Capstone Copper (CS) investor relations material

Strategic positioning and growth

• Operating in top-tier jurisdictions in the Americas, with a diversified portfolio of long-life copper assets and a strong financial position, including over $1B in liquidity as of December 2025.

• Achieved record results in 2025, with significant production growth and declining cash costs, setting a strong foundation for 2026 and beyond.

• Clear path to transformational growth, targeting ~70% copper production increase to ~375ktpa and a ~30% reduction in cash costs, driven by Mantoverde Optimized and Santo Domingo projects.

• District-scale growth strategy focuses on organic expansion, operational excellence, and leveraging synergies between assets, particularly in Chile.

• Leadership team with over 150 years of combined mine operations and project management experience.

Asset portfolio and operational highlights

• Mantoverde (70%): Achieved nameplate throughput in 2025, with ongoing brownfield expansion (MV-O) to increase mill capacity to 45ktpd and add 20ktpa copper production.

• Mantos Blancos (100%): Successful debottlenecking, with Phase II expansion study targeting increased throughput and cathode production; exploration potential remains high.

• Pinto Valley (100%): District growth study underway, evaluating resource inclusion and mine-life extension through 2050, with consolidation opportunities in a prolific US copper district.

• Cozamin (100%): Mine-life extended to 2030, with productivity improvements and selective mining techniques; dry stack tailings and paste backfill plant implemented.

• Santo Domingo (75%): Fully permitted, shovel-ready project with a 19-year mine life, targeting 106ktpa copper at $0.28/lb C1 cash costs; financing and sanctioning decision expected in H2 2026.

Financial performance and capital structure

• Consolidated copper production reached 224,764 tonnes in 2025 at $2.44/lb C1 cash costs, with adjusted EBITDA of $952.7M and net debt of $780M (0.8x net debt/EBITDA).

• 2026 guidance: 200–230kt copper at $2.45–$2.75/lb C1 cash costs, with $720M in total capital expenditures planned.

• Strong balance sheet with $1.0B liquidity and long-dated debt maturities; disciplined capital allocation prioritizes high-ROIC projects.

• Santo Domingo funding structure leverages internal cash flow, Orion partnership, gold stream proceeds, and project financing to cover $2.3B initial capex.