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Capstone Copper Maintains Outperform Rating, $9.75 Price Target at National Bank of Canada

BY MT Newswires | ECONOMIC | 09/19/25 10:51 AM EDT

10:51 AM EDT, 09/19/2025 (MT Newswires) -- National Bank of Canada Thursday kept Capstone Copper (CSCCF) 's outperform rating and $9.75 price target.

Capstone announced that sulfide copper production at the Mantoverde mine in Chile has returned to full operating rates following a disruption due to a motor failure in the ball mill.

The bank based the outperform rating on its positive long-term growth outlook for the company as it sees expansion opportunities and potential cost savings through the MV-SD district integration plan, as well as several near-mine exploration opportunities to provide further scale.

National Bank based the price target on a multiple of 1.10x NAV (50%) + 6.5x EV/2026E CF (50%).

"While we believe CS is well-positioned longer term, the company's elevated costs through 2025 and commitment to [Mantoverde Optimized project] somewhat defer a significant free cash flow inflection at current prices until early next year," the bank said.

Capstone traded at $10.04 per share at last look Friday on the TSX.

Price: 10.07, Change: +0.11, Percent Change: +1.10

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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