Kantra Copper (KAN) H2 2025 earnings summary

Executive summary

• Achieved first full year of consistent underground production at Kanmantoo, with copper output of 11,315 tonnes and gold output of 2,749 ounces, supporting a return to profitability with net profit after tax of $0.1 million, up from a $14.8 million loss in 2024.

• Revenue increased to $167.6 million, driven by higher production and improved realised prices; EBITDA rose to $26.0 million.

• Major capital investments of $40.3 million supported the development of the Nugent mining area and infrastructure upgrades.

• Cash and cash equivalents increased to $21.0 million, with no debt outstanding at year-end.

Financial highlights

• Net revenue from concentrate sales rose by $55.4 million year-over-year to $167.6 million.

• EBITDA increased to $26.0 million (2024: $22.3 million); EBIT was $5.6 million (2024: -$9.7 million).

• Net profit after tax was $0.1 million, a $14.9 million improvement from the prior year.

• Operating mine cash flow was $35.8 million; net cash from operating activities was $20.4 million.

• All-in sustaining cost (AISC) was $6.19/lb ($3.96/lb USD), and all-in cost (AIC) was $6.71/lb ($4.29/lb USD), both within or below revised guidance.

• Total assets increased by $42.8 million to $150.2 million; net assets rose to $96.0 million.

Outlook and guidance

• 2026 copper production guidance is 12,750–14,000 tonnes, with AISC forecast at $5.75–6.25/lb ($3.80–4.19/lb USD).

• Major capital expenditure for 2026 is estimated at $8–10 million, focused on Emily Star and North Kavanagh exploration.

• Ramp-up to 1.7–1.8 Mtpa mining rate targeted for H1 2026; decision on Emily Star Stage 2 expected in H2 2026.