Capstone

What Capstone does

Capstone Copper Corp. (TSX: CS, ASX: CSC, OTC: CSCCF) is a Canadian-domiciled, Vancouver-headquartered copper producer formed in March 2022 from the merger of Capstone Mining and Mantos Copper. The company operates four producing copper mines — Pinto Valley (Arizona, USA), Cozamin (Mexico), Mantos Blancos (Chile, 100%), and Mantoverde (Chile, 70% with Mitsubishi Materials holding 30%) — and is advancing the fully-permitted Santo Domingo copper-iron-gold development project in Chile. Capstone also holds rights to a potential large-scale, low-cost battery-grade cobalt by-product stream from the Mantoverde-Santo Domingo district.

The company's core technology stack spans open-pit and underground mining, sulphide flotation concentration, heap and dump leaching, SX-EW (solvent extraction-electrowinning) for copper cathode production, and cobalt recovery from tailings streams using bioleach-configured dynamic heap leach pads with ion exchange. Notable technical differentiators include IOCG (iron oxide-copper-gold) deposit processing expertise, paste backfill systems at Cozamin that combine dry-stacked tailings with cement pumped underground, and a state-of-the-art desalination plant supplying all water requirements for Mantoverde in the water-scarce Atacama region.

Capstone generates revenue primarily by selling copper cathode and concentrate to global smelters, traders, and industrial customers through long-term offtake agreements and spot sales, with gold and silver recovered as by-product credits. The Glencore-owned Altonorte smelter is identified as a named offtake customer for Mantos Blancos concentrate. 2025 copper production reached a record 224,764 tonnes (a 22% YoY increase), full-year 2025 revenue was approximately $2.4 billion, and 2026 production guidance is 200,000-230,000 tonnes with C1 cash costs guided at $2.45-$2.75/lb. The company's growth strategy centers on the Mantoverde-Santo Domingo district integration, targeting over 250,000 tonnes/year of low-cost copper production, supported by the MV-O brownfield expansion at Mantoverde ($176M), Mantos Blancos Phase II (in permitting), and the partially Orion-funded Santo Domingo project.

Name

Capstone

Legal name

Capstone Copper Corp.

Website

https://capstonecopper.com/

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Mine Engineering, EPC & Expansion Projects (IMAKADAM), Copper Concentrate Trading & Marketing (IMAKADAI), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Copper mining
• Copper concentrate production
• Copper cathode production
• Precious metals by-products
• Mineral exploration development

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Copper Production and Sales: Primary revenue from copper cathode and concentrate production and sales to global smelters and traders. Copper prices realized at approximately $5.92/lb in Q1 2026. Revenue of $652.5 million in Q1 2026 and $685 million in Q4 2025.
2. Gold and Silver By-product Credits: Gold and silver production as valuable by-products of copper operations, particularly at Mantoverde and Santo Domingo. Mantoverde produces copper concentrate with significant gold by-product credit.
3. Cobalt (Future): Potential future cobalt production from Mantoverde-Santo Domingo district, positioning company to become one of largest and lowest cost battery grade cobalt producers outside DRC

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Capstone Copper mines, processes, and markets copper cathode and copper concentrate from four producing mines in Chile, the United States, and Mexico, with gold and silver recovered as by-product credits. The company also holds a fully permitted development project (Santo Domingo) and is executing brownfield expansions (MV-O, Mantos Blancos Phase II) to grow low-cost copper output to 250,000+ tonnes per year at a district scale in the Atacama region.

Product overview

Capstone Copper is a premier copper producer operating a portfolio of long-life copper mines in the Americas and a fully permitted development project in Chile. The company operates four producing mines: Pinto Valley (Arizona, USA), Cozamin (Mexico), Mantos Blancos (Chile), and Mantoverde (Chile - 70% owned). The Santo Domingo copper-iron-gold project in Chile represents the company's next major growth phase. The company is expanding its Mantoverde mine through the MV-O project and evaluating expansion at Mantos Blancos Phase II. The Mantoverde-Santo Domingo District Integration Plan aims to unlock over 250,000 tonnes per year of low-cost copper production.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper Concentrate and Copper Cathode from Mantos Blancos Mine Open-pit copper-silver mine in the Antofagasta region of Chile producing copper concentrate, copper cathodes, and silver by-product; wholly owned by Capstone.
• Copper Concentrate, Copper Cathode and Gold By-Product from Mantoverde Mine Open-pit copper-gold mine in Atacama, Chile (70% owned by Capstone, 30% Mitsubishi Materials Corporation) producing copper concentrates, copper cathodes, and gold as a by-product credit.
• Copper Concentrate and Silver from Cozamin Mine 100%-owned underground copper-silver mine in Zacatecas, Mexico with a first-quartile cost profile, producing copper concentrate and silver, and employing a paste backfill system for tailings and water management.
• Copper and Molybdenum Concentrate from Pinto Valley Mine 100%-owned open-pit copper-molybdenum mine in Arizona, United States, one of the oldest and most productive mining districts in the US, with significant district-scale opportunities.
• Santo Domingo Copper-Iron-Gold Project Fully permitted copper-iron-gold project in Atacama, Chile, representing Capstone's next phase of transformational growth and integration target with Mantoverde for district-scale production exceeding 250,000 tonnes per year.
• Mantoverde Optimized (MV-O) Brownfield Expansion Capital-efficient brownfield expansion of the sulphide concentrator at Mantoverde mine, extending throughput from 32,000 to 45,000 ore tonnes per day and mine life from 19 to 25 years, delivering incremental copper and gold production.
• Mantos Blancos Phase II Expansion Planned expansion of the Mantos Blancos sulphide concentrator plant throughput from 20,000 tpd to at least 27,000 tpd, including new equipment for concentrate filtration and tailings management, with expanded production targeted between 2030 and 2031.
• Mantoverde-Santo Domingo District Integration Plan District integration plan combining Mantoverde and Santo Domingo to unlock over 250,000 tonnes per year of low-cost copper production through shared infrastructure and exploration potential in the Atacama region.

Quantifiable outcome

• Record adjusted EBITDA of $329.1 million in Q1 2026, up 83% year-over-year
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered growth and core.

• EnamigrowthStrategic or Co-development Partner · 16 October 2025Agreement with state-owned Enami to acquire over 18,000 hectares of mining concessions in the Atacama Region of Chile. Purchase option to be finalized within 48 months to consolidate mining district.
• Mitsubishi Materials CorporationcoreStrategic or Co-development Partner · 1 July 2024Mitsubishi Materials holds 30% ownership interest in Mantoverde mine (Capstone holds 70%). Joint venture partner in the oxide heap leach and sulphide concentrator operation in Atacama, Chile.
• Osisko GoldcoreStrategic or Co-development PartnerOsisko Gold holds right to purchase 100% of silver production in concentrate from Mantos Blancos operations until 19.3 million ounces delivered, then 40% at 92% of market price.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Freeport-McMoRan: The world's largest publicly traded copper producer, operating major open-pit copper mines in the Americas (including Chile and the US) with gold and molybdenum by-products. Capstone's Pinto Valley mine and Mantoverde–Santo Domingo district strategy closely mirror Freeport's district-scale operating model.
• Southern Copper: A pure-play copper miner with large open-pit operations in Peru and Mexico producing copper concentrates and cathodes with by-product molybdenum, silver, and zinc. Directly comparable to Capstone on mine type, by-product mix, and customer base (global smelters and traders).
• First Quantum Minerals: Mid-cap copper producer with major operations including Cobre Panamá and Sentinel in Zambia, producing copper concentrates and cathodes. Comparable to Capstone on copper-focused portfolio, growth-project pipeline, and exposure to emerging-market operational risks.
• Antofagasta PLC: Chile-based copper miner with four operating mines in the Antofagasta and Atacama regions, including Los Pelambres. Closest geographic and operational peer to Capstone given shared Chilean mining infrastructure, water stewardship challenges, and copper-concentrate product mix.
• Lundin Mining: Diversified mid-cap base-metals producer with copper-dominant operations in Chile (Candelaria), Brazil, and the DRC. Comparable to Capstone on copper-focused portfolio, mid-cap scale, and growth-by-brownfield-expansion strategy.
• Hudbay Minerals: Mid-tier copper miner producing copper concentrates with gold/silver by-products from operations in Peru, Canada, and the US. Comparable to Capstone on cost-positioning focus, by-product credits, and management pedigree (CEO Cashel Meagher was previously Hudbay's COO).
• KGHM Polska Miedź: Polish-headquartered copper and silver producer with mines in Poland, Chile (Sierra Gorda), and North America. Directly comparable on copper-silver concentrate/cathode product mix, and on having a Chilean operating presence similar in scale to Capstone's Mantoverde/Mantos Blancos.

Broad incumbents

• Teck Resources: Diversified miner with significant copper operations in Chile (Quebrada Blanca, Carmen de Andacollo) alongside legacy steelmaking coal. Comparable on Chilean copper exposure and copper growth-pipeline thesis, though broader portfolio and larger scale differentiate it from Capstone.
• Glencore: Diversified mining and trading major with large copper mining operations and an integrated trading arm that is also a Capstone offtake customer (via Altonorte smelter). Compares to Capstone on copper exposure but spans zinc, coal, and nickel with materially larger scale and trading margins.
• BHP Group: World's largest diversified miner with the flagship Escondida copper mine in Chile. Operates at a materially larger scale and broader commodity set, but comparable on Chilean copper operating expertise (Capstone COO James Whittaker was formerly Escondida President) and copper growth-pipeline thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/capstonecopper
• Facebookfacebook.com/capstonemining
• LinkedInlinkedin.com/company/capstone-copper

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capstone