Capstone Copper Reports Record Fourth Quarter 2025 Results Revenue reaches new all-time high Record low C1 cash costs1 Adjusted EBITDA1 sets quarterly record, up last five quarters
NEWS RELEASE TSX:CS ● ASX:CSC ● capstonecopper.com
March 2, 2026
Capstone Copper Reports Record Fourth Quarter 2025 Results Revenue reaches new all-time high Record low C1 cash costs1 Adjusted EBITDA1 sets quarterly record, up last five quarters
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX: CSC) today reported financial results for the three months and year ended December 31, 2025 (“Q4 2025”). Link HERE for Capstone’s Q4 2025 webcast presentation. Unless otherwise stated, results are presented in United States dollars on a 100% basis.
Cashel Meagher, President and CEO of Capstone, commented: "2025 was an inflection point for Capstone, representing tangible delivery on peer leading growth with our copper production up 22%. Operationally, we met our consolidated production and cost guidance, driving record EBITDA generation. As we began to realize the benefits from completed projects, we also advanced our future phases of growth by sanctioning and beginning construction on Mantoverde Optimized, forming a partnership for our Santo Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district.
"In 2026, we are focused on delivering dependable operational results as we continue to advance our highreturn organic growth opportunities. This includes executing on the Mantoverde Optimized Project construction, tie-in and ramp-up, advancing Santo Domingo towards a sanctioning decision, and progressing our district growth strategy through exploration."
Q4 2025 OPERATIONAL AND FINANCIAL HIGHLIGHTS
- Record consolidated total contained copper production for Q4 2025 was 58,273 tonnes at C1 cash costs1 of $2.31/lb. Total Q4 2025 copper sold of 54,038 payable tonnes was approximately 2,600 tonnes below payable production largely driven by timing of sales at Mantoverde.
- Achieved 2025 production and cost guidance, with record consolidated copper production for the full year ended December 31, 2025 of 224,764 tonnes at C1 cash costs1 of $2.44/lb.
- Net income attributable to shareholders of $50.6 million, or $0.07 per share for Q4 2025 compared to net income attributable to shareholders of $45.9 million, or $0.06 per share for Q4 2024 primarily due to higher volumes of copper sold at a higher realized price. Net income attributable to shareholders for the full year 2025 was $315.9 million or $0.41 per share compared to $82.9 million or $0.11 per share for full year 2024.
- Adjusted net income attributable to shareholders1 of $78.7 million, or $0.10 per share for Q4 2025, compared to adjusted net income attributable to shareholders1 of $29.6 million in Q4 2024 primarily due to higher volumes of copper sold at a higher realized price. Adjusted net income
attributable to shareholders1 for the full year 2025 was $163.6 million or $0.21 per share.
- Record adjusted EBITDA1 of $308.0 million for Q4 2025 compared to $171.9 million for Q4 2024, primarily due to increased sulphide copper production and lower C1 cash costs1, in addition to higher copper prices. Adjusted EBITDA1 for the full year 2025 was $952.7 million compared to $496.1 million for full year 2024.
- Operating cash flow before changes in working capital of $287.3 million in Q4 2025 compared to $132.8 million in Q4 2024. Operating cash flows before changes in working capital for the
full year 2025 was $891.3 million.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”.
- Net debt1 of $780.1 million as at December 31, 2025, increased from $725.8 million as at September 30, 2025, as result of a negative working capital adjustment of $108.9 million mainly due to the timing of receivable collections, with sales activity weighted towards the latter part of the quarter. Total available liquidity1 of $1,015.2 million as at December 31, 2025, comprised of $304.2 million of cash and cash equivalents, and $711.0 million of undrawn amounts on the $1 billion corporate revolving credit facility.
- Released 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs1 of $2.45 to $2.75 per payable pound of copper, reflecting largely stable production compared to the prior year with additional growth expected in 2027 tied to Mantoverde Optimized, a return to higher copper grades at Mantos Blancos, and normalized throughput at Mantoverde and Pinto Valley.
- On February 5, the Company announced signing of a new three-year collective bargaining agreement with Mantoverde's Union #2, ending the strike action which commenced on January 2, 2026. Mantoverde has successfully negotiated three-year agreements with all four of its unions.
OPERATIONAL OVERVIEW
Refer to Capstone's Q4 2025 MD&A and Financial Statements for detailed operating results.
Q4 2025 Q4 2024 2025 2024 Sulphide business Copper production (tonnes)
| Mantoverde2 | 14,314 | 13,580 | 62,308 | 21,777 |
| Mantos Blancos | 14,985 | 12,165 | 54,793 | 37,744 |
| Pinto Valley | 11,423 | 11,626 | 42,382 | 57,272 |
| Cozamin | 6,170 | 6,724 | 25,348 | 24,907 |
| Mantoverde2 | 1.09 | 1.60 | 1.40 | 1.88 |
| Mantos Blancos | 1.70 | 2.21 | 1.92 | 2.85 |
| Pinto Valley | 3.53 | 3.46 | 3.72 | 2.80 |
| Cozamin | 0.98 | 1.62 | 1.32 | 1.78 |
| Total sulphides | 1.80 | 2.18 | 2.00 | 2.42 |
| Total sulphides | 46,891 | 44,095 | 184,830 | 141,700 |
| C1 cash costs1 ($/pound) produced |
Cathode business Copper production (tonnes)
| Mantoverde2 | 9,506 | 8,449 | 32,807 | 35,930 |
| Mantos Blancos | 1,876 | 1,398 | 7,126 | 6,830 |
| Mantoverde2 | 4.12 | 3.62 | 4.09 | 3.53 |
| Mantos Blancos | 3.83 | 3.70 | 3.94 | 3.41 |
| Total cathodes | 4.07 | 3.63 | 4.07 | 3.51 |
| Total cathodes | 11,382 | 9,847 | 39,934 | 42,760 |
| C1 cash costs1 ($/pound) produced |
Consolidated
| Copper production (tonnes) | 58,273 | 53,942 | 224,764 | 184,460 | ||
| C1 cash costs1 ($/pound) produced | 2.31 | 2.52 | 2.44 | 2.76 | ||
| Copper sold (tonnes) | 54,038 | 50,014 | 217,517 | 175,201 | ||
| Realized copper price1($/pound) | 5.36 | 4.04 | 4.66 | 4.16 |
2 Mantoverde shown on a 100% basis (Capstone Copper ownership 70%).
Sulphide Business
Q4 2025 sulphide production of 46,891 tonnes of copper in concentrate was 6% higher than 44,095 tonnes in Q4 2024. The increase compared to Q4 2024 was primarily driven by Mantos Blancos, which achieved record quarterly copper production supported by increased mill throughput and strong recoveries following the successful completion of the 2024 debottlenecking project and mine sequencing. Sulphide production at Mantoverde of 14,314 tonnes improved by 5% compared to Q4 2024, but was impacted by downtime due to repairs conducted on the mill motors throughout October and November. These improvements in Chile were partially offset by lower production at Pinto Valley and Cozamin, resulting primarily from lower mill throughput and recoveries.
2025 sulphide production increased by 30% to 184,830 tonnes from 141,700 tonnes in the prior year period. The improvement was primarily driven by Mantoverde following ramp-up of the Mantoverde Development Project and Mantos Blancos following the completion of the debottlenecking project. Cozamin also achieved a year-over year increase, supported by strong mill performance and a favourable grade profile. These gains were partially offset by a decrease in production at Pinto Valley, reflecting lower mill throughput, recoveries and ore grades.
Q4 2025 sulphide C1 cash costs1 decreased by 17% to $1.80/lb from $2.18/lb in Q4 2024, primarily due to higher sulphide production volumes, lower unit operating costs, and higher gold and silver prices resulting in stronger by-product credits. The improvement was driven mainly by Mantoverde sulphides ($1.09/lb) and Mantos Blancos sulphides ($1.70/lb), reflecting increased production in Q4 2024, with additional contributions from Cozamin ($0.98/lb), supported by stronger by-product credits and favourable foreign exchange movements. These positive impacts were partially offset by higher unit costs at Pinto Valley ($3.53/lb) due to lower throughput resulting from mill disruptions.
2025 sulphide C1 cash costs1 of $2.00/lb were 17% lower than $2.42/lb in 2024 primarily reflecting increased contributions from the lower-cost Mantoverde sulphides, as well as reduced unit costs at Mantos Blancos and Cozamin, partially offset by higher unit costs at Pinto Valley.
Cathode Business
Q4 2025 cathode production of 11,382 tonnes of copper was 16% higher than 9,847 tonnes in Q4 2024, primarily attributed to higher oxide grades and recoveries at Mantoverde and increased throughput at Mantos Blancos.
2025 cathode production decreased by 7% to 39,934 tonnes from 42,760 tonnes, reflecting lower heap leach grades and throughput at Mantoverde, partially offset by increased throughput at Mantos Blancos resulting from changes in the mine sequence.
Q4 2025 C1 cash costs1 for the cathode business increased to $4.07/lb in Q4 2025 from $3.63/lb in Q4 2024 and 2025 cathode C1 cash costs1 of $4.07/lb increased from $3.51/lb in 2024. The increase in cathode C1 cash costs1 was primarily driven by lower production volumes resulting from lower heap leach grades, as well as higher acid prices and consumption. The Company continues to actively manage this business segment through ongoing grade optimization and cost hedging strategies to maintain positive margin contribution.
Consolidated Production
Q4 2025 copper production of 58,273 tonnes was 8% higher than 53,942 tonnes in Q4 2024, primarily as a result of sulphide production ramping up at Mantoverde and Mantos Blancos.
2025 consolidated production of 224,764 tonnes of copper was 22% higher than 184,460 tonnes in 2024, mainly driven by increased copper production from the sulphide business with production ramping up at Mantoverde and Mantos Blancos.
Q4 2025 C1 cash costs1 of $2.31/lb were 8% lower than $2.52/lb in Q4 2024, primarily due to higher byproduct credits (-$0.22/lb) driven by increased gold production at Mantoverde and stronger gold and silver prices, as well as lower treatment and refining charges and favourable foreign exchange rates (-$0.06/lb).
2025 consolidated C1 cash costs1 of $2.44/lb were 12% lower than $2.76/lb in 2024 due to higher copper production and lower production costs (-$0.04/lb), particularly at Mantoverde and Mantos Blancos. In addition, increased by-product credits (-$0.20/lb) contributed to the improvement largely due to higher gold production at Mantoverde and stronger gold and silver prices, along with favourable treatment and refining charges and foreign exchange rates (-$0.08/lb).
Mantoverde Mine (70% owned)
Q4 2025 copper production of 23,819 thousand tonnes was 8% higher than Q4 2024 due to higher copper in concentrate production of 14,314 tonnes driven primarily by higher recoveries and higher cathode production from higher heap oxide copper grades as a result of mine sequence (0.34% in Q4 2025 versus 0.31% in Q4 2024).
In Q4 2025, Mantoverde’s sulphide concentrator delivered 14,314 tonnes of copper in concentrate. Q4 2025 sulphide plant throughput averaged 23,425 tpd (October – 15,228 tpd, November – 18,115 tpd, December – 36,761 tpd), impacted by approximately 16 days of interrupted production due to repairs conducted on the mill motors throughout October and November. The repairs to the motors, which included upgrading components and installing additional protections, enabled the sulphide plant to achieve record average throughput in December. Mill recoveries averaged 83.7% in Q4 2025 (October – 84.1%, November – 82.1%, December – 84.3%), which increased from 74.4% in Q4 2024 driven by lower contributions from transitional mixed ore. Copper grades from sulphide operations were 0.79% in Q4 2025 (October – 0.74%, November – 0.83%, December – 0.80%).
2025 copper production of 95,115 tonnes was 65% higher than 2024 due to increased copper in concentrate production of 62,308 tonnes, partially offset by lower cathode production mainly driven by lower oxide copper grades as a result of mine sequence (0.32% in 2025 versus 0.35% in 2024).
Q4 2025 combined C1 cash costs1 were $2.32 /lb, 3% lower than $2.40/lb in Q4 2024, mainly related to higher production driven by the new concentrate plant (-$0.19/lb) and higher gold revenues (-$0.27/lb), partially offset by higher acid prices ($233/t in Q4 2025 versus $164/t in Q4 2024) and consumption ($0.31/ lb), and higher power, diesel and explosive consumption ($0.05/lb). Q4 2025 cathode C1 cash costs1 were $4.12/lb, 14% higher compared to Q4 2024, mainly due to higher acid prices ($233/t in Q4 2025 versus $164/t in Q4 2024) ($0.52/lb) and consumption ($0.27/lb) partially offset by higher cathode production (-$0.40/lb).
2025 combined C1 cash costs1 were $2.35/lb, 19% lower than $2.90/lb in 2024, mainly related to higher copper and gold production driven by the new concentrate plant (-$0.97/lb), partially offset by higher acid prices ($203/t in 2025 versus $156/t in 2024) and consumption ($0.17/lb) and higher power, diesel and explosive consumption ($0.16/lb). 2025 cathode C1 cash costs1 were $4.09/lb, 16% higher compared to 2024, mainly due to lower cathode production driven by lower heap grade ($0.29/lb) and higher acid prices and consumption ($0.28/lb).
Mantos Blancos Mine (100% owned)
Q4 2025 production was 16,861 tonnes, composed of 14,985 tonnes of copper in concentrate from sulphide operations and 1,876 tonnes of cathode from oxide operations, was 24% higher than Q4 2024. The increase was attributable to sulphide mill throughput exceeding design levels (21,391 tpd in Q4 2025 versus 19,579 tpd in Q4 2024), and higher sulphides feed grades as a result of mine sequence (0.94% in Q4 2025 versus 0.84% in Q4 2024). The strip ratio was elevated during Q4 2025,as planned mineral movements to Dump Phase 1 were deferred to the first quarter of 2026, resulting in a higher proportion of waste tonnes mined relative to ore.
2025 copper production of 61,919 tonnes, composed of 54,793 tonnes of copper in concentrate from sulphide operations and 7,126 tonnes of cathodes, was 39% higher than 2024, due to higher sulphide mill throughput (19,981 tpd in 2025 versus 16,027 tpd in 2024) following the successful debottlenecking project in late 2024 and higher sulphides feed grades as a result of mine sequence (0.93% in 2025 versus 0.81% in 2024).
Combined Q4 2025 C1 cash costs1 of $1.94/lb ($1.70/lb sulphides and $3.83/lb cathodes) were 17% lower compared to combined C1 cash costs1 of $2.35/lb in Q4 2024, mainly due to higher production (-$0.48/lb) and lower treatment and selling costs (-$0.05/lb), partially offset by higher acid, diesel, explosive and energy consumption ($0.10/lb) due to higher material moved and mill throughput.
Combined 2025 C1 cash costs1 of $2.16/lb ($1.92/lb sulphides and $3.94/lb cathodes) were 28% lower compared to $3.01/lb in 2024 mainly due to higher production (-$0.84/lb), lower treatment cost (-$0.13/lb), and lower diesel prices ($0.63/l in 2025 versus $0.74/l in 2024) (-$0.05/lb), partially offset by higher acid, diesel, explosive and energy consumption and acid prices ($0.16/lb) due to higher material moved and mill throughput.
Pinto Valley Mine (100% owned)
Q4 2025 copper production of 11,423 thousand tonnes was 2% lower than in Q4 2024 due to lower cathode production. Copper in concentrate production increased in Q4 2025 compared to Q4 2024 driven by higher grades (Q4 2025 – 0.33% versus Q4 2024 – 0.30%), partially offset by lower mill throughput (Q4 2025 - 42,029 tpd versus Q4 2024 - 45,148 tpd). Mill throughput in Q4 2025 was impacted by water constraints due to the drought conditions in central Arizona, which restricted throughput to two-thirds availability with four out of six mills online for October. Pinto Valley returned to six mills online for November and December, enabling it to achieve its strongest quarter of production during 2025 in Q4.
2025 copper production was 26% lower than 2024 on lower mill throughput (41,187 tpd in 2025 versus 49,461 tpd in 2024) due primarily to water constraint measures in addition to unscheduled downtime, lower feed grade tied to mine plan sequence (0.31% in 2025 versus 0.34% in 2024) and lower recoveries (86.2% 2025 versus 87.4% 2024) due to higher acid soluble ratio and lower grade ore. In line with sustaining capital guidance, the Company assembled all twelve new haul trucks over the course of 2025, to complement the new shovel received at the end of 2024. The new trucks are being used to drive incremental material movement in the mine, which improved by 33% in 2025 compared to 2024.
Q4 2025 C1 cash costs1 of $3.53/lb were 2% higher than $3.46/lb in the same period last year, primarily due to higher contractor costs ($0.30/lb) and higher salaries and wages ($0.08/lb), partially offset by lower treatment and selling costs (-$0.11/lb) and lower spend on mechanical and electrical parts (-$0.20/lb).
2025 C1 cash costs1 of $3.72/lb were 33% higher compared to the same period last year of $2.80/lb primarily due to lower production volume ($0.89/lb) and higher contractor costs ($0.30/lb), partially offset by lower treatment and selling costs (-$0.20/lb) and lower spend on mechanical and electrical parts (-$0.06/lb).
Cozamin Mine (100% owned)
Q4 2025 copper production of 6,170 thousand tonnes, was 8% lower than Q4 2024, primarily due to lower recoveries (94.6% in Q4 2025 versus 96.9% in Q4 2024) resulting from mine sequence. Mill throughput decreased by 6% (3,507 tpd in Q4 2025 versus 3,716 tpd in Q4 2024) driven by mill constraints related to mechanical issues.
2025 YTD copper production of 25,348 thousand tonnes was 2% higher than 2024 YTD primarily due to higher grades (2.00% in 2025 YTD versus 1.96% in 2024 YTD), consistent with the mine plan, as well as higher mill throughput (3,615 tpd in 2025 YTD versus 3,581 tpd in 2024 YTD).
Q4 2025 C1 cash costs1 were $0.98/lb, 40% lower than $1.62/lb in the same period last year, primarily due to increased silver by-product prices (-$0.76/lb), lower treatment charges (-$0.15/lb), partially offset by higher operating costs ($0.27/lb), mainly related to consulting expenses for an operational continuous improvement initiative.
2025 C1 cash costs1 were $1.32/lb, 26% lower than $1.78/lb the same period last year primarily due to higher copper production, lower treatment charges (-$0.16/lb), and increased by-product credits from higher silver prices (-$0.30/lb). Operating cash costs were partially impacted by consulting expenses for the continuous improvement project.
2026 Guidance
Production, cash cost, capital expenditures and exploration expenditure guidance for 2026 remains unchanged from the recently released guidance as outlined in the news release "Capstone Copper Announces 2026 Guidance" dated February 17, 2026.
2026 forecast production volumes of 200,000 to 230,000 tonnes of copper reflects largely stable production compared to 2025. Production in 2027 is forecasted to increase driven by Mantoverde Optimized, an increase in copper grades at Mantos Blancos, and the normalization of throughput levels at Mantoverde and Pinto Valley with the absence of prolonged shutdowns. 2026 C1 cash cost1 guidance of $2.45 to $2.75 per payable pound of copper is expected to increase compared to 2025 primarily driven by the impact of lowergrade zones due to mine sequence at Mantos Blancos and Pinto Valley, as well as modest inflation.
In 2026, the Company plans to spend a total of $495 million in sustaining and expansionary capital expenditures at its operating mines and the Santo Domingo Project. This is broken down into $270 million on sustaining capital and $225 million on expansionary capital. In addition, the Company plans to spend a total of $225 million in capitalized stripping at its three open pit mines.
The Company plans to spend $70 million in brownfield and greenfield exploration activities in 2026 (~10% expensed vs ~90% capitalized), primarily focused on advancing drilling in the highly prospective Mantoverde-Santo Domingo district. At Mantoverde, this includes progressing the exploration program which commenced in late 2024, with a focus on improving grades, adding mineralization and testing high-priority targets along the northern corridor. At Santo Domingo and the near-by Sierra Norte deposit, exploration will focus on advancing upside opportunities for incremental copper production in the region. Expansionary exploration campaigns at Mantos Blancos and Cozamin will also continue in pursuit of new resources. Infill drilling will be conducted at Mantoverde, Mantos Blancos and Pinto Valley to improve resource categorization in support of future mine planning.
KEY UPDATES
Capstone Copper has expansion optionality across its portfolio with a combination of attractive brownfield and greenfield opportunities in top-tier mining jurisdictions in the Americas. Capstone Copper is advancing these growth opportunities, which are at various stages. A potential sanctioning decision for each project is subject to a variety of factors, including macroeconomic conditions.
MV Optimized Brownfield Expansion Project
MV Optimized, a capital-efficient brownfield expansion of Mantoverde's sulphide concentrator, was sanctioned for development during Q3 2025. MV Optimized is expected to increase concentrator throughput from 32,000 to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000 tonnes and 6,000 ounces of gold per annum, respectively, and extending the mine life from 19 to 25 years, at an estimated capital cost of $176 million. Capstone began construction on the MV Optimized sulphide concentrator expansion in H2 2025 and estimates it will take approximately one year to complete. The Company expects to complete the final stage of procurement and commence civil works in Q1 2026 before executing the construction contracts for the project in Q2 2026. In parallel, equipment and supplies will be received on site throughout the first half of the year. The Company expects to complete the majority of project tie-ins in Q3 2026 during an extended 15 day maintenance period, followed by a ramp-up period in Q4 2026. The expanded sulphide throughput capacity of approximately 45,000 ore tonnes per day is expected to be sustained starting in early 2027.
Mantoverde Phase II
The Company is in the early stages of evaluating the next major phase of growth for Mantoverde, which could include the addition of an entire second processing line. There are 0.2 billion tonnes of Measured & Indicated Mineral Resources and 0.6 billion tonnes of Inferred sulphide Mineral Resources in addition to the Mineral Reserves that are currently being considered as part of MV Optimized. Exploration results from Mantoverde's Phase 1 drill program were released in October 2025, including highlights at the Santa Clara Corridor and Animas that support the potential for future resource growth. Phase 2 of the exploration program includes follow up drilling at the northern portion of the current Mantoverde pit, in addition to high priority targets along the northern extension (~10km long) of the projection of the prospective Atacama fault system, which are planned to assist in determining the location of key infrastructure and the economic viability of the project.
Santo Domingo Project
Capstone Copper announced an investment agreement with Orion Resource Partners on October 13, 2025, where fund entities managed by Orion will acquire a 25% ownership interest in the Santo Domingo Project and the Sierra Norte Project for total cash consideration of up to $360 million. Total cash consideration includes $225 million payable upon a positive final investment decision ("FID") on Santo Domingo, $75 million matching contribution payable within six months of the FID, and up to $60 million in Contingent Consideration payable to Capstone upon the achievement of certain value-enhancing initiatives. Capstone has the option to re-consolidate 100% ownership of Santo Domingo via a buyback option once commercial production is achieved.
The transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during project construction. Additionally, the contingent consideration endorses the attractive long-term value of upside opportunities in the district. The Contingent Consideration will be payable to Capstone subject to certain milestones being satisfied as follows,
- $20 million upon publication of a NI 43-101 Technical Report outlining a Proven and Probable Reserve of at least 268,000 tonnes of contained copper at Sierra Norte;
- $20 million upon publication of a NI 43-101 Feasibility Study that demonstrates the processing of oxide material containing at least 159,000 tonnes of copper; and
- $20 million upon: (i) publication of a NI 43-101 Feasibility Study that incorporates construction of a cobalt processing circuit; and (ii) filing and application of all material permits for the cobalt processing circuit.
Concurrent with the transaction, Capstone and Orion entered into an equity subscription agreement for common shares of the Company for a cash consideration of $10 million. The use of proceeds is to advance a new exploration program at Santo Domingo and Sierra Norte, to further the upside opportunities in the district eligible for the Contingent Consideration, which includes a 54,700-metre drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation at the near-by Sierra Norte deposit.
A cobalt plant for the MV-SD district is designed to unlock cobalt production while reducing sulphuric acid consumption and increasing heap leach copper production. As currently envisioned, a smaller capacity plant will initially treat cobalt by-product streams from Mantoverde only, producing up to 1,500 tonnes per annum of cobalt, and following sanctioning of the Santo Domingo project, the facility will be expanded to accommodate by-product streams from Santo Domingo, with a combined MV-SD target of 4,500 to 6,000 tonnes per annum of cobalt production.
With the investment agreement complete, Capstone will continue to advance the remaining workstreams towards a final investment decision on Santo Domingo, expected in H2 2026. Those workstreams include, further advancement of detailed engineering and evaluation of district optimization opportunities, securing financing and ensuring overall balance sheet strength prior to FID. Capstone is committed to ensuring that plans for growth are carried out in a safe, prudent, and responsible manner, while remaining transparent and engaged with all stakeholders.
Mantos Blancos Phase II
The Company is currently evaluating the next phases of growth for Mantos Blancos, including the potential to increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the underutilized SX-EW plant. A Mantos Blancos Phase II study focusing on the sulphide concentrator plant expansion is expected in mid-2026. The sulphide concentrator plant expansion is expected to utilize existing unused or underutilized process equipment, plus additional equipment for concentrate filtration, thickening and filtering of tailings. During 2025, individual peak daily sulphide mill throughput totaled 28,506 tpd as the plant was pushed to identify bottlenecks.
The Company is also evaluating a potential increase in cathode production based on an opportunity to releach spent ore from historical leaching and flotation operations. The increase in cathode production would utilize existing SX-EW plant capacity, with the addition of a dynamic leach pad, agglomeration and stacking infrastructure.
PV District Growth
The Company continues to review and evaluate the consolidation potential of the Pinto Valley district. Opportunities under evaluation include a potential mill expansion and increased leaching capacity supported by optimized water, heap and dump leach, and tailings infrastructure. Pinto Valley district consolidation could unlock significant ESG opportunities and may transform the Company's approach to create value for all stakeholders in the Globe-Miami District.
Corporate Exploration Update
Capstone Copper’s exploration team is predominantly focused on organic growth opportunities to expand Mineral Resources and Mineral Reserves at all four mines and at the Santo Domingo development project. Capstone Copper also recently acquired Sierra Norte and maintains a portfolio of 100% owned claims acquired by staking in Northern Chile.
Mantoverde
During Q4 2025, exploration activities at Mantoverde continued to advance the Company’s strategy of expanding and upgrading mineral resources adjacent to the existing operation, while progressing districtscale exploration opportunities north of the current pit.
Exploration drilling during the quarter advanced at a slightly slower pace compared to prior periods, as activities were focused on infill drilling and site preparation for district-scale targets. Site preparation works, including the development of primary access roads and drill pads in the Victoria area, progressed during the quarter and supported the initiation of the first district-target drill hole by the end of 2025, with follow-up drilling along the corridor planned for Q1 2026.
Total metres drilled to date reached approximately 49,600 metres, representing about 80% completion of the original Phase 1 and Phase 2 drill program, which forms part of the ongoing two-year exploration program at Mantoverde with a budget of approximately $25 million and a total of 61,500 metres of drilling. Phase 1 comprised approximately 30,000 metres of drilling completed adjacent to the main pits, targeting improvements in grade and mineralization continuity. Phase 2 includes two primary areas of focus: the testing of high-priority targets immediately north of the pit (approximately 20,000 metres) and along the 10kilometre-long northern corridor (approximately 11,500 metres). Up to six drill rigs are currently operating on site at Mantoverde. See Capstone´s October 7, 2025 press release "Capstone Copper Reports Results of Phase 1 Drill Program at Mantoverde."
Infill drilling during the period focused on the Pared Este, Franko, Celso and MVN areas. The objective of this drilling is to improve resource categorization in support of future mine planning.
Mantoverde-Santo Domingo District
Related to the broader Mantoverde-Santo Domingo district, Capstone previously announced an updated district exploration program over 2025 and 2026 focused on advancing upside opportunities for incremental copper production in the region. This includes a 54,700-meters drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation at the near-by Sierra Norte deposit.
During the quarter, the Santo Domingo drill program was initiated, with a total of ~4,700 metres drilled, representing approximately 9% of the planned 54,700 metres. Three drill rigs are currently operating on site, with expectations to ramp up to five rigs during Q1 2026. The primary focus of the program is to delineate oxide mineralization at the top of the Santo Domingo and Estrellita sulphide orebodies, while also testing for potential sulphide extensions adjacent to the planned pits.
Sierra Norte is located approximately 15 kilometers northwest of the Santo Domingo Project and represents an opportunity to potentially be a future sulphide feed source for Santo Domingo, extending the higher grade copper sulphide life. Potential oxide material at Sierra Norte represents an opportunity to be a future oxide feed for Mantoverde's underutilized SX-EW plant. During Q4 2025, the first phase of a re-assay program at Sierra Norte was completed, successfully validating the existing drilling database. A second and broader phase of work has been scoped, with objectives that include the incorporation of cobalt into the resource evaluation and the determination of key metallurgical parameters for the deposit. The Company expects to complete this program during 2026.
Exploration activities associated with the ENAMI option agreement commenced during Q4, including the initiation of a surface geochemical sampling program and the completion of a high-resolution magnetic drone survey. Planned follow-up activities include re-assaying historic drill holes in the Pazota area, adjacent to the Sierra Norte deposit, and the completion of approximately 50 line kilometres of induced polarization (IP) geophysical surveying in the property.
Mantos Blancos
At Mantos Blancos, exploration drilling progressed in the Veronica and Nora-Quinta areas, within and adjacent to the resource pit area. A total of 4,692 metres have been drilled to date, representing approximately 56% completion of the original 7,900-metre exploration drill program. The program is expected to continue through 2026, together with additional follow-up holes planned as part of the 2026 exploration drill program. In parallel, infill drilling continued during Q4 2025, with activities focused on Phases 15 and 16 to support resource definition and mine planning.
In addition, preliminary modelling results from the passive seismic (ambient noise tomography) geophysical survey were received during the period. This survey is intended to improve the understanding of local stratigraphy and may assist in identifying additional drill targets at depth and in proximity to the current deposit.
Cozamin
At Cozamin during Q4 2025, exploration drilling focused on potential mine life extension and production profile improvement targeting step-outs up-dip, down-dip, and along strike from historical Mala Noche Vein ("MNV") workings, as well as deep drill tests below the Mala Noche Foot Wall Zone ("MNFWZ"). Limited infill drilling was also conducted at both MNV and MNFWZ. A total of 6,034 meters was drilled during Q4 2025. Drilling at Mala Noche was conducted with one underground rig positioned at the level 17.2 cross-cut, and a second underground rig positioned at the level 12.7 cross-cut. Select drill holes conducted from the level 17.2 cross-cut were extended for infill purposes at MNFWZ. The deep drill tests at MNFWZ were conducted with one underground rig positioned at the level 13E cross-cut.
FINANCIAL OVERVIEW
Please refer to Capstone's Q4 2025 MD&A and Financial Statements for detailed financial results.
| ($ millions, except per share data) | Q4 2025 Q4 2024 | 2025 | 2024 | ||
| Revenue | 685.0 | 446.9 | 2,359.9 | 1,599.2 | |
| Net income (loss) | 58.4 | 47.2 | 349.7 | 85.9 | |
| Net income (loss) attributable to shareholders | 50.6 | 45.9 | 315.9 | 82.9 |
Net income (loss) attributable to shareholders per common share - basic and diluted ($) 0.07 0.06 0.41 0.11
Adjusted net income attributable to shareholders1 78.7 29.6 163.6 71.5 Adjusted net income attributable to shareholders per common share - basic
| and diluted | 0.10 | 0.04 | 0.21 | 0.10 |
| Operating cash flow before changes in working capital | 287.3 | 132.8 | 897.0 | 414.8 |
| Adjusted EBITDA1 | 308.0 | 171.9 | 952.7 | 496.1 |
Realized copper price1
($/pound) 5.36 4.04 4.65 4.16
($ millions) December 31, 2025 December 31, 2024 Net debt1 (780.1) (742.0) Attributable net debt1 (675.1) (600.6)