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29Metals (29M) investor relations material
29Metals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Golden Grove achieved higher copper (6.9kt) and zinc (3.4kt) production quarter-over-quarter, with C1 costs dropping to US$2.49/lb copper sold due to stockpile credits and lower site costs.
Mining at Xantho Extended is set to recommence in April 2026 after ground support upgrades; Gossan Valley project remains on track for first ore by end of 2026.
Capricorn Copper managed heavy rainfall, maintaining a neutral water balance and keeping surface water below maximum levels, with no production due to ongoing suspension.
Group liquidity declined to $118 million at year-end, with net drawn debt rising to $85 million.
Financial highlights
Golden Grove 2025 production: 22kt copper, 35kt zinc, 15koz gold, 746koz silver, all within guidance.
Golden Grove site costs for 2025 were $388 million, total capital $124 million.
Group gross revenue for the quarter was $137.8 million, down from $154.5 million in the prior quarter, mainly due to lower zinc and precious metal sales.
Unaudited cash and cash equivalents at year-end were $103 million, down from $153 million at the end of the previous quarter.
Outlook and guidance
2026 Golden Grove production guidance: 20–24kt copper, 40–50kt zinc, 12–20koz gold, 600–800koz silver.
Golden Grove site costs expected at $385–415 million, with growth capital of $110–130 million, including $80–90 million for Gossan Valley.
Capricorn Copper suspension costs expected to remain at $30–40 million in 2026, with restart contingent on regulatory approvals for TSF 3.
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