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29Metals (29M) investor relations material
29Metals Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Group TRIF improved to 8.0 from 9.3 in the previous quarter, with LTIF steady at 0.0.
Golden Grove copper production declined to 4.8kt (from 6.4kt), while zinc production rose to 3.1kt (from 0.1kt).
Works to recommence mining at Xantho Extended and develop Gossan Valley and Oizon are progressing as planned.
Capricorn Copper remains suspended, pending regulatory approval for TSF 3; water levels are no longer a barrier.
Group liquidity at 30 June 2026 was $202 million, expected to cover growth and risk mitigation needs.
Financial highlights
Gross revenue for the quarter was $164.4 million, nearly flat compared to $165.0 million in the previous quarter.
Golden Grove contributed $164.4 million in revenue, with copper at $105.7 million, zinc at $14.2 million, gold at $27.9 million, and silver at $16.6 million.
Unaudited cash and cash equivalents at quarter-end were $188 million, with net cash at $22 million.
C1 Costs at Golden Grove increased to US$4.64/lb copper sold (from US$4.25/lb), and AISC rose to US$6.05/lb (from US$5.08/lb).
Outlook and guidance
Guidance for production and costs is maintained.
Mining at Xantho Extended expected to recommence in December quarter 2026.
Gossan Valley and Oizon developments on track for first ore by end of 2026.
Capricorn Copper restart contingent on TSF 3 approval, with DFS completion and funding alignment targeted by end 2026.
- Golden Grove achieved record output and lower costs; Capricorn Copper's restart depends on water management.29M
Q2 20248 Jul 2026 - Met or exceeded 2024 guidance, boosted liquidity, and advanced growth projects with strong cash flow.29M
Q4 20248 Jul 2026 - Golden Grove's zinc surge and cash flow offset copper decline; Capricorn Copper remains suspended.29M
Q3 202425 Jun 2026 - EBITDA tripled and profitability returned, driven by Golden Grove and insurance proceeds.29M
H2 20254 Jun 2026 - Profit rebounded to $35.3M with higher revenue, lower costs, and $54M insurance proceeds.29M
H1 20254 Jun 2026 - Strong revenue growth and improved EBITDA driven by Golden Grove, despite Capricorn Copper setbacks.29M
H2 20244 Jun 2026 - Net loss narrowed to $109M as EBITDA turned positive and Golden Grove drove improved results.29M
H1 20244 Jun 2026 - Financial growth, leadership change, and project progress amid regulatory and operational challenges.29M
AGM 202621 May 2026 - Revenue and liquidity surged, copper output strong, and growth funding secured.29M
Q1 202629 Apr 2026
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