Highlights

  • CS reported a 56.9% YoY revenue increase in Q1FY25 to USD 533.3 million.
  • CS received environmental approval for its USD 150 million Mantoverde expansion, targeting 45,000 tpd processing.
  • CS has amended its credit facility to USD 1 billion and guided FY25 copper output of 220,000–255,000 tonnes.

Capstone Copper Corp (TSX: CS) is a base metals mining company with operations in the US, Mexico, and Canada, and development projects in Chile and Canada, focused primarily on copper alongside zinc, lead, molybdenum, silver, and gold production.

In the first quarter of the financial year 2025 (Q1FY25), the company’s revenue increased by 56.9% YoY to USD 533.3 million, driven by increased sulphide production and favourable copper market prices. The earnings from mining operations surged by 369.5% YoY to USD 84.9 million due to higher output volumes combined with lower unit costs at key mines. Exploration expenses grew by 75.0% YoY to USD 0.5 million, compared to USD 0.3 million in Q1FY24. The net loss improved by 79.7% YoY to USD 1.2 million due to reduced operating expenses and improved metal sales margins.

Business Update

CS has secured  key environmental permit for its USD 150 million Mantoverde Optimized project, enabling a processing increase from 32,000 to 45,000 tonnes per day and extending mine life by six years. The company began commercial production at its Mantoverde sulphide plant in September 2024, with output already exceeding expectations and targeting an additional 20,000 tonnes of copper annually.

CS has amended its revolving credit facility, extending maturity to 2029, increasing commitments from USD 700 million to USD 1 billion, and adding a USD 200 million accordion, with interest ranging from SOFR +1.75% to +2.75%. It will use proceeds from its recent USD 600 million senior notes to repay Mantoverde project financing, aligning major debt maturities to 2029 and 2033.

Company Outlook

CS expects to produce between 220,000 and 255,000 tonnes of copper in FY25, with C1 cash costs forecasted between USD 2.20 and USD 2.50 per pound. The company has allocated approximately USD 315 million in capital expenditures and USD 210 million for capitalized stripping to support ongoing operations.

Capstone also plans to invest USD 25 million in exploration activities aimed at resource expansion and advancing project development. This outlook supports the company’s strategy of maintaining production growth while managing capital allocation efficiently.

Top 10 Shareholders

The top 10 shareholders of Capstone collectively hold approximately 38.67% of the company’s total shares, with the largest stakes held by GRM Investments, Ltd. at around 13.21% and Orion Resource Partners (USA) LP at about 11.88%.

Stock Information

The stock has declined approximately 0.89% over the past week and gained around 1.57% over the past month. As of July 18, 2025, it closed at CAD 7.74, trading above the average 52-week low of CAD 4.975 and 52-week high of CAD 11.15.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 18 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

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