Aug 27, 2026 earnings call — Record results and copper growth plans
This performance translated into record financial results with revenue increasing 34% to ZAR 100 billion or USD 5.9 billion.
Revenue $3.7B (est $3.2B) · EPS $1.29 (est $1.29)
Key quotes
"This performance translated into record financial results with revenue increasing 34% to ZAR 100 billion or USD 5.9 billion."
"Following its acquisition, CSA contributed 18,207 tonnes of copper at a recovered grade of 3.75% and a C1 cash cost of USD 2.47 per pound, all within guidance."
"We maintain our guidance at this stage where we are both in terms of first copper as well as CapEx and as schedule, Arnold."
Analyst Q&A 3
Why production changed and reserves
Q (Adrian Hammond · SBG): The analyst asked why the 10-year production profile moved from a decline last year to a growing profile now, and asked if reserves or life-of-mine for Eva (and CSA) were upgraded. He also asked about cash-flow one-offs and contingent payments that hit this year.
A: Management said the extra ~350,000 ounces shown is conceptual "blue sky" potential to convert resources to reserve, and gave a breakdown of 150, 100 and 100 as potential extensions. They said gold mineral resources are about 107 million ounces and gold mineral reserves increased to 27.4 million ounces, while copper mineral resources rose 18.5% to 7.4 million tonnes and copper mineral reserves to 4 million tonnes. They also said many cash impacts were one-offs, operational integration is largely complete, and the two $75 million contingent payments were paid in October '25 and February '26.
"So the 350 that is signaled there is a potential mine life extension at of 150, West Wits and Free State reclamation additional projects." — Beyers Nel (CEO)
Technical/connectivity problem
Q (Arnold Van Graan · Nedbank CIB): The analyst began to ask a question but was cut off by a connection problem.
A: Management said they lost the analyst's audio and could not hear him. They asked him to repeat or reconnect.
"Arnold, We may have lost you there." — Beyers Nel (CEO)
Contingent payments, CSA, Eva update
Q (Arnold Van Graan · Nedbank CIB): The analyst asked which contingent payments remain (Moab, Mponeng, others) and whether those depend on metal prices or production. He also asked if CSA is past its worst, when CapEx updates come, and whether the Eva environmental (lizard) issue is resolved or risks delay.
A: Boipelo said Note 17 shows the contingent items and gave amounts: Mponeng ZAR 433 million, Eva Copper ZAR 540 million, and a Glencore net smelter royalty at 1.5% equal to about ZAR 1.1 billion, leaving around ZAR 2.1 billion total liability. He clarifed the Eva contingent is linked to production. Beyers said CSA has completed operational integration, safety is the best since acquisition, they are tracking to a pathway to 40,000 tonnes of copper, have ventilation constraints but have completed the first vent raise and hit a June record of 560 development meters, and that Eva remains engaged with regulators while maintaining guidance to first copper in 2028 and current CapEx and schedule.
"So in total, there's still a liability of around ZAR 2.1 billion." — Boipelo Lekubo