29Metals (29M) H2 2025 earnings summary

Executive summary

• Revenue increased 2.8% year-over-year to $566.6M, with net profit after tax of $24.2M, reversing a prior year loss of $177.6M.

• No dividends were paid or declared for the year.

• Operations at Capricorn Copper remained suspended due to prior extreme weather events; Golden Grove maintained copper output but zinc production fell due to seismic events.

• A $150M equity raise was completed post-year-end to support working capital, restart plans at Capricorn Copper, and exploration.

Financial highlights

• EBITDA rose to $175.7M from $58.5M year-over-year, driven by higher revenues and lower costs.

• Cost of sales decreased 14% to $482.0M.

• Net drawn debt reduced to $85.2M (from $9.8M), with total liquidity at $117.6M (down from $267.4M).

• Basic EPS was 1.8 cents, up from a loss of 24.3 cents per share.

Outlook and guidance

• Golden Grove’s Gossan Valley project remains on track for first ore by end-2026, with $112M in planned capital expenditures.

• Capricorn Copper restart timing remains uncertain, dependent on water management and regulatory approvals.

• Exploration spend increased to $11.1M, with further drilling planned at Golden Grove and a resumption at Capricorn Copper in 2026.