Shares in Sandfire Resources Ltd (ASX: SFR) are trading lower in today's session despite the copper producer reporting a strong set of numbers for FY25.
The ASX 200 miner saw revenue rise to new heights during the year as its copper output accelerated.
At the time of writing, the company's shares are trading at $12.52 apiece, down 1.6% from the close of business on Wednesday.
However, today's pullback is unlikely to rattle investors.
Sandfire's share price has surged by 34% since the start of January, comfortably outpacing the All Ordinaries Index (ASX: XAO), which is up by 9% over the same period.
Here's how the year played out for the ASX 200 mining stock.
Production profile leads the way
Sandfire runs two copper mining operations.
Firstly, its MATSA complex in Spain also produces zinc, lead, and silver.
In FY25, MATSA delivered a total of 94,000 tonnes of copper equivalent, including the other prementioned commodities.
This outcome represents a 3% production boost from the previous year.
Notably, MATSA's production cost – known as C1 – declined by 20% year on year to US$1.54 per pound.
Secondly, Sandfire delivered a production record at its Motheo mine in Botswana.
Motheo churned out 58,000 tonnes of copper equivalent in FY25, marking a 29% jump in output from FY24.
The mine's C1 cost also dropped by 19% to US$1.37 per pound.
FY25 snapshot
Overall, Sandfire reported a 12% increase in copper equivalent production to 152,000 tonnes for the year.
In turn, revenue of US$1.18 billion jumped by 26% year on year.
Underlying operating earnings (EBITDA) of US$528 million bolted by 46%, driven by an underlying EBITDA margin of 45%.
And operating cash flow of US$575 million increased by 55%.
The ASX 200 mining stock also returned to profitability with statutory profit after tax clocking in at US$90 million. This compares with a US$19 million loss in FY24.
Its balance sheet also strengthened significantly.
Net debt of US$123 million at the end of June improved by 69% from a year ago.
What next for the ASX 200 mining stock?
Management noted that the production ramp-up at Motheo has facilitated a 63% lift in total copper output over the last two years.
It believes that MATSA and Motheo now provide a stable platform to boost production even further.
As such, the ASX 200 mining stock is guiding for FY26 copper output to rise by 2% in FY26.
However, unit costs for both projects are expected to increase by about 10%.
Capital costs are also projected to rise by 11% to reach US$230 million in FY26.
