Capstone Copper (CS) investor relations material

Executive summary

• Q3 copper production was 45,218 tonnes; revenue rose 19% YoY to $712.0 million and adjusted EBITDA reached a record $358.3 million for the eighth consecutive quarter.

• Production was affected by planned and unplanned maintenance, weather and lower grades; full-year production is expected at the low end of guidance and costs at the high end.

• Mantoverde Optimized tie-ins were completed, San Pietro assets were acquired and a definitive agreement was signed to sell Cozamin for up to $385 million.

Financial highlights

• Q3 revenue was $712.0 million versus $598.4 million YoY; adjusted EBITDA was $358.3 million versus $249.2 million.

• Adjusted net income was $93.8 million, or $0.12/share, versus $49.4 million, or $0.06/share; reported net income was $98.5 million, or $0.13/share.

• Operating cash flow before working-capital changes was $329.1 million; free cash flow from operations was $63.7 million, up from $23.2 million YoY.

• Q3 gross margin was $3.66/lb and C1 cash costs were $2.95/lb; YTD gross margin was $3.44/lb and C1 cash costs were $2.81/lb.

Outlook and guidance

• FY 2026 copper production guidance is 200,000–230,000 tonnes and C1 cash cost guidance is $2.45–$2.75/lb; production is expected at the low end and costs at the high end.

• Q4 is expected to be the strongest production quarter, supported by the Mantoverde Optimized ramp-up and higher grades at Mantoverde and Mantos Blancos.

• 2026 capital expenditure guidance increased by $40 million to $830 million, largely reflecting capitalized stripping and Mantoverde mine-sequence changes.

• Santo Domingo sanctioning is targeted for Q1 2027; financing, detailed engineering and infrastructure evaluations continue, with a net debt/EBITDA target below 1.0x and liquidity above $500 million.

• 2027 Mantoverde cathode production is expected to be similar to 2026 at current acid prices; Pyrite Augmentation is expected online in early 2028.