Capstone Copper (CS) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 financial results, including revenue and adjusted EBITDA, driven by strong copper production, lower cash costs, and operational improvements across key assets.

• Construction began on Mantoverde Optimized, targeting near-term production growth and extended mine life.

• Joint venture with Orion Resource Partners at Santo Domingo secured, unlocking up to $360 million in funding, a buyback option, and milestone payments.

• Exploration programs advanced at Mantoverde, Santo Domingo, and Sierra Norte, supporting long-term growth.

• Sustainability progress highlighted by the 2024 Sustainability Report and Copper Mark award at Pinto Valley.

Financial highlights

• Q3 2025 revenue reached $598.4 million, with record adjusted EBITDA of $249.2 million, up 106% year-over-year.

• Gross margin was $2.07/lb; C1 cash costs decreased to $2.42/lb, down 15% year-over-year.

• Adjusted net income attributable to shareholders was $49.4 million ($0.06 per share).

• Operating cash flow before working capital changes was $231.2 million.

• Net debt at September 30, 2025 was $726 million, with available liquidity of $1,071 million.

Outlook and guidance

• 2025 consolidated copper production is trending toward the lower half of the 220,000–255,000 tonne guidance range; C1 cash costs are trending toward the upper half of the $2.20–$2.50/lb range.

• Mantoverde Optimized project on track for ramp-up in 2026 and full throughput in early 2027.

• Santo Domingo sanctioning decision targeted for H2 2026, with project financing underway.

• 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.