Great Southern Copper (GSCU) H1 2026 earnings summary

Executive summary

• Significant exploration progress at Especularita, with high-grade copper-silver intercepts at Cerro Negro and confirmation of a new porphyry gold system at Viuda Negra.

• Phase II drilling at Cerro Negro extended high-grade mineralisation; Phase III drilling commenced with expanded rig capacity.

• Post-period, £2.5 million raised to accelerate exploration and drilling activities.

Financial highlights

• Operating loss for the six months ended 30 September 2025 was £1.17 million, compared to £1.01 million for the same period in 2024.

• Loss per share (basic and diluted) was 0.207 pence, improved from 0.254 pence year-over-year.

• Cash and cash equivalents at period end were £0.26 million, down from £1.0 million at 31 March 2025.

• Net assets stood at £2.2 million as of 30 September 2025.

• £522,000 convertible loan note issued in March 2025, expected to convert to equity in January 2026.

Outlook and guidance

• Board remains confident in advancing exploration with strengthened financial position and robust pipeline of targets.

• Long-term fundamentals for copper, silver, and gold remain strong, supported by global electrification and demand for critical minerals.