Capstone Copper Corp

Latest Results (16.05.2026):

Capstone Copper Corp reported Q1 2026 results showing strong earnings driven by higher copper prices: revenue of $652.5 million and net income attributable to shareholders of $102.5 million ($0.13/share). The company posted record adjusted net income of $94.8 million ($0.12/share) and a sixth consecutive quarterly record adjusted EBITDA of $329.1 million, even as consolidated copper production fell to 47,960 tonnes in Q1 2026 versus 53,796 tonnes a year earlier.

Financial results

Q1 2026 revenue $652.5M; net income attributable to shareholders $102.5M ($0.13/share) vs a loss of $6.8M in Q1 2025. Adjusted net income $94.8M ($0.12/share). Record adjusted EBITDA $329.1M (sixth straight quarterly record).

Cash flow and balance sheet

Operating cash flow before working capital $217.9M. Net debt improved to $737.5M (Mar 31, 2026) from $780.1M at year-end. Available liquidity $1,046.3M (cash $394.1M + $652.2M undrawn on $1B RCF). In March Capstone repaid a $30M early deposit under the Gold PMPA with Wheaton, removing a $22.0M liability and freeing the full $290M commitment for Santo Domingo funding.

Production and unit costs

Consolidated copper production 47,960 t (down 11% YoY) with C1 cash costs $2.66/lb (slightly up from $2.59/lb). Sulphide production 40,875 t at $2.18/lb. Realized copper price rose to $5.92/lb (Q1 2025: $4.36/lb), supporting margins despite lower volumes.

Operational drivers

Production decline was mainly due to a 35‑day strike at Mantoverde (70% owned) causing lower throughput and heap/cathode output; Mantoverde Q1 production 19,018 t and recoveries improved to a record 90.3%. Other sites saw expected mine-sequence grade impacts and some unplanned downtime (Pinto Valley filter/roof failures).

Projects and guidance

2026 guidance unchanged: 200–230 kt copper, C1 cash costs $2.45–$2.75/lb, sustaining capex $270M, expansionary capex $225M, capitalized stripping $225M, exploration $70M. MV Optimized expansion on track with unchanged capital estimate of $176M and expected incremental ~20,000 tpa copper (ramp in late 2026 / sustained 2027).

Costs, risks and outlook

Higher diesel and sulphuric acid prices are upward cost pressures (sensitivity: every 10% oil change ≈ $13M direct cost; every 10% acid change ≈ $5M to C1). Company notes stronger by‑product (gold/silver) prices and hedging/fixed acid contracts help offset input cost inflation. Capstone continues to advance Santo Domingo and district exploration while monitoring geopolitical risks.