Canada · Delayed Price · Currency is CAD Capstone Copper Earnings Call Transcripts
Fiscal Year 2025
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Record copper production and EBITDA were achieved in 2025, with strong operational execution and a robust growth pipeline. 2026 guidance calls for stable production but higher costs due to lower grades and inflation, while significant growth is expected in 2027 and beyond.
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Q3 2025 delivered record revenue, EBITDA, and cash flow, driven by strong copper production and prices. Major milestones included Mantoverde Optimized project sanctioning and a JV at Santo Domingo, with robust liquidity and ongoing deleveraging supporting future growth.
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Record Q2 copper production and lowest cash costs were achieved, with strong results at Mantoverde and Mantos Blancos driving a 34% year-over-year production increase and 12% cost reduction. Guidance for 2025 is reaffirmed, and liquidity exceeds $1B.
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Record Q1 revenue and copper production were achieved, with lower costs and improved margins driven by ramp-ups at Mantoverde and Mantos Blancos. Liquidity exceeded $1 billion, leverage improved, and 2025 guidance was reiterated, with major growth projects advancing on schedule.
Fiscal Year 2024
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Record copper production and lower costs in Q4 2024 drove strong financial results and improved leverage. 2025 guidance targets further production growth, cost reductions, and project advancement, with Mantoverde and Mantos Blancos exceeding throughput targets and major growth projects progressing on schedule.
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Q3 copper production rose 16% sequentially, with Mantoverde achieving commercial production and Mantos Blancos showing operational improvements. Adjusted EBITDA nearly doubled year-over-year, and 2024 guidance was revised for costs and production. Major growth projects and leadership transitions are underway.
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Q2 2024 delivered strong copper production and financial results, with Mantoverde ramp-up on track and a major feasibility update for Santo Domingo. Guidance is reiterated, with costs trending higher due to delays at Mantos Blancos, and liquidity remains robust.