Capstone-Mining-Corp-2014-Sustainability-Report_ENGLISH

Sustainable Thinking from the ground up
sustainability report 2014
capstonemining.com TSX:CS
MINING CORP

insidethisreport
“Capstone Mining Corp. shall safeguard the health and
safety of people, minimize the impact of its activities on
the ecosystem and respect the conditions of the natural
environment and communities in which it operates, while
safeguarding the assets of the company. According to its
principles and values, Capstone Mining Corp. recognizes
sustainable development as a foundation of its business
strategy, incorporating integrated resource protection into
all activities of the corporation.”
Capstone Mining Corp. Integrated Environmental, Health, Safety and Sustainability Policy
Introduction 1
CEO Message 2
About Capstone 4
About this Report 6
Our Approach to Sustainability 7
Our Values 8
Governance 8
Risk Management 8
Stakeholder Engagement 9
Materiality 9
Our Operations and Projects 11
Pinto Valley 12
Cozamin 14
Minto 16
Santo Domingo 18
Kutcho 20
Exploration 20
Report on 2014 Performance 21
Material Aspects 22
• Health and Safety 22
• Environmental Compliance and Permitting 26
• Mining Waste 28
• Energy 32
• Water 34
• Community Impacts 36
• Employment 38
• Economic Impacts 41
• Compliance with Laws and Standards 43
Material Watchlist 44
• Air Quality 44
• Biodiversity 45
• Training and Education 45
• Labour/Management Relations 45
• Emergency Preparedness 46
• Closure Planning 46
Glossary 47
GRI Index 48
capstone mining corp. sustainability report 2014
ON THE COVER: Santo Domingo Project

capstone mining corp. sustainability report 2014 1
Introduction Our Approach to Sustainability Our Operations and Projects Report on 2014 Performance
“Sustainable Thinking – From the Ground Up” reflects how we are working
to integrate sustainable practices at all stages of our operations, from greenfield
exploration to copper production. This report aims to illustrate our commitment
to sustainable thinking. We developed this report framework by asking ourselves
what sustainable performance means for us on the ground at our operating sites,
such as how and what we measure. It shows us where we can improve and gives
us a baseline for evaluating future progress.
Introduction sustainable thinking – from the ground up

CEO Message
I am pleased to introduce Capstone Mining Corp.’s first
sustainability report, “Sustainable Thinking, From the Ground Up.”
From our beginnings in 2004, when we purchased the Cozamin
property that became our first mine and formed the foundation
of Capstone, we have grown into an international copper producer
with a workforce of 1,820 at five locations, with three producing
copper mines in three different countries. It is our vision to be the
best managed copper company within our peer group, delivering
industry leading returns. We commit to operate to the same high
standard of integrity and responsibility wherever we work. Our
core values have grown with us, and are now an integral part of
our culture, built on a cornerstone commitment to health, safety
and environmental stewardship.
The acquisition of the Pinto Valley Mine in October 2013 was a
transformational transaction for Capstone, significantly increasing
our size and scope. Throughout the growth of our portfolio,
“Sustainable Performance” has been a key driver of our business
strategy and an integral component of our decision-making process.
It guides us to run our operations with consistent standards, supports
our social licence to operate and allows us to proactively manage risk.
We’ve now reached an appropriate point in our development cycle to
more formally set targets, measure our performance and communicate
how we manage this key aspect of our business.
In 2014, our Board of Directors approved Capstone’s integrated
Environmental, Health, Safety and Sustainability Policy. This signals
commitment from the highest level of our organization to integrate
sustainable thinking into all aspects of our work, from the ground up.
In keeping with Capstone’s culture, we are applying a measured and
disciplined approach to sustainability reporting. We completed our
first materiality assessment this past year to identify the material aspects
of our business that are the focus of this report. This is the first time we
are communicating our management approach on such a wide range
of parameters and establishing performance baselines for many of them.

It has been a challenging period in the copper sector, with ongoing
uncertainty about global growth affecting commodity prices over
the past few years. There is little we can do to influence the macro-
economic factors that affect copper prices and the mining cycle as
a whole. As we continue to focus on sustainable performance and
relationship building with our stakeholders, we are forming a solid
foundation to sustain our business and weather the volatility of the
copper market over the long term.
I do personally want to address a tragedy that occurred in June 2014,
when a contract miner was fatally struck by a falling rock underground
at our Cozamin operation. All of us at Capstone were deeply saddened
by the accident. In the face of this tragedy we took a number of steps
to increase our ground support and enforce adherence to our standards.
In 2014, we were faced with an operational setback, with the permitting
process for the final phase of mine life at Minto taking longer than
expected. As a result, we revised our mine plan while we continue
with the permitting application.
In 2015, we are continuing to focus on implementing standardized manage-
ment protocols throughout our organization, including protocols for tailings,
energy management and stakeholder engagement. While we are approach-
ing these goals from a sustainability perspective, they are also important to
us in how we manage risk and directly link to our goals around day-to-day
operating efficiencies.
Our sustainability reporting will be a process of continuous improvement
as more systems are put in place to support meaningful performance
targets that help manage our impacts. Our goal for this report is to help
you gain a better understanding of Capstone, our values, our operations
and our path forward. We welcome any feedback that you may have for us.
Yours truly,
Darren Pylot, President & CEO and Director
Throughout the growth of our portfolio, ‘Sustainable Performance‘ has been a key
driver of our business strategy and an integral component of our decision-making
process. It guides us to run our operations with consistent standards, supports
our social licence to operate and allows us to proactively manage risk.
Darren Pylot, President & CEO and Director

About Capstone
Capstone Mining Corp. is a Canadian base metals mining
company headquartered in British Columbia, Canada,
engaged in the production, development and exploration
of copper resources.
We have three producing copper mines that are 100%
owned and operated by the company: Pinto Valley Mine
in Arizona, US; Cozamin Mine in Zacatecas State, Mexico;
and Minto Mine located in Yukon, Canada. Capstone also
has two development projects: the Santo Domingo Project
in Region III, Chile, that is 70% owned in partnership with
Korea Resources Corporation (KORES); and the 100%
owned Kutcho Project in British Columbia, Canada. In
addition to ongoing exploration at our existing operations,
Capstone is conducting early stage base metal exploration
activities, presently focused in Chile.
Our primary product is copper, with base metal
by-products of zinc, lead, molybdenum, as well as precious
metal by-products of silver and gold. The primary markets
for our products are smelters and refineries in Asia for
concentrates, and manufacturers in the US for cathodes.
At the end of 2014, Capstone had 1,820 employees and
contractors located in Canada, the US, Mexico and Chile.
Capstone is a publicly traded company listed on the
Toronto Stock Exchange. KORES is Capstone’s largest
shareholder, holding an 11% interest. For capitalization
and other financial information, please refer to the financial
statements available on our website. There were no
significant changes in size, structure or ownership during
2014. Pinto Valley was acquired in October 2013.
2014 Copper Production (tonnes)
Pinto Valley
Copper in concentrates 62,700
Copper cathode 2,400
PintoValley total 65,100
Cozamin
Minto
Total Copper Production 103,300
santo
domingo
Region III, Chile
Minto
Yukon, Canada
KUTCHO
BC, Canada
PINTO VAlley
Arizona, US
cozamin
Zacatecas, Mexico
Head Office
BC, Canada

External Initiatives and Memberships
Capstone participates in external initiatives and industry associations that enable us to enhance
our knowledge of industry trends, research, best practice and evolving regulatory requirements.
We maintained the following memberships in 2014:
• Prospectors and Developers Association of Canada
• European Copper Institute
• Canadian Mining Industry Research Association
• Mineral Research Deposit Unit, University of British Columbia
• Mining Association of British Columbia
Pinto Valley Mine, Arizona, US

About this Report
This report has been prepared in accordance with the G4 core
level of the Global Reporting Initiative (GRI) Sustainability Reporting
Guidelines. It covers the period from January 1 to December 31, 2014.
We plan to publish future reports on an annual basis.
This report covers our management and performance in relation
to material aspects of Capstone’s three operating mines in
Canada, the US and Mexico. It also includes our Santo Domingo
Project in Chile. Following the acquisition of the Pinto Valley Mine
in 2013, we determined that our Kutcho Project, a small-scale
development property located in British Columbia, no longer fits
with Capstone’s growth strategy. There is no activity on the property
and the asset is currently held for sale; therefore Kutcho is not covered
in the performance section of this report. The scope of this report
reflects our annual financial statements.
Exploration activities have a lighter footprint than development
or operations. Accordingly, sustainability performance for exploration
projects is only included where data is available. We plan to increase
the coverage for measuring exploration performance in future reports,
particularly since exploration personnel and activities are the
first point of contact in many of the communities in which we may
ultimately operate.
Our operations personnel played a significant role in preparing
this report, including data collection and compilation of site-specific
information and perspectives. Senior members of our mine management
teams participated in materiality assessment workshops. The 2014 report
has not been externally assured. However, we completed a detailed
internal review of the report, including review by operations managers,
the senior management team and the disclosure committee.

Measuring and evaluating ourselves with regard to sustainable
performance is fundamental to our values. This inaugural report has
been driven by the desire to put the same transparency and rigour
into our environmental, health and safety, and social performance
reporting as we do with our financial performance reporting. As
such, the publication of this report was set as a corporate objective
for sustainable performance in 2014.
In 2014, our Board of Directors approved an integrated Environment,
Health, Safety and Sustainability (EHSS) Policy. The EHSS Policy
formalized a clear commitment to sustainability and combined our existing
environment and health and safety policies. The integrated policy has
formed a new foundation for us to work from, providing a guideline for
best practices.
We are committed to operating in every jurisdiction in accordance with
Capstone’s standards. As safety is a top priority, there has been continued
focus on continuously improving our health and safety performance. In
2014, we also worked to expand Capstone’s standards to include other
key areas of our business, starting with tailings and energy management.
We have a well-defined and focused corporate strategy supported by specific objectives in three critical categories:
1) operational performance, 2) strategic initiatives and 3) sustainable performance.
Our Approach to Sustainability
Minto Mine, Yukon, Canada

Our Values
A commitment to responsible mining and business ethics is a
cornerstone of Capstone’s business philosophy. Our values
guide everything we do:
• Always Accountable: We take ownership for ourselves, and our
work. We “do the right thing” for the business and our stakeholders.
• Execute with Excellence: We measure our performance and
strive to excel at every level.
• Deliver Results: We make decisions and are responsible for our
outcomes. We work openly and effectively with each other,
leveraging the strength of the team.
• Work Responsibly: Safety is non-negotiable. It ensures the
well-being of our people and our business.
Our Values and Ethics Code of Conduct Policy (“Code of Conduct”)
set the standard for behaviour in business ethics, financial practice, health
and safety, and environment. The Code of Conduct outlines an official
complaint procedure, and we also have a Fraud Reporting and Investiga-
tion (Whistleblower) Policy in place to ensure there are multiple avenues
for employees to raise concerns or report incidents. All new employees
review and sign the Code of Conduct. It is signed off annually by
directors, executives and employees and is available in English and
Spanish. Our Anti-bribery Policy complements our Code of Conduct
with additional guidance on compliance with applicable anti-bribery
and corruption laws and regulations.
Capstone’s vision and values
are central to our strategy for
sustainable performance.
Governance
Capstone’s Board of Directors has eight members — seven are
independent and the eighth is our CEO. Information about our
Directors is available on our website.
Capstone’s Board committees include:
• Environment, Health, Safety and Sustainability (EHSS) Committee
• Audit Committee
• Technical Committee
• Corporate Governance and Nominating Committee
• Human Resources and Compensation Committee
The EHSS Committee has oversight of Capstone’s EHSS Policy
and meets at least quarterly. Accountability for ensuring that our
operations comply with sustainability requirements rests with
the Chief Operating Officer and Vice President North American
Operations. As sustainable performance is largely site driven
at Capstone, our mine General Managers are responsible for
overseeing day-to-day activities and implementing continuous
improvement at our operations.
Risk Management
Capstone follows an enterprise risk management framework to
identify, evaluate and manage risks to Capstone. Risk management
is linked to strategy, business objectives and decision making.
Risk assessments are a required business practice and are
updated by operations and management before being reported
to the Board of Directors on a quarterly basis. These assessments
consider operational, environmental, health and safety, and social
risks to Capstone and help us evaluate the inherent risk of an
activity and the actions required to mitigate that risk.
Our sustainability reporting process is closely aligned with
our risk management process, in that our materiality analysis
incorporated the results of operations and corporate risk
assessments. However, our materiality assessment also
considers perspectives of our stakeholders.
sustainable performance
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strategicinitia
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vision
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capstone strategy

capstonestrateg
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capst
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always
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deliver
results
execute with
excellence
work
responsibly

Stakeholder Engagement
Stakeholder engagement underpins our approach to sustainable
thinking. It provides valuable feedback and helps us to understand and
address emerging concerns, areas of sensitivity, community perceptions
and local traditions. Regular engagement is part of both daily activities
and strategic objectives at each of our operations and typically involves
many different roles. This year, for the first time we defined stakeholder
groups for Capstone as a whole, with the perspective that these broad
categories capture our existing stakeholder relationships.
• Communities
• Employees and contractors
• Governments
• Indigenous groups
• Non-government organizations
• Shareholders and potential investors
• Unions
Our operations have their own processes and practices in place to
define local stakeholders and the basis for engagement. In 2015,
we plan to build on this by implementing a stakeholder engagement
standard across the organization. This will help us to better understand
our stakeholders’ needs and perspectives and ensure best practice
and continuous improvement during all project phases.
Our operations have their own processes and
practices in place to define local stakeholders and
the basis for engagement. In 2015, we plan to build
on this by implementing a stakeholder engagement
standard across the organization.
Materiality
We completed our first materiality analysis in 2014, and the results have
determined the content of this report. For Capstone, materiality is an
indication of the significance of sustainability aspects to our stakeholders
and our business.
We followed the GRI guidance and designed a process that included
identifying, prioritizing and validating material aspects from both a business
and stakeholder perspective. We first conducted a detailed analysis of material
aspects for Capstone generally and for each operation. This analysis was based
on GRI aspects, considered the sustainability context of those aspects as they
relate to Capstone, and included operation-specific risks. As this was our
first materiality analysis, we limited the assessment to aspects relevant within
Capstone, and not our wider value chain.
Through on-site workshops we tested and refined each operation-specific
“base case” with input from local senior management teams. These workshops
included managers responsible for key stakeholder relationships. While we
did not involve stakeholders directly in the process, we used the experience
of our management teams and prioritized aspects from both Capstone and
stakeholder perspectives. For future reports we plan to engage stakeholders
directly to check our understanding of their interests and concerns.
We combined materiality results from our operations and validated them
in a workshop with senior management to produce our consolidated
Capstone materiality matrix shown on page 10. “Material” aspects are
material for all our operating mines.
We defined the thresholds for our 2014 material aspects using a combination
of quantitative and qualitative assessment to ensure the most significant issues
to Capstone and our stakeholders are captured in our reporting. The coverage
in this report reflects the degree of materiality. For our “material” aspects, we
describe our management approach and use data to evaluate our performance.
For our “watchlist” aspects, we include a description of our management
approach and will continue to monitor these aspects for an indication that
materiality is increasing for us. “Other” aspects include a range of topics
presented by GRI that are sometimes material for mining companies. Our
assessment showed that these are less material for Capstone, considering the
location and nature of our operations and the priorities of our stakeholders.

Material Aspects
A Health and Safety
B Environmental Compliance and Permitting
C Mining Waste
D Water
E Energy
F Community Impacts
G Employment
H Economic Impacts
I Compliance with Laws and Standards
Watchlist
J Air Quality
K Biodiversity
L Training and Education
M Labour/Management Relations
N Emergency Preparedness
O Closure Planning
Other
P Environmental Expenditures
Q Transport
R Materials Stewardship
S Procurement Practices
T Anti-corruption
U Security Practices
V Lobbying and Advocacy
W Diversity and Equal Opportunity
X Aboriginal Relations
Y Human Rights Management
Z Artisanal and Small-Scale Mining
Z1 Forced or Compulsory Labour
Z2 Young Workers
Z3 Resettlement
ZZ1
Z3
Z2
T
U
V
X
W
Y
S
R
Q
P
K J
L
M
O
N
H
F
G
C
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D
A
B
increasing significance to capstone
increasingsignificancetostakeholders
Material
WatchList
Other
I
We completed our first materiality analysis in 2014, and the
results have determined the content of this report. For Capstone,
materiality is an indication of the significance of sustainability
aspects to our stakeholders and our business.

The primary activities at a mining operation are the extraction and processing of raw materials, which
require a supply chain of organizations, people, information and resources to move products to market.
Capstone’s supply chain includes a broad range of products and services, which differ slightly at each
of our operations. General categories for supplies and service include fuel and energy, processing and
extraction materials (explosives, reagents, etc.), heavy equipment and light vehicles, transportation for
supplies, people and products, and contract mining and camp services at our remote Minto Mine.
We engage qualified contractors where required to provide us with design, engineering and specialized
operating expertise. There were no significant changes in our supply chain during 2014.
This section provides an overview of each of our operating mines and key projects.
Consolidated performance information for material sustainability aspects is covered
in the 2014 Performance section.
Our Operations and Projects

The Globe-Miami mining district
has a long history of mining and
is one of the most productive
mining regions in the US,
with several former and current
operating mines in close proximity
to Pinto Valley. The mining industry
is recognized as a key component
of the local economy in this region.
Production commenced at the Pinto
Valley Mine in 1974. Ownership
has changed multiple times and
the mine has been shut down
several times for extended periods.
The most recent re-start was in
December 2012, by BHP Billiton,
prior to Capstone’s acquisition of
the mine and the associated San
Manuel Arizona Railroad Company
in October 2013. In addition
to open pit mining and milling
infrastructure, Pinto Valley also
has a heap leach facility and
associated solvent extraction
and electrowinning (SX/EW)
plant to process low-grade ore
into copper cathode.
Pinto Valley is Capstone’s largest
producing mine, providing 63%
of Capstone’s copper production
and 58% of total revenue in
2014. Engineering studies are
underway to confirm the potential
of extending the mine life beyond
current estimates.
Pinto Valley Arizona, US
Location Arizona, US
Type of mine Open pit
Current mill throughput (tonnes per day) 52,000
Product shipment Concentrate trucked to San Manuel Arizona Railroad Company
(SMARRCO) for rail transport to Port of Guaymas, Mexico;
cathode trucked throughout US
Mine life remaining (years) 11
Workforce (including contractors) 682
Access Accessible from a public highway; workforce commutes to site daily
Closest communities Miami (10 km; pop. 1,800); Globe (18 km, pop. 7,500); Greater
Globe-Miami area (pop. 19,000, many outside municipal limits)
Climate Dry and semi-arid
Locally significant aspects Health and safety, water management, environmental permitting
and compliance (for more information refer to 2014 Performance)
Key Operational Facts
Local Communities and
Pinto Valley is in the vicinity of
established communities and
plays a key role in supporting
the local economy by engaging
locally based suppliers and con-
tractors, providing opportunities
for local hiring and supporting
community infrastructure.
Pinto Valley is active in
community outreach by
regularly sponsoring local
causes and charities. We
encourage employees to
actively participate in local
volunteer opportunities as
an additional way to support
the community. In 2014, Pinto
Valley spearheaded an initiative
to create a consortium of
local businesses that will pool
their resources towards larger-
scale, longer-term community
development projects in the
surrounding area.
Locally significant aspects
are health and safety, water
management, environmental
permitting and compliance.
All of these aspects are also
material for Capstone as a
whole, so they are covered in the
2014 Material Aspects section.
phoenix
Flagstaff
tucson
Superior Globe-Miami
San Manuel
mexico
pacific ocean
PINTO VALLEY
Arizona, US
60
8
17
40
40
10
10

Our Values in Action: Execute with Excellence
“Shortly after Capstone took over at Pinto Valley, the management team engaged a consulting company to
lead a 30-week improvement plan, aimed at accelerating progress towards increasing throughput, reducing
variability and realigning the organization. A group of us named the project Standing on Stable Ground,
which represented our desire to build an efficient operation that could keep costs down and withstand the
test of time. To date we have achieved a projected cost savings of $6 million in supply related initiatives
alone. Many of us here have seen many ups and downs with the fluctuating copper price over the years,
so it’s been encouraging to see the results of our efforts in declining cash costs in 2014.”
Rudy Dominguez, Business Services Manager, Pinto Valley Mine

Location Zacatecas, Mexico
Type of mine Underground
Product shipment Concentrate trucked to port of Manzanillo, Mexico
Mine life remaining (years) 6
Access Accessible from public highway.Workforce commutes to site daily.
Closest communities Hacienda Nueva (3 km, pop. 3,400); Zacatecas City (3.6 km,
pop. 138,200); Morelos (5 km, pop. 11,500 ); Veta Grande
(5 km, pop. 9,400 ); Guadalupe (15 km, pop. 160,000)
Climate Dry and semi-arid
Locally significant aspects Health and safety, water management, employment
(for more information refer to 2014 Performance)
The Cozamin Mine is close to
Zacatecas City and is accessible
to existing infrastructure. The
Zacatecas region has a strong
mining tradition, dating back
to the 1500’s, positioning the
Cozamin Mine within a community
both knowledgeable and skilled
in mining.
Modern operations on and
adjacent to the Cozamin Mine
began in 1982. Capstone acquired
Cozamin in 2004 and commercial
production restarted in 2006 after
being shut down in 1996. Com-
mercial production has expanded
from an initial three-year mine life
at 1,000 tonnes per day (tpd) in
2006, to more than 3,200 tpd with
a six-year life remaining. Brownfield
exploration is ongoing at the mine,
targeting additional resources that
could extend the mine life.
Cozamin is very close to
neighbouring communities. The
mine is located within the Hacienda
Nueva and La Pimienta Ejidos.
This area has well-developed
infrastructure including schools,
hospitals, utilities, government
agencies and major mining suppliers
and contractors. The close proximity
to the community requires good
working relationships with local
stakeholders and a focus on social
responsibility. Cozamin focuses on
cozamin zacatecas, mexico
local hiring, training opportunities
and contributing to the develop-
ment of local infrastructure.
Cozamin is proud of its programs
for social responsibility and
community development and
its commitment to sustainable
development. Cozamin is
recognized as a “Family-
Responsible Company”
developed by the Secretariat
of Labor and Social Welfare
(Secretaría del Trabajo y
Previsión Social) that recognizes
a company that, in addition to
achieving its business objectives,
brings benefits to its partners,
suppliers, families of its workers
and the environment.
In April 2014, Cozamin was
recognized for the third consecutive
year by the Mexican Centre for
Philanthropy (CEMEFI) with the
“Social Responsible Company”
certification. This honourable
distinction is awarded to
companies demonstrating a
voluntary commitment to social
and environmental responsibility
and integrating a continuous
improvement model as part of
its culture and business strategy.
Locally significant aspects are health
and safety, water management and
employment. All of these aspects
are also material for Capstone as a
Zacatecas
Fresnillo
guadalajara
mexico city
Puerto Vallarta
Manzanillo
Mazatlan
pacific
ocean
cozamin
150
150
40
23
23
54
450
49
51
570
15
110
zacatecas, mexico
aguascalientes
540Tepic

Our Values in Action: Working Responsibly
“I have seen a great maturity in the safety mindset over the seven years I have worked at Cozamin,
and appreciate the freedom to express ideas to improve our work environment every day.”
Carlos Castro, Purchasing, Cozamin Mine
Cozamin Mine, Zacatecas, Mexico

Location Yukon, Canada
Type of mine Open pit / underground
Product shipment Concentrate trucked to Skagway port in Alaska
Remaining mine life (years) 7
Access Remote, accessible by air and ground transportation;
workforce on rotation and stays on site in camp facilities
Closest communities Pelly Crossing (35 km, pop. 300); Carmacks (75 km, pop. 500);
Whitehorse (240 km, pop. 28,000)
Climate Sub-arctic, seasonal temperature variations include short summers
and long, cold winters with extreme temperatures
Locally significant aspects Health and safety, effluents and waste, environmental compliance
and permitting (for more information refer to 2014 Performance)
minto yukon, canada
whitehorse
Pelly Crossing
Carmacks
5
alaska,us
MINTO
9
1
1
3
2
2
2
8
4
6
1
yukon, canada
pacific ocean
Minto is a remote camp-based
operation situated on land
owned by Selkirk First Nation
(SFN). Depending on the time
of year, Minto is accessible by
ground transportation from a
public highway, via barge or ice
bridge across the Yukon River to a
mine access road. Employees and
contractors commute to the site
by bus or airplane (during spring
and fall seasons when the river is
freezing or thawing), typically on a
two-week-in/two-week-out rotation.
Minto reached commercial
production in 2007 and was
acquired by Capstone in 2008.
The Minto deposit is spread over
a series of high-grade areas
interspersed with large deposits
of low-grade material. The mine
plan was designed for the highest-
grade deposits to be mined
sequentially in a series of small
pits supplemented with additional
ore from underground. Production
has increased from the original
mill throughput of 1,800 tpd to a
current mill throughput of 3,850
tpd. Mines in Yukon require a
Quartz Mining Licence and a Water
Licence to operate, and these
permits need to be amended for
changes to operations. Permitting
activities are currently underway
for the final phase of mining.
Minto received the Quartz Mining
Licence in December 2014. The
water use licence is expected in the
first half of 2015.
Yukon is one of the most sparsely
populated jurisdictions in Canada.
Minto lies closest to Pelly Crossing,
the primary SFN community. There
is minimal local infrastructure to
support the mine with the
exception of grid power and
public highway access to the barge
landing near the Yukon River.
A productive working relationship
with SFN is essential. Minto and
SFN have executed a Cooperation
Agreement that guides all interactions.
Communication and information sharing
is facilitated by regular meetings between
SFN and Capstone leadership, in addition
to regular community meetings and
a Minto community liaison based
in Pelly Crossing. Minto provides
cultural awareness training and
educates employees and contractors
on the relationship, including SFN’s
role as landowner.
and safety, effluents and waste,
and environmental compliance and
permitting. All of these aspects are
also material for Capstone as a

Our Values in Action: Always Accountable
“Since I started at Minto six years ago I’ve seen Capstone take a number of steps to improve
site conditions both for the business and our stakeholders, including construction of a reagent
building for storage of chemicals, sourcing a high value critical spare parts inventory to reduce
potential down time, and implementing ongoing enhancements to our water treatment plant.”
Doug Harris, Maintenance Operations Foreman, Minto Mine

Location Atacama, Region III, Chile
Proposed type of mine Open pit
Proposed mill throughput (tonnes per day) 60,500 life-of-mine average
Proposed product shipment Copper concentrate trucked to Santo Domingo port; magnetite
iron concentrate transported to Santo Domingo port by pipeline
Estimated mine life (years) 18.5
Estimated workforce Average demand of 1,550 personnel and a maximum of
(including contractors) 4,060 jobs during construction; average of 1,055 direct/indirect
jobs during operations
Proposed access Accessible by public highway
Closest communities Mine site: Diego de Almagro (7 km, pop.15,200)
Road/pipeline infrastructure: Chanaral (70 km, pop. 13,700)
Port: Caldera (42 km, pop. 17,500)
Climate Arid desert climate
Locally significant aspects Health and safety, water management, community impacts,
economic impacts (for more information refer to 2014 Performance)
santo domingo region iii, chile
The proposed Santo Domingo
Project is located in the Atacama
region of Chile, approximately
100 km inland at a relatively low
elevation of approximately 1,000
metres. The Atacama region has
a long mining tradition and is
currently one of the most produc-
tive copper regions in Chile.
Capstone acquired the Santo
Domingo Project in 2011.
A positive feasibility study for
Santo Domingo was released
in 2014, which indicates the
proposed operation is economically
viable. The Environmental Impact
Assessment (EIA) was filed in
October 2013 and is anticipated
to be complete by the end of
the second quarter in 2015.
Local communities are well informed
and understand the mining industry.
Communities demand proper
mitigation measures to manage
potential impacts and enhance
benefits. The close proximity of
the project infrastructure (mine
site, transportation route and port
facility) to communities increases
the magnitude of potential impacts.
Santo Domingo has engaged
stakeholders through an extensive
engagement process that started
in the early stages of the Feasibility
Study and EIA preparation to
ensure concerns were identified
and mitigated early on. This
included stakeholder mapping
and identification, conducting
open houses and surveys,
and making a commitment to
developing a community relations
plan in consultation with local
stakeholders.
Santo Domingo employees are
most proud of the community
relations strategy that has helped
to build relationships with local
stakeholders. A community relations
plan has been developed through
consultation with local communities
that includes potential areas for
community investment during
project execution in the areas of
health, education, sport and culture.
and safety, water management,
community impacts and economic
impacts. All of these aspects are
also material for Capstone as a
1
5
25
Copiapo
Diego de Almagro
5
Antofagasta
Chañaral
Taltal
pacific
ocean
argentina
Proposed Port
& Pipeline
Caldera
Providencia Exploration Project
santo
domingo
region III, chile

Our Values in Action: Delivering Results
“We have good communications between our project groups, and speak openly about problems
and solutions on a daily basis. It’s very important to try to anticipate challenges on a project team,
especially related to our objectives for keeping costs down. Besides good leadership, my team
needs to keep open ears to listen to all the proposed ideas, and then analyze them in order to
deliver results that will have the biggest impact on sustainable performance.”
Leonardo De la Hoz Cardenas, Infrastructure Engineer, Santo Domingo Project
Santo Domingo Project, Region III, Chile

kutcho BC, canada
The Kutcho Project is a proposed high-grade copper-zinc development project.
Kutcho is located approximately 100 km east of Dease Lake in northwestern British
Columbia, Canada. The Project is located on traditional territory of the Tahltan and
Kaska Nations. There is no activity on the property and the asset is currently held
for sale, though we continue to maintain the camp facilities and environmental
baseline monitoring.
Exploration
Exploration is an integral part of Capstone’s growth strategy. Ongoing
brownfield exploration initiatives at our Cozamin mine focuses on discovering
new resources and increasing mine life. Capstone maintains a portfolio of
early-stage base metals exploration projects in mining friendly jurisdictions,
typically focused in North and South America. In addition to our own exploration
properties, we have made investments in partnerships with exploration-focused
companies and evaluate additional opportunities on a continuing basis.
providencia exploration project
Capstone’s largest greenfield project is the Providencia Exploration Project in Region III,
Chile located approximately 50 km east from Taltal. Capstone has an option agreement
with Sociedad Química y Minera de Chile S.A. (SQM) to earn up to a 70% interest. The
initial option is on 350,000 hectares and would be reduced over time to a maximum of
50,000 hectares if a joint venture is ultimately formed.

Report on Performance
Our 2014 report on performance is divided into two sections: our Material
Aspects and our Watchlist.
For our Material Aspects, we describe how we are managing them and how we performed in 2014,
including performance data. We focused our data collection effort where we have the most impact —
at our operating mines. However, where applicable or meaningful we have included data on the Santo
Domingo Project, exploration and corporate activities. The second section addresses the aspects
on our Watchlist. These are sustainability issues that may become material that we are monitoring.
For these aspects we describe our management approach only.

Introduction Our Approach to Sustainability Our Operations and Projects Report on 2014 Performance material aspects
Why this matters
Health and safety risks are
inherent to mining operations.
Potential hazards at mine sites
include working around heavy
equipment, explosives or areas of
exposed rock faces either
on surface or underground.
Health and safety also includes
industrial hygiene, which refers
to diseases or injury resulting
from exposure to certain physical
elements (e.g. noise and dust).
Ensuring the health and safety
of our employees, contractors
and local communities is a
central component of our
business approach.
Working responsibly is one of
our core values, it states that
safety is non-negotiable. Our
performance data includes
all personnel working at our
operations, development and
exploration projects.
How we manage it
Our management approach starts
with a commitment from the highest
level of our organization in our
EHSS Policy.
Capstone’s goal is Zero Harm.
Our EHSS Policy guides us to
safeguard the health and safety
of people while safeguarding the
assets of the company. We set
annual corporate objectives
for continuous improvement
in the number of health and
safety incidents.
Each of our operations has a
dedicated health and safety
team. These teams coordinate
training on general safety
awareness, task and specific
hazard training. The teams also
lead the emergency response
programs and work to integrate
safety into the work culture.
We empower employees
and contractors to take
responsibility for their own
safety. We train our workforce
to evaluate the risks associated with
their tasks prior to commencing
work. Any employee or contractor
has the right to refuse work in an
environment they consider unsafe.
We measure our health and
safety performance. Our health
and safety teams measure perfor-
mance by evaluating a number of
leading and lagging indicators and
tracking incidents and corrective
actions. We communicate results
across the workforce on a daily,
weekly and monthly basis.
Health and Safety
Capstone started formally measuring health and safety performance in 2010. We use the
Workplace Safety North (Ontario) statistics as an industry benchmark. Overall, in the last
five years we have seen consistent improvement in the health and safety performance at
our operations. In 2014, we were aligned with or below our industry benchmark. Lost time
incident frequency rate (LTIFR) and total reportable incident frequency rate (TRIFR) help
us measure our performance against industry standards and can be used as a common
comparison between jurisdictions with different health and safety legislation.

We focus improvements on critical
risk areas and audit the results.
Capstone adopted a standardized
Loss Control Management System
for managing health and safety
improvements in early 2013.
The management system targets
compliance across 20 different
elements in order to reduce incidents,
including a critical risk inventory that
identifies high-risk activities.
This risk-based approach focuses
first on evaluating and improving
the most critical areas of health
and safety. Each operation advances
based on its own assessment of
critical areas.
How we performed
In 2014, although Capstone
improved safety on many fronts,
we failed to meet our corporate
objective of Zero Harm for health
and safety performance due to
the fatality at Cozamin. In June
2014, a contract miner was struck
by a falling rock while working in
an active mine face underground.
Our investigation indicated that
safety procedures for working
under an active mine face were
not followed. Prior to the fatality
we had purchased additional
ground support equipment and
had modified safety procedures
to ensure that an active face
is properly secured. After the
fatality we modified ground
support standards to add
mesh to active areas. We also
implemented a requirement
for a physical observation and
sign off that scaling and bolting
activities have been completed
to Capstone’s standard prior
to commencing work. We
reviewed safety practices at
our other mine sites as part of
company-wide due diligence
and response to this incident.
2014 was the first year that
greenfield exploration and
Santo Domingo safety statistics
were formally tracked.
What’s next
Our 2015 health and safety
objectives will be for consolidated
performance of operating mines,
advanced development activities
at Santo Domingo and exploration.
• 15% reduction rolling
12-month LTIFR < 0.47
• 15% reduction of 2014
TRIFR < 2.06
2014 Health and Safety Objectives
Operation 2014 Objectives1
2014 Results
Pinto Valley2
Rolling 12-month LTIFR < 0.96 0.69 Achieved
Rolling 12-monthTRIFR < 2.00 3.74 Not achieved
Cozamin3
Rolling 12-month LTIFR < 0.49 0.21 Not achieved
Minto Rolling 12-month LTIFR < 0.23 0.83 Not achieved
1 Capstone uses the lagging indicator guidance published by Workplace Safety North,a consortium of three Ontario safety associations
representing the natural resource sector,for comparative purposes.Our annual performance objectives for these indicators are based either
on mining summary statistics published by Workplace Safety North,or historical performance at Capstone,whichever is lower.
2 Limited historical data to apply Capstone criteria; objective based on operational data collected under previous owner.
3 Although the LTIFR andTRIFR were achieved,Zero Harm was not achieved because of the fatality.
health and safety
2014 results

health and safety
2014 results
Pinto Valley Cozamin Minto Santo Domingo Total 2014 Total 2014
Operations1
Exploration
MedicalAid2
22 1 16 0 39 0
LostTimeAccidents3
5 2 3 1 11 1
Fatalities 0 1 0 0 1 0
LTIFR4
0.69 0.21 0.83 2.42 0.52 2.03
TRIFR5
3.74 0.31 5.25 2.42 2.38 4.06
Lost Day Rate6
29.24 86.71 66.38 0 60.94 58.87
Health and Safety
PintoValley Cozamin Minto Santo Domingo Capstone Industry Benchmark
Total Reportable Injury Frequency Rate (TRIFR)
Historical health and safety performance
1 Capstone includes all personnel on site in calculation of operations health and safety statistics,including brownfield exploration activities
at Cozamin and field activities at Santo Domingo.Greenfield exploration is included inTotal 2014 Exploration.
2 MedicalAid: refers to an incident where a worker involved needed medical assistance off site.These incidents are reported to authorities.
3 LostTimeAccidents: an incident that resulted in a worker missing time on the job.These incidents are reported to authorities.
4 LTIFR: LostTime Injury Frequency Rate.Calculated by the number of LostTimeAccidents x 200,000/number of hours worked.
5 TRIFR:Total Reportable Injury Frequency Rate.Calculated by adding MedicalAid and LostTimeAccidents x 200,000 / number of hours worked.
6 Lost Day Rate: Severity of incident based on days lost from regular duty.Calculated by number of lost days x 200,000/number of hours worked.
Lost Time Injury Frequency Rate (LTIFR)
2.5
2.0
1.5
1.0
0.5
0.0
2010 2011 2012 2013 2014
LTIFR
10.0
8.0
6.0
4.0
2.0
0.0
2010 2011 2012 2013 2014
TRFIR

“I am proud that safety is involved in all aspects of our operations at Cozamin, as
an ingrained value, not a priority that can change over time. We are encouraged
to point out safety hazards to others, no matter what rank the person may be, and
stop to correct it right away.”
David Ivan Perez, Warehouse Chief, Cozamin Mine
Cozamin Mine, Zacatecas, Mexico

Why this matters
Environmental permits set the
performance standard that we are
measured against to determine
we are operating in a manner that
does not significantly impact the
environment. Permits are required
to build new projects or expand
existing operations and maintain
continued operation in every
jurisdiction. A consistent track
record of permitting compliance
demonstrates our commitment to
sound environmental performance.
Incidents of non-compliance can
also be costly and affect our ability
to obtain future permits.
How we manage it
Our EHSS Policy sets out
commitments to continuously
improve our environmental
performance, establish
environmental programs and
operate in compliance with
applicable legislation as
minimum requirements.
We set annual objectives to
drive continuous improvement
and reduction in the number
of environmental incidents.
Incidents are reported internally
as soon as they happen and
compiled on a weekly and monthly
frequency for management
reporting purposes (“non-report-
able”). There is also regulatory
reporting required for spills of
certain materials over certain
quantities, or exceedance of
regulatory criteria, which varies
by jurisdiction (“reportable”).
Dedicated environment teams
are in place at our operations.
Our environment teams provide
environmental awareness training
to the workforce. They deliver task-
specific training and communicate
compliance requirements to
personnel and contractors with
direct responsibilities related
to permit requirements. Mine
and environmental personnel
work closely on daily operations,
expansion proposals and long-
term closure requirements
to integrate environmental
considerations into the mine plan.
We focus on prevention and
treat any spill as a learning
opportunity. Our spill prevention
approach emphasizes training
and preventive maintenance on
equipment. We require all workers
to report any spill, no matter
how small, so that we can learn
Environmental Compliance and Permitting
Our Values in Action: Execute With Excellence
Cozamin achieved its second Clean Industry Certification from Mexico’s Federal Attorney
for Environmental Protection (Procuraduría Federal de Protección al Ambiente (PROFEPA).
This voluntary environmental audit program promotes self-regulation and continuous
improvement. A third-party, government-accredited auditor is engaged to conduct an
audit with a scope approved by PROFEPA. The audit determines the level of compliance
with applicable environmental legislation and results in an Action Plan with a timeframe
to address any actions required to remain in compliance. Benefits to Cozamin include
recognition of compliance and access to PROFEPA training programs. Cozamin will be
seeking renewal of this certification in 2015.

from it. Each operation has
spill management procedures
in place. Environment teams
also conduct inspections
to ensure appropriate spill
prevention practices are in
place for activities.
Corrective action following
an incident could include
additional training, revision of
standard operating procedures
or repairing/replacing equip-
ment. Remediation for spills
may include collecting and
managing impacted material.
2014 Environmental Objectives
Operation 2014 Objectives 2014 Results
Reportable Non-reportable Reportable Non-reportable
Pinto Valley1
< 5 < 200 3 39 Achieved
Cozamin 0 < 165 0 68 Achieved
15% improvement on 2013 incidents
Minto < 6 < 58 5 52 Achieved
15% improvement on 2013 incidents
1 Objectives set based on historical Capstone performance. As limited historical data was available,the PintoValley objective was based on data collected by the previous owner.
How we performed
In 2014, there were no environ-
mental fines or non-monetary
sanctions issued to any of our
operations. We met or exceeded
our environmental objectives at
all operations.
In 2014, our operations
showed overall improvement
in spill prevention. Efforts
continued in engagement
and training the workforce in
environmental awareness and
best practice. As part of capital
projects, liners were installed in
spill-prone areas of the sites to
improve containment, (e.g. lay
down and wash bay areas).
Minto had five reportable
spills in 2014 totalling 1,802
litres of diesel and 140 litres
of antifreeze. Pinto Valley had
three reportable exceedances
of water quality standards
detected during routine
sampling. Two incidents were
related to greywater from the
sewage treatment plant on site
and the third exceedance was
resampled wth results in the
compliant range. These exceed-
ances were contained on the
property. In 2014, we also started
formally tracking reportable
incidents for exploration — there
were none.
What’s next
Our 2015 objectives include:
• Consolidated performance
by our operations of a 15%
improvement in the number
of reportable/non-reportable
incidents (<7 reportable/
<137 non-reportable)
environmental
compliance
and permitting
2014 results

Mining Waste
Why this matters
Mining operations generate large
quantities of waste materials,
such as tailings and waste rock.
Mines may also need to discharge
process water or effluent.
All mine waste must be carefully
managed to minimize long-term
environmental impacts. Many
aspects of mine waste disposal
are governed by the terms of
our permits and licences.
Significant resources are required
to design and manage mining waste.
Monetary and reputational costs
from any incidents related to the
improper functioning of a tailings
facility can seriously impact the
long-term viability of an operation.
In response to major tailings failures
in Canada and elsewhere, both
industry and the public are paying
close attention to tailings facilities;
from design and construction to
responsible operation and closure.
As our most material impact is
through these operational wastes,
we do not include domestic waste
in this report.
How we manage it
Tailings and waste rock:
The mine plan determines the
amount of ore that will be processed
through the mill and how much
of the mined material is waste.
Fundamental considerations in mine
design are the volume, storage and
disposition of tailings and waste
rock. The mine plan is the driver for
all activities on site and is presented
to government agencies during
permitting. The resulting permits
outline requirements for design,
operation, monitoring and closure
of tailings and other waste facilities.
If the mineral deposit has potential
for metal leaching or acid rock
drainage (ML/ARD), the mine plan
will consider this as well. ML/ARD
are naturally occurring processes
and represent a risk associated
with long-term storage of tailings
and waste rock. We routinely
test rock material for ML/ARD
potential during the feasibility
assessment of projects and
operational expansions.
Some waste rock and overburden
material is also stockpiled for
closure and construction of other
“Minto Mine operates near the Yukon River. I’m a fisherman myself so I really care what
we do to mine responsibly and ensure we are not damaging the environment as we go.
We take accountability to continuously monitor groundwater, plants and animals around
the mine site to ensure we are not spilling or discharging water or chemicals that will
have a long-lasting effect on the environment.
Javad Azanchi, P. Eng., Chief Metallurgist, Minto Mine

site facilities if it is confirmed to
be non-acid generating. We track
quantities of overburden, waste
rock and tailings generated at all
operations.
Discharge/Effluent: The need
to discharge process water, or
effluent, is largely dependent on
site-specific conditions such as
climate and local hydrology. If
there is excess water that cannot
be safely stored on site, it must
be discharged. Minto is our
only operation with permit
conditions related to discharging
mine effluent. Before Minto
discharges effluent (mainly to
Minto Creek upstream from
the Yukon River), the effluent is
treated and tested. This ensures
it meets the water quality
standards set in the water licence
issued by the Yukon Water Board.
Our operations conduct routine
sampling at locations designated
in regulatory permits to ensure
water quality criteria are met.
See the Water section to learn
more about how we manage
water quantity at our operations.
Sludges and other hazardous
waste: Reagents or other
consumables required for typical
mining processes may generate
waste that requires special
disposal. Our operations are
registered as required by local
legislation as hazardous waste
generators. These materials
are tracked and reported when
they are picked up by a certified
transport company and delivered
to a certified disposal facility. For
example, the Pinto Valley solvent
extraction electrowinning plant
that produces copper cathode
Mining Waste
Material (Tonnes) Pinto Valley Cozamin Minto Total 2014
Overburden 0 0 31,000 31,000
Waste rock 932,037 01
2,858,274 3,790,311
Tailings 17,020,883 1,134,450 1,388,494 19,543,827
Sludges 4 0 0 4
1 Waste rock generated from the Cozamin underground operation is used as backfill material for ground support.For this reason,the 329,160
tonnes of material generated in 2014 and stored underground is not considered waste rock.
generates sludge. The sludge,
considered hazardous because
of concentrations of lead and
sulfuric acid, is shipped annually
to a lead smelter for recycling.
How we performed
In 2014, we started implement-
ing a tailings management
standard based on best practice
guidance as an additional due
diligence measure. This stan-
dard requires our operations to
implement a tailings manage-
ment system based on a plan-
do-check-act framework. This
will help us ensure continuous
improvement in accountability
and operational controls for
managing compliance, training,
risk and change.
Cozamin continued evaluating
the feasibility of paste tailings. If
feasible, this plant would prepare
tailings for storage underground
which would improve under-
ground stability and reduce the
amount of tailings storage on
surface.
What’s next
• Continue implementing our
tailings management standard.
mining waste
2014 results

mining waste
case study
PINTO VALLEY There are two operating upstream tailings storage facilities,both commissioned
in the 1970s.Slurry is pumped from the mill and deposited behind a retention
dam.There are two tailings facilities that are closed and partially reclaimed.
COZAMIN Amodified centreline tailings storage facility stores slurry tailings.Two additional
upstream dam raises are in the design phase.Through acquisition of neighbouring
property rights,tailings facilities from historic mine operations are now located on
the Cozamin property.
MINTO Dry stack tailings were produced until 2012.This means that most of the
water was removed from the tailings prior to compaction and storage on surface.
The facility is now in closure.In-pit tailings deposition will continue through the
remaining mine life.Atailings dam is part of the proposed mine expansion to
increase storage capacity in the pit.
SANTO DOMINGO Adownstream tailings dam design is proposed.Slurry will be pumped to a tailings
thickener that will remove additional water from the tailings before pumping into
the facility.
how does capstone manage Tailings?
Tailings: These are materials left over from the milling process after
separating the valuable ore from the rock. Tailings can range from dry
to paste to slurry depending on the amount of water.
Tailings storage facilities: The size and type of facilities are site specific.
Design is determined by local conditions such as climate, amount of
annual precipitation, topography and the characteristics of the ore that
is being processed.
In-pit tailings deposition at Minto Mine
Wildlife habitat on a reclaimed tailings impoundment at Pinto Valley

Design
APPROACH Proposed designs go through various phases of feasibility with progressive levels of engineering and field testing
reviewed by regulators and stakeholders.
EXAMPLES Pinto Valley initiated a geotechnical drilling program in late 2014 to investigate ground conditions at potential sites for
the tailings generated in the potential mine expansion currently at the pre-feasibility study stage.An independent peer
review committee was selected to review design options and existing tailings facilities at the mine in 2015.
Santo Domingo engaged in early consultation with stakeholders on the proposed mine design prior to submitting the
Environment ImpactAssessment.The original proposed location of the tailings storage facility near Diego deAlmagro was
raised as a concern.In the final design,theTSF was relocated further from the community.
Construction and operation
APPROACH Facilities require continuous monitoring to ensure stability and compliance with design requirements and permit
conditions.The monitoring and inspection provide early detection of any issues that may occur with the structure.
EXAMPLES Instrumentation,such as piezometers to measure water levels in the dams,are installed and monitored as required by
approved designs,management plans and permits.
All of our operations have regular inspections completed by a third-party engineer.Results are documented in annual
reports which include any recommendations for improvement of conditions.
Closure
APPROACH All of our operations must plan for eventual closure of tailings storage facilities.PintoValley and Minto currently have
facilities in the closure phase.Facilities in this phase are routinely monitored for performance of closure mechanisms
and stability.
EXAMPLES Closure designs and requirements are developed well in advance of closure,reviewed with regulators and included in
life-of-mine costs.
Creep movement of the dry stack facility at Minto has been observed and addressed by constructing a buttress to stabilize
the facility and including it in ongoing geotechnical monitoring of site facilities.
how does capstone manage risk associated with Tailings?
Our operations have tailings facilities in various stages of design, operation and closure.
Practices to assess and manage risk associated with the different phases are outlined below.
mining waste
case study

Why this matters
Mines have large energy
requirements and energy is a
significant operating cost. A
reliable energy source is a critical
requirement for project viability.
We also operate in jurisdictions
that are actively managing
high or competing demand for
energy consumption.
Depending on the source of
power, high energy use can
also result in high air emissions,
including greenhouse gas (GHG)
emissions. As our GHG emissions
are primarily a direct result of
electricity or fuel consumption to
power our operations, we deal with
them mainly through management
of our energy use.
For our first sustainability report,
we are considering all energy
used on site to support extraction,
processing and other associated
activities. Our data does not
include fuel requirements for
transportation of employees or
concentrate to and from operations,
as it is not material compared to
energy requirements for extraction
and processing.
How we manage it
All of our operations use grid
power. Grid power is derived
from different sources in each
jurisdiction. In Arizona, grid
electricity is generated from a
combination of nuclear, coal and
hydro. The Mexican grid is powered
primarily by thermal sources and
hydro. Cozamin needs to maintain
energy consumption within
authorized limits. In Yukon, grid
energy is primarily from hydro
that is supplemented by diesel
generation in winter or drought
conditions. Various power options
including solar energy are being
evaluated for Santo Domingo.
Fuel (primarily diesel and gasoline)
is used to power heavy equipment,
light vehicles and generators.
Energy
Our Values in Action: Executing With Excellence
We apply innovation to reduce costs and support more sustainable operations.
The Minto Mine made a remarkable effort in 2014 to reduce costs by developing
an innovative long-hole drill mining technique. Part of the ore body, known as the
M-Zone, was not accessible from the open pit because it required a significant
amount of overburden stripping. This option was uneconomic, so the team at
Minto designed a solution that gave access to the ore body and met the stability
requirements to mine it safely. The approach uses pillars instead of backfill to
provide stability and utilizes blasting techniques to isolate ore. This generates less
waste rock which results in a huge cost savings in material handling and has allowed
us to move to long-hole mining in other areas. As a result, the underground mining
costs at Minto will be reduced 10-15% in 2015/16 by using both post pillar cut and
fill and long-hole methods.

We monitor energy closely.
Energy consumption is monitored
primarily as a cost driver through
a combination of monthly billing
and metering. Our operations
identify energy efficiency
initiatives such as purchasing
energy-efficient motors,
improving metering capability,
upgrading aging equipment
and ensuring appropriate
maintenance. We monitor
electricity use during peak
demand periods so we
can adjust our energy use
during these times.
How we performed
In 2014, we initiated an energy
management standard and
designated Energy Management
Teams at each operation.
The energy management
standard formalizes Capstone’s
requirements for continuous
improvement in our systems
and decision-making processes
related to energy. It will provide
a framework to help us con-
sistently evaluate our energy
consumption and efficiency
performance against our
baseline. In addition, this
4% Mine Site General &
Administrative Expenses
8% Power
8% Diesel,Gas & Lubricants
13% Consumables
15% Maintenance
25% Contractors & Consultants
27% Salaries
Capstone Energy Expenditures 2014
Energy expenditures represented 16% of
Capstone’s production costs in 2014,spent
predominantly on diesel and electricity.
Energy Consumption Within Capstone and Associated GHG Emissions
Energy use (gigajoules) Pinto Valley Cozamin Minto Total 2014
Fuel1
752,400 105,256 311,841 1,169,497
Electricity 1,200,048 167,188 130,689 1,497,925
Total energy consumption 1,952,448 272,444 442,530 2,667,422
Energy-related GHG emissions (tonnes CO2e)
Direct GHG Emissions2
52,658 7,795 21,468 81,921
Indirect GHG Emissions3
229,859 30,368 2,178 262,405
Total GHG emissions 282,157 38,163 23,646 344,326
1 Fuel includes diesel,gasoline,propane and liquified petroleum gas.
2 Direct GHG Emissions are related to fuel consumption for activities controlled by our operations.Emissions are calculated in carbon equivalent (CO2e) tonnes using
guidance required in local jurisdictions.Sources for emissions factors and global warming potential (GWP) over 100 years are: (Canada) NRCAN,(US) EPA,(Mexico) PROFEPA.
GWP values convert GHG emissions data for non-CO2 gases into units of CO2 equivalents.
3 Indirect GHG Emissions are related to electricity purchased from other organizations.Emissions are calculated in carbon equivalent (CO2e) tonnes using guidance
required in local jurisdictions.Sources for emissions factors and global warming potential (GWP) over 100 years are: (Canada) NRCAN,(US) EPA,(Mexico) PROFEPA.
GWP values convert GHG emissions data for non-CO2 gases into units of CO2 equivalents.
standard allow us to analyze
the cost and benefit of energy
efficiency projects in a systematic
way and quantify performance
targets to integrate energy use
into management decisions. For
the first time as an organization
we have also quantified our
GHG emissions associated
with our energy use.
What’s next
• Continue implementing
our energy management
standard.
energy
2014 results

Water
Our Values in Action: Deliver Results
One of the key challenges at Cozamin is securing a continuous source of water in an arid
climate while operating in close proximity to local communities. Cozamin considered
stakeholder interests in coming up with an innovative solution for a sustainable, long-term
water supply that is anticipated to meet requirements for the remaining life of the mine.
Cozamin worked closely with the local municipal authorities on an initiative to build a
pipeline from the municipal water treatment plant to recycle wastewater as a water source
for the mine. Cozamin funded construction of a 10 km water pipeline from the treatment
plant to the mine site, which was completed in April 2014. This initiative provided
approximately 17.5% of the water consumed by mill in 2014, replacing a volume of water
that we would otherwise have extracted from a groundwater well.
Why this matters
Water is a critical input to the
mining process and is a finite
resource significant to local
communities and society. Water
is a highly regulated aspect in
all jurisdictions and is closely tied
to our social licence to operate.
Globally, fresh water is recognized
as an increasingly scarce resource,
so it is incumbent on us to make
the best use of water wherever
we operate.
Water is a key requirement in
processing activities and a reliable
source of water is required to
keep our operations in produc-
tion. Pinto Valley and Cozamin
are located in arid regions with
water shortages, in relatively close
proximity to local communities. In
these jurisdictions, a monetary cost
is attached to water use, which is a
business consideration.
Conversely, Minto is in a remote
location that experiences heavy
spring runoff (freshet) and typically
has a surplus of water on site from
natural run-off that is collected.
Minto needs to discharge water
from time to time, ensuring sufficient
storage capacity at the mine site to
accommodate higher precipitation
years and large storm events.
Our water performance data
includes the quantity of water
used by our operations.
How we manage it
We secure a continuous source
of water. This is an important
component of water management
practices at Pinto Valley and
Cozamin, which are located in
regions where water supplies are
limited. It involves securing water
rights or drilling additional wells.
In practice, we minimize water use
from shared sources. At Cozamin,
the only water we use from the
Zacatecas municipal supply is
potable water for drinking and
domestic use. Pinto Valley does
not share any water sources with
local communities; however, the
groundwater wells we rely on are
an important component of the
regional water regime. Santo
Domingo is designed to use sea-
water for processing. A desalination
plant will be built at the mine site
and a portion of this water will
be supplied to Diego de Almagro.
The community has limited water
resources and this additional
supply will cover anticipated
growth in the community as a
result of the project.
We model the balance of water.
In development and during
operations, we model the site
“water balance” – the balance of
water inputs (precipitation, surface
water, groundwater, runoff, etc.) and
outputs. This helps us understand
the amount of water available in the
environment, the amount of water
Water is used as part of the flotation circuit in the milling process (shown at left).

required for operations and how
much, if any, will be stored on site
or discharged to the environment.
Results of the water model
dictate design specifications of
site facilities, for example, storage
areas sized to maximize capacity
and practices to maximize the
amount of water that can be
recycled in the process.
We actively monitor water use.
We meter water use in key areas
and continually update the water
model to guide decisions on a
regular basis.
Other monitoring includes regular
inspection and maintenance of
storage catchments, pumps, pipes
and wells, regular review and
internal reporting activities. Minto
reports water storage capacity
and discharge capability internally
on a weekly basis to maximize
lead time to address any storage
capacity issues.
We implement best practices
to conserve and maximize
efficiency. We hold regular
meetings to discuss water
supply and applicable water
conservation strategies. At Pinto
Valley, key water conservation
strategies include using an
alternative, environmentally
friendly product for dust
suppression on roads instead of
water and reminding employees
to make water conservation an
integral part of daily activities.
Maximizing the amount of water
recycled from the tailings facility
and/or stormwater catchments is
a key management practice for
Pinto Valley and Cozamin.
We keep clean water clean.
Minto’s water management philo-
sophy is “keep clean water clean.”
This means that a network of
ditches, detention structures and
pipelines have been installed to
divert “clean” water around the
property to a water storage pond.
Water that comes into contact with
the disturbed area of the mine site
is considered “impacted” and is
conveyed to two storage ponds
which act as the continuous water
supply for the mill. Process water
and tailings from the mill are
pumped back to the mined-out pit
for storage and the water is then
recycled back to the mill. From this
perspective, the water used for
processing can be considered
100% recycled. Minto quantifies
the storage capacity available and
treats excess impacted water
before discharging to the
environment. Minto does not
calculate the amount of water
recycled because there is an
excess supply of water from
precipitation runoff into disturbed
areas. Minto does not draw on
surface or groundwater sources for
processing, and uses groundwater
only for camp services.
How we performed
Water withdrawal refers to all water
drawn into the site boundaries in a
given year. In 2014, our operations
maintained the water balance
within inventory targets and process
requirements. Continuous focus on
conservation also yielded positive
results. At Pinto Valley, using an
alternative to water for dust
suppression on site roads resulted
in a savings of about 2,080 m3
of
water per month.
water
2014 results
Water Withdrawal by Source/Water Recycled and Reused
Volume (m3
) Pinto Valley Cozamin Minto Total 2014
Surface water 0 0 0 0
Groundwater 8,630,421 437,570 11,156 9,079,147
Precipitation1
637,764 110,544 1,595,716 2,344,024
External waste water 0 120,245 0 120,245
Municipal or utility supply 0 11,628 0 11,628
Total water withdrawal 9,268,185 679,987 1,606,872 11,555,044
Water recycled and reused 5,170,796 358,807 Not measured2
5,529,603
Recycled and reused as percentage of total water withdrawal 56% 53%
1 Includes rainfall and surface run-off collected and stored on site.
2 Minto operates in a region where there is ample precipitation; therefore,a technique for measuring recycled water is not required
for water management as by design,the vast majority of impacted water is continually cycled through the system.

Why this matters
As a resource and labour-intensive
industrial activity, mining has the
potential for impacts on commu-
nities, both positive (we refer to
these as benefits in this document)
and negative. We are interested in
creating and sustaining community
benefits wherever we operate.
The greatest opportunities are
mainly through employment,
training and community investment
opportunities. Refer to Employ-
ment and Economic Impacts
sections for more information
about community benefits. In this
Community Impacts
We have involved the surrounding communities in the Santo Domingo development process.
We designed the Early Citizen Participation Program to allow local communities to better
understand the major project components and to gather community feedback. The process
consisted of surveys and open houses conducted over two years and resulted in a number
of changes to the proposed project that were incorporated into the Environmental Impact
Assessment and Feasibility Study, summarized below:
• Relocation of the tailings storage facility 8.5 km southeast of Diego de Almagro
• Construction of a bypass road to accommodate mine traffic to reduce traffic congestion
• Development of a hiring plan for local workers to outline training programs and capacity
building in local technical schools
• Definition of requirements for a community relations plan based on concrete feedback
• Building permanent access to coastal areas near the port to ensure unrestricted access
for local seaweed collectors
section we address the potential
for negative impacts — how we
understand and manage them.
The proximity of these commu-
nities to our operations increases
the potential for environmental
or socio-economic impacts. In
the regions near our operations,
there are long traditions of mining
and many of the neighbouring
communities were established
to support mining. Communities
are familiar with the challenges
and operational requirements of
mining. Still, it is important for
us to work together to identify,
understand and mitigate potential
concerns and impacts.
How we manage it
We consider the potential for
impacts on communities during
various phases of the project
life cycle. While we don’t have
a formal community engagement
system in place for grassroots
exploration activities, we recognize
exploration as our first opportunity
to build local relationships. Our
Providencia property is located in
an area remote from the nearest
community. At this early stage we
have made efforts to provide local
opportunities for employment in
field work or procurement of
services and supplies.
We engage communities in
project development through
direct consultation. For example,
Minto established a bilateral tech-
nical working group to integrate
Selkirk First Nation feedback into
design concepts and to address
concerns in advance of filing permit
applications for its Phase V/VI
expansion proposal. Regulatory
processes in Yukon, Mexico, Arizona
and Chile have opportunities for
public input and participation.

community impacts
2014 results
Each operation establishes and
maintains relationships with
local communities and other
stakeholders. While the approach
to understanding concerns differs
slightly between operations,
it includes similar elements:
• Designating personnel that
liaise with the local community
and stakeholders
• Compiling a stakeholder
engagement plan and
documenting outcomes
• Conducting regular meetings
with local authorities, leaders
and stakeholders
• Responding to any grievances
or complaints
Our operations are still some years
from closure. We expect
our assessments of potential
impacts on communities at closure
will be reviewed with our stakehold-
ers through existing communication
mechanisms.
How we performed
We considered input from our
General Managers and local
community relations teams to
help evaluate our performance.
There were no disputes in 2014
relating to land use, customary
rights of local communities and
indigenous peoples.
The regulatory processes for Minto
and Santo Domingo required us
to complete environmental and
socioeconomic impact assessments
and these provide a basis for
understanding and mitigating
impacts. Our local stakeholder
engagement practices also
identify impacts.
At Pinto Valley and Cozamin,
where regulatory processes have
not resulted in a formal impact
assessment, we have identified the
impacts our operations are managing.
Refer to the Water Quality and Air
Quality sections for information on
how we are progressing on those
aspects, where available.
For Minto and Santo Domingo,
local stakeholders have some concern
about how mining could affect
community dynamics, traditional
livelihoods and their way of life.
See our sidebar story on page
36 to see how we’re addressing
this at Santo Domingo.
At Minto, a Tripartite Socio-
economic Monitoring Agreement
was executed by Minto, the
SFN and the Yukon Government
in July 2014. This agreement
is the first of its kind in Yukon.
It sets out requirements for
ongoing monitoring of potential
socio-economic impacts of the
mine on Pelly Crossing and the
SFN. Each group will contribute
data to an annual report that will be
completed by a third party. Results
will be presented to community
members on a regular basis.
Community Impacts
Operation/Project Community Characteristics Proximity to Nearest Community (km) Impacts Requiring Mitigation1
Pinto Valley Established with a long history of mining 10 Water quality in Pinto Creek
Other economic activity in the area Water quantity in surrounding area
Dust
Cozamin Established with a long history of mining 3 Dust
Other economic activity in the area Limited access to water
Minto Remote community; Minto is first mine in the region 35 Dust
Water quality in Minto Creek
Changes to community life
Santo Domingo Established with a long history of mining 7 Water
Other economic activity in the area Dust
Changes in community life
1 These impacts correspond to stakeholder concerns our operations have identified.

Employment
Why this matters
Developing a skilled and engaged
workforce is critical to our business
success. It can be difficult to hire
and retain qualified employees
in a competitive market or in
remote areas.
Local employment opportunities
are a key benefit of mining
operations, especially in remote
areas. Employment opportunities
contribute significantly to building
capacity in local communities
and regions by developing skills
of local people and providing
wages that increase opportunities
for local spending.
How we manage it
Our key objectives are attraction,
retention and development.
Our workforce strategies include:
• Clearly defined and embedded
core values
• Industry-competitive compen-
sation and benefits programs
• Focus on local recruitment
at our operations
• Annual performance reviews
and objective setting
• Training and development
opportunities
• Succession planning to
identify successors and
high-potential employees
• People policies and programs
that clearly communicate
our principles for equitable
treatment and the expectations
of employees and their rights
We have a program to measure
and reward performance. We
have a performance management
program in place to help objectively
measure and reward performance
at the individual, department,
operation and corporate levels.
At the start of each year, our senior
management team sets corporate
objectives approved by the Board
of Directors, which cascade to
each of our operations and to
all employees. Our corporate
objective results are communi-
cated and linked to compensation
of our employees. This program
gives our employees a sense of
ownership and contribution towards
our performance as a company.
At our operations, maximizing
local employment results in
benefits for local communities.
Local employment is more
sustainable and there is typically
less turnover. Each of our operations
has unique challenges in managing
employment. Pinto Valley has
difficulty attracting skilled trades
people due to high demand and
competing industries.
A group of our employees came together in Arizona last year to attend a commissioned
course entitled “Sampling Theory, Sampling Practices and their Economic Impact.”
The course was facilitated by an expert in sampling, statistical process control and total
quality management. In addition to providing a valuable platform for collaboration,
this exercise demonstrated our commitment to best practice across the organization.
The course stressed the need to use the scientifically correct methodology versus convenient
or traditional practices for compilation of mineral resource and reserve data. We believe it is
of key importance for our people to be well trained in best practices and industry standards.

While Cozamin is well situated and
able to engage a local workforce,
retention efforts focus on strong
leadership, transparent training
initiatives and recognizing the
importance of local traditions.
Minto is a camp-based operation
with a rotational schedule where
it can be challenging to attract and
retain employees for a long period
of time. Pinto Valley is our only
operation with a collective
bargaining agreement which
covers 61% of Pinto Valley
employees, totalling 27% of
Capstone’s employees. The
existing agreement expired in
June 2014 and discussions have
been ongoing since that time.
How we performed
There were some variations
in our workforce in 2014.
The size of Capstone’s workforce
increased significantly following
acquisition of Pinto Valley, and in
2014 we focused on integrating
Pinto Valley into our culture.
During the course of the year,
employment
2014 results
Minto’s workforce was reduced by
94 contractor positions when the
next phase of surface mining was
delayed because the permitting
process took longer than expected.
Minto slowed production and
altered the mine plan to avoid
a shutdown.
Employment by Region1
/Local Hiring
Pinto Valley Cozamin2
Minto Santo Domingo Corporate3
Total 2014
M F M F M F M F M F M F
Full-time permanent employees 503 99 417 41 146 20 19 10 43 24 1,128 194
Part-time permanent employees 0 0 0 0 0 0 0 0 0 3 0 3
Temporary employees4
0 0 0 1 2 4 4 2 4 3 10 10
Total employees by gender 503 99 417 42 148 24 23 12 47 30 1,138 207
Total employees 602 459 172 35 77 1,345
Full-time contractors5
66 14 215 8 86 24 58 4 0 0 425 50
Total workforce by gender 569 113 632 50 234 48 81 16 47 30 1,563 257
Total workforce 682 682 282 97 77 1,820
Workforce6
from local7
community (%) 37% 94% 40% 16%
Percentage of senior management8
25% 14% 0% 33%
from local community (%)
1 Includes full-time salaried and hourly employees that are employees of Capstone Mining Corp.(corporate) and its subsidiaries – PintoValley (PintoValley Mining Corp.),Cozamin (Capstone Services
S.A.de C.V.and Capstone Mining S.A.de C.V.),Minto (Minto Explorations Ltd.),Santo Domingo (Minera Santo Domingo Chile SCM) and Chile Exploration (Capstone Mining Chile SpA).
2 Employees listed are employees of either Capstone Mining Services S.A.de C.V.or Capstone Mining S.A.de C.V.,which are wholly owned subsidiaries of Capstone Gold S.A.de C.V.
3 Includes employees of Chile Exploration.
4 Includes employees with finite employment contracts.
5 Includes contractors regularly on site performing core business functions.
6 Total workforce for significant areas of operation (excluding corporate office).
7 “Local” is defined in the context of each of our operations and the communities that are directly economically,socially or environmental impacted by our operations.Refer to operation profiles.
8 Senior management includes direct reports to the Mine General Managers.

Employee New Hire Rate1
Total Capstone Rate (%)
Employees at year end 602 459 172 35 77 1,345
Total new hires 124 41 84 6 17 272
New hire rate (%) 21% 9% 49%4
17% 22% 20%
New hires by gender
Male new hires 106 29 67 4 10 216 19%
Female new hires 18 12 17 2 7 56 27%
New hires by age
25 or younger 12 13 20 0 3 48 43%
26-35 32 24 25 0 6 87 22%
36-45 31 3 15 4 3 56 17%
46-55 21 1 14 0 3 39 14%
56 or older 28 0 10 2 2 42 18%
employment
2014 results
Employee Turnover by Region,Gender & Age1
Total Capstone Rate (%)
Employees at year end 602 459 172 35 77 1,345
Total departures5
95 54 80 2 5 236
Turnover rate (%) 16% 12% 47%4
6% 6% 18%
Departures by gender
Male departures 85 46 66 1 1 199 17%
Female departures 10 8 14 1 4 37 18%
Departures by age
25 or younger 7 5 10 0 3 25 22%
26-35 22 25 29 0 1 77 19%
36-45 24 8 16 2 1 51 15%
46-55 12 6 16 0 0 34 13%
56 or older 30 10 9 0 0 49 21%
1 Includes full-time salaried and hourly employees that are employees of Capstone Mining Corp. (corporate) and its subsidiaries – Pinto Valley (Pinto Valley Mining Corp.), Cozamin
(Capstone Services S.A. de C.V. and Capstone Mining S.A. de C.V.), Minto (Minto Explorations Ltd.), Santo Domingo (Minera Santo Domingo Chile SCM) and Chile Exploration
(Capstone Mining Chile SpA).
2 Employees listed are employees of either Capstone Mining Services S.A. de C.V. or Capstone Mining S.A. de C.V., which are wholly owned subsidiaries of Capstone Gold S.A. de C.V.
3 Includes employees of Chile Exploration.
4 Minto experiences seasonal variation related to temporary contracts for ice bridge and barge operation and summer student programs. 2014 seasonal work also included a drill
program and temporary support personnel in the mill.
5 Includes voluntary and involuntary departures between January 1 and December 31, 2014.
7% Selkirk First Nation
18% Other First Nations
18% OtherYukon
57% Rest of Canada
Minto Employee Statistics
Minto focuses on hiring First Nations and local
Yukon residents.This is an important strategy
for a remote operation striving to build a
sustainable workforce.

“I’ve grown up in this community with both my parents working at the Pinto Valley Mine for
most of their working lives. I was in business for myself before joining the mine operations
team shortly before Capstone took over the mine. Having been a small business owner I have
a strong understanding for what it takes to survive, being able to adapt to your environment
and anticipate the needs of the business. I have seen a strong commitment from Capstone
to build a strong future at Pinto Valley, with the completion of the PV2 mine plan and
investment in new equipment to improve operational efficiencies.”
Leora Hunsaker, Administrative Assistant, Pinto Valley Mine
Economic Impacts
why this matters
Our financial performance is the
primary measure of our economic
impacts. This represents our ability
to achieve our business objectives
and execute our strategy.
For our stakeholders, economic
impacts have a broader meaning
that include how our activities
generate and distribute value
in the communities and regions
where we operate. The two are
closely linked. Strong financial
performance ensures we can
continue contributing our direct
investments and indirect economic
benefits that have value to the
communities where we operate.
Direct community investment
is part of our overall strategy to
support the communities where
we live and work.
How we manage it
We set and achieve operational
and financial performance goals.
This ensures our operations
continue to generate cash flow,
earnings and direct contributions
to local economies.
As much as possible,we engage
local suppliers and contractors
to direct our spending locally.
Pinto Valley engages local
suppliers and vendors in
Globe-Miami. At Minto, our
surface mining contractor, one
of our largest suppliers, is a
Yukon-based company. Cozamin
is a member of our Zacatecas
Mining Cluster that supports
mining suppliers with the
combined demand of multiple
mines in the area.
We focus our community
investment in the areas of
health and social welfare,
youth, education, environment
and local communities.
Preference is given to non-profit
organizations and causes that
contribute to long-term benefit
in the community. Our operations
determine how the funds are
best distributed in the local
communities, and in many cases
this is based on direct requests
from within the communities
themselves.
The US is the only country where
we operate that is a candidate
country under the Extractive
Industries Transparency Initiative
(EITI). Countries that implement
EITI are committed to ensure
full disclosure of taxes and other
payments made by resources
companies to governments.

how we performed
We have not quantified our
indirect economic impacts, but
as employment is one of our
main direct impacts, we see that
an important indirect benefit is
the spending by our workers,
sometimes in remote areas.
Mining also uses considerable
energy, materials and equipment,
the production and distribution of
which has ripple effects through-
out the economies in the regions
where we procure them.
We believe that our efforts to
build skilled workforces at each
of our operations, including
the direct support of training
initiatives, builds capacity of the
workers, which in turn encourages
additional economic activity.
We strive to understand both
community perceptions and
needs. In 2014, we completed
studies in the Pinto Valley,
Cozamin and greater Yukon area
communities to help us better
understand both community
Economic Value Generated and Distributed by Region (000’s of US $)
Canada US Mexico Chile Other Total 2014
Direct economic value generated1
Revenue 138,121 377,971 140,106 0 0 656,198
Economic value distributed
Operating costs 68,142 179,868 54,114 7,305 60 309,489
Employee wages and benefits 31,493 63,564 11,944 6,538 0 113,539
Payments to providers of capital 8,578 1,449 0 0 0 10,027
Taxes and other payments to (recoveries from) governments (64) 6,962 24,288 2 0 31,188
Community investments 546 243 105 19 0 913
Total economic value distributed 108,695 252,086 90,451 13,864 60 465,156
Economic value retained (distributed) 29,426 125,885 49,655 (13,864) (60) 191,042
1 Refer to audited financial statements.
economic impacts
2014 results
perceptions and needs. The
Pinto Valley study indicated
youth and education as areas
of need. Pinto Valley used the
results to focus on longer-term
initiatives that supplement
charitable giving. The Cozamin
study validated the community
support programs already
underway. Results of the
greater Yukon study will be
available in 2015.

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