Capstone Copper Reports Record Fourth Quarter 2025 Results Revenue reaches new all-time high Record low C1 cash costs1 Adjusted EBITDA1 sets quarterly record, up last five quarters
March 2, 2026
Capstone Copper Reports Record Fourth Quarter 2025 Results
Revenue reaches new all-time high
Record low C1 cash costs1
Adjusted EBITDA1 sets quarterly record, up last five quarters
Vancouver, British Columbia – Capstone Copper Corp. (“Capstone” or the “Company”) (TSX: CS) (ASX:
CSC) today reported financial results for the three months and year ended December 31, 2025 (“Q4 2025”).
Link HERE for Capstone’s Q4 2025 webcast presentation. Unless otherwise stated, results are presented in
United States dollars on a 100% basis.
Cashel Meagher, President and CEO of Capstone, commented: "2025 was an inflection point for
Capstone, representing tangible delivery on peer leading growth with our copper production up 22%.
Operationally, we met our consolidated production and cost guidance, driving record EBITDA generation. As
we began to realize the benefits from completed projects, we also advanced our future phases of growth by
sanctioning and beginning construction on Mantoverde Optimized, forming a partnership for our Santo
Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district.
"In 2026, we are focused on delivering dependable operational results as we continue to advance our high-
return organic growth opportunities. This includes executing on the Mantoverde Optimized Project
construction, tie-in and ramp-up, advancing Santo Domingo towards a sanctioning decision, and progressing
our district growth strategy through exploration."
Q4 2025 OPERATIONAL AND FINANCIAL HIGHLIGHTS
• Record consolidated total contained copper production for Q4 2025 was 58,273 tonnes at C1
cash costs 1 of $2.31/lb. Total Q4 2025 copper sold of 54,038 payable tonnes was approx imately
2,600 tonnes below payable production largely driven by timing of sales at Mantoverde.
• Achieved 2025 production and cost guidance, with record consolidated copper production for
the full year ended December 31, 2025 of 224,764 tonnes at C1 cash costs1 of $2.44/lb.
• Net income attributable to shareholders of $50.6 million , or $0.07 per share for Q4 2025
compared to net income attributable to shareholders of $45.9 million, or $0.06 per share for Q4 2024
primarily due to higher volumes of copper sold at a higher realized price. Net income attributable to
shareholders for the full year 2025 was $315.9 million or $0.41 per share compared to $82.9
million or $0.11 per share for full year 2024.
• Adjusted net income attributable to shareholder s1 of $78.7 million, or $0.10 per share for Q4
2025, compared to adjusted net income attributable to shareholders 1 of $29.6 million in Q4 2024
primarily due to higher volumes of copper sold at a higher realized price. Adjusted net income
attributable to shareholders1 for the full year 2025 was $163.6 million or $0.21 per share.
• Record adjusted EBITDA 1 of $308.0 million for Q4 2025 compared to $171.9 million for Q4
2024, primarily due to increased sulphide copper production and lower C1 cash costs 1, in addition to
higher copper prices. Adjusted EBITDA 1 for the full year 2025 was $952.7 million compared to
$496.1 million for full year 2024.
• Operating cash flow before changes in working capital of $287.3 million in Q4 2025 compared
to $132.8 million in Q4 2024. Operating cash flows before changes in working capital for the
full year 2025 was $891.3 million.
NEWS RELEASE
TSX:CS ● ASX:CSC ● capstonecopper.com
1
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”.
• Net debt1 of $780.1 million as at December 31, 2025 , increased from $725.8 million as at
September 30, 2025, as result of a negative working capital adjustment of $108.9 million mainly due
to the timing of receivable collections, with sales activity weighted towards the latter part of the
quarter. Total available liquidity 1 of $1,015.2 million as at December 31, 2025 , comprised of
$304.2 million of cash and cash equivalents, and $711.0 million of undrawn amounts on the $1 billion
corporate revolving credit facility.
• Released 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs 1
of $2.45 to $2.75 per payable pound of copper, reflecting largely stable production compared to
the prior year with additional growth expected in 2027 tied to Mantoverde Optimized, a return to
higher copper grades at Mantos Blancos, and normalized throughput at Mantoverde and Pinto
Valley.
• On February 5, the Company announced signing of a new three-year collective bargaining
agreement with Mantoverde's Union #2, ending the strike action which commenced on January 2,
2026. Mantoverde has successfully negotiated three-year agreements with all four of its unions.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 2
OPERATIONAL OVERVIEW
Refer to Capstone's Q4 2025 MD&A and Financial Statements for detailed operating results.
Q4 2025 Q4 2024 2025 2024
Sulphide business
Copper production (tonnes)
Mantoverde2 14,314 13,580 62,308 21,777
Mantos Blancos 14,985 12,165 54,793 37,744
Pinto Valley 11,423 11,626 42,382 57,272
Cozamin 6,170 6,724 25,348 24,907
Total sulphides 46,891 44,095 184,830 141,700
C1 cash costs1 ($/pound) produced
Mantoverde2 1.09 1.60 1.40 1.88
Mantos Blancos 1.70 2.21 1.92 2.85
Pinto Valley 3.53 3.46 3.72 2.80
Cozamin 0.98 1.62 1.32 1.78
Total sulphides 1.80 2.18 2.00 2.42
Cathode business
Copper production (tonnes)
Mantoverde2 9,506 8,449 32,807 35,930
Mantos Blancos 1,876 1,398 7,126 6,830
Total cathodes 11,382 9,847 39,934 42,760
C1 cash costs1 ($/pound) produced
Mantoverde2 4.12 3.62 4.09 3.53
Mantos Blancos 3.83 3.70 3.94 3.41
Total cathodes 4.07 3.63 4.07 3.51
Consolidated
Copper production (tonnes) 58,273 53,942 224,764 184,460
C1 cash costs1 ($/pound) produced 2.31 2.52 2.44 2.76
Copper sold (tonnes) 54,038 50,014 217,517 175,201
Realized copper price1 ($/pound) 5.36 4.04 4.66 4.16
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”. 3
Sulphide Business
Q4 2025 sulphide production of 46,891 tonnes of copper in concentrate was 6% higher than 44,095 tonnes
in Q4 2024. The increase compared to Q4 2024 was primarily driven by Mantos Blancos, which achieved
record quarterly copper production supported by increased mill throughput and strong recoveries following
the successful completion of the 2024 debottlenecking project and mine sequencing. Sulphide production at
Mantoverde of 14,314 tonnes improved by 5% compared to Q4 2024, but was impacted by downtime due to
repairs conducted on the mill motors throughout October and November. These improvements in Chile were
partially offset by lower production at Pinto Valley and Cozamin, resulting primarily from lower mill throughput
and recoveries.
2025 sulphide production increased by 30% to 184,830 tonnes from 141,700 tonnes in the prior year period.
The improvement was primarily driven by Mantoverde following ramp-up of the Mantoverde Development
Project and Mantos Blancos following the completion of the debottlenecking project. Cozamin also achieved
a year-over year increase, supported by strong mill performance and a favourable grade profile. These gains
were partially offset by a decrease in production at Pinto Valley, reflecting lower mill throughput, recoveries
and ore grades.
Q4 2025 sulphide C1 cash costs 1 decreased by 17% to $1.80/lb from $2.18/lb in Q4 2024, primarily due to
higher sulphide production volumes, lower unit operating costs, and higher gold and silver prices resulting in
stronger by-product credits. The improvement was driven mainly by Mantoverde sulphides ($ 1.09/lb) and
Mantos Blancos sulphides ($ 1.70/lb), reflecting increased production in Q4 2024, with additional
contributions from Cozamin ($ 0.98/lb), supported by stronger by-product credits and favourable foreign
exchange movements. These positive impacts were partially offset by higher unit costs at Pinto Valley
($3.53/lb) due to lower throughput resulting from mill disruptions.
2025 sulphide C1 cash costs 1 of $2.00/lb were 17% lower than $2.42/lb in 2024 primarily reflecting
increased contributions from the lower-cost Mantoverde sulphides, as well as reduced unit costs at Mantos
Blancos and Cozamin, partially offset by higher unit costs at Pinto Valley.
Cathode Business
Q4 2025 cathode production of 11,382 tonnes of copper was 16% higher than 9,847 tonnes in Q4 2024,
primarily attributed to higher oxide grades and recoveries at Mantoverde and increased throughput at
Mantos Blancos.
2025 cathode production decreased by 7% to 39,934 tonnes from 42,760 tonnes, reflecting lower heap
leach grades and throughput at Mantoverde, partially offset by increased throughput at Mantos Blancos
resulting from changes in the mine sequence.
Q4 2025 C1 cash costs1 for the cathode business increased to $4.07/lb in Q4 2025 from $3.63/lb in Q4 2024
and 2025 cathode C1 cash costs 1 of $4.07/lb increased from $3.51/lb in 2024. The increase in cathode C1
cash costs 1 was 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.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 4
Consolidated Production
Q4 2025 copper production of 58,273 tonnes was 8% higher than 53,942 tonnes in Q4 2024, primarily as a
result of sulphide production ramping up at Mantoverde and Mantos Blancos.
2025 consolidated production of 224,764 tonnes of copper was 22% higher than 184,460 tonnes in 2024,
mainly driven by increased copper production from the sulphide business with production ramping up at
Mantoverde and Mantos Blancos.
Q4 2025 C1 cash costs 1 of $2.31/lb were 8% lower than $ 2.52/lb in Q4 2024, primarily due to higher by-
product credits (-$0.22/lb) driven by increased gold production at Mantoverde and stronger gold and silver
prices, as well as lower treatment and refining charges and favourable foreign exchange rates (-$0.06/lb).
2025 consolidated C1 cash costs 1 of $2.44/lb were 12% lower than $ 2.76/lb in 2024 due to higher copper
production and lower production costs (-$0.04/lb), particularly at Mantoverde and Mantos Blancos. In
addition, increased by-product credits (-$0.20/lb) contributed to the improvement largely due to higher gold
production at Mantoverde and stronger gold and silver prices, along with favourable treatment and refining
charges and foreign exchange rates (-$0.08/lb).
Mantoverde Mine (70% owned)
Q4 2025 copper production of 23,819 thousand tonnes was 8% higher than Q4 2024 due to higher copper in
concentrate production of 14,314 tonnes driven primarily by higher recoveries and higher cathode production
from higher heap oxide copper grades as a result of mine sequence ( 0.34% in Q4 2025 versus 0.31% in Q4
2024).
In Q4 2025, Mantoverde’s sulphide concentrator delivered 14,314 tonnes of copper in concentrate. Q4 2025
sulphide plant throughput averaged 23,425 tpd (October – 15,228 tpd, November – 18,115 tpd, December –
36,761 tpd), impacted by approximately 16 days of interrupted production due to repairs conducted on the
mill motors throughout October and November. The repairs to the motors, which included upgrading
components and installing additional protections, enabled the sulphide plant to achieve record average
throughput in December. Mill recoveries averaged 83.7% in Q4 2025 (October – 84.1%, November –
82.1%, December – 84.3%), which increased from 74.4% in Q4 2024 driven by lower contributions from
transitional mixed ore. Copper grades from sulphide operations were 0.79% in Q4 2025 (October – 0.74%,
November – 0.83%, December – 0.80%).
2025 copper production of 95,115 tonnes was 65% higher than 2024 due to increased copper in concentrate
production of 62,308 tonnes, partially offset by lower cathode production mainly driven by lower oxide copper
grades as a result of mine sequence (0.32% in 2025 versus 0.35% in 2024).
Q4 2025 combined C1 cash costs 1 were $2.32 /lb, 3% lower than $2.40/lb in Q4 2024, mainly related to
higher production driven by the new concentrate plant (-$0.19/lb) and higher gold revenues (-$0.27/lb),
partially offset by higher acid prices ($233/t in Q4 2025 versus $164/t in Q4 2024) and consumption ($0.31/
lb), and higher power, diesel and explosive consumption ($0.05/lb). Q4 2025 cathode C1 cash costs 1 were
$4.12/lb, 14% higher compared to Q4 2024 , mainly due to higher acid prices ($233/t in Q4 2025 versus
$164/t in Q4 2024) ($0.52/lb) and consumption ($0.27/lb) partially offset by higher cathode production
(-$0.40/lb).
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 5
2025 combined C1 cash costs 1 were $2.35/lb, 19% lower than $2.90/lb in 2024, mainly related to higher
copper and gold production driven by the new concentrate plant (-$0.97/lb), partially offset by higher acid
prices ($203/t in 2025 versus $156/t in 2024) and consumption ($0.17/lb) and higher power, diesel and
explosive consumption ($0.16/lb). 2025 cathode C1 cash costs 1 were $ 4.09/lb, 16% higher compared to
2024, mainly due to lower cathode production driven by lower heap grade ($0.29/lb) and higher acid prices
and consumption ($0.28/lb).
Mantos Blancos Mine (100% owned)
Q4 2025 production was 16,861 tonnes, composed of 14,985 tonnes of copper in concentrate from sulphide
operations and 1,876 tonnes of cathode from oxide operations, was 24% higher than Q4 2024. The increase
was attributable to sulphide mill throughput exceeding design levels ( 21,391 tpd in Q4 2025 versus 19,579
tpd in Q4 2024), and higher sulphides feed grades as a result of mine sequence ( 0.94% in Q4 2025 versus
0.84% in Q4 2024). The strip ratio was elevated during Q4 2025,as planned mineral movements to Dump
Phase 1 were deferred to the first quarter of 2026, resulting in a higher proportion of waste tonnes mined
relative to ore.
2025 copper production of 61,919 tonnes, composed of 54,793 tonnes of copper in concentrate from
sulphide operations and 7,126 tonnes of cathodes, was 39% higher than 2024, due to higher sulphide mill
throughput (19,981 tpd in 2025 versus 16,027 tpd in 2024) following the successful debottlenecking project
in late 2024 and higher sulphides feed grades as a result of mine sequence ( 0.93% in 2025 versus 0.81% in
2024).
Combined Q4 2025 C1 cash costs 1 of $1.94/lb ($1.70/lb sulphides and $3.83/lb cathodes) were 17% lower
compared to combined C1 cash costs 1 of $2.35/lb in Q4 2024, mainly due to higher production (-$0.48/lb)
and lower treatment and selling costs (-$0.05/lb), partially offset by higher acid, diesel, explosive and energy
consumption ($0.10/lb) due to higher material moved and mill throughput.
Combined 2025 C1 cash costs 1 of $2.16/lb ( $1.92/lb sulphides and $3.94/lb cathodes) were 28% lower
compared to $3.01/lb in 2024 mainly due to higher production (-$0.84/lb), lower treatment cost (-$0.13/lb),
and lower diesel prices ($0.63/l in 2025 versus $0.74/l in 2024) (-$0.05/lb), partially offset by higher acid,
diesel, explosive and energy consumption and acid prices ($0.16/lb) due to higher material moved and mill
throughput.
Pinto Valley Mine (100% owned)
Q4 2025 copper production of 11,423 thousand tonnes was 2% lower than in Q4 2024 due to lower cathode
production. Copper in concentrate production increased in Q4 2025 compared to Q4 2024 driven by higher
grades (Q4 2025 – 0.33% versus Q4 2024 – 0.30%), partially offset by lower mill throughput ( Q4 2025 -
42,029 tpd versus Q4 2024 - 45,148 tpd). Mill throughput in Q4 2025 was impacted by water constraints due
to the drought conditions in central Arizona, which restricted throughput to two-thirds availability with four out
of six mills online for October. Pinto Valley returned to six mills online for November and December, enabling
it to achieve its strongest quarter of production during 2025 in Q4.
2025 copper production was 26% lower than 2024 on lower mill throughput ( 41,187 tpd in 2025 versus
49,461 tpd in 2024) due primarily to water constraint measures in addition to unscheduled downtime, lower
feed grade tied to mine plan sequence ( 0.31% in 2025 versus 0.34% in 2024) and lower recoveries (86.2%
2025 versus 87.4% 2024) due to higher acid soluble ratio and lower grade ore. In line with sustaining capital
guidance, the Company assembled all twelve new haul trucks over the course of 2025, to complement the
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 6
new shovel received at the end of 2024. The new trucks are being used to drive incremental material
movement in the mine, which improved by 33% in 2025 compared to 2024.
Q4 2025 C1 cash costs1 of $3.53/lb were 2% higher than $3.46/lb in the same period last year, primarily due
to higher contractor costs ($0.30/lb) and higher salaries and wages ($0.08/lb), partially offset by lower
treatment and selling costs (-$0.11/lb) and lower spend on mechanical and electrical parts (-$0.20/lb).
2025 C1 cash costs 1 of $3.72/lb were 33% higher compared to the same period last year of $2.80/lb
primarily due to lower production volume ($0.89/lb) and higher contractor costs ($0.30/lb), partially offset by
lower treatment and selling costs (-$0.20/lb) and lower spend on mechanical and electrical parts (-$0.06/lb).
Cozamin Mine (100% owned)
Q4 2025 copper production of 6,170 thousand tonnes, was 8% lower than Q4 2024, primarily due to lower
recoveries (94.6% in Q4 2025 versus 96.9% in Q4 2024) resulting from mine sequence. Mill throughput
decreased by 6% (3,507 tpd in Q4 2025 versus 3,716 tpd in Q4 2024) driven by mill constraints related to
mechanical issues.
2025 YTD copper production of 25,348 thousand tonnes was 2% higher than 2024 YTD primarily due to
higher grades ( 2.00% in 2025 YTD versus 1.96% in 2024 YTD), consistent with the mine plan, as well as
higher mill throughput (3,615 tpd in 2025 YTD versus 3,581 tpd in 2024 YTD).
Q4 2025 C1 cash costs 1 were $0.98/lb, 40% lower than $1.62/lb in the same period last year, primarily due
to increased silver by-product prices (-$0.76/lb), lower treatment charges (-$0.15/lb), partially offset by higher
operating costs ($0.27/lb), mainly related to consulting expenses for an operational continuous improvement
initiative.
2025 C1 cash costs 1 were $ 1.32/lb, 26% lower than $ 1.78/lb the same period last year primarily due to
higher copper production, lower treatment charges (-$0.16/lb), and increased by-product credits from higher
silver prices (-$0.30/lb). Operating cash costs were partially impacted by consulting expenses for the
continuous improvement project.
2026 Guidance
Production, cash cost, capital expenditures and exploration expenditure guidance for 2026 remains
unchanged from the recently released guidance as outlined in the news release "Capstone Copper
Announces 2026 Guidance" dated February 17, 2026.
2026 forecast production volumes of 200,000 to 230,000 tonnes of copper reflects largely stable production
compared to 2025. Production in 2027 is forecasted to increase driven by Mantoverde Optimized, an
increase in copper grades at Mantos Blancos, and the normalization of throughput levels at Mantoverde and
Pinto Valley with the absence of prolonged shutdowns. 2026 C1 cash cost 1 guidance of $2.45 to $2.75 per
payable pound of copper is expected to increase compared to 2025 primarily driven by the impact of lower-
grade zones due to mine sequence at Mantos Blancos and Pinto Valley, as well as modest inflation.
In 2026, the Company plans to spend a total of $495 million in sustaining and expansionary capital
expenditures at its operating mines and the Santo Domingo Project. This is broken down into $270 million on
sustaining capital and $225 million on expansionary capital. In addition, the Company plans to spend a total
of $225 million in capitalized stripping at its three open pit mines.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 7
The Company plans to spend $70 million in brownfield and greenfield exploration activities in 2026 (~10%
expensed vs ~90% capitalized), primarily focused on advancing drilling in the highly prospective
Mantoverde-Santo Domingo district. At Mantoverde, this includes progressing the exploration program which
commenced in late 2024, with a focus on improving grades, adding mineralization and testing high-priority
targets along the northern corridor. At Santo Domingo and the near-by Sierra Norte deposit, exploration will
focus on advancing upside opportunities for incremental copper production in the region. Expansionary
exploration campaigns at Mantos Blancos and Cozamin will also continue in pursuit of new resources. Infill
drilling will be conducted at Mantoverde, Mantos Blancos and Pinto Valley to improve resource
categorization in support of future mine planning.
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 began construction on the MV
Optimized sulphide concentrator expansion in H2 2025 and estimates it will take approximately one year to
complete. The Company expects to complete the final stage of procurement and commence civil works in
Q1 2026 before executing the construction contracts for the project in Q2 2026. In parallel, equipment and
supplies will be received on site throughout the first half of the year. The Company expects to complete the
majority of project tie-ins in Q3 2026 during an extended 15 day maintenance period, 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. Exploration results from
Mantoverde's Phase 1 drill program were released in October 2025, including 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.
1 These are Non-GAAP performance measures. Refer to the section titled “Non-GAAP and Other Performance Measures”. 8