Capstone Copper Reports Record Fourth Quarter 2025 Results
Capstone Delivers Record Production and EBITDA as Mantoverde Ramp-Up Offsets Labor and Technical Headwinds
The most recent news (March 2, 2026) reports record Q4 2025 results, with consolidated copper production of 58,273 tonnes and record adjusted EBITDA of $308.0 million. For the full year 2025, Capstone achieved its production guidance, delivering 224,764 tonnes of copper. The company also released 2026 guidance projecting 200,000 to 230,000 tonnes of copper at C1 cash costs of $2.45 to $2.75/lb. This follows a volatile Q1 2026 marked by a strike at the Mantoverde mine (January 2 to February 5, 2026) which temporarily reduced production to 55% of normal levels.
The impact is Routine - Positive. While the Q4 2025 results were record-breaking and the 2025 full-year guidance was met, the market had already been primed for these results through the January 15 production update. The 2026 guidance reflects a temporary plateau in production due to the early 2026 labor strike and planned maintenance, with the "game-changing" growth deferred to 2027 when the Mantoverde Optimized (MV-O) project reaches full capacity (45,000 tpd). The successful resolution of the Mantoverde strike and the finalized $360 million investment agreement with Orion Resource Partners are critical de-risking events that provide the liquidity necessary to advance the Santo Domingo project without immediate dilutive equity raises.
Capstone Copper is a pure-play copper producer with a portfolio of long-life mines in the Americas. - Flagship Project: The Mantoverde-Santo Domingo District (Chile). Mantoverde is currently ramping up its sulphide concentrator. The Mantoverde Optimized (MV-O) project aims to increase throughput to 45,000 tpd. - Other Assets: Mantos Blancos (Chile), Pinto Valley (USA), and Cozamin (Mexico). - Growth Target: Pathway to ~400,000 tonnes of copper per annum with declining unit costs.