Capstone Copper (CSCCF) Q3 2026 Earnings Report
CSCCF Q3 2026 EPS Results
- Actual EPS
- $0.12
- Consensus EPS
- $0.13
- Beat/Miss
- Missed by -$0.01
- One Year Ago EPS
- $0.06
CSCCF Q3 2026 Revenue Results
- Actual Revenue
- $713.31M
- Expected Revenue
- $699.54M
- Beat/Miss
- Beat by +$13.77M
- YoY Revenue Growth
- +20.95%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
Capstone Copper's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, supported by record adjusted EBITDA for the eighth consecutive quarter, strong copper prices, more than $1 billion of liquidity, declining leverage, robust Mantoverde performance, completion of the Mantoverde optimized-project tie-ins, and continued progress on the growth pipeline. The principal challenges were production expected at the low end of guidance, costs expected at the high end of guidance, higher diesel and sulfuric acid costs, ongoing Pinto Valley maintenance and availability issues, and the deferral of the Santo Domingo investment decision to Q1 2027. Highlights significantly outweighed the stated lowlights.
Capstone expects to finish at the low end of its production guidance range and the high end of its cost guidance range, increased capital expenditure guidance by $40 million, and expects 2027 copper cathode production to be a similar level to the 2026 forecast, with approximately 6,000 tonnes of copper collars. Mantoverde is designed for a nominal 45,000 tonnes per day, with 2027 throughput expectations described as strong, recoveries expected within 87% and 91%, and Q4 outlook of about 88% to 90% recovery; its BIOX project is expected to deliver first improved and increased leach production at the end of Q2 of next year and be online starting roughly at the end of Q1, early Q2 2027. Santo Domingo’s sanctioning decision is now expected in Q1 2027, with detailed engineering targeting approximately 60% completion and CapEx inflation estimated at somewhere in the order of 20%. Pinto Valley’s near-term goal remains increasing availability rates to 90%, with current configuration nameplate capacity believed to be closer to 56,000 tonnes a day and a path over the next year to 1.5 years. Sulfuric acid is forecast at roughly $275 a tonne next year and in the $250 to $300 a tonne range for next year for fixed contracts, while the $45 million pyrite project is expected to be online starting early 2028 and provide about 20% to 25% acid reduction in the heap leach.
- Record EBITDA and Strong Quarterly Financial PerformanceQ3 copper production was 45,200 tonnes. Adjusted EBITDA reached a record $358.3 million, increasing 1% quarter-over-quarter and 44% year-over-year, marking the eighth consecutive quarter of record EBITDA. Adjusted net income attributable to shareholders was $93.8 million, or $0.12 per share.
- Higher Copper Prices and Strong Gross MarginsThe average LME copper price was $6.40 per pound, up 6% from $6.05 per pound in Q2, while the realized copper price was $6.61 per pound. The company reported gross margins of $3.66 per pound, or 55%, based on the stated C1 cash cost of $3.95 per pound.
- Strong Free Cash Flow and Balance SheetYear-to-date performance generated almost $280 million in free cash flow from operations. Quarter-end liquidity remained above $1 billion, comprising $263 million of cash and $826 million of undrawn corporate RCF capacity. Consolidated net debt declined to $564 million, and net debt-to-EBITDA was 0.4x at quarter-end, with approximately 0.2x expected at year-end after the Cozamin sale closes.
- Mantoverde Delivered Strong Throughput and Lower Unit CostsMantoverde produced 20,806 tonnes of copper in Q3 at a combined C1 cash cost of $1.77 per payable pound, a $0.20 per pound improvement from Q2. Throughput averaged 33,000 tonnes per day, 3% above design capacity, and reached a record monthly average of 40,386 tonnes per day in August. Combined unit cost was approximately 20% below the low end of the cost guidance range.
- Mantoverde Optimized Project Tie-Ins CompletedThe sulfide concentrator tie-ins for the Mantoverde optimized project were completed during the planned shutdown. Commissioning began in October, with a highest individual-day throughput above 53,000 tonnes, an October average of approximately 30,000 tonnes per day, and approximately 47,000 tonnes per day over the last two weeks discussed on the call.
- Mantoverde Ramp-Up and Future Growth ProjectsManagement expects to work toward a nominal design throughput of 45,000 tonnes per day in 2027 and said the operating permit may allow average throughput of as much as 55,000 tonnes per day. The BIOX project is expected to provide increased leach production at the end of Q2 2027, while pyrite augmentation is expected to be online in early 2028 and is intended to reduce heap-leach acid consumption.
- Mantoverde Recovery Performance and OptimizationMantoverde achieved average recoveries of 87.7% in Q3, with the stated expected range of 87% to 91%. Management explained that coarsening the grind from about 180 microns to 212 microns enabled higher throughput with approximately a 0.9% reduction in average weighted copper recovery. Future pyrite scavenging cells are expected to provide an additional copper-scavenging stage, with the related step change expected in early 2028.
- Mantos Blancos Maintained Above-Design ThroughputMantos Blancos produced 12,011 tonnes of copper in Q3 at C1 cash costs of $3.96 per payable pound. Throughput averaged 21,000 tonnes per day, above design rates, despite three days of planned maintenance. Management expects higher grades in Q4 and is targeting a pre-feasibility study in Q1 2027 covering increased concentrator throughput and additional cathode production through historical tailings re-leaching.
- Cozamin Delivered Strong Operating ResultsCozamin produced 6,044 tonnes of copper in Q3 at a C1 cash cost of $1.64 per payable pound. Year-to-date cash costs remained below the lower end of guidance, driven by higher silver byproduct prices.
- Cozamin Divestment Strengthens Portfolio and Balance SheetCapstone announced the divestment of Cozamin to Luca Mining for up to $385 million in total consideration, including $275 million of upfront cash. The transaction is expected to close in Q4 and is intended to enhance the financial position and allow leadership to focus on organic growth opportunities in Chile and the United States.
- San Pietro Acquisition Adds District-Scale Land and Exploration UpsideThe San Pietro acquisition added approximately 16,000 hectares to Capstone's district-scale land position in the Atacama. Management said the transaction immediately increased mineral inventory and provided a platform for further resource growth through substantial exploration upside.
- Santo Domingo Engineering and Growth Pipeline ProgressDetailed engineering for Santo Domingo is progressing toward approximately 60% completion, with a sanctioning or final investment decision now expected in Q1 2027. Management is evaluating both a self-performed port and the use of existing regional infrastructure, while also advancing desalination and port bids and potential financing strategies.
- Improved Santo Domingo Project Economics and Copper ExposureManagement said Santo Domingo economics have been improved through a joint venture with a buyback option and the acquisition of surrounding properties. The copper price assumption has increased from $4.10 per pound in the 2024 study to spot prices of around $6.65 per pound at the time of the call. Management also said it is discussing marketing the project's products, including iron ore concentrate, and is targeting higher-grade iron ore products such as 65% iron ore.
- Continued Investment in Acid-Reduction InitiativesCapstone sanctioned a $45 million pyrite augmentation project, with most spending expected next year and only a couple of million dollars expected this year. Together with the BIOX project, management estimated potential heap-leach acid consumption reductions of approximately 20% to 25%. The company also said it had entered into approximately 6,000 tonnes of copper collars to ensure margin on a portion of 2027 cathode production.
- Portfolio Growth and Exploration OptionalityManagement described a multilayered growth pipeline that includes Santo Domingo, district-scale opportunities in Chile and Arizona, and exploration upside across the portfolio. Exploration has been conducted at Santo Domingo, Sierra Norte, Mantoverde, and other properties, with a narrative and results expected to be disclosed between the call and year-end.
CSCCF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 0.21- | 0.1 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 0.130.12 | 0.06 | 100.00% (+0.06) | |
| Jul 30, 2026 | 2026 (Q2) | 0.140.13 | 0.04 | 225.00% (+0.09) | |
| Apr 29, 2026 | 2026 (Q1) | 0.100.12 | 0.01 | 1100.00% (+0.11) | |
| Mar 02, 2026 | 2025 (Q4) | 0.120.10 | 0.04 | 150.00% (+0.06) | |
| Oct 30, 2025 | 2025 (Q3) | 0.040.06 | 0.03 | 100.00% (+0.03) | |
| Jul 31, 2025 | 2025 (Q2) | 0.040.04 | 0.03 | 33.33% (+0.01) | |
| May 01, 2025 | 2025 (Q1) | 0.040.01 | -0.01 | 200.00% (+0.02) | |
| Feb 19, 2025 | 2024 (Q4) | 0.050.04 | 0.02 | 100.00% (+0.02) | |
| Oct 31, 2024 | 2024 (Q3) | 0.050.03 | -0.02 | 250.00% (+0.05) |
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.