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1

A Leading Intermediate Copper ProducerDecember 2016

22

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”, “budget”, “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” 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, amongst others, risks related to inherent hazards associated with mining operations, future prices of copper and other metals, compliance with financial covenants, surety bonding, our ability to raise capital, counterparty risks associated with sales of our metals, use of financial derivative instruments and associated counterparty risks, foreign currency exchange rate fluctuations, changes in general economic conditions, accuracy of mineral resource and mineral reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, compliance with governmental regulations, compliance with environmental laws and regulations, reliance on approvals, licences and permits from governmental authorities, impact of climatic conditions on our Pinto Valley, Cozamin and Minto operations, aboriginal title claims and rights to consultation and accommodation, land reclamation and mine closure obligations, 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, dependence on key management personnel, potential conflicts of interest involving our directors and officers, corruption and bribery, limitations inherent in our insurance coverage, labour relations, increasing energy prices, competition in the mining industry, risks associated with joint venture partners, our ability to integrate new acquisitions into our operations, cybersecurity threats 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 management’s discussion and analysis of those statements, all of which are filed and available for review under the Company’s profile on SEDAR at www.sedar.com.

Although the Company has 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”, “all-in cost”, “fully-loaded all-in cost”, “adjusted net income/loss”, “operating cash flow before changes in working capital” and “net debt” are Alternative Performance Measures. Alternative performance measures are furnished to provide additional information. These non-GAAP performance measures are included in this presentation because these statistics are key performance measures that management uses to monitor performance, to assess how the Company is performing, 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.

CurrencyAll amounts are in US$ unless otherwise specified.

Cautionary Note On Forward Looking Information

3

Cash flow generation from a portfolio of three mines

Financial flexibility

Proven track record of sustainable growth

Low-risk copper producer focused on the Americas

About Capstone

A leading intermediate copper producer

44

Diversified Operations in Low Risk Jurisdictions

PRODUCTION

Three operating mines in stable geographies in the Americas

108 k tonnes1 of copper C1 Cash Cost1,2 $1.45-$1.55/lb

All-in Cost1,2 $1.90-$2.00/lbFully-Loaded All-In Cost1,2 $2.05-$2.15/lb

Santo DomingoRegion III, ChileCS 70%; KORES 30%

ChileSQM - option to earn up to 70% of Project Providencia

GROWTH

Portfolio

Growth projects and early-stage base metals exploration properties

Sho

rt t

erm

Lon

gte

rm

Pinto ValleyArizona, US66 k tonnes copper1

CozaminZacatecas State, Mexico14 k tonnes copper1

MintoYukon, Canada28 k tonnes copper1

1. 2016 guidance, see news release dated July 26, 2016. Production guidance is ±5%. 2. C1 Cash Cost, All-in Cost and Fully-Loaded All-In Cost are per pound of copper produced and are alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

55

Pinto Valley running ahead of plan

Pinto Valley Mine

Open Pit Mine in Arizona, US

Mine life remaining (years) 23

2016 Production Guidance1 (k tonnes)

2016 C1 Cash Cost1,2,3 Guidance ($/payable lb produced)

2016 All-In-Cost1,2,3 Guidance ($/payable lb produced)

66.0$1.65-$1.75$2.00-$2.10

Q3 YTD 2016 Production (k tonnes)

Q3 YTD 2016 C1 cash cost2,3 ($/payable lb produced)

Q3 YTD 2016 All-In Cost2,3 ($/payable lb produced)

51.8$1.59$1.93

By-products Mo, Ag

Q3 2016 fourth consecutive quarterly throughput record of 57,295 tpd

Focus on optimization, yielding sustainablecost reductions

Evaluating potential production increase

1. ±5%; see news release dated July 26, 2016 for production guidance and news release dated January 18, 2016 for cost guidance. 2. C1 Cash Cost and All-In Cost are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. 3. C1 cash cost per pound of payable copper produced is net of by-product credits and selling costs. All-In cost per pound of payable copper produced is C1 cash cost plus NSR and production royalties, non-cash deferred revenue, all sustaining capital expenditures (including PV2 development, exploration and production-phase capitalized stripping), accretion of reclamation obligations, amortization of reclamation assets and PV3 development. 4. Cost of production in US$ for the 9 months ended September 30, 2016. Excluding by-product credits and TCRCs.

Mine Cost Breakdown4 (Q3 YTD 2016)

Salaries Contractors & ConsultantsMaintenanceDiesel, Gas & LubricantsPowerConsumablesMinesite G&A

28%

12%

19%6%

12%

17%

6%

66

PV3 Mine Plan1

1. See Technical Report dated February 23, 2016.

0.00%

0.15%

0.30%

0.45%

0.60%

0.75%

0

10

20

30

40

50

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

Cu

Grad

eM

illio

n T

on

ne

s

PV2 Ore PV3 Ore Ore to Stockpile Stockpile to Mill PV2 Waste PV3 Waste Cu Grade to Mill

PV3 mine plan more than doubles mine life to 23 years, increases throughput by 8% and lowers operating costs without significant capital investment

No major decision on first PV3 pushback or significant capital required for PV3 until stripping starts in 2020

Avg. Annual Cu Production

55.7 kt

Planned Throughput

2016 – 54ktpd+2017 – 56ktpd

77

Cozamin Mine

Underground Mine in Zacatecas State, Mexico



2016 C1 Cash Cost1,2,3 Guidance ($/payable lb produced)

2016 All-In-Cost1,2,3 Guidance ($/payable lb produced)

14.0$1.35-$1.45$1.80-$1.90


Q3 YTD 2016 C1 cash cost2,3 ($/payable lb produced)

Q3 YTD 2016 All-In Cost2,3 ($/payable lb produced)

10.3$1.51$1.81

By-products Zn, Pb, Ag

Infill drilling aimed atpotential mine life extension and

evaluation of zinc-rich areas

2016 2018+

Silver stream expires April 2017 reducing cash costs

$0.35-$0.40/lb of copper;Evaluating potential to bring zinc

resource into mine plan

2017

Further exploration targets aimed at extending mine life;

Potential zinc/silver production

1. ±5%; see news release dated July 26, 2016 for production guidance and news release dated January 18, 2016 for cost guidance. 2. C1 Cash Cost and All-In Cost are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. 3. C1 cash cost per pound of payable copper produced is net of by-product credits and selling costs. All-In cost per pound of payable copper produced is C1 cash cost plus NSR and production royalties, non-cash deferred revenue, all sustaining capital expenditures (including exploration and production-phase capitalized stripping), accretion of reclamation obligations and amortization of reclamation assets.

88



2016 C1 Cash Cost1,2,3,4 Guidance ($/payable lb produced)

2016 All-In-Cost1,2,3,4 Guidance ($/payable lb produced)

28.0$1.10-$1.20$1.30-$1.40


Q3 YTD 2016 C1 cash cost2,3,4 ($/payable lb produced)

Q3 YTD 2016 All-In Cost2,3,4 ($/payable lb produced)

22.6$1.30$1.39

By-products Au, Ag

Open Pit & Underground Mine in Yukon, Canada

Minto Mine

2016 2017

Transitions to underground mine; restart is copper price dependent

2018

Significant contributor through H1 2017; option on future copper prices

1. ±5%; see news release dated July 26, 2016 for production guidance and news release dated January 18, 2016 for cost guidance. 2. C1 Cash Cost and All-In Cost are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. 3. C1 cash cost per pound of payable copper produced is net of by-product credits and selling costs. All-In cost per pound of payable copper produced is C1 cash cost plus NSR and production royalties, non-cash deferred revenue, all sustaining capital expenditures (including exploration and production-phase capitalized stripping), accretion of reclamation obligations and amortization of reclamation assets. 4. Operating costs are adjusted to exclude the cost of mining ore and waste which is not related to concentrate produced in the period; these costs are capitalized or inventoried in the financial statements, and then expensed when the associated ore is processed.

Open pit mining of Minto North complete, mill processing high

grade stockpile and UG ore

UG mining and stockpile processing continues into Q3 2017;

potential for additional open pit could take operations through

2017; then on care & maintenance

99

Santo Domingo Provides Future Growth Potential

Permitted project provides upside optionality

Copper-only project

Evaluating Alternatives

Copper Development Project in Region III, Chile

Exploration potential

on Santo Domingo land

Evaluating economics of

combining with another

copper deposit

Superior infrastructure

Approved EIA and Port Concession

Owned 70% Capstone; 30% Korea Resources Corporation (KORES)

Manto Verde(Audley)

Chañaral

Diego de Almagro

Santo Domingo(CS)

Radiss(Sumitomo)

Sierra Norte(Alxar)

Inca de Oro(PanAust)

1010

1. Includes 24% equity stake in Tenke Fungurume2. Includes 50% equity stake in Huckleberry3. Does not include the Coal Segment. 50% of Corporate SG&A and interest, and 100% of exploration attributed to Base Metals segment4. Production shown on attributable basis

2016E Fully Loaded All-in Costs

Fully Loaded All-in-Costs = Total Cash Costs + Exploration + Capital (Development and Sustaining) + Corporate G&A + Corporate Interest + Corporate TaxesSource: Scotiabank (October 5, 2016) except for Capstone which reflects the midpoint of 2016 guidance of $2.05-$2.15

$1.56

$1.93$2.00

$2.06 $2.07 $2.10 $2.10

$2.56$2.68

$2.82

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

Lundin Freeport-McMoRan

Hudbay CopperMountain

Imperial Capstone First Quantum Teck Taseko TurquoiseHill

US$

/lb

Co

pp

er

1 32 4

1111

Expected Free Cash Flow to Further Repay Debt

At September 30, 2016 ($M)

Cash and cash equivalents $120.4

LESS: Long Term Debt & Leases $344.6

Net Debt $224.2

$77.2

$23.2

$31.3

$11.7

$2.9

$2.1

$6.0

Sustaining Development Total

2016 Capital Guidance ($M) (including capitalized stripping in development costs)

Pinto Valley Cozamin Minto

1

3

1

1. Includes $29.0M and $6.0M of capitalized stripping at Pinto Valley and Minto, respectively. 2. Reflects capitalized brownfield exploration. 3. Does not include $5.5M budgeted as an expense for greenfield exploration.

2

Protected near term with significant exposure to copper price in H2 2017

Undrawn Credit Facilities $91.1

Total Liquidity $211.5

Corporate RCF due 2019 with no scheduled amortization payments

Subsequent to quarter end reduced debt and credit available by $20 million

Copper price fixing and hedge protection for ~75% of Q4 2016 forecast sales between $2.20-$2.24/lb

2017 Price Protection: Collars for 43kt throughout 2017 at $2.28-$2.53/lb; Sold forward 30kt at $2.22/lb for settlement periods of Dec ‘16-Jun ‘17

1212Source: Net debt based on latest filed financial statements and EBITDA based on analyst consensus estimates as at December 2, 2016 as per Bloomberg.

Lowest Quartile Leverage in Base Metals Group

Existing leverage is manageable

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

Lundin Capstone AngloAmerican

BHP Teck Hudbay Vale Glencore Freeport-McMorRan

FirstQuantum

ImperialMetals

CopperMountain

Taseko Sherritt

First Repayment: 2020 2019 2018 2017 2017 2020 2017 2016 2017 2019 2018 2016 2019 2021

Net

De

bt

/ 2

01

6E

Co

nse

nsu

s EB

ITD

A

42.5x 49.4x

1313

Operating and Growth Strategy

Manage at the trough to take advantage of growth opportunities

1. Maintain financial and operating flexibility

Maintain disciplined, balanced approach

Sustain and optimize core operations at the bottom of the cycle

Continue to reduce debt

2. Robust organic growth potential

Significant mine life extension at Pinto Valley

Maintain optionality on Santo Domingo project

Prudently progressing exploration

Criteria for acquisition - low-risk, mining-friendly jurisdictions in the Americas, copper asset in or near production where we can add value

1414

Financial FlexibilityCopper price protection through 2017 with more exposure to copper price in H2 2017; Anyfree cash flow intended to further de-lever balance sheet; liquidity levers if required beyond 2017

Pinto ValleySignificant mine life extension with focus on optimization and cost efficiencies

CozaminReturn to stable operations and lower costs with exploration upside and zinc potential

MintoSignificant low-cost production continuing through H1 2017; UG mining and stockpile processing continuing until Q3 2017; potential to continue operations through 2017

Internal Growth PortfolioMaintaining Santo Domingo and exploration optionality for future organic growth

History of opportunistic growth and successful integrationExperienced team with demonstrated ability to finance, construct, expand, optimize and integrate

2016 and beyond

Capstone Is Well-Positioned For The Future

Significant leverage to rising market

1515

Appendix

1. Board of Directors

2. Senior Management Team

3. Financial & Operating Results

4. Revolving Credit Facility

5. Protecting Near-Term Downside Risk

6. C1 Cash Costs

7. Mine Cost Breakdown

8. Historical Operating and Financial Performance

9. Historical Operating and Financial Performance cont’d

10. Pinto Valley: Long Life Asset in Stable Mining District

11. History of Pinto Valley Mine

12. Cozamin Mine Exploration Potential

13. Minto Mineral Reserve and Mineral Resource Areas

14. Minto Mineral Resources and Underground Development

15. Providencia Exploration Project

16. Track Record of Growth in Mineral Resource Base

17. Consolidated Mineral Reserve Estimate

18. Consolidated Mineral Resource Estimate

19. Consolidated Mineral Resource Estimate cont’d

20. Notes on Consolidated Mineral Reserve and Resource Estimates

21. NI 43-101 Information

1616

Board of Directors

Name Experience

Lawrence BellFormer Chairman & CEO of BC Hydro, former Chairman UBC Board of Directors and Canada Line (Rapid Transit) Project, served as Deputy Minister of Finance and Secretary to Treasury Board of BC. Former Director of Goldcorp and Matrix Asset Management, current Director of Silver Wheaton.

George Brack - Non-Executive ChairmanMining and investment banking, former industry head of Scotia Capital and former President and CEO of Macquarie North America. Current Director of Silver Wheaton, Timmins Gold and Geologix.

Bob Gallagher Former President & CEO of New Gold and Peak Gold and current director of New Gold; previously with Placer Dome and Newmont.

Jill Gardiner Former Managing Director and Regional Head (BC) for RBC Capital Markets. Current Chair of Turquoise Hill, Director of Capital Power, Parkbridge Lifestyle Communities and SilverBirch Hotels.

Soon Jin Kwon Director & COO of KORES Canada Corporation.

Kalidas MadhavpeddiAdvisor to China Molybdenum, former Senior VP Business Development of Phelps Dodge. Current Director and Chair of Compensation Committee of NovaGold Resources.

Dale Peniuk - Audit Committee Chairman Former Partner with KPMG. Director & Audit Committee Chair of Lundin Mining & Argonaut Gold.

Darren Pylot - President, CEO & Director Founder of Capstone Mining.

Richard ZimmerFormer President & CEO of Far West Mining, previously with Teck & Bow Valley Industries. Current Director of Alexco Resources.

1717

Senior Management Team

Name ExperienceYears

ExperienceYears Mining Experience

Darren Pylot, President, CEO & Director Founder of Capstone Mining 22 22

Jim Slattery, Senior VP & CFO Former CFO of Inmet Mining, Wescast Industries & Canadian General Tower 35 11

Gregg Bush, Senior VP & COOFormer COO of Minefinders, Mine GM & Operations of Barrick/Placer Dome,12 years in Chile

32 32

Brad Mercer, Senior VP Exploration Formerly with Sherwood Copper, Miramar Mining, Royal Oak & US Borax 32 32

Cindy Burnett, VP Investor RelationsFormerly with Western Lithium, Skye Resources, Ivanhoe Energy & Nova Chemicals

37 8

Jason Howe, VP Corporate DevelopmentCo-founder & former CFO of Silverstone Resources. Formerly with PricewaterhouseCoopers LLP

22 12

Tomas Iturriaga, VP North American Operations

Formerly with Goldcorp as VP and GM for Mexico 22 12

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

20 3

Gillian McCombie, VP Human Resources

Formerly with Placer Dome, Hunter-Dickinson & TELUS 20 16

1818

Financial & Operating Results

1. These are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. * Q3 2016 includes a negative provisional pricing adjustment of $1.4 million (2015 – negative $8.0 million) related to prior shipments, equivalent to $(0.02) per pound (2015 – $(0.15) per pound) of copper sold during the quarter. 2016 YTD includes a negative provisional pricing adjustment of $12.9 million (2015 – negative $21.6 million) related to prior shipments, equivalent to $(0.07) per pound (2015 – ($0.15) per pound) of copper sold during the nine month period. The Q3 2016 and 2016 YTD negative provisional pricing adjustments were predominantly related to assay adjustments. The Q3 2016 figure of ($1.4 million) is broken down as ($0.3 million) related to price adjustments and ($1.1 million) related to assay adjustments. This translates into adjustments of ($0.00) and ($0.02) respectively on a per pound sold basis. The YTD Q3 2016 figure of ($12.9 million) is broken down as ($0.9 million) related to price adjustments and ($12.0 million) related to assay adjustments. This translates into adjustments of ($0.01) and ($0.06) respectively on a per pound sold basis.** Q3 2016 Adjusted realized copper price includes a realized gain of $2.0 million related to maturing forward contracts and nil related to exercised put contracts (Q3 2015 – $5.7 million related to exercised put contracts). 2016 YTD Adjusted realized copper price includes a realized gain of $2.2 million related to maturing forward contracts and $9.6 million related to exercised put contracts (2015 – $5.7 million related to exercised put contracts).

Q3 2016 Q3 2015 2016 YTD 2015 YTD

Revenue ($M) 139.9 113.0 366.4 328.4

Copper produced (tonnes) 32,027 22,109 84,730 66,886

Payable copper produced (tonnes)C1 cash cost per payable pound produced1 ($/lb)All-in cost per payable pound produced1 ($/lb)Fully-loaded all-in cost per payable pound produced1 ($/lb)

30,9391.321.651.75

21,3401.982.912.75

81,8361.501.912.02

64,5602.052.972.92

Copper sold (tonnes)Realized copper price per pound sold ($/lb) *Adjusted realized copper price per pound sold ($/lb) **C1 cash cost per payable pound sold1 ($/lb)All-in cost per payable pound sold1 ($/lb)Fully-loaded all-in cost per payable pound sold1 ($/lb)

30,3592.182.211.491.821.93

24,6452.242.352.162.952.80

80,8932.192.261.632.052.16

65,2002.452.492.052.942.90

Net income (loss) ($M)Per common share:

11.20.03

(216.0)(0.44)

(15.0)(0.04)

(232.1)(0.48)

Adjusted net income (loss)1 ($M)Per common share:

7.80.02

(16.3)(0.04)

(1.2)(0.00)

(23.9)(0.06)

EBITDA1 ($M) 50.5 (185.4) 91.8 (146.5)

Operating cash flow before changes in working capital1 ($M)Per common share:

41.50.11

9.20.02

81.90.21

47.60.12

Cash and cash equivalents ($M) 120.4 108.5 120.4 108.5

Net debt1 ($M) 224.2 216.1 224.2 216.1

19

Senior Secured

Amount $480M credit facility ($420M committed plus a $60M accordion)

Term 4 years from January 2015

Interest Rate US LIBOR + 2.75% (adjustable in certain circumstances)

Standby Fee 0.675% on undrawn balance (adjustable in certain circumstances)

Payment Schedule Interest only

Covenants1 EBITDA/Interest Expense ≥ 2.5:1 (Sept. 30, 2016 actual was 8.3:1)Senior Secured Net Debt/EBITDA not more than 3.0:1 (Sept. 30, 2016 actual was 1.7:1)Total Net Debt/EBITDA not more than 4.0:1 (Sept. 30, 2016 actual was 1.7:1)

Use Replaced borrowings initially drawn to support PV acquisition. Eliminated scheduled amortization payments attached to previous reducing credit

facility. Provides financial flexibility to meet operating requirements and to address

potential market or operational disruptions.

Revolving Credit Facility

Ensures financial flexibility in challenging pricing environment

1. EBITDA calculated on a trailing 12 month basis.

2020

Protecting Near-Term Downside Risk

Market Copper Price in 2017 (US$/lb) $2.15 $2.30 $2.45 $2.60 $2.75

Price Received by Capstone (US$/lb) $2.23 $2.28 $2.39 $2.47 $2.50

Premium/(Discount) 4% (1%) (2%) (5%) (9%)

1. 2017 production reflects high end of 2017 to 2020 production guidance announced on January 18, 2016. Price received by Capstone assumes 21,500 tonnes forward sold @ $2.22; 43,000 tonnes subject to copper collars ($2.28 - $2.53) and 20,500 tonnes open to market pricing

Approximately 50% of H2 2017 production unhedged

Price Protection Contracts Tonnes Price (US$/lb) Settlement

Copper Collars 43,000 $2.28-$2.53 2017

Forward Sales 30,000 $2.22 Dec ‘16 – Jun ’17

Illustrative Impact on Capstone 1

21

C1 Cash Cost per payable pound produced1 Q3 YTD 2016

1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs.

$1.25

$1.50$0.36

($0.11)

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

OperatingCosts

Treatment &Selling Costs

By-ProductCredits

C1 CashCosts $/lb

Consolidated Total

$1.27

$1.59$0.38 ($0.06)

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

OperatingCosts


By-ProductCredits

C1 CashCosts $/lb

Pinto Valley

$1.40 $1.51

$0.38

($0.27)

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

OperatingCosts


By-ProductCredits

C1 CashCosts $/lb

Cozamin

$1.15$1.30

$0.31($0.16)

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

OperatingCosts


By-ProductCredits

C1 CashCosts $/lb

Minto

2222

Q3 YTD 2016 Mine Cost Breakdown 1

1. Cost of production in US$ for the 9 months ended as at September 30, 2016. Excluding by-product credits and TCRCs.

Pinto Valley

Cozamin Minto

Salaries Contractors & ConsultantsMaintenanceDiesel, Gas & LubricantsPowerConsumablesMinesite G&A

Consolidated

27%

23%16%

6%

10%

14%

5%

28%

12%

19%6%

12%

17%

6%

26%

35%

19%

3%7%

7% 3%22%

45%

8%

9%

4%8%

3%

2323

Historical Operating and Financial Performance

Commencing in 2011, financial results in accordance with IFRS. 1. This is an Alternative Performance Measure. 2. Data prior to 2014 reflects C1 cash costs per payable pound produced.

38,691 33,022 35,879 35,834

45,405

103,901

87,521 80,893

0

20,000

40,000

60,000

80,000

100,000

120,000

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

Copper Sold (tonnes)

$2.31

$3.42 $3.90 $3.66

$3.30 $3.03

$2.35 $2.19

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

Realized Price/lb of Copper Sold ($)

$1.28

$2.02

$2.45 $2.16

$1.58

$1.14

$0.35 $0.56

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

59% 59% 48%63% 38%55% 15% 26%

Cash Margin/lb of Copper Sold2 ($)

$1.03

$1.40 $1.45 $1.50 $1.72

$1.89 $2.00

$1.63

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

C1 Cash Cost1

($ per payable lb of Cu sold)

2424

Historical Operating and Financial Performance cont’d

Commencing in 2011, financial results in accordance with IFRS. 1. Includes deferred stripping at Minto and Pinto Valley.

$0

$40

$80

$120

$160

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

$142

Capital Additions1 ($M)

$59 $56

$85

$121 $123

Deferred Stripping

Capital Additions

$94

$51

$94 $75

$120 $114

$86

$199

$60 $82

$0

$50

$100

$150

$200

$250

2009 2010 2011 2012 2013 2014 2015 Q3 YTD2016

Operating Cash Flow Before Changes in Working Capital ($M)

25

Pinto Valley: Long Life Asset in Stable Mining District

Source: Bing maps and boundaries are approximated

Permitting of brownfield PV3 expansion in mining friendly region

Carlota(KGHM)

Pinto Valley

Miami (FCX)

Copper Cities (BHP)

Miami (BHP)

Solitude (BHP)

Old Dominion

(BHP)

2626

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

0

50

100

150

200

250

19

75

19

76

19

77

19

78

19

79

19

80

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Histo

rical Cu

Price (U

S$/lb

)H

isto

rica

l Cu

Pro

du

ctio

n (

mlb

s)

PV Cu Production Average Cu Price

History of Pinto Valley Mine

Source: BHP Copper.

Pinto Valley Historical Production/Copper Prices

Mine Fleet $63.8 (33%)

Processing $43.7 (22%)

Owner Cost $27.1 (14%)

Infrastructure $21.2 (11%)

EPCM $14.2 (7%)

SMARRCO $11.4 (6%)

Contractors' Indirect

$8.9 (5%)

Mine$3.9 (2%)

2012 Re-start Capital Cost

BHP Billiton US$194M 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

BHB placed PV on care and maintenance

due to low copper prices

PV production commenced by owner Cities Service (formerly

Tennessee Corporation)

PV acquired by Newmont subsidiary and placed PV on

care and maintenance

Newmont announced plans to restart PV

BHB acquired PV

BHB placed PV on care and maintenance due to

low copper prices

PV operations restarted

BHB restarts

PV

Capstone acquires PV

27

Key Points Current mineral resource/reserve (MNV and MNFWZ) over 2.0 km strike length

Mala Noche Vein (MNV) - extends 5.5 km east to west; open in both directions

Mala Noche Footwall Zone (MNFWZ) – extends 1.0 km; still open to the southeast and up-dip

Surface and underground exploration targeting new mineralized zones

Along strike, up and down-dip of existing resources & historic mines & in parallel structures and splays off main structures

Testing potential to accelerate zinc production

ZaragozaShaft

San RobertoShaft

San RafaelShaft

San BernabeShaft

Exploration PotentialTo West

Exploration PotentialTo EastMNV

MNFWZ

745000 746000 747000 748000 749000 750000

2400

2000

18002016

MNFWZDrilling 2016

MNV Drilling

VIEW IS LOOKING NORTH

MA

SL

LEGEND

MNV Copper Grades MNFWZ Copper Grades

2016Zinc Drilling

Cozamin Mine Exploration Potential

2828

Minto Mineral Reserve & Mineral Resource Areas

>3% Cu over ≥5m

>2% Cu over ≥5m

>1% Cu over ≥5m

>0.5% Cu over ≥5m

All other drill holes >50

Deposit Area

Exploration Corridor

Fault

All Weather Gravel Road

Creeks and Streams

Mineral Reserves &Resources

Other Deposits

Mining Complete

LEGEND

MillCamp

N

500

meters

Inferno North (extension of Minto North)

Minto North

Inferno

Minto East 2

Minto South

Minto Main

Area 2/118

Copper Keel

A’

A

Wildfire/Copper Keel NE

Minto East

Key Points Current Mineral Resource/Reserve

has a 3.5 km strike length

Other underground geophysical and geological targets exist

Ridgetop

2929

Minto Mineral Resources & Underground Development

Mineral Reserves and Resources

Minto MainCopper Keel

Minto East

WildfireN S

Minto East 2

Mining Complete

Inferno North

700masl

500masl

900masl

RidgetopMinto North

Minto Permitting and Mining Phases

I – III: Minto Main pit mining completed Q2 2011, stockpiles processed until Q2 2012

IV: Area 2/118 mined by underground (open pit mining completed Q4 2014)

V: Minto North mining completed Q3 2016; Area 2 Stage 3 to be mined by open pit; Minto East by underground

VI: 2012 PFS added Copper Keel and Wildfire underground Mineral Reserves

Other Deposits

Area 2 OP/UG

118 OP/UG

3030

Providencia Exploration Project – Region II, Chile

Metallogeny

1. Jurassic IOCG (Iron Oxide Copper Gold) Deposits

Mantoverde

Santo Domingo

Julia Reventon

2. Cretaceous Manto & Porphyry Deposits

Candelaria

Mantos Blancos

La Casualidad

Tersa de Colmo

Franke

Altamira

3. Cretaceous – Paleocene Porphyry Deposits

Spence

Virgo – Sierra La Overa

Three copper discoveries since 2014

3131

Proven Track Record of Growth in Mineral Resource Base

1. Includes Mineral Resources and Reserves as reported in Annual Information Forms for each respective year. 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

SantoDomingo

Cu tonnes in Mineral Reserves1 Per Share

Cu

to

nn

es/s

har

e (b

asic

)

PintoValley

0.000

0.004

0.008

0.012

0.016

0.020

2008 2009 2010 2011 2012 2013 2014 2015

Cu tonnes in M&I Mineral Resources1 Per Share

Cu

to

nn

es/s

har

e (b

asic

)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2008 2009 2010 2011 2012 2013 2014 2015

Pinto Valley

SD

Kutcho

Minto

Cozamin

0

500

1,000

1,500

2,000

2,500

3,000

2008 2009 2010 2011 2012 2013 2014 2015

Pinto Valley

SD

Kutcho

Minto

Cozamin

Tho

usa

nd

s (t

on

nes

)

Cu tonnes in Mineral Reserves1 Cu tonnes in M&I Mineral Resources1

Tho

usa

nd

s (t

on

nes

)

0

0.001

0.002

0.003

0.004

0.005

0.006

0.007

2008 2009 2010 2011 2012 2013 2014 2015

1,165%914%

325%

302%

32

Consolidated Mineral Reserve Estimate

See corresponding Notes on Consolidated Mineral Reserve Estimate at the end of this presentation.

MINERAL RESERVES CONTAINED METAL

Category ktCu Zn Pb Mo Ag Au Fe Cu Zn Pb Mo Ag Au Fe6

% % % % g/t g/t % kt kt kt kt koz koz Mt

Pinto Valley1 Proven 350,445 0.33 - - 0.009 - - - 1,156 - - 33 - - -

01-Jan-16 Probable 123,720 0.25 - - 0.007 - - - 313 - - 9 - - -

Total 474,165 0.31 - - 0.009 - - - 1,469 - - 42 - - -

Cozamin2 Proven 366 1.45 0.33 0.02 - 26 - - 5 1 0 - 311 - -

01-Jan-16 Probable 6,850 1.51 0.74 0.18 - 43 - - 103 50 12 - 9,459 - -

Total 7,216 1.50 0.71 0.17 - 42 - - 109 52 12 - 9,769 - -

Minto3 Proven 1,691 2.27 - - - 8 1.19 - 38 - - - 450 65 -

01-Jan-16 Probable 3,782 1.69 - - - 5 0.64 - 64 - - - 631 77 -

Total 5,473 1.87 - - - 6 0.81 - 102 - - - 1,081 142 -

Santo Domingo4

(100%)Proven 65,300 0.61 - - - - 0.08 30.9 398 - - - - 170 8

02-May-14 Probable 326,400 0.24 - - - - 0.03 27.6 783 - - - - 336 67

Total 391,700 0.30 - - - - 0.04 28.2 1,175 - - - - 506 75

Kutcho5 Probable 10,441 2.01 3.19 - - 35 0.37 - 210 333 - - 11,618 124 -

15-Feb-11 Total 10,441 2.01 3.19 - - 35 0.37 - 210 333 - - 11,618 124 -

TOTAL MINERAL RESERVES 3,065 385 12 42 22,468 772 75

33

Consolidated Mineral Resource Estimate

See corresponding Notes on Consolidated Mineral Resource Estimate at the end of this presentation.

MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL

Category ktCu Zn Pb Mo Ag Au Fe Cu Zn Pb Mo Ag Au

% % % % g/t g/t % kt kt kt kt koz koz

Pinto Valley1 Measured 648,238 0.34 - - 0.008 - - - 2,198 - - 54 - -

01-Jan-2016 Indicated 772,333 0.26 - - 0.006 - - - 1,990 - - 48 - -

M&I 1,420,571 0.30 - - 0.007 - - - 4,188 - - 102 - -

Inferred 125,961 0.25 - - 0.005 - - - 312 - - 6 - -

Cozamin2 Copper Zones (San Roberto and Mala Noche Footwall)

01-Jan-2016 Measured 405 2.50 0.51 0.03 - 43 - - 10 2 0 - 566 -

Indicated 8,358 1.93 1.06 0.23 - 56 - - 161 89 19 - 15,167 -

M&I 8,763 1.95 1.04 0.22 - 56 - - 171 91 19 - 15,733 -

Inferred 7,558 1.55 0.58 0.06 - 38 - - 117 44 5 - 9,214 -

Zinc Zone (San Rafael)

Indicated 2,072 0.28 3.33 0.45 - 42 - - 6 69 9 - 2,818 -

Inferred 1,327 0.15 3.28 0.69 - 33 - - 2 44 9 - 1,425 -

Minto3 Measured 8,118 1.27 - - - 4 0.52 - 103 - - - 1,064 136

01-Jan-2016 Indicated 36,910 1.03 - - - 3 0.37 - 380 - - - 3,996 443

M&I 45,028 1.07 - - - 3 0.40 - 484 - - - 5,060 579

Inferred 25,262 0.83 - - - 3 0.25 - 210 - - - 2,062 205

34

Consolidated Mineral Resource Estimate cont’d

See corresponding Notes on Consolidated Mineral Resource Estimate at the end of this presentation.

MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL

Category ktCu Zn Pb Mo Ag Au Fe Cu Zn Pb Mo Ag Au

% % % % g/t g/t % kt kt kt kt koz koz

Santo Domingo4 Measured 64,800 0.62 - - - - 0.08 31.2 402 - - - - 171

(100%)31-Aug-2012

Indicated 449,000 0.27 - - - - 0.03 25.0 1,212 - - - - 491

M&I 513,000 0.31 - - - - 0.04 25.8 1,590 - - - - 660

Inferred 58,100 0.20 - - - - 0.03 24.3 116 - - - - 49

Kutcho5 Measured 5,421 2.15 2.86 - - 31 0.34 - 116 155 - - 5,482 59

15-Feb-2011 Indicated 5,859 2.24 3.67 - - 42 0.45 - 131 215 - - 7,831 84

M&I 11,280 2.19 3.28 - - 37 0.39 - 248 370 - - 13,313 143

Inferred 1,090 1.74 2.04 - - 31 0.35 - 19 22 - - 1,077 12

TOTAL MEASURED & INDICATED MINERAL RESOURCES 6,687 530 29 102 36,924 1,382

TOTAL ADDITIONAL INFERRED MINERAL RESOURCES 776 110 14 6 13,778 266

35

Notes: Consolidated Mineral Reserve Estimate

NOTES: Mineral Reserves take into account mining activities (where applicable) until January 1, 2016. Gregg Bush, P.Eng., Senior Vice President and Chief Operating Officer at Capstone, is the Qualified Person for the disclosure of Capstone's consolidated Mineral Reserves table. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. All Mineral Reserve estimates are inclusive of dilution and mining recovery factors. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. All amounts in US$ unless otherwise specified. Stockpiled material is treated as Proven Mineral Reserves. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

1. John Marek, PE, SME-RM, of Independent Mining Consultants, Inc., is an independent Qualified Person responsible for the preparation of the Mineral Reserves estimate with an effective date of January 2016. Economic inputs to the block model were USD$2.75/lb per pound copper, USD$12.75/lb Molybdenum. Cut-off Grade – variable between 0.17% Cu to 0.18% Cu through the LOM. The minimum mill feed cut-off grade is 0.17% Cu, but in years where sufficient higher grade mill feed is available, the mill cut-off grade may be higher, resulting in material between the yearly mill cut-off grade and 0.18% being stockpiled. The additional 0.01% from 0.17% to 0.18% is to cover the additional cost of rehandling material from the stockpile to the mill. Material between 0.17% to 0.18% that is not fed directly to the mill is not stockpiled as it cannot pay for the mining re-handling cost at the price assumptions used. Proven mineral reserves include an additional 323 kt of stockpiled material not considered in the Pinto Valley Mine Life Extension - Phase 3 (PV3) Pre-Feasibility Study NI 43-101 Technical Report.

2. Gregg Bush, P.Eng., Senior Vice President and Chief Operating Officer at Capstone, is the Qualified Person responsible for the disclosure of the Cozamin Mine Mineral Reserves taking into account ongoing mine production. Mel Lawson, SME-RM, and Allan Schappert, SME-RM, of Stantec Consulting International LLC, are independent Qualified Persons responsible for the preparation of the San Roberto zone Mineral Reserves estimate with an effective date of December 31, 2013. Metal prices used in the San Roberto reserve estimate for copper, silver, zinc, and lead, respectively, are $2.50/lb, $20/oz, $0.80/lb, and $0.85/lb. Processing recoveries were Cu=92%, Ag=72%, Zn=69%, Pb=64%. The exchange rate used is MEX12.50 to US$1.00. Allan Schappert, SME-RM, of Stantec Consulting International LLC, is an independent Qualified Person responsible for the preparation of the Mala Noche Footwall Zone Mineral Reserves estimate with an effective date of September 30, 2015. Metal prices used in the MNFW zone reserve estimate for copper, silver, and zinc, respectively, are $2.50/lb, $14/oz, $0.80/lb, and $0.85/lb. Contribution from Pb was not considered because a Pb concentrate will not be produced during 2016. Processing recoveries were Cu=94%, Ag=58%, and Zn=72%. A NSR COG of $42.50/t was used for the San Roberto and MNFW zones. The exchange rate used is MEX16 to US$1.00.

3. Pooya Mohseni, P.Eng., Chief Engineer at Minto, is the Qualified Person responsible for the disclosure of the Minto Mine Mineral Reserves taking into account ongoing mine production, in addition to the preparation of the Mineral Reserves estimate of the Minto deposits. The open-pit Mineral Reserves estimate at Minto North has an effective date of January 1, 2011. The Mineral Reserves estimates for MSD (Area 2 open pit, Area 2/118 underground, Copper Keel underground) and Minto East underground have an effective date of December 31, 2015. Metal Price assumptions used to calculate the NSR COG for all deposits are: Cu=$2.50, Au=$300, Ag=$3.90. Processing recoveries for all deposits are: Cu=91%, Au=70%, Ag=78%. Open pit mineral reserves are reported above 0.5% Cu COG. Underground mineral reserves are reported above a $64.40 NSR COG.

4. Santo Domingo Project Mineral Reserves shown on 100% basis (Capstone’s share is 70%). Carlos Guzman, FAusIMM, CMC, of NCL Ingeniería y Construcción SpA, is the independent Qualified Person responsible for the preparation of the Mineral Reserves estimate with an effective date of May 2, 2014. Mineral Reserves are reported as constrained within Measured and Indicated pit designs, and supported by a mine plan featuring variable throughput rates and cut-off optimization. The pit designs and mine plan were optimized using the following economic and technical parameters: metal prices of $2.75/lb Cu, $1,275/oz Au and $80/dmt of Fe concentrate; recovery to concentrate assumptions of a maximum of 93.6% for Cu and 75% for Au, with magnetite concentrate recovery varying on a block-by-block basis; copper concentrate treatment charges of $70/dmt, $0.07/lb of Cu refining charges, $5/oz of Au refining charges, $48/wmt and $3/wmt for shipping Cu and Fe concentrates respectively; waste mining cost of $1.53/t, mining cost of $1.53/t ore, and process and G&A costs of $7.84/t processed; average pit slope angles that range from 37.6º to 43.6º; a 2% royalty rate assumption, and an assumption of 100% mining recovery. There have been no mining activities at Santo Domingo since the release of the NI 43-101 Technical Report.

5. Michael Makarenko, P.Eng., is an independent Qualified Person responsible for the preparation of the Kutcho Mineral Reserves estimate with an effective date of February 15, 2011. Mineral Reserves are reported within 1.0% Cu grade shells used for stope design. There have been no mining activities at Kutcho since the release of the NI 43-101 Technical Report.

6. Fe as magnetite concentrate (Fe3O4)

36

Notes: Consolidated Mineral Resource Estimate

NOTES: Mineral Resources take into account mining activities (where applicable) until January 1, 2016. Jeremy Vincent, P.Geo., Manager of Production and Development Geology at Capstone, is the Qualified Person responsible for the disclosure of Capstone's consolidated Mineral Resources table. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported inclusive of the Mineral Reserves. All Mineral Resources are exclusive to dilution and mining recovery factors. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. M&I = Measured & Indicated. All amounts in US$ unless otherwise specified. Stockpiled material is treated as Measured Mineral Resources. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

1. Garth Kirkham, P.Geo., FGC, of Kirkham Geosystems Ltd., is an independent Qualified Person responsible for the preparation of the Mineral Resources estimate with an effective date of January 1, 2016, which are reported above a total copper (TCu) COG of 0.17% TCu. Measured Mineral Reserves include an additional 323 kt of stockpiled material that was not considered in the Pinto Valley Mine Life Extension - Phase 3 (PV3) Pre-Feasibility Study NI 43-101 Technical Report.

2. Jeremy Vincent, P.Geo., Manager of Production and Development Geology at Capstone, is the Qualified Person responsible for the disclosure of the Cozamin Mine Mineral Resources taking into account ongoing mine production. Jeremy Vincent, P.Geo., is the Qualified Person responsible for the preparation of the Mala Noche Footwall Zone Mineral Resources estimate with an effective date of September 30, 2015. The MNFW Mineral Resources are reported above a NSR of $35/t using respective metal prices for copper, silver, zinc, and lead of $2.50/lb, $14.00/oz, $0.80/lb, and $0.85/lb. Processing recoveries used to calculate the NSR COG for the MNFWZ zone were Cu=94%, Ag=58%, and Zn=72%. Contribution from Pb was not considered because a Pb concentrate will not be produced during 2016. Exchange rate used for MNFW zone Mineral Resource estimate is MEX16 to US$1.00. Ali Shahkar, P.Eng., is an independent Qualified Person responsible for the preparation of the San Roberto zone Mineral Resources estimates. The cut-off date for mining and drillhole/mine sample data for the San Roberto zone Mineral Resource estimate is December 31, 2013. The San Roberto Mineral Resources are reported above a NSR of $35/t using respective metal prices for copper, silver, zinc, and lead of $2.50/lb, $20.00/oz, $0.80/lb, and $0.85/lb. Processing recoveries used to calculate the NSR COG for the San Roberto Mineral Resources are based on historical site operating experiences reflecting recoveries of: Cu=92%; Ag=72%; Zn=69%; Pb=64%. Robert Sim, P.Geo., of Sim Geological Inc., is an independent Qualified Person responsible for the San Rafael zone Mineral Resources estimate. The cut-off for drillhole data for the San Rafael zone is November 26, 2009. The San Rafael Mineral Resources are reported above a NSR of $35/t using respective metal prices for copper, silver, zinc, and lead of $2.50/lb, $14.00/oz, $0.80/lb, and $0.85/lb. Processing recoveries used to calculate the NSR COG for the San Rafael Mineral Resources are based on laboratory results reflecting recoveries of: Cu=41%, Ag=32%, Zn=84%, and Pb=65%. Exchange used for San Roberto and San Rafael zones Mineral Resources estimates is MEX12.50 to US$1.00.

3. Douglas McIlveen, P.Geo., Chief Geologist at Minto, is the Qualified Person responsible for the disclosure of the Minto Mine Mineral Resources taking into account ongoing mine production. Garth Kirkham, P.Geo., FGC, of Kirkham Geosystems Ltd., is an independent Qualified Person responsible for the preparation of the Mineral Resources estimates for the Minto North, Minto East, and Minto East 2 areas. The drilling data cut-off date for Minto North of December 1, 2009. The Minto East and Minto East 2 areas were re-estimated with an effective date of May 31, 2015. Dr. Wayne Barnett, Ph.D., P.Geo., of SRK Consulting (Canada) Inc., is an independent Qualified Person responsible for the preparation of the Mineral Resources estimate at Ridgetop that takes into account drillhole data until August 2010, and the MSD deposit, which includes the Area 2/118, Wildfire, and Copper Keel areas. The MSD Mineral Resource estimate has an effective date of May 31, 2015. Minto North and Ridgetop areas are amenable to open pit extraction. Area 2/118 and Wildfire areas are amenable to open pit and underground mining, while Minto East, Minto East 2, and Copper Keel areas are suitable for underground mining. Mineral Resources are reported above a 0.5% Cu COG. Metal price assumptions used to determine the COG for reasonable prospects of economic extraction for the MSD area are: Cu=$2.85, Au=$900, Ag=$12.00, and for all deposit areas are: Cu=$3.50, Au=$1,300, Ag=$16.00. Resources exclude material mined but not processed during pre-stripping activities in the Area 2 region of MSD and currently held in stockpiles.

4. Santo Domingo Project Mineral Resources shown on 100% basis (Capstone’s share is 70%). David Rennie, P.Eng., of Rosco Postle Associates Inc. and an independent Qualified Person responsible for the preparation of the Mineral Resources estimates for the Santo Domingo Sur, Iris, and Iris Norte deposits, which have an effective date of August 31, 2012. Mineral Resource estimates for the Estrellita deposit have an effective date of October 30, 2007. Mineral Resources for the Santo Domingo Sur, Iris, and Iris Norte deposits are reported using a COG of 0.25% copper equivalent (CuEq). CuEq grades are calculated using average long term prices of US$3.50/lb Cu, US$1,500/oz Au and US$1.94/dmtu Fe (US$120/dmt conc. at 62% Fe). The CuEq equation is: Metal Value = Grade*Cm*R%/100*(Price-TCRC-Freight)*(100-Royalty)/100, where Cm is a constant to convert grade of metal to metal price units; R is metallurgical recovery and %Cu Equivalent = (Cu Value + Au Value + Fe Value)/(Cu Value per 1%Cu). An assessment of reasonable prospects for economic extraction for the Santo Domingo Sur, Iris, and Iris Norte deposits was performed using a Lerchs–Grossman pit shell that has the following assumptions: pit slopes averaging 45°; mining cost of US$1.19/t, processing cost of US$ 4.49/t; processing recovery of 85%; selling price of US$2.25/lb, and a selling cost of US$0.247/lb. At the 0.25% CuEq cut-off, all but 5% of the Mineral Resources were captured by the pit shell. On the basis of this result, it was concluded that there was little merit in restricting the Mineral Resources to those blocks contained only within the pit shell. Accordingly, the Mineral Resource inventory was reported in its entirety. Mineral Resources for the Estrellita deposit are reported using a 0.3% Cu COG.

5. Garth Kirkham, P.Geo, FGC, is an independent Qualified Person responsible for the preparation of the Mineral Resources estimates with an effective date of February 15, 2011. Mineral Resources are reported above a 1.5% Cu COG.

3737

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 and approved by Gregg Bush, P.Eng., Senior Vice President and Chief Operating Officer for Capstone Mining. Technical Information related to mineral exploration activities has been reviewed and approved by Brad Mercer, P. Geol., Senior Vice President, Exploration. Both are QP’s under NI 43-101.

This presentation summarizes some of the information disclosed in the Pinto Valley Mine Life Extension – Phase 3 (PV3) Pre-Feasibility Study Technical Report dated February 23, 2016. The following QP’s authored the technical report: Gregg Bush, P.Eng of Capstone Mining Corp., Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., John Marek P.E. of Independent Mining Consultants, Inc., Ken Major, P.Eng. of KWM Consulting Inc., Tony Freiman, P.E. of Amec Foster Wheeler Environment & Infrastructure Inc. and Cori Hoag C.P.G. of SRK Consulting (U.S.), Inc.

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, SME-RM (Stantec Consulting International LLC), Ali Shahkar, P.Eng. (Lions Gate Geological Consulting Inc.), Robert Sim, P.Geo. (Sim Geological Inc.), Brad Skeeles, P.Eng. (formerly with 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.

Compliance with NI 43-101

http://www.sedar.com/

http://www.sedar.com/

38

For additional information, please visit capstonemining.com or contact us at:

Phone: +1-604-684-8894

Toll Free: 1-866-684-8894

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Updated December 2, 2016