Capstone Copper (CS) Corporate Presentation summary

Strategic positioning and portfolio overview

• Operates a diversified portfolio of five long-life copper assets in Chile, the US, and Mexico, all in top-tier mining jurisdictions at low elevations.

• Asset base is highly cash generative, supporting strong cash flow through copper price cycles.

• Maintains a strong balance sheet with over $500 million in liquidity and a net debt/EBITDA ratio of 1.5x post-Mantoverde Development Project (MVDP) build.

• Management team has a proven track record in responsible operations, exploration, and project execution.

• Focused on disciplined capital management and robust growth opportunities, including mine life extension and district-scale expansion.

Production growth and cost efficiency

• 2025 copper production guidance is 220–255 kt, a 29% increase from 2024, with consolidated C1 cash costs expected to decline by 15% to $2.20–$2.50/lb.

• Mantoverde Optimized (MV-O) brownfield expansion targets 120 ktpa copper at $1.82/lb C1 cash cost, with $146M capex and permitting expected by mid-2025.

• Mantos Blancos completed sulphide ramp-up and is evaluating a Phase II expansion to increase throughput to at least 27 ktpd.

• Pinto Valley and Cozamin mines are focused on mine-life extension, productivity improvements, and district growth studies.

• Santo Domingo, a fully permitted greenfield project, offers high-return, quick payback potential and is progressing toward optimal financing and partnership.

Asset-specific highlights

• Mantoverde achieved commercial production in Q3 2024, with a state-of-the-art desalination plant and ongoing expansion plans.

• Mantos Blancos is targeting increased sulphide and cathode production through brownfield expansion and tailings reprocessing.

• Pinto Valley is evaluating district consolidation and mine-life extension through resource inclusion and operational optimization.

• Cozamin extended mine life to 2030, with new mine plans and selective mining techniques to reduce costs and increase extraction.

• Santo Domingo’s updated feasibility study (July 2024) incorporates optimized mine plan, updated costs, and integration with Sierra Norte.