11:13 AM EDT, 04/10/2024 (MT Newswires) -- National Bank of Canada on Tuesday noted Capstone Copper's ( CSCCF ) key milestone at the Mantoverde project in Chile.

The company introduced the first ore to the grinding circuit in March, a development that represents the completion of a key commissioning event.

The bank said Capstone also maintained its capex estimate of US$870 million for the project, in line with its estimates.

National Bank also outlined its first-quarter estimates for Capstone, including adjusted EBITDA of US$75.8 million and adjusted loss of US$0.01 per share. The company is expected to report its first-quarter financials on May 2.

The bank gave Capstone an outperform rating with a C$10.50 price target, citing the company's positive long-term growth outlook.

Price: 9.26, Change: +0.03, Percent Change: +0.38