The Capstone Copper Corp (ASX: CSC) share price is in focus today after the company posted record revenue of US$739.7 million for the second quarter, up 36% on last year, and record adjusted EBITDA of US$354 million, marking its seventh straight quarter of record operational earnings.
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What did Capstone Copper report?
- Revenue rose to a record US$739.7 million, up 36% from Q2 2025.
- Adjusted EBITDA hit a record US$354 million, up from US$215.6 million a year earlier.
- Net income attributable to shareholders was US$74.3 million (US$0.10 per share) versus US$24 million a year ago.
- Record adjusted net income attributable to shareholders of US$97.6 million (US$0.13 per share).
- Contained copper production was 51,759 tonnes, with C1 cash costs of US$2.82/lb.
- Net debt fell to US$674.9 million as at 30 June 2026, from US$780.1 million at year-end 2025.
What else do investors need to know?
Capstone Copper's strong second-quarter results were driven by higher copper prices and robust operating performance, especially at Mantoverde, which saw record sulphide production. Despite some unplanned maintenance impacting Pinto Valley, improvements are expected through scheduled shutdowns and reliability initiatives in the coming months.
On the growth front, Capstone is advancing a range of projects. The Mantoverde Optimized brownfield expansion remains on schedule to ramp up in late Q3, while the Mantoverde Pyrite Augmentation project—expected to be formally sanctioned soon—aims to reduce sulphuric acid use and boost copper cathode output. The company is also progressing toward a final investment decision on the transformational Santo Domingo project, which could see additional production growth.
What did Capstone Copper management say?
Cashel Meagher, President and CEO, said:
We delivered strong operational results at Mantoverde, Mantos Blancos, and Cozamin in Q2, which, together with higher copper prices, drove record adjusted EBITDA for the seventh consecutive quarter… With supportive copper markets, a resilient operating platform, and clear momentum across the portfolio, Capstone is well positioned to create lasting value through disciplined execution and a peer-leading growth pipeline.
What's next for Capstone Copper?
Capstone Copper reaffirmed its full-year guidance for 2026, maintaining a production target of 200,000 to 230,000 tonnes of copper at C1 cash costs of US$2.45 to US$2.75 per pound. The company expects stronger output in the second half of the year, largely driven by increased throughput at Mantoverde as the current expansion project is tied in and ramps up.
Management is focused on delivering capital-efficient growth by progressing its development pipeline, including advances at Santo Domingo and Mantoverde. Cost control measures, new three-year labour agreements in Chile, and strategies to hedge against input cost pressures also help position Capstone well for the remainder of 2026 and beyond.
Capstone Copper share price snapshot
The Capstone Copper share price has been on form over the past 12 months. During this period, the copper miner's shares have risen almost 50%, which outperforms the S&P/ASX 200 index (ASX: XJO) by some distance.
