OREMAVEN
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2026-11-06
◂ Monitor CSC ASX

Capstone Copper Corp.

Producer · Copper · Gold · Silver · Iron Ore · CL · US · MX Rating locked: sign in to view v8 · csc-20261024t165232-full
Last 2026-11-06
A$11.04
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$8.5B
EV
A$9.6B
Cash
US$367.1M
Debt
US$1.3B
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$367.1M Not Meaningful
Debt US$1.3B Net cash US$-940.1M
Basic shares 766M 2026-08-31
Runway Not Meaningful Producer generated net operating/investing cash; development funding must be assessed separately.

Liquidity

Financial position

Reported consolidated cash367.075m and undrawnRCF715.4m atJune30; economic attributable cash281m per presentation8. Future SD financing and May2029RCF refinancing remain conditions, not committed funding.

Inventory composition5

Operational inventory is included through mine working capital and not added as a standalone equity asset; materials177.648m are supplies.

Current ore stockpiles
US$42.4M carrying
Work in process
US$23.6M carrying
Finished copper cathode
US$19.9M carrying
Finished copper concentrate
US$32M carrying
Non-current Mantoverde ore stockpile
US$28.6M carrying

Capital structure

Ownership and dilution

Ordinary shares
766M
Fully diluted
774.9M

July30 ordinary763949339 +2034970 San Pietro consideration shares =765984309. All outstanding options3899379 and treasury units4970432 give maximumFD774854120. Valuation uses scenario-specific in-the-money exercise and proceeds; current cash awards are separate claims.

Security classes2
ClassTypeQuantityStrikeExpiry
Share options weighted C$8.30 exercise; exact expiries not disclosed aggregateOption3.9MA$8.3—
Treasury share units assumed settled in sharesPerformance Right5M——

KPI history

Operating metrics · Cozamin

production shown
01,8273,6535,4807,307Q1 2025: 6,524 t copperQ1 2025Q2 2025: 6,509 t copperQ2 2025Q3 2025: 6,145 t copperQ3 2025Q4 2025: 6,170 t copperQ4 2025Q1 2026: 5,930 t copperQ1 2026Q2 2026: 5,745 t copperQ2 2026
MetricUnitTrendQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
productiont copperQ1 2025: 6,524 t copperQ2 2025: 6,509 t copperQ3 2025: 6,145 t copperQ4 2025: 6,170 t copperQ1 2026: 5,930 t copperQ2 2026: 5,745 t copper6,5246,5096,1456,1705,9305,745
c1_costUSD/lb copperQ1 2025: 1.28 USD/lb copperQ2 2025: 1.49 USD/lb copperQ3 2025: 1.51 USD/lb copperQ4 2025: 0.98 USD/lb copperQ1 2026: 0.71 USD/lb copperQ2 2026: 1.52 USD/lb copper1.281.491.510.980.711.52

KPI history

Operating metrics · Mantos Blancos

production shown
04,7219,44214,16318,884Q1 2025: 13,846 t copperQ1 2025Q2 2025: 15,796 t copperQ2 2025Q3 2025: 15,417 t copperQ3 2025Q4 2025: 16,861 t copperQ4 2025Q1 2026: 12,301 t copperQ1 2026Q2 2026: 12,482 t copperQ2 2026
MetricUnitTrendQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
productiont copperQ1 2025: 13,846 t copperQ2 2025: 15,796 t copperQ3 2025: 15,417 t copperQ4 2025: 16,861 t copperQ1 2026: 12,301 t copperQ2 2026: 12,482 t copper13,84615,79615,41716,86112,30112,482
c1_costUSD/lb copperQ1 2025: 2.43 USD/lb copperQ2 2025: 2.09 USD/lb copperQ3 2025: 2.24 USD/lb copperQ4 2025: 1.94 USD/lb copperQ1 2026: 3.02 USD/lb copperQ2 2026: 3.93 USD/lb copper2.432.092.241.943.023.93

KPI history

Operating metrics · Mantoverde

production shown
06,99613,99220,98827,984Q1 2025: 22,540 t copperQ1 2025Q2 2025: 24,986 t copperQ2 2025Q3 2025: 23,769 t copperQ3 2025Q4 2025: 23,819 t copperQ4 2025Q1 2026: 19,018 t copperQ1 2026Q2 2026: 23,485 t copperQ2 2026
MetricUnitTrendQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
productiont copperQ1 2025: 22,540 t copperQ2 2025: 24,986 t copperQ3 2025: 23,769 t copperQ4 2025: 23,819 t copperQ1 2026: 19,018 t copperQ2 2026: 23,485 t copper22,54024,98623,76923,81919,01823,485
c1_costUSD/lb copperQ1 2025: 2.46 USD/lb copperQ2 2025: 2.35 USD/lb copperQ3 2025: 2.27 USD/lb copperQ4 2025: 2.32 USD/lb copperQ1 2026: 2.59 USD/lb copperQ2 2026: 1.97 USD/lb copper2.462.352.272.322.591.97

KPI history

Operating metrics · Pinto Valley

production shown
03,1986,3979,59512,794Q1 2025: 10,886 t copperQ1 2025Q2 2025: 10,125 t copperQ2 2025Q3 2025: 9,949 t copperQ3 2025Q4 2025: 11,423 t copperQ4 2025Q1 2026: 10,711 t copperQ1 2026Q2 2026: 10,047 t copperQ2 2026
MetricUnitTrendQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
productiont copperQ1 2025: 10,886 t copperQ2 2025: 10,125 t copperQ3 2025: 9,949 t copperQ4 2025: 11,423 t copperQ1 2026: 10,711 t copperQ2 2026: 10,047 t copper10,88610,1259,94911,42310,71110,047
c1_costUSD/lb copperQ1 2025: 3.84 USD/lb copperQ2 2025: 3.89 USD/lb copperQ3 2025: 3.63 USD/lb copperQ4 2025: 3.53 USD/lb copperQ1 2026: 3.46 USD/lb copperQ2 2026: 4.17 USD/lb copper3.843.893.633.533.464.17
Operating metric source table48
MetricProjectPeriodPeriod typeValueStatus
productionMvQ1 2025Quarter22,540 t copperReported
c1_costMvQ1 2025Quarter2.46 USD/lb copperReported
productionMvQ2 2025Quarter24,986 t copperReported
c1_costMvQ2 2025Quarter2.35 USD/lb copperReported
productionMvQ3 2025Quarter23,769 t copperReported
c1_costMvQ3 2025Quarter2.27 USD/lb copperReported
productionMvQ4 2025Quarter23,819 t copperReported
c1_costMvQ4 2025Quarter2.32 USD/lb copperReported
productionMvQ1 2026Quarter19,018 t copperReported
c1_costMvQ1 2026Quarter2.59 USD/lb copperReported
productionMvQ2 2026Quarter23,485 t copperReported
c1_costMvQ2 2026Quarter1.97 USD/lb copperReported
productionMbQ1 2025Quarter13,846 t copperReported
c1_costMbQ1 2025Quarter2.43 USD/lb copperReported
productionMbQ2 2025Quarter15,796 t copperReported
c1_costMbQ2 2025Quarter2.09 USD/lb copperReported
productionMbQ3 2025Quarter15,417 t copperReported
c1_costMbQ3 2025Quarter2.24 USD/lb copperReported
productionMbQ4 2025Quarter16,861 t copperReported
c1_costMbQ4 2025Quarter1.94 USD/lb copperReported
productionMbQ1 2026Quarter12,301 t copperReported
c1_costMbQ1 2026Quarter3.02 USD/lb copperReported
productionMbQ2 2026Quarter12,482 t copperReported
c1_costMbQ2 2026Quarter3.93 USD/lb copperReported
productionPvQ1 2025Quarter10,886 t copperReported
c1_costPvQ1 2025Quarter3.84 USD/lb copperReported
productionPvQ2 2025Quarter10,125 t copperReported
c1_costPvQ2 2025Quarter3.89 USD/lb copperReported
productionPvQ3 2025Quarter9,949 t copperReported
c1_costPvQ3 2025Quarter3.63 USD/lb copperReported
productionPvQ4 2025Quarter11,423 t copperReported
c1_costPvQ4 2025Quarter3.53 USD/lb copperReported
productionPvQ1 2026Quarter10,711 t copperReported
c1_costPvQ1 2026Quarter3.46 USD/lb copperReported
productionPvQ2 2026Quarter10,047 t copperReported
c1_costPvQ2 2026Quarter4.17 USD/lb copperReported
productionCzQ1 2025Quarter6,524 t copperReported
c1_costCzQ1 2025Quarter1.28 USD/lb copperReported
productionCzQ2 2025Quarter6,509 t copperReported
c1_costCzQ2 2025Quarter1.49 USD/lb copperReported
productionCzQ3 2025Quarter6,145 t copperReported
c1_costCzQ3 2025Quarter1.51 USD/lb copperReported
productionCzQ4 2025Quarter6,170 t copperReported
c1_costCzQ4 2025Quarter0.98 USD/lb copperReported
productionCzQ1 2026Quarter5,930 t copperReported
c1_costCzQ1 2026Quarter0.71 USD/lb copperReported
productionCzQ2 2026Quarter5,745 t copperReported
c1_costCzQ2 2026Quarter1.52 USD/lb copperReported
Company guidance5
MetricProjectPeriodLowHighStatus
ProductionmvFY202689,000102,000 t copperCurrent
ProductionmbFY202648,00056,000 t copperCurrent
ProductionpvFY202642,00048,000 t copperCurrent
ProductionczFY202621,00024,000 t copperCurrent
ProductionCompanyFY2026200,000230,000 t copperCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-08-31RaisingUS$25M2M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Annual financial commitments/AIF plus Q2 notes and Sep transaction; financing amounts, closed versus conditional ownership and hedge bounds reconciled. Unpublished tariffs and tranche balances remain explicit gaps.

MMC holds30%Mantoverde. COF47.028m and pro-rata shareholder funding207.795m appear atJune30. Attributed cash/debt presentation used; proportional shareholder-loan distributions must be reconciled with Capstone internal funding claim.

Joint Venture · Active
Counterparties
Mitsubishi Materials
Applies to
Mantoverde · Copper · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Capstone interest: 70 %
COF balance: 47,028,000 USD
Shareholder loans: 207,795,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

30% annual copper output for life of mine and additional 30kt concentrate under COF arrangement. LME-based pricing with adjustments.

Offtake · Active
Counterparties
Mitsubishi Materials
Applies to
Mantoverde · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Annual share: 30 %
Additional concentrate: 30,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

75kt copper concentrate each year for 10 years from 2024 commercial production; minimum 750kt can extend term.

Offtake · Active
Counterparties
Boliden Commercial AB
Applies to
Mantoverde · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Minimum annual concentrate: 75,000 t
Minimum total: 750,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

2019 seven-year agreement for 75% concentrate with 900kt minimum; continuation depends on volume/financial fulfilment, undisclosed at cutoff.

Offtake · Unknown
Counterparties
Glencore Buyers
Applies to
Mantos Blancos · Copper · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Annual concentrate share: 75 %
Minimum delivery: 900,000 t
How it affects our valuation

No valuation treatment is available for this arrangement.

1.525% copper NSR to Jan2035, counterparty may renew for mine rights duration; unused 50% buyback option requires payment.

Royalty · Active
Counterparties
Southern Cross Royalties
Applies to
Mantos Blancos · Copper
Economic direction
Burden
Period
Through 2035-01-01; start date not stated
Key terms
NSR: 1.52 %
How it affects our valuation

No valuation treatment is available for this arrangement.

3% NSR on Cozamin ore. Transfers with disposed asset; transaction price implicitly values burden.

Royalty · Active
Counterparties
Minera Bacis
Applies to
Cozamin · Copper · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
NSR: 3 %
How it affects our valuation

No valuation treatment is available for this arrangement.

100% payable silver sold at 8% spot until 19.3Moz delivered, then 40%; 8.0Moz delivered June30.

Stream · Active
Counterparties
OR Royalties International
Applies to
Mantos Blancos · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Silver share: 100 %
Threshold: 19,300,000 oz
Spot payment: 8 %
Later share: 40 %
How it affects our valuation

No valuation treatment is available for this arrangement.

50% silver to 10Moz then 33% life of mine, ongoing payment10%spot; delivered3.4Moz. Included in agreed asset price.

Stream · Active
Counterparties
Wheaton Precious Metals
Applies to
Cozamin · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Silver share: 50 %
Threshold: 10,000,000 oz
Spot payment: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

100% gold until285koz then67%; 18%spot until deposit recouped then22%. US290m conditional construction payments. US30m early deposit repaid March9 and monthly104oz delay obligation extinguished.

Stream · Conditional
Counterparties
Wheaton Precious Metals
Applies to
Santo Domingo · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Gold share: 100 %
Later share: 67 %
Payment: 18 %
Construction installments: 290,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional sale of25% SD/SN for225m atFID plus75m matching contribution within6months and60m contingent milestones. Current ownership remains100%.

Strategic Partnership · Conditional
Counterparties
Orion Mine Finance
Applies to
Santo Domingo · Sierra Norte · Copper · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Future interest sold: 25 %
FID payment: 225,000,000 USD
Matching contribution: 75,000,000 USD
Milestone maximum: 60,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Pending sale:275m upfront cash,15m shares,35m deferred in cash or shares after one year, maximum60m contingent on2027-29 copper bands. Q4closing approvals outstanding.

Other · Conditional
Counterparties
Luca Mining
Applies to
Cozamin · Copper · Silver
Economic direction
Benefit
Period
Dates not stated
Key terms
Cash: 275,000,000 USD
Shares: 15,000,000 USD
Deferred: 35,000,000 USD
Contingent maximum: 60,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

2019 ten-year additional net profit royalty on incremental cathode production; renewal terms and detailed economic rate not disclosed.

Royalty · Active
Counterparties
Jetti Resources
Applies to
Pinto Valley · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Initial term: 10 years
How it affects our valuation

No valuation treatment is available for this arrangement.

Water contracts2033 and new treated-water agreement2028–2060, capital contributions2028/2033 proportional to treated water; amount not disclosed.

Other · Active
Counterparties
ADASA · ECONSSA
Applies to
Mantos Blancos · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
New supply starts: 2,028 year
Supply expires: 2,060 year
How it affects our valuation

No valuation treatment is available for this arrangement.

Existing and new power/transmission arrangements support ongoing operations; Q2 new MB2028–2030 and MV2028–2037 contracts. Price tariffs not disclosed.

Other · Active
Counterparties
Guacolda Energia · transmission provider
Applies to
Mantos Blancos · Mantoverde · Santo Domingo · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
MB new expiry: 2,030 year
MV new expiry: 2,037 year
How it affects our valuation

No valuation treatment is available for this arrangement.

July-Dec2026 zero-cost collars13,080t; floors4.25/4.45 and caps6.00/6.70. Split and remaining October volume not disclosed; sensitivity is maximum disclosed envelope, no perpetual hedge.

Commodity Hedge · Active
Counterparties
financial counterparties
Applies to
Mantoverde · Mantos Blancos · Pinto Valley · Cozamin · Copper
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Collar floor low: 4.25 USD/lb
Collar floor high: 4.45 USD/lb
Collar cap low: 6 USD/lb
Collar cap high: 6.7 USD/lb
Disclosed volume: 13,080 t
How it affects our valuation

No valuation treatment is available for this arrangement.

July-Dec2026 gold7750oz floor3500 caps5800/6050. Tranche split and remaining volume unknown.

Commodity Hedge · Active
Counterparties
financial counterparties
Applies to
Mantoverde · Gold
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Collar floor: 3,500 USD/oz
Collar cap low: 5,800 USD/oz
Collar cap high: 6,050 USD/oz
Disclosed volume: 7,750 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

July-Dec2026 CLP18.5b collars850/965 and885/1000; remaining balance unknown. Bounded maximum-volume envelope used.

FX Hedge · Active
Counterparties
financial counterparties
Applies to
Mantoverde · Mantos Blancos
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Collar floor low: 850 CLP/USD
Collar floor high: 885 CLP/USD
Collar cap low: 965 CLP/USD
Collar cap high: 1,000 CLP/USD
Notional: 18,500,000,000 CLP
How it affects our valuation

No valuation treatment is available for this arrangement.

July-Dec2026 CAD10.2m forward at1.38CAD/USD. Corporate expense hedge; bounded disclosed envelope.

FX Hedge · Active
Counterparties
financial counterparties
Applies to
Company-wide
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Forward rate: 1.38 CAD/USD
Notional: 10,200,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

July-Dec2026 diesel8.408million gallons atUS3.11/gal;42% of remainingH2 diesel hedged. Short-dated hedge effects qualitative in cost-risk score; long-term C1 excludes extrapolated hedge.

Other · Active
Counterparties
financial counterparties
Applies to
Mantoverde · Mantos Blancos · Pinto Valley · Cozamin
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Fixed price: 3.11 USD/gal
Notional: 8,408,000 gal
How it affects our valuation

No valuation treatment is available for this arrangement.

25,740t July-October copper time-spread swaps align quotation periods; not fixed-price sales. Spread rates and remaining October notional are unavailable.

Other · Active
Counterparties
financial counterparties
Applies to
Mantoverde · Mantos Blancos · Pinto Valley · Cozamin · Copper
Economic direction
Mixed
Period
Through 2026-10-31; start date not stated
Key terms
Notional: 25,740 t
How it affects our valuation

No valuation treatment is available for this arrangement.