29METALS LIMITED (29M)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

29M

29M - 29METALS LIMITED

FNArena Sector : Copper
Year End: December
GICS Industry Group : Materials
Debt/EBITDA: 2.23
Index: ALL-ORDS

29Metals is a copper-focused miner with base and precious metals assets in Australia and Chile, including Golden Grove in Western Australia and Capricorn Copper in Queensland.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.235

02 Nov
2026

-0.020

OPEN

$0.26

-7.84%

HIGH

$0.26

5,317,427

LOW

$0.24

TARGET
$0.39 66.0% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A1M . AR1 . CBE . CNB . CSC . CVV . CYM . FFM . KAN . LEG . MLX . MM1 . MM8 . NEM . SFR . SLS . STM . TTM .
FNARENA'S MARKET CONSENSUS FORECASTS
29M: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 1.6 - 5.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 15/09 - ex-div 2c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx1.6
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx566.3 M
Book Value Per Share xxxxxxxxxxxxxxx30.0
Net Operating Cash Flow xxxxxxxxxxxxxxx40.8 M
Net Profit Margin xxxxxxxxxxxxxxx4.27 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx5.59 %
Return on Invested Capital xxxxxxxxxxxxxxx3.95 %
Return on Assets xxxxxxxxxxxxxxx2.32 %
Return on Equity xxxxxxxxxxxxxxx5.59 %
Return on Total Capital xxxxxxxxxxxxxxx-2.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-76.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx74 M
Long Term Debt xxxxxxxxxxxxxxx173 M
Total Debt xxxxxxxxxxxxxxx247 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx103 M
Price To Book Value xxxxxxxxxxxxxxx1.77

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx123.7 M
Capex % of Sales xxxxxxxxxxxxxxx21.84 %
Cost of Goods Sold xxxxxxxxxxxxxxx507 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx77 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxxxxxxxxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Morgans

22/10/2026

3

Upgrade to Accumulate from Hold

$0.35

48.94%

29Metals sustained a weak September quarter and production and revenue were well below forecasts amid a planned 11-day mill shutdown. Copper production of 4,200t was down -28% compared with forecasts from Morgans.

The broker acknowledges much of the miss was related to timing but notes this has eroded liquidity as growth expenditure peaks. Group liquidity of $142m is considered by management to be enough to fund the extension to Xantho, Gossan Valley and Oizon.

Morgans updates its modelling and upgrades to Accumulate from Hold on the back of share price weakness. Target is steady at 35c.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -6.00 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 4.40 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

30/08/2026

3

Hold

$0.31

31.91%

Canaccord Genuity retains a Hold rating for 29Metals with its target price increased to $0.31 from $0.25 following a 1H 2026 result featuring revenue of $305m.

EBITDA fell -73% year-on-year to $30m, missing market expectations due to elevated net costs expensed for Capricorn Copper.

A net loss after tax of -$35m reflected a -$17m write-down on the Redhill investment in Chile.

The broker considers a working capital reduction to $28m from $103m over two years an indication of positive business repositioning.

The report highlights the return to mining at Xantho Extended and initial ore from the Gossan Valley development as critical drivers for future cash generation at Golden Grove.
Access Extra Coverage Research History >

29M STOCK CHART

FNArena News on 29M

1
Weekly Ratings, Targets, Forecast Changes – 23-10-26

Oct 26 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Oct 23, 2026

Oct 23 2026 - Daily Market Reports
3
In Case You Missed It – BC Extra Upgrades & Downgrades – 04-09-26

Sep 04 2026 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Sep 01, 2026

Sep 01 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Aug 31, 2026

Aug 31 2026 - Daily Market Reports

Latest Copper News

1
Capstone Copper Aiming For Fresh All-Time High

Aug 25 2026 - Technicals
2
Plenty Of Catalysts Ahead For Capstone Copper

Aug 06 2026 - Commodities
3
Uptrend Resumes For Sandfire Resources Shares

May 12 2026 - Technicals
4
Beyond Capstone Copper’s Guidance Shock

Feb 20 2026 - Commodities
5
Break-Out For Capstone Copper Shares

Dec 09 2025 - Technicals
6
How Much Sandfire ‘Premium’ Is Justified?

Oct 29 2025 - Commodities
7
The Global Impact Of Trump’s Copper Tariff

Jul 14 2025 - Commodities
8
Capstone’s Copper Evolution Continues

Jul 02 2025 - Commodities
9
Capstone Copper At Inflection Point

Nov 26 2024 - Commodities
10
Sandfire’s Inverse-Head-And-Shoulders

Sep 24 2024 - Technicals