29Metals (29M) Q3 2025 earnings summary

Executive summary

• Safety performance improved, with TRIF at 5.4 (down from 6.3) and zero lost time injuries over the last 12 months.

• Golden Grove faced restricted access to high-grade zinc stopes at Xantho Extended due to seismic activity, impacting zinc and precious metals output, while copper production remained solid.

• Capricorn Copper operations remain suspended, with significant progress on water inventory reduction and regulatory approvals for tailings storage, positioning for a future restart.

• Group priorities include maximizing cash flow, progressing Gossan Valley project, and preparing for a potential Capricorn Copper restart.

• Group liquidity at 30 September 2025 was AUD 168 million, supporting ongoing projects and operational flexibility.

Financial highlights

• Gross revenue for the quarter was AUD 155 million, up from the prior quarter, driven by higher Golden Grove sales and a lead concentrate sale.

• Unaudited cash and cash equivalents at quarter-end were AUD 153 million, with available liquidity of AUD 168 million and net drawn debt at AUD 44 million.

• Golden Grove C1 costs rose to US$3.74/lb copper sold (from US$2.09/lb), and AISC increased to US$4.93/lb (from US$3.29/lb), mainly due to higher site costs and a major shutdown.

• Site and unit costs increased due to a planned 10-day shutdown and a AUD 24 million stockpile movement charge.

• Group unaudited net drawn debt at 30 September 2025 was AUD 44 million, up from AUD 19 million at 30 June 2025.

Outlook and guidance

• 2025 guidance for zinc and precious metals revised downward due to restricted access at Xantho Extended; copper production guidance unchanged.

• Revised 2025 zinc production guidance: 35-40kt (previously 60-70kt); gold: 15-20koz (previously 20-25koz); silver: 700-900koz (previously 750-1,000koz).

• Gossan Valley project remains on track for first ore by end of 2026, with box cut excavation commenced and 70% complete.

• Exploration spend for 2025 increased to AUD 10–14 million, up from AUD 4 million in the prior year.

• Capricorn Copper restart contingent on further water reduction and tailings storage approval, with significant value potential upon restart.