Kantra Copper (KAN) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly copper production of 3,120 tons, marking the fourth consecutive increase, with robust cash flow generation and stable ore mined above 400,000 tons at 95% recovery.

• Cash balance increased by 22% to AUD 25.2 million, driven by operating mine cash flow of AUD 14.6 million.

• Kanmantoo mine ramp-up is on track for a 1.7–1.8 Mtpa run rate by end of June, with ongoing development and exploration at Emily Star and Kavanagh North supporting future growth above 2 Mtpa.

Financial highlights

• Revenue rose 5% quarter-over-quarter to AUD 53.8 million, driven by higher copper and by-product pricing.

• Operating mine cash flow increased 16% QoQ to AUD 14.6 million; net group cash flow was AUD 4.8 million, with a quarter-end cash balance of AUD 25.2 million.

• Operating costs increased 2% to AUD 39.3 million, reflecting higher fuel and transport costs and Nugent's transition to an operating asset.

• All-in sustaining cost (AISC) was AUD 6.20 per pound of payable copper sold, within guidance; on a produced basis, AISC was AUD 5.65 per pound.

• 2,842 tons of copper payable sold at an average realized price of AUD 16,629 per ton.

Outlook and guidance

• On track to deliver 2026 production and cost guidance of 12,750–14,000 tons and AISC of AUD 5.75–6.25/lb, with plans to increase mine run rate to 1.7–1.8 Mtpa by end of June.

• Third production drill rig arriving in June quarter to support ramp-up.

• Decision on Emily Star development expected post-June, with FID targeted for late Q2 or early Q3; Stage 2 investment decision expected in H2 2026.

• Unit costs expected to decrease as mining rates increase through the year.

• Pathway being developed to exceed 2 million tons per annum production.