Capstone Copper Corp (OTCPK:CSCCF)

Q2 2026 Capstone Copper Corp Earnings Call Transcript

Jul 30, 2026 / 09:00 PM GMT

Release Date Price: $9.48 (+4.41%)

Transcript

Key Points

Positve

Record adjusted EBITDA of $354 million, marking the seventh consecutive quarter of record results, driven by strong operations and copper prices.
Record low C1 cash costs of $1.97 per pound at Mantoverde, supported by record plant throughput of 36,300 tonnes per day, 13% above design capacity.
Strengthened balance sheet with net debt reduced to $675 million and net leverage down to 0.5x, with available liquidity exceeding $1 billion.
Proactive cost mitigation measures, including hedging 40% of Chilean and 50% of US diesel exposure and reducing sulfuric acid purchases by 200,000 tonnes, saving approximately $90 million.
Advancing high-return growth projects, including the Mantoverde Optimized project on schedule and the Pyrite Augmentation project with an NPV to CapEx ratio of 4-7 times.
Secured labor stability with new three-year collective bargaining agreements at all Chilean operations, reducing operational risk.

Negative

Copper grades at Mantoverde were slightly below expectations due to higher-than-predicted water levels in the pit, requiring material to be stockpiled and lower-grade ore to be processed.
Pinto Valley continues to underperform, tracking towards the lower end of production guidance due to plant reliability issues, with a planned 10-day shutdown in Q3 to address constraints.
Elevated sulfuric acid prices forced a temporary reduction in cathode production by approximately 5,000 tonnes, impacting oxide output despite being net neutral to consolidated production.
Mantos Blancos unit costs were negatively impacted by higher diesel and sulfuric acid prices, as well as increased maintenance spend to improve plant availability.
Santo Domingo FID remains pending with CapEx estimates not yet finalized, and the company is still evaluating financing and infrastructure options, creating uncertainty.
The company faces potential exposure to volatile sulfuric acid prices in 2027, as current fixed pricing at $1.90 per tonne only covers 2026, with spot prices currently around $4.50-$4.70 per tonne.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CS.TO - Capstone Copper Corp
Q2 2026 Capstone Copper Corp Earnings Call
Jul 30, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to Capstone Copper's Second Quarter 2026 Results Conference Call.

At this time, all lines are in listen-only mode.

Following the presentation, we will conduct a question-and-answer session.

If at any time during this call you require immediate assistance, please press *0 for the operator.

This call is being recorded on Thursday, July 30th of 2026.

I would now like to turn the call over to Daniel Sampieri. Please go ahead.

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Unidentified_2 [2]
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Thank you, operator, and thank you,

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