Capital ExpenditureTotal capital expenditure guidance increased due to accelerated studies for project sanctioning and higher sustaining spend on tailings and facility upgrades, raising funding needs and execution risk.
Cost PressuresGuided cash costs are higher than consensus, driven by lower by‑product metal price assumptions, modest inflation, and lower ore grades from mine sequencing, which pressures margins.
Production GuidanceCompany production guidance for 2026 is below consensus, with shortfalls concentrated at Mantoverde cathodes and Pinto Valley, creating downside risk to near‑term volumes.