Capstone Copper reported record Q2 adjusted EBITDA for the seventh consecutive quarter, with Mantoverde output strong. Full-year guidance reaffirmed as costs rose 9%.
Alpha Score of 44 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Capstone Copper Corp. reported a seventh consecutive quarter of record adjusted EBITDA in the second quarter of 2026, lifted by higher copper prices and strong output at its Mantoverde and Mantos Blancos operations. The Vancouver-based miner reaffirmed full-year production and cost guidance despite a 7% drop in total sulphide production and a 9% rise in cash costs.
CEO John MacKenzie said the results were driven by “strong operational results at Mantoverde, Mantos Blancos, and Cozamin” in the quarter. The strong performance at those sites, together with supportive copper prices, pushed adjusted EBITDA to a new high.
Results at Pinto Valley were hit by unplanned maintenance that reduced plant throughput and recoveries. The company expects a scheduled shutdown in the third quarter to support improved performance from that mine in the second half of the year.
Total sulphide production fell to 43,582 tonnes from 47,086 tonnes a year earlier. The decline was concentrated at Mantos Blancos, where lower grades and recoveries followed the mine sequence plan. At Cozamin, production dropped 12% to 5,745 tonnes, also reflecting grade and recovery changes in line with the plan. Mantoverde bucked the trend, with higher mill throughput and recoveries pushing output above year-ago levels.
Sulphide C1 cash costs rose to $2.39 per pound from $2.20 in Q2 2025. The increase was driven by higher unit costs at Mantos Blancos ($3.93/lb) and Pinto Valley ($4.17/lb), where lower volumes raised per-tonne expenses. Cozamin’s $1.52/lb was also above the prior year. Those pressures were partly offset by Mantoverde’s $0.86/lb, which benefited from stronger production, higher gold by-product credits, and favourable treatment and refining charges.
MacKenzie pointed to new three-year labour agreements at Mantos Blancos and an earlier deal at Mantoverde that provide labour stability across the company’s Chilean operations. The company has also advanced its growth pipeline. The Mantoverde Optimized project remains on schedule to begin ramping up in late Q3. The board approved a pyrite augmentation project at the same site. An environmental permit application has been submitted for Mantos Blancos, and detailed engineering is progressing at the Santo Domingo project.
MacKenzie described the pipeline as “a capital-efficient and executable path to approximately 375,000 tonnes of annual copper production and declining cash costs.” He said Capstone is positioned to create lasting value through disciplined execution, with supportive copper markets and a resilient operating platform.
The company’s shares trade on the Toronto Stock Exchange under the ticker CS and on the ASX under CSC.
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