The 29Metals Ltd (ASX: 29M) share price is in focus today after the copper and zinc miner reported a 12% rise in half-year revenue to $305 million and a sharp increase in operating cash flows for the half ending 30 June 2026.
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What did 29Metals report?
- Total revenue rose 12% to $305 million (HY25: $271 million)
- Cost of sales increased 21% to $279 million, mainly due to higher stockpile charges and lower zinc credits
- EBITDA fell to $30.5 million (HY25: $112.6 million)
- Cash flows from operating activities grew 148% to $66 million
- Group liquidity at 30 June 2026 was $202 million
- Drawn debt reduced by US$10 million to US$115 million
What else do investors need to know?
Development works continued at the Xantho Extended orebody, with 29Metals aiming to restart mining there in the December 2026 quarter. This is expected to boost overall metal production at the Golden Grove operation, which is the company's highest-grade ore source.
Zinc production was notably lower at 3.2kt (compared to 29.3kt last year), impacted by the suspension of mining at Xantho Extended due to seismicity. Meanwhile, copper production increased by 15% year on year to 11.2kt.
29Metals is also preparing to restart operations at Capricorn Copper, targeting more than double its annual copper output. The restart plan is progressing, with water issues resolved and regulatory approvals and funding activities underway.
What did 29Metals management say?
Chief Executive Officer James Palmer said:
The team continues to make progress towards strengthening the foundations of the business and an optimised mine plan at Golden Grove, underpinned by investment in high-grade ore sources of Xantho Extended, Oizon and Gossan Valley. The progressive ramp-up of mining from these high-grade ore sources is expected to provide mine plan flexibility and support metal production growth at Golden Grove from the end of 2026.
Capricorn Copper provides a low capital intensity pathway to more than double 29Metals' annual copper production. With water levels no longer an impediment to restart production, we are progressing the regulatory approval of our application for a new Tailings Storage Facility and completion of a Restart Definitive Feasibility Study by the end of 2026. In parallel, we are progressing work on strategic funding options to maintain progress towards a restart of production.
What's next for 29Metals?
Looking ahead, 29Metals is focused on finishing upgrades and resuming mining at Xantho Extended by the December quarter, aiming to support higher copper and zinc production at Golden Grove. Investors can expect ongoing works on mine plan flexibility and accessing higher-grade deposits to improve output and cost efficiency by late 2026.
At Capricorn Copper, the company is aiming for regulatory clearance and funding to enable a restart, with the goal of substantially increasing copper production in coming years.
29Metals share price snapshot
Over the past 12 months, 29 Metals shares have risen 20%, outperforming the All Ordinaries Index (ASX: XAO).
