29Metals (29M) H2 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to $567 million, with cost of sales down 14% to $482 million, supporting improved profitability.

• Group EBITDA rose to $176 million from $58 million, and NPAT swung to a $24 million profit from a $178 million loss, both figures including $54 million in insurance proceeds.

• Golden Grove asset delivered EBITDA of $178 million, up 76% year-over-year, despite operational interruptions.

• Debt reduction achieved, with drawn debt falling by $74 million to $188 million at year-end.

Financial highlights

• Total revenue: $567 million (2024: $551 million); cost of sales: $482 million (2024: $563 million).

• Group EBITDA: $176 million (2024: $58 million); NPAT: $24 million (2024: -$178 million).

• Basic EPS improved to 1.8 cents from -24.3 cents year-over-year.

• Golden Grove copper production: 22.3kt; zinc production: 34.7kt.

• Golden Grove C1 Costs: US$2.49/lb (down 3%); AISC: US$3.66/lb.

Outlook and guidance

• 2026 depreciation and amortisation guidance: mine properties $35–50m, PPE $25–40m, AASB16 leases $35–45m.

• Tax payable expected to remain at zero for 2026.

• Guidance subject to market and operating conditions.