EarningsQ2 2026 Earnings Report
CSCCF Q2 2026 EPS Results
Actual EPS$0.13
Consensus EPS$0.14
Beat/MissMissed by -$0.01
One Year Ago EPS$0.04
CSCCF Q2 2026 Revenue Results
Actual Revenue$718.60M
Expected Revenue$704.88M
Beat/MissBeat by +$13.72M
YoY Revenue Growth+36.14%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
CSCCF Upcoming Earnings
Capstone Copper's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
CSCCF Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong positive momentum: record earnings, improving leverage and liquidity, operational gains (notably at Mantoverde), disciplined cost and hedging actions, and on‑schedule high-return growth projects. Challenges were present — mainly elevated sulfuric acid and diesel prices, localized operational issues at Pinto Valley and temporary cathode curtailment at Mantoverde, and remaining execution/financing risks for Santo Domingo — but management presented clear mitigation plans and maintained 2026 guidance. Overall, the positives (record financials, deleveraging, project optionality, and labor/sustainability progress) materially outweigh the manageable operational and commodity-input headwinds.Company Guidance
Record Financial Performance
Record adjusted EBITDA of $354 million in Q2 2026 (up 8% quarter-over-quarter and 64% year-over-year) and record adjusted net income attributable to shareholders of $97.6 million ($0.13 per share). LME copper averaged $6.50/lb in Q2 (up 4% vs Q1) with realized price of $6.22/lb, yielding gross margins of $3.40/lb (55%).
Strong Production and Low Costs
Consolidated copper production of ~51.1 thousand tonnes in Q2 2026 with consolidated C1 cash costs of $2.82 per payable pound. Mantoverde delivered 22.5 kt at a record low combined C1 cash cost of $1.97/lb; Mantoverde achieved record throughput (36.3 kt/day, 13% above design) and 90.2% recoveries.
Balance Sheet Strength and Deleveraging
Consolidated net debt of $675 million at quarter end (down $63 million Q/Q and >$100 million year-to-date). Available liquidity >$1 billion (including $367 million cash and $715 million undrawn RCF). Net debt-to-EBITDA ratio reduced to 0.5x from peaks during construction.
Operational Momentum Across Portfolio
Mantos Blancos produced 12.5 kt (20.9 kt/day throughput above design) and Cozamin produced 5.75 kt at a low C1 cost of $1.52/lb. Combined, Mantoverde and Mantos Blancos generated ~70% of consolidated EBITDA year-to-date.
Disciplined Cost Management and Hedges
Proactive hedging reduced diesel exposure: hedged 40% of Chilean diesel at $0.82/L (spot ~ $0.93/L) and 50% of Pinto Valley diesel at $0.93/L (spot ~ $1.28/L). Approximately 80% of acid consumption fixed at ~$190/ton for the remainder of the year versus spot ~$450–470/ton, reducing near‑term commodity input risk.
High-Value, On-Schedule Growth Projects
Mantoverde Optimize (MDO) remains on schedule and on budget with expected sustained sulfide throughput capacity of ~45 kt/day starting early 2027. Mantoverde pyrite augmentation project expected early 2028 (CapEx ~$45M) to reduce acid requirement by ~20% and increase heap leach copper by ~3.5 kt/year; estimated annual savings $18M–$40M and NPV/CapEx ratio ~4x–7x.
Progress Toward Transformational Santo Domingo Decision
Santo Domingo advanced to ~60% detailed engineering completion with a sanctioning decision expected in Q4 2026; management is evaluating optimal financing strategies and infrastructure options prior to FID.
Sustainability and Labor Stability
2025 Sustainability Report highlights: 22% reduction in recordable injuries YoY; GISTM conformance improved to 80% in 2025 (from 48% in 2024); workforce grew to >8,000 with increased female representation; new 3-year collective bargaining agreements across Chilean operations provide labor stability.
CSCCF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed