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Copper 360 remained loss-making in the year ended February 2026 despite improved copper production and a strengthened balance sheet after a major recapitalisation.The company on Tuesday reported a net loss of R265m for the year, compared with a loss of R321m in the previous year.The results come after Copper 360 completed a recapitalisation in December that reduced R715m of legacy debt and raised R400m in fresh equity in a bid to shore up its balance sheet. The transaction helped reduce borrowings and improve liquidity.The company said copper concentrate production increased 44% during the year, but higher output did not translate into revenue growth as lower-grade ore and delayed feed-quality projects weighed on performance.Copper metal equivalent production remained broadly flat at 1,067 tonnes, compared with 1,054 tonnes the year before. However, copper contained in concentrate increased from 742 tonnes to 1,067 tonnes, while plant recovery improved to 67.2% from 47.9%.The company said revenue was affected by low-grade ore sourced from surface stockpiles at the Rietberg mine. It also pointed to delays in the construction of a processing unit, known as a pan concentrator, which is used to upgrade ore before it is fed into the main plant. The unit was commissioned in February 2026, about three months later than originally planned.Despite the operational improvements, Copper 360 continued to incur losses at a production level. The group reported a gross loss of R157m, little changed from the R158m recorded a year earlier.Operating losses amounted to R213m, compared with R370m in the previous financial year. The previous year’s result included an impairment charge of R113m.The company said the recapitalisation had a significant impact on its financial position, with total borrowings decreasing to R304m at year-end from R734m a year earlier and from a peak of R824m during the financial year. Total liabilities fell 49% to R505m, while equity increased 270% to R1.25bn.Copper 360 said delays in capital projects before the recapitalisation were linked to its rights offer, in which existing shareholders were invited to buy new shares to raise funding for the company. As a result, its flotation plant, which is used to extract copper from ore, processed lower-grade ore with a higher oxide content, resulting in lower recoveries.The company said the commissioning of the pan concentrator and planned underground development work at the Rietberg mine during the second half of FY2027 should improve access to higher-grade sulphide ore and support a return to profitability.No dividend was declared.Business Day