29Metals (29M) Q1 2026 earnings summary

Executive summary

• March quarter 2026 delivered strong operational results, with Golden Grove producing 6.4kt copper and generating positive cash flow after $10 million in capital expenditures, reversing a negative $23 million in the prior quarter.

• Group revenue rose to $165 million, up from $137.8 million in the previous quarter, driven by higher copper and zinc sales at Golden Grove.

• Group liquidity increased to $238 million at quarter-end, supported by a $150 million equity raise.

• Capricorn Copper remains suspended, but water inventory reductions have removed a key restart impediment; restart now hinges on regulatory approval for TSF 3.

• Strategic decision to defer Xantho Extended mining restart to complete additional risk-reduction works, targeting long-term production certainty.

Financial highlights

• Gross revenue for March quarter was $165 million, up $27–28 million from the prior quarter, driven by higher copper and zinc sales.

• Unaudited group liquidity at 31 March 2026 was $238 million, up from $118 million at 31 December 2025, with $223 million in cash and $10 million undrawn under the offtake facility.

• Group net cash at 31 March 2026 was $48 million, compared to net drawn debt of $85 million at 31 December 2025.

• Golden Grove generated $10 million of free cash flow after all capital expenditures, including Gossan Valley investments.

• C1 unit cost at Golden Grove rose to US$4.25/lb copper sold, and AISC increased to US$5.08/lb, mainly due to stockpile movement charges.

Outlook and guidance

• Golden Grove's full-year copper production guidance remains at 20–24kt, but zinc, gold, and silver guidance was revised lower due to delayed recommencement at Xantho Extended.

• Existing liquidity is expected to fully fund the revised 2026 plan and maintain growth investments at Gossan Valley and exploration.

• Additional works at Xantho Extended are expected to complete by December 2026, with mining restart deferred until then.

• Capricorn Copper targeting up to 30,000 tons of copper per annum on restart, with long-term potential for 80,000 tons copper equivalent.

• Ongoing focus on identifying and incorporating additional ore sources to maximize mill throughput and offset Xantho Extended delay.