Kantra Copper grows Kanmantoo reserves

• Ore Reserves rise 31% to 5.2Mt after 1.4Mt depletion
• Mineral Resources grow 22% to 27Mt after depletion
• Emily Star added to reserves, Critchley to resources

Special Report: Kantra Copper has grown the copper inventory at its Kanmantoo mine in South Australia faster than mining can chew through it.

The updated estimate boosts ore reserves by 31% to 5.2Mt grading 0.85% copper and 0.20g/t gold, containing 44,000t of copper and 33,000oz of gold.

Broader mineral resources were also increased by 22% to 27Mt at 0.71% copper and 0.17g/t gold, or 190,000t of contained copper and 150,000oz of contained gold.

Kantra Copper (ASX:KAN) says the resource increase reflects the impact of ongoing grade control, resource definition and exploration drilling, which is partly offset by mining depletion and inaccessible material from the Kanmantoo underground operation.

Growth outpaces depletion

Grade control, resource definition and exploration drilling added 6.4Mt to the resource before depletion and other adjustments, while a maiden 520,000t resource at Critchley also joined the estimate.

Emily Star has entered the ore reserve for the first time, at 740,000t grading 0.91% copper and 0.12g/t gold, for 6800t of contained copper and 3000oz of gold.

Alongside extensions at East and North Kavanagh, Emily Star contributes to the overall reserve increase.

KAN approved development of Emily Star in July as Kanmantoo’s third underground mining front, with stoping expected to begin in the second half of 2027.

KAN chief executive officer Bob Fulker said the reserve supported the development decision and provided increased confidence in Emily Star’s contribution to future production.

“The substantial growth in both mineral resources and ore reserves demonstrates the quality of the Kanmantoo asset and the success of our exploration and resource conversion strategy,” Fulker said.

Kanmantoo reached a 1.8Mtpa underground mining run rate in June 2026 while KAN’s September quarter report recorded a fifth consecutive quarter of production growth, with 3,419t of copper produced.

Copper prices remain elevated

S&P Global reported on October 20 that the London Metal Exchange cash copper price had averaged US$13,395 a tonne in 2026, 35% above the 2025 average, with mine disruptions and electrification demand among the pressures on the market.

KAN’s reserve is based on a long-term copper price assumption of US$4.20/lb, alongside US$3250/oz gold. The estimate also uses assumed metallurgical recoveries and payabilities.

Updated estimates also reflect new drilling data, refined geological models and a year of underground operating experience.

Stope modifying factors were also adjusted to reflect observed overbreak and associated low-grade material.

The larger resource and reserve give KAN more inventory to work with as it develops Emily Star and continues converting mineralisation around the existing underground operation.

This article was developed in collaboration with Kantra Copper, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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