Capstone Copper Corp

OTC:CSCCF

Record results: Capstone posted record quarterly EBITDA of $354 million and record adjusted net income of $97.6 million, helped by stronger production and higher copper prices.

Operational strength: Mantoverde delivered record throughput and record low cash costs, Mantos Blancos stayed on plan, and Cozamin remained a steady performer, while Pinto Valley is still being repaired and optimized.

Guidance unchanged: Management reaffirmed 2026 production, cost and CapEx guidance, saying second-half output should be stronger, especially at Mantoverde.

Growth pipeline: Mantoverde Optimized remains on schedule and on budget, Santo Domingo is still targeted for a Q4 sanctioning decision, and Mantos Blancos has moved ahead with a new EIA permit application.

Cost defense: The company cut exposure to expensive sulfuric acid and diesel, shifting more tonnage to higher-margin sulfides and temporarily reducing Mantoverde heap leach activity.

Balance sheet: Net debt fell to $675 million and leverage improved to 0.5x, with more deleveraging expected from cash flow.

Portfolio review: Management said it continues to evaluate Cozamin as part of portfolio rationalization, but stressed the asset remains highly cash generative.