29Metals (29M) H2 2024 earnings summary

Executive summary

• Revenue increased 23% year-over-year to $551.1 million, driven by higher zinc and precious metal production and improved metal prices.

• Net loss after tax narrowed to $177.6 million from $440.5 million in 2023, reflecting improved operational performance and lower impairment charges.

• Operations at Capricorn Copper were suspended in March 2024 due to extreme weather and water management challenges, materially impacting results.

• Golden Grove delivered strong production growth, particularly in copper and zinc, and advanced key strategic projects.

• A $180 million equity raising and refinancing package improved liquidity and extended debt maturities.

Financial highlights

• Revenue: $551.1 million, up 23% year-over-year.

• EBITDA: $58.5 million (2023: -$21.2 million).

• Net loss after tax: $177.6 million (2023: $440.5 million).

• Cash and cash equivalents: $252.4 million at year-end.

• Drawn debt: $262.1 million; net drawn debt: $9.8 million.

• No dividends declared or paid.

Outlook and guidance

• Focus remains on preserving liquidity, environmental compliance, and preparing for a sustainable restart at Capricorn Copper.

• Golden Grove to continue ramping up high-grade ore production and advancing the Gossan Valley project.

• Ongoing investment in water management and tailings capacity at Capricorn Copper.