX-EW 30M Ibs/yr TJ Pit Historic Freeport Miami Mine • 18-month Exploration Access Agreement with BHP for Copper Cities announced January 2022 and extended to July 2025 • $6.7M two-phase drill program to twin drill historical holes completed • A portion of drill holes were selected for metallurgical testing (ongoing) • Less than 10km from Pinto Valley Mine Copper Cities 1. Refer to Appendix slides “Capstone Copper Consolidated Estimated Mineral Resources” and “Capstone Copper Consolidated Estimated Mineral Reserves” and the Annual Information Form for the year ended December 31, 2023 for full details. 2. Refer to the news release dated January 20, 2022 entitled “Capstone Enters into Exploration Access Agreement with BHP Copper Inc. for Copper cities Project” and the news release of June 13, 2021 entitled “Capstone Copper Provides an Update on its Global Exploration Program“ Pinto Valley: District Consolidation Potential 48
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC • Proven BPA ion-exchange technology • Commonly used in Ni/Co industry • Selective for Co/Ni but requires Cu and Fe3+ removal • Does not require acid neutralization • Continuous Counter-Current Ion Exchange (CCIX) • Flexible process conditions • Multiple adsorption passes • Multiple elution phases can be readily implemented • Maximizes utilization of resin / mass transfer zone Proven Extraction Technology MV-SD Pyrite Augmentation & Cobalt Opportunity Heap Leach Ion-Exchange to Recover Cobalt Co 27 Cobalt 49 Integration with Santo Domingo Next Steps • On-site piloting of CCIX process commenced in Q1/24 • Engineering study expected in 2025, including: • Pyrite recovery • Bacterial augmentation and heap aeration • IX facility • Packaging & sales Planned Co Plant Planned PLS / Raffinate Lines Planned Pyrite Concentrate Pipeline Mantoverde Santo Domingo Addition of pyrite to our heap leach operations has the opportunity to reduce MV sulphuric acid requirements by over 20%
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Consolidated Estimated Mineral Resources 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 not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported inclusive of the Mineral Reserves. All Mineral Resources are exclusive to dilution and mining recovery factors. All contained metals are reported at 100% except as stated. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. Grade TCu% refers to total copper grade in percent sent to the mill for metallurgical recovery by flotation. Grade SCu% refers to soluble copper grade in percent sent to the leaching processes. Grade ICu% refers to insoluble copper grade in percent, based on TCu% minus SCu%. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. M&I = Measured & Indicated. All amounts in US$ unless otherwise specified. Stockpiled material is treated as Mineral Resources, described below. See Technical Reports filed under Capstone Copper’s profile on SEDAR+ for further information. 1. Garth Kirkham, P.Geo., FGC is the Qualified Person responsible for the Mineral Resource presented in the Pinto Valley Mine Technical Report, effective March 31, 2021. Klaus Triebel, GPG, Chief Resource Modeler at Pinto Valley Mine, oversaw depletion of the of Mineral Resource for mining activities as at December 31, 2023. Mineral Resources are reported at a 0.14% Cu cut-off grade. Economic assumptions for the reasonable prospects pit include: $3.50/lb Cu, $10.00/lb Mo, 84.6% Cu recovery, 8.9% Mo recovery, $1.74/tonne mining costs, $1.13/tonne G&A costs, $0.88/tonne operational support costs, $4.67/tonne milling costs, and pit slopes by rock type. Stockpile material is included as Measured Mineral Resource. Pinto Valley Mine is an open-pit mine with mineral processing by flotation. 2. Clay Craig, P.Eng., Director, Mining & Strategic Planning at Capstone Copper is the Qualified Person responsible for the Mineral Resource in the Cozamin Mine Technical Report, effective January 1, 2023, and the depletion of the Mineral resource for mining activities as at December 31, 2024. Mineral resources are reported at a cut-off of NSR US$59/tonne. Metallurgical recoveries used in the NSR formulae are based on mineralization. Metallurgical recoveries vary by domain and NSR formula. Copper-silver dominant zones use the NSR formula: (Cu%*$70.72 + Ag g/t$0.53) * (1-NSR Royalty%). Copper-silver dominant zones use the following metallurgical recoveries: 96.16% Cu and 85.83% Ag. Copper–zinc zones use the NSR formula: (Cu%*$69.74 + Ag g/t*$0.50 + Zn%*$12.96) * (1-NSR Royalty%). Copper-zinc zones use the following metallurgical recoveries: 94.82% Cu, 83.82% Ag, 66.95% Zn, and 0% Pb. MNFWZ zinc–silver dominant zones use the NSR formula: (Ag g/t*$0.35 + Zn%*$16.80 + Pb%*$15.11) * (1-NSR Royalty%). Zinc–silver dominant zones use the following metallurgical recoveries: 66.50% Ag, 86.79% Zn, and 92.86% Pb. The NSR formula for MNV zinc zones is (Ag*0.241 + Zn*15.511 + Pb*12.993)*(1-NSRRoyalty%) using metallurgical recoveries of 55% Ag, 80% Zn and 80% Pb. The NSR formula for MNV copper-zinc zones is (Cu*69.739 + Ag*0.498 + Zn*12.956)*(1-NSRRoyalty%) using metallurgical recoveries of 95% Cu, 85% Ag and 67% Zn. The formulae include consideration of confidential current smelter contract terms, transportation costs and 1-3% net smelter return royalty payments. Metal price assumptions (in US$) used to calculate the NSR for all deposits are: $3.75/lb Cu, US$22.00/oz Ag, US$1.35/lb Zn and US$1.00/lb Pb. An exchange rate of MX$20 per US$1 is assumed. The NSR cut-off is based on operational mining and milling costs plus general and administrative costs. The Mineral Resource Estimate encompasses both the MNFWZ and the MNV. The Mineral Resource was estimated assuming underground mining by longhole stoping and post-pillar cut-and-fill with mineral processing by flotation. Mineral Resource estimates do not account for mining loss and dilution. All metals are reported as contained. 3. Peter Amelunxen, P. Eng., Senior Vice President, Technical Services at Capstone Copper is the Qualified Person responsible for the Mineral Resource estimates for the Santo Domingo, Iris, Iris Norte and Estrellita deposits, effective March 31, 2024. Mineral Resources for the Santo Domingo, Iris and Iris Norte deposits are reported using a net smelter return (NSR) cut-off value of US$9.85/t. NSR is calculated using average long-term prices of US$4.10/lb Cu, US$1,600/oz Au, and Fe prices that depend on the expected grade of the Fe concentrate (US$94.75/dmt or $129.77/dmt or $140.26/dmt Fe concentrate). Mineral Resources are constrained by preliminary pit shells derived using a Lerchs–Grossmann algorithm and the following assumptions: pit slopes 36.3°- 47.9°; mining cost is calculated using a function that depends on where the material comes from (Santo Domingo or Iris Norte) and its destination (dumps, plant or stock); processing cost based on Fe concentrate routing code (including G&A costs); processing recovery based in the recovery equations for copper, gold, and iron as detailed above. For the Estrellita deposit,Mineral Resources are reported using an NSR cut-off value of US$9.63/t. NSR is calculated using average long-term prices of US$4.10/lb Cu and US$1,600/oz Au; only copper, and gold were considered in the NSR calculation(iron was excluded). Estrellita Mineral Resources are constrained by preliminary pit shells generated using a Lerchs–Grossmann algorithm and the following assumptions: pit slopes 43º; mining cost of US$1.55/t, processing cost of US$9.46/t (including G&A cost); processing recovery are calculated based in the recovery curves for copper and gold. The average Iron grades for the Project (Total Indicated, Total Measured plus Indicated, and Total Inferred Resources) cannot be calculated because Estrellita does not contain iron resources. 4. Peter Amelunxen, P. Eng., Senior Vice President, Technical Services at Capstone Copper is the Qualified Person responsible for the Mineral Resource estimates at the Mantoverde Mine effective December 31, 2024. Mineral Resources are reported on a 100% basis. The attributable percentage to Capstone Copper is 69.993%. COG varies per zone and recovery process:Flotation: Sulphide: TCu ≥ 0.20% and oxidation state=3, Mixed: TCu ≥ 0.20% and SCu/TCu ≤ 50% and oxidation state=2.Dump Leach: Oxide: 0.10% ≤ SCu < 0.20% and oxidation state=1, Mixed 0.10% ≤ SCu < 0.20% and SCu/TCu > 50% and oxidation state=2.Heap Leach: Oxide: SCu ≥ 0.20% and oxidation state=1, Mixed: SCu ≥ 0.20% and SCu/TCu > 50% and oxidation state=2.Flotation recovery is based on a geometallurgical model, 90.44%TCu and 67.87% Au average for Sulphides and 72.77% TCu and 61.73% Au average for Mixed. Heap Leach recovery is based on operating data, expressed in algorithms per mineral model zone considering both SCu and CaCO₃ grades. The average heap leach recovery is 67.64% SCu, with an additional 50% metal recovered achieved through the bioleaching process. For dump leaching, the recovery averages 38.9% SCu, based on operational data. Dump recovery is 37.74%SCu (based on operating data). The Mineral Resource pit is based on $4.00/lb Cu and $1,700/oz Au based on long-term forecast pricing. 5. Ronald Turner, MAusIMM (CP), a WSP employee, is the independent Qualified Person responsible for the Mineral Resource in the Mantos Blancos Mine Technical Report effective November 29, 2021. Luis Tapia Hurtado, CP CMC, Resource and Reserve Evaluation Geologist at Mantos Copper, oversaw depletion of the Mineral Resource for mining activities as at December 31, 2024 with Direct Supervision by Guillermo Pareja, P.Geo. Mineral Resources are reported on a 100% basis. The attributable percentage to Mantos Copper Holding SpA is 99.993%. COG varies by metallurgical process: Flotation at 0.22% Insoluble Cu, Dump Leach at 0.10% Soluble Cu. The Mineral Resource pit is based on US$3.75/lb Cu and US$20.00/oz Ag. Flotation recovery is based on a geometallurgical model, 83.4% TCu and 70.7% Ag as average. Dump recovery is based on average operational data at 42.4% SCu. Through the Osisko silver production agreement, Osisko Gold has the right to buy 100% of the silver production in concentrate, less specified deductions, until reaching 19.3 million ounces and subsequently 40% paying 92% of the market price. The stockpile includes 3,490 kt of Indicated Mineral Resource at 0.44% TCu. TCu SCu Zn Pb Mo Ag Au Fe Co S Cu Zn Pb Mo Ag Au Fe3 Co3 % % % % % g/t g/t % ppm % kt kt kt kt koz koz mt kt Pinto Valley1 Measured 591,760 0.33 - - - 0.006 - - - - - 1,941 - - 36 - - - - 31-Dec-2024 Indicated 762,630 0.26 - - - 0.005 - - - - - 2,006 - - 38 - - - - M&I 1,354,391 0.29 - - - 0.005 - - - - - 3,947 - - 74 - - - - Inferred 149,793 0.27 - - - 0.006 - - - - - 410 - - 9 - - - - Cozamin2 Measured 400 1.25 - 1.23 0.40 - 53.8 - - - - 5 5 2 - 692 - - - 31-Dec-2024 Indicated 19,208 1.39 - 1.12 0.41 - 44.3 - - - - 268 215 79 - 27,377 - - - M&I 19,608 1.39 - 1.12 0.41 - 44.5 - - - - 273 220 80 - 28,069 - - - Inferred 13,634 0.72 - 1.83 0.75 - 38.9 - - - - 98 249 102 - 17,054 - - - Measured 134,000 0.51 - - - - - 0.07 26.9 - - 679 - - - - 293 36 - Indicated 413,000 0.25 - - - - - 0.03 n/a - - 1,025 - - - - 449 95 - 31-Mar-2024 M&I 547,000 0.31 - - - - - 0.04 n/a - - 1,704 - - - - 742 131 - Inferred 230,000 0.21 - - - - - 0.03 n/a - - 477 - - - - 200 46 - Mantoverde4 Measured 185,499 0.57 - - - - - 0.10 - 179 - 1,057 - - - - 596 - 33 Sulphides Indicated 329,324 0.41 - - - - - 0.10 - 134 - 1,350 - - - - 1,058 - 44 (Flotation) M&I 514,823 0.47 - - - - - 0.10 - 150 - 2,407 - - - - 1,654 - 77 Inferred 553,070 0.37 - - - - - 0.08 - 62 - 2,046 - - - - 1,423 - 34 Sulphides Mixed Measured 36,350 0.47 - - - - - 0.09 - 87 - 171 - - - - 105 - 3 (Flotation) Indicated 37,263 0.37 - - - - - 0.09 - 103 - 139 - - - - 108 - 4 M&I 73,613 0.42 - - - - - 0.09 - 95 - 310 - - - - 213 - 7 Inferred 17,781 0.29 - - - - - 0.06 - 30 - 52 - - - - 34 - 1 Oxides + Mixed Measured 97,226 0.46 0.35 - - - - - - - - 340 - - - - - - - (Heap Leach) Indicated 61,945 0.40 0.30 - - - - - - - - 186 - - - - - - - M&I 159,171 0.44 0.33 - - - - - - - - 526 - - - - - - - Inferred 11,168 0.37 0.28 - - - - - - - - 31 - - - - - - - Oxides + Mixed Measured 148,074 0.22 0.15 - - - - - - - - 222 - - - - - - - (Dump Leach) Indicated 149,594 0.21 0.14 - - - - - - - - 209 - - - - - - - M&I 297,668 0.21 0.14 - - - - - - - - 431 - - - - - - - 31-Dec-2024 Inferred 58,610 0.22 0.14 - - - - - - - - 82 - - - - - - - Mantos Blancos5 Measured 81,704 0.73 - - - - 5.64 - - - - 596 - - - 14,815 - - - Sulphides + Mixed Indicated 95,434 0.57 - - - - 4.18 - - - - 539 - - - 12,832 - - - (Flotation) M&I 177,138 0.64 - - - - 4.85 - - - - 1,135 - - - 27,647 - - - Inferred 13,768 0.48 - - - - 3.74 - - - - 66 - - - 1,656 - - - Oxides + Mixed Measured 17,339 - 0.35 - - - - - - - - 61 - - - - - - - (Dump Leach) Indicated 98,925 - 0.16 - - - - - - - - 159 - - - - - - - M&I 116,264 - 0.19 - - - - - - - - 220 - - - - - - - 31-Dec-2024 Inferred 20,411 - 0.17 - - - - - - - - 35 - - - - - - - 10,952 220 80 74 55,717 2,609 131 84 3,298 249 102 9 18,710 1,657 46 35 Santo Domingo3 TOTAL MEASURED & INDICATED MINERAL RESOURCES TOTAL INFERRED MINERAL RESOURCES MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL Category kt 50
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 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 copper grade in percent sent to the mill for metallurgical recovery by flotation. Grade SCu% refers to soluble copper grade in percent sent to the leaching processes. Grade ICu% refers to insoluble copper grade in percent, based on TCu% minus SCu%. All Mineral Reserve estimates take into account dilution and mining recovery factors. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. All amounts in US$ unless otherwise specified. Stockpiled material is included in the Mineral Reserves, described below. See Technical Reports filed under Capstone Coppers’s profile on SEDAR+ for further information. 1. Clay Craig, P.Eng., Director, Mining & Strategic Planning at Capstone Copper, is the Qualified Person responsible for the Pinto Valley Mineral Reserve estimate as at December 31, 2024. Economic inputs to the block model were $3.00/lb per pound copper, $10.00/lb molybdenum, 86.0% average Cu recovery, 8.5% average Mo recovery, $1.68/tonne average mining costs, $1.13/tonne G&A costs, $0.88/tonne Ops Support costs, $4.67/tonne milling costs, and pit slopes by rock type. The Mineral Reserve is reported at a COG of 0.19% copper. Stockpiled material is included as Proven Mineral Reserve. Pinto Valley Mine is an open-pit mine with mineral processing by flotation. 2. Clay Craig, P.Eng., Director, Mining & Strategic Planning at Capstone Copper, is the Qualified Person for the Cozamin Mine Mineral Reserve as at December 31, 2024. The Mineral Reserve is reported within fully diluted mineable stope shapes generated by the Deswik Mineable Shape Optimiser software. Mining methods include long-hole stoping and cut-and-fill methods. The Mineral Reserve is reported at or above a blended cut-off of US$60.54/t NSR for long-hole stoping, US$65.55/t NSR for cut-and-fill methods, and US$82.78/t NSR for MNV West cut-and-fill and long-hole stoping. The NSR cut-off is based on operational mining and milling costs plus general and administrative costs. The NSR formulae vary by zone. Four separate NSR formulae are used based on zone mineralization and metallurgical recoveries. Copper-silver dominant zones use the NSR formula: (Cu*66.638 + Ag*0.484)*(1-NSRRoyalty%), except the MNV West copper-silver zone, which uses the formula (Cu% * $70.724 + Ag g/t * $0.484) * (1-NSRRoyalty%)). MNFWZ zinc-silver zones use the NSR formula: (Ag*0.290 + Zn*13.723 + Pb*13.131)*(1-NSRRoyalty%). MNV zinc- silver dominant zones use the NSR formula: (Ag*0.228 + Zn*12.121 + Pb*11.363)*(1-NSRRoyalty%). Metal price assumptions of Cu = US$3.55/lb for MNV and MNFWZ, Cu $3.75/lb for MNV West, Ag = US$20.00/oz, Pb = US$0.90/lb, Zn = US$1.15/lb and metal recoveries of 96% Cu, 86% Ag, 0% Pb and 0% Zn in copper-silver dominant zones, 0% Cu, 61% Ag, 93% Pb and 88% Zn in MNFWZ zinc-silver dominant zones, and 0% Cu, 56% Ag, 80% Pb and 77% Zn in MNV zinc-silver dominant zones. The formulae include consideration of confidential current smelter contract terms, transportation costs and 1–3% net smelter return royalty payments. Royalties are dependent on the mining concession, and are treated as costs in the Mineral Reserve estimates. Totals may not sum due to rounding. 3. Peter Amelunxen, P.Eng., Senior Vice President, Technical Services at Capstone Copper is the Qualified Person responsible for the Santo Domingo Project Mineral Reserve effective March 31, 2024. Mineral Reserves are reported as constrained within Measured and Indicated Resources and pit designs optimized using the following economic and technical parameters: metal prices of US$3.75/lb Cu, US$1,400/oz Au and Fe prices ranging from US$69/dmt to US$114.51/dmt based on the Fe grade in concentrate (net of Fe concentrate transport costs); average recovery to concentrate is 90.1% for Cu and 56.3% for Au, with magnetite concentrate recovery varying on a block-by-block basis; copper concentrate treatment charges of US$80/dmt, U$0.08/lb of copper refining charges, US$5.0/oz of gold refining charges, US$40/wmt and US$25.75/dmt for shipping copper and iron concentrates respectively; waste and ore mining cost of $1.55/t and process and G&A+SUSEX of US$9.77/t processed; average pit slope angles that range from 36.3° to 47.9°; a 2% royalty rate assumption and an assumption of 100% mining recovery. No formal production has occurred from the Santo Domingo property area. 4. Peter Amelunxen, P. Eng., Senior Vice President, Technical Services at Capstone Copper is the Qualified Person responsible for the Mineral Reserve at the Mantoverde Mine effective December 31, 2024. Mineral Reserves are reported on a 100% basis as constrained within Measured and Indicated Resources and pit designs included within the mine schedule. The attributable percentage to Capstone Copper is 69.993%. The block model is considered to be fully diluted and no dilution or mining losses are applied. The pit designs and mine plan were optimized using assumed metal prices of $3.50/lb Cu and $1,500/oz Au. Mineral Reserves for flotation are estimated above a 0.20% Total Copper (TCu) cut-off. Mineral Reserves for leach are estimated above a 0.10% Soluble Copper (SCu) cut-off for Dump leach, with a variable Heap cut-off between 0.16% and 0.21% SCu to reflect ore availability. Leach-grade material mined after 2037 was scheduled as waste. LOM feed to flotation averaged 87.7% total copper recovery and 65.3% gold recovery. Average heap leach recovery applied in Mine Planning was 71.5% of SCu and 50% of ICu, where ICu = TCu – SCu. Average dump leach recovery applied was 38.0% of SCu. Mineral Reserves considered the following average costs: mining cost of $1.87 per tonne moved; $10.11/t flotation processing+tails+G&A; $0.31/lb TC/RC+freight for flotation; $10.14/t heap+G&A; $1.78/t dump leach; $0.35/lb SX/EW costs; and $0.05/lb cathode selling cost. Heap leach Reserve figures include the costs and benefits of bioleaching; the contained metal reported in the table considers SCu only. This excludes insoluble copper, of which a portion is expected to be recovered from bioleaching in the heap leach process. Inter-ramp angles in rock vary from 52° to 59°. The LOM strip ratio is 2.7:1. 5. Carlos Guzman, RM CMC, FAusIMM, an employee of NCL, is the independent Qualified Person responsible for the Mineral Reserve in the Mantos Blancos Technical Report effective November 29, 2021. Clay Craig, P.Eng., Director, Mining & Strategic Planning at Capstone Copper, oversaw depletion of the Mineral Reserve for mining activities as at December 31, 2024. The Mineral Reserve is based on average off-site costs (selling cost) of US$0.297/lb for sulphides and US$0.60/lb for oxides. Mineral Reserves are contained within an optimized pit shell. The estimated Mineral Reserves are reported using metal prices of US$3.50/lb Cu and US$20/oz Ag. Mining will use conventional open pit methods and equipment and a stockpiling strategy (direct mining costs are estimated at an average US$1.99/t of material mined). Processing costs average US$14/t of milled material, including concentrator, tailings storage facility and port costs. Processing cost for material sent to dump leach is US$2.26/t. TCu recovery averages 83.1% for sulphides and silver recoveries average 79.5%. SCu recovery of 42% was used in mine planning for material sent to the dump leach. Inter-ramp angles vary from 36˚ to 54˚in the sulphide zones and from 31˚ to 36˚ in the oxide zones . The life-of-mine strip ratio is 4.2 to 1 for the sulphide zones and 4.4 to 1 in the oxide zones. Through the Osisko silver production agreement, Osisko Gold has the right to buy 100% of the silver production in concentrate (less specified deductions) until reaching 19.3 million ounces and subsequently 40% paying 92% of the market price. Stockpiled material is included in the Probable Mineral Reserve. 51 TCu SCu ICu Zn Pb Mo Ag Au Fe Cu Zn Pb Mo Ag Au Fe3 % % % % % % g/t g/t % kt kt kt kt koz koz Mt Pinto Valley1 Proven 216,001 0.34 - - - - 0.007 - - - 726 - - 15 - - - 31-Dec-2024 Probable 103,885 0.28 - - - - 0.006 - - - 292 - - 6 - - - Total 319,886 0.32 - - - - 0.007 - - - 1,017 - - 21 - - - Cozamin2 Proven - - - - - - - - - - - - - - - - - 31-Dec-2024 Probable 8,084 1.52 - - 0.64 0.36 - 43.0 - - 123 52 29 - 11,181 - - Total 8,084 1.52 - - 0.64 0.36 - 43.02 - - 123 52 29 - 11,181 - - Santo Domingo3 Proven 130,945 0.52 - - - - - - 0.07 27.2 675 - - - - 291 13 Probable 305,111 0.25 - - - - - - 0.04 26.2 761 - - - - 346 56 31-Mar-2024 Total 436,056 0.33 - - - - - - 0.05 26.5 1,435 - - - - 637 68 Mantoverde4 Proven 213,176 0.56 - - - - - - 0.10 - 1,194 - - - - 685 - Sulphides + Mixed Probable 182,299 0.40 - - - - - - 0.09 - 729 - - - - 527 - (Flotation) Total 395,475 0.49 - - - - - - 0.10 - 1,923 - - - - 1,213 - Oxides Proven 136,813 0.30 0.21 - - - - - - - 287 - - - - - - (Dump+Heap Leach) Probable 84,860 0.27 0.19 - - - - - - - 161 - - - - - - 31-Dec-2024 Total 221,673 0.29 0.21 - - - - - - - 449 - - - - - - Mantos Blancos5 Proven 57,000 0.75 0.09 0.66 - - - 6.02 - - 427 - - - 11,029 - - Sulphides + Mixed Probable 47,948 0.51 0.07 0.44 - - - 3.95 - - 246 - - - 6,089 - - (Flotation) Total 104,948 0.64 0.08 0.55 - - - 5.07 - - 673 - - - 17,118 - - Oxides + Mixed Proven 1,706 0.48 0.33 - - - - - - - 6 - - - - - - (Dump Leach) Probable 1,339 0.34 0.22 - - - - - - - 3 - - - - - - 31-Dec-2024 Total 3,046 0.43 0.28 - - - - - - - 9 - - - - - - 5,628 52 29 21 28,299 1,850 68TOTAL MINERAL RESERVES MINERAL RESERVES CONTAINED METAL Category kt
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Sierra Norte Historical Mineral Resources 52 Category Tonnes (Mt) CuT % CuS % Copper (kt) Carmen-Paulina Measured 7.5 0.47% 0.16% 35.5 Indicated 63.5 0.46% 0.10% 292.0 Inferred 25.1 0.40% 0.04% 101.5 Total 96.1 0.45% 0.09% 429.0 Esther Measured 0.7 0.42% 0.26% 3.0 Indicated 3.3 0.40% 0.24% 13.3 Inferred 0.1 0.35% 0.22% 0.3 Total 4.1 0.40% 0.24% 16.6 Economic Parameters for Mineral Resources: • Copper price: $3.00/lb • Mining cost: $1.69/t • Processing • Sulphide recovery: 91% • Sulphide processing cost: $7.26/t • Oxide (heap) recovery: 60% • Oxide (heap) processing cost: $8.12/t • Oxide (SX-EW) processing cost: $0.30/lb • Selling Costs • Concentrates: $0.41/lb • Cathodes: $0.04/lb Notes: 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 Wheeler with an effective date on April 29, 2016 prepared for Alxar S.A. The historical estimates are strictly historical in nature and are non compliant with NI 43-101 and should not be relied upon. A qualified person has not done sufficient work to classify the historical estimates as current “mineral resources”, as such term is defined in NI 43-101 and it is uncertain whether, following further evaluation or exploration work, the historical estimates will be able to report as mineral resources in accordance with NI 43-101. Capstone has not done sufficient work to classify the historical estimate as current mineral resources and is not treating the historical estimate as current mineral resources. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources reported using a cut-off grade of 0.2% with further economic extraction parameters outlined below. Mineral Resources reported by category; based on average spacing of drillholes and levels of confidence in the grade estimation. There are no more recent estimates or data available to Capstone. The Sierra Norte deposit will require further evaluation including drilling to verify the historical estimate as current mineral resources. Investors are cautioned not to place undue reliance on the historical estimates contained in this news release.
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CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 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 Slifirski, Director, Investor Relations, APAC Region (+61) 412-251-818, Melbourne, Australia Claire Stirling, Manager, Investor Relations +1-416-831-8908, Toronto, ON info@capstonecopper.com