Slides
Page 1
CAPSTONE COPPER CORP. | TSX : CS | ASX : CSC Q2 2026 Results Conference Call July 30, 2026 Mantoverde, Chile
Page 2
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 document (“Technical Information”) based on information contained in the technical reports, Annual Information Form 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 "Mantoverde Mine, NI 43-101 Technical Report and Feasibility Study, Atacama Region, Chile" effective July 1, 2024, “Santo Domingo Project, NI 43-101 Technical Report and Feasibility Study Update, Atacama Region, Chile” effective July 31, 2024, "NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, "Mantos Blancos Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" effective November 29, 2021, and “NI 43-101 Technical Report on the Pinto Valley Mine, Arizona, USA” effective March 31, 2021. The disclosure of Scientific and Technical Information in this document was reviewed and approved by Peter Amelunxen, P.Eng., Senior Vice President, Technical Services (technical information related to project updates at Santo Domingo and Mineral Resources and Mineral Reserves at Mantoverde), 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 Mineral Reserves and Resources at Mantos Blancos) all Qualified Persons under NI 43-101. ADDITIONAL REFERENCE MATERIALS Refer to the Company’s news release of July 30, 2026 and MD&A and Financial Statements for the three and six months (Q2 2026) ended June 30, 2026, for full details to the information referenced throughout this presentation.
Page 3
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 the Company's expectations or beliefs regarding future events. The Company's Sustainable Development Strategy goals and strategies are based on a number of assumptions, including, but not limited to, the reliability of data sources; the biodiversity and climate-change consequences; availability and effectiveness of technologies needed to achieve the Company's sustainability goals and priorities; availability of land or other opportunities for conservation, rehabilitation or capacity building on commercially reasonable terms and the Company's 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, adjustments to the goals based on factors including but not limited to growth and data restatements, the Company's ability to successfully implement new technology; and the performance of new technologies in accordance with the Company's expectations. Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to, statements with respect to the estimation of Mineral Resources and Mineral Reserves, the results of the Optimized Mantoverde Development Project ("MV Optimized") 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 Study, the timing and success of the Mantoverde - Santo Domingo Cobalt Feasibility Study, the 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 the Feasibility Study for processing Santo Domingo’s oxides, the timing and results of exploration and potential opportunities at Sierra Norte, the timing and results of the Technical Report outlining Proven and Probable Reserves at Sierra Norte, the timeline for financial investment decision ("FID") on Santo Domingo, the completion of the Orion Transaction, 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 success of the Company's mining operations, the continuing success of mineral exploration, the estimations for potential quantities and grade of inferred resources and exploration targets, the Company's ability to fund future exploration activities, the Company's 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 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, the Company's estimates of available liquidity, and the risks included in the Company's continuous disclosure filings on SEDAR+ at www.sedarplus.ca. The impact of global events such as pandemics, geopolitical conflict, or other events, on Capstone Copper depends on various factors outside the Company's 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 arising from such events, supply chain delays resulting in lack of availability of supplies, goods and equipment, and evolving restrictions on mining activities and to travel in certain jurisdictions in which we operate. In certain cases, forward-looing 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 the Company's 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 risk factors include, 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, the Company's ability to raise capital, the Company's ability to acquire properties for growth, counterparty defaults, (including with respect to Orion), use of financial derivative instruments, foreign currency exchange rate fluctuations, counterparty risks associated with sales of the Company's metals, market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies, tariffs, and geopolitical conflict (including war), availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, the realization of 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, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's 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 the Company's 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 the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, potential delays or disruptions in equipment maintenance and operational continuity, the ability to transport the Company's 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, increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's 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 the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's 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, the Company's ability to integrate new acquisitions and new technology into the Company's 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 the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.
Page 4
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Today’s Attendees 4 Cashel Meagher President & CEO Raman Randhawa SVP & CFO Jim Whittaker SVP & COO Wendy King SVP, Risk, ESG & General Counsel Daniel Sampieri VP, Investor Relations Peter Amelunxen SVP, Technical Services
Page 5
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Q2 2026 Highlights 5 1 This is an alternative performance measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. C1 cash costs (US$/payable lb Cu produced). 2 Mantoverde production shown on a 100% basis. 3 Pinto Valley’s cathode production is included in Pinto Valley’s sulphides production. • Record Adjusted EBITDA1 for the 7th consecutive quarter of $354M • Net debt of $675M (vs. $738M at Q1/26); net debt to EBITDA of 0.5x (vs. 0.7x at Q1/26) • Achieved record quarterly sulphide production of 18.2 kt at Mantoverde • Submitted Phase II EIA permit and signed new 3-year agreements with unions at Mantos Blancos • Released 2025 Sustainability Report • 2026 guidance unchanged Q2 2026 H1 2026 Cu Production (tonnes) C1 Cash Costs1 (US$/lb Cu) Cu Production (tonnes) C1 Cash Costs1 (US$/lb Cu)Sulphide Business Mantoverde2 18,190 $0.86 31,923 $1.06 Mantos Blancos 9,600 $3.93 20,101 $3.34 Pinto Valley3 10,047 $4.17 20,758 $3.80 Cozamin 5,745 $1.52 11,675 $1.11 Total Sulphides 43,582 $2.39 84,457 $2.28 Cathode Business Mantoverde2 5,295 $5.64 10,580 $5.70 Mantos Blancos 2,882 $3.95 4,682 $4.07 Total Cathodes 8,177 $5.04 15,262 $5.20 Consolidated 51,759 $2.82 99,719 $2.74 Q2 2026 Highlights 216 249 308 329 354 40% 42% 45% 50% 48% 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 350 400 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Quarterly Adj. EBITDA1 (US$M) and Adj. EBITDA Margin (%) 50% 20% 14% 16% YTD Adj. EBITDA1 Contribution by Site (%) Mantoverde Mantos Blancos Pinto Valley Cozamin
Page 6
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Q2 2026 Production (tonnes; contained) 51,759 Sales (tonnes) 50,651 Realized copper price1 (US$/lb) $6.22 LME average copper price (US$/lb) $6.05 C1 cash costs1,2 (US$/lb) $2.82 Gross Margin (US$/lb) $3.40 Revenue (US$M) $739.7 Adj. EBITDA1 (US$M) $354.0 Operating cash flow* (US$M) $259.7 Adj. Net Income1,3 (US$M) $97.6 Adj. EPS1 (US$/share) $0.13 Q2 2026 Financial Highlights 6 *Before changes in working capital 6 Copper production of 51,759 tonnes includes record sulphide production from Mantoverde Realized copper price of $6.22/lb increased by 5% q/q and 42% y/y and was above the LME average copper price for the quarter Record adjusted EBITDA1 of $354.0 million increased 8% q/q and 64% y/y; marks 7th consecutive quarter of record EBITDA following ramp-ups at Mantoverde & Mantos Blancos amidst rising copper prices Operating cash flow*1 of $259.7 million increased 22% y/y driven by higher realized copper prices Adjusted net income of $97.6 million and adjusted EPS of $0.13/share increased from $27.5 million and $0.04/share respectively y/y driven by increased earnings from mining operations 1 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. 2 C1 cash costs (US$ per payable lb Cu produced). 3 Adjusted net income is attributable to shareholders. A B B C C A D D E E
Page 7
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Continued Improvement in Financial Position Strong Operating Cash Flows Contribute to $63M Reduction in Net Debt Over Q2 7 $738 -$260 -$19 $100 $80 $10 $26 Net Debt March 31, 2026 Operating Cash Flow Working Capital Changes Sustaining Capital Growth Capital & Exploration Interest Paid Leases and Other Net Debt June 30, 2026 $- $100 $200 $300 $400 $500 $600 $700 $800 Net Debt* at March 31, 2026 Operating Cash Flow1 Working Capital Changes Sustaining Capital & Capitalized Stripping Expansionary Capital & Capitalized Exploration Interest Paid Other Net Debt* at June 30, 2026 *This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. 1 Before changes in working capital. Consolidated Net Debt Waterfall between March 31 and June 30, 2026 (US$M)* $675
Page 8
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Consolidated Attributable Cash & cash equivalents $367 $281 Long-term Debt2 $1,042 $918 Net Debt $675 $637 Net Debt / TTM EBITDA 0.5x 0.6x $367M $715M Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth 8 *Available Liquidity and adjusted EBITDA is a Non-GAAP and Other Performance Measures; shown on a consolidated basis (100% of Mantoverde) unless noted as attributable. 1 As at June 30, 2026. Figures include rounding. 2 Includes $47.0 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. 3 Based on mid-point of 2026 production/cost guidance, plus Mantoverde Optimized and Santo Domingo at $6.00/lb Cu price. Santo Domingo project 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 $3,000/oz gold price. Net Debt1 (US$M) Available Liquidity*,1 (US$M) $1,083M Cash & cash equivalents RCF Capacity Net Debt / TTM EBITDA* Adjusted EBITDA: Trailing Twelve Months (US$M)* 260 496 953 1,240 ~2.9B YE/23 YE/24 YE/25 Q2/26 Future Growth at $6/lb Cu 3.6x 1.5x 0.8x 0.5x YE/23 YE/24 YE/25 Q2/26 3
Page 9
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Reaffirming 2026 Production & Cost Guidance Building On Our Accomplishments from H1 2026 91 2026 guidance and key assumptions can be found on page 25 of this presentation. 2 Represents portion of H1/26 actual production vs the mid-point of 2026 site-level guidance. Mantoverde 2026 Guidance: 89 - 102 kt On track, with higher sulphide grades and throughput expected in H2, including the tie-in and ramp up of MV-O H1: 42.5 kt Mantos Blancos 2026 Guidance: 48 - 56 kt On track, with slightly higher production expected in H2 H1: 24.8 kt Pinto Valley 2026 Guidance: 42 - 48 kt Trending towards the lower end driven by unplanned maintenance; expected to improve in H2 following shutdown H1: 20.8 kt Cozamin 2026 Guidance: 21 - 24 kt Trending towards the upper end on strong performance H1: 11.7 kt Focusing on Operational Execution: H2 copper production expected to be higher than H1 driven primarily by Mantoverde Advancing 2026 Key Priorities: Signed new three-year collective bargaining agreements with all unions at Mantoverde and Mantos Blancos Submitted MB Phase II EIA permit Release MB Phase II Study Complete MV-O Project Santo Domingo Sanctioning Decision 2 1 1 1 1 2 2 2
Page 10
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Proactive Initiatives to Reduce Input-Cost Exposure Mitigating cost pressures, protecting margins and maximizing cash flows 10 1 Assumes consumption of ~90M litres of diesel over the remainder of 2026 (July onwards), 75% in Chile, 24% in the USA and 1% in Mexico. Diesel hedges based on US Gulf Coast price of $3.11/g for Chile and a NYMEX Heating Oil price of $3.20/g for the USA. 2 For every 10% change in diesel prices, in addition to the estimated ~$3.5 million impact on C1, there is an additional estimated ~$1.5M impact related to capitalized stripping from July onwards. 3 Assumes consumption of ~243kt of sulphuric acid over the remainder of 2026 (July onwards), 95% in Chile and 5% in the USA. The fixed price portion contracts are at an average price of $190/t CFR Chile. The remainder tied to variable pricing assumed $185/t CFR Chile in our 2026 guidance. 4 Represents ~10kg/t reduction in acid consumption and is based on 10 Mtpa of heap leach processing. Copper Markets remain strong, with $6.05/lb average LME copper price up 4% q/q and 40% y/y Supply our mines continue to operate normally, with no direct supply impacts to our operations Costs Impacts of input costs mitigated by stronger by-products and margin protection initiatives Significantly reduced exposure to diesel and sulphuric acid cost volatility: Hedging: locked-in ~42% of H2 2026 diesel consumption when geopolitical tensions eased ~40% hedged in Chile and ~50% in USA Mine plan optimization: prioritizing lower-cost sulphide production at Mantoverde Reduced expected sulphuric acid consumption by ~200kt for 2026 Eliminated need for spot market sulphuric acid purchases at Mantoverde Absolute cost reduction: Mantoverde Pyrite Augmentation project Expected to reduce heap leach sulphuric acid consumption by ~20% per year4 Remaining 2026 Exposure Portion Fixed (July Onwards) Cost Sensitivity Diesel ~90M litres 42% +/-$0.10/L = $0.01/lb C1 or $3.5M2 Sulphuric Acid3 ~243k tonnes 80% +/-$25/t = <$0.01/lb C1 or $1M
Page 11
Operations 11CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Pinto Valley Open Pit Q2 2026
Page 12
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantoverde: Q2 2026 Update 12 1 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. 2 C1 cash costs (US$ per payable lb Cu produced). 3 Per latest Mantoverde Technical Report, recovery range based on first 10 years of mine plan. Q2 2026 H1 2026 2026 Guidance Copper Sulphide Production (tonnes) 18,190 31,923 64,000 - 74,000 Copper Cathode Production (tonnes) 5,295 10,580 25,000 - 28,000 Total Copper Production (tonnes) 23,485 42,503 89,000 - 102,000 Total Gold Production (ounces) 8,930 15,984 Not provided Sulphide C1 Cash Cost1,2 (US$/lb) $0.86 $1.06 $1.25 - $1.55 Cathode C1 Cash Cost1,2 (US$/lb) $5.64 $5.70 $4.60 - $4.95 Combined C1 Cash Cost1,2 (US$/lb) $1.97 $2.25 $2.20 - $2.50 • Sulphides: • Record throughput of 36.3 ktpd (+13% vs. design); June 40.4 ktpd • Strong recoveries of 90.2% in Q2 • Copper grades of 0.61% impacted by mine sequence • Heap leach cathode production reduced to maximize cash flow due to elevated sulphuric acid prices • Record low combined C1 cash costs of $1.97/lb 2026 Outlook: • Planned maintenance: ~15 days in Q3 (MV-O tie-in) • MV-O ramp-up planned for Q4 • Higher sulphide copper grades expected in H2 18 25 31 32 27 23 28 36 0.0 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2025/2026 Average Quarterly Sulphide Plant Throughput (ktpd) 15-Day shutdown Unplanned motor maintenance 35-day strike action Planned maintenance Design throughput: 32 ktpd3 68 74 82 78 86 84 90 90 0 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 2025/2026 Average Quarterly Sulphide Plant Recoveries (%) Mining through transition zoneDesign recovery: 87 - 91%3
Page 13
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC MV-Optimized Capital-Efficient Brownfield Expansion Project capital estimate and timelines unchanged 13 Note: All currency values shown in U.S. dollars unless otherwise stated; Refer to the Mantoverde Optimized Feasibility Study press release (October 1, 2024) and the Mantoverde Development Project Feasibility Study press release (January 5, 2022), as well as the Mantoverde Optimized Sanctioning press release (August 8, 2025). Mantoverde operational and financial information shown on a 100%-basis. 1 Based on $4.10/lb Cu price and $1,800/oz Au price 2 Reflects the first 10-years of production. $176M Initial Capex for Brownfield Expansion Opportunity Incremental Avg. Annual Copper Production(2) +20ktpa Capital intensity per tonne of incremental annual Cu equivalent production(1) ~$9,000/t Delivery of new pumps Flotation area construction Construction in the TSF area
Page 14
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 14 ~3,500 tpa incremental Cu production from mill tailings, unlocks future Co production ~20% or ~90kt reduction in heap leach sulphuric acid requirements per year ~$45M initial capital estimate Early 2028 project completion Mantoverde Pyrite Augmentation Project Lowering operating costs while increasing copper production 1 2 Note: All currency in U.S. dollars unless otherwise stated; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. Mantoverde operational and financial information shown on a 100%-basis. 1 Represents ~10kg/t reduction in acid consumption and is based on 10 Mtpa of heap leach processing. 2 Expected to be incurred over the course of 2027. 3 CFR Chile sulphuric acid prices. 4 Includes incremental processing operating cost estimated at $0.22/t sulphide ore processed. 3D rendering of proposed pyrite plant design Base Case Spot Case Assumptions: Copper Price (US$/lb) $5.00 $6.25 Sulphuric Acid Price (US$/t) $200 $475 After-Tax NPV (8%) (US$M) ~$200 ~$350 3 4
Page 15
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Mantos Blancos: Q2 2026 Update 15 Q2 2026 H1 2026 2026 Guidance Copper Sulphide Production (tonnes) 9,600 20,101 38,000 - 44,000 Copper Cathode Production (tonnes) 2,882 4,682 10,000 - 12,000 Total Copper Production (000s tonnes) 12,483 24,783 48,000 - 56,000 Sulphide C1 Cash Cost1,2 (US$/lb) $3.93 $3.34 $2.85 - $3.15 Cathode C1 Cash Cost1,2 (US$/lb) $3.95 $4.07 $2.80 - $3.10 Combined C1 Cash Cost1,2 (US$/lb) $3.93 $3.48 $2.85 – $3.15 1 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. 2 C1 cash costs (US$ per payable lb Cu produced). 3 Per latest Mantos Blancos Technical Report. • Sulphide plant throughput averaged 20.9 ktpd, above design rates • Sulphide Cu grades of 0.66%, in line with mine sequence expectations • Unit costs pressured by higher diesel and sulphuric acid prices, and lower production levels 2026 Outlook: • Planned maintenance: ~3 days in Q3 • PFS outlining the next phase of growth at Mantos Blancos expected towards the end of 2026 2024 - 2026 Throughput1 Performance (ktpd) Confidence in Achieving Design Throughput Rates Successful debottlenecking project and implementation of our Asset Management Framework have reduced variability in the milling process and led to a significant increase in overall throughput 14.1 19.6 19.1 21.3 18.1 21.4 19.7 20.9 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Design throughput: 20 ktpd3 Project tie-in completed Planned maintenance and Chile power outage in Feb. Planned and unplanned maintenance Planned maintenance
Page 16
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Pinto Valley: Q2 2026 Update 16 • Production impacted by unplanned downtime, mainly filter plant issues • Plant throughput +9% vs. Q1 • Strong grades of 0.32%, driven by mine sequence • C1 cash costs1,2 pressured by diesel inflation and higher contractor spend for unplanned maintenance • Asset Management Framework progressing to lift plant availability and throughput • September planned maintenance shutdown: primary crusher rebuild and filter plant upgrades • District consolidation potential under evaluation, which could unlock significant ESG opportunities and create value for stakeholders 2026 Outlook: • Planned major maintenance: ~10 days in Q3 (September) 1 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three months and six months ended June 30, 2026 for full details. 2 C1 cash costs (US$ per payable lb Cu produced). 3 Pinto Valley’s cathode production is included in Pinto Valley’s sulphides production. Q2 2026 H1 2026 2026 Guidance Copper Production3 (tonnes) 10,047 20,758 42,000 - 48,000 C1 Cash Cost1,2 (US$/lb) $4.17 $3.80 $3.00 - $3.30
Page 17
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC • Steady quarterly production; grades (1.88%) and recoveries (94.3%) in-line with expectations per mine sequence • Cash costs1,2 benefitted from strong by-product silver prices • 14,800 metre exploration program continued with two underground rigs, targeting step-outs up-dip and down-dip from the Mala Noche West Target and also down-dip of other historical Mala Noche Vein workings 2026 Outlook: • Production consistently weighted throughout the year Cozamin: Q2 2026 Update 17 1 This is a Non-GAAP and Other Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2026 for full details. 2 C1 cash costs (US$ per payable lb Cu produced). Q2 2026 H1 2026 2026 Guidance Copper Production (tonnes) 5,745 11,675 21,000 - 24,000 C1 Cash Cost1,2 (US$/lb) $1.52 $1.11 $1.55 - $1.85 $1.74 $1.78 $1.32 $1.10 2023 2024 2025 H1 2026 C1 Cash Costs (US$/lb) 1,2 $120 $128 $181 $118 2023 2024 2025 H1 2026 EBITDA (US$M) Strong operating margins driving robust H1 EBITDA Strong by-product production and silver prices driving strong H1 C1 cash costs1,2
Page 18
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 18 Safety & Sustainability Highlights Improved health and safety performance through the CuSafe HSE roadmap • Drove ~22% reduction in recordable injuries y/y Full participation in The Copper Mark across all sites Launched CS-wide Biodiversity and Social Performance Standards, and advanced water stewardship through Water Management Standard 2025 Sustainability Report Key Achievements Strengthened climate governance and risk assessment • Expanded Scope 3 data collection and strengthened internal controls • Increased renewable energy use to 24% vs 21% in 2024 Pinto Valley – Women in Mining Event Increased transparency and data systems maturity • Launched TSF platform • Achieved 80% conformance with GISTM, up from 48% in 2024 Mantoverde – Daily Safety Meeting at Start of Shift Improved employee turnover and proportion of women employees 1 2 1 TSF stands for Tailings Storage Facility. 2 GISTM stands for Global Industry Standard on Tailings Management.
Page 19
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 19 Growth & Exploration 19CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Santo Domingo Q2 2026
Page 20
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 20 Santo Domingo Path Forward Advancing Remaining Workstreams in Parallel Completed: Permitting 2023 and Prior 2024 Completed: Study Obtained required permits for the project Published updated Feasibility Study for Santo Domingo, highlighting a 24% post-tax IRR Completed: Joint Venture Partner 25% minority interest sale to Orion, representing next phase of a long- standing partnership In Progress: Balance Sheet Obtain optimal finance facility in collaboration with JV Partner In Progress: Financing Targeting <1.0x net debt to EBITDA (2) leverage and >$500M in liquidity (3) prior to project sanctioning Expected Sanctioning Decision 2025 Ongoing Through 2026 In Progress: Engineering & Optimization Progress detailed engineering; pursue infrastructure optimization opportunities and incremental copper production optionality Macro Markets Monitoring of global markets and broader economic conditions, copper price outlook, inflation and supply chains (1) 1 Reflects target balance sheet performance measures before proceeding with a sanctioning decision for Santo Domingo. 2 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. 3 Available liquidity is a non-GAAP Alternative Performance Measure. Please refer to Cautionary Note Non-GAAP and Alternative Performance Measures on page 2.
Page 21
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Q1 Q2 Q3 Q4 MB PHASE II STUDY SANTO DOMINGO FID MV-O CONSTRUCTION AND RAMP -UP MV PHASE II & SANTO DOMINGO/SIERRA NORTE EXPLORATION PROGRAMS 21 Upcoming 2026 Catalysts Executing peer-leading copper production growth, with a focus on safety, operational excellence and responsible production ~70% copper production growth ~30% reduction in cash costs 5 assets in top-tier jurisdictions >$1B liquidity, representing strong financial position +150 years of mine build and operations leadership experience *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 Represents consolidated production and C1 cash costs of ~375kt and ~$1.80/lb, including Mantoverde and Santo Domingo at a 100% basis, compared to 2026 guidance mid-points of 215kt and $2.60/lb. Santo Domingo not currently sanctioned for development. 2 As at June 30, 2026. *,2 1 1
Page 22
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Clear Path to Transformational Growth 22 $0.00 $0.75 $1.50 $2.25 $3.00 $3.75 0 100 200 300 400 500 2023 2024 2025 Near-Term Growth Future Growth C1 Cash Cost2 (US$/lb) Annual Copper Production (kt) ~265kt SANTO DOMINGO1 ~375kt 164kt MANTOVERDE1 MANTOS BLANCOS COZAMIN PINTO VALLEY Solid Foundation Improving production and unit costs over time Organic Growth Driven by MV-O and Santo Domingo 1 Mantoverde and Santo Domingo production numbers shown on a 100% basis. MV-O and Santo Domingo run-rate Production is based on first seven years average in most recently disclosed NI 43-101 Technical Reports. Includes near term growth driven by Mantoverde Optimized, an increase in copper grades at Mantos Blancos, and the normalization of throughput levels at Mantoverde and Pinto Valley. 2 This is a Non-GAAP and Other Performance Measure; refer to slide 2. C1 cash costs (US$ per payable lb Cu produced). 1 MV OPTIMIZED1 184kt 225kt Further organic Cu upside opportunities: • MB Phase II • MV Phase II • SD Oxides • Sierra Norte
Page 23
CAPSTONE COPPER CORP. | TSX : CS | ASX:CSC @capstonecopper www.capstonecopper.com Contact GENERAL ENQUIRIES Capstone Copper Corp. 2100 – 510 West Georgia Street 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 Relations 437-788-1767, Toronto, ON Michael Slifirski, Director, Investor Relations, APAC Region (+61) 412-251-818, Melbourne, Australia Claire Stirling, Manager, Investor Relations 416-831-8908, Toronto, ON info@capstonecopper.com
Page 24
Appendix 24CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC
Page 25
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 2026 Production and Cost Guidance Delivering reliable results from a portfolio of long-life assets in top-tier jurisdictions 25 1 This is an alternative performance measure; refer to the Company’s press release dated July 30, 2026. C1 cash costs (US$ per payable lb Cu produced). Key input assumptions include: CLP/USD: 875:1; MXN/USD: 18:1; Silver: $55/oz; Gold: $4,300/oz; Molybdenum: $20/lb 2 Mantoverde and Santo Domingo shown on a 100% basis. FY 2026 Cu Production (kt) C1 Cash Costs1 (US$/lb Cu) Sulphide Business Mantoverde2 64 – 74 $1.25 – $1.55 Mantos Blancos 38 – 44 $2.85 – $3.15 Pinto Valley 42 – 48 $3.00 – $3.30 Cozamin 21 – 24 $1.55 – $1.85 Total Sulphides 165 – 190 $2.10 – $2.40 Cathode Business Mantoverde2 25 – 28 $4.60 – $4.95 Mantos Blancos 10 – 12 $2.80 – $3.10 Total Cathodes 35 – 40 $4.10 – $4.40 Consolidated 200 – 230 $2.45 – $2.75 • Mantoverde • Expecting ~5kt higher sulphides and ~5kt lower cathodes as a result of cash flow optimization strategy • Planned maintenance: 5 days in Q2/26 15 days in Q3/26 (to complete MV-O tie-ins) • Mantos Blancos • Planned maintenance: 4 days in Q1/26 3 days in Q3/26 • Pinto Valley • Planned maintenance: 10 days in Q3/26 (primary crusher rebuild & filter plant upgrades) • Cozamin • Production equally weighted through 2026
Page 26
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC 2026 Capital Expenditures and Exploration Guidance Investing in a strong foundation of operating assets and a peer-leading growth pipeline 26 1 This is an alternative performance measure; refer to the Company’s press release dated July 30, 2026. C1 cash costs (US$ per payable lb Cu produced). Key input assumptions include: CLP/USD: 875:1; MXN/USD: 18:1; Silver: $55/oz; Gold: $4,300/oz; Molybdenum: $20/lb 2 Mantoverde and Santo Domingo shown on a 100% basis. Sustaining Capital (US$M) Expansionary Capital (US$M) Capital Stripping (US$M) Total (US$M) Capital Expenditures Mantoverde2 $100 $150 $100 $350 Mantos Blancos $50 $15 $65 $130 Pinto Valley $100 - $60 $160 Cozamin $20 - - $20 Santo Domingo2 - $60 - $60 Consolidated Capital (US$M) $270 $225 $225 $720 Total Exploration (US$M) $70 MV-SD District 74% MB 14% PV 7% Other 7% Pinto Valley Solar Array Santo Domingo Core Samples Exploration Expenditure Breakdown
Page 27
CAPSTONE COPPER CORP. | TSX:CS | ASX:CSC Capstone Balance Sheet Summary (as at June 30, 2026) 27 Balance Sheet Strength & Financial Flexibility With Disciplined Approach to Future Growth 1 Shown on a consolidated basis (Mantoverde at 100%), except where noted as attributable (Mantoverde at 70% ownership) 2 Weighted average based on published rate at June 30, 2026 3 Amortizing starting September 30, 2024 4 These are Alternative Performance Measures. Please refer to the Company’s MD&A for the period ended June 30, 2026 for more information 5 The variable rate on the RCF is 1M term SOFR, 3M term SOFR or 6M SOFR plus 10bps 6 The variable rate is daily SOFR, compounded to a quarterly interest rate, plus 26.161bps 7 The Term Loan is guaranteed by Mitsubishi Materials Corp. (“MMC”), our 30% joint venture partner at Mantoverde, and is not attributable to Capstone Copper. 8 1M SOFR 3.65%; 3M SOFR 3.73% US$M (1) Total Facility Size Interest Rate Tenor As at 30-Jun-26 As at 30-Jun-26 Attributable Available Liquidity(4) At 30-Jun-26 Revolving Credit Facility Capstone Corporate $1,000M Adjusted 1M SOFR(5) + 1.75%-2.75% May 2029 $285M $285M $715M Senior Unsecured Notes Capstone Corporate $600M 6.75% March 2033 $600M $600M – Mantoverde Term Loan Mantoverde Asset Level $145M 3M SOFR + 2.95% ⁽⁸⁾ June 2032 $110M –(7) – Mantoverde Cost Over-run Facility Mantoverde Asset Level $60M Adjusted SOFR(6) + 1.70% 2033(3) $47M $33M – Total Available / Drawn Debt $1,805M 6.38% (2) $1,042M $918M $715M Cash & Cash Equivalents $367M $281M $367M Net Debt(4) $675M $637M Net Debt / TTM EBITDA 0.5x 0.6x Total Liquidity(1) $1,082M Scheduled Debt Repayments (US$M) (as at June 30, 2026) 3 17 28 313 28 28 20 605 0 100 200 300 400 500 600 2026 2027 2028 2029 2030 2031 2032 2033 Revolving Credit Facility Senior Unsecured Notes Mantoverde Term Loan Mantoverde COF Outstanding maturities are long-dated (7)