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29Metals Limited (ASX:29M)

ALERT: Price-sensitive ASX Announcement for 29M
Current share price for 29M : $0.245 -0.115 (-31.94%)+
Announcement
Release
27 Aug 2026 7:48AM
Price at Release
$0.360
Full Release
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Summary
29Metals Limited’s Appendix 4D and 2026 Half-Year Financial Report for the six months ended 30 June 2026 reports revenue from ordinary activities of $304.9 million, up 12.5% from the prior corresponding period, but a net loss after tax attributable to members of $34.8 million versus a $35.3 million profit in 1H 2025, reflecting lower EBITDA of $30.5 million, higher cost of sales driven by a $48.4 million stockpile movement charge, no repeat of the $54.0 million Capricorn Copper insurance proceeds recognised in the prior period, and a $17.1 million Redhill exploration write-off; Golden Grove produced 11.2kt copper and 3.2kt zinc, with zinc materially lower due to an exclusion zone at Xantho Extended after seismicity, while Capricorn Copper remained suspended with restart dependent on water inventory reduction, permitting for a new tailings storage facility, completion of a restart DFS and funding, although water reductions progressed and approvals work continued; the group strengthened liquidity through a fully underwritten $150 million entitlement offer completed in February 2026, ended the half with cash of $187.6 million, net cash of $21.6 million and total liquidity of $202.1 million, reduced drawn debt to $165.9 million, paid no dividend, maintained net tangible assets per share at $0.32, continued to prepare the accounts on a going concern basis, recorded no impairment for Golden Grove or Capricorn Copper despite impairment indicators, and received an unqualified independent review report from Ernst & Young Australia.
Key Points
  • Appendix 4D and Half-Year Financial Report covers the six months ended 30 June 2026.
  • Revenue from ordinary activities increased 12.49% to $304.853 million from $270.993 million.
  • 29Metals reported a net loss after tax attributable to members of $34.840 million compared with a $35.319 million profit in the prior corresponding period.
  • Basic and diluted loss per share were 2.1 cents compared with earnings per share of 2.6 cents in 1H 2025.
  • No dividends were paid or declared for the half-year.
  • Net tangible assets per share were $0.32 at 30 June 2026 compared with $0.33 at 30 June 2025.
  • Golden Grove produced 11.2kt of copper and 3.2kt of zinc during the half.
  • Golden Grove zinc production fell sharply due to an exclusion zone at Xantho Extended following seismic events.
  • Golden Grove EBITDA was $56.226 million, down from $87.617 million, while C1 costs increased to US$4.39/lb and AISC increased to US$5.48/lb.
  • Development of Gossan Valley remained on track for first development ore in the December quarter of 2026.
  • Development to Oizon progressed, with first stope ore expected in the December quarter of 2026.
  • Capricorn Copper operations remained suspended throughout the half-year.
  • Capricorn Copper expenses during suspension were $19.158 million and capital during suspension was $2.412 million.
  • Progress at Capricorn Copper included reduction of surface water inventories and advancement of tailings storage facility approvals and EPBC referral work.
  • 29Metals commenced a Capricorn Copper Restart Definitive Feasibility Study and engagement on non-dilutive strategic funding options.
  • Exploration expenditure increased to $3.883 million, focused on Golden Grove targets including Tryall, Oizon, Cervantes and Europa.
  • The company wrote off $17.114 million of exploration and evaluation expenditure relating to the Redhill area of interest.
  • A fully underwritten 1 for 3.66 accelerated pro rata non-renounceable entitlement offer raised approximately $150 million gross.
  • Net proceeds from the equity raising were $142.788 million after transaction costs.
  • Cash flows from operating activities were $65.648 million, investing outflows were $81.458 million and financing inflows were $100.970 million.
  • Cash and cash equivalents were $187.551 million at 30 June 2026, up from $102.650 million at 31 December 2025.
  • Drawn debt reduced to $165.944 million from $187.811 million at 31 December 2025.
  • The group moved to a net cash position of $21.607 million from net drawn debt of $85.161 million at 31 December 2025.
  • Total liquidity increased to $202.109 million including the undrawn portion of the mezzanine loan note facility.
  • The directors concluded the going concern basis of preparation remained appropriate.
  • No impairment loss was recognised for either the Golden Grove or Capricorn Copper cash-generating units.
  • There were no changes in control over entities and no associates or joint ventures during the period.
  • Subsequent events note stated there were no material events after 30 June 2026 up to the report date.
  • Ernst & Young Australia reviewed the half-year financial report and issued an unqualified independent review report.
  • The report was authorised for release on 27 August 2026.
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.