TSX- and ASX-listed Capstone Copper reported its highest-ever quarterly revenue and adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda), buoyed by strong sulphide copper production and lower costs at its Mantoverde operation, in Chile.

Revenue and adjusted Ebitda for the three months ended June 30 reached all-time highs, with adjusted Ebitda coming in at $215.6-million – up 75% from $123.1-million a year earlier. The company produced a record 57 416 t of copper at C1 cash costs of $2.45/lb. Sulphide production contributed 47 086 t at $2.20/lb, supported by the ramp-up at Mantoverde, which delivered 16 507 t at a low cost of $1.51/lb.

“Our second quarter was defined by several key accomplishments, including achieving record copper production, generating significant cash flow, and completing our balance sheet refinancing strategy,” said president and CEO Cashel Meagher.

Capstone posted net income attributable to shareholders of $24-million, or $0.03 a share, slightly down from $29.3-million, or $0.04 a share, in the second quarter of 2024. Adjusted net income rose to $27.5-million from $20.9-million in the comparable period.

Operating cash flow before working capital changes more than doubled to $212.4-million. The company ended the quarter with $1.1-billion in available liquidity, including $311.6-million in cash and short-term investments. Net debt declined to $691.9-million.

During the quarter, Capstone completed the refinancing of the Mantoverde project finance facility, repaying $477-million in outstanding debt, including $334-million attributable to Capstone. A new term loan was put in place for Mitsubishi Materials’ $145-million share, which includes a two-year grace period.

Earlier in July, Capstone received the environmental permit for its Mantoverde Optimised project. “Earlier this month we also announced another significant milestone with receipt of the Mantoverde Optimised permit, meaning we are no longer permit constrained on throughput, and we plan to commence this lower risk, capital efficient project imminently,” Meagher said.

The company reaffirmed its 2025 copper production guidance of between 220 000 t and 255 000 t at cash costs of $2.20/lb to $2.50/lb. Production is expected to rise in the second half of the year as Mantoverde transitions out of lower-grade ore.

“Capstone Copper is extremely well-positioned for the current environment and for the future, with a diverse portfolio of operating assets in the Americas, a robust pipeline of peer leading growth projects, a highly experienced team and a strong financial position,” said Meagher.