Key Highlights

  • Kantra Copper increased the Kanmantoo underground Ore Reserve to 5.2 million tonnes grading 0.85% copper and 0.20 grams per tonne gold in October 2026.
  • The updated reserve contains approximately 44,000 tonnes of copper and 33,000 ounces of gold, supporting a mine plan extending to December 2029.
  • The Emily Star deposit contributed a maiden Ore Reserve of approximately 740,000 tonnes grading 0.91% copper.
  • Kantra reported AUD 44.1 million in cash at 30 September 2026, alongside quarterly copper production of 3,419 tonnes.

Kantra Copper Limited (ASX:KAN), formerly Hillgrove Resources Limited, is an Australian copper producer operating the Kanmantoo underground copper mine in South Australia. The company adopted its new name and trading code in August 2026, reflecting its copper-focused operations and development activities. On 27 October 2026, Kantra announced an updated Kanmantoo Ore Reserve, increasing the estimated economically mineable material and extending its planned underground production schedule to December 2029.

Kanmantoo Ore Reserve Supports Extended Mine Planning

Kantra's updated Kanmantoo underground Ore Reserve comprises approximately 5.2 million tonnes grading 0.85% copper and 0.20 grams per tonne gold.

The estimate contains approximately 44,000 tonnes of copper and 33,000 ounces of gold and was reported under the JORC Code 2012, effective 1 July 2026.

The revised estimate represents an increase in reserve tonnage compared with the previous annual statement, despite depletion from Mining activities.

The updated mine plan extends to December 2029, providing approximately 42 months of scheduled production from the reserve's effective date.

The additional reserve material supports continued underground mining activities and provides a longer planning period for development, production scheduling and Capital allocation.

However, the duration of mining operations will remain dependent on actual production rates, operating conditions and future reserve revisions.

Emily Star Development and Exploration Activities

The Emily Star orebody forms part of Kantra's underground development strategy at Kanmantoo.

In July 2026, the company approved development activities at Emily Star, with remaining capital requirements then estimated at approximately AUD 20 million to AUD 22 million.

The October reserve update included a maiden Emily Star Ore Reserve of approximately 740,000 tonnes grading 0.91% copper.

During October 2026, Kantra also reported exploration results from the Nugent and Emily Star areas.

These activities are intended to assess extensions of known copper mineralisation and identify additional targets for future drilling.

Continued resource evaluation and reserve conversion will remain important to maintaining the mine's production schedule beyond currently defined reserves.

September Quarter Production and Financial Performance

For the September 2026 quarter, Kantra reported copper production of approximately 3,419 tonnes.

The company processed around 429,000 tonnes of material grading 0.83% copper during the period.

Quarterly revenue, net of treatment charges, was approximately AUD 73.2 million.

Kantra reported cash of AUD 44.1 million at 30 September 2026.

For the six months ended 30 June 2026, the company recorded Revenue of approximately AUD 115.1 million and net profit after tax of AUD 19.5 million.

Net Assets stood at approximately AUD 123.2 million at the end of June 2026.

These financial results provide context for the company's ongoing underground development expenditure and exploration activities.

Coburn Project and Future Development Opportunities

Beyond Kanmantoo, Kantra is progressing the Coburn copper project, previously known as Mutooroo.

The project entered the company's development portfolio through an agreement announced in May 2026.

In October 2026, Kantra announced the Coburn name and reported metallurgical testing results relevant to its ongoing pre-feasibility study.

The study will assess potential development options, processing requirements and project economics.

Coburn remains separate from Kanmantoo's operating production base and requires further technical evaluation before a development decision.

Operational Risks and Production Outlook

Kantra remains exposed to copper price fluctuations, underground mining conditions, production costs and the availability of economically mineable material.

Although the updated Ore Reserve extends the Kanmantoo mine plan, further exploration and reserve conversion will be necessary to support operations beyond the current schedule.

The company's copper hedging arrangements also influence its exposure to future Commodity prices.

For calendar 2026, Kantra has provided copper production guidance of approximately 12,750 to 14,000 tonnes, with all-in sustaining costs estimated at AUD 5.75 to AUD 6.25 per pound.

Performance against these targets will depend on mining rates, processing efficiency, operating expenditure and production scheduling.

The December 2026 quarterly update will provide additional information about annual production outcomes, while further Emily Star development and Coburn study progress remain operational priorities.

Key Insights

Kantra's updated Kanmantoo Ore Reserve extends its planned underground mining schedule to December 2029 and incorporates additional economically mineable material.

The inclusion of Emily Star contributes to the revised reserve position, while ongoing exploration may support future resource and reserve assessments.

Production performance, operating costs and the progress of development activities will remain central to the company's operational outlook.