Capstone Copper Corp.

Good afternoon and welcome to the Capstone Copper Q4 2025 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call, you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, March 2, 2026. I would now like to turn the conference over to Daniel Sampieri. Please go ahead.

Thank you, Operator, and thank you, everyone, for joining us today to discuss our fourth quarter results. Please note that the news release and regulatory filings are available on our website and on CDER+. If you are logged into the webcast, we will advance the slides of today's presentation, which are also available in the Investors section of our website. I am joined today by our President and CEO, Cashel Marr, our SVP and Chief Operating Officer, Jim Whitaker, our SVP and Chief Financial Officer, Raman Randhawa, and our SVP, RISC, ESG, and General Counsel, Wendy King. During the Q&A session at the end of the call, we will also be joined by our Head of Technical Services, Peter Abelungsen, who is available for questions. Please note that comments made on the call today will contain forward-looking information within the meaning of applicable securities laws. This information, by its nature, is subject to risks and uncertainties, and actual results may differ materially from the views expressed today. For further information, please see Capstone's most recent filings, which are available on our website at www.capstonecoffer.com. And finally, I'll just note that all amounts we will discuss today are in U.S. dollars unless otherwise specified. It is now my pleasure to turn the call over to our President and CEO, Cashel Maher.

Thanks, Daniel. And hello to all of you dialing in from the Americas, Europe, Australia, around the globe. Today we are pleased to present our fourth quarter 2025 results and achievements. 2025 represented an inflection point for Capstone, with record copper production and EBITDA generation, driven by execution of growth and a commitment to operational excellence. 2025 was also marked by the delivery of several key catalysts as we continue to grow. including sanctioning of our high-return Monteverde optimized project and unlocking the value of our Santa Domingo project through a partnership agreement. This year, we are focused on disciplined execution and reliable results from our portfolio of assets. This will ensure we are well-positioned to advance our next phase of value-free growth. Starting on slide five, In Q4, our operations delivered record consolidated copper production of 58.3,000 tonnies at a record low consolidated C1 cash cost of $2.31 per pound. For full year 2025, we achieved our production and cost guidance, producing a record 225,000 tonnies of copper at a consolidated C1 cash cost of $2.44 per pound. This represents a 22% increase in output compared to 2024. During 2025, Mental Bird 8 increased its copper production by 65%. We achieved above design capacity at various points in 2025, culminating with our best month of the year at close to 37,000 tennies per day in December. In 2026, we look to build on our success as we execute on Mantoverde Optimize to deliver meaningful incremental production at a low capital intensity. Mantos Blancos had a very strong year, achieving a 25% increase in output over 2024 and exceeding the top end of its production guidance. Our team is hard at work preparing the Mantos Blancos Phase 2 study. which contemplates a low capital intensity brownfields expansion to increase throughput using existing sulfide mill capacity. Arizona was impacted by severe drought conditions during 2025, which resulted in constrained throughput at our Pinto Valley mine. For the next couple of years, we have a solution in place to mitigate the risk of impacted production from droughts. Meanwhile, we will continue to progress the implementation of our asset management framework to improve the reliability of the operations, including a longer-term strategy around water. District growth optionality continues to evolve, and we remain committed to unlocking the significant value of Pinto Valley, an asset strategically positioned in the United States with over a billion tons of resources. Cozumel delivered another year of strong performance in 2025. The site achieved towards the high end of its production guidance range, marking the third year in a row increased copper production at Cozumel. 2025 was a remarkable year for Capstone, with record results across the businesses highlighted on slide 6. our diversified portfolio of operations delivered within guidance as we ramped up projects at Manto Verde and Mentos Blancos, providing a strong foundation of growth. We advanced our peer-leading growth pipeline on a number of fronts, including de-risking and unlocking the value of Santa Domingo through a joint venture partnership. Meanwhile, on the corporate side, we enhanced our financial position through our balance sheet refinancing strategy, and achieved a significant reduction in debt leverage. We will continue to build on this success in 2026 as we focus on delivering dependable operational outcomes. We will also advance our pipeline of executable organic growth opportunities, including delivering Mental Verde Optimize and advancing Santo Domingo towards a sanctioning decision. as well as progressing studies and exploration programs. Meanwhile, we will continue to capitalize on strong commodity prices by deleveraging through internally generated cash flows, ensuring we are well positioned to advance our growth strategy. Our recently announced guidance, as outlined on slide 7, forecasts total consolidated copper production of 200,000 to 230,000 tonnies at C1 cash costs between $2.45 and $2.75 per payable pound of copper. This represents largely stable production compared to 2025. While cash costs are expected to increase, driven by the impact of lower grade zones in the mine sequence at Mantos Blancos and Pinto Valley, combined with modest inflations. Our portfolio of pure play copper assets provides upside to strong copper prices, with the potential for continued cash flow generation to deleverage and reinvest in our pipeline of high-quality growth projects. For 2026, sustaining capital is forecasted to be approximately $270 million. As we continue to focus on optimization and improvements through our asset management framework, as well as ESG and tailings initiatives. Expansionary capital guidance of $225 million is primarily comprised of $150 million to execute Mento Verde Optimized, as well as $15 million at Mentos Blancos and $60 million at Santa Domingo to advance future growth at those assets. Capital stripping and exploration are guided at $225 million and $70 million, respectively. Moving to slide eight. The year of stability in 2026 will set us up for a strong 2027 and beyond as we work towards delivering the next major change in production with Santa Domingo. Taking a look at the bigger picture, the chart on this slide illustrates what sets Capstone apart from our peers, and that's our sector-leading permitted and executable growth. Over the past two years, we have increased copper production by 37% and decreased unit costs by 16%. That is a significant accomplishment in our industry and a testament to the executable nature of our growth opportunities and our best-in-class mine build and operating teams. Looking towards the future, our permitted growth pipeline alone has the potential to increase production by a further 70% and decrease unit costs by 30%. Beyond our permitted growth stands a robust pipeline of low-risk, high-return projects in top-tier jurisdictions. This includes a brownfield expansion at Mentos Blancos to drive incremental copper production, optionality to unlock synergies in the MVSD district, and the potential doubling of the capacity at our flagship Manto Verde operation. Our growth strategy is well supported by a strong copper price environment and growing consensus of increasing future demand reinforcing the importance of retaining optionality within a portfolio to drive returns. With that, I'll pass over to Raman for our financial results.