Capstone Copper Announces 2026 Guidance
1 These are Non-GAAP performance measures. Refer to the section entitled “Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
February 17, 2026
Capstone Copper Announces 2026 Guidance
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS)
(ASX:CSC) is pleased to release 2026 annual production, cost and capital expenditure guidance. All amounts
in US$ unless otherwise indicated.
Highlights:
• Consolidated copper production is forecast to be between 200,000 and 230,000 tonnes in 2026
• Consolidated C1 cash cost 1 guidance is expected to be within $2.45 to $2.75 per payable pound of
copper in 2026
• Total sustaining capital expenditures are forecast to be $270 million in 2026
• Total expansionary capital expenditures are forecast to be $225 million in 2026, primarily related to the
Mantoverde Optimized Project (“MV-O”) and the Santo Domingo Project
• Total c apitalized stripping is expected to be $225 million in 2026 related to the Company’s open- pit
operations and mine sequence
• Exploration expenditures are expected to be $70 million in 2026 as the Company advances its district
exploration strategy across the portfolio
Cashel Meagher , President and CEO of Capstone, commented, “2025 was a remarkable year for
Capstone, delivering record copper production up 22% year -over-year, while executing on several key
catalysts. We will continue to build on this success in 2026, with a focus on delivering consistent and reliable
outcomes, while we execute on MV-O which is expected to drive higher copper production levels in 2027.
“Meanwhile, we will progress the fully-permitted Santo Domingo Project towards a sanctioning decision, which
is expected in the second half of 2026. Building on the first phase of the exploration program commenced in
late 2024, we will continue to advance our district growth strategy through targeted exploration focused on the
Mantoverde-Santo Domingo district. In parallel, we will continue to capitalize on strong commodity prices by
deleveraging through internally generated cash flows, ensuring we are well-positioned to advance our growth
strategy.”
2026 Production and Costs Guidance
2026 guidance of 200,000 to 230,000 tonnes of copper reflects largely stable production compared to 2025.
2026 C1 cash cost1 guidance of $2.45 to $2.75 per payable pound of copper is expected to increase compared
to 2025 primarily driven by modest inflation and the impact of lower-grade zones driven by mine sequence at
Mantos Blancos and Pinto Valley.
NEWS RELEASE
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1 These are Non-GAAP performance measures. Refer to the section entitled “Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
TSX:CS ● ASX:CSC ● capstonecopper.com
Capstone 2026 production and cost guidance are as follows:
Copper Production
(tonnes)
C1 Cash Costs1
(US$ per payable lb Cu produced)3
Sulphides Business
Mantoverde2 64,000 – 74,000 $1.25 – $1.55
Mantos Blancos 38,000 – 44,000 $2.85 – $3.15
Pinto Valley 42,000 – 48,000 $3.00 – $3.30
Cozamin 21,000 – 24,000 $1.55 – $1.85
Total Sulphides 165,000 – 190,000 $2.10 – $2.40
Cathode Business
Mantoverde2 25,000 – 28,000 $4.60 – $4.95
Mantos Blancos 10,000 – 12,000 $2.80 – $3.10
Total Cathodes 35,000 – 40,000 $4.10 – $4.40
Consolidated Copper Production 200,000 – 230,000 $2.45 – $2.75
Table footnotes:
2 Mantoverde production shown on a 100% basis.
3 Key C1 cash costs1 input assumptions include: CLP/USD: 875:1; MXN/USD: 18:1; Silver: $55/oz; Gold: $4,300/oz;
Molybdenum: $20/lb.
Mantoverde: Copper production and cash costs 1 are forecast to remain stable at Mantoverde in 2026, as
more consistent throughput performance in the sulphide mill is expected to be offset by the impact of the strike
in January and a prolonged period of maintenance in Q3. Sulphide copper grades are expected to approximate
0.71% in 2026. Planned maintenance is scheduled during Q2 (5 days) and Q3 2026 (15 days to complete the
construction tie-in of the Mantoverde Optimized Project). The Mantoverde Optimized ramp up of the sulphide
concentrator will occur in Q4 2026 with a target to exit the year at design throughput levels of approximately
45,000 tonnes per day.
Mantos Blancos: Copper production at Mantos Blancos is forecast to decrease in 2026 when compared to a
strong 2025 due to a one-year period of lower copper grades . Lower production and reduced capitalized
stripping are expected to increase C1 cash costs 1. Due to mine sequencing, sulphide copper grades are
expected to approximate 0.70% in 2026, with higher copper grades expected to approximate 0.85% in 2027.
Planned maintenance shutdowns are scheduled during Q2 (4 days) and Q3 2026 (3 days).
Pinto Valley: Copper production at Pinto Valley is forecast to increase in 2026 when compared to 2025, driven
primarily by higher throughput, partially offset by slightly lower expected copper grades of approximately
0.29%. Production is expected to be weighted towards the second half of the year driven by a planned
maintenance shutdown in Q2 2026 (10 days), with the goal of enhanc ing the reliability of the plant through
continued implementation of the Asset Management Framework , i ncluding improvements to the primary
crusher.
Cozamin: Copper production is expected to be slightly lower in 2026 compared to 2025, primarily driven by
grades which are expected to approximate 1.80%. Production is expected to be consistently weighted through
the year. C1 cash costs1 are expected to increase compared to 2025 largely driven by higher labour costs and
lower grades.
1 These are Non-GAAP performance measures. Refer to the section entitled “Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
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2026 Capital Expenditures Guidance
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.
Sustaining capital expenditure guidance includes approximately $90 million for tailings and ESG initiatives,
primarily tailings storage facility upgrades at Pinto Valley and Mantos Blancos. Pinto Valley sustaining capital
includes approximately $14 million attributable to improving dust control and $62 million relating to improving
tailings stewardship, while Mantos Blancos sustaining capital includes approximately $15 million attributable
to a tailings wall.
Expansionary capital includes approximately $150 million at Mantoverde, $15 million at Mantos Blancos and
$60 million at Santo Domingo . Expansionary capital at Mantoverde is largely attributable to Mantoverde
Optimized, where construction began last year following sanctioning in August 2025. The total capital cost
estimate for the Mantoverde Optimized P roject remains unchanged at $176 million. At Mantos Blancos,
expansionary capital relates primarily to progressing the Phase II sulphide expansion study, in addition to
heap leach testing for the historical tailings reprocessing opportunity. At Santo Domingo, the Company plans
to progress the financing strategy, detailed engineering and infrastructure optimization opportunities towards
a sanctioning decision expected in the second half of 2026.
Mantoverde2 Mantos
Blancos
Pinto
Valley Cozamin Santo
Domingo2 Total
Capital Expenditure ($ millions)
Sustaining Capital1 100 50 100 20 - 270
Expansionary Capital1 150 15 - - 60 225
Total Capital Expenditures 250 65 100 20 60 495
2Mantoverde and Santo Domingo shown on a 100% basis
In addition, the Company plans to spend a total of $2 25 million in capitalized stripping at its three open pit
mines. Mantoverde capitalized stripping includes amounts to expose additional ore for the increased mill
capacity with Mantoverde Optimized.
Mantoverde2 Mantos Blancos Pinto Valley Total
Capitalized Stripping ($ millions) 100 65 60 225
2Mantoverde shown on a 100% basis
2026 Exploration Guidance
The Company plans to spend $70 million in brownfield and greenfield exploration activities in 202 6 (~10%
expensed vs ~90% capitalized), primarily focused on advancing drilling in the highly prospective Mantoverde-
Santo Domingo district. At Mantoverde, this includes progressing the exploration program which commenced
in late 2024, with a focus on improving grades, adding mineralization and testing high- priority targets along
the northern corridor. At Santo Domingo and the near -by Sierra Norte deposit, exploration will focus on
advancing upside opportunities for incremental copper production tied to contingent consideration in the
partnership transaction, including drilling off the oxide ore body at Santo Domingo and defining a reserve at
Sierra Norte . Expansionary exploration campaigns at Mantos Blancos and Cozamin will also continue in
pursuit of new resources. Infill drilling will be conducted at Mantoverde, Mantos Blancos and Pinto Valley to
improve resource categorization in support of future mine planning.
1 These are Non-GAAP performance measures. Refer to the section entitled “Non-GAAP and Other Performance Measures” in the Cautionary
Notes.
NEWS RELEASE
TSX:CS ● ASX:CSC ● capstonecopper.com
Mantoverde2 Mantos
Blancos
Pinto
Valley Cozamin
Santo
Domingo &
Sierra Norte 2
Other Total
Exploration
($ millions) 20 10 5 2 30 3 70
2Mantoverde, Santo Domingo and Sierra Norte shown on a 100% basis
2026 Copper Cathode and Gold Hedging Strategy
During Q4 2025, the Company entered into approximately 24,800 tonnes of zero cost copper collars for 2026
in order to ensure break -even pricing on a portion of its higher cost copper cathode production. The collars
have an average floor price of LME Copper $4.31/lb and an average ceiling price of LME Copper $6.37/lb.
During Q4 2025, the Company also entered into approximately 16,000 ounces of zero cost gold collars for
2026. The collars have an average floor price of $3,500/oz and an average ceiling price of $5,914/oz . All
collars are evenly distributed through 2026.
ABOUT CAPSTONE COPPER CORP.
Capstone Copper Corp. is an Americas -focused copper mining company headquartered in Vancouver,
Canada. Capstone’s operating portfolio of assets includes the Pinto Valley copper mine located in Arizona,
USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine
located in the Antofagasta region, Chile, and the Mantoverde copper-gold mine, located in the Atacama region,
Chile. Capstone’s growth pipeline includes the fully permitted Santo Domingo copper-iron-gold project, located
approximately 35 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of
exploration properties in the Americas.
Capstone Copper’s strategy is to unlock transformational copper production growth while executing on cost
and operational improvements through innovation, optimization and safe and responsible production
throughout our portfolio of assets. We focus on profitability and disciplined capital allocation to surface
stakeholder value. We are committed to creating a positive impact in the lives of our people and local
communities, while delivering compelling returns to investors by responsibly producing copper to meet the
world’s growing needs.
Further information is available at www.capstonecopper.com
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document may contain “forward-looking information” within the meaning of Canadian securities legislation
and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform
Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the
date of this document and the Company does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required under applicable securities legislation.
Forward-looking statements relate to future events or future performance and reflect the Company's
expectations or beliefs regarding future events. The Company's Sustainable Development Strategy goals and
strategies are based on a number of assumptions, including, but not limited to, the reliability of data sources;
the biodiversity and climate-change consequences; availability and effectiveness of technologies nee ded 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, the Company's ability to succe ssfully 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, cost and success of the Optimized Mantoverde Development
Project, 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 Mantover de - 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 pote ntial
opportunities at Sierra Norte, 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 abili ty 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 outl ook due to
widespread diseases or geopolitical events or conflicts, supply chain delays resulting in lack of availability of
supplies, goods and equipment, and evolving restrictions relating to mining activities and to travel in certain
jurisdictions in which we operate.
In certain cases, forward- looking statements can be identified by the use of words such as “anticipates”,
“approximately”, “believes”, “budget”, “estimates”, expects”, “forecasts”, “guidance”, intends”, “plans”,
“scheduled”, “target”, or variations of such words and phrases, or statements that certain actions, events or
results “be achieved”, “could”, “may”, “might”, “occur”, “should”, “will be taken” or “would” or the negative of
these terms or comparable terminology. In this document certain forward-looking statements are identified by
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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 mi ning projects, future
prices of copper and other metals, compliance with financial covenants, inflation, surety bonding, the
Company's ability to raise capital, Capstone Copper’s ability to acquire properties for growth, counterparty
risks associated with sales of the Company's metals, use of financial derivative instruments and associated
counterparty risks, foreign currency exchange rate fluctuations, market access restrictions or tariffs, changes
in U.S. laws and policies regulating international trade including but not limited to changes to or implementation
of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost
and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes
in general economic conditions including market volatility due to uncertain trade policies and tariffs, availability
and quality of water and power resources, accuracy of Mineral Resource and Mineral Reserve estimates,
operating in f oreign 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 diff icult 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, incr easing input costs such as those related to
sulphuric acid, electricity, fuel and supplies, increasing inflation rates, competition in the mining industry
including but not limited to competition for skilled labour, risks associated with joint venture partners and non-
controlling shareholders or associates, the Company's ability to integrate new acquisitions and new technology
into the Company's operations, cybersecurity threats, legal proceedings, the volatility of the price of the
common shares, the uncertainty of maintaining a liquid trading market for the common shares, risks related
to dilution to existing shareholders if stock options or other convertible securities are exercised, the history of
Capstone Copper with respect to not paying dividends and anticipation of not paying dividends in the
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foreseeable future and sales of common shares by existing shareholders can reduce trading prices, and other
risks of the mining industry as well as those factors detailed from time to time in the Company’s interim and
annual financial statements and MD&A of those statements and Annual Information Form, all of which are
filed and available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the
Company has attempted to identify important factors that could cause the Company's actual results,
performance or achievements to differ materially from those described in the Company's forward- looking
statements, there may be other factors that cause the Company's results, performance or achievements not
to be as anticipated, estimated or intended. There can be no assurance that the Company's forward- looking
statements will prove to be accurate, as the Company's actual results, performance or achievements could
differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on the Company's forward-looking statements.
COMPLIANCE WITH NI 43-101
Unless otherwise indicated, Capstone Copper has prepared the technical information in this document
(“Technical Information”) based on information contained in the technical reports, Annual Information Form
and news releases (collectively the “Disclosure D ocuments”) 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 "NI 43- 101 Technical
Report on the Cozamin Mine, Zacatecas, Mexico" effective January 1, 2023, “NI 43-101 Technical Report on
the Pinto Valley Mine, Arizona, USA” effective March 31, 2021, “Santo Domingo Project, NI 43-101 Technical
Report and Feasibility Study Update, Atacama Region, Chile” effective July 31, 2024, and "Mantos Blancos
Mine NI 43-101 Technical Report Antofagasta / Región de Antofagasta, Chile" effective November 29, 2021
and "Mantoverde Mine NI 43-101 Technical Report and Feasibility Study / Atacama Region, Chile", effective
July 1, 2024.
The disclosure of Scientific and Technical Information in this document was reviewed and approved by Peter
Amelunxen, P.Eng., Senior Vice President, Technical Services (technical information related to project
updates at Santo Domingo and Mineral Resources and Mineral Reserves at Mantoverde), Clay Craig, P.Eng.,
Director, Mining & Strategic Planning (technical information related to Mineral Reserves at Pinto Valley and
Cozamin), and Cashel Meagher, P.Geo., President and Chief Operating Officer (technical information related
to Mineral Reserves and Resources at Mantos Blancos) all Qualified Persons under NI 43-101.
NON-GAAP AND OTHER PERFORMANCE MEASURES
The Company uses certain performance measures in its analysis. These Non-GAAP performance measures
are included in this document 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 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.
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Some of these performance measures are presented in Highlights and discussed further in other sections of
the document. 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 for management assessment of operational
performance and preparation of annual budgets. These significant items may include, but are not limited to,
restructuring and asset impairment charges, individually significant gains and losses from sales of assets,
share based compensation, unrealized gains or losses, and certain items outside the control of management.
These items may not be non-recurring. However, excluding these items from GAAP or Non- GAAP results
allows for a consistent understanding of the Company's consolidated financial performance when performing
a multi-period assessment including assessing the likelihood of future results. Accordingly, these Non-GAAP
financial measures may provide insight to investors and other external users of the Company's consolidated
financial information.
C1 Cash Cost s per payable pound of copper produced: C1 cash costs per payable pound of copper
produced is a measure reflective of operating costs per unit. C1 cash costs is calculated as cash production
costs of metal produced net of by-product credits and is a key performance measure that management uses
to monitor performance. Management uses this measure to assess how well the Company’s producing mines
are performing and to assess the overall efficiency and effectiveness of the mining operations and assu mes
that realized by-product prices are consistent with those prevailing during the reporting period.
Contact Information
Daniel Sampieri, Vice President, Investor Relations
437-788-1767
Michael Slifirski, Director, Investor Relations, APAC Region
61-412-251-818
Claire Stirling, Manager, Investor Relations
416-831-8908