Capstone Copper

Research evidence excerpt

Capstone Copper

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Capstone Copper Overweight

CSC.AX, CSC AU

Questions for management Price (03 Aug 26):A$13.63

Price Target (Jun-27):A$17.60

• Cathode production profile: What is the residence/leach cycle time for your Australia

leach operations? How long is the lag between reducing acid input and seeing

Head of Australia Metals & Mining

the reduction in cathode production? What does that imply for the shape of

cathode output through 2H and into 2027? Lyndon Fagan AC

(61-2) 9003-8648

• Mantoverde throughput : June ran at ~40ktpd versus a ~32ktpd design, lyndon.fagan@jpmorgan.com

roughly 13% above nameplate for the quarter. Can you articulate how far ahead J.P. Morgan Securities Australia Limited

of nameplate the mill is genuinely running in its current form, how that Jonathon Sharp

translates once MVO lifts design to 45ktpd, and what realistic sustained (61 2) 9003-8312

efficiency gains exist beyond that level? jonathon.sharp@jpmorgan.com

J.P. Morgan Securities Australia Limited

• MVO ramp up : With the 15-day shutdown in September to tie-in MVO, can Devwrat Vegad

you outline the ramp-up curve post-shutdown and quantify the production risk (91-22) 6157-3608

should delays occur? What throughput is assumed for 4Q 2026 versus the devwrat.vegad@jpmchase.com

45ktpd exit rate target? Any learnings from the recent strike? J.P. Morgan Securities Australia Limited/ J.P. Morgan India Private Limited

• Mantoverde exploration : Can you walk through the current MV exploration Branko Skocic

program across the northern corridor and district targets, and whether results (61-3) 9633-4069

to date support a second processing line? Is a doubling of throughput still a branko.skocic@jpmorgan.com