Copper production of 51.8kt was in line with consensus, and adjusted earnings of US$354m beat consensus by 4%. Mantoverde OptimisationMorgans points out Mantoverde only becomes more dominant to group performance post the Mantoverde Optimisation (MV-O) tie-in in the September quarter. Consensus assumes no material volume ramp-up at Mantoverde in 2026 following the MV-O tie-in, with benefits flowing through from the March quarter 2027. Other AssetsAt Pinto Valley, Morgans sees the September shutdown as critical to the asset’s future reliability. Macquarie outlines several potential catalysts ahead for Capstone, being the Mantos Blancos Phase 2 study (due in the December quarter), a Santo Domingo (Chile) sanctioning decision (December quarter), MV-O ramp-up (December quarter), Santo Domingo port partnership opportunity (timing uncertain), and the potential sale of Cozamin (timing uncertain).