29Metals Limited reported total revenue of $305 million for the half-year ended 30 June 2026, marking a 12% increase compared to $271 million in the prior corresponding period.

Cash flows from operating activities reached $66 million, up 148% from $26 million for the half-year ended 30 June 2025. Cost of sales rose 21% to $279 million, driven by stockpile movement charges associated with drawdowns and lower zinc by-product credits.

Operational results at the Golden Grove asset reflected the temporary suspension of mining at the Xantho Extended orebody following seismic activity. As Golden Grove's highest-grade ore source, the suspension reduced zinc production to 3.2 kt for the half-year, compared to 29.3 kt in the prior period. Copper production at the site rose to 11.2 kt from 9.7 kt.

Development works to upgrade ground support and establish alternate level access drives at Xantho Extended progressed during the reporting period. Recommencement of mining at the orebody is expected during the December quarter of 2026. In parallel, the Gossan Valley project at Golden Grove remains on track for first ore production by the end of the year.

The company closed the period with total group liquidity of $202 million, sufficient to fund ongoing growth capital commitments and risk mitigation works. Drawn debt fell by US$10 million during the six months to stand at US$115 million as of 30 June 2026.

“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.”

— James Palmer, Chief Executive Officer

Chief Executive Officer James Palmer noted that the progressive ramp-up of mining from these high-grade sources is expected to support metal production growth from the end of 2026.

Read the full announcement: 2026 Half-Year Financial Results