OREMAVEN
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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$128M2026-06-30: 188,000,000 A$2026-09-30: 128,000,000 A$ Not Meaningful
Debt A$159MFY2024: 262,128,000FY2025: 187,811,000 Net cash A$-31M
Basic shares 1.8B 2026-10-01
Runway Not Meaningful Producer; September cash bridge includes operating, investing and financing flows and is not a stand-alone exploration burn measure.

Liquidity

Financial position

At 30 September, unaudited cash was A$128m, drawn debt US$110m, and liquidity A$142m including the US$10m undrawn facility. Net debt was A$31m; A$159m drawn debt in AUD is the approximate sum of rounded cash and net debt. Leases at 30 June totalled A$72.945m. Senior debt matures in March 2028, the mezzanine in seven instalments April to October 2028. The senior facility includes US$30m minimum cash and December 2026 leverage and coverage tests. Funding discussions for Capricorn remain unresolved.

Capital structure

Ownership and dilution

Ordinary shares
1.8B
Fully diluted
1.8B

1,372,336,435 shares at 31 December 2025 plus about 375m entitlement offer shares (Jan-Feb 2026) and rights conversions gives 1,750,076,545 (unchanged from 29 April to 1 October 2026). Performance rights: 47,923,935 after the 9 September 2026 grant of 761,675, less 1,339,901 lapsed, gives 46,584,034.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares (29M)Ordinary Share1.8B——
Unquoted performance rights (29MAA)Performance Right46.6M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AFY2025A
Operations
Golden Grove copper producedt—22,300
Golden Grove zinc producedt—34,700
Capricorn payable coppert—0.00
Unit costs
Golden Grove C1 costUSD/lb CuFY2024: 2.56 USD/lb CuFY2025: 2.49 USD/lb Cu2.562.49
Golden Grove AISCUSD/lb CuFY2024: 3.70 USD/lb CuFY2025: 3.66 USD/lb Cu3.703.66
Profit and loss
Copper concentrate revenue, reportedAUDmFY2024: 362,993,000 AUDFY2025: 440,378,000 AUD363.0440.4
Zinc concentrate revenue, reportedAUDmFY2024: 166,501,000 AUDFY2025: 96,920,000 AUD166.596.9
Group revenueAUDmFY2024: 551,063,000 AUDFY2025: 566,622,000 AUD551.1566.6
Operating costs, overheads and explorationAUDmFY2024: 492,587,000 AUDFY2025: 390,932,000 AUD492.6390.9
EBITDAAUDmFY2024: 58,476,000 AUDFY2025: 175,690,000 AUD58.5175.7
Depreciation and amortisationAUDmFY2024: 128,639,000 AUDFY2025: 121,685,000 AUD128.6121.7
Net finance costsAUDmFY2024: 30,816,000 AUDFY2025: 25,162,000 AUD30.825.2
Cash tax proxyAUDm0.00.0
Net profit or lossAUDmFY2024: -177,608,000 AUDFY2025: 24,171,000 AUD(177.6)24.2
Cash flow
Operating cash flowAUDmFY2024: 59,236,000 AUDFY2025: 55,451,000 AUD59.255.5
Capital expenditureAUDmFY2024: 116,296,000 AUDFY2025: 123,678,000 AUD116.3123.7
Free cash flow before financingAUDmFY2024: -57,060,000 AUDFY2025: -68,227,000 AUD(57.1)(68.2)
Net equity proceedsAUDmFY2024: 172,055,000 AUDFY2025: 0.00 AUD172.10.0
Lease principal paymentsAUDmFY2024: -25,252,000 AUDFY2025: -29,830,000 AUD(25.3)(29.8)
Cash interest and borrowing costsAUDmFY2024: -21,826,000 AUDFY2025: -14,647,000 AUD(21.8)(14.6)
Debt movementAUDmFY2024: 20,614,000 AUDFY2025: -71,851,000 AUD20.6(71.9)
Other cash movement and reconciliationAUDmFY2024: 1,960,000 AUDFY2025: 34,855,000 AUD2.034.9
Net change in cashAUDmFY2024: 90,491,000 AUDFY2025: -149,700,000 AUD90.5(149.7)
Balance sheet
Cash at year endAUDmFY2024: 252,350,000 AUDFY2025: 102,650,000 AUD252.3102.7
Drawn debtAUDmFY2024: 262,128,000 AUDFY2025: 187,811,000 AUD262.1187.8
Net debtAUDmFY2024: 9,778,000 AUDFY2025: 85,161,000 AUD9.885.2
Book equityAUDmFY2024: 419,280,000 AUDFY2025: 446,062,000 AUD419.3446.1
Per share
Ordinary shares outstandingm shares—1,372.3
Basic earnings per shareAUD/shareFY2024: -0.24 AUD/shareFY2025: 0.02 AUD/share(0.24)0.02
Dividend per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024: 8.16 xFY2025: 2.72 x8.22.7
P / E (x, current market cap)xFY2024: -2.51 xFY2025: 18.46 x(2.5)18.5
FCF yield (current market cap)%FY2024: -0.13 fractionFY2025: -0.15 fraction-12.8%-15.3%
EBITDA margin%FY2024: 0.11 fractionFY2025: 0.31 fraction10.6%31.0%
Net debt / EBITDA (x)xFY2024: 0.17 xFY2025: 0.48 x0.20.5

KPI history

Operating metrics · Golden Grove

Golden Grove copper produced shown
01,9203,8395,7597,679Jun-Qtr 2025: 5,569 tJun-Qtr 2025Sep-Qtr 2025: 5,750 tSep-Qtr 2025Dec-Qtr 2025: 6,856 tDec-Qtr 2025Mar-Qtr 2026: 6,431 tMar-Qtr 2026Jun-Qtr 2026: 4,762 tJun-Qtr 2026Sep-Qtr 2026: 4,208 tSep-Qtr 2026
MetricUnitTrendJun-Qtr 2025Sep-Qtr 2025Dec-Qtr 2025Mar-Qtr 2026Jun-Qtr 2026Sep-Qtr 2026
Golden Grove copper producedtJun-Qtr 2025: 5,569 tSep-Qtr 2025: 5,750 tDec-Qtr 2025: 6,856 tMar-Qtr 2026: 6,431 tJun-Qtr 2026: 4,762 tSep-Qtr 2026: 4,208 t5,5695,7506,8566,4314,7624,208
Golden Grove zinc producedt ZnJun-Qtr 2025: 12,251 t ZnSep-Qtr 2025: 1,982 t ZnDec-Qtr 2025: 3,418 t ZnMar-Qtr 2026: 78.00 t ZnJun-Qtr 2026: 3,113 t Zn12,2511,9823,418783,113—
Golden Grove AISC per lb copper soldAUD/lbJun-Qtr 2025: 5.88 AUD/lbSep-Qtr 2025: 7.53 AUD/lbDec-Qtr 2025: 5.36 AUD/lbMar-Qtr 2026: 7.31 AUD/lbJun-Qtr 2026: 8.54 AUD/lb5.887.535.367.318.54—
Golden Grove C1 cost per lb copper soldAUD/lbJun-Qtr 2025: 4.00 AUD/lbSep-Qtr 2025: 5.72 AUD/lbDec-Qtr 2025: 3.75 AUD/lbMar-Qtr 2026: 6.11 AUD/lbJun-Qtr 2026: 6.55 AUD/lb4.005.723.756.116.55—
Golden Grove ore milledktJun-Qtr 2025: 385 ktSep-Qtr 2025: 330 ktDec-Qtr 2025: 391 ktMar-Qtr 2026: 305 ktJun-Qtr 2026: 363 kt385330391305363—
Operating metric source table51
MetricProjectPeriodPeriod typeValueStatus
Golden Grove copper producedGolden GroveJun-Qtr 2025Quarter5,569 tReported
Golden Grove zinc producedGolden GroveJun-Qtr 2025Quarter12,251 t ZnReported
Golden Grove AISC per lb copper soldGolden GroveJun-Qtr 2025Quarter5.88 AUD/lbReported
Golden Grove C1 cost per lb copper soldGolden GroveJun-Qtr 2025Quarter4 AUD/lbReported
Golden Grove ore milledGolden GroveJun-Qtr 2025Quarter385 ktReported
Golden Grove copper producedGolden GroveSep-Qtr 2025Quarter5,750 tReported
Golden Grove zinc producedGolden GroveSep-Qtr 2025Quarter1,982 t ZnReported
Golden Grove AISC per lb copper soldGolden GroveSep-Qtr 2025Quarter7.53 AUD/lbReported
Golden Grove C1 cost per lb copper soldGolden GroveSep-Qtr 2025Quarter5.72 AUD/lbReported
Golden Grove ore milledGolden GroveSep-Qtr 2025Quarter330 ktReported
Golden Grove copper producedGolden GroveDec-Qtr 2025Quarter6,856 tReported
Golden Grove zinc producedGolden GroveDec-Qtr 2025Quarter3,418 t ZnReported
Golden Grove AISC per lb copper soldGolden GroveDec-Qtr 2025Quarter5.36 AUD/lbReported
Golden Grove C1 cost per lb copper soldGolden GroveDec-Qtr 2025Quarter3.75 AUD/lbReported
Golden Grove ore milledGolden GroveDec-Qtr 2025Quarter391 ktReported
Golden Grove copper producedGolden GroveMar-Qtr 2026Quarter6,431 tReported
Golden Grove zinc producedGolden GroveMar-Qtr 2026Quarter78 t ZnReported
Golden Grove AISC per lb copper soldGolden GroveMar-Qtr 2026Quarter7.31 AUD/lbReported
Golden Grove C1 cost per lb copper soldGolden GroveMar-Qtr 2026Quarter6.11 AUD/lbReported
Golden Grove ore milledGolden GroveMar-Qtr 2026Quarter305 ktReported
Golden Grove copper producedGolden GroveJun-Qtr 2026Quarter4,762 tReported
Golden Grove zinc producedGolden GroveJun-Qtr 2026Quarter3,113 t ZnReported
Golden Grove AISC per lb copper soldGolden GroveJun-Qtr 2026Quarter8.54 AUD/lbReported
Golden Grove C1 cost per lb copper soldGolden GroveJun-Qtr 2026Quarter6.55 AUD/lbReported
Golden Grove ore milledGolden GroveJun-Qtr 2026Quarter363 ktReported
Group revenueCompanyFY2025Year566,622,000 AUDReported
Group EBITDA (non-IFRS)CompanyFY2025Year175,690,000 AUDReported
Group revenueCompanyHY2026Half Year304,853,000 AUDReported
Group EBITDA (non-IFRS)CompanyHY2026Half Year30,498,000 AUDReported
Golden Grove EBITDA (non-IFRS)Golden GroveFY2025Year177,819,000 AUDReported
Golden Grove EBITDA (non-IFRS)Golden GroveHY2026Half Year56,226,000 AUDReported
Group cash and cash equivalentsCompany30 June 2026Point In Time188,000,000 AUDReported
Group drawn debtCompany30 June 2026Point In Time115,000,000 USDReported
Golden Grove copper producedGolden GroveSep-Qtr 2026Quarter4,208 tReported
Golden Grove zinc producedGolden GroveSep-Qtr 2026Quarter1,992 tReported
Golden Grove gold producedGolden GroveSep-Qtr 2026Quarter2,112 ozReported
Golden Grove silver producedGolden GroveSep-Qtr 2026Quarter93,100 ozReported
Golden Grove payable copper soldGolden GroveSep-Qtr 2026Quarter3,693 tReported
Golden Grove ore milledGolden GroveSep-Qtr 2026Quarter301,000 tReported
Golden Grove copper head gradeGolden GroveSep-Qtr 2026Quarter1.6 % CuReported
Golden Grove copper recoveryGolden GroveSep-Qtr 2026Quarter88.5 %Reported
Golden Grove AISC per pound of payable copper soldGolden GroveSep-Qtr 2026Quarter9.78 AUD/lb CuReported
Golden Grove C1 cost per pound of payable copper soldGolden GroveSep-Qtr 2026Quarter7.42 AUD/lb CuReported
Golden Grove gross revenue before transport, TCRC and unrealised QP adjustmentsGolden GroveSep-Qtr 2026Quarter94,100,000 AUDReported
Group cash and cash equivalentsCompany30 September 2026Point In Time128,000,000 AUDReported
Group drawn debt estimated from rounded net debt and cashCompany30 September 2026Point In Time159,000,000 AUDSource Derived
Group REVENUE FY2024CompanyFY2024Year551,063,000 AUDReported
Group EBITDA FY2024CompanyFY2024Year58,476,000 AUDReported
Group REVENUE FY2025CompanyFY2025Year566,622,000 AUDReported
Group EBITDA FY2025CompanyFY2025Year175,690,000 AUDReported
Group HY2026 revenueCompanyHY2026Half Year304,853,000 AUDReported
Company guidance12
MetricProjectPeriodLowHighStatus
Copper Production (Contained In Concentrate)golden_groveCY20262024 ktCurrent
Zinc Production (Revised From 40 50Kt In The Mar Qtr)golden_groveCY2026525 ktCurrent
Gold Productiongolden_groveCY2026614 kozCurrent
Silver Productiongolden_groveCY2026400600 kozCurrent
Ore Milledgolden_groveCY20261,2501,400 ktCurrent
Site Costsgolden_groveCY2026385415 AUD mCurrent
Sustaining Capitalgolden_groveCY20261520 AUD mCurrent
Development Capitalgolden_groveCY20263545 AUD mCurrent
Growth Capitalgolden_groveCY2026110130 AUD mCurrent
Suspension Operating And Capital Costscapricorn_copperCY20263040 AUD mCurrent
ExplorationCompanyCY20261520 AUD mCurrent
Corporate CostsCompanyCY20262629 AUD mCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-02-18Ann. 2026-01-20RaisingOrdinary SharesA$150M375MA$0.4CompletedAbout A$150m (institutional about A$119m, retail about A$31m) at A$0.40; shares issued shown as A$150m divided by A$0.40, the releases give about 298m institutional plus about 78m retail shares.Period 2026-01-20 to 2026-02-18
2024-12-24Ann. 2024-12-03RaisingOrdinary SharesA$180M—A$0.27CompletedA$180m gross placement and entitlement offer at A$0.27, comprising approximately A$154m institutional and placement proceeds and A$26m retail, to fund Gossan Valley and support refinancing.Period 2024-12-03 to 2024-12-24
2025-01-22Ann. 2024-12-03Debt———Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-30

Annual report risk, borrowings and derivatives notes plus 2024 and 2026 financing releases; concentrate offtake counterparties and pricing terms are not disclosed.

Golden Grove copper, zinc and lead concentrates are sold to a small number of offtake counterparties on undisclosed terms; treatment and refining charges flow through C1 costs.

Offtake · Active
Counterparties
Undisclosed concentrate customers
Applies to
Golden Grove · Copper · Zinc · Gold · Silver · Lead
Economic direction
Mixed
Period
Dates not stated
Key terms
Customer concentration: small number of contractual counterparties
Shipment risk: company bears cost of changes in shipment locations
How it affects our valuation

No valuation treatment is available for this arrangement.

Legacy gold swaps were reprofiled in May 2026: 1,390 oz due during 2026 at A$2,483/oz and 1,390 oz due during 2027 at A$2,330/oz. The amount of the 2026 leg settled after June is not separately disclosed; the 2027 leg remains a liability.

Commodity Hedge · Active
Counterparties
Undisclosed financial institutions under ISDA agreements
Applies to
Golden Grove · Gold
Economic direction
Burden
Period
2026-01-01 to 2027-12-31
Key terms
2026 tranche at June 2026: 1,390 oz
2026 tranche strike: 2,483 AUD/oz
2027 tranche: 1,390 oz
2027 tranche strike: 2,330 AUD/oz
Fair-value liability at 30 June 2026: 8,611,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Subordinated US$50m mezzanine loan note from Glencore (the Offtake Facility in quarterly reports); US$10m undrawn counts in Group liquidity.

Other · Active
Counterparties
Glencore Australia Holdings Pty Ltd
Applies to
Company-wide
Economic direction
Burden
Period
2024-06-10 to 2028-10-01
Key terms
Facility limit: 50,000,000 USD
Drawn: 40,000,000 USD
Repayment: seven monthly instalments April to October 2028
Interest: SOFR plus margin, capitalised while subordinated DSCR is below 1.2x
How it affects our valuation

No valuation treatment is available for this arrangement.

Mining contractor group BUMA is the largest holder and has two nominee directors (Ashish Gupta and, from June 2026, Colin Gilligan).

Strategic Partnership · Active
Counterparties
BUMA (PT Delta Dunia Makmur Tbk group)
Applies to
Company-wide
Economic direction
Mixed
Period
From 2024-12-03; no end date stated
Key terms
Board nomination rights: one director; a second while holding above 20% and the board has no more than eight directors
Holding (largest top-20 line): 21.24 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional sale of Redhill Magallanes shares, with 20m NYM consideration shares and a contingent milestone plus separate A$1m subscription for 10m NYM shares. Regulatory conditions must be met by 31 December 2026.

Other · Conditional
Counterparties
Narryer Metals Limited
Applies to
Redhill · Copper · Gold · Silver
Economic direction
Mixed
Period
2026-09-22 to 2026-12-31
Key terms
Upfront consideration: 20,000,000 NYM shares
Contingent consideration: 1,000,000 AUD
29Metals subscription: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.