Financial Growth Amid Production Challenges
Capstone Copper Corp. has announced impressive financial results for the first quarter of 2026, achieving record highs in adjusted EBITDA and earnings per share despite production challenges.
Achieving an adjusted EBITDA of $329.1 million for Q1 2026 marks the company’s sixth consecutive quarter of record growth. High copper prices primarily drove this success, with adjusted earnings per share also reaching a new peak at $0.12.
“Q1 marked our sixth consecutive quarter of record EBITDA generation driven by solid operations and all-time high copper prices,” stated Cashel Meagher, President and CEO of Capstone.
Operational and Financial Adjustments
Capstone reported a consolidated total contained copper production of 47,960 tonnes at C1 cash costs of $2.66 per pound in Q1 2026. This figure reflects a decrease from Q1 2025 due to a 35-day strike at Mantoverde.
Shareholders experienced a significant boost in net income, which rose to $102.5 million compared to a net loss of $6.8 million in Q1 2025. Increased earnings from mining operations, benefiting from higher copper prices, facilitated this turnaround.
Compared to $8.1 million in the same quarter of the previous year, record adjusted net income attributable to shareholders was $94.8 million. Stronger gold and silver prices supported this increase.
For the rest of 2026, Capstone Copper continues to focus on operational execution. Their plans include advancing the Mantoverde Optimized Project and moving the Santo Domingo project towards a sanctioning decision.
Expectations for 2026 production guidance remain between 200,000 to 230,000 tonnes of copper, with unchanged C1 cash cost guidance. The impact of the strike at Mantoverde is incorporated into this guidance.
In March 2026, Capstone made a repayment of a $30 million early deposit under its Gold Precious Metals Purchase Agreement with Wheaton. This action eliminated associated early deposit delay payments and liabilities, fulfilling the full $290 million commitment.
Operating cash flow before changes in working capital increased to $217.9 million in Q1 2026, up from $166.1 million in Q1 2025, showcasing strong cash generation capability.
Investors and stakeholders are invited to join a conference call and webcast on 29th April at 5:00 pm Eastern Time to discuss the detailed results.
Last updated: 30 April 2026, 12:49 pm
