Capstone Copper Corp. Q3 2026 Earnings Recap

Capstone Copper fell 8.5% after the company said it expects to finish the year at the low end of production guidance and the high end of cost guidance. Lower output—partly from unplanned maintenance at Pinto Valley and reduced Mantoverde cathode production—along with higher input costs and a $40 million increase in capex guidance likely weighed on the shares.

Key Takeaways

• Q3 copper production was 45,200 tonnes at consolidated C1 cash costs of $2.95 per pound.
• Adjusted EBITDA reached a record $358.3 million, up 1% quarter over quarter and 44% year over year; adjusted net income was $93.8 million, or $0.12 per share.
• Management expects Q4 to be the strongest quarter of the year, citing the Mantoverde optimized ramp-up and higher grades at Mantoverde and Mantos Blancos.
• Higher diesel prices and other energy costs have added approximately $80 million annualized, or $0.16 per pound, compared with 2025; sulfuric acid prices have approximately doubled.
• Capstone raised capital expenditure guidance by $40 million. It reported $263 million in cash and $826 million of undrawn RCF capacity, and expects the Cozamin sale to close in Q4.