29Metals is launching a $150 million equity raising to ensure its development pipeline stays firmly on track despite near-term production impacts from seismic activity at its Xantho Extended mine.
The ASX-listed miner has announced a fully underwritten 1-for-3.66 accelerated pro rata non-renounceable entitlement offer at $0.40 per share, strengthening its balance sheet while preserving momentum across its portfolio.
Mining at Xantho Extended is expected to recommence following seismic events during 2025 that will affect 2025 and 2026 calendar year production.
Rather than scaling back, 29Metals is positioning the capital raising as an enabler of growth. Funds will support working capital during the Xantho interruption, ongoing investment in the Gossan Valley project at Golden Grove, progression of a restart definitive feasibility study at Capricorn Copper and drilling across priority exploration targets.
“We have a clear plan to recommence mining at Xantho Extended in April 2026,” 29Metals chief executive officer James Palmer said. “In the meantime, this equity raising is expected to allow us to maintain our commitments to our strategic growth objectives to accelerate value realisation across the portfolio.”
Gossan Valley remains on track for $112 million in capital expenditure to first ore by the end of 2026, while Capricorn Copper continues to advance towards a potential restart, highlighting the company’s focus on future production growth.
The offer has strong backing from cornerstone shareholders, with BUMA and AustralianSuper committing $29.2 million and $26.8 million respectively. BUMA may increase its stake up to 25.8 per cent if it acquires any shortfall, while EMR Capital will retain a substantial holding despite not participating.
Fully underwritten by Macquarie Capital, the raising provides 29Metals with financial flexibility to bridge a temporary operational setback while investing through the cycle, reinforcing confidence in its medium- to long-term growth outlook.
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