March 2, 2026 — Leads & Copy — Capstone Copper Corp. (TSX: CS) (ASX: CSC) has released its financial results for the three months and year ended December 31, 2025 (“Q4 2025”). The company reported record consolidated copper production and met its production and cost guidance for the year.
In 2025, Capstone’s copper production increased by 22%, leading to record EBITDA generation. The company advanced its growth strategy by sanctioning the Mantoverde Optimized project, forming a partnership for the Santo Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district.
President and CEO of Capstone, Cashel Meagher, stated that the company is focused on delivering dependable operational results and advancing high-return organic growth opportunities in 2026. This includes executing the Mantoverde Optimized Project construction, tie-in, and ramp-up, advancing Santo Domingo towards a sanctioning decision, and progressing the district growth strategy through exploration.
Q4 2025 Highlights
Record consolidated total contained copper production for Q4 2025 was 58,273 tonnes at C1 cash costs of $2.31/lb. Total Q4 2025 copper sold of 54,038 payable tonnes was approximately 2,600 tonnes below payable production largely driven by timing of sales at Mantoverde.
The company achieved its 2025 production and cost guidance, with record consolidated copper production of 224,764 tonnes at C1 cash costs of $2.44/lb.
Net income attributable to shareholders was $50.6 million, or $0.07 per share for Q4 2025, compared to $45.9 million, or $0.06 per share for Q4 2024. Net income attributable to shareholders for the full year 2025 was $315.9 million or $0.41 per share compared to $82.9 million or $0.11 per share for full year 2024.
Adjusted net income attributable to shareholders was $78.7 million, or $0.10 per share for Q4 2025, compared to $29.6 million in Q4 2024. Adjusted net income attributable to shareholders for the full year 2025 was $163.6 million or $0.21 per share.
Record adjusted EBITDA was $308.0 million for Q4 2025 compared to $171.9 million for Q4 2024. Adjusted EBITDA for the full year 2025 was $952.7 million compared to $496.1 million for full year 2024.
Operating cash flow before changes in working capital was $287.3 million in Q4 2025 compared to $132.8 million in Q4 2024. Operating cash flows before changes in working capital for the full year 2025 was $891.3 million.
Net debt was $780.1 million as at December 31, 2025, increased from $725.8 million as at September 30, 2025, as result of a negative working capital adjustment of $108.9 million mainly due to the timing of receivable collections, with sales activity weighted towards the latter part of the quarter. Total available liquidity of $1,015.2 million as at December 31, 2025, comprised of $304.2 million of cash and cash equivalents, and $711.0 million of undrawn amounts on the $1 billion corporate revolving credit facility.
The company released 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs of $2.45 to $2.75 per payable pound of copper.
On February 5, the company announced the signing of a new three-year collective bargaining agreement with Mantoverde’s Union #2, ending the strike action which commenced on January 2, 2026. Mantoverde has successfully negotiated three-year agreements with all four of its unions.
Operational Overview
Sulphide business Q4 2025 sulphide production was 46,891 tonnes of copper, 6% higher than Q4 2024. 2025 sulphide production increased by 30% to 184,830 tonnes. Q4 2025 sulphide C1 cash costs decreased by 17% to $1.80/lb. 2025 sulphide C1 cash costs of $2.00/lb were 17% lower than 2024.
Cathode Business Q4 2025 cathode production was 11,382 tonnes of copper, 16% higher than Q4 2024. 2025 cathode production decreased by 7% to 39,934 tonnes. Q4 2025 C1 cash costs for the cathode business increased to $4.07/lb. 2025 cathode C1 cash costs of $4.07/lb increased from $3.51/lb in 2024.
Consolidated Production Q4 2025 copper production was 58,273 tonnes, 8% higher than Q4 2024. 2025 consolidated production was 224,764 tonnes of copper, 22% higher than 2024. Q4 2025 C1 cash costs were $2.31/lb, 8% lower than Q4 2024. 2025 consolidated C1 cash costs of $2.44/lb were 12% lower than 2024.
Mantoverde Mine (70% owned) Q4 2025 copper production was 23,819 thousand tonnes, 8% higher than Q4 2024. 2025 copper production was 95,115 tonnes, 65% higher than 2024.
Mantos Blancos Mine (100% owned) Q4 2025 production was 16,861 tonnes, 24% higher than Q4 2024. 2025 copper production was 61,919 tonnes, 39% higher than 2024.
Pinto Valley Mine (100% owned) Q4 2025 copper production was 11,423 thousand tonnes, 2% lower than in Q4 2024. 2025 copper production was 26% lower than 2024.
Cozamin Mine (100% owned) Q4 2025 copper production was 6,170 thousand tonnes, 8% lower than Q4 2024. 2025 YTD copper production was 2% higher than 2024 YTD.
2026 Guidance
2026 forecast production volumes are expected to be between 200,000 to 230,000 tonnes of copper. Production in 2027 is forecasted to increase. 2026 C1 cash cost guidance is $2.45 to $2.75 per payable pound of copper. The Company plans to spend $495 million in sustaining and expansionary capital expenditures and $70 million in exploration activities.
Key Updates
Capstone Copper has expansion optionality across its portfolio with a combination of attractive brownfield and greenfield opportunities.
MV Optimized Brownfield Expansion Project is expected to increase concentrator throughput and extend the mine life, at an estimated capital cost of $176 million. Capstone began construction in H2 2025 and expects to complete the final stage of procurement and commence civil works in Q1 2026.
Mantoverde Phase II is in the early stages of evaluation and could include the addition of an entire second processing line.
Santo Domingo Project: Capstone Copper announced an investment agreement with Orion Resource Partners on October 13, 2025, where fund entities managed by Orion will acquire a 25% ownership interest in the Santo Domingo Project and the Sierra Norte Project for total cash consideration of up to $360 million. With the investment agreement complete, Capstone will continue to advance the remaining workstreams towards a final investment decision on Santo Domingo, expected in H2 2026.
Mantos Blancos Phase II is being evaluated and includes the potential to increase the concentrator plant throughput and increase cathode production.
PV District Growth opportunities under evaluation include a potential mill expansion and increased leaching capacity supported by optimized water, heap and dump leach, and tailings infrastructure.
Corporate Exploration Update: Capstone Copper’s exploration team is predominantly focused on organic growth opportunities to expand Mineral Resources and Mineral Reserves at all four mines and at the Santo Domingo development project.
Conference Call and Webcast
Capstone will host a conference call and webcast on Monday, March 2, at 5:00 pm Eastern Time / 2:00 pm Pacific Time (Tuesday, March 3, 2026, 9:00 am Australian Eastern Time).
Link to the audio webcast: https://app.webinar.net/ZN9xeEYeRlz
Dial-in numbers for the audio-only portion of the conference call are below. Due to an increase in call volume, please dial-in at least five minutes prior to the call to ensure placement into the conference line on time.
Toronto: 1-437-900-0527
Australia: 61-280-171-385
North America toll free: 1-888-510-2154
A replay of the conference call will be available until March 9, 2026. Dial-in numbers for Toronto: 1-289-819-1450 and North American toll free: 1-888-660-6345. The replay code is 57545#. Following the replay, an audio file will be available on Capstone’s website at https://capstonecopper.com/investors/events-and-presentations/.
Source: Capstone Copper
