Vancouver, British Columbia–(BUSINESS WIRE)–Capstone Mining Corp. (“Capstone” or the “Company”) (TSX:CS) is pleased to announce that it has received approval from the Mexican Federal Commission for Economic Competition for the previously announced business combination (the “Transaction “) with Mantos Copper (Bermuda) Limited (“Mantos”). Accordingly, all key regulatory approvals (as defined in the arrangement agreement between Capstone and Mantos dated November 30, 2021) have now been obtained for the transaction.

The transaction is subject to customary closing conditions and is expected to close in March 2022.

Upon closing, Mantos will acquire the company, renamed Capstone Copper Corp. and will become a reporting issuer in all provinces and territories of Canada. Common stock of Capstone Copper Corp. will trade on the Toronto Stock Exchange under the symbol CS, replacing the Company’s common shares.

For more details on the Transaction, please refer to the press release dated November 30, 2021 entitled “Capstone and Mantos Copper are partnering to create Capstone Copper, a leading copper producer with near-term transformational growth” available on www.capstonemining.com and on SEDAR.

ABOUT CAPSTONE MINING CORP.

On November 30, 2021, Capstone and Mantos Copper announced that they had entered into a definitive agreement to combine pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) to complete the transaction.

Capstone Mining Corp. is a Canadian base metals mining company, focused on copper. We are committed to the responsible development of our assets and the environments in which we operate. Our two producing mines are the Pinto Valley copper mine located in Arizona, United States, and the Cozamin copper-silver mine in the state of Zacatecas, Mexico. Additionally, Capstone owns 100% of Santo Domingo, a fully licensed large-scale copper-iron-gold project in Region III, Chile, and a portfolio of exploration properties. Capstone’s strategy is to focus on optimizing operations and assets in politically stable and mining-friendly regions, centered on the Americas. Our head office is located in Vancouver, Canada, and we are listed on the Toronto Stock Exchange (TSX) under the symbol CS.

Further information is available at www.capstonemining.com

ABOUT MANTOS COPPER (BERMUDA) LIMITED

Mantos Copper is a copper producing company engaged in the exploration, development, mining and processing of sulphide and oxide ores, as well as the production and sale of “A” grade copper cathodes. on the London Stock Exchange and clean copper concentrates, along with gold and silver. products from two mining assets, Mantoverde and Mantos Blancos located in northern Chile. Mantos Copper is owned by funds managed by Orion Resource Partners and Audley Mining Advisors Ltd. Orion is a global alternative investment management firm specializing in institutional metals and mining investment strategies in base and precious metals. Audley Mining Advisors is a special purpose entity owned by the founders of Mantos Copper. Mantos Copper owns 99.99% of Mantos Blancos and 69.99% of Mantoverde, with Mitsubishi Materials Corporation owning the remaining 30.00% of Mantoverde. Further information is available at www.mantoscopper.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” and certain “forward-looking information” as defined by applicable Canadian and United States securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”. , “anticipates”, “believes”, “continues”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans. relating to the future Readers are cautioned that this information may not be suitable for other purposes.

Forward-looking statements relate to future events or future performance and reflect our expectations or beliefs regarding future events and the impacts of the ongoing and evolving COVID-19 pandemic and the changing geopolitical environment. Forward-looking statements include, but are not limited to, statements regarding the completion and timing of the Arrangement; satisfaction of the conditions precedent to the Arrangement; the strengths, characteristics and potential of the arrangement; growth potential, timing and success. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied. understood by the forward-looking statements. . These factors include the possibility that the Arrangement may be terminated in certain circumstances.

Forward-looking information is based on management’s reasonable assumptions, estimates, expectations, analyzes and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors management deems relevant and reasonable in the circumstances. , but that may turn out to be incorrect. These factors, among others, include: impacts arising from the global disruption caused by the Covid-19 pandemic or any future pandemic, the changing geopolitical environment, including government sanctions in response to the conflict in Ukraine or acts of war, risks of business integration; fluctuations in general macroeconomic conditions; fluctuations in the securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with exploration, development and mining activity (including, but not limited to, environmental hazards and industrial accidents); discrepancies between actual and estimated metallurgical recoveries; failure to obtain or secure adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; increased mining taxes and royalties, relationships with and claims from local communities and indigenous peoples; disruption of production due to community unrest, availability of rising costs associated with mining inputs and labor; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from governmental authorities); and title deed.

The Company undertakes no obligation to update any forward-looking information except as required by applicable law. This forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements or information.