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Condensed Consolidated Unaudited Results for the Interim period ended 31 August 2025
Copper 360 Limited
(Incorporated in the Republic of South Africa)
Registration number 2021/609755/06
JSE Share Code: CPR ISIN: ZAE000318531
("Copper 360" or "the Company" or "Group")
CONDENSED CONSOLIDATED UNAUDITED RESULTS FOR THE INTERIM PERIOD ENDED 31 AUGUST 2025
KEY HIGHLIGHTS FROM CONDENSED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025
• Copper Concentrate production improved in comparison to the first half of the 2025-financial year.
• Production was negatively impacted by mill feed consisting mostly of transitional ore and broken stocks.
• The cost base of the six months ended 31 August 2025 is higher than the cost base of the comparative six months,
as mining operations costs are now included.
• The Company is in the process of a concurrent claw-back offer, rights offer and debt restructuring rights offer, as
announced on SENS on 11 November 2025.
PRODUCTION COMMENTARY
• Copper metal (in concentrate) produced and sold increased by 107% to 466.9 tonnes (FY2025H1: 224.6 tonnes).
• This was achieved through:
o An increase of 41% in processed volumes to 80 051 feed tonnes (FY2025H1: 56 762 tonnes).
o An increase in average feed grade to 0.95% (FY2025H1: 0.79% grade) with sulphide ore contributing
approximately 47% and acid soluble copper ore the balance.
o An increase in weighted average recoveries to 61.4% (FY2025H1: 50%). These recoveries include 93%
recovery of sulphides, with oxide recoveries at 34%.
• The Company has relied mostly on the processing of transitional ore and broken stocks. This negatively affected
output as transitional ore has lower and more erratic grades than hard rock. Transitional ore and broken stocks
also contain a higher proportion of oxide ore, which negatively affects total recoveries. As the transition into hard
rock progresses, it is expected that the sulphides, as a contributor to grade, will increase significantly, with
consequent improved recoveries.
FINANCIAL COMMENTARY
Revenue
• Revenue from Concentrates sold increased by 163% to R67.9m (FY2025H1: R25.8m).
• Total revenue however decreased by 3% (FY2025H1: R70.1m). In the comparative period, revenue from
Concentrates contributed 37% to total revenue and revenue from Cathodes contributed 63% to total revenue. The
Cathode business unit is currently suspended.
Operating Expenses
• Cost of Sales increased by 65% to R155.7m (FY2025H1: R94.2m) due to 41% increase in feed tonnes processed in
the Concentrate business unit, as well as the mining cost that was not applicable to FY2025H1.
• Total operating expenses, i.e. including other operating expenses increased by 15% to R199.4m (FY2025H1:
R173.4m)
Profitability
• Loss Before Interest, Tax, Depreciation and Amortisation (LBITDA) increased by 24% to R111.5m (FY2025H1:
R90.2m).
• The Company is in the process of significant restructuring and has reduced the cost base through reengineering
and eliminations of which the financial effects will only be realised in the second half of the 2026-financial year.
CONCURRENT CLAW-BACK OFFER, RIGHTS OFFER AND DEBT RESTRUCTURING RIGHTS OFFER
The Company has commenced a concurrent claw-back offer, rights offer and debt restructuring rights offer, with a target of
achieving up to R1.15 billion of equity of which R400 million is in the form of cash and up to R750 million in the form of
conversion of debt and future obligations.
The Company's transition from an exploration company to a copper-producing junior miner requires additional capital. The
capital secured through the claw-back offer and rights offer will not only enable the sustainable long-term profitability of
the Company but also provide the growth capital required to enable the Company to grow in stages as set out in the table
below.
The Company's balance sheet has been heavily geared for some time. It became apparent that not only the gearing level but
also the funding cost of the debt instruments were unsustainable and made the Company's Shares unattractive as an
investment. The restructuring of the debt instruments creates a stronger balance sheet, geared for growth, and results in a
simplified capital structure with the rewards of profitable trading largely falling to Shareholders.
The Company has set a near-term target of achieving a sustainable mining and processing rate of 40 000 tonnes of ore per
month at 1% grade, translating to approximately 5 000 tonnes of copper on an annualised basis. Achieving this requires
additional capital expenditure to complete key infrastructure and accelerate the development of other projects in our
pipeline.
Our long-term outlook remains positive. The multi-mine strategy positions Copper 360 to diversify ore sources, optimise
plant utilisation, and manage production risks more effectively. With copper's enduring role in global electrification and
renewable energy infrastructure, we believe the successful conclusion of the claw-back offer and rights offer will enable our
resource base and project portfolio to deliver sustainable shareholder value. The equity capital raise and debt restructure
will not only alleviate the Company's liquidity constraints but also afford the Company the growth capital required to create
sustainable processing capacity and complete the associated mine development. The Company plans to increase its
production capacity through the development of additional mines and the construction of new process plants, as follows:
Targeted feed Targeted copper
tonnes through production
processing plants (tonnes per
Target date (tonnes per month) Comments
month)
By 28 February 2026 20 000 160 - 200 Further ore upgrading in crushing operations
Expansion of mining fleet and surface
infrastructure at Rietberg mine
By 31 August 2026 40 000 320 - 400 Development of Rietberg mine 400 Level
Expansion of mining fleet
Completion of MFP 1 processing plant
By 28 February 2028 100 000 800 – 1 000 Development of new mine
Construction of additional processing plant
Upgrade of SX-EW plant (depending on ore
characteristics of new mine)
The information provided above does not constitute, and should not be construed as, a forecast or a resource statement.
FINANCIAL RESULTS
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
Comparison of Consolidated Results ended % Change ended ended
31 August 31 August 28 February
2025 2024 2025
R'000 R'000 R'000
Revenue 67 886 -3.2% 70 134 143 748
Loss before interest and tax (120 504) 31.3% (91 799) (367 474)
Loss for the period (132 637) 69.7% (78 147) (321 212)
Total Assets 1 364 855 -0.1% 1 365 745 1 322 907
Total Liabilities 1 137 614 34.8% 843 914 985 394
Total Equity 227 241 -56.5% 521 831 337 513
Earnings/(loss) per share (cents) (18.74) 54.1% (12.16) (45.65)
Headline earnings/(loss) per share(cents) (18.74) 54.1% (12.16) (33.82)
SHORT-FORM ANNOUNCEMENT
The information in this short-form announcement was extracted from the Condensed Consolidated Unaudited Interim
Financial Statements as published on the Company's website (https://copper360.co.za/investor-relations) and on the JSE's
cloudlink (https://senspdf.jse.co.za/documents/2025/jse/isse/CPRE/FY2026H1.PDF). Any investment decisions should be
based on the full interim results as the information in this announcement is only a summary and does not provide full details.
This announcement is the responsibility of the directors of the Company and the information contained herein has not been
reviewed or reported on by the Group's independent external auditor.
FORWARD-LOOKING STATEMENTS
Any forward-looking statements contained in this announcement have not been reviewed or reported on by the Company's
external auditors.
Stellenbosch
27 November 2025
Designated Advisor: Bridge Capital Advisors Proprietary Limited
Date: 27-11-2025 01:00:00
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