Capstone Copper (CS) Corporate Presentation summary

Strategic growth and operational overview

• Five long-life assets in stable American jurisdictions underpin a pathway to ~400ktpa copper production with declining unit costs and strong financial flexibility, supported by over $500M in liquidity as of December 2024.

• 2025 priorities include operational excellence, Mantoverde Optimized (MV-O) permitting and construction, and deleveraging ahead of major capital projects.

• 2025 marks an inflection point with copper production guidance of 220–255kt (+29% YoY), C1 cash costs of $2.20–$2.50/lb (–15% YoY), and EBITDA guidance up 80% to $0.9B.

• Expansion and optionality projects across the portfolio target incremental copper production, mine life extension, and cost reductions, with key studies and permits expected through 2025–2026.

• Leadership transitions in 2025 will see the current CEO become Board Chair and the President & COO step into the CEO role, supported by a seasoned executive team.

Asset performance and development

• Mantoverde achieved commercial production in Q3 2024, exceeded nameplate capacity in January 2025, and is set for a $146M brownfield expansion to add ~20ktpa copper over a 25-year mine life.

• The Mantoverde Optimized Feasibility Study projects a post-tax NPV of $2.9B at $4.10/lb copper, with average annual production of ~120kt Cu and C1 cash costs of $1.82/lb.

• Santo Domingo is fully permitted, shovel-ready, and features a 19-year mine life, 106ktpa average copper production, and $0.28/lb C1 cash costs (by-product basis); financing and partnership processes are advancing.

• Mantos Blancos and Pinto Valley are pursuing throughput expansions and mine life extensions, with Mantos Blancos targeting a Phase II study in H2 2025 and Pinto Valley evaluating district consolidation.

• Cozamin is focused on mine-life extension and productivity improvements through selective mining and a new paste backfill plant.

Financial position and capital allocation

• Available liquidity stood at $506M and net debt at $742M (consolidated) as of December 2024, with a disciplined approach to capital allocation and a target of 1.0x net leverage ahead of major project sanctioning.

• EBITDA is highly sensitive to copper prices, with Mantoverde contributing 47% of 2025E EBITDA; cost structure is diversified across processing, power, labor, and consumables.

• 2025 capital expenditures include $255M sustaining, $60M expansionary, $210M capital stripping, and $25M exploration, with Mantoverde and Mantos Blancos as key investment areas.

• Santo Domingo’s $2.3B initial capex is expected to be funded through a mix of project finance, minority partner contributions, and internal cash flow.