Capstone Copper (TSE:CS)
TSX:CS
Earnings Data
Report Date
Apr 30, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.2Last Year’s EPS
0.01Same Quarter Last Year
Strong Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported record production, record quarterly revenue and EBITDA, materially improved liquidity and leverage, successful ramp at Mantoverde and strong operational performance at Mantos Blancos and Cozamin. The company articulated a clear growth roadmap (Mantoverde Optimize, Mantos Blancos Phase II, Santo Domingo JV) and increased exploration funding. Near-term negatives include downtime at Mantoverde, drought-driven constraints at Pinto Valley, a conservative 2026 guidance driven by temporary lower grades (notably at Mantos Blancos) and elevated near-term capital/stripping needs; Santo Domingo financing and permitting remain workstreams. On balance the operational and financial achievements and de-risking steps outweigh the short-term challenges.Company Guidance
Record Production and Year-over-Year Growth
Full year 2025 consolidated copper production of 225,000 tonnes (a 22% increase vs. 2024) and record Q4 consolidated copper production of 58,300 tonnes.
Lower Unit Costs and Cost Improvement
Record low consolidated C1 cash cost in Q4 of $2.31 per payable lb and full-year 2025 C1 cash cost of $2.44/lb; consolidated C1 decreased by $0.11 from the prior quarter. Company reports a 16% reduction in unit cost over the past 2 years while raising production 37% over the same period.
Strong Quarterly and Annual Financial Results
Q4 revenue of $685 million (record); record adjusted EBITDA in Q4 of $308 million (up 79% YoY); operating cash flow of $287 million before working capital; adjusted net income attributable to shareholders more than doubled YoY to $75 million ($0.10/share).
Improved Balance Sheet and Liquidity
Available liquidity doubled YoY to >$1.0 billion (cash $304M + $711M undrawn RCF); consolidated net debt $780M but net debt / EBITDA improved to 0.8x at year-end 2025 from 1.5x at end-2024.
Mantoverde Operational Ramp and Project Execution
Mantoverde increased production 65% in 2025, hit best month throughput ~37,000 tpd in December, Q4 sulfide plant throughput averaged 23,400 tpd (with days above 37,000 tpd after motor upgrades). Mantoverde Optimize capex $176M expected to add ~20,000 tpa at ~ $9,000/tonne and target exit-2026 throughput ~45,000 tpd.
Strong Performance at Mantos Blancos
Mantos Blancos produced a record 16,861 tonnes of copper in Q4 at a low C1 cash cost of $1.94/lb and delivered a 25% increase in output vs. 2024; sulfide mill throughput exceeded design (avg ~21,400 tpd).
Cozamin Operational and Cost Strength
Cozamin Q4 production 6,170 tonnes of copper at a record low C1 cash cost of $0.98/lb, aided by higher silver by-product prices expected to be a tailwind in 2026.
De-risking and Partnership Progress on Santo Domingo
Unlocked value through a joint-venture partnership (Orion) for Santo Domingo (25% participation providing ~$300M) and advancing toward FID with detailed engineering to ~60% and project finance options being evaluated.
Clear 2026 Guidance and Growth Roadmap
2026 guidance: consolidated copper production 200,000–230,000 tonnes and C1 cash cost $2.45–$2.75/lb; sustaining capex ~$270M, expansionary capex $225M (Mantoverde $150M; Santo Domingo $60M; Mantos Blancos $15M); exploration budget increased to $70M.
Safety & ESG Progress
Published 2024 sustainability report, implemented integrated HSE system and CU Safe program year 1 with a ~30% reduction in recordable injuries year-over-year; Pinto Valley and Mantoverde received Copper Mark recognition (Cozamin began assurance process).
TSE:CS 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
TSE:CS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 02, 2026 | C$13.71 | C$12.29 | -10.36% |
Oct 30, 2025 | C$11.83 | C$12.52 | +5.83% |
Jul 31, 2025 | C$7.77 | C$8.17 | +5.15% |
May 01, 2025 | C$6.72 | C$6.66 | -0.89% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Capstone Copper (TSE:CS) report earnings?
Capstone Copper (TSE:CS) is schdueled to report earning on Apr 30, 2026, After Close (Confirmed).
What is Capstone Copper (TSE:CS) earnings time?
Capstone Copper (TSE:CS) earnings time is at Apr 30, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:CS EPS forecast?
TSE:CS EPS forecast for the fiscal quarter 2026 (Q1) is 0.2.