Capstone Copper reported record adjusted EBITDA for the eighth straight quarter in Q3 2026, driven by higher copper prices and contributions from its Chilean and Mexican operations. The company produced 45,218 tonnes of copper at consolidated C1 cash costs of $2.95 per pound. President and CEO Cashel Meagher noted that unplanned maintenance and rising input costs affected production and expenses, leading to expectations of finishing 2026 at the low end of its production guidance and the high end of its cost guidance.
Capstone generated nearly $280 million in free cash flow from operations through the first nine months of the year and increased its capital-expenditure guidance by $40 million due to higher diesel and stripping costs. London Metal Exchange copper prices averaged $3.40 per pound in the quarter, up 6% from the previous quarter, while the company realized an average copper price of $3.61 per pound. Adjusted EBITDA reached a record $358.3 million, a 1% increase from the prior quarter and a 44% rise from a year earlier.
Mantoverde produced 20,806 tonnes of copper in Q3, with the operation’s concentrator averaging throughput of 33,000 tonnes per day despite a 15-day shutdown. Capstone began commissioning and ramping up the expanded concentrator in October, achieving a daily throughput rate above 53,000 tonnes. Pinto Valley, however, faced a 16-day shutdown for maintenance, with repairs expected to be completed by November 2. The company aims to exit 2026 at about 50,000 tonnes per day of throughput at Pinto Valley.
Capstone announced the sale of its Cozamin mine to Luca Mining for up to $385 million, expected to close in Q4. The company also acquired the San Pietro project in Chile’s Atacama region, adding to its land position. The decision on the Santo Domingo project has been delayed to Q1 2027 to allow for further engineering and evaluation of desalination and port options.