11:18 AM EDT, 10/15/2025 (MT Newswires) -- Stifel Canada on Wednesday reiterated its buy rating on the shares of Capstone Copper ( CSCCF ) and its C$12.00 price target after the company sold a 25% stake in its Santo Domingo Project in Chile to funds managed by Orion Resource Partners for up to US$360 million.

"Capstone announced a JV partnership with Orion Resource Partners LP ("Orion") for the purchase of a 25% interest in the Santo Domingo (SD) Project (and the Sierra Norte Project) for total cash of up to $360 million. We estimate the $285 million earn-in portion of the JV transaction implies total project valuation (including cobalt processing circuit) of $1.14 billion (or 0.50x our NPV8% of $2.3 billion at our long-term copper price of $4.50/lb) and 0.78x consensus NPV ($1.5 billion) and reflects the mid-to-upper end of historical precedent transactions when considering Capstone's buyback option to reconsolidate 100% ownership of Santo Domingo upon achievement of commercial production. We estimate Capstone's equity contribution is de-risked down to approximately $0.4-0.5 billion based on Feasibility Study (2024) capex of $2.315 billion and assumed project debt financing of $1.2 billion. A final investment decision (FID) at Santo Domingo is now expected in H2/26 (previously mid-2026)," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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