Corporate PresentationJuly/August 2019

Cautionary Notes

CAPSTONE MINING (TSX:CS) • 2

Cautionary Note on Forward Looking Information This presentation, and the documents incorporated by reference herein, may contain “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 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 success of our mining operations, 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”, “guidance”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. In this document certain forward-looking statements are identified by words such as “expects”, “approximately”, “could”, “expects”, “target”, “targeting”, “guidance”, “potential”, “extended”, “convert”, “will”, “plan” and “expected”. 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, 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, 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 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 Santo Domingo 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.

Alternative Performance Measures“C1 cash cost”, “cash cost”, “adjusted EBITDA”, “operating cash flow before changes in working capital” and “net debt” 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.

Capstone Mining at a Glance

• Pinto Valley is one of the US’s top 10 copper mines by production volume

• Annual copper production1: 145-160 million pounds

• By products: zinc, gold, silver and molybdenum

• YTD’19 C1 cash cost per pound of copper produced2: $1.67

• Over 1.5 billion tonnes of Resource3

potential at operating mines

• Low net debt2/EBITDA2 ratio of 1.26x

• Employs over 1,100 employees and 500 contractors globally3

PINTO VALLEY – US • Copper production1: 115-125 million lbs. • Remaining mine life4: 21 years• Resource3: over 1.35 billion tonnes

grading 0.30% copper

COZAMIN – MEXICO • Copper production1: 30-35 million lbs.,

targeting 40-45 million lbs. by H2 20205

• Reserve life5: 5+ years• Resource3: over 17 million tonnes grading

1.49% copper

SANTO DOMINGO - CHILE• Large scale copper-iron ore-gold project

with additional cobalt and gold by-product upside

• Shovel-ready in mining-friendly jurisdiction with local community support

• 18 year mine life6

• Reserve3: over 537 million tonnes grading 0.52% copper equivalent

CAPSTONE MINING (TSX:CS) • 3

Low Risk Copper Producer. Focused On Execution. Delivering Value.

NOTES: 1. 2019 Guidance, refer to the Company’s news release of January 10, 2019 for full details. 2. This is an Alternative Performance Measure; refer to the Company’s news release of July 30, 2019 for full details. 3. Refer to the Company’s Annual Information Form for the year ended December 31, 2018 for full details. 4. Refer to the Company’s news release of January 18, 2016 for full details. 5. Refer to the Company’s Technical Report dated January 2019 for full details. 6. Refer to the Company’s news release of November 26, 2018 for full details.

PINTO VALLEY MINE(100%) Arizona, US

CORPORATE OFFICEBC, Canada

COZAMIN MINE(100%) Zacatecas, Mexico

SANTO DOMINGO PROJECT (70%) Region III, Chile

2019 Production and Capital Expenditure Guidance1

CAPSTONE MINING (TSX:CS) • 4

Pinto Valley Cozamin Santo Domingo Total YTD 2019 ACTUALS3

(to Jun 30/19)

Production and Cost

Copper production (million lbs.) 115 – 125 30 – 35 - 145 - 160 79.1

C1 Cash Cost2 (US$) $2.10 - $2.25 $0.90 - $1.05 - $1.80 - $2.00 $1.67

Capital Expenditure and Exploration (US$ millions)

Total Capital Expenditure 46.0 33.0 10.54. 89.5 46.5

Total Exploration - 6.0 - 12.0 5.2

Capstone now expects to be at the higher end of consolidated production guidance and at the lower end of consolidated C1 cash cost2 guidance.

1. Refer to the Company’s news release of January 10, 2019 for full details. 2. This is an Alternative Performance Measure; refer to the Company’s news release of January 10, 2019 for full details.3. From continuing operations; refer to the Company’s MD&A for the six months ended June 30, 2019 for full details.4. On a 100% basis, the total is approximately $15 million; ownership is 70% Capstone and 30% Korea Resources Corporation.

61.7 MlbsPinto Valley Cu production

$1.89Pinto Valley C1 cash cost1

per pound payable produced

$222.1 MRevenue from

continuing operations2

$52.4 MCash and cash equivalents3

17.4 MlbsCozamin Cu production

$0.88Cozamin C1 cash cost1

per pound payable produced

$64.5 MAdjusted EBITDA1,2

from continuing operations

$125.5 MRolling 12-month adjusted

EBITDA1,2 to Jun 30/19

79.1 MlbsTotal copper production

from continuing operations

$1.67Consolidated C1 cash cost1

per pound payable produced

$50.0 MOperating cash flow before

changes in working capital1,2

$129.0 MTotal cash repayments

to long-term debt since Jan 1/173

Delivering Solid Results: YTD 2019 Results*Operating Momentum Continues

*Refer to the Company’s Unaudited Condensed Interim Consolidated Financial Statements and MD&A for the three and six months ended June 30, 2019 for full details. 1. This is an Alternative Performance Measure; refer to the Company’s MD&A for the three and six months ended June 30, 2019 for full details.2. In accordance with IFRS 5, Minto’s results are excluded from revenue but included within cash flow amounts; refer to the Company’s MD&A for the three and six months ended June 30, 2019 for full details.3. Total includes cash and cash equivalent, including short-term investments. See the Company’s Unaudited Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2019 for full details. CAPSTONE MINING (TSX:CS) • 5

Looking Ahead to the Balance of 2019: Catalysts and Key Drivers

CAPSTONE MINING (TSX:CS) • 61. Refer to the Company’s news release of July 30, 2019 for full details.2. Refer to the Company’s Annual Information Form for the year ended December 31, 2018 for full details.

Cost Savings Initiative1

• Sustainable cost reduction targets totalling $25 to $30 million per year, from 2018 as a baseline:• $15 to $20 million at Pinto Valley $4 million in corporate G&A$5 million from no longer having Minto on care

and maintenance$1 million in credit facility interest cost savings

$20 million of annualized savings achieved to date

Pinto Valley

• Continuous optimization and focused on lowering costs

• PV4 expansion study1: evaluating potential upside of untapped resources2 (>1 billion tonnes) and mill expansion1

Cozamin• Development of one way ramp to target 30%

increase in production on-track for end of 20201

• Commenced large in-fill definition drilling program targeting doubling of mine life (up to approximately 2030)1

Santo Domingo• Complete strategic process to optimize ownership

structure

• Improve project net present value; project improvement studies underway1

• Closure Plan permit received in July 2019, project is now shovel-ready1

CAPSTONE MINING (TSX:CS) • 7

Pinto Valley

Momentum continues, unlocking organic potential

1. Refer to the Company’s Annual Information Form for the year ended December 31, 2018 for full details. 2. Refer to the Company’s news release of July 30, 2019 for full details.

• PV3 mine plan doubled mine life to 2039• Total Reserve Estimate1 of 408 million tonnes grading at

0.31% copper

• PV42 initiated to evaluate long-term growth potential• Measured and Indicated Resource estimate1 (inclusive of

Reserves) of over 1.33 billion tonnes grading 0.30% copper • Assessing scenarios for potential mill expansions from 25% to

75% or higher

• Cost savings initiative • Targeting sustainable ~$15 to $20 million per year, using 2018

as a baseline; from contractors, power and consumables costs2

• $10 million identified and achieved to date2

Cozamin

CAPSTONE MINING (TSX:CS) • 81. Refer to the Company’s news release of December 10, 2018 and January 2019 NI43-101 Report for full details. 2. Refer to the Company’s news release dated January 10, 2019 for full details.

• Development of underground haulage network into a one-way loop to debottleneck the mine, increasing copper output by 30% to between 40 to 45 million pounds of copper, on track for completion by late-20201.

• Commenced large in-fill definition drilling program in Q2 2019 to target additional resource to reserve conversion. Target completion by end of 2020, with the goal of defining additional reserves to support a doubling of mine life (up to approximately 2030).

MNFWZ

San RafaelZinc Zone

San Rafael Shaft

Zinc Potential Open

Cu-Zn Potential MNV

San Roberto Shaft

Looking North-Northeast

Zaragoza Shaft

0 1

km

1600

2000

2400

MAS

L

One-way rampOne-way ramp

Cities and TownsMines Operating Ports Projected Ports

El Salvador Mine

Caldera

Copiapo

Candelaria

Tierra Amarilla

Chañaral Diego de Almagro

CNN Mine

Manto VerdeSanto Domingo

Barquito Port

Atacama Port

Punta Caldera Port

Punto Padrones

CHILE

Pipeline

Santo Domingo Port

Punto Totoralillo

Santo Domingo Project – High Quality Project at the Right Time

Strategic process to optimize ownership structure Permitted; shovel-ready for construction Additional NAV levers: Conducting PEA for recovering battery-grade cobalt Improving gold recovery by ~7-10%, from 60%4

Power purchase agreements could be ~10% lower4

Infrastructure sharing options being evaluated Potential to utilize autonomous equipment

2018 Technical Report Key Highlights1

Mine Life 17.9 years

Throughput (tpd) 60,000 nominal average

Average Annual Production

First 5 Years LOM

Copper 259M lbs. 134M lbs.

Iron Concentrate 3.3M tonnes 4.2M tonnes

Gold 34,700 oz. 17,000 oz.

C1 Cash Cost2 per lb. Cu $0.47 $0.02

Economics3 (US$)

Project Capstone (70%)

Initial Construction Capital $1.51B $1.06B

NPV (after-tax, 8%) $1.03B $0.72B

IRR (after-tax) 21.8%

Payback period (after-tax) 2.8 years

1. Refer to the Company’s news release of November 26, 2018 for full details. 2. C1 cash costs are net of magnetite iron and gold by-product credits and selling costs and is an alternative performance

measure. Refer to "Alternative Performance Measures" in the Company’s news release of November 26, 2018 for full details. 3. Metal price assumptions Cu: $3.00/lb, Fe: $80/t concentrate @ 66% Fe FOB SD, Au: $1,290/oz. Refer to the Company’s news

release of November 26, 2018 for full details.4. Refer to the Company's news release of July 30, 2019 for full details.

CAPSTONE MINING (TSX:CS) • 9

Positioned for the Long-Term

Low Risk Copper Producer

●

Focused on Execution

●Delivering Value

Existing Operations Continuing to Deliver• YTD Q2 2019 C1 cash costs1 of $1.67/lb, down 12% YOY

• Identified operational optimizations and cost reductions – target of $25 to $30 million in annualized savings2

High Quality Growth Exists Within Current Portfolio • Cozamin on-track for 30% production increase by end of 2020, in

addition to targeting additional reserves to support a doubling of mine life

• Initiated Pinto Valley PV4 expansion study2

• Santo Domingo is a shovel-ready project with value-maximizing process underway

CAPSTONE MINING (TSX:CS) • 10

Capstone provides unparalleled low-risk exposure to rising copper prices

1. This is an Alternative Performance Measure; refer to the Company’s MD&A for the six months ended June 30, 2019 for full details.2. Refer to the Company’s news release of July 30, 2019 for full details.3. Refer to the Company’s Annual Information Form for the year ended December 31, 2018 for full details.

CAPSTONE MINING (TSX:CS) • 11

APPENDIX

Management

Darren PylotPresident & CEO

Jason HoweVice President, Corporate Development

Raman Randhawa Chief Financial Officer

Paul JonesVice President, Business Development and Investor Relations

Brad MercerSenior Vice President, Operations & Exploration

Wendy KingVice President, Legal, Risk and Governance

Albert Garcia IIIVice President, Projects

Mike WickershamMine Manager, Pinto Valley

Abel Gonzalez VargasMine Manager, Cozamin

Board Of Directors

George BrackChairman of the BoardFormer Managing Director & Industry Head, Mining at Scotia Capital

Dale PeniukFormer Assurance Partner, Mining, KMPG LLP

Robert GallagherFormer President & CEO of New Gold

Darren PylotPresident & CEO of Capstone Mining Corp.

Peter MeredithFormer Deputy Chairman and CFO of Turquoise Hill Resources

Richard ZimmerChair, Technical, Health, Environmental, Safety and Sustainability CommitteeFormer President & CEO of Far West Mining Ltd.

Min Geol RyuLeads KORES Metals Team

The Team Right Structure to Take Capstone to the Next Level

Visit https://capstonemining.com/company for full bios CAPSTONE MINING (TSX:CS) • 12

Cozamin Materials Handling and Mine Access

• Leveraging the geometry of the Cozamin orebodies and ramp systems to build a one-way haulage loop to debottleneck the current haulage capacity

• The proposed “Cruserso de San Rafael” loop will connect two production ramp systems with a 1km drift at a capital cost of less than $5 million

• The expected result is a 30% increase in production by the end of 2020 and targeting annual production of 40-45 million pounds of copper

CAPSTONE MINING (TSX:CS) • 13

Conceptual One-Way Haulage Loop

See section 16 of the January 24, 2019 NI43-101 Technical Report for more information

Pinto Valley Mineral Reserve and Resource Estimate

Mineral Resource Estimate as at December 31, 2018(metric units) Mineral Resources at 0.17% TCu Cutoff

(Inclusive of Mineral Reserves) Contained Metal

Category Tonnes(million)

Cu(%)

Mo(%)

Copper Metal(Mt)

Molybdenum(Mt)

Measured (M) 571 0.33 0.006 1.88 0.034

Indicated (I) 759 0.27 0.005 2.07 0.039

Total M + I 1,330 0.30 0.005 3.95 0.0073

Inferred 146 0.24 0.005 0.34 0.008RESOURCE ESTIMATE NOTES: Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley Mineral Resources estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral Resources are presented inclusive of Mineral Reserves. Mineral Resources are reported as at December 31, 2018 above a 0.17% TCu cut-off grade. The economic assumptions for the reasonable prospects pit include: $3.30/lb Cu, $10.00/lb Mo, 88% Cu recovery, 50% Mo recovery, $1.50/ton mining costs, $1.50/ton G&A costs, $5.00/ton milling costs, and a pit slope of 45°. Totals may not tally due to rounding. Contained metals are reported at 100%. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

CAPSTONE MINING (TSX:CS) • 14

Mineral Reserve Estimate as at December 31, 2018Mineral Reserve Contained Metal

Category Tonnes(million)

Cu(%)

Mo(%)

Copper Metal(Mt)

Molybdenum (Mt)

Proven 255 0.33 0.006 0.84 0.016

Probable 153 0.28 0.006 0.43 0.009

Proven + Probable 408 0.31 0.006 1.27 0.025RESERVE ESTIMATE NOTES: Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley is the Qualified Person responsible for the Pinto Valley Mineral Reserves estimate. Economic inputs to the block model were USD$2.75/lb Cu and USD$12.50/lb Mo. Mineral Reserves are reported above 0.175% Cu cut-off grade. Summation errors due to rounding. Contained metals are reported at 100%. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

Cozamin Mineral Reserve and Resource Estimate

Mineral Resource Estimate as at December 31, 2018Mineral Resources (Inclusive of Mineral Reserves) Contained Metal

Category Tonnes(kt)

Copper(%)

Silver (g/t)

Zn(%)

Pb(%)

Copper Metal(kt)

Silver Metal(koz)

Zinc Metal(kt)

Lead Metal(kt)

Measured (M) 407 1.24 53 1.23 0.40 5 698 5 2

Indicated (I) 16,709 1.50 44 1.25 0.27 250 23,813 208 46

Total M + I 17,116 1.49 45 1.25 0.28 255 24,506 213 47

Inferred 16,922 1.11 44 1.64 0.29 188 23,902 278 49RESOURCE ESTIMATE NOTES: The Cozamin Mineral Resource estimate was completed by Garth Kirkham, P.Geo., FGC, Kirkham Geosystems Ltd., and an independent Qualified Person as defined by NI 43-101. The NSR formula used is based on $3.50/lbCu, $18/oz Ag, $1.20/lb Zn, $1.00/lb Pb and metallurgical recoveries of 95% Cu, 78% Ag, 58% Zn, 40% Pb. The resulting NSR formula is Cu*65.024 + Ag*0.438 + Zn*10.755 + Pb*6.981. Mineral Resources are reported above $50/t NSR cut-off. Mineral Resources are presented inclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Figures may not sum due to rounding. Contained metals are reported at 100%. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

CAPSTONE MINING (TSX:CS) • 15

Mineral Reserve Estimate as at December 31, 2018Mineral Reserve Contained Metal

Category Tonnes(kt)

Cu(%)

Ag(g/t)

Zn(%)

Pb(%)

Copper Metal(kt)

Silver MetalTroy (koz)

Zinc Metal(kt)

Lead Metal(kt)

Proven - - - - - - - - -

Probable 6,050 1.58 43 0.72 0.14 96 8,293 43 8

Proven + Probable 6,050 1.58 43 0.72 0.14 96 8,293 43 8RESERVE ESTIMATE NOTES: Tucker Jensen, P.Eng., Senior Mining Engineer at Capstone Mining Corp., is the Qualified Person for the Cozamin Mineral Reserve. Disclosure of the Cozamin Mine Mineral Reserves as of December 31, 2017 was completed using fully diluted mineable stope shapes generated by the Maptek Vulcan Mine Stope Optimizer software and estimated using the 2018 MNFW and MNV resource block models completed by Garth Kirkham, P.Geo., FGC, Kirkham Geosystems Ltd. The Reserves are based on a $50/t NSR cut-off. The NSR formula used for the Reserves was based $2.75/lb Cu, $16/lb Ag, $1.10/lb Zn, and metallurgical recoveries of 96.5% Cu, 81% Ag, 44% Zn. The resulting NSR275 formula is ($50.707*%Cu + 0.366*Ag ppm + 7.276*Zn%)*(1-NSRRoyalty%)Note that zero value is attributed to Pb due to low concentrations. Tonnage and grade estimates include dilution and recovery allowances. The NSR royalty rate applied varies between 1% and 3% depending on the mining concession. Contained metals are reported as 100%. Figures may not sum due to rounding. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

Santo Domingo Mineral Reserve and Resource Estimate

Mineral Resource Estimate as at December 31, 2018Mineral Resources (Inclusive of Mineral Reserves)

Category Tonnes(Mt)

CuEq(%)

Cu(%)

Au(g/t)

Fe(%)

Co(ppm)

Measured (M) 66 0.81 0.61 0.081 30.9 254

Indicated (I) 471 0.48 0.26 0.034 25.0 225

Total M + I 537 0.52 0.30 0.039 25.7 229

Inferred 48 0.41 0.19 0.025 23.6 197RESOURCE ESTIMATE NOTES: Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are classified according to CIM (2014) guidelines. 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 October 31, 2018. Mineral Resources for the Santo Domingo Sur, Iris, Iris Norte, and Estrellita deposits are reported using a cut-off grade of 0.125% CuEq. CuEq grades are calculated using average long-term prices of $3.50/lb Cu, $1,300/oz Au, and $99/dmt Fe. 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. An assessment of Mineral Resources for the Santo Domingo Sur, Iris, Iris Norte and Estrellitadeposits was performedusinga Lerchs–Grossman pit shell that has the following assumptions: pit slopes averaging 45°; mining cost of $1.90/t, processing cost of $7.27/t (including G&A cost); processing recovery of 89% copper and 79% gold; selling price of $3.50/lb copper, $1,300/oz gold and $99/dmt iron concentrate. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

CAPSTONE MINING (TSX:CS) • 16

Mineral Reserve Estimate as at December 31, 2018Mineral Reserve Contained Metal

Category Tonnes(Mt)

Cu(%)

Au(g/t)

Fe(%)

Copper Metal(Mlbs)

Gold MetalTroy (koz)

Iron Concentrate (Mt)

Proven 65.4 0.61 0.08 30.9 398 169.9 8.2

Probable 326.9 0.24 0.03 27.6 768 336.8 66.9

Proven + Probable 392.3 0.30 0.04 28.2 1167 506.7 75.1RESERVE ESTIMATE NOTES: The Mineral Reserves estimate have an effective date of November 14, 2018 and were prepared by Mr. Carlos Guzman, CMC, and 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 $3.00/lb Cu, $1,290/oz Au and $100/dmt of Fe concentrate; recovery to concentrate assumptions of a maximum of 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 $80/dmt, $0.08/lb of Cu refining charges, $5.0/oz of Au refining charges, $33/wmt and $20/wmt for shipping Cu and Fe concentrates respectively; wasteminingcostof $1.75/t, mining cost of $1.75/t ore, and process and G+A costs of $7.53/t processed; average pit slope angles that range from 37.6° to 43.6°; a 2% royalty rate assumption, and an assumption of 100% mining recovery. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. See Capstone’s Annual Information Form for the year ended December 31, 2018 for further information.

www.capstonemining.comPhone: +1-604-684-8894Toll Free: 1-866-684-8894Email: info@capstonemining.com