29Metals Limited (29M) has released its June 2026 quarterly report, detailing mixed production results at its Golden Grove asset as the company pushes toward key year-end operational milestones. During the quarter, the company produced 4.8kt of copper and 3.1kt of zinc. Operations were shaped by the ongoing temporary suspension of mining at the Xantho Extended orebody, which has limited copper production while development works to improve seismic resilience and access continue.

The company maintains a broad portfolio with operational focus currently split between the Golden Grove and Capricorn Copper assets. Looking ahead, 29Metals has flagged several critical catalysts for the final quarter of 2026. Management expects the recommencement of mining at the Xantho Extended orebody in December, while the Oizon and Gossan Valley projects are both on track for first ore production by the end of the year. These developments are intended to increase mine plan flexibility and support output growth.

"The team continue to advance development to the Gossan Valley and Oizon orebodies, and progress works to recommence mining at Xantho Extended in the December quarter. 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. Capricorn Copper continues to present as a low capital intensity pathway to more than double 29Metals' annual copper production. With water levels no longer an impediment to a restart of production, all focus is now on regulatory approval of our application for a new Tailings Storage Facility and completion of a Restart Definitive Feasibility Study by the end of 2026."

— James Palmer, Chief Executive Officer

Financial discipline remains a primary focus, with 29Metals reporting unaudited available group liquidity of $202 million at the end of June. While inflationary pressures persist across the industry, site costs remained relatively stable at $96 million for the quarter. C1 costs for the period reached US$4.64/lb of copper sold, reflecting the lower copper production volumes. The company continues to evaluate various non-dilutive funding options to support both the restart at its Queensland-based Capricorn Copper asset and growth initiatives across the wider business.

Exploration efforts during the quarter centred on resource extension drilling, with positive results reported across multiple deposits. Recent intercepts at Oizon and Tryall continue to confirm potential extensions to existing mineral resources, providing additional data for the company's near-term mine planning. Management remains committed to the current operational guidance for the year as it navigates the technical and regulatory requirements at both its primary sites, ensuring that the transition into the final months of 2026 is supported by the ramp-up of new, higher-grade ore sources.

Read the full announcement: June 2026 Quarterly Report