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29Metals Limited (29M) investor relations material
29Metals Limited Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Safety performance remained strong with zero lost time injuries over the past twelve months, and group TRIF improved to 5.4 from 6.3 in the previous quarter.
Golden Grove focused on productivity and cost improvements, but faced restricted access to high-grade zinc stopes at Xantho Extended due to seismic activity, impacting zinc output.
Capricorn Copper operations remain suspended, with significant progress on water inventory reduction and regulatory approvals for a new tailings storage facility.
Group priorities include maximizing cash flow, progressing Gossan Valley project, and preparing for a potential restart at Capricorn Copper.
Group liquidity at 30 September 2025 was $168 million, down from $202 million at 30 June 2025.
Financial highlights
Gross revenue for the quarter was $155 million, up from $143 million in the previous quarter, aided by higher Golden Grove sales and a lead concentrate sale.
Unaudited cash and cash equivalents at quarter-end were $153 million, with available liquidity of $168 million and net drawn debt at $44 million.
Golden Grove C1 costs rose to US$3.74/lb copper sold (from US$2.09/lb), and AISC increased to US$4.93/lb (from US$3.29/lb), mainly due to higher site costs and a major shutdown.
Suspension costs at Capricorn Copper reduced to $8.8 million for the quarter.
Group unaudited drawn debt at quarter-end was US$130 million.
Outlook and guidance
2025 guidance for zinc and precious metals production revised downward due to ongoing access issues at Xantho Extended; copper production guidance unchanged.
Revised 2025 zinc production guidance: 35-40kt (previously 60-70kt); gold: 15-20koz (previously 20-25koz); silver: 700-900koz (previously 750-1,000koz).
Exploration spend for 2025 increased to $10–14 million, up from $4 million in the prior year.
First ore from Gossan Valley remains on track for 2026, with box cut excavation 70% complete.
Capricorn Copper restart contingent on further water reduction and tailings storage approval, with regulatory progress ongoing.
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