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2026-11-06
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Kantra Copper Limited

Producer · Copper · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-09-02
A$1.025
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$242.5M
EV
A$214.4M
Cash
A$32.2M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$32.2M Self Funding
Debt A$0 Net cash A$32.2M
Basic shares 236.6M 2026-09-15
Runway Self Funding HY2026 operating cash inflow A$32.411m and June-quarter net group cash flow A$8.251m, though funding remains copper-price and mine-plan sensitive.

Liquidity

Financial position

A$32.183m unrestricted cash at 30 June 2026, no bank borrowings, A$4.099m lease liabilities and A$6.6m rehabilitation security obligation. Facility undrawn amount not disclosed.

Inventory composition2

A$9.357m balance-sheet inventory includes consumables; A$5.9m unsold stockpiles are already within working capital, not an extra equity-bridge addition.

Run-of-mine and coarse ore stockpiles on hand, plus unsold concentrate
A$5.9M carrying
Copper concentrate on hand at site and port
— carrying · 946 t concentrate

Capital structure

Ownership and dilution

Ordinary shares
236.6M
Fully diluted
257.7M

235,955,001 ordinary shares after completed 15:1 consolidation plus 619,048 shares issued on 15 September option exercise = 236,574,049. Add 9,656,701 other options and 11,454,626 performance rights for conservative gross fully diluted 257,685,376. No post-cutoff changes included.

Security classes5
ClassTypeQuantityStrikeExpiry
Post-consolidation KAN fully paid ordinary sharesOrdinary Share236.6M——
Options strike A$1.35Option666.7KA$1.352027-03-01
Options strike A$0.7875Option1.2MA$0.7882028-05-16
Options strike A$0.78Option7.8MA$0.782028-06-29
Unquoted performance rights; vesting conditions not fully modelledPerformance Right11.5M——

KPI history

Operating metrics · Kanmantoo Copper Mine

Production shown
08881,7752,6633,550March quarter 2026: 3,120 t CuMarch quarter 2026June quarter 2026: 3,170 t CuJune quarter 2026
MetricUnitTrendMarch quarter 2026June quarter 2026
Productiont CuMarch quarter 2026: 3,120 t CuJune quarter 2026: 3,170 t Cu3,1203,170
Operating metric source table11
MetricProjectPeriodPeriod typeValueStatus
ProductionKanmantooFY2025Year11,315 t CuReported
RevenueKanmantooFY2025Year167,600,000 AUDReported
ProductionKanmantooMarch quarter 2026Quarter3,120 t CuReported
ProductionKanmantooJune quarter 2026Quarter3,170 t CuReported
ProductionKanmantooJune quarter 2026Quarter1,825 oz AuReported
SalesKanmantooJune quarter 2026Quarter3,027 t payable CuReported
AISCKanmantooJune quarter 2026Quarter5.76 AUD/lb payable CuReported
Free Cash FlowCompanyJune quarter 2026Quarter8,251,000 AUDReported
RevenueCompanyHY2026Half Year115,116,000 AUDReported
EBITDACompanyHY2026Half Year34,769,000 AUDReported
OtherCompanyHY2026Half Year32,411,000 AUD operating cash flowReported
Company guidance3
MetricProjectPeriodLowHighStatus
Copper ProducedkanmantooCY202612,75014,000 tCurrent
AISC Per Payable Copper PoundkanmantooCY20265.756.25 AUD/lbCurrent
Major CapitalCompanyCY202615,000,00017,000,000 AUDCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-15Raising—619K—Completed—
2026-05-29RaisingA$5M116.3M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report baseline and later original arrangement releases reviewed. Freepoint offtake duration and detailed price formula, and garnet FID timing, remain undisclosed.

Economic interest sold for A$5.9m upfront; 2.5% NSR on first 85kt payable copper, then 0.5%. VOX succeeded Freepoint without changing terms.

Royalty · Active
Counterparties
VOX Royalty Ltd
Applies to
Kanmantoo Copper Mine · Copper · Gold · Silver
Economic direction
Burden
Period
From 2022-08-01; no end date stated
Key terms
Initial NSR: 2.5 %
Subsequent NSR: 0.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Concentrate sold to a single customer; Freepoint is named in the company security and historical marketing disclosures. Current precise volume and duration terms were not disclosed in reviewed filings.

Offtake · Active
Counterparties
Freepoint Metals & Concentrates LLC
Applies to
Kanmantoo Copper Mine · Copper · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Commercial terms: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Stage 1 A$5m share/option payment completed. Havilah retains ownership until the conditional FID and A$35m Stage 2 consideration. Tolling and marketing remains draft, not a live contract.

Farm In · Active
Counterparties
Havilah Resources Limited · Copper Aura Pty Ltd
Applies to
Mutooroo Copper Project · Copper · Gold · Cobalt
Economic direction
Mixed
Period
From 2026-05-21; no end date stated
Key terms
Conditional interest: 80 %
PFS expenditure cap: 10,000,000 AUD
Stage 2 consideration: 35,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Fixed AUD copper swap applies to 3,600t of copper only through August 2027; former Freepoint book closed July 2026.

Commodity Hedge · Active
Counterparties
Commonwealth Bank of Australia
Applies to
Kanmantoo Copper Mine · Copper
Economic direction
Mixed
Period
2026-09-01 to 2027-08-31
Key terms
Fixed price: 20,046 AUD/t
Aggregate volume: 3,600 t
How it affects our valuation

No valuation treatment is available for this arrangement.

CBA replaces security package and makes hedge lines available; guarantee is security for an existing obligation, not cash proceeds or a new mine asset.

Strategic Partnership · Active
Counterparties
Commonwealth Bank of Australia
Applies to
Kanmantoo Copper Mine · Copper
Economic direction
Benefit
Period
From 2026-07-29; no end date stated
Key terms
Rehabilitation bank guarantee: 6,600,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Heavy Minerals to construct and operate garnet recovery; minimum payments begin only on production. No FID or start date verified.

Tolling Or Processing · Active
Counterparties
Heavy Minerals Limited
Applies to
Kanmantoo Copper Mine · Others
Economic direction
Benefit
Period
From 2026-01-27; no end date stated
Key terms
Gross revenue share during mining: 15 %
Gross revenue share after closure: 5 %
How it affects our valuation

No valuation treatment is available for this arrangement.