Scotiabank Conference November 2018

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 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 “targeting”, “guidance”, “potential”, “pending receipt”, “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.

Alternative Performance Measures“C1 cash cost”, “cash cost”, “all-in sustaining cost”, “all-in cost”, “fully-loaded all-in cost”, “adjusted net income/loss”, “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 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.

CurrencyAll amounts are in US$ unless otherwise specified.

Cautionary Note On Forward Looking Information

Why Capstone Mining?

Low risk copper producer focused on the Americas

Organic growth opportunities

Growing free cash flow and highly leveraged to copper

Pinto Valley operations stabilized, steady improvement in

performance

Cozamin mine expansion targeted

Santo Domingo Technical Report update and path

forward

Pinto Valley MineArizona, USA

Cozamin MineZacatecas, Mexico

Santo Domingo ProjectRegion III, Chile

3

4

Diversified Operations in Low Risk Jurisdictions

PRODUCTIONOperating mines in the Americas

71,000 tonnes of copper in 2018from continuing operations1,2

Santo DomingoRegion III, ChileCS 70%; KORES 30%

Portfolio of exploration properties

GROWTHGrowth projects and base

metals exploration in stable geographies in the Americas

Shor

t-te

rm

Long

-ter

m

Pinto ValleyArizona, US56,000 tonnes copper 1

CozaminZacatecas State, Mexico15,000 tonnes copper 1

1. 2018 copper production guidance (±5%) for continuing operations, see news release dated April 24, 2018. 2. Minto mine placed on care and maintenance, see news release dated October 11, 2018.

5

Production planned to increase through 2018 on rising grade

2018 focus on overall plant stabilization and optimization to reduce costs

Realizing results from optimization program

Pinto Valley Mine

Open Pit Mine in Arizona, US

Mine life (years) 21

2018 Guidance1

Production (tonnes)

C1 Cash Cost2 ($/payable lb produced)

56,000$1.90 - $2.00

By-products Mo, Ag

1. ±5%; see news release dated April 24, 2018. 2. C1 Cash Cost is an Alternative Performance Measure. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. C1 cash cost/lb of payable copper produced is net of by-product credits and selling costs.

6

Pinto Valley Mine Plan

PV3 mine plan more than doubles mine life, increases throughput and lowers operating costs without significant capital investment or operational changes

Planning further 10% throughput expansion in 2020/2021, beyond below mine plan; timeline aligned to permitting

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0 M

10 M

20 M

30 M

40 M

50 M

60 M

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038

Cu GradeM

illio

n To

nnes

PV2 Ore PV3 Ore PV2 Waste PV3 Waste Cu Grade - Pinto Valley Mine Plan

7

Cozamin Mine

Underground Mine in Zacatecas State, Mexico

2019+

Resource and Reserve update with materials handling optimization results

Added zinc production significantly increases by-product credits in H2

Q4 2018

Potential for expansion to use surplus mill capacity; only partially filled from zinc zone

Additional infill drilling is targeting inferred resource for upgrading to M&I

Additional exploration targets with potential to extend mine life

1. ±5%; see news release dated April 24, 2018. 2. C1 Cash Cost is an Alternative Performance Measure. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. C1 cash cost/lb of payable copper produced is net of by-product credits and selling costs

Mine life (years) 4+

2018 Guidance1

Production (tonnes)

C1 Cash Cost2 ($/payable lb produced)

15,000$0.75 - $0.85

By-products Zn, Pb, Ag

8

-

50

100

150

200

250

Cont

aine

d Cu

(kt)

Consolidated Mineral Resource EstimateMeasured & Indicated

Dec 31, 2017* Mar 31, 2018**

110 kt

224 kt

Doubled Cozamin Contained Copper in 2018

The increasing copper resource creates the potential for utilization of surplus mill capacity and a mine expansion

* Refer to the Company’s 2017 Annual Information Form for detailed Mineral Resource Estimate information. **Refer to the Company’s NI 43-101 Technical Report on the Cozamin Mine dated July 19, 2018, effective March 31, 2018.

+104%

9

Cozamin Mine Exploration Potential

MNFWZ

San RafaelZinc Zone

San RafaelShaft

Zinc Potential Open

Cu-Zn PotentialMNV

San RobertoShaft

Looking North-Northeast

ZaragozaShaft

2017/18Targeting

Indicated/Inferred

EndeavourBoundary

0 1

km

1600

2000

2400

MAS

L

Mala Noche Vein (MNV) >5.5 km strike; open to east and west Mala Noche Footwall Zone (MNFWZ) >2 km strike; open to the southeast plus up and down dip Drilling from surface and underground to target resource extensions and classification upgrades in the MNFWZ Developing new targets below other historic mines and/or in recently identified splays from the MNV structure Accelerated copper exploration in the MNFWZ based on recent success on both sides of the

Capstone/Endeavour Silver boundary (agreement in place) High grade step-out holes announced Sept 2018

MNFWZ Target Area

Long-section view is to the NNE perpendicular to the NW-SE striking MNFWZ. The MNV (San Roberto and San Rafael mines) are hosted in the E-W striking MNV i.e. slightly oblique to the view

Santo Domingo Technical Report and Strategic Process

70% Capstone, 30% KORES Capstone looking to right-size ownership

position to match funding capability Considering gold and/or cobalt streaming

Construction-ready by early 2020 Approved EIA in a mining-friendly

jurisdiction with local support 3 of 5 construction permits and port

concession received

Numerous upsides to further increase value in 2019 Cobalt and gold recoveries, automation

and infrastructure sharing

High-quality project at the right time Shortage of permitted projects to take

advantage of coming supply deficit

2018 Technical Report Key Highlights1

Mine Life 17.9 years

Throughput (tpd) 60,000 nominal average

Annual Production

Avg. First 5 Yrs. of Full Prod. Avg. 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. Source: Capstone November 26, 2018 News Release. 2. These are alternative performance measures; please see "Alternative Performance Measures" in the source news release. C1 cash costs are net of magnetite iron and gold by-product credits and selling costs. 3. Metal price assumptions Cu: $3.00/lb, Fe: $80/t concentrate @ 66% Fe FOB SD, Au: $1,290/oz.

10

11

Target Date

Santo Domingo technical report update Q4 2018

Cozamin Mineral Reserve update including materials handling optimization; targeting mine expansion Q4 2018

Pinto Valley optimization targeting cost reduction 2018/2019

Near-term Catalysts

Focusing on optimizing core operations and organic growth

12

Appendix

Board of Directors

Senior Management Team

2018 Operating and Capital Guidance

Financial and Operating Results

Mine Cost Breakdown

Revolving Credit Facility

Pinto Valley: Long Life Asset in Stable Mining District

Santo Domingo 2018 Technical Report Summary

Minto Mine

Consolidated Mineral Reserve Estimate

Consolidated Mineral Resource Estimate

Notes on Consolidated Mineral Reserve and Resource Estimates

Compliance with 43-101

13

Board of Directors

Name Experience

George Brack Non-Executive Chairman

Mining and investment banking, former industry head of Scotia Capital and former President and CEO of Macquarie North America. Current Director of Wheaton Precious Metals, Alio Gold and Geologix.

Bob Gallagher Former President & CEO of New Gold and Peak Gold and current Director of Yamana Gold, Southern Arc Minerals and Japan Gold; previously with Placer Dome and Newmont.

Jill Gardiner Former Managing Director and Regional Head (BC) for RBC Capital Markets. Director of Capital Power and Parkbridge Lifestyle Communities. Former Chair of Turquoise Hill Resources and former Director of SilverBirch Hotels & Resorts and Timber Investments.

Kalidas MadhavpeddiPresident of Azteca Consulting LLC and director of Trilogy Metals Inc., as well as director and Chair of the Compensation Committee of NovaGold Resources Inc. Previously CEO of CMOC International, Senior VP at Phelps Dodge Corporation and President of Phelps Dodge Wire & Cable.

Yong Jun Park Director and Secretary of KORES Canada Corporation.

Dale Peniuk Audit Committee Chairman

Former Partner with KPMG. Director and Audit Committee Chair of Lundin Mining and Argonaut Gold.

Darren Pylot President, CEO & Director

Founder of Capstone Mining.

Richard Zimmer Former President and CEO of Far West Mining, previously with Teck and Bow Valley Industries. Current Chair of Ascot Resources and Director of Alexco Resources.

14

Senior Management Team

Name Experience Years Experience

Years Mining

Experience

Darren PylotPresident, CEO & Director Founder of Capstone Mining 24 24

Jim SlatterySenior VP & CFO Former CFO of Inmet Mining, Wescast Industries and Canadian General Tower 37 13

Gregg BushSenior VP & COO

Former COO of Minefinders, Mine GM & Operations of Barrick/Placer Dome,12 years in Chile 34 34

Brad MercerSenior VP Exploration Formerly with Sherwood Copper, Miramar Mining, Royal Oak and US Borax 34 34

Cindy BurnettVP Investor Relations

Formerly with Western Lithium, Skye Resources, Ivanhoe Energy and Nova Chemicals 39 10

Albert Garcia IIIVP Projects

Former COO Latin America and Senior VP of AECOM and Engineering Director consultant for Santo Domingo from 2014-2016 35 8

Jason HoweVP Corporate Development

Co-founder & former CFO of Silverstone Resources; formerly with PricewaterhouseCoopers LLP 24 14

Wendy KingVP Legal, Risk & Governance

Former Sr. VP General Counsel, Government Relations, Chief Compliance Officer and Corporate Secretary with Central 1 Credit Union and Weyerhaeuser Company 22 5

Gillian McCombieVP Human Resources Formerly with Placer Dome, Hunter-Dickinson and TELUS 22 18

Raman Randhawa VP Finance, Financial Planning & Analysis Former VP, Business Planning with Goldcorp Inc. 17 17

1515

2018 Operating and Capital Guidance (for continuing operations*)

Production and Operating Costs Pinto Valley Cozamin TotalCopper Production (tonnes) 56,000 15,000 71,000

C1 Cash Cost1,2 ($ per payable lb of Cu produced) $1.90 - $2.00 $0.75 - $0.85 $1.75 - $1.85

All-In Sustaining Cost3 ($ per payable lb of Cu produced) $2.50 - $2.60 $1.60 - $1.70 $2.50 - $2.60

Capital Expenditures (US$ millions) Pinto Valley Cozamin** TotalSustaining $44 $19 $63

San Rafael Zinc Zone Development - 3 3

Brownfield Exploration - 9 9

Capitalized Stripping4 24 - 24

Total $68 $31 $99

Greenfield Exploration Expenditures**,5 (US$ millions)

Total $3.4

1. This is an alternative performance measure, please see “Alternative Performance Measure” definition at the beginning of this presentation. 2. Net of by-product credits and selling costs. 3. All-In sustaining cost per pound of payable copper produced is C1 cash cost plus NSR and production royalties, non-cash deferred revenue, all sustaining capital expenditures (including cash portion of production-phase capitalized stripping), accretion of reclamation obligations, amortization of reclamation assets, corporate G&A and cash portion of pre-production capitalized stripping. 4. Capitalized stripping is included as an operating cost in the PV3 PFS, however, under IFRS accounting guidelines stripping costs are capitalized when the strip ratio is higher than the life-of-mine strip ratio. 5. Greenfield exploration will be expensed.

*See financial statements ending September 30, 2018 regarding accounting for Minto as a discontinued operation for financial reporting purposes in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. **See Q2 2018 MD&A for the period ending June 30, 2018 for updated exploration cost guidance.

16

Q3 2018 Q3 2017 2018 YTD 2017 YTD

Copper production from continuing operations (tonnes) 18,600 18,600 51,200 53,700

C1 cash cost1 per payable pound produced

Pinto Valley 2.15 2.06 2.23 2.01

Cozamin 0.87 1.10 0.76 1.21

Consolidated C1 cash cost1 from continuing operations 1.85 1.84 1.88 1.82

Revenue from continuing operations2 ($ millions) 112.7 118.0 317.9 303.9

Net income from continuing operations ($ millions) 4.1 8.9 22.6 7.1

Net income from continuing operations attributable to shareholders ($ millions) 4.3 8.9 23.4 7.2

Adjusted net income (loss) from continuing operations1 ($ millions) 4.8 (5.6) 22.3 (14.4)

Adjusted net income (loss) from continuing operations attributable to shareholders1 ($ millions)

5.1 (5.5) 23.1 (14.3)

Net income ($ millions) 1.3 20.2 15.4 25.6

Net income attributable to shareholders ($ millions) 1.5 20.3 16.2 25.6

Adjusted EBITDA from continuing operations1 ($ millions) 29.8 28.8 94.4 57.0

Cash flow from operating activities2 ($ millions) 15.3 41.7 76.9 67.7

Operating cash flow before changes in working capital1,2 ($ millions) 25.9 41.4 81.3 91.6

Total assets ($ millions) 1,369.8 1,394.4 1,369.8 1,394.4

Long term debt (excluding financing fees) ($ millions) 234.9 298.9 234.9 298.9

Total non-current financial liabilities ($ millions) 231.7 294.4 231.7 294.4

Net debt 1 ($ millions) 170.3 184.7 170.3 184.7

Financial and Operating Results

1. These are Alternative Performance Measures. See Forward-Looking Statements and Cautionary Note for NI 43-101 information. 2. In accordance with IFRS 5, Minto’s results are excluded from revenue but included within cash flow amounts in both the current and comparative period.

17

Mine Cost Breakdown 1

1. Cost of production in US$ for the nine months ended September 30, 2018. Excluding by-product credits and TCRCs. *Minto is not included in consolidated total. See financial statements ending September 30, 2018 regarding accounting for Minto as a discontinued operation for financial reporting purposes in accordance with IFRS 5 Non-current assets held for sale and discontinued operations.

Consolidated Total Cozamin

Salaries Contractors & ConsultantsMaintenanceDiesel, Gas & LubricantsPowerConsumablesMinesite G&A

Pinto Valley

28%

13%

19%

11%

12%

12%5%

22%

37%16%

3%

11%

6% 5%

27%

18%

18%

9%

12%

11%5%

Q3 2018 (for continuing operations*)

18

Senior Secured

Amount $325M credit facility

Maturity April 19, 2021

Interest Rate:Until March 31, 2019After March 31, 2019

US LIBOR+2.5% (Adjustable to 3.5% depending on total leverage ratio)US LIBOR+3.0% (Adjustable to 4.5% depending on total leverage ratio)

Payment Schedule Interest only

Facility Reduction Schedule

Annual $25M reduction of the credit limit on each anniversary with credit limit reduced to $275M on April 19, 2020

Covenants1 EBITDA/Interest Expense ≥ 2.5:1 (Sept 30, 2018 actual was 8.07:1)Senior Secured Net Debt/EBITDA not more than 3.0:1 (Sept 30, 2018 actual was 1.34:1)Total Net Debt/EBITDA not more than 4.0:1 (Sept 30, 2018 actual was 1.34:1)

Revolving Credit Facility

Provides financial flexibility

1. EBITDA calculated on a trailing 12 month basis.

19

Pinto Valley: Long Life Asset in Stable Mining District

Source: Bing maps and boundaries are approximated

Permitting of brownfield expansion in mining friendly region

Carlota(KGHM)

Pinto Valley

Miami (FCX)

Copper Cities (BHP)

Miami (BHP)

Old Dominion

(BHP)

2020

Santo Domingo – 2018 Technical Report Summary1

1. Source: Capstone November 26, 2018 News Release. 2. These are alternative performance measures; please see "Alternative Performance Measures" in the source news release. C1 cash costs are net of magnetite iron and gold by-product credits and selling costs. 3. These are alternative performance measures; please see “Alternative Performance Measures” in the source news release. 4. Reflects value-in-use adjustments to the conventionally quoted 62% iron ore price, specifically there are premiums for producing iron ore with 66% iron content, as well as for producing a product that is low in impurities such as alumina. The $80/tonne is expressed FOB Santo Domingo port.

Key Project HighlightsMine life (years) 17.9

Initial construction capital US$1.51B

Investment return (after-tax)

IRR: 21.8%NPV @ 8% discount rate: $1.03BPayback: 2.8 years

Average annual production First five years: 259M lbs Cu, 3.3 Mt Fe, 34.7 koz AuLOM: 134M lbs Cu, 4.2 Mt Fe, 17 koz Au

Plant throughput (LOM) Nominal average of 60,000 tonnes per day

C1 cash costs1/lb. Cu First five years: $0.47LOM: $0.02

Co-product basis, C1 cash cost2 Cu: $1.38 per lb. payable of Cu producedFe: $38.88 per tonne

Head Grade Cu: 0.30%, Fe: 28.16%, Au: 0.04 g/t

Recovery Cu: 93.4%, Fe: 19.1%, Au: 60.1%

Metal Price Assumptions Cu: $3.00/lb Fe: $80/t concentrate @ 66% Fe FOB SD4

Au: $1,290/oz

21

Underground Mine in Yukon, Canada

Minto Mine

1. See news release dated February 14, 2018.2. See news release dated October 11, 2018.

Divestiture to Pembridge Resources1 terminated2

Decision made to place Minto on care and maintenance2

to preserve its value

Currently exploring value maximizing opportunities

22

Consolidated Mineral Reserve Estimate

See corresponding Notes on Consolidated Mineral Reserve Estimate at the end of this presentation.

23

Consolidated Mineral Resource Estimate

See corresponding Notes on Consolidated Mineral Resource Estimate at the end of this presentation.

24

Notes: Consolidated Mineral Reserve Estimate

NOTES: Mineral Reserves take into account mining activities (where applicable) until January 1, 2018. Gregg Bush, P.Eng., Senior Vice President and Chief Operating Officer at Capstone, is the Qualified Person for the disclosure of Capstone's consolidated Mineral Reserves table. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. All Mineral Reserve estimates are inclusive of dilution and mining recovery factors. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. All amounts in US$ unless otherwise specified. Stockpiled material is treated as Proven Mineral Reserves. All mineral reserves are fully diluted and factor mining recovery. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

1. Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley mineral reserve estimate. Economic inputs to the block model were USD$2.50/lb per pound copper, USD$12.50/lb molybdenum. For the purposes of reporting mineral reserves going forward from January 1, 2017, an average cut-off grade of 0.175% Cu has been used, as it closely approximates the variable 0.17-0.18% Cu cut-off presented in the PV3 Pre-Feasibility NI 43-101 Technical Report. Proven mineral reserves include 400 kt of stockpiled material.

2. Pooya Mohseni, P.Eng., Director of Technical Services at Capstone, is the Qualified Person for the Cozamin mineral reserve estimates. 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 calculated estimated using on the 2016 MNFW and 2017 MNV resource block models created by J. Vincent, P.Geo., of Capstone Mining Corp. Mineral reserves are reported above a US$ 42/t NSR cut-off. The NSR formula used for the reserves uses the following metal prices: $2.50/lb Cu, $20.00/oz Ag, $1.00/lb Zn, MEX 18.5 to USD 1.0, and metallurgical recoveries of 94.5% Cu, 72% Ag, 70% Zn. The resulting NSR formula is $42.425*%Cu + 0.364*Agppm + 8.123*Zn%. Note that zero value is attributed to Pbbecause the circuit is expected to be used minimally due to low Pb concentrations. There are no mineral reserves declared in the Zinc Zone (San Rafael and San Roberto Zinc zones).

3. Pooya Mohseni, P.Eng., MBA, Director of Technical Services at Capstone, is the Qualified Person supervised the preparation of the Mineral Reserve estimate of the Minto deposits. The Mineral Reserve estimates for MSD underground deposits (Area 2/118 underground and Copper Keel underground) and Minto East underground have an effective date of December 31, 2016. The Area 2 open pit mineral reserves have an effective date of December 31, 2015. Metal price assumptions used to calculate the COG for all deposits are: Cu=$2.50, Au=$300, Ag=$3.90. Processing recoveries for all deposits are: Cu=91%, Au=70%, Ag=78%. Open pit mineral reserves are reported above 0.5% Cu COG. Underground mineral reserves are reported above a 1.2% Cu COG. Calculation of mine depletion during 2017 was overseen by Kevin Cymbalisty, P.Eng., Mine Manager at Minto, and a Qualified Person as defined by NI 43-101.

4. Santo Domingo Project Mineral Reserves shown on 100% basis (Capstone’s share is 70%). Carlos Guzman, FAusIMM, CMC, of NCL Ingeniería y Construcción Ltda, is the independent Qualified Person responsible for the preparation of the Mineral Reserve estimate with an effective date of November 14, 2018. 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, $1,280/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/oz of Au refining charges, $33/wmt and $20/wmt for shipping Cu and Fe concentrates respectively; waste mining cost of $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 37.6º to 43.6º; a 2% royalty rate assumption, and an assumption of 100% mining recovery. Fe metal in the table denotes magnetite.

25

Notes: Consolidated Mineral Resource EstimateNOTES: Mineral Resources take into account mining activities (where applicable) until January 1, 2018 for Minto Mine and Pinto Valley, and to March 31, 2018 for Cozamin Mine. Pooya Mohseni, P.Eng. Director of Technical Services at Capstone, is the Qualified Person responsible for the disclosure of Capstone's consolidated Mineral Resource table. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported inclusive of the Mineral Reserves. All Mineral Resources are exclusive to dilution and mining recovery factors. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content. Contained ounces (oz) are troy ounces. COG is cut-off grade. NSR is net smelter return. M&I = Measured & Indicated. All amounts in US$ unless otherwise specified. Stockpiled material is treated as Measured Mineral Resources. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

1. Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley mineral resource and reserve estimates. Mineral resources are presented above a 0.17% Cu cut-off. Measured Mineral Resources include 400 kt of stockpiled material.

2. Garth Kirkham, P.Geo., FGC, is the independent Qualified Person responsible for the disclosure of Cozamin Mineral Resources. Mineral resources are reported at a cut-off of NSR US$42 using the NSR2018 formula: Cu*61.676+Ag*0.354+Zn*14.521+Pb*11.208. Metal price assumptions (in US$) used to calculate the NSR for all deposits are: Cu = $3.50/lb, Ag = $18.00/oz, Zn = $1.20/lb, and Pb = $1.00/lb. An exchange rate of MX$18.50 per US$1 is assumed. The following metal recoveries are used: 90% Cu, 74% Ag, 79% Zn, 76% Pb. Totals may not sum exactly due to rounding.

3. Douglas McIlveen, P.Geo., Chief Geologist at Minto, is the Qualified Person responsible for the disclosure of the Minto Mine Mineral Resources taking into account ongoing mine production. Garth Kirkham, P.Geo., FGC, of Kirkham Geosystems Ltd., is an independent Qualified Person responsible for the preparation of the Mineral Resource estimates for the Minto North and Minto East 2 areas. The Minto East 2 area was re-estimated with an effective date of May 31, 2015. Jeremy Vincent, P.Geo., is the Qualified Person responsible for the Minto East resource estimate with an effective date of June 30, 2016. Dr. Wayne Barnett, Ph.D., P.Geo., of SRK Consulting (Canada) Inc., is an independent Qualified Person responsible for the preparation of the Mineral Resource estimate at Ridgetop that takes into account drillhole data until August 2010, and the MSD deposit, which includes the Area 2/118, Wildfire, and Copper Keel areas. The MSD Mineral Resource estimate has an effective date of May 31, 2015; the Copper Keel zone was updated in 2017. Ridgetop is amenable to open pit extraction. Area 2/118 and Wildfire areas are amenable to open pit and underground mining, while Minto East, Minto East 2 and Copper Keel areas are suitable for underground mining. Mineral Resources are reported above a 0.5% Cu COG for open pit resources and above a 1.0% Cu cut-off for underground resources. Measured resources contain 489 kt of stockpiled material.

4. Santo Domingo Project Mineral Resources shown on 100% basis (Capstone’s share is 70%). David Rennie, P.Eng., an associate of Rosco Postle Associates Inc. and an independent Qualified Person responsible for the preparation of the Mineral Resource estimates for the Santo Domingo Sur, Iris, Iris Norte and Estrellita deposits, which have an effective date of October 31, 2018. Mineral Resources for the Santo Domingo Project are reported using a COG 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; no value was assigned to Co. The CuEq equation is: Metal Value = Grade*Cm*R%/100*(Price-TCRC-Freight)*(100-Royalty)/100, where Cm is a constant to convert grade of metal to metal price units; R is metallurgical recovery and %Cu Equivalent = (Cu Value + Au Value + Fe Value)/(Cu Value per 1%Cu). An assessment of reasonable prospects for economic extraction was performed using a Lerchs–Grossman pit shell with the following assumptions: pit slopes averaging 45°; mining cost of US$1.90/t, processing cost of US$7.27/t; processing recovery of 89% Cu and 79% Au; metal prices of US$3.50/lb Cu, US$1,300/oz Au and US$99/dmt Fe. Contained metal for Fe is not included in the table; the Fe grade includes all sources of Fe rather than only magnetite.

2626

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 and approved by Gregg Bush, P.Eng., Senior Vice President and Chief Operating Officer for Capstone Mining. Technical Information related to mineral exploration activities has been reviewed and approved by Brad Mercer, P. Geol., Senior Vice President, Exploration. Both are QP’s under NI 43-101.

This presentation summarizes some of the information disclosed in the Pinto Valley Mine Life Extension – Phase 3 (PV3) Pre-Feasibility Study Technical Report dated February 23, 2016. The following QP’s authored the technical report: Gregg Bush, P.Eng. of Capstone Mining Corp., Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., John Marek P.E. of Independent Mining Consultants, Inc., Ken Major, P.Eng. of KWM Consulting Inc., Tony Freiman, P.E. of Amec Foster Wheeler Environment & Infrastructure Inc. and Cori Hoag C.P.G. of SRK Consulting (U.S.), Inc.

This presentation summarizes some of the information contained in the NI 43-101 Technical Report on the Cozamin Mine, Zacatecas, Mexico dated July 19, 2018. The following QP’s were responsible for the preparation of their relevant portions of the Technical Report: Gregg Bush, P.Eng. of Capstone Mining Corp., Jenna Hardy, P.Geo. (Nimbus Management Ltd.), Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., Chris Martin, Ceng MIMMM, Blue Coast Group Ltd., Vivienne McLennan, P.Geo. (Capstone Mining Corp.), Pooya Mohseni, MBA, MASc., P.Eng. (Capstone Mining Corp.), and Humberto Preciado, PhD, P.E. of Wood Environment & Infrastructure Solutions, Inc.

This presentation summarizes some of the information contained in the Minto Phase VI Preliminary Feasibility Study Technical Report dated July 31, 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.

The technical information in this presentation for Santo Domingo has been taken from the related news release dated November 26, 2018 which 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 and approved by independent Qualified Persons under National Instrument 43-101. A National Instrument 43-101 ("NI 43-101") Technical Report will be prepared on the results of the updated feasibility by the Qualified Persons and will be filed on SEDAR within 45 days of November 26, 2018. Readers are cautioned that the conclusions, projections and estimates set out in this presentation are subject to important qualifications, assumptions and exclusions, all of which are detailed in the Technical Report. To fully understand the summary information in this presentation, the Technical Report that will be filed on SEDAR at www.sedar.com should be read in its entirety. The following Qualified Persons (QPs), as defined by NI 43-101 are independent from Capstone and have reviewed and approved the content of the news release dated November 26, 2018 and are responsible for the preparation of their relevant portions of the Technical Report: Joyce Maycock, P. Eng., Amec Foster Wheeler Ingeniería y Construcción Limitada, a Wood company, Antonio Luraschi, CMC, Amec Foster Wheeler Ingeniería y Construcción Limitada, a Wood company, Marcial Mendoza, CMC, Amec Foster Wheeler Ingeniería y Construcción Limitada, a Wood company, Mario Bianchin, P. Geo., Amec Foster Wheeler Ingeniería y Construcción Limitada, a Wood company, Roy G. Betinol, P. Eng., BRASS Chile S.A, Carlos Guzmán, CMC, FAusIMM, NCL Ingeniería y Construcción Ltda, Roger Amelunxen, APEG, Aminpro Chile, Tom Kerr, P. Eng., Knight Piésold S. A., David Rennie, P. Eng., Roscoe Postle Associates Inc., and Michael Gingles, MMSA, Sunrise Americas.

Compliance with NI 43-101

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

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

Updated November 27, 2018