Highlights
- CSC shares declined 8.74% today, closing at 13.20 AUD.
- Q4 2025 revenue reached a record USD 685.0 million.
- Full-year copper production increased 22% to 224,764 tonnes.
Capstone Copper Corp. (ASX:CSC) recorded a notable decline in Tuesday’s trading session, with shares falling 8.74% to trade at 13.20 AUD on 03 March 2026. The stock shed 1.27 AUD during the session, extending its five-day loss to 9.74% and its one-month decline to 21.07%. Despite the short-term weakness, the stock remains up 28.45% over six months and 47.71% over the past year.
Market Performance Snapshot
Trading volume reached 799,715 shares, with a bid-offer range of 13.170–13.180 AUD. The company’s market capitalisation stood at 13.61B. Year-to-date, CSC is down 8.99%, reflecting recent volatility in the metals and mining segment.
Record Revenue and EBITDA in Q4 2025
Capstone Copper reported Q4 2025 revenue of USD 685.0 million, compared to USD 446.9 million in Q4 2024. Adjusted EBITDA reached a quarterly record of USD 308.0 million, up from USD 171.9 million in the prior corresponding period. For the full year 2025, revenue totalled USD 2,359.9 million, while adjusted EBITDA rose to USD 952.7 million.
Net income attributable to shareholders for Q4 2025 was USD 50.6 million, or USD 0.07 per share, compared to USD 45.9 million, or USD 0.06 per share in Q4 2024. Full-year attributable net income increased to USD 315.9 million from USD 82.9 million in 2024.
Production Growth Drives Annual Results
Consolidated copper production for Q4 2025 reached 58,273 tonnes, up 8% from 53,942 tonnes in Q4 2024. For the full year, production climbed 22% to 224,764 tonnes from 184,460 tonnes in 2024.
Sulphide production increased 30% year-on-year to 184,830 tonnes, while cathode production declined 7% to 39,934 tonnes. Realised copper prices averaged USD 5.36 per pound in Q4 2025, compared to USD 4.04 per pound in Q4 2024.
C1 cash costs for Q4 2025 were USD 2.31 per pound, down from USD 2.52 per pound a year earlier. Full-year C1 cash costs decreased to USD 2.44 per pound from USD 2.76 per pound in 2024.
Balance Sheet and Liquidity Position
As of December 31, 2025, net debt stood at USD 780.1 million, compared to USD 742.0 million at the end of 2024. Total available liquidity was USD 1,015.2 million, including USD 304.2 million in cash and USD 711.0 million in undrawn credit facilities.
Operating cash flow before changes in working capital reached USD 287.3 million in Q4 2025 and USD 897.0 million for the full year.
2026 Guidance and Capital Allocation
For 2026, Capstone expects copper production between 200,000 and 230,000 tonnes. C1 cash cost guidance ranges between USD 2.45 and USD 2.75 per payable pound.
The company plans total capital expenditure of USD 495 million in 2026, comprising USD 270 million in sustaining capital and USD 225 million in expansionary capital. An additional USD 225 million is allocated for capitalised stripping, alongside USD 70 million for exploration activities.
Capstone Copper declined 8.74% despite reporting record Q4 and FY2025 financial results. Revenue, EBITDA, and annual copper production all reached new highs, with production rising 22% year-on-year. C1 cash costs declined during the year, while realised copper prices improved. The company issued 2026 guidance projecting largely stable production and outlined planned capital expenditure of USD 495 million.
FAQs
- Why did CSC shares decline despite record earnings?
The share price fell 8.74% today amid broader volatility, despite record revenue, EBITDA, and higher annual copper production results. - What were Capstone’s key financial results for FY2025?
Revenue reached USD 2,359.9 million, adjusted EBITDA was USD 952.7 million, and net income attributable to shareholders was USD 315.9 million. - What is Capstone Copper’s 2026 production guidance?
The company forecasts 200,000 to 230,000 tonnes of copper production with C1 cash costs between USD 2.45 and USD 2.75.
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