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Kutcho Mineral Reserves & Resources

Kutcho Project Estimated Mineral Reserves as at December 31, 2014

MINERAL RESERVES CONTAINED METAL
Category kt

Cu

%

Zn

%

Ag

g/t

Au

g/t

Fe

%

Cu

kt

Zn

kt

Ag

koz

Au

koz

Probable 10,441 2.01 3.19 35 0.37 - 210 333 11,618 124
Total 10,441 2.01 3.19 35 0.37 - 210 333 11,618 124

NOTES: Mineral Reserves take into account mining activities (where applicable) until December 31, 2014. 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. Michael Makarenko, P.Eng., is an independent Qualified Person responsible for the preparation of the Mineral Reserves estimate with an effective date of February 15, 2011. Mineral Reserves are reported within 1.0% Cu grade shells used for stope design. 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. See Technical Reports filed under Capstone’s profile on SEDAR for further information.


Kutcho Project Estimated Mineral Resources as at December 31, 2014

MINERAL RESOURCES – Inclusive of Mineral Reserves CONTAINED METAL
Category kt

Cu

%

Zn

%

Ag

g/t

Au

g/t

Fe

%

Cu

kt

Zn

kt

Ag

koz

Au

koz

Measured 5,421 2.15 2.86 31 0.34 - 116 155 5,482 59
Indicated 5,859 2.24 3.67 42 0.45 - 131 215 7,831 84
M&I 11,280 2.19 3.28 37 0.39 - 248 370 13,313 143
Inferred 1,090 1.74 2.04 31 0.35 - 19 22 1,077 12

NOTES: Mineral Resources take into account mining activities (where applicable) until December 31, 2014.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported inclusive of the Mineral Reserves. . Garth Kirkham, P.Geo, FGC, is an independent Qualified Person responsible for the preparation of the Mineral Resources estimates with an effective date of February 15, 2011. Mineral Resources are reported above a 1.5% Cu COG. 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.