Capstone Copper Corp. — Annual Report 2025

Mar 2, 2026

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CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025 and 2024

(Expressed in United States (“US”) Dollars)

Management’s Report

The accompanying consolidated financial statements of Capstone Copper Corp. (the “Company” or “Capstone Copper”) and other information contained in the management’s discussion and analysis are the responsibility of management and have been approved by the Board of Directors. The consolidated financial statements have been prepared by management in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and include some amounts that are based on management’s estimates and judgment.

The Board of Directors carries out its responsibility for the consolidated financial statements principally through its Audit Committee, which is composed solely of independent directors. The Audit Committee reviews the Company’s annual consolidated financial statements and recommends its approval to the Board of Directors. The Company’s auditors have full access to the Audit Committee, with and without management being present. These consolidated financial statements have been audited by Deloitte LLP.

(Signed) Cashel Meagher President & Chief Executive Officer

(Signed) Raman Randhawa Senior Vice President & Chief Financial Officer

Vancouver, British Columbia, Canada March 2, 2026

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Independent Auditor’s Report

To the Shareholders and the Board of Directors of Capstone Copper Corp.

Opinion

We have audited the consolidated financial statements of Capstone Copper Corp. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2025 and 2024, and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB").

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards ("Canadian GAAS"). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

A key audit matter is a matter that, in our professional judgment, was of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

Mineral Properties - Impairment reversal of the Santo Domingo cash generating unit - Refer to Notes 3 and 9 to the financial statements

Key Audit Matter Description

The Company entered into an investing agreement (the “Agreement”) with Orion Resource Partners LP (“Orion”) to acquire a 25% non-controlling interest in the Santo Domingo Project for total cash consideration payable upon a positive final investment decision (“FID”), a matching contribution payable within six months of FID, and contingent cash consideration payable to Capstone upon the achievement of certain milestones. The Company had previously recognized an impairment loss for the Santo Domingo cash generating unit (“Santo Domingo”). As a result of the Agreement, there was an impairment loss reversal indicator since the transaction provided observable market evidence of a change in Santo Domingo’s recoverable amount. The recoverable amount was determined using a market approach based on the Agreement’s consideration which was evidence of the fair value less costs of disposal (“FVLCD”). As the recoverable amount exceeded the carrying value, the Company recorded an impairment reversal.

Performing audit procedures to evaluate Santo Domingo’s recoverable amount required a high degree of auditor judgment and an increased extent of audit effort, including the involvement of fair value specialists.

How the Key Audit Matter Was Addressed in the Audit

With the assistance of fair value specialists, our audit procedures related to the evaluation of Santo Domingo’s recoverable amount included the following, among others:

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• Assessed the appropriateness of using the market approach based on the Agreement as the primary valuation technique;

• Obtained market information surrounding comparable transactions to determine whether the recoverable amount was within the range of fair values for comparable transactions;

• Evaluated information obtained through other audit procedures to consider information that could be potentially contradictory to management’s assessment which included:

• Evaluating the sensitivity of the recoverable amount to changes in key assumptions, such as timing of FID and cost estimates;

• Evaluating the future long-term copper price by comparing management forecasts to third party forecasts;

• Evaluating the reasonableness of the discount rate by developing a range of independent estimates and comparing those to the discount rate selected by management;

• Using the audit evidence obtained, compared the recoverable amount of Santo Domingo against its carrying value.

Other Information

Management is responsible for the other information. The other information comprises:

• Management's Discussion and Analysis

• The information, other than the financial statements and our auditor’s report thereon, in the Annual Report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We obtained Management's Discussion and Analysis and the Annual Report prior to the date of this auditor’s report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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As part of an audit in accordance with Canadian GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is David Macdonald.

/s/ Deloitte LLP

Chartered Professional Accountants Vancouver, British Columbia March 2, 2026

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Capstone Copper Corp.

Consolidated Statements of Financial Position As at December 31, 2025 and 2024

expressed in thousands of US dollars

ASSETS		2025		2024
Current
Cash and cash equivalents	$	304,192	$	131,593
Receivables_(Note 7)_		353,217		147,765
Inventories_(Note 8)_		270,099		209,448
Derivative assets_(Note 6)_		19		24,618
Other assets_(Note 10)_		12,857		27,660
		940,384		541,084
Mineral properties, plant and equipment_(Note 9)_		6,125,552		5,718,249
Derivative assets_(Note 6)_		—		11,723
Deferred income tax assets		79,426		50,475
Other assets_(Note 10)_		51,515		43,501
Total assets	$	7,196,877	$	6,365,032
LIABILITIES
Current
Accounts payable and accrued liabilities_(Note 12)_	$	501,314	$	330,183
Current portion of long-term debt_(Note 15)_		—		85,748
Current portion of due to related party_(Note 13)_		6,486		6,486
Lease liabilities_(Note 14)_		68,606		46,646
Derivative liabilities_(Note 6)_		42,855		2,369
Income taxes payable		63,163		16,345
Other liabilities_(Note 11)_		103,139		206,287
		785,563		694,064
Long-term debt_(Note 15)_		1,013,950		736,008
Due to related party_(Note 13)_		246,176		240,589
Deferred revenue_(Note 16)_		131,003		146,017
Lease liabilities_(Note 14)_		209,733		200,323
Derivative liabilities_(Note 6)_		—		1,340
Provisions_(Note_18_)_		259,472		234,761
Deferred income tax liabilities		695,949		636,783
Other liabilities_(Note 11)_		23,426		12,339
Total liabilities	$	3,365,272	$	2,902,224
EQUITY
Share capital	$	2,766,836	$	2,753,196
Other reserves		52,701		47,355
Retained earnings		569,928		254,054
Total equity attributable to equity holders of the Company		3,389,465		3,054,605
Non-controllinginterest_(Note 13)_		442,140		408,203
Total equity		3,831,605		3,462,808
Total liabilities and equity	$	7,196,877	$	6,365,032

See accompanying notes to these consolidated financial statements.

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Capstone Copper Corp.

Consolidated Statements of Income Years Ended December 31, 2025 and 2024

expressed in thousands of US dollars, except share and per share amounts

Revenue(Note 20) Operating costs Production costs Royalties_(Note 26) Depletion and amortization Earnings from mining operations General and administrative expenses Exploration expenses (Note 9) Impairment reversal on mineral properties(Note 9) Share-based compensation expense(Note 19) Income from operations Other (expense) income Foreign exchange (loss) gain (_Note 29) (Loss) on derivative instruments_(Note 6) Minto obligation recovery (expense)(Note 18) Other (expense) income (Note_ 27 ) Finance income Finance expense_(Note 28) Income before income taxes Income tax expense(Note 17)_ Net income	2025 2024
	$ 2,359,890$ 1,599,222
	(1,289,729) (1,056,316) (32,444) (17,929) (481,677) (313,424)
	556,040 211,553
	(32,724) (31,533) (5,618) (1,133) 209,476 — (21,504) (16,013)
	705,670 162,874
	(17,822) 23,003 (17,225) (350) — 7,261 (47,064) 1,426 7,542 5,206 (145,718) (66,006)
	485,383 133,414
	(135,655) (47,540)
	$ 349,728$ 85,874
Net income attributable to: Shareholders of Capstone Copper Corp. Non-controllinginterest_(Note 13)_	$ 315,874$ 82,906 33,854 2,968
	$ 349,728$ 85,874
Net income per share attributable to shareholders of Capstone Copper Corp.
Earnings per share - basic_(Note 21) Weighted average number of shares - basic (Note 21)_	$ 0.41$ 0.11 762,422,156 750,633,211
Earnings per share - diluted_(Note 21) Weighted average number of shares - diluted (Note 21)_	$ 0.41$ 0.11 764,351,538 752,248,608

See accompanying notes to these consolidated financial statements.

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Capstone Copper Corp. Consolidated Statements of Comprehensive Income Years Ended December 31, 2025 and 2024

expressed in thousands of US dollars

Net income Other comprehensive (loss) income ("OCI") Items that will not be reclassified subsequently to profit or loss Change in fair value of marketable securities, net of tax of $nil (2024 - $nil) Remeasurement for retirement benefit plans, net of tax of $305 (2024 - $3,270) Total other comprehensive (loss) income for the year Total comprehensive income	2025 2024
	$ 349,728$ 85,874
	409 (104) (740) 4,883
	(331) 4,779
	(331) 4,779
	$ 349,397$ 90,653
Total comprehensive income attributable to: Shareholders of Capstone Copper Corp. Non-controllinginterest_(Note 13)_	$ 315,460$ 87,985 33,937 2,668
	$ 349,397$ 90,653

See accompanying notes to these consolidated financial statements.

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Capstone Copper Corp.

Consolidated Statements of Cash Flows Years Ended December 31, 2025 and 2024

expressed in thousands of US dollars

	2025 2024
Cash provided by (used in): Operating activities Net income Adjustments for: Net finance costs Depletion and amortization (Note 23) Income tax expense (Note 17) Impairment reversal on mineral properties (Note 9) Inventory (reversal) write-down Share-based compensation expense (Note 19) Unrealized loss (gain) on foreign exchange (Note 29) Other Unrealized loss (gain) on derivatives_(Note 6) Gold stream obligation(Note 27) Gain on extinguishment of debt(Note 15) Remeasurement of decommissioning and restoration provisions(Note 27) Amortization of deferred revenue and variable consideration adjustment(Note 16) Minto obligation recovery Net Income taxes paid Payments on Minto obligation(Note 18) Other payments/(receipts) Operating cash flow before working capital and other non-cash changes Changes in non-cash working capital(Note 23) Other non-cash changes (Note_ 23 ) Operating cash flow Investing activities Mineral properties, plant and equipment additions (Note 23 ) Finance costs capitalized on construction in progress_(Note 23) Cash acquired from the acquisition of Sierra Norte(Note 5) Proceeds on disposal of assets and other Proceeds from short-term investments Investing cash flow Financing activities Proceeds from borrowings(Note 15) Repayment of borrowings(Note 15) Proceeds from working capital facilities (Note 11) Repayments of working capital facilities (Note 11) Proceeds of borrowings from related party(Note 13) Repayment of borrowings from related party(Note 13) Payment on purchase of Non-Controlling Interest ("NCI")(Note 11) Repayment of lease obligations(Note 14) Proceeds from the exercise of options Net proceeds from issuance of shares(Note 19)_ Net proceeds for settlement of derivatives Interest and finance costs paid, including Upfront financing fees Financing cash flow Effect of exchange rate changes on cash and cash equivalents Increase in cash and cash equivalents Cash and cash equivalents - beginningofyear	$ 349,728$ 85,874 138,176 60,800 481,677 316,154 135,655 47,540 (209,476) — (1,413) 1,172 21,504 16,013 11,056 (10,552)
	17,210 (25,450) 32,893 (6,080) 13,297 4,588 (5,431) — (653) (6,553) (21,880) (11,904) — (7,261) (50,182) (24,870) (15,718) (19,730) 578 (4,946)
	897,021 414,795
	(219,221) (3,201) 7,408 (12,951)
	685,208 398,643
	(519,097) (448,032) — (60,258) — 70 — 1,395 — 52
	(519,097) (506,773)
	1,103,000 189,500
	(886,602) (365,898)
	142,639 100,000 (167,000) (10,000)
	— 42,000 (6,486) (3,243) (34,600) — (76,584) (62,689) 1,629 3,770 10,000 252,947 18,700 537 (98,903) (30,984)
	5,793 115,940
	695 (2,233)
	172,599 5,577 131,593 126,016
Cash and cash equivalents - end ofyear	$ 304,192$ 131,593
Supplemental cash flow information_(Note 23)_

See accompanying notes to these consolidated financial statements.

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Capstone Copper Corp.

Consolidated Statements of Changes in Equity Years Ended December 31, 2025 and 2024

expressed in thousands of US dollars, except share amounts

January 1, 2025 Shares issued on exercise of options(Note 19) Shares issued under TSUP(Note 19) Share-based compensation(Note 19) Shares issued under the Subscription(Note 19) Change in fair value of marketable securities Remeasurements for retirement benefit plans Net income	Attributable to equityholders of the Company Number of shares Share capital Reserve for equity settled share-based transactions Revaluation reserve Foreign currency translation reserve Share purchase reserve Retained earnings Total attributable to equity holders Non- controlling interest Total equity
	761,894,175 $ 2,753,196 $ 60,685 $ 3,767 $ (17,101) $ 4 $ 254,054 $ 3,054,605 $ 408,203 $ 3,462,808 395,133 1,629 — — — — — 1,629 — 1,629 346,740 2,011 (2,011) — — — — — — — — — 7,771 — — — — 7,771 — 7,771 1,020,661 10,000 — — — — — 10,000 — 10,000 — — — 409 — — — 409 — 409 — — — (823) — — — (823) 83 (740) — — — — — — 315,874 315,874 33,854 349,728
December 31, 2025	763,656,709 $ 2,766,836 $ 66,445 $ 3,353 $ (17,101) $ 4 $ 569,928 $ 3,389,465 $ 442,140 $ 3,831,605
Balance - January 1, 2024 Shares issued on exercise of options (Note 19) Share-based compensation_(Note 19) Shares issued under TSUP(Note 19)_ Settlement of share units Shares issued under the Offering (Note 19) Change in fair value of marketable securities Remeasurements for retirement benefit plans Acquisition of Compania Minera Sierra Norte S.A (Note 5) Net income	Number of shares Share capital Reserve for equity settled share-based transactions Revaluation reserve Foreign currency translation reserve Share purchase reserve Retained earnings Total attributable to equity holders Non- controlling interest Total equity
	696,073,153 2,451,572 59,241 (1,306) (17,101) (705) 168,886 2,660,587 405,535 3,066,122 1,944,593 5,473 (1,703) — — — — 3,770 — 3,770 — — 6,351 — — — — 6,351 — 6,351 1,189,071 3,204 (3,204) — — — — — — — — — — — — 709 2,262 2,971 — 2,971 56,548,000 252,947 — — — — — 252,947 — 252,947 — — — (104) — — — (104) — (104) — — — 5,177 — — — 5,177 (300) 4,877 6,139,358 40,000 — — — — — 40,000 — 40,000 — — — — — — 82,906 82,906 2,968 85,874
December 31, 2024	761,894,175 $ 2,753,196 $ 60,685 $ 3,767 $ (17,101)$ 4 $ 254,054 $ 3,054,605 $ 408,203 $ 3,462,808

See accompanying notes to these consolidated financial statements.

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Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

1. Nature of Operations

The accompanying consolidated financial statements for Capstone Copper Corp. (the "Company" or "Capstone Copper") have been prepared as at December 31, 2025. The Company is listed on the Toronto Stock Exchange, and, effective February 2, 2024, on the Australian Securities Exchange (“ASX”) as an ASX Foreign Exempt Listing.

Capstone Copper Corp., through a wholly owned Chilean subsidiary, Mantos Copper S.A., owns and operates the Mantos Blancos mine, located forty-five kilometers northeast of Antofagasta, Chile and the 70%-owned Mantoverde mine, through a Chilean subsidiary, Mantoverde S.A., located fifty kilometers southeast of Chanaral, Chile.

The Company is also engaged in the production of and exploration for base metals in the United States (“US”), Mexico, and Chile, with a focus on copper. Pinto Valley Mining Corp. (“Pinto Valley”), a wholly owned US subsidiary, owns and operates the Pinto Valley mine located in Arizona, US. Capstone Gold, S.A. de C.V. (“Capstone Gold”), a wholly owned Mexican subsidiary, owns and operates the Cozamin mine located in Zacatecas, Mexico, and has a portfolio of exploration properties in Mexico.

Minera Santo Domingo SCM, a wholly owned Chilean subsidiary of the Company, holds the fully permitted Santo Domingo copper-iron-gold-cobalt development project in the Atacama region of Chile, thirty-five kilometers northeast of Mantoverde. Capstone Copper Corp., owns 100% of the shares in Compania Minera Sierra Norte S.A ("Sierra Norte"). The Sierra Norte land package covers over 7,000 hectares in Region III, Chile and is located approximately twenty kilometers northwest of the Santo Domingo project. Capstone Mining Chile SpA, a wholly owned Chilean subsidiary, performs early stage exploration for base metal deposits in Chile.

The Company's head office, registered and records office and principal address are located at 2100 - 510 West Georgia Street, Vancouver, British Columbia, Canada and the Company is incorporated in British Columbia.

These consolidated financial statements were approved by the Board of Directors and authorized for issuance on March 2, 2026.

2. Basis of preparation and consolidation

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards® as issued by the International Accounting Standards Board ("IASB"). The consolidated financial statements have been prepared under the historical cost convention, except for certain financial instruments which are measured at fair value.

These consolidated financial statements have been prepared in connection with the accounting policies presented below and are based on IFRS and IFRS Interpretations Committee ("IFRIC") interpretations issues and effective as of December 31, 2025. The policies were consistently applied to all of the periods presented, except as noted below.

Certain comparative figures have been reclassified to conform with changes in the presentation of the current year. These reclassifications had no effect on the previously reported operating cash flow, net income and net equity for the comparative period.

Group Companies

The immediate parent and ultimate controlling party of the group is Capstone Copper Corp. (incorporated in British Columbia, Canada).

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Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The details of the Company’s material entities, ownership interests, and functional currency are as follows:

Name	Location	Ownership	Status	Functional Currency
Pinto Valley Mining Corp.	US	100.0%	Consolidated	US dollar
Mantos Copper S.A.	Chile	100.0%	Consolidated	US dollar
Mantoverde S.A.	Chile	70.0%	Consolidated	US dollar
Capstone Gold, S.A. de C.V.	Mexico	100.0%	Consolidated	US dollar
Minera Santo Domingo SCM	Chile	100.0%	Consolidated	US dollar

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in these financial statements.

Any transactions with other related parties in the normal course of operations are measured at the fair value amount of consideration established and agreed to by the related parties.

3. Material Accounting Policy Information, Estimates and Judgments

a. Use of estimates and judgments

The preparation of the consolidated financial statements requires management to select accounting policies and make estimates and judgments that may have a significant impact on the consolidated financial statements. Estimates are continuously evaluated, and are based on management’s experience and expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Critical judgments exercised in applying accounting policies, apart from those involving estimates, that have the most significant effect on the amounts recognized in the consolidated financial statements are as follows:

• i. Determination of control of subsidiaries Judgment is required to determine when the Company has control of subsidiaries or joint control of joint arrangements. This requires an assessment of the relevant activities (those relating to the operating and capital decisions of the arrangement, such as: the structure and composition of the Board of Directors of the operation, the approval of the budget and business plan for each year, and appointing, remunerating and terminating the key management personnel or service providers of the operations) and whether the decisions in relation to those activities are under the control of the Company or require unanimous consent.

Differing conclusions around these judgments may materially impact how these businesses are presented in the consolidated financial statements – under the full consolidation method, equity method or recognition of Capstone's share of assets, liabilities, revenue and expenses, including any assets or liabilities held jointly. See Note 9 for a summary of the considerations with respect to the transaction with Orion for a 25% interest in the Santo Domingo and Sierra Norte projects.

• ii. Economic recoverability and probability of future economic benefits of mineral exploration, evaluation and development costs

• The Company has determined that exploratory drilling, evaluation, development, and related costs incurred, which were capitalized, have future economic benefits and are economically recoverable. In making this judgment, the Company has assessed various sources of information including, but not limited to, the geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, proximity to existing ore bodies, existing permits, and life of mine plans.

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Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

• iii. Assessment of impairment and impairment reversal indicators Management applies significant judgment in assessing whether indicators of impairment or impairment reversal exist for a cash generating unit ("CGU") which would necessitate impairment testing. Internal and external factors such as significant changes in the use of the asset, commodity prices, foreign exchange rates, capital and production forecasts, mineral reserves and resource estimates and discount rates are used by management in determining whether there are any indicators of impairment or impairment reversal.

• iv. Financial instruments

Financial assets and liabilities are designated upon inception to various classifications. The designation determines the method by which the financial instruments are carried on the consolidated statement of financial position subsequent to inception and how changes in value are recorded.

Historically, the Company has entered into certain contracts where it receives up front payments for the delivery of future metal (primarily gold and silver). Where such contracts meet the own-use exemption criteria, they are accounted for as executory contracts. The cash received under such contracts is initially recorded as deferred revenue in the consolidated statement of financial position, and is subsequently reduced by the relevant value of the contractual volumes of physical deliveries made.

Differing conclusions around classification of these contracts may materially impact their presentation as deferred revenue, non-financial assets or liabilities, financial assets or liabilities and any fair value adjustments recognized through profit and loss.

• v. Property, plant and equipment - Determination of available for use date

• Judgment is required in determining the date that property, plant and equipment is available for use. An asset is considered available for use when it is in the location and condition necessary to operate in the manner intended by management.

The Mantoverde Development Project ("MVDP") consists of property plant and equipment that became available for use at different dates. When assessing when these assets are available for use, management considered several factors, the most significant of which are the asset commissioning and whether the assets are capable of operating near design capacity to ensure a reliable and consistent throughput rate to produce the expected quantity of outputs. The majority of the assets related to MVDP became available for use at the end of September 2024.

Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are:

i. Estimated reclamation and closure costs The Company’s provision for reclamation and closure cost obligations represents management’s best estimate of the present value of the future cash outflows required to settle the liability. The provision reflects estimates of future costs directly attributable to remediating the liability, inflation, movements in foreign exchange rates and assumptions of risks associated with the future cash outflows, and the applicable risk-free interest rates for discounting future cash outflows. Changes in the factors above can result in a change to the provision recognized by the Company. To the extent the carrying value of the related mining property is not increased above its recoverable amount, changes to reclamation and closure cost obligations are recorded with a corresponding change to the carrying amounts of related mining properties.

ii. Income taxes Deferred tax assets and liabilities are determined based on differences between the financial statement carrying values of assets and liabilities and their respective income tax bases (“temporary differences”), and losses carried forward.

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Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

Capstone Copper Corp.

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The determination of the ability of the Company to utilize tax loss carry-forwards to offset deferred tax liabilities requires management to exercise judgment and make certain assumptions about the future performance of the Company. Management is required to assess whether it is probable that the Company will benefit from these prior losses and other deferred tax assets. The tax rates expected to be in effect when temporary differences reverse are 21% for US, 27% for Canada, 30% for Mexico and 27% for Chile. The Company is subject to certain mining royalties which are referenced in Note 17. The Chilean Mining Royalty has progressive tax rates ranging from 8% to 26% based on the adjusted mining operating income ("RIOMA") and the rate on mining royalties in Mexico is 8.5%. Changes in economic conditions, metal prices, applicable tax laws and other factors could result in revisions to the estimates of the benefits to be realized or the timing of utilizing the losses.

• iii. Mineral reserve and resource estimates

• Mineral reserves and mineral resources referenced in these financial statements are determined in accordance with National Instrument 43-101, “Standards of Disclosure for Mineral Projects”, issued by the Canadian Securities Administrators. There are numerous uncertainties inherent in estimating mineral reserves and mineral resources, including many factors beyond the Company’s control. Such estimation is a subjective process, and the accuracy of any mineral reserve or mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Differences between management’s assumptions in estimating mineral reserves and mineral resources, including economic assumptions such as metal prices, and the market conditions could have a material effect in the future on the Company’s financial position and results of operation.

• iv. Depletion rates

The carrying amounts of the Company’s producing mining properties and mining interests are depleted based on recoverable tonnes contained in permitted proven and probable mineral reserves and a portion of mineral resources. The Company includes a portion of permitted mineral resources where it is considered highly probable that those resources will be economically extracted over the life of mine. Changes to estimates of recoverable tonnes of permitted reserves and resources and depletable costs including changes resulting from revisions to the Company’s mine plans and changes in metal price forecasts can result in a change to future depletion rates.

• v. Impairment and impairment reversal of mineral properties, plant and equipment Management considers both external and internal sources of information in assessing whether there are any indications that the Company’s mineral properties, plant and equipment are impaired and whether previously recorded impairments should be reversed. External sources of information management considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of its mineral properties, plant and equipment. Internal sources of information that management considers include the manner in which mineral properties, plant and equipment are being used or are expected to be used and indications of economic performance of the assets.

In determining the recoverable amounts of the Company’s mineral properties, plant and equipment, management makes estimates of the future operating results and discounted net cash flows expected to be derived from the Company’s mining properties, costs to sell the mining properties and the appropriate discount rate. Changes in metal price forecasts, estimated future costs of production, estimated future non-expansionary capital expenditures, fair value due to strategic processes, the amount of recoverable mineral reserves, mineral resources, and exploration potential, and/or changes in current economics, regulatory or legal requirements and comparable market transactions can result in a write-down or a reversal of a previous write-down of the carrying amounts of the Company’s mineral properties, plant and equipment. Management concluded that there were no impairment loss indicators for the years ended December 31, 2025 and 2024. However, Management did conclude that there were indicators of a reversal of impairment of $209.4M during the year which is referenced in Note 9.

14

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

vi. Deferred stripping costs

• In determining whether stripping costs incurred during the production phase of a mining property relate to mineral reserves that will be mined in a future period and therefore should be capitalized, the Company makes estimates of the proportion of stripping activity which relates to extracting ore in the current period versus the proportion which relates to obtaining access to ore reserves which will be mined in the future. The Company includes a portion of permitted mineral resources where it is considered highly probable that those resources will be economically extracted over the life of mine.

vii. Inventory valuation

Consumable parts and supplies, ore stockpiles and concentrates, are valued at the lower of cost and net realizable value. Estimates in the carrying values of inventories arise due to the nature of the valuation of ore stockpiles and concentrates based on an appropriate allocation of direct mining costs, direct labour and material costs, mine site overhead, and depletion and amortization.

Long-term inventory consists of ore stockpiles that are not expected to be processed within one year. The Company carries its long-term inventory at the lower of cost and net realizable value. If the carrying value exceeds the net realizable amount, a write-down is required. The write-down may be reversed in a subsequent period if the circumstances which caused it no longer exist.

b. Material accounting policy information of the Company is as follows:

• i. Translation of foreign currencies

The functional currency and presentation currency of the Company is the US dollar. The functional currency of each entity is determined after consideration of the primary economic environment of the entity. The functional currencies of the Company’s material subsidiaries are listed in Note 2.

Transactions denominated in foreign currencies (currencies other than the functional currency of an entity) are translated at the exchange rates on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at reporting date exchange rates and any gain or loss on translation is recorded in the consolidated statement of income as a foreign exchange gain (loss).

On translation of entities with functional currencies other than the US dollar, consolidated statement of income items are translated at average rates of exchange where this is a reasonable approximation of the exchange rate at the dates of the transactions. Consolidated statement of financial position items are translated at closing exchange rates as at the reporting date. Exchange differences on the translation of the foreign currency entities at closing rates, together with differences between consolidated statement of income translated at average and closing rates, are recorded in the foreign currency translation reserve in equity.

• ii. Cash, and cash equivalents

Cash and cash equivalents is comprised of cash on hand, demand deposits and short-term investments with a maturity less than 90 days on acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of change in value.

• iii. Inventories

Inventories for consumable parts and supplies, ore stockpiles and concentrates, are valued at the lower of cost and net realizable value. Costs allocated to consumable parts and supplies are based on average costs and include all costs of purchase, conversion and other costs in bringing these inventories to their existing location and condition. Costs allocated to ore stockpiles and concentrates are based on average costs, which include an appropriate share of direct mining costs, direct labour and material costs, mine site overhead, depletion and amortization. If carrying value exceeds net realizable amount, a write-down is recognized. The write-down may be reversed in a subsequent period if the circumstances which caused it no longer exist.

15

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

iv. Investments

• Investments in shares of companies over which the Company exercises neither control, joint control nor significant influence are designated as fair value through OCI and recorded at fair value. Fair values are determined by reference to quoted market prices at the reporting date. Unrealized gains and losses on investments in marketable securities are recognized in the revaluation reserve. When investments in marketable securities are sold, derecognized, or determined to be impaired, the cumulative fair value adjustments remain within equity.

• v. Mineral properties, plant and equipment Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing historical characteristic of many properties. The Company has investigated title to all of its mineral properties and, to the best of its knowledge, title to all of its properties is in good standing.

vi. Producing mineral properties Producing mineral properties are recorded at cost less accumulated depletion and impairment charges. The costs associated with producing mineral properties include acquired interests in production stage properties representing the fair value at the time they were acquired. Producing mineral properties also include additional capitalized costs after initial acquisition. Upon sale or abandonment of producing mineral properties, the carrying value is derecognized and any gains or losses thereon are included in the consolidated statement of income.

Non-depletable mineral interests are recorded at their fair value on acquisition date, either as part of a business combination or as an individual asset purchase. The value of such assets is primarily driven by the nature and amount of mineralized material believed to be contained in such properties.

Commercial production is deemed to have commenced when management determines that the operational commissioning of major mine and plant components is complete, operating results are being achieved consistently for a period of time and that there are indicators that these operating results will continue.

At the date commercial production is reached, the Company ceases capitalization of borrowing costs and commences amortization of the associated assets the month after the criteria are met.

vii. Deferred stripping

Stripping costs during the production phase are accounted for as variable production costs and included in the costs of inventory produced during the period that the stripping costs are incurred. However, stripping costs are capitalized and recorded on the consolidated statement of financial position as a component of mineral properties, plant and equipment when the stripping activity provides access to sources of mineral reserves that will be produced in future periods that would not have otherwise been accessible in the absence of this activity. The capitalized deferred stripping assets are amortized on a units of production basis over the mineral reserves and a portion of mineral resources that directly benefited from the stripping activity as those mineral reserves and resources are actually mined.

viii. Mineral exploration and development properties The carrying amount of mineral exploration and development properties comprise costs that are directly attributable to:

• researching and analyzing existing exploration data;

• conducting geological studies, exploratory drilling and sampling;

• examining and testing extraction and treatment methods; and

• activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource.

16

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The costs associated with mineral exploration and development properties include acquired interests in development and exploration stage properties representing the fair value at the time they were acquired. Mineral exploration and development properties related to greenfield properties, which are prospective in nature and not yet supported by an internal economic assessment, are expensed in the consolidated statement of income, except for acquisition costs and mining interest rights. Exploration and development expenses related to brownfield mineral properties are capitalized provided that one of the following conditions is met:

• Such costs are expected to be recouped in full through successful development and exploitation of the area of interest or alternatively, by its sale; or

• Exploration and evaluation activities in the area of interest have not yet reached a stage which permits a reasonable assessment of the existence of economically recoverable reserves, however active and significant operations in relation to the area are continuing, or planned for the future.

The carrying values of capitalized amounts of mineral exploration and development properties are reviewed when there are indicators of impairment at each reporting date. In the case of undeveloped projects, there may be only inferred mineral resources to allow management to form a basis for the impairment review. The review is based on the Company’s intentions for development of such a project. If a project does not prove viable, all unrecoverable costs associated with the project are charged to the consolidated statement of income at the time the determination is made. Once management has determined that the development potential of the property is economically viable and the necessary permits are in place for its development, the costs of the exploration asset are reclassified to producing mineral properties.

• ix. Plant and equipment

Plant and equipment are recorded at cost less accumulated amortization and impairment losses and includes amounts representing the fair value of plant and equipment at the time they were acquired. Plant and equipment includes in its purchase price, any costs directly attributable to bringing plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management and the estimated close down and restoration costs associated with dismantling and removing the asset. Upon sale or abandonment of any plant and/or equipment, the cost and related accumulated amortization and impairment losses, are written off and any gains or losses thereon are included in the consolidated statement of income.

• x. Construction in progress

Mineral property development and plant and equipment construction commences when approved by management and/or the Board and the Company has obtained all regulatory permissions to proceed. Development and construction expenditures are capitalized and classified as construction in progress. Once completed, the costs associated with all applicable assets related to the development and construction are reclassified to the appropriate category within mineral properties or plant and equipment.

• xi. Depletion and amortization of mineral properties, plant and equipment

The carrying amounts of mineral properties, plant and equipment are depleted or amortized to their estimated residual value over the estimated economic life of the specific assets to which they relate, using the depletion or amortization methods and rates as indicated below. Estimates of residual values and useful lives are reassessed annually and any change in estimate is taken into account in the determination of the remaining amortization rate. Amortization commences on the date the asset is available for its use as intended by management.

17

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Depletion and amortization is computed using the following rates:

Item	Methods	Rates
Producing mineral	Units of production	Proven and probable mineral reserves and a
properties		portion of mineral resources considered highly
		probable to be economicallyextracted
Deferred stripping costs	Units of production	Proven and probable mineral reserves and a
		portion of mineral resources accessible due to
		stripping activity which are considered highly
		probable to be economicallyextracted
Right-of-use assets	Straight line	Tenure of lease or the life of the asset when a
		buyout clause is expected to be invoked
Plant & equipment	Straight line,	4 – 10 years,
	units of production	Proven and probable mineral reserves and a
		portion of mineral resources considered highly
		probable to be economicallyextracted

xii. Borrowing costs

Interest and other financing costs directly related to the acquisition, development and construction, and production of qualifying assets are capitalized as construction in progress or in mineral properties until they are complete and available for use, at which time they are transferred to the appropriate category within mineral properties, plant and equipment. Borrowing costs incurred after the asset has been placed into service as well as all other borrowing costs are charged to the consolidated statement of income when incurred.

xiii. Impairment of long-lived assets

At each reporting date, the Company reviews the carrying amounts of its assets to determine whether there are any indicators of impairment. If any such indicator exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.

Where the asset does not generate cash inflows that are independent from other assets, the Company estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is determined as the higher of fair value less direct costs to sell and the asset or CGU’s value in use. In assessing recoverable amount, the estimated future cash flows are discounted to their present value. Estimated future cash flows are calculated using estimated recoverable mineral reserves and mineral resources, estimated future commodity prices and the expected future operating, capital and reclamation costs. The projected cash flows are affected by changes in assumptions about metal selling prices, future capital expenditures, production cost estimates, discount rates, and exchange rates. The discount rate applied to the estimated future cash flows reflects current market assessments of the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. Determining the discount rate includes appropriate adjustments for the risk profile of the country in which the individual asset or CGU operates.

If the carrying amount of an asset or CGU exceeds its recoverable amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and an impairment loss is recognized in the consolidated statement of income. Assets that have been impaired are tested for possible reversal of the impairment whenever events or changes in circumstance indicate that the impairment may have reversed. Where an impairment subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortization or depletion) had no impairment loss been recognized for the asset or CGU in prior periods. A reversal of impairment is recognized in the consolidated statement of income.

18

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

xiv. Income taxes

Current tax

Current tax for each taxable entity in the Company is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the reporting date, and includes adjustments to tax payable or recoverable in respect of previous periods.

Deferred tax

Deferred tax is accounted for using the liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective tax bases.

Deferred income tax liabilities are recognized for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit or loss nor taxable profit or loss.

Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax losses and unused tax credits, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax losses and unused tax credits can be utilized, and except where the deferred income tax asset related to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit or loss nor taxable profit or loss.

The carrying amount of deferred income tax assets is reviewed at each reporting date and is adjusted to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be utilized. To the extent that an asset not previously recognized fulfils the criteria for recognition, a deferred income tax asset is recorded.

Deferred tax is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on tax rates and tax laws enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred taxes relating to items recognized directly in equity are recognized in equity and not in the consolidated statement of income.

Mining taxes and royalties are treated and disclosed as current and deferred taxes if they have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the amount payable is calculated by reference to revenue derived (net of any allowable deductions) after adjustment for items comprising temporary differences.

xv. Taxes receivable

Taxes receivable are composed of income and mining taxes in Mexico, US and Chile and recoverable value added taxes in Canada, Mexico, US and Chile.

xvi. Embedded derivatives

Derivatives may be embedded in financial liabilities or other non-financial contracts (the “host instrument”). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not clearly and closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is designated as held for trading or at fair value, as appropriate. These embedded derivatives are measured at fair value with subsequent changes recognized in gains or losses on derivative instruments in the consolidated statement of income.

19

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

xvii. Derivatives

Derivatives are initially recognized at fair value when the Company becomes a party to the derivative contract and are subsequently re-measured to fair value at the end of each reporting period. The resulting gain or loss is recognized in the consolidated statement of income immediately unless the derivative is designated and effective as a hedging instrument. Derivatives with positive fair value are recognized as assets; derivatives with negative fair value are recognized as liabilities.

Derivative contracts that are entered to economically hedge a risk exposure but are not designated as a hedging instrument for hedge accounting purposes, and are physically settled are initially and subsequently measured at fair value. Subsequent movements in fair value are recognized in the same line item in the consolidated income statement as the item the contract is economically hedging.

• xviii. Financial instruments

On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) FVTPL. The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.

The classification determines the method by which the financial assets are carried on the consolidated statement of financial position subsequent to inception and how changes in value are recorded. Accounts receivable are measured at amortized cost with subsequent impairments recognized in the consolidated statement of income. Short-term investments, concentrate receivables, promissory note receivables and derivative assets are measured at FVTPL with subsequent changes recognized in the consolidated statement of income.

Short-term investments include investments in bankruptcy-remote, AAA rated money market funds, and exchange traded funds. The mark-to-market adjustments for provisional pricing changes on concentrate receivables are based on forward commodity prices of metals and are included in revenues until final settlement. Investments in marketable securities are measured at FVOCI with subsequent changes recognized in OCI. Derivative assets include zero cost collar foreign currency contracts and interest rate swap contracts and are measured at FVTPL.

Financial liabilities are designated as either: (i) FVTPL; or (ii) amortized cost. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the consolidated statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities and long-term debt are classified as amortized cost and carried on the consolidated statement of financial position at amortized cost. Derivative liabilities consist of foreign currency contracts and copper commodity contracts and are measured at FVTPL.

xix. Impairment of financial assets

An ‘expected credit loss’ impairment model applies, which requires a loss allowance to be recognized based on expected credit losses. This applies to financial assets measured at amortized cost. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in the consolidated statement of income for the year.

20

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through the consolidated statement of income to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

xx. Deferred revenue

Deferred revenue consists of payments received by the Company in consideration for future commitments to deliver payable gold and silver contained in concentrate at contracted prices. As deliveries are made, the Company records a portion of the deferred revenue as sales, based on a proportionate share of deliveries made compared with the total estimated contractual commitment.

Interest expense on deferred revenue is recognized in finance costs when the Company identifies significant financing components related to its streaming arrangements, resulting from a difference in - the timing of the up front consideration received and delivery of the promised goods. The interest rate is determined based on the rate implicit in each streaming agreement at the date of inception or acquisition.

The initial consideration received from streaming arrangements is considered variable, subject to changes in the total gold and silver ounces to be delivered. As product is delivered, the deferred revenue amount including accreted interest will be taken into net income (loss). The draw down rate requires the use of proven and probable reserves and certain resources in the calculation that are beyond proven and probable reserves which management is reasonably confident will be transferable to reserves. Key estimates used in determining the significant financing component include the discount rate and the reserve and resources assumed for conversion. Once the discount rate has been determined, it cannot be changed. Changes to variable consideration are reflected in revenue in the consolidated statement of income.

xxi. Leases

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognizes a right-of-use asset (“ROU asset”) and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, at the commencement of the lease, with the following exceptions: (i) the Company has elected not to recognize ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or (ii) for leases of low value. The payments for such leases are recognized in the consolidated statement of income on a straight-line basis over the lease term.

The ROU asset is initially measured based on the present value of lease payments, lease payments made at or before the commencement day, and any initial direct costs. They are subsequently measured at cost less accumulated amortization and impairment losses. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Lease payments include fixed payments less any lease incentives, and any variable lease payments where variability depends on an index or rate.

When the lease contains an extension or purchase option that the Company considers reasonably certain to be exercised, the cost of the option is included in the lease payments.

ROU assets are included in mineral properties, plant and equipment, and the lease liability is presented separately in the consolidated statement of financial position.

21

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Variable lease payments that do not depend on an index or rate are not included in the measurement of the ROU asset and lease liability. The related payments are recognized as an expense in the period in which the triggering event occurs and are included in the consolidated statement of income.

• xxii. Reclamation and closure cost obligations

• A reclamation and closure cost obligation is recognized for close down, restoration and environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the consolidated statement of financial position date. At the time of establishing the provision, a corresponding asset is capitalized, where it gives rise to a future benefit, and amortized over the estimated economic life of the specific assets to which they relate. The provision is discounted using a current market-based pre-tax discount rate and the unwinding of the discount is included in accretion expense in the consolidated statement of income as interest expense from discounting reclamation and closure cost obligations.

The obligation is reviewed each reporting period for changes to obligations, laws and discount rates that impact estimated costs or lives of operations. The cost of the related asset is adjusted for changes in the provision resulting from changes in the estimated cash flows or discount rate and the adjusted cost of the asset is amortized prospectively.

xxiii. Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate.

xxiv. Post-employment benefits

Employment terms may provide for payment of a severance indemnity when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated.

The obligation recognized in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and losses are immediately recognized in other comprehensive income.

• xxv. Business combinations and goodwill

• Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the notional number of equity instruments that the legal subsidiary would have had to issue to the legal parent to give the owners of the legal parent the same percentage ownership in the combined entity. The results of businesses acquired during the year are included in the consolidated financial statements from the effective date when control is obtained. The identifiable assets, liabilities and contingent liabilities of the business which can be measured reliably are recorded at provisional fair values at the date of acquisition. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. Provisional fair values are finalized at the earlier of (i) the date as soon as the acquirer received the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not available; or (ii) twelve months from the acquisition date. Acquisition related costs are expensed as incurred.

22

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Goodwill arising in a business combination is measured as the excess of the sum of consideration transferred and the amount of any non-controlling interest over the net identifiable assets acquired and liabilities assumed.

IFRS 3 requires that one of the parties to the business combination be designated as the acquirer for accounting purposes. In making this assessment, factors such as the voting rights of the outstanding equity instruments, the corporate governance structure of the combined entity, the composition of senior management of the combined company and the relative size and net asset values of each of the companies are taken into consideration. No single factor is the sole determinant in the overall conclusion; all factors are considered in arriving at this conclusion.

If the acquired set of activities and assets meets the definition of a business, the transaction is accounted for as a business combination. Otherwise, it is classified as an asset acquisition.

Management exercises judgment in assessing whether the acquiree is capable of being conducted and managed for the purpose of providing a return. This assessment considers the inputs of the acquiree and the processes applied to those inputs that have the ability to generate outputs. If the acquired assets and liabilities do not constitute a business, the transaction is accounted for as an asset acquisition. The transaction is measured at the fair value of the identifiable assets and liabilities assumed. If the fair value of the assets and liabilities assumed cannot be reliably measured, the transaction costs will be measured based on the fair value of the consideration given. No goodwill is recognized, and transaction costs are capitalized as part of the asset cost rather than expensed.

xxvi. Non-controlling interest

Non-controlling interest is measured either at the fair value or at the non-controlling interests' proportionate share of the recognized amounts of the acquirer's identifiable net assets at the date of acquisition. The choice of measurement basis is made on a transaction by transaction basis. Net earnings for the period that are attributable to non-controlling interest are calculated based on the ownership of the minority shareholders in the subsidiary.

xxvii. Share capital

The proceeds from the exercise of stock options or warrants together with amounts previously recorded over the vesting periods are recorded as share capital.

Share capital issued for non-monetary consideration is recorded at an amount based on fair market value of the shares on the date of issue.

The proceeds from the issue of units are allocated between common shares and common share purchase warrants on a pro-rata basis based on relative fair values as follows: the fair value of the common shares is based on the market close on the date the units are issued and the fair value of the common share purchase warrants is determined using the Black-Scholes Option Pricing Model.

Where any group company purchases the Company’s equity share capital, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company’s equity holders.

xxviii. Share-based payments

The Company makes periodic grants of share-based awards to selected directors, officers, employees and others providing similar service under the Company’s share-based compensation plans.

Contributions to the Company’s employee share purchase plan (“ESPP”) are recorded on a payroll cycle basis as the Company’s obligation to contribute is incurred.

23

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Pursuant to the Company’s stock option plan and Treasury Share Unit Plan ("TSUP"), the fair value of the equity-settled awards is determined at the date of the grant by using the Black-Scholes Option Pricing Model. At each reporting date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management’s best estimate of the awards that are ultimately expected to vest is computed. The movement in cumulative expense is recognized in the consolidated statement of income with a corresponding entry within equity, against the reserve for equity settled share-based transactions. No expense is recognized for awards that do not ultimately vest.

The Company has other share-based compensation plans in the form of Deferred Share Units (“DSUs”), Restricted Share Units (“RSUs”) and Performance Share Units (“PSUs”). Units granted under these share-based compensation plans are recorded at fair value on the grant date and are adjusted for changes in fair value each reporting period until settled. The expense, and any changes which arise from fluctuations in the fair value of the grants, is recognized in share-based compensation in the consolidated statement of income with the corresponding liability recorded on the consolidated statement of financial position in provisions.

xxix. Revenue recognition

Sales of metal concentrates and cathode are recognized and revenue is recorded at market prices following the transfer of control to the customer, provided that the Company has a present right to payment, has transferred physical possession of the asset to the customer, and the customer has the significant risks and rewards of ownership. Capstone Copper satisfies its performance obligations upon delivery of the metal concentrates and cathode.

The Company’s metal concentrates are sold under a pricing arrangement where final prices are determined by quoted market prices in a period subsequent to the date of sale. Until prices are final, revenues are recorded based on forward commodity prices of metals for the expected period of final settlement. Subsequent variations in the final determination of the metal concentrate weight, assay and price are recognized as revenue adjustments as they occur until finalized. Pricing and volume adjustments, as well as refining and treatment charges, under the sales contracts are presented separately in the notes to the consolidated financial statements (Note 20).

The Company enters into copper time-spread swaps in order to manage the risk associated with final prices in terms of copper concentrate sales agreements. The associated gain/losses are recorded in Revenue in order to follow the nature of the transaction to which it is linked.

xxx. Earnings per share

Basic earnings per share is computed by dividing net income available (attributable) to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share.

The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the "if converted" method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted earnings per share by application of the treasury stock method.

24

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

4. Adoption of New and Revised IFRS and IFRS Not Yet Effective

New IFRS Pronouncements

Issued but not yet effective January 1, 2025

In April 2024, the IASB issued a new IFRS accounting standard to improve financial reporting, IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements.

IFRS 18 introduces new requirements relating to the presentation of the statement of profit or loss, the classification of income and expenses, and the disclosure of management-defined performance measures. The key changes introduced by IFRS 18 include a revised structure for the statement of profit or loss, requiring income and expenses to be classified into operating, investing, and financing categories, with separate sections for income taxes and discontinued operations and by specifying certain defined totals and subtotals. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items are classified in other comprehensive income and how these items are classified.

The standard also enhances the aggregation and disaggregation of information in the financial statements and notes to improve transparency, introduces mandatory disclosures for unusual items, and requires entities to disclose and reconcile management-defined performance measures to the closest IFRS-defined subtotal, along with explanations of their relevance and calculation methods.

The standard is effective for reporting periods beginning on or after January 1, 2027, including interim financial statements. Retrospective application is required and early application is permitted. The Company is in the process of assessing the impact of this new standard on the Company's financial statements.

In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments, which updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they solely meet the payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. These amendments become effective January 1, 2026 with early application permitted. The Company is in the process of assessing the impact of this new standard on the Company's financial statements.

25

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

5. Acquisition of Compania Minera Sierra Norte S.A

In August 2024, the Company completed the acquisition of Compania Minera Sierra Norte, S.A. ("Sierra Norte"). On the closing of the transaction, Inversiones Alxar S.A. and Empresas COPEC S.A., collectively the "sellers" received the equivalent of US$40 million of shares of the Company. This resulted in the issuance of 6,139,358 Capstone Copper common shares.

The fair value of Capstone Copper common shares issued was determined using the 10-day VWAP between the date the Share Purchase Agreement was signed and the closing date of the transaction and the exchange rate of 1.3809 CAD/USD.

The purchase consideration was calculated as follows:

Fair value 6,139,358 common shares issued bythe Company	40,000
Totalpurchase consideration	40,000

Management determined that substantially all of the fair value of the gross assets acquired is concentrated in the Sierra Norte mineral development and exploration property and therefore accounted for the transaction as an asset acquisition.

For asset acquisitions settled with equity, entities are required to record the net assets acquired based on the fair value of the assets received in exchange for the equity issued, unless that fair value cannot be reliably estimated. In accordance with IFRS 2 Share-based Payments , the Company measured the transaction based on the fair value of the shares issued at the acquisition date, as this was considered the most reliable indicator of the fair value of the consideration transferred.

Fair value of assets acquired were as follows:

Fair value of assets acquired were as follows :
Cash and cash equivalents	70
Plant & equipment	11
Receivables and other assets	1,373
Mineral development and explorationproperty	38,546
Total assets acquired and liabilities assumed, net	40,000

[6.] Financial Instruments

Fair value of financial instruments

Certain of the Company's financial assets and liabilities are measured at fair value on a recurring basis and classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Certain non-financial assets and liabilities may also be measured at fair value on a non-recurring basis. There are three levels of fair value hierarchy that prioritize the inputs to the valuation techniques used to measure fair value, with Level 1 having the highest priority. The levels and valuations techniques used to value the financial assets and liabilities are as follows:

Level 1 – Fair values measured using unadjusted quoted prices in active markets for identical instruments.

Short-term investments and marketable securities are valued using quoted market prices in active markets. Accordingly, these items are included in Level 1 of the fair value hierarchy.

Level 2 – Fair values measured using directly or indirectly observable inputs, other than those included in Level 1.

26

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Derivative instruments are included in Level 2 of the fair value hierarchy as they are valued using pricing models or discounted cash flow models. These models require a variety of inputs, including, but not limited to, market prices, forward price curves, yield curve and credit spreads. These inputs are obtained from or corroborated with the market. Also, included in Level 2 are receivables from provisional pricing on copper concentrate and cathode sales because they are valued using quoted market prices derived based on forward curves for the respective commodities and published priced assessments.

Level 3 – Fair values measured using inputs that are not based on observable market data.

As of December 31, 2025 the Company’s classification of financial instruments within the fair value hierarchy are summarized below:

summarized below:
		Level 1	Level 2	Level 3	Total
Financial assets
Copper cathode receivables(Note 7)		—	6,989	—	6,989
Copper concentrate receivables(Note 7)		—	292,960	—	292,960
Derivative assets		—	19	—	19
Investment in marketable securities(Note 10)		4,350	—	—	4,350
	$	4,350 $	299,968 $	— $	304,318
Financial liabilities
Derivative liabilities	$	— $	42,855 $	— $	42,855
Gold stream liability (Note 11)		—	—	19,600	19,600
	$	— $	42,855 $	19,600 $	62,455

As of December 31, 2024 the Company’s classification of financial instruments within the fair value hierarchy are summarized below:

		Level 1	Level 2	Level 3	Total
Financial assets
Copper cathode receivables_(Note 7)_		—	29,331	—	29,331
Copper concentrate receivables_(Note 7)_		—	67,646	—	67,646
Derivative assets		—	36,341	—	36,341
Investment in marketable securities_(Note 10)_		1,439	—	—	1,439
	$	1,439 $	133,318 $	— $	134,757
Financial liabilities
Derivative liabilities	$	— $	3,709 $	— $	3,709
Gold stream liability (Note 11)		—	—	9,900	9,900
	$	— $	3,709 $	9,900 $	13,609

The Company’s policy for determining when a transfer occurs between levels in the fair value hierarchy is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.

27

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Set out below are the Company’s financial assets by category:

Set out below are the Company’s financial assets	Set out below are the Company’s financial assets	by category:
		December 31, 2025
		Fair value through profit or loss Fair value through OCI Amortized cost Total
Cash and cash equivalents Copper cathode receivables(Note 7) Copper concentrate receivables(Note 7) Other receivables(Note 7) Derivative assets Investment in marketable securities(Note 10)		$ — $ — $ 304,192 $ 304,192 6,989 — — 6,989 292,960 — — 292,960 — — 29,870 29,870 19 — — 19 — 4,350 — 4,350
		$ 299,968 $ 4,350 $ 334,062 $ 638,380
		December 31,2024
		Fair value through profit or loss Fair value through OCI Amortized cost Total
Cash and cash equivalents Copper cathode receivables_(Note 7) Copper concentrate receivables(Note 7) Other receivables(Note 7) Derivative assets Investment in marketable securities (Note 10)_	$ — $ — $ 131,593 $ 131,593 29,331 — — 29,331 67,646 — — 67,646 — — 27,120 27,120 36,341 — — 36,341 — 1,439 — 1,439
	$ 133,318 $ 1,439 $ 158,713 $ 293,470

Set out below are the Company’s financial liabilities by category:

Accounts payable and accrued liabilities(Note 12) Long-term debt(Note 15) Due to related party(Note 13) Derivative liabilities Working capital facilities(Note 11) Gold stream obligation(Note 11)	December 31, 2025 Fair value through profit or loss Amortized cost Total $ — $ 501,314 $ 501,314 — 1,013,950 1,013,950 — 252,662 252,662 42,855 — 42,855 — 39,893 39,893 19,600 — 19,600 $ 62,455 $ 1,807,819 $ 1,870,274

28

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

	December 31,2024
	Fair value through profit or loss Amortized cost Total
Accounts payable and accrued liabilities_(Note 12) Long-term debt(Note 15) Due to related party(Note 13) Derivative liabilities Working capital facilities (Note 11) Payable on purchase of non-controlling interest(Note 11) Gold stream obligation(Note 11)_	$ — $ 330,183 $ 330,183 — 821,756 821,756 — 247,075 247,075 3,709 — 3,709 — 117,049 117,049 — 44,488 44,488 9,900 — 9,900
	$ 13,609 $ 1,560,551 $ 1,574,160

There have been no changes during the year ended December 31, 2025, in how the Company categorizes its financial assets and liabilities by fair value through profit or loss, fair value through OCI, or amortized cost.

At December 31, 2025 and 2024, the carrying amounts of accounts receivable not arising from sales of metal concentrates and cathodes, accounts payable and accrued liabilities, and other current assets and current liabilities are considered to be reasonable approximations of their fair values due to the short-term nature of these instruments. The fair value of the Company’s long-term debt and amounts due to related party are approximated by its carrying value since the contractual interest rates are comparable to current market interest rates.

Financial instruments and related risks

The Company’s activities expose it to financial risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are commodity price risk, credit risk, foreign exchange risk, liquidity risk and interest rate risk. The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis. There have been no significant changes in the Company’s exposure to these financial risks.

Derivative instruments

As at December 31, 2025, the Company’s derivative financial instruments are comprised of copper quotational pricing contracts, copper zero-cost collar contracts, gold zero-cost collar contracts, and foreign currency zero-cost collars ("ZCC").

For copper concentrate sales, the sales price is determined on a provisional basis and therefore the Company is exposed to commodity price risk for the quotational period between the date of sale and the determination of the final selling price, normally ranging from 30 to 90 days after the initial recognition of revenue. As such, the Company enters into copper time-spread swaps in order to manage the risk associated with provisional pricing during the quotational period.

The Company operates on an international basis and therefore foreign exchange risk exposures arise from transactions denominated in a foreign currency. The Company's foreign exchange risk arises primarily with respect to the Chilean Peso ("CLP"), the Chilean Unidad de Fometo ("UF"), the Mexican Peso ("MXN") and the Canadian dollar ("CDN"). The UF is an artificial inflation-indexed monetary unit used in Chile to denominate certain contracts. The Company's cash flows from Chilean and Mexican operations are exposed to foreign exchange risk, as commodity sales are denominated in US dollars and a certain portion of operating and capital expenses is denominated in local currencies. As such, the Company may use foreign exchange forward and swap contracts and ZCCs to mitigate changes in foreign exchange rates.

29

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The Company's outstanding derivative instruments as of December 31, 2025, are as follows:

Type	Contract description	Remaining term	Put strike	Call strike / Fixed rate	Notional tonnes / Quantity	MTM Value
Foreign currency	Foreign exchange ZCC - CLP	January - December 2026	850.00	965.00	19.5 billion CLP	$19
				1,000.00
Commodity	Commodity ZCC - Gold	January - December 2026	3,500	5,800	16,000 troy ounces	$(106)
				6,050
Commodity	Commodity ZCC - Copper	January - December 2026	4.25 4.45	6.00 6.70	24,800 tonnes	$(7,223)
Quotational pricing contracts	Copper time- spread swaps	Jan - March 2026	—	—	30,716 tonnes	$(35,526)
Total outstanding derivative instruments as at December 31, 2025						$(42,836)

30

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Set out below are the Company’s derivative financial assets and financial liabilities:

	December 31, 2025 December 31,2024
Derivative financial assets: Foreign currency contracts Interest rate swap contracts Copper commodity contracts Quotational pricing contracts	$ 19$ —
	— 8,080 — 10,545 — 5,993
~~Sh~~ ~~h~~ ~~t~~ Total derivative financial assets - current Interest rate swapcontracts	19 24,618
	— 11,723
Total derivative financial assets - non-current	$ —$ 11,723
Derivative financial liabilities:
Foreign currency contracts Copper commodity contracts Gold commodity contracts Quotationalpricingcontracts	— 2,369 7,223 — 106 — 35,526 —
Total derivative financial liabilities - current	$ 42,855$ 2,369
Foreign currencycontracts	— 1,340
Total derivative financial liabilities - non-current	$ —$ 1,340

Set out below are the Company’s realized and unrealized gains and losses on derivative financial instruments:

		Year ended December	Year ended December
		31,
		2025	2024
Unrealized (loss)/gain on derivative financial
instruments:
Foreign currency contracts	$	3,728$	(4,343)
Copper commodity contracts		(17,768)	24,029
Gold commodity contracts Interest rate swapcontracts		(106) **(18,747) **	— (13,606)
Total unrealized (loss) gain on derivative financial
instruments		(32,893)	6,080
Realized (loss)/gain on derivative financial instruments:
Foreign currency contracts		460	(1,597)
Copper commodity contracts		(3,492)	(26,641)
Interest rate swapcontracts		18,700	21,808
Total realized gain/(loss) on derivative financial
instruments		15,668	(6,430)
Total unrealized and realized (loss) on derivative
financial instruments:	$	(17,225) $	(350)

* Amounts above do not include unrealized and realized gains and losses related to the Company's quotational pricing contracts as these amounts are included in pricing and volume adjustments on copper concentrate sales (Note 20).

31

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Valuation methodologies for Level 2 financial instruments

The key inputs to the valuation of the concentrate receivable balance are payable metal and future metal prices. The Company’s metal concentrate sales contracts are subject to provisional pricing with the selling price adjusted at the end of the quotational period based on final settlement weights and assays. At each reporting date, the Company’s accounts receivable on these contracts are marked-to-market based on a quoted forward price for which there exists an active commodity market.

Derivative assets and liabilities consist of the mark-to-market adjustments to record the fair values of the outstanding copper zero-cost collar contracts, gold zero-cost collar contracts, forward foreign currency contracts, commodity swaps, and quotational pricing contracts. At December 31, 2025 derivative assets consist of forward foreign currency contracts. Derivative liabilities consist of gold commodity contracts, copper commodity contracts and quotational pricing contracts. All of the Company’s derivative assets and liabilities are marked-to-market based on a valuation model which uses quoted observable inputs.

Commodity price risk

The Company is exposed to commodity price risk since its revenues are derived from the sale of metals, the prices for which have been historically volatile. Additionally, sales of copper concentrate carry price risk during the quotational period between the initial sale date and final assays and pricing, typically 30 to 90 days later. The Company manages these risks by entering into forward sale, commodity swap, or copper time-spread swap derivative agreements with various counterparties to mitigate price risk when management believes it is a prudent decision.

Credit risk

The Company is exposed to credit risk through its trade receivables on concentrate sales with various counterparties under the terms of offtake agreements. The Company manages this risk by requiring provisional payments of at least 90 percent of the value of the concentrate shipped. Value added taxes receivable are not considered to be subject to significant credit risk as these balances are receivable from government authorities.

The credit risk on cash and cash equivalents is limited because the funds are held with banks with high credit ratings as assigned by international credit rating agencies. Similarly, the credit risk on the short-term investments is limited as the investments are in highly liquid, bankruptcy-remote, AAA rated money market funds, and exchange traded funds.

As at December 31, 2025, the Company’s maximum exposure to credit risk is the carrying value of its cash and cash equivalents, short-term investments, receivables, derivative assets and investment in marketable securities.

Foreign exchange risk

The Company is exposed to foreign exchange risk as the Company’s operating costs will be primarily in US dollars, Canadian dollars (“C$”), Mexican pesos and Chilean pesos, while revenues are received in US dollars. Hence, any fluctuation of the US dollar in relation to these currencies may affect the profitability of the Company and the value of the Company’s assets and liabilities. From time to time, the Company enters into foreign exchange hedging arrangements to mitigate the risk of exposure to fluctuating foreign currency exchange rates.

32

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

As at December 31, 2025, the Company is exposed to foreign exchange risk through the following financial assets and liabilities denominated in currencies other than the functional currency of the applicable subsidiary :

		Canadian dollar	Mexicanpeso	Chileanpeso
Cash	$	730 $	51 $	20,243
Receivables and other current assets		4,278	406	32,098
Deposits and other long-term assets		—	—	288
Total assets		5,008	457	52,629
Accountspayable and accrued liabilities		9,158	17,410	238,939
Total liabilities		9,158	17,410	238,939
Net(liabilities)	$	(4,150) $	(16,953) $	(186,310)

The following sensitivity analysis for foreign currency risk relates solely to financial assets and liabilities that were outstanding at December 31, 2025 and each sensitivity calculation assumes all other variables are held constant. The analysis does not reflect the overall effect that changes in market variables would have on the Company's results.

Based on the above net exposures at December 31, 2025, a 10% appreciation in the Canadian dollar against the US dollar would result in a $0.4 million decrease in the Company’s income before taxes. A 10% appreciation of the Mexican peso against the US dollar would result in a $1.7 million decrease in the Company’s income before taxes. A 10% appreciation of the Chilean peso against the US dollar would result in a $18.6 million decrease in the Company’s income before taxes.

Liquidity risk

The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company maintains adequate cash balances and credit facilities to meet short and long-term business requirements, after taking into account cash flows from operations and believes that these sources will be sufficient to cover the likely short and long-term cash requirements. While at December 31, 2025 the Company’s current liabilities are in excess of its current assets, the Company has sufficient liquidity to cover any short and long-term obligations. The Company’s cash is held in business accounts with Canadian Tier 1 or international banks with a S&P Global Rating of A- or better. The cash is available on demand for the Company’s programs. In addition, the Company’s short-term investments are highly liquid and are readily convertible to cash. The following table summarizes the Company’s financial liabilities based on contractual undiscounted payments, including estimated interest. The carrying amounts may differ as financial liabilities are measured at amortized cost or fair value in the statement of financial position.

33

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

As of December 31, 2025, the Company’s liabilities that have contractual maturities are as follows:

			Total	2026		2027		2028		2029	After 2029
Accounts payable and accrued
liabilities (i)		$	501,314	$ 501,314	$	—	$	—	$	—	$ —
Long term debt (ii) Revolving credit facility (iii) Due to related party (Note 13 ) Working capital facilities (Note Derivative liabilities	11 )	$ $ $ $ $	1,095,243 347,503 62,532 39,893 42,855	50,288 17,124 9,402 39,893 42,855		60,882 17,124 9,007 — —		70,394 17,171 8,618 — —		68,952 296,084 8,216 — —	844,727 — 27,289 — —
Leases and other contracts		$	334,416	81,514		70,788		62,861		53,258	65,995

$ 2,423,756 $ 742,390 $ 157,801 $ 159,044 $ 426,510 $ 938,011

• i. Amounts above do not include payments related to the Company's reclamation and closure cost obligations, other long- term provisions (Note 18) and other liabilities without contractual maturities.

ii. Excluding deferred financing costs and purchase price accounting fair value adjustments.

iii. The interest on the corporate loan facility has been included in this table based on the current balance, however, the RCF can be drawn down further or repaid, which would impact the interest payments in the period above.

Interest rate risk

The Company’s long-term debt is based on variable interest rates, other than Senior Unsecured Notes which are based on fixed rates. Variable interest rates are currently based on US dollar SOFR plus a variable margin. From time to time, the Company has entered into derivative contracts to manage this risk. Based on the amount drawn on the Mantoverde Term Loan, Cost Overrun Facility, Due to Related Party and Revolving Credit Facility and balances of $145.0 million, $50.3 million, $171.9 million and $289.0 million at December 31, 2025, respectively, a 0.1% increase in the SOFR rates would result in a $0.7 million decrease in annual net income before taxes . The Company is also exposed to interest rate risk with respect to the interest it earns on its cash balances and shortterm investments. A 0.1% change in interest rates would have a nominal effect on the Company’s interest income.

34

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

7. Receivables

Details are as follows:

Details are as follows:
	December	31, 2025	December	31,2024
Copper concentrate	$	292,960	$	67,646
Copper cathode		6,989		29,331
Value added taxes and other taxes receivable		23,280		19,083
Income taxes receivable		118		4,585
Other receivables		29,870		27,120
Total receivables	$	353,217	$	147,765

Included in accounts receivable is $60.1 million owed by Mitsubishi Materials Corporation ("MMC"), a related party, (December 31, 2024 - $5.4 million payable).

[8.] Inventories

Details are as follows:

Details are as follows:
	December	31, 2025	December	31,2024
Current:
Materials and consumables	$	158,408	$	112,674
Ore stockpiles		31,635		12,546
Work-in-progress		27,665		20,961
Finished goods - copper cathode		26,969		20,708
Finishedgoods - copper concentrate		25,422		42,559
Total inventories - current	$	270,099	$	209,448
Non-current:
Ore stockpiles (Note 10) (i)		23,403		16,366
Total inventories - non-current	$	23,403	$	16,366

i. Non-current inventory is composed of ore stockpiles at the Mantoverde mine.

During the year ended December 31, 2025, concentrate and cathode inventories recognized as production costs, including depletion and amortization, amounted to $1,632.0 million (2024 – $1,369.7 million).

During the year ended December 31, 2025, the Company recorded write-downs of $3.6 million related to Mantos Blancos and Cozamin inventories, respectively, which were recorded as production costs and depletion and amortization. During the year ended December 31, 2025, the Company recorded reversals of previous writedowns of $2.8 million related to Mantos Blancos and Mantoverde's cathode inventories which were recorded as production costs and depletion and amortization.

During the year ended December 31, 2024, the Company recorded write-downs of $1.2 million related to Mantoverde's and Pinto Valley's cathode inventories which were recorded as production costs and depletion and amortization.

35

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

9. Mineral Properties, Plant and Equipment

Details are as follows:

Details are as follows:
		Mineralproperties
	Depletable Non- depletable Subject to amortization Producing mineral properties Deferred stripping Mineral exploration and development properties Plant & equipment Right of use assets
At January 1, 2025, net Additions Disposals Rehabilitation provision adjustments_(Note 18)_ Reclassifications and transfers Impairment reversal Depletion and amortization	$ 1,590,945 $ 456,961 $ 888,945 $ 2,353,985 $ 255,596 $ 171,817 $ 5,718,249 — 231,593 112,131 44,930 88,493 224,395 701,542 — — — (7,709) — (300) (8,009) (992) — — — — — (992) 71,314 21,223 (67,713) 198,621 (2,965) (220,480) — — — 209,476 — — — 209,476 (122,288) (112,480) — (219,307) (40,639) — (494,714)
At December 31, 2025, net	$ 1,538,979 $ 597,297 $ 1,142,839		$ 2,370,520 $ 300,485 $ 175,432 $ 6,125,552
At December 31, 2025: Cost Accumulated amortization and impairment	$ 2,260,334 $ 909,535 $ 1,142,839 (721,355) (312,238) —		$ 4,364,706 $ 486,005 $ 175,432 $ 9,338,851 (1,994,186) (185,520) —(3,213,299)
Net carrying amount	$ 1,538,979 $ 597,297 $ 1,142,839		$ 2,370,520 $ 300,485 $ 175,432 $ 6,125,552

36

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

		Mineralproperties
At January 1, 2024, net Acquisition of Sierra Norte (Note 5) Additions Disposals Rehabilitation provision adjustments_(Note 18)_ Reclassifications and transfers Depletion and amortization	$ 1,672,727 $ 307,681 $ 837,812 $ 1,162,403 $ 134,096 $ 1,171,538 $ 5,286,257 — — 38,546 11 — — 38,557 — 185,212 40,698 14,705 158,335 330,841 729,791 — — (37) (8,752) — — (8,789) (21,229) — — — — — (21,229) 29,157 43,619 (28,074) 1,327,368 (10,702) (1,330,562) 30,806 (89,710) (79,551) — (141,750) (26,133) — (337,144)
At December 31, 2024, net	$ 1,590,945 $ 456,961 $ 888,945 $ 2,353,985 $ 255,596 $ 171,817 $ 5,718,249
At December 31, 2024: Cost Accumulated amortization and impairment	$ 2,190,012 $ 664,682 $ 888,945 $ 4,118,301 $ 397,600 $ 171,817 $ 8,431,357 (599,067) (207,721) — (1,764,316) (142,004) — (2,713,108)
Net carryingamount	$ 1,590,945 $ 456,961 $ 888,945 $ 2,353,985 $ 255,596 $ 171,817 $ 5,718,249

On October 13, 2025, Capstone entered into an agreement with fund entities managed by Orion Resource Partners LP (“Orion”) pursuant to which Orion will acquire a 25% interest in the Santo Domingo Project (the “Project” or “Santo Domingo”) and the Sierra Norte Project (“Sierra Norte”) for total cash consideration of up to $360 million (the “Transaction”). The main terms of the investment are as follows:

• $300 million as an initial cash contribution that consists of $225 million upon Final Investment Decision (“FID”) and a $75 million matching contribution within six months of FID,

• Orion will also fund its pro-rata share of future equity capital contributions,

• Up to $60 million in contingent cash considerations payable to Capstone upon the achievement of certain milestones,

Capstone assessed the terms of the transaction and shareholders agreements and related documents with respect to relevant activities and concluded that it will retain control over the projects on the basis that it will continue to direct the relevant activities of the projects and remain exposed to variable returns. As such, the Company will continue to consolidate the financial information of Santo Domingo and Sierra Norte at the time of and subsequent to the FID.

The Company also retains a call option on up to the full 25% interest acquired by Orion following commercial production at Santo Domingo. As at December 31, 2025, no amounts have been recognized with respect to this call option as FID has not occurred.

Mineral property impairment reversal

As at September 30, 2025, the Santo Domingo CGU had a carrying amount of $503.6 million, including $209.4 million of accumulated impairment losses recognized in prior years. In contemplation of the conditions that led to the investment agreement, the Company concluded that there was sufficient information to indicate that the accumulated impairment losses of $209.4 million previously recognized for the Santo Domingo cash-generating units (“CGU”) no longer existed or had decreased. As a result, the Company performed an impairment test as at September 30, 2025 and estimated the recoverable amount by determining the fair value less costs of disposal (FVLCD) using a market approach, based on the price agreed in the executed investment agreement between knowledgeable, arm’s-length parties.

37

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The principal assumption affecting the recoverable amount is the expected expenditures till FID. Management also considered the potential range of FID timing within the limits of the investment agreement. The recoverable amount was therefore determined using the implied value of the Santo Domingo CGU based on the investment agreement of $900 million, adjusted for $58.5 million of additional design and engineering expenditures to further de-risk the project and bring it to a FID. Based on this evaluation, the recoverable amount of the CGU was estimated at approximately $841.5 million.

Based on this market evidence and updated assumptions, the Company recognized an impairment reversal of $209.4 million during the year. The reversal is limited to the amount of the previous impairment and does not increase the carrying amount above the level that would have been determined had no impairment been recognized previously.

Exploration costs

The Company’s exploration costs were as follows:

The Company’s exploration costs were as follows:
		Year ended December 31,
		2025		2024
Exploration capitalized to mineral properties	$	37,977	$	9,270
Greenfield exploration expensed to the statement
of income		5,618		1,133
	$	43,595	$	10,403

Exploration capitalized to mineral properties during the year ended December 31, 2025 and 2024, relates to brownfield exploration at the Mantoverde, Mantos Blancos and Cozamin mines. Greenfield exploration expenses during the year ended December 31, 2025 and 2024 related primarily to exploration efforts in Chile.

Commercial Production of MVDP

The Company achieved commercial production at MVDP in September 2024. In making this determination, management considered a number of factors, including completion of substantially all the construction development activities in accordance with design and a production ramp up period where mill throughput, in terms of tonnes of ore, equalled an average of 75% of nameplate capacity over a 30-day period. Depletion and amortization on MVDP commenced on October 1, 2024.

During the year ended December 31, 2024, the Company capitalized $76.4 million of finance expense to construction in progress, at a weighted average interest rate of 7.8%. Interest expense is no longer being capitalized, as MVDP has achieved commercial production.

38

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

10. Other Assets

Details are as follows:

Details are as follows:
	December	31, 2025	December	31,2024
Current:
Prepaids	$	11,232	$	20,008
Deposits and other		1,625		7,652
Total other assets - current	$	12,857	$	27,660
Non-current:
Prepayments	$	18,045	$	18,045
Ore stockpiles_(Note 8)_		23,403		16,366
Value added taxes and other taxes receivable		1,374		1,155
Investments in marketable securities		4,350		1,439
Deposits and other		4,343		6,496
Total other assets - non-current	$	51,515	$	43,501

11. Other Liabilities

Details are as follows:

Details are as follows:
	December	31, 2025	December	31,2024
Current:
Current portion of share-based payment obligations (Note 18)	$	13,784	$	7,714
Withholding tax payable in relation to the payment to NCI holder		10,400		—
Current portion of payable to purchase of NCI		—		44,488
Current portion of deferred revenue_(Note 16)_		13,416		11,389
Current portion of Minto obligation (Note 18)		—		18,049
Working capital facilities		39,893		117,049
Current portion of Gold stream obligation_(Note 16)_		4,187		2,644
Ad-Valorem Payable		13,762		3,087
Other		7,697		1,867
Total other liabilities - current	$	103,139	$	206,287
Non-current:
Retirement benefit liabilities	$	5,726	$	5,083
Gold stream obligation_(Note 16)_		15,413		7,256
Other		2,287		—
Total other liabilities - non-current	$	23,426	$	12,339

Working capital facilities

Two of the Company’s Chilean subsidiaries entered into a series of short-term working capital facilities to support general working capital management. The aggregate balance of these facilities, included above, reflects accrued interest as at the end of the reporting period and includes $51.6 million recognized through the non-cash settlement of vendor financing arrangements. During the year ended December 31, 2025, the Company drew $142.6 million from its working capital facilities and repaid $167.0 million.

39

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Payable on purchase of Non-Controlling Interest ("NCI")

During March 2025, $34.6 million of the final installment of $45 million cash consideration was paid to KORES. The remaining $10.4 million represents withholding taxes payable to the Chilean IRS which has been recognized as a short-term liability as it is payable in April 2026. During the year ended December 31, 2025, $0.5 million (December 31, 2024 - $2.2 million) of accretion was recorded in finance cost in the consolidated statement of income.

Gold stream obligation

As at December 31, 2025, the fair value of the embedded derivative associated with the completion test on the Santo Domingo gold stream agreement was a liability of $19.6 million (December 31, 2024 - $9.9 million), of which $4.2 million is included in current other liabilities and $15.4 million in non-current other liabilities.

12. Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are comprised of the following:

	December	31, 2025	December	31,2024
Current:
Trade payables	$	386,302	$	261,136
Unbilled goods and services		55,180		36,805
Accrued interest		11,565		1,833
Commodity taxes payable		10,741		7,405
Payroll and employee related		37,526		21,654
Other		—		1,350
Total accountspayable and accrued liabilities	$	501,314	$	330,183

13. Non-Controlling Interest

Mitsubishi Materials Corporation ("MMC") owns a 30% non-controlling interest in Mantoverde S.A through its wholly owned subsidiary. MMC acquired its interest in Mantoverde S.A. in 2020, prior to the Company's business combination with Mantos Copper in March 2022.

In addition to the contingent arrangement, MMC agreed to provide a $60 million Cost Overrun Facility ("COF") in exchange for additional offtake of copper concentrate production under a 10-year contract (Note 25). The COF carries a variable rate of SOFR compounded daily to a 3-month period of 4.05% plus 1.961% per annum, with margins unchanged and amortizes over 37 quarters from September 30, 2024.

In addition to the COF, MMC advanced its pro-rata share of funding requests, which amounted to an additional $171.9 million, to Mantoverde in the form of shareholder loans forming part of the financing for the MVDP. Total funds advanced by MMC at December 31, 2025, including cumulative accrued interest of $30.5 million (December 31, 2024 - $18.4 million), was $252.7 million (December 31, 2024 - $247.1 million). The interest rate on the shareholder loans as at December 31, 2025 was three-month adjusted SOFR of 3.99% (December 31, 2024 - 4.65%) plus 2.65% (December 31, 2024 - 2.65%) payable on the principal balance.

40

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Details of the due to related party balances are as follows:

		COF		Shareholder Loans	Shareholder Loans		Total
Balance, December 31, 2023	$		60,000	$	135,871	$	195,871
Additions			—		42,000		42,000
Repayment			(3,243)		—		(3,243)
Interest expense			4,354		12,447		16,801
Interest repayments			(4,354)		—		(4,354)
Balance, December 31, 2024	$		56,757	$	190,318	$	247,075
Repayment			(6,486)		—		(6,486)
Interest expense			3,441		12,073		15,514
Interest repayments			(3,441)		—		(3,441)
Balance, December 31, 2025	$		50,271	$	202,391	$	252,662
Less: currentportion			(6,486)		—		(6,486)
Non-currentportion	$		43,785	$	202,391	$	246,176

		Year ended December 31,	Year ended December 31,
		2025	2024
Opening balance	$	408,203$	405,535
Share of comprehensiveprofit for theyear		33,937	2,668
Non-controllinginterest	$	442,140$	408,203

41

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The table below presents a condensed summary of the financial information for Mantoverde S.A. shown on a 100% basis:

	December 31, 2025 December 31,2024
Cash and cash equivalents Mineral properties, plant and equipment Other assets Total assets Accounts payable and accrued liabilities Long-term debt Amounts due to related parties Deferred income tax liabilities Other liabilities Total liabilities	183,581 76,921 3,039,921 3,037,204 305,130 172,537
	3,528,632 3,286,662
	208,023 132,653 138,159 497,260 1,064,131 1,212,253 439,467 396,542 211,938 218,223
	2,061,718 2,456,931
	Year ended December 31, 2025 2024
Net Revenue Production costs Depletion and amortization Income from mining operations Realized and unrealized gain on derivative instruments Finance expense Income tax and other expenses Net income Income attributable to owners of Mantoverde S.A. Income attributable to the non-controlling interest Income for the year Share of comprehensive income for the year Opening balance Share of comprehensive income for the year Non-controlling interest	$ 1,061,745$ 490,939 (568,832) (357,928) (196,563) (86,288)
	296,350 46,723 (45) 1,590 (60,096) (25,390) (121,309) (13,032)
	$ 114,900$ 9,891
	81,046 6,923 33,854 2,968
	$ 114,900$ 9,891
	$ 33,937$ 2,668
	$ 408,203$ 405,535 33,937 2,668
	$ 442,140$ 408,203

The above information is presented before inter-company eliminations.

42

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

14. Lease Liabilities

Details are as follows:

Details are as follows:
		Total
Balance, December 31, 2023	$	136,499
Additions		158,335
Payments		(62,689)
Accretion expense		15,658
Exchange difference		(834)
Balance, December 31, 2024	$	246,969
Additions_(Note 9)_		88,493
Payments		(76,584)
Accretion expense		18,828
Exchange difference		633
Balance, December 31, 2025	$	278,339
Less: currentportion		(68,606)
Non-currentportion	$	209,733

43

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

Capstone Copper Corp.

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

15. Long-Term Debt

Details of the long-term debt balances are as follows:

		Mantoverde
		Development	Mantoverde Term		Senior Unsecured		Revolving Credit
		Project Facility		Loan		Notes		Facility	Total
Balance,
December 31,
2023	$	526,579		—		—	$	472,077 $	998,656
Additions		—		—		—	$	189,500 $	189,500
Repayments		(28,398)		—		—	$	(337,500) $	(365,898)
Financing fee
amortization	$	(921)		—		—	$	548 $	(373)
Deferred
financingfee		—		—		—	$	(129)$	(129)
Balance,
December 31,
2024	$	497,260	$	—	$	—	$	324,496 $	821,756
Additions		—	$	145,000	$	600,000	$	358,000 $	1,103,000
Repayments	$	(491,602)		—		—	$	(395,000) $	(886,602)
Capitalized
financing fee(1)		—	$	(7,236)	$	(11,433)	$	(3,036) $	(21,705)
Gain on
extinguishment
of debt	$	(5,431)		—		—		— $	(5,431)
Financing fee
amortization	$	(227)		395	$	849	$	1,915 $	2,932
Balance,
December 31,
2025	$	—	$	138,159	$	589,416	$	286,375 $	1,013,950
Less: current
portion		—		—		—		—	—
Non-current
portion	$	—	$	138,159	$	589,416	$	286,375 $	1,013,950

(1) Capitalized financing fees on the Mantoverde term loan include upfront fees paid to the financial institution, legal fees, and stamp tax on both the term loan which represents MMC's 30% and Capstone's internal 70% which was funded using a portion of the proceeds from the Senior Unsecured Notes.

44

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Senior Unsecured Notes

On March 25, 2025, the Company completed an offering of $600 million aggregate principal amount of senior unsecured notes due March 2033 (the “Senior Notes”). The Senior Notes bear interest at 6.75%, payable semiannually in March and September of each year.

The Senior Notes are guaranteed on an unsecured basis by each of the Company’s subsidiaries that provide a guarantee of the RCF.

The Senior Notes are subject to the following early redemption options by the Company:

• On or after March 31, 2028, the Company has the option, in whole or in part, to redeem the Senior Notes at a price ranging from 103.375% to 100% of the principal amount together with accrued and unpaid interest, if any, to the date of redemption, with the rate decreasing based on the length of time the Senior Notes are outstanding;

• Before March 31, 2028, the Company may redeem, in whole but not in part, the Senior Notes at 100% of the principal amount plus a “make whole” premium, plus accrued and unpaid interest, if any, to the date of redemption; and

• At any time before March 31, 2028, the Company may redeem up to 40% of the original principal amount of the Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.750% of the principal amount of the Senior Notes, together with accrued and unpaid interest, if any, to the date of redemption.

Upon the occurrence of specific kinds of change of control triggering events, each holder of the Senior Notes will have the right to cause the Company to repurchase some or all of its Senior Notes at 101% of their principal amount, plus accrued and unpaid interest, if any, to the repurchase date.

The Company incurred transaction costs of $11.4 million related to the issuance of the Senior Notes. The Senior Notes are recognized as financial liabilities, net of unamortized transaction costs, and measured at amortized cost using an effective interest rate of 7.07%.

Revolving Credit Facility

On May 6, 2025, the Company amended its corporate RCF. The amended RCF was increased to an aggregate commitment of $1.0 billion, plus a $200 million accordion option available, and matures in May 2029. The amended RCF bears interest on a sliding scale based on adjusted term SOFR plus a margin ranging from 1.75% to 2.75% depending on the total net leverage ratio. The amended RCF became effective on June 30, 2025 after all the required closing conditions were met.

The interest rate at December 31, 2025 was one-month adjusted term SOFR of 3.844% plus 2.000% (December 2024 - adjusted term SOFR of 4.58% plus 2.125%) with a standby fee of 0.450% (2024 – 0.478%) payable on the undrawn balance (adjustable in certain circumstances).

The RCF is secured against the present and future real and personal property, assets and undertakings of Capstone Copper other than defined excluded entities which comprise the Santo Domingo development project property.

As at December 31, 2025, the Revolving Credit Facility was secured by the mineral properties, plant and equipment of Pinto Valley, Cozamin, Mantoverde and Mantos Blancos with a net carrying value of $5,337.5 million (December 31, 2024 – $2,165.1 million, relating to Pinto Valley, Cozamin and Mantos Blancos).

The RCF requires Capstone Copper to maintain certain financial ratios relating to debt and interest coverage. Capstone Copper was in compliance with these covenants as at December 31, 2025.

45

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

Capstone Copper Corp.

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Mantoverde Term Loan

In June 2025, Mantoverde obtained a term loan of a principal amount of $145.0 million, maturing in June 2032. The term loan bears interest at three-month term SOFR plus a margin of 2.75%. As at December 31, 2025, a principal balance of $145.0 million was outstanding, with unamortized deferred financing fees of $7.0 million netted against the borrowings. The proceeds were used to repay MMC's 30% share of MVDP project finance facilities.

The loan has no scheduled repayments for the first eight fiscal quarters and thereafter, the Company will repay the loan in (a) nineteen quarterly amortization payments, each equal to 3.6842% of the initial amount of the loan; and (b) a balloon payment of the remaining 30% of the initial amount of the loan outstanding on the maturity date. The loan can be prepaid at any time without penalty.

The term loan is guaranteed by Mitsubishi Materials Corp. ("MMC") in exchange for a guarantee fee of 0.2% on the outstanding principal balance.

Mantoverde Development Project Facility

In order to fund the construction of MVDP, the Company had secured a senior secured amortizing project debt facility in an aggregate amount of $520 million (the "MVDP Facility", comprising the “Covered Facility” $250 million, the “Uncovered Facility” $210 million, and the “ECA Direct Facility” $60 million). During the year, the Company fully repaid the $491.6 million that was outstanding on the facilities and closed out the associated interest rate swap.

Surety Bonds

As at December 31, 2025, the Company has in place seven surety bonds totaling $271.5 million to support various reclamation and other obligation bonding requirements. These comprise $182.0 million securing reclamation obligations at Pinto Valley, $4.0 million provided as security as part of a power supply agreement at Pinto Valley, $49.7 million at Mantos Blancos, and $33.8 million at Mantoverde, respectively, securing reclamation obligations and $2.0 million related to the construction of a port for the Santo Domingo development project in Chile. The Company is also an Indemnitor to the surety bond provider for the surety bond obligations of Minto Metals Corp. ("Minto Metals") ( Note 18).

16. Deferred Revenue

Silver Precious Metals Purchase Arrangement ("Silver PMPA")

On February 19, 2021, a subsidiary of the Company, concluded the Silver PMPA with Wheaton Precious Metals ("Wheaton") whereby Capstone Copper received an upfront cash consideration of $150 million against delivery of 50% of the silver production from the Cozamin mine until 10 million ounces have been delivered, thereafter dropping to 33% of silver production for the remaining life of mine. In addition to the upfront cash consideration of $150 million, as silver is delivered under the terms of the Silver PMPA, the Company receives cash payments equal to 10% of the spot silver price at the time of delivery for each ounce delivered to Wheaton. The Silver PMPA is effective December 1, 2020. Wheaton has been provided certain security in support of the Company’s obligations under the Silver PMPA.

The Company recorded the upfront cash consideration received of $150 million as deferred revenue and recognizes amounts in revenue as silver is delivered under the Silver PMPA. Capstone Copper determines the amortization of deferred revenue to the consolidated statements of income on a per unit basis using the estimated total number of silver ounces expected to be delivered over the life of the Cozamin mine. The amortization rate requires the use of proven and probable mineral reserves and certain mineral resources which management is reasonably confident will be transferred to mineral reserves. The Company estimates the current portion of deferred revenue based on deliveries anticipated over the next twelve months. Cozamin has delivered 3.1 million silver ounces since contract inception until December 31, 2025.

46

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Gold Precious Metals Purchase Arrangement ("Gold PMPA")

On April 21, 2021, a subsidiary of the Company received an early deposit of $30 million ("the Early Deposit") in relation to the Gold PMPA at Santo Domingo with Wheaton effective March 24, 2021. As completion was not achieved on or before the third anniversary date of receiving the early deposit, an early deposit delay payment was triggered that requires the Company to sell and deliver 104 ounces of refined gold per month until the earlier of: the month completion is achieved, the month in which the early deposit is repaid to Wheaton or the month which refined gold is first sold and delivered to Wheaton. A gold stream obligation was recorded in other liabilities, and during the twelve months ended December 31, 2025, the obligation increased by $9.7 million, resulting in a total obligation of $ 19.6 million (December 31, 2024 - $9.9 million).

Additional deposits of $260 million are to be received under the Gold PMPA over the Santo Domingo development project construction period, subject to sufficient financing having been obtained to cover total expected capital expenditures and other customary conditions, for total consideration of $290 million (collectively "the Deposit"). Wheaton will receive 100% of the gold production from the Company's Santo Domingo development project until 285,000 ounces have been delivered, thereafter dropping to 67% of the gold production for the remaining life of mine.

In addition to the deposits of $290 million, as gold is delivered under the terms of the Gold PMPA, Capstone Copper receives cash payments equal to 18% of the spot gold price at the time of delivery for each ounce delivered to Wheaton, until the Deposit has been reduced to zero, thereafter increasing to 22% of the spot gold price upon delivery. Wheaton has been provided certain security in support of the Company’s obligations under the Gold PMPA. The initial term of the Gold PMPA is 20 years.

Details of changes in the balance of deferred revenue are as follows:

		Silver PMPA	Gold PMPA	Total
Balance, December 31, 2023	$	123,989 $	35,769 $	159,758
Accretion expense		7,120	2,432	9,552
Recognized as revenue on delivery of silver		(16,089)	—	(16,089)
Variable consideration adjustment		4,185	—	4,185
Balance, December 31, 2024	$	119,205 $	38,201 $	157,406
Accretion expense		6,295	2,598	8,893
Recognized as revenue on delivery of silver		(13,531)	—	(13,531)
Variable consideration adjustment		(8,349)	—	(8,349)
Balance, December 31, 2025	$	103,620 $	40,799 $	144,419
Less: currentportion(Note 11)		(13,416)	—	(13,416)
Non-currentportion	$	90,204 $	40,799 $	131,003

Consideration from the PMPAs is considered variable, as silver and gold stream revenues can be subject to cumulative adjustments when the number of ounces to be delivered under the contracts changes. As a result of changes in the Company's mineral reserve and resource estimate at the Cozamin mine during the fourth quarter of 2025, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a variable rate adjustment was made for all prior period deferred revenues since the inception of the Silver PMPA.

47

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

Capstone Copper Corp.

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

17. Income Taxes

Details of the income tax expense (recovery) are as follows:

	Year ended December 31, 2025
	Canada US Mexico Chile Other Total
Current income and mining tax expense Deferred income tax (recovery) expense	$ — $ 3,135 $ 59,533 $ 42,038 $ 7 $ 104,713 (28,566) (3,336) (10,245) 73,089 — 30,942
Income tax (recovery) expense	$ (28,566) $ (201) $ 49,288 $ 115,127 $ 7 $ 135,655
	Year ended December 31,2024
	Canada US Mexico Chile Other Total
Current income and mining tax expense (recovery) Deferred income tax expense (recovery)	$ — $ 1,619 $ 35,133 $ 1,460 $ (458) $ 37,754 2,926 10,296 4,972 (8,408) — 9,786
Income tax expense (recovery)	$ 2,926 $ 11,915 $ 40,105 $ (6,948)$ (458)$ 47,540

48

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the following items:

income tax rates to earnings before income taxes.	These differences result from the following items:
	Year ended December 31,
	2025 2024
Income before income taxes	$ 485,383 $ 133,414
Canadian federal andprovincial income tax rates	27.00 % 27.00 %
Income tax expense based on the above rates	131,053 36,022
Increase (decrease) due to:
Non-deductible expenditures	4,464 1,885
Effects of different statutory tax rates on losses (income) of subsidiaries	5,238 (2,907)
Mining royalty tax	52,685 (1,963)
Current period losses for which deferred tax assets were not recognized Non-recognition of tax liabilities related to impairment reversal	4,998 4,786 (56,559) —
Change in mining tax rates	— 2,507
Withholding taxes Adjustments to tax estimates in prior years Foreign exchange and other translation adjustments	8,799 — 2,046 (3,383) (1,967) 4,952
Benefit of mining tax deductibility	(14,877) (2,638)
Other	(225) 8,279
Income tax expense	$ 135,655 $ 47,540
Current income and mining tax expense	$ 104,713 $ 37,754
Deferred income tax expense	30,942 9,786
Income tax expense	$ 135,655 $ 47,540

During the fourth quarter of 2024, Mexico's Senate approved an increase in the Special Tax on Mining Profits from 7.5% to 8.5% and an increase on the Extraordinary Tax on Revenues from the Sale of Gold, Silver and Platinum from 0.5% to 1%.

In June 2024, Canada enacted the Global Minimum Tax ("GMT") that was developed within the framework of the Organization for Economic Co-operation and Development ("OECD")'s Pillar Two Model rules, with effect from January 1, 2024. To date, the government of Chile and the government of Mexico, have not indicated whether they intend to enact GMT legislation. The United States has indicated that they do not intend to enact GMT legislation. For the year ended December 31, 2025, the Company has not accrued any GMT as part of its current income tax expense.

The Company applied the mandatory temporary exception to the recognition and disclosure for deferred taxes related to OECD Pillar Two income taxes under IAS 12 Income Taxes . No current taxes related to the GMT have been recorded, as the Company falls within the safe harbour provisions provided within the framework.

49

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Continuity of the changes in the Company’s net deferred tax position is as follows:

		2025	2024
Net deferred tax liability, January 1	$	586,308$	576,824
Deferred income tax expense for the year		30,942	9,786
Deferred income tax (recovered) charged against other
comprehensive income		(305)	749
Other	$	(422) $	(1,051)
Net deferred tax liability,December 31	$	616,523$	586,308

Deferred taxes are recorded on a net basis by legal entity where the right of offset exists (as shown in the table below) while the above table discloses the consolidated assets and liabilities on a gross basis.

The composition of the deferred tax assets and liabilities are as follows:

	December 31, 2025 December 31,2024
Deferred income tax assets: Non-capital losses Capital leases and other liabilities Inventories and other Mineral properties, plant and equipment Deferred revenue Asset retirement obligation Deferred income tax assets Deferred income tax liabilities: Mineral properties, plant and equipment Inventories and other Derivative instruments Deferred revenue Deferred income tax liabilities	$ 192,980$ 138,724 111,652 110,206 13,291 2,430 1,776 3,004 16,960 11,698 27,444 24,797
	364,103 290,859
	956,425 861,259 22,692 4,183 — 3,464 1,509 8,261
	980,626 877,167
Net deferred income tax liability	$ 616,523$ 586,308
Breakdown of net deferred income tax liability: Asset Liability	$ (79,426)$ (50,475) 695,949 636,783
	$ 616,523$ 586,308

50

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

The composition of the deferred tax expense is as follows:

		Year ended December 31,	Year ended December 31,
		2025	2024
Deferred income tax assets:
Non-capital losses	$		(54,256)$	(29,087)
Accounts payable and other current items			(1,142)	(30,617)
Derivatives and other			(10,861)	8,218
Asset retirement obligation			(2,647)	971
Deferred income tax liabilities:
Mineral properties, plant and equipment			96,817	66,618
Inventories and other			19,227	(770)
Derivative instruments			(4,183)	3,464
Deferred revenue			**(12,013) **	(9,011)
Deferred tax expense	$		30,942$	9,786

At December 31, 2025, $79.4 million (2024 – $50.5 million) was recognized as a deferred tax asset, of which $45 million relates to non-capital losses which are supported by management’s forecasts of future income in certain entities.

As at December 31, 2025, the Company had non-capital tax losses of $128.9 million (2024 – $140.1 million) with a tax benefit of $34.8 million (2024 – $37.8 million) that are not recognized as deferred tax assets. The Company recognizes the benefit of non-capital tax losses only to the extent that it anticipates future taxable income that can be reduced by the tax losses. $47.1 million (2024 – $47.0 million) of the non-capital tax losses for which a tax benefit has not been recorded expire from 2031 to 2044 while the remaining $81.8 million (2024 – $93.1 million) of the tax losses have no expiry date.

As at December 31, 2025, the Company has $28.8 million (2024 – $39.7 million) of capital losses that are unrecognized and available to be utilized against future capital gains.

The summary of unrecognized deductible temporary differences is as follows:

		Year ended December 31,	Year ended December 31,
		2025	2024
Accounts payable and other	$	27,313$	21,908
Mineral properties, plant and equipment		852	48,676
Reclamation and closure cost obligations		102,222	79,345
	$	130,387$	149,929

As at December 31, 2025, the Company has $130.4 million (2024 – $149.9 million) of deductible temporary differences with a tax benefit of $32.0 million (2024 – $36.0 million) that are not recognized as deferred tax assets. It is not probable that future taxable income will be available against which the Company can utilize these benefits. The vast majority of these benefits do not have an expiry date.

As at December 31, 2025, the Company has not recognized deferred taxes on approximately $310.0 million (2024 – $343.0 million) of retained earnings of its foreign subsidiaries, as it is the Company’s intention to invest these earnings to maintain and expand the business of these subsidiaries.

51

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

18. Provisions

The reclamation and closure cost obligations relate to the operations of the Pinto Valley, Cozamin, Mantos Blancos and Mantoverde mines.

Details of changes in the balances are as follows:

	Reclamation	Reclamation
		& closure				Other	Share-based
		cost		Minto		closure		payment
	obligations			obligation	provisions		obligations		Total
Balance, January 1, 2025	$	194,466	$	21,428	$	34,185	$	10,445 $ 260,524
Share-based payment expense
(Note 19)		—		—		—		13,733	13,733
Change in estimates		(10,055)		130		5,976		—	(3,949)
Interest expense from discounting
obligations		11,195		787		1,581		—	13,563
Settlements during the year		(132)		(15,718)		(2,632)		(5,600)	(24,082)
Effect of foreign exchange		8,398		846		3,829		394	13,467
Balance, December 31, 2025	$	203,872	$	7,473	$	42,939	$	18,972 $ 273,256
Less: Current portion included within
other liabilities(Note 11)		—		—		—		(13,784)	(13,784)
Totalprovisions - non-current	$	203,872	$	7,473	$	42,939	$	5,188 $ 259,472
Balance, January 1, 2024	$	214,197	$	41,186	$	35,360	$	9,787 $ 300,530
Share-based payment expense
(Note 19)		—		—		—		9,662	9,662
Change in estimates		(14,398)		(300)		7,965		—	(6,733)
Interest expense from discounting
obligations		8,876		1,599		1,638		—	12,113
Settlements during the year		(952)		(19,730)		(6,160)		(7,899)	(34,741)
Effect of foreign exchange		(13,257)		(1,327)		(4,618)		(1,105)	(20,307)
Balance,December 31,2024	$	194,466	$	21,428	$	34,185	$	10,445 $ 260,524
Less: Current portion included within
other liabilities_(Note 11)_		—		(18,049)		—		(7,714)	(25,763)
Totalprovisions - non-current	$	194,466	$	3,379	$	34,185	$	2,731 $ 234,761
Reclamation and closure cost obligations

Decommissioning and restoration obligations are remeasured at each reporting date to reflect changes in key assumptions, including discount rates, inflation, foreign exchange rates, and the estimated timing and amount of future cash outflows. The provision is based on management’s best estimates at the reporting date.

The reclamation and closure cost provisions are inflated and discounted, using a risk-free discount rate between 1.9% and 9.4% (December 31, 2024, between 4.5% and 10.4%) and inflation rate between 1.4% and 3.5% (December 31, 2024, between 2.3% and 3.5%). The discount rates applied in calculating the reclamation and closure cost obligations are pre-tax rates specific to the liability and the currency of the operations.

The change in estimates (net of the effect of foreign exchange) during the year ended December 31, 2025, related to reclamation and closure cost obligations of $1.7 million (2024 – $27.7 million) were recorded as a decrease to mineral properties of $1.0 million (2024 – $21.2 million) (Note 9) and to other income of $0.7 million (2024 – $6.5 million).

52

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Certain reclamation activities are undertaken progressively throughout the mine life; however, the majority of reclamation expenditures are expected to be incurred following the end of the life of mine.

Minto Obligation

In June 2019, the Company completed the sale of its 100% interest in the Minto mine to Pembridge Resources PLC ("Pembridge"). In conjunction with the sale, Minto Metals Corp. ("Minto Metals") posted a surety bond to cover potential future reclamation liabilities. While this surety bond is outstanding, the Company remains an indemnitor to the surety bond provider for Minto Metal's surety bond obligations in the Yukon.

In May 2023, Minto Metals announced that it had ceased all operations at the Minto mine located within the Selkirk First Nation's territory in central Yukon Territories and that the Yukon Government assumed care and control of the site. As Minto Metals had defaulted on the surety bond, in Q2 2023 Capstone Copper recognized an initial liability of approximately $55 million (C$72 million) related to the Company's obligations towards the issuer of the surety bond.

In estimating the provision, including the portion expected to be incurred within the next 12 months, the Company has made assumptions regarding the timing of cash outflows and the discount rate. Due to the associated uncertainty of the timing of cash outflows, it is possible that estimates may need to be revised.

The Company's exposure on calls against the surety bond is capped at approximately C$72 million therefore the timing of cash outflows and changes in the C$:US$ exchange rate are the largest contributors to the measurement uncertainty.

As at December 31, 2025, the Company has made cumulative payments of $45.8 million (C$61.5 million) (December 31, 2024 - $30.1 million) to the Yukon Government for reclamation work performed. The total amount owing to the Yukon Government as at December 31, 2025 is $7.5 million (C$10.5 million).

Other closure provisions

Employment terms at some of the Group’s operations provide for a severance payment when an employment contract comes to an end. The severance payment obligation is treated as an unfunded defined benefit plan, and the obligation recognized is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognized in the balance sheet represents the present value of the severance payment obligation. Actuarial gains and losses are immediately recognized in other comprehensive income. The most recent valuation was carried out in 2025 by qualified actuaries independent of the Company.

The main assumptions used to determine the actuarial present value of the benefit obligations were as follows:

	2025	2024
Average nominal discount rate_(i)_	6.3 %	5.8 %
Average rate of increase in salaries	2.4 %	2.5 %
Average staff turnover	8.8 %	8.6 %

i. The average nominal discount rate shown in the table above is a weighted average of the discount rates applied to the individual companies, weighted by the present value of the severance obligation as at December 31 of each year.

Amounts included in the income statement in respect of the severance provisions are as follows:

53

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

		2025	2024
Current service costs	$	4,403$	3,616
Interest costs		2,250	2,164
Foreign currencyexchange difference		3,961	(4,727)
Total charge to income statement	$	10,614$	1,053

Movements in the present value of severance provisions were as follows:	Movements in the present value of severance provisions were as follows:
		2025	2024
Balance at the beginning of the year_(i)_	$	35,538$	36,755
Current service costs		4,245	3,616
Past service costs		157	—
Actuarial gains (losses)		1,115	3,694
Unwinding of discount on provisions (Interest cost)		2,250	2,164
Payments made in the year		(2,661)	(5,964)
Foreign currencyexchange difference		3,961	(4,727)
Balance at the end of theyear(i)	$	44,605$	35,538

i. Includes $1,920 (2024 – $1,762 ) recorded within Other non-current liabilities (Note 11).

The weighted average duration of the severance payment obligation is 7 years (2024 – 6 years).

Description of assumptions used

Discount rate

Discount rate
	2025		2024
	Chile	Mexico	Chile	Mexico
Nominal discount rate	5.7 %	8.9 %	5.3 %	10.0 %
Reference rate name	CLP Bonds 20-year	MXP Bonds 30-year	CLP Bonds 20-year	MXP Bonds 30-year
Governmental/
corporate rate	Governmental	Governmental	Governmental	Governmental
Reference rating	AA- / AA+	BBB / BBB-	AA- / AA+	BBB / BBB-
Issuance market	Secondary	Primary	Secondary	Primary
Currency	CLP	MXP	CLP	MXP
Date of reference
rate	October 31, 2025	December 15, 2025	November 15, 2024	December 13, 2024
Source of reference
rate	Bloomberg	Bloomberg	Bloomberg	Bloomberg

The discount rate is the most significant assumption for the severance payment obligation, and is the interest rate used to discount the estimated future severance payments to their present value. The nominal discount rate shown in the table above is a simple average of the discount rates applied to the individual companies. The table above shows the principal instruments and assumptions utilized in determining the discount rate.

Sensitivity analysis

The significant actuarial assumption for the determination of the defined obligation is the discount rate. If the discount rate was 100 basis points higher, the defined benefit obligation would decrease by $2.7 million (2024 – decrease by $2.2 million). If the discount rate was 100 basis points lower, the defined benefit obligation would increase by $2.8 million (2024 – increase by $2.3 million).

54

Capstone Copper Corp. Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

19. Share Capital

Authorized

An unlimited number of common voting shares without par value.

On October 13, 2025 and concurrent with the Transaction, Capstone and Orion entered into an equity subscription agreement (the "Subscription"), pursuant to which Orion subscribed for common shares of the Company for a cash consideration of $10 million at a price per share representing a 5% premium to the five-day volume weighted average price prior to the announcement.

On February 8, 2024, the Company and Orion Fund JV Limited, Orion Mine Finance Fund II LP and Orion Mine Finance (Master) Fund I-A LP (collectively, “Orion MF”) closed a bought deal financing with a syndicate of underwriters ("the Offering"). Pursuant to the Offering, the Underwriters purchased on a bought deal basis from the Company and Orion MF, a total of 68,448,000 common shares of Capstone Copper (“Common Shares”) at a price of C$6.30 per Common Share (the "Offering Price"), which included the exercise in full of the Underwriters' over-allotment option of 8,928,000 Common Shares from the Company, for aggregate gross proceeds under the Offering of C$431,222,400.

In connection with the Offering, 56,548,000 Common Shares were issued by the Company for gross proceeds to the Company of C$356.3 million and 11,900,000 shares were sold by Orion MF for gross proceeds to Orion MF of C$75.0 million. The Company did not receive any proceeds from the secondary sale, which were paid directly to Orion MF.

In August 2024, the Company acquired Sierra Norte. On the closing of the transaction, the equivalent of US$40 million of shares of the Company was issued. This resulted in the issuance of 6,139,358 Capstone Copper common shares. Refer to Note 5 for further details on the acquisition.

Stock options

Pursuant to the Company’s amended stock option plan, directors may authorize the granting of options to directors, officers and employees of the Company to a maximum of 10% of the issued and outstanding common shares at the time of grant, with a maximum of 5% of the Company’s issued and outstanding shares reserved for any one person annually. Options granted under the plan have a term not to exceed five years, with the vesting term at the discretion of the Board. The exercise price of options granted are denominated in C$.

The continuity of stock options issued and outstanding is as follows:

			Options		Weighted average
			outstanding	exerciseprice(C$)
Outstanding,December	31,	2024	2,430,307	$	6.46
Granted			1,458,477		8.40
Exercised			(395,133)		5.88
Expired			—		—
Forfeited			(18,740)		6.82
Outstanding,December	31,	2025	3,474,911	$	7.34

55

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

As at December 31, 2025, the following options were outstanding and outstanding and exercisable:

Exercise prices (C$) $3.47 $4.43 $5.08 - $5.79 $6.00 - $6.61 $6.62 - $6.79 $7.25 $8.40

Outstanding Outstanding& exercisable Number of options Weighted average exercise price(C$) Weighted average remaining life(years) Number of options Weighted average exercise price(C$) Weighted average remaining life(years) 20,890 $ 3.47 1.9 20,890 $ 3.47 1.9 19,568 $ 4.43 1.9 19,568 $ 4.43 1.9 178,081 $ 5.12 1.1 178,081 $ 5.12 1.1 625,786 $ 6.02 2.2 378,574 $ 6.02 2.2 333,789 $ 6.97 1.2 333,789 $ 6.97 1.2 838,320 $ 7.25 3.2 244,639 $ 7.25 3.2 1,458,477 $ 8.40 4.1 — $ — — 3,474,911 $ 7.34 3.0 1,175,541 $ 6.34 1.9

During the year ended December 31, 2025, the total fair value of options granted was $4.6 million (2024 – $2.9 million) and had a weighted average grant-date fair value of C$3.70 (2024 – C$4.59) per option. During the year ended December 31, 2025, the weighted average share price of the 0.40 million options exercised during the year was C$10.77 (2024 – 1.9 million options at C$9.60).

The fair values of the stock options granted were estimated on the respective grant dates using the Black-Scholes Option Pricing Model. Volatility was determined using the Company’s historical daily volatility over the expected life of the options.

Weighted average assumptions used in calculating the fair values of options granted during the year were as follows:

Weighted average assumptions used in calculating the follows:	fair values of options granted during the year were	fair values of options granted during the year were	as
	Year ended December 31,
	2025	2024
Risk-free interest rate	2.52 %	3.35	%
Expected dividend yield	nil		nil
Expected share price volatility	53 %	60	%
Expected forfeiture rate	7.48 %	6.51	%
Expected life	4.1years	3.7years

Option pricing models require the input of subjective assumptions including the expected price volatility. Changes in the assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options.

Other share-based compensation plans

Under the Share Unit Plan (“SUP”), the Company grants PSUs and RSU. PSUs granted to executives vest after three years and are subject to a performance measure of 0% to 200%. RSUs granted to executives and employees vest 1/3 per year starting on the first anniversary of the grant date. Under the Director’s Deferred Share Unit Plan, the Company grants DSUs. DSUs granted to directors vest upon issuance but are not redeemable until cessation of service on the Board.

Under the SUP, PSU and RSU obligations can be settled in cash, shares delivered from a Share Purchase Trust or a combination thereof, as determined by and at the discretion of the Human Resources and Compensation Committee of the Company’s Board of Directors. DSU obligations, under the Director’s Deferred Share Unit Plan, are redeemed in cash.

56

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Deferred Share Units

The Company has established a Deferred Share Unit Plan (the “DSU Plan”) whereby DSUs are issued to directors as long-term incentive compensation. DSUs issued under the DSU Plan are fully vested upon issuance and entitle the holder to a cash payment only following cessation of service on the Board of Directors. The value of the DSUs when converted to cash will be equal to the number of DSUs granted multiplied by the quoted market value of a Capstone Copper common share at the time the conversion takes place.

Compensation expense related to DSUs is recorded immediately and is adjusted at each reporting period to reflect the change in quoted market value of the Company’s common shares. DSU obligations, under the DSU Plan, are redeemed in cash.

Restricted Share Units and Performance Share Units

The Company has established a Share Unit Plan (the “Plan”) whereby RSUs and PSUs are issued as long-term incentive compensation. RSUs are issued to employees and executives whereas PSUs are issued to executives.

RSUs issued under the Plan entitle the holder to a cash payment, shares delivered from a Share Purchase Trust or a combination thereof, at the end of the vesting period equal to the number of RSUs granted, multiplied by the quoted market value of a Capstone Copper common share on the completion of the vesting period. RSUs granted to employees vest 1/3 per year over their three-year term.

PSUs issued under the Plan entitle the holder to a cash payment, shares delivered from a Share Purchase Trust or a combination thereof, at the end of the three-year performance period equal to the number of PSUs granted, adjusted for a performance factor and multiplied by the quoted market value of a Capstone Copper common share. The performance factor can range from 0% to 200% and is determined by comparing the Company’s total shareholder return relative to those achieved by a peer group of companies.

Compensation expense related to RSUs and PSUs is recorded over the three-year vesting period. The amount of compensation expense is adjusted at each reporting period to reflect the change in quoted market value of the Company’s common shares, the number of RSUs and PSUs expected to vest, and in the case of PSUs, the expected performance factor.

During the year ended December 31, 2025, the total fair value of DSUs and RSUs granted under the SUP was $10.9 million (2024 – $8.9 million inclusive of PSUs), and had a weighted average grant-date fair value of C$8.40 (2024 – C$7.25) per unit. No PSUs have been granted during the year ended December 31, 2025.

PSUs and RSU’s awarded to executives have been granted under a Treasury Share Unit Plan (“TSUP”). Treasury PSUs granted to executives vest after three years and are subject to a performance measure of 0% to 200%. Treasury RSUs granted to executives vest 1/3 per year starting on the first anniversary of the grant date. Executives are able to retain the PSUs and RSUs after vesting and elect when to redeem the units within 10 years of the grant date. Under the TSUP, PSU and RSU obligations can be settled in shares from treasury or cash, at the election of the Company.

During the year ended December 31, 2025, the total fair value of units granted under the TSUP was $9.1 million (2024 – $4.6 million), and had a weighted average grant-date fair value of C$7.44 (2024 – C$4.53) per unit.

57

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Weighted average assumptions used in calculating the fair values of units granted under the TSUP during the year were as follows:

year were as follows:
	Year ended December 31,
	2025	2024
Risk-free interest rate	2.82 %	3.08	%
Expected dividend yield	nil		nil
Expected share price volatility	53 %	61	%
Expected forfeiture rate	5.52 %	1.66	%
Expected life	7.8years	8.2years

No Capstone Copper shares were purchased by the Share Purchase Trust during the year ended December 31, 2025 and 2024.

The continuity of DSUs, RSUs, and PSUs issued and outstanding is as follows:

			Share Unit Plan	Share Unit Plan		Treasury Share	Unit Plan
			DSUs	RSUs	PSUs	RSUs	PSUs
Outstanding,December	31,	2024	525,094	1,923,687	161,947	834,484	1,961,843
Granted			90,182	1,229,271	—	277,533	954,471
Forfeited			—	(297,297)	—	—	—
Settled			(62,283)	(856,395)	—	(70,472)	(276,268)
Outstanding,December	31,	2025	552,993	1,999,266	161,947	1,041,545	2,640,046

Share-based compensation expense:

Share-based compensation expense:
		Year ended December 31,
		2025		2024
Share-based compensation expense related to
stock options	$	3,060	$	2,113
Share-based compensation expense related to
RSUs and PSUs (TSUP)		4,711		4,238
Share-based compensation expense related to
DSUs,RSUs and PSUs(SUP)		13,733		9,662
Total share-based compensation expense	$	21,504	$	16,013

58

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

20. Revenue

The Company’s revenue breakdown by metal is as follows:

		Year ended December 31,	Year ended December 31,
		2025	2024
Copper concentrate	$	1,776,966$	1,200,203
Copper cathode		427,019	420,289
Gold		100,111	22,487
Silver		67,510	40,208
Molybdenum		3,033	1,990
Totalgross revenue		2,374,639	1,685,177
Treatment and selling costs		(52,699)	(73,584)
Pricingand volume adjustments		37,950	(12,371)
Revenue	$	2,359,890$	1,599,222

Pricing and volume adjustments represent mark-to-market adjustments on initial estimates of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative instruments and adjustments to originally invoiced weights and assays.

Consideration from the Company's stream agreements is considered variable (Note 16). Silver stream revenue can be subject to cumulative adjustments when the amount of precious metals to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the fourth quarter of 2025, the amortization rate by which deferred revenue is drawn into income was adjusted and as required, a variable consideration adjustment was made for all prior year silver stream revenues since the stream agreement inception date. This variable consideration adjustment for the year ended December 31, 2025 results in an increase of revenue of $8.3 million (December 31, 2024 decrease in revenue of $4.2 million). No gold stream revenue has been recognized.

Revenue from a related party, included in the above amounts, for the year ended December 31, 2025, included $448.3 million related to deliveries under MMC's offtake contract which is at market terms.

Customer details are as follows:

						Year ended December 31,	Year ended December 31,	Year ended December 31,	Year ended December 31,
				2025								2024
			Mantos	Pinto						Mantos
	Mantoverde		Blancos	Valley	Cozamin			Mantoverde		Blancos		Pinto	Cozamin
		Chile	Chile	USA		Mexico	Total		Chile	Chile	ValleyUSA			Mexico	Total
Customer #1	$	—	$ 536,788 $	—	$	—	$ 536,788	$	1,712 $	332,458	$	—	$	— $ 334,170
Customer #2		363,039	—	85,224		—	448,263		106,912	—		221,812		—	328,724
Customer #3		316,004	27,646	—		—	343,650		—	—		—		—	—
Customer #4		22,355	—	92,487		102,772	217,614		4,934	—		90,740		92,093	187,767
Customer #5		7,991	—	—		—	7,991		90,830	14,076		91,056		—	195,962
Customer #6		—	—	730		—	730		228,280	48,490		—		—	276,770
Other (i)		323,546	46,746	251,172		198,139	819,603		73,781	6,159		125,998		155,846	361,784
Total gross
revenue	$	1,032,935	$ 611,180 $	429,613	$	300,911	$ 2,374,639$		506,449 $	401,183	$	529,606	$	247,939 $ 1,685,177

• i. No other single customer meets the 10% disclosure threshold.

59

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

21. Earnings Per Share

Earnings per share, calculated on a basic and diluted basis, is as follows:

Earnings per share, calculated on a basic and diluted basis, is as	follows:
		Year ended December 31,
		2025	2024
Earnings per share
Basic and diluted	$	0.41$	0.11
Netgain
Income attributable to common shareholders -
basic and diluted	$	315,874$	82,906
Weighted average shares outstanding- basic		762,422,156	750,633,211
Dilutive securities
Stock options		821,344	717,068
TSUP units		1,108,038	898,329
Weighted average shares outstanding- diluted		764,351,538	752,248,608

60

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

22. Compensation of Key Management Personnel

During the year, compensation of key management personnel was as follows:

		Year	ended December 31,
		2025	2024
Salaries and short-term benefits	$		5,324$	9,588
Share-basedpayments			9,260	8,789
	$		14,584$	18,377

Capstone Copper’s key management personnel have authority and responsibility for planning, directing and controlling the activities of the Company and consist of its directors and senior officers.

23. Supplemental Cash Flow Information

The changes in non-cash working capital items are composed as follows:

		Year ended December 31,	Year ended December 31,
		2025	2024
Receivables	$	(256,780)$	(11,395)
Inventories		(55,248)	(40,015)
Other assets		14,803	23,167
Accounts payable and accrued liabilities		73,778	17,414
Other liabilities		4,226	7,628
Net change in non-cash workingcapital	$	(219,221) $	(3,201)

The changes in other non-cash items are composed as follows:

		Year ended December 31,	Year ended December 31,	Year ended December 31,
		2025		2024
VAT receivable	$	(218)	$	(1,155)
Other non-current assets		(658)		(6,347)
Other non-current liabilities		8,284		(5,449)
Net change in other non-cash items	$	7,408	$	(12,951)

Below is a reconciliation of depreciation in operating cash-flows in the consolidated statement of cash-flows to the Mineral Properties, Plant and Equipment (Note 9):

	Year ended December 31, 2025 2024
Depreciation and depletion per mineral properties, plant and equipment(Note 9) Depreciation included in general and administrative expense Depreciation included in care and maintenance Non-cash inventory write-down (reversal) Change in depreciation and depletion capitalized to inventory, capitalized strippingand construction inprogress	$ 494,714 337,144 — 625 — 2,105 141 —
	(13,178) (23,720)
Depreciation and depletion expense	$ 481,677$ 316,154

61

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Below is a reconciliation of additions in investing cash-flows in the consolidated statement of cash-flows to the Mineral Properties, Plant and Equipment (Note 9):

Mineral Properties, Plant and Equipment (Note 9):
		Year ended December 31,
		2025	2024
Additions / expenditures on mining interests
(Note 9)		(701,542)	(729,791)
Lease additions_(Note 14)_		88,493	158,335
Changes in workingcapital and other items (i)		93,952	63,166
Expenditures on mininginterests (ii)	$	(519,097) $	(508,290)

• i. The changes in working capital relate to the movement in accounts payable, prepayments related primarily to capital expenditures and changes in reclamation estimates .

• ii. Includes no capitalized finance costs for the twelve months ended December 31, 2025 (2024 - $60.3 million).

24. Capital Management

The Company’s capital consists of the items included in shareholders’ equity, long-term debt net of cash and cash equivalents, short-term investments, and investments in marketable securities. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the Company’s assets.

To effectively manage its capital requirements, the Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that there are sufficient committed loan facilities to meet its short-term business requirements, taking into account its anticipated operational cash flows and its cash and cash equivalents, short-term deposits and investments in marketable securities.

The RCF, Mantoverde Term Loan and Senior Unsecured Notes contain various affirmative, financial, restrictive investment and restrictive covenants, including: interest coverage ratios, leverage ratios, other financial ratios and obligations to maintain the security interests in favour of the lenders over substantially all of the respective project’s property and shares, insurance coverage, maintenance of offtake agreements, compliance with environmental and social matters, restrictions on new financial indebtedness, distributions and dispositions, as well as effecting certain hedging strategies as detailed in the lending agreement.

62

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

25. Commitments

Royalty Agreements

Under the terms of the December 2003 option agreement with Grupo Minera Bacis S.A. de C.V. (“Bacis”), a subsidiary of the Company assumed a 100% interest in the Cozamin mine with a 3% net smelter royalty paid to Bacis on all payable metal sold from production on the property covered by the agreement.

In connection with the financing of the Mantos Blancos Debottlenecking Development Project, Mantos Copper S.A. entered into a royalty agreement with Southern Cross Royalties Limited ("Southern Cross"). Southern Cross is entitled to a 1.525% net smelter royalty on copper production. The royalty is for a period initially through January 1, 2035 that may be extended by Southern Cross at its sole discretion through the duration of the mining rights and is subject to the Company's option to reduce the royalty amount by 50% any time after January 1, 2023, subject to a one-time payment.

Agreement with OR Royalties International Ltd. ("OR Royalties") (Formally as Osisko Bermuda Limited)

Pursuant to a long-term streaming agreement made in 2015, that covers the life of mine, the Company delivers 100% of the payable silver sold by Mantos Blancos. OR Royalties pays a cash price of 8% of the spot price at the time of each delivery, in addition to an upfront acquisition price previously paid. After 19.3 million ounces of silver have been delivered under the agreement, the stream will be reduced to 40% of the payable silver sold over the remaining life of mine period. Mantos Blancos has delivered 7.5 million silver ounces from contract inception until December 31, 2025.

Agreement with Jetti Resources, LLC (“Jetti”)

Under the terms of the 2019 agreement, the Company is required to make quarterly royalty payments to Jetti based on an additional net profits calculation resulting from cathode production at the Pinto Valley mine. The initial term of the agreement is ten years, renewable for 5-year terms thereafter.

Offtake agreements

The Company entered into an offtake agreement with Boliden Commercial AB (“Boliden”) for 75,000 tonnes of copper concentrates in each contract year. The offtake agreement expires ten years after the commencement of commercial production at the MVDP, subject to potential extension if less than 750 thousand tonnes of copper concentrates have been delivered at the contract term.

MMC agreed to provide a $60 million COF in exchange for additional offtake of copper concentrate production under a 10-year contract. The offtake agreement includes Mantoverde agreeing to sell 30% of its annual copper production per year delivered for its equivalent in copper concentrates, plus an additional amount of 30,000 tonnes of copper concentrate as a result of fully utilizing the COF that was provided by MMC in connection with the MVDP. The agreement between MMC and Mantoverde to sell 30% of its annual copper production is for the duration of the Mantoverde commercial mine life. The amount payable for copper is based on average LME prices, subject to certain terms (Note 13).

Construction of wastewater treatment plant

On January 31, 2025, the Company signed a 35-year agreement with Empresa Concesionaria de Servicios Sanitarios S.A. ("ECONSSA") to secure a long-term water supply by reusing treated wastewater from Antofagasta and increasing water recycling at the Mantos Blancos mine. The project involves a third-party constructing a wastewater treatment plant, expected to be operational in 2028. The agreement entails future capital commitments in 2028 and 2033 proportionate to the Company's share of treated wastewater from the plant, potential cost savings from increased water reuse, and long-term supply security for the mine.

63

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

Other

The Company has contractual agreements extending until 2026 and 2033 to purchase water for operations at Mantos Blancos.

The Company has contractual agreements for the purchase of power for operations at Mantos Blancos and Mantoverde, extending until 2038 and 2039, respectively. The Company also entered into a contractual agreement for access to a power transmission plant for the Santo Domingo development project, for a period of 12 years from the date the transmission facility construction was completed, in Q4 2023.

26. Royalties

Royalties
		Year ended December 31,
		2025		2024
Royalties paid to third parties Royalties Ad-valorem_(i)_	$	(16,832) (15,612)	$	(13,046) (4,883)
Total royalties	$	**(32,444) **	$	(17,929)

• i. Ad Valorem represents the 1% ad valorem royalty on copper net revenues introduced by the Government of Chile in 2024 as part of the revised Chilean Mining Royalty regime and does not meet the definition of an income tax under IAS 12 Income Taxes.

27. Other (Expense) Income

Details are as follows:

		Year ended December 31,	Year ended December 31,	Year ended December 31,
		2025		2024
Care and maintenance expense Gold stream obligation Restructuring costs Gain on extinguishment of debt (Note 15 ) Derecognition of other non-current assets Collective bargaining costs Non-operational projects and studies Change in estimate on rehabilitation provision Miscellaneous other(expense)income	$	(381) (13,297) — 5,431 (10,910) (4,901) (6,617) 653 **(17,042) **	$	(2,514) (4,588) (422) — (7,301) — — 6,553 9,698
Total other(expense)income	$	**(47,064) **	$	1,426

64

Notes to the Consolidated Financial Statements

Capstone Copper Corp.

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

28. Finance Expense

Details of finance expense is as follows:

Details of finance expense is as follows:
		Year ended December 31,
		2025		2024
Interest on Senior Unsecured Notes		(31,050)		—
Interest on RCF		(13,213)		(28,630)
Interest on MVDP facility/Term loan		(22,694)		(43,400)
Interest on working capital facilities		(5,791)		(4,698)
Commitment and guarantee fees		(6,012)		(5,774)
Interest on shareholder loans and COF		(15,514)		(16,802)
Lease liability interest_(i)_		(18,828)		(15,658)
Accretion of deferred revenue		(8,893)		(9,552)
Accretion on decommissioning & closure provisions Accretion on payable on purchase of NCI		(13,563) (535)		(12,113) (2,164)
Amortization of financing fees		(2,932)		(621)
Other interest		(7,325)		(3,040)
Sub-total	$	**(146,350) **	$	(142,452)
Less: interest and accretion on leases capitalized to construction
inprogress_(i)_		632		76,446
Total finance expense	$	**(145,718) **	$	(66,006)

i. A portion of accretion on leases has been capitalized to construction in progress.

29. Foreign Exchange

Details of foreign exchange (loss) gain are as follows:

		Year ended December 31,	Year ended December 31,
		2025	2024
Unrealized foreign exchange (loss) gain	$	(11,056)$	10,552
Realized foreign exchange(loss) gain		**(6,766) **	12,451
Total foreign exchange(loss) gain	$	(17,822) $	23,003

30. Segmented Information

The Company is engaged in mining, exploration and development of mineral properties, and has operating mines in the US, Chile and Mexico. The Company has six reportable segments as identified by the individual mining operations of Pinto Valley (US), Mantos Blancos (Chile), Mantoverde (Chile), Cozamin (Mexico), as well as the Santo Domingo development project (Chile) and Other. Early stage exploration, other and corporate operations are reported in the Other segment. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. Total assets and liabilities do not reflect intercompany balances, which have been eliminated on consolidation. Segments are operations reviewed by the CEO, who is considered to be the chief operating decision maker.

65

Capstone Copper Corp.

Notes to the Consolidated Financial Statements Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

	Year ended December 31, 2025
	Mantoverde Mantos Blancos Pinto Valley Cozamin Santo Domingo Other Total
Revenue Copper concentrate Copper cathode Silver Molybdenum Gold Treatment and selling costs Pricing and volume adjustments (ii)	$ 608,103 $ 533,414 $ 390,337 $ 245,112 $ — $ — 1,776,966 329,478 74,392 23,149 — — — 427,019 — 3,374 8,337 55,799 — — 67,510 — — 3,033 — — — 3,033 95,353 — 4,758 — — — 100,111 (31,161) (6,245) (13,026) (2,267) — — (52,699) 59,971 33,817 25,297 1,000 —(82,135) 37,950
Net revenue Production costs Royalties Depletion and amortization	1,061,744 638,752 441,885 299,644 — (82,135) 2,359,890 (559,323) (286,112) (338,354) (105,290) — (650) (1,289,729) (9,501) (15,657) (2,404) (4,882) — — (32,444) (196,563) (176,461) (66,776) (40,345) — (1,532) (481,677)
Income (loss) from mining operations General and administrative expenses Exploration expenses Impairment reversal on mineral properties Share-based compensation expense	296,357 160,522 34,351 149,127 — (84,317) 556,040 — — — (105) (236) (32,383) (32,724) (2,048) (1,267) — (27) (1,047) (1,229) (5,618) — — — — 209,476 — 209,476 (401) (1,303) (1,198) (475) (243) (17,884) (21,504)
Income (loss) from operations Realized and unrealized (losses) gains on derivative instruments Other (expense) income Net finance costs	293,908 157,952 33,153 148,520 207,950 (135,813) 705,670 (45) — — — — (17,180) (17,225) (17,197) (21,572) (8,360) (2,912) (13,259) (1,586) (64,886) (55,648) (14,301) (8,013) (8,453) (2,285) (49,476) (138,176)
Income (loss) before income taxes Income tax(expense) recovery	221,018 122,079 16,780 137,155 192,406 (204,055) 485,383 (67,481) (47,645) 201 (44,761) — 24,031(135,655)
Total net income(loss)	$ 153,537 $ 74,434 $ 16,981 $ 92,394 $ 192,406 $(180,024) $ 349,728
Mineral properties, plant & equipment additions	$ 214,688 $ 228,725 $ 172,220 $ 23,794 $ 54,409 $ 7,706 $ 701,542

i. Inter-segment sales and transfers are eliminated in the table above.

ii. Included in pricing and volume adjustments are realized and unrealized gains (losses) on the Company's quotational pricing copper contracts. Other revenue is related to the net changes on quotational period hedges.

66

Capstone Copper Corp.

Notes to the Consolidated Financial Statements

Years Ended December 31, 2025 and 2024

(tabular amounts expressed in thousands of US dollars, except share and per share amounts)

		Year ended December 31,2024
		Mantoverde Mantos Blancos Pinto Valley Cozamin Santo Domingo Other Total
Revenue Copper concentrate Copper cathode Silver Gold Molybdenum Treatment and selling costs Pricingand volume adjustments		$ 158,663 $ 335,424 $ 488,875 $ 217,241 $ — $ — $ 1,200,203 328,163 63,949 28,177 — — — $ 420,289 — 1,811 7,699 30,698 — — $ 40,208 19,624 — 2,863 — — — $ 22,487 — — 1,990 — — — $ 1,990 (13,317) (14,826) (34,173) (11,257) — (11) $ (73,584) (2,194) (4,445) (12,275) (3,016) — 9,559 $(12,371)
Net revenue Production costs Royalties Depletion and amortization		490,939 381,913 483,156 233,666 — 9,548 1,599,222 (357,928) (277,071) (319,538) (101,779) — — (1,056,316) (4,810) (5,725) (2,992) (4,402) — — (17,929) (86,288) (123,055) (64,715) (39,366) — —(313,424)
Income (loss) from mining operations General and administrative expenses Exploration expenses Share-based compensation expense		41,913 (23,938) 95,911 88,119 — 9,548 211,553 — — (54) (106) (168) (31,205) (31,533) — — — (34) (400) (699) (1,133) — — — — — (16,013) (16,013)
Income (loss) from operations Realized and unrealized gains on derivative instruments Other income (expense) Net finance costs		41,913 (23,938) 95,857 87,979 (568) (38,369) 162,874 1,590 — — — — (1,940) (350) 9,600 (232) 16,134 (301) (4,450) 10,939 31,690 (25,390) (10,631) (4,640) (8,843) (2,097) (9,199) (60,800)
Income (loss) before income taxes Income tax recovery (expense)		27,713 (34,801) 107,351 78,835 (7,115) (38,569) 133,414 (8,632) 15,581 (11,916) (35,696) — (6,877) (47,540)
Total net income (loss) Mineral properties, plant & equipment additions		$ 19,081 $ (19,220) $ 95,435 $ 43,139 $ (7,115) $ (45,446) $ 85,874 335,888 215,277 129,924 24,934 16,618 7,150 729,791
		As at December 31, 2025
	Mantoverde Mantos Blancos Pinto Valley Cozamin Santo Domingo Other Total
Mineral properties, plant and equipment	$ 3,037,868 $ 1,150,681 $ 933,325 $ 215,658 $ 771,654 $ 16,366 $ 6,125,552
Total assets	$ 3,526,580 $ 1,358,310 $ 1,105,766 $ 297,400 $ 783,215 $ 125,606 $ 7,196,877
Total liabilities	$ 1,253,420 $ 501,442 $ 290,999 $ 235,495 $ 86,846 $ 997,070 $ 3,365,272

	As at December 31,2024
	Mantoverde Mantos Blancos Pinto Valley Cozamin Santo Domingo Other Total
Mineral properties, plant and equipment	$ 3,036,851 $ 1,094,793 $ 831,741 $ 238,600 $ 507,820 $ 8,444 $ 5,718,249
Total assets	$ 3,286,662 $ 1,212,455 $ 957,907 $ 284,552 $ 521,552 $ 101,904 $ 6,365,032
Total liabilities	$ 1,491,755 $ 432,979 $ 252,840 $ 237,969 $ 66,485 $ 420,196 $ 2,902,224

67