Capstone Copper (CS) Q3 2025 earnings summary

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.