Capstone Copper Q1 earnings lift on record production
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The news: Capstone Copper reported adjusted earnings before interest and tax (EBITDA) of USD329.1 million ($461.7 million) for the first quarter, an increase from USD179.9 million in the prior corresponding period, driven by record production and higher copper, gold and silver prices.
Capstone said that this marks its sixth consecutive quarter of record adjusted EBITDA.
The numbers: For the three months ended 31 March, the miner produced 47,960 tonnes of copper at a cash cost of USD2.66 per pound, up from 40,875 tonnes in the prior year.
Adjusted net income attributed to shareholders reached USD94.8 million, or 12 cents per share, compared to USD8.1 million last year. Operating cashflow also grew to USD217.9 million, up from USD166.1 million year on year.
The company maintained its FY26 production guidance of 200,000 to 230,000 tonnes of copper and its cash cost guidance of USD2.45 to USD2.77 per pound.
The context: Capstone Copper stated that the stronger quarter was driven by increased earnings from its mining operations which benefited from higher realised copper, gold and silver prices.
The company added that higher diesel and sulphuric acid prices, due to the Middle East war, are putting upward pressure on costs. While these expenses have been partially offset by stronger product pricing, they are expected to continue to influence cost pressures for the remainder of the year.
What they said: “For the remainder of 2026, we are focused on operational execution and continuing to advance our high-return organic growth opportunities, including executing the Mantoverde Optimised Project, advancing Santo Domingo to a sanctioning decision, and progressing our exploration strategy centred around district-scale growth,” CEO Cashel Meagher said.
The source: ASX
