29Metals (29M) Q2 2026 earnings summary

Executive summary

• Well-positioned to benefit from global copper supply constraints and rising demand, with over 2 million tons 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, with first ore expected by end of 2026.

• Capricorn Copper remains suspended, with restart contingent on regulatory approval for TSF 3 and funding alignment; water issues have been resolved.

• 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.

• Golden Grove site costs were $96 million, with C1 unit costs at US$4.64/lb and AISC at US$6.05/lb, reflecting higher capitalized development and inflationary pressures.

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

• Golden Grove contributed $164.4 million in revenue, with copper at $105.7 million, zinc at $14.2 million, gold at $27.9 million, and silver at $16.6 million.

Outlook and guidance

• Golden Grove expects reduced capital expenditures and increased production from high-grade ore sources starting in 2027.

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

• Capricorn Copper aims to reestablish up to 30,000 tons of copper production per annum, with restart contingent on TSF 3 approval and funding.

• Group copper equivalent production target is 80,000 tons per annum, with optionality for further expansion.

• Both assets are tracking toward full-year guidance ranges for all metals.