Cozamin Mine Tour April 2014

1 Cautionary Note Forward Looking Information

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; 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 Cozamin operation; 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.

2 Location & History

3 Historical Mining District

Concepción Del Oro Juan ALdama El Paso N Río Grande Sombrerete Cos 1 2 3 4

5 6 13 Cozamin Mine 7 9 Au-Ag Mine Districts and 8 Projects along the Sierra Madre Mazatlán 4 Zacatecas City 1. Dolores 2. Mulatos 10 12 3. Morís 11 México City 4. El Sauzal 5. Topia 6. La Cienega 7. Guadalupe de Los Reyes 8. Bacis 9. Tayoltita 10.Bolaños 11. 12. 13.San Sebastián

4 Location

Defiance Silver Corp.

Goldcorp

Capstone

San Acacio Cozamin

Source: Defiance Silver Corp. and Wikipedia 5 Close Proximity to Zacatecas City

Cozamin

Downtown Zacatecas

Source: Google Earth maps. 6 History of Cozamin Mine

January 2004 Capstone options Cozamin Mine May 2004 Confirms high grade copper and silver values October 2004 Phase 1 drill results increase grade and tonnage and underground development begins December 2005 Capstone acquires 90% interest in Cozamin March 2006 Results of feasibility study reported August 2006 Updated Mineral Resource Estimate September 2006 Cozamin mine achieves commercial production on time and under budget October 2007 Increased Mineral Resources and mill expanded from 1,000tpd to 2,200tpd September 2008 Cozamin expansion completed from 2,200tpd to 3,000tpd February 2009 Updated Mineral Resource Estimate June 2009 New life-of-mine plan and Mineral Reserves September 2009 Additional mineral claims March 2010 Increased Mineral Resource Estimate April 2010 Exploration drilling commences September 2010 Announcement of discovery of Mala Noche Footwall Zone (MNFWZ) February 2012 Updated Mineral Resource for MNFWZ March 2013 Updated Mineral Resource for MNFWZ December 2013 Updated Mineral Resource for MNFWZ

7 Geology and Exploration

8 Regional Geology

9 Structures, Mineral Concession, Exploration Areas

10 Cozamin Mining Areas

San Roberto Shaft

11 Cozamin Mine Exploration Potential

Current Mineral Resource/Reserve over length of 1.5 km 2014 Exploration Budget $3 million (10,000 m)  Mala Noche Vein (MNV) extends for 5.5 km - still open  Surface drilling testing of splays that have not to West previously been tested, targeting new  Mala Noche Footwall Zone (MNFWZ) 0.7 km - slightly mineralized zones open to East, West, and down dip

12 2012-2013 Drilling Level 10, Different Elevation

13 Crosscut 10E-MNFWZ Section B-B

14 San Roberto Mine Resource Classification

Section San Ernesto Ramp Section Guadalupana Ramp 746 826 E 747 920 E

San Roberto Shaft Virginias San Tiburcio Shaft San Rafael Shaft Shaft

Mining Blocks

15 MNFWZ Resource Classification

San Roberto Shaft

16 Cozamin Mineral Resources1

MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL 000’s Cu Zn Pb Ag Cu Zn Pb Ag Category Tonnes % % % g/t Mlbs Mlbs Mlbs kozs

San Roberto Measured 3,290 1.57 1.44 0.53 65 114 104 38 6,869 & MNFWZ (Mala Noche Indicated 8,530 1.43 0.98 0.16 43 269 184 30 11,720 Footwall Zone) M&I 11,970 1.45 1.16 0.27 49 383 307 72 18,772 Inferred 3,340 1.39 0.91 0.10 36 103 67 7 3,853

San Rafael Measured 0 0 0 0 0 0 0 0 0 Zinc Deposit Indicated 1,150 0.33 3.64 0.49 49.28 8.4 92.4 12.5 1,822 M&I 1,150 0.33 3.64 0.49 49.28 8.4 92.4 12.5 1,822 Inferred 750 0.13 3.62 0.77 37.83 2.1 59.9 12.7 912

Cozamin Total Measured 3,290 1.57 1.44 0.53 65 114 104 38 6,875

Indicated 9,680 1.30 1.30 0.20 44 277 277 43 13,615 M&I 13,120 1.35 1.38 0.29 49 391 398 84 20,679 Inferred 4,090 1.16 1.41 0.22 36 105 127 20 4,778

(1) As of December 31, 2013. Totals may not add due to rounding. Metal price assumption (in USD) used to calculate the $35 NSR COG for all deposits are Cu=$2.50/lb, Zn=$0.80/lb, Pb=$0.85/lb, and Ag=$20.00/oz. Processing recoveries used to calculate the NSR COG for the MNFWZ Resource are based historical site operating experience reflecting recoveries of: Cu=92%; Zn=69%; Ag=72%; Pb=64%. Processing recoveries used to calculate the NSR COG for the San Rafael Resource are based historical site operating experience reflecting recoveries of: Cu=57%; Zn=79%; Ag=61%; Pb=56%. All Mineral Reserve Estimates are inclusive of dilution and mining recovery factors. Mineral Reserves are presented inclusive of Mineral Resources. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

17 NSR Parameters – San Roberto & MNFWZ

San Roberto Metal Prices NSR Parameters Grades % Recovery % Value Value Units Units Pb Cu Zn Ag Pb Cu Zn US$ US$ Cu $/lb $2.50 Cu 0.10 % 4.26 Pb con. 64 10 65 Zn $/lb $0.80 Zn 0.10 % 0.62 Cu con. 26 62 93 Pb $/lb $0.85 Pb 0.10% 0.91 Zn con. 49 69 Ag $/oz $20 Ag g/t 0.42

MNFWZ

Metal Prices NSR Parameters Grades % Recovery % Value Value Units Units Pb Cu Zn Ag Pb Cu Zn US$ US$ Cu $/lb $2.50 Cu 0.10 % 4.49 Pb con. 63 10 64 Zn $/lb $0.80 Zn 0.10 % 0.61 Cu con. 27 62 93 Pb $/lb $0.85 Pb 0.10% 0.90 Zn con. 49 69 Ag $/oz $20 Ag g/t 0.41

* When applicable 18 NSR Parameters – San Rafael1

San Rafael Zinc Deposit (Cu < 50%) Metal Prices NSR Parameters Grades % Recovery % Value Value Au Ag Pb Zn Units Units Au Ag Pb Zn US$ US$ g/t g/t % % Cu $/lb $2.50 Cu* 0.10 % 0 Pb con. 21 1,514 42 26 23 58 Zn $/lb $0.80 Zn 0.10 % 0.72 Zn con. 54 75 Pb $/lb $0.85 Pb 0.10% 0.69 Ag $/oz $20 Ag g/t 0.14 Au $/oz $950 Au g/t 7.26

San Rafael Zinc Deposit (Cu > 50%) Metal Prices NSR Parameters Grades % Recovery % Value Value Au Ag Pb Cu Zn Units Units Au Ag Pb Cu Zn US$ US$ g/t g/t % % % Cu $/lb $2.50 Cu* 0.10 % 2.53 Pb con. 10 1,514 33 19 24 54 Zn $/lb $0.80 Zn 0.10 % 0.70 Cu con. 20 37 57 Pb $/lb $0.85 Pb 0.10% 0.55 Zn con. 54 79 Ag $/oz $20 Ag g/t 0.37 Au $/oz $950 Au g/t 4.95

1 . For Mineral Reserve estimation purposes. Copper circuit not run when Cu grade is less than 0.5% Cu.* When applicable. 19 Cozamin Mineral Reserves1

MINERAL RESERVES CONTAINED METAL* 000’s Cu Zn Pb Ag Cu Zn Pb Ag Category Tonnes % % % g/t Mlbs Mlbs Mlbs kozs

MNV/San Proven 2,124 1.44 1.41 0.61 62.2 67 66 29 4,248 Roberto Probable 2,589 1.25 1.59 0.30 53.8 71 91 17 4,479 (Mala Noche Vein) Sub-total 4,713 1.34 1.51 0.44 57.6 139 157 46 8,729

MNFWZ Proven 248 1.86 0.35 0.03 40.7 10 2 0 325 (Mala Noche Probable 4,216 1.67 0.23 0.01 31.8 155 21 1 4311 Footwall Zone) Sub-total 4,464 1.68 0.24 0.01 32.4

Copper Zones Proven 2,372 1.48 1.30 0.55 60.0 77 68 29 4,576 Sub-total Probable 6,805 1.51 0.75 0.12 40.2 226 113 18 8,796 Total 9,177 1.51 0.89 0.23 45.3 305 180 47 13,367

San Rafael Zinc Deposit Probable 721 0.34 3.49 0.46 49.17 5 55 7 1140

TOTAL COZAMIN 9,898 1.42 1.08 0.25 45.58 310 236 55 14,506 DILUTED RESERVE (1) As of December 31, 2013. Totals may not add due to rounding. Metal price assumption (in USD) used to calculate the $40 NSR COG for all deposits are Cu=$2.50/lb, Zn=$0.80/lb, Pb=$0.85/lb, and Ag=$20.00/oz. Processing recoveries used to calculate the NSR COG for the MNFWZ Resource are based historical site operating experience reflecting recoveries of: Cu=92%; Zn=69%; Ag=72%; Pb=64%. Processing recoveries used to calculate the NSR COG for the San Rafael Resource are based historical site operating experience reflecting recoveries of: Cu=57%; Zn=79%; Ag=61%; Pb=56%. All Mineral Reserves Estimates are inclusive of dilution and mining recovery factors. Mineral Reserves are presented inclusive of Mineral Resources. See Technical Reports filed under Capstone’s profile on SEDAR for further information.

20 HSEC and Permitting

21 Safety Performance

30 3.00

25 2.50

20 2.00

15 1.50 Short term Short

10 1.00 LTA Frequency LTA

Number Number ofInjuries 5 0.50

0 0.00 2007 2008 2009 2010 2011 2012 2013 2014 YTD LTA Medical Aid LTA Freq  DNV – Modern Safety Management: 4/20 modules to be implemented in 2014; three modules/year continuing on 2015  Safety Management Program that promotes supervisor due diligence and employee accountability  Accelerate Stop & Correct Program  Continue to enhance the 5 Point Safety System  Re-induction and re-certification of all Capstone’s employees and contractors  Verify that contractors are following their Safety Management Program

22

Key Environmental Documents

Principal Documents Other Documents Certification All in place Current

 MIA (Environmental  Voluntary audit  Clean Industry Impact Declaration) (Official Profepa) Certification 1, 2 & 3 modifications (Official Profepa)  Environmental Unique  Soil use change License

 ETJ (Technical Study  Environmental Justification) monitoring program 1st, 2nd & 3rd (Air, solid waste control, closure plan, etc.)  Risk Study

23 Operations

24 Cozamin Operations

Mining Fleet  4 haul trucks, 8 loaders, 2 jumbos drill, 2 jumbo bolter, 2 long hole jumbos, 1 stope mate, 1 long hole cubex, 2 high way trucks 14 m3, 1 anfo-loader, 1 scissors lift, 2 telehandler, 1 passenger bus, 2 utility trucks for diesel Ore Processing  Underground long hole stoping and cut/fill  Sulphide chalcopyrite/ sphalerite/ galena selective flotation  Conventional crushing and grinding Production  Crushing circuit: primary, secondary & tertiary Facilities crushers, two screens  Grinding circuit: 2 primary ball mills, 1 regrind ball mill  Flotation /thickening/ filtration circuits: for copper, zinc and lead concentrates  Fully equipped assay and met labs Tailings Storage  Tailings storage capacity in place through mid 2016  Engineering for two more stages through 2020 in progress  Option of underground backfill will significantly increase capacity, studies in progress

25 2013 Production & 2014 Production Guidance

Underground Mine in Zacatecas State,

Mine life remaining (years) 8+ 2013 Production

Production – 2013 (k tonnes) 20.6

C1 cash cost1 – 2013 ($/payable lb Cu) $1.18 Cozamin 2014 Production Guidance Tonnes milled (millions) 1.2 Copper grade (%) 1.85 Copper recovery (%) 93.4

Cu Production (k tonnes ±5%) 20.0

Zn Production (k tonnes) 9.0

Pb Producion (k tonnes) 1.7

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

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 slide for 43-101 information. C1 cash cost per pound is per pound of payable copper produced. All amounts in US$ unless 26 otherwise specified. Infrastructure

Mine concessions (3,388 ha) Current 115kv power line & 10 MVA substation – C.F.E. up to 5,000 tpd Emergency power back up and peak hour generation 3.3 MVA installed capacity Hoisting system 2,200 tpd capacity Two ramps for production & services (San Ernesto & Guadalupana) 1,200-3,200 tpd capacity Tailings pond Current phase 2.5Mt (to 2016) , future phases 5.5 Mt Water rights available/year (from various sources) All current, Total 1.25M m3 Ejidos relations (La Pimienta & Nueva) Cordial Auxiliary services (banks, schools, manpower, airport, government, hospitals) Excellent Surface ownership Capstone Gold S.A. de C.V (mill, admin, tailings, shops) 100% Right of way for power line, water wells Current

27 Mine Operations

28 2014 Mine Plan

Cut and Fill Stopes: Mining Tonnes/Month Development in Ore: 270,000 tonnes 11T 80,500 Development/year: 9,940 m (2014) 270,000 tonnes 12T 11,500 Development/5 year: 38,466 m (2014-2018) Total 92,000 Ore Production

Long Hole Production/year: (2014) 1.2 M tonnes Stopes: Mining Tonnes/Month Production/5 year: 6.0 M tonnes (2014-2018) 10E 82,000 12W 202,278 13W 72,000 15E 137,137 16E 159,175 14FWZ-C 30,458 14FWZ-E 67,000 14FWZ-W 58,000 Total 808,048

29 West-East Long Section

Showing historic mining

30 San Roberto Mine (MNV) – Mining Method

San Rafael Virginias Shaft Shaft San Tiburcio San Roberto Shaft Shaft

Guadalupana Ramp

San Ernesto Long Hole Ramp Cut and fill

Avoca

31 San Roberto Mine (MNFWZ) – Mining Method

San Rafael Virginias Shaft Shaft San Tiburcio San Roberto Shaft Shaft

Guadalupana Ramp

San Ernesto Ramp Long Hole

Cut and fill

32 Schematic Cut & Fill Production Cycle

1.- DRILLING 2.- WASTE BACKFILL

MALA NOCHE VEIN MALA NOCHE VEIN

3.2 ml 75 75

JUMBO SCOOP TRAM

BACKFILL

BACK FILL BACK FILL

3.- BLASTING 4.- MUCKING

DRILL HOLES

SCOOP TRAM 75 ORE BROKEN ORE BROKEN

New Fill BACK FILL BACK FILL

33 Schematic Long Hole Sublevel Stoping

Crown Pillar

Mined area Natural rib pillars

Long hole drilling

Rock support Ore mucking

Ore drifting and ground support

34 Long Hole Drill

35 Schematic Avoca Mining

Ore Pillar

Sub Level

Back Fill

Broken Ore

36 Schematic Crusher & Loading Pocket Station

37 Dilution Factors

Dilution and Reserve Loss is estimated using the following:  -3% Loss (mineral not recovered)  13% In Cut and Fill stopes  15% In Long Hole stopes  15% In Avoca stope

Wall Dilution Grade:  Au & Ag grade is 20% of average block grade  Cu, Pb and Zn is 33% of average block grade

38 Mill Operations

39 Crushing Circuit

Ore bin

BELT No. 3, 30”

Jaw CONE Crusher CRUSHER FEEDER BELT 2 20’x36’ SYMONS 4’ TYLER SCREEN CRUSHER HP 4 6’ x 16’

Magnet Alimentador 1 Banda screen Belt 36”feeder 5’X12’ Belt No. 4, 30”

Belt No 1 30” Belt No 2 30”

Belt No 7 Belt No 5

Ore bins (2) 1200 Tonnes each

40 Milling Circuit

Trash Screen

Bin #2 1200 Bin #1 1200 Tonnes Tonnes Capacity Capacity Bin #3 300 Tonnes Cyclone D26 Capacity Cyclone D15 Cyclone D26 To Flotation Flash Cell Pb/Cu

Mill #3 8’x6’

Mill #2 12’x14’ Mill #1 12’x14’

41 Process Plant Flow Sheet: Pb-Cu Circuit

From Mill Rougher Pb-Cu Rougher Pb-Cu OK-16 OK-16 1800 ft3 1800 ft3 1800 ft3 Flash Cell Cond. Zn

Wemco Wemco 1200 ft3 Cu Regrinding

Magnetic Drum Fe Conc. Cell Rougher.Pb to DR Final tail 10´x 25´ 200 2dn Cleaner Pb/Cu Cond. Tank cells Pb/Cu 6´x 8´ 2nd Pb Cleaner 8 x 12 1st Pb Cleaner

Cu Conc.

Pb Conc.

42 Process Plant Flow Sheet: Zn Circuit

From Cu/Pb ZINC CIRCUIT Circuit

Rougher Zn Rougher Zn

OK-16 OK-16

Cond. Zn

Zn 1st Cleaner Final OK-5 OK-5 Tail

Zn 2nd Cleaner

Zn Conc. Column 8x25 ft Cell

43 Production Statistics

44 Copper Production and Costs

14 $3.00

12 $2.50

10

$2.00

8 ) lb

$1.50 (C$/

6 Costs

$1.00 C1 C1 Cash 4

Contained Copper Produced (Millions lbs) (Millions Produced Copper Contained $0.50 2

0 $0.00

Contained Cu (M lbs) Cash Costs (US$ lb)

45 Milled Tonnes and Grade

350 2.5

300 2

250

) 1.5 200

150 1

100 Copper Grade Processed (%Cu Processed Grade Copper

0.5 Mill Throughput (Thousands of tonnes) (Thousands Throughput Mill 50

- 0

Mill Throughput (tonnes) Cu Grade Processed (%)

46 Mill Grade and Recoveries

100% 2.50%

90%

80% 2.00%

70%

60% 1.50%

50%

40% 1.00%

Copper Grade Processed Processed Grade Copper Copper Recoverie s RecoverieCopper 30%

20% 0.50%

10%

0% 0.00%

Cu Recovery (%) Cu Grade Processed (%)

47 Development (metres)

3,500

3,000

2,500

2,000

1,500

Meters 1,000

500

0

48 Total Operating Cost/t (US$)

$90

$80

$70

$60

$50

$40 (US$) $30

$20 Cash Costs/t Cash $10

$0 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 -$10

Mine Mill General Managment Administration

49 Capital Projects

50 2014 Capex and Exploration Budget

2014 Capital Expenditures ($US millions) Underground Development $10.8 Infrastructure and Communications 6.4 Other 0.8 Total Cozamin Mine $18.0 Exploration 3.0 Total Capital $21.0

51 5 Year Strategic Objectives

Opportunities  Capital review and trade-off study of hoisting, shaft and trucking capacities  Capital review of the potential for a hoisting plant, the existing shaft with a larger hoist and a new head frame can accommodate a 16 T skip at 2,500 ft/min to a depth of 4,000 ft (currently a 4.5 T skip at 1,200 ft/min to a depth of 1,200 ft) versus a new truck fleet or a new shaft  Access resources at depth while avoiding high CAPEX for a new shaft  Reduce Contractor Haulage costs by maximizing hoisting  Improved ventilation due to reduction in diesel equipment  Improve water use in the process - thickener to be constructed by Q3 2014  Maintenance Overhaul  New surface and underground maintenance shops (mechanical and electrical) for optimal use of equipment  Asset Reliability Program - maximize service level, ensure adherence to safety principals, and optimize maintenance  Mine to transition from a “people dependent” to a “process dependent” culture, through the application of reliability and maintenance best practices

52 Changes to Mexico’s Mining Tax Code

Cozamin Mine’s applicable taxes include the following - effective January 1, 2014

 The Mexican corporate income tax is at a 30% rate applied on net revenue (profit) after depreciation. The 2013 Mexican Tax Reform repealed the 17.5% IETU Tax (Impuesto Empresarial Tasa Unica) effective for Cozamin’s 2014 taxation year

 A value added tax is payable to the Mexican government. The amount paid in any given year is 100% refundable, and may be used to offset income tax

 The 2013 Mexican Tax Reform introduced a 7.5% mining royalty calculated on an operating mine’s taxable income before the deduction of interest and taxes as well as a 10% withholding tax on dividends paid to individuals or non-resident shareholders (in Canada 5% withholding due to a tax treaty)

 Environmental erosion fee for precious metals only 0.5%

53 People

54 Organizational Chart

316 Contractors 460 Employees

Current non union labor agreements (local & federal)

55 Awards and Accreditations

Distinction

 Family Responsible Company (Federal Labor Secretary)

 Socially Responsible Company Distinctive (Mexican Philanthropy Center CEMEFI)

 Inclusive Organization (Federal Labor Secretary)

 ESR - Corporate Social Responsibility Silver Award (State Government)

 Lab Accreditation (Mexican Accreditation Entity EMA)

 Reasons and Challenges Award (State Government)

56 Awards and Accreditations

Distinction  Expo Business Zacatecas

 “A” Organization (INFONAVIT)

 1st Place. Best Sustainable Practices (State Government)

 “Conocer” Certification

 A Mining Friendly Company

 National Labor Award Participation (Federal Labor Secretary)

57 2014 and Beyond

58 2014 and Beyond

2014 2015 2017 +

Updated Mineral Reserve Ongoing exploration program Silver stream sale expires Estimate April 2017 (currently ~1.5M oz/yr) to significantly improve economics

Increase production from MNFWZ: 23% in 2014 to an average of 40% through 2018

59 Compliance with NI 43-101

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”) 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 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., Vice President, Exploration (Technical Information related to mineral exploration activities), and reviewed and approved by Gregg Bush, P. Eng., Senior Vice President and Chief Operating Officer for Capstone Mining, all "Qualified Persons" under NI 43-101. This presentation summarizes some of the information contained in the SRK Consulting (Canada) “Technical Report, Cozamin Mine, Zacatecas State, Mexico” dated March 31, 2009. Qualified Persons under National Instrument 43-101 for the Cozamin Technical Report include: Robert Sim, P.Geo., Jenna Hardy, P.Geo., Jeff Woods, CP, Gord Doerksen, P.Eng. The Cozamin Mineral Resource Estimate for the MNFWZ were completed Ali Shahkar P.Eng., Principal Consultant with Lions Gate Geological Consulting Inc. who is the Qualified Person under NI43-101 responsible for this estimate. The Mineral Resource Estimates for the end of 2013 tabulated in this presentation exclude all mined out areas. The Mineral Resource Estimate for the MNFWZ deposit was prepared by independent consultant Ali Shahkar, P.Eng., Principal Consultant of LGGC, in February 2013, using accepted industry standard methods conforming to NI 43- 101 requirements. This model was depleted for all mining activity to the end of 2013 to produce the remaining Mineral Resource Estimates stated in this presentation. In each case, estimated Mineral Resources exclude all historical (pre-Capstone) and Capstone underground production conducted through December 31, 2013. Mineral Resources are constrained by the Capstone property boundary. The Cozamin Mineral Resource Estimates for Cozamin mine as at December 31, 2013 in this presentation are reported above a $35 per tonne cut-off. The Cozamin Mineral Resource Estimates for the San Rafael area is reported in this presentation is above a $35 per tonne cut- off, which remain unchanged since 2012. There has been no mining activity or changes to the San Rafael model in 2013. The estimated Mineral Reserves for Cozamin Mine as at December 31, 2013, for a US$40 NSR COG.

60

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

Phone: +1-604-684-8894 Toll Free: 1-866-684-8894 Email: [email protected]

61 Last updated March 27, 2014