SFR –4.02%: Delivered a mixed quarterly production result, though maintained full-year guidance, albeit at the lower end, as management remains confident in a stronger finish to the year.
- Q3 Copper production 22,868 tonnes, -5% QoQ
- Still sees FY26 copper production 102,000 to 114,000 tons (lower end)
- FY26 capex guidance lowered $15mn to $225mn
The quarterly softness is largely weather and timing-driven rather than structural, and the maintained full-year guidance reflects management’s confidence that both Matsa and Motheo can recover in Q4. The capex reduction is a modest positive for near-term cash flow and although the delayed ramp at Kalkaroo is worth watching, it doesn’t materially alter our bullish medium-term view on the stock and sector.
MM remains long and bullish SFR in the Active Growth Portfolio
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