29Metals (29M) Q1 2025 earnings summary

Executive summary

• Achieved zero recordable and lost-time injuries during the March quarter, reflecting a strong safety culture and improved group safety metrics.

• Golden Grove delivered strong cost performance, with C1 costs dropping to US$0.76/lb copper sold, and advanced growth projects including Gossan Valley.

• Capricorn Copper made significant progress in water inventory reduction, reaching below Maximum Operating Level, supporting future restart compliance.

• Senior debt refinancing completed, reducing near-term repayments, supporting future growth, and improving liquidity.

• Group liquidity at 31 March 2025 was $182 million, with guidance for 2025 production and costs maintained.

Financial highlights

• Group gross revenue for the quarter was $142.1 million, down $42.2 million from the previous quarter due to lower sales volumes and shipment timing.

• Unaudited cash and cash equivalents at 31 March 2025 were $166 million; available group liquidity was $182 million.

• Senior debt reduced by US$18 million, with drawn debt at US$140 million and net drawn debt at $57 million.

• Final $54 million insurance claim payment for Capricorn Copper expected in June quarter, totaling $115 million in gross proceeds.

• Group operating and capital costs at Capricorn Copper reduced by 22% versus prior quarter.

Outlook and guidance

• 2025 production guidance maintained; Golden Grove Gossan Valley project on track for first ore in H2-2026.

• Golden Grove 2025 production guidance: copper 22–25kt, zinc 60–70kt, gold 20–25koz, silver 750–1,000koz.

• Ongoing focus on productivity, cost discipline, and cash flow maximization at Golden Grove.

• Strategic options for Capricorn Copper restart under review, dependent on water management and regulatory progress.

• Exploration spend at Golden Grove to increase to $10–14 million in 2025.