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29metals Ltd.
(Sydney:29M)
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Rating:57Neutral
Price Target:
AU$0.37
▲(1.94% Upside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak cash-flow quality (persistently negative free cash flow, worsening in 2025) and still-pressured operating profitability despite an earnings recovery. Offsetting this, technical indicators show strong positive momentum, while valuation appears moderate based on the P/E but lacks dividend support.
Positive Factors
Diversified Copper and Zinc Operations
Operating across two base-metal assets and selling both copper and zinc concentrates provides product and asset diversification. This can support resilience over the medium term, although results remain exposed to commodity prices and mine performance.
Negative Factors
Persistently Negative Free Cash Flow
Repeated negative free cash flow indicates that operating cash generation has not covered sustaining investment and other funding needs. Continued cash deficits could increase reliance on financing or asset performance improvements, limiting resilience over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Copper and Zinc Operations
Operating across two base-metal assets and selling both copper and zinc concentrates provides product and asset diversification. This can support resilience over the medium term, although results remain exposed to commodity prices and mine performance.
Read all positive factors
29metals Ltd. (29M) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$620.29M
Dividend YieldN/A
Average Volume (3M)5.46M
Price to Earnings (P/E)―
Beta (1Y)2.14
Revenue Growth2.93%
EPS Growth50.61%
CountryAU
Employees1,130
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.03
Shares Outstanding1,747,291,700
10 Day Avg. Volume5,829,901
30 Day Avg. Volume5,462,630
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.88
Price to Sales (P/S)1.48
P/FCF Ratio-11.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.35Price Target Upside-1.59% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.04
Revenue Forecast (FY)AU$566.62M
29metals Ltd. Business Overview & Revenue Model
Company Description
29Metals Limited is engaged in the exploration, development, and extraction of base and precious metals, with a particular emphasis on copper. The firm actively searches for mineral deposits containing copper, zinc, gold, and silver. Its portfolio...
How the Company Makes Money
29Metals makes money primarily by extracting ore from its mines, processing it into marketable concentrates, and selling those concentrates under offtake and sales agreements. Key revenue streams include: (1) Copper concentrate sales: Revenue is e...
29metals Ltd. Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
61
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 599.93M | 566.29M | 551.06M | 449.75M | 714.01M | 600.76M |
| Gross Profit | 48.58M | 59.75M | -11.56M | -99.22M | 186.20M | 134.10M |
| EBITDA | 83.30M | 110.67M | 42.24M | -230.93M | 144.14M | 147.18M |
| Net Income | -45.99M | 24.17M | -177.61M | -440.46M | -47.22M | 121.01M |
Balance Sheet | ||||||
| Total Assets | 1.08B | 1.04B | 1.04B | 981.21M | 1.29B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 187.55M | 102.65M | 266.15M | 174.36M | 184.46M | 210.15M |
| Total Debt | 238.89M | 246.62M | 315.36M | 271.33M | 265.48M | 233.04M |
| Total Liabilities | 526.31M | 595.63M | 618.79M | 558.86M | 577.28M | 545.64M |
| Stockholders Equity | 555.15M | 446.06M | 419.28M | 422.34M | 715.69M | 769.54M |
Cash Flow | ||||||
| Free Cash Flow | -58.10M | -75.97M | -57.06M | -121.47M | 28.57M | -22.52M |
| Operating Cash Flow | 83.64M | 40.80M | 59.24M | -36.52M | 142.18M | 75.10M |
| Investing Cash Flow | -151.21M | -86.14M | -116.30M | -84.94M | -113.61M | -92.55M |
| Financing Cash Flow | 70.06M | -101.68M | 145.59M | 112.74M | -72.40M | 101.88M |
29metals Ltd. Technical Analysis
Positive
0.36
Price Trends
0.28
Positive
0.27
Positive
0.35
Positive
Market Momentum
0.03
Negative
72.27
Negative
82.65
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:29M, the sentiment is Positive. The current price of 0.36 is above the 20-day moving average (MA) of 0.32, above the 50-day MA of 0.28, and above the 200-day MA of 0.35, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 72.27 is Negative, neither overbought nor oversold. The STOCH value of 82.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:29M.
29metals Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | AU$681.96M | 15.30 | 8.08% | ― | 29.37% | 102.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | AU$620.29M | -13.48 | -9.19% | ― | 2.93% | 50.61% | |
55 Neutral | AU$434.88M | -68.54 | -4.78% | ― | ― | 19.27% | |
41 Neutral | AU$651.82M | -25.81 | -27.45% | ― | ― | 11.97% | |
41 Neutral | AU$527.38M | -286.11 | -1.01% | ― | ― | 68.42% | |
36 Underperform | AU$594.85M | -14.69 | -31.56% | ― | ― | -20.30% |
* Basic Materials Sector Average
AU:29M
29metals Ltd.
0.38
0.07
21.02%
AU:A1M
AIC Mines Limited
0.81
0.47
134.78%
AU:LRV
Larvotto Resources Limited
1.13
0.45
66.18%
AU:AZY
Antipa Minerals Limited
0.62
-0.02
-3.13%
AU:SMI
Santana Minerals Ltd.
0.51
-0.17
-24.63%
AU:FRS
Forrestania Resources Limited
0.37
0.18
92.11%
29metals Ltd. Corporate Events
29Metals lifts revenue and cash flow as it prepares production ramp-up at Golden Grove and Capricorn Copper
Aug 26, 2026
29Metals reported a 12% increase in half-year revenue to $305 million, driven by higher copper production at Golden Grove, while zinc output fell sharply after mining at the Xantho Extended orebody was suspended due to seismicity. Operating cash f...
29Metals Releases 2026 Half-Year Financial Report
Aug 26, 2026
29Metals Limited has released its Appendix 4D and Half-Year Financial Report for the six months ended 30 June 2026. The publication provides investors and stakeholders with updated financial information on the company’s performance for the f...
29Metals CEO to Present at Diggers & Dealers Mining Forum
Aug 4, 2026
29Metals has announced that Chief Executive Officer James Palmer will present at the Diggers Dealers Mining Forum in early August 2026, underscoring the company’s active participation in key mining and investor events. The engagement highli...
29Metals Clarifies June Quarter Data and Resource Estimates
Jul 14, 2026
29Metals has released summary information from its June 2026 Quarterly Report, highlighting that the data is drawn from unaudited figures on debt, cash and group liquidity. The company stresses that the presentation should be read together with th...
29Metals advances growth projects as Golden Grove mix shifts and Capricorn restart hinges on TSF approval
Jul 14, 2026
29Metals reported mixed operating results for the June 2026 quarter, with safety metrics improving as the group’s total recordable injury frequency fell and lost time injuries remained at zero. At Golden Grove, ore mined and milled increased...
29Metals appoints new director with no current shareholdings
Jul 7, 2026
29Metals Limited has announced the appointment of Colin Gilligan as a director, effective 30 June 2026, as disclosed in an Initial Director’s Interest Notice lodged with the ASX. The filing confirms that Gilligan currently holds no relevant ...
29Metals bolsters board with BUMA nominee as mine projects advance
Jun 30, 2026
29Metals Limited, an Australian resources company, operates and develops copper and gold mining projects, including the Gossan Valley mine at Golden Grove and the Capricorn Copper project. The miner focuses on value creation from its asset portfol...
29Metals unlocks high-grade resource growth at Golden Grove’s Oizon prospect
Jun 24, 2026
29Metals has reported strong 2026 drilling results at its Golden Grove operation, with high-grade copper, zinc, gold and silver intercepts at the Oizon and Amity zones that indicate extensions to existing Mineral Resource estimates. Oizon, a high-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.