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6 stories mentioning ASX:29MUpdated 24d ago

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Asia

29Metals' Q2 Copper Output Below Estimates, Zinc Output Beats Estimates, Says Jefferies

29Metals' (ASX:29M) second-quarter copper production of 4,800 tonnes was 29% below Jefferies estimates and 15% below market expectations, said Jefferies in a Thursday note.Zinc production of 3,130 tonnes exceeded Jefferies forecasts by 94% and market expectations by 32%, the note added.Jefferies added that capital deployment is expected to remain restrained until permitting for the Cap copper project progresses and access to the Xantho Extended deposit resumes later in the year.Jefferies maintained a hold rating on 29Metals and cut its price target to AU$0.26 from AU$0.29.

ASX:29M
Asia

29Metals' Payable Copper Sales Fall in June Quarter

29Metals (ASX:29M) said it sold 11.5 million pounds of payable copper in the June quarter from the Golden Grove project in Western Australia, down from the 12.3 million pounds sold in the prior corresponding period, according to a Wednesday Australian bourse filing.The company reported copper production of 4,800 tonnes in the quarter, down from 5,600 tonnes in the June 2025 quarter, while its zinc production dropped to 3,100 tonnes from 12,300 tonnes, per the filing.The company produced 4,700 ounces of gold and 195,000 ounces of silver during the quarter, compared with 5,100 ounces of gold and 223,000 ounces of silver, the filing said.The company reaffirmed its 2026 production guidance, forecasting copper output of 20,000 to 24,000 tonnes, zinc production of 5,000 to 25,000 tonnes, gold production of 6,000 to 14,000 ounces, and silver production of 400,000 to 600,000 ounces.29Metals' shares added about 1% in recent Wednesday trade.

ASX:29M
Asia

29Metals Continues to Intersect Extensions to Existing Mineral Resource of Western Australia Ore Reserve

29Metals (ASX:29M) continued to intersect extensions to existing mineral resource estimates at Oizon, a copper ore reserve within the Gossan Hill mine project area at Golden Grove in Western Australia, according to a Thursday filing with the Australian bourse.Drilling included a zone of high-grade copper, gold, and silver, with a resource extension intercept of 2.2 meters at 5.1% copper, nearly 18 grams per tonne grade of gold, and 126 g/t silver from 402 meters, the filing said.Additionally, high-grade copper resource extension drilling included nearly 14 meters at 1.6% copper, 0.1 g/t gold, and 9 g/t silver from 348 meters.First ore is anticipated by the end of the year, per the filing.

ASX:29M
Asia

29Metals Says Western Australia Project Drilling Intercepts High-Grade Mineralization

29Metals (ASX:29M) said drilling at the Golden Grove project in Western Australia resulted in high-grade intercepts, according to a Tuesday Australian bourse filing.At the Tryall orebody, resource extension drilling intercepted 17 meters at 2% grade of copper, 0.3 grams per tonne (g/t) grade of gold, and 16 g/t grade of silver from 82 meters, per the filing. Drilling intercepted 11.1 meters at 2.1% grade of copper, 0.1 g/t grade of gold, and 20g/t grade of silver from 240.7 meters at Hougoumont.

ASX:29M
Asia

29Metals Delaying Access to Xantho Extended is Painful But Prudent Call, Jarden Says

29Metals' (ASX:29M) decision to delay the restart of mining at its Xantho Extended orebody in Western Australia is painful but prudent given the frequency of production disruptions at the site, Jarden said in a Thursday note.An ongoing geotechnical review has pinpointed a need for alternate level access development to mitigate interactions with higher-stress zones and cut the risk of further interference with production.The equity research firm noted that Xantho Extended is a major source of high-grade polymetallic feed at the Golden Grove mine, as well as the zinc, gold and silver by-product credits that support the operation's cost structure.Meanwhile, 29Metals' Capricorn Copper mine remains suspended and will need considerable additional funding to restart, "representing a further call on an already stretched balance sheet," Jarden said.The equity research firm maintained an underweight rating on 29Metals and cut its price target on the company to AU$0.32 from AU$0.38."We seek greater operating consistency at Golden Grove, a credible pathway to restart Capricorn Copper, and positive [free cash flow] generation to become more constructive in our view," it said.

ASX:29M
Asia

29Metals Delays Xantho Extended Restart Amid Geotechnical Works

29Metals (ASX:29M) said the restart of mining at its Xantho Extended orebody in Western Australia has been delayed by extra geotechnical works, cutting zinc, gold and silver forecasts while leaving copper guidance unchanged, according to a Thursday Australian bourse filing.The company stated that ground support upgrades needed to re-enter the decline and production levels are still on schedule for completion in April, although additional work is now underway following revised geotechnical assessments of the impacted areas, per the filing.The company will develop alternative level access to reduce exposure to higher-stress zones, due for completion in the December quarter, while continuing mining and milling from other ore sources with no change to full-year copper production guidance, the filing said.The company has cut its full-year outlook for other metals, with zinc now expected at 5,000 to 25,000 tonnes compared with 40,000 to 50,000 tonnes previously, gold at 6,000 to 14,000 ounces compared with 12,000 to 20,000 ounces, and silver at 400,000 to 600,000 ounces compared with 600,000 to 800,000 ounces.The company also lowered its selling costs guidance to AU$20 million to AU$45 million from AU$50 million to AU$70 million, reflecting the changed production mix, the filing added.

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