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

$0.335

19 Mar
2026

-0.035

OPEN

$0.36

-9.46%

HIGH

$0.36

6,214,600

LOW

$0.33

TARGET
$0.547 63.2% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A1M . AR1 . CNB . CSC . CVV . CY5 . CYM . FFM . HGO . LEG . MLX . MM1 . MM8 . NEM . SFR . STM . TTM .
FNARENA'S MARKET CONSENSUS FORECASTS
29M: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 1.6 0.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A - 69.3% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 68.0 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

0.8

No. Of Recommendations

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

Morgans

xx/xx/xxxx

1

xxxxxxxxxx xx xxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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

27/02/2026

1

Outperform

$0.50

49.25%

Macquarie resumes coverage on 29Metals with an Outperform rating and $0.50 target, citing a repaired balance sheet and restart optionality at Capricorn.

The $150m entitlement offer funds Gossan Valley remediation, working capital and restart studies, with Capricorn assumed to restart following potential TSF3 approval in 2H2026.

Macquarie forecasts circa -$225m in restart capex across 2027-28, first production in 1Q2029 and nameplate output of 23kt in 2030 at an AISC of US$4.00/lb, generating a post-tax IRR of 16.6%.

Guidance for 2026 is incorporated at 22kt copper and 45kt zinc from Golden Grove, with group EPS forecasts lowered by -85%, -30% and -38% across 2026-2029 before recovering in 2030.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.80 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.20 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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

Jarden

xx/xx/xxxx

4

xxxxxxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

27/01/2026

5

Sell

$0.35

4.48%

Canaccord Genuity has retained its Sell rating on 29Metals but cut its target price to $0.35 from $0.55 following a weak DecQ 2025 production result and a further deterioration in the balance sheet.

The broker notes copper production of 6.9kt was in line, but by-product output materially missed expectations as seismic activity continued to restrict access to higher-grade ore at Xantho Extended, driving weaker revenue and cash flow.

Cash fell by -33% to $103m during the quarter, with net debt rising to $85m, prompting a $150m capital raising at $0.40 per share to fund working capital and ongoing expenditure at Golden Grove and Capricorn Copper.

The analyst lowers 2026 earnings (EBITDA) by -38% on lower production guidance and higher costs, and believes a significant operational turnaround is required for value creation, with seismic risk at Golden Grove remaining a key concern.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.02 cents.
Access Extra Coverage Research History >

29M STOCK CHART

FNArena News on 29M

1
Australian Broker Call *Extra* Edition – Mar 09, 2026

Mar 09 2026 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 30-01-26

Feb 02 2026 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Jan 28, 2026

Jan 28 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Jan 27, 2026

Jan 27 2026 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Jan 22, 2026

Jan 22 2026 - Daily Market Reports

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