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 $34.8â¯million compared to last year’s $35.3 million profit.
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%.
The post 29Metals share price drops 7%: Half-year earnings reveal $34.8m loss, revenue up appeared first on The Motley Fool Australia.
Should you invest $1,000 in 29Metals right now?
Before you buy 29Metals shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and 29Metals wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 1 August 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- 29Metals: HY26 earnings show revenue up, mine progress on track
- Buy, hold, sell: Evolution Mining, 29Metals, Rio Tinto shares
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.