Mr. John MacKenzie reports

CAPSTONE COPPER ANNOUNCES COMMISSIONING ACTIVITIES UNDERWAY AT MVDP AND PROVIDES CORPORATE UPDATE

Commissioning activities are under way at Capstone Copper Corp.'s Mantoverde development project (MVDP) in Chile. The company is focused on a safe, efficient, and phased project commissioning and ramp-up. MVDP will increase the company's consolidated copper production by over 40 per cent with a significant decrease in unit operating costs.

Capstone also announces that it intends to apply for a secondary listing on the Australian Securities Exchange (ASX), in addition to the company's existing primary Toronto Stock Exchange listing, and announces the appointment of Gordon Bell to its board of directors.

MVDP commissioning activities under way

John MacKenzie, Capstone's chief executive officer, commented: "I am pleased to announce that construction of all elements of the project that are required to commence commissioning are complete. The project is on time and we reaffirm our $870-million total capital cost guidance. This marks an exciting time for Capstone, MVDP is transformational for our business and provides the base for incredible growth in the Mantoverde-Santo Domingo district."

On Nov. 29, first ore was introduced to the primary crusher. Mantoverde will continue to systematically commission the concentrator plant and is on track to reach nameplate production levels of 32,000 tonnes per day by mid-2024.

Cashel Meagher, Capstone's president and chief operating officer, commented: "We just completed our hiring process for an experienced work force of over 130 skilled individuals to run the sulphide operations. Our operating team is working with Ausenco to safely and efficiently ramp-up production."

Capstone's consolidated production, cost and capital guidance for 2024 will be released in late January.

ASX dual listing

Capstone intends to apply to list as a foreign exempt issuer on the Australian Securities Exchange (ASX) during the first quarter of 2024. The company has grown a substantial investor base in the Asia Pacific region and this strategy will broaden Capstone's exposure within these markets. The company does not intend to raise capital as part of the listing on the ASX and Capstone's common shares will continue trading on the Toronto Stock Exchange, its primary listing.

The ASX is a premium market with a long record as a platform for mining companies. It provides a deep and liquid pool of sophisticated investors and market participants who are limited or restricted to only ASX-listed issuers and have a strong understanding of the mining business.

Appointment of new director

Capstone also has appointed Gordon Bell as a new independent director effective Jan. 8, 2024. He was most recently vice-chairman for the mining and metals group of RBC Capital Markets before his retirement in 2022. Previously, Mr. Bell was the global head for RBC's mining and metals group, leading the expansion and growth of the firm's mining and metals practice domestically as well as in London, Australia and Asia, establishing RBC as a leader in the sector globally.

Mr. Bell has global expertise in corporate strategy, debt and equity financing, shareholder engagement, and mergers and acquisitions. He received a bachelor of science in mining engineering from Queens University in Kingston, Ont., and an MBA from Washington University in St. Louis, Mo.

About Capstone Copper Corp.

Capstone Copper is an Americas-focused copper mining company headquartered in Vancouver, Canada. It owns and operates the Pinto Valley copper mine located in Arizona, United States, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, and 70 per cent of the Mantoverde copper-gold mine, located in the Atacama region, Chile. In addition, it owns the fully permitted Santo Domingo copper-iron-gold project, located approximately 30 kilometres northeast of Mantoverde in the Atacama region, Chile, as well as a portfolio of exploration properties in the Americas.

Capstone Copper's strategy is to unlock transformational copper production growth while executing on cost and operational improvements through innovation, optimization, and safe and responsible production throughout its portfolio of assets. The company focuses on profitability and disciplined capital allocation to surface stakeholder value. It is committed to creating a positive impact in the lives of its people and local communities, while delivering compelling returns to investors by sustainably producing copper to meet the world's growing needs.