Capstone Copper (CS) Corporate presentation summary

Strategic growth and operational highlights

• Achieved approximately 22% copper production growth in 2025, driven by ramp-up at Mantoverde and Mantos Blancos, and set a strong foundation for 2026 with further expansion projects underway.

• Mantoverde Optimized brownfield expansion is progressing, targeting an incremental 20ktpa copper and extending mine life by six years with $176M initial capex.

• Santo Domingo project, fully permitted and shovel-ready, targets 106ktpa average annual copper production at $0.28/lb C1 cash costs, with a 24% IRR and a sanctioning decision expected in H2 2026.

• District-scale synergies between Mantoverde and Santo Domingo aim to unlock over 250ktpa low-cost copper production, leveraging shared infrastructure and processing capabilities.

• Exploration programs at Mantoverde, Santo Domingo, and Sierra Norte are advancing, with significant resource growth potential and a $25M initial two-year exploration budget.

Financial performance and capital structure

• Maintained a strong balance sheet with $1.1B liquidity and net debt of $726M (0.9x net debt/EBITDA) as of September 30, 2025.

• Disciplined capital allocation prioritizes high ROI projects, with internal competition for capital and a focus on maintaining net leverage below 1.0x ahead of major project sanctioning.

• 2025 consolidated copper production reached 220–255kt at C1 cash costs of $2.20–$2.50/lb, with adjusted EBITDA rising each quarter and a record $249.2M in Q3 2025.

• Santo Domingo funding structure includes $2.3B initial capex, with $1.2B project financing targeted and Capstone’s portion expected to be funded through internal cash flow.

• Market capitalization stood at $7.6B with 762 million shares outstanding as of January 2026.

Asset portfolio and growth pipeline

• Operates four producing assets: Mantoverde, Mantos Blancos, Pinto Valley, and Cozamin, with long mine lives and expansion opportunities across all sites.

• Mantoverde achieved nameplate throughput within four quarters post-startup, outperforming industry averages, and is advancing to 45ktpd capacity.

• Mantos Blancos completed a debottlenecking project, increasing throughput and planning a Phase II brownfield expansion to ~27ktpd.

• Pinto Valley is evaluating district consolidation and mine-life extension, leveraging a 1B tonne resource base and proximity to other major deposits.

• Cozamin extended mine life by six years, implemented selective mining, and enhanced pillar recovery with a new paste backfill plant.