Sandfire Resources reported a record underlying profit of $350 million for the year ended June 30, 2026, more than tripling from the prior period, as sales revenue reached $1.7 billion and net cash rose to $353 million. The diversified copper producer declared a fully franked final dividend of AUD 0.35 per share, its first in over four years, following the repayment of all debt.
Underlying EBITDA increased 45% to $867 million, driven by strong performance at the Motheo and MATSA operations. Motheo achieved record mill throughput of 6.1 million tons and copper-equivalent production of 59.7 thousand tons, while MATSA delivered underlying EBITDA of $499 million with copper output forecast at 52,000 tons for the 2027 financial year. Quarterly revenue for the latest reported period totaled $574 million, missing analyst expectations by 33.5%.
The company maintained a net cash position of $353 million at financial year-end, an increase of $750 million over two years, and reported an underlying net finance expense of $19.6 million, down from $44 million in FY25. Total group expenditure rose 11% year-on-year to $230.6 million, with an underlying effective tax rate of 34%. Gross profit margin stood at 48.43%, while the debt-to-equity ratio improved to 0.48.
Exploration drilling increased 27% in FY27 plans, with 55 kilometers scheduled across the Iberian Pyrite and Kalahari Copper Belts. The Kalkaroo project received $5.2 million in investment, primarily for site infrastructure and an infill drilling program. Motheo’s operating unit costs are guided at $47 per ton for FY27, while MATSA’s are expected at $90 per ton.
Safety metrics improved, with the drift declining to 1.6 at June 30, though the company noted the fatal injury of a contractor at the Magdalena mine in February. The stock rose 7.46% in pre-market trading following the results.
