Highlights

• Lycopodium secured an engineering and procurement services award for Endeavour Mining’s Assafou project in Côte d’Ivoire.

• The group announced another engineering management contract for the Blackwater Phase 2 development in British Columbia.

• FY26 Revenue reached AUD 377.5 million, while the company declared a fully franked 37-cent final dividend.

• Lycopodium entered FY27 with AUD 661 million in committed contracts and issued higher annual revenue guidance.

Engineering work across Africa and Canada is giving Lycopodium Limited (ASX:LYL) a larger project pipeline heading into FY27. Contract awards at Assafou and Blackwater sit alongside higher revenue guidance and a growing committed order book.

Trading Context

Lycopodium shares were up about 4.1% to roughly AUD 21.21 on Wednesday 11 November 2026, around 2:40pm AEDT. Volume was only about 7,800 shares, so this was a very thinly traded move. No announcement has been lodged by the company since 9 October, when it released its notice of annual general meeting, so the rise coincides with no fresh company news. For context, the ASX data shows the shares have traded between AUD 12.26 and AUD 24.78 over the past 52 weeks, and announcement table shows they were around AUD 23.50 at the end of September.

Mining Project Awards

The most recent price-sensitive announcement, on 29 September 2026, said Lycopodium had been awarded an engineering and procurement services contract for Endeavour Mining’s Assafou gold project in Côte d’Ivoire. The announced contract value was the contract value at about AUD 42.9 million, covering a 5.0 million tonne a year carbon-in-leach processing plant and associated infrastructure. The company indicated continued work and progression to full implementation depend on Endeavour’s final Investment decision, which it said was expected before the end of 2026. That decision is Endeavour’s to make, so the contract value is not locked in.

Engineering Services

Lycopodium is an engineering group that provides studies, engineering, project delivery and asset management services, mainly to the Mining and minerals processing industries. it operates regional hubs in Perth (Asia-Pacific), Toronto (the Americas) and Cape Town (Africa), and expanded in Latin America through the SAXUM acquisition.

Results and Outlook

In its FY26 result on 19 August 2026, Lycopodium reported revenue of AUD 377.5 million, EBITDA of AUD 59.5 million and net profit after tax of AUD 40.2 million,. Earnings Per Share were 101.1 cents. It declared a fully franked final Dividend of 37 cents, taking the full-year dividend to 59 cents, up 69%, and cash at 30 June was AUD 106.2 million. The company reported AUD 661 million of committed contracts heading into FY27. It issued FY27 guidance of AUD 540 million to AUD 580 million in revenue and AUD 54 million to AUD 58 million in net profit after tax, which is well above FY26 levels. the company said it would give further updates at its Annual General Meeting in November.

Project Delivery Conditions

Lycopodium’s revenue depends on clients, mostly gold and lithium developers, committing Capital to build processing plants. That makes its work sensitive to Commodity prices, project financing and final investment decisions. Several of the projects above are in Africa and Canada, so Jurisdiction and permitting risks sit with its clients but can still delay work.

Execution Considerations

Project-based engineering earnings can be uneven, and guidance assumes new work ramps up as expected. The Assafou contract is contingent on a client decision. The shares have fallen from late-September levels, which suggests investors have not been uniformly positive, and the extremely low volume today means price moves are not a reliable signal.

Upcoming Milestones

Endeavour’s final investment decision on Assafou is expected before year-end 2026, the contract announcement summary. Lycopodium’s annual general meeting follows the 9 October notice.