Mr. John MacKenzie reports

CAPSTONE COPPER PROVIDES MVDP COMMISSIONING UPDATE; FIRST QUARTER 2024 RESULTS TO BE RELEASED ON MAY 2, 2024

First ore was introduced to the grinding circuit at Capstone Copper Corp.'s Mantoverde development project (MVDP) in Chile during March. This represents the completion of a key commissioning event and a further derisking step for the project. The company is focused on a safe, efficient and phased project commissioning and ramp-up. The project total capital estimate remains unchanged at $870-million.

Key commissioning milestones at the MVDP include:

• First ore to the primary crusher -- completed in fourth quarter 2023;
• First ore to the grinding circuit -- completed in first quarter 2024;
• First saleable concentrate -- on track for second quarter 2024;
• Achievement of nameplate operating rates -- expected during third quarter 2024.

John MacKenzie, Capstone Copper's chief executive officer, commented: "I am pleased with the progress to date as we work towards a safe and efficient ramp-up of the Mantoverde development project. In March, we saw first ore through the grinding circuit, and we remain on track for first saleable concentrate during the second quarter of 2024. Mantoverde is a transformational asset for Capstone, driving significant production growth and margin expansion across our portfolio."

Further detail will be provided with the company's first quarter results on Thursday, May 2, 2024, after market close.

About MVDP

MVDP is expected to enable the mine to process 236 million tonnes of copper sulphide reserves (which represent approximately 20 per cent of total sulphide resources) over a 20-year expected mine life, in addition to existing oxide reserves. The MVDP involves the addition of a sulphide concentrator (nominal 32,000 ore tonnes per day) and a tailings storage facility, and the expansion of the existing desalination plant, and other minor infrastructure.

First quarter 2024 results details

Capstone Copper will release its first quarter 2024 results on Thursday, May 2, 2024, after market close. The announcement will be followed by an investor conference call the same day at 5 p.m. Eastern Time/2 p.m. Pacific Time (Friday, May 3, 2024, at 7 a.m. Australian Eastern Standard Time).

Q1 2024 results webcast and conference call details

Timing:  May 2, 2024, at 5 p.m. ET or 2 p.m. PT/May 3, 2024, at 7 a.m. AEST

To connect by phone

To instantly join the conference call by phone, register and be connected into the conference call automatically.

You can also dial direct to be entered to the call by the operator.

Toronto:  1-416-764-8650

Vancouver:  1-778-383-7413

Australia:  613-627-2402

North America toll-free:  1-888-664-6383

An audio replay of the conference call will be available until May 9, 2024.

Replay dial-in numbers

Toronto:  1-416-764-8677

North America toll-free:  888-390-0541

 176405 followed by the number sign

After the replay expiration, an audio file will be available on Capstone Copper's website at events and presentations.

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. It 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 responsibly producing copper to meet the world's growing needs.

We seek Safe Harbor.