Capstone Copper Q1 Earnings Call Highlights

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Sat, May 2, 2026 astatine 4:06 PM CDT 9 min read

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Key Points

Capstone delivered a beardown 4th with record adjusted EBITDA of $329 million (up 83% YoY), adjusted nett income of $95 million, nett indebtedness reduced to $738 million (net debt/EBITDA of 0.7x) and liquidity supra $1 billion, portion reiterating 2026 guidance of 200,000–230,000 tonnes of copper astatine C1 costs of $2.45–$2.75/lb.
Operationally the institution produced 48,000 tonnes successful Q1 (a ~5,000‑tonne deed from a Mantoverde onslaught that has since been resolved) and reported tract improvements including grounds recoveries astatine Mantoverde and grounds debased C1 costs astatine Cozamin, but absorption flagged ongoing input outgo unit from diesel and sulfuric acerb (a 10% diesel determination ≈ $13M impact; a 10% acerb determination ≈ $5M).
Growth projects stay connected track: the MV‑O enlargement is connected docket and fund and should adhd ~20,000 t/y of copper (expanded sulfide throughput ~45,000 tpd aboriginal 2027), Santo Domingo elaborate engineering is ~60% implicit with an expected FID successful Q4, but full CapEx could beryllium ~10–15% higher versus 2023 USD estimates and port/infrastructure choices are a large plaything origin (~$290M remains disposable from the Wheaton stream).
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Capstone Copper (TSE:CS) reported first-quarter 2026 results highlighted by dependable accumulation crossed its portfolio, grounds profitability amid higher copper prices, and continued advancement connected maturation projects successful Chile, absorption said connected an net telephone recorded April 29.

President and CEO Cashel Meagher said the institution entered 2026 positioned for “operational stableness and currency generation,” adding that it has not seen operational impacts from the struggle successful the Middle East owed to its operating locations and proviso chain. Meagher besides pointed to ongoing outgo unit from diesel and sulfuric acid, emphasizing continued absorption connected outgo subject and maintaining a beardown fiscal position.

Quarterly production, costs, and unchanged 2026 guidance

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Meagher said consolidated copper accumulation successful Q1 totaled 48,000 tonnes astatine a consolidated C1 currency outgo of $2.66 per pound. The institution reiterated full-year 2026 guidance of 200,000 to 230,000 tonnes of copper astatine C1 currency costs of $2.45 to $2.75 per pound.

Meagher said a onslaught astatine Mantoverde successful January reduced quarterly output by astir 5,000 tonnes of copper, an interaction already included successful yearly guidance. He added Mantoverde returned to plan throughput rates aft the onslaught and delivered grounds recoveries astatine its sulfide works successful the quarter.

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