Highlights

  • Capstone achieved record annual copper production of 224,764 tonnes in 2025, meeting consolidated guidance.
  • Mantoverde recorded a monthly production high of 10,747 tonnes in December, despite ongoing strike action.
  • Mantos Blancos and Pinto Valley mines delivered record quarterly and annual copper outputs, contributing to overall production growth.

Capstone Copper Corp. (ASX:CSC) (TSX:CS) recorded a 7.09% share price gain to AUD 15.64 during morning trading on 6 January 2026, bringing the 12-month gain to 55.42% and the 6-month rise to 79.71%. The increase follows the release of the company’s 2025 production results, which show record consolidated copper output, alongside an update on ongoing labour negotiations at the Mantoverde mine in Chile.

Record Production Across Operations

Capstone’s consolidated copper production in 2025 reached 224,764 tonnes, marking a 22% increase over 2024 and 37% over 2023. The growth was supported by the Mantoverde Development Project (MVDP) ramp-up and the debottlenecking initiative at Mantos Blancos.

In Q4 2025, consolidated quarterly production totaled 58,273 tonnes, with Mantoverde achieving 23,819 tonnes, driven by record sulphide plant throughput. After mill motor repairs in October and November, December throughput reached 36,761 tpd, producing a record 10,747 tonnes of copper. Annual production at Mantoverde rose 65% compared with 2024, reaching 95,115 tonnes.

Mantos Blancos posted 16,861 tonnes in Q4 and an annual output of 61,919 tonnes, exceeding guidance and representing a 39% increase over 2024. Pinto Valley’s Q4 production was 11,423 tonnes, while Cozamin produced 6,170 tonnes in the final quarter, contributing 25,348 tonnes for the year, near the high end of guidance.

Labour Dispute at Mantoverde

On 1 January 2026, mediation with Union #2, representing roughly 22% of Mantoverde’s workforce, concluded without agreement. The union commenced strike action on 2 January. Capstone reports that operations continue at 50–75% of normal levels, with critical works underway to maintain safety, environmental protection, and mine functionality.

The company successfully negotiated three-year agreements with other unions at Mantoverde during 2025 and remains open to discussions with Union #2. Capstone emphasizes compliance with legal obligations and ongoing cooperation with authorities.

Outlook and Upcoming Announcements

Capstone will release its 2025 full-year financial results on 2 March 2026, followed by an investor conference call. The company continues to operate its Pinto Valley, Cozamin, Mantos Blancos, and Mantoverde mines, alongside exploration and development of its Santo Domingo copper-iron-gold project and other assets in the Americas.

Analyst Opinion

As per Refinitiv data, consensus rating for CSC stands at buy with target price of AUD 16.12.