Capstone Copper (CS) Corporate presentation summary

Strategic growth and operational highlights

• Achieved over 22% copper production growth in 2025, driven by ramp-up at Mantoverde and Mantos Blancos, and set a strong foundation for 2026 and beyond.

• 2026 priorities include completing Mantoverde Optimized (MV-O) expansion, advancing Santo Domingo project, and maintaining operational excellence.

• Portfolio includes long-life assets in top-tier jurisdictions, with 2026 copper production guidance of 200–230 kt at C1 cash costs of $2.45–$2.75/lb.

• Over $1B in liquidity and a disciplined approach to capital allocation, targeting net leverage below 1.0x ahead of major project sanctioning.

• Focus on organic growth through brownfield expansions and exploration, especially in the Mantoverde–Santo Domingo district.

Asset and project development

• Mantoverde Optimized expansion underway, targeting 45 ktpd mill throughput and incremental 20 ktpa copper production at $176M capex.

• Santo Domingo project fully permitted, targeting 106 ktpa copper production at $0.28/lb C1 cash cost, with a 19-year mine life and 24% IRR.

• Mantos Blancos Phase II study aims to increase sulphide throughput from 20 ktpd to ~27 ktpd and boost cathode production via tailings re-leach.

• Pinto Valley district study explores integrating 1B tonnes of resources and extending mine life through 2050.

• Cozamin mine plan extended to 2030, with productivity improvements and selective mining techniques to reduce dilution.

Financial performance and capital allocation

• Q3 2025 net debt at $726M, net debt/EBITDA at 0.9x, and available liquidity of $1.1B.

• 2026 capital expenditures guided at $720M, with $270M sustaining, $225M expansionary, and $225M for capital stripping.

• Major investments focused on Mantoverde, Santo Domingo, and Pinto Valley, with robust exploration pipeline in existing jurisdictions.

• Santo Domingo funding structure includes $2.3B initial capex, with $1.2B remaining to be financed through project finance and partner contributions.

• Strong cash flow generation expected to support deleveraging and reinvestment in high-return projects.