The 29Metals Ltd (ASX: 29M) share price is down 7% to 33.5 cents on Thursday following the release of its half-year results, which showed a 12% rise in revenue to $304.9 million but a net loss after tax of $34.8 million compared to last year's $35.3 million profit.
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What did 29Metals report?
- Revenue rose 12% to $304.9 million (1H FY25: $271.0 million).
- Net loss after tax of $34.8 million (1H FY25: $35.3 million profit).
- EBITDA fell to $30.5 million (1H FY25: $112.6 million).
- No interim dividend declared or paid.
- Total liquidity increased to $202.1 million (31 Dec 2025: $117.6 million).
- Copper metal sales contributed 70% of total revenue, up from 51%.
What else do investors need to know?
29Metals raised $150 million through an underwritten entitlement offer during the period, boosting its working capital. The proceeds are earmarked for ongoing development at Gossan Valley, advancing the restart plans at Capricorn Copper, and continued exploration.
Operations at Golden Grove delivered higher copper output but much lower zinc production due to a temporary exclusion zone at Xantho Extended following seismic events. Restart activities at Capricorn Copper remain ongoing, with production still suspended while approval processes for a new tailings facility are underway.
What's next for 29Metals?
Looking ahead, 29Metals expects mining at Xantho Extended to recommence in the December quarter, while first ore from the Gossan Valley and Oizon projects is also targeted for late 2026. At Capricorn Copper, management is working through regulatory approvals and feasibility studies to support a safe and sustainable restart, subject to funding and permitting outcomes.
Exploration drilling at Golden Grove is ongoing, with promising targets identified. The company is also engaging with potential strategic partners to strengthen liquidity and accelerate progress on key projects.
29Metals share price snapshot
Despite today's decline, the 29Metals share price is beating the S&P/ASX 200 index (ASX: 29M) on a 12-month basis with a gain of over 11%.
