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A Leading Intermediate Copper Producer
January 2015
1
Cautionary Note Forward Looking Information
This presentation, and the documents incorporated by reference herein, 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 Capstone 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 our expectations or beliefs regarding future events. Forward-looking statements include, but are not limited
to, statements with respect to the estimation of mineral resources and mineral reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs
of production and capital expenditures, the success of our mining operations, environmental risks, unanticipated reclamation expenses and title disputes. In certain cases, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, “guidance”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and
phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “meet” or “be achieved” or the negative of these terms or comparable
terminology. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our 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, among others, risks related to
inherent hazards associated with mining operations; future prices of copper and other metals; counterparty risks associated with sales of our metals; our ability to raise capital; foreign currency
exchange rate fluctuations; accuracy of mineral resource and mineral reserve estimates; changes in general economic conditions; uncertainties and risks related to the potential development of
the Santo Domingo Project; increased operating and capital costs; challenges to title to our mineral properties; operating in foreign jurisdictions with risk of changes to governmental regulation;
compliance with governmental regulations; dependence on key management personnel; compliance with environmental laws and regulations; reliance on approvals, licenses and permits from
governmental authorities; impact of climatic conditions on our Pinto Valley, Cozamin and Minto operations; potential conflicts of interest involving our directors and officers; aboriginal title claims
and rights to consultation and accommodation; limitations inherent in our insurance coverage; land reclamation and mine closure obligations; labour relations; increasing energy prices;
competition in the mining industry; risks associated with joint venture partners; and our ability to integrate new acquisitions into our operations.
Although we have attempted to identify important factors that could cause our actual results, performance or achievements to differ materially from those described in our forward-looking
statements, there may be other factors that cause our results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking
statements will prove to be accurate, as our actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on our forward-looking statements.
Alternative Performance Measures
“C1 Cash Cost”, “Cash Cost” and “Adjusted Net Earnings” are Alternative Performance Measures. Alternative performance measures are furnished to provide additional information. These
performance measures are used by management to monitor performance, to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures 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 included
in the Company’s unaudited condensed interim consolidated financial statements prepared in accordance with IFRS.
Currency
All amounts are in US$ unless otherwise specified.
2
About Capstone
Low-risk copper producer focused on the Americas
Minto
Yukon, Canada
Kutcho
BC, Canada
Stable cash flow generation from three mines
Head Office
BC, Canada
Pinto Valley
Arizona, US
Financial flexibility to fund growth
Cozamin
Zacatecas, Mexico
Proven track record of sustainable growth
Santo Domingo
Region III, Chile
A leading intermediate copper producer
3

PRODUCTION
DEVELOPMENT
EXPLORATION
Three operating mines
Growth Projects
Portfolio
Production assets located in
stable geographies in the
Americas producing
90 k tonnes of copper in 2015
Disciplined approach to
construction, offering significant
growth in planned copper
production over next five years
Early-stage base metals
exploration properties
Pinto Valley

Arizona, US
59 k tonnes copper1

Santo Domingo
Region III, Chile
CS 70%; KORES 30%
Cozamin
Zacatecas State, Mexico
18 k tonnes copper1


Long term
Short term
Portfolio
Chile

SQM - option to earn
up to 70% of Project
Providencia

Farwesa Project –
6 properties, CS 70%;
KORES 30%
Minto
Yukon, Canada
13 k tonnes copper1
1.±5%; see news release dated January 20, 2015.
4
Two-Tiered Growth Strategy
1. Robust organic growth potential



Potential increase at Pinto Valley - PV3 PFS underway
Advancing the Santo Domingo project
Progressing the exploration portfolio
2. Growth through strategic acquisition

Maintain disciplined, well-balanced approach with
a conservative and flexible balance sheet

Low-risk, mining-friendly jurisdictions in the Americas

Copper asset in or near production
Capstone is well-positioned for profitable growth,
supported by considerable financial flexibility
5
Pinto Valley Mine
Open Pit Mine in Arizona, US
Mine life remaining (years)
11
Production1 – 2015 guidance (k tonnes Cu ±5%)
59.0
Production1 –2014 (k tonnes)
65.1
C1 cash cost2 – Nine Months 2014 YTD ($/payable lb Cu)
C1 cash cost2 – 2015 guidance ($/payable lb Cu)
$2.03
$2.00- $2.10
By-products
Mo, Ag
Key Points
 Internal scoping study completed in 2014 to evaluate significant amount of resources not in mine plan
 Two cases will be advanced to Pre-Feasibility study level to be completed in Q3 2015
 Base case: 10-15% increase in throughput and possibility of mine life extension
 Case two: throughput increase to 90,000 tpd combined with potential mine life extension
Current PV2 mine plan represents only 16% of the total M&I Resource
1.±5%; see news release dated January 20, 2015. 2. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as
treatment and selling costs. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.
6
PV2 Pre-Feasibility Summary & Mine Plan – March 2014
Summary of March 2014 PV2 PFS
Mine Life (years)
12.3
1,563mt@0.30%1
Mineral Resources
Mineral Reserves
232mt@0.33%
Planned Throughput (ktpd)
50 - 52
Avg. Annual Production – Contained in Concentrate (Mt)
54.2
Avg. Annual Production – Cathode (Mt)
2.9
Est. LOM Avg. C1 Cash Costs
$2.00
LOM Sustaining Capital ($ millions)
$187.9
After-tax NPV, 8% ($M)
$738
50
0.40%
Total Material Moved
0.35%
40
0.30%
35
30
0.25%
25
0.20%
20
0.15%
15
0.10%
10
Capital Expenditure ($M)
Payable Copper (k tonnes)
0.05%
5
0
0.00%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
47
62
12
12
9
11
14
6
5
5
3
2
0
64.1
54.8
65.1
55.8
56.2
54.1
57.0
56.1
54.7
52.3
59.7
41.0
12.0
1. Pinto Valley Mine 2014 Pre-Feasibility Study, April 2014. Mineral Reserves and Resources take into account mining activities until January 1,
2014, and are reported above 0.18% Cu Cut-off Grade. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.
2026
7
Copper Grade %
Material Mined (M t/year)
45
Pinto Valley Improvement Strategy Underway
2012/13 Restart
2014/15 Stabilize
Ramp-up to 50 ktpd
Stabilizing at 50 - 52 ktpd

Implement systematic maintenance
program to monitor equipment
reliability and reduce downtime
BHP
Miami
Freeport
Miami
Scoping studies for PV3 underway



Pinto Valley
Improving reliability and costs

Steady at 52 ktpd
BHP Copper Cities
Upcoming Catalysts

2016+ Optimize
Extended mine life
Expanded production
Engage and empower workforce to
improve site performance
Town of
Miami
KGHM
Carlota
Photo source: Google maps. 1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as
treatment and selling costs.
8
Cozamin Mine
Underground Mine in Zacatecas State, Mexico
Mine life remaining (years)
6.5
Production1 – 2015 guidance (k tonnes Cu ±5%)
18.0
Production – 2014 (k tonnes)
19.8
C1 cash cost2 – Nine Months 2014 YTD ($/payable lb Cu)
C1 cash cost2 – 2015 guidance ($/payable lb Cu)
$1.35 - $1.45
By-products
2015
2016
Infill and exploration drilling
Ongoing exploration program
$1.25
Zn, Pb, Ag
2017+
Silver stream sale expires
April 2017 to significantly
improve economics
(currently ~1.5M oz/year)
1.±5%; see news release dated January 20, 2015. 2. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as
well as treatment and selling costs. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.
9
Minto Mine
Open Pit & Underground Mine in Yukon, Canada
Mine life remaining (years)
7
Production1 - 2015 guidance (k tonnes Cu ±5%)
13.0
Production – 2014 (k tonnes)
18.4
C1 cash cost2 – Nine Months 2014 YTD ($/payable lb Cu)
C1 cash cost2,3 –2015 guidance ($/payable lb Cu)
$2.19
$3.10 - $3.20
Life of mine projected C1 cash cost1
$1.92
By-products
2016
2015
Processing underground and
stockpiled ore while awaiting
permits for Minto North surface
deposit; permit application filed
for all remaining Mineral Reserves
Minto North open pit
high-grade ore milled
Dec 2015 – Dec 2016;
underground mining
resumes mid-year
Au, Ag
2017+
Underground mining continues
1.±5%; see news release dated January 20, 2015 2. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well
as treatment and selling costs. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. 3. 2015 C1 cash cost guidance
includes $0.34 per pound of costs allocated from stockpile which was spent in 2014 and earlier, bringing actual cash expended during 2015 to
$2.75 to $2.85 per pound of payable copper produced.
10
Santo Domingo Project
Copper-Iron Development Project in Region III, Chile
Project Area
Diego de Almagro
Proposed
Pipeline
and Port

Superior infrastructure





7 kms from town, power lines & sub-station
110 kms from port
Low elevation (~1,000 masl)
Paved road access
(Lundin)
Low environmental risk
11
Santo Domingo – July 2014 Feasibility Study
Confirms the value as a robust, low cost copper project

Unlevered Internal Rate of Return of 17.9% (27.3% assuming
$1B project debt or 60% leverage)

$797 million after-tax NPV, discounted at 8%

18-year mine life, 128M lbs Cu, 4.2 Mt Fe, 16 k oz Au annually

Off-take agreements committed for 50% of Cu and Fe LOM

LOM by-product C1 cash costs1 negative $0.06/lb payable Cu

LOM co-product C1 cash costs1 $1.50/lb payable Cu; $43.00/t Fe

Attractive opportunity in a community that demonstrates
strong support for the project
A long-life, low cost copper project
1. C1 Cash Cost is an Alternative Performance Measure. C1 Cash Cost on a by-product basis includes gold and iron credits. Metal price assumptions used for
the FS were a constant $2.85 per pound of copper, $85 per tonne of magnetite iron concentrate at a 65% iron content FOB Santo Domingo port ($1.31 per
dry metric tonne unit ("dmtu") of iron), and $1,275 per ounce of gold. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.
12
Santo Domingo FS – CAPEX & Funding
CAPEX1,2
Partnership & Funding Structure3

Initial cost $1.7B

 Owned 70% Capstone and 30% Korea Resources
Corporation (KORES)
Sustaining Capital: $368M
 KORES largest Capstone shareholder (11%)
 LOM off-take agreement for 50% of Cu & Fe magnetite
concentrate on then prevailing market terms
 KORES to participate in arranging debt financing
Process
Plant
$380M
Port
$180M
Mine
$157M
Pipelines
$172M
Plant / Mine
Infrastructure
Contingency
$242M
EPCM
$115
Indirect
Costs
$290
$163M
KORES
Equity
$179M
CS Equity
$416M
65%
Project Debt
$1,105M
1. Source: Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. 2. Accuracy range
of -10% to +15% for capital costs and operating costs. 3. Illustration based on feasibility study capital of $1.7B and assumed project debt of 65%.
13
Santo Domingo Project – Development Plan
Next Steps1
2015
2016
Stage-gate 1 - EIA approval
Stage-gate 2 – Engineering
60-65% complete
2017+
Stage-gate 3 – Engineering
effectively complete
Production estimated +2 years
from construction decision
Decision on if, how, and when to proceed will reflect, among other factors:
Ongoing social license
 Receipt of port concession
 General/project specific market conditions
 Project economics

Long-term power availability
 Awarding project execution contract
 Financing market
 Available alternatives

Proceeding in a disciplined manner with a stage-gate process for decision making
1. Subject to the commercial and regulatory environment in Chile and not within Capstone’s control. Various decisions are dependent on the
availability of low cost power as well as regulatory approval, and clear demonstration of an economically viable project with appropriate financing in
place and a supportive environment for development.
14
Strong Projected Organic Growth Profile(1)
Cu Production (k tonnes)
$2.00
150
$1.50
100
$1.00
50
$0.50
0
$0.00
2012
2013
Cozamin
2014
Minto 2
4
2015
Pinto Valley
2016
2017
2018
Santo Domingo 70%
2019
2,3,4
C1 Cash Costs 3
Potential for significant cash flow generation
1. Assumes a positive construction decision on Santo Domingo with commissioning in 2018 (Capstone 70% ownership – based on FS dated July 8, 2014);
does not include by-product metal production at any mine or project. 2. C1 cash costs for 2016 and beyond do not factor in deferred stripping and
movements in ore stockpile for Minto. 3. C1 Cash Cost is an Alternative Performance Measure. See Forward-Looking Statements and Cautionary Note for
NI 43-101 information 4. 2014 C1 cash cost reflects Q3 2014 YTD.
15
C1 Cash Cost/lb3 of Payable Cu Produced
200
Capstone Is Well-Positioned For Profitable Growth
2015 and beyond
Short term


Pinto Valley
Focus on operational stability, cost efficiencies and potential mine life extension

Santo Domingo
Advance to next stage-gate decision point

Cozamin
Reliable production with ongoing infill drilling and exploration

Minto
Mine plan to optimize value

Exploration
Drilling at large property in Chile

Acquisition Criteria
Copper, in production, in the Americas
A leading intermediate copper producer
16
Appendix
1.
Board of Directors
2.
Senior Management Team
3.
Financial & Operating Results
4.
Revolving Credit Facilities
5.
Financial Position
6.
C1 Cash Costs
7.
Mine Cost Breakdown
8.
2015 Operating Guidance
9.
2015 Capital Expenditure Guidance
10.
Historical Financial Performance
11.
Historical Operating Performance
12.
Record of Growth in Mineral Resource Base
13.
History of Pinto Valley Mine
14.
Minto Mineral Reserve and Mineral Resource Areas
15.
Minto Mineral Resources and Underground Development
16.
Santo Domingo July 2014 Feasibility Study Summary
18.
Project Providencia - Key Deposits in Analogous Metallogenic Settings
19.
NI 43-101 Information
17
Board of Directors
Name
Experience
Lawrence Bell
Former Chairman & CEO of BC Hydro, Director of Silver Wheaton
George Brack - Non-Executive Chairman
Mining & investment banking, former industry head of Scotia Capital
Chantal Gosselin
Former VP & Portfolio Manager of Goodman Investment Counsel. Previously with Sun
Valley Gold LLP, Blackhawk Mining & Pan American Silver
GookHo Lee
Executive Advisor for KORES. Formerly with LS-Nikko Copper Inc., LG-Nikko Copper Inc.
& LG Metal Co. Ltd.
Kalidas Madhavpeddi
President of Azteca Consulting LLC and overseas CEO for China Molybdenum Inc.
Former Sr. VP Business Development of Phelps Dodge
Dale Peniuk - Audit Committee Chairman
Financial & board expertise, former Partner with KPMG
Darren Pylot - President, CEO & Director
Founder of Capstone Mining Corp.
Richard Zimmer
Former President & CEO of Far West Mining. Previously with Teck & Bow Valley
Industries
18
Senior Management Team
Years
Experience
Years Mining
Experience
Founder of Capstone Mining Corp.
20
20
Jim Slattery, Sr VP & CFO
Former CFO of Imnet Mining, Wescast Industries & Canadian General Tower
33
9
Gregg Bush, Sr VP & COO
Former COO of Minefinders, Mine GM & Operations of Barrick/Placer Dome,
12 years in Chile
30
30
Brad Mercer, Sr VP Exploration
Formerly with Sherwood Copper Corp., Miramar Mining & Royal Oak
30
30
Robert Blusson, VP Finance
Formerly with Lundin Mining & EuroZinc
12
8
Cindy Burnett, VP IR
Formerly with Western Lithium, Skye Resources, Ivanhoe Energy & Nova Chemicals
35
6
Peter Hemstead, VP Mktg. & Treasurer
Formerly with Sherwood Copper Corp. & PricewaterhouseCoopers LLP
18
8
Jason Howe, VP Business Development
Co-founder & former CFO of Silverstone Resources Corp. Formerly with
PricewaterhouseCoopers LLP
20
10
Wendy King, VP Legal, Risk &
Governance
Former Sr. VP General Counsel, Government Relations, Chief Compliance Officer
and Corporate Secretary with Central 1 Credit Union & Weyerhaeuser Company
18
1
Guy Le Bel, VP Evaluations
Formerly with Quadra Mining, BHP Billiton Base Metals, Rio Algom & Cambior Inc.
30
30
Gillian McCombie, VP HR
Formerly with Placer Dome, Hunter-Dickinson & TELUS
18
14
David Sinitsin, VP Technical Services
Formerly with Canaco Resources, Silver Standard Resources & Freeport-McMoRan
30
30
Brad Skeeles, VP North American
Operations
Formerly with Newmont Mining, INCO & BHP Billiton
26
26
Name
Experience
Darren Pylot, President, CEO & Director
19
Financial & Operating Results
Q3 2014
Q3 2013
Revenue ($M)
$183.9
$79.3
Copper in concentrates produced (tonnes)
25,529
8,595
Copper cathode produced (tonnes)
649
-
Payable copper produced (tonnes)
25,270
8,252
$1.84
$1.57
29,032
10,691
Realized copper price ($ per lb sold)
$2.98
$3.25
Net (loss) earnings ($M)
Per common share:
($0.1)
$0.00
$(4.6)
($0.01)
Adjusted EBITDA1 ($M)
Per common share:
$70.0
$0.18
$21.3
$0.06
Operating cash flow before changes in working capital1 ($M)
Per common share:
$57.1
$0.15
$13.6
$0.04
$121.1
($453.8)
C1 cash cost1 ($ per payable lb of Cu produced)
Copper sold (tonnes)
Net debt (cash)1 ($M)
1. These are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.
20
Revolving Credit Facility
At January 16, 2015
Senior Secured
Amount
$500M credit facility ($440M committed plus a $60M accordion)
Term
4 years
Interest Rate
US Libor + 3.0% (adjustable in certain circumstances)
Standby Fee
0.675% on undrawn balance (adjustable in certain circumstances)
Payment Schedule
Interest only
Covenants
EBITDA/Interest Expense ≥ 2.5:1
Senior Secured Debt/EBITDA not more than 3.0:1
Total Debt/EBITDA not more than 4.0:1
Use
 Replaces our current borrowings that were initially drawn to support the
Pinto Valley acquisition.
 Eliminates the scheduled amortization payments attached to previous
reducing credit facility.
 Provides financial flexibility to meet operating requirements and to address
potential market or operational disruptions.
21
Financial Position
2015 Capex Budget ($M)
At September 30, 2014 ($M)
(including capitalized stripping in development costs)
Cash
$176.1
Undrawn Credit Facilities
$ 57.2
Total Liquidity
$233.3
Outstanding Debt
$295.2
Op Cash Flow Before
Changes in Working Capital
(2014 YTD)
$161.8
$0.8
$5.6
$11.8
$23.6(6)
$64.2(5)
$155.0
$11.2
$15.9
$21.9
Sustaining
Pinto Valley1
Cozamin2
Development
Minto3
Santo Domingo4
Total
Kutcho
 New $500M Corporate Revolving
Credit Facility, announced Jan 16, 2015
with approx. $265M drawn to replace
current borrowings, leaving ~$235M of
additional credit capacity.
Conservative and flexible financial position
1. Of the Pinto Valley total capital guidance, $16.5 million has been flagged as potentially discretionary and can be deferred or cancelled should copper prices
persist for an extended period. 2. Of the Cozamin total capital guidance, $6.7 million has been flagged as potentially discretionary. 3. Depending upon the mine
plan followed in 2015, $7.2 million has been flagged as potentially discretionary. Capitalized-stripping of Minto North is pending receipt of the Water Use
License, expected in March 2015. 4. Reflects the base case spending plan to advance permitting, social license, and sustain the owners’ team, representing
Capstone’s 70% share of capital expenditure. 5. Includes $10.7M for capitalized stripping. 6. Full $23.6M represents capitalized stripping.
22
C1 Cash Cost(1) Q3 2014
Consolidated Total
$2.50
$2.00
$0.40
$1.50
$2.00
$(0.15)
$1.84
$1.50
$1.59
$1.00
$1.00
$0.50
$0.50
$0.00
$0.44
$(0.08)
$1.90
Treatment &
Selling Costs
By-Product
Credits
C1 Cash
Cost/lb
$1.54
$0.00
Operating
Costs
Treatment &
Selling Costs
By-Product
Credits
C1 Cash
Cost/lb
Cozamin
$2.50
Operating
Costs
Minto
$2.50
$1.90
$1.90
$0.29
$2.00
$2.00
$1.50
$1.00
Pinto Valley
$2.50
$(0.19)
$1.90
By-Product
Credits
C1 Cash
Cost/lb
$1.50
$0.33
$(0.32)
$1.28
$2.08
$1.29
$0.50
$1.00
$0.50
$0.00
$0.00
Operating
Costs
Treatment &
Selling Costs
By-Product
Credits
C1 Cash
Cost/lb
Operating
Costs
Treatment &
Selling Costs
1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs.
23
Mine Cost Breakdown(1)
Consolidated
Pinto Valley
3%
13%
15%
27%
8%
3%
27%
9%
8%
15%
Cozamin
26%
8%
19%
Salaries
Contractors & Consultants
Maintenance
Diesel, Gas & Lubricants
Power
Consumables
Minesite G&A
19%
Minto
5%
4%
11%
6% 4%
24%
31%
10%
10%
7%
3%
15%
25%
44%
1. Cost of production in US$ for the eight months ended as of September 30, 2014. Excluding by-product credits and TCRCs
24
2015 Operating Guidance
Pinto Valley
Cozamin
Minto
Total
Tonnes milled (M)
19.0
1.2
1.4
21.6
Copper grade (%)
0.35
1.59
1.19
0.47
Copper recovery (%)
88.1
93.3
86.4
88.3
56,300
18,000
13,000
87,300
2,700
-
-
2,700
59,000
18,000
13,000
90,000
-
8,300
-
8,300
480
-
-
480
-
400
-
400
0.3
1.4
0.1
1.8
-
-
17,000
17,000
$2.00 - $2.10
$1.35 - $1.45
$3.10 - $3.20
$2.00 - $2.10
Production (contained in concentrates)
Copper (tonnes)
Copper cathode (tonnes)
Total Copper (tonnes)
Zinc (tonnes)
MoS2 (000s lbs)
Lead (tonnes)
Silver (million ounces)
Gold (ounces)
C1 cash costs1 per pound of payable copper
produced net of by-product credits and
selling costs
1. This is an alternative performance measure, please see “Alternative Performance Measure” definition at the beginning of this presentation.
25
2015 Capital Expenditure Guidance
Capital Expenditure ($M)
Pinto Valley1
Cozamin2
Santo
Domingo4
Minto3
Kutcho
Total
Sustaining
$21.9
$15.9
$11.2
-
-
$49.0
PV2 Capital
$45.5
-
-
-
-
$45.5
PV3 Study
$8.0
-
-
-
-
$8.0
-
$5.6
-
-
-
$5.6
$10.7
-
$23.6
-
-
$34.3
-
-
-
$11.8
$0.8
$12.6
$86.1
$21.5
$34.8
$11.8
$0.8
$155.0
Brownfield Exploration
Capitalized Stripping
Development Projects
Total
Santo
Domingo
$11.8
Kutcho
$0.8
Minto
$34.8

$36 million identified that may be deferred or canceled
depending on copper prices
Pinto Valley
$86.1
Cozamin
$21.5
1. Of the Pinto Valley total capital guidance, $16.5 million has been flagged as potentially discretionary and can be deferred or cancelled should copper prices persist for an extended
period. Note PV2 capital is slightly higher than PFS estimate for 2015 as it includes capitalized stripping and component replacements on mining fleet. 2 Of the Cozamin total capital
guidance, $6.7 million has been flagged as potentially discretionary. 3. Depending upon the mine plan followed in 2015, $7.2 million has been flagged as potentially discretionary.
Capitalized-stripping of Minto North is pending receipt of the Water Use License, expected in March 2015. 4. Reflects the base case spending plan to advance permitting, social
license, and sustain the owners’ team, representing Capstone’s 70% share of capital expenditure. 5. Represents base case before any potential reductions.
26
Historical Financial Performance
Revenue3 ($M)
Adjusted EBITDA1,3 ($M)
$600
$517
$500
$400
$250
$300
$200
$301
$353
$306
$191
$200
$332
$146
$150
$162
$117
$142
$106
$103
$100
$50
$100
$0
$36
$0
2008
2009
2010
2011
2012
2013
Nine
Months
2014 YTD
$121
2009
2010
2012
2013
Nine
Months
2014 YTD
$162
$150
$58
$56
2011
$200
$123
$85
$59
2008
Operating Cash Flow Before Changes in
Working Capital3 ($M)
Capital Additions2,3($M)
$140
$120
$100
$80
$60
$40
$20
$0
$250
$33
$120
$94
$100
$50
$114
$86
$75
$28
$0
2008
2009
2010
2011
2012
2013
Nine
Months
2014 YTD
2008
2009
2010
2011
2012
2013
Nine
Months
2014 YTD
Deferred Stripping
Capital Additions
1. This is an Alternative Performance Measure. 2. Includes deferred stripping at Minto. 2008 capex includes $13 million from old Capstone for 9 months
in 2008. 3. The total 2008 information only includes results from the Cozamin Mine from November 24, 2008 to December 31, 2008. Year end 2010,
2011 and 2012 in accordance with IFRS. 2008 figures pro forma for combination with Sherwood Copper to include Cozamin and Minto for the full year.
27
Historical Operating Performance
Realized Price/lb of Copper Sold ($)
Copper Sold (tonnes)
100,000
80,196
80,000
60,000
40,000
29,892
38,691
33,022
35,879
35,834
2010
2011
2012
45,405
20,000
0
2008
2009
2013
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Nine
Months
2014 YTD
C1 Cash Cost1,2
($ per payable lb of Cu produced)
$1.50
$1.25
$1.40
$1.45
$1.50
$1.72
$1.92
$1.03
$1.00
$0.50
$0.00
2008
2009
2010
2011
2012
2013
$2.36
$2.31
2008
2009
2010
$3.90
2011
$3.66
2012
$3.30
$3.10
2013
Nine
Months
2014 YTD
Cash Margin/lb of Copper Sold ($)
$2.50
$2.00
$3.42
Nine
Months
2014 YTD
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
47%
55%
59%
63%
$2.45
$2.02
$1.11
$1.28
2008
2009
59%
48%
38%
$2.16
$1.58
$1.18
2010
2011
2012
2013
1. This is an Alternative Performance Measure. * Commencing in 2011, financial results in accordance with IFRS. 2. The total 2008 information only
includes results from the Cozamin Mine from November 24, 2008 to December 31, 2008, except for the C1 Cash Cost per pound of payable copper,
which is for the full year.
Nine
Months
2014 YTD
28
Proven Track Record of Growth in Mineral Resource Base
1107%
2000
Santo
Domingo
Santo
Domingo
Pinto
Valley
1500
Santo
Santo
Santo
Santo
Domingo Domingo
Domingo Domingo Kutcho
Kutcho
1000
500
0
CS
Total
Minto
Cozamin
CS
Total
Minto
Cozamin Cozamin Cozamin Cozamin Cozamin
3000
0
0.004
0.003
0.002
0.001
Santo
Domingo
Pinto
Valley
Santo
Domingo
0.02
0.018
0.016
Pinto
Valley
Kutcho
Kutcho
Santo
Santo
Santo
Santo
Kutcho
Domingo Domingo Domingo Domingo
CS
Total
Minto
Cozamin
CS
Total
Kutcho
Minto
Cozamin
CS
Total
Kutcho
Minto
Cozamin
Minto
Minto
Kutcho
Cozamin
Kutcho
Cozamin
Minto
Kutcho
Cozamin
Minto
Minto
Cozamin
Cozamin
Cozamin
Cozamin
Minto
Minto
2008 2009 2010 2011 2012 2013
Cu tonnes in Mineral Reserves1 Per Share
0.005
Santo
Domingo
Kutcho
Cu tonnes/share (basic)
Cu tonnes/share (basic)
0.006
4000
1000
Cozamin
Pinto
Valley
5000
Cozamin
314%
1084%
6000
2000
Minto
Minto
CS
Kutcho
Total Kutcho
Kutcho Cozamin
Cozamin
Kutcho Kutcho
Minto Minto Minto Minto Minto
2008 2009 2010 2011 2012 2013 YTD
0.007
Cu tonnes in M&I Mineral Resources1
7000
2500
Thousands (tonnes)
8000
Cu tonnes in Mineral Reserves1
Thousands (tonnes)
3000
Kutcho
YTD
Cu tonnes in M&I Mineral Resources1 Per Share
383%
0.014
0.012
0.01
0.008
0.006
0.004
0.002
0
0
2008 2009 2010 2011 2012 2013 YTD
2008 2009 2010 2011 2012 2013
1. Includes Mineral Resources and Reserves as at January 1, 2014 . 70% share of Santo Domingo Mineral Resources as at August 31, 2012 and
Mineral Reserves as at May 2, 2014. Kutcho as at Dec. 31, 2010. See Forward-Looking Statements and Cautionary Note for NI 43-101 information
YTD
29
History of Pinto Valley
Pinto Valley Historical Production/Copper Prices
PV production commenced by
owner Cities Service (formerly
Tennessee Corporation)
PV Cu Production
$5.00
Average Cu Price
225
PV acquired by Newmont
subsidiary and placed PV on
care and maintenance
200
175
Newmont announced
plans to restart PV
Capstone
acquires PV
PV operations
restarted
BHP
acquired PV
$4.50
$4.00
$3.50
150
$3.00
BHP placed PV on care and
maintenance due to
temporarily low copper prices
125
100
$2.50
BHPB
restarts
PV
$2.00
75
$1.50
50
$1.00
25
$0.50
0
$-
2014
2013
SMARRCO
$11.4 (6%)
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
BHP Billiton $194mm(1) re-start capital incorporated lessons learned
from previous re-start
 Acquired new mining fleet
 Upgraded electrical and controls
 Significantly improved plant conditions to HSEC standards
 In-sourced mining
1999

1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
2012 Re-start Capital Cost
Mine
$3.9 (2%)
Contractors'
Indirect (2)
$8.9 (5%)
EPCM
$14.2 (7%)
Mine Fleet
$63.8 (33%)
Infrastructure
$21.2 (11%)
Owner Cost
$27.1 (14%)
Source: BHP Copper. 1.Source: BHP Copper, in US$M. 2. The cost of employing contractors during project execution.
Processing
$43.7 (22%)
30
Historial Cu Price (Us$/lb)
Historial Cu Production (mlbs)
250
BHP placed PV on
care and maintenance
due to temporarily
low copper prices
Minto Mineral Reserve & Mineral Resource Areas
A
LEGEND
Inferno North
Minto North
(extension of Minto North)
N
Mineral Reserves &
Resources
Inferno
Other Deposits
Fireweed
Mining Complete
(extension of Minto East)
Minto Main
Mill
>3% Cu over ≥5m
Deposit Area
>2% Cu over ≥5m
Exploration Corridor
>1% Cu over ≥5m
>0.5% Cu over ≥5m
All other drill holes >50
Fault
Creeks and Streams
All Weather Gravel Road
Camp
Minto East
Area 2/118
Key Points
Minto South
Copper Keel
Wildfire/
Copper Keel NE
 Current Mineral Resource/Reserve
has a 3.5 km strike length
 Other underground geophysical and
geological targets exist
Ridgetop
A’
500
meters
31
Minto Mineral Resources & Underground Development
Inferno North
Area 2/118
N
S
Wildfire
900masl
700masl
Minto North
Mining Complete
Ridgetop
Minto Main
500masl
Copper Keel
Mineral Reserves and Resources
Minto East
Other Deposits
Fireweed
Minto Permitting and Mining Phases




I – III: Minto Main pit mining completed Q2 2011, stockpiles processed until Q2 2012
IV: Current Mining - Area 2/118 mined by open pit and underground
V: Minto North to be mined by open pit; Minto East by underground
VI: PFS Q3 2012 added Copper Keel and Wildfire underground Mineral Reserves
32
Santo Domingo – July 2014 Feasibility Study Summary
Estimated C1 cash cost3
Summary of July 2014 FS1,2
Mine life (years)
18
Average annual
production
LOM Avg: 128M lbs Cu, 4.2 Mt Fe, 16 koz Au
First 5 years: 248M lbs Cu, 3.3 Mt Fe, 35 koz Au
Planned
throughput (tpd)
Development
capital
LOM Avg:
$ per payable lb of Cu produced
negative
$0.06
First 5 years:
$ per payable lb of Cu produced
$0.49
LOM Avg: 60,500
First 5 Years: 65,000
$1.7B
Investment
return
(after tax)
IRR: 17.9%
NPV @ 8% discount rate: $797M
Payback: 4.2 years
By-products
Fe, Au
Metal price
assumptions
Cu: $2.85/lb
Fe: $1.31/dmtu ($85/t conc. @ 65% Fe)
Au: $1,275/oz
Low-risk and relatively low-cost approach
1. Source: Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. 2. The report was compiled by
AMEC’s Santiago office with an accuracy range of -10% to +15% for capital and operating costs. The estimates presented in the FS are current as of October 2013. 3.
C1 Cash Cost is an Alternative Performance Measure. C1 Cash Cost on a by-product basis includes gold and iron credits. See Forward-Looking Statements and
Cautionary Note for NI 43-101 information
33
Project Providencia – Region III Chile
Older
Key Deposits in Analogous Metallogenic Settings
1 IOCG Deposits – (Jurassic Volcanic
 Mantoverde District
 Santo Domingo
 Julia Reventon
Younger
Atacama Fault
Option
Boundary
1
Arc)1,3
IOCG
Julia Reventon
2 IOCG Deposits - (Cretaceous Volcanic Arc)1,3
 Candelaria
 Mantos Blancos
 Casualidad
 Teresa De Colmo
 Franke
 Altamira
3
2
145 kms
2 & 3 Porphyry Deposits – (Cretaceous Volcanic Arc)2,3
 Spence Mine
 Virgo Sierra Overa
Project Providencia lies ~80 kilometres
north of Santo Domingo
(3,500 sqkm)
IOCG?
Franke
Altamira
IOCG
Casualidad
Porphyry
Virgo S.O.
120 kms
1. Chile’s IOCG deposits are related to early - mid Cretaceous magmatic activity but the host rocks may be older. 2. Late Cretaceous Age. 3. The
blue, green and pink rocks in belts 1 & 2 are highly prospective for IOCG and for Cretaceous Age porphyry Cu deposits. These prospective rocks are
inferred to continue under gravel cover (clear areas) and beneath Paleocene-Eocene volcanic rocks (dark greens on east side of map).
34
Compliance with NI 43-101
Unless otherwise indicated, Capstone has prepared the technical information in this presentation (“Technical Information”) based on information contained in the technical reports and news releases
(collectively the “Disclosure Documents”) available under Capstone Mining Corp.’s company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision
of a qualified person (a “Qualified Person” or “QP”) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”). For
readers to fully understand the information in this presentation, they should read the Technical Reports (available on www.sedar.com) in their entirety, including all qualifications, assumptions and
exclusions that relate to the information set out in this presentation 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.
The technical information in this presentation has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators ("NI 43-101") and reviewed by Brad Skeeles, P.Eng. VP of North American Operations (Technical Information related to mining and production) and
Brad Mercer, P. Geol., Senior Vice President, Exploration (Technical Information related to mineral exploration activities), and reviewed and approved by Gregg Bush, Senior Vice President and Chief
Operating Officer for Capstone Mining, all QP’s under NI 43-101.
This presentation summarizes some of the information contained in the Pinto Valley Mine 2014 Pre-Feasibility Study, dated April 28, 2014 , that was directed by Capstone with contributions from
Kirkham Geosystems Ltd. (geology, Resource estimation), Independent Mining Consultants Inc. (reserve, geotechnical, mine design and schedule, equipment selection), KWM Consulting Inc.
(metallurgy, mill operation), AMEC Environment & Infrastructure Inc. (tailings), Stantec (Infrastructure and PFS report compilation), SRK (US), Inc. (environmental), and Adam M Consulting Inc. (financial
modelling). Personnel from each of these companies will be signing off as a QP as defined in NI 43-101 for their specific responsibilities. The following QP’s will author the technical report: Mel Lawson,
P.E. of Stantec, Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., John Marek P.E. of Independent Mining Consultants, Inc., Ken Majors P.Eng. of KWM Consulting Inc, Tony Freiman, P.E. of AMEC Inc.,
Adam Majorkiewicz, P.Eng of Adam M Consulting Inc. and Cori Hoag C.P.G. of SRK. The January 1, 2014 Mineral Resource estimate reported herein for the Pinto Valley property was prepared by Garth
Kirkham, P. Geo, Kirkham Geosystems Ltd., an independent QP. Based on the Mineral Resource Estimate, a standard methodology for pit limit analysis, mining sequence, and cut-off grade optimization,
including application of mining dilution, process recovery, economic criteria and physical mine and plant operating constraints, has been followed to design the Pinto Valley pit and determine the
Mineral Reserve Estimate dated January 1, 2014.
This presentation summarizes some of the information contained in the NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico dated July 31 , 2014. The following QP’s were responsible
for the preparation of their relevant portions of the Technical Report: Patrick Andrieux, PhD., P.Eng. (Itasca Consulting Group. Inc), Dave Hallman, PE (Tetra Tech, Inc), Jenna Hardy, P.Geo. (Nimbus
Management Ltd.), Mel Lawson, SME-RM (Stantec Consulting International LLC), Ken Major, P.Eng. (KWM Consulting Inc.), Vivienne McLennan, P.Geo. (Capstone Mining Corp.), Allan Schappert, SMERM (Stantec Consulting International LLC), Ali Shahkar, P.Eng. (Lions Gate Geological Consulting Inc.), Robert Sim, P.Geo. (Sim Geological Inc.), Brad Skeeles, P.Eng. (Capstone Mining Corp.), and Jeremy
Vincent, P.Geo. (Capstone Mining Corp.).
This presentation summarizes some of the information contained in the Minto Phase VI Preliminary Feasibility Study Technical Report dated January 2012. Qualified Persons under National Instrument
43-101 responsible for this report: John Sagman, BASc., P.Eng., PMP, Wayne Barnett, Pr.Sci.Nat., SRK Consulting (Canada), Inc., John Eggert, P.Eng, Eggert Engineering Ltd; Bruce Murphy, P.Eng., SRK
Consulting (Canada), Inc.; Bill Hodgson, P.Eng., Genivar Inc.; Garth Kirkham, P. Geo, Kirkham Geosystems Ltd; Michael Levy, PE, SRK Consulting (Canada), Inc.; Brad Mercer, P.Geol. Capstone Mining
Corp.; Pooya Mohseni, P.Eng. Minto Exploration; Marek Nowak, P.Eng., SRK Consulting (Canada) Inc.; and Colleen Roche, P.Eng. Capstone Mining Corp. who are responsible for certain sections of the
PFS as detailed in the PFS.
This presentation summarizes some of the information contained in the Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. The
following QP’s were responsible for the preparation of their relevant portions of the Technical Report based on the Feasibility Study: David Frost, F.AusIMM (AMEC Ingeniería y Construcción Ltda.),
Hans Gopfert, P.Eng (AMEC Ingeniería y Construcción Ltda.), Joyce Maycock, P. Eng (AMEC Ingeniería y Construcción Ltda.), Vikram Khera, P. Eng (AMEC Ingeniería y Construcción Ltda.), Anna Klimek,
P.Eng (AMEC Ingeniería y Construcción Ltda.), Roy Betinol, P.Eng. (BRASS Chile S.A.) -- Seawater and Magnetite Concentrate Pipeline System, Carlos Guzmán, F.AusIMM (NCL Ingeniería y Construcción
Ltda.) -- Mineral Reserve Model, Mine Equipment and Mine Development , Tom Kerr, P.Eng. (Knight Piésold S. A.) - Tailings Storage Facility, David Rennie, P. Eng (Roscoe Postle Associates Inc.) -- Mineral
Resource Model. The technical information in the July 8,2014 report was reviewed by Court Muggli, P.E., Project Director, Capstone Mining Corp., and Gregg Bush, P. Eng., Senior Vice President and
Chief Operating Officer, Capstone Mining Corp., both QP’s under NI 43-101.
35
For additional information, please visit capstonemining.com
or contact us at:
Phone: +1-604-684-8894
Toll Free: 1-866-684-8894
Email: info@capstonemining.com
36
Last updated January 20, 2015