Capstone Copper Corp

Latest Results (01.10.2025):

Capstone Copper Corp reported strong financial results for the second quarter of 2025 (Q2 2025), achieving record revenue and adjusted EBITDA. The company’s increased copper production, coupled with effective cost management, contributed to significant improvements in profitability and cash flow. Additionally, Capstone successfully completed its balance sheet refinancing, positioning the company for continued growth and operational excellence in the upcoming quarters.

Record Copper Production

In Q2 2025, Capstone Copper Corp achieved a consolidated copper production of 57,416 tonnes, marking a 40% increase compared to Q2 2024. This surge was primarily driven by the ramp-up of sulphide production at the Mantoverde and Mantos Blancos operations, with the Mantoverde sulphide concentrator contributing 16,507 tonnes of copper in concentrate.

Improved C1 Cash Costs

The company reported a 12% decrease in C1 cash costs, reducing to $2.45 per pound in Q2 2025 from $2.80 per pound in the same period last year. This improvement was largely due to higher production volumes and lower unit costs at key operations, including Mantoverde sulphides and Mantos Blancos sulphides.

Record Adjusted EBITDA

Capstone Copper Corp set a new quarterly record with an adjusted EBITDA of $215.6 million in Q2 2025, up from $123.1 million in Q2 2024. The increase was primarily driven by higher sulphide copper production and improved operational efficiencies across the company’s mining assets.

Strong Operating Cash Flow

Operating cash flow before changes in working capital reached $212.4 million in Q2 2025, a significant rise from $102.9 million in Q2 2024. This strong cash flow underscores the company’s ability to generate substantial liquidity from its core operations.

Reduced Net Debt and Enhanced Liquidity

Net debt decreased to $691.9 million as of June 30, 2025, down from $788.1 million at the end of March 2025. Capstone also maintained total available liquidity of $1,106.6 million, including $311.6 million in cash and short-term investments and $795.0 million in undrawn credit facility amounts.

Balance Sheet Refinancing Completed

Capstone successfully completed its balance sheet refinancing by repaying the $477 million outstanding balance on the Mantoverde project finance facility. A new term loan has been established for Mitsubishi Materials Corp.’s $145 million portion, featuring a two-year grace period and restructured debt maturities, enhancing the company’s financial stability.

Reaffirmed 2025 Guidance

The company reaffirmed its 2025 guidance, targeting copper production of 220,000 to 255,000 tonnes at C1 cash costs of $2.20 to $2.50 per pound. Capstone expects higher production in the second half of 2025, supported by the operational efficiency of the Mantoverde project and ongoing capital investments.