Sandfire Resources reported a 214% surge in underlying profit to $350 million for the fiscal year ended June 30, 2026, driven by record sales revenue of $1.7 billion and a 71% rise in EBITDA to $867 million. The company fully repaid $234 million in debt facilities during the year, ending with net cash of $353 million compared with net debt of $397 million two years prior. Shares advanced 7.46% to $24.48 in pre-market trading, approaching the 52-week high of $25.
Underlying earnings before interest, tax, depreciation and amortization totaled $867 million, while statutory profit after tax climbed 294% to $354 million. Operating cash flow reached $887 million, funding capital expenditure of $266 million and a fully franked final dividend of 35 Australian cents per share—the first payout since 2021. Liquidity remained robust with more than $1 billion in total capacity, including an undrawn $650 million corporate revolver.
Copper equivalent production hit a record 154.2 kilotonnes, supported by strong performances at the MATSA operation in Spain and Motheo in Botswana. MATSA’s underlying EBITDA rose 71% to $499 million on 94.5 kilotonnes of copper equivalent output, while Motheo delivered 59.7 kilotonnes with EBITDA up 45% to $461 million. Both operations maintained operating margins above 50% and C1 unit costs below $1.10 per pound of payable copper.
The company outlined a $299 million capital expenditure forecast for FY27, including $51 million for the Kalkaroo copper-gold project in South Australia, where an 80% stake agreement was secured. Kalkaroo’s maiden ore reserve stands at 100 million tonnes grading 0.47% copper and 0.44 grams per tonne gold, with a pre-feasibility study targeted for the second half of FY28. Exploration spending is set to rise to $68 million, nearly doubling regional programs to $56 million.
Guidance for FY27 production ranges between 150 and 166 kilotonnes of copper equivalent, with unit costs expected to edge higher at MATSA and Motheo due to deferred waste stripping and new infrastructure. Safety metrics improved, with total recordable injury frequency declining to 1.6 and high-potential incidents falling to 17. The company also committed $4.7 million to community investment and sourced more than 70% of its electricity from renewables.
Chief Executive Brendan Harris emphasized capital discipline, stating that consistency and predictability in cost management and margin delivery were prioritized over aggressive growth. He noted FY26 as the company’s most challenging year following a workplace fatality at MATSA in February 2026.
