Metro Mining (MMI) H1 2026 earnings summary

Executive summary

• Early return to production and operational resilience despite wet weather and cyclone activity, with the earliest restart since operations commenced following a comprehensive maintenance program.

• Leadership team restructured and a new Management Operating System implemented, focusing on execution, integrated planning, reliability, and cost discipline.

• Achieved record half-year shipments of 1.9 million WMT, up 2% year-over-year, despite weather disruptions and a cyclone evacuation.

• Major maintenance completed on the Offshore Floating Terminal (OFT) Ikamba, which returned to operations in May 2026.

• Targeting over 5 million WMT shipments in the second half, with expectations of improved conditions.

Financial highlights

• Revenue for the half-year ended 30 June 2026 was $98.7 million, down 32% year-over-year due to lower bauxite prices.

• Net loss after tax was $20.4 million, compared to a $119.8 million profit in the prior period.

• Underlying EBITDA was a loss of $30.3 million, down from a $23.0 million gain in the prior period.

• Reported gross operating loss of $27.4 million, a $49.1 million decline from 1H 2025, mainly due to softer bauxite market conditions and pricing.

• Period-end cash stood at $23.8 million; senior debt at US$31.5 million, with US$10.0 million repaid during the period.

Outlook and guidance

• Loading rates expected to increase in Q3 as operational conditions improve.

• Bauxite and alumina market conditions have started to recover, with 5% higher prices agreed for Q3.

• Second half expected to benefit from favorable tidal conditions and drier ore, supporting higher shipments.

• Bauxite market conditions anticipated to improve in the second half, supported by growing aluminium demand and global supply constraints, though timing and extent remain uncertain.