29Metals (29M) Q2 2026 earnings summary

Executive summary

• Well-positioned to benefit from global copper supply constraints and rising demand, with over 2 million tonnes of contained copper resources across two long-life Australian assets.

• Golden Grove produced 4.8kt copper and 3.1kt zinc in the June 2026 quarter, with ore milled predominantly copper due to temporary suspension at Xantho Extended.

• Gossan Valley and Oizon developments are progressing as planned, with first ore expected by end of 2026.

• Capricorn Copper remains suspended; restart depends on regulatory approval for TSF 3, with water issues resolved and a response to regulator RFI expected in September 2026.

• Group liquidity at 30 June 2026 was $202 million, with $188 million in cash and $115 million drawn debt.

Financial highlights

• Gross revenue for the June quarter was $164.4 million, nearly flat compared to the prior quarter.

• Site costs at Golden Grove were $96 million, flat despite inflationary pressures.

• C1 unit costs at Golden Grove increased to US$4.64/lb copper sold, and AISC rose to US$6.05/lb, mainly due to capital development.

• Group unaudited net cash at 30 June 2026 was $22 million, down from $48 million at 31 March 2026.

Outlook and guidance

• Mining at Xantho Extended expected to recommence in December quarter 2026, with ramp-up from three high-grade ore sources by year-end.

• Golden Grove on track for full-year guidance ranges for all metals, with 2026 guidance: 20–24kt copper, 5–25kt zinc, 6–14koz gold, 400–600koz silver.

• Gossan Valley and Oizon development to provide new high-grade ore sources from end 2026.

• Capricorn Copper restart contingent on TSF 3 approval and funding, with a Final Investment Decision targeted post-approval.

• Progressive ramp-up at Golden Grove expected to lower unit costs and improve cash flow from late 2026 into 2027.