Capstone Copper Posts Record Quarterly EBITDA as Copper Prices Soar

Capstone Copper reported record quarterly adjusted EBITDA for the seventh consecutive quarter in Q2 2026, thanks to improved copper production and strong realized copper prices. The company produced 51,800 tonnes of copper at C1 cash costs of $2.82 per pound, with President and CEO Cashel Meagher noting that this reflects the objective of delivering operational stability and cash generation between periods of larger growth investments.

Adjusted EBITDA rose 8% from Q1 and 64% year-over-year to a record $354 million, while adjusted net income attributable to shareholders was also a record at $97.6 million or $0.13 per share. Consolidated net debt decreased by $63 million from the prior quarter to $675 million, with SVP and CFO Raman Randhawa attributing this primarily to strong operating cash flow and higher realized copper prices.

Mantoverde was a standout performer, producing 22,485 tonnes of copper at a record-low combined C1 cash cost of $1.97 per payable pound. However, the company temporarily reduced certain heap-leach activity due to higher-calcium-carbonate oxide ore requiring more sulfuric acid to process.