29Metals (29M) Q4 2025 earnings summary

Executive summary

• Golden Grove achieved higher copper (6.9kt) and zinc (3.4kt) production quarter-over-quarter, with C1 costs dropping to US$2.49/lb copper sold due to stockpile credits and lower site costs.

• Mining at Xantho Extended is set to recommence in April 2026 after ground support upgrades; Gossan Valley project remains on track for first ore by end of 2026.

• Capricorn Copper managed heavy rainfall, maintaining a neutral water balance and keeping surface water below maximum levels, with no production due to ongoing suspension.

• Group liquidity declined to $118 million at year-end, with net drawn debt rising to $85 million.

Financial highlights

• Golden Grove 2025 production: 22kt copper, 35kt zinc, 15koz gold, 746koz silver, all within guidance.

• Golden Grove site costs for 2025 were $388 million, total capital $124 million.

• Group gross revenue for the quarter was $137.8 million, down from $154.5 million in the prior quarter, mainly due to lower zinc and precious metal sales.

• Unaudited cash and cash equivalents at year-end were $103 million, down from $153 million at the end of the previous quarter.

Outlook and guidance

• 2026 Golden Grove production guidance: 20–24kt copper, 40–50kt zinc, 12–20koz gold, 600–800koz silver.

• Golden Grove site costs expected at $385–415 million, with growth capital of $110–130 million, including $80–90 million for Gossan Valley.

• Capricorn Copper suspension costs expected to remain at $30–40 million in 2026, with restart contingent on regulatory approvals for TSF 3.