Capstone Copper Corp

Latest Results (04.04.2026):

Capstone Copper Corp. reported results for Q4 2025 showing record quarterly revenue and operating performance: consolidated copper production reached 58,273 tonnes, adjusted EBITDA set a quarterly record at $308.0 million, and C1 cash costs fell to $2.31/lb. The quarter and full-year results reflect higher volumes, stronger realized copper prices and lower unit costs as the company ramps sulphide production and advances growth projects.

Quarterly financials

Q4 2025 revenue was $685.0 million (Q4 2024: $446.9m). Net income attributable to shareholders for Q4 2025 was $50.6 million ($0.07/share) versus $45.9 million ($0.06/share) in Q4 2024; realized copper price in the quarter was $5.36/lb (Q4 2024: $4.04/lb).

Record adjusted EBITDA

Adjusted EBITDA for Q4 2025 was a quarterly record $308.0 million (Q4 2024: $171.9m), driven by higher sulphide copper volumes, lower C1 cash costs and stronger metal prices.

Production and unit costs

Consolidated Q4 2025 copper production was 58,273 tonnes (up 8% y/y) with consolidated C1 cash costs of $2.31/lb (down from $2.52/lb in Q4 2024). Sulphide production was the key driver, at 46,891 tonnes in the quarter.

Full-year 2025 performance

For the full year 2025, revenue was $2,359.9 million and net income attributable to shareholders was $315.9 million ($0.41/share) versus $82.9 million in 2024. Adjusted EBITDA for 2025 was $952.7 million (2024: $496.1m).

Cash flow and liquidity

Operating cash flow before changes in working capital for Q4 2025 was $287.3 million (Q4 2024: $132.8m); full-year operating cash flow before changes in working capital was $897.0 million. Total available liquidity at December 31, 2025 was $1,015.2 million (cash $304.2m + $711.0m undrawn on RCF).

Net debt

Net debt stood at $780.1 million at December 31, 2025 (up from $725.8m at Sept 30, 2025), reflecting a working-capital timing effect driven by receivable collections and sales timing.

2026 guidance and capital plan

Capstone released 2026 guidance of 200,000–230,000 tonnes of copper at C1 cash costs of $2.45–$2.75/lb. Planned 2026 capital spend is $495 million (sustaining $270m; expansionary $225m) plus $225 million in capitalized stripping, and $70 million planned for exploration.

MV Optimized and other growth projects

MV Optimized (Mantoverde sulphide concentrator expansion) was sanctioned in 2025 and construction began; estimated capital ~$176 million to raise throughput to ~45,000 tpd with ramp-up expected in Q4 2026 and sustained capacity in early 2027. Mantos Blancos Phase II and Pinto Valley district opportunities are under evaluation.

Santo Domingo partnership and exploration

Capstone announced an Orion transaction (Orion to acquire 25% of Santo Domingo and Sierra Norte for up to $360m subject to FID) and received $10m equity subscription. The company is advancing Santo Domingo toward a potential FID in H2 2026 and is executing an expanded district exploration program (including a 54,700‑m Santo Domingo drill program and continued Mantoverde drilling).