04:45 PM EDT, 05/02/2024 (MT Newswires) -- Capstone Copper ( CSCCF ) after trade Thursday reported a first quarter adjusted loss that met expectations, as it cited a lower realized copper price.

The company recorded an adjusted net loss attributable to shareholders of US$4.5 million, or US$0.01 per share for the quarter, meeting the Capital IQ forecast, but down from a profit of US$0.03 a year earlier. It said Q1 2024 adjusted net loss attributable to shareholders is lower than its Q1 2023 adjusted profit of US$17.5 million due to lower realized copper price.

Among other highlights, copper production in Q1 totaled 42,121 tonnes at C1 cash costs of US$2.88 per payable pound of copper produced, which consisted of 15,672 tonnes at Pinto Valley, 10,967 tonnes at Mantos Blancos, 9,476 tonnes at Mantoverde, and 6,006 tonnes at Cozamin.

John MacKenzie, the company's chief executive, in a statement said, "Our mines got off to a solid start in the first quarter as we executed on our operating plans and delivered strong financial results. The copper market has entered into the early stages of a new era, and we are positioned extremely well as our flagship Mantoverde mine ramps up to full production. During the quarter, we advanced the feasibility studies that we plan to release by mid-year for our MV-Optimized brownfield expansion and our nearby Santo Domingo project, defining the next significant phases of our value-accretive production growth. Additionally, we are planning an exploration program focused on our highly prospective Mantoverde-Santo Domingo land package, that we believe will further demonstrate the world-class nature of the district."

Capstone shares closed unchanged at C$9.40 on the Toronto Stock Exchange.