CPR Results Neutral
COPPER 360 LIMITED - Reviewed Condensed Consolidated and Separate Financial Statements for the Financial Year ended 28 February 2026
Copper 360 Limited
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What this filing means
Copper 360's FY2026 results confirm a successful recapitalisation and debt reduction, though the company remains deeply loss-making with optical per-share improvements heavily skewed by share dilution.
Bull case
- The transformative recapitalisation extinguished R715 million of legacy debt and raised R400 million in fresh equity, improving the debt-to-equity ratio from 2.92 to 0.40.
- Copper concentrate production increased by 44% to 1,067 tonnes, with plant recovery rates improving to 71.8% in the second half following the suspension of cathode production.
Bear case
- The company remains deeply loss-making with a R265 million loss after tax, and the 42% optical improvement in operating loss is largely flattered by the non-recurrence of a prior-year R113 million impairment.
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