Copper 360 results for the interim period ended 31 august 2025
Key highlights from condensed financial results for the six months ended 31 August 2025
- Copper Concentrate production improved in comparison to the first half of the 2025-financial year.
- Production was negatively impacted by mill feed consisting mostly of transitional ore and broken stocks.
- The cost base of the six months ended 31 August 2025 is higher than the cost base of the comparative six months, as mining operations costs are now included.
- The Company is in the process of a concurrent claw-back offer, rights offer and debt restructuring rights offer, as announced on SENS on 11 November 2025.
Production commentary
Copper metal (in concentrate) produced and sold increased by 107% to 466.9 tonnes (FY2025H1: 224.6 tonnes). This was achieved through:
An increase of 41% in processed volumes to 80 051 feed tonnes (FY2025H1: 56 762 tonnes).
An increase in average feed grade to 0.95% (FY2025H1: 0.79% grade) with sulphide ore contributing approximately 47% and acid soluble copper ore the balance.
An increase in weighted average recoveries to 61.4% (FY2025H1: 50%). These recoveries include 93% recovery of sulphides, with oxide recoveries at 34%.
The Company has relied mostly on the processing of transitional ore and broken stocks. This negatively affected output as transitional ore has lower and more erratic grades than hard rock. Transitional ore and broken stocks also contain a higher proportion of oxide ore, which negatively affects total recoveries. As the transition into hard rock progresses, it is expected that the sulphides, as a contributor to grade, will increase significantly, with consequent improved recoveries.
The Company has set a near-term target of achieving a sustainable mining and processing rate of 40 000 tonnes of ore per month at 1% grade, translating to approximately 5 000 tonnes of copper on an annualised basis. Achieving this requires additional capital expenditure to complete key infrastructure and accelerate the development of other projects in its pipeline.
The long-term outlook remains positive. The multi-mine strategy positions Copper 360 to diversify ore sources, optimise plant utilisation, and manage production risks more effectively.
