29Metals (29M) Q3 2026 earnings summary

Executive summary

• Planned 11-day Golden Grove maintenance shutdown and ore constraints reduced Q3 milling, production and sales; higher Dec-Qtr volumes are expected.

• Xantho Extended mining restarted in October, while Gossan Valley and Oizon development advanced, supporting a more flexible production profile from late 2026.

• Capricorn Copper remains suspended; water levels no longer impede restart, but a decision depends on TSF 3 approval and completion of the restart DFS.

• More than 2Mt of contained copper resources across two Australian assets underpin potential to reach ~80ktpa copper equivalent.

Financial highlights

• Gross revenue was $94.1m vs $164.4m in Jun-Qtr, reflecting lower sales volumes.

• Golden Grove produced 4.2kt copper and 2.0kt zinc; copper payable sales fell to 8.1Mlbs from 11.5Mlbs QoQ.

• Golden Grove site costs were $108m; C1 costs were US$5.24/lb copper sold and AISC was US$6.90/lb, with lower sales and by-product credits contributing to higher unit costs.

• Cash was $128m, drawn debt US$110m and net debt $31m at 30 September; available liquidity was $142m vs $202m at 30 June.

Outlook and guidance

• CY2026 guidance remains unchanged: copper 20–24kt, zinc 5–25kt, gold 6–14koz, silver 400–600koz and site costs $385–415m.

• Golden Grove mining, processing and sales are expected to increase in Dec-Qtr, with lower C1 and AISC unit costs as Xantho Extended ramps up and shutdown costs abate.

• Gossan Valley first ore and Oizon production are expected by end-2026; Gossan Valley first production ore is expected by mid-2027.

• Capricorn Copper restart DFS is due by end-2026; a restart decision depends on TSF 3 approval.