Capstone Copper Corp. — Interim / Quarterly Report 2025

Oct 30, 2025

TABLE OF CONTENTS

1.0 BUSINESS OVERVIEW......................................................................................................... 5 2.0 Q3 2025 HIGHLIGHTS & SIGNIFICANT ITEMS ............................................................... 6 3.0 OPERATIONAL REVIEW....................................................................................................... 14 4.0 FINANCIAL REVIEW .............................................................................................................. 24 5.0 NON-GAAP AND OTHER PERFORMANCE MEASURES .............................................. 35 6.0 SELECTED QUARTERLY FINANCIAL INFORMATION................................................... 51 7.0 MANAGEMENT'S REPORT ON INTERNAL CONTROLS............................................... 51 8.0 NATIONAL INSTRUMENT 43-101 COMPLIANCE............................................................ 52 9.0 RISKS AND UNCERTAINTIES ............................................................................................. 52

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF CAPSTONE COPPER CORP. FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

Capstone Copper Corp. (“Capstone Copper”, the “Company” or "we") has prepared the following management’s discussion and analysis (the “MD&A”) as of October 30, 2025 and it should be read in conjunction with the Company’s unaudited condensed interim consolidated financial statements and notes thereto for the three and nine months ended September 30, 2025. All financial information has been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and all dollar amounts presented are United States (“US”) dollars unless otherwise stated. “C$” refers to Canadian dollars and "A$" refers to Australian dollars.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

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

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

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

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restrictions relating to mining activities and to travel in certain jurisdictions in which we operate. In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology.

In certain cases, forward-looking statements can be identified by the use of words such as “anticipates”, “approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”, “scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words including “anticipated”, “expected”, “guidance” and “plan”. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the Company's ability to raise capital,counterparty defaults, including with respect to Orion, use of financial derivative instruments, foreign currency exchange rate fluctuations, counterparty risks associated with sales of the Company's metals,market access restrictions or tariffs, changes in U.S. laws and policies regulating international trade including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs, availability and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations and stock exchange rules, compliance with environmental laws and regulations, reliance on approvals, licences and permits from governmental authorities and potential legal challenges to permit applications, contractual risks including but not limited to, the Company's ability to meet the requirements under the Cozamin Silver Stream Agreement with Wheaton Precious Metals Corp. ("Wheaton"), the Company's ability to meet certain closing conditions under the Santo Domingo Gold Stream Agreement with Wheaton, acting as Indemnitor for Minto Metals Corp.’s surety bond obligations, impact of climate change and changes to climatic conditions at the Company's operations and projects, changes in regulatory requirements and policy related to climate change and greenhouse gas ("GHG") emissions, land reclamation and mine closure obligations, introduction or increase in carbon or other "green" taxes, aboriginal title claims and rights to consultation and accommodation, risks relating to widespread epidemics or pandemic outbreaks; the impact of communicable disease outbreaks on the Company's workforce, risks related to construction activities at the Company's operations and development projects, suppliers and other essential resources and what effect those impacts, if they occur, would have on the Company's business, including the Company's ability to access goods and supplies, the ability to transport the Company's products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of Capstone Copper relating to the unknown duration and impact of the epidemics or pandemics, impacts of inflation, geopolitical events and the effects of global supply chain disruptions, uncertainties and risks related to the potential development of the Santo Domingo development project, risks related to the Mantoverde Development Project ("MVDP"), increased operating and capital costs, increased cost of reclamation, challenges to title to the Company's mineral properties, increased taxes in jurisdictions the Company operates or is subject to tax, changes in tax regimes we are subject to and any changes in law or interpretation of law may be difficult to react to in an efficient manner, maintaining ongoing social licence to operate, seismicity and its effects on the Company's operations and communities in which we operate, dependence on key management personnel, Toronto Stock Exchange ("TSX") and Australian Securities Exchange ("ASX") listing compliance requirements, potential conflicts of interest involving the Company's directors and officers, corruption and bribery, limitations inherent in the Company's insurance coverage, labour relations, increasing input costs such as those related to sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry including but not limited to competition for skilled labour, risks associated with joint venture partners and non-controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related to dilution to existing shareholders if stock options or other convertible

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securities are exercised, the history of Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements and Annual Information Form, all of which are filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause the Company's actual results, performance or achievements to differ materially from those described in the Company's forward-looking statements, there may be other factors that cause the Company's results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that the Company's forward-looking statements will prove to be accurate, as the Company's actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the Company's forward-looking statements.

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1.0 BUSINESS OVERVIEW

Capstone Copper Corp. (“Capstone Copper”, the “Company” or "we") is an Americas-focused copper mining company headquartered in Vancouver, Canada. We own and operate the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile and 70% of the Mantoverde copper-gold mine located in the Atacama region, Chile. In addition, we own the fully permitted Santo Domingo copper-iron-gold project, located 35 kilometers northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas. Through a wholly owned subsidiary, we own 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 fifteen kilometers northwest of the Santo Domingo project. The Company is listed on the TSX, and effective February 2, 2024, the Company was admitted to the official list of the ASX as an ASX Foreign Exempt Listing.

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2.0 Q3 2025 HIGHLIGHTS AND SIGNIFICANT ITEMS

Q3 2025 Financial and Operational Highlights

• Consolidated total copper production for Q3 2025 was 55,280 tonnes at C1 cash costs[1] of $2.42/lb compared to 47,460 tonnes at $2.84/lb in Q3 2024 . Total Q3 2025 copper sold of 56,368 payable tonnes was approximately 2,600 tonnes above payable production largely driven by timing of sales at Mantos Blancos.

• Sulphide copper production for Q3 2025 was 44,904 tonnes at C1 cash costs[1] of $2.00/lb compared to 36,390 tonnes at $2.76/lb in Q3 2024, largely driven by contributions from Mantoverde sulphides following the successful ramp-up in 2024. Mantoverde sulphides produced 15,219 tonnes of copper at C1 cash costs[1] of $1.40/lb in Q3 2025.

• Net income attributable to shareholders of $248.1 million, or $0.33 per share for Q3 2025 compared to net income attributable to shareholders of $12.5 million, or $0.02 per share for Q3 2024. Net income for Q3 2025 included an impairment reversal of $209.4 million at Santo Domingo. Adjusted net income attributable to shareholders[1] of $49.4 million, or $0.06 per share for Q3 2025, compared to adjusted net loss attributable to shareholders[1] of $25.4 million in Q3 2024.

• Record adjusted EBITDA[1 ] of $249.2 million for Q3 2025 compared to $120.8 million for Q3 2024, primarily due to increased sulphide copper production and lower C1 cash costs[1] , in addition to higher copper prices.

• Operating cash flow before changes in working capital of $231.2 million in Q3 2025 compared to $116.9 million in Q3 2024.

• Net debt[1] of $725.8 million as at September 30, 2025, increased slightly from $691.9 million as at June 30, 2025 due to a $77.8 million working capital draw and other adjustments primarily due to the timing of sales occurring later in the quarter, as well as the semi-annual interest payment on the high-yield bond. Total available liquidity[1] of $1,071.1 million as at September 30, 2025, comprised of $310.1 million of cash and short-term investments, and $761.0 million of undrawn amounts on the $1 billion corporate revolving credit facility.

• The Company reiterates 2025 guidance, noting consolidated copper production is trending towards the lower half of the guidance range of 220,000 to 255,000 tonnes and 2025 consolidated cash costs[1] are trending towards the upper half of the guidance range of $2.20 to $2.50 per payable pound .

• Mantoverde Optimized (“MV Optimized”) project sanctioned. MV Optimized is a capital-efficient brownfield expansion of Mantoverde’s sulphide concentrator, increasing throughput from 32,000 to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces per annum, respectively, and extending the mine life from 19 to 25 years.

• Capstone entered into an agreement with Orion Resource Partners for cash consideration of up to $360 million for a 25% interest in Santo Domingo and Sierra Norte. The transaction further validates Santo Domingo, derisks project funding, enhances project returns, and advances the project toward a final investment decision in H2 2026. The transaction also includes a future option to buyback the Orion 25% interest.

• Positive exploration results from Phase 1 drill program at Mantoverde. Initial results demonstrated extension of the mineralization to the north of the current Mantoverde pit, the potential for resource growth and reserve conversion, and additional confidence in potential future expansion plans.

• Capstone signed an exploration option agreement with Empresa Nacional de Minería (ENAMI) for more than 18,000 hectares of mining and mineral exploration concessions surrounding the Company's Sierra Norte property, further consolidating Capstone's position in the Atacama region of Chile.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”.

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• Pinto Valley awarded The Copper Mark in recognition of responsible mining practices . Pinto Valley is Capstone’s third site globally to receive the award, which is a testament to the Company’s commitment to transparency, accountability and responsible copper production.

• Capstone published 2024 Sustainability Report, titled "Concentrating on Performance," highlighting the achievement of sustainability milestones on multiple fronts as we continued to build the capacity of our organization in pursuit of business and sustainability goals.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 7

Operating Highlights

		Q3 2025	Q3 2024	2025 YTD	2024 YTD
Sulphide business
Copper production (tonnes)
Mantoverde2		15,219	8,139	47,994	8,197
Mantos Blancos		13,591	8,246	39,808	25,579
Pinto Valley		9,949	13,980	30,960	45,646
Cozamin		6,145	6,025	19,178	18,183
Total sulphides		44,904	36,390	137,940	97,605
C1 cash costs 1	($/pound) produced
Mantoverde2		1.40	2.52	1.48	2.52
Mantos Blancos		1.94	3.40	2.01	3.26
Pinto Valley		3.63	2.93	3.79	2.63
Cozamin		1.51	1.88	1.42	1.84
Total sulphides		2.00	2.76	2.07	2.64
Cathode business
Copper production (tonnes)
Mantoverde2		8,550	9,342	23,302	27,481
Mantos Blancos		1,826	1,728	5,250	5,432
Total cathodes		10,376	11,070	28,552	32,913
C1 cash costs 1	($/pound) produced
Mantoverde2		3.76	3.00	4.11	3.50
Mantos Blancos		4.37	3.44	3.99	3.33
Total cathodes		3.87	3.07	4.09	3.47
Consolidated
Copper production (tonnes)		55,280	47,460	166,492	130,518
C1 cash costs 1	($/pound) produced	2.42	2.84	2.49	2.84
Copper sold (tonnes)		56,368	44,684	163,480	125,428
Realized copperprice1 ($/pound)		4.49	4.24	4.43	4.20

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

Sulphide Business

Q3 2025 sulphide production of 44,904 tonnes of copper in concentrate was 23% higher than 36,390 tonnes in Q3 2024. The increase was primarily attributable to the continued strong performance from the new sulphide concentrator at Mantoverde, which produced 15,219 tonnes compared to 8,139 tonnes in the prior year. Mantos Blancos also achieved higher sulphide production, supported by increased mill throughput, improved recoveries and higher grades following the successful completion of the 2024 debottlenecking project and mine sequencing. These improvements were partially offset by lower production at Pinto Valley, resulting from lower mill throughput and grades. Cozamin maintained stable performance, with a modest year-over-year increase driven by higher grades consistent with the mine plan.

2025 YTD sulphide production increased to 137,940 tonnes from 97,605 tonnes in the prior year period. The improvement was primarily driven by the continued ramp-up of sulphide operations at Mantoverde and higher production at Mantos Blancos. These gains were partially offset by a decrease in production at Pinto Valley, reflecting lower mill throughput and ore grades. Cozamin achieved a year-over year increase, supported by consistent mill performance and favourable grade profile.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 8

Q3 2025 C1 cash costs[1] decreased by 28% to $2.00/lb from $2.76/lb in Q3 2024. The reduction was primarily driven by higher production volumes, lower unit operating costs, and favourable gold and silver prices contributing to stronger by-product credits at Mantoverde sulphides ($1.40/lb) and Mantos Blancos sulphides ($1.94/lb), where production ramp-up continued. Cozamin also contributed to the improvement ($1.51/lb), benefiting from lower unit costs supported by higher by-product credits and favourable foreign exchange movements. These positive impacts were partially offset by higher unit costs at Pinto Valley ($3.63/lb), where lower throughput and operational disruptions resulted in cost inefficiencies. The overall improvement in the consolidated C1 cash costs[1] profile reflects the benefit of increased scale and contribution from low-cost sulphide operations.

2025 YTD sulphide C1 cash costs[1] of $2.07/lb were 22% lower than $2.64/lb in 2024 YTD primarily reflecting contributions from lower-cost Mantoverde sulphides and reduced unit costs at Mantos Blancos and Cozamin, partially offset by higher unit costs at Pinto Valley.

Cathode Business

Q3 2025 cathode production of 10,376 tonnes of copper was 6% lower than 11,070 tonnes in Q3 2024, primarily attributed to lower oxide grades at Mantoverde. 2025 YTD cathode production declined 13% to 28,552 tonnes from 32,913 tonnes, reflecting lower heap leach grades and recoveries at Mantoverde as well as reduced throughput at Mantos Blancos resulting from changes in the mine sequence.

Q3 2025 C1 cash costs[1] for the cathode business increased to $3.87/lb in Q3 2025 from $3.07/lb in Q3 2024 and 2025 YTD cathode C1 cash costs of $4.09/lb increased from $3.47/lb in 2024 YTD. Cathode C1 cash costs[1] were primarily driven by lower production volumes resulting from lower heap leach grades as well as higher acid prices and consumption. The Company continues to actively manage this business segment through ongoing grade optimization and cost hedging strategies to maintain positive margin contribution.

Consolidated

Q3 2025 copper production of 55,280 tonnes was 16% higher than Q3 2024 primarily as a result of sulphide production ramping up at Mantoverde and Mantos Blancos.

Q3 2025 C1 cash costs[1] of $2.42/lb were 15% lower than $2.84/lb in Q3 2024 mainly due to higher copper production and lower production costs (-$0.04/lb) particularly at Mantos Blancos as well as higher by-product credits (-$0.24/lb) resulting from increased gold production at Mantoverde and stronger gold and silver prices. Favourable treatment and refining charges and foreign exchange rates (-$0.13/lb) also contributed to the improvement.

2025 YTD consolidated production of 166,492 tonnes of copper was 28% higher than 130,518 tonnes in 2024 YTD, mainly driven by increased copper production from the sulphide business with production ramping up at Mantoverde and Mantos Blancos.

2025 YTD consolidated C1 cash costs[1] of $2.49/lb were 12% lower than $2.84/lb in 2024 YTD due to higher copper production and lower production costs (-$0.07/lb), particularly at Mantoverde and Mantos Blancos. In addition, increased by-product credits (-$0.20/lb) contributed to the improvement largely due to higher gold production at Mantoverde and stronger gold and silver prices, along with favourable treatment and refining charges and foreign exchange rates (-$0.09).

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 9

Consolidated Financial Highlights

Consolidated Financial Highlights
($ millions,exceptper share data)	Q3 2025 Q3 2024 2025 YTD 2024 YTD
Revenue Net income (loss) Net income (loss) attributable to shareholders Net income (loss) attributable to shareholders per common share - basic ($) Net income (loss) attributable to shareholders per common share - diluted ($)	598.4 419.4 1,674.9 1,152.3 262.5 17.0 291.3 38.7 248.1 12.5 265.3 37.0 0.33 0.02 0.35 0.05 0.32 0.02 0.35 0.05 231.2 116.9 609.7 282.0 249.2 120.8 644.7 324.1 49.4 25.4 84.9 41.9 0.06 0.03 0.11 0.06 4.49 4.24 4.42 4.20
Operating cash flow before changes in working capital
Adjusted EBITDA1 Adjusted net income attributable to shareholders1 Adjusted net income attributable to shareholders per common share - basic and diluted1 Realized copper price1 ($/pound)
	September 30, 2025 December 31, 2024
Net debt1 Attributable net debt1	(725.8) (742.0) (623.1) (600.6)

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 10

Key Updates

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

MV Optimized Brownfield Expansion Project

MV Optimized, a capital-efficient brownfield expansion of Mantoverde's sulphide concentrator, was sanctioned for development during Q3 2025. MV Optimized is expected to increase concentrator throughput from 32,000 to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively, and extending the mine life from 19 to 25 years, at an estimated capital cost of $176 million. Capstone estimates that the MV Optimized sulphide concentrator expansion construction will require approximately one year, with project tie-in expected in Q3 2026, followed by a ramp-up period in Q4 2026. The expanded sulphide throughput capacity of approximately 45,000 ore tonnes per day is expected to be sustained starting in early 2027.

Mantoverde Phase II

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

Santo Domingo Project

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

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

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

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

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

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

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 11

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

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

Mantos Blancos Phase II

The Company is currently evaluating the next phases of growth for Mantos Blancos, including the potential to increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the underutilized SX-EW plant. A Mantos Blancos Phase II study focusing on the sulphide concentrator plant expansion is expected in H1 2026. The sulphide concentrator plant expansion is expected to utilize existing unused or underutilized process equipment, plus additional equipment for concentrate filtration, thickening and filtering of tailings. During Q3 2025, individual peak daily sulphide mill throughput totaled 28,506 tpd as the plant was pushed to identify bottlenecks.

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

PV District Growth

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

Management Additions

Effective October 27, 2025, Mark Scott was appointed as General Manager, Pinto Valley. Mark has nearly 30 years of experience across the mining industry, with deep expertise in managing complex integrated operations, turnaround initiatives, and external stakeholder engagement. Previously, Mark held senior leadership roles with Vale Canada Limited, including Vice President and Head of Manitoba Operations, overseeing large-scale production processes, multi-site teams, and leading business unit turnarounds.

2.1 2025 Guidance

Capstone reiterates its 2025 consolidated copper production and C1 cash costs[1] guidance. The Company notes that 2025 consolidated copper production is trending towards the lower half of the guidance range of 220-255kt, while 2025 consolidated C1 cash costs[1] are trending towards the upper half of the guidance range of $2.20-$2.50 per payable pound of copper.

With respect to the asset level copper production and C1 cash cost[1] guidance ranges provided in January 2025, the Company notes the following: Mantos Blancos and Cozamin are trending towards the upper end of production and the lower end of costs, Mantoverde is trending towards the lower end of production and upper end of costs, and Pinto Valley is trending below the lower end of production and above the upper end of costs.

The Company reiterates its 2025 consolidated sustaining capital guidance of $255 million and updated exploration expenditure guidance of $40 million. The Company has revised its 2025 expansionary capital guidance to $70 million, from $120 million previously, largely due to changes in timing related to MV-O expansionary capital

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 12

expenditure, and has adjusted its capitalized stripping guidance to $230 million, from $210 million previously, driven by higher capitalized stripping as a result of mining sequence at Mantos Blancos.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 13

3.0 OPERATIONAL REVIEW

3.1 Mantoverde (70% ownership) – Atacama, Chile Operating Statistics

3.1 Mantoverde (70% ownership) – Atacama, Chile Operating Statistics
2025 Q1 Q2 Q3	Total	2024 Q1 Q2 Q3 Q4 Total
Production(contained)2, 3 Copper in Concentrate (tonnes) 16,268 16,507 15,219 Cathode(tonnes) 6,272 8,479 8,550	47,994 23,302	— 58 8,139 13,580 21,777 9,476 8,663 9,342 8,449 35,930
Total Copper (tonnes) 22,540 24,986 23,769 Gold (ounces) 7,567 7,529 8,208 Mining Waste (000s tonnes) 20,807 19,622 21,491 Ore(000s tonnes) 8,295 9,025 9,992	71,296 23,304 61,920 27,312	9,476 8,721 17,481 22,029 57,707 — — 3,842 5,395 9,237 14,805 16,664 20,719 20,720 72,908 7,052 7,096 7,328 8,466 29,942
Total mined (000s tonnes) 29,102 28,647 31,483 Strip Ratio (Waste:Ore) 2.51 2.17 2.15 Rehandled ore and stockpile movements(000s tonnes) 4,803 5,286 4,909	89,232 2.27 14,999	21,857 23,760 28,047 29,186 102,850 2.10 2.35 2.83 2.45 2.43 3,529 2,923 4,697 5,337 16,486
Total material moved (000s tonnes) 33,905 33,933 36,392 Mill operations Throughput (000s tonnes) 2,805 2,946 2,526 Tonnes per day 31,171 32,372 27,460 Cu Grade (%)3 0.71 0.72 0.70 Cu Recoveries (%)3 82.3 77.6 85.8 Au Grade (g/t)3 0.10 0.10 0.12 Au Recoveries (%)3 85.1 79.0 81.1 Heap operations Throughput (000s tonnes) 2,372 2,620 2,462 Grade (%) 0.30 0.30 0.34 Recoveries (%) 60.7 75.2 78.9 Dump operations Throughput (000s tonnes) 2,547 1,761 1,647 Grade (%) 0.14 0.15 0.15 Recoveries (%) 54.7 98.4 78.9 Payable copper produced (tonnes) 21,987 24,425 23,252 Sulphides C1 cash cost1($/pound payable copper produced) 1.53 1.51 1.40 Cathode C1 cash cost1($/pound payable copper produced) 4.81 3.96 3.76 Combined C1 cash cost1($/pound payable copper produced) 2.46 2.35 2.27 Adjusted EBITDA1($ millions) 92.7 110.5 122.7	104,231 8,277 30,321 0.71 81.7 0.11 81.6 7,454 0.31 72.2 5,955 0.14 74.5 69,664 1.48 4.11 2.36	25,386 26,683 32,744 34,523 119,336 — — 1,689 2,286 3,975 — — 18,359 24,848 21,603 — — 0.71 0.80 0.76 — — 68.2 74.4 71.1 — — 0.12 0.10 0.11 — — 59.7 71.9 66.3 2,785 2,326 2,586 2,512 10,209 0.36 0.39 0.36 0.31 0.35 74.9 71.7 76.1 79.7 75.6 3,828 3,772 3,831 2,775 14,206 0.15 0.15 0.15 0.14 0.15 32.6 39.8 37.9 57.8 40.9 9,476 8,663 17,260 21,567 56,966 — — 2.52 1.83 2.09 3.82 3.68 3.00 3.62 3.53 3.82 3.65 2.64 2.53 3.00 2.6 10.9 45.1 78.2 136.8
	325.9

2 Adjustments based on final settlements will be made in future quarters. 3 Production shown on a 100% basis.

2025 versus 2024 Insights

Q3 2025 copper production of 23,769 thousand tonnes was 36% higher than Q3 2024 mainly due to higher copper in concentrate production of 15,219 tonnes, partially offset by slightly lower cathode production mainly driven by lower heap oxide copper grades as a result of mine sequence (0.34% in Q3 2025 versus 0.36% in Q3 2024).

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 14

In Q3 2025, Mantoverde’s new sulphide concentrator delivered another strong operational performance, contributing 15,217 tonnes of copper in concentrate. Q3 2025 sulphide plant throughput averaged 27,460 tpd (July – 31,949 tpd, August – 30,198 tpd, September – 19,998 tpd), which included approximately 22 days of interrupted production driven by ball mill motor failures (as previously announced) and a 5-day planned maintenance shutdown at the end of September. Mill recoveries averaged 85.8% in Q3 2025 (July – 81.2%, August – 90.1%, September – 85.8%), which increased from 77.6% in Q2 2025 driven by lower contributions from transitional mixed ore. The decrease in September recoveries reflected the period operating at a coarser grind size while the ball mill was not available. Copper grades from sulphide operations were 0.70% in Q3 2025 (July – 0.63%, August – 0.71%, September – 0.81%).

2025 YTD copper production of 71,296 tonnes was 100% higher than 2024 YTD mainly due to copper in concentrate production of 47,994 tonnes, partially offset by lower cathode production mainly driven by lower oxide copper grades as a result of mine sequence (0.31% in 2025 YTD versus 0.37% in 2024 YTD) and lower heap recoveries driven by ore characteristics.

Q3 2025 combined C1 cash costs[1] were $2.27 /lb, 14% lower than $2.64/lb in Q3 2024 mainly related to higher production driven by the new concentrate plant (-$0.72/lb) partially offset by higher acid prices ($160/t in Q3 2025 versus $136/t in Q3 2024), consumption ($0.19/lb) and higher power, diesel and explosive consumption ($0.09/ lb). Q3 2025 cathode C1 cash costs[1] were $3.76/lb, 25% higher compared to Q3 2024, mainly due to higher acid prices ($160/t in Q3 2025 versus $136/t in Q3 2024) and consumption ($0.34/lb), lower cathode production ($0.27/lb) and higher acid consumption ($0.18/lb).

2025 YTD combined C1 cash costs[1] were $2.36/lb, 27% lower than $3.22/lb in 2024 YTD, mainly related to higher production driven by the new concentrate plant (-$1.22/lb) partially offset by higher acid prices ($158/t in 2025 YTD versus $130/t in 2024 YTD) and consumption ($0.12lb) and higher power, diesel and explosive consumption ($0.20lb). YTD 2025 cathode C1 cash costs[1] were $4.11/lb, 17% higher compared to YTD 2024, mainly due to lower cathode production driven by lower heap grade ($0.62/lb).

Capital Expenditures

Sustaining capital[1] in Q3 2025 of $18.0 million was spent primarily on sulphide plant capital spare parts, major components and tailings works. Capitalized stripping in Q3 2025 was $19.1 million, lower than the same period last year due to mine sequence.

Capitalized exploration expenditures totaled $5.4 million for Q3 2025. This was primarily allocated to exploration drilling focused on targets adjacent to the pit along the eastern margins (both north and south), as well as on the Animas and Santa Clara Corridor targets, located immediately north of current operations.

($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Capitalized stripping	19.1	16.5	45.5	61.2
Sustaining capital1	18.0	8.5	50.8	22.3
Expansionary capital1	1.2	27.8	1.5	66.9
Capitalized interest and other on construction in progress	—	25.1	—	72.2
Capitalized exploration	5.4	0.6	15.4	4.0
Right-of-use assets(non-cash)	—	3.0	10.1	72.0
Mantoverde mine additions	43.7	81.5	123.3	298.6

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 15

3.2 Mantos Blancos – Antofagasta, Chile Operating Statistics

3.2 Mantos Blancos – Antofagasta, Chile Operating Statistics
2025 Q1 Q2 Q3	Total	2024 Q1 Q2 Q3 Q4 Total
Production(contained metal and cathode)2 Copper in Concentrate (tonnes) 12,272 13,945 13,591 Cathode(tonnes) 1,574 1,851 1,826	39,808 5,250	9,163 8,170 8,246 12,165 37,744 1,804 1,900 1,728 1,398 6,830
Total Copper (tonnes) 13,846 15,796 15,417 Silver contained (000s ounces) 245 324 334 Mining Waste (000s tonnes) 14,533 13,989 15,419 Ore(000s tonnes) 2,775 2,323 2,500	45,058 903 43,941 7,598	10,967 10,070 9,974 13,563 44,574 201 189 189 251 830 13,203 14,042 14,310 14,263 55,818 3,413 3,185 3,671 2,526 12,795
Total mined (000s tonnes) 17,308 16,312 17,919 Strip Ratio (Waste:Ore) 5.24 6.02 6.17 Rehandled ore and stockpile movements (000s tonnes) 2,831 4,314 2,461	51,539 5.78 9,605	16,616 17,227 17,981 16,789 68,613 3.87 4.41 3.90 5.65 4.36 1,603 1,662 1,614 2,272 7,151
Total material moved (000s tonnes) 20,139 20,625 20,380 Mill operations Throughput (000s tonnes) 1,723 1,938 1,664 Tonnes per day 19,141 21,295 18,091 Grade (%)3 0.89 0.89 1.01 Recoveries (%)3 80.4 80.4 80.8 Dump operations Throughput (000s tonnes) 2,298 1,772 2,374 Grade (%)3 0.12 0.12 0.15 Payable copper produced (tonnes) 13,428 15,321 14,955 Sulphides C1 cash cost1($/pound payable copper produced) 2.23 1.87 1.94 Cathode C1 cash cost1($/pound payable copper produced) 3.96 3.64 4.37 Combined C1 cash cost1($/pound payable copper produced) 2.43 2.09 2.24 Adjusted EBITDA1($ millions) 48.1 61.5 84.4	61,144 5,325 19,505 0.93 80.5 6,444 0.13 43,704 2.01 3.99 2.24 194.0	18,219 18,889 19,595 19,061 75,764 1,293 1,476 1,296 1,801 5,866 14,214 16,219 14,079 19,579 16,027 0.87 0.76 0.77 0.84 0.81 81.2 73.2 82.4 80.1 79.2 1,721 1,896 1,950 1,128 6,695 0.17 0.16 0.12 0.13 0.15 10,655 9,791 9,694 13,150 43,290 2.98 3.43 3.40 2.30 2.95 3.43 3.15 3.44 3.70 3.41 3.05 3.22 3.60 2.45 3.02 20.5 21.1 10.7 51.7 104.0

2 Adjustments based on final settlements will be made in future quarters.

3 Grade and recoveries were estimated based on concentrate production and may be impacted by settlements from prior production periods.

2025 versus 2024 Insights

Q3 2025 production was 15,417 tonnes, composed of 13,591 tonnes of copper in concentrate from sulphide operations and 1,826 tonnes of cathode from oxide operations, which was 55% higher than Q3 2024. The increase was attributable to higher sulphide mill throughput (18,091 tpd in Q3 2025 versus 14,079 tpd in Q3 2024), and higher sulphides feed grades as a result of mine sequence (1.01% in Q3 2025 versus 0.77% in Q3 2024). Compared to the prior quarter, sulphide mill throughput was impacted by maintenance.

2025 YTD copper production of 45,058 tonnes, composed of 39,808 tonnes of copper in concentrate from sulphide operations and 5,250 tonnes of cathodes, was 45% higher than 2024 YTD, due to higher sulphide mill throughput (19,505 tpd in 2025 YTD versus 14,834 tpd in 2024 YTD) following the successful debottlenecking project in late 2024 and higher sulphides feed grades as a result of mine sequence (0.93% in 2025 YTD versus 0.80% in 2024 YTD).

Combined Q3 2025 C1 cash costs[1 ] of $2.24/lb ($1.94/lb sulphides and $4.37/lb cathodes) were 38% lower compared to combined C1 cash costs[1] of $3.60/lb in Q3 2024, mainly due to higher production in line with plan

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 16

(-$1.22/lb), lower diesel prices ($0.62/l in Q3 2025 versus $0.74/l in Q3 2024) (-$0.05/lb) and lower treatment and selling costs (-$0.11/lb), partially offset by higher acid, diesel, explosive and energy consumption ($0.20/lb) due to higher material moved driven by higher mill throughput.

Combined 2025 YTD C1 cash costs[1] of $2.24/lb ($2.01/lb sulphides and $3.99/lb cathodes) were 32% lower compared to $3.29/lb in 2024 YTD mainly due to higher production in line with plan (-$1.02/lb), lower diesel prices ($0.62/l in 2025 YTD versus $0.76/l in 2024 YTD) (-$0.06/lb) and lower treatment and selling costs (-$0.12/lb), partially offset by higher acid, diesel, explosive and energy consumption ($0.14lb) due to higher material moved driven by higher mill throughput, as well as higher acid prices ($0.03/lb).

Capital Expenditures

Sustaining capital[1] in Q3 2025 of $24.3 million was spent primarily on mining and plant equipment component replacements, an environmental compliance program, and new equipment for the East Dump project. Capitalized stripping in Q3 2025 was $32.3 million, higher than the same period last year due to mine sequence.

Capitalized exploration expenditures totaled $2.9 million for Q3 2025. This was primarily spent on infill drilling at Mantos Blancos phases 15 and 16, and sonic drilling over historic stockpile. Additionally, near mine exploration drilling was performed in Veronica and Nora-Quinta targets.

($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Capitalized stripping	32.3	19.2	80.8	54.3
Sustaining capital1	24.3	19.5	52.9	40.8
Capitalized exploration	2.9	—	7.8	1.4
Right-of-use assets(non-cash)	—	38.3	7.0	67.3
Mantos Blancos mine additions	59.5	77.0	148.5	163.8

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 17

3.3 Pinto Valley Mine – Miami, Arizona Operating Statistics

Operating Statistics
	2025 Q1 Q2 Q3	Total	2024 Q1 Q2 Q3 Q4 Total
Production(contained)2 Copper in Concentrate (tonnes) Cathode(tonnes)	10,257 9,631 9,637 629 494 312	29,525 1,435	14,892 15,245 13,257 10,746 54,140 780 749 723 880 3,132
Total Copper (tonnes) Mining Waste (000s tonnes) Ore(000s tonnes)4	10,886 10,125 9,949 4,284 5,559 7,444 4,311 3,969 3,874	30,960 17,287 12,154	15,672 15,994 13,980 11,626 57,272 2,770 3,368 3,442 3,131 12,711 4,616 5,257 3,981 3,935 17,789
Total mined (000s tonnes)4 Strip Ratio (Waste:Ore)4 Rehandled ore, stockpile movements (000s tonnes)4 Total material moved (000s tonnes) Mill operations Throughput (000s tonnes) Tonnes per day Grade (%)3 Recoveries (%)3 Payable copper produced (tonnes) Copper C1 cash cost1($/pound payable copper produced)	8,595 9,529 11,318 0.99 1.40 1.92 1,723 688 1,044	29,441 1.42 3,455	7,386 8,625 7,423 7,066 30,500 0.60 0.64 0.86 0.80 0.71 1,075 583 1,409 1,393 4,459
	10,318 10,217 12,362 4,464 3,482 3,221 49,597 38,268 35,006 0.28 0.31 0.34 83.2 87.3 89.1 10,526 9,788 9,611 3.84 3.89 3.63 4.9 17.8 19.2	32,896 11,167 40,904 0.30 86.4 29,925 3.79 41.9	8,461 9,207 8,832 8,459 34,959 4,774 5,043 4,132 4,154 18,103 52,458 55,420 44,915 45,148 49,461 0.36 0.36 0.37 0.30 0.34 87.7 87.7 87.4 86.0 87.4 15,151 15,460 13,516 11,250 55,377 2.53 2.46 2.93 3.30 2.77 38.8 81.0 38.9 5.9 164.6
Adjusted EBITDA1($ millions)

2 Adjustments based on final settlements will be made in future quarters.

3 Grade and recoveries were estimated based on concentrate production and may be impacted by settlements from prior production periods. 4 Certain of prior period comparative figures have been reclassified to conform with the current year's presentation.

2025 versus 2024 Insights

Q3 2025 copper production of 9,949 thousand tonnes was 29% lower than in Q3 2024 due to mine sequence resulting in lower grades (Q3 2025 – 0.34% versus Q3 2024 - 0.37%) and lower mill throughput during the quarter (Q3 2025 - 35,006 tpd versus Q3 2024 - 44,915 tpd), partially offset by higher recoveries (Q3 2025 – 89.1% versus Q3 2024 – 87.4%). Mill throughput in Q3 2025 was impacted by water constraints due to the drought conditions in central Arizona, which restricted throughput to two-thirds of availability with four out of six mills online for the majority of the quarter. The water balance improved towards the end of the quarter, and Pinto Valley ramped up to a full six mill operation during October 2025.

2025 YTD copper production was 32% lower than 2024 YTD on lower mill throughput (40,904 tpd in 2025 YTD versus 50,909 tpd in 2024 YTD) due to unscheduled downtime and water constraint measures, lower feed grade tied to mine plan sequence (0.30% in 2025 YTD versus 0.35% in 2024 YTD) and lower recoveries (86.4% 2025 YTD versus 87.8% 2024 YTD) due to higher acid soluble ratio and lower grade ore. In line with sustaining capital guidance, the Company assembled all twelve new haul trucks over the course of 2025, to complement the new shovel received at the end of 2024. The new trucks are being used to drive incremental material movement in the mine.

C1 cash costs[1] of $3.63/lb in Q3 2025 were 24% higher than Q3 2024 of $2.93/lb primarily due to lower production volume ($1.02/lb), partially offset by lower treatment and selling costs (-$0.32/lb).

2025 YTD C1 cash costs[1] of $3.79/lb were 44% higher compared to the same period last year of $2.63/lb primarily due to lower production volume ($1.31/lb) and higher maintenance spend on mechanical and electrical parts ($0.14/lb), partially offset by lower treatment and selling costs (-$0.29/lb).

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 18

Capital Expenditures

Sustaining capital[1] in Q3 2025 of $22.1 million was spent primarily on a filter berm to increase water recovery rates and mining equipment component replacements.

($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Capitalized stripping	14.5	11.8	33.5	29.7
Sustaining capital1	22.1	19.9	56.6	37.2
Expansionary capital1	—	0.8	1.0	3.8
Right-of-use assets(non-cash)	22.4	15.9	58.2	15.9
Pinto Valleymine additions	59.0	48.4	149.3	86.6

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 19

3.4 Cozamin Mine – Zacatecas, Mexico Operating Statistics

3.4 Cozamin Mine – Zacatecas, Mexico Operating Statistics
2025 Q1 Q2 Q3 Total	2024 Q1 Q2 Q3 Q4 Total
Production(contained)2 Copper (tonnes) 6,524 6,509 6,145 19,178 Silver (000s ounces) 347 347 339 1,034 Mining Ore (000s tonnes) 332 344 350 1,026 Mill operations Milled (000s tonnes) 328 336 337 1,000 Tonnes per day 3,641 3,689 3,622 3,651 Copper Grade (%)3 2.05 2.01 1.93 2.00 Recoveries (%) 96.9 96.6 94.3 95.9 Silver Grade (g/t)3 38.9 39.4 40.5 39.6 Recoveries (%) 82.6 81.8 76.9 80.4 Payable copper produced (tonnes) 6,265 6,250 5,897 18,412 Copper C1 cash cost1($/pound payable copper produced) 1.28 1.49 1.51 1.42	6,006 6,152 6,025 6,724 24,907 346 355 369 392 1,462 306 325 337 335 1,303 314 323 332 342 1,311 3,447 3,551 3,609 3,716 3,581 1.98 1.97 1.88 2.03 1.96 96.9 96.7 96.6 96.9 96.8 40.6 40.6 42.9 43.3 41.9 82.4 82.5 82.7 83.1 82.7 5,773 5,913 5,788 6,461 23,935 1.93 1.71 1.88 1.55 1.75
Adjusted EBITDA1($ millions) 43.6 37.6 35.6 116.8 26.2 38.6 32.3 31.2 128.3

2 Adjustments based on final settlements will be made in the future quarters.

3 Grade and recoveries were estimated based on concentrate production and may be impacted by settlements from prior production periods.

2025 versus 2024 Insights

Q3 2025 copper production of 6,145 thousand tonnes was 2% higher than the same period in prior year, primarily due to higher grades (1.93% in Q3 2025 versus 1.88% in Q3 2024) resulting from mine sequence, partially offset by lower recoveries (94.3% in Q3 2025 versus 96.6% in Q3 2024). Mill throughput remained consistent quarter over quarter.

2025 YTD copper production of 19,178 thousand tonnes was 5% higher than 2024 YTD primarily due to higher grades (2.00% in 2025 YTD versus 1.94% in 2024 YTD), consistent with the mine plan, as well as higher mill throughput (3,651 tpd in 2025 YTD versus 3,536 tpd in 2024 YTD). Recoveries were consistent with the prior year period.

Q3 2025 C1 cash costs[1] were $1.51 /lb, 20% lower than $1.88/lb in the same period last year, primarily due to higher production, increased silver by-product volume and prices (-$0.22/lb), lower treatment charges (-$0.19/lb), partially offset by higher operating costs ($0.07/lb), mainly related to consulting expenses for an operational continuous improvement initiative.

2025 YTD C1 cash costs[1] were $1.42 /lb, 23% lower than $1.84/lb the same period last year primarily due to higher copper production, a significant reduction in treatment charges (-$0.19/lb), and increased by-product credits from higher silver prices (-$0.14/lb). Operating cash costs were partially impacted by consulting expenses for the continuous improvement project.

Capital Expenditures

Sustaining capital[1] spending at Cozamin of $4.4 million for Q3 2025, mainly related to mine development and mine equipment.

Capitalized exploration expenditures totaled $0.9 million for Q3 2025. This was primarily spent on drilling in the area Mala Noche a total of 3,759 meters were drilled in inside the mine.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 20

($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Sustaining capital1	4.4	5.3	14.6	17.4
Capitalized exploration	0.9	0.6	2.1	1.0
Right-of-use assets(non-cash)	0.3	—	0.4	0.1
Cozamin mine additions	5.6	5.9	17.1	18.5

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 21

3.5 Santo Domingo Project – Chile (Copper, Iron, and Gold)

Capital Expenditures

Expansionary capital[1] in 2025 YTD of $42.8 million was primarily spent on advancing the engineering to support an updated capex from class 3 to class 2 and the 2% NSR royalty buyback ($10.0 million), along with the completion of a drilling program oriented to collect additional hydrogeological and geotechnical data. The remainder of spend related to permits and communities commitments, labour and office costs.

($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Capitalized project costs	15.9	1.6	32.8	9.6
ENAMI royaltybuyback	—	—	10.0	—
Total	15.9	1.6	42.8	9.6
3.6 Exploration
($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Exploration expensed to income statement	0.4	0.1	3.3	0.6
Exploration capitalized to mineral properties:
Mantoverde	5.4	0.6	15.4	4.0
Mantos Blancos	2.9	—	7.8	1.4
Cozamin	0.9	0.6	2.1	1.0
Total exploration	9.6	1.3	28.6	7.0

Exploration Update

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

Mantoverde

At Mantoverde, during Q3 2025, we reported initial results from 24,700-metres of the 30,000-metre Phase 1 drill program. This program targets areas adjacent to the Mantoverde Optimized Pit Reserves to enhance copper grades and mineralization continuity, as well as from priority zones immediately north of the current operation. Early results show higher-than-expected grades in the Brecha Flores sector and strong intercepts along the Santa Clara Corridor, highlighting the potential for resource growth, reserve conversion, and extension of mineralization north of the current Mantoverde pit into the Animas area. The results provide further confidence in the potential for future expansion plans at Mantoverde. Additionally, results from a 10-kilometre Induced Polarization (IP) geophysical survey along the norther corridor demonstrates district-scale exploration potential, which has informed the location of high-priority targets that will be tested in Phase 2 of the drill program.

The Phase 1 drill program represents a portion of the ongoing two-year exploration program at Mantoverde totalling approximately $25 million and including 61,500-metres of drilling, which reached approximately 67% completion by the end of the quarter. Phase 2 will include two main areas of focus and is expected to commence in Q4 2025 and continue through Q2 2026. Approximately 20,000 metres will be follow-up drilling at the targets adjacent to the northern portion of the pit, with the goal of improving grades and adding mineralization. The remaining ~11,500 metres of drilling will include testing of high-priority targets along the 10-kilometre-long northern corridor, which were defined based on the results of the induced polarization (“IP”) geophysical survey completed in Q1 2025. There are currently up to seven drill rigs operating on site at Mantoverde. See Capstone´s October 7, 2025 press release "Capstone Copper Reports Results of Phase 1 Drill Program at Mantoverde."

Additionally, infill drilling was paused during the quarter, with efforts focused on the preparation of pads for the next infill stage scheduled to begin in Q4 2025. The objective of this drilling is to improve resource categorization in support of future mine planning.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 22

Mantoverde-Santo Domingo District

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

Subsequent to quarter end, Capstone signed an exploration option agreement with ENAMI for more than 18,000 hectares of mining and mineral exploration concessions surrounding Sierra Norte for a total of $7.5 million in staged payments, including $2 million paid at signing. Capstone is responsible for a minimum of $1 million in exploration expenses before 24 months and another $3 million in exploration expenses before 48 months, in addition to all expenses associated with maintaining the property in good standing. This transaction further consolidates the Company's position in the Atacama region of Chile, providing additional opportunities to leverage district-scale synergies to build a world-class district.

Sierra Norte is located approximately 15 kilometers northwest of the Santo Domingo Project and represents an opportunity to potentially be a future sulphide feed source for Santo Domingo, extending the higher grade copper sulphide life. Potential oxide material at Sierra Norte represents an opportunity to be a future oxide feed for Mantoverde's underutilized SX-EW plant. At Sierra Norte, activities during Q3 2025 focused on the re-assay of historic drill samples to further validate the existing drilling database This work is intended to be completed before the year-end and will provide support for future drilling programs and a Mineral Resource estimation.

Mantos Blancos

At Mantos Blancos, exploration drilling commenced at the Veronica and Nora-Quinta areas within and adjacent to the resource pit area. The program totals approximately 7,900 metres and is expected to be completed before year-end. In parallel, infill drilling continued during Q3 2025, with activities focused on Phases 15 and 16. Sonic drilling over historic stockpiles was also completed early during the quarter.

In addition, a passive seismic (ambient noise tomography) geophysical survey is underway at Mantos Blancos. Data acquisition has been completed along the pit area and in its immediate surrounding, with data processing and modelling scheduled for Q4 2025. The survey aims to improve understanding of the local stratigraphy and may help identify new drill targets at depth or near the current deposit area.

Cozamin

At Cozamin during Q3 2025, exploration drilling focused on potential mine life extension and production profile improvement continued targeting step-outs up-dip, down-dip, and along strike from historical Mala Noche Vein workings, as well as deep drill tests below MNFWZ. Drilling at Mala Noche was conducted with one underground rig positioned at the level 19.1 cross-cut, a second underground rig positioned at the level 12.7 cross-cut. Drilling at MNFWZ was conducted with one underground rig positioned at the level 11 cross-cut.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 23

4.0 FINANCIAL REVIEW

4.1 Consolidated Results Consolidated Net Income Analysis

Net Income for the Three Months Ended September 30, 2025 and 2024

The Company recorded net income of $262.5 million for the three months ended September 30, 2025, compared with a net income of $17.0 million in Q3 2024. The major differences are outlined below:

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500
450
$179.0
400
350
$(57.4)
300
$262.5
$(54.1)
250 $209.5 $(26.7) $(2.2) $(2.6)
200
150
100
50
$17.0
0
Net Income Impairment Revenue Depletion Production Finance Taxes Other Net Income
Q3 2024 reversal and and expense Q3 2025
amortization Royalty
costs
$M
----- End of picture text -----

• Other includes non-significant expenses and income, such as share-based compensation, general and administrative expenses, foreign exchange, finance income and other expenses/income.

The difference quarter-over-quarter was driven by:

• Impairment reversal of $209 million on mineral properties related to Santo Domingo cash-generating unit ("CGU') as the recoverable value was above the carrying value.

• Revenue: $179.0 million or 43% increase, driven by higher copper volumes sold (Q3 2025 – 56.4 thousand tonnes, Q3 2024 – 44.7 thousand tonnes) primarily related to the ramp-up at MVDP and Mantos Blancos, complimented with higher realized copper prices[1] (Q3 2025 - $4.49 per pound, Q3 2024 - $4.24 per pound).

• Depletion and amortization: $57.4 million increase primarily related to higher volumes sold and the start of depletion and amortization at MVDP post commercial production.

• Production and Royalty costs: $54.1 million increase primarily driven by:

• Mantoverde recorded $41.9 million higher production costs in Q3 2025, compared to Q3 2024 primarily due to the ramp-up of copper concentrates at MVDP resulting in higher copper volumes sold (Q3 2025 – 23.9 thousand tonnes, Q3 2024 – 15.4 thousand tonnes).

• Finance expense: $26.7 million increase primarily due to an increase in interest on debt which includes senior unsecured notes issued in March 2025 and interest no longer capitalized on MVDP as commercial production was achieved.

• Income taxes: $2.2 million increase primarily due to higher income before taxes as a result of the above variances during Q3 2025 compared to Q3 2024.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 24

Net Income for the Nine Months Ended September 30, 2025 and 2024

The Company recorded a net income of $291.3 million for the nine months ended September 30, 2025, compared with a net income of $38.7 million in 2024 YTD. The major differences are outlined below:

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900
800 $209.5
700
600 $522.6
$(195.8)
500
400
$(157.8)
$291.3
300 $(84.7)
$(13.7) $(13.0) $(7.3) $(7.2)
200
100
$38.7
0
Net Revenue Impairment Production Depletion Finance Taxes Foreign Minto Other Net
Income reversal and and Expense Exchange obligation Income
Q3 2024 Royalty Amortization Q3 2025
YTD Costs YTD
$M
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• Other includes non-significant expenses and income, such as share-based compensation, general and administrative expenses, losses on derivatives and other expenses/income.

The difference year-over-year was driven by:

• Revenue: $522.6 million or 45% increase, driven by higher realized copper prices[1] (2025 YTD - $4.42 per pound, 2024 YTD - $4.20 per pound) and higher copper volumes sold (2025 YTD – 163.5 thousand tonnes, 2024 YTD – 125.4 thousand tonnes) primarily related to the 2024 ramp-up at MVDP (2025 - 72.4 thousand tonnes, 2024 - 33.7 thousand tonnes) and 45% higher volumes sold at Mantos Blancos (2025 YTD - 43.9 thousand tonnes, 2024 - 30.3 thousand tonnes).

• Impairment reversal of $209 million on mineral properties related to Santo Domingo CGU as the recoverable value was above the carrying value.

• Production and Royalty costs: $195.8 million increase primarily driven by:

• Mantoverde recorded $173.4 million higher production costs in 2025 YTD compared to 2024 YTD primarily due to the ramp-up of copper concentrates at MVDP resulting in higher copper volumes sold (2025 YTD - 72.4 thousand tonnes vs. 2024 YTD - 33.7 thousand tonnes).

• $7.8 million higher production costs at Mantos Blancos due to continued production ramp up.

• Depletion and amortization: $157.8 million increase primarily related to higher copper volumes sold and the start of depletion and amortization at MVDP post commercial production.

• Finance expense: $84.7 million increase primarily due to interest and lease accretion no longer capitalized in relation to MVDP as commercial production was achieved at the end of Q3 2024 and higher lease accretion on expanded haul truck fleet.

• Income taxes expense: $13.7 million increase primarily due to an increase in Mexican and Chilean mining royalty taxes and higher income before taxes as a result of the above in 2025 YTD compared to 2024 YTD.

• Foreign exchange: 2025 YTD experienced a loss of $9.1 million on foreign exchange compared to a gain of $3.8 million in 2024 YTD, resulting in a $13.0 million change.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 25

4.2 Revenue Analysis

Revenue increased quarter-on-quarter ($598.4 million versus $419.4 million in Q3 2024) primarily due to higher copper volumes sold (56.4 thousand tonnes versus 44.7 thousand tonnes in Q3 2024) primarily related to the ramp-up at MVDP and higher realized copper price[1] ($4.49 per pound versus $4.24 per pound in Q3 2024).

YTD revenue increased year-on-year ($1,674.9 million versus $1,152.3 million in 2024 YTD) primarily due to a higher realized copper price[1] ($4.42 per pound versus $4.20 per pound in 2024 YTD), and higher copper volumes sold (163.5 thousand tonnes versus 125.4 thousand tonnes in 2024 YTD).

Revenue by Mine

Revenue by Mine
($ millions)	Q3	20252	Q3	20242	2025 YTD2		2024	YTD2
Mantoverde	269.5	45.0 %	148.3	35.4 %	778.4	46.5 %	315.9	27.4 %
Mantos Blancos	178.0	29.7 %	89.1	21.2 %	431.6	25.8 %	270.3	23.5 %
Pinto Valley	99.2	16.6 %	123.3	29.4 %	296.5	17.7 %	402.4	34.9 %
Cozamin	65.6	11.0 %	60.5	14.4 %	198.1	11.8 %	177.3	15.4 %
Other3	(13.9)	(2.3) %	(1.8)	(0.4)%	(29.7)	(1.8) %	(13.6)	(1.2)%
Total revenue	598.4	100.0 %	419.4	100.0 %	1,674.9	100.0 %	1,152.3	100.0 %

2 The current and subsequent periods may include final settlement quantity and/or price adjustments from prior shipments.

3 The Other revenue is related to the net changes on quotational period hedges.

Provisionally Priced Copper

Gross revenue for the three months ended September 30, 2025, includes 74.2 thousand tonnes of copper sold subject to final settlement. Of this, the prices for 21.7 thousand tonnes are final at a weighted average price of $4.43 per pound. The remaining 52.4 thousand tonnes are subject to price change upon final settlement at the end of the applicable quotational period, as follows:

Quotational Period	($/pound)
	Mantoverde Mantos Blancos Pinto Valley Cozamin Total Provisional Price
Sep-25 Oct-25 Nov-25 Dec-25 Jan-26	— — 0.7 — 0.7 4.65 11.8 6.2 2.5 1.8 22.3 4.65 7.5 4.6 2.5 — 14.6 4.66 — 4.2 4.9 — 9.1 4.66 2.6 — 2.4 0.7 5.7 4.66
Total	21.9 15.0 13.0 2.5 52.4 4.65

Provisional pricing is a term in copper concentrate and copper cathode sales agreements that provides for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average LME copper price for specific future periods, normally ranging from one to four months after delivery to the customer. The difference between provisional invoice price and final invoice price is recognized in net earnings.

Of the 52.4 thousand tonnes subject to price change upon final settlement, 35.8 thousand tonnes have been hedged as at September 30, 2025, and 9.7 thousand tonnes of September sales were hedged in October 2025. The remaining 7.0 thousand tonnes are not hedged as these volumes have a declared quotational period of October 2025, which the quotational period hedging program is designed to achieve average LME price of the month after month of shipment.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 26

Reconciliation of Realized Copper Price[1]

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

($ millions,except as noted)	Q3 2025 Q3 2024 2025 YTD 2024 YTD
Gross copper revenue
Gross copper revenue on new shipments	560.6 412.2 1,589.2 1,151.7 (9.1) 0.1 (8.6) 6.4 6.2 5.8 10.7 3.8
Realized pricing and volume adjustments on copper revenue
Unrealized pricing and volume adjustments on copper revenue Gross copper revenue including pricing and volume adjustments Gross copper revenue on new shipments ($/pound) Realized pricing and volume adjustments on copper revenue ($/pound) Unrealized pricing and volume adjustments on copper revenue ($/pound) Realized copper price1 ($/pound)
	557.8 418.1 1,591.3 1,161.9 4.51 4.18 4.41 4.16 (0.07) — (0.02) 0.02 0.05 0.06 0.03 0.02
	4.49 4.24 4.42 4.20 4.44 4.18 4.33 4.13 4.67 4.43 4.67 4.43
LME average copper price ($)
LME closeprice($)
	557.8 418.1 1,591.3 1,161.9 51.3 20.5 120.7 43.1 (10.7) (19.2) (37.1) (52.7)
Gross copper revenue - reconciliation to financials
Gross copper revenue including pricing and volume adjustments
Revenue from other metals Treatment and selling Revenue per financials
	598.4 419.4 1,674.9 1,152.3
Payable copper sold (tonnes)	56,367 44,684 163,479 125,428

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 27

4.3 Consolidated Cash Flow Analysis
($ millions)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Operating cash flow before changes in working
capital	231.2	116.9	609.7	282.0
Changes in non-cash working capital	(83.6)	(31.9)	(110.3)	(51.8)
Other non-cash changes	5.8	2.0	12.2	2.1
Total cash flow from operating activities	153.4	87.0	511.6	232.3
Total cash flow used in investing activities	(132.3)	(125.2)	(361.4)	(379.9)
Total cash flow (used in) from financing activities	(22.5)	37.8	27.4	160.7
Effect of foreign exchange rates on cash and cash equivalents	(0.2)	0.3	—	(1.3)
Net change in cash and cash equivalents	**(1.5) **	(0.1)	177.7	11.8
Openingcash and cash equivalents	310.8	137.9	131.6	126.0
Closing cash and cash equivalents	309.3	137.8	309.3	137.8
			September	December
			30, 2025	31, 2024
Total assets	5,642.4	5,380.9	6,974.5	6,365.0
Total non-current financial liabilities	993.9	709.5	1,208.3	977.9

2 Certain of prior period comparative figures have been reclassified to conform with the current year's presentation

Operating Activities

Operating cash flows improved significantly in the third quarter compared to the same period last year, reflecting higher sales volumes and copper prices.

During the third quarter, changes in working capital resulted in a use of cash of $83 million primarily related to timing of collections on copper sales compared to a $32 million use of cash in the third quarter of 2024.

Investing Activities

Expenditures on property, plant and equipment were $132 million in the third quarter, including $66 million on capital stripping, $48 million on sustaining capital and $18 million of capitalized exploration costs and expansionary capital.

Investing cash flows in the third quarter of 2024 include $19 million of capitalized finance costs prior to MVDP achieving commercial production at the end of Q3 2024.

Financing Activities

During the third quarter of 2025, the company drew $34 million on the corporate revolving credit facility and drew at net $6 million on working capital facilities.

Interest and finance costs included as financing activities were $42 million compared to $1.5 million in the same period last year reflecting borrowing costs that were previously capitalized on MVDP and therefore included as investing activities in the comparative period.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 28

4.4 Liquidity and Financial Position

2025 YTD Change in Net (debt)

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0
$610
(250)
$(98)
$(160)
(500) $39
$(143)
$(57)
$(79)
$(22)
$(35)
(750)
$(742) $(38) $(726)
December Operating WC Capitalized Sustaining Expansionary WC facility Interest Upfront KORES Leases, September
31, 2024 cash flow changes Stripping CAPEX capital & fees derivatives 30, 2025
exploration and other
$M
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Capstone Copper's available liquidity[1] as at September 30, 2025, was $1.07 billion, which included $310.1 million of cash and cash equivalents and short-term investments, and $761 million of undrawn amounts on the $1 billion RCF.

The decrease in Net (debt)[1] as at September 30, 2025, compared to December 31, 2024, is primarily attributable to strong operating cash flow from higher copper production offset by, capital spend on projects including capitalized stripping, the final payment to KORES under the 2021 Share Purchase Agreement, interest on debt, upfront finance fees and lease payments.

Credit Facilities

As at September 30, 2025, Capstone Copper was in a net (debt)[1] position of $725.8 million with $984.0 million long-term debt drawn in total, and $51.9 million drawn on the COF with Mitsubishi Materials Corporation ("MMC"), which is presented in Due to Related Party on the consolidated balance sheet. As at September 30, 2025, the $984.0 million of long-term debt drawn consists of $600.0 million on the Senior Notes, $238 million drawn on the RCF and $145.0 million on the term loan.

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 provides a guarantee of the Revolving Credit Facility.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 29

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 180 days after closing, 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. At September 30, 2025, $238 million was drawn on the RCF.

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). In June 2025, the Company fully repaid the $477.5 million that was outstanding on the facilities and closed out the associated interest rate swap.

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 September 30, 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.

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. During the nine months ended September 30, 2025, the Company drew $137.6 million from its working capital facilities and repaid $99.0 million. The working capital facilities are included in Other Liabilities on the consolidated statement of financial position.

Mantoverde Cost Overrun Facility ("COF")

MMC agreed to provide a $60 million COF in exchange for additional offtake of copper concentrate production under a 10-year contract. The COF initially carried an interest rate of 3-month US$ LIBOR plus 1.70% and amortizing over 37 quarters from September 30, 2024. As a result of Interest Rate Benchmark Reform, the Company completed the transition from LIBOR to an adjusted secured overnight financing rate ("SOFR") with MMC. The transition resulted in a variable rate of SOFR compounded daily to a 3-month period plus 0.2616% per annum, with margins unchanged. At September 30, 2025, $51.9 million was outstanding on the COF.

Hedging

The Company currently has hedging programs for copper commodity, foreign exchange rates, and provisionally priced sales contracts. Below is a summary of the fair values of unsettled derivative financial instruments for the Company's hedging contracts recorded on the consolidated statement of financial position. As at September 30, 2025, the Company held no derivatives designated as hedged instruments under formal hedge accounting.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 30

	September	30, 2025	December	31,2024
Derivative financial assets:
Foreign currency contracts Quotational pricing contracts Copper commodity contracts	$	306 — —	$	— 5,993 10,545
Interest rate swapcontracts		—		19,803
Total derivative financial assets	$	306	$	36,341
Derivative financial liabilities:
Foreign currency contracts		681		3,709
Quotationalpricingcontracts		15,611		—
Total derivative financial liabilities	$	17,201	$	3,709

Financial Capability

The Company’s ability to service its ongoing obligations and cover anticipated corporate, exploration and development costs associated with its existing operations is dependent on the Mantoverde, Mantos Blancos, Pinto Valley, and Cozamin mines generating positive cash flow and available liquidity[1] . We have reasonable expectations for the Company's operating performance, additional liquidity options are available such as debt and capital market access, the RCF of $1 billion, and the hedging programs described above, which all provide protection and significant available liquidity.

On February 8, 2024, the Company and Orion closed a bought deal financing with a syndicate of underwriters. In connection with the Offering, 56,548,000 Common Shares were issued by the Company with a value of C$6.30 per common share raising total proceeds, net of transaction costs, of $252.9 million.

On April 5, 2024, the Company and Orion announced that Orion entered into a block trade agreement to sell 62.4 million Clearing House Electronic Subregister System ("CHESS") depository interests (“CDIs”) of Capstone Copper (or the equivalent of 62.4 million fully paid Common Shares of Capstone Copper) at a price of A$9.50 per CDI, for gross proceeds to Orion of approximately A$592.8 million. Post transaction, Orion owns 90.5 million common shares, representing approximately 12.0% of the outstanding common shares of Capstone Copper.

Outstanding Share Data and Dilution Calculation

The Company is authorized to issue an unlimited number of common shares without par value. The table below summarizes the Company’s common shares and securities convertible into common shares as at October 30, 2025:

Issued and outstanding	763,360,808
Share options outstanding at a weighted average exercise price of $7.24	3,695,213
Treasury share units outstanding at a weighted average exercise price of $6.72	3,757,190
Fullydiluted	770,813,211

Under the Treasury Share Unit Plan, the Company has the ability to settle the units in shares up to 3.5% of the total issued and outstanding common shares of Capstone Copper.

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.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 31

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 Senior Notes, RCF and the term loan contain various affirmative, financial 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 agreements. As at September 30, 2025, the Company was in compliance with the covenants and requirements of the Senior Notes, RCF and the term loan.

4.5 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 Osisko Bermuda Limited ("Osisko")

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 to Osisko Bermuda Limited ("Osisko"). Osisko 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%. Mantos Blancos has delivered 7.1 million silver ounces from contract inception until September 30, 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.

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

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 32

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.

Other contracts

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.

Provisions

Provisions of $249.1 million at September 30, 2025, includes the following:

• $205.4 million for reclamation and closure cost obligations at Capstone Copper’s operating mines;

• $38.3 million related to other long-term closure obligations at the Cozamin and Chilean mines;

• $1.8 million for the long-term portion of the Minto obligation as Minto ceased operations during Q2 2023 (see below) and the current portion $10.4 million is recorded in other liabilities; and

• $3.6 million for the long-term portion of the share-based payment obligations associated with the Share Unit Plan. The current portion of the share-based payment obligations of $11.1 million is recorded in other liabilities.

Minto Obligation

On June 3, 2019, the Company completed the sale of its 100% interest in the Minto Mine and in conjunction with the completion of the sale, Minto had posted a surety bond to cover potential future reclamation liabilities. The Company remains an indemnitor for Minto’s previous C$72 million surety bond obligation in the Yukon. During Q2 2023, Minto ceased operations and the Yukon Government took over all reclamation activities. As Minto defaulted on the surety bond in Q2 2023, Capstone Copper has recognized a provision related to the Company's obligations towards the issuer of the surety bond. During the three months ended September 30, 2025, the Company made payments of $7.8 million, to the Yukon Government for reclamation work performed. As at September 30, 2025, the total remaining provision is $12.2 million, of which $10.4 million represents the current portion and is recorded in other current liabilities.

Precious Metal Streams

Cozamin Silver Stream

On February 19, 2021, Capstone Mining concluded the precious metals purchase arrangement with Wheaton Precious Metals Corp. ("Wheaton") whereby the Company received upfront cash consideration of $150 million against delivery of 50% of the silver production from the Company’s Cozamin mine until 10 million ounces have been delivered, thereafter dropping to 33% of silver production for the remaining life of the mine. Cozamin has delivered 3.0 million silver ounces since contract inception until September 30, 2025.

The Company recorded the upfront cash consideration received as deferred revenue and recognizes amounts in revenue as silver is delivered under the arrangement. For the three and nine months ended September 30, 2025, the amount of the deferred revenue liability recognized as revenue was $3.9 million and $9.7 million, respectively. As at September 30, 2025, the silver stream deferred revenue balance was $114.5 million.

Santo Domingo Gold Stream

On April 21, 2021, Capstone Mining received an early deposit of $30 million in relation to the precious metals purchase arrangement with Wheaton effective March 24, 2021. If completion has not been achieved on or before the third-anniversary date of receiving the early deposit, an early deposit delay payment will be triggered that would require 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. In the fourth quarter of 2023, the Company recorded an obligation under

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 33

the gold stream of $7.1 million. As at September 30, 2025, the value of the obligation is $11.7 million, and the Company has delivered 1.8 thousand gold ounces to Wheaton as part of the early deposit delay payment.

The Company recorded the upfront early deposit of $30 million received as deferred revenue and will recognize amounts in revenue as gold is delivered under the arrangement. For the period ended September 30, 2025, there was no amortization of the deferred revenue liability recognized as revenue. As at September 30, 2025, the gold stream deferred revenue balance was $40.1 million.

Purchase of Non-Controlling Interest from KORES

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 has been recognized as a short-term liability as it is payable in April 2026. During the three and nine months ended September 30, 2025, $nil and $0.5 million (September 30, 2024 - $0.5 million and $1.5 million) of accretion was recorded in finance expense in the consolidated statements of income.

Off-Balance Sheet Arrangements

As at September 30, 2025, the Company had the following off-balance-sheet arrangements:

• those disclosed under Note 23 "Commitments" in the condensed interim consolidated financial statements for the three and nine months ended September 30, 2025;

• seven surety bonds totalling $266.6 million.

4.6 Transactions with Related Parties

As described in the Nature of Business section, Capstone Copper has related party relationships, as defined by IFRS Accounting Standards, with its key management personnel.

Related party transactions and balances are disclosed under Note 13 "Non-Controlling Interest" in the condensed interim consolidated financial statements for the ended September 30, 2025.

4.7 Subsequent events

On October 13, 2025, Capstone entered into an agreement with fund entities managed by Orion Resources 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 $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,

Concurrent with the transaction, Capstone and Orion entered into an equity subscription agreement pursuant to which Orion will subscribe for common shares of the Company for cash consideration of $10 million at a price representing a 5% premium to the five-day volume-weighted average price, prior to announcement and subject to approval by the Toronto Stock Exchange.

4.8 Accounting Changes

Changes in Accounting Policies and Material Accounting Estimates and Judgments

Accounting policies as well as any changes in accounting policies are discussed in Note 3 "Material Accounting Policy Information, Estimates and Judgments" of the September 30, 2025 condensed interim consolidated financial statements.

New IFRS Accounting Standards Pronouncements

New IFRS Accounting Standards Pronouncements are discussed in Note 4 "Adoption of New and Revised IFRS Accounting Standards and IFRS Accounting Standards Not Yet Effective" of the September 30, 2025 condensed interim consolidated financial statements.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 34

5.0 NON-GAAP AND OTHER PERFORMANCE MEASURES

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

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

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 35

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

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

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 36

Three Months Ended September 30, 2025

Three Months Ended September 30, 2025
	Q3 2025
	Mantoverde	Mantos Blancos	Pinto Valley	Cozamin	Total
Payable copper produced (000s pounds) Production costs of metal produced (per financials) Transportation cost to point of sale Inventory reversal (write-down) Inventoryworkingcapital adjustments	51,261 ($ million) $/lb2 139.5 2.72 (4.3) (0.08) 1.3 0.02 3.4 0.07	32,970 ($ million) $/lb2 84.7 2.57 (3.8) (0.11) (0.9) (0.03) (10.9) (0.33)	21,189 ($ million) $/lb2 77.4 3.65 (4.4) (0.21) 0.9 0.04 1.3 0.06	13,000 ($ million) $/lb2 28.1 2.16 (1.5) (0.12) — — (1.3) (0.10)	118,420 ($ million) $/lb2 329.6 2.78 (14.0) (0.12) 1.2 0.01 (7.5) (0.06)
Cash production costs of metal produced By-product credits Treatment and selling costs Transportation costs topoint of sale	140.0 2.73 (35.0) (0.68) 7.0 0.14 4.3 0.08	69.1 2.10 (0.8) (0.03) 1.8 0.06 3.8 0.11	75.2 3.55	25.3 1.95	309.3 2.61 (47.4) (0.40) 10.7 0.09 14.0 0.12
			(4.1) (0.19)	(7.5) (0.57)
			1.6 0.07 4.4 0.21	0.3 0.02 1.5 0.12
C1 cash cost	116.3 2.27	73.9 2.24 77.1 3.63		19.6 1.51	286.6 2.42
Royalties Production-phase capitalized stripping Sustaining capital Sustaining lease payments Accretion of reclamation obligation Amortization of reclamation asset Corporate G&A and sustainingcapital	— — 19.1 0.37 18.8 0.37 3.3 0.06 0.6 0.01 0.1 — — —	2.7 0.08 32.3 0.98 27.2 0.83 4.8 0.15 0.7 0.02 0.3 0.01 — —	0.3 0.01 14.5 0.68 19.7 0.93 6.4 0.30 0.9 0.04 0.1 — — —	1.3 0.10 0.2 0.01 6.3 0.49 0.2 0.01 0.7 0.05 0.5 0.04 — —	4.3 0.04 66.0 0.56 72.1 0.61 14.6 0.12 2.9 0.02 1.0 0.01 11.1 0.09
All-in sustaining cost adjustments All-in sustaining cost	41.9 0.81 158.2 3.08	68.0 2.07 141.9 4.31	41.9 1.95 119.0 5.58	9.2 0.71 28.8 2.22	172.0 1.45 458.6 3.87
On-site costs Mining Processing Site G&A	42.5 0.83 88.1 1.72 9.3 0.18	12.0 0.37 50.4 1.53 6.6 0.20	20.5 0.97 43.4 2.05 11.2 0.52	14.0 1.08 6.7 0.51 4.6 0.35	89.0 0.75 188.5 1.59 31.8 0.27
Cash production costs of metal produced	140.0 2.73	69.1 2.10	75.2 3.54	25.3 1.95	309.4 2.61

2 Totals may not add based on amounts presented in this table due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 37

Nine Months Ended September 30, 2025

	2025 YTD	2025 YTD	2025 YTD	2025 YTD	2025 YTD
	Mantoverde	Mantos Blancos	Pinto Valley	Cozamin	Total
Payable copper produced (000s pounds) Production costs of metal produced (per financials) Transportation cost to point of sale Inventory reversal (write-down) Inventoryworkingcapital adjustments	153,583 ($ million) $/lb2 422.2 2.75 (12.5) (0.08) 2.1 0.01 (2.6) (0.02)	96,351 ($ million) $/lb2 216.3 2.25 (9.7) (0.10) (0.9) (0.01) (2.1) (0.02)	65,974 ($ million) $/lb2 245.8 3.73 (15.9) (0.24) 0.8 0.01 2.1 0.03	40,592 ($ million) $/lb2 76.5 1.88 (4.3) (0.11) — — (0.1) —	356,500 ($ million) $/lb2 960.8 2.70 (42.4) (0.12) 2.0 0.01 (2.7) (0.01)
Cash production costs of metal produced By-product credits Treatment and selling costs Transportation costs topoint of sale	409.1 2.66 (81.4) (0.53) 21.8 0.14 12.5 0.08	203.6 2.11 (2.0) (0.02) 5.0 0.05 9.7 0.10	232.8 3.53 (7.3) (0.11) 8.6 0.13 15.9 0.24	72.1 1.77 (20.3) (0.50) 1.7 0.04 4.3 0.11	917.7 2.57 (111.0) (0.31) 37.1 0.10 42.4 0.12
C1 cash cost	362.0 2.36	216.3 2.24 250.0 3.79		57.8 1.42	886.2 2.49
Royalties Production-phase capitalized stripping Sustaining capital Sustaining lease payments Accretion of reclamation obligation Amortization of reclamation asset Corporate G&A and sustainingcapital	— — 45.5 0.30 52.2 0.34 10.2 0.07 1.7 0.01 0.4 — — —	6.4 0.07 80.7 0.84 60.8 0.63 15.3 0.16 2.2 0.02 0.9 0.01 — —	1.5 0.02 33.5 0.51 56.6 0.86 12.4 0.19 2.8 0.04 — — — —	2.9 0.07 0.7 0.02 16.0 0.39 0.3 0.01 1.9 0.05 1.4 0.04 — —	10.8 0.03 160.4 0.45 185.6 0.52 38.3 0.11 8.6 0.02 2.7 0.01 30.8 0.09
All-in sustaining cost adjustments All-in sustaining cost	110.0 0.72 472.0 3.07	166.3 1.73 382.6 3.97	106.8 1.62 356.8 5.41	23.2 0.58 81.0 1.99	437.2 1.23 1,323.4 3.71
On-site costs Mining Processing Site G&A	138.5 0.90 245.7 1.60 25.0 0.16	42.2 0.44 141.9 1.47 19.5 0.20	61.3 0.93 140.4 2.13 31.0 0.47	43.1 1.06 16.7 0.41 12.3 0.30	285.1 0.80 544.7 1.53 87.8 0.25
Cash production costs of metal produced	409.1 2.66	203.6 2.11	232.8 3.53	72.1 1.77	917.7 2.57

2 Totals may not add based on amounts presented in this table due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 38

Three Months Ended September 30, 2024

	Q3 2024	Q3 2024	Q3 2024	Q3 2024	Q3 2024
	Mantoverde	Mantos Blancos	Pinto Valley	Cozamin	Total
Payable copper produced (000s pounds) Production costs of metal produced (per financials) Transportation cost to point of sale2 Inventory reversal (write-down) Inventoryworkingcapital adjustments	37,929 ($ million) $/lb3 97.6 2.57 (1.5) (0.04) — — 5.7 0.15	21,371 ($ million) $/lb3 72.6 3.40 (2.4) (0.11) 0.7 0.03 (3.3) (0.15)	29,797 ($ million) $/lb3 82.0 2.75 (7.6) (0.26) (0.2) (0.01) 1.9 0.06	12,760 ($ million) $/lb3 26.6 2.08 (1.7) (0.13) — — (0.6) (0.05)	101,857 ($ million) $/lb3 278.8 2.74 (13.3) (0.13) 0.5 — 3.8 0.03
Cash production costs of metal produced By-product credits2 Treatment and selling costs2 Transportation costs topoint of sale2	101.8 2.68 (7.0) (0.19) 4.2 0.11 1.5 0.04	67.6 3.16 (0.1) — 7.2 0.34 2.4 0.11	76.1 2.55 (4.8) (0.16) 8.3 0.28 7.6 0.26	24.3 1.91 (4.8) (0.38) 2.8 0.22 1.7 0.13	269.8 2.65 (16.7) (0.16) 22.5 0.22 13.2 0.13
C1 cash cost	100.5 2.64	77.1 3.60	87.3 2.93	24.0 1.88	288.8 2.84
Royalties Production-phase capitalized stripping Sustaining capital Sustaining lease payments Accretion of reclamation obligation Amortization of reclamation asset Corporate G&A and sustainingcapital	— — 16.3 0.43 9.1 0.24 4.9 0.13 0.4 0.01 — — — —	1.3 0.06 19.2 0.90 19.4 0.91 3.8 0.18 0.6 0.03 0.2 0.01 — —	0.3 0.01 — — 20.0 0.67 2.1 0.07 0.3 0.01 — — — —	1.4 0.11 0.3 0.02 5.0 0.39 — — 0.6 0.05 0.6 0.05 — —	3.0 0.03 35.8 0.35 53.5 0.52 10.8 0.11 1.9 0.02 0.8 0.01 10.2 0.10
All-in sustaining cost adjustments All-in sustaining cost	30.7 0.81	44.5 2.09	22.7 0.76	7.9 0.62	116.0 1.14
	131.2 3.45	121.6 5.69	110.0 3.69	31.9 2.50	404.8 3.98
On-site costs Mining Processing Site G&A
	35.8 0.94	21.4 1.00 40.4 1.89 5.8 0.27	18.3 0.61 48.3 1.62 9.5 0.32	15.8 1.24 5.2 0.41 3.3 0.26	91.3 0.90 152.7 1.50 25.8 0.25
	58.8 1.55 7.2 0.19
Cashproduction costs of metalproduced	101.8 2.68	67.6 3.16	76.1 2.55	24.3 1.91	269.8 2.65

2 Certain of prior period comparative figures have been reclassified to conform with the current year's presentation.

3 Totals may not add based on amounts presented in this table due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 39

Nine Months Ended September 30, 2024

	2024 YTD	2024 YTD	2024 YTD	2024 YTD	2024 YTD
	Mantoverde	Mantos Blancos	Pinto Valley	Cozamin	Total
Payable copper produced (000s pounds) Production costs of metal produced (per financials) Transportation cost to point of sale2 Inventory reversal (write-down) Inventoryworkingcapital adjustments	78,042 ($ million) $/lb3 248.8 3.19 (2.2) (0.03) 1.3 0.02 2.4 0.03	66,448 ($ million) $/lb3 208.5 3.14 (7.1) (0.11) 0.1 — (0.5) (0.01)	97,283 ($ million) $/lb3 238.3 2.45 (22.9) (0.24) (0.2) — 0.4 —	38,522 ($ million) $/lb3 76.5 1.99 (4.4) (0.11) — — (0.2) (0.01)	280,295 ($ million) $/lb3 772.1 2.75 (36.6) (0.13) 1.2 — 2.1 0.01
Cash production costs of metal produced By-product credits2 Treatment and selling costs2 Transportation costs topoint of sale2	250.3 3.21 (7.0) (0.09) 5.3 0.07 2.2 0.03	201.0 3.02 (0.4) (0.01) 10.8 0.16 7.1 0.11	215.6 2.22 (10.6) (0.11) 28.0 0.29 22.9 0.24	71.9 1.87 (13.8) (0.36) 8.5 0.22 4.4 0.11	738.8 2.64 (31.8) (0.11) 52.6 0.19 36.6 0.13
C1 cash cost	250.8 3.22	218.5 3.29	255.9 2.64	71.0 1.84	796.2 2.84
Royalties Production-phase capitalized stripping Sustaining capital Sustaining lease payments Accretion of reclamation obligation Amortization of reclamation asset Corporate G&A and sustainingcapital	— — 18.7 0.24 21.9 0.28 11.7 0.15 1.6 0.02 — — — —	4.0 0.06 54.5 0.82 39.2 0.59 8.6 0.13 2.0 0.03 0.7 0.01 — —	1.9 0.02 — — 37.9 0.39 5.8 0.06 1.0 0.01 — — — —	3.5 0.09 0.8 0.02 16.6 0.43 — — 1.9 0.05 1.9 0.05 — —	9.4 0.03 74.0 0.27 115.6 0.41 26.1 0.10 6.5 0.02 2.6 0.01 25.2 0.09
All-in sustaining cost adjustments All-in sustaining cost	53.9 0.69	109.0 1.64	46.7 0.48	24.7 0.64	259.4 0.93
	304.7 3.91	327.5 4.93	302.6 3.12	95.7 2.48	1,055.6 3.77
On-site costs Mining Processing Site G&A
	85.1 1.09 145.0 1.86 20.3 0.26	62.5 0.94 121.8 1.83 16.7 0.25	57.3 0.59 131.2 1.35 27.1 0.28	45.1 1.17 16.5 0.43 10.4 0.27	249.9 0.89 414.4 1.48 74.5 0.27
Cashproduction costs of metalproduced	250.3 3.21	201.0 3.02	215.6 2.22	71.9 1.87	738.8 2.64

2 Certain of prior period comparative figures have been reclassified to conform with the current year's presentation.

3 Totals may not add based on amounts presented in this table due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 40

By-Product Credits Reconciliation

Three Months Ended September 30, 2025

($ millions) Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total2
Revenue Copper concentrate 146.9 153.3 91.8 53.1 — Copper cathode 84.1 19.1 4.2 — — Silver — 0.9 1.8 11.3 — Molybdenum — — 1.2 — — Gold 28.0 — (0.8) — —	445.1 107.4 14.0 1.2 27.2
Revenue from contracts 259.0 173.3 98.2 64.4 — Copper concentrate 11.5 7.5 0.6 1.5 (13.9) Copper cathode (1.0) (1.0) — — — Silver — — — — — Gold 7.0 — 2.0 — —	594.9 7.2 (2.0) — 9.0
Pricing and volume adjustments 17.5 6.5 2.6 1.5 (13.9) Treatment and sellingcosts (7.0) (1.8) (1.6) (0.3) —	14.2 (10.7)
Net revenue 269.5 178.0 99.2 65.6 (13.9) Reconciliation of by-product credits Silver — 0.9 1.8 11.3 — Molybdenum — — 1.2 — — Gold 35.0 — 1.2 — —	598.4 14.0 1.2 36.2
Subtotal 35.0 0.9 4.2 11.3 — Less: deferred revenue — — — (3.5) —	51.4 (3.5)
By-product credits 35.0 0.9 4.2 7.8 — Payable copper produced (000s pounds) 51,261 32,970 21,189 13,000 —	47.9 118,420
Amount per pound ($) 0.68 0.03 0.20 0.60 —	0.40

2 Totals may not sum due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 41

Three Months Ended September 30, 2024

Three Months Ended September 30, 2024
($ millions) Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Revenue Copper concentrate 54.9 74.4 118.3 54.3 — Copper cathode 85.3 15.6 6.7 — — Silver — (0.2) 2.2 8.8 — Molybdenum — — (0.1) — — Gold 6.7 2.5 —	301.9 107.6 10.8 (0.1) 9.2
Revenue from contracts 146.9 89.8 129.6 63.1 — Copper concentrate 4.8 2.8 1.9 0.1 (1.8) Copper cathode 0.8 — — — — Silver — 0.1 (0.2) 0.2 — Molybdenum — — (0.1) — — Gold 0.4 — 0.2 — —	429.4 7.8 0.8 0.1 (0.1) 0.6
Pricing and volume adjustments 6.0 2.9 1.8 0.3 (1.8) Treatment and sellingcosts (4.5) (3.6) (8.2) (2.9) —	9.2 (19.2)
Net revenue 148.4 89.1 123.2 60.5 (1.8) Reconciliation of by-product credits Silver — (0.1) 2.0 9.0 — Molybdenum — — (0.2) — — Gold 7.1 — 2.7 — —	419.4 10.9 (0.2) 9.8
Subtotal 7.1 (0.1) 4.5 9.0 — Less: deferred revenue — — — (4.1) —	20.5 (4.1)
By-product credits 7.1 (0.1) 4.5 4.9 — Payable copper produced (000s pounds) 37,929 21,371 29,797 12,760 —	16.4 101,857
Amount per pound ($) 0.19 — 0.15 0.38 —	0.16

2 Totals may not sum due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 42

Nine Months Ended September 30, 2025

($ millions) Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total2
Revenue Copper concentrate 467.7 372.5 273.8 167.4 — Copper cathode 234.1 53.5 16.5 — — Silver — 2.0 4.9 29.7 — Molybdenum — — 1.2 — — Gold 71.0 — 2.6 — —	1,281.4 304.1 36.6 1.2 73.6
Revenue from contracts 772.8 428.0 299.0 197.1 — Copper concentrate 17.1 9.3 7.6 2.4 (29.7) Copper cathode (0.2) (0.7) — — — Silver — — — 0.4 — Gold 10.4 — (1.5) — —	1,696.9 6.7 (0.9) 0.4 8.9
Pricing and volume adjustments 27.3 8.6 6.1 2.8 (29.7) Treatment and sellingcosts (21.8) (5.0) (8.6) (1.7) —	15.1 (37.1)
Net revenue 778.3 431.6 296.5 198.2 (29.7) Reconciliation of by-product credits Silver — 2.0 4.9 30.1 — Molybdenum — — 1.2 — — Gold 81.4 — 1.1 — —	1,674.9 37.0 1.2 82.5
Subtotal 81.4 2.0 7.2 30.1 — Less: deferred revenue — — — (9.7) —	120.7 (9.7)
By-product credits 81.4 2.0 7.2 20.4 — Payable copper produced (000s pounds) 153,583 96,351 65,974 40,592 —	111.0 356,500
Amount per pound ($) 0.53 0.02 0.11 0.50 —	0.31

2 Totals may not sum due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 43

Nine Months Ended September 30, 2024

Nine Months Ended September 30, 2024
($ millions) Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Revenue Copper concentrate 54.9 231.8 398.1 160.6 — Copper cathode 253.8 49.9 20.5 — — Silver — 0.3 5.9 25.2 — Molybdenum — — 1.7 — — Gold 6.7 — 2.4 — —	845.3 324.1 31.5 1.7 9.1
Revenue from contracts 315.4 282.0 428.6 185.8 — Copper concentrate 4.8 (1.1) 1.2 0.1 (13.5) Copper cathode 0.7 0.1 — — — Silver — 0.1 — (0.1) — Molybdenum — — (0.2) — — Gold 0.4 — 0.8 — —	1,211.7 (8.5) 0.8 — (0.2) 1.2
Pricing and volume adjustments (0.9) 1.8 — (13.5) Treatment and sellingcosts (5.3) (10.8) (28.0) (8.5) —	(6.7) (52.6)
Net revenue 310.1 270.3 402.4 177.3 (13.5) Reconciliation of by-product credits Silver — 0.4 5.9 25.1 — Molybdenum — — 1.5 — — Gold 7.1 — 3.2 — —	1,152.4 31.4 1.5 10.3
Subtotal 7.1 0.4 10.6 25.1 — Less: deferred revenue — — — (11.2) —	43.2 (11.2)
By-product credits 7.1 0.4 10.6 13.9 — Payable copper produced (000s pounds) 78,042 66,448 97,283 38,522 —	32.0 280,295
Amount per pound ($) 0.09 0.01 0.11 0.36 —	0.11

2 Totals may not sum due to rounding.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 44

Reconciliation of Net (debt) / Net cash

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

($ millions)	September 30, 2025	December 31, 2024
Long-term debt (per financials), excluding deferred financing costs
of 20.7 and 1.5 and PPA fair value adjustments of nil and 5.7	(984.0)	(817.6)
COF	(51.9)	(56.8)
Add:
Cash and cash equivalents (per financials)	309.3	131.6
Short-term investments(per financials)	0.8	0.8
Net debt	**(725.8) **	(742.0)

Reconciliation of Attributable Net (debt) / Net cash

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

($ millions)	September 30, 2025	December 31, 2024
Attributable Long-term debt, excluding deferred financing costs of
20.7 and 1.5 and PPA fair value adjustments of nil and 5.7	(839.0)	(670.1)
Attributable COF	(36.3)	(39.8)
Add:
Attributable Cash and cash equivalents	251.4	108.5
Attributable Short-term investments	0.8	0.8
Attributable Net debt	**(623.1) **	(600.6)

Reconciliation of Available Liquidity

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

($ millions)	September 30, 2025 December 31, 2024
Revolving credit facility capacity	1,000.0 700.0 600.0 — 145.0 — — 491.6 (984.0) (817.6)
Senior Notes Term Loan MVDP debt facility Long-term debt (per financials), excluding deferred financing costs of 20.7 and 1.5 and PPA fair value adjustments of nil and 5.7 Cash and cash equivalents (per financials) Short-term investments(per financials)
	761.0 374.0 309.3 131.6 0.8 0.8
Available liquidity	1,071.1 506.4

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 45

Reconciliation of Adjusted Net Income Attributable To Shareholders

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

($ millions, except share and per share
amounts)	Q3 2025	Q3 2024	2025 YTD	2024 YTD
Net income attributable to shareholders	248.1	12.5	265.3	37.0
Inventory write-down	0.5	(0.8)	2.0	(2.3)
Unrealized loss (gain) on derivative
contracts	1.9	6.0	21.2	(1.2)
Realized gain on discontinuation of
Mantoverde derivative contracts	—	—	(10.8)	—
Share-based compensation expense	7.4	4.1	15.2	15.8
Unrealized foreign exchange (gain) loss	(0.5)	7.7	5.9	1.4
Collective bargaining agreement costs	1.4	—	3.4	—
Gold stream obligation	1.9	0.6	4.3	1.3
Minto obligation expense (recovery)	—	—	—	(7.3)
Loss (gain) on disposal of assets	2.0	—	2.0	(1.3)
Loss on extinguishment of debt	—	—	(3.8)	—
Reversal of impairment on mineral
properties (RE: Santo Domingo)	(209.5)	—	(209.5)	—
G&A - care and maintenance	0.1	0.1	0.3	0.3
Tax effect on the above adjustments	**(3.9) **	(4.8)	**(10.6) **	(1.8)
Adjusted net income attributable to
shareholders	49.4	25.4	84.9	41.9
Weighted average common shares - basic
(per financials)	762,261,156	758,258,475	750,885,473	746,857,323
Adjusted net income attributable to
shareholders of Capstone Copper
Corp. per common share - basic ($)	0.06	0.03	0.11	0.06
Weighted average common shares -
diluted (per financials)	763,894,972	760,049,404	751,854,904	748,464,308
Adjusted net income attributable to
shareholders of Capstone Copper
Corp. per common share - diluted($)	0.06	0.03	0.11	0.06

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 46

Reconciliation of Adjusted EBITDA

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

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

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

	Three months ended September 30, 2025	Three months ended September 30, 2025
($ millions)	Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Net (loss) income per financials Net finance costs Taxes Depletion and amortization	$ 61.3 $ 20.2 $ (0.5) $ 16.0 $ 165.4	$ 262.4
	11.5 3.5 2.3 2.3 15.5	35.1 18.8
	3.8 10.0 2.4 7.1 (4.5) 50.6 55.0 13.4 9.3 0.6
		128.9
EBITDA	127.2 88.7 17.6 34.7 177.0	445.2
Share-based compensation expense Total inventory (reversal) write-down Unrealized (gain) loss on derivatives Loss (gain) on disposal of assets Unrealized foreign exchange (gain) loss Collective bargaining agreement costs Gold stream obligation Unrealized provisional pricing and volume adjustments on revenue Reversal of impairment on mineral properties(RE: Santo Domingo)	0.3 0.8 — — 6.3 (0.6) 1.9 (0.3) 1.3 — — — — — 2.0 — — 2.0 — — (0.5) (0.5) (0.3) 0.6 — 2.1 — — — — — — — — 1.9 (5.8) (6.5) 0.2 (1.0) 9.6 — — — (209.5)	7.4 2.3 2.0 2.0 (0.7) 2.1 1.9 (3.5) (209.5)
Adjusted EBITDA	122.7 84.4 19.2 35.6 (12.7)	249.2

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 47

	Three months ended September 30, 2024	Three months ended September 30, 2024
($ millions)	Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Net income (loss) per financials Net finance costs Taxes Depletion and amortization	$ 15.4 $ (14.1) $ 19.2 $ 11.1 $ (14.6) 2.5 3.1 1.4 2.2 (0.1) 9.2 (8.1) 3.8 8.9 2.9 14.9 30.7 16.0 10.3 0.5	$ 17.0 9.1 16.7 72.4
EBITDA	42.0 11.6 40.4 32.5 (11.3)	115.2
Share-based compensation expense Total inventory (reversal) write-down (reversal) Realized (gain) loss on MVDP derivative contracts Unrealized (gain) loss on derivatives Unrealized foreign exchange loss Gold stream obligation Unrealized provisional pricing and volume adjustments on revenue	— — — — 4.1 — (1.0) 0.2 — — (5.5) — — — — 10.3 — — — (4.3) 4.2 3.0 0.1 0.1 0.3 — — — — 0.6 (5.9) (2.9) (1.8) (0.3) 4.5	4.1 (0.8) (5.5) 6.0 7.7 0.6 (6.4)
Adjusted EBITDA	45.1 10.7 38.9 32.3 (6.2)	120.8

	Nine months ended September 30, 2025	Nine months ended September 30, 2025
($ millions)	Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Net (loss) income per financials Net finance costs Taxes Depletion and amortization	$ 114.4 $ 32.5 $ (9.5) $ 55.0 $ 98.9 48.8 11.3 5.7 6.6 35.6 26.9 14.6 (3.0) 25.8 (7.2) 150.2 139.2 49.0 29.3 1.0	$ 291.3 108.0 57.1 368.7
EBITDA	340.3 197.6 42.2 116.7 128.3	825.1
Share-based compensation expense	0.4 1.3 1.1 0.5 11.9 (1.5) 1.9 (0.2) 1.3 — (18.7) — — — — 18.7 — — — 8.2 — — 2.0 — — (5.4) — — — — 2.8 1.8 0.2 0.6 1.3 4.9 — — — — — — — — 4.3 (15.6) (8.6) (3.4) (2.3) 21.6 — — — — (209.5)	15.2 1.5 (18.7) 26.9 2.0 (5.4) 6.7 4.9 4.3 (8.3) (209.5)
Total inventory (reversal) write-down
Realized (gain) on MVDP derivative contracts Unrealized loss on derivatives Loss (gain) on disposal of assets (Gain) on extinguishment of debt Unrealized foreign exchange loss Collective bargaining agreement costs Gold stream obligation Unrealized provisional pricing and volume adjustments on revenue Reversal of impairment on mineral properties(RE: Santo Domingo)
Adjusted EBITDA	325.9 194.0 41.9 116.8 (33.9)	644.7

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 48

	Nine months ended September 30, 2024	Nine months ended September 30, 2024
($ millions)	Mantoverde Mantos Blancos Pinto Valley Cozamin Other	Total
Net income (loss) per financials Net finance costs Taxes Depletion and amortization	$ 6.1 $ (21.2) $ 80.5 $ 34.9 $ (61.6) 5.1 6.4 3.5 6.8 3.3 4.9 (10.1) 17.2 24.9 6.5 47.0 75.6 59.2 30.8 0.5	$ 38.7 25.1 43.4 213.1
EBITDA	63.1 50.7 160.4 97.4 (51.3)	320.3
Share-based compensation expense Total inventory write-down (reversal) Realized (gain) loss on MVDP derivative contracts Unrealized (gain) loss on derivatives (Gain) loss on disposal of assets Unrealized foreign exchange (gain) loss Gold stream obligation Minto obligation Unrealized provisional pricing and volume adjustments on revenue	— — — — 15.8 (2.7) 0.2 0.2 — — 2.2 — — — — 1.1 — — — (2.3) (1.3) — — 0.1 (0.1) 2.0 0.5 — (0.4) (0.7) — — — — 1.3 — — — — (7.3) (5.8) 0.9 (1.9) — 2.0	15.8 (2.3) 2.2 (1.2) (1.3) 1.4 1.3 (7.3) (4.8)
Adjusted EBITDA	58.6 52.3 158.7 97.1 (42.6)	324.1

Other Non-GAAP measures

Sustaining Capital

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

Expansionary Capital

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

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 49

Additional Information and Reconciliations

Sales from Operations

	2025		2024
	Q1 Q2 Q3	Total	Q1 Q2 Q3 Q4 Total
Copper (tonnes) Concentrate Mantoverde Mantos Blancos Pinto Valley Cozamin	16,400 16,377 15,545 11,104 11,683 15,819 9,344 9,901 9,013 6,253 5,659 5,454	48,322 38,606 28,258 17,366	— — 6,088 11,499 17,587 8,981 7,620 8,254 11,444 36,299 13,818 15,198 12,750 10,404 52,170 5,709 5,718 5,837 6,357 23,621
Total Concentrate	43,101 43,620 45,831	132,552	28,508 28,536 32,929 39,704 129,677
Cathode Mantoverde Mantos Blancos Pinto Valley	7,811 7,882 8,383 1,499 1,994 1,773 723 482 381	24,076 5,266 1,586	9,778 8,463 9,344 7,967 35,552 1,806 1,926 1,688 1,519 6,939 663 823 723 824 3,033
Total Cathode	10,033 10,358 10,537	30,928	12,247 11,212 11,755 10,310 45,524
Total Copper	53,134 53,978 56,368	163,480	40,755 39,748 44,684 50,014 175,201
Zinc (000 pounds) Cozamin Molybdenum (tonnes) Pinto Valley Silver (000s ounces) Mantos Blancos Pinto Valley Cozamin_2_	— — — — — 23 224 282 390 52 43 39 318 292 285	— 23 896 134 895	(4) — — — (4) 18 25 1 7 51 215 188 198 243 844 60 75 69 58 262 291 297 309 332 1,229
Total	594 617 714	1,925	566 560 576 633 2,335
Gold (ounces) Mantoverde Pinto Valley	7,097 7,860 8,979 504 (504) 329	23,936 329	— — 2,905 5,177 8,082 (462) 209 975 132 854
Total	7,601 7,356 9,308	24,265	(462) 209 3,880 5,309 8,936

2 Excludes silver credits purchased and delivered under precious metal streaming arrangement.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 50

6.0 SELECTED QUARTERLY FINANCIAL INFORMATION

($ millions, exceptper share data)2	Q3 2025(i)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023
Revenue	598.4	543.2	533.3	446.9	419.4	393.1	339.9	353.7
Earnings from mining operations	131.5	107.1	84.9	57.0	63.9	72.5	18.1	21.6
Net income (loss) attributable to
shareholders	248.1	24.0	(6.8)	45.9	12.5	29.3	(4.8)	(12.3)
Net income (loss) per share
attributable to shareholders - basic	0.33	0.03	(0.01)	0.06	0.02	0.04	(0.01)	(0.02)
Net income (loss) per share
attributable to shareholders - diluted	0.32	0.03	(0.01)	0.06	0.02	0.04	(0.01)	(0.02)
Operating cash flow before changes in
non-cash working capital	231.2	212.4	166.1	132.8	116.9	102.9	62.1	80.4
Capital expenditures (including
capitalized stripping)	185.3	180.0	119.7	145.3	219.9	194.6	170.0	182.1

2 Certain prior period comparative figures have been reclassified to conform with the current year's presentation.

(i) Net income in Q3 2025 includes $209.5 million of impairment reversal on mineral properties.

7.0 MANAGEMENT'S REPORT ON INTERNAL CONTROLS AND OTHER INFORMATION

Disclosure Controls and Procedures (“DC&P”)

As at September 30, 2025, Capstone Copper's management, with the participation of its Chief Executive Officer & Director and Senior Vice President & Chief Financial Officer, has designed DC&P which provide reasonable assurance that material information related to Capstone Copper is identified and communicated in a timely manner.

Internal Control Over Financial Reporting (“ICFR”)

Capstone Copper’s management, with the participation of its Chief Executive Officer & Director and Senior Vice President & Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting (“ICFR”). Any system of ICFR, no matter how well designed, has inherent limitations and cannot provide absolute assurance that all misstatements and instances of fraud, if any, within the Company have been prevented or detected. Capstone Copper's ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards.

The Company uses the 2013 Internal Control – Integrated Framework published by The Committee of Sponsoring Organizations of the Treadway Commission (“2013 COSO framework”) as the basis for assessing its ICFR.

There have been no changes in the Company's ICFR that materially affected, or are reasonably likely to materially affect, ICFR during the period ended in September 30, 2025.

Other Information

Approval

The Board of Directors of Capstone Copper approved the disclosure contained in this MD&A. A copy of this MD&A will be provided to anyone who requests it from the Company. A copy of this MD&A is also available for viewing at the Company’s website at www.capstonecopper.com or on the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

Additional Information

Additional information is available for viewing at the Company’s website at www.capstonecopper.com or on the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 51

8.0 NATIONAL INSTRUMENT 43-101 COMPLIANCE

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

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

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

9.0 RISKS AND UNCERTAINTIES

For full details on the risks and uncertainties affecting the Company, please refer to the Annual Information Form dated March 26, 2025 (See section entitled "Risk Factors"). This document is available for viewing on the Company’s website at www.capstonecopper.com or on the Company’s profile on the SEDAR+ website at www.sedarplus.ca. Please also refer to the prospectus dated March 6, 2024, that is available on the Company's market announcements platform at www.asx.com.au and under the Company's issuer profile on SEDAR+ at www.sedarplus.ca.

The completion of the Orion Transaction is subject to conditions precedent and may be terminated in certain circumstances.

The completion of the Orion Transaction (“Transaction”) is subject to a number of conditions precedent, some of which are outside of Capstone’s or Orion’s control. There can be no certainty, nor can Capstone or Orion provide any assurance, that all conditions precedent to the Transaction will be satisfied or waived, or as to the timing of the satisfaction and waiver of such conditions precedent.

Each of Capstone and Orion has the right, in certain circumstances, in addition to termination rights relating to the failure to satisfy the conditions of closing, to terminate the Transaction. Accordingly, there can be no certainty, nor can Capstone provide any assurance, that the Transaction will not be terminated by either Capstone or Orion prior to the completion of the Transaction. In addition, if the Transaction is not completed by the Outside Date (as defined in the Investment Agreement), Capstone or Orion may terminate the Transaction. Any termination will result in the failure to realize the expected benefits of the Transaction in respect of the operations and business of Capstone.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 52

The market price of the Common Shares may be materially adversely affected in certain circumstances

If, for any reason, the Orion Transaction (“Transaction”) is not completed or its completion is materially delayed and/or the Transaction is terminated, the market price of the Common Shares may be materially adversely affected and decline to the extent that the current market price of the Common Shares reflects a market assumption that the Transaction will be completed. Depending on the reasons for terminating the Transaction, Capstone’s financial condition could also be subject to various material adverse consequences.

Challenges and conflicts may arise in partnerships and joint arrangements

If the Orion Transaction (“Transaction”) is completed, Capstone will hold a 75% interest in the Santo Domingo Project and the Sierra Norte Project, with the remaining 25% being held by Orion. Capstone’s operations at Santo Domingo Project and the Sierra Norte Project will be subject to the risks normally associated with the conduct of non-wholly owned projects or joint arrangements, which depend on the nature of the interests held and may include but are not limited to, disagreement or conflict with the other shareholder on how to develop and operate the mine efficiently, inability of the partner to meet its obligations, a partner having economic or business interests or goals that are, or become, inconsistent with the Capstone’s business interests or goals, bankruptcy of the partner, disputes or disagreement arising between Capstone and its partner regarding operational or strategic decisions such as project financing, resource allocation, development milestones and offtake matters, litigation regarding joint project/joint venture matters, or breach, default or noncompliance of the partner in respect of the agreement with Capstone. The existence or occurrence of one or more of the foregoing circumstances and events could have a material adverse impact on the profitability, future cash flows, earnings, results of operations and financial condition of Capstone.

There are uncertainties and risks related to the potential development of the Santo Domingo Project.

The development of the Santo Domingo Project will require securing financing, and fulfilling value-enhancing milestones agreed to in its equity partnership agreement.. Capstone’s ability to secure financing at reasonable terms and reach a positive final investment decision for Santo Domingo Project may be influenced by future prices of commodities and the market for project debt.

Various factors may influence the ability to further enhance the value of the Santo Domingo Project including but not limited to the expected timing for commencement of construction, the realization of mineral reserve estimates, grade or recovery rates, an increase in capital requirements or construction expenditures, the validity of required permits, the ability to obtain required permits, the timing and terms of a power purchase agreement, title disputes, claims and limitations on insurance coverage or extreme weather events. Delays to the development of the Santo Domingo Project may be influenced by factors such as dependence on key personnel, availability of contractors, accidents, labour pool constraints, labour disputes, availability of infrastructure, objections by the communities or environmental lobby of the Santo Domingo Project and associated infrastructure and other risks of the mining industry. These events could have a material adverse effect on Capstone’s financial condition, business, operating results and prospects.

Any changes in the Santo Domingo Project parameters or development and construction delays may impact the timing and amount of estimated future production, costs of production, success of mining operations, environmental compliance, and reclamation requirements.

1 These are non-GAAP performance measures. Refer to the MD&A section titled “Non-GAAP and Other Performance Measures”. Page 53