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Capstone Copper (CS) investor relations material
Capstone Copper Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record consolidated copper production of 57,400 tonnes in Q2 2025, up 40% year-over-year, with lowest cash costs to date and strong operational performance at Chilean assets.
Completed ramp-ups at Mantoverde and Mantos Blancos, both exceeding design throughput; Cozamin delivered steady production and low costs.
Completed debt refinancing and repaid Mantoverde project finance facility, enhancing financial flexibility and increasing available liquidity to over $1.1 billion.
Received key environmental permit for Mantoverde Optimized project, enabling imminent project commencement.
Launched company-wide biodiversity standard as part of ESG strategy and included in S&P/ASX 200 Index.
Financial highlights
Record quarterly revenue of $543.2M, driven by strong copper production and higher realized copper prices ($4.39/lb).
Adjusted EBITDA reached $215.6M, up 75% year-over-year; adjusted net income attributable to shareholders was $27.5M ($0.04/share), a 32% improvement year-over-year.
Free cash flow of approximately $95M generated in Q2; operating cash flow before working capital changes was $212.4M.
Net debt reduced to $691.9M from $788.1M in Q1; net debt/EBITDA ratio improved to 1.0x.
Available liquidity exceeded $1.1B, including $312M in cash and $795M in undrawn credit.
Outlook and guidance
2025 consolidated copper production guidance reaffirmed at 220,000–255,000 tonnes at C1 cash costs of $2.20–$2.50/lb.
Production expected to be stronger in H2 2025, with Mantoverde, Mantos Blancos, and Cozamin tracking to upper end of guidance, offsetting Pinto Valley at lower end.
2025 sustaining and expansionary capex guidance maintained at $315M, plus $210M for capitalized stripping and $25M for exploration.
Mantoverde Optimized project to be sanctioned imminently, funded through internal cash flows.
Santo Domingo partnership process advanced, with announcement expected in Q3 and project sanctioning targeted for mid-2026.
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