Capstone Copper Corp (CS)

A New Copper-Gold Porphyry Target in Southern Ecuador Lands on Salazar Resources' Cornerstone Project MapMay 26, 2026 9:46 AM
PR Newswire (US) Issued on behalf of Salazar Resources LimitedSurface mapping at the 100% owned Monja Project defines a 2 km × 1 km mineralized core within a Paleocene-Miocene metallogenic belt — best rock chip sample returns 4.77% Cu, 1.12 g/t Au, 19.5 g/t AgVANCOUVER, BC, May 26, 2026 /PRNewswire/ -- USA News Group News Commentary — Copper has spent the better part of 2026 grinding against the structural reality that the world's appetite for the metal is outrunning what the global mining industry can deliver. Copper realizations climbed above $6.00 per pound in the first quarter of 2026 for the first time on record, with ICSG-modeled deficits projected for the year and concentrate-market tightness adding additional structural pressure.[1] Against that backdrop, the small group of exploration-stage juniors with credible new copper-gold targets in productive jurisdictions has become one of the more closely watched corners of the resource sector. Salazar Resources Limited (TSXV: SRL) (OTCQB: SRLZF) (FSE: CCG) on April 8, 2026 announced that it has identified its 100% owned Monja Project as a cornerstone asset on which the Company will focus its exploration programs, while continuing to advance and assess its remaining properties.[2] The decision follows a comprehensive evaluation of the Company's wholly owned Ecuadorian portfolio and the completion of baseline geological work to define appropriate development strategies for each project.[2]Monja: A Defined Copper-Gold Porphyry SystemThe Monja Project sits in Loja Province in southern Ecuador, covering 9,088 hectares across two licenses on the northeast margin of the Lancones Basin — a region that hosts recognized volcanogenic massive sulphide and porphyry deposits including the giant volcanic-hosted Tambo Grande massive sulphide deposit and the Río Blanco porphyry in Peru.[2] Surface mapping at Monja has defined a copper-gold porphyry system containing a two-kilometre-by-one-kilometre central core, within a Paleocene-Miocene metallogenic belt known to host multiple significant copper deposits in southern Ecuador.[2]A total of nine rock chip samples were collected from mineralized outcrops in the initial program. Three of those samples returned encouraging results, with the best — sample 51584 — returning 4.77% Cu, 1.12 g/t Au, 19.5 g/t Ag, and 74 ppm Mo.[2] The samples were taken from outcropping granodiorite and hydrothermal breccias hosting copper-porphyry-style mineralization characterized by hydrothermal breccias with pyrite-chalcopyrite matrix, quartz-sulphide stockwork veining, and traces of bornite.[2] The Company has noted that rock chip samples are selective by nature and that the result is preliminary, with additional work required to determine the extent, continuity, and significance of the mineralization.[2]In commentary attributed to management, the Company described the program as identifying a complete copper-gold porphyry system through Salazar's own fieldwork, with clear fertility indicators including bornite and tourmaline breccias, and a sizeable alteration footprint already mapped — framing Monja as "an exciting new greenfields discovery with strong discovery potential."[2]El Domo Carried Interest and Portfolio ConsolidationBeyond Monja, Salazar Resources retains a 25% carried-through-to-production interest in the El Domo deposit at the Curipamba Project — its maiden discovery. El Domo is being advanced by partner Silvercorp Metals (which acquired the project through its 2024 acquisition of Adventus Mining), with a 2021 Feasibility Study having indicated an IRR of 32% and NPV8% of US$259 million for initial open-pit development based on Proven and Probable Mineral Reserves of 6.5 million tonnes at 1.93% Cu, 2.49% Zn, 2.52 g/t Au, 45.7 g/t Ag, 0.25% Pb.[3] All-In Sustaining Costs were estimated at US$1.26/lb copper equivalent.[3] El Domo's start-up capital expenditure has been met with funding from Wheaton Precious Metals, Trafigura, and Adventus, with the average annual production targeted at 10,463 tpa copper and 21,390 tpa copper equivalent over the life of mine.[3]On March 18, 2026, Salazar announced the successful closing of its previously announced acquisition of Ecuadorian exploration assets from Silvercorp Metals, consolidating the Company's copper-gold exploration portfolio in Ecuador.[4] Salazar Resources now holds 100% ownership of the Santiago, Pijilí, and Tarqui-Quimi exploration projects (acquired from Silvercorp in exchange for a 1.5% net smelter return royalty on each), alongside the 100%-owned Monja Project and the 25% carried interest in El Domo.[4]A Discovery-Tilted Exploration Strategy in a Tight Copper MarketThe Salazar team has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines in the country.[2] The Company has consistently described its strategy as making another commercial discovery and farming out non-core assets — a discipline that has positioned its wholly owned exploration pipeline at the upstream end of a value chain where major producers continue to struggle to replace reserves.Sector Context: The Copper Margin Story ContinuesAcross the broader copper sector, producers have continued to deliver results that frame the demand and pricing environment exploration-stage juniors like Salazar are operating in.Freeport-McMoRan Inc. (NYSE: FCX) on April 23, 2026 reported first quarter 2026 financial and operating results, with revenues of $6.23 billion (up from $5.73 billion a year earlier) and net income attributable to common stock of $881 million, or $0.61 per share.[1] Consolidated sales reached 657 million pounds of copper, 121 thousand ounces of gold, and 24 million pounds of molybdenum, at average realized prices of $5.78 per pound of copper and $4,889 per ounce of gold. Unit net cash costs averaged $1.91 per pound of copper.[1] U.S. mining operations contributed 2.5 times more operating income in the first quarter compared with the same quarter in the prior year, with copper prices averaging over $5.80 per pound year-to-date and reaching an all-time high exceeding $6.00 per pound during the quarter.[1] The Company also began a phased ramp-up of the Grasberg Block Cave underground mine in March 2026 and signed an MOU with the Indonesian government to extend PTFI operating rights for the life of the resource.[1]Taseko Mines Limited (NYSE American: TGB) (TSX: TKO) recently harvested its first copper cathodes from its Florence Copper operation in Arizona — marking the first new copper production from a greenfield facility in the United States since 2008.[5] Once Florence Copper reaches its nameplate capacity of 85 million pounds of LME Grade A copper per year, Taseko will rank as the third-largest copper cathode producer in America, with the operation expected to deliver a minimum of 1.5 billion pounds of copper over 22 years.[5] The Company framed the milestone as a landmark achievement for the Florence Copper team and a major step on Taseko's journey to become a leading North American copper producer.[5]Capstone Copper Corp. (TSX: CS) (OTCQX: CSCCF) is advancing the Mantoverde Optimized expansion in Chile and the Santo Domingo partnership toward a sanctioning decision, with a 2026 operational focus on delivering dependable results as the Company progresses its district growth strategy through exploration.[5] The Mantoverde district sits in the same broad Andean copper belt that defines much of the Latin American copper development pipeline.Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM) has continued to advance its copper-zinc-gold operations across the Americas, with the Constancia mine in Peru, the Snow Lake operations in Manitoba, and the Copper Mountain mine in British Columbia providing diversified production exposure. The integrated producer profile complements the discovery-stage thesis Salazar Resources represents in Ecuador.Bottom Line on SRL's PositionThe April 8, 2026 Monja announcement positions Salazar Resources at the front of the copper exploration value chain — a defined porphyry target with surface-sample confirmation of mineralization, in a jurisdiction the Company's team knows intimately, at a moment when the global copper market is delivering pricing and margin signals strong enough to compress the gap between discovery and capital. The Curipamba carried-interest backstop and the consolidated five-project portfolio of wholly owned exploration assets together provide diversified exposure to the same upside thesis. The Company has indicated additional work is required to determine the extent and significance of the Monja mineralization — the natural next workstream in the exploration sequence.Read more about Salazar Resources Limited at: https://salazarresources.com/CONTACT:USA News Group

Record Quarters, Zero Relief: Copper's Gap Keeps GrowingMay 8, 2026 11:00 AM
PR Newswire (US) Issued on behalf of Salazar Resources Ltd.Equity-Insider.com News CommentaryVANCOUVER, BC, May 8, 2026 /PRNewswire/ -- Global copper smelters are now paying mines for the privilege of buying their concentrate, with spot treatment charges collapsing to negative $70 per tonne by late March[1]. That is not a typo. The feed that keeps refineries running is so scarce that the traditional pricing relationship has flipped on its head, and executives at the Financial Times Commodities Global Summit confirmed in April that declining ore grades, ballooning capital costs, and permitting timelines stretching beyond a decade are choking off new supply precisely when electrification needs it most[2]. This structural bottleneck is directing capital toward companies that already hold permitted, drill-tested ground in proven copper belts: Salazar Resources (TSXV: SRL) (OTCQB: SRLZF), Ero Copper (NYSE: ERO) (TSX: ERO), Capstone Copper (TSX: CS) (OTCPK: CSCCF), Hot Chili (TSXV: HCH) (OTCQX: HHLKF), and Hudbay Minerals (NYSE: HBM) (TSX: HBM). J.P. Morgan's April outlook holds copper above $11,100 per tonne even under bearish scenarios, pointing to constrained project pipelines and ongoing mine shutdowns that show no sign of easing[3]. The exploration side of the market is already repricing around that view: British Columbia posted a record $751 million in mineral exploration spending for 2025, with copper overtaking gold as the province's top target for the first time on record, as institutional capital rotates into large porphyry systems that can deliver scale into a widening deficit[4].Salazar Resources (TSXV: SRL) (OTCQB: SRLZF) has consolidated 100% ownership of its Santiago copper-gold project in southern Ecuador, bringing together a target that three decades of exploration data say could be significant. The 2,350-hectare concession sits in the Western Cordillera of the Ecuadorian Andes, where historical drilling, airborne geophysics, and recent surface sampling have outlined a coincident geochemical and geophysical anomaly measuring roughly 3 km by 2 km. The critical detail: the core of the interpreted porphyry system at depth has never been drill-tested.Previous operators touched only the near-surface lithocap. Newmont drilled three shallow holes in the 1990s and hit broad copper-gold mineralization, including 323 metres grading 0.23% copper and 0.40 g/t gold in one hole, and 268 metres grading 0.24% copper and 0.43 g/t gold in another. Those results are encouraging on their own, but what makes Santiago stand out is that the mineralization was widening and strengthening toward the bottom of the holes, suggesting something larger sits below.A 2019 airborne MobileMT geophysical survey added another layer of confirmation, identifying a large, coherent conductivity anomaly beneath the lithocap consistent with a sulphide-rich porphyry system. A follow-up surface sampling campaign in 2021 and 2022 collected 1,477 rock chip samples across the property. Within the 599-sample anomalous core zone, 47% returned copper values above 250 ppm and 34% returned gold above 0.11 g/t, with individual samples reaching as high as 21.1 g/t gold and 0.9% copper. High-grade epithermal veins on the property added further appeal, with rock chip samples returning up to 28.1 g/t gold and 252 g/t silver.Santiago is one of several advancing projects for the company. Salazar Resources recently completed the acquisition of four copper-gold exploration properties from Silvercorp Metals, and earlier this year identified a high-priority copper-gold porphyry target at its Monja Project, where the best rock chip sample returned 4.77% copper and 1.12 g/t gold. On the development side, Salazar Resources holds a 25% carried interest in the El Domo copper-gold mine, now under construction on a US$284 million budget with production targeted for July 2027.With a pipeline that spans early-stage exploration through near-production development, Salazar Resources is building exposure across multiple stages of the mining value chain in one of South America's most active copper-gold jurisdictions. The company maintains a wholly owned portfolio of projects in Ecuador, backed by a local team with a track record that includes involvement in several of the country's major discoveries.Read this and more news for Salazar Resources at: https://equity-insider.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/Other industry developments and happenings in the market include:Ero Copper (NYSE: ERO) (TSX: ERO) reported record Q4 2025 copper production of 19,706 tonnes in concentrate, bringing full-year 2025 production to 64,307 tonnes at a C1 cash cost of $2.06 per pound produced. Full-year adjusted EBITDA increased nearly 90% year-on-year to $409.7 million, with cash flow from operations rising 171.7% to $395.1 million and net income attributable to owners reaching $263.7 million, or $2.53 per diluted share."We are pleased with our operating trajectory and performance in the fourth quarter, which delivered record quarterly copper production as well as the first tangible benefits of record quarterly gold from the Xavantina Operations following the commencement of our gold concentrate program in Q4," said Makko DeFilippo, President and CEO of Ero Copper. "The investments we made across our operations in 2025 translated into higher copper and gold production, stronger cash generation and an improved balance sheet through year-end."Available liquidity at year-end was $150.4 million, with net debt leverage strengthening to 1.2x from 2.6x at the end of 2024 on the back of a $193.5 million year-on-year improvement in adjusted EBITDA. Ero Copper is reaffirming its 2026 guidance with consolidated copper production weighted toward the second half driven by mine sequencing and higher expected throughput at its Caraíba and Tucumã operations.Capstone Copper (TSX: CS) (OTCPK: CSCCF) reported Q4 2025 copper production of 58,273 tonnes at a C1 cash cost of $2.31/lb, with full-year 2025 production of 224,764 tonnes at $2.44/lb, representing a 22% increase over 2024. Q4 adjusted EBITDA set a quarterly record at $308 million and revenue reached a new all-time high, reflecting completed project ramp-ups at Mantoverde and Cozamin."2025 was an inflection point for Capstone, representing tangible delivery on peer leading growth with our copper production up 22%," said Cashel Meagher, President and CEO of Capstone Copper. "Operationally, we met our consolidated production and cost guidance, driving record EBITDA generation. As we began to realize the benefits from completed projects, we also advanced our future phases of growth by sanctioning and beginning construction on Mantoverde Optimized, forming a partnership for our Santo Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district."Capstone Copper is advancing the Mantoverde Optimized expansion in Chile and the Santo Domingo partnership toward a sanctioning decision, with 2026 operational focus on delivering dependable results as the company progresses its district growth strategy through exploration.Hot Chili (TSXV: HCH) (OTCQX: HHLKF) recorded its widest drill intercept to date at the La Verde copper-gold porphyry discovery within the 100%-owned Costa Fuego project in Chile's coastal Atacama region, with hole DKD039 intersecting 725m grading 0.42% CuEq from 18m depth. The result includes 62m grading 1.03% CuEq from 671m depth, extending La Verde's high-grade core approximately 200m down-dip, and a shallower 22m interval grading 0.71% CuEq from 42m that expands the emerging higher-grade starter pit.Two drill rigs are now operating at La Verde with a third planned for mobilization in May, as Hot Chili accelerates definition of the starter pit geometry and integration of La Verde's growing high-grade core into Costa Fuego's broader resource base and mining inventory. Eleven additional holes across four diamond and seven reverse circulation holes are pending assay results, with Hot Chili focused on delivering a resource update and starter pit definition at Costa Fuego in 2026.Hudbay Minerals (NYSE: HBM) (TSX: HBM) released updated mineral reserve estimates and a three-year production outlook projecting a 24% increase in consolidated copper production through 2028, driven by mine life extensions at three operations: Constancia extended to 2040, Snow Lake to 2041, and Copper Mountain to 2045. The company is also advancing Copper World toward a sanctioning decision in 2026 and integrating the Cactus project through the strategic acquisition of Arizona Sonoran."Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's continued success from our exploration initiatives and an improved copper and gold production profile from our three long life operations in tier one mining jurisdictions in the Americas," said Peter Kukielski, President and CEO of Hudbay Minerals. "With our newly released guidance through 2028, consolidated copper production is expected to increase by 24%, complemented by continued strong gold exposure."Hudbay Minerals operates copper and gold mines in Peru, Canada, and the United States, with the updated reserves and production outlook reflecting the company's strategy of brownfield exploration, mine life extension, and organic growth across its three long-life asset base.FURTHER READING: https://equity-insider.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/CONTACT:
EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca media Corp, who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for Salazar Resources Ltd. advertising or digital media, but the owner/operators of MIQ also co-owns Baystreet.ca Media Corp. ("BAY") There may also be 3rd parties who may have shares of Salazar Resources Ltd. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY own shares of Salazar Resources Ltd and reserve the right to buy and sell, and will buy and sell shares of Salazar Resources Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by Salazar Resources Ltd. Technical information relating to Salazar Resources Ltd. has been reviewed and approved by Kieran Downes, P.Geo., a Qualified Person as defined by National Instrument 43-101 and a consulting geologist to Salazar, has reviewed and approved the scientific and technical information cited from the linked-to news releases.; this is a paid advertisement, we currently own shares of Salazar Resources Ltd. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/04/copper-gold-market-outlook-2026-prices-supply-mining-costs https://www.fastmarkets.com/insights/copper-supply-lags-demand-as-permitting-delays-lower-grades-policy/ https://www.jpmorgan.com/insights/global-research/commodities/copper-outlook https://www.canadianminingreport.com/blog/bc-exploration-spending-hits-record-high-as-copper-demand-surges-what-it-means-for-investorsLogo: https://mma.prnewswire.com/media/2840019/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/record-quarters-zero-relief-coppers-gap-keeps-growing-302766760.html Original: Record Quarters, Zero Relief: Copper's Gap Keeps Growing

Capstone Copper Announces 2026 Annual General Meeting ResultsApril 30, 2026 5:41 PM
Business Wire
Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) announced the voting results from its 2026 Annual General Meeting ("AGM") held April 30, 2026 in Vancouver, British Columbia. A total of 581,161,851 common shares were voted at the meeting, representing 76.10% of the votes attached to all outstanding common shares. Shareholders voted in favour of all items of business before the meeting, as follows:




Number of Directors






% For






% Against








Number of Directors to be set at eight






89.32%






10.68%








Election of Directors






% of Votes For






% of Votes Withheld








Alison Baker






93.34%






6.66%








Gordon Bell






99.45%






0.55%








Richard Coleman






99.19%






0.81%








Anne Giardini






98.55%






1.45%








John MacKenzie






97.36%






2.64%








Cashel Meagher






99.89%






0.11%








Peter Meredith






97.86%






2.14%








Patricia Palacios






95.03%






4.97%








Appointment of Auditor






% For






% Withheld








To re-appoint Deloitte LLP as Auditor of the Company for the ensuing year and to authorize the Directors to fix their remuneration






99.94%






0.06%








Option Plan






% For






% Against








To approve Capstone’s amended and restated Incentive Share Option and Bonus Share Plan (the “Option Plan”), and approve all unallocated options that may be granted under the Option Plan






70.17%






29.83%








Treasury Share Unit Plan






% For






% Against








To approve Capstone’s amended and restated Treasury Share Unit Plan (the “Treasury Share Unit Plan”), and approve all unallocated entitlements that may be granted under the Treasury Share Unit Plan






96.94%






3.06%








Say on Pay






% For






% Against








To pass an advisory vote on Capstone’s approach to executive compensation as disclosed in the Management Information Circular






84.76%






15.24%







Detailed voting results for the 2026 AGM are available on SEDAR+ at www.sedarplus.ca


About Capstone Copper Corp.


Capstone Copper Corp. is an Americas-focused copper mining company headquartered in Vancouver, Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region, Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located approximately 35 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas.


Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization and safe and responsible production throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface stakeholder value. We are committed to creating a positive impact in the lives of our people and local communities, while delivering compelling returns to investors by responsibly producing copper to meet the world’s growing needs.


Further information is available at www.capstonecopper.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430347439/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com


Michael Slifirski, Director, Investor Relations, APAC Region

61-412-251-818

mslifirski@capstonecopper.com


Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper Announces 2026 Annual General Meeting Results

Capstone Copper Reports First Quarter 2026 ResultsApril 29, 2026 4:16 PM
Business Wire
Adjusted EBITDA1 reaches new highs, up last six quarters


Record adjusted earnings per share1


Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX: CSC) today reported financial results for the three months ended March 31, 2026 (“Q1 2026”). Link HERE for Capstone’s Q1 2026 webcast presentation. Unless otherwise stated, results are presented in United States dollars on a 100% basis.


Cashel Meagher, President and CEO of Capstone, commented: "Q1 marked our sixth consecutive quarter of record EBITDA generation driven by solid operations and all-time high copper prices. For the remainder of 2026, we are focused on operational execution and continuing to advance our high-return organic growth opportunities, including executing the Mantoverde Optimized Project, advancing Santo Domingo to a sanctioning decision, and progressing our exploration strategy centered around district-scale growth. Despite recent geopolitical volatility, copper prices remain strong and fundamentals support continued momentum, reinforcing our ability to deliver significant value through our peer-leading growth pipeline."


Q1 2026 OPERATIONAL AND FINANCIAL HIGHLIGHTS



Consolidated total contained copper production for Q1 2026 was 47,960 tonnes at C1 cash costs1 of $2.66/lb, which included sulphide copper production of 40,875 tonnes at C1 cash costs1 of $2.18/lb. Q1 2025 consolidated total copper production was 53,796 tonnes at C1 cash costs1 of $2.59/lb, which included sulphide copper production of 45,950 tonnes at C1 cash costs1 of $2.23/lb. Q1 2026 production included the impact of the 35-day strike action at Mantoverde which was incorporated into our annual guidance.




Net income attributable to shareholders of $102.5 million, or $0.13 per share for Q1 2026, compared to net loss attributable to shareholders of $6.8 million, or $(0.01) per share for Q1 2025, driven by increased earnings from mining operations which benefited from a higher realized copper price.




Record adjusted net income attributable to shareholders1 of $94.8 million, or $0.12 per share for Q1 2026, compared to adjusted net income attributable to shareholders1 of $8.1 million in Q1 2025 driven by increased earnings from mining operations which benefited from a higher realized copper price.




Record adjusted EBITDA1 of $329.1 million for Q1 2026 compared to $179.9 million for Q1 2025, primarily due to higher realized copper prices and supported by stronger gold and silver prices. This marks the sixth straight quarter of record adjusted EBITDA.




Operating cash flow before changes in working capital of $217.9 million in Q1 2026 compared to $166.1 million in Q1 2025.




In March 2026, the Company repaid the $30 million early deposit outstanding under its Gold Precious Metals Purchase Agreement (the "Gold PMPA") with Wheaton, eliminating the associated early deposit delay payments and liability, and making the full $290 million commitment under the Gold PMPA available to be delivered by Wheaton to fund construction at the Santo Domingo development project. The impact of the repayment is included in Q1 2026 operating cash flow and the value of the eliminated early deposit liability was $22.0 million on settlement.




Net debt1 of $737.5 million as at March 31, 2026, decreased from $780.1 million as at December 31, 2025, as result of strong operating cash flow driven by higher realized copper prices. Total available liquidity1 of $1,046.3 million as at March 31, 2026, composed of $394.1 million of cash and cash equivalents, and $652.2 million of undrawn amounts on the $1 billion corporate revolving credit facility.




2026 production guidance of 200,000 to 230,000 tonnes of copper and C1 cash costs1 guidance of $2.45 to $2.75 per payable pound of copper is unchanged. 2026 capital expenditure, capitalized stripping, and exploration expenditure guidance is also unchanged. We continue to monitor and manage the impacts stemming from the conflict in the Middle East. To date we have not experienced any inventory or operational impacts, however cost pressures, notably from higher diesel and sulphuric acid prices, represent a headwind. For more details see section 2026 Outlook.




The Company's MV Optimized Project progressed according to plan during Q1 2026 and the capital cost estimate of $176 million is unchanged. MV Optimized is a capital-efficient brownfield expansion project providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively.



OPERATIONAL OVERVIEW


Refer to Capstone's Q1 2026 MD&A and Financial Statements for detailed operating results.




 







Q1 2026







Q1 2025








Sulphide business







 







 








Copper production (tonnes)







 







 








Mantoverde2







13,733







16,268








Mantos Blancos







10,501







12,272








Pinto Valley







10,711







10,886








Cozamin







5,930







6,524








Total sulphides







40,875







45,950








C1 cash costs1 ($/pound) produced







 







 








Mantoverde2







1.33







1.53








Mantos Blancos







2.79







2.23








Pinto Valley







3.46







3.84








Cozamin







0.71







1.28








Total sulphides







2.18







2.23








 







 







 








Cathode business







 







 








Copper production (tonnes)







 







 








Mantoverde2







5,285







6,272








Mantos Blancos







1,800







1,574








Total cathodes







7,085







7,846








C1 cash costs1 ($/pound) produced







 







 








Mantoverde2







5.77







4.81








Mantos Blancos







4.28







3.96








Total cathodes







5.39







4.64








 







 







 








Consolidated







 







 








Copper production (tonnes)







47,960







53,796








C1 cash costs1 ($/pound) produced







2.66







2.59








Copper sold (tonnes)







46,576







53,134








Realized copper price1 ($/pound)







5.92







4.36







Sulphide Business


Q1 2026 sulphide production of 40,875 tonnes of copper in concentrate was 11% lower than 45,950 tonnes in Q1 2025. The decrease was primarily driven by Mantoverde, where a 35-day strike action reduced operating time, resulting in lower mill throughput and inability to access higher grade sulphide copper ore. At Mantos Blancos, sulphide production of 10,501 tonnes was 14% lower than in Q1 2025 due to lower sulphide grades in line with mine sequence expectations. Pinto Valley experienced mill interruptions and unplanned maintenance resulting in reduced mill throughput, while Cozamin also reported lower sulphide production due to lower grades in line with mine sequence expectations.


Q1 2026 sulphide C1 cash costs1 of $2.18/lb were 2% lower than $2.23/lb in Q1 2025, primarily driven by lower unit costs at Mantoverde and Cozamin due to higher by-product credits from stronger gold and silver prices, along with improved unit production costs at Pinto Valley. These impacts were partially offset by higher unit costs at Mantos Blancos resulting from lower production tied to grade and higher mine expenses.


Cathode Business


Q1 2026 cathode production decreased by 10% to 7,085 tonnes from 7,846 tonnes in Q1 2025. The decline was primarily driven by lower heap leach grades and decreased heap and dump throughput at Mantoverde as a result of the strike action, partially offset by higher cathode production at Mantos Blancos, supported by improved dump grades at Mantos Blancos in line with the mine sequence.


Q1 2026 C1 cash costs1 for the cathode business increased to $5.39/lb from $4.64/lb in Q1 2025. The increase was primarily driven by lower production volumes at Mantoverde, resulting from lower heap and dump throughput, as well as higher acid prices ($196/t in Q1 2026 vs $176/t in Q1 2025). The Company continues to actively manage this business segment through ongoing grade and recovery optimization, combined with fixed-price acid supply contracts and copper hedging that provide input cost visibility and support margin stability.


Consolidated Production


Q1 2026 consolidated production of 47,960 tonnes of copper was 11% lower than 53,796 tonnes in Q1 2025. The decline was primarily attributable to lower production from sulphide operations as mentioned above.


Q1 2026 consolidated C1 cash costs1 of $2.66/lb were 3% higher than $2.59/lb in Q1 2025, primarily driven by lower copper production volumes, which increased unit production costs (+$0.31/lb), partially offset by higher by-product credits (-$0.25/lb), reflecting stronger gold and silver prices, particularly at Mantoverde and Cozamin.


Mantoverde Mine (70% owned)


Q1 2026 copper production of 19,018 tonnes was 16% lower than in Q1 2025, driven by lower copper concentrate and cathode production following the 35 day strike action which commenced in early January and was resolved on February 5, 2026. This disruption impacted sulphide plant, heap and dump throughput, as well as mill feed sulphide copper grades driven by the processing of lower grade stockpiles during the period. Overall, plant throughput averaged 27,707 tpd (January - 17,800 tpd, February - 33,400 tpd, March - 32,500 tpd), reflecting normalization of operations in the latter part of the quarter following the earlier disruptions. Despite these challenges, copper recoveries improved to a record 90.3% in Q1 2026 compared to 82.3% in Q1 2025.


Q1 2026 combined C1 cash costs1 were $2.59/lb, 5% higher than $2.46/lb in Q1 2025, mainly related to lower copper production (+$0.46/lb), partially offset by lower acid, power, diesel and explosive consumption (-$0.22/lb) and higher gold prices (-$0.10/lb). 2026 cathode C1 cash costs1 were $5.77/lb, 20% higher compared to 2025, mainly due to lower cathode production driven by lower throughput (+$0.90/lb), with higher acid prices offset by lower consumption (-$0.09/lb).


Mantos Blancos Mine (100% owned)


Q1 2026 copper production of 12,301 tonnes, composed of 10,501 tonnes of copper in concentrate from sulphide operations and 1,800 tonnes of cathodes, was 11% lower than in Q1 2025. The decline was primarily driven by lower sulphide feed grades as a result of a one-year period of lower grades per the mine plan (0.73% in Q1 2026 versus 0.89% in Q1 2025). Higher copper grades of approximately 0.85% are expected to return in 2027. Sulphide mill throughput averaging 19,661 tpd was strong despite a four day planned maintenance shutdown.


Combined Q1 2026 C1 cash costs1 of $3.02/lb ($2.79/lb sulphides and $4.28/lb cathodes) were 24% higher compared to $2.43/lb in Q1 2025 mainly due to lower production impacted by lower grades as a result of mine sequence (+$0.30/lb) and higher mining costs - driven by increased maintenance activities and more intensive drilling and blasting requirements associated with harder ore (+$0.31/lb).


Pinto Valley Mine (100% owned)


Q1 2026 copper production was 2% lower than in Q1 2025, primarily due to reduced mill throughput (34,994 tpd in Q1 2026 versus 49,597 tpd in Q1 2025). The decrease was attributable to mill interruptions, including approximately 12 days of unplanned maintenance related to the filter plant and a failure in the roof of the concentrate storage facility during the quarter. This impact was partially offset by higher feed grade (0.36% in Q1 2026 versus 0.28% in Q1 2025) and improved recoveries (88.2% Q1 2026 versus 83.2% Q1 2025) based on mine sequence. The planned shutdown in September to rebuild the primary crusher mainframe and enhance the filter plant is expected to reduce unplanned mill maintenance issues and support more stable plant operations going forward. Near-term reliability initiatives to improve plant availability are also underway.


Q1 2026 C1 cash costs1 of $3.46/lb were 10% lower than $3.84/lb in the same period last year, primarily driven by higher capitalized stripping and reduced spending on contractors and mechanical parts, resulting in lower operating costs (-$0.40/lb), along with lower treatment and selling costs (-$0.05/lb). These improvements were partially offset by lower payable production (+$0.07/lb).


Cozamin Mine (100% owned)


Q1 2026 copper production of 5,930 thousand tonnes was 9% lower than in Q1 2025 primarily due to lower feed grades (1.93% in Q1 2026 versus 2.05% in Q1 2025) and lower recoveries (94.1% in Q1 2026 versus 96.9% in Q1 2025) as a result of planned mine sequence. Mill throughput remained consistent with the same period in the prior year.


Q1 2026 C1 cash costs1 were $0.71/lb, 45% lower than $1.28/lb in the same period last year. The reduction was primarily driven by higher by-product credits (-$0.91/lb), reflecting stronger silver prices, in addition to lower treatment and selling costs (-$0.06/lb). These benefits were partially offset by higher operating costs (+$0.40/lb) mainly attributable to increased spend on contractors, spare parts and consumables.


2026 Outlook


2026 guidance is unchanged as follows: 200-230kt consolidated production of copper, $2.45-$2.75/lb C1 cash costs1 per payable pound of copper, $270 million sustaining capital expenditures, $225 million expansionary capital expenditures, $225 million capitalized stripping, and $70 million exploration expenditures.


Middle East Conflict


We continue to monitor and manage the impacts stemming from the conflict in the Middle East. To date, there have been no direct impacts to our operations, while copper markets have remained strong with the average LME copper price in the first quarter 16% higher than the previous quarter. Our scale, operating locations and supply chains provide a strong foundation and our businesses continue to operate normally.


Higher diesel and sulphuric acid prices are putting upward pressure on costs, which has been partially offset by stronger by-product pricing. The sensitivities to input cost pressures for diesel and sulphuric acid are as follows:



We expect to consume approximately 134 million litres of diesel over the remainder of 2026 (75% in Chile, 24% in the USA, and 1% in Mexico) and our guidance assumed $60/bbl oil. From April, every 10% change in oil prices (including refining margins) is estimated to impact direct costs by approximately $13 million, split between $9 million (or $0.02 per payable pound) impact to our consolidated C1 cash costs and $4 million impact to capitalized stripping.




We expect to consume approximately 590kt of sulphuric acid over the remainder of 2026 (97% in Chile and 3% in the USA), of which 55% is locked in fixed price contracts at an average price of $185/t CFR Chile and 45% is tied to variable pricing for which our guidance assumed $185/t CFR Chile. Contracted volumes total 70% of planned consumption for the remainder of the year, and variable pricing is weighted to the second half of 2026. Our supply of sulphuric acid is expected to come from domestic sources, as well as Peru, European, and Asian countries excluding China. From April, every 10% change in sulphuric acid prices is estimated to impact consolidated C1 cash costs by approximately $5 million (or $0.01 per payable pound).



KEY UPDATES


Capstone Copper has expansion optionality across its portfolio with a combination of attractive brownfield and greenfield opportunities in top-tier mining jurisdictions in the Americas. Capstone Copper is advancing these growth opportunities, which are at various stages. A potential sanctioning decision for each project is subject to a variety of factors, including macroeconomic conditions.


MV Optimized Brownfield Expansion Project


MV Optimized, a capital-efficient brownfield expansion of Mantoverde's sulphide concentrator, was sanctioned for development during Q3 2025. MV Optimized is expected to increase concentrator throughput from 32,000 to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively, and extending the mine life from 19 to 25 years, at an estimated capital cost of $176 million.


During Q1 2026, the Company completed the detailed engineering for the concentrator expansion, began taking deliveries of key equipment and supplies, and commenced execution of the habilitation and construction works at the concentrator plant. In Q2 2026, additional equipment and supplies are expected to be received on site while executing the construction works at the concentrator plant, the tailings storage facility, and the desalination plant. The majority of project tie-ins are scheduled in Q3 2026 during an extended 15 day maintenance period, followed by a ramp-up period in Q4 2026. The expanded sulphide throughput capacity of approximately 45,000 ore tonnes per day is expected to be sustained starting in early 2027.


Santo Domingo Project


In October 2025, Capstone announced a joint venture transaction in which fund entities managed by Orion will acquire a 25% ownership interest in the Santo Domingo Project and the Sierra Norte Project for total cash consideration of up to $360 million. Total cash consideration includes $225 million payable upon a positive final investment decision ("FID") on Santo Domingo, $75 million matching contribution payable within six months of the FID, and up to $60 million in contingent consideration payable to Capstone upon the achievement of certain value-enhancing initiatives (the "Orion Contingent Consideration"). Capstone has the option to re-consolidate 100% ownership of Santo Domingo via a buyback once commercial production is achieved. The transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during project construction. Additionally, the contingent consideration reflects the attractive long-term value of upside opportunities in the district.


During Q1 2026, Capstone continued to advance the remaining workstreams towards a final investment decision on Santo Domingo expected in Q4 2026. Those remaining workstreams include:



Advancing detailed engineering towards the target of 60% completion, which includes updating the $2.3 billion initial capital cost estimate (released in the 2024 Feasibility Study based on 2023 dollars);




Evaluating district infrastructure optimization opportunities; and




Securing financing for the project.



During Q1 2026, the Company progressed copper production upside projects tied to the contingent consideration milestones and enhancing the Santo Domingo mine plan, including:



At Santo Domingo, the exploration drill program reached 27% completion, with 15,200 metres of the planned 54,700 metres drilled to date. The primary focus of this program is to delineate oxide mineralization at the top of the Santo Domingo and Estrellita sulphide orebodies, while also testing for potential sulphide extensions adjacent to the planned pits. $20 million of the Orion Contingent Consideration is predicated upon publication of a NI 43-101 Feasibility Study that demonstrates the processing of oxide material containing at least 159,000 tonnes of copper.




At Sierra Norte, located 15 kilometres northwest of Santo Domingo, the second phase of a re-assay program was initiated to support the incorporation of cobalt into the resource evaluation and the determination of key metallurgical parameters for the deposit. This follows the first phase of the re-assay program, to validate the existing drilling database, which was completed in Q4 2025. $20 million of the Orion Contingent Consideration is predicated upon publication of a NI 43-101 Technical Report outlining a Proven and Probable Reserve of at least 268,000 tonnes of contained copper at Sierra Norte.




Within the MV-SD district, a cobalt plant is designed to unlock cobalt production while reducing sulphuric acid consumption and increasing heap leach copper production. As currently envisioned, a smaller capacity plant will initially treat cobalt by-product streams from Mantoverde only, producing up to 1,500 tonnes per annum of cobalt. Following sanctioning of the Santo Domingo project, the facility will be expanded to accommodate by-product streams from Santo Domingo, with a combined MV-SD target of 4,500 to 6,000 tonnes per annum of cobalt production. The final $20 million of the Orion Contingent Consideration is predicated upon: (i) publication of a NI 43-101 Feasibility Study that incorporates construction of a cobalt processing circuit; and (ii) obtaining all material permits for the cobalt processing circuit.



Mantos Blancos Phase II


The Company is currently evaluating the next phases of growth for Mantos Blancos, including the potential to increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the underutilized SX-EW plant.


A Mantos Blancos Phase II study focusing on the sulphide concentrator plant expansion is expected in Q3 2026. The sulphide concentrator plant expansion is expected to use existing unused or underutilized process equipment, plus additional equipment for concentrate filtration, thickening and filtering of tailings. During Q2 2026, the Company plans to submit a full environmental impact study ("EIA") permit application for this project, which is expected to be followed by the release of a pre-feasibility study outlining project details during Q3 2026. During 2025, individual peak daily sulphide mill throughput totaled 28,506 tpd as the plant was pushed to identify bottlenecks.


The Company is also evaluating a potential increase in cathode production based on an opportunity to re-leach spent ore from historical leaching and flotation operations. The increase in cathode production would use existing SX-EW plant capacity, with the addition of a dynamic leach pad, agglomeration and stacking infrastructure. The re-leach opportunity will be in a separate study tied to timing of ongoing test work.


Mantoverde Phase II


The Company is in the early stages of evaluating the next major phase of growth for Mantoverde, which could include the addition of an entire second processing line. There are 0.2 billion tonnes of Measured & Indicated Mineral Resources and 0.6 billion tonnes of Inferred sulphide Mineral Resources in addition to the Mineral Reserves that are currently being considered as part of MV Optimized. Exploration results from Mantoverde's Phase 1 drill program were released in October 2025, including highlights at the Santa Clara Corridor and Animas that support the potential for future resource growth. Phase 2 of the exploration program includes follow up drilling at the northern portion of the current Mantoverde pit, in addition to high priority targets along the northern extension (approximately 10km long) of the projection of the prospective Atacama fault system, which are planned to assist in determining the location of key infrastructure and the economic viability of the project. Total metres drilled to date reached approximately 58,000 metres in Q1 2026, representing approximately 94% completion of the original Phase 1 and Phase 2 drill programs.


PV District Growth


The Company continues to review and evaluate the consolidation potential of the Pinto Valley district. Opportunities under evaluation include a potential mill expansion and increased leaching capacity supported by optimized water, heap and dump leach, and tailings infrastructure. Pinto Valley district consolidation could unlock significant ESG opportunities and help transform the Company's approach to create value for all stakeholders in the Globe-Miami District.


Corporate Exploration Update


Capstone Copper’s exploration team is predominantly focused on organic growth opportunities to expand Mineral Resources and Mineral Reserves at all four mines and at the Santo Domingo development project. Capstone Copper also owns the Sierra Norte deposit and maintains a portfolio of 100% owned claims acquired by staking in Northern Chile.


Mantoverde

During Q1 2026, exploration activities at Mantoverde continued to advance in alignment with the Company’s strategy of expanding and upgrading mineral resources adjacent to the existing operation, while progressing district-scale exploration opportunities north of the current pit.


Exploration drilling during the quarter progressed with a focus on infill drilling and testing the Victoria and Cerro Blanco targets, along with the construction of access roads to support upcoming drilling of additional district-scale targets.


Total metres drilled to date reached approximately 58,000 metres, representing approximately 94% completion of the original Phase 1 and Phase 2 drill program, which forms part of the ongoing two-year exploration program at Mantoverde with a budget of approximately $25 million and a total of 61,500 metres of drilling. Phase 1 comprised approximately 30,000 metres of drilling completed adjacent to the main pits, targeting improvements in grade and mineralization continuity. Phase 2 includes two primary areas of focus: the testing of high-priority targets immediately north of the pit (approximately 20,000 metres) and along the 10-kilometre-long northern corridor (approximately 11,500 metres). Up to five drill rigs are currently operating on site at Mantoverde. See Capstone´s October 7, 2025 press release "Capstone Copper Reports Results of Phase 1 Drill Program at Mantoverde."


Infill drilling during the period focused on the MVN6 and Celso areas. The objective of this drilling is to improve resource categorization in support of future mine planning.


Mantoverde-Santo Domingo District

Related to the broader Mantoverde-Santo Domingo district, Capstone previously announced an updated district exploration program over 2025 and 2026 focused on advancing upside opportunities for incremental copper production in the region. This includes a 54,700-meters drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation at the near-by Sierra Norte deposit.


During Q1 2026, the Santo Domingo drill program continued with a total of approximately 15,200 metres drilled to date, representing approximately 27% of the planned 54,700 metres. Four drill rigs are now operating on site, with expectations to ramp up to five rigs next quarter. The primary focus of the program is to delineate oxide mineralization at the top of the Santo Domingo and Estrellita sulphide orebodies, while also testing for potential sulphide extensions adjacent to the planned pits.


Sierra Norte is located approximately 15 kilometers northwest of the Santo Domingo Project and represents an opportunity to potentially be a future sulphide feed source for Santo Domingo, extending the higher-grade copper sulphide life. Potential oxide material at Sierra Norte represents an opportunity to be a future oxide feed for Mantoverde's underutilized SX-EW plant. During Q1 2026, the second phase of the Sierra Norte re-assay program was initiated to support the incorporation of cobalt into the resource evaluation and the determination of key metallurgical parameters for the deposit.


Exploration activities associated with the ENAMI option agreement continued during Q1 2026, with the completion of a surface geochemical sampling program and the initiation of a induced polarization (IP) geophysical survey totaling approximately 50 line kilometers. In addition, a re-logging and re-assay program commenced of historic drill holes from the Pazota area, located adjacent to the Sierra Norte deposit.


Mantos Blancos

At Mantos Blancos, exploration drilling continued in Q1 2026. The consolidated 2026 program for the year includes 7,500m of drilling with 1,122m (approximately 15%) completed to date. The program is aiming to follow-up the Nora-Quinta, Phase 23, and Barbara areas, as well as the initial drill testing at the Capri area. During the quarter, the final models from the passive seismic (ambient noise tomography) geophysical survey were received. This survey is intended to improve the understanding of local stratigraphy and may assist in identifying additional drill targets at depths and in proximity to the current deposit.


Cozamin

At Cozamin during Q1 2026, drilling primarily focused on production profile improvement with infill at MNFWZ. Limited step-out drilling was also conducted down-dip of historical MNV workings, and will continue during Q2 2026. A total of 4,381 meters was drilled during Q1 2026. Infill drilling at MNFWZ was conducted with one underground rig positioned at the level 15.2 station, and a second underground rig positioned at the level 17.2 cross-cut for the MNV step-out drilling.


FINANCIAL OVERVIEW


Please refer to Capstone's Q1 2026 MD&A and Financial Statements for detailed financial results.




($ millions, except per share data)







Q1 2026







Q1 2025








Revenue







652.5






 







533.3






 








 







 







 








Net income (loss)







112.0






 







(1.2






)








 







 







 








Net income (loss) attributable to shareholders







102.5






 







(6.8






)








Net income (loss) attributable to shareholders per common share - basic and diluted ($)







0.13






 







(0.01






)








 







 







 








Adjusted net income attributable to shareholders1







94.8






 







8.1






 








Adjusted net income attributable to shareholders per common share - basic and diluted







0.12






 







0.01






 








 







 







 








Operating cash flow before changes in working capital*







217.9






 







166.1






 








 







 







 








Adjusted EBITDA1







329.1






 







179.9






 








 







 







 








Realized copper price1








 







 






 








($/pound)







5.92








4.36














 



($ millions)







March 31, 2026







December 31, 2025








Net debt1







(737.5






)







(780.1






)








Attributable net debt1







(646.9






)







(675.1






)








* 2026 Operating cashflow includes $30 million early deposit repayment under the Gold PMPA to Wheaton.







CONFERENCE CALL AND WEBCAST DETAILS


Capstone will host a conference call and webcast on Wednesday, April 29, at 5:00 pm Eastern Time / 2:00 pm Pacific Time (Thursday, April 30, 2026, 7:00 am Australian Eastern Time). Link to the audio webcast: https://app.webinar.net/4QO2N17xpEG


Dial-in numbers for the audio-only portion of the conference call are below. Due to an increase in call volume, please dial-in at least five minutes prior to the call to ensure placement into the conference line on time.


Toronto: 1-437-900-0527

Australia: 61-280-171-385

North America toll free: 1-888-510-2154


A replay of the conference call will be available until May 6, 2026. Dial-in numbers for Toronto: 1-289-819-1450 and North American toll free: 1-888-660-6345. The replay code is 71155#. Following the replay, an audio file will be available on Capstone’s website at https://capstonecopper.com/investors/events-and-presentations/.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.


Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to, statements with respect to the estimation of Mineral Resources and Mineral Reserves, the results of the Mantoverde Optimized Development Project ("MV Optimized") and Mantoverde Phase II study, the timing and results of PV District Growth Study, (as defined below) , the timing and results of Mantos Blancos Phase II Study, the timing and success of the Mantoverde - Santo Domingo Cobalt Feasibility Study, the results of the Santo Domingo FS Update and success of incorporating synergies previously identified in the Mantoverde - Santo Domingo District Integration Plan, the timing and results of the Feasibility Study for processing Santo Domingo’s oxides, the timing and results of exploration and potential opportunities at Sierra Norte, the timing and results of the Technical Report outlining Proven and Probable Reserves at Sierra Norte, the timeline for financial investment decision ("FID") on Santo Domingo, the completion of the Orion Transaction, the realization of Mineral Reserve estimates, the timing and amount of estimated future production, the costs of production and capital expenditures and reclamation, the timing and costs of the Minto obligations and other obligations related to the closure of the Minto Mine, the budgets for exploration at Cozamin, Santo Domingo, Pinto Valley, Mantos Blancos, Mantoverde, and other exploration projects, the success of the Company's mining operations, the continuing success of mineral exploration, the estimations for potential quantities and grade of inferred resources and exploration targets, the Company's ability to fund future exploration activities, the Company's ability to finance the Santo Domingo development project, environmental and geotechnical risks, unanticipated reclamation expenses and title disputes, the success of the synergies and catalysts related to prior transactions, in particular but not limited to, the anticipated future production, costs of production, including the cost of sulphuric acid and oil and other fuel, capital expenditures and reclamation of Company’s operations and development projects, the Company's estimates of available liquidity, and the risks included in the Company's continuous disclosure filings on SEDAR+ at www.sedarplus.ca. The impact of global events such as pandemics, geopolitical conflict, or other events, on Capstone Copper depends on various factors outside the Company's control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of diseases, global economic uncertainties and outlook arising from such events, supply chain delays resulting in lack of availability of supplies, goods and equipment, and evolving restrictions on mining activities and to travel in certain jurisdictions in which we operate.


In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, risks related to inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the Company's ability to raise capital, the Company's ability to acquire properties for growth, counterparty defaults, (including with respect to Orion), use of financial derivative instruments, foreign currency exchange rate fluctuations, counterparty risks associated with sales of the Company's metals, market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies, tariffs, and geopolitical conflict (including war), availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, the realization of Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licenses and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at the Company's operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, potential delays or disruptions in equipment maintenance and operational continuity, the ability to transport the Company's products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social license to operate, seismicity and its effects on the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's insurance coverage, labour relations, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.


COMPLIANCE WITH NI 43-101


Unless otherwise indicated, Capstone Copper has prepared the technical information in this MD&A (“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under Capstone Copper’s company profile on SEDAR+ at www.sedarplus.ca. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents.


Disclosure Documents include the National Instrument 43-101 technical reports titled "Mantoverde Mine, NI 43-101 Technical Report and Feasibility Study, Atacama Region, Chile" effective July 1, 2024, “Santo Domingo Project, NI 43-101 Technical Report and Feasibility Study Update, Atacama Region, Chile” effective July 31, 2024, "NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, "Mantos Blancos Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" effective November 29, 2021, and “NI 43-101 Technical Report on the Pinto Valley Mine, Arizona, USA” effective March 31, 2021.


The disclosure of Scientific and Technical Information in this MD&A was reviewed and approved by Peter Amelunxen, P.Eng., Senior Vice President, Technical Services (technical information related to project updates at Santo Domingo and Mineral Resources and Mineral Reserves at Mantoverde), Clay Craig, P.Eng., Director, Mining & Strategic Planning (technical information related to Mineral Reserves at Pinto Valley and Cozamin), and Cashel Meagher, P.Geo., President and Chief Operating Officer (technical information related to Mineral Reserves and Resources at Mantos Blancos) all Qualified Persons under NI 43-101.


Non-GAAP and Other Performance Measures


The Company uses certain performance measures in its analysis. These Non-GAAP performance measures are included in this MD&A because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within IFRS Accounting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS Accounting Standards.


Some of these performance measures are presented in Highlights and discussed further in other sections of the MD&A. These measures provide meaningful supplemental information regarding operating results because they exclude certain significant items that are not considered indicative of future financial trends either by nature or amount. As a result, these items are excluded from management assessment of operational performance and preparation of annual budgets. These significant items may include, but are not limited to, restructuring and asset impairment charges, individually significant gains and losses from sales of assets, share-based compensation, unrealized gains or losses, and certain items outside the control of management. These items may not be non-recurring. However, excluding these items from GAAP or Non-GAAP results allows for a consistent understanding of the Company's consolidated financial performance when performing a multi-period assessment including assessing the likelihood of future results. Accordingly, these Non-GAAP financial measures may provide insight to investors and other external users of the Company's consolidated financial information.


C1 Cash Costs Per Payable Pound of Copper Produced

C1 cash costs per payable pound of copper produced is a measure reflective of operating costs per unit. C1 cash costs is calculated as cash production costs of metal produced net of by-product credits and is a key performance measure that management uses to monitor performance. Management uses this measure to assess how well the Company’s producing mines are performing and to assess the overall efficiency and effectiveness of the mining operations and assumes that realized by-product prices are consistent with those prevailing during the reporting period.


All-in Sustaining Costs Per Payable Pound of Copper Produced

All-in sustaining costs per payable pound of copper produced is an extension of the C1 cash costs measure discussed above and is also a non-GAAP key performance measure that management uses to monitor performance. Management uses this measure to analyze margins achieved on existing assets while sustaining and maintaining production at current levels. Consolidated All-in sustaining costs includes sustaining capital and corporate general and administrative costs.


Net debt / Net cash

Net (debt) / Net cash is a non-GAAP performance measure used by the Company to assess its financial position and is composed of Long-term debt (excluding deferred financing costs and purchase price accounting ("PPA") fair value adjustments), Cost overrun facility ("COF") from MMC, Cash and cash equivalents, Short-term investments, and excluding shareholder loans.


Attributable Net debt / Net cash

Attributable net (debt) / net cash is a non-GAAP performance measure used by the Company to assess its financial position and is calculated as net debt / net cash excluding amounts attributable to or guaranteed by non-controlling interests.


Available Liquidity

Available liquidity is a non-GAAP performance measure used by the Company to assess its financial position and is composed of RCF credit capacity, cash and cash equivalents and short-term investments, being representative of the Company's access to liquidity that is available for general purposes.


Adjusted net income attributable to shareholders

Adjusted net income attributable to shareholders is a non-GAAP measure of Net income (loss) attributable to shareholders as reported, adjusted for certain types of transactions that in the Company's judgment are not indicative of normal operating activities or do not necessarily occur on a regular basis.


EBITDA

EBITDA is a non-GAAP measure of net income (loss) before net finance expense, tax expense, and depletion and amortization.


Adjusted EBITDA

Adjusted EBITDA is non-GAAP measure of EBITDA before the pre-tax effect of the adjustments made to net income (loss) (above) as well as certain other adjustments required under the RCF agreement in the determination of EBITDA for covenant calculation purposes.


The adjustments made to net income (loss) and Adjusted EBITDA allow management and readers to analyze the Company's results more clearly and understand the cash-generating potential of the Company.


Sustaining Capital

Sustaining capital is expenditures to maintain existing operations and sustain production levels. A reconciliation of this non-GAAP measure to GAAP segment MPPE additions is included within the mine site sections of this document.


Expansionary Capital

Expansionary capital is expenditures to increase current or future production capacity, cash flow or earnings potential. A reconciliation of this non-GAAP measure to GAAP segment MPPE additions is included within the mine site sections of this document.


Realized copper price (per pound)

Realized price per pound is a non-GAAP ratio that is calculated using the non-GAAP measures of revenue on new shipments, revenue on prior shipments, and pricing and volume adjustments. Realized prices exclude the stream cash effects as well as treatment and refining charges. Management believes that measuring these prices enables investors to better understand performance based on the realized copper sales in the current and prior periods.


1 These are Non-GAAP performance measures. Refer to the section titled "Non-GAAP and Other Performance Measures".

2 Mantoverde shown on a 100% basis (Capstone Copper ownership 70%).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429447486/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com


Michael Slifirski, Director, Investor Relations, APAC Region

(+61) 412-251-818

mslifirski@capstonecopper.com


Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper Reports First Quarter 2026 Results

Capstone Copper to Release First Quarter Results on April 29, 2026April 7, 2026 5:00 PM
Business Wire
Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) will release its 2026 first quarter (“Q1 2026”) results on Wednesday, April 29, 2026 after market close. The announcement will be followed by an investor conference call the same day at 5:00pm Eastern Time / 2:00pm Pacific Time (Thursday, April 30, 2026, 7:00am Australian Eastern Time).




Q1 2026 Results Webcast and Conference Call Details








Timing: April 29, 2026, 5:00 pm ET / 2:00 pm PT / April 30, 2026, 7:00 am AET








Conference call webcast link: https://app.webinar.net/4QO2N17xpEG








To connect by phone:




To instantly join the conference call by phone, please use the following URL https://emportal.ink/40HaFo5 to easily register yourself and be connected into the conference call automatically.




You can also dial direct to be entered to the call by the operator:




Toronto: 1-437-900-0527




Australia: 61-280-171-385




North America toll free: 1-888-510-2154







An audio replay of the conference call will be available until May 6, 2026.




Replay Dial-in Numbers








Toronto: 1-289-819-1450




North America toll free: 1-888-660-6345




Code: 71155#







After the replay expiration, an audio file will be available on Capstone’s website at Capstone Copper - Events and Presentations. Further information is available at www.capstonecopper.com.


ABOUT CAPSTONE COPPER CORP.


Capstone Copper Corp. is an Americas-focused copper mining company headquartered in Vancouver, Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region, Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located approximately 35 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas.


Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization and safe and responsible production throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface stakeholder value. We are committed to creating a positive impact in the lives of our people and local communities, while delivering compelling returns to investors by responsibly producing copper to meet the world’s growing needs.


Further information is available at www.capstonecopper.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20260407003046/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com
Michael Slifirski, Director, Investor Relations, APAC Region

61-412-251-818

mslifirski@capstonecopper.com
Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper to Release First Quarter Results on April 29, 2026

Capstone Copper Reports Record Fourth Quarter 2025 ResultsMarch 2, 2026 4:16 PM
Business Wire
Revenue reaches new all-time high

Record low C1 cash costs1

Adjusted EBITDA1 sets quarterly record, up last five quarters


Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX: CSC) today reported financial results for the three months and year ended December 31, 2025 (“Q4 2025”). Link HERE for Capstone’s Q4 2025 webcast presentation. Unless otherwise stated, results are presented in United States dollars on a 100% basis.


Cashel Meagher, President and CEO of Capstone, commented: "2025 was an inflection point for Capstone, representing tangible delivery on peer leading growth with our copper production up 22%. Operationally, we met our consolidated production and cost guidance, driving record EBITDA generation. As we began to realize the benefits from completed projects, we also advanced our future phases of growth by sanctioning and beginning construction on Mantoverde Optimized, forming a partnership for our Santo Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district.


"In 2026, we are focused on delivering dependable operational results as we continue to advance our high-return organic growth opportunities. This includes executing on the Mantoverde Optimized Project construction, tie-in and ramp-up, advancing Santo Domingo towards a sanctioning decision, and progressing our district growth strategy through exploration."


Q4 2025 OPERATIONAL AND FINANCIAL HIGHLIGHTS



Record consolidated total contained copper production for Q4 2025 was 58,273 tonnes at C1 cash costs1 of $2.31/lb. Total Q4 2025 copper sold of 54,038 payable tonnes was approximately 2,600 tonnes below payable production largely driven by timing of sales at Mantoverde.



Achieved 2025 production and cost guidance, with record consolidated copper production for the full year ended December 31, 2025 of 224,764 tonnes at C1 cash costs1 of $2.44/lb.



Net income attributable to shareholders of $50.6 million, or $0.07 per share for Q4 2025 compared to net income attributable to shareholders of $45.9 million, or $0.06 per share for Q4 2024 primarily due to higher volumes of copper sold at a higher realized price. Net income attributable to shareholders for the full year 2025 was $315.9 million or $0.41 per share compared to $82.9 million or $0.11 per share for full year 2024.



Adjusted net income attributable to shareholders1 of $78.7 million, or $0.10 per share for Q4 2025, compared to adjusted net income attributable to shareholders1 of $29.6 million in Q4 2024 primarily due to higher volumes of copper sold at a higher realized price. Adjusted net income attributable to shareholders1 for the full year 2025 was $163.6 million or $0.21 per share.



Record adjusted EBITDA1 of $308.0 million for Q4 2025 compared to $171.9 million for Q4 2024, primarily due to increased sulphide copper production and lower C1 cash costs1, in addition to higher copper prices. Adjusted EBITDA1 for the full year 2025 was $952.7 million compared to $496.1 million for full year 2024.



Operating cash flow before changes in working capital of $287.3 million in Q4 2025 compared to $132.8 million in Q4 2024. Operating cash flows before changes in working capital for the full year 2025 was $891.3 million.



Net debt1 of $780.1 million as at December 31, 2025, increased from $725.8 million as at September 30, 2025, as result of a negative working capital adjustment of $108.9 million mainly due to the timing of receivable collections, with sales activity weighted towards the latter part of the quarter. Total available liquidity1 of $1,015.2 million as at December 31, 2025, comprised of $304.2 million of cash and cash equivalents, and $711.0 million of undrawn amounts on the $1 billion corporate revolving credit facility.



Released 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs1 of $2.45 to $2.75 per payable pound of copper, reflecting largely stable production compared to the prior year with additional growth expected in 2027 tied to Mantoverde Optimized, a return to higher copper grades at Mantos Blancos, and normalized throughput at Mantoverde and Pinto Valley.



On February 5, the Company announced signing of a new three-year collective bargaining agreement with Mantoverde's Union #2, ending the strike action which commenced on January 2, 2026. Mantoverde has successfully negotiated three-year agreements with all four of its unions.



OPERATIONAL OVERVIEW


Refer to Capstone's Q4 2025 MD&A and Financial Statements for detailed operating results.




 






Q4 2025






Q4 2024






2025






2024








Sulphide business






 






 






 






 








Copper production (tonnes)






 






 






 






 








Mantoverde2






14,314






13,580






62,308






21,777








Mantos Blancos






14,985






12,165






54,793






37,744








Pinto Valley






11,423






11,626






42,382






57,272








Cozamin






6,170






6,724






25,348






24,907








Total sulphides






46,891






44,095






184,830






141,700








C1 cash costs1 ($/pound) produced






 






 






 






 








Mantoverde2






1.09






1.60






1.40






1.88








Mantos Blancos






1.70






2.21






1.92






2.85








Pinto Valley






3.53






3.46






3.72






2.80








Cozamin






0.98






1.62






1.32






1.78








Total sulphides






1.80






2.18






2.00






2.42








 






 






 






 






 








Cathode business






 






 






 






 








Copper production (tonnes)






 






 






 






 








Mantoverde2






9,506






8,449






32,807






35,930








Mantos Blancos






1,876






1,398






7,126






6,830








Total cathodes






11,382






9,847






39,934






42,760








C1 cash costs1 ($/pound) produced






 






 






 






 








Mantoverde2






4.12






3.62






4.09






3.53








Mantos Blancos






3.83






3.70






3.94






3.41








Total cathodes






4.07






3.63






4.07






3.51








 






 






 






 






 








Consolidated






 






 






 






 








Copper production (tonnes)






58,273






53,942






224,764






184,460








C1 cash costs1 ($/pound) produced






2.31






2.52






2.44






2.76








Copper sold (tonnes)






54,038






50,014






217,517






175,201








Realized copper price1 ($/pound)






5.36






4.04






4.66






4.16







Sulphide Business


Q4 2025 sulphide production of 46,891 tonnes of copper in concentrate was 6% higher than 44,095 tonnes in Q4 2024. The increase compared to Q4 2024 was primarily driven by Mantos Blancos, which achieved record quarterly copper production supported by increased mill throughput and strong recoveries following the successful completion of the 2024 debottlenecking project and mine sequencing. Sulphide production at Mantoverde of 14,314 tonnes improved by 5% compared to Q4 2024, but was impacted by downtime due to repairs conducted on the mill motors throughout October and November. These improvements in Chile were partially offset by lower production at Pinto Valley and Cozamin, resulting primarily from lower mill throughput and recoveries.


2025 sulphide production increased by 30% to 184,830 tonnes from 141,700 tonnes in the prior year period. The improvement was primarily driven by Mantoverde following ramp-up of the Mantoverde Development Project and Mantos Blancos following the completion of the debottlenecking project. Cozamin also achieved a year-over year increase, supported by strong mill performance and a favourable grade profile. These gains were partially offset by a decrease in production at Pinto Valley, reflecting lower mill throughput, recoveries and ore grades.


Q4 2025 sulphide C1 cash costs1 decreased by 17% to $1.80/lb from $2.18/lb in Q4 2024, primarily due to higher sulphide production volumes, lower unit operating costs, and higher gold and silver prices resulting in stronger by-product credits. The improvement was driven mainly by Mantoverde sulphides ($1.09/lb) and Mantos Blancos sulphides ($1.70/lb), reflecting increased production in Q4 2024, with additional contributions from Cozamin ($0.98/lb), supported by stronger by-product credits and favourable foreign exchange movements. These positive impacts were partially offset by higher unit costs at Pinto Valley ($3.53/lb) due to lower throughput resulting from mill disruptions.


2025 sulphide C1 cash costs1 of $2.00/lb were 17% lower than $2.42/lb in 2024 primarily reflecting increased contributions from the lower-cost Mantoverde sulphides, as well as reduced unit costs at Mantos Blancos and Cozamin, partially offset by higher unit costs at Pinto Valley.


Cathode Business


Q4 2025 cathode production of 11,382 tonnes of copper was 16% higher than 9,847 tonnes in Q4 2024, primarily attributed to higher oxide grades and recoveries at Mantoverde and increased throughput at Mantos Blancos.


2025 cathode production decreased by 7% to 39,934 tonnes from 42,760 tonnes, reflecting lower heap leach grades and throughput at Mantoverde, partially offset by increased throughput at Mantos Blancos resulting from changes in the mine sequence.


Q4 2025 C1 cash costs1 for the cathode business increased to $4.07/lb in Q4 2025 from $3.63/lb in Q4 2024 and 2025 cathode C1 cash costs1 of $4.07/lb increased from $3.51/lb in 2024. The increase in cathode C1 cash costs1 was primarily driven by lower production volumes resulting from lower heap leach grades, as well as higher acid prices and consumption. The Company continues to actively manage this business segment through ongoing grade optimization and cost hedging strategies to maintain positive margin contribution.


Consolidated Production


Q4 2025 copper production of 58,273 tonnes was 8% higher than 53,942 tonnes in Q4 2024, primarily as a result of sulphide production ramping up at Mantoverde and Mantos Blancos.


2025 consolidated production of 224,764 tonnes of copper was 22% higher than 184,460 tonnes in 2024, mainly driven by increased copper production from the sulphide business with production ramping up at Mantoverde and Mantos Blancos.


Q4 2025 C1 cash costs1 of $2.31/lb were 8% lower than $2.52/lb in Q4 2024, primarily due to higher by-product credits (-$0.22/lb) driven by increased gold production at Mantoverde and stronger gold and silver prices, as well as lower treatment and refining charges and favourable foreign exchange rates (-$0.06/lb).


2025 consolidated C1 cash costs1 of $2.44/lb were 12% lower than $2.76/lb in 2024 due to higher copper production and lower production costs (-$0.04/lb), particularly at Mantoverde and Mantos Blancos. In addition, increased by-product credits (-$0.20/lb) contributed to the improvement largely due to higher gold production at Mantoverde and stronger gold and silver prices, along with favourable treatment and refining charges and foreign exchange rates (-$0.08/lb).


Mantoverde Mine (70% owned)


Q4 2025 copper production of 23,819 thousand tonnes was 8% higher than Q4 2024 due to higher copper in concentrate production of 14,314 tonnes driven primarily by higher recoveries and higher cathode production from higher heap oxide copper grades as a result of mine sequence (0.34% in Q4 2025 versus 0.31% in Q4 2024).


In Q4 2025, Mantoverde’s sulphide concentrator delivered 14,314 tonnes of copper in concentrate. Q4 2025 sulphide plant throughput averaged 23,425 tpd (October – 15,228 tpd, November – 18,115 tpd, December – 36,761 tpd), impacted by approximately 16 days of interrupted production due to repairs conducted on the mill motors throughout October and November. The repairs to the motors, which included upgrading components and installing additional protections, enabled the sulphide plant to achieve record average throughput in December. Mill recoveries averaged 83.7% in Q4 2025 (October – 84.1%, November – 82.1%, December – 84.3%), which increased from 74.4% in Q4 2024 driven by lower contributions from transitional mixed ore. Copper grades from sulphide operations were 0.79% in Q4 2025 (October – 0.74%, November – 0.83%, December – 0.80%).


2025 copper production of 95,115 tonnes was 65% higher than 2024 due to increased copper in concentrate production of 62,308 tonnes, partially offset by lower cathode production mainly driven by lower oxide copper grades as a result of mine sequence (0.32% in 2025 versus 0.35% in 2024).


Q4 2025 combined C1 cash costs1 were $2.32 /lb, 3% lower than $2.40/lb in Q4 2024, mainly related to higher production driven by the new concentrate plant (-$0.19/lb) and higher gold revenues (-$0.27/lb), partially offset by higher acid prices ($233/t in Q4 2025 versus $164/t in Q4 2024) and consumption ($0.31/lb), and higher power, diesel and explosive consumption ($0.05/lb). Q4 2025 cathode C1 cash costs1 were $4.12/lb, 14% higher compared to Q4 2024, mainly due to higher acid prices ($233/t in Q4 2025 versus $164/t in Q4 2024) ($0.52/lb) and consumption ($0.27/lb) partially offset by higher cathode production (-$0.40/lb).


2025 combined C1 cash costs1 were $2.35/lb, 19% lower than $2.90/lb in 2024, mainly related to higher copper and gold production driven by the new concentrate plant (-$0.97/lb), partially offset by higher acid prices ($203/t in 2025 versus $156/t in 2024) and consumption ($0.17/lb) and higher power, diesel and explosive consumption ($0.16/lb). 2025 cathode C1 cash costs1 were $4.09/lb, 16% higher compared to 2024, mainly due to lower cathode production driven by lower heap grade ($0.29/lb) and higher acid prices and consumption ($0.28/lb).


Mantos Blancos Mine (100% owned)


Q4 2025 production was 16,861 tonnes, composed of 14,985 tonnes of copper in concentrate from sulphide operations and 1,876 tonnes of cathode from oxide operations, was 24% higher than Q4 2024. The increase was attributable to sulphide mill throughput exceeding design levels (21,391 tpd in Q4 2025 versus 19,579 tpd in Q4 2024), and higher sulphides feed grades as a result of mine sequence (0.94% in Q4 2025 versus 0.84% in Q4 2024). The strip ratio was elevated during Q4 2025,as planned mineral movements to Dump Phase 1 were deferred to the first quarter of 2026, resulting in a higher proportion of waste tonnes mined relative to ore.


2025 copper production of 61,919 tonnes, composed of 54,793 tonnes of copper in concentrate from sulphide operations and 7,126 tonnes of cathodes, was 39% higher than 2024, due to higher sulphide mill throughput (19,981 tpd in 2025 versus 16,027 tpd in 2024) following the successful debottlenecking project in late 2024 and higher sulphides feed grades as a result of mine sequence (0.93% in 2025 versus 0.81% in 2024).


Combined Q4 2025 C1 cash costs1 of $1.94/lb ($1.70/lb sulphides and $3.83/lb cathodes) were 17% lower compared to combined C1 cash costs1 of $2.35/lb in Q4 2024, mainly due to higher production (-$0.48/lb) and lower treatment and selling costs (-$0.05/lb), partially offset by higher acid, diesel, explosive and energy consumption ($0.10/lb) due to higher material moved and mill throughput.


Combined 2025 C1 cash costs1 of $2.16/lb ($1.92/lb sulphides and $3.94/lb cathodes) were 28% lower compared to $3.01/lb in 2024 mainly due to higher production (-$0.84/lb), lower treatment cost (-$0.13/lb), and lower diesel prices ($0.63/l in 2025 versus $0.74/l in 2024) (-$0.05/lb), partially offset by higher acid, diesel, explosive and energy consumption and acid prices ($0.16/lb) due to higher material moved and mill throughput.


Pinto Valley Mine (100% owned)


Q4 2025 copper production of 11,423 thousand tonnes was 2% lower than in Q4 2024 due to lower cathode production. Copper in concentrate production increased in Q4 2025 compared to Q4 2024 driven by higher grades (Q4 2025 – 0.33% versus Q4 2024 – 0.30%), partially offset by lower mill throughput (Q4 2025 - 42,029 tpd versus Q4 2024 - 45,148 tpd). Mill throughput in Q4 2025 was impacted by water constraints due to the drought conditions in central Arizona, which restricted throughput to two-thirds availability with four out of six mills online for October. Pinto Valley returned to six mills online for November and December, enabling it to achieve its strongest quarter of production during 2025 in Q4.


2025 copper production was 26% lower than 2024 on lower mill throughput (41,187 tpd in 2025 versus 49,461 tpd in 2024) due primarily to water constraint measures in addition to unscheduled downtime, lower feed grade tied to mine plan sequence (0.31% in 2025 versus 0.34% in 2024) and lower recoveries (86.2% 2025 versus 87.4% 2024) due to higher acid soluble ratio and lower grade ore. In line with sustaining capital guidance, the Company assembled all twelve new haul trucks over the course of 2025, to complement the new shovel received at the end of 2024. The new trucks are being used to drive incremental material movement in the mine, which improved by 33% in 2025 compared to 2024.


Q4 2025 C1 cash costs1 of $3.53/lb were 2% higher than $3.46/lb in the same period last year, primarily due to higher contractor costs ($0.30/lb) and higher salaries and wages ($0.08/lb), partially offset by lower treatment and selling costs (-$0.11/lb) and lower spend on mechanical and electrical parts (-$0.20/lb).


2025 C1 cash costs1 of $3.72/lb were 33% higher compared to the same period last year of $2.80/lb primarily due to lower production volume ($0.89/lb) and higher contractor costs ($0.30/lb), partially offset by lower treatment and selling costs (-$0.20/lb) and lower spend on mechanical and electrical parts (-$0.06/lb).


Cozamin Mine (100% owned)


Q4 2025 copper production of 6,170 thousand tonnes, was 8% lower than Q4 2024, primarily due to lower recoveries (94.6% in Q4 2025 versus 96.9% in Q4 2024) resulting from mine sequence. Mill throughput decreased by 6% (3,507 tpd in Q4 2025 versus 3,716 tpd in Q4 2024) driven by mill constraints related to mechanical issues.


2025 YTD copper production of 25,348 thousand tonnes was 2% higher than 2024 YTD primarily due to higher grades (2.00% in 2025 YTD versus 1.96% in 2024 YTD), consistent with the mine plan, as well as higher mill throughput (3,615 tpd in 2025 YTD versus 3,581 tpd in 2024 YTD).


Q4 2025 C1 cash costs1 were $0.98/lb, 40% lower than $1.62/lb in the same period last year, primarily due to increased silver by-product prices (-$0.76/lb), lower treatment charges (-$0.15/lb), partially offset by higher operating costs ($0.27/lb), mainly related to consulting expenses for an operational continuous improvement initiative.


2025 C1 cash costs1 were $1.32/lb, 26% lower than $1.78/lb the same period last year primarily due to higher copper production, lower treatment charges (-$0.16/lb), and increased by-product credits from higher silver prices (-$0.30/lb). Operating cash costs were partially impacted by consulting expenses for the continuous improvement project.


2026 Guidance


Production, cash cost, capital expenditures and exploration expenditure guidance for 2026 remains unchanged from the recently released guidance as outlined in the news release "Capstone Copper Announces 2026 Guidance" dated February 17, 2026.


2026 forecast production volumes of 200,000 to 230,000 tonnes of copper reflects largely stable production compared to 2025. Production in 2027 is forecasted to increase driven by Mantoverde Optimized, an increase in copper grades at Mantos Blancos, and the normalization of throughput levels at Mantoverde and Pinto Valley with the absence of prolonged shutdowns. 2026 C1 cash cost1 guidance of $2.45 to $2.75 per payable pound of copper is expected to increase compared to 2025 primarily driven by the impact of lower-grade zones due to mine sequence at Mantos Blancos and Pinto Valley, as well as modest inflation.


In 2026, the Company plans to spend a total of $495 million in sustaining and expansionary capital expenditures at its operating mines and the Santo Domingo Project. This is broken down into $270 million on sustaining capital and $225 million on expansionary capital. In addition, the Company plans to spend a total of $225 million in capitalized stripping at its three open pit mines.


The Company plans to spend $70 million in brownfield and greenfield exploration activities in 2026 (~10% expensed vs ~90% capitalized), primarily focused on advancing drilling in the highly prospective Mantoverde-Santo Domingo district. At Mantoverde, this includes progressing the exploration program which commenced in late 2024, with a focus on improving grades, adding mineralization and testing high-priority targets along the northern corridor. At Santo Domingo and the near-by Sierra Norte deposit, exploration will focus on advancing upside opportunities for incremental copper production in the region. Expansionary exploration campaigns at Mantos Blancos and Cozamin will also continue in pursuit of new resources. Infill drilling will be conducted at Mantoverde, Mantos Blancos and Pinto Valley to improve resource categorization in support of future mine planning.


KEY UPDATES


Capstone Copper has expansion optionality across its portfolio with a combination of attractive brownfield and greenfield opportunities in top-tier mining jurisdictions in the Americas. Capstone Copper is advancing these growth opportunities, which are at various stages. A potential sanctioning decision for each project is subject to a variety of factors, including macroeconomic conditions.


MV Optimized Brownfield Expansion Project


MV Optimized, a capital-efficient brownfield expansion of Mantoverde's sulphide concentrator, was sanctioned for development during Q3 2025. MV Optimized is expected to increase concentrator throughput from 32,000 to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively, and extending the mine life from 19 to 25 years, at an estimated capital cost of $176 million. Capstone began construction on the MV Optimized sulphide concentrator expansion in H2 2025 and estimates it will take approximately one year to complete. The Company expects to complete the final stage of procurement and commence civil works in Q1 2026 before executing the construction contracts for the project in Q2 2026. In parallel, equipment and supplies will be received on site throughout the first half of the year. The Company expects to complete the majority of project tie-ins in Q3 2026 during an extended 15 day maintenance period, followed by a ramp-up period in Q4 2026. The expanded sulphide throughput capacity of approximately 45,000 ore tonnes per day is expected to be sustained starting in early 2027.


Mantoverde Phase II


The Company is in the early stages of evaluating the next major phase of growth for Mantoverde, which could include the addition of an entire second processing line. There are 0.2 billion tonnes of Measured & Indicated Mineral Resources and 0.6 billion tonnes of Inferred sulphide Mineral Resources in addition to the Mineral Reserves that are currently being considered as part of MV Optimized. Exploration results from Mantoverde's Phase 1 drill program were released in October 2025, including highlights at the Santa Clara Corridor and Animas that support the potential for future resource growth. Phase 2 of the exploration program includes follow up drilling at the northern portion of the current Mantoverde pit, in addition to high priority targets along the northern extension (~10km long) of the projection of the prospective Atacama fault system, which are planned to assist in determining the location of key infrastructure and the economic viability of the project.


Santo Domingo Project


Capstone Copper announced an investment agreement with Orion Resource Partners on October 13, 2025, where fund entities managed by Orion will acquire a 25% ownership interest in the Santo Domingo Project and the Sierra Norte Project for total cash consideration of up to $360 million. Total cash consideration includes $225 million payable upon a positive final investment decision ("FID") on Santo Domingo, $75 million matching contribution payable within six months of the FID, and up to $60 million in Contingent Consideration payable to Capstone upon the achievement of certain value-enhancing initiatives. Capstone has the option to re-consolidate 100% ownership of Santo Domingo via a buyback option once commercial production is achieved.


The transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during project construction. Additionally, the contingent consideration endorses the attractive long-term value of upside opportunities in the district. The Contingent Consideration will be payable to Capstone subject to certain milestones being satisfied as follows,



$20 million upon publication of a NI 43-101 Technical Report outlining a Proven and Probable Reserve of at least 268,000 tonnes of contained copper at Sierra Norte;



$20 million upon publication of a NI 43-101 Feasibility Study that demonstrates the processing of oxide material containing at least 159,000 tonnes of copper; and



$20 million upon: (i) publication of a NI 43-101 Feasibility Study that incorporates construction of a cobalt processing circuit; and (ii) filing and application of all material permits for the cobalt processing circuit.



Concurrent with the transaction, Capstone and Orion entered into an equity subscription agreement for common shares of the Company for a cash consideration of $10 million. The use of proceeds is to advance a new exploration program at Santo Domingo and Sierra Norte, to further the upside opportunities in the district eligible for the Contingent Consideration, which includes a 54,700-metre drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation at the near-by Sierra Norte deposit.


A cobalt plant for the MV-SD district is designed to unlock cobalt production while reducing sulphuric acid consumption and increasing heap leach copper production. As currently envisioned, a smaller capacity plant will initially treat cobalt by-product streams from Mantoverde only, producing up to 1,500 tonnes per annum of cobalt, and following sanctioning of the Santo Domingo project, the facility will be expanded to accommodate by-product streams from Santo Domingo, with a combined MV-SD target of 4,500 to 6,000 tonnes per annum of cobalt production.


With the investment agreement complete, Capstone will continue to advance the remaining workstreams towards a final investment decision on Santo Domingo, expected in H2 2026. Those workstreams include, further advancement of detailed engineering and evaluation of district optimization opportunities, securing financing and ensuring overall balance sheet strength prior to FID. Capstone is committed to ensuring that plans for growth are carried out in a safe, prudent, and responsible manner, while remaining transparent and engaged with all stakeholders.


Mantos Blancos Phase II


The Company is currently evaluating the next phases of growth for Mantos Blancos, including the potential to increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the underutilized SX-EW plant. A Mantos Blancos Phase II study focusing on the sulphide concentrator plant expansion is expected in mid-2026. The sulphide concentrator plant expansion is expected to utilize existing unused or underutilized process equipment, plus additional equipment for concentrate filtration, thickening and filtering of tailings. During 2025, individual peak daily sulphide mill throughput totaled 28,506 tpd as the plant was pushed to identify bottlenecks.


The Company is also evaluating a potential increase in cathode production based on an opportunity to re-leach spent ore from historical leaching and flotation operations. The increase in cathode production would utilize existing SX-EW plant capacity, with the addition of a dynamic leach pad, agglomeration and stacking infrastructure.


PV District Growth


The Company continues to review and evaluate the consolidation potential of the Pinto Valley district. Opportunities under evaluation include a potential mill expansion and increased leaching capacity supported by optimized water, heap and dump leach, and tailings infrastructure. Pinto Valley district consolidation could unlock significant ESG opportunities and may transform the Company's approach to create value for all stakeholders in the Globe-Miami District.


Corporate Exploration Update


Capstone Copper’s exploration team is predominantly focused on organic growth opportunities to expand Mineral Resources and Mineral Reserves at all four mines and at the Santo Domingo development project. Capstone Copper also recently acquired Sierra Norte and maintains a portfolio of 100% owned claims acquired by staking in Northern Chile.


Mantoverde

During Q4 2025, exploration activities at Mantoverde continued to advance the Company’s strategy of expanding and upgrading mineral resources adjacent to the existing operation, while progressing district-scale exploration opportunities north of the current pit.


Exploration drilling during the quarter advanced at a slightly slower pace compared to prior periods, as activities were focused on infill drilling and site preparation for district-scale targets. Site preparation works, including the development of primary access roads and drill pads in the Victoria area, progressed during the quarter and supported the initiation of the first district-target drill hole by the end of 2025, with follow-up drilling along the corridor planned for Q1 2026.


Total metres drilled to date reached approximately 49,600 metres, representing about 80% completion of the original Phase 1 and Phase 2 drill program, which forms part of the ongoing two-year exploration program at Mantoverde with a budget of approximately $25 million and a total of 61,500 metres of drilling. Phase 1 comprised approximately 30,000 metres of drilling completed adjacent to the main pits, targeting improvements in grade and mineralization continuity. Phase 2 includes two primary areas of focus: the testing of high-priority targets immediately north of the pit (approximately 20,000 metres) and along the 10-kilometre-long northern corridor (approximately 11,500 metres). Up to six drill rigs are currently operating on site at Mantoverde. See Capstone´s October 7, 2025 press release "Capstone Copper Reports Results of Phase 1 Drill Program at Mantoverde."


Infill drilling during the period focused on the Pared Este, Franko, Celso and MVN areas. The objective of this drilling is to improve resource categorization in support of future mine planning.


Mantoverde-Santo Domingo District

Related to the broader Mantoverde-Santo Domingo district, Capstone previously announced an updated district exploration program over 2025 and 2026 focused on advancing upside opportunities for incremental copper production in the region. This includes a 54,700-meters drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation at the near-by Sierra Norte deposit.


During the quarter, the Santo Domingo drill program was initiated, with a total of ~4,700 metres drilled, representing approximately 9% of the planned 54,700 metres. Three drill rigs are currently operating on site, with expectations to ramp up to five rigs during Q1 2026. The primary focus of the program is to delineate oxide mineralization at the top of the Santo Domingo and Estrellita sulphide orebodies, while also testing for potential sulphide extensions adjacent to the planned pits.


Sierra Norte is located approximately 15 kilometers northwest of the Santo Domingo Project and represents an opportunity to potentially be a future sulphide feed source for Santo Domingo, extending the higher grade copper sulphide life. Potential oxide material at Sierra Norte represents an opportunity to be a future oxide feed for Mantoverde's underutilized SX-EW plant. During Q4 2025, the first phase of a re-assay program at Sierra Norte was completed, successfully validating the existing drilling database. A second and broader phase of work has been scoped, with objectives that include the incorporation of cobalt into the resource evaluation and the determination of key metallurgical parameters for the deposit. The Company expects to complete this program during 2026.


Exploration activities associated with the ENAMI option agreement commenced during Q4, including the initiation of a surface geochemical sampling program and the completion of a high-resolution magnetic drone survey. Planned follow-up activities include re-assaying historic drill holes in the Pazota area, adjacent to the Sierra Norte deposit, and the completion of approximately 50 line kilometres of induced polarization (IP) geophysical surveying in the property.


Mantos Blancos

At Mantos Blancos, exploration drilling progressed in the Veronica and Nora-Quinta areas, within and adjacent to the resource pit area. A total of 4,692 metres have been drilled to date, representing approximately 56% completion of the original 7,900-metre exploration drill program. The program is expected to continue through 2026, together with additional follow-up holes planned as part of the 2026 exploration drill program. In parallel, infill drilling continued during Q4 2025, with activities focused on Phases 15 and 16 to support resource definition and mine planning.


In addition, preliminary modelling results from the passive seismic (ambient noise tomography) geophysical survey were received during the period. This survey is intended to improve the understanding of local stratigraphy and may assist in identifying additional drill targets at depth and in proximity to the current deposit.


Cozamin

At Cozamin during Q4 2025, exploration drilling focused on potential mine life extension and production profile improvement targeting step-outs up-dip, down-dip, and along strike from historical Mala Noche Vein ("MNV") workings, as well as deep drill tests below the Mala Noche Foot Wall Zone ("MNFWZ"). Limited infill drilling was also conducted at both MNV and MNFWZ. A total of 6,034 meters was drilled during Q4 2025. Drilling at Mala Noche was conducted with one underground rig positioned at the level 17.2 cross-cut, and a second underground rig positioned at the level 12.7 cross-cut. Select drill holes conducted from the level 17.2 cross-cut were extended for infill purposes at MNFWZ. The deep drill tests at MNFWZ were conducted with one underground rig positioned at the level 13E cross-cut.


FINANCIAL OVERVIEW


Please refer to Capstone's Q4 2025 MD&A and Financial Statements for detailed financial results.




($ millions, except per share data)






Q4 2025






Q4 2024






2025






2024








Revenue






685.0






446.9






2,359.9






1,599.2








 






 






 






 






 








Net income (loss)






58.4






47.2






349.7






85.9








 






 






 






 






 








Net income (loss) attributable to shareholders






50.6






45.9






315.9






82.9








Net income (loss) attributable to shareholders per common share - basic and diluted ($)






0.07






0.06






0.41






0.11








 






 






 






 






 








Adjusted net income attributable to shareholders1






78.7






29.6






163.6






71.5








Adjusted net income attributable to shareholders per common share - basic and diluted






0.10






0.04






0.21






0.10








 






 






 






 






 








Operating cash flow before changes in working capital






287.3






132.8






897.0






414.8








 






 






 






 






 








Adjusted EBITDA1






308.0






171.9






952.7






496.1








 






 






 






 






 








Realized copper price1




($/pound)






5.36






4.04






4.65






4.16









($ millions)






December 31, 2025






December 31, 2024








Net debt1






(780.1)






(742.0)








Attributable net debt1






(675.1)






(600.6)







CONFERENCE CALL AND WEBCAST DETAILS


Capstone will host a conference call and webcast on Monday, March 2, at 5:00 pm Eastern Time / 2:00 pm Pacific Time (Tuesday, March 3, 2026, 9:00 am Australian Eastern Time). Link to the audio webcast: https://app.webinar.net/ZN9xeEYeRlz


Dial-in numbers for the audio-only portion of the conference call are below. Due to an increase in call volume, please dial-in at least five minutes prior to the call to ensure placement into the conference line on time.


Toronto: 1-437-900-0527

Australia: 61-280-171-385

North America toll free: 1-888-510-2154


A replay of the conference call will be available until March 9, 2026. Dial-in numbers for Toronto: 1-289-819-1450 and North American toll free: 1-888-660-6345. The replay code is 57545#. Following the replay, an audio file will be available on Capstone’s website at https://capstonecopper.com/investors/events-and-presentations/.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.


Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events. The Company's Sustainable Development Strategy goals and strategies are based on a number of assumptions, including, but not limited to, the reliability of data sources; the biodiversity and climate-change consequences; availability and effectiveness of technologies needed to achieve the Company's sustainability goals and priorities; availability of land or other opportunities for conservation, rehabilitation or capacity building on commercially reasonable terms and the Company's ability to obtain any required external approvals or consensus for such opportunities; the availability of clean energy sources and zero-emissions alternatives for transportation on reasonable terms; availability of resources to achieve the goals in a timely manner, adjustments to the goals based on factors including but not limited to growth and data restatements, the Company's ability to successfully implement new technology; and the performance of new technologies in accordance with the Company's expectations.


Forward-looking statements include, but are not limited to, statements with respect to the estimation of Mineral Resources and Mineral Reserves, the results of the Optimized Mantoverde Development Project ("MV Optimized FS") and Mantoverde Phase II study, the timing and results of PV District Growth Study , the timing and results of Mantos Blancos Phase II Study, the timing and success of the Mantoverde - Santo Domingo Cobalt Feasibility Study, the results of the Santo Domingo FS Update and success of incorporating synergies previously identified in the Mantoverde - Santo Domingo District Integration Plan, the timing and results of the Feasibility Study for processing Santo Domingo’s oxides, the timing and results of exploration and potential opportunities at Sierra Norte, the timing and results of the Technical Report outlining Proven and Probable Reserves at Sierra Norte, the timeline for financial investment decision ("FID") on Santo Domingo, the completion of the Orion Transaction, the realization of Mineral Reserve estimates, the timing and amount of estimated future production, the costs of production and capital expenditures and reclamation, the timing and costs of the Minto obligations and other obligations related to the closure of the Minto Mine, the budgets for exploration at Cozamin, Santo Domingo, Pinto Valley, Mantos Blancos, Mantoverde, and other exploration projects, the timing and success of the Copper Cities project, the success of the Company's mining operations, the continuing success of mineral exploration, the estimations for potential quantities and grade of inferred resources and exploration targets, the Company's ability to fund future exploration activities, the Company's ability to finance the Santo Domingo development project, environmental and geotechnical risks, unanticipated reclamation expenses and title disputes, the success of the synergies and catalysts related to prior transactions, in particular but not limited to, the anticipated future production, costs of production, including the cost of sulphuric acid and oil and other fuel, capital expenditures and reclamation of Company’s operations and development projects, the Company's estimates of available liquidity, and the risks included in the Company's continuous disclosure filings on SEDAR+ at www.sedarplus.ca. The impact of global events such as pandemics, geopolitical conflict, or other events, to Capstone Copper is dependent on a number of factors outside of the Company's control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of diseases, global economic uncertainties and outlook due to widespread diseases or geopolitical events or conflicts, supply chain delays resulting in lack of availability of supplies, goods and equipment, and evolving restrictions relating to mining activities and to travel in certain jurisdictions in which we operate.


In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the Company's ability to raise capital, The Company's ability to acquire properties for growth, counterparty defaults, including with respect to Orion, use of financial derivative instruments, foreign currency exchange rate fluctuations, counterparty risks associated with sales of the Company's metals, market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs, availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licences and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at the Company's operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, the ability to transport the Company's products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, risks related to the Mantoverde Development Project ("MVDP"), increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social license to operate, seismicity and its effects on the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") listing compliance requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's insurance coverage, labour relations, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.


COMPLIANCE WITH NI 43-101


Unless otherwise indicated, Capstone Copper has prepared the technical information in this MD&A (“Technical Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure Documents”) available under Capstone Copper’s company profile on SEDAR+ at www.sedarplus.ca. Each Disclosure Document was prepared by or under the supervision of a qualified person (a “Qualified Person”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents.


Disclosure Documents include the National Instrument 43-101 technical reports titled "Mantoverde Mine, NI 43-101 Technical Report and Feasibility Study, Atacama Region, Chile" effective July 1, 2024, “Santo Domingo Project, NI 43-101 Technical Report and Feasibility Study Update, Atacama Region, Chile” effective July 31, 2024, "NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, "Mantos Blancos Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" effective November 29, 2021, and “NI 43-101 Technical Report on the Pinto Valley Mine, Arizona, USA” effective March 31, 2021.


The disclosure of Scientific and Technical Information in this MD&A was reviewed and approved by Peter Amelunxen, P.Eng., Senior Vice President, Technical Services (technical information related to project updates at Santo Domingo and Mineral Resources and Mineral Reserves at Mantoverde), Clay Craig, P.Eng., Director, Mining & Strategic Planning (technical information related to Mineral Reserves at Pinto Valley and Cozamin), and Cashel Meagher, P.Geo., President and Chief Operating Officer (technical information related to Mineral Reserves and Resources at Mantos Blancos) all Qualified Persons under NI 43-101.


Non-GAAP and Other Performance Measures


The Company uses certain performance measures in its analysis. These Non-GAAP performance measures are included in this MD&A because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standard meaning within IFRS Accounting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS Accounting Standards.


Some of these performance measures are presented in Highlights and discussed further in other sections of the MD&A. These measures provide meaningful supplemental information regarding operating results because they exclude certain significant items that are not considered indicative of future financial trends either by nature or amount. As a result, these items are excluded from management assessment of operational performance and preparation of annual budgets. These significant items may include, but are not limited to, restructuring and asset impairment charges, individually significant gains and losses from sales of assets, share-based compensation, unrealized gains or losses, and certain items outside the control of management. These items may not be non-recurring. However, excluding these items from GAAP or Non-GAAP results allows for a consistent understanding of the Company's consolidated financial performance when performing a multi-period assessment including assessing the likelihood of future results. Accordingly, these Non-GAAP financial measures may provide insight to investors and other external users of the Company's consolidated financial information.


C1 Cash Costs Per Payable Pound of Copper Produced

C1 cash costs per payable pound of copper produced is a measure reflective of operating costs per unit. C1 cash costs is calculated as cash production costs of metal produced net of by-product credits and is a key performance measure that management uses to monitor performance. Management uses this measure to assess how well the Company’s producing mines are performing and to assess the overall efficiency and effectiveness of the mining operations and assumes that realized by-product prices are consistent with those prevailing during the reporting period.


All-in Sustaining Costs Per Payable Pound of Copper Produced

All-in sustaining costs per payable pound of copper produced is an extension of the C1 cash costs measure discussed above and is also a non-GAAP key performance measure that management uses to monitor performance. Management uses this measure to analyze margins achieved on existing assets while sustaining and maintaining production at current levels. Consolidated All-in sustaining costs includes sustaining capital and corporate general and administrative costs.


Net debt / Net cash

Net (debt) / Net cash is a non-GAAP performance measure used by the Company to assess its financial position and is composed of Long-term debt (excluding deferred financing costs and purchase price accounting ("PPA") fair value adjustments), Cost overrun facility ("COF") from MMC, Cash and cash equivalents, Short-term investments, and excluding shareholder loans.


Attributable Net debt / Net cash

Attributable net (debt) / net cash is a non-GAAP performance measure used by the Company to assess its financial position and is calculated as net debt / net cash excluding amounts attributable to or guaranteed by non-controlling interests.


Available Liquidity

Available liquidity is a non-GAAP performance measure used by the Company to assess its financial position and is composed of RCF credit capacity, Mantoverde DP facility capacity, the Senior Notes, cash and cash equivalents and short-term investments. For clarity, $260 million undrawn portion of the gold stream from Wheaton related to the Santo Domingo development project as they are not available for general purposes.


Adjusted net income attributable to shareholders

Adjusted net income attributable to shareholders is a non-GAAP measure of Net income (loss) attributable to shareholders as reported, adjusted for certain types of transactions that in the Company's judgment are not indicative of normal operating activities or do not necessarily occur on a regular basis.


EBITDA

EBITDA is a non-GAAP measure of net income before net finance expense, tax expense, and depletion and amortization.


Adjusted EBITDA

Adjusted EBITDA is non-GAAP measure of EBITDA before the pre-tax effect of the adjustments made to net income (above) as well as certain other adjustments required under the RCF agreement in the determination of EBITDA for covenant calculation purposes.


The adjustments made to net income and Adjusted EBITDA allow management and readers to analyze the Company's results more clearly and understand the cash-generating potential of the Company.


Sustaining Capital

Sustaining capital is expenditures to maintain existing operations and sustain production levels. A reconciliation of this non-GAAP measure to GAAP segment MPPE additions is included within the mine site sections of this document.


Expansionary Capital

Expansionary capital is expenditures to increase current or future production capacity, cash flow or earnings potential. A reconciliation of this non-GAAP measure to GAAP segment MPPE additions is included within the mine site sections of this document.


Realized copper price (per pound)

Realized price per pound is a non-GAAP ratio that is calculated using the non-GAAP measures of revenue on new shipments, revenue on prior shipments, and pricing and volume adjustments. Realized prices exclude the stream cash effects as well as treatment and refining charges. Management believes that measuring these prices enables investors to better understand performance based on the realized copper sales in the current and prior periods.




1







These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”.








2







Mantoverde shown on a 100% basis (Capstone Copper ownership 70%).







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302623239/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com


Michael Slifirski, Director, Investor Relations, APAC Region

(+61) 412-251-818

mslifirski@capstonecopper.com


Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper Reports Record Fourth Quarter 2025 Results

Tungsten Prices Surge Fivefold as Western Miners Race to Secure SupplyFebruary 26, 2026 12:50 PM
PR Newswire (US)

Issued on behalf of GoldHaven Resources Corp.VANCOUVER, BC, Feb. 26, 2026 /PRNewswire/ -- USA News Group News Commentary — Tungsten prices have surged fivefold over the past year as prolonged underinvestment and tightening Chinese exports push the market toward what BMO analysts warn could become a severe global shortage, with ammonium paratungstate now trading at approximately $1,775 per metric tonne unit after Chinese exports plummeted to near zero in late 2025[1]. Copper price forecasts have jumped above $11,000 per tonne for the first time, according to a Reuters poll of analysts who remain wary about speculative excess even as supply deficits widen across base metals markets[2]. Companies advancing critical mineral projects in stable mining jurisdictions include GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), Wheaton Precious Metals (TSX: WPM) (NYSE: WPM), Capstone Copper (TSX: CS), Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), and Taseko Mines (TSX: TKO) (NYSE-A: TGB).







The U.S. State Department hosted representatives from 54 countries at the 2026 Critical Minerals Ministerial in February, signing new bilateral frameworks and channeling billions through federal funding programs to accelerate domestic and allied critical minerals supply chains[3]. StoneX estimates the copper market deficit will nearly double to 333,000 tonnes in 2026, up from 174,000 tonnes the prior year, as accelerating electrification and rising defense procurement strain existing supply[4].GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) has appointed Raymond Wladichuk as Technical Advisor to the Company, joining the BC geological team with a primary focus on advancing the Magno Project. Mr. Wladichuk is a Professional Geoscientist (P.Geo.) registered in multiple Canadian provinces with over 15 years of experience across mineral exploration, engineering, and construction. In his role, he will support drill permitting initiatives and the strategic design of the Company's 2026 work program."We are very pleased to add Raymond to our geological team at a pivotal time for the Company," said Rob Birmingham, President & CEO of GoldHaven. "His experience in exploration, engineering, and project execution will be instrumental as we advance the Magno Project, including drill permitting and the strategic planning of our 2026 exploration program. Strengthening our technical team ensures we are well-positioned to efficiently move Magno forward."The appointment follows a $2.0 million critical mineral flow-through financing to advance the district-scale Magno Polymetallic Project in British Columbia's Cassiar District. The non-brokered private placement will issue up to 7,547,170 flow-through shares at $0.265 per share, with proceeds directed toward eligible Canadian exploration expenses qualifying as critical mineral flow-through expenditures. The financing is expected to fund 3D geological modeling, target refinement, and drill planning through 2026.The financing follows a productive 2025 exploration campaign at Magno that defined property-scale porphyry-related zonation across the 36,973-hectare project, where 357 samples revealed bonanza silver grades up to 2,370 grams per tonne and tungsten values reaching 6,550 ppm across multiple skarn zones. Strong and widespread tungsten mineralization at the Kuhn and Dead Goat zones further confirms the scale of the system. The company also confirmed high-grade copper at its Three Guardsmen Project, with surface sampling returning up to 15.85% copper.In Brazil, GoldHaven recently confirmed gold mineralization in bedrock at its Copeçal West Target, where the first-ever drilling returned 39 meters at 0.11 g/t gold from 58 meters depth. Hole COPE-PDH-006 returned 7 meters at 0.46 g/t gold including 1 meter at 1.21 g/t, while the inaugural East Target program discovered bornite, suggesting potential for a substantial gold-copper system.GoldHaven now controls 133,186 hectares across proven mining jurisdictions in British Columbia and Brazil, with the Magno property located just three kilometres south of the historic Cassiar mining camp and accessible via Highway 37, providing infrastructure advantages rarely present at projects of this scale. All projects are supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources at:https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/In other industry developments:Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) has acquired an additional silver stream on the Antamina mine in Peru through a new partnership with BHP. The company paid $4.3 billion for 33.75% of Antamina's silver output, bringing its combined share to 67.5% of all silver produced from one of the world's largest copper-zinc operations jointly owned by BHP, Glencore, Teck, and Mitsubishi."Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, CEO of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector."Under the agreement, Wheaton pays 20% of the spot silver price per ounce delivered, maintaining the low-cost streaming model that has defined the company's growth trajectory. The stream covers deliveries until 100 million ounces are reached, after which the company retains 22.5% for the remainder of the mine life through 2036, providing decades of predictable silver exposure from a tier-one jurisdiction.Capstone Copper (TSX: CS) has issued 2026 guidance projecting 200,000 to 230,000 tonnes of copper production at C1 cash costs of $2.45 to $2.75 per pound. The company delivered record copper production in 2025, up 22% year over year, while advancing several key operational catalysts including the Mantoverde Optimized Project in Chile. Gibraltar produced 98 million pounds of copper in 2025, with second-half production increasing 46% after mining through lower-grade ore zones in the first half."2025 was a remarkable year for Capstone, delivering record copper production up 22% year-over-year, while executing on several key catalysts," said Cashel Meagher, President and CEO of Capstone Copper. "We will continue to build on this success in 2026, with a focus on delivering consistent and reliable outcomes, while we execute on MV-O which is expected to drive higher copper production levels in 2027."A sanctioning decision on the Santo Domingo copper-iron project is expected in the second half of 2026, potentially adding another long-life asset to the portfolio. Capstone has allocated a $70 million exploration budget for the year as the company positions itself to capitalize on tightening copper supply fundamentals and record-setting price environments across base metals. Record revenue and a strengthening balance sheet provide the financial foundation for continued disciplined growth.Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has reported Q4 and full-year 2025 results headlined by $3.28 billion in revenue and $1.45 billion in EBITDA at a 44% margin from its Kamoa-Kakula copper complex in the Democratic Republic of Congo. The company's Kipushi zinc mine generated $441 million in revenue during its ramp-up year, with C1 costs guided at $0.85 to $0.95 per pound for 2026."2026 marks a decisive turning point for Ivanhoe Mines, a year in which the extraordinary efforts made at each of our Tier-One mines coincide with increasingly tighter global commodity markets," said Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. "As copper prices push to historic highs, we are turning the corner at Kamoa-Kakula following the 2025 seismic event."Africa's largest copper smelter is now operating above 60% capacity, with the first 99.7%-pure copper anodes expected to ship via the Lobito Railway Corridor imminently. Ivanhoe's Platreef Phase 2 expansion targets a 400% production increase beginning in Q4 2027, underscoring the company's trajectory toward becoming one of the continent's largest copper producers. Kipushi's 2026 C1 guidance of $0.85 to $0.95 per pound positions the zinc operation as a low-cost contributor to diversified revenue.Taseko Mines (TSX: TKO) (NYSE-A: TGB) has announced strong Q4 financial results alongside the commencement of copper cathode production at Florence Copper in Arizona. Full-year 2025 adjusted EBITDA reached $230 million on revenues of $673 million, while Q4 cash flow from operations hit $101 million as the Gibraltar mine produced 98 million pounds of copper for the year. Adjusted net income for Q4 reached $42 million as copper grades and recoveries returned to normal levels in the second half."2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days," said Stuart McDonald, President and CEO of Taseko Mines. "Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026."The company is targeting combined 2026 copper production of 140 to 150 million pounds across Gibraltar and the Florence operation. Three drill rigs are currently expanding the Florence wellfield with a fourth arriving on site, supporting the ramp-up to full production capacity as Taseko enters a new phase of dual-asset copper output. The company's Florence SX/EW plant is fully operational with copper now being plated through the electrowinning circuit.Article Source: https://usanewsgroup.com CONTACT:USA NEWS GROUPinfo @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:1. https://www.mining.com/tungsten-crunch-can-be-fixed-before-prices-spike-further-bmo/2. https://www.reuters.com/world/asia-pacific/copper-forecasts-jump-above-11000-first-time-analysts-wary-demand-worries-2026-01-29/3. https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial4. https://www.stonex.com/en/market-intelligence/stonex-tv-copper-prices-surge-as-debasement-trade-spills-over/Logo - https://mma.prnewswire.com/media/2838876/5826092/USA_News_Group_Logo.jpg



View original content to download multimedia:https://www.prnewswire.com/news-releases/tungsten-prices-surge-fivefold-as-western-miners-race-to-secure-supply-302698734.html

Original: Tungsten Prices Surge Fivefold as Western Miners Race to Secure Supply

Desjardins Securities analyst Bryce Adams downgraded Capstone Copper Corp. (CS-T) to “hold” from “buy” after disappointing corporate guidance for production, cash costs and capital expenditures. His price target was dropped to C$16 from C$18.

“Consolidated production guidance of 200–230,000 tonnes copper is below our prior estimate and consensus of 244kt, reflecting a softer outlook across all operations, primarily at Mantoverde (89–102kt vs our/consensus of 106kt/111kt) and Pinto Valley (42–48kt vs our/consensus of 61kt/54kt)," Mr. Adams detailed.

Meanwhile, “cash costs guidance of US$2.45–2.75/lb Cu is above our/consensus of US$2.14/lb and US$2.30/lb, primarily due to lower grades at Mantos Blancos and Pinto Valley, along with weaker production and inflationary pressures,” he added.

Total capex guidance of US$783 million exceed the consensus expectation of US$632 million.

The average analyst target is C$17.16.


Feb. 18

Critical Minerals Demand Surges: Here Are Five Companies PositionedFebruary 19, 2026 9:10 AM
PR Newswire (Canada)

Issued on behalf of GoldHaven Resources Corp.VANCOUVER, BC, Feb. 19, 2026 /CNW/ -- USANewsGroup.com News Commentary – The United States launched a $12 billion critical minerals stockpile initiative in February through a public-private partnership backed by the Export-Import Bank, aiming to secure domestic supply of tungsten, copper, and other strategic metals amid rising geopolitical tension[1]. A new Council on Foreign Relations report warns that China dominates the entire critical minerals ecosystem and urges Washington to scale disruptive innovation and recycling technologies to reduce strategic dependence[2]. Companies advancing domestic and allied mineral projects stand to benefit, including GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), Wheaton Precious Metals (TSX: WPM) (NYSE: WPM), Capstone Copper (TSX: CS), Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), and Taseko Mines (TSX: TKO) (NYSE-A: TGB).







At the inaugural Critical Minerals Ministerial in Washington, representatives from 54 countries committed to building secure and diversified supply chains, with the U.S. signing multiple bilateral mineral frameworks[3]. Tungsten has emerged as an early test case for an allied trade bloc proposal featuring enforceable price floors, as non-Chinese production from new mines gains momentum[4].GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) just announced a $2.0 million critical mineral flow-through financing to advance the district-scale Magno Polymetallic Project in British Columbia's Cassiar District. The non-brokered private placement will issue up to 7,547,170 flow-through shares at $0.265 per share, with proceeds directed toward eligible Canadian exploration expenses qualifying as critical mineral flow-through expenditures. No warrants will be issued, and the financing is expected to fund 3D geological modeling, target refinement, and drill planning across the Magno property through 2026."Our 2025 program delivered several milestones with indium values up to 334 ppm, the highest recorded in the Cassiar District, alongside high-grade silver-lead-zinc mineralization, including grab samples returning up to 2,370 g/t silver with more than 20% lead and 19.25% zinc," said Rob Birmingham, CEO of GoldHaven. "This financing allows us to complete 3D targeting and advance toward 2026 drilling."The financing follows a productive 2025 exploration campaign at Magno that defined property-scale porphyry-related zonation across the 36,973-hectare project, where 357 samples revealed bonanza silver grades up to 2,370 grams per tonne and tungsten values reaching 6,550 ppm across multiple skarn zones. Strong and widespread tungsten mineralization, particularly at the Kuhn and Dead Goat zones, further confirms the scale of the system. Metal ratio signatures suggest a classic porphyry-related zonation pattern transitioning from silver-lead-zinc carbonate replacement to tungsten-zinc skarns and a porphyry copper-molybdenum source at depth. The company also confirmed high-grade copper at its Three Guardsmen Project, with surface sampling returning up to 15.85% copper.In Brazil, GoldHaven also recently confirmed gold mineralization in bedrock at its Copeçal West Target, where the first-ever drilling returned 39 meters at 0.11 g/t gold from 58 meters depth in unweathered rock. All four holes drilled at the Western Target intersected anomalous gold, with hole COPE-PDH-006 returning 7 meters at 0.46 g/t gold including 1 meter at 1.21 g/t. The company previously completed its inaugural diamond drilling program at Copeçal's East Target, where nine holes totaling 1,085.7 meters discovered bornite, suggesting potential for a substantial gold-copper system.GoldHaven now controls 133,186 hectares across proven mining jurisdictions in British Columbia and Brazil, with the Magno property located just three kilometres south of the historic Cassiar mining camp and accessible via Highway 37, providing infrastructure advantages rarely present at projects of this scale. All projects are supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources Corp. at: https://usanewsgroup.com/2025/09/23/the-goldhaven-story-two-continents-one-strategy-systematic-exploration-in-historically-productive-districts/In other industry developments and happenings in the market include:Wheaton Precious Metals (TSX: WPM) (NYSE: WPM) has secured an expanded silver stream on the Antamina mine in Peru through a new $4.3 billion partnership with BHP. The deal gives Wheaton a combined 67.5% of all silver produced at Antamina, one of the world's largest copper-zinc mines jointly owned by BHP, Glencore, Teck, and Mitsubishi."Quality silver production is becoming increasingly difficult to source while demand continues to rise for both critical industrial uses and for silver's safe haven qualities in today's economic environment," said Randy Smallwood, President and CEO of Wheaton Precious Metals. "Our expanded stream on Antamina reinforces Wheaton's role as one of the largest silver producers in the world and further adds to one of the strongest growth profiles in the mining sector."Under the agreement, Wheaton will pay 20% of the spot silver price per ounce delivered until 100 million ounces are reached, after which the stream adjusts to 22.5% for the remainder of the mine life through 2036.Meanwhile, Capstone Copper (TSX: CS) just released its 2026 production guidance of 200,000 to 230,000 tonnes of copper, building on a record year that saw output rise 22% year-over-year. The company has earmarked a $70 million exploration budget for 2026 as it advances the Mantoverde Optimized Project."2025 was a remarkable year for Capstone, delivering record copper production up 22% year-over-year, while executing on several key catalysts," said Cashel Meagher, President and CEO of Capstone Copper. "We will continue to build on this success in 2026, with a focus on delivering consistent and reliable outcomes, while we execute on MV-O which is expected to drive higher copper production levels in 2027."Capstone is guiding C1 cash costs of $2.45 to $2.75 per pound for the year, with a sanctioning decision on its Santo Domingo project expected in the second half of 2026.Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) reported annual results showing $3.28 billion in revenue and $1.45 billion in EBITDA from its Kamoa-Kakula copper complex in the Democratic Republic of the Congo. Africa's largest copper smelter is now operating at over 60% capacity, with first 99.7%-pure copper anodes via the Lobito Railway Corridor imminent."2026 marks a decisive turning point for Ivanhoe Mines… a year in which the extraordinary efforts made at each of our Tier-One mines coincide with increasingly tighter global commodity markets," said Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. "As copper prices push to historic highs, we are turning the corner at Kamoa-Kakula following the 2025 seismic event."The company's Kipushi zinc mine generated $441 million in revenue during its ramp-up phase, while Platreef Phase 2 is expected to deliver a 400%-plus production increase beginning in Q4 2027.Rounding out the group, Taseko Mines (TSX: TKO) (NYSE-A: TGB) has commenced copper production at its Florence Copper operation in Arizona, targeting 30 to 35 million pounds of output in 2026. The company reported full-year adjusted EBITDA of $230 million and revenues of $673 million."2025 was a productive and highly successful year for Florence Copper. With construction and commissioning now behind us, we're looking forward to the first cathode harvest in the coming days," said Stuart McDonald, President and CEO of Taseko Mines. "Results from the initial wellfield operations are positive and we are targeting to produce 30 to 35 million pounds of copper in 2026."Taseko's Gibraltar mine produced 98 million pounds of copper in 2025, with combined 2026 production guidance of 110 to 115 million pounds from Gibraltar plus the new Florence output.Article Source: https://usanewsgroup.com/goh-profile/CONTACT:
USA NEWS GROUP
info @acblanke1
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:
https://www.fastmarkets.com/insights/12-billion-us-critical-minerals-stockpile-could-tighten-supply-chains/
https://www.cfr.org/reports/leapfrogging-chinas-critical-minerals-dominance
https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerial
https://www.fastmarkets.com/insights/critical-minerals-ministerial-unveils-us-trade-bloc-proposal/



View original content to download multimedia:https://www.prnewswire.com/news-releases/critical-minerals-demand-surges-here-are-five-companies-positioned-302692459.html

Original: Critical Minerals Demand Surges: Here Are Five Companies Positioned

Capstone Copper Announces Labour Agreement at Mantoverde OperationFebruary 5, 2026 6:32 PM
Business Wire
Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) is pleased to announce that Union #2 at the Mantoverde Mine in Chile has ratified a new 3-year collective bargaining agreement, ending the strike initiated on January 2. Capstone’s priority is to safely and efficiently return to full operations at Mantoverde, which operated at approximately 55% of normal production levels during the strike.


Following an agreement with Union #2, Mantoverde has now successfully negotiated new three-year collective bargaining agreements with all four unions and will continue its focus on safe and responsible mining which brings great benefits to the workforce and surrounding communities.


About Capstone Copper Corp.


Capstone Copper Corp. is an Americas-focused copper mining company headquartered in Vancouver, Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region, Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located approximately 35 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas.


Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization and safe and responsible production throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface stakeholder value. We are committed to creating a positive impact in the lives of our people and local communities, while delivering compelling returns to investors by responsibly producing copper to meet the world’s growing needs.


Further information is available at www.capstonecopper.com


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. Forward-looking statements include, but are not limited to, statements with respect to the Company’s expectations regarding operations during the strike and its approach to resolution and procedures regarding the strike.


By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the inability to resolve the labour disruption, the inability to operate at expected capacity during the strike, inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the Company's ability to raise capital, Capstone Copper’s ability to acquire properties for growth, counterparty risks associated with sales of the Company's metals, use of financial derivative instruments and associated counterparty risks, foreign currency exchange rate fluctuations, market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs, availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licences and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at the Company's operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, the ability to transport the Company's products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, risks related to the Mantoverde Development Project ("MVDP"), increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social licence to operate, seismicity and its effects on the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") listing compliance requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's insurance coverage, labour relations generally, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events and are based on a number of assumptions, including those detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205105665/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com
Michael Slifirski, Director, Investor Relations, APAC Region

61-412-251-818

mslifirski@capstonecopper.com
Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper Announces Labour Agreement at Mantoverde Operation

Capstone Copper Resumes Operations at MantoverdeFebruary 1, 2026 5:00 PM
Business Wire
Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) announces that operations at the Mantoverde mine in Chile have resumed following a period of interrupted production due to an inability to access and operate the desalination plant, as previously announced on January 22. The Company reaffirms that it expects to continue operations at Mantoverde at a level between 50% to 75% of normal production during the strike.


Union #2 at Mantoverde, which represents approximately 22% of the total workforce, continues with a strike commenced on January 2. Capstone Copper remains willing to engage in discussions to seek a resolution with Union #2. The Company will continue to adhere to legal procedures, respecting the rights of all its employees, inviting the union to engage in a constructive dialogue, and providing the authorities with all requested information. Capstone Copper is committed to the highest standards for integrity and transparency at Mantoverde, which brings great benefits to the workforce and surrounding communities.


About Capstone Copper Corp.


Capstone Copper Corp. is an Americas-focused copper mining company headquartered in Vancouver, Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region, Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located approximately 35 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas.


Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization and safe and responsible production throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface stakeholder value. We are committed to creating a positive impact in the lives of our people and local communities, while delivering compelling returns to investors by responsibly producing copper to meet the world’s growing needs.


Further information is available at www.capstonecopper.com


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS


This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. Forward-looking statements include, but are not limited to, statements with respect to the Company’s expectations regarding operations during the strike and its approach to resolution and procedures regarding the strike.


By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the inability to resolve the labour disruption, the inability to operate at expected capacity during the strike, inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the Company's ability to raise capital, Capstone Copper’s ability to acquire properties for growth, counterparty risks associated with sales of the Company's metals, use of financial derivative instruments and associated counterparty risks, foreign currency exchange rate fluctuations, market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs, availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licences and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at the Company's operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, the ability to transport the Company's products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, risks related to the Mantoverde Development Project ("MVDP"), increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social licence to operate, seismicity and its effects on the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") listing compliance requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's insurance coverage, labour relations generally, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events and are based on a number of assumptions, including those detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260201513125/en/
Daniel Sampieri, Vice President, Investor Relations

437-788-1767

dsampieri@capstonecopper.com


Michael Slifirski, Director, Investor Relations, APAC Region

61-412-251-818

mslifirski@capstonecopper.com


Claire Stirling, Manager, Investor Relations

416-831-8908

cstirling@capstonecopper.com


Original: Capstone Copper Resumes Operations at Mantoverde

Seems interesting... hmm

Is this worth buying ??

Q3/14 Cash Costs In line; EPS Miss on Lower Realized Copper

Some recent news from analyst Daniel Earle:

Capstone reported Q3/14 financial results yesterday evening following the pre-release of production results on October 7

Daniel Earle estimated adjusted EPS of $0.03, below both TD at $0.05 and consensus of $0.06; the miss was due to a lower realized copper price and slightly higher treatment and selling costs versus Daniel Earle's estimates

CFPS of $0.15 was in line with both TD and consensus of $0.15
Copper production from the Cozamin, Pinto Valley and Minto mines totaled 26.2 kt at net cash costs of $1.84/lb in Q3/14; net cash costs were slightly lower than Daniel Earle's estimate of $1.89/lb due to lower unit costs at Minto

Guidance for 2014 remains unchanged at approximately 102 kt of copper at net cash costs of $1.90-$2.00/lb

The impact has been neutral.

Pinto Valley produced 15,819 tonnes of copper in concentrates and 650 tonnes of copper cathode at cash costs of $1.90/lb, in line with Daniel Earle's estimate of $1.89/lb.

As a reminder, on September 5 Capstone announced the launch of $300mm of Senior Notes maturing in 2022, to repay its two existing credit facilities, however due to weak general market conditions for debt financing, the company discontinued the effort.

Q3/14 Operating Results

The Q3/14 financial results are to be released after-market on Wednesday October 29, 2014, with the conference call the following day at 11:30 AM EST.

In comparison to the latest results released by Daniel Earle, Capstone mining reported Q3/14 production of 26.2 kt of copper (concentrate plus cathode), in line with his forecast of 26.0 kt. At Pinto Valley, throughput of 48.9 ktpd was in line with his forecast of 49.0 ktpd, while grades and recoveries of 0.39% Cu and 90.3% were in line with his expectations of 0.39% Cu and 89.1%, respectively. Guidance for 2014 remains unchanged at approximately 102 kt of copper at net cash costs of US$1.90-US$2.00 per payable pound Cu.

Guidance is being kept at Neutral.

At Pinto Valley, copper grades decreased during the quarter to 0.39% Cu from 0.46% Cu in Q2/14, while recoveries of 90.3% increased slightly from 89.1% in the prior quarter. Throughput increased to 48.9 ktpd from 45.7 ktpd in Q2/14, in line with Daniel Earle's expectations 49.0 ktpd. Daniel Earle expected incremental improvement in throughput to come largely from improving reliability in H2/14.

At Cozamin, recoveries were relatively flat 93.0% versus 92.7% the prior quarter; throughput and grades were 3.3 ktpd and 1.76% Cu respectively, lower than Daniel Earle's estimates of 3.5 ktpd and 1.85% Cu. The lower grades were reportedly due to the installation of additional ground support impacting the release of higher grade mining areas. Copper grades improved in September, slightly later than the company's 2014 mine plan, which expected grade returning to 1.85% Cu in H2/14.

At Minto, throughput and grade of 3.9 ktpd and 1.41% Cu respectively were in line with Daniel Earle's estimates of 4.0ktpd and 1.40% Cu; while recoveries of 93.8% was in line with the previous quarter of 94.2%. Daniel Earle noted that copper grades continue to fall (copper head grades in Q3/14 were 1.41% Cu, down from 1.45% Cu in Q2/14 and 1.59% Cu in Q1/14) as more stockpile than originally planned continued to be milled to maximize throughput; the company indicated processing in the fourth quarter will be from stockpile.

Some things to look forward to:
Permit for the operation of the port (Maritime Concession) – Q4/14E
Power agreement – H2/14
Approval of EIA (stage-gate)– Q1/15E
Engineering to advance to 60% to 65% (stage-gate) – Q3/15E
Engineering complete – Q1/16E
Production at Santo Domingo– H1/18E

Good luck to all!

Haywood names Detour Gold, Capstone Mining, B2Gold as top picks this year

http://www.mineweb.co.za/mineweb/view/mineweb/en/page67?oid=95396&sn=Detail

Haywood Securities analysts see many positives that should benefit gold and silver this year, and forecast a modest recovery in global base metals demand.

Author: Dorothy Kosich
Posted: Thursday , 07 Jan 2010

RENO, NV -

Haywood Securities top metals and mining picks this year are Detour Gold (TSX: DGC), Alamos Gold (TSX: AGI), Capstone Mining (TSX: CS), Farallon Mining (TSX: FAN), B2Gold (TSX: BTO), and Bear Creek Mining (TSX: BCM).

Metals and mining analysts Stefan Ioannou, Geordie Mark, Kerry Smith and Chris Thompson said Wednesday, "Gold continues to perform well, and we see many positives that should be supportive over the course of 2010."

"Additional concerns over the pace of a global economic recovery should also provide strong investor interest for both gold ETFs and gold equities," they advised. Haywood's estimated 2010 gold price is currently US$1,000 per ounce with spot gold currently around US$1,125 per ounce.

The analysts also forecast a silver price of US$15.25 for this year versus a spot price of $17.50/oz.

BASE METALS

In their analysis, Haywood said economic indicators suggest a modest recovery in global base metals demand which should help support base metal prices going forward.

Copper

In the short term the analysts expect copper prices will decline from their current levels "as a result of relatively modest overall fundamental demand growth coupled with high inventory levels-we note our 2010E average copper price forecast of US$2.75 per pound, London Metal Exchange inventory levels increased considerably during 2009, closing the year at approximately half a million tonnes-the highest levels since April."

"Over the longer term, we maintain our bullish outlook relative to historical levels and believe that U.S.-driven sentiment for soft demand will be overshadowed by global growth over the next two to three years, specifically in China, Asia, and India," they said.

"We are forecasting a decline in copper prices after 2011, reaching our long-term estimate of US$2.25 per pound in +2013 as new mine production comes on line," they added. "However, we continue to believe future mine production will depend largely on lower grade mines, which will redefine the industry's cost regime."

Zinc

Haywood has forecast an average zinc price of US$1 per pound this year, followed by an average zinc price of $1.15 in 2011. ‘We are forecasting that zinc prices will decline after 2011, reaching our long-term estimate of US$0.95 per pound in +2013," the analysts predicted. "Zinc prices could be volatile over the medium term, as new supply is not evident, and older mines are closed or mine lower grades."

Lead

The analysts estimate that lead will average US$1/lb this year and increase to $1.15/lb in 2011, then decline to a long-term estimate of 95-cents/lb in +2013. "The International Lead and Zinc Study Group forecasts lead consumption to increase by 3% in 2010," they said. "Additionally, Brunswick, one of the largest lead/zinc mines in the world, will close by the end of 2010 and provides further support for our positive outlook for both lead and zinc."

Nickel

"Reduced mine supply from production cutbacks announced last year should lead to a tight nickel market, and we anticipate nickel prices will increase to US$9 per pound in 2011, declining to our long-term estimate of US$7.50 per pound in +2013," the analysts said.

"The nickel market will be well supplied going forward, with production re-starts from Vale Inco (10% of world supply) once the strike is settled, another 4-5% from new mines coming on stream (Santa Rita and Talvivaara) and another 200,000 tonnes of new production (15% increase) under construction, including Koniambo, Ambatovy, Onca Puma and Barro Alto. In addition, the nickel pig iron produced from laterites in the Philippines and Indonesia continues to drop in cost and this material is also available to supply the nickel market going forward."

Molybdenum

Haywood predicts that molybdenum prices will increase to US$15/lb this year, and $20/lb in 2011, declining to a long-term estimate of $15/lb in +2013. "Looking ahead, we believe global molybdenum roasting capacity, currently at 480 million pounds per annum, is an important consideration, with some (arguably bullish) market commentators forecasting world consumption in excess of 480 million pounds within the next two years," the analysts said. "Looking further ahead, we expect growing demand fundamentals to dominate the molybdenum market, noting that the current list of greenfields projects lacks a significant number of large-scale ventures to potentially fill the expected supply deficit."

HAYWOOD TOP PICKS

Metals analyst Kerry Smith's top pick this year is Detour Gold, which he rated Sector Outperform and set a target price of $20.25 per share. "We remain bullish on the outlook for the company and believe that management will continue to deliver on reserve growth and are committed to development of this asset [the Detour Lake gold project in north-eastern Ontario," he wrote.

Smith suggests Detour Lake's gold reserves will increase from 8.81 million to at least 10 million ounces in the next resource/reserve update due to be released in the current quarter. "We believe investors will benefit from continued de-risking of this large gold deposit in Canada as Detour completes a full feasibility in Q2/10," he said. "Most importantly, the deposit is large, 100% owned, and has good infrastructure, making Detour Gold an ideal candidate for consolidation."

Top pick #2 for Smith is Alamos Gold, which he rated Sector Outperform with a $14/sh target.

"Alamos has completed a number of operational improvements in recent years, having a positive effect on crushing rates, increased leach recoveries, and lower operating costs at its 100% owned Mulatos mine in Mexico," Smith noted.

Meanwhile Alamos closed the acquisition of the Agi Dago and Kirazli project in Turkey last month. The two projects combined have a measured and indicated oxide resource of 1.3 million ounces of gold and 8.4 million ounces of silver.

Haywood expects Alamos to produce 200,000 ounces of gold in 2010 at total cash costs of US$325 per ounce increasing production to 350,000 ounces of gold production at total cash costs of $265/oz nu 2012.

Analyst Stefan Ioannou's top pick is Capstone Mining, which he rated Sector Outperform with a $3.50 per share target. "Low-cost producer status in low-risk jurisdictions, coupled with a strong balance sheet and proven management, separates Capstone from its peers," he said. "We believe recent share price weakness continues to provide a buying opportunity. Hence our SECTOR OUTPERFORM rating."

"In the sea of copper ‘development' stories, Capstone has successfully made the transition from explorer to producer ahead of many peers, providing investors with immediate exposure to positive cash flows from two low-cost mines, coupled with the ‘insurance' of a net-debt-free balance sheet," he added.

In his analysis, Ioannou highlighted the 45 million of annual copper production from Capstone's Minto mine in the Yukon and the 40 million to 45 million of copper production expected this year from the Cozamin mine in Mexico.

Ioannou second top pick is Farallon Mining, which he rated Sector Outperform with a target of 75-cents per share. He is particularly bullish about Farallon's G-9 polymetallic mine in Guerrero State, Mexico.

"G-9's low-cost production profile positions Farallon for immediate free-cash flow generation and represents and investment opportunity that has been overlooked and undervalued by the market," he said.

Analyst Chris Thompson's top pick is B2Gold Corp., which he rated Sector Outperform with a target of $1.75/sh. "B2Gold is an emerging gold mining with two producing assets-the Orosi and El Limon mines in Nicaragua, a past producer-the Bellavista mine in Costa Rica and explorations properties in Nicaragua, Columbia and Russia," he wrote. "Development enhancements are anticipated through exploration and resource growth in Nicaragua complimented by exploration activity in Columbia and Russia."

Thompson's second top pick is Bear Creek Mining, which he rated Sector Outperform with a target of $5.40 per share.

Bear Creek is developing two key projects, the Corani silver-lead-zinc project and the Santa Ana silver project, both located in Peru. "By advancing two significant silver-lead-zinc projects through to final feasibility, Bear Creek offers leverage to the silver, lead and zinc price," Thompson wrote.

"BCM has two top ten silver mines in the making, with lead and zinc credits and long life resources bases valued at US$0.24/ Eq Ag resource oz. Recent M&A activity highlights potential for further gains on the back of economic refinements and drilling at Corani + Santa Ana."

Capstone to produce as much as 100Mlb of copper in 2010

By: Liezel Hill
17th December 2009

TORONTO (miningweekly.com) – Vancouver-based Capstone Mining has forecast production in 2010 of between 90-million and 100-million pounds of copper in concentrates, the company reported on Thursday.

Capstone produces copper from its Cozamin mine, in Mexico, and the Minto operation, in Canada's Yukon territory.

The firm has forecast production of 95-million pounds of copper in concentrates this year, at a total cash cost of about $1/lb.

The company expects total cash costs next year of about $1,10/lb to $1,20/lb of payable copper, net of byproduct credits and selling costs.

Around 55% of total production in 2010 will come from Minto, with 45% expected from the Cozamin mine.

"With both of our mines, Cozamin and Minto, having been through a series of expansions over the past two to three years and now performing at or above design, we are looking forward to another good year in 2010," said CEO Darren Pylot.

"We are focused on fully optimizing efficiencies and production costs, with the objective of maximizing the profitability of the pounds we produce."

At Cozimin, the company is now mining from the wider, higher-grade portions of the deposits, and so output is expected to be higher next year than in 2009.

“Higher throughput, grades and recoveries are forecast for 2010 as compared to 2009 as a result of continued mill outperformance and sustained access to these wider, higher grade stopes,” the company said.

At Minto, copper production is expected to be similar to 2009, with increased throughput and a somewhat lower grade forecast for 2010.

The increased cash costs reflect lower overall grades.

Shares in Capstone Mining slid 1,4% on Thursday, to C$2,81 apiece by 15:59 in Toronto.

Edited by: Liezel Hill

Hello ! Anyone here ?

My first visit here. Just bought Capstone on 10/28/08 and decided to search.

Looks like a winner! Any comments ?

Jess

Sherwood & Capstone Announce Combination to Create Intermediate Copper Producer





VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/08/08 -- Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB) and Capstone Mining Corp. (TSX: CS) have entered into a Letter Agreement to combine, by way of a plan of arrangement or other form of business combination, to create a well-funded, low-cost, growth-oriented, copper company with two producing mines in mining friendly jurisdictions in North America. The two companies have agreed to combine on an "at-market" basis whereby each Sherwood shareholder will receive 1.566 shares of Capstone (based on the 20-day volume weighted average share price of the two companies). The boards of directors of Sherwood and Capstone have unanimously approved the terms of the transaction.




Transaction Rationale



Capstone and Sherwood believe this merger will realize significant benefits for each of the company's shareholders, including:



- Significant production growth, with forecast production of 85 million pounds of copper in 2008, increasing to 110 million pounds in 2009, with significant by-products of gold, silver, lead and zinc, as previously disclosed;



- Low cost production with forecast total cash costs of under US$1.00 per pound of payable copper in 2008 and 2009, including all off-site costs and net of by-product credits, generating significant free cash flow to fund corporate growth opportunities;



- An aggressive, growth oriented company focused on maximizing the value of its existing high grade mines, Cozamin and Minto, through sequential increases in resources, reserves and production; the pursuit of value through continual improvements at its operations; the advancement of the high grade Kutcho project towards a production decision and accretive merger and acquisition opportunities.





- Diversification of operational and geographic risk with the high grade open pit Minto copper-gold-silver mine in Canada and the high grade, underground Cozamin copper-silver-zinc-lead mine in Mexico.




- Increased market capitalization that should improve trading liquidity for shareholders of the combined company.




- Continued focus on optimization and cost reduction strategies, with the Cozamin mill throughput set to increase to 3,000 tonnes per day and Minto to 3,200 tonnes per day by the end of 2008. Minto will also reduce exposure to high fuel costs for electrical power generation by connecting to grid power in Q4/08.




- Excellent exploration upside at both the Cozamin and Minto mines, where high grade resources have been increased by 47% and 140%, respectively, over the past two years, exclusive of the results from major exploration programs completed in 2008, many of the results for which are still pending. Sherwood completed 120 holes at Minto and 81 holes at Kutcho in 2008, the results for approximately half of which remain to be reported, while Capstone has completed 7,000m of underground and 25,000m of surface drilling at Cozamin, the results of which are to be incorporated into an updated resource and reserve estimate.




- A combined management team with complementary experience and a proven track record of building and profitably operating mines to create shareholder wealth, supported by a seasoned and experienced board of directors.




- Exposure to the potential development of the high grade Kutcho copper-zinc-gold-silver project in northwestern British Columbia, where a preliminary economic assessment (see Sherwood news release dated June 12, 2008) indicated potential for production of 45 million pounds of payable copper per year at a cash cost of less than $1.00 per pound (net of by-product credits) and outlined several opportunities for further project enhancements.




- Strong balance sheet to support growth strategies.




- Enhanced market exposure for Sherwood's shareholders through access to Capstone's TSX listing and increased weighting in the TSX composite index.




- Broadened research coverage for Capstone's shareholders through Sherwood's analyst coverage, presently at nine firms across the spectrum of Canadian brokerages.




Capstone and Sherwood further believe that their shareholders will benefit from the tax-effective combination of the two companies and allow for participation in the upside from the significantly enhanced business platform.




Board & Management



The board and management structure of the combined company will draw on the expertise of both companies and the board will include four current Sherwood directors, one current director of Capstone and one nominee of Capstone. Colin K. Benner has agreed to serve as non-executive Chairman. Darren Pylot (currently President & CEO of Capstone) will become Vice Chairman and CEO and Stephen Quin (currently President & CEO of Sherwood) will become President & COO of the combined company. Richard Godfrey (currently Chief Financial Officer of Sherwood) will become Chief Financial Officer of the combined company; other senior management from both companies will be integrated into the senior management of the combined company, retaining many of the same responsibilities. Capstone and Sherwood intend to capitalize on the success of their respective strategies for the operation, expansion and exploration of the high grade Cozamin and Minto copper mines, located in Zacatecas, Mexico, and Yukon, Canada.




"Capstone and Sherwood have each looked at numerous merger and acquisition possibilities over the past year and have concluded that this is the most compelling consolidation opportunity in the sector," said Darren Pylot, President & CEO of Capstone. "The combined management teams are a great fit, with complementary skills and experience and a common focus on acquiring and operating high grade, low cost operations in mining-friendly, politically stable jurisdictions. Operationally, the high grade Cozamin and Minto copper mines are tremendous assets, and each is undergoing a third expansion program and, combined, should produce more than 100 million pounds of copper at cash cost of less than a dollar per pound in 2009. These operations provide an excellent platform for future growth."



"The combination of Sherwood and Capstone is a highly complementary transaction," said Stephen Quin, Sherwood's President & CEO. "Capstone's strong cash and investments and modest copper hedging program is complementary to Sherwood's more leveraged balance sheet and larger copper hedging program (through the end of 2011). Both Sherwood and Capstone have production expansion opportunities at their Minto and Cozamin mines, which we aim to advance as soon as practicable, and Sherwood offers significant organic growth potential through continued exploration success at Minto and a high grade development opportunity at its Kutcho copper project."



Transaction



Capstone and Sherwood anticipate that the transaction will be carried out by way of statutory plan of arrangement of Sherwood whereby Capstone would acquire all of the issued shares of Sherwood and Sherwood would become a wholly-owned subsidiary of Capstone (the "Arrangement"). The transaction would be subject to certain standard conditions including that not less than 66 2/3% of the issued and outstanding shares of Sherwood being voted at a shareholders meeting being in favour of the transaction. However, the parties may consider an alternative form of transaction, such as an amalgamation or other form of business combination, as mutually determined by Capstone and Sherwood.




Full details of the offer will be included in the formal Arrangement Agreement and Management Information Circular to be filed with the regulatory authorities and mailed to Sherwood shareholders in accordance with applicable securities laws. Under the Arrangement Capstone will acquire all of the issued and outstanding shares of Sherwood in consideration for the issue of Capstone shares on the basis of 1.566 Capstone shares for every Sherwood share. The Arrangement is an "at market" transaction with no premium to either party, based on the 20-day volume weighted average price of each of Capstone and Sherwood to September 5, 2008. Based on the current Sherwood shares outstanding, the transaction would involve the issuance of approximately 84 million Capstone shares, which equates to 105% of Capstone's shares outstanding.




The proposed transaction is expected to be completed before the end of 2008 and is subject to certain customary conditions, including receipt of all necessary court and shareholder approvals and dissent rights to the Arrangement shall not have been exercised prior to the effective date of the Arrangement by holders of Sherwood shares representing in the aggregate 5% or more of outstanding Sherwood shares at such time. It is anticipated that a special meeting of shareholders of Sherwood (the "Meeting") will be held at a time yet to be determined to approve the proposed transaction.




Under the terms of the Arrangement, each Sherwood shareholder will be entitled to 1.566 Capstone shares for every one Sherwood share held. Sherwood's outstanding options and warrants adjusted in accordance with their terms so that the number of Capstone shares received upon exercise and the exercise price are adjusted proportionately to reflect the exchange ratio described above.




The transaction is subject to the consent of Sherwood's lenders under the provisions of its debt facilities.




Following a change of control event in Sherwood, Capstone must, within 30 days of the occurrence of the change of control, make an offer to redeem all of Sherwood's convertible debentures then outstanding. The offer to purchase must be made at a purchase price equal to 101% of the principal amount of the debentures, plus accrued and unpaid interest thereon, if any, up to but excluding the date set for the completion of the offer to purchase. Capstone has had indications of interests from a financial institution in providing a debt facility up to the amount of the convertible debentures, should Capstone decide it wishes to avail itself of this option.




Capstone has engaged Scotia Capital as its financial adviser and Blake, Cassels & Graydon LLP as its legal advisor in respect of this transaction. Sherwood has engaged Haywood Securities Inc. as its financial advisor and Gowling Lafleur Henderson LLP as its legal advisor in respect of this transaction.




Conference Call



Capstone and Sherwood will hold a conference call at 11:00 AM Toronto time (8:00 AM Vancouver time) on Tuesday September 9, 2008 to allow shareholders, securities analysts and investors the opportunity to hear management discuss the business combination outlined herein. The call can be accessed by dialling (toll free) 1-866-334-3876 or at 416-849-4292. The call will also be webcast by Vcall; the call and presentation can be accessed at Capstone's or Sherwood's websites at www.capstonemining.com or www.sherwoodcopper.com, respectively. The call will also be available for replay by dialling (toll free) 1-866-245-6755 or 416-915-1035 (Passcode 130485) for 14 days.




About Capstone Mining



Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. The Cozamin Mine produced 6.7 million pounds of copper at a total cash cost of US$0.90 per pound in the three months ended June 30, 2008. Capstone has approximately 80.3 million shares outstanding and is well financed with no bank debt, and approximately US$100 million in working capital and marketable securities as of June 30, 2008, based on current share prices.




Additional information on Capstone Mining and its Cozamin Mine is available on Capstone's website at http://www.capstonemining.com.




About Sherwood Copper



Sherwood Copper owns 100% of the high grade Minto copper-gold mine in Yukon, Canada, which was built on budget and ahead of schedule in 2007. The Minto Mine is one of the highest-grade open pit copper-gold mines in the world, and is forecast to be a low cost producer. With 140% growth in resources in two years, followed by a successful 2008 drilling program, Sherwood plans to evaluate options for further significant production expansions. Sherwood also has a 100% interest in the high grade Kutcho copper-zinc project in BC, Canada, which it is advancing towards production. The Minto Mine produced 12.8 million pounds of copper at a total cash cost of C$0.96 per pound in the three months ended June 30, 2008. Sherwood has approximately 53.8 million shares outstanding and, at June 30, 2008, had approximately $51.7 million in project related debt, $43.6 million in convertible debentures, and $8.1 million drawn against a corporate credit facility, after repaying US$16.9 million in the first six months of 2008.




Additional information on Sherwood and its Minto Mine can be obtained on Sherwood's website at http://www.sherwoodcopper.com.

Capstone 2008 Expansion and Exploration Plans and Increases Production Forecasts for 2008 and 2009
Thursday January 17, 7:00 am ET


VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 17, 2008 -- Capstone Mining Corp. ("Capstone") (Toronto:CS.TO - News) is pleased to report its 2008 expansion and exploration plans and budgets for the Cozamin mine located in Zacatecas State, Mexico. All dollar amounts are stated in U.S. dollars unless otherwise stated.
ADVERTISEMENT
[Blocked Ads]





MINE EXPANSION

Capstone is pleased to report it has started the expansion of the Cozamin mine from the current rate of 2,200 tonnes per day ("tpd") or 750,000 tonnes per year ("tpy") to 3,000 tpd or approximately 1 million tpy, a 36% increase in production. This expansion is expected to be completed by September 2008 at a total budgeted cost of $9.5 million (including a 15% contingency). The major areas of the expansion include the following; a new larger production ramp will be driven from surface down to the internal level 8 decline ramp within the mine (approximately 1,400m). The internal ramps from level 8 to 12 level will be enlarged and the underground crusher will be moved to a new dump pocket at level 11.5. This larger production ramp will provide the required additional ore haulage capacity and will compliment the 2,000 tpd shaft as well as allowing larger sized trucks to transport ore to surface. The cost of the ramp and equipment is estimated to be $4.0 million. A new 115kV high tension power line and substation will be constructed to supply up to 7.5mW to the mine. A 1.5mW generator will also be added to provide additional power to the mine before power line completion and will be used as an emergency power supply in the future when power outages occur. The upgrade in power is estimated to cost $3.6 million. Modifications within the plant include increasing belt sizes within the crushing area and larger floatation cells to handle the increase in concentrates. This is estimated to cost $1.2 million. An additional 6m lift will be added to the tailings dam at a cost of $700,000.

PRODUCTION FORECAST

As a result of the expansion to 3,000 tpd, Capstone is revising upward its 2008 and 2009 metal production forecast as follows;



------------------------------------------------
2008F 2009F
------------------------------------------------

------------------------------------------------
Tonnes milled 850,000 1,000,000
------------------------------------------------

------------------------------------------------
Copper (payable lbs) 30,000,000 40,000,000
------------------------------------------------
Silver (payable ozs) 1,300,000 1,500,000
------------------------------------------------
Zinc (payable lbs) 9,000,000 10,000,000
------------------------------------------------
Lead (payable lbs) 5,100,000 5,000,000
------------------------------------------------
EXPLORATION

A total of 18,000m of underground drilling and 650m of underground drifting are planned within the Cozamin mine. This drilling will be to upgrade existing inferred resources to the measured and indicated categories as well as to continue to explore to depth. This 2008 program is budgeted to cost $2.5 million (including a 15% contingency).

An additional 6,500m will be drilled from surface to explore the Mala Noche vein along strike and outside of the current resource area. The program is budgeted at $1.7 million (including a 15% contingency).

Robert B. Barnes, P.Eng, Vice President of Operations for Capstone and a qualified person under NI 43-101, has reviewed and approved the contents of this news release.

ABOUT CAPSTONE

Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 81.4 million shares outstanding and is well financed with no bank debt. More information is available online at: www.capstonemining.com.

This press release contains "forward-looking information" that is based on Capstone's current expectations, estimates, forecasts and projections. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Capstone's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: projected sales or production rates; uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Capstone disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.



Contact:
Contacts:
Capstone Mining Corp.
Chris Tomanik
(604) 684-8894
Email: ctomanik@capstonemining.com

Capstone Mining Corp.
Mark Patchett
(604) 684-8894
(604) 688-2180 (FAX)
Email: mpatchett@capstonemining.com
Website: www@capstonemining.com

Capstone Increases Resources to 8.6 Million Tonnes at the Cozamin Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Capstone Mining Corp. (TSX:CS) -

HIGHLIGHTS

- An updated resource estimate has been completed for the Cozamin mine, as of August 31st, 2007.

- At a 1% cut-off grade:

- The resource update yields a 47% increase in tonnage with a 51% increase in contained copper and 54% in contained silver.

- The Measured and Indicated categories increase to 5.5 million tonnes containing 287 million pounds of copper, 131 million pounds of zinc, 47 million pounds of lead and 15.2 million ounces of silver.

- The Inferred category increases to 3.1 million tonnes containing 170 million pounds of copper, 80 million pounds of zinc, 16 million pounds of lead and 8.7 million ounces of silver.

- The resource reflects the tonnes mined as of August 31, 2007.

UPDATED COZAMIN RESOURCE YIELDS INCREASED TONNAGE

This new resource estimate significantly increases both the tonnage and contained metal within all of the resource categories, while maintaining its high grade. The following table shows the break down of resources at a 1% copper cut-off.



--------------------------------------------------------------------------
Tonnes Million
Resource (1% Cu Cu Ag Zn Pb Au Million lbs(i) ozs(i)
Category Cut-off) (%) (g/t) (%) (%) (g/t) Cu Zn Pb Ag
--------------------------------------------------------------------------
Measured 2,900,000 2.34 85.85 1.09 0.47 0.04 149.6 69.7 30.1 8.0
--------------------------------------------------------------------------
Indicated 2,585,000 2.41 86.92 1.07 0.30 0.04 137.4 61.0 17.1 7.2
--------------------------------------------------------------------------
Measured &
Indicated 5,485,000 2.36 86.04 1.08 0.39 0.04 287.0 130.6 47.2 15.2
--------------------------------------------------------------------------
Inferred 3,124,000 2.47 86.37 1.16 0.23 0.04 170.2 79.9 15.9 8.7
--------------------------------------------------------------------------
Note: (i) 1 kilogram equals 2.2 lbs.; 31.103 grams equals 1 oz. Troy

This new resource estimate has been completed by qualified person Michelle Stone, P.Geo., Ph.D., of Capstone Mining Corp., Vancouver, B.C. This estimate is based on an updated 3D geologic model integrating an additional 26,266 metres of diamond drilling including 5,828 assays from 5 surface and 70 underground NQ-core drill holes and 6,954 underground chip channel samples collected in 2006 and 2007. These data augmented the 25,325 meters of drilling in 37 surface and 66 underground core holes and 1,103 underground chip channels samples used in the 2006 resource estimate. Grades for the model were estimated using the inverse distance squared (ID2) method from 2 metre composited intervals within the copper sulphide zone, and the mineralized hangingwall and footwall.

Resource tables and drill intercepts locations related to the above totals for the updated Cozamin resource estimate will be available on the Company's website www.capstonemining.com.

A technical report on the Cozamin Mine Project will be filed with SEDAR within 45 days.

The Company has already commenced a program of underground infill drilling to upgrade the inferred resources. In addition, the Company plans to undertake both surface and underground drilling in 2008 to explore along strike and down dip of the updated resources.

Hugh Willson, Vice President of Exploration for Capstone and a qualified person under NI 43-101, has reviewed the contents of this news release.

ABOUT CAPSTONE

Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 81.7 million shares outstanding and is well financed with no bank debt. More information is available online at: www.capstonemining.com.

This press release contains "forward-looking information" that is based on Capstone's current expectations, estimates, forecasts and projections. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Capstone's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: projected sales or production rates; uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Capstone disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT:
Capstone Mining Corp.
Chris Tomanik
(604) 684-8894
(604) 688-2180 (FAX)
Email: ctomanik@capstonemining.com
Website: www.capstonemining.com

Source: CCN Matthews (October 15, 2007 - 5:46 PM EST)

Capstone Declares Expanded Commercial Production at Cozamin and Highlights Q4 Production and Sales

Marketwire
Capstone Mining Corp.
October 11, 2007 - 09:02:09 AM
Capstone Declares Expanded Commercial Production at Cozamin and Highlights Q4 Production and Sales
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2007) - Capstone Mining Corp. ("Capstone")(TSX:CS) is pleased to report that it has completed the expansion and commissioning of the 120% increase in production at its Cozamin mine located in Zacatecas State, Mexico. Commissioning of the mine expansion from the initial 350,000 tonnes per year (1,000 tonnes per day) to 750,000 tonnes per year (2,200 tonnes per day) began
in late May, with start up commencing in mid-June. Production in July and August averaged 1,900 tonnes per day or 86% of planned throughput. Production in September has averaged 1,977 tonnes per day or 90% of planned throughput and has achieved over 2,200 tonnes on successive days. During the first week
of October the mine has operated at designed throughput.
"Having declared commercial production at the 2,200 tonne per day rate in just 12 months from our initial production at Cozamin, will provide our shareholder's with increased cash flow and earnings from the Cozamin Mine," said Darren Pylot, President and CEO. As announced on July 19, 2007, the expansion was completed under budget and ahead of its scheduled completion date of October 2007. 100% of the capital was provided from internal cash flow.

PRODUCTION AND SALES FROM THE COZAMIN MINE IN FISCAL 2007
(all figures unaudited)
------------------------------------------------------------------
Q1 Q2 Q3 Q4 Total
--------------------------------------------------------------------
Milled tonnes 93,055 95,439 112,277 161,162 461,883
--------------------------------------------------------------------
Copper Produced (lbs) 2.7M 2.8M 3.5M 4.8M 13.8M
--------------------------------------------------------------------
Copper Sales (lbs) 2.9M 2.1M 2.9M 3.9M 11.8M
--------------------------------------------------------------------
--------------------------------------------------------------------
Zinc Produced (lbs) 1.9M 1.2M 1.6M 2.1M 6.8M
--------------------------------------------------------------------
Zinc Sales (lbs) 1.9M Nil 1.5M 1.6M 5.0M
--------------------------------------------------------------------
--------------------------------------------------------------------
Lead Produced (lbs) 0.9M 0.5M 0.6M 1.0M 3.0M
--------------------------------------------------------------------
Lead Sales (lbs) Nil 1.4M 0.7M 0.7M 2.8M
--------------------------------------------------------------------
Note: Audited results for the fiscal year ended August 31, 2007 will
be reported in November 2007.
NORMAL COURSE ISSUER BID
Further to the news release dated July 12, 2007 Capstone purchased 484,100 common shares at an average price of $2.38. The shares have been returned to the transfer agent and subsequently cancelled. Capstone has 81,732,351 shares outstanding after the cancellation of the above share purchases.
ABOUT CAPSTONE
Capstone is a Canadian based mining company currently operating the 100% owned Cozamin copper-silver-lead-zinc mine located in Zacatecas State, Mexico. Capstone has approximately 81.7 million shares outstanding and is well financed with no bank debt. More information is available online at: www.capstonemining.com.
This press release contains "forward-looking information" that is based on Capstone's current expectations, estimates, forecasts and projections. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Capstone's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: projected sales or production rates; uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial
markets; changes in prices for costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations
matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information.
Capstone disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Capstone Mining Corp. Chris Tomanik (604) 684-8894 (604) 688-2180 (FAX)Email: ctomanik@capstonemining.com Website: www.capstonemining.com