29METALS LIMITED (29M)
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29M

29M - 29METALS LIMITED

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

0

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.37

07 Sep
2026

0.000

OPEN

$0.37

0.000

HIGH

$0.38

2,871,177

LOW

$0.36

TARGET
$0.383 3.6% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A1M . AR1 . CBE . CNB . CSC . CVV . CY5 . 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 - 5.7 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

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

28/08/2026

3

Neutral

$0.35

-5.41%

29Metals' first half revenue was a -2% miss to consensus. This was due to treatment & refining charges being offset against revenue, Macquarie notes. Earnings were a -20% miss to consensus, associated with unwinding stockpiles.

Current net cash of $22m provides some buffer while capex is sunk into Gossan Valley and during its ramp-up, the broker suggests. Gossan Valley remains on track for first development ore in the Dec Q 2026.

The cost base remains elevated. With cash outflows continuing as it invests in Golden Grove, in Macquarie's view the balance sheet will continue to come into focus, although it is not critical at this point in time.

Target rises to 35c from 26c, Neutral retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -5.90 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.00 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxxxx xx xxxxxxxxxxx xxx xxxx xxx

$xx.xx

xx.xx%

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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

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

30/08/2026

3

Hold

$0.31

-16.22%

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
In Case You Missed It – BC Extra Upgrades & Downgrades – 04-09-26

Sep 04 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Sep 01, 2026

Sep 01 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Aug 31, 2026

Aug 31 2026 - Daily Market Reports
4
FNArena Corporate Results Monitor – 28-08-2026

Aug 28 2026 - Australia
5
Australian Broker Call *Extra* Edition – Jul 20, 2026

Jul 20 2026 - Daily Market Reports

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