ASX copper producer falls after record Q4 performance

The Capstone Copper Corp (ASX: CSC) share price is moving lower on Tuesday.

The decline follows the release of the copper producer’s fourth quarter results before market open.

In midday trade, Capstone shares are down 5.18% to $13.72. Despite today’s pullback, the company’s shares remain up more than 50% over the past 12 months.

Here is what the company reported.

Record production caps off strong year

Capstone delivered consolidated copper production of 58,273 tonnes in Q4 2025, up 8% from 53,942 tonnes in the prior corresponding period. The increase was driven by stronger sulphide production at Mantoverde and Mantos Blancos.

For the full year, consolidated copper production rose 22% to 224,764 tonnes, compared with 184,460 tonnes in 2024.

Realised copper prices also improved. Capstone achieved an average realised copper price of US$5.36 per pound in Q4, up from US$4.04 per pound a year earlier. For the full year, the realised price averaged US$4.65 per pound, compared with US$4.16 in 2024.

C1 cash costs declined significantly. Consolidated C1 cash costs in Q4 fell to US$2.31 per pound, down from US$2.52 per pound in Q4 2024. For the full year, C1 cash costs dropped 12% to US$2.44 per pound.

Earnings and cash flow expand

Revenue in Q4 totalled $685 million, up from $446.9 million in the prior corresponding period. Full-year revenue increased to $2.36 billion from $1.60 billion in 2024.

Net income attributable to shareholders came in at $50.6 million for the quarter, up from $45.9 million a year earlier. On an adjusted basis, net income attributable to shareholders was $78.7 million for Q4.

For the full year, net income attributable to shareholders surged to $315.9 million, compared with $82.9 million in 2024. Adjusted net income was $163.6 million for the year.

Adjusted EBITDA reached $308 million in Q4, up from $171.9 million in the prior corresponding period. For the full year, adjusted EBITDA rose to $952.7 million, almost double the $496.1 million recorded in 2024.

Operating cash flow before changes in working capital increased to $287.3 million in Q4. For the full year, operating cash flow before changes in working capital was $897 million.

Balance sheet and outlook

Net debt stood at $780.1 million as at 31 December 2025, compared with $742 million a year earlier. Total available liquidity was reported at just over $1 billion at year end.

Looking ahead, Capstone has reaffirmed 2026 production guidance of 200,000 to 230,000 tonnes of copper at C1 cash costs of US$2.45 to US$2.75 per pound. The company expects largely stable production in 2026, with growth anticipated from Mantoverde Optimised from 2027.

While the market has driven the stock lower today, 2025 was a record year for production and earnings. The result was supported by stronger copper prices and improved unit costs.

The post ASX copper producer falls after record Q4 performance appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.