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29Metals Limited (ASX:29M)

ALERT: Price-sensitive ASX Announcement for 29M
Current share price for 29M : $0.360 0.125 (53.19%)+
Announcement
Release
15 Jul 2026 8:22AM
Price at Release
$0.235
Full Release
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Summary
29Metals Limited's June 2026 Quarterly Report highlighted several key developments and financial metrics. Copper production for the quarter declined to 4.8kt due to lower grades and recovery rates, while zinc production increased to 3.1kt. The company maintained site costs amidst inflation, focusing on cost reductions and productivity improvements. However, higher unit costs were reported due to lower copper sales and increased stockpile charges. Development at Oizon and Xantho Extended contributed to higher AISC costs. A strong liquidity position of $202 million comfortably supports the company’s growth plans. Drilling results suggest potential extensions of existing resources, with significant developments at Gossan Hill and Oizon. The Gossan Valley project is progressing towards first ore by year-end 2026, and plans for restarting Capricorn Copper are underway, pending regulatory approvals. Additionally, Colin Gilligan joined the board as a Non-executive Director, enhancing the board's expertise.
Key Points
  • Copper production for the quarter was 4.8kt, lower than the previous quarter due to lower grades milled and recovery rates.
  • Zinc production increased to 3.1kt due to higher ore tonnes milled.
  • Site costs were contained despite inflationary pressures, with a focus on cost reductions and productivity improvements.
  • Higher C1 unit costs reported, primarily due to lower copper sales and higher stockpile movement charges.
  • Development works at Oizon and Xantho Extended led to higher AISC costs.
  • Liquids position at 30 June 2026 was reported as $202 million, sufficient for ongoing funding commitments.
  • Drill results indicate potential extensions to existing mineral resources, notably at Oizon and Gossan Hill.
  • The Gossan Valley project is on track for first ore by the end of 2026.
  • Capricorn Copper is progressing with plans to restart production, focusing on regulatory approval for a new Tailings Storage Facility.
  • Colin Gilligan was appointed as a Non-executive Director, enhancing the board's experience.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.