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We are pleased to announce an extension of its existing contract with Regis Resources Limited for the provision of underground mining services at the Duketon Operations in the Goldfields region of Western Australia.

The initial alliance agreement, announced on 2 April 2024, had a term of three years and a mechanism to extend by a further 12-month period on a rolling basis. The latest contract extension will see Barminco deliver services at Duketon until at least 30 March 2029, building on the strong operating and safety performance delivered under the alliance agreement.

Additional contract value:                 Approximately A$180 million.

Additional contract term:                  12 months (extended until 30 March 2029).

Services:                                              Underground development, production and support services.

Capital requirement:                          No new growth capital required.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti, said: “This extension reflects the strength of our long‑standing relationship with Regis and the consistent performance delivered by our team at Duketon. We value the collaborative approach between our organisations and look forward to continuing to work together to deliver safe and productive outcomes.

Gabrielle Iwanow, President of Contract Mining, said: “I’m pleased that Regis and Barminco have agreed to extend the alliance at the Duketon Operations. We have a strong working relationship with Regis and the alliance framework provides ongoing planning certainty for both parties, enabling us to continue delivering safe, reliable production. Barminco remains committed to working closely with our clients, both locally and globally, to create long‑term value.”

Read ASX announcement in our Investor Centre.

The Board of Perenti Limited is pleased to announce that Dr Vanessa Torres will succeed Mark Norwell as the Managing Director & CEO of Perenti, in line with the transition process outlined to shareholders at the AGM in October last year.

Dr Torres recently held the role of Chief Operating Officer at South32 and has more than 25 years’ experience in senior leadership roles across the global resources industry, and a proven track record in driving growth and business transformation in complex global operations and building high performing teams.

Dr Torres joined South32 in 2018 and held senior roles including Chief Technology Officer, Chief Technical Officer and Chief Operating Officer. Prior to joining South32, she spent 11 years at BHP in a range of senior executive roles in strategy and operations and held senior leadership roles at Vale in South and North America.

Dr Torres’s appointment follows an extensive search process led by the non-Executive Directors of the Perenti Board in partnership with a leading global executive search firm. Throughout the process, the Board focused on appointing a leader who can build on the foundations and significant growth delivered under Mr Norwell’s leadership and support the continued development of a fully diversified portfolio of businesses to drive sustainable long term growth.

Chair of the Perenti Board, Diane Smith-Gander AO said the Board’s decision was based on a rigorous recruitment process involving exceptional internal and external candidates with a focus on supporting our long-term growth ambitions.

“I would first like to acknowledge Mark’s significant contribution to Perenti. Under his leadership, Perenti has delivered more than a four‑fold revenue growth since he commenced in 2018 and achieved material improvements across all key financial metrics. His genuine care for people has been a hallmark of his leadership, driving a strong focus on developing our people and progressing our journey to create safe and respectful workplaces.

“On behalf of the Board and the entire Perenti workforce, I would like to thank Mark for his leadership in the transformation of Perenti and for his continued support through the transition. “I am delighted to welcome Vanessa to Perenti as the new Managing Director & CEO.

“Vanessa is a highly accomplished executive with extensive operational and leadership experience across global mining operations, and she brings the ideal combination of strategic capability, operational excellence, industry insight and people focused leadership to the role. The Board believes Vanessa is the right successor for Mark and is confident her leadership will build on Perenti’s strong foundations, drive our strategy forward and support the Company’s next phase of growth.”

Commenting on her appointment, Vanessa Torres said: “It is an honour to have been appointed as Perenti’s next Managing Director & CEO at such an exciting time for the business and in a pivotal moment for the mining industry. I look forward to working collaboratively with the Board and management team to continue the development and delivery of the Perenti strategy to create enduring value and certainty for our clients, people, communities and shareholders.” Dr Torres will commence with Perenti on 13 April 2026 and will be appointed as the Managing Director & CEO on 1 June 2026. Mr Norwell will remain with the Company to provide transition support to the Board and Executive through June and into FY27.

Perenti has delivered a solid first half result, remaining on track to deliver another strong full year result. Consistent with prior years and as outlined at the FY25 results call in August 2025, earnings in FY26 are expected to be weighted to the second half of the year.

The Board and Management remain confident in Perenti’s outlook, supported by improving market conditions, disciplined capital allocation, further strengthening of the balance sheet, and a strong pipeline of opportunities across the Group’s diversified portfolio.

Market conditions across Contract Mining and Drilling Services continue to improve, particularly in North America where tender activity has increased materially during recent years. While growth opportunities are emerging, Perenti remains focused on maintaining a disciplined approach to capital allocation, prioritising sustainable delivery of earnings over headline revenue growth. The Group continues to maintain strong work-in-hand and a growing pipeline of opportunities.

The exploration drilling market showed moderate growth during the period, with further increases in activity expected through the fourth quarter of FY26. Utilisation within the Drilling Services division continued to trend higher in line with market conditions. Margins are expected to improve during the second half and into FY27 as available drilling capacity in the market decreases, and recently mobilised projects in North America shift to steady state operations.

Mark Norwell, Managing Director & CEO of Perenti, said: “Perenti has delivered another consistent first half result and is positioned to deliver a strong FY26. As communicated previously, earnings will be weighted to the second half, consistent with prior periods.”

“We are particularly pleased with the improvement in EBIT(A) margin to 9.3% compared to 9.0% in 1H25, partially due to a successful demobilisation from an underperforming underground project in Botswana and a shift towards other higher-performing projects.”

“Similar to prior years, several customers paid invoices in early January 2026, which had a timing impact on half-year free cash flow. After adjusting for these late receipts, normalised free cash flow of $33 million for 1H26 remains in line with our FY26 guidance expectations.”

“The Board’s confidence in the outlook is reflected in the declaration of an interim dividend of 3.25 cents per share, an increase of 8% on 1H25.”

For the full results package visit our Investor Centre

Perenti has delivered a strong result in FY25, exceeding or meeting all full year guidance 

categories. 

Key points 

• Record revenue: $3.49 billion, exceeding the previous full year record set in FY24. 

• Record underlying EBIT(A): $333 million, underpinned by improved operational performance. 

• Record underlying NPAT(A): $178 million, an 8% increase on FY24. 

• Record statutory NPAT: $138 million, a 29% increase on FY24. 

• Record Free Cash Flow: $286 million, including sale of equipment and inventory. 

• Record normalised Free Cash Flow: $195 million, after removing the one-off benefit related to the conclusion of the underground project in Botswana. 

• EBIT(A) margin strengthened to 9.6%, up from 9.4% in FY24. 

• Leverage of 0.5x, illustrating the strong balance sheet position. 

• Declaration of a 4.25cps final dividend, taking total FY25 dividends to 7.25cps, up 21% from FY24. 

• Ongoing focus on enhancing our safety systems and creating a safe and respectful workplace. 

• FY26 guidance: 

◦ Revenue between $3.45 billion and $3.65 billion; 

◦ EBIT(A) of $335 million to $355 million; 

◦ Net capital expenditure of circa $340 million; 

◦ Free cash flow greater than $160 million. 

The Board and Management remain confident in the resilience that has been built into Perenti’s underlying business and the significant opportunities for growth ahead. Accordingly, the Board has declared a 4.25c per share final dividend, bringing the full year dividend to 7.25c per share. 

Mark Norwell, Managing Director & CEO of Perenti, said: “We are pleased to report another year of positive performance, achieving record revenue, EBITDA, and EBIT(A). Perenti’s strengthened EBIT(A) margin demonstrates our commitment to financial discipline across the business. The record free cash flow and underlying NPAT(A) reflect our ability to generate sustainable value for our shareholders and consequently an increased final dividend of 4.25 cent per share has been declared. This brings total dividends for FY25 to 7.25 cents per share.” 

“I remain proud to lead the dedicated team of committed people who deliver outstanding value to our clients. Our first priority remains the safety of our people and we will continue to improve our systems to ensure every team member returns home safely at the end of each shift. I am pleased to see positive momentum in the application of our safety processes but it should be recognised that this is a continuous improvement process and we must remain vigilant.” 

“In addition to our focus on our people, Perenti has steadily improved our internal processes and selective approach to tendering. This work, has been important in strengthening our approach to contracting, reducing risk, and ultimately driving greater consistency in the business, delivering improved business performance, year on year.” 

“The FY25 results are another demonstration of the resilient and consistent returns that Perenti can deliver, even through the inevitable fluctuations in commodity prices and market cycles. The key to our resilience and performance comes from building a portfolio of global mining service businesses of scale. The steady reduction of gross debt seen during recent years has deleveraged the business and built capacity for future growth opportunities to be pursued” 

“The conclusion of the underground mining project in Botswana has allowed execution of the option to sell the equipment on site to the client. In combination with the sale of inventory, this returned $92 million to the business and has contributed to the recent early redemption of the final balance of the 2025 expiry Senior Unsecured Notes. This is a positive outcome for our shareholders given the project was not meeting our expected returns.” 

“On behalf of the Board and Group Executive, I thank our clients and our people for their support and contribution in FY25 and I look forward to working with you as we progress through FY26.” 

For the full ASX release and more information on our FY25 annual results visit our Investor Centre:

We are pleased to announce that through our joint venture subsidiary business, Underground Mining Services Burkina Faso SARL, we have signed a new five year contract for delivery of underground mining operations at the Siou and Wona areas of the Mana complex (‘Mana’) for SEMAFO Burkina Faso S.A, a subsidiary of Endeavour Mining plc.  

Mana is a high-grade gold mine complex containing the Siou and Wona underground operations and is located in the highly prospective Houndé Greenstone Belt of Burkina Faso. African Underground Mining Services Burkina Faso SARL (‘AUMS’) has been delivering underground mining and related support services at Mana since 2018. The expanded operations will be conducted through UMS, a joint venture company with our Burkinabe partner, Dynamic Mining Supply SARL. 

Contract details include: 

• Contract value: Circa AUD $1.1 billion 

• Contract term: 60 months from 1 June 2025 

• Services: Underground development, production and related mining services 

• Capital requirement: FY25 capital requirements included in guidance 

Mark Norwell, Managing Director & Chief Executive Officer of Perenti said, “It is very pleasing and positive to announce the expansion of the Mana contract with Endeavour. This contract is consistent with our guidance for FY25 and will contribute strongly in FY26 and beyond. Our team continually delivers exceptional value for our clients, and this is clearly demonstrated by this long-term contract for expanded operations at the Mana complex.” 

Gabrielle Iwanow, President of Contract Mining at Perenti said, “This contract, with expanded scope demonstrates the enduring nature of our relationship with Endeavour. We reiterate our commitment to delivering for our clients and creating enduring social and economic value in the communities in which we operate. We are proud to be working alongside our local JV partner Dynamic Mining Supply to take further steps to support development of local procurement, capability and employment in Burkina Faso. The success of these partnerships is built on trust, reliability, and the outstanding capabilities of our team.” 

Explore our Investor Centre.

Perenti is pleased to announce the following changes to our Group Executive Committee.  

Gabrielle Iwanow has been appointed President of Perenti’s Contract Mining Division. Gabrielle is one of Australia’s leading mining executives with extensive experience working at senior operational and executive levels within the resources sector.

Gabrielle was also named as one of the Top-100 Global Inspirational Women in Mining in 2020. Her career includes significant time in senior management positions at ASX 100 listed mining companies OZ Minerals and Rio Tinto, and most recently she was the Managing Director & Chief Executive Officer of Mincor Resources.

Paul Muller, currently President Contract Mining, will be taking up a new role within the Perenti Group Executive Committee, following a short period of study leave between January and May 2024.

Mark Norwell, Perenti Managing Director & Chief Executive Officer, said, “A key strategic focus for the Group is managing and developing our senior talent across the organisation, ensuring we have robust succession plans in place and continue building capability and capacity within our senior leader cohort, including within the Group Executive Committee.

“Gabrielle’s addition to our Group Executive Committee provides the business with additional depth in talent as we continue to build on our record FY23 financial results, transformative acquisition of DDH1, ongoing execution of our 2025 strategy and development of our 2030 strategy.

“I would like to welcome Gabrielle to Perenti and thank Paul for his ongoing contribution to Perenti. This is an exciting time for the business as we continue to deliver on our purpose of creating enduring value and certainty for our clients, investors, our people and the communities in which we operate.”

Perenti is pleased to announce that the DDH1 Limited scheme of arrangement has been implemented today and Perenti has now acquired 100% of the issued share capital of DDH1.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti, said Perenti is pleased to welcome the DDH1 team members who are joining the Perenti Group today and looks forward to working together to continue to deliver value and certainty for all our stakeholders.

“The acquisition of DDH1 is a very important milestone in the continued growth and evolution of Perenti, and we are very pleased to welcome the circa 2,000 DDH1 employees, their four highly respected brands of DDH1 Drilling, Strike Drilling, Ranger Drilling and Swick Mining Services along with their expansive client base into the wider Perenti Group. DDH1 leverages and builds on nearly 40 years of drilling expertise that our Ausdrill brand holds, enabling Perenti to establish a stand-alone Drilling Services Division of significant scale and global relevance. Perenti is now one of the largest drilling services contractors globally offering a complete range of underground and surface drilling services, including specialisation in deep directional drilling.

“With the completion of the acquisition, we look forward to demonstrating the significant value proposition that the combination of Perenti and DDH1 can offer to all our stakeholders.

For more information about the completion of the transaction visit our Investor Centre.

Perenti has secured the following new work and contract extensions:

• $70 million, six-month contract for the continuation of underground development and production works at the Regis Resources Garden Well and Rosemont underground gold mines. Barminco and Regis continue to progress collaboratively towards further and material contract extensions at these two mines.

• $27 million, 24-month contract for exploration surface drilling services at the BHP Mitsubishi Alliance in Queensland.

• $14 million, 24-month contract award for underground diamond drilling works at Catalyst Metal’s Plutonic underground gold mine in Western Australia, subject to finalisation of contract terms.

Furthermore, AUMS (through UMA, a joint venture with Rocksure International) received a Limited Notice to Proceed related to the initial underground development works at the Newmont Akyem underground gold mine located in Ghana. The finalisation of contractual negotiations continues, however, once finalised it is forecast that the contract could represent ~A$32 million (US$21 million) of revenue over an initial term of 11 months, with a capital structure that is likely to be similar to that adopted for Newmont’s Subika project.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti, said “The award of these contracts and the Limited Notice to Proceed across both our underground and surface mining businesses demonstrates the diversity of our service offering and the strength of the relationships we share with our clients. Collectively these three contracts and the Limited Notice to Proceed represent nearly A$150 million of revenue across FY2024 and into FY2025 and come after the recent announcement in which Perenti secured ~A$360 million of revenue at the Sandfire Resources A4 project in Botswana.”

Perenti is pleased to announce our surface mining business in Africa, African Mining Services (AMS), has been awarded the contract for open pit mining services at the Sandfire Resources A4 open pit within the larger Motheo Copper Mine in Ghanzi, Botswana. The contract is valued at US$235 million (~A$360 million) over a term of 73 months.

Under the terms of the contract, AMS will deliver all surface mining services associated with development and production activities at the A4 open pit. The A4 open pit is located approximately 8km to the west of the Sandfire’s existing T3 Open Pit, where AMS has successfully progressed from development into production works. Perenti anticipates A4 pre-production and development work to commence in September 2023, with pre-strip mining to start in October 2023.

The T3 and A4 open pits are expected to be operated as a larger, integrated mining operation and therefore will leverage the resulting benefits of scale and the operational synergies to optimise the return on capital aligned with our financial targets. The primary synergies include the optimisation of existing infrastructure, mining equipment, maintenance facilities and both technical and operational management. Perenti’s current FY24 guidance (as released to the ASX on 22 August 2023) already takes these operational synergies and capital efficiencies into account and includes the respective A4 revenue and earnings, although as with every opportunity we will be looking to generate further value for our client and shareholders.

Mark Norwell, Managing Director & Chief Executive Officer of Perenti said: “We are excited about the opportunity to expand our partnership with Sandfire Resources. Motheo is a long-life asset in the Kalahari Copper belt, and the expansion of our role here is in keeping with our strategy of disciplined growth within top-tier mining jurisdictions with high quality partners. Sandfire is now one of our largest clients and over the term of the combined contracts, the T3 and A4 open pits are expected to generate total revenue of over A$1.1 billion, delivering strong returns for Perenti and its shareholders.”

Paul Muller, President of Contract Mining said: “Since Barminco commenced operations in 2019 and AMS later in 2021, Perenti has established itself as the leading international mining contractor in the Kalahari Copper belt. With the award of our third mine in the region, we look forward to playing our part in Sandfire’s expansion of their world class Motheo Copper Mine. Beyond this, I am proud of the contribution Barminco, AMS and Perenti continue to make to the development of Botswana’s mining industry and the community more broadly.”

Perenti has delivered record FY23 financial results, headlined by record revenue and record underlying earnings. The sustained improvement in financial and operational performance has placed Perenti in a strong financial position, which enabled the announcement in June 2023 of the value accretive acquisition of Australian-based drilling business DDH1, with final completion expected in October 2023.

Mark Norwell, Managing Director & CEO of Perenti, said: “Perenti continues to go from strength to strength, as the foundations we have laid with our 2025 Strategy allow us to deliver excellent operational performance, strong client relationships and disciplined commercial and capital management.

“Year-on-year we delivered significant revenue and earnings improvement as our growth projects continued to progress through their respective ramp-up phases, as our strategy enabled each of our businesses to capitalise on and take full advantage of the improvement to macro-economic conditions, including the ‘end of COVID’ and as we saw continued strength in markets for the metals and minerals we mine on behalf of our clients. Although I would note that various macro-economic challenges still exist, however we are cautiously optimistic.

“Our ~9,000 people have again demonstrated their commitment to continually doing better, every day, for our clients. On behalf of the Board and Group Executive I sincerely thank them for their contribution to the business.

“Perenti is focused on supporting sustainable mining, with our investment in developing mines for the future, and our focus on reducing our own emissions.

“Perenti has a strong track record of delivering value and certainty for all of its stakeholders. As we look to the future, our proposed acquisition of DDH1 will complement and enhance the Perenti business and further cement our diversified global value proposition.”

You can read more about Perenti’s FY23 Annual Results on our Investor Centre.