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Capstone Copper (CS) investor relations material
Capstone Copper Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record revenue and adjusted EBITDA in Q3 2025, driven by strong copper production, lower cash costs, and operational excellence across key assets, with Mantoverde and Mantos Blancos leading gains.
Sanctioned the Mantoverde Optimized project and entered a joint venture with Orion at Santo Domingo, securing up to $360 million in funding, a buyback option, and advancing growth in the Atacama copper district.
Exploration programs advanced at Mantoverde, Santo Domingo, and Sierra Norte, with positive drill results and expanded regional concessions, including a new agreement with ENAMI.
Published 2024 Sustainability Report and received The Copper Mark award at Pinto Valley for responsible production.
Maintained a strong balance sheet and liquidity position, supporting ongoing growth initiatives.
Financial highlights
Q3 2025 revenue reached $598.4 million, up from $419.4 million in Q3 2024, with record adjusted EBITDA of $249.2 million, up 106% year-over-year.
Realized copper price was $4.49/lb, above the LME average and up from $4.24/lb in Q3 2024.
C1 cash cost was $2.42/lb, down $0.03 sequentially and $0.42 year-over-year; sulphide unit costs were $2.00/lb, cathode unit costs $3.87/lb.
Adjusted net income attributable to shareholders was $49.4 million ($0.06/share); operating cash flow before working capital was $231.2 million.
Available liquidity was $1,071.1 million, with $310 million in cash/short-term investments and net debt of $726 million as of September 30, 2025.
Outlook and guidance
2025 consolidated copper production is trending toward the lower half of the 220,000–255,000 tonne guidance range, with C1 cash costs in the upper half of the $2.20–$2.50/lb range.
Mantoverde Optimized project to add 20,000 tpa copper by early 2027; construction is on schedule.
Sustaining capital guidance for 2025 is $255 million; exploration expenditure guidance is $40 million.
Expansionary capital guidance revised to $70 million, and capitalized stripping guidance increased to $230 million.
Santo Domingo sanctioning targeted for H2 2026, with project financing and engineering underway.
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