29metals Ltd. (AU:29M)
ASX:29M
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29metals Ltd.
(Sydney:29M)
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Rating:48Neutral
Price Target:
AU$0.27
â–˛(16.09% 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
Operating Asset Base
Owning and operating Golden Grove provides a durable production platform and revenue base from copper and base-metal concentrates. Combined with development-stage Capricorn Copper exposure, the company has portfolio optionality to scale production and diversify output over the medium term.
Negative Factors
Persistent Negative Free Cash Flow
Repeated negative free cash flow, and a marked deterioration in 2025, indicate the business consumes cash even when net income is positive. This suggests high sustaining or development capex and/or working-capital strain, increasing reliance on external funding or asset sales and weakening cash resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating Asset Base
Owning and operating Golden Grove provides a durable production platform and revenue base from copper and base-metal concentrates. Combined with development-stage Capricorn Copper exposure, the company has portfolio optionality to scale production and diversify output over the medium term.
Read all positive factors
29metals Ltd. (29M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$489.24M
Dividend YieldN/A
Average Volume (3M)5.46M
Price to Earnings (P/E)17.9
Beta (1Y)1.84
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$0.30Price Target Upside31.68% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.06
Revenue Forecast (FY)AU$517.81M
29metals Ltd. Business Overview & Revenue Model
Company Description
29Metals Limited explores, develops, and produces copper focused base and precious metals. The company explores for copper, zinc, gold, and silver deposits. It holds interest in the Golden Grove property located in Western Australia; the Capricorn...
How the Company Makes Money
29Metals makes money primarily by selling copper and other base-metal products produced from its mining operations. Revenue is generated through: (1) Production and sale of concentrates: At operations such as Golden Grove, mined ore is processed i...
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 | 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
Negative
0.23
Price Trends
0.29
Negative
0.37
Negative
0.39
Negative
Market Momentum
>-0.01
Negative
48.63
Neutral
40.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:29M, the sentiment is Negative. The current price of 0.23 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.29, and below the 200-day MA of 0.39, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.63 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
56 Neutral | AU$424.30M | -71.68 | -4.78% | ― | ― | 19.27% | |
49 Neutral | AU$303.11M | 105.01 | 2.29% | ― | ― | ― | |
48 Neutral | AU$489.24M | 17.95 | 5.36% | ― | 1.53% | ― | |
47 Neutral | AU$576.67M | -316.67 | -1.01% | ― | ― | 68.42% | |
45 Neutral | AU$729.27M | -38.05 | -27.45% | ― | ― | 11.97% | |
42 Neutral | AU$369.12M | -5.25 | -117.09% | ― | ― | -432.83% |
* Basic Materials Sector Average
AU:29M
29metals Ltd.
0.28
0.10
55.56%
AU:STK
Strickland Metals Ltd
0.12
-0.03
-17.86%
AU:MTM
Mt Monger Resources Ltd.
0.50
0.08
17.65%
AU:LRV
Larvotto Resources Limited
1.41
0.78
123.02%
AU:AZY
Antipa Minerals Limited
0.64
-0.01
-1.54%
AU:SMI
Santana Minerals Ltd.
0.59
0.03
5.41%
29metals Ltd. Corporate Events
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...
29Metals affirms resource estimates and clarifies use of non‑IFRS performance metrics
Apr 28, 2026
29Metals has released a March quarter 2026 presentation providing a high-level update on its operations and financial reporting framework, derived from information previously lodged with the ASX. The company reiterates that its Mineral Resource an...
29Metals lifts liquidity and advances restart plans despite Golden Grove disruptions
Apr 28, 2026
29Metals reported March quarter production at Golden Grove of 6.4kt of copper and sharply lower zinc output, with higher C1 costs but a swing to positive post-capex cash flow as the site benefited from a relatively low diesel cost profile. The com...
29Metals sets hybrid 2026 AGM and releases meeting materials
Apr 19, 2026
29Metals Limited has scheduled its 2026 Annual General Meeting for 21 May 2026 at 10:30am AEST, to be held as a hybrid event allowing shareholders to participate either in person in Melbourne or virtually via an online platform. The company has re...
29Metals Publishes 2025 Corporate Governance Statement and Appendix 4G
Apr 19, 2026
29Metals Limited has released its 2025 Corporate Governance Statement and accompanying Appendix 4G, outlining the company’s governance framework and compliance with key ASX corporate governance principles. The documents, authorised by the co...
29Metals Issues 18.2 Million Unquoted Performance Rights Under Incentive Scheme
Apr 17, 2026
29Metals Limited has notified the market of the issuance of 18,222,692 unquoted performance rights under its employee incentive scheme. The new securities, designated as 29MAA performance rights and issued on 14 April 2026, are not intended to be ...
29Metals Flags Lapse of 381,748 Performance Rights
Apr 9, 2026
29Metals Limited has reported the cessation of 381,748 performance rights, which lapsed after the conditions attached to those rights were not met or became incapable of being satisfied. The lapse of these conditional securities reduces the compan...
29Metals Sets Date for March Quarter 2026 Results and Investor Call
Apr 8, 2026
29Metals has scheduled the release of its March 2026 quarterly report for 29 April 2026, when the company will provide an update on its recent operational and financial performance. The report will be accompanied by a conference call and webcast h...
29Metals Director Nick Cernotta Increases Indirect Shareholding
Apr 2, 2026
29Metals has disclosed a change in the indirect shareholding of non-executive director Nick Cernotta, who holds his interest via MJBJ (WA) Pty Ltd, where he is the sole director. The filing reports that Cernotta’s entity acquired additional ...
29Metals Director Nick Cernotta Lifts Indirect Shareholding via On-Market Purchase
Apr 1, 2026
29Metals director Nick Cernotta has increased his indirect shareholding in the company through an on-market purchase by MJBJ (WA) Pty Ltd, where he is the sole director. He acquired 54,261 fully paid ordinary shares at $0.33 each on 31 March 2026,...
29Metals Seeks ASX Quotation for New Employee Incentive Shares
Mar 25, 2026
29Metals Ltd. has applied for quotation on the ASX of 2,781,745 new ordinary fully paid shares, issued on 23 March 2026 under an employee incentive scheme. The additional securities expand the company’s listed share capital and underscore it...
29Metals Reports Lapse of 1.78 Million Performance Rights
Mar 25, 2026
29Metals Limited has reported the lapse of 1,778,377 performance rights, which have ceased because the conditions attached to these securities were not met or can no longer be satisfied. The cessation, effective 23 March 2026, slightly reduces the...
29Metals Director Ashish Gupta Lifts Indirect Shareholding via On-Market Buys
Mar 23, 2026
29Metals director Ashish Gupta has increased his indirect shareholding in the company through on-market purchases executed via BNP Paribas Nominees Pty Ltd, with DBS Ltd acting as sub-custodian. Following these transactions on 16 and 20 March 2026...
29Metals Releases March 2026 Corporate Presentation for Investors
Mar 16, 2026
29Metals has released a new corporate presentation dated 17 March 2026 as part of its ongoing investor relations efforts. The presentation is intended to support general engagement with the investment community, providing updated information about...
29Metals Director Ashish Gupta Increases Indirect Shareholding via On-Market Purchases
Mar 9, 2026
29Metals has disclosed a change in director Ashish Gupta’s equity holding following a series of on-market share purchases in early March 2026. The filing, lodged under ASX listing rules, details transactions executed through a nominee and su...
29Metals Director Increases Indirect Shareholding via On-Market Purchase
Mar 3, 2026
29Metals has disclosed a change in the interests of director Nick Cernotta, who increased his indirect shareholding in the company. Through MJBJ (WA) Pty Ltd, where he is the sole director, Cernotta purchased 124,862 fully paid ordinary shares on ...
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.