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Corporate Presentation January 2019 Cautionary Notes Cautionary Note on Forward Looking Information Company has attempted to identify important factors that could cause our actual results, performance or This presentation, and the documents


  1. Corporate Presentation January 2019

  2. Cautionary Notes Cautionary Note on Forward Looking Information Company has attempted to identify important factors that could cause our actual results, performance or This presentation, and the documents incorporated by reference herein, may contain “forward-looking information” achievements to differ materially from those described in our forward-looking statements, there may be other factors within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the that cause our results, performance or achievements not to be as anticipated, estimated or intended. There can be no United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These assurance that our forward-looking statements will prove to be accurate, as our actual results, performance or forward-looking statements are made as of the date of this document and Capstone Mining Corp. (“Capstone” or the achievements could differ materially from those anticipated in such statements. Accordingly, readers should not “Company”) does not intend, and does not assume any obligation, to update these forward-looking statements, place undue reliance on our forward-looking statements. except as required under applicable securities legislation. Compliance with NI 43-101 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 Unless otherwise indicated, Capstone has prepared the technical information in this presentation (“Technical estimation of mineral resources and mineral reserves, the realization of mineral reserve estimates, the timing and Information”) based on information contained in the technical reports and news releases (collectively the “Disclosure amount of estimated future production, costs of production and capital expenditures, the success of our mining Documents”) available under Capstone Mining Corp.’s company profile on SEDAR at www.sedar.com. Each Disclosure operations, environmental risks, unanticipated reclamation expenses and title disputes. In certain cases, forward- Document was prepared by or under the supervision of a qualified person (a “Qualified Person” or “QP”) as defined in looking statements can be identified by the use of words such as “plans”, “expects”, “guidance”, “scheduled”, National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases, or statements (“NI 43-101”). For readers to fully understand the information in this presentation, they should read the Technical that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or Reports (available on www.sedar.com) in their entirety, including all qualifications, assumptions and exclusions that the negative of these terms or comparable terminology. In this document certain forward-looking statements are relate to the information set out in this presentation which qualifies the Technical Information. Readers are advised identified by words such as “targeting”, “guidance”, “potential”, “pending receipt”, “plan” and “expected”. By their that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Disclosure very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may Documents are each intended to be read as a whole, and sections should not be read or relied upon out of cause our actual results, performance or achievements to be materially different from any future results, context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst Documents. others, risks related to inherent hazards associated with mining operations and closure of mining projects, future prices of copper and other metals, compliance with financial covenants, surety bonding, our ability to raise capital, Alternative Performance Measures Capstone’s ability to acquire properties for growth, counterparty risks associated with sales of our metals, foreign currency exchange rate fluctuations, changes in general economic conditions, accuracy of mineral resource and “C1 cash cost”, “cash cost”, “all-in sustaining cost”, “all-in cost”, “fully-loaded all-in cost”, “adjusted net income/loss”, mineral reserve estimates, operating in foreign jurisdictions with risk of changes to governmental regulation, “adjusted EBITDA”, “operating cash flow before changes in working capital” and “net debt” are Alternative compliance with governmental regulations, compliance with environmental laws and regulations, reliance on Performance Measures. Alternative performance measures are furnished to provide additional information. These approvals, licences and permits from governmental authorities, impact of climatic conditions on our operations, non-GAAP performance measures are included in this presentation because these statistics are key performance aboriginal title claims and rights to consultation and accommodation, land reclamation and mine closure obligations, measures that management uses to monitor performance, to assess how the Company is performing, to plan and to uncertainties and risks related to the potential development of the Santo Domingo Project, increased operating and assess the overall effectiveness and efficiency of mining operations. These performance measures may not be capital costs, challenges to title to our mineral properties, maintaining ongoing social license to operate, dependence comparable to similar data presented by other mining companies. These performance measures should not be on key management personnel, potential conflicts of interest involving our directors and officers, corruption and considered in isolation as a substitute for measures of performance included in the Company’s unaudited condensed bribery, limitations inherent in our insurance coverage, labour relations, increasing energy prices, competition in the interim consolidated financial statements prepared in accordance with IFRS. mining industry, risks associated with joint venture partners, our ability to integrate new acquisitions into our operations, cybersecurity threats, legal proceedings, and other risks of the mining industry as well as those factors Currency detailed from time to time in the Company’s interim and annual financial statements and MD&A of those statements, All amounts are in US$ unless otherwise specified. all of which are filed and available for review under the Company’s profile on SEDAR at www.sedar.com. Although the CAPSTONE MINING (TSX:CS) • 2

  3. Capstone Mining Low Risk Copper Producer • Focused on Execution • Delivering Value Cozamin Pinto Valley Santo Domingo Recession-proof mine in Mexico Flagship mine in Arizona, USA Path forward in Chile Continuous optimization; focused • Low cost mine Strong economics 3 (after-tax): • • on lowering costs NPV $1.0 billion, IRR 22%, • Increased Reserves by 90%, with payback 2.8 years Long Reserve life 1 significant Resources to convert 2 • • Launched strategic process to • Potential upside of untapped • Targeting 30% increase in optimize ownership structure to production by end of 2020 2 Resources 1 align with financing capabilities CAPSTONE MINING (TSX:CS) • 3 See slide 14 for all footnotes throughout the presentation

  4. 2018 Production Results from Continuing Operations Achieved production guidance 1 ; produced 155.2 million pounds of copper in 2018 Pinto Valley 45.0 42.3 New mine manager, previously with Rio Tinto • 40.9 40.0 • Signed new four-year collective bargaining 9.4 37.4 agreement; removed operational performance 10.0 35.0 34.6 barriers to drive productivity improvements 7.8 Cu Production (million pounds) • Improved maintenance in the crushing and 30.0 9.4 grinding circuits, reduced unplanned downtime and steadily increased throughput 25.0 Cozamin • Completed development and integration of San 20.0 Rafael zinc zone, increased throughput to ~3,000 33.0 31.3 tonnes per day 15.0 29.6 25.2 • By-products produced: 15 million pounds of zinc and 1.2 million ounces of silver 10.0 Santo Domingo 5.0 Released positive Technical Report with updated • economics and identified additional opportunities - to potentially further enhance value Q1 Q2 Q3 Q4 • Launched strategic process to determine value Pinto Valley Cozamin Total (million lbs) maximizing path forward CAPSTONE MINING (TSX:CS) • 4

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