29Metals (29M) H2 2025 earnings summary

Executive summary

• Revenue increased 3% year-over-year to $566.6M, driven by higher copper prices and sales, despite operational disruptions at Golden Grove and continued suspension at Capricorn Copper.

• Net profit after tax was $24.2M, a significant turnaround from a $177.6M loss in 2024, reflecting improved EBITDA, lower costs, and insurance proceeds.

• No dividends were paid or declared for the year.

Financial highlights

• EBITDA rose to $175.7M from $58.5M year-over-year, supported by higher revenues and lower costs.

• Cost of sales decreased 14% to $482.0M, reflecting lower activity at Capricorn Copper and stockpile movement credits.

• Cash from operations was $55.5M, down from $59.2M, impacted by working capital changes and lower insurance receipts.

• Net Drawn Debt reduced to $85.2M from $9.8M, with total liquidity at $117.6M (down from $267.4M).

• A $150M equity raise was completed post-year-end to support working capital and growth initiatives.

Outlook and guidance

• Golden Grove’s Gossan Valley project remains on track for first ore by end-2026, with $112M in planned capital expenditures.

• Capricorn Copper restart timing remains uncertain, dependent on water management and regulatory approvals.

• Exploration investment will focus on near-term mine-life extensions at Golden Grove and resumption at Capricorn Copper in 2026.