H1 FY26 Financial Results

On 26 February 2026, we released our Financial Results for the Half Year ending 31 December 2025 to the market.

The strong financial performance for the period was underpinned by increased production and continued progress across key growth projects in the Cobar region.

Key highlights included a 41% increase in underlying EBITDA to $69.8M, a 26% improvement in statutory net profit after tax to $22.6M and a 60% increase in underlying net profit after tax to $24.9M. The half also closed with a strong cash balance of $85.6M, with operating cash flow fully funding all growth capital during the period.

Commenting on the results, Managing Director and Chief Executive Officer, Bryan Quinn said they reflected robust operational delivery and continued momentum across the business.

“We are well on track to exceed our planned FY26 cash flows, underpinned by robust metal production delivered in the first half. Pleasingly, our balance sheet remains strong, with operating cash flow fully funding all growth capital,” Bryan said.

“Operationally, Federation transitioned from a growth project to commercial production during the half, with mining rates ramping up ahead of plan. Improved metal grades through Q2 FY26 further reinforced confidence in Ore Reserve grades and payable production outcomes.

“Progress across our growth pipeline also continued, with development at Great Cobar on track, process plant expansion projects progressing as planned, and exploration results continuing to reinforce the prospectivity of the Cobar region.

“Overall, the business is focused on executing our strategy to grow production, positioning us to deliver strong cash generation and reliable shareholder returns,” Bryan concluded.

Visit the ‘Investor centre’ page to see the full financial results, ASX announcement and presentation.