Vancouver-based Capstone Copper (ASX:CSC) reported financial and operational results for the fourth quarter and full year ended Dec. 31, 2025.
Driven by a 22% increase in copper production, the company achieved an all-time high in revenue and record-low C1 cash costs, marking what CEO Cashel Meagher described as a "transformational inflection point" for the organisation.
For the fourth quarter of 2025, Capstone produced 58,273 tonnes of copper at a C1 cash cost of US$2.31 per pound.
The operational efficiency translated into a record adjusted EBITDA of US$308 million for the quarter, a jump from the US$171.9 million reported in the same period in 2024.
Net income attributable to shareholders for Q4 rose to US$50.6 million (US$0.07 per share), supported by higher sales volumes and favourable realised copper prices.
On an annual basis, the company met its production guidance with a total of 224,764 tonnes of copper.
Full-year net income surged to US$315.9 million (US$0.41 per share), compared to just US$82.9 million in 2024.
Adjusted EBITDA for the year nearly doubled, reaching US$952.7 million.
Looking ahead, Capstone is prioritising the execution of the Mantoverde Optimised Project and advancing the Santo Domingo Project toward a final sanctioning decision.