Copper-focused miner 29Metals has completed a strong financial turnaround, reducing debt and swinging back to profitability in 2025 as its Golden Grove operation delivered a sharp earnings lift.
The miner reported total revenue of $567 million for the 12 months to 31 December 2025, up three per cent year-on-year, while cost of sales fell 14 per cent to $482 million.
Group earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $176 million, compared to $58 million in 2024, and the company posted a net profit after tax (NPAT) of $24 million, a substantial improvement from the $178 million net loss recorded the previous year.
Golden Grove had driven these earnings, with EBITDA increasing 76 per cent to $178 million.
On the same note, Golden Grove’s C1 costs declined three per cent to $US2.49 per pound, while the average realised copper price strengthened to $US4.70 per pound.
The company’s chief executive officer James Palmer said the asset’s quality is becoming increasingly evident.
“The substantial increase in Golden Grove EBITDA to $178 million, despite interruptions to mining of high-grade ore sources at Xantho Extended, highlights the underlying asset quality of Golden Grove,” he said.
“Over the near term, the asset quality of Golden Grove will become even more apparent as capital expenditures reduce substantially post 2026 and the mine plan is optimised with the two highest grade ore sources, Xantho Extended and Gossan Valley, feeding the mill.”
The company also strengthened its balance sheet, reducing drawn debt by $74 million to $188 million at year-end.
Meanwhile, 29Metals continues progressing a pathway to restart production at Capricorn Copper.
“At Capricorn Copper, the team continued to make excellent progress towards a successful and sustainable future restart of production, with progress made on an application for a new Tailings Storage Facility and substantial water level reductions achieved through 2025,” Palmer said.
“Excellent progress through 2025 provides the confidence to undertake a restart definitive feasibility study through 2026 to further progress the asset towards a restart decision.”
With stronger earnings, lower costs, and reduced debt, 29Metals enters 2026 positioned to focus on operational optimisation at Golden Grove and advancing Capricorn Copper towards a restart decision.
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