Canadian copper miner Capstone posts record Q1 adjusted net income to shareholders of $97m

Capstone CEO and president Cashel Meagher confirms the company achieved record sulphide production at the Mantoverde operation, in Chile, and a strong operational performance at the Cozamin mine, in Mexico, which, together with higher copper prices drove record adjusted earnings for the seventh consecutive quarter.

Results at the Pinto Valley mine in Arizona, however, were impacted by unplanned maintenance but a planned shutdown in the third quarter is expected to support improved performance thereafter.

The company delivered record adjusted net income attributable to shareholders of $97.6-million, or $0.13 apiece, in the second quarter after adjusting for the impact of union bonuses at Mantos Blancos, in Chile, and other non-recurring items during the quarter. This compares to adjusted net income attributable to shareholders of $27.5-million, or $0.04 apiece, in the quarter ended June 30, 2025.

“With the first half of the year complete, we have reaffirmed our full-year guidance [of between 200 000 t and 230 000 t] and we are well set up for a stronger second half. The new three-year labour agreement at Mantos Blancos, together with the agreement signed earlier this year at Mantoverde, provide labour stability across our Chilean operations,” Meagher states.

In respect of growth projects, Meagher confirms Mantoverde Optimised remains on schedule to begin ramping up late in the third quarter, while Capstone’s board recently approved the Mantoverde Pyrite Augmentation project and an environmental-impact assessment was submitted for Mantos Blancos. The company is also progressing detailed engineering at its Santo Domingo project, in Chile.

“Our pipeline of permitted, organic growth projects provides a capital-efficient and executable path to about 375 000 t/y of copper production and declining cash costs. With supportive copper markets, a resilient operating platform, and clear momentum across the portfolio, Capstone is well positioned to create lasting value through disciplined execution and a peer-leading growth pipeline,” Meagher notes.

Meanwhile, Capstone reported consolidated total contained copper production of 51 759 t in the second quarter, including a record 18 190 t from Mantoverde’s sulphide business, driven by plant throughput averaging 36 264 t/d – 13% above design capacity.

The company generated record revenue of $739-million in the quarter under review, with a realised copper price of $6.22/lb having been achieved, compared with revenue of $543-million and a realised copper price of $4.39/lb in the second quarter of last year.

The record adjusted Ebitda of $354-million compares with Ebitda of $215-million in the prior corresponding quarter.

Capstone posted net income attributable to shareholders of $74.3-million in the reporting quarter, or $0.10 apiece, compared with net income attributable to shareholders of $24-million, or $0.03 apiece, in the prior comparable quarter, driven by increased earnings from mining operations that benefitted from a higher realised copper price.

Notably, the company’s net debt has decreased significantly from $780-million at December 31, 2025, to $674-million at the end of June, owing to strong operating cashflow driven by higher realised copper, gold and silver prices.

Capstone had total available liquidity of $1.08-billion at the end of the second quarter, comprising $367-million in cash and cash equivalents and $715-million in undrawn facilities.