29Metals (29M) H2 2024 earnings summary

Executive summary

• Revenue increased 23% year-over-year to $551 million, driven by higher metal production and prices at Golden Grove.

• Group EBITDA turned positive at $58 million, up from a negative $21 million in 2023, mainly due to Golden Grove's strong performance.

• Net loss after tax narrowed to $178 million from $440 million loss in 2023, impacted by non-cash expenses and impairments at Capricorn Copper.

• Positive operating cash flow of $59 million, reversing a negative $37 million in the prior year.

Financial highlights

• Golden Grove EBITDA rose 155% to $101 million, reflecting higher ore mined and lower unit costs.

• C1 Costs and AISC at Golden Grove fell to US$2.56/lb and US$3.70/lb, respectively, from US$3.18/lb and US$4.12/lb year-over-year.

• Total liquidity at year-end was $267 million, up from $162 million, supported by equity raising and insurance payments.

• Net drawn debt reduced to $10 million from $55 million, while drawn debt increased to $262 million from $217 million.

Outlook and guidance

• 2025 guidance includes depreciation and amortisation for mine properties of $45–55 million, PPE of $40–50 million, and AASB16 leases amortisation of $35–45 million.

• Tax payable is expected to remain at zero for 2025.

• Strategic focus for 2025 is on developing Gossan Valley at Golden Grove and progressing production restart at Capricorn Copper.