29Metals Ltd
ASX:29M
29Metals Ltd
29Metals Ltd. engages in the exploration and development of copper and base and precious metals resources. The firm is engaged in exploring, developing and producing metals in the form of mineral concentrates which are sold to commodity trading firms or smelters for refining and on-sale as a refined metal product for end use. The firm has a portfolio of exploration interests, including regional tenement interests surrounding Capricorn Copper and Golden Grove, and a project in Redhill located in Chile. The Golden Grove mine is located in the mid-west region of Western Australia, approximately 450 kilometer (km) north-east of Perth and 250 km east of Geraldton. The Capricorn Copper is located approximately 120 km north of Mount Isa. The Redhill has a prospective for copper, silver and gold.
29Metals Ltd. engages in the exploration and development of copper and base and precious metals resources. The firm is engaged in exploring, developing and producing metals in the form of mineral concentrates which are sold to commodity trading firms or smelters for refining and on-sale as a refined metal product for end use. The firm has a portfolio of exploration interests, including regional tenement interests surrounding Capricorn Copper and Golden Grove, and a project in Redhill located in Chile. The Golden Grove mine is located in the mid-west region of Western Australia, approximately 450 kilometer (km) north-east of Perth and 250 km east of Geraldton. The Capricorn Copper is located approximately 120 km north of Mount Isa. The Redhill has a prospective for copper, silver and gold.
Operational Challenges: The September quarter was marked by seismic events at Xantho Extended, leading to restricted access and a deferral of high-grade zinc and precious metal production into 2026.
Guidance Update: 2025 guidance for zinc and precious metals was revised down due to ongoing access issues at Xantho Extended, but copper production guidance remains unchanged.
Golden Grove Performance: Copper production at Golden Grove was solid at 5.8 kilotonnes, driven by higher feed grades and improved recoveries, while zinc production was significantly lower at 2 kilotonnes due to access issues.
Cost Pressures: Site and unit costs increased, primarily due to a major planned shutdown and a $24 million stockpile movement charge, resulting in higher processing costs for the quarter.
Liquidity Position: The company ended the quarter with $168 million in available liquidity, including $153 million cash and $10 million headroom under the offtake facility.
Capricorn Copper Progress: Continued progress at Capricorn Copper on water level reductions (1.5 gigaliters since suspension) and regulatory steps for tailings storage, setting up for a potential restart.
