Q4 2025 Capstone Copper Corp Earnings Call Transcript
Key Points
- Capstone Copper Corp (CSCCF) achieved record copper production of 58,300 tonnes in Q4 2025, with a record low consolidated C1 cash cost of $2.31 per pound.
- The Mantoverde project increased copper production by 65% in 2025, achieving above design capacity at various points.
- Mantos Blancos exceeded production guidance with a 25% increase in output over 2024, and a Phase 2 study is underway for further expansion.
- The company reported record quarterly revenue of $685 million in Q4, driven by strong copper production and commodity prices.
- Capstone Copper Corp (CSCCF) enhanced its financial position by reducing debt leverage and doubling available liquidity to over $1 billion by year-end 2025.
- Arizona operations were impacted by severe drought conditions in 2025, constraining throughput at the Pinto Valley mine.
- Cash costs are expected to increase in 2026 due to lower grade zones in the mine sequence at Mantos Blancos and Pinto Valley, combined with modest inflation.
- The company anticipates a 15-day maintenance period at Mantoverde in 2026, which may impact production.
- Mantos Blancos is expected to experience a decrease in copper production in 2026 due to lower copper grades resulting from mine sequencing.
- The company faces challenges in securing optimal financing and advancing detailed engineering for the Santo Domingo project, with a final investment decision expected in the second half of 2026.
Good afternoon and welcome to the Capstone Copper Q4 2025 results conference call. (Operator Instructions) This call is being recorded on Monday, March 2, 2026.
I would now like to turn the conference over to Daniel Sampieri. Please go ahead.
Thank you, operator, and thank you, everyone, for joining us today to discuss our fourth quarter results. Please note that the news release and regulatory filings are available on our website and on SEDAR+. If you are logged into the webcast, we will advance the slides of today's presentation, which are also available in the Investors section of our website.
I'm joined today by our President and CEO, Cashel Meagher; our SVP and Chief Operating Officer; Jim Whittaker, our SVP and Chief Financial Officer, Raman Randhawa; and our SVP Risk, ESG and General Counsel, Wendy King. During the Q&A session at the end of the call, we will also be joined by our Head of Technical Services, Peter Amelunxen, who is available for questions.
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