Capstone Copper Reports Results of Phase 1 Drill Program at Mantoverde Vancouver, Canada – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) is pleased to report initial exploration results from its Phase 1 drill program at Mantoverde in the Atacama region of Chile.
1
October 7, 2025
Capstone Copper Reports Results of Phase 1 Drill Program
at Mantoverde
Vancouver, Canada – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX:CS) (ASX:CSC) is pleased
to report initial exploration results from its Phase 1 drill program at Mantoverde in the Atacama region of Chile.
Phase 1 included 30,000-metres of drilling focused on areas adjacent to the Mantoverde Optimized (“MV-O”) Pit
Reserves, as well as priority targets located just north of the current operation. Assay results for the Phase 1 drill
program have been received for approximately 24,700-metres of the 30,000-metre drill program.
To view an interactive 3D presentation, please visit: https://vrify.com/decks/19778
Highlights are listed below, with corresponding images in Figures 1-5 and detailed results in Tables 1-2, including:
• Higher than expected grades in the Brecha Flores sector, where drill intercepts returned copper grades
above those predicted by the current block model, including:
o DDH25DS16: 176m of 0.77% copper from 654m, including 24m of 1.50% copper
o DDH25DS28: 162m of 0.73% copper from 660m, including 18m of 1.07% copper
o DDH25DS01: 144m of 0.65% copper from 528m, including 18m of 1.88% copper
• Results consistent with the current block model at Mantoverde Sur (“MVS”) and Mantoverde Norte
(“MVN”), enhancing confidence and supporting the potential upgrade of the resource categorization,
including:
o DDH25DS24: 146m of 0.52% copper from 314m, including 34m of 1.07% copper
o DDH25DS26: 274m of 0.39% copper from 318m, including 20m of 1.30% copper
o DDH25DS09: 62m of 0.23% copper from 178m, including 64m of 0.62% copper
• Strong results along the Santa Clara Corridor confirming the presence of higher grades than the current
block model with the potential for resource growth in between active pits, including:
o DDH25DS08: step-out drilling returned 376m of 0.43% copper from 674m, including 64m of
0.98% copper
o DDH25DS32: 100m of 0.43% copper from 656m, including 42m of 0.62% copper
o DDH25DS27: 82m of 0.77% copper from 740m, including 30m of 1.04% copper
• Results from step-out drilling continue to demonstrate extension of the mineralization to the north of the
current Mantoverde pit into the Animas area, confirming continuity along strike, including:
o DDH25DS21: 102m of 0.41% copper from 96m, 26m of 0.46% copper from 248m, and 46m of
0.49% copper from 316m
o DDH25DS25: 112m of 0.45% copper from 126m, including 28m of 0.67% copper
• District-scale exploration potential with the completion of a 10-kilometre Induced Polarization (IP)
geophysical survey along the northern corridor, which has informed the location of high-priority targets
that will be tested in Phase 2 of the drill program
Cashel Meagher, Capstone’s President and Chief Executive Officer, commented, “We are excited by the initial
results from the Phase 1 drill program at Mantoverde, which we envision will improve our grade profile in the near-
to-medium term highlighted by the results in the Brecha Flores sector. The results from step-out drilling at Animas
and the Santa Clara Corridor are also very encouraging, highlighting the potential for future expansion projects
such as Mantoverde Phase II. This early success supports our commitment to building a world-class, long-life
copper district in the Tier 1 jurisdiction of Atacama, Chile. We look forward to advancing Phase 2 of the
exploration program, which focuses on the highly prospective northern corridor of our Mantoverde concession and
will continue to inform further opportunities for growth within our Mantoverde-Santo Domingo district.”
NEWS RELEASE
TSX:CS ● ASX:CSC ● capstonecopper.com
2
The Phase 1 drill program represents a portion of the ongoing two-year exploration program at Mantoverde, which
is expected to total approximately $25 million and include 61,500-metres of drilling. There are currently up to
seven drill rigs operating on site at Mantoverde.
Phase 1 consisted of 30,000-metres of drilling focused on areas adjacent to the Mantoverde Optimized Pit
Reserves, including MVS, Brecha Flores, and MVN, aiming to improve copper grades and mineralization
continuity within and near the pit boundaries. Phase 1 also included testing of priority targets located just north of
the current Mantoverde pit at the Santa Clara Corridor and Animas. The initial results support the potential for
resource growth and reserve conversion. Drilling has also intersected mineralization in areas assumed to be
waste in the current life of mine plan and may have favourable implications on future stripping ratios. The results
also confirm our understanding of the geological model and provide additional confidence in potential future
expansion plans.
Phase 2 will include two main areas of focus and is expected to commence in Q4 2025 . ~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.
3
Figure 1: Mantoverde Site Map, including location of current pits, Mantoverde Optimize Pit Reserves and
Phase 1 drill locations
4
Figure 2: Cross section of Brecha Flores
Figure 3: Cross section of Santa Clara Corridor
5
Figure 4: Cross section of Animas
Figure 5: District Targets in context with Induced Polarization (IP) survey results
6
Table 1 - DRILL RESULTS
Hole ID From
(m)
To
(m)
Length
(m)
Cu
(%)
Au
(g/t)
Co
(ppm)
CuEq3
(%)
Brecha Flores
DDH24DS02 400 452 52 0.65 0.39 4232 1.01
and 486 504 18 0.57 0.17 136 0.72
DDH25DS01 528 672 144 0.65 0.11 268 0.79
including 648 662 18 1.88 0.29 181 2.12
DDH25DS02 410 432 22 0.23 0.09 143 0.32
and 566 646 80 0.52 0.11 331 0.67
including 608 646 38 0.69 0.14 4902 0.90
DDH25DS12 100 122 22 0.60 0.20 128 0.76
and 630 802 172 0.53 0.10 378 0.69
including 670 802 132 0.64 0.12 405 0.82
including 722 786 64 0.89 0.15 306 1.06
DDH25DS14 450 566 116 0.52 0.12 5432 0.73
including 516 522 6 2.03 0.42 771 2.49
DDH25DS15 240 294 54 0.68 0.13 72 0.78
including 246 264 18 1.35 0.26 56 1.54
including 248 256 8 2.09 0.38 74 2.36
and 316 340 24 0.59 0.13 77 0.70
and 402 508 106 0.65 0.16 186 0.80
including 422 486 64 0.81 0.19 200 0.98
including 422 428 6 1.49 0.29 130 1.71
including 476 482 6 1.76 0.41 459 2.14
DDH25DS16 654 830 176 0.77 0.14 453 0.97
including 686 702 16 1.21 0.21 500 1.47
including 764 788 24 1.50 0.25 445 1.77
DDH25DS19 372 454 82 0.50 0.10 265 0.63
including 386 398 12 1.38 0.26 363 1.64
DDH25DS20 696 782 86 0.83 0.16 4882 1.05
including 750 782 32 1.40 0.27 7912 1.77
including 778 782 4 3.72 0.46 950 4.25
DDH25DS28 660 822 162 0.73 0.14 306 0.90
including 670 688 18 1.07 0.22 398 1.31
including 770 786 12 1.24 0.19 486 1.48
Santa Clara Corridor
DDH25DS03 254 298 44 0.38 0.06 32 0.43
and 366 508 142 0.39 0.05 36 0.43
including 446 502 56 0.57 0.03 21 0.60
7
including 480 502 22 0.83 0.01 28 0.84
DDH25DS08 362 404 42 0.55 0.05 34 0.59
and 584 596 12 0.46 0.21 178 0.64
and 674 1050 376 0.43 0.13 166 0.56
including 674 738 64 0.98 0.32 243 1.25
including 714 738 24 1.79 0.54 341 2.23
DDH25DS13 336 408 72 0.44 0.10 20 0.51
including 340 350 10 1.06 0.12 11 1.14
including 374 400 26 0.55 0.17 24 0.67
and 578 582 4 0.79 0.10 254 0.92
and 640 652 12 0.42 0.76 294 1.00
and 756 760 4 0.83 0.17 162 0.98
and 840 844 4 0.70 0.18 96 0.84
DDH25DS27 740 822 82 0.77 0.24 217 0.98
including 778 808 30 1.04 0.34 277 1.33
DDH25DS32 104 114 10 0.23 0.05 No data1 0.26
and 656 756 100 0.43 0.13 155 0.55
including 672 714 42 0.62 0.23 254 0.83
Animas
DDH25DS21 96 198 102 0.41 0.02 7 0.43
and 248 274 26 0.46 0.02 10 0.48
and 316 362 46 0.49 0.02 27 0.51
DDH25DS25 126 238 112 0.45 0.03 17 0.47
including 126 170 44 0.39 0.05 25 0.43
including 200 228 28 0.67 0.03 5 0.69
DDH25DS35 164 180 24 0.28 0.02 18 0.30
MVS and MVN
DDH24DS01 464 506 42 0.32 0.13 104 0.43
DDH25DS04 420 548 128 0.38 0.12 82 0.48
including 454 484 30 0.51 0.11 145 0.62
DDH25DS05 404 514 110 0.46 0.18 110 0.61
including 464 490 26 0.94 0.21 195 1.13
DDH25DS06 240 258 18 0.36 0.06 39 0.41
and 316 324 8 1.10 0.18 27 1.23
and 390 416 26 0.35 0.05 65 0.40
and 472 498 26 0.59 0.08 229 0.70
and 522 540 18 0.46 0.09 172 0.56
DDH25DS07 396 448 52 0.71 0.16 264 0.88
including 418 448 30 1.05 0.22 307 1.27
and 476 496 20 0.38 0.07 218 0.48
DDH25DS09 178 240 62 0.23 0.07 72 0.29
8
including 202 240 38 0.27 0.07 75 0.33
and 256 282 26 0.21 0.04 94 0.26
and 322 386 64 0.62 0.13 233 0.76
including 326 348 22 0.95 0.21 340 1.17
DDH25DS10 366 414 48 0.28 0.10 80 0.37
including 382 406 24 0.36 0.13 90 0.47
and 508 544 36 0.25 0.08 97 0.33
and 572 630 58 0.40 0.09 180 0.50
DDH25DS11 224 242 18 0.50 0.14 96 0.62
and 394 416 22 0.61 0.31 590 0.96
and 436 456 20 0.44 0.09 202 0.55
DDH25DS17 420 488 68 0.43 0.11 303 0.57
including 438 456 18 0.88 0.20 451 1.12
DDH25DS18 388 460 72 0.56 0.10 313 0.70
DDH25DS22 282 296 14 0.39 0.10 96 0.48
and 402 416 14 0.56 0.10 494 0.74
DDH25DS23 516 524 8 0.50 0.13 179 0.63
and 558 588 30 0.20 0.06 82 0.26
DDH25DS24 314 460 146 0.52 0.25 119 0.72
including 408 442 34 1.07 0.21 119 1.24
and 506 562 56 0.55 0.11 206 0.67
including 532 546 14 0.94 0.21 145 1.11
DDH25DS26 318 592 274 0.39 0.09 173 0.49
including 448 468 20 1.30 0.28 303 1.56
DDH25DS29 354 472 118 0.47 0.11 212 0.59
including 438 464 26 0.73 0.14 203 0.87
DDH25DS30A 396 436 40 0.35 0.08 185 0.45
DDH25DS31 242 288 46 0.37 0.08 131 0.45
and 340 372 32 0.30 0.10 146 0.40
DDH25DS33 242 386 144 0.40 0.08 101 0.48
including 330 380 50 0.63 0.14 178 0.77
DDH25DS34 420 478 58 0.49 0.12 287 0.64
DDH25DS36 384 432 48 0.69 0.16 252 0.86
including 384 406 22 1.12 0.26 381 1.38
and 474 506 32 0.36 0.07 171 0.45
1. Copper equivalent (“CuEq”) in the above table and this press release has been calculated using the following
formula: Cu grade + [Au grade in g/t x (67.87% Au metallurgical recovery / 90.44% Cu metallurgical recovery)
x ($2,600/oz Au price / 31.1035) / ($4.25/lb Cu price x 2204.623)] + [Co grade in ppm x (60% Co metallurgical
recovery / 90.77% Cu metallurgical recovery) / ($15.00/lb Co price / $4.25/lb Cu price)]. Hole DDH25DS32
with “No data” for Co assumed a 0 value for Co.
2. Values over limits in Co (2,000 ppm).