29Metals Limited
0.28
AUD
-0.01
(-5.08%)
29Metals Limited
ASX:29M
(Australian Securities Exchange)
Recent
price
0.28
P/E
ratio
32.61
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Semi-annual Revenue
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in mil. unless spec.Semi-annual Earnings Per Share
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in mil. unless spec.Semi-annual Dividends Per Share
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in mil. unless spec.- Similar Companies
- Business
- 29Metals Limited (ASX:29M) is a copper-focused base and precious metals mining company that explores for, develops and produces metals in the form of mineral concentrates, including copper, zinc, gold, silver and lead, which are sold to commodity trading firms or smelters for refining; its principal producing asset is Golden Grove in Western Australia, a volcanic-hosted massive sulfide deposit spanning 129 square kilometers with over 10 years of mine life and mineral resources of 16.5 million tonnes processed at 1.44 million tonnes per annum; Capricorn Copper in Queensland covers approximately 1,900 square kilometers with production currently suspended following weather impacts but undergoing water reduction initiatives ahead of restart, processing at 1.8 million tonnes per annum capacity; exploration activities include regional tenements around both Australian sites, plus the Redhill project in Chile featuring high-grade copper-gold-silver mineralization across strategic tenements including Gossan Valley, Cervantes and other targets. Founded in 2021 and headquartered in Melbourne, Victoria, with support offices in Perth and Brisbane, the company operates primarily in Australia and Chile, targeting metals essential to the global energy transition through underground mining methods such as long-hole open stoping and sub-level caving, supported by conventional processing flowsheets incorporating crushing, grinding, gravity concentration and flotation. In December 2024, 29Metals launched a fully underwritten $180 million equity raising via institutional placement and accelerated pro rata entitlement offer at $0.27 per share to fund the Gossan Valley development to first ore in H2 2026, refinance and deleverage senior debt by US$18 million with maturities extended to 2028, reduce Capricorn Copper water levels and provide working capital; the initiative, supported by commitments from AustralianSuper and BUMA for up to 18.0% and 19.9% stakes respectively, underpins Gossan Valley's initial 34% IRR, 7-year mine life producing 4,000 tonnes of copper and 20,000 tonnes of zinc annually, with mineral resources remaining open at depth; earlier in 2024, the company formalized a US$50 million offtake finance facility with Glencore for copper and zinc concentrates, while ongoing near-mine exploration at Golden Grove yields high-grade extensions to support mine life prolongation.