Capstone Copper Corp. (CS.TO) was under pressure in Toronto trading, last seen at C$13.85, down C$1.06 or 7.10% intraday. The move came as investors digested the miner’s newly released 2026 production, cost and capital spending guidance, which sketches a year of broadly steady output but heavier spending tied to growth projects and mine sequencing that is expected to pinch costs at a couple of operations.
On the tape, the session’s snapshot showed a previous close of C$14.91 and an open at C$13.15, with the shares trading in a C$12.94 to C$14.31 range. The stock’s 52-week range sat at C$4.97 to C$18.04, with about 6,907,062 shares changing hands at the time of the quote. Market metrics on the quote page included an intraday market cap of C$10.573B, a 5-year beta of 2.20, and a TTM P/E of 24.73. The next listed earnings date was Mar 2, 2026.
What Capstone guided for in 2026
Capstone said it expects consolidated copper production of 200,000 to 230,000 tonnes in 2026. On costs, the company guided to consolidated C1 cash costs of $2.45 to $2.75 per payable pound of copper for the year, pointing to modest inflation and the impact of lower-grade zones at certain mines due to sequencing.
On spending, Capstone outlined a sizable capital plan: $270 million of sustaining capital expenditures and $225 million of expansionary capital expenditures, for $495 million total capex in 2026. It also expects $225 million of capitalized stripping tied to open-pit operations, plus $70 million in exploration spending as it pushes a district exploration strategy across its portfolio.
CEO message: 2025 momentum, 2026 execution, 2027 ramp
President and CEO Cashel Meagher framed 2025 as a step-change year, saying Capstone delivered record copper production up 22% year over year while advancing key catalysts. The emphasis now shifts to “consistent and reliable outcomes” in 2026 while executing the Mantoverde Optimized Project, which management expects to support higher copper production in 2027.
Capstone also said it plans to advance the fully permitted Santo Domingo Project toward a sanctioning decision expected in the second half of 2026, while continuing exploration across the Mantoverde–Santo Domingo district and using cash flows to deleverage.
Mine-by-mine: where production is expected to land
Capstone’s 2026 outlook implies that the bulk of copper production continues to come from its sulphide operations, with additional cathode output. The company guided to sulphide copper production of 165,000 to 190,000 tonnes in total, and cathode copper production of 35,000 to 40,000 tonnes, which together feed the consolidated 200,000 to 230,000 tonnes forecast.
Mantoverde is expected to remain a key contributor. Capstone guided to sulphide copper production of 64,000 to 74,000 tonnes at Mantoverde with C1 cash costs of $1.25 to $1.55 per payable pound, plus cathode production of 25,000 to 28,000 tonnes with higher C1 cash costs of $4.60 to $4.95. The company expects sulphide grades to approximate 0.71% in 2026, with planned maintenance shutdowns in Q2 (5 days) and Q3 (15 days) to complete construction tie-ins for Mantoverde Optimized. The optimized sulphide concentrator ramp-up is scheduled for Q4 2026, with a target exit rate near 45,000 tonnes per day.
Mantos Blancos is guided to sulphide copper production of 38,000 to 44,000 tonnes with C1 cash costs of $2.85 to $3.15, plus cathode production of 10,000 to 12,000 tonnes at C1 cash costs of $2.80 to $3.10. Management expects a one-year period of lower copper grades in 2026, with sulphide grades approximating 0.70% and a rebound toward 0.85% in 2027. Planned maintenance shutdowns are scheduled for Q2 (4 days) and Q3 (3 days).
Pinto Valley is guided to sulphide copper production of 42,000 to 48,000 tonnes with C1 cash costs of $3.00 to $3.30. Capstone expects higher throughput to lift production versus 2025, partially offset by slightly lower copper grades of about 0.29%. A Q2 2026 planned maintenance shutdown of 10 days is intended to support plant reliability improvements, including work tied to the primary crusher and continued Asset Management Framework implementation.
Cozamin is guided to sulphide copper production of 21,000 to 24,000 tonnes with C1 cash costs of $1.55 to $1.85. The company expects grades around 1.80%, with output weighted fairly evenly through the year. Capstone flagged higher labour costs and lower grades as drivers of higher costs versus 2025.
Capital plan: sustaining, growth, and stripping
Capstone’s 2026 capex plan concentrates the heaviest spending at Mantoverde and in its growth pipeline. The company guided to $150 million of expansionary capital at Mantoverde, $15 million at Mantos Blancos (including work on Phase II sulphide expansion studies and heap leach testing for historical tailings reprocessing), and $60 million at Santo Domingo to progress financing strategy, detailed engineering, and infrastructure optimization ahead of the expected second-half sanctioning decision.
On sustaining capital, Capstone highlighted approximately $90 million for tailings and ESG initiatives, including tailings storage facility upgrades at Pinto Valley and Mantos Blancos. It also expects $225 million of capitalized stripping across its three open-pit mines, including amounts at Mantoverde intended to expose additional ore for increased mill capacity with Mantoverde Optimized.
Hedging: collars on copper cathodes and gold
For risk management, Capstone said it entered into approximately 24,800 tonnes of zero-cost copper collars for 2026 to ensure break-even pricing on a portion of higher-cost copper cathode production. The collars carry an average floor of $4.31 per pound and an average ceiling of $6.37 per pound, evenly distributed through 2026. The company also entered into roughly 16,000 ounces of zero-cost gold collars with an average floor of $3,500 per ounce and an average ceiling of $5,914 per ounce, also evenly distributed through the year.
How the market may be reading it
Guidance headlines can cut both ways for mining stocks: stable production ranges can be reassuring, but rising unit-cost guidance and heavy capex can focus attention on execution risk and free-cash-flow timing. Capstone’s commentary leans into that tradeoff—prioritizing buildout work in 2026 to position for a higher run-rate once Mantoverde Optimized ramps and as Santo Domingo approaches a sanctioning decision window.
For readers who want to review the full guidance release in the company’s own words, the source filing is available via Business Wire’s publication of Capstone Copper’s 2026 guidance announcement.
