29Metals reports lower liquidity of $202M in June quarter
- 29Metals reported a decline in copper production at its Golden Grove operations alongside a reduction in its cash reserves for the June 2026 quarter.
- Group liquidity decreased from $202 million, while copper production fell during the three-month period.
- The company is focusing on securing regulatory approvals for its Capricorn Copper tailings facility to enable a production restart decision.
29Metals (ASX:29M) reported a decline in quarterly group liquidity to $202 million for the June quarter as copper production at its Golden Grove operations dropped to 4.8 kilotonnes.
The liquidity position compared against the $238 million recorded at the end of the March quarter, while copper production fell from the 6.4 kilotonnes produced in the previous period.
“The team continue to advance development to the Gossan Valley and Oizon orebodies, and progress works to recommence mining at Xantho Extended in the December quarter,” said 29Metals CEO James Palmer.
The company maintained its full-year guidance and stated that it is considering non-dilutive funding options to fully fund the restart of production at Capricorn Copper.
The company stated that it aims to complete a restart feasibility study by the end of 2026, and following the announcement, the 29Metals share price was down at $0.24.
The mining operations at Golden Grove also produced 3.1 kilotonnes of zinc during the quarter, which represents an increase from the 0.1 kilotonnes produced in the March quarter.
The broader corporate strategy relies on utilising its remaining liquidity to fund growth capital commitments and risk mitigation works required for the resumption of mining activities.
