29Metals Reports 22kt Copper at US$3.55/lb AISC, Liquidity at $118 Million

Operational Highlights at Golden Grove

29Metals Limited reported solid operational performance for the December quarter 2025, anchored by its flagship Golden Grove mine in Western Australia. The mine produced 22,000 tonnes of copper at an all-in sustaining cost (AISC) of US$3.55 per pound, alongside significant outputs of zinc, gold, and silver. This performance reflects ongoing productivity improvements and cost discipline, with copper production notably increasing from the previous quarter.

Ore mined and milled volumes rose, with a copper grade maintained at 2.0% and recovery rates improving slightly. Zinc production also increased, despite challenges accessing high-grade zinc stopes at the Xantho Extended mine due to seismic activity. Ground support upgrades are underway to enable mining recommencement at Xantho Extended in April 2026, signalling a return to full operational capacity in the near term.

Capricorn Copper, Suspension and Restart Imperatives

Capricorn Copper in Queensland remains under suspension following extreme weather events in 2023 that led to operational disruptions. The company continues to focus on critical water inventory reductions and securing regulatory approvals for a long-term tailings storage facility (TSF), which is now a pivotal factor for any restart decision. Despite heavy rainfall in December 2025, water levels were managed effectively, maintaining a neutral balance compared to the prior quarter.

29Metals has received a Request for Information from the regulator regarding the TSF application and is actively progressing the response. The company emphasises that successful management of the 2025/2026 wet season and de-risking of regulatory approvals are essential to advancing the restart of Capricorn Copper operations.

Strategic Growth and Financial Position

The Gossan Valley project at Golden Grove remains on track, with the mining contract awarded and portal development initiated. The project is expected to deliver first ore by the end of 2026, supporting the company’s strategy to enhance head grades and extend mine life. High-grade drilling results at Golden Grove further underscore potential extensions at Gossan Hill and highlight Cervantes as a promising growth area.

Financially, 29Metals reported unaudited group liquidity of $118 million at the end of December 2025, down from $168 million the previous quarter, with net drawn debt increasing to $85 million. Capital expenditure ramped up in line with growth projects, including $112 million allocated to Gossan Valley development. The company also provided 2026 guidance, forecasting copper production at Golden Grove between 20,000 and 24,000 tonnes and zinc production between 40,000 and 50,000 tonnes.

Governance and Board Developments

Significant board changes were announced during the quarter. Nicholas Cernotta was appointed Deputy Chair and is slated to succeed the current Chair following the 2026 Annual General Meeting. Additionally, BUMA International Group exercised its right to nominate a second non-executive director to the board, reflecting its increased shareholding above 20%. These governance updates align with the company’s evolving strategic priorities and shareholder base.

Overall, 29Metals is navigating a complex operational landscape with a clear focus on unlocking value through organic growth at Golden Grove and methodical progress towards restarting Capricorn Copper. The company’s emphasis on copper’s critical role in global electrification underpins its long-term investment thesis.