Capstone Copper shares rise after strong Q2 showing
Make us a preferred source
Make us a preferred source on Google
More news: Capstone Copper was the best performer on the ASX 200 at the end of morning trade after reporting its best quarterly copper production and adjusted earnings results for the June quarter.
Capstone shares were up 7.6% to $9.21 at 11:55am AEST, as the wider market fell 0.75%.
Capstone Copper hits record production, quarterly earnings
The news: Capstone Copper has reported record copper production for the second quarter of calendar year 2025 and a new quarterly record for adjusted earnings.
The numbers: In the June quarter, Capstone hit a record consolidated copper production for Q2 of 57,416 tonnes at cash costs of USD2.45 ($3.81) per pound.
Record quarterly adjusted EBITDA of USD215.6 million was achieved in Q2, representing a 42.9% rise year on year.
Operating cash flow, before changes in working capital, was USD212.4 million in Q2 2025 compared to USD102.9 million in Q2 2024. Net debt also decreased to USD691.9 million as at 30 June 2025, a 12.2% drop compared to 31 March 2025.
The company has reiterated its 2025 production guidance range of between 220,000 and 250,000 tonnes at USD2.20 to USD2.50 per pound cash costs.
The context: The uptick in production in the June quarter is mostly due to a the timing of sales and a ramp-up at the Mantos Blancos mine in Chile as well as increased sulphide copper production driven by a new sulphide concentrator at Mantoverde, also in Chile.
The company expects production to increase in the second half of the year.
What they said: “Our second quarter was defined by several key accomplishments, including achieving record copper production, generating significant cash flow, and completing our balance sheet refinancing strategy,” Capstone president and CEO Cashel Meagher said.
“Earlier this month we also announced another significant milestone with receipt of the Mantoverde Optimized permit, meaning we are no longer permit constrained on throughput, and we plan to commence this lower risk, capital efficient project imminently.”
