Key Points
Capstone delivered a strong quarter with record adjusted EBITDA of $329 million (up 83% YoY), adjusted net income of $95 million, net debt reduced to $738 million (net debt/EBITDA of 0.7x) and liquidity above $1 billion, while reiterating 2026 guidance of 200,000–230,000 tonnes of copper at C1 costs of $2.45–$2.75/lb.
Operationally the company produced 48,000 tonnes in Q1 (a ~5,000‑tonne hit from a Mantoverde strike that has since been resolved) and reported site improvements including record recoveries at Mantoverde and record low C1 costs at Cozamin, but management flagged ongoing input cost pressure from diesel and sulfuric acid (a 10% diesel move ≈ $13M impact; a 10% acid move ≈ $5M).
Growth projects remain on track: the MV‑O expansion is on schedule and budget and should add ~20,000 t/y of copper (expanded sulfide throughput ~45,000 tpd early 2027), Santo Domingo detailed engineering is ~60% complete with an expected FID in Q4, but total CapEx could be ~10–15% higher versus 2023 USD estimates and port/infrastructure choices are a major swing factor (~$290M remains available from the Wheaton stream).
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Capstone Copper (TSE:CS) reported first-quarter 2026 results highlighted by steady production across its portfolio, record profitability amid higher copper prices, and continued progress on growth projects in Chile, management said on an earnings call recorded April 29.
President and CEO Cashel Meagher said the company entered 2026 positioned for “operational stability and cash generation,” adding that it has not seen operational impacts from the conflict in the Middle East due to its operating locations and supply chain. Meagher also pointed to ongoing cost pressure from diesel and sulfuric acid, emphasizing continued focus on cost discipline and maintaining a strong financial position.
Quarterly production, costs, and unchanged 2026 guidance
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Meagher said consolidated copper production in Q1 totaled 48,000 tonnes at a consolidated C1 cash cost of $2.66 per pound. The company reiterated full-year 2026 guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs of $2.45 to $2.75 per pound.
Meagher said a strike at Mantoverde in January reduced quarterly output by roughly 5,000 tonnes of copper, an impact already included in annual guidance. He added Mantoverde returned to design throughput rates after the strike and delivered record recoveries at its sulfide plant in the quarter.
Source: finance.yahoo.com
