A MAJOR STEP-FORWARD FOR SANTO DOMINGO

SEPTEMBER 2020

CAUTIONARY NOTE ON FORWARD LOOKING INFORMATIONThis document contains “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 Mining Corp. (“Capstone” or the “Company”) 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 continuing success of mineral exploration, Capstone’s ability to fund future exploration activities, 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 cost of capital expenditures for the Santo Domingo Project, our ability to separate any permits required for the Port if necessary, the success of our mining operations, the estimation of increased cathode production, the ability to obtain required permits for the intended expanded leaching activity, the estimation of the expected economics of the expanded leaching activities, the estimations for potential quantities and grade of inferred resources and exploration targets, 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”, “aiming”, “approximately”, “guidance”, “scheduled”, “target”, “estimates”, “forecasts”, “extends”, “convert”, “potential”, “intends”, “anticipates”, “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “will”, “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, permitting risks related to the Port, risks related to inherent hazards associated with mining operations and closure of mining projects, the inherent uncertainty of mineral exploration and estimations of exploration targets, potential delays in exploration or interruption of production directly or indirectly related to COVID-19 or governmental action, future prices of copper and other metals, compliance with financial covenants, surety bonding requirements, our ability to raise capital or fund explorations, 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, risks associated with hedging strategies, 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 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 Cozamin project, increased operating and capital costs, challenges to title to our mineral properties, maintaining ongoing social license to operate, 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, legal proceedings, 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 MD&A 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.

COMPLIANCE WITH NI 43-101Unless 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. For further details refer to the Company’s NI 43-101 Technical Report Santo Domingo Project, Region III, Chile, Feasibility Study Update, published March 24, 2020, effective February 19, 2020.

The Technical Information in this presentation has been prepared in accordance with NI 43-101 and reviewed and approved by Dr. Albert Garcia III, PE, Vice President, Projects a Qualified Person as defined in NI 43-101.

ALTERNATIVE PERFORMANCE MEASURES“C1 cash cost”, “cash cost”, “adjusted EBITDA”, “operating cash flow before changes in working capital”, “adjusted net income”, “net debt”, “all-in sustaining costs”, “all-in costs” and “available liquidity” 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 do not have a standard meaning within IFRS and, therefore, amounts presented 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 in accordance with IFRS. For full information, please refer to the Company’s latest Management Discussion and Analysis published on its Financial Reporting webpage or on SEDAR.

CURRENCYAll amounts are in US$ unless otherwise specified.

ADDITIONAL REFERENCE MATERIALSRefer to the Company’s news releases of September 16, 2020 and the Company’s NI 43-101 Technical Report Santo Domingo Project, Region III, Chile, Feasibility Study Update, published March 24, 2020, effective February 19, 2020, for full details to the information referenced throughout this presentation.

Cautionary Notes

CAPSTONE MINING (TSX:CS) • 2

https://capstonemining.com/investors/financial-reporting/default.aspx

MOU Details

• Minera Santo Domingo1 (“MSD”) has entered into a MOU with Puerto Abierto S.A. (“PASA”), a wholly owned subsidiary of Puerto Ventanas S.A. (“Puerto Ventanas”) (subsidiary of Sigdo Koppers S.A.)

• During a 90 day period, MSD and PASA will together explore mutual synergies and regional benefits for the proposed port component of the Santo Domingo Project, Puerto Santo Domingo (the “Port”)

• PASA to study, at its own cost, the Project engineering and conduct a market study, to potentially acquire, construct, operate and maintain the deep-water Port, including financing its development

• PASA also has 90 days to evaluate the replacement of the 110 km magnetite concentrate pipeline with a railway as part of its rail business, Ferrocarril del Pacifico S.A. (FEPASA)

Significant De-Risking Capital Spend for Santo Domingo

• The Santo Domingo project infrastructure that is under consideration in this MOU represents approximately $400 million of the CAPEX identified in the most recent NI 43-101 Technical Report2 and includes:

• Marine works including pier

• Iron concentrate pipeline from Santo Domingo Mine to Port

• Magnetite filter plant and stockpile building

• Copper storage building

• Ship loading and support facilities

Puerto Santo Domingo – the Port

• The Port is fully-permitted and located 100 kms from the Santo Domingo project site

• The Port will be one of only two Cape-size vessel ports in Region III, Chile, making it an attractive site for bulk shipments and a key asset allowing for broad resource development in the region

1. Minera Santo Domingo is 70% owned by Capstone Mining and 30% by Korea Resources Corporation.2. NI 43-101 Technical Report published March 24, 2020, effective February 19, 2020.

MOU With Puerto Ventanas for Rail and Port Facilities

CAPSTONE MINING (TSX:CS) • 3

Base Case Initial Capital Cost Estimate

1. Base case NI 43-101 Technical Report published March 24, 2020, effective February 19, 2020.2. Profitability Index is after-tax net present value divided by initial capex.3. C1 costs are net of by-products and are Alternative Performance Measures.

Lower Capex Greatly Enhances Project MetricsBase Case: Cu-Fe-Au Mine (US$ millions)Mine Equipment 106.77 Mine Pre-Production Stripping 57.12 Crushing 43.40 Grinding 114.96 Flotation 57.97 Magnetic Separation 40.08 Thickening and Tailings Handling 52.98 Reagents 9.39 Copper Concentrate 12.02 Tailings Storage Facility 23.66 Plant/Mine Infrastructure 156.72 Magnetite Concentrate Pipeline 89.09 Port - Process 25.73 Port - Concentrate Handling/Loading 121.64 Port - Infrastructure 21.89 Total Direct Cost 933.40 Development – Indirects (includes EP and CM costs) 156.84 Construction Admin Costs 112.37 Owner Costs 111.83 Contingency (15% of total costs) 197.85 Total Indirect Costs 578.88 Total Initial Capital Costs 1,512.28

Impact to Capex• Base Case1 Initial Capex: $1,512 Million• Direct Cost Reduction: $242 Million• Indirect Cost Reduction: $70 Million• Owners Costs: $29 Million• Contingency: $51 Million• Total Capex Reduction: $392 Million• Reduced Capital Scenario: $1,120 Million

Impact to Opex

Base Case – Technical Report • NPV(8% post-tax) = $1,030M; IRR = 21.8%• Payback = 2.8 Years• Initial Capex = $1,512M• Profitability Index2 = 0.68x• First 5 Years C1 costs3 = $0.47• LOM C1 costs3 = $0.02

Lower Capex Scenario• NPV(8% post-tax) = $1,199M; IRR = 29.5%• Payback = 2.1 Years• Initial Capex = $1,120M• Profitability Index2 = 1.07x• First 5 Years C1 costs3 = $0.56• LOM C1 costs3 = $0.27

Base Case vs. Low Capex Case (Tech Report Pricing) - $000Base Tech Report Low Capex Variance

Cum. FCF 3,249,214 3,245,893 (3,322)CAPEX (1,512,277) (1,120,000) 392,277OPEX (5,569,973) (6,154,444) (584,471)Taxes (1,415,075) (1,228,002) 187,073

Fe tonnes Kdmt – LOM 75,064

Added costsTrain and port handling 10.00 per Fe con. tonne

750,640

Saved costs Ore mined (tonnes) – LOM 392,325,923

Pipeline (Conc. Fe) 0.19 per ore tonneHanding Conc. in port 0.23 per ore tonne

0.42164,777

Total added costs (net) 585,863

The initial capital costs for the Base Case (Cu-Fe-Au Mine) has been confirmed and estimated at $1.51 billion as shown in the table. This estimate is based upon a constant foreign exchange rate of 600 Chilean Pesos ("CLP") to US$1.00 during the development period and for the LOM. Current CLP is 760.

CAPSTONE MINING (TSX:CS) • 4

Significant De-Risking Capital Spend for Santo Domingo

1. Fixed capital costs, turn-key proposal from Posco E&C for mine site infrastructure at below Feasibility estimates

2. MOU with Puerto Ventenas S.A. to potentially transfer $400 million in capital expenditure for off-site infrastructure

3. Reduced capital spend is $1.1 billion (100% basis)

Pathway on Financing the Reduced Capital Estimate

1. Gold Stream FinancingPayable gold over 18 year mine life is 283k ounces (100% basis); gold stream worth ~$300 million

2. Project Debt Financing Debt structure assigned to project level for 50% of reduced project capital estimate

3. Cash Proceeds on Sale of Capstone Interest For a strong partner with a track record of mine building, ramp-up and operational excellence, Capstone would be willing to sell down to below 50%

Unlocking the Santo Domingo Opportunity

CAPSTONE MINING (TSX:CS) • 5

Illustrative Pathway to Financing Santo Domingo

Santo Domingo Financial Plan $ Millions

Reduced capital scenario ~$1,100M

Gold stream financing (~$300M)

Capital spend net of gold stream financing $800M

Project financing – 50% of project capital ($550M)

Remaining balance of capital to be funded @ 100% $250M

Capstone portion based on current ownership 70% $175M

Potential Capstone cash proceeds on sale of portion of interest ??

Capstone remaining balance required equity contribution Target is Zero

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YearCopper Grade (Cu)Copper Eq. Grade (Fe)Cumulative FCF (base case) - $M

Technical Report Metal Price AssumptionsCumulative FCF and CuEq Grade Over LOM

Base Case $1.51B CapexProfitability Index = 0.68x

$3,250

Note: Copper equivalent grade includes the conversion of magnetite iron grade into copper equivalent grade based on relative values using 2020 Santo Domingo technical report pricing assumptions of Copper: $3.00 per pound and Iron (65%, FOB Santo Domingo Port): $80 / tonne, Gold $1,290 per oz. (Refer to the Company’s news release of February 19, 2020 for full details).

NPV(8% post-tax) = $1,030M; IRR = 21.8%Payback = 2.8 YearsFirst 5 Years C1 costs, net of by-products = $0.47LOM C1 costs, net of by-products = $0.02

0.00%

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0.60%

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NPV(8% post-tax) = $1,199M; IRR = 29.5%Payback = 2.1 YearsFirst 5 Years C1 costs, net of by-products = $0.56LOM C1 costs, net of by-products = $0.27

Reduced Capital Scenario $1.12B CapexProfitability Index = 1.07x

$3,245

Note: Copper equivalent grade includes the conversion of magnetite iron grade into copper equivalent grade based on relative values using 2020 Santo Domingo technical report pricing assumptions of Copper: $3.00 per pound and Iron (65%, FOB Santo Domingo Port): $80 / tonne, Gold $1,290 per oz. (Refer to the Company’s news release of February 19, 2020 for full details) and the reduced capital scenario described in this document..

Santo Domingo in the Middle of a Growing Mining District

(TSX:CS) • 7

~1,000m above sea level20 kmREGION III, CHILE

• Received all critical permits to start construction including approved mine closure plan

• Base Case1 Cu-Fe-Au US$1.51B capex; US$1.03B NPV8%• Payback period (after-tax): 2.8 years

• PEA Cobalt1 Opportunity, incremental US$0.67B; potential to add additional US$0.63B to NPV8%• Simple flowsheet using a series of conventional metallurgical

steps to achieve 78% cobalt recovery and low costs• 10.4 million pounds of cobalt per year LOM in the form

of 22,600 tonnes per year of battery-grade cobalt sulfate

• Potential to improve project economics with off-site infrastructure partnerships that could lower capex by $400 million2, or 26% of total capex

Opportunity to Build a Low Cost, Vertically Integrated Cobalt Business in Chile

1. Refer to the Company’s news release of February 19, 2020 for full details. 2. Refer to the Company’s news release of September 16, 2020 for full details.

A Rare First Quartile Cu-Fe Project With Cobalt Optionality

CAPSTONE MINING (TSX:CS) • 8

COPPER EQUIVALENT Total Measured & Indicated CuEq Mineral Resource 537 Mt @ 0.52% CuEqInferred CuEq Mineral Resource 48 Mt @ 0.41% CuEq

COPPERTotal Proven & Probable Cu Mineral Reserve 1,167 kt contained metal (392.3 Mt @ 0.30% Cu)Total Measured & Indicated Cu Mineral Resource 537 Mt @ 0.30% CuInferred Cu Mineral Resource 48 Mt @ 0.19% Cu

GOLDTotal Proven & Probable Au Mineral Reserve 506.7 koz contained metal (392.3 Mt @ 0.04 g/t Au)Total Measured & Indicated Au Mineral Resource 537 Mt @ 0.039 g/t AuInferred Au Mineral Resource 48 Mt @ 0.025 g/t Au

IRONTotal Proven & Probable Fe Mineral Reserve 75.1 Mt magnetite concentrate (392.3 Mt @ 28.2% Fe)Total Measured & Indicated Fe Mineral Resource 537 Mt @ 25.7% FeInferred Fe Mineral Resource 48 Mt @ 23.6% Fe

NOTES: Mineral Reserves as at December 31, 2019 and Mineral Resources as at February 13, 2020. For full information, please refer to the Company’s Annual Information Form for December 31, 2019 available on www.capstonemining.com or SEDAR.

RESERVES: Mineral Reserves have an effective date of 14 November 2018 and were prepared by Mr. Carlos Guzman, CMC, an employee of NCL. 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 US$3.00/lb Cu, US$1,280/oz Au and US$100/dmt of Fe concentrate; average recovery to concentrate is 93.4% for Cu and 60.1% for Au, with magnetite concentrate recovery varying on a block-by-block basis; copper concentrate treatment charges of US$80/dmt, U$0.08/lb of copper refining charges, US$5.0/oz of gold refining charges, US$33/wmt and US$20/dmt for shipping copper and iron concentrates respectively; waste mining cost of $1.75/t, mining cost of US$1.75/t ore and process and G&A costs of US$7.53/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. Rounding as required by reporting standards may result in apparent summation differences between tonnes, grade and contained metal content. Tonnage measurements are in metric units. Copper and iron grades are reported as percentages, gold as grams per tonne. Contained gold ounces are reported as troy ounces, contained copper as million pounds and contained iron as metric million tonnes.

Santo Domingo Reserves & Resources

RESOURCES: Mineral Resources are classified according to CIM (2014) standards. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Qualified Person for the estimates is Mr. David Rennie, P. Eng., an associate of Roscoe Postle Associates Inc. Mineral Resources for the Santo Domingo Sur, Iris, Iris Norte and Estrellita deposits have an effective date of 13 February 2020. Mineral Resources for the Santo Domingo Sur, Iris, Iris Norte and Estrellitadeposits are reported using a cut-off grade of 0.125% copper equivalent (CuEq). CuEq grades are calculated using average long-term prices of US$3.50/lb) Cu, US$1,300/oz Au and US$99/(dmt) Fe conc. The CuEq equation is: % Cu Equivalent = (Cu Metal Value + Au Metal Value + Fe Metal Value) / (Cu Metal Value per percent Cu). The general equation for metal value is: Metal Value = Grade * Cm * R * (Price – TCRC – Freight) * (100 – Royalty) / 100, were Cm is a constant to convert the grade of metal to metal price units, R is metallurgical recovery, and TCRC is smelter treatment charges and penalties. Only copper, gold and iron were recognized in the CuEq calculation; cobalt and sulphur were excluded. Mineral Resources are constrained by preliminary pit shells derived using a Lerchs–Grossmann algorithm and the following assumptions: pit slopes averaging 45º; mining cost of US$1.90/t, processing cost of US$7.27/t (including G&A cost); processing recovery of 89% copper and 79% gold, iron recoveries are calculated based on magnetic susceptibility; and metal prices of US$3.50/lb Cu, US$1,300/oz Au and US$99/dmt Fe concentrate. Rounding as required by reporting standards may result in apparent summation differences. Tonnage measurements are in metric units. Copper, iron and sulphur are reported as percentages, gold as grams per tonne and cobalt as parts per million.

http://www.capstonemining.com/

PINTO VALLEY

PV3 Optimization• Phase 1 well underway to reliably achieve 57 ktpd mill

throughput, balance of projects to be completed by Q1 2021• Phase 2 to identify small capex, high impact projects to flex

daily throughput to 70 ktpd, while obtaining optimal metallurgical results of 85%+ recovery

• Potential to send more copper to leaching through raising mill cut-off grade and certain mill streams that are currently reporting to tailings

• PV3 Optimization Study expected to be released Q4 2020

Cathode Production Expansion• 300 to 350 million pounds of production from residual

and high-grade waste over next two decades, adding 30 jobs• SX-EW plant currently only operating at 20% capacity, only

$25 to $30 million (2022-2025) expansionary capital required• Potential to add up to 25 million pounds of additional copper

production per year at lower AISC than mill operation

PV4 Expansion Study• Work continues and the report is now expected in H1 2021

COZAMIN

Completion of Expansion On-Time and On-Budget• One-way haulage loop development currently on schedule and on budget for completion in

Q4 2020 with ramp-up to 1.35 million tonnes per annum by Q2 2021

Paste Backfill Opportunity • A pillar extraction and paste backfill PFS study is underway expected completion in Q4

2020, the extraction of up to 3.5 million tonnes of Indicated Mineral Resources grading 1.89% copper and 42 g/t silver remaining in the MNFWZ

80-Hole Drill Program Underway• New drill program targeting down dip extension to the SE of both Vein 10 and Vein 20 with

a 1 km exploration drift to provide a drilling platform to new high grade polymetallic copper, zinc, lead and silver area intersected in a 650 metre step-out from current resource

SANTO DOMINGO

Active Strategic Process• Project remains fully permitted with EIA early works requirements satisfied• Several different well-funded companies are conducting due diligence to partner with

Capstone on Santo Domingo

Refer to the Company’s news release of July 30, 2020 for full details.

Pipeline of Near-Term Catalysts to Keep Outperforming

CAPSTONE MINING (TSX:CS) • 10

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~40% Organic GrowthExpansion to ~200+ million pounds of copper1 at

~20% lower C1 cash costs2 by 2023

Cu Production C1 Cash Costs

1. Estimate on future production and costs as of September 9, 2020 and are subject to change. 2. C1 cash costs are net of by-products and is an Alternative Performance Measure.

Long-Term, Significant Organic Growth On Track

CAPSTONE MINING (TSX:CS) • 11

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PINTO VALLEYOptimizing and expanding to drive NAV growth

• Optimization projects for higher throughput rates and improved metallurgical performance

• Increased leaching activity using novel catalyst to incrementally boost copper production from high grade waste and historic waste piles

COZAMINThe best years are just ahead

• 61.4 MIbs copper and 1.75 Mozs silver production average for 2021-2023

• Target mine life extension to 2030+ via pillar extraction, resource to reserve conversion and ongoing exploration

SANTO DOMINGOOpportunity to expand in the middle of a growing mining district

• Rare, permitted, top quartile copper-iron-gold project that could provide transformational growth

• Process ongoing for strategic partner and infrastructure sharing

APPENDIX

CAPSTONE MINING (TSX:CS) • 12

Capstone Mining: Prudent Growth and Lower Costs

CAPSTONE MINING (TSX:CS) • 13

To build on ~40% copper production growth and ~20% lower costs by 2023 with a multi-asset portfolio to generate strong cash flows in all price environments

Drive costs lower with low capex optimization and innovation

To surface stakeholder value through exploration and operational excellence

Optimization, innovation and expansion to drive higher NPV

PV3 Optimization series of low capital, quick payback projects

Phase 1: target reliable mill throughput at 57 ktpdPhase 2: expand flotation capacity and downstream circuits to allow for daily throughput up to 70 ktpd

Cathode Expansion using new catalytic technology to recover copper from waste rock; expecting 10-12% increase in total copper production

PV4 Expansion Study targeting 100,000+ tpd

Low cost, first quartile mine generating free cash flow every year since 2006 start

Ramp-up to 1.35 million tpa by Q2 2021 is on time and budget

Updated life of mine plan with much higher average annual copper and silver production post-expansion

PFS of pillar extraction and paste backfill system underway, targeting increased extraction ratio

New 80-hole drill program aimed to extend mine life beyond 2030

Large scale, fully-permitted project in Chile; Cu-Fe-Au project with US$1.0 billion NPV8% and 2.8 year payback

2020 Cobalt PEA Opportunity pointing to US$1.7 billion NPV8%; robust case to build a low cost, vertically integrated battery-grade cobalt business in Chile

Opportunity for off-site infrastructure partnerships to reduce capex by $400 million, or 26% of $1.5 billion total

SANTO DOMINGOPINTO VALLEY COZAMINSTRATEGY

Refer to the Company’s news releases of July 30, 2020 and September 9, 2020 for full details.

Shareholder Composition

Institution Name % of S/OGRM Investments Ltd. 23%

Korea Resources Corporation (KORES) 10%

Ingalls & Snyder 9%

Third Avenue Management 5%

Columbia Threadneedle Investment (U.S.) 3%

As of August 9, 2020, from Bloomberg and IPREO, plus undisclosed shareholders as per Capstone’s best knowledge

Company Structure Top Five Institutional Shareholders Own ~50% of Capstone

CAPSTONE MINING (TSX:CS) • 14

Retail and Other ~40%

Institutional~60%

17-10 18-1 18-4 18-7 18-10 19-1 19-4 19-7 19-10 20-1 20-4 20-7$.20

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Capstone Three Year Price & VolumeVolume Price

TSX:CSShares Outstanding (as at Aug 31/20) 401 million

Market Cap (as at Aug 9/20) US$417 million

Cash and Cash Equivalent (as at Jun 30/20) US$86.2 million

Long Term Debt (as at Jun 30/20) US$249.9 million

COVID-19

Canada42%

USA35%

Asia & ROW18%

Europe5%

Institutional Location

Total Global Copper Inventory is at a 10 Year Low

CAPSTONE MINING (TSX:CS) • 15Source: Bloomberg

The Right Management Team

CAPSTONE MINING (TSX:CS) • 16

DARREN PYLOTPresident & CEO Over 30 years in mining, founder of Capstone Mining, acquired Cozamin for $3M, which has delivered over $450M free cash flow since.

RAMAN RANDHAWA, CPA, CAChief Financial Officer & SVPOver 19 years mining experience, previously at Goldcorp in multiple VP positions. Successfully lead Capstone’s recent effort to cut $30M of annualized costs.

JASON HOWE, CPA, CASVP, Corporate DevelopmentOver 15 years in mining and 25 years in accounting and finance. Instrumental in executing Capstone’s growth strategy.

WENDY KING, MBA, LLMSVP, Legal, Risk & Governance and Corporate SecretaryPracticing law for over 25 years as in-house counsel and private practice as international-tax specialist.

BRAD MERCER, B.ScSVP, Operations & ExplorationOver 35 years experience managing mineral exploration programs. Exploration excellence has lead to 50% production growth and mine life extension at Cozamin.

JERROLD ANNETT, P.Eng.VP, Strategy and Capital MarketsOver 25 years of global mining and capital markets experience, previously in senior strategic roles for jr. exploration companies and Head of Mining Institutional Sales at Scotiabank.

ALBERT GARCIA III, Ph.D PEVP, ProjectsOver 40 years of experience in engineering, mining and project management for large international capital-intensive projects in challenging locations.

ABEL GONZALEZ VARGASGeneral Manager, CozaminMining engineer-metallurgist with 30 years experience, previously at Grupo Mexico as general manager at different Mexico-based mines. At Cozamin, he consistently leads stellar operating performance while the mine is going undergoing major expansion.

MIKE WICKERSHAMGeneral Manager, Pinto ValleyChemical engineer with over 35 years experience in mining and mineral processing; in a series of roles at Rio Tinto's Iron Ore Company of Canada (IOCC) in various VP and GM roles. His leadership of PV’s optimization and growth strategies will position the mine for future operational excellence.

DALE PENIUK, CPA, CA, B.CommFormer Assurance Partner, Mining, KMPG LLP and is currently Audit Committee Chair for Lundin Mining, Argonaut Gold and Miramont Resources.

DARREN PYLOTPresident & CEO of Capstone Mining Corp.Over 30 years in mining, founder of Capstone Mining and Silverstone Resources. Currently also a board member with Zena Mining.

SEUNGWAN SHON, M.Sc Geology Has been with KORES since 2001 and currently leads their Metals Team, managing overseas copper projects. Has held numerous positions, including Mine Manager of Boleo Mine, Sr. Manager of KORES Corporate Partnership Team and Sr. Manager of the Exploration Team for Nonmetal Mineral Deposits in South Korea.

RICHARD ZIMMER, MBA, P.Eng, B.ScOver 40 years of mining and resource experience. Former President & CEO of Far West Mining, prior to that was with Teck Corporation, Teck-Cominco and Teck-Pogo. Currently also a board member with Alexco Resources and Ascot Resources.

GEORGE BRACK, MBA, CFA, BA ScChairman of the BoardOver 30 years in mining focused on exploration, corporate development and investment banking. Former Managing Director & Industry Head, Mining at Scotia Capital; President of Macquarie NA Ltd.; VP Corp Dev at Placer Dome and VP Mining at CIBC Wood Gundy. Currently also a board member with Wheaton Precious Metals and Alio Gold.

ROBERT GALLAGHER, BA ScOver 40 years of experience in developing and operating large-scale mining projects. Former President & CEO of New Gold; CEO of Peak Gold; VP Operations at Newmont Asia Pacific; as well as previously with Placer Dome. Currently also a board member with Southern Arc Minerals and Japan Gold.

PETER MEREDITH, CPA, CAFormer Deputy Chairman and CFO of Turquoise Hill Resources and spent 31 years at Deloitte as a Partner. Currently also a board member with Ivanhoe Mines, Great Canadian Gaming Corporation and Cordoba Minerals.

Board of Directors

CAPSTONE MINING (TSX:CS) • 17

Capstone History

CAPSTONE MINING (TSX:CS) • 18

January: Acquired Cozamin Project, in Zacatecas Mexico

October: Development of Cozamin began

February:Minto development began

June: Silverstone distributed as a dividend to Capstone shareholders

September:Cozamin began commercial production

May:Sherwood merged with Western Keltic to acquire Kutcho Project

November:Merged with Sherwood Copper

May:Silverstone combined with Silver Wheaton

June:Formed a strategic partnership with KORES, and together acquired Far West Mining for the Santo Domingo Project

KORES also took an equity position in Capstone

October:Acquired Pinto Valley mine from BHP

December: Sold KutchoProject to Desert Star Resources

June:Sold Minto Mine to Pembridge Resources

June: Sherwood Copper acquired Minto Project in Yukon, Canada

October:Minto began commercial project

2004 2006 2008 2009 2011 2013 2017 20192005 2007 2021+2021+The best is yet to come

GENERAL INQUIRIES

Capstone Mining Corp. Suite 2100 – 510 West Georgia StreetVancouver, BC V6B 0M3

www.capstonemining.com info@capstonemining.com 1-604-684-8894 1-866-684-8894 (N.A. toll free)

MEDIA AND INVESTOR INQUIRIES

Jerrold AnnettVice President, Strategy & Capital MarketsSuite 2700 – 161 Bay StreetToronto, ON M5J 2S1 1-416-572-2272

Virginia MorganManager, Investor Relations & CommunicationsSuite 2100 – 510 West Georgia StreetVancouver, BC V6B 0M3 604-674-2268

info@capstonemining.com

Contact Information

A MAJOR STEP-FORWARD FOR SANTO DOMINGOCautionary NotesMOU With Puerto Ventanas for Rail and Port FacilitiesLower Capex Greatly Enhances Project MetricsUnlocking the Santo Domingo OpportunityTechnical Report Metal Price Assumptions�Cumulative FCF and CuEq Grade Over LOMSanto Domingo in the Middle of a Growing Mining DistrictA Rare First Quartile Cu-Fe Project With Cobalt Optionality Santo Domingo Reserves & ResourcesPipeline of Near-Term Catalysts to Keep Outperforming Long-Term, Significant Organic Growth On TrackAPPENDIXCapstone Mining: Prudent Growth and Lower CostsCompany Structure Total Global Copper Inventory is at a 10 Year LowThe Right Management TeamBoard of DirectorsCapstone HistorySlide Number 19