Mr. John MacKenzie reports

CAPSTONE COPPER ANNOUNCES FIRST SALEABLE COPPER CONCENTRATE AT MVDP IN CHILE

The first saleable copper concentrate was produced at Capstone Copper Corp.'s Mantoverde development project (MVDP) in Chile, as the mine advances commissioning and ramps up to full production levels.

The unchanged key commissioning milestones at the MVDP include:

• First ore to the primary crusher -- completed in Q4 2023;
• First ore to the grinding circuit -- completed in Q1 2024;
• First saleable concentrate -- completed in Q2 2024;
• Achievement of nameplate operating rates -- expected during Q3 2024.

"First saleable copper concentrate production at MVDP is a significant milestone for Capstone. This achievement is a testament to our dedicated and skilled teams, who continue to work towards a safe and efficient ramp-up to nameplate operating rates. MVDP remains on track and on budget with our guidance previously disclosed," John MacKenzie, Capstone's chief executive officer, commented. "In July, we plan to release an updated feasibility study for our Santo Domingo project, followed by a feasibility study for our Mantoverde optimized project later in the quarter, which will define the next phases of our value-accretive production growth in the district."

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 tailings storage facility, and the expansion of the existing desalination plant and other minor infrastructure.

About Capstone Copper Corp.

Capstone Copper is an Americas-focused copper mining company headquartered in Vancouver, Canada. The company owns and operates the Pinto Valley copper mine, located in Arizona, U.S., 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, the company 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 responsibly producing copper to meet the world's growing needs.

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