Capstone Copper (CS) investor relations material

Strategic growth and operational highlights

• Targeting a 70% increase in copper production to ~375ktpa and a 30% reduction in cash costs, driven by Mantoverde Optimized and Santo Domingo projects, with over $1B in liquidity as of June 2026.

• Five producing and development assets in the Americas, with Mantoverde and Santo Domingo as key growth drivers; Mantoverde Optimized brownfield expansion underway, and Santo Domingo fully permitted and shovel-ready.

• 2026 production guidance: 200–230kt consolidated copper at C1 cash costs of $2.45–$2.75/lb, with Mantoverde and Mantos Blancos as major contributors.

• Proactive cost management through hedging, mine plan optimization, and input cost reduction initiatives, including significant diesel and sulphuric acid hedges and the Mantoverde Pyrite Augmentation project.

• Capital expenditures for 2026 total $720M, with $270M allocated to Mantoverde and $160M to Santo Domingo; $70M budgeted for exploration, mainly in the MV-SD district.

Financial position and capital structure

• Net debt/TTM EBITDA improved to 0.5x by Q2 2026, with $1.1B in available liquidity and $367M in cash; long-dated debt maturities provide flexibility.

• Disciplined capital allocation prioritizes high-ROIC projects, maintaining strong liquidity and targeting net leverage below 1.0x ahead of major project sanctioning.

• Market capitalization of $7.1B with 764 million shares outstanding as of July 2026; management and board ownership at 2%.

Asset and project development

• Mantoverde: Achieved nameplate throughput in 2025, MV Optimized expansion to 45ktpd underway, targeting +20ktpa copper at $176M capex; Pyrite Augmentation project to reduce acid use and enable future cobalt production.

• Mantos Blancos: Phase II EIA permit submitted, study expected by end of 2026; evaluating mill expansion and tailings reprocessing to boost sulphide and cathode output.

• Pinto Valley: District growth study and consolidation opportunities underway, leveraging a 1Bt resource base for long-term expansion.

• Cozamin: Focused on productivity improvements and a 14,800m exploration program targeting resource growth.

• Santo Domingo: 19-year mine life, 106ktpa average copper production at $0.28/lb C1 cash cost (by-product basis); fully permitted, FID expected Q4 2026, with $2.3B capex and robust funding plan.