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29metals Ltd.
(Sydney:29M)
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Rating:48Neutral
Price Target:
AU$0.26
▲(9.17% Upside)
Action:Reiterated
Date:05/13/26
The score is primarily held back by weak cash-flow conversion and persistently negative free cash flow despite an earnings recovery, alongside a generally bearish technical trend (below key longer-term moving averages with negative MACD). Valuation support is limited because the P/E is negative and no dividend yield is available.
Positive Factors
Asset & Business Model Diversification
29Metals owns and operates two producing base‑metals mines and sells concentrates to smelters and traders. That integrated mining-to-concentrate model provides diversified commodity exposure (copper, zinc, by-products) and multiple revenue streams that support medium-term operational resilience when plants perform to plan.
Negative Factors
Persistent Negative Free Cash Flow
Free cash flow has been repeatedly negative across multiple years with a sharp deterioration in 2025. Persistent negative FCF implies reliance on external financing, asset sales, or other non-operating cash to fund sustaining and growth capital and working capital, increasing liquidity and execution risk during downcycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset & Business Model Diversification
29Metals owns and operates two producing base‑metals mines and sells concentrates to smelters and traders. That integrated mining-to-concentrate model provides diversified commodity exposure (copper, zinc, by-products) and multiple revenue streams that support medium-term operational resilience when plants perform to plan.
Read all positive factors
29metals Ltd. (29M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$567.87M
Dividend YieldN/A
Average Volume (3M)5.46M
Price to Earnings (P/E)16.9
Beta (1Y)2.14
Revenue Growth1.53%
EPS GrowthN/A
CountryAU
Employees1,130
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.02
Shares Outstanding1,747,291,700
10 Day Avg. Volume5,829,901
30 Day Avg. Volume5,462,630
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.88
Price to Sales (P/S)1.48
P/FCF Ratio-11.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.29Price Target Upside20.83% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.05
Revenue Forecast (FY)AU$538.90M
29metals Ltd. Business Overview & Revenue Model
Company Description
29Metals Limited is engaged in the exploration, development, and extraction of base and precious metals, with a particular emphasis on copper. The firm actively searches for mineral deposits containing copper, zinc, gold, and silver. Its portfolio...
How the Company Makes Money
29Metals makes money primarily by extracting ore from its mines, processing it into marketable concentrates, and selling those concentrates under offtake and sales agreements. Key revenue streams include: (1) Copper concentrate sales: Revenue is e...
29metals Ltd. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
61
Positive
Cash Flow
38
Negative
| 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 | 246.62M | 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
Positive
0.24
Price Trends
0.26
Positive
0.27
Positive
0.35
Negative
Market Momentum
0.02
Negative
67.48
Neutral
74.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:29M, the sentiment is Positive. The current price of 0.24 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.26, and below the 200-day MA of 0.35, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 67.48 is Neutral, neither overbought nor oversold. The STOCH value of 74.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:29M.
29metals Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
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% | |
57 Neutral | AU$590.24M | 21.93 | 8.08% | ― | 13.26% | 33.59% | |
56 Neutral | AU$417.25M | -67.98 | -4.78% | ― | ― | 19.27% | |
48 Neutral | AU$567.87M | 16.94 | 5.36% | ― | 1.53% | ― | |
44 Neutral | AU$537.24M | -294.44 | -1.01% | ― | ― | 68.42% | |
44 Neutral | AU$639.88M | -15.71 | -31.56% | ― | ― | -20.30% | |
41 Neutral | AU$656.97M | -27.65 | -27.45% | ― | ― | 11.97% |
* Basic Materials Sector Average
AU:29M
29metals Ltd.
0.31
0.06
24.50%
AU:A1M
AIC Mines Limited
0.77
0.46
146.77%
AU:LRV
Larvotto Resources Limited
1.22
0.47
63.09%
AU:AZY
Antipa Minerals Limited
0.63
0.06
11.61%
AU:SMI
Santana Minerals Ltd.
0.54
-0.08
-13.71%
AU:FRS
Forrestania Resources Limited
0.39
0.21
113.89%
29metals Ltd. Corporate Events
29Metals Clarifies June Quarter Data and Resource Estimates
Jul 14, 2026
29Metals has released summary information from its June 2026 Quarterly Report, highlighting that the data is drawn from unaudited figures on debt, cash and group liquidity. The company stresses that the presentation should be read together with th...
29Metals advances growth projects as Golden Grove mix shifts and Capricorn restart hinges on TSF approval
Jul 14, 2026
29Metals reported mixed operating results for the June 2026 quarter, with safety metrics improving as the group’s total recordable injury frequency fell and lost time injuries remained at zero. At Golden Grove, ore mined and milled increased...
29Metals appoints new director with no current shareholdings
Jul 7, 2026
29Metals Limited has announced the appointment of Colin Gilligan as a director, effective 30 June 2026, as disclosed in an Initial Director’s Interest Notice lodged with the ASX. The filing confirms that Gilligan currently holds no relevant ...
29Metals bolsters board with BUMA nominee as mine projects advance
Jun 30, 2026
29Metals Limited, an Australian resources company, operates and develops copper and gold mining projects, including the Gossan Valley mine at Golden Grove and the Capricorn Copper project. The miner focuses on value creation from its asset portfol...
29Metals unlocks high-grade resource growth at Golden Grove’s Oizon prospect
Jun 24, 2026
29Metals has reported strong 2026 drilling results at its Golden Grove operation, with high-grade copper, zinc, gold and silver intercepts at the Oizon and Amity zones that indicate extensions to existing Mineral Resource estimates. Oizon, a high-...
29Metals Director Ashish Gupta Increases Indirect Shareholding
May 26, 2026
29Metals has reported a change in the interests of director Ashish Gupta, who increased his indirect holding in the company through an on-market share purchase. The transaction, executed via BNP Paribas Nominees on 20 May 2026, saw Gupta acquire 2...
29Metals Investors Deliver Strong Backing at 2026 AGM
May 21, 2026
29Metals Limited reported the results of its 2026 Annual General Meeting, which was held as a hybrid event and made available to investors via an online webcast. The company confirmed that all four resolutions considered at the meeting were passed...
29Metals Trumpets Resilience and Copper Growth Strategy at 2026 AGM
May 21, 2026
29Metals used its 2026 annual general meeting to reaffirm its strategy of building a leading metals producer, developer and explorer, anchored by more than 2 million tonnes of contained copper in Australian mineral resources. The board highlighted...
29Metals Director Ashish Gupta Increases Indirect Shareholding
May 8, 2026
29Metals has disclosed a change in the shareholdings of director Ashish Gupta, who holds his interest indirectly through BNP Paribas Nominees and sub-custodian DBS. The filing highlights the director’s growing stake in the company, which can...
29Metals Director Increases Indirect Shareholding Through On-Market Purchases
May 5, 2026
29Metals has disclosed a change in the interests of director Nick Cernotta, who increased his indirect holding in the company via MJBJ (WA) Pty Ltd. The transaction involved on-market purchases of 250,000 fully paid ordinary shares over two days a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.