Capstone Copper Q2 adjusted EBITDA beats estimates on higher metal prices

Capstone Copper

30/07/2026 21:32

Overview
Canada copper miner's Q2 revenue rose 36% yr/yr, beating analyst expectations
Q2 adjusted EBITDA beat analyst expectations; adjusted net income missed consensus
Company reaffirmed 2026 production and cost guidance despite higher input costs

Outlook
Capstone Copper maintains 2026 copper production guidance of 200,000-230,000 tonnes and C1 cash costs of $2.45-$2.75/lb
Company expects higher copper production in H2 2026, driven by Mantoverde throughput after MV Optimized completion
Capstone says higher input costs, notably diesel and sulphuric acid, are placing upward pressure on costs

Result Drivers
HIGHER METAL PRICES - Record revenue and adjusted EBITDA were driven by higher realized copper, gold and silver prices
PRODUCTION DECLINES - Lower sulphide production at Mantos Blancos and lower cathode production at Mantoverde reduced consolidated copper output
INPUT COST PRESSURES - Higher diesel and sulphuric acid prices increased cash costs, partly offset by higher by-product credits

Company press release: ID:nBw77rf64a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$739.70 mln
$710.49 mln (8 Analysts)
Q2 Adjusted Net Income
Miss
$97.60 mln
$106.50 mln (3 Analysts)
Q2 Net Income
 
$102.70 mln
 
Q2 Adjusted EBITDA
Beat
$354 mln
$336.74 mln (11 Analysts)
Q2 Cash Flow from Op. Activities
 
$259.70 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 15 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialty mining & metals peer group is "buy"
Wall Street's median 12-month price target for Capstone Copper Corp is C$17.00, about 32.8% above its July 29 closing price of C$12.80
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads
July 28 - Canada's First Quantum Q2 adjusted EPS misses estimates on higher costs
July 29 - Canada's Amerigo Q2 net income rises on higher copper prices
July 29 - Glencore's copper output up 15%, sees strong $3.3 bln marketing EBIT

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)