29Metals (29M) H1 2026 earnings summary

Executive summary

• Revenue increased 12% year-over-year to $304.9 million, driven by higher copper sales and prices, but net loss after tax was $34.8 million versus a $35.3 million profit in the prior period.

• Copper production rose to 11.2kt (from 9.7kt), while zinc production fell sharply to 3.2kt (from 29.3kt) due to mining suspension at Xantho Extended.

• Operating cash flows surged 148% to $66 million, reflecting improved operational performance.

• No dividends were paid or declared for the period.

• A $150 million equity raising was completed to support working capital, Gossan Valley investment, and Capricorn Copper restart initiatives.

Financial highlights

• EBITDA fell to $30.5 million from $112.6 million year-over-year, mainly due to higher cost of sales and absence of prior period insurance proceeds.

• Gross profit declined to $25.6 million from $39.7 million.

• Cash flows from operating activities rose to $66 million from $26.5 million, while investing outflows increased to $81.5 million.

• Cash and cash equivalents at period end were $187.6 million, up from $102.7 million at year-end 2025.

• Cost of sales increased 21% to $279 million, impacted by stockpile drawdown and lower zinc by-product credits.

Outlook and guidance

• Golden Grove is expected to recommence mining at Xantho Extended and deliver first ore from Gossan Valley in Q4 2026.

• Capricorn Copper restart is contingent on water inventory reduction, tailings facility approval, and securing funding; feasibility study and permitting are ongoing.

• Strategic funding options under review to support project advancement.

• Exploration focus remains on extending resources at Golden Grove and progressing surface drilling at Capricorn Copper.