Sandfire Resources (ASX:SFR) delivered a record June quarter to close out fiscal year 2026 as its copper-equivalent production of 47,600 tonnes came in roughly 5% above Jarden's forecast, the investment firm said in a late Thursday note.

The company's full-year fiscal year 2026 financial results also represent a solid beat, with unaudited earnings before interest, taxes, depreciation, and amortization of $867 million topping consensus estimates on higher revenue.

Sandfire's C1 unit costs are at record lows, and with the spot copper price resiliently holding above $6 per pound, the company is currently generating record margins at its MATSA and Motheo assets in Spain and Botswana, respectively, Jarden said.

The investment firm now expects Sandfire to report fiscal year 2026 underlying net profit after tax of $352 million, and raised its forecast final dividend by 50% to AU$0.15 per share.

Jarden maintained an underweight rating on Sandfire, noting that it remains alert to more attractive entry points, with an unchanged price target of AU$15.50.

Sandfire Resources shares fell 4% in recent Friday trade.