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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
29Metals
29Metals (29M) investor relations material
29Metals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary21 Oct, 2026
Executive summary
Planned 11-day Golden Grove maintenance shutdown and ore constraints reduced Q3 milling, production and sales; higher Dec-Qtr volumes are expected.
Xantho Extended mining restarted in October, while Gossan Valley and Oizon development advanced, supporting a more flexible production profile from late 2026.
Capricorn Copper remains suspended; water levels no longer impede restart, but a decision depends on TSF 3 approval and completion of the restart DFS.
More than 2Mt of contained copper resources across two Australian assets underpin potential to reach ~80ktpa copper equivalent.
Financial highlights
Gross revenue was $94.1m vs $164.4m in Jun-Qtr, reflecting lower sales volumes.
Golden Grove produced 4.2kt copper and 2.0kt zinc; copper payable sales fell to 8.1Mlbs from 11.5Mlbs QoQ.
Golden Grove site costs were $108m; C1 costs were US$5.24/lb copper sold and AISC was US$6.90/lb, with lower sales and by-product credits contributing to higher unit costs.
Cash was $128m, drawn debt US$110m and net debt $31m at 30 September; available liquidity was $142m vs $202m at 30 June.
Outlook and guidance
CY2026 guidance remains unchanged: copper 20–24kt, zinc 5–25kt, gold 6–14koz, silver 400–600koz and site costs $385–415m.
Golden Grove mining, processing and sales are expected to increase in Dec-Qtr, with lower C1 and AISC unit costs as Xantho Extended ramps up and shutdown costs abate.
Gossan Valley first ore and Oizon production are expected by end-2026; Gossan Valley first production ore is expected by mid-2027.
Capricorn Copper restart DFS is due by end-2026; a restart decision depends on TSF 3 approval.
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Latest events from 29Metals
- Revenue up 12%, net loss $34.8M, cash flow up 148%, liquidity boosted by $150M equity raise.29M
H1 2026 - High-grade ore ramp-up and project progress set the stage for strong copper-driven growth.29MDiggers & Dealers Mining Forum 2026
- Golden Grove ramps up high-grade output as Capricorn Copper targets restart pending TSF approval.29MNoosa Mining Conference 2026
- Revenue steady at $164.4M, liquidity strong at $202M, and key projects advancing.29MQ2 2026
- EBITDA tripled and profitability returned, driven by Golden Grove and insurance proceeds.29MH2 2025
- Profit rebounded to $35.3M with higher revenue, lower costs, and $54M insurance proceeds.29MH1 2025
- Golden Grove's zinc surge and cash flow offset copper decline; Capricorn Copper remains suspended.29MQ3 2024
- Golden Grove achieved record output and lower costs; Capricorn Copper's restart depends on water management.29MQ2 2024
- Met or exceeded 2024 guidance, boosted liquidity, and advanced growth projects with strong cash flow.29MQ4 2024
Next 29Metals earnings date
Q4 202629 Jan, 2027
29Metals
Next 29Metals earnings date
Q4 202629 Jan, 2027
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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.