1

A Leading Intermediate Copper Producer October 2014

2 2

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 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”, “budget”, “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. 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, among others, risks related to inherent hazards associated with mining operations; future prices of copper and other metals; counterparty risks associated with sales of our metals; our ability to raise capital; foreign currency exchange rate fluctuations; accuracy of mineral resource and mineral reserve estimates; changes in general economic conditions; 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; operating in foreign jurisdictions with risk of changes to governmental regulation; compliance with governmental regulations; dependence on key management personnel; compliance with environmental laws and regulations; reliance on approvals, licenses and permits from governmental authorities; impact of climatic conditions on our Pinto Valley, Cozamin and Minto operations; potential conflicts of interest involving our directors and officers; aboriginal title claims and rights to consultation and accommodation; limitations inherent in our insurance coverage; land reclamation and mine closure obligations; labour relations; increasing energy prices; competition in the mining industry; risks associated with joint venture partners; and our ability to integrate new acquisitions into our operations. Although we have 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.

Alternative Performance Measures “C1 Cash Cost”, “Cash Cost” and “Adjusted Net Earnings” are Alternative Performance Measures. Alternative performance measures are furnished to provide additional information. These performance measures are used by management to monitor performance, to plan and to assess the overall effectiveness and efficiency of mining operations. These performance measures 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 included in the Company’s unaudited condensed interim consolidated financial statements prepared in accordance with IFRS.

Currency All amounts are in US$ unless otherwise specified.

Cautionary Note Forward Looking Information

3

Minto Yukon, Canada

Pinto Valley Arizona, US

Cozamin

Zacatecas, Mexico

Santo Domingo

Region III, Chile

Kutcho

BC, Canada

Head Office BC, Canada

Stable cash flow generation from three mines

Financial flexibility to fund growth

Proven track record of sustainable growth

Low-risk copper producer focused on the Americas

About Capstone

A leading intermediate copper producer

4 4

Portfolio

PRODUCTION

Three operating mines

Production assets located in stable geographies in the

Americas producing >100 k tonnes of copper annually

Santo Domingo Region III, Chile CS 70%; KORES 30%

Kutcho British Columbia, Canada

DEVELOPMENT

Growth Projects

Disciplined approach to construction, offering significant

growth in planned copper production over next five years

Chile SQM - option to earn up

to 70% of Project Providencia

(3,500 sq km)

CS 70%; KORES 30% - 6 properties

EXPLORATION

Portfolio

Early-stage base metals exploration properties

Sho

rt t

erm

Lon

g te

rm

Pinto Valley Arizona, US 66.3 k tonnes copper1

Cozamin Zacatecas State, Mexico

20 k tonnes copper1

Minto Yukon, Canada 18.5 k tonnes copper1

1.±5%; see news release dated March 26, 2014.

5 5

Two-Tiered Growth Strategy

Capstone is well-positioned for profitable growth, supported by considerable financial flexibility

1. Robust organic growth potential Potential increase at Pinto Valley - PV3 scoping study underway

Further opportunities at operating mines

Advancing the Santo Domingo project

Building the exploration portfolio

2. Growth through strategic acquisition

Maintain disciplined, well-balanced approach with a conservative and flexible balance sheet

Low-risk, mining-friendly jurisdictions in the Americas

Copper asset in or near production

6 6

Pinto Valley Mine

Operating copper mine in Globe-Miami district of Arizona:

Asset diversification into one of the world’s most favorable mining jurisdictions for tax, regulation and labour

Commenced operation in 1975

Fully permitted with established infrastructure and skilled workforce

$194M restart capital spent by BHP in 2012

Brand new mining fleet, mill upgrades, crushing plant, control systems, infrastructure

Large, long life producing Copper Mine Acquired in October 2013 from BHP for $650M

7 7

Pinto Valley Mine

Open Pit Mine in Arizona, US

Mine life (years) 12

Production – 2014 Guidance (k tonnes Cu ±5%) 66.3

Production1 – Nine Months 2014 YTD (k tonnes) 51.2

C1 cash cost2 – Six Months 2014 YTD ($/payable lb Cu) $2.10

C1 cash cost2 – 2014 guidance ($/payable lb Cu) $1.90 - $2.00

Measured & Indicated contained copper3 (k tonnes) 4,765

By-products Mo, Ag

Pinto Valley added 57 thousand tonnes of copper annually for over 12 years

Key Points

PV2 mine plan represents only 16% of the total M&I Resource

Work underway to evaluate possible mine life extension beyond 2026 and potential increase in throughput

Potential for meaningful impact on production and growth

PV2 PFS does not include all the projected impact of process improvements

1. Includes concentrate and cathode. 2. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs. 3. Pinto Valley Mine 2014 Pre-Feasibility Study, April 2014. Mineral Reserves and Resources take into account mining activities until January 1, 2014, and are reported above 0.18% Cu Cut-off Grade. . See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

8 8

PV2 Pre-Feasibility Summary & Mine Plan – March 2014

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

0

5

10

15

20

25

30

35

40

45

50

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Co

pp

er G

rad

e %

Mat

eria

l Min

ed (

M t

/yea

r)

Total Material Moved

Capital Expenditure ($M) 47 62 12 12 9 11 14 6 5 5 3 2 0

Payable Copper (k tonnes) 64.1 54.8 65.1 55.8 56.2 54.1 57.0 56.1 54.7 52.3 59.7 41.0 12.0

Summary of March 2014 PV2 PFS

Mine Life (years) 12.3

Mineral Resources 1,563mt@0.30%1

Mineral Reserves 232mt@0.33%

Planned Throughput (ktpd) 50 - 52

Avg. Annual Production – Contained in Concentrate (M lbs) 119.5

Avg. Annual Production – Cathode (M lbs) 6.3

Est. LOM Avg. C1 Cash Costs $2.00

LOM Sustaining Capital ($ millions) $187.9

After-tax NPV, 8% ($M) $738

1. Pinto Valley Mine 2014 Pre-Feasibility Study, April 2014. Mineral Reserves and Resources take into account mining activities until January 1, 2014, and are reported above 0.18% Cu Cut-off Grade. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

9

Ramp-up to 50 ktpd Stabilize at 50 ktpd

2012-2013 Restart 2014 Stabilize

Increase throughput to 52 ktpd

2016+ Optimize

Pinto Valley Improvement Strategy Underway

Upcoming Catalysts

Focus on improving reliability and costs

Scoping study for PV3 underway

Extended mine life

Expanded production

Engage and empower workforce to improve site performance

Leverage existing organizational structure to facilitate continuous improvement

Town of Miami

Pinto Valley

Freeport Miami

KGHM Carlota

BHP Copper Cities

BHP Miami

Source: Google maps.

10 10

Cozamin Mine

Underground Mine in Zacatecas State, Mexico

Mine life remaining (years) 6.5

Production – 2014 guidance (k tonnes Cu ±5%) 20.0

Production – Nine Months 2014 YTD (k tonnes) 15.2

C1 cash cost1 – Six Months 2014 YTD ($/payable lb Cu) $1.23

C1 cash cost1 – 2014 guidance ($/payable lb Cu) $1.30 - $1.40

By-products Zn, Pb, Ag

1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

Ongoing exploration program

2014 2015

Silver stream sale expires April 2017 to significantly

improve economics (currently ~1.5M oz/year)

2017+

11 11 1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs. 2. Mineral Reserves and Resources take into account mining activities until December 31, 2013, and are reported above a 0.5% Cu COG (Underground Mineral Reserves reported above a $64.40 NSR COG). See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

Mine life remaining (years) 7

Production - 2014 guidance (k tonnes Cu ±5%) 18.5

Production – Nine Months 2014 YTD (k tonnes) 15.1

C1 cash cost1 – Six Months 2014 YTD ($/payable lb Cu) $2.20

C1 cash cost1 –2014 guidance ($/payable lb Cu) $2.45 - $2.55

Life of mine projected C1 cash cost1 $1.92

By-products Au, Ag

Mineral Reserves 9,509mt@1.65%2

Mineral Resources 49,259mt@1.10%2

Open Pit & Underground Mine in Yukon, Canada

Minto Mine

Higher grade ore feeding mill through Q3. Permit application

filed for all remaining Mineral Reserves.

Minto North high-grade ore to feed mill in 2015.

2014 2015

Significant production from high-grade Minto North pit.

2016

12 12

Santo Domingo Project

Copper-Iron Development Project in Region III, Chile

Diego de Almagro

Project Area

Superior infrastructure

7 kms from town, power lines & sub-station

110 kms from port

Low elevation (~1,000 masl)

Paved road access

Low environmental risk

13 13

Santo Domingo – July 2014 Feasibility Study

Unlevered Internal Rate of Return of 17.9% (27.3% assuming $1B project debt or 60% leverage)

$797 million after-tax NPV, discounted at 8%

18-year mine life, 128M lbs Cu, 4.2 Mt Fe, 16 k oz Au annually

Off-take agreements committed for 50% of Cu and Fe LOM

LOM by-product C1 cash costs1 negative $0.06/lb payable Cu

LOM co-product C1 cash costs1 $1.50/lb payable Cu

Attractive opportunity in a community that demonstrates strong support for the project

Confirms the value as a robust, low cost copper project

A long-life, low cost copper project

1. C1 Cash Cost is an Alternative Performance Measure. C1 Cash Cost on a by-product basis includes gold and iron credits. See Forward-Looking Statements and

Cautionary Note for NI 43-101 information.

14 14

Santo Domingo FS – CAPEX & Funding

CAPEX1,2

Initial cost $1.7B

Sustaining Capital: $368M

Mine $157M

Process Plant

$380M

Pipelines $172M

Plant / Mine Infrastructure

$163M

Port $180M

Contingency$242M

EPCM $115

Indirect Costs $290

1. Source: Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. 2. Accuracy range of -10% to +15% for capital costs and operating costs. 3. Illustration based on feasibility study capital of $1.7B and assumed project debt of 65%.

Partnership & Funding Structure3

Owned 70% Capstone and 30% Korea Resources Corporation (KORES)

KORES largest Capstone shareholder (11%)

LOM off-take agreement for 50% of Cu & Fe magnetite concentrate on then prevailing market terms

KORES to participate in arranging debt financing

65% Project Debt

$1,105M

CS Equity $416M

KORES Equity $179M

15

Santo Domingo Project – Development Plan

Decision on if, how, and when to proceed will depend on many factors

Power and infrastructure

Attractive economics

Financing plan and risk mitigation

Strong social license & regulatory support

Other attractive production opportunities

1. Subject to the commercial and regulatory environment in Chile and not within Capstone’s control. Various decisions are dependent on the availability of low cost power as well as regulatory approval, and clear demonstration of an economically viable project with appropriate financing in place and a supportive environment for development.

Power purchase agreement

Finalize maritime concession for port

Stage-gate 1 - EIA approval (Q1)

Stage-gate 2 – Engineering 60-65% complete (Q3)

2014 2015

Stage-gate 3 - Engineering effectively complete (Q1)

Production estimated +2 years from construction decision

2016+

Next Steps1

Proceeding in a disciplined manner with a stage-gate process for decision making

16 16 1. Assumes a positive construction decision on Santo Domingo with commissioning in 2017 (Capstone 70% ownership – based on FS dated July 8, 2014); does not include by-product metal production at any mine or project. 2. C1 cash costs for 2015 and beyond do not factor in deferred stripping and movements in ore stockpile for Minto. 3. C1 Cash Cost is an Alternative Performance Measure. See Forward-Looking Statements and Cautionary Note for NI 43-101 information

Cu P

roducti

on (

k t

onnes)

C1

Cas

h C

ost

/lb

3 o

f Pa

yab

le C

u P

rod

uce

d

2,3,4

Strong Projected Organic Growth Profile(1)

Potential for significant cash flow generation

3

$0.00

$0.50

$1.00

$1.50

$2.00

0

50

100

150

200

2012 2013 2014 2015 2016 2017 2018

Cozamin Minto Pinto Valley Santo Domingo 70% C1 Cash Costs3 2

17 17

Financial Position

At June 30, 2014 ($M)

Cash $128.5

Undrawn Credit Facilities $ 67.2

Total Liquidity $195.7

Op Cash Flow Before Changes in Working Capital (1H 2014)

$104.7

Conservative and flexible financial position

1. Represents pre-stripping of Minto North; set to begin on August 15, 2014, contingent upon receipt of the necessary permits and licenses.

2014E Capex ($M)

Pinto Valley Cozamin Minto Santo Domingo Kutcho

Sustaining Development Total

$22.0

$18.0

$17.4

$24.8

$3.0

$16.1(1)

$20.9

$0.9

$123.1

18 18

Sho

rt t

erm

Pinto Valley Focus on cost efficiencies and potential mine life extension

Cozamin Reliable production with ongoing exploration

Minto Mine plan to optimize production and minimize cost

Santo Domingo Advance engineering and secure power; next stage-gate decision point in Q1 2015

Exploration Focus on 350,000 hectare property in Chile

Acquisition Criteria Copper, in production, in the Americas

2014 and beyond

Capstone Is Well-Positioned For Profitable Growth

A leading intermediate copper producer

19 19

Appendix

1. Board of Directors

2. Senior Management Team

3. Financial & Operating Results

4. Revolving Credit Facilities

5. C1 Cash Costs

6. Mine Cost Breakdown

7. 2014 Operating Guidance

8. 2014 Capital Expenditure Guidance

9. Historical Financial Performance

10. Historical Operating Performance

11. Record of Growth in Mineral Resource Base

12. History of Pinto Valley Mine

13. Minto Mineral Reserve and Mineral Resource Areas

14. Minto Mineral Resources and Underground Development

15. Santo Domingo July 2014 Feasibility Study Summary

16. Proposed Power Expansions in Regions of Santo Domingo

17. Project Providencia - Key Deposits in Analogous Metallogenic Settings

18. NI 43-101 Information

20 20

Board of Directors

Name Experience

Lawrence Bell Former Chairman & CEO of BC Hydro, Director of Silver Wheaton

George Brack - Non-Executive Chairman Mining & investment banking, former industry head of Scotia Capital

Chantal Gosselin Former VP & Portfolio Manager of Goodman Investment Counsel. Previously with Sun Valley Gold LLP, Blackhawk Mining & Pan American Silver

GookHo Lee Executive Advisor for KORES. Formerly with LS-Nikko Copper Inc., LG-Nikko Copper Inc. & LG Metal Co. Ltd.

Kalidas Madhavpeddi President of Azteca Consulting LLC & CEO of Forex Investment Group. Former Sr. VP Business Development of Phelps Dodge

Dale Peniuk - Audit Committee Chairman Financial & board expertise, former Partner with KPMG

Darren Pylot - President, CEO & Director Founder of Capstone Mining Corp.

Richard Zimmer Former President & CEO of Far West Mining. Previously with Teck & Bow Valley Industries

21 21

Senior Management Team

Name Experience Years

Experience Years Mining Experience

Darren Pylot, President, CEO & Director Founder of Capstone Mining Corp. 20 20

Jim Slattery, Sr VP & CFO Former CFO of Imnet Mining, Wescast Industries & Canadian General Tower 33 9

Gregg Bush, Sr VP & COO Former COO of Minefinders, Mine GM & Operations of Barrick/Placer Dome, 12 years in Chile

30 30

Brad Mercer, Sr VP Exploration Formerly with Sherwood Copper Corp., Miramar Mining & Royal Oak 30 30

Robert Blusson, VP Finance Formerly with Lundin Mining & EuroZinc 12 8

Cindy Burnett, VP IR Formerly with Western Lithium, Skye Resources, Ivanhoe Energy & Nova Chemicals 35 6

Peter Hemstead, VP Mktg. & Treasurer Formerly with Sherwood Copper Corp. & PricewaterhouseCoopers LLP 18 8

Jason Howe, VP Business Development Co-founder & former CFO of Silverstone Resources Corp. Formerly with PricewaterhouseCoopers LLP

20 10

Wendy King, VP Legal, Risk & Governance

Former Sr. VP General Counsel, Government Relations, Chief Compliance Officer and Corporate Secretary with Central 1 Credit Union & Weyerhaeuser Company

18 1

Guy Le Bel, VP Evaluations Formerly with Quadra Mining, BHP Billiton Base Metals, Rio Algom & Cambior Inc. 30 30

Gillian McCombie, VP HR Formerly with Placer Dome, Hunter-Dickinson & TELUS 18 14

David Sinitsin, VP Technical Services Formerly with Canaco Resources, Silver Standard Resources & Freeport-McMoRan 30 30

Brad Skeeles, VP North American Operations

Formerly with Newmont Mining, INCO & BHP Billiton 26 26

22 22

Financial & Operating Results

1. These are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information.

Q2 2014 Q2 2013

Revenue ($M) $171.7 $58.3

Copper in concentrates produced (tonnes) 27,212 8,765

Copper cathode produced (tonnes) 526 -

Payable copper produced (tonnes) 26,785 8,419

C1 cash cost1 ($ per payable lb of Cu produced) $2.03 $1.70

Copper sold (tonnes) 24,563 7,783

Realized copper price ($ per lb sold) $3.36 $3.16

Net earnings ($M)

Per common share: $16.6 $0.04

$9.2 $0.02

Adjusted EBITDA1 ($M)

Per common share: $64.8 $0.17

$28.8 $0.08

Operating cash flow before changes in working capital1 ($M)

Per common share: $56.5 $0.15

$28.6 $0.08

Net debt (cash)1 ($M) $181.0 ($456.3)

23

Senior Secured Senior Secured Reducing

Amount $200 million $200 million

Term 4 years from October 2013 2.5 year from October 2013

Interest Rate US Libor + 2.5%

Standby Fee 0.56%

Payment Schedule

Interest only 8 equal quarterly payments starting April 4, 2014

Covenants

EBITDA/Interest Expense ≥ 3.00:1:00 Senior Secured Debt/EBITDA not more than 3:00:1:00

Total Debt/EBITDA not more than 4:00:1:00

Initial Use

$87.2 million supporting letters of credit for PV reclamation, remainder fully drawn for Pinto Valley purchase and working capital purposes

Fully drawn for Pinto Valley purchase

Balance as at June 30, 2014

$133 million $178 million

Revolving Credit Facilities

At June 30, 2014

24 24

C1 Cash Cost(1) Q2 2014

Pinto Valley Minto Pinto Valley + Cozamin + Minto

$1.24

$0.33 ($0.34)

$1.23

$2.35

$2.46

$1.76

$2.03

Tota

l C

onsolid

ate

d C

1 C

ash C

ost1

($ p

er

paya

ble

lb o

f C

u p

roduced)

Operating costs + By-product credits = Treatment & selling costs - C1 Cash Cost/lb1

$0.27

$0.39 ($0.12)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Cozamin

$1.74

$0.44 $2.13

$(0.05)

$(0.16)

1. C1 Cash Cost is an Alternative Performance Measure, which is net of by-product credits as well as treatment and selling costs.

25 25

Mine Cost Breakdown(1)

1. Cost of production in US$ for the 8 months ended as of August 30, 2014. Excluding by-product credits and TCRCs

Pinto Valley

Cozamin Minto

Consolidated

26%

27% 15%

8%

8%

13%

3%

Salaries Contractors & Consultants Maintenance Diesel, Gas & Lubricants Power Consumables Other G&A

26%

20%

19%

8%

8%

16%

3%

31%

25% 15% 3%

10%

12%

5%

24%

45%

6%

11%

4% 6% 4%

26 26

2014 Operating Guidance

1. This is an alternative performance measure, please see “Alternative Performance Measure” definition at the beginning of this presentation.

Pinto Valley Cozamin Minto Total

Tonnes milled (M) 18.2 1.2 1.4 20.8

Copper grade (%) 0.39 1.85 1.49 0.55

Copper recovery (%) 88.5 93.4 92.4 89.0

Production (contained in concentrates)

Copper (tonnes) 63,500 20,000 18,500 102,000

Copper cathode (tonnes) 2,800 - - 2,800

Zinc (tonnes) - 9,000 - 9,000

MoS2 (000s lbs) 660 - - 660

Lead (tonnes) - 1,700 - 1,700

Silver (million ounces) 0.3 1.6 0.2 2.1

Gold (ounces) - - 17,670 17,670

C1 cash costs per pound of payable copper produced net of by-product credits and selling costs1

$1.90 - $2.00 $1.30 - $1.40 $2.45 - $2.55 $1.90 - $2.00

27 27

2014 Capital Expenditure Guidance

1. Pre-stripping of Minto North is set to begin on August 15, 2014, contingent upon receipt of the necessary permits and licenses. 2. Represents Capstone’s 70% share of capital expenditure.

Capital Expenditure Breakdown ($M) Pinto Valley Cozamin Minto

Santo Domingo2 Kutcho Total

Sustaining 22.0 18.0 17.4 - - 57.4

PV2 Capital 24.8 - - - - 24.8

Brownfield Exploration - 3.0 - - - 3.0

Deferred Stripping1 - - 16.1 - - 16.1

Development Projects - - - 20.9 0.9 21.8

Total 46.8 21.0 33.5 20.9 0.9 123.1

Pinto Valley $46.8

Cozamin $21.0

Minto $33.5

Santo Domingo

$20.9

Kutcho $0.9

2014 Capital Expenditure Guidance

$123.1M budgeted for capital expenditures in 2014

$26.5M spent six months 2014 YTD

An additional $10.1M budgeted for greenfield exploration in 2014

$3.5M spent six months 2014 YTD

28 28

Historical Financial Performance

$162

$250

$301

$353 $306

$332 $333

$0

$50

$100

$150

$200

$250

$300

$350

$400

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Revenue3 ($M)

$36

$117 $103

$146 $142

$106 $121

$0

$20

$40

$60

$80

$100

$120

$140

$160

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Adjusted EBITDA1,3 ($M)

$0

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Capital Additions2,3($M)

1. This is an Alternative Performance Measure. 2. Includes deferred stripping at Minto. 2008 capex includes $13 million from old Capstone for 9 months in 2008. 3. The total 2008 information only includes results from the Cozamin Mine from November 24, 2008 to December 31, 2008. Year end 2010, 2011 and 2012 in accordance with IFRS. 2008 figures pro forma for combination with Sherwood Copper to include Cozamin and Minto for the full year.

$28

$94

$75

$120 $114

$86

$105

$0

$20

$40

$60

$80

$100

$120

$140

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Operating Cash Flow Before Changes in Working Capital3 ($M)

$33

$59 $56

$85

$121 $123

Deferred Stripping

Capital Additions

$27

29 29

Historical Operating Performance

29,892

38,691 33,022

35,879 35,834

45,405 51,164

0

10,000

20,000

30,000

40,000

50,000

60,000

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Copper Sold (tonnes)

$2.36 $2.31

$3.42 $3.90 $3.66

$3.30 $3.17

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

Realized Price/lb of Copper Sold ($)

$1.25 $1.03

$1.40 $1.45 $1.50 $1.72

$1.96

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

C1 Cash Cost1,2 ($ per payable lb of Cu produced)

$1.11 $1.28

$2.02

$2.45 $2.16

$1.58 $1.21

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2008 2009 2010 2011 2012 2013 Six Months2014 YTD

47% 55% 59% 59% 48% 63% 38%

Cash Margin/lb of Copper Sold ($)

1. This is an Alternative Performance Measure. * Commencing in 2011, financial results in accordance with IFRS. 2. The total 2008 information only includes results from the Cozamin Mine from November 24, 2008 to December 31, 2008, except for the C1 Cash Cost per pound of payable copper which are for the full year.

30 30

Proven Track Record of Growth in Mineral Resource Base

Minto

Cozamin

CS Total

* Includes Mineral Resources and Reserves as at January 1, 2014 . 70% share of Santo Domingo Mineral Resources as at August 31, 2012 and Mineral Reserves as at May 2, 2014. Kutcho as at Dec. 31, 2010. See Forward-Looking Statements and Cautionary Note for NI 43-101 information

Minto

Kutcho

Santo Domingo

Minto

Cozamin

CS Total

Kutcho

Minto

Cozamin

Santo Domingo

CS Total

CS Total

CS Total

CS Total

Santo Domingo Santo

Domingo

Cozamin Cozamin

Cu tonnes in Mineral Reserves* Per Share

Cu

to

nn

es/s

har

e (b

asic

)

Kutcho Kutcho

Santo Domingo

Kutcho

Minto

Cozamin

Pinto Valley

0

0.002

0.004

0.006

0.008

0.01

0.012

0.014

0.016

0.018

0.02

2008 2009 2010 2011 2012 2013 YTD

Cu tonnes in M&I Mineral Resources* Per Share

Cu

to

nn

es/s

har

e (b

asic

) 383%

0

1000

2000

3000

4000

5000

6000

7000

8000

2008 2009 2010 2011 2012 2013 YTD

1084%

0

500

1000

1500

2000

2500

3000

2008 2009 2010 2011 2012 2013 YTD

1107%

Tho

usa

nd

s (t

on

nes

)

Cu tonnes in Mineral Reserves* Cu tonnes in M&I Mineral Resources*

Tho

usa

nd

s (t

on

nes

)

Minto Cozamin

Minto

Kutcho

Santo Domingo

Minto

Kutcho

Minto

Cozamin

Santo Domingo

Santo Domingo

Cozamin Cozamin

Kutcho Kutcho

Santo Domingo

Kutcho

Minto Cozamin

Pinto Valley

Minto

Cozamin

Kutcho

Santo Domingo

Pinto Valley

Santo Domingo

Kutcho

Minto Cozamin

Santo Domingo

Pinto Valley

Santo Domingo

Kutcho

Cozamin Minto Cozamin Cozamin Cozamin

Minto Minto

Kutcho

Minto

Cozamin

Kutcho Minto Minto

Cozamin Cozamin Minto Kutcho Kutcho

0

0.001

0.002

0.003

0.004

0.005

0.006

0.007

2008 2009 2010 2011 2012 2013 YTD

314%

31 31

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

0

25

50

75

100

125

150

175

200

225

250

19

75

19

76

19

77

19

78

19

79

19

80

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Histo

rial Cu

Price (U

s$/lb

) H

isto

rial

Cu

Pro

du

ctio

n (

mlb

s)

PV Cu Production Average Cu Price

BHPB restarts

PV

Capstone acquires PV

History of Pinto Valley

PV acquired by Newmont subsidiary and placed PV on

care and maintenance

Source: BHP Copper. 1.Source: BHP Copper, in US$M. 2. The cost of employing contractors during project execution.

Pinto Valley Historical Production/Copper Prices

PV production commenced by owner Cities Service (formerly

Tennessee Corporation)

Newmont announced plans to restart PV

BHP Copper acquired PV

BHP placed PV on care and maintenance due to

temporarily low copper prices

PV operations restarted

BHPB placed PV on care and maintenance

due to temporarily low copper prices

Mine Fleet $63.8 (33%)

Processing $43.7 (22%)

Owner Cost $27.1 (14%)

Infrastructure $21.2 (11%)

EPCM $14.2 (7%)

SMARRCO $11.4 (6%)

Contractors' Indirect (2) $8.9 (5%)

Mine $3.9 (2%)

2012 Re-start Capital Cost

BHP Billiton $194mm(1) re-start capital incorporated lessons learned from previous re-start

Acquired new mining fleet

Upgraded electrical and controls

Significantly improved plant conditions to HSEC standards

In-sourced mining

32 32

>3% Cu over ≥5m

>2% Cu over ≥5m

>1% Cu over ≥5m

>0.5% Cu over ≥5m

All other drill holes >50

Deposit Area

Exploration Corridor

Fault

All Weather Gravel Road

Creeks and Streams

Mineral Reserves & Resources

Other Deposits

Mining Complete

LEGEND

Mill Camp

N

500

meters

Inferno North (extension of Minto North)

Minto North

Inferno

Fireweed (extension of Minto East)

Minto South

Minto Main

Area 2/118

Copper Keel

A’

A

Wildfire/ Copper Keel NE

Minto East Key Points Current Mineral Resource/Reserve

has a 3.5 km strike length

Other underground geophysical and geological targets exist

Minto Mineral Reserve & Mineral Resource Areas

Ridgetop

33 33

Mineral Reserves and Resources

Minto Main

Area 2/118

Copper Keel

Minto East

Wildfire N S

Fireweed

Mining Complete

Inferno North

700masl

500masl

900masl

Ridgetop Minto North

Minto Mineral Resources & Underground Development

Minto Permitting and Mining Phases

I – III: Minto Main pit mining completed Q2 2011, stockpiles processed until Q2 2012

IV: Current Mining - Area 2/118 mined by open pit and underground

V: Minto North to be mined by open pit; Minto East by underground

VI: PFS Q3 2012 added Copper Keel and Wildfire underground Mineral Reserves

Other Deposits

34 34

Santo Domingo – July 2014 Feasibility Study Summary

Summary of July 2014 FS1,2

Mine life (years) 18

Average annual production

LOM Avg: 128M lbs Cu, 4.2 Mt Fe, 16 koz Au First 5 years: 248M lbs Cu, 3.3 Mt Fe, 35 koz Au

Planned throughput (tpd)

LOM Avg: 60,500 First 5 Years: 65,000

Development capital

$1.7B

Investment return (after tax)

IRR: 17.9% NPV @ 8% discount rate: $797M

Payback: 4.2 years

By-products Fe, Au

Metal price assumptions

Cu: $2.85/lb Fe: $1.31/dmtu ($85/t conc. @ 65% Fe)

Au: $1,275/oz

1. Source: Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. 2. The report was compiled by AMEC’s Santiago office with an accuracy range of -10% to +15% for capital and operating costs. The estimates presented in the FS are current as of October 2013. 3. C1 Cash Cost is an Alternative Performance Measure. C1 Cash Cost on a by-product basis includes gold and iron credits. See Forward-Looking Statements and Cautionary Note for NI 43-101 information

Estimated C1 cash cost3

LOM Avg: $ per payable lb of Cu produced

negative$0.06

First 5 years: $ per payable lb of Cu produced

$0.49

Low-risk and relatively low-cost approach to increase value and maintain optionality

35 35

Proposed Power Expansions in Region of Santo Domingo

Connecting to Australis Power led Octopus Project at Penco (700 MW) and Alto Maipo hydro project (531 MW, SIC, US$700M)

Codelco (760 MW, US$758M) and BHP (517 MW, US$600M, planned for 2016) natural gas-fired combined cycle plants; GDF Suez (750 MW) coal plants and 500 kW line

Endesa Punta Alcalde coal-fired plant approved Jan 17, 2014 (740MW, SIC, US$1.4B)

Transelec substation upgrade

LINES - kV

Under construction

Proposed

110

66 or less

Node

TO SANTIAGO

HUASCO

COPIAPO

DIEGO DE ALMAGRO

CHAÑARAL

SANTO DOMINGO

MEJILLONES

Cardones

TALTAL

Senate approves SIC-Sing interconnection Jan. 9, 2014. Includes both operating and in-construction projects (1,500 MW, US$700M, 610 km)

36 36

Project Providencia – Region III Chile

2

Key Deposits in Analogous Metallogenic Settings 1 IOCG Deposits – (Jurassic Volcanic Arc)1,3 Mantoverde District Santo Domingo Julia Reventon

2 IOCG Deposits - (Cretaceous Volcanic Arc)1,3 Candelaria Mantos Blancos Casualidad Teresa De Colmo Franke Altamira

2 & 3 Porphyry Deposits – (Cretaceous Volcanic Arc)2,3 Spence Mine Virgo Sierra Overa

Younger Older

IOCG Casualidad

Porphyry Virgo S.O.

1. Chile’s IOCG deposits are related to early - mid Cretaceous magmatic activity but the host rocks may be older. 2. Late Cretaceous Age. 3. The blue, green and pink rocks in belts 1 & 2 are highly prospective for IOCG and for Cretaceous Age porphyry Cu deposits. These prospective rocks are inferred to continue under gravel cover (clear areas) and beneath Paleocene-Eocene volcanic rocks (dark greens on east side of map).

Option Boundary

Atacama Fault

IOCG? Franke Altamira

1

3 IOCG Julia Reventon

120 kms

14

5 km

s

Project Providencia lies ~80 kilometres north of Santo Domingo

(3,500 sqkm)

37 37

Unless 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. The technical information in this presentation has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") and reviewed by Brad Skeeles, P.Eng. VP of North American Operations (Technical Information related to mining and production) and Brad Mercer, P. Geol., Senior Vice President, Exploration (Technical Information related to mineral exploration activities), and reviewed and approved by Gregg Bush, Senior Vice President and Chief Operating Officer for Capstone Mining, all QP’s under NI 43-101. This presentation summarizes some of the information contained in the Pinto Valley Mine 2014 Pre-Feasibility Study, dated April 28, 2014 , that was directed by Capstone with contributions from Kirkham Geosystems Ltd. (geology, Resource estimation), Independent Mining Consultants Inc. (reserve, geotechnical, mine design and schedule, equipment selection), KWM Consulting Inc. (metallurgy, mill operation), AMEC Environment & Infrastructure Inc. (tailings), Stantec (Infrastructure and PFS report compilation), SRK (US), Inc. (environmental), and Adam M Consulting Inc. (financial modelling). Personnel from each of these companies will be signing off as a QP as defined in NI 43-101 for their specific responsibilities. The following QP’s will author the technical report: Mel Lawson, P.E. of Stantec, Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., John Marek P.E. of Independent Mining Consultants, Inc., Ken Majors P.Eng. of KWM Consulting Inc, Tony Freiman, P.E. of AMEC Inc., Adam Majorkiewicz, P.Eng of Adam M Consulting Inc. and Cori Hoag C.P.G. of SRK. The January 1, 2014 Mineral Resource estimate reported herein for the Pinto Valley property was prepared by Garth Kirkham, P. Geo, Kirkham Geosystems Ltd., an independent QP. Based on the Mineral Resource Estimate, a standard methodology for pit limit analysis, mining sequence, and cut-off grade optimization, including application of mining dilution, process recovery, economic criteria and physical mine and plant operating constraints, has been followed to design the Pinto Valley pit and determine the Mineral Reserve Estimate dated January 1, 2014. This presentation summarizes some of the information contained in the NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico dated July 31 , 2014. The following QP’s were responsible for the preparation of their relevant portions of the Technical Report: Patrick Andrieux, PhD., P.Eng. (Itasca Consulting Group. Inc), Dave Hallman, PE (Tetra Tech, Inc), Jenna Hardy, P.Geo. (Nimbus Management Ltd.), Mel Lawson, SME-RM (Stantec Consulting International LLC), Ken Major, P.Eng. (KWM Consulting Inc.), Vivienne McLennan, P.Geo. (Capstone Mining Corp.), Allan Schappert, SME-RM (Stantec Consulting International LLC), Ali Shahkar, P.Eng. (Lions Gate Geological Consulting Inc.), Robert Sim, P.Geo. (Sim Geological Inc.), Brad Skeeles, P.Eng. (Capstone Mining Corp.), and Jeremy Vincent, P.Geo. (Capstone Mining Corp.). This presentation summarizes some of the information contained in the Minto Phase VI Preliminary Feasibility Study Technical Report dated January 2012. Qualified Persons under National Instrument 43-101 responsible for this report: John Sagman, BASc., P.Eng., PMP, Wayne Barnett, Pr.Sci.Nat., SRK Consulting (Canada), Inc., John Eggert, P.Eng, Eggert Engineering Ltd; Bruce Murphy, P.Eng., SRK Consulting (Canada), Inc.; Bill Hodgson, P.Eng., Genivar Inc.; Garth Kirkham, P. Geo, Kirkham Geosystems Ltd; Michael Levy, PE, SRK Consulting (Canada), Inc.; Brad Mercer, P.Geol. Capstone Mining Corp.; Pooya Mohseni, P.Eng. Minto Exploration; Marek Nowak, P.Eng., SRK Consulting (Canada) Inc.; and Colleen Roche, P.Eng. Capstone Mining Corp. who are responsible for certain sections of the PFS as detailed in the PFS. This presentation summarizes some of the information contained in the Santo Domingo Project; Region III, Chile; NI 43-101 Technical Report on Feasibility Study dated July 8, 2014, 100% basis. The following QP’s were responsible for the preparation of their relevant portions of the Technical Report based on the Feasibility Study: David Frost, F.AusIMM (AMEC Ingeniería y Construcción Ltda.), Hans Gopfert, P.Eng (AMEC Ingeniería y Construcción Ltda.), Joyce Maycock, P. Eng (AMEC Ingeniería y Construcción Ltda.), Vikram Khera, P. Eng (AMEC Ingeniería y Construcción Ltda.), Anna Klimek, P.Eng (AMEC Ingeniería y Construcción Ltda.), Roy Betinol, P.Eng. (BRASS Chile S.A.) -- Seawater and Magnetite Concentrate Pipeline System, Carlos Guzmán, F.AusIMM (NCL Ingeniería y Construcción Ltda.) -- Mineral Reserve Model, Mine Equipment and Mine Development , Tom Kerr, P.Eng. (Knight Piésold S. A.) - Tailings Storage Facility, David Rennie, P. Eng (Roscoe Postle Associates Inc.) -- Mineral Resource Model. The technical information in the July 8,2014 report was reviewed by Court Muggli, P.E., Project Director, Capstone Mining Corp., and Gregg Bush, P. Eng., Senior Vice President and Chief Operating Officer, Capstone Mining Corp., both QP’s under NI 43-101.

Compliance with NI 43-101

38

For additional information, please visit capstonemining.com or contact us at:

Phone: +1-604-684-8894

Toll Free: 1-866-684-8894

Email: info@capstonemining.com

Last updated October 09, 2014