Capstone Copper Corp. Q3 2026 Earnings Recap

Capstone’s shares fell 7.7% after it said it expects to finish the year at the low end of production guidance and the high end of cost guidance. Lower output, higher input costs and a $40 million increase in capital expenditure guidance outweighed record EBITDA and a strong balance sheet.

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.
• Year-to-date production was affected by additional unplanned maintenance at Pinto Valley and reduced cathode output at Mantoverde. Higher diesel and sulfuric acid costs also pressured unit costs.
• Capital expenditure guidance increased by $40 million, mostly due to higher capitalized stripping from diesel prices and changes to Mantoverde’s mine sequence. Management expects Q4 to be the strongest quarter of the year.
• Quarter-end liquidity was over $1 billion, with net debt of $564 million and net leverage of 0.4x. Capstone expects the Cozamin sale to close in Q4 and forecast year-end net leverage of approximately 0.2x.