• Record first half NPAT of A$87.2m, up 36%
• Revenue from continuing operations of A$117.2m, up 12%
• Divestment of non-core precious metal assets for US$82m, delivering ~28% pre-tax IRR

Deterra Royalties Limited (ASX: DRR) has reported its financial results for the half year ended 31 December 2025 (1H26), highlighting record first half NPAT of A$87.2m, up 36% compared to the prior corresponding period (1H25). Revenue from continuing operations was A$117.2m, up 12%, driven by record sales and strong realized pricing from the Mining Area C (MAC) royalty. The company also divested its non-core precious metal assets, primarily acquired as part of the Trident Royalties acquisition, for US$82m, delivering a ~28% pre-tax IRR. The divestment proceeds were used to pay down debt, with net debt reduced to A$148.8m as at 31 December 2025. Underlying EBITDA increased 11% to A$109.1m, with a margin of 93%. The Board declared a fully franked interim dividend of 12.4 cents per share, up 38% and representing 75% of NPAT. The Thacker Pass lithium project also made significant progress, with the first US$435m draw on the US$2.23bn Department of Energy loan and the DOE taking a 5% equity stake in the project. The company's interim CEO, Jason Neal, noted the strong, consistent cashflow from the MAC royalty and the successful divestment of non-core assets, while also highlighting the continued progress at Thacker Pass.

Deterra expects first lithium carbonate production from the Thacker Pass project in late 2027, with a target total production capacity of 160,000tpa to be developed in four phases of 40,000tpa each, across an 85-year mine life.

Deterra will continue to drive value from its core MAC and Thacker Pass royalties, and earlier stage royalty assets, while also pursuing opportunities for royalty investments and financing through a strict lens of shareholder value creation. The company maintains a target dividend payout ratio of 75% of NPAT.