Fund Manager Summary on Capstone Copper Corp CDI (ASX:CSC)
In February 2026, PM Capital commented that Capstone Copper Corp CDI (ASX:CSC) detracted after an 11% share decline driven by softer-than-expected 2026 guidance — roughly 10% below consensus — attributable to strike-related disruptions and lower grades at the Mantoverde mine, with a new three-year labour agreement expected to restore nameplate capacity and grade issues viewed as transitory. Across fund manager commentary there is a consistent view that CSC benefits from strong structural tailwinds for copper (electrification, grid and infrastructure demand) and tightening global supply driven by high-profile disruptions, supporting elevated prices, while company-specific catalysts include a well‑advanced organic growth pipeline and the fully permitted, debt‑refinanced Mantoverde Optimiser project (funded brownfield project intended to materially increase throughput, extend life‑of‑mine to ~25 years and lower unit costs); however, managers also flag execution and operational risks — historical misses on production and capex, ongoing underperformance at Pinto Valley, grade variability at Mantoverde, strike risk and guidance trending to the low end of production/high end of cost — and view valuation and potential corporate activity as strategic considerations, so investors should monitor near‑term production guidance, labour relations, Optimiser project execution and cost control as the primary actionable indicators.
Commentary From The Managers
There are 16 insights from 9 fund managers regarding their investment in Capstone Copper Corp CDI (ASX:CSC) available on Thesis Tracker.
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Updates are made available to members within 12 hours of being released. The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
PM Capital
28 Feb 2026
$14.47
Summary
- PM Capital believes Capstone Copper is attractively positioned and continues to hold because near-term production setbacks appear temporary, labour relations have been stabilised and valuation is compelling.
- Performance impact: Capstone detracted from performance, declining 11% and bucking the strong commodities performance in February.
- Guidance miss: The share decline was driven by softer-than-anticipated 2026 guidance, with production targets ~10% below consensus.
- Primary drivers: Strike-related disruptions and lower grades at the company’s flagship Mantoverde mine were the main factors behind the guidance shortfall.
- Labour resolution: A new three-year labour agreement was reached with unions in early February, which should see production progressively return to nameplate capacity.
- Grade outlook: PM Capital views the grade-related issues as transitory, not structural.
- Valuation: Capstone remains one of the cheapest companies in the copper universe, supporting the decision to retain the position.
Perennial Value Management
31 Jan 2026
$15.92
Summary
- Perennial Value Management believes Capstone Copper offers attractive exposure to copper as copper prices rose +6.9% to a record high, and continues to hold because Capstone outperformed (+9.2%) and benefits from a structural demand–supply imbalance.
- Electrification is expected to drive significant long‑term growth in copper demand (electric vehicles, grid expansion, renewables).
- Supply constraints are intensifying: existing mines face declining grades and development timelines for new projects are delayed.
- The lack of large‑scale new copper projects increases the risk of tightening markets and raises the likelihood of substantial corporate activity in the resources sector.
- Capstone provides direct leverage to a market where demand growth outpaces near‑term supply additions, supporting the fund manager's continued holding.
LSN Capital Partners
31 Dec 2025
$15.16
Summary
- LSN Capital Partners reports positive contributions from their copper exposures, particularly Capstone Copper.
- Copper prices ended the month at US$5.65/lb, reaching levels not seen in decades.
- The firm sees copper as a key structural beneficiary of electrification, grid investment, and AI-driven infrastructure demand.
- There are supportive long-term supply-demand fundamentals for copper.
Pendal Group
3 Nov 2025
$13.77
Summary
- Pendal Group continues to hold its position in Capstone Copper Corp CDI.
- Capstone Copper (CSC) reported a neutral Q3 performance.
- Pinto Valley continues to underperform.
- Offsetting this, there was good cost performance at Mantoverde and Mantos Blancos sulphides.
- Guidance remains unchanged, trending towards the low end of production and high end of cost.
- Minor changes in earnings were noted.
Ten Cap
31 Oct 2025
$13.75
Summary
- Ten Cap initiated a position in Capstone Copper Corp CDI (CSC) due to its status as a high-quality copper producer.
- The fund manager sees attractive growth optionality in CSC's operations.
- CSC offers exposure to the structural decarbonisation theme, aligning with global electrification trends.
- The copper assets of CSC are considered critical to electrification, enhancing their investment appeal.
PM Capital
30 Sept 2025
$13.09
Summary
- Capstone Copper advanced 39% over the quarter, driven by a rally in copper prices in September.
- Copper prices rose 5% in September due to a major accident at FreeportMcMoRan’s Grasberg mine.
- The Grasberg disruption has shifted market expectations from a surplus to a deficit heading into 2026.
- Several high-profile supply issues this year include challenges at Ivanhoe Mines’ Kamoa-Kakula and Codelco’s El Teniente.
- Capstone has decided to progress the Mantoverde Optimiser Project after receiving final permits and completing debt refinancing.
- This US$170 million project is expected to add 20ktpa of copper production, lower unit costs, and extend mine life to 25 years.
- PM Capital continues to monitor these developments as part of their investment thesis in Capstone Copper.
Yarra Capital Management
30 Sept 2025
$13.09
Summary
- Yarra Capital Management believes Capstone Copper (CSC, overweight) offers pure-play leverage to copper and continues to hold because of record production, cost improvements, Mantoverde permits secured that lift throughput constraints, and the potential to more than double production by the end of the decade.
- Record production and ongoing cost improvements were key drivers of outperformance during the period.
- Mantoverde achieved key permits, removing throughput constraints and enabling higher output.
- The share price was supported by tightening global copper markets after supply disruptions, with copper prices up 2.6% to US$4.71/lb.
- Maintain a positive view due to CSC's pure-play exposure to attractive copper fundamentals and clear production upside toward the end of the decade.
Antares Capital
31 Aug 2025
$10.76
Summary
- Capstone Copper (CSC) showed strong performance following its June quarterly results.
- Historically, CSC has missed production and/or capex targets.
- This track record has led to CSC trading at a material discount compared to global copper mining peers.
- Despite the discount, CSC has a better pipeline of volume growth.
- The weaker US dollar has positively impacted base metals prices, benefiting CSC.
- Antares Capital continues to hold its position in CSC due to these factors.
PM Capital
31 Aug 2025
$10.76
Summary
- Capstone Copper rallied 27% after receiving all required permits for the Mantoverde Optimiser project.
- Debt refinancing program completed, fully funding the project and allowing construction to begin this quarter.
- The $176 million brownfield project will increase copper throughput by 40%.
- Extends the Life-of-Mine to 25 years at Capstone’s highest-quality asset, Mantoverde in Chile.
PM Capital
30 June 2025
$9.42
Summary
- Capstone Copper Corp is the largest pure-play copper producer listed on the ASX since March 2025.
- The fund manager has monitored Capstone since its Canadian listing and recognizes its significant corporate restructuring.
- Capstone has transformed its portfolio from small, subscale mines to larger, lower-cost mines with organic growth potential.
- Production has been derisked, with the Mantoverde mine achieving nameplate capacity in Q1 2025.
- Despite operational progress and stable copper prices, macroeconomic concerns led to a 43% share price decline from Q4 2024 to early April 2025.
- This decline allowed PM Capital to initiate a position while Capstone was trading in the bottom quartile of global peers based on PE and EBITDA multiples.
- The investment was made at a significant discount to peers on an Enterprise Value to Copper Equivalent production basis.
PM Capital
31 May 2025
$8.49
Summary
- Capstone Copper, a recent addition to the portfolio, was up +14% in May.
- This performance outpaced the 5% increase in the LME copper price.
- Reports indicated that a global top-five copper mine suspended underground mining due to seismic activity.
- This raised concerns about copper concentrate inventories remaining tight, which could keep prices elevated.
- PM Capital appreciates Capstone’s strong organic growth pipeline.
- The company has a portfolio of long-life copper operations in the Americas.
- It also has a fully permitted development project in Chile, supporting a near doubling of production in the next few years.
Clime Investment Management
31 Oct 2024
$10.97
Summary
- CSC detracted from performance as copper prices weakened.
- Concerns over slowing growth in China impacted base metals broadly.
- Clime Investment Management exited CSC due to increased risks related to market assumptions about its key growth project, Santo Domingo.
- Specific concerns were raised regarding cost projections for the project.
- Chose to take profits and reallocate capital toward higher-conviction opportunities.
Clime Investment Management
30 Sept 2024
$11.82
Summary
- Clime Investment Management remains positive on the copper price outlook due to its essential role in electrification.
- Capstone Copper Corp (CSC) has benefitted from a recent rally in copper prices.
- CSC has achieved commercial production at the Mantoverde Development Project.
- The company is on track to grow into a 400kt p.a. copper producer.
Clime Investment Management
31 July 2024
$10.15
Summary
- CSC continued to move lower in July due to weakness in the copper price, reflecting concerns over global growth and weak economic data from China.
- CSC's updated Santo Domingo feasibility study was well received, indicating stronger copper production and lower operating costs.
- Sustaining capex was lower than expectations, supporting a positive outlook.
- Clime Investment Management remains positive on the medium to long-term outlook for copper prices, given its critical role in the electrification process.
Milford Asset Management
30 Apr 2024
$11.20
Summary
- Capstone Copper Corp CDI saw a performance increase of 13.0%.
- Milford Asset Management remains positive on the copper market.
- Concerns over large deficits in global ore supply are putting upward pressure on prices.
- Key events supporting this view include:
- Resilient global economic growth
- Approaching Fed easing
- Global supply shocks affecting key mines in Congo, Zambia, and Chile
- Increased demand driven by AI and data centre investments
Clime Investment Management
30 Apr 2024
$11.20
Summary
- Clime Investment Management has initiated a position in Capstone Copper Corp CDI.
- The company operates four mines and has a catalyst-rich pipeline of growth projects.
- Clime views the miner as being at an attractive cash flow inflection point due to rising copper production.
- The cash cost profile is expected to decrease, enhancing profitability.
- The fund manager is positive on the outlook for copper prices, essential for electrification.
- Clime anticipates continued tight supply-demand conditions for copper.
The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who is investing in Capstone Copper Corp CDI (ASX:CSC)?
Fund managers including Milford Asset Management, Clime Investment Management, PM Capital, Antares Capital, Pendal Group, Ten Cap, LSN Capital Partners, Yarra Capital Management and Perennial Value Management have invested in Capstone Copper Corp CDI (ASX:CSC).
Why do fund managers invest in Capstone Copper Corp CDI?
Fund managers invest in Capstone Copper Corp CDI due to its strong growth prospects and strategic positioning in the copper market. The company has a portfolio of long-life mines and a fully permitted development project in Chile, which could nearly double production. Recent developments, including the successful refinancing of debt and receipt of necessary permits, further enhance its appeal. Additionally, the ongoing tightness in copper supply and the shift towards decarbonisation support its favorable risk/reward profile.
What happened to Capstone Copper Corp CDI (ASX:CSC)?
Fund managers have invested in Capstone Copper Corp CDI due to its strategic position as a high-quality copper producer with growth potential amid increasing copper demand driven by decarbonization and electrification trends. Recent performance has been mixed, with positive cost management and project progress at Mantoverde boosting long-term production outlooks. The upward momentum in copper prices, influenced by global supply disruptions, positions Capstone favorably within the market dynamics, further solidifying managers’ confidence in its investment viability.
What is the short interest in Capstone Copper Corp CDI (ASX:CSC)?
The short interest in Capstone Copper Corp CDI (ASX:CSC) is 0.65% which makes it the 252nd most shorted stock on the ASX. Of the 197.2M shares that Capstone Copper Corp CDI has on issue, 1.3M have been sold short.
What does Capstone Copper Corp CDI (ASX:CSC) do?
Capstone Copper Corp. is an exploration company that engages in copper mining. Its projects include the Pinto Valley copper mine located in Arizona, USA, the Cozamin copper-silver mine located in Zacatecas, Mexico, the Mantos Blancos copper-silver mine located in the Antofagasta region, Chile, the Mantoverde copper-gold mine located in the Atacama region, Chile, and the Santo Domingo copper-iron-gold project located in the Atacama region, Chile. The company was founded on August 18, 2015, and is headquartered in Vancouver, Canada.