Capstone Copper Corp

Latest Results (20.11.2025):

Capstone Copper Corp reported Q2 2025 results showing record operational and cash-generation improvements: consolidated copper production hit a record 57,416 tonnes, adjusted EBITDA set a quarterly record, and the company strengthened its balance sheet while receiving the Mantoverde Optimized environmental permit. The quarter featured higher sulphide output, lower unit cash costs and reaffirmed 2025 guidance.

Production

Q2 2025 consolidated copper production was 57,416 tonnes (sulphides 47,086 t; cathodes 10,330 t). Mantoverde sulphides produced 16,507 tonnes. Copper sold was 53,977 payable tonnes (≈1,800 tonnes below production due to sales timing).

Costs and Prices

Consolidated C1 cash costs were $2.45/lb in Q2 2025 (down from $2.80/lb in Q2 2024). Sulphide C1 cash costs were $2.20/lb and Mantoverde sulphides were $1.51/lb. Realized copper price was $4.39/lb for the quarter.

Profitability and Cash Flow

Adjusted EBITDA (record) was $215.6 million in Q2 2025 (Q2 2024: $123.1M). Net income attributable to shareholders was $24.0 million ($0.03/share); adjusted net income was $27.5 million ($0.04/share). Operating cash flow before changes in working capital was $212.4 million.

Balance Sheet & Liquidity

Net debt decreased to $691.9 million at June 30, 2025 (from $788.1M at March 31, 2025). Total available liquidity was $1,106.6 million: $311.6M cash and short-term investments plus $795.0M undrawn on the revolving credit facility.

Refinancing

Capstone completed balance sheet refinancing, repaying the $477 million outstanding Mantoverde project finance facility (Capstone’s share $334M). A new term loan was put in place for Mitsubishi Materials’ $145M portion with a two‑year grace period and extended maturities.

Guidance & Capital Program

The company reaffirmed 2025 guidance: 220,000–255,000 tonnes of copper at $2.20–$2.50/lb C1 cash costs. Total 2025 sustaining and expansionary capex guidance is $315M, plus $210M capitalized stripping and $25M exploration.

Permitting

Capstone received the DIA environmental permit for the Mantoverde Optimized project, removing throughput permitting constraints and enabling imminent commencement of the optimized project.