Capstone Copper (CS) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 copper production, up as much as 40% year-over-year, with lowest-ever consolidated C1 cash cost of $2.45/lb, driven by strong performance at Mantoverde and Mantos Blancos.

• Completed ramp-ups at key Chilean assets, with both sites operating above design throughput and production up 34% year-over-year for H1.

• Completed debt refinancing and repaid Mantoverde project finance facility, reducing net debt and increasing liquidity to over $1.1B.

• Received DIA permit for Mantoverde Optimized project, enabling imminent project commencement and future growth.

• Launched company-wide biodiversity standard, reinforcing ESG commitments.

Financial highlights

• Q2 2025 revenue reached a record $543.2M, with realized copper price of $4.39/lb, above LME average.

• Adjusted EBITDA set a quarterly record at $250M, up 75% year-over-year; adjusted net income was $27.5M ($0.04/share), up 32% year-over-year.

• Free cash flow for the quarter was approximately $95M; operating cash flow before working capital changes was $212.4M.

• Net debt as of June 30, 2025, was reported as low as $312M, with net debt/EBITDA at 1.0x; available liquidity exceeded $1.1B.

• Q2 2025 C1 cash costs were $2.45/lb, down 12–14% year-over-year.

Outlook and guidance

• 2025 consolidated copper production guidance reaffirmed at 220,000–255,000 tonnes, with C1 cash costs of $2.20–$2.50/lb.

• Higher production expected in H2 2025 as Mantoverde moves out of transitional ore.

• Mantos Blancos and Cozamin tracking to upper end of production and lower end of cost guidance; Pinto Valley to lower end of production and upper end of costs.

• Mantoverde Optimized project to be sanctioned imminently, with modest CapEx increase expected; details to be released after JV board approval.

• Santo Domingo partnership announcement expected in Q3, with project sanctioning targeted for mid-2026.