Capstone Copper Reports Third Quarter 2025 Results
1
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”.
October 30, 2025
Capstone Copper Reports Third Quarter 2025 Results
Revenue reaches new all-time high
Record low C1 cash costs1
Adjusted EBITDA1 sets quarterly record, up last four quarters
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX:
CSC) today reported financial results for the nine months and quarter ended September 30, 2025 (“Q3 2025”).
Link HERE f or Capstone’s Q3 2025 webcast presentation. Unless otherwise stated, results are presented in
United States dollars on a 100% basis.
C
ashel Meagher, President and CEO of Capstone, commented: "In the third quarter our portfolio of assets
continued to deliver, marking another period of record adjusted EBITDA driven by strong production and cash
cost performance. Our team achieved several key catalysts demonstrating execution on our growth strategy,
including sanctioning of our capital-efficient Mantoverde Optimized project. Earlier this month, we announced
a joint venture partnership at Santo Domingo, which endorses Capstone's project execution capabilities,
derisks project funding and enhances project returns, while maintaining the optionality to re- consolidate full
ownership of the asset in the future. Our continued focus on operational excellence and a strong balance
sheet will ensure we are best positioned to execute on our organic growth opportunities to drive long- term
value creation."
Q3
2025 OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Consolidated total copper production for Q3 2025 was 55,280 tonnes at C1 cash costs 1 of
$2.42/lb compared to 47,460 tonnes at $2.84/lb in Q3 2024. Total Q3 2025 copper sold of 56,368
payable tonnes was approximately 2,600 tonnes above payable production largely driven by timing of
sales at Mantos Blancos.
• Sul phide copper production for Q3 2025 was 44,904 tonnes at C1 cash costs 1 of $2.00/lb
compared to 36,390 tonnes at $2.76/lb in Q3 2024, largely driven by contributions from Mantoverde
sulphides following the successful ramp-up in 2024. Mantoverde sulphides produced 15,219 tonnes
of copper at C1 cash costs1 of $1.40/lb in Q3 2025.
• N et income attributable to shareholders of $248.1 million, or $0.33 per share for Q3 2025,
compared to net income attributable to shareholders of $12.5 million, or $0.02 per share for Q3 2024.
N
et income for Q3 2025 included an impairment reversal of $209.4 million at Santo Domingo.
Adjusted net income attributable to shareholders1 of $49.4 million, or $0.06 per share for Q 3
2025, compared to adjusted net loss attributable to shareholders1 of $25.4 million in Q3 2024.
• R ecord adjusted EBITDA 1 of $249.2 million for Q3 2025 compared to $120.8 million for Q3 2024,
primarily due to increased sulphide copper production and lower C1 cash costs1, in addition to higher
copper prices.
• O perating cash flow before changes in working capital of $231.2 million in Q3 2025 compared
to $116.9 million in Q3 2024.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 2
• Net debt1 of $725.8 million as at September 30, 2025 increased slightly from $691.9 million as at
June 30, 2025 due to a $77.8 million working capital draw and other adjustments primarily due to the
timing of sales occurring later in the quarter, as well as the semi-annual interest payment on the high-
yield bond. Total available liquidity1 of $1,071.1 million as at September 30, 2025, comprised of
$310.1 million of cash and short-term investments, and $761.0 million of undrawn amounts on the $1
billion corporate revolving credit facility.
• T he Company reiterates 2025 guidance, noting consolidated copper production is trending towards
the lower half of the guidance range of 220,000 to 255,000 tonnes and 2025 consolidated cash
costs1 are trending towards the upper half of the guidance range of $2.20 to $2.50 per payable
pound.
• Ma
ntoverde Optimized (“MV Optimized”) project sanctioned. MV Optimized is a capital-efficient
brownfield expansion of Mantoverde’s sulphide concentrator, increasing throughput from 32,000 to
45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000
tonnes and 6,000 ounces per annum, respectively, and extending the mine life from 19 to 25 years.
• Capstone entered into an agreement with Orion Resource Partners for cash consideration of
up to $360 million for a 25% interest in Santo Domingo and Sierra Norte. The transaction further
validates Santo Domingo, derisks project funding, enhances project returns, and advances the project
toward a final investment decision in H2 2026. The transaction also includes a future option to buyback
the Orion 25% interest.
• Positive exploration results from Phase 1 drill program at Mantoverde. Initial results
demonstrated extension of the mineralization to the north of the current Mantoverde pit, the potential
for resource growth and reserve conversion, and additional confidence in potential future expansion
plans.
• Capstone signed an exploration option agreement with Empresa Nacional de Minería (ENAMI)
for more than 18,000 hectares of mining and mineral exploration concessions surrounding the
Company's Sierra Norte property, further consolidating Capstone's position in the Atacama region of
Chile.
• Pinto Valley awarded The Copper Mark in recognition of responsible mining practices. Pinto
Valley is Capstone’s third site globally to receive the award, which is a testament to the Company’s
commitment to transparency, accountability and responsible copper production.
• Capstone published 2024 Sustainability Report, titled "Concentrating on Performance,"
highlighting the achievement of sustainability milestones on multiple fronts as we continued to build
the capacity of our organization in pursuit of business and sustainability goals.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 3
OPERATIONAL OVERVIEW
R
efer to Capstone's Q3 2025 MD&A and Financial Statements for detailed operating results.
Q3 2025 Q3 2024 2025 YTD 2024 YTD
Sulphide business
Copper production (tonnes)
Mantoverde2 15, 219 8, 139 47, 994 8, 197
Mantos Blancos 13, 591 8, 246 39, 808 25, 579
Pinto Valley 9, 949 13, 980 30, 960 45, 646
Cozamin 6, 145 6, 025 19, 178 18, 183
Total sulphides 44, 904 36, 390 137, 940 97, 605
C1 cash costs1 ($/pound) produced
Mantoverde2 1. 40 2. 52 1. 48 2. 52
Mantos Blancos 1. 94 3. 40 2. 01 3. 26
Pinto Valley 3. 63 2. 93 3. 79 2. 63
Cozamin 1. 51 1. 88 1. 42 1. 84
Total sulphides 2. 00 2. 76 2. 07 2. 64
Cathode business
Copper production (tonnes)
Mantoverde2 8,550 9,342 23, 302 27, 481
Mantos Blancos 1, 826 1, 728 5, 250 5, 432
Total cathodes 10, 376 1 1,070 28, 552 32, 913
C1 cash costs1 ($/pound) produced
Mantoverde2 3. 76 3. 00 4 .11 3. 50
Mantos Blancos 4. 37 3. 44 3. 99 3. 33
Total cathodes 3. 87 3. 07 4. 09 3. 47
Consolidated
Copper production (tonnes) 55,280 47,460 166, 492 130, 518
C1 cash costs1 ($/pound) produced 2. 42 2. 84 2. 49 2. 84
Copper sold (tonnes) 56, 368 44, 684 163, 480 125, 428
Realized copper price1 ($/pound) 4. 49 4. 24 4. 43 4. 20
2 Mantoverde shown on a 100% basis (Capstone Copper ownership 70%).
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 4
Sulphide Business
Q
3 2025 sulphide production of 44,904 tonnes of copper in concentrate was 23% higher than 36,390 tonnes
in Q3 2024. The increase was primarily attributable to the continued strong performance from the new sulphide
concentrator at Mantoverde, which produced 15,219 tonnes compared to 8,139 tonnes in the prior year.
Mantos Blancos also achieved higher sulphide production, supported by increased mill throughput, improved
recoveries and higher grades following the successful completion of the 2024 debottlenecking project and
mine sequencing. These improvements were partially offset by lower production at Pinto Valley, resulting from
lower mill throughput and grades. Cozamin maintained stable performance, with a modest year -over-year
increase driven by higher grades consistent with the mine plan.
Q
3 2025 C1 cash costs1 decreased by 28% to $2.00/lb from $2.76/lb in Q3 2024. The reduction was primarily
driven by higher production volumes, lower unit operating costs, and favourable gold and silver prices
contributing to stronger by-product credits at Mantoverde sulphides ($1.40/lb) and Mantos Blancos sulphides
($1.94/lb), where production ramp- up continued. Cozamin also contributed to the improvement ($1.51/lb),
benefiting from lower unit costs supported by higher by -product credits and favourable foreign exchange
movements. These positive impacts were partially offset by higher unit costs at Pinto Valley ($3.63/lb), where
lower throughput and operational disruptions resulted in cost inefficiencies. The overall improvement in the
consolidated C1 cash co sts1 profile reflects the benefit of increased scale and contribution from low -cost
sulphide operations.
C
athode Business
Q
3 2025 cathode production of 10,376 tonnes of copper was 6% lower than 11,070 tonnes in Q3 2024,
primarily attributed to lower oxide grades at Mantoverde.
Q
3 2025 C1 cash costs1 for the cathode business increased to $3.87/lb in Q3 2025 from $3.07/lb in Q3 2024.
Cathode C1 cash costs1 were primarily driven by lower production volumes resulting from lower heap leach
grades as well as higher acid prices and consumption. The Company continues to actively manage this
business segment through ongoing grade optimization and cost hedging strategies to maintain positive margin
contribution.
C
onsolidated Production
Q
3 2025 copper production of 55,280 tonnes was 16% higher than Q3 2024 primarily as a result of sulphide
production ramping up at Mantoverde and Mantos Blancos.
Q
3 2025 C1 cash costs 1 of $2.42/lb were 15% lower than $2.84/lb in Q3 2024 mainly due to higher copper
production and lower production costs (-$0.04/lb) particularly at Mantos Blancos as well as higher by-product
credits (-$0.24/lb) resulting from increased gold production at Mantoverde and stronger gold and silver prices.
Favourable treatment and refining charges and foreign exchange rates ( -$0.13/lb) also contributed to the
improvement.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 5
Mantoverde Mine (70% owned)
Q3 2025 copper production of 23,769 thousand tonnes was 36% higher than Q3 2024 mainly due to higher
copper in concentrate production of 15,219 tonnes, partially offset by slightly lower cathode production mainly
driven by lower heap oxide copper grades as a result of mine sequence (0.34% in Q3 2025 versus 0.36% in
Q3 2024).
In Q3 2025, Mantoverde’s new sulphide concentrator delivered another strong operational performance,
contributing 15,217 tonnes of copper in concentrate. Q3 2025 sulphide plant throughput averaged 27,460 tpd
(July – 31,949 tpd, August – 30,198 tpd, September – 19,998 tpd), which included approximately 22 days of
interrupted production driven by ball mill motor failures (as previously announced) and a 5- day planned
maintenance shutdown at the end of September. Mill recoveries averaged 85.8% in Q3 2025 (July – 81.2%,
August – 90.1%, September – 85.8%), which increased from 77.6% in Q2 2025 driven by lower contributions
from transitional mixed ore. The decrease in September recoveries reflected the period operating at a coarser
grind size while the ball mill was not available. Copper grades from sulphide operations were 0.70% in Q3
2025 (July – 0.63%, August – 0.71%, September – 0.81%).
Q3 2025 combined C1 cash costs 1 were $2.27 /lb, 14% lower than $2.64/lb in Q3 2024 mainly related to
higher production driven by the new concentrate plant (-$0.72/lb) partially offset by higher acid prices ($160/t
in Q3 2025 versus $136/t in Q3 2024), consumption ($0.19/lb) and higher power, diesel and
explosive consumption ($0.09/lb). Q3 2025 cathode C1 cash costs 1 were $3.76/lb, 25% higher compared
to Q3 2024, mainly due to higher acid prices ($160/t in Q3 2025 versus $136/t in Q3 2024) and
consumption ($0.34/lb), lower cathode production ($0.27/lb) and higher acid consumption ($0.18/lb).
Mantos Blancos Mine (100% owned)
Q3 2025 production was 15,417 tonnes, composed of 13,591 tonnes of copper in concentrate from sulphide
operations and 1,826 tonnes of cathode from oxide operations, which was 55% higher than Q3 2024. The
increase was attributable to higher sulphide mill throughput (18,091 tpd in Q3 2025 versus 14,079 tpd in Q3
2024), and higher sulphides feed grades as a result of mine sequence (1.01% in Q3 2025 versus 0.77% in
Q3 2024). Compared to the prior quarter, sulphide mill throughput was impacted by maintenance.
Combined Q3 2025 C1 cash costs 1 of $2.24/lb ($1.94/lb sulphides and $4.37/lb cathodes) were 38% lower
compared to combined C1 cash costs 1 of $3.60/lb in Q3 2024, mainly due to higher production in line with
plan (-$1.22/lb), lower diesel prices ($0.62/l in Q3 2025 versus $0.74/l in Q3 2024) ( -$0.05/lb) and lower
treatment and selling costs ( -$0.11/lb), partially offset by higher acid, diesel, explosive and energy
consumption ($0.20/lb) due to higher material moved driven by higher mill throughput.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 6
Pinto Valley Mine (100% owned)
Q3 2025 copper production of 9,949 thousand tonnes was 29% lower than in Q3 2024 due to mine sequence
resulting in lower grades (Q3 2025 – 0.34% versus Q3 2024 - 0.37%) and lower mill throughput during the
quarter (Q3 2025 - 35,006 tpd versus Q3 2024 - 44,915 tpd), partially offset by higher recoveries (Q3 2025 –
89.1% versus Q3 2024 – 87.4%). Mill throughput in Q3 2025 was impacted by water constraints due to the
drought conditions in central Arizona, which restricted throughput to two- thirds of availability with four out of
six mills online for the majority of the quarter. The water balance improved towards the end of the quarter, and
Pinto Valley ramped up to a full six mill operation during October 2025.
C1 cash costs1 of $3. 63/lb in Q3 20 25 were 24% hi gher than Q3 2024 of $ 2.93/lb primarily d ue to lower
production volume ($1.02/lb), partially offset by lower treatment and selling costs (-$0.32/lb).
Cozamin Mine (100% owned)
Q3 2025 copper production of 6,145 thousand tonnes was 2% higher than the same period in prior year,
primarily due to higher grades (1.93% in Q3 2025 versus 1.88% in Q3 2024) resulting from mine sequence,
partially offset by lower recoveries (94.3% in Q3 2025 versus 96.6% in Q3 2024). Mill throughput remained
consistent quarter over quarter.
Q3 2025 C1 cash costs1 were $1.51/lb, 20% lower than $1.88/lb in the same period las t year, primarily due
to higher production, increased silver by -product volume and prices ( -$0.22/lb), lower treatment charges ( -
$0.19/lb), partially offset by higher operating costs ($0.07/lb), mainly related to consulting expenses for an
operational continuous improvement initiative.
2025 Guidance
Capstone reiterates its 2025 consolidated copper production and C1 cash costs 1 guidance. The Company
notes that 2025 consolidated copper production is trending towards the lower half of the guidance range of
220-255kt, while 2025 consolidated C1 cash costs1 are trending towards the upper half of the guidance range
of $2.20-$2.50 per payable pound of copper.
With respect to the asset level copper production and C1 cash cost 1 guidance ranges provided in January
2025, the Company notes the following: Mantos Blancos and Cozamin are trending towards the upper end of
production and the lower end of costs, Mantoverde is trending towards the lower end of production and upper
end of costs, and Pinto Valley is trending below the lower end of production and above the upper end of costs.
The Company reiterates its 2025 consolidated sustaining capital guidance of $255 million and updated
exploration expenditure guidance of $40 million. The Company has revised its 2025 expansionary capital
guidance to $70 million, from $120 million previousl y, largely due to changes in timing related to MV -O
expansionary capital expenditure, and has adjusted its capitalized stripping guidance to $230 million, from
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 7
$210 million previously, driven by higher capitalized stripping as a result of mining sequence at Mantos
Blancos.
KEY UPDATES
Capstone Copper has expansion optionality across its portfolio with a combination of attractive brownfield and
greenfield opportunities in top-tier mining jurisdictions in the Americas. Capstone Copper is advancing these
growth opportunities, which are at various stages. A potential sanctioning decision for each project is subject
to a variety of factors, including macroeconomic conditions.
MV Optimized Brownfield Expansion Project
MV Optimized, a capital-efficient brownfield expansion of Mantoverde's sulphide concentrator, was sanctioned
for development during Q3 2025. MV Optimized is expected to increase concentrator throughput from 32,000
to 45,000 ore tonnes per day, providing incremental copper and gold production of approximately 20,000
tonnes and 6,000 ounces of gold per annum, respectively, and extending the mine life from 19 to 25 years, at
an estimated capital cost of $176 million. Capstone estimates that the MV Optimized sulphide concentrator
expansion construction will require approximately one year, with project tie-in expected in Q3 2026, followed
by a ramp- up period in Q4 2026. The expanded sulphide throughput capacity of approximately 45,000 ore
tonnes per day is expected to be sustained starting in early 2027.
Mantoverde Phase II
The Company is in the early stages of evaluating the next major phase of growth for Mantoverde, which could
include the addition of an entire second processing line. There are 0.2 billion tonnes of Measured & Indicated
Mineral Resources and 0.6 billion tonnes of Inferred sulphide Mineral Resources in addition to the Mineral
Reserves that are currently being considered as part of MV Optimized. Recent exploration results from
Mantoverde's Phase 1 drill program included highlights at the Santa Clara Corridor and Animas that support
the potential for future resource growth. Phase 2 of the exploration program includes follow up drilling at the
northern portion of the current Mantoverde pit, in addition to high priority targets along the northern extension
(~10km long) of the projection of the prospective Atacama fault system, which are planned to assist in
determining the location of key infrastructure and the economic viability of the project.
Santo Domingo Project
Capstone Copper announced an investment agreement with Orion Resource Partners on October 13, 2025,
where fund entities managed by Orion will acquire a 25% ownership interest in the Santo Domingo Project
and the Sierra Norte Project for total cash consideration up to $360 million. Total cash consideration includes
$225 million payable upon a positive final investment decision ("FID") on Santo Domingo, $75 million matching
contribution payable within six months of the FID, and up to $60 million in Contingent Consideration payable
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 8
to Capstone upon the achievement of certain value- enhancing initiatives. Capstone has the option to re-
consolidate 100% ownership of Santo Domingo via a buyback option once commercial production is achieved.
The transaction de-risks capital funding requirements for Santo Domingo, providing financial flexibility during
project construction. Additionally, the contingent consideration endorses the attractive long- term value of
upside opportunities in the district. The Contingent Consideration will be payable to Capstone subject to certain
milestones being satisfied as follows,
• $20 million upon publication of a NI 43-101 Technical Report outlining a Proven and Probable Reserve of at
least 268,000 tonnes of contained copper at Sierra Norte;
• $20 million upon publication of a NI 43- 101 Feasibility Study that demonstrates the processing of oxide
material containing at least 159,000 tonnes of copper; and
• $20 million upon: (i) publication of a NI 43- 101 Feasibility Study that incorporates construction of a cobalt
processing circuit; and (ii) filing and application of all material permits for the cobalt processing circuit.
Concurrent with the transaction, Capstone and Orion have entered into an equity subscription agreement,
where Orion will subscribe for common shares of the Company for cash consideration of $10 million. Use of
proceeds will be to commence a new exploration program at Santo Domingo and Sierra Norte, to advance
the upside opportunities in the district eligible for the Contingent Consideration, which includes a 54,700-metre
drill program at Santo Domingo and the adjacent Estrellita deposit to delineate the oxide resource and explore
near-mine sulphides, as well as a 19,200-metre drill program to advance exploration and resource delineation
at the near-by Sierra Norte deposit.
A cobalt plant for the MV -SD district is designed to unlock cobalt production while reducing sulphuric acid
consumption and increasing heap leach copper production. As currently envisioned, a smaller capacity plant
will initially treat cobalt by-product streams from Mantoverde only, producing up to 1,500 tonnes per annum of
cobalt, and following sanctioning of the Santo Domingo project, the facility will be expanded to accommodate
by-product streams from Santo Domingo, with a combined MV-SD target of 4,500 to 6,000 tonnes per annum
of cobalt production.
With the investment agreement complete, Capstone will continue to advance the remaining workstreams
towards a final investment decision on Santo Domingo, expected in H2 2026. Those workstreams include,
further advancement of detailed engineering and evaluation of district optimization opportunities, securing
project financing and ensuring overall balance sheet strength prior to FID. Capstone is committed to ensuring
that plans for growth are carried out in a safe, prudent, and responsible manner, while remaining transparent
and engaged with all stakeholders.
Mantos Blancos Phase II
The Company is currently evaluating the next phases of growth for Mantos Blancos, including the potential to
increase the concentrator plant throughput to at least 27,000 tpd and increase cathode production from the
underutilized SX-EW plant. A Mantos Blancos Phase II study focusing on the sulphide concentrator plant