The Copper 360 business is focused on processing historical mined copper rock dumps through a process of environmental clean-up, and mining surface and shallow copper resources.
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Copper 360, which mines in the northern Cape, says it is ready to grow after a recapitalisation in December extinguished R715 million of debt and R400m was raised in fresh equity.
The share price shot up over 12% to 55 cents on Tuesday morning after the release of results for the year to February 28, share price movement that indicates that investors are likely to be positive about the group’s financial prospects.
Total borrowings fell by 63% to R304m by February 28, from peak levels of R824m prior to recapitalisation. Post year-end, an operational restructure was completed, simplifying the mining strategy, selectively outsourcing specialist functions, and rightsizing the organisation.
“The company still has undrawn facilities, leaving Copper 360 positioned to advance the development of higher-grade ore at the Rietberg mine and to pursue its multi-mine model,” mine's directors said.
“While the group continues to report a loss for the year, the underlying financial and operational improvements in the period represent meaningful progress in restoring long-term shareholder value,” they said.
The results show the taxed loss decreased by 17% to R265m. The 2026 result includes a R34m loss on extinguishment of liabilities settled with equity on the December 8 rights issue date.
Share capital increased by 158% to R1.9 billion (2025: R744m), resulting mainly from the recapitalisation.
Cash flow was impacted by delayed construction of the pan concentrator, which deferred the upgrading of ore feed and consequently constrained higher revenue generation. The unit was commissioned in February 2026, three months later than envisaged.
Cash and cash equivalents improved to R84m, reversing the overdrawn position of the prior year. The headline loss per share improved by 42% to -19,46 cents from -33,82 cents a year before.
On a total metal-equivalent basis, copper production was broadly flat year-on-year at 1,067 tons (1,054 tons), notwithstanding a 44% increase in copper contained in concentrate to 1,067 tons, following the suspension of cathode production in the second half, thereby simplifying the focus around concentrate production that continued at the MFP2-plant.
Concentrate copper production increased by 32% in the second half to 608 tons, with plant recovery improving to 71.8%, demonstrating the potential of the operation once feed quality and operating disciplines stabilised.
Total revenue remained even at R143m. Not included in revenue is finished goods in transit of about R24m, which will be recognised in the 2027 financial year.
Operating loss fell by 42% to R213m. The 2025 results included an impairment loss of R113m.
Instalment sale agreements reduced by R17m to R49m. This reduction is in the ordinary course of business as the number of ISA contracts outstanding remained the same with one underground trackless mining machine being returned and replaced with another TMM unit.
Intangible assets increased by R222m to R232m. These intangible assets were created, at the time of the debt restructuring in December 2025, in consequence of certain royalty and other commission agreements cancelled, partly or in full. Reduced costs and improved cash flow benefits would arise as a result.
“With the pan concentrator commissioned in February 2026 and development work at Rietberg scheduled for the second half of the 2027 financial year, we are confident that MFP2 can be reliably fed with sufficient-grade sulphide ore, upgraded by panning where needed, to return the company to profitability,” the directors said.
“Emerging from this year's results are clear signs of a company with improved financial strength, a simplified and technically focused operating model, lower overall risk, and an enhanced platform from which to pursue future capital growth opportunities,” the directors said.
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