Capstone Copper slumps after updating FY26 guidance

The news: Shares in Capstone Copper slumped in early trade to be the worst performing stock after the company released its FY26 guidance.

Shares fell 16.25% lower to $13.09 at 10:53am AEDT.

The context: Capstone forecast its copper production to be between 200,000 and 230,000 tonnes in 2026 and plans to spend a total of USD495 million ($699 million) on sustaining and expansionary capital expenditures across its operating mines and the Santo Domingo Project.

Exploration expenditures is expected to total USD70 million as the company plans to advance its exploration strategy across the portfolio.

What they said: “2025 was a remarkable year for Capstone, delivering record copper production, while executing on several key catalysts. We will continue to build on this success in 2026, with a focus on delivering consistent and reliable outcomes, while we execute on the Mantoverde Optimised Project which is expected to drive higher copper production levels in 2027,” Capstone CEO Cashel Meagher said.