29Metals
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29Metals (29M) investor relations material

29Metals H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Revenue increased 2.8% year-over-year to $566.6M, with net profit after tax of $24.2M, reversing a prior year loss of $177.6M.

  • No dividends were paid or declared for the year.

  • Operations at Capricorn Copper remained suspended due to prior extreme weather events; Golden Grove maintained copper output but zinc production fell due to seismic events.

  • A $150M equity raise was completed post-year-end to support working capital, restart plans at Capricorn Copper, and exploration.

Financial highlights

  • EBITDA rose to $175.7M from $58.5M year-over-year, driven by higher revenues and lower costs.

  • Cost of sales decreased 14% to $482.0M.

  • Net drawn debt reduced to $85.2M (from $9.8M), with total liquidity at $117.6M (down from $267.4M).

  • Basic EPS was 1.8 cents, up from a loss of 24.3 cents per share.

Outlook and guidance

  • Golden Grove’s Gossan Valley project remains on track for first ore by end-2026, with $112M in planned capital expenditures.

  • Capricorn Copper restart timing remains uncertain, dependent on water management and regulatory approvals.

  • Exploration spend increased to $11.1M, with further drilling planned at Golden Grove and a resumption at Capricorn Copper in 2026.

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Frequently asked questions

29Metals Limited is a copper-focused base and precious metals mining company with significant operations and exploration assets in Australia and Chile. The company's primary activities involve the exploration, development, and production of copper, alongside other base and precious metals such as zinc, gold, and silver. 29Metals operates two long-life mining assets: the Golden Grove mine located in Western Australia and the Capricorn Copper mine in Queensland, Australia. The company is headquartered in Melbourne, Victoria, Australia, and its shares are listed on the ASX.

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