Northern Cape-focused copper company Copper 360 says the financial year ended February 28 was a "significant" turning point for the company as its management focused on stabilising the balance sheet, simplifying operations and repositioning the group for sustainable growth.

"While the group continues to report a loss for the year, the underlying financial and operational improvements achieved during the period represent meaningful progress in restoring long-term shareholder value," it states.

Copper 360's operating loss narrowed by 42% year-on-year to R213-million, while its net loss narrowed by 17% year-on-year to R265-million.

On a total metal-equivalent basis, copper production remained broadly flat year-on-year at 1 067 t, notwithstanding a 44% increase in copper contained in concentrate to 1 067 t following the suspension of cathode production in the second half of the prior financial year, thereby simplifying its focus around concentrate production that continued at Modular Flotation Plant 2 (MFP2).

"With the pan concentrator commissioned in February and development work at Rietberg scheduled for the second half of the 2027 financial year, we are confident that MFP2 can be reliably fed with sufficient-grade sulphide ore, upgraded by panning where needed, to return the company to profitability," the company says.

It points out that the company's management had started the first phase of a broader strategic restructuring programme shortly before the end of the financial year ended February 28.

This included leadership and board changes, a refined mining strategy, planned processing plant improvements, selective outsourcing of specialised functions and a resizing of the organisation to better align the operational cost base with production requirements.

As part of this process, employee numbers were reduced materially, together with the implementation of stricter cost controls and operational disciplines.

"As copper market fundamentals remain strong, Copper 360 is positioning itself to build greater scale and operational efficiency in the year ahead. Emerging from this year's results are clear signs of a company with improved financial strength, a simplified and technically focused operating model, lower overall risk and an enhanced platform from which to pursue future capital growth opportunities," Copper 360 comments.