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29metals Ltd.
(Sydney:29M)
29metals Ltd. (29M) vs. iShares MSCI Australia ETF (EWA)
29metals Ltd. Business Overview & Revenue Model
29metals Ltd. Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 566.29M | 551.06M | 449.75M | 714.01M | 600.76M |
| Gross Profit | 59.75M | -11.56M | -99.22M | 186.20M | 134.10M |
| EBITDA | 110.67M | 42.24M | -230.93M | 144.14M | 147.18M |
| Net Income | 24.17M | -177.61M | -440.46M | -47.22M | 121.01M |
Balance Sheet | |||||
| Total Assets | 1.04B | 1.04B | 981.21M | 1.29B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 102.65M | 266.15M | 174.36M | 184.46M | 210.15M |
| Total Debt | 277.59M | 315.36M | 271.33M | 265.48M | 233.04M |
| Total Liabilities | 595.63M | 618.79M | 558.86M | 577.28M | 545.64M |
| Stockholders Equity | 446.06M | 419.28M | 422.34M | 715.69M | 769.54M |
Cash Flow | |||||
| Free Cash Flow | -75.97M | -57.06M | -121.47M | 28.57M | -22.52M |
| Operating Cash Flow | 40.80M | 59.24M | -36.52M | 142.18M | 75.10M |
| Investing Cash Flow | -86.14M | -116.30M | -84.94M | -113.61M | -92.55M |
| Financing Cash Flow | -101.68M | 145.59M | 112.74M | -72.40M | 101.88M |
29metals Ltd. Technical Analysis
29metals Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$870.86M | -335.19 | -1.99% | ― | ― | 42.55% | |
53 Neutral | AU$798.03M | -25.45 | -90.88% | ― | ― | ― | |
52 Neutral | AU$631.65M | 1,200.00 | 0.41% | ― | ― | ― | |
51 Neutral | AU$470.51M | -73.20 | -6.04% | ― | ― | -76.36% | |
50 Neutral | AU$534.21M | -9.74 | -150.61% | ― | ― | -186.15% | |
48 Neutral | AU$725.13M | 25.46 | -8.58% | ― | 28.45% | 79.93% |
29metals Ltd. Corporate Events
29Metals Limited has scheduled its 2026 Annual General Meeting for 21 May 2026, confirming it will be conducted as a hybrid event to allow shareholders to participate either in person in Melbourne or via online technology. The company will provide full details of the time, venue, and business of the meeting in a Notice of Meeting to be dispatched in late April 2026, and has set 16 March 2026 as the closing date for nominations for director elections, signalling the commencement of its annual governance and board renewal processes.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals reported 2025 full-year revenue of $567 million, up 3%, with cost of sales down 14% to $482 million, driving a sharp improvement in group EBITDA to $176 million and a return to a $24 million net profit after a loss in 2024. The turnaround was led by Golden Grove, where EBITDA surged 76% to $178 million and unit costs fell, while group debt was cut by $74 million to $188 million, reinforcing the company’s financial position.
Management highlighted the underlying strength of Golden Grove, noting that reduced capital spending after 2026 and optimised mine plans using higher-grade ore bodies are expected to further enhance performance. At Capricorn Copper, substantial progress on dewatering and permitting through 2025 underpins confidence to complete a Restart Definitive Feasibility Study in 2026, advancing the asset toward a potential restart and future growth option for stakeholders.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has reported updated Mineral Resources and Ore Reserves as at 31 December 2025, showing Group Ore Reserves rising to 37.2Mt and Group Mineral Resources to 131.3Mt, despite depletion from production. The increases are driven largely by strong drilling and favourable economic parameters at Golden Grove, while Capricorn Copper and Redhill estimates were broadly unchanged aside from minor stockpile depletion.
At Golden Grove, Ore Reserves increased to 18.2Mt and Mineral Resources to 62.9Mt, with management highlighting a 10% lift in Ore Reserve tonnes and 17% growth in Mineral Resources tonnes that extend mine life and underscore exploration upside. The company plans to boost exploration spending to $15–20 million in 2026, reinstating exploration at Capricorn Copper and reinforcing governance processes and annual updates under the JORC Code to support stakeholders’ confidence in its resource base.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has released its Appendix 4E, Annual Financial Report and Sustainability Report for the year ended 31 December 2025. The publication of these documents provides investors and stakeholders with detailed insight into the company’s financial results and sustainability performance for 2025, reinforcing its reporting transparency and ongoing disclosure obligations as an ASX-listed miner.
These reports collectively outline the operational and non-financial outcomes of 29Metals and its controlled entities over the past year. Their release marks a key milestone in the company’s reporting calendar and offers the market an updated view of how the business is tracking across financial, environmental and social dimensions.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has disclosed a change in the holdings of director Fiona Robertson following her participation in the company’s Retail Entitlement Offer. Robertson acquired 116,957 new ordinary fully paid shares at $0.40 per share, increasing her direct and indirect interests in the company.
Following the transaction, Robertson’s direct shareholding rose to 466,340 shares, with her indirect interest, held via a closely related superannuation fund, increasing to 78,677 shares. The change reflects director support for the capital-raising initiative, which may be viewed positively by investors monitoring board alignment with shareholder interests.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has disclosed a change in the indirect shareholding of director Martin Alciaturi, whose interest is held via a personal superannuation fund classified as a closely related party. The disclosure forms part of the company’s continuous reporting obligations to the ASX regarding directors’ notifiable interests.
Alciaturi’s indirect holding increased by 131,203 ordinary shares acquired at $0.40 per share under the company’s retail entitlement offer, taking his total interest to 611,401 shares. The transaction, which did not occur during a closed trading period, signals director participation in the recent capital raising and marginally strengthens alignment between board and shareholder interests.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has disclosed a change in the indirect shareholding of director Creagh O’Connor, lodged under ASX listing rule requirements. A closely related party, GP Securities Pty Ltd, increased its holding through participation in the company’s Retail Entitlement Offer.
Following the transaction priced at $0.40 per share, O’Connor’s indirect interest rose from 436,364 to 555,590 ordinary shares. The change reflects director support for the company’s capital raising initiative, potentially signalling confidence in 29Metals’ financial strategy to existing shareholders.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has disclosed a change in the relevant interests of director Nick Cernotta, who increased his indirect holding in the company via MJBJ (WA) Pty Ltd. His stake rose from 300,000 to 400,000 fully paid ordinary shares following an on‑market purchase of 100,000 shares at $0.42 each.
The trade occurred on 9 February 2026 during a closed period but was executed with prior written clearance from the company on 7 February 2026. The transaction signals continued alignment of the director’s financial interests with shareholders and underscores the company’s adherence to ASX corporate governance and disclosure requirements.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.52 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has disclosed a change in director Nick Cernotta’s interests, with an associated entity, MJBJ (WA) Pty Ltd, acquiring 300,000 fully paid ordinary shares in the company through on-market purchases over 28 and 29 January 2026. The trades, executed at prices of $0.495 and $0.48 per share, were conducted during a closed period but proceeded with prior written clearance, signalling increased insider investment and potentially reinforcing governance transparency and confidence in the company’s outlook among investors.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has lodged an application with the ASX for quotation of 296,940,276 new ordinary fully paid shares, with an issue date of 29 January 2026, under an Appendix 2A filing. The move formalises the admission of these securities to trading on the ASX, expanding the company’s quoted share base and potentially broadening its investor register and liquidity in the market.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.41 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has opened the retail component of its fully underwritten 1-for-3.66 accelerated non-renounceable entitlement offer, targeting approximately $31 million at an offer price of $0.40 per new share, the same terms as the recently completed institutional tranche which raised about $119 million toward a total $150 million capital raising. Eligible retail shareholders can participate until 11 February 2026, with detailed instructions provided via the Retail Offer Booklet and associated forms, underscoring the company’s ongoing efforts to bolster its balance sheet and funding base through a mix of institutional and retail equity support.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.41 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has updated its Securities Dealings Policy, approved by the board, to refine how directors, employees and contractors may trade in the company’s securities. The revised policy allows trading by 29Metals personnel during active capital raisings or transactions once the company has been adequately cleansed through disclosure, narrows the blackout periods during which trading is restricted, and introduces a ‘front page test’ to further strengthen governance and reduce the risk or perception of misuse of confidential information, supporting market integrity and shareholder value.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.41 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has successfully completed the institutional component of its underwritten 1-for-3.66 accelerated non-renounceable entitlement offer, raising approximately A$119 million at A$0.40 per share, a significant discount to recent trading prices. The offer was strongly supported, with eligible institutional shareholders (excluding EMR Capital) taking up about 92% of their entitlements and the balance allocated to other institutional investors, and the new shares will rank equally with existing stock when they begin trading later in January as the company’s shares resume trading on the ASX. A complementary retail entitlement offer targeting a further c.A$31 million will open on 28 January for eligible Australian and New Zealand shareholders, though the non-renounceable structure means investors who do not participate will be diluted, underlining the raise’s role in shoring up 29Metals’ capital base to fund strategic growth initiatives, including advancing Gossan Valley, the Capricorn Copper restart feasibility study and broader exploration across its portfolio.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has announced a proposed issue of up to 374,955,311 new ordinary fully paid shares under an accelerated non-renounceable entitlement offer. Trading in the shares will resume on an ex-entitlement basis on 21 January 2026, with a record date of 22 January 2026, retail offer closing on 11 February 2026 and new retail securities expected to be issued on 18 February 2026, marking a significant capital-raising initiative that may reshape the company’s capital structure and ownership base.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has released its December 2025 quarterly report alongside the launch of a fully underwritten 1-for-3.66 accelerated pro rata non-renounceable entitlement offer to raise $150 million before costs, capital earmarked to support the execution of the company’s growth initiatives. In light of this capital raising and report release, the company has cancelled the previously scheduled conference call and webcast for 29 January 2026 that was intended to discuss the December quarter results, signalling a shift in how it is communicating its operational and strategic update to investors at this time.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has launched a pro-rata accelerated non-renounceable entitlement offer, allowing eligible shareholders in Australia, New Zealand and certain other jurisdictions to subscribe for 1 new fully paid ordinary share for every 3.66 shares held as at the 22 January 2026 record date, via institutional and retail components. The company confirmed it is conducting the offer without a prospectus under the Corporations Act continuous disclosure regime, has no excluded information to disclose, and outlined that EMR Capital funds will not participate but will remain a substantial holder at about 18%, while BUMA intends to take up its entitlement and potentially acquire any shortfall, which could increase its stake to approximately 25.8%, reshaping the register and potentially strengthening BUMA’s strategic influence in the company.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has released a presentation summarising information from its December 2025 Quarterly Report, reiterating that key operational and financial data, including Mineral Resource and Ore Reserve estimates as at 31 December 2024, remain current and unchanged pending the next scheduled update in the March quarter of 2026. The company emphasises that some metrics used to assess performance, such as various cost and liquidity measures, are non‑IFRS financial indicators derived from IFRS data and may differ from peers’ calculations, and it cautions investors about the inherent uncertainty of forward‑looking statements and the need to consider these disclosures as supplementary rather than standalone investment guidance.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals reported a stronger December 2025 quarter at Golden Grove, with copper production rising to 6.9kt and zinc output to 3.4kt, alongside a sharp reduction in C1 cash costs to US$2.49/lb of copper sold, helping the site deliver full-year production and cost outcomes broadly in line with guidance. The company is advancing key growth and stability initiatives, including ground support upgrades to allow mining to recommence at the Xantho Extended area in April 2026, continued development of the Gossan Valley project towards first ore by end‑2026, and exploration results that point to potential mine life extensions, while at Capricorn Copper it successfully managed heavy rainfall to maintain a neutral water balance and compliant surface water levels as it works towards a sustainable restart; governance changes and a reduction in group liquidity to $118 million underscore both ongoing investment demands and the importance of execution on these projects for future performance.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has requested and been granted a trading halt on its ordinary shares on the ASX as it prepares to announce details of a proposed equity capital raising via an accelerated non-renounceable pro rata entitlement offer. The halt will remain in place until either the company releases the outcome of the institutional component of the entitlement offer or trading resumes on 22 January 2026, signalling that 29Metals is seeking to bolster its capital position and that existing shareholders may face dilution but gain the opportunity to participate in the raising.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals has reported further high-grade copper and zinc intersections from its 2025 drilling program at the Golden Grove mine, with resource extension and conversion drilling at the Gossan Hill deposits—particularly Tryall, Oizon, Hougoumont Extended and Europa—highlighting significant potential to extend mineral resources and mine life. The $11 million program, nearly triple the prior year’s exploration spend, has delivered notable intercepts such as 16.5 metres at 2.1% copper at Tryall, 42.2 metres at 9.5% zinc at Oizon, and 52.6 metres at 3.6% copper at Europa, which the company says could be integrated into nearer-term mine plans to enhance flexibility while positioning Europa as a longer-dated high-grade copper growth option for Golden Grove.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals will release its December quarter 2025 report on 29 January 2026 and has scheduled a conference call and webcast the same morning, led by CEO James Palmer and the executive leadership team, to discuss the quarterly results. The move underscores the company’s ongoing engagement with investors and analysts, providing a platform for detailed discussion of recent operational performance and outlook, with a recording to be made available on its website later that day for broader stakeholder access.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited has updated its Board Charter following recent changes in its board structure, as announced earlier. This update reflects the company’s commitment to enhancing governance and aligning its operations with shareholder interests, potentially impacting its strategic direction and stakeholder engagement.
The most recent analyst rating on (AU:29M) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
29Metals Limited announced a significant change in its Board of Directors, with Nick Cernotta appointed as Deputy Chair and set to become Board Chair following the 2026 AGM. This transition is part of the company’s strategy to leverage Cernotta’s extensive experience in mining operations to advance its growth objectives. Additionally, BUMA, a major shareholder, plans to nominate a second Non-executive Director to the board, reflecting its increased commitment to 29Metals. These changes are expected to strengthen the company’s governance and support its operational and strategic goals.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.60 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.