Kantra Copper (KAN) Q3 2026 earnings summary

Executive summary

• Copper production rose for a fifth consecutive quarter to 3,419t; net group cash flow increased 71.6% QoQ to AUD 14.2m, with quarter-end cash of AUD 44.1m.

• YTD AISC was AUD 5.78/lb payable Cu sold, at the lower end of 2026 guidance; production remained on track to meet guidance.

• Growth advanced through Emily Star development, Kanmantoo drilling and the Coburn PFS; post-quarter metallurgical testing reduced project risk.

Financial highlights

• Revenue rose 14.8% QoQ to AUD 73.2m, driven by higher payable Cu sales and realized prices, partly offset by lower gold by-product credits.

• Operating mine cash flow increased 37.5% QoQ to AUD 32.1m; cash flow margin rose to 43.8% from 36.6%.

• Net group cash flow was AUD 14.2m, up 71.6% QoQ; cash increased AUD 11.9m to AUD 44.1m at quarter-end.

• Mine operating costs were AUD 41.1m, up 1.7% QoQ, mainly reflecting higher fuel costs and government royalties.

Outlook and guidance

• 2026 Cu production guidance remained 12,750–14,000t; YTD output was 9,709t and production remained on track to meet guidance.

• 2026 AISC guidance was AUD 5.75–6.25/lb payable Cu sold; YTD AISC was AUD 5.78/lb, at the lower end of the range.

• Revised 2026 major capital guidance was AUD 15m–17m, including Coburn PFS and Emily Star development costs; spending was expected to remain within range.

• The 2026 Mineral Resources and Ore Reserves update was on schedule for release by end-October; Emily Star stoping was expected to begin in H2 2027.