XRF Valuation update based on results for the December 2025 half-year:

Key Highlights

• Revenue up 9% to $31.3m from $28.7m

• Profit Before Tax up 8% to $7.5m from $6.9m

• Net Profit After Tax up 5% to $5.3m from $5.0m

• Operating Cash Inflow up 44% to $6.4m from $4.4m

• Profit Before Tax of $4.1m in December Q2

XRF’s Managing Director, Vance Stazzonelli, commentary on the half-year result:

“During the half we saw strong demand from our mining and industrial customers, with international sales continuing to grow. International sales growth remains a key focus, which is expected to be accelerated through initiatives such as the new office in India. Our cross-selling strategy is gaining pace, with customers increasingly purchasing numerous products across our range. The December quarter was positive, with a profit before tax of $4.1m being generated from revenue of $16.0m.

The Consumables division generated profit before tax of $3.0m from revenue of $8.4m. There was continued robust demand from the mining sector, with Asia continuing as a key growth market. Certain customers purchased lower volumes of products during the half, which mainly relates to the timing of export orders. There has been a strong level of incoming orders in the first part of the second half.

The Precious Metals division had an excellent half, generating revenue of $12.6m and a record profit before tax of $2.5m. Margins expanded, which was driven by high precious metals prices, including platinum and other minor metals used in production. The increasing platinum price affected customer orders for new products in Q2, however we expect this to normalise once the platinum price becomes less volatile.

The Capital Equipment division delivered a profit before tax of $2.2m from revenue of $12.1m. Orbis delivered a robust profit before tax of $819k (1H25 $697k), with sales primarily driven by the gold sector.

Two new products were released through the half, with a full pipeline of additional machines currently under development. Sales for our xrTGA are increasing in momentum, with the first repeat sales received from two large global companies.

Expect 2H26 to be positive, as we focus our efforts on international sales growth, new product releases and M&A opportunities.