Capstone Copper (CS) investor relations material

Executive summary

• Achieved sixth consecutive quarter of record adjusted EBITDA, reaching $329.1 million, up 83% year-over-year, driven by strong operations and high copper prices.

• Net income attributable to shareholders was $102.5 million ($0.13/share) in Q1 2026, reversing a net loss in Q1 2025.

• Q1 copper production totaled 48,000 tonnes, impacted by a 35-day strike at Mantoverde, but operational stability and strong cash generation were maintained.

• Net debt reduced to $738 million from $780 million at year-end 2025, with net debt to EBITDA at 0.7x.

• Exploration programs advanced, with Mantoverde drill campaign 94% complete and progress at Santo Domingo.

Financial highlights

• Revenue reached $652.5 million in Q1 2026, with consolidated copper production of 48,000 tonnes at a C1 cash cost of $2.66/lb.

• Record adjusted EBITDA of $329 million, up 83% year-over-year, and record adjusted net income of $95 million ($0.12/share).

• Gross margin per pound was $3.26 (55%), consistent with Q4.

• Operating cash flow before working capital was $217.9 million, up 31% year-over-year.

• Available liquidity over $1 billion, including $394 million cash and $652 million undrawn RCF.

Outlook and guidance

• 2026 copper production guidance unchanged at 200,000–230,000 tonnes, C1 cash cost $2.45–$2.75/lb.

• Sulphide business guidance: 165,000–190,000 tonnes at $2.10–$2.40/lb; cathode: 35,000–40,000 tonnes at $4.10–$4.40/lb.

• EBITDA guidance for 2026: $1.3–$1.7 billion at copper prices $5.50–$6.50/lb; 2027 EBITDA expected to grow 40% to $1.8–$2.3 billion.

• Mantoverde Optimized Project and Mantos Blancos Phase II progressing on schedule and budget, with Mantoverde ramp-up planned for Q4 2026.

• Santo Domingo sanctioning decision targeted for Q4 2026.