Capstone Copper stock faces output pressure after record EBITDA quarter

Published on 11/10/2026 at 20:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Capstone Copper stock remains under scrutiny after a record EBITDA quarter. Lower output and cautious 2026 guidance keep execution in focus.

Key points for investors

Third-quarter adjusted EBITDA reached US$358.3 million, the eighth consecutive quarterly record.
Copper production fell 18 percent to 45,218 tonnes as the Pinto Valley crusher rebuild weighed on output.
Capstone Copper moved its 2026 production outlook to the low end and cost guidance to the high end.

Capstone Copper, CA14071L1085, Illustration mit AI erstellt.

Capstone Copper reported a record adjusted EBITDA quarter while production declined, according to an analysis by The Maple Markets published on November 2, 2026. The report said higher copper prices supported earnings, but a crusher rebuild at Pinto Valley reduced output and pushed the full-year outlook toward the lower end of the range.

Capstone Copper stock traded at 7.06 euros on Lang & Schwarz at 20:14 CET on Tuesday, November 10, 2026. The quote gives investors a current European trading reference as the market weighs stronger pricing against operational execution.

Record EBITDA masks lower output

Adjusted EBITDA reached US$358.3 million in the three months to September 30, 2026, marking the eighth consecutive quarterly record. The realized copper price rose to US$6.61 per pound from US$4.49 a year earlier, helping offset weaker production.

Contained copper production fell to 45,218 tonnes from 55,280 tonnes in the third quarter of 2025. Pinto Valley was the main drag, with the Arizona operation affected by the primary crusher rebuild, while Mantoverde continued to benefit from its expansion.

Guidance leaves fourth quarter burden

Capstone Copper expects 2026 copper production at the low end of its 200,000-to-230,000-tonne range. Consolidated C1 cash costs are now expected at the high end of the US$2.45-to-US$2.75-per-pound range, increasing the importance of the fourth-quarter ramp-up.

The Mantoverde expansion remains the main operational support. The company targets steady sulphide plant throughput of 45,000 tonnes of ore per day from early 2027, while Santo Domingo and Mantos Blancos Phase II provide longer-term project milestones.