KGL Resources (KGL) H2 2026 earnings summary

Executive summary

• FY2026 marked a transformational year, with the Jervois Copper-Silver-Gold Project becoming fully funded to production through a US$300m PMPA with Wheaton and a post-year-end A$300m equity raise, totaling A$689m in funding with no project debt.

• The Baseline Economic Model (BEM) confirmed strong project economics: post-tax NPV of A$839m (8% discount), post-tax IRR of 31%, and C1 cost of US$1.65/lb copper, with significant leverage to copper price increases.

• Project execution focus shifted to construction readiness, with first copper concentrate targeted for H1 CY2028 and full processing capacity in H2 CY2028.

• Leadership and governance were strengthened with key board and executive appointments.

Financial highlights

• Net loss for FY2026 was A$3.84m, compared to A$3.02m in FY2025.

• Cash and cash equivalents increased to A$25.3m at 30 June 2026 from A$5.1m the prior year, reflecting funding inflows.

• Total assets rose to A$162.6m (from A$131.7m), with exploration and evaluation assets at A$134.6m.

• Equity increased to A$136.8m (from A$130.2m), driven by new share issues.

• EBITDA and EBIT remained negative, reflecting pre-production status.

Outlook and guidance

• Fully funded to production, with A$70m liquidity buffer and A$20m allocated for exploration.

• FID and principal construction targeted for H2 CY2026; first copper concentrate in H1 CY2028.

• Exploration program aims to extend mine life and resource base beyond current 10-year plan.