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2026-11-06
◂ Monitor 29M ASX

29Metals Limited

Producer · Copper · Zinc · Australia · Chile Rating locked: sign in to view v8.1 · 29m-20261030t224401-full
Last 2026-11-06
A$0.245
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$428.8M
EV
A$459.8M
Cash
A$128M
Debt
A$159M

Portfolio detail

Assets

3 assets

Core asset

Golden Grove

Australia

Producer100% ownedCopperZincGoldSilverLead

Operating underground copper-zinc mine in Western Australia. Xantho Extended recommenced mining in October 2026 after its seismicity-related suspension. Gossan Valley development ore and Oizon production are targeted by end 2026, with Gossan Valley production ore expected by mid-2027.

Producer · Producer
Production annualised (attributable)
16.8k td
Production (last FY, 100%)
22.3k t
AISC (latest quarter)
A$21,561/t
AISC margin at spot
-9.9%m
Delivery vs guidance
—
Reserve life
13.9 yrsd
Head grade
1.60% Cu

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$110M9% discount
IRR34%Published return
Initial capexA$112MPublished capital estimate

Pre-tax, 9% real discount rate, as announced in December 2024; not rerun.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured26.5 Mt1.9% Cu, 3.3% Zn, 0.7 g/t Au, 27 g/t AgCopper · Zinc · Gold · Silver2025-12-31
Mineral ResourceIndicated26.9 Mt1.6% Cu, 3.9% Zn, 0.5 g/t Au, 23 g/t AgCopper · Zinc · Gold · Silver2025-12-31
Mineral ResourceInferred9.5 Mt1.5% Cu, 3.3% Zn, 0.5 g/t Au, 21 g/t AgCopper · Zinc · Gold · Silver2025-12-31
Mineral ResourceMeasured, Indicated and Inferred62.9 Mt1.7% Cu, 3.5% Zn, 0.6 g/t Au, 24 g/t AgCopper · Zinc · Gold · Silver2025-12-31
Ore ReserveProved and Probable18.2 Mt1.7% Cu, 4.0% Zn, 0.6 g/t Au, 22 g/t Ag, 0.2% PbCopper · Zinc · Gold · Silver · Lead2025-12-31
Milestones3
  1. Recommence mining at Xantho Extended

    Achieved · High materiality

  2. Gossan Valley first ore

    Pending · High materiality

  3. Oizon first ore

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Gossan Valley initial stageOperating PlanCurrent2024-12-03Initial stage: A$112m capex, 7-year life, about 4kt Cu and 20kt Zn a year, pre-tax NPV A$110m at 9% and 34% IRR (December 2024 price assumptions).

Material

Capricorn Copper

Australia

Care And Maintenance100% ownedCopperSilverCobalt

Suspended since March 2024; water is no longer an impediment. Restart remains conditional on tailings approvals, a definitive feasibility study and financing. The September RFI response was submitted and DFS was targeted by end 2026.

Care and maintenance · Care and maintenance
Nameplate capacity
2e+06 tpa
Restart capex
—
Contained metal (attributable)
1.2m td
Last production year
2,024 year
Target restart
—

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured7 Mt1.9% Cu, 10 g/t AgCopper · Silver2025-12-31
Mineral ResourceIndicated37.3 Mt1.9% Cu, 10 g/t AgCopper · Silver2025-12-31
Mineral ResourceMeasured, Indicated and Inferred64.2 Mt1.8% Cu, 9 g/t Ag, 397 ppm CoCopper · Silver · Cobalt2025-12-31
Ore ReserveProved and Probable19 Mt1.7% Cu, 13 g/t AgCopper · Silver2025-12-31
Milestones2
  1. Complete Restart Definitive Feasibility Study

    Pending · High materiality

  2. Respond to TSF 3 Request for Information

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Tailings Storage Facility 3 approvalQueensland (DETSI)Pending—Yes

Other

Redhill

Chile

Resource Stage100% ownedCopperGoldSilver

29Metals owns Redhill pending a conditional sale of 100% of Redhill Magallanes to Narryer. The agreement provides 20m escrowed NYM shares, A$1m contingent consideration and an associated A$1m subscription; completion is subject to regulatory conditions.

Resource / scoping · Resource stage
Contained metal (attributable)
71.2k td
Resource grade
1.70% Cu
% Measured + Indicated
—
Resource tonnes
4.30 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred4.3 Mt1.7% Cu, 0.3 g/t Au, 33 g/t AgCopper · Gold · Silver2016-05-16

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)