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

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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

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.25

07 May
2026

0.020

OPEN

$0.24

8.70%

HIGH

$0.25

4,822,945

LOW

$0.24

TARGET
$0.337 34.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A1M . AR1 . CBE . CNB . CSC . CVV . CY5 . CYM . FFM . HGO . 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 - 3.0 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

30/04/2026

3

Downgrade to Neutral from Outperform

$0.25

0%

Copper production from 29Metals beat Macquarie's estimates although byproducts missed expectations. The company has downgraded 2026 guidance for zinc, gold and silver amid ongoing geotechnical issues at Xantho, with additional works planned to further reduce the risk of interruptions to production in the future.

Following the equity raising earlier in the year, the balance sheet is net cash $48m at the end of the quarter, yet after incorporating the reduction in guidance, the broker expects the business will continue to consume cash reserves throughout the rest of 2026.

Rating is downgraded to Neutral from Outperform and the target cut to $0.25 from $0.50.

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 0.80 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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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

Canaccord Genuity

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Jarden

04/05/2026

4

Underweight

$0.30

20.00%

Jarden maintains an Underweight rating for 29Metals and reduces the target price to $0.30 from $0.32 following a period of high cash consumption and deferred access to preferred ore sources.

Mining physicals at the Golden Grove operation deteriorated during the March quarter as ground support upgrades restricted access to the production decline, leading to a -24% sequential drop in copper equivalent output.

Liquidity positions remain a concern with the report forecasting a -$237m cash outflow through 2026, which would effectively exhaust existing cash reserves despite record base metal prices.

Commentary notes the restart of Capricorn Copper remains contingent upon securing additional funding and obtaining approvals for a permanent tailings solution.

The broker lowered 2026 earnings per share estimates to negative -8.7 cents to reflect reduced by-product guidance for zinc and precious metals while the Xantho Extended orebody remains offline.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -8.70 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 2.00 cents.
Access Extra Coverage Research History >

29M STOCK CHART

FNArena News on 29M

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 08-05-26

May 08 2026 - Weekly Reports
2
Australian Broker Call *Extra* Edition – May 05, 2026

May 05 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – May 04, 2026

May 04 2026 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 01-05-26

May 04 2026 - Weekly Reports
5
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