Updated PFS for the Johnny Lee Deposit and new Mineral Resource estimate for the nearby Lowry Deposit underline the high-grade underground copper potential, with a Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper and an 8-year life at the Black Butte Copper Project in Montana, USA, that aligns with the stringent Mine Operating Permit conditions. WHITE SULPHUR SPRINGS, Mont., Dec. 16, 2025 (GLOBE NEWSWIRE) -- Sandfire Resources America Inc. (“Sandfire America” o ...

Financial Data and Key Metrics Changes - The fixed service revenue declined by 6.2% year over year, with 3% attributed to lower connection revenue, equating to approximately €20 million decline in the quarter [13][15] - EBITDA decrease is primarily due to a direct impact from revenue decline, with close to 100% of the €100 million decline being a direct drop from service revenue [10] Business Line Data and Key Metrics Changes - The B2C mobile market saw a competitive environment with aggressive pricing, where offers for 30 GB were priced at €5 in May, now reduced to 20 GB for €7 [6][7] - The B2B segment experienced a revenue decline of 2%, with high competition and many small players entering the market [8][9] Market Data and Key Metrics Changes - The volume of net adds in the French market was low compared to previous years, with Q2 net adds comparable to last year, totaling around 80,000 for all players [6][21] - The market share of the incumbent remains high, indicating potential growth opportunities despite declining prices [9] Company Strategy and Development Direction - The company is focusing on reducing CapEx, which has declined by 24% this year, driven by lower network investment and a decrease in collection fees as FTTH is rolled out [20][22] - The company is well advanced in 5G rollout, covering approximately 85% of the population, and has 41 million home passes for FTTH [22][24] Management Comments on Operating Environment and Future Outlook - Management noted that the competitive environment has softened slightly in July and August after a peak in May, indicating a potential stabilization in pricing [6][7] - The company believes that the direction of CapEx reduction is sustainable due to lower data consumption growth expectations and reduced network investment needs [24] Other Important Information - The expected gross proceeds from the tower transaction are €480 million, with net proceeds estimated around €460 million after costs [14][18] Q&A Session Summary Question: Competitive environment in France - Management acknowledged high competition in the mobile market, particularly on the budget end, and noted that the market has softened slightly in recent months [6][8] Question: Barriers to growth in B2B business - Management indicated that the B2B market is competitive with declining prices and many small players, impacting growth [8] Question: Fixed service revenue decline details - Management confirmed a 6.2% decline in fixed service revenue, with connection fees being a significant driver [15] Question: Net proceeds from tower transaction - Management clarified that net proceeds from the tower transaction would be around €460 million [18] Question: Impact of mobile network outage on net adds - Management stated that net adds in Q2 were comparable to last year, with improvements noted in the competitive landscape [21] Question: Sustainability of CapEx reduction - Management explained that the CapEx reduction is driven by lower network investment needs and a decrease in collection fees, indicating sustainability [24]

Financial Data and Key Metrics Changes - For Q2 2025, total revenue was €2.29 billion, a decline of 9.1% year over year on a reported basis [3] - Q2 EBITDA was €801 million, and operating free cash flow was €423 million [3] - EBITDA decreased by 10.8% in the second quarter, primarily due to a decline in residential revenue [14] - CapEx expenditure for the quarter totaled €378 million, reflecting a notable reduction compared to Q2 2024 [14] - Free cash flow for Q2 2025 amounted to an outflow of €137 million [16] Business Line Data and Key Metrics Changes - Residential service revenue declined by 9.1% year over year, with fixed residential service revenue down 6.2% [12] - Mobile residential service revenue declined by 11.3%, impacted by customer base erosion and competitive pricing pressure [13] - Business Services, excluding construction, declined by 2%, with the majority of the decline driven by construction [13] - Total net losses in fixed services were minimal in 2025 compared to 2024, indicating improved commercial trends [9] Market Data and Key Metrics Changes - The competitive environment in France remains intense, particularly in the budget mobile segment, with aggressive pricing from competitors [35] - The volume of net adds in the French market was low compared to previous years, with a total of approximately 80,000 net adds across all players [48] Company Strategy and Development Direction - The company aims to reduce leverage to four times and has entered into agreements with creditors to extend debt maturities and reduce interest expenses [20] - The focus remains on CapEx discipline, particularly in areas like FTTH and 5G, where prior investment levels will not need to be sustained [14] - The company is actively reviewing its portfolio for potential transactions that make strategic sense [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve trends in the coming quarters despite current revenue declines [9] - The restructuring plan aims to reduce the absolute debt of Altice France without impacting operations or employees [28] - Management believes the current political situation in France does not impact business operations or transaction capabilities [30] Other Important Information - The company has started implementing a safeguard plan and expects to close the process by early October 2025 [4] - A technical incident in June affected mobile network service, but the issue was resolved quickly, and impacted customers were compensated with additional mobile data [10][11] Q&A Session Summary Question: Guidance for full year operating cash flow - Management confirmed guidance for growth in EBITDA minus CapEx for 2025, primarily driven by CapEx reduction [25][26] Question: Update on safeguard process and appeals - One appeal has been made by employee representatives, but management remains confident in the October timeline for restructuring [27][28] Question: Competitive environment in mobile and B2B business - The competitive environment remains intense, with pricing pressures affecting both mobile and B2B segments [35][36] Question: Fixed service revenue decline and connection revenue base - Fixed service revenue declined by 6.2% year over year, with connection fees contributing to the decline [42] Question: Net proceeds from the tower transaction - Expected net proceeds from the tower transaction are around €460 million [45] Question: Trends in net adds and churn issues - Management noted that net adds in Q2 were comparable to last year, with improvements in customer retention [48] Question: Sustainability of CapEx reduction - Management indicated that the reduction in CapEx is sustainable due to lower network investment needs and changing data consumption patterns [50][51]

Financial Performance - Revenue for Q2 2025 was €2,288 million, a decrease of 9.1% year-over-year (YoY) on a reported basis[7] - Excluding construction, revenue decreased by 7.4% YoY to €2,204 million[7, 15] - EBITDA for Q2 2025 was €801 million[7] - Operating Free Cash Flow (OpFCF) for Q2 2025 was €423 million, an increase of 5.1% YoY[7, 15] - Accrued Capex was €378 million, a decrease of 23.8% YoY[15] Debt and Liquidity - Pro forma net leverage at the end of Q2 2025 was 5.0x on an LTM (Last Twelve Months) basis[8] - Pro forma liquidity was €860 million[8] - Total net debt was €15,813 million with a weighted average life of 5.7 years[22] - Altice France S.A.'s weighted average cost of debt is 7.125%, and Altice France Holding S.A.'s is 9.125%[22] Commercial Performance - Residential mobile postpaid net adds were +17,000 in Q2 2025[11] - Residential fixed net adds were -17,000 in Q2 2025[11]

Financial Data and Key Metrics Changes - The company reported a record sales revenue of $1,180,000,000 and a 46% increase in underlying EBITDA to $528,000,000 for a margin of 45% [4] - Underlying profit reached $111,000,000 and statutory profit was $90,000,000, marking a return to profitability [5] - The company achieved a significant reduction in net debt by $273,000,000 or 69% to $123,000,000 at the end of FY 2025 [8] Business Line Data and Key Metrics Changes - At Matteo, underlying operations EBITDA increased by 78% to $318,000,000 at a 60% margin, driven by strong operating performance and healthy commodity prices [6] - At Matza, underlying operations EBITDA increased by 20% to $292,000,000 at a 45% margin, primarily due to higher commodity prices and lower TCRCs [6] Market Data and Key Metrics Changes - The company reported a 12% increase in group copper equivalent production to 152,000 tonnes, finishing the year within 1% of annual guidance [3] - The expectation for FY 2026 is a further 2% increase in production to 157,000 tonnes [10] Company Strategy and Development Direction - The company aims to maintain copper equivalent production of approximately 60,000 tonnes out to FY30, optimizing pit shell development plans and increasing processing capacity [10] - The capital management framework prioritizes a strong balance sheet and a net cash position, with no dividend declared for FY 2025 as the focus remains on de-gearing [8][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, highlighting the importance of maintaining financial discipline and the potential for growth in a tightening copper market [34] - The company is focused on disciplined exploration spending to ensure a minimum of fifteen years of life from strategically positioned processing hubs [44] Other Important Information - The company expects capital expenditure in FY 2026 to increase to $230,000,000, including investments in a new tailing storage facility and underground development [8] - Exploration evaluation expenses are expected to rise by $6,000,000 to $46,000,000 in FY 2026 as activity ramps up in key regions [12] Q&A Session Summary Question: Update on Matteo resource and reserve - The A1 resource update is nearing completion, with a maiden reserve anticipated in late Q4 of the financial year [19][24] Question: Dividend policy moving forward - The capital management framework aims to maximize total shareholder return, with dividends considered only when excess cash is available [30][32] Question: Impact of bushfires in Spain - There was a very short outage at Magdalena due to precautionary measures, but no major impacts were reported [37] Question: Current exploration spend adequacy - Management believes the current exploration spend is appropriate, with plans to increase spending as success is achieved [44] Question: Longer-term production profile at Matteo - The company expects a step-up in deferred stripping costs and strategic investments in FY 2026 [55][56] Question: Black Butte project considerations - The company is evaluating options for Black Butte, with an updated PFS expected to provide insights into the project's economics and potential longevity [62][66]

Financial Data and Key Metrics Changes - The company reported a record sales revenue of $1,180,000,000 and a 46% increase in underlying EBITDA to $528,000,000 for a margin of 45% [4][5] - Underlying profit reached $111,000,000, with a statutory profit of $90,000,000 [5] - The company achieved a significant reduction in net debt by $273,000,000 or 69%, bringing it down to $123,000,000 at the end of FY 2025 [8] Business Line Data and Key Metrics Changes - At Matteo, underlying operations EBITDA increased by 78% to $318,000,000 at a 60% margin, driven by strong operating performance and healthy commodity prices [5] - At Matza, underlying operations EBITDA increased by 20% to $292,000,000 at a 45% margin, primarily due to higher commodity prices and lower TCRCs [5] Market Data and Key Metrics Changes - The company experienced a 12% increase in group copper equivalent production to 152,000 tonnes, finishing the year within 1% of annual guidance [3] - The expected production for FY 2026 is projected to increase by a further 2% to 157,000 tonnes [12] Company Strategy and Development Direction - The company aims to maintain copper equivalent production of approximately 60,000 tonnes out to FY30, optimizing pit shell development plans and increasing processing capacity [12] - Capital expenditure for FY 2026 is expected to increase to $230,000,000, focusing on strategic investments such as a new tailing storage facility and underground development [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, emphasizing the importance of financial discipline and the company's ability to navigate the current environment [8][16] - The company is focused on maximizing total shareholder return while maintaining a strong balance sheet and moving towards a net cash position [33] Other Important Information - The company has not declared a dividend for FY 2025 as it prioritizes de-gearing the balance sheet [8] - Exploration evaluation expenses are expected to increase to $46,000,000 in FY 2026 as the company ramps up activity in the Iberian Pyrite Belt and Kalahari Copper Belt [14] Q&A Session Summary Question: Update on Matteo resource and reserve - The A1 resource update is nearing completion, with a maiden reserve expected in late Q4 of the financial year [20][22] Question: Dividend policy moving forward - The company is formalizing its capital management framework, prioritizing a strong balance sheet and net cash position before considering dividends [31][33] Question: Impact of bushfires in Spain - There was a very short outage at Magdalena due to precautionary measures, but no major impacts were reported [41][43] Question: Current exploration spend adequacy - Management believes the current exploration spend is appropriate, with a focus on disciplined spending to confirm resources and reserves [48] Question: Update on Black Butte project - The updated PFS is expected to be completed by the end of the calendar year, with a focus on maximizing the value of the company's interest [66][70]

Financial Performance - Sales revenue reached $1176 million, a 26% increase year-over-year[48] - Underlying EBITDA increased by 46% to $528 million compared to $362 million in FY24[21, 48] - Net debt decreased by 69% to $123 million from $396 million in FY24[21, 48] - Profit after tax was $90 million, a significant turnaround from a $19 million loss in FY24[21, 48] Production and Operations - Copper equivalent production increased by 12% to 152.4kt[21, 50] - MATSA's underlying operating cost was $78/t, an 8% increase from FY24[21, 48] - Motheo's underlying operating cost decreased by 4% to $40/t[21, 48] - Motheo achieved an Underlying Operations EBITDA margin of 60%[50] FY26 Outlook - Copper equivalent production is projected to increase by 2% to 157kt[25, 84] - Exploration expenses are expected to increase by 15% to $46 million[25] - Capital expenditure is projected to increase by 11% to $230 million[26]

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1.2 billion for FY 2025, with underlying EBITDA of $528 million and a reduction in net debt of $273 million throughout the year, including $120 million in Q4 alone [10] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [3][4] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [4][5] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [5] - Preliminary estimates for unit costs at Matza and Matteo were $78 per ton and $40 per ton respectively for FY 2025, which were in line with previous guidance [7][8] Company Strategy and Development Direction - The company is focused on maintaining production levels and improving operational resilience, particularly in light of past challenges such as extreme weather events [9][66] - There is an emphasis on building a strong customer base and enhancing the brand of Matteo concentrate while navigating current market dynamics [81][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in FY 2025, including record rainfall and power outages, but expressed pride in the team's ability to deliver results [3][10] - The company is optimistic about FY 2026, expecting continued growth in production and maintaining a strong balance sheet [10][66] Other Important Information - The company has implemented measures to enhance safety and operational efficiency, including a focus on diversity and inclusion within the workplace [3] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [9] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management confirmed strong cash flow performance, aided by significant sales and the sale of the Old Highway project [12][13] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [20][22] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was 4.3%, with expectations of a decrease to 3.5% in FY 2026 [29][30] Question: Resilience planning for weather and power issues - Management detailed extensive planning and improvements made to drainage and water storage to mitigate future weather-related risks [62][64] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits amidst current market dynamics [78][82]

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1,200 million for FY 2025, with an underlying EBITDA of $528 million and a reduction in net debt of $273 million, including $120 million in Q4 alone [9] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [2][3] - Unit costs at Matza and Matteo were estimated at $78 per ton and $40 per ton respectively for FY 2025, which compared well with previous guidance [5][6] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [3][4] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [3][4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [4] - The strength in the euro to U.S. dollar exchange rate has started to impact costs at Matza, with expectations of further upward pressure if the exchange rate remains strong [5] Company Strategy and Development Direction - The company is focused on building resilience in operations and generating cash while navigating challenges such as record rainfall and power outages [2][8] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [8] - The company is also enhancing its exploration efforts in the Iberian pyrite and Kalahari copper belt to leverage its operational presence [8] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's ability to deliver results despite significant challenges, emphasizing a commitment to safety and operational excellence [2][9] - The company is optimistic about achieving a robust year in FY 2026, with production guidance reflecting a focus on controllable factors and lower inflation rates compared to the industry [4][5] Other Important Information - The company has implemented a flood recovery program and increased low-grade material feed, which contributed to a $1 per ton increase in unit costs at Matteo [6] - The management highlighted the importance of maintaining a clean concentrate shed and maximizing cash flow through effective inventory management [17][18] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management noted strong cash flow performance, with significant tonnages sold into favorable markets contributing to cash flow [12][14] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [19][20] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was reported at 4.3%, with expectations of a decrease to 3.5% in FY 2026 [26][28] Question: Resilience planning for weather and power issues - Management discussed extensive planning and improvements made to drainage and water storage to mitigate risks from potential future weather events [60][61] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits from current industry dynamics [73][78]

Core Insights - Sandfire Resources America Inc. has completed its 2024-2025 drilling program, focusing on the Johnny Lee Lower Copper Zone, which has shown promising results in resource definition and mineralization extension [1][2]. Drilling Program Results - The Johnny Lee Lower Copper Zone currently has a measured and indicated resource of 1.2 million tonnes grading 6.8% Cu and an inferred resource of 0.5 million tonnes grading 5.9% Cu [1]. - Approximately 28,000 meters have been drilled since December 2023, with results expected to contribute to an updated mineral resource estimate by late 2025 [1][2]. - Significant drill results include: - 8.11 meters of 4.66% Cu in hole SC24-311 - 14.99 meters of 7.99% Cu in hole SC24-312 - 10.58 meters of 4.69% Cu in hole SC25-316 - 11.73 meters of 8.80% Cu in hole SC25-325 - 4.91 meters of 9.74% Cu in hole SC25-328 [5]. Project Advancements - A technical report update for the Johnny Lee deposit is underway at the Pre-Feasibility Study level, with several key factors needing re-evaluation since the last report in October 2020 [2][6]. - The global transition to clean energy and increasing demand for copper are highlighted as significant market drivers, alongside challenges such as declining reserve grades and geopolitical risks [2]. Board Changes - Mr. Stef Weber has been appointed to the Board of Directors, bringing over 25 years of experience in the mining industry, particularly in finance and project development [3][4]. - The company expressed gratitude to Ms. Gemma Tually for her contributions to the Board [3]. Financial Updates - The company has entered into a fifth variation agreement to its bridge loan, increasing the borrowing capacity from up to US$50 million to US$59.5 million, with an extended maturity date to June 30, 2026 [7][8].