Capstone Copper Corp. (CS) posted record financial results for the second quarter of 2026, delivering an adjusted EBITDA of $354 million. This represents a significant increase over the $215.6 million recorded during the same period in 2025. The company’s revenue climbed to $739.7 million, up 36% year-over-year, supported by higher realized copper prices. Net income attributable to shareholders reached $74.3 million, a marked improvement from the $24.0 million reported in the second quarter of 2025. Despite these financial gains, consolidated copper production for the quarter was 51,759 tonnes, down from the 57,416 tonnes produced in the second quarter of last year. Consolidated C1 cash costs rose to $2.82/lb from $2.45/lb in the prior-year period.

Operational performance remained robust at the Mantoverde project, where sulphide plant throughput averaged 36,264 tonnes per day, a material increase from the 32,372 tonnes per day averaged in the second quarter of 2025. This throughput helped drive record sulphide production of 18,190 tonnes at the site. However, the company noted that unplanned maintenance at its Pinto Valley operation and lower production volumes at Mantos Blancos tempered overall results. Management confirmed that full-year 2026 production guidance remains unchanged, with expectations of a stronger output during the second half of the year as maintenance cycles conclude and the Mantoverde Optimized project reaches its full operational capacity.

"We delivered strong operational results at Mantoverde, Mantos Blancos, and Cozamin in Q2, which, together with higher copper prices, drove record adjusted EBITDA1 for the seventh consecutive quarter. Results at Pinto Valley were impacted by unplanned maintenance; however, a planned shutdown in the third quarter is expected to support improved performance thereafter."

"With the first half of 2026 complete, we have reaffirmed our full-year guidance and are well set up for a stronger second half. The new three-year labour agreements at Mantos Blancos, together with the agreement signed earlier this year at Mantoverde, provide labour stability across our Chilean operations."
— Cashel Meagher, President and CEO of Capstone

The company is moving forward with its growth pipeline, focusing on several key milestones for the coming months. The Mantoverde Optimized sulphide project remains on schedule, with the critical project tie-in expected during the third quarter of 2026. Additionally, the company’s board has approved the Mantoverde Pyrite Augmentation project, an initiative designed to reduce sulphuric acid consumption and increase cathode production. Formal sanctioning for this project is anticipated in the third quarter of 2026, marking a significant step in the company's broader effort to enhance operational efficiency. By prioritizing these capital-efficient expansions, the company aims to support its long-term objective of reaching approximately 375,000 tonnes of annual copper production.

The financial position of the company showed further improvement as net debt decreased to $674.9 million by the end of June, down from $780.1 million at the end of 2025. This reduction was primarily attributed to strong operating cash flows generated during the period. Liquidity remains healthy, with $367.1 million in cash and cash equivalents and $715.4 million in undrawn capacity on its revolving credit facility. The company continues to navigate inflationary pressures, particularly regarding sulphuric acid and diesel, while optimizing mine sequencing and throughput to maintain margins across its core operating assets in Chile and the United States.

Read the full announcement: Capstone Copper Reports Second Quarter 2026 Results