Capstone Copper Reports Second Quarter 2026 Results
Capstone reported record EBITDA despite quarterly C1 cash costs breaching guidance ceilings, while maintaining its full-year financial outlook.
Capstone Copper Corp. (CS) reported second-quarter 2026 results on July 30, 2026, posting record revenue of $739.7 million and record adjusted EBITDA of $354.0 million. Net income attributable to shareholders reached $74.3 million, or $0.10 per share.
Copper production totaled 51,759 tonnes, a 10% decline year-over-year. C1 cash costs rose to $2.82 per pound, exceeding the upper end of the company’s full-year guidance range of $2.45 to $2.75 per pound. Despite the cost increase, Capstone reaffirmed its 2026 production guidance of 200,000 to 230,000 tonnes and its cost guidance, citing expectations for a stronger second half of the year.
On the project front, the MV Optimized project remains on track for a late-third-quarter 2026 ramp-up, and the MV Pyrite Augmentation project has been approved. The company targets a final investment decision for Santo Domingo in the fourth quarter of 2026. Additionally, the pre-feasibility study for Mantos Blancos Phase II is now expected at the end of 2026, a delay from the previously stated mid-2026 timeline.
Net debt decreased to $674.9 million from $780.1 million at year-end 2025.
Capstone Copper Corp. (CS) reported second-quarter operating data that included a 10% year-over-year production decline and C1 cash costs that exceeded the upper end of guidance. These operational challenges were offset by record financial metrics driven by high copper prices. The company reaffirmed its unchanged full-year guidance, avoiding an outright guide-cut, though the cost miss and a delay in the Mantos Blancos study indicate execution softness.
The market had already reduced the stock from approximately $15.50 in early June to $12.80 prior to the release, suggesting that some skepticism was already priced in.
Capstone Copper Corp. (CS) is a producing copper company that operates four mines. In Chile, the company holds a 70% interest in Mantoverde, a large sulphide mine with an expanding concentrator and still-active cathode operations, while Mitsubishi Materials holds the remaining 30%. Also in Chile is Mantos Blancos, a sulphide concentrator and cathode operation; its Phase II expansion is permitted but awaits a pre-feasibility study. In Arizona, USA, Pinto Valley operates as an open-pit copper mine that has faced challenges from drought. In Zacatecas, Mexico, Cozamin is an underground copper-silver mine that has historically maintained very low costs.
The company’s growth pipeline includes the fully-permitted Santo Domingo copper-iron-gold project, in which Capstone holds a 25% joint venture interest with Orion, and the MV Optimized brownfield expansion, which is currently under construction.