The South32 Ltd (ASX: S32) share price is in focus today after the miner delivered a standout FY26 result, with underlying earnings up 55% to US$1.03 billion and total dividends rising 55% to 9.3 US cents per share.

What did South32 report?

• Revenue from continuing operations rose 1% to US$5,816 million
• Profit after tax attributable to members increased 410% to US$1,087 million
• Underlying EBITDA grew 28% to US$2,462 million, at a 31% margin
• Total ordinary dividends for the year lifted 55% to 9.3 US cents per share (fully franked)
• Net tangible assets per share rose to US$2.12 (from US$1.93)
• Net cash position improved to US$283 million

What else do investors need to know?

South32 extended its capital management program to September 2027, with US$209 million still to be returned to shareholders. The board declared a final US 5.4 cents per share dividend, reflecting strong cash flow and capital discipline.

A major portfolio move was announced post-year-end, with South32 agreeing to sell its aluminium value chain assets to Alcoa for up to US$5.6 billion. This positions South32 as a focused base metals miner, targeting growth in copper, zinc, and silver.

Construction continued at the Hermosa Taylor zinc-lead-silver project in the US and the company approved a 30% expansion at its Sierra Gorda copper joint venture in Chile. Additionally, safety improved, with lost time injury frequency falling by 29% year-on-year.

What did South32 management say?

Commenting on the results, South32’s CEO, Matt Daley, said:

Strong operating performance coupled with commodity price tailwinds underpinned one of the best financial results in our history, with Group underlying EBITDA increasing by 28 per cent to US$2.5 billion and underlying earnings increasing by 55 per cent to US$1 billion. … The sale of our aluminium value chain assets to Alcoa will simplify and strengthen our portfolio, positioning South32 as a leading base metals focused company with high-margin assets and a pipeline of compelling growth options in copper, zinc and silver. … Looking ahead, the outlook for our business is positive as we focus on safe and stable operations and growing our production of base metals into structurally attractive markets.

What’s next for South32 Ltd?

Looking forward, South32 expects to complete the Alcoa transaction in the second half of FY27. Production guidance for key base metals operations is for modest growth, with Sierra Gorda copper output to rise by 5% in FY27 and another 2% in FY28. Cannington’s zinc equivalent production is forecast to remain steady, and the Hermosa Taylor project is on track for first production in the second half of FY28.

The company aims to further streamline support costs and pursue growth investments in its base metals portfolio. Capital expenditure will be focused on expanding Hermosa and Sierra Gorda, and the group plans to review climate targets following the aluminium assets sale.

South32 share price snapshot

The South32 share price has smashed the S&P/ASX 200 index (ASX: XJO) over the last 12 months with a gain of over 75%.

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The post South32 FY26 earnings: base metals drive profit surge and new dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

The 29Metals Ltd (ASX: 29M) share price is in focus today after the copper and zinc miner reported a 12% rise in half-year revenue to $305 million and a sharp increase in operating cash flows for the half ending 30 June 2026.

What did 29Metals report?

• Total revenue rose 12% to $305 million (HY25: $271 million)
• Cost of sales increased 21% to $279 million, mainly due to higher stockpile charges and lower zinc credits
• EBITDA fell to $30.5 million (HY25: $112.6 million)
• Cash flows from operating activities grew 148% to $66 million
• Group liquidity at 30 June 2026 was $202 million
• Drawn debt reduced by US$10 million to US$115 million

What else do investors need to know?

Development works continued at the Xantho Extended orebody, with 29Metals aiming to restart mining there in the December 2026 quarter. This is expected to boost overall metal production at the Golden Grove operation, which is the company’s highest-grade ore source.

Zinc production was notably lower at 3.2kt (compared to 29.3kt last year), impacted by the suspension of mining at Xantho Extended due to seismicity. Meanwhile, copper production increased by 15% year on year to 11.2kt.

29Metals is also preparing to restart operations at Capricorn Copper, targeting more than double its annual copper output. The restart plan is progressing, with water issues resolved and regulatory approvals and funding activities underway.

What did 29Metals management say?

Chief Executive Officer James Palmer said:

The team continues to make progress towards strengthening the foundations of the business and an optimised mine plan at Golden Grove, underpinned by investment in high-grade ore sources of Xantho Extended, Oizon and Gossan Valley. The progressive ramp-up of mining from these high-grade ore sources is expected to provide mine plan flexibility and support metal production growth at Golden Grove from the end of 2026.

Capricorn Copper provides a low capital intensity pathway to more than double 29Metals’ annual copper production. With water levels no longer an impediment to restart production, we are progressing the regulatory approval of our application for a new Tailings Storage Facility and completion of a Restart Definitive Feasibility Study by the end of 2026. In parallel, we are progressing work on strategic funding options to maintain progress towards a restart of production.

What’s next for 29Metals?

Looking ahead, 29Metals is focused on finishing upgrades and resuming mining at Xantho Extended by the December quarter, aiming to support higher copper and zinc production at Golden Grove. Investors can expect ongoing works on mine plan flexibility and accessing higher-grade deposits to improve output and cost efficiency by late 2026.

At Capricorn Copper, the company is aiming for regulatory clearance and funding to enable a restart, with the goal of substantially increasing copper production in coming years.

29Metals share price snapshot

Over the past 12 months, 29 Metals shares have risen 20%, outperforming the All Ordinaries Index (ASX: XAO).

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The post 29Metals: HY26 earnings show revenue up, mine progress on track appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

The Capricorn Metals Ltd (ASX: CMM) share price is in focus today after the company delivered record full-year results, with FY26 sales revenue up 46% to $769.3 million and a fully franked final dividend of 5 cents per share announced.

What did Capricorn Metals report?

• Sales revenue rose 46% to $769.3 million, with gold sales totalling 123,096 ounces at an average price of $6,241 per ounce.
• Underlying EBITDA was a record $483.6 million, jumping 63% year over year, for an EBITDA margin of 63%.
• Net profit after tax increased 59% to $327.2 million, up from $206.4 million in FY25.
• Net cash position grew by 42% to $504.8 million at year end.
• Gold production at the Karlawinda Gold Project totalled 123,589 ounces at an AISC of $1,629 per ounce.
• Fully franked final dividend of 5 cents per share, bringing total FY26 dividends to 10 cents per share.

What else do investors need to know?

Capricorn Metals finished the year with a strong balance sheet, underpinned by robust operating cash flow of $470.2 million. The company spent $133.4 million on expansion at Karlawinda and preparatory works at Mt Gibson, alongside $74.0 million on exploration across both projects.

The commencement of fully franked dividends reflects Capricorn’s move to a tax-paying position, with a one-off final tax payment for FY26 expected in FY27. From FY27, tax payments will transition to a standard estimates-based regime.

What’s next for Capricorn Metals?

Looking ahead, Capricorn Metals has provided FY27 production guidance of 137,000 to 147,000 ounces at an AISC of $1,900 to $2,100 per ounce. After the Karlawinda Expansion Project is commissioned this quarter, gold output is forecast to ramp up to around 150,000 ounces per annum.

Development at the Mt Gibson Gold Project is targeted to start in the second quarter of FY27, subject to permitting. Supported by strong cash flows and a healthy cash balance, Capricorn aims to fund growth projects and continue shareholder returns.

Capricorn Metals share price snapshot

The Capricorn Metals share price has been among the best performers on the S&P/ASX 200 index (ASX: XJO) over the past 12 months with a gain of almost 70%.

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The post Capricorn Metals posts record full-year profit, dividends after strong gold sales appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.