29Metals to Raise $150M for Xantho Extended Mine restart

29Metals (ASX:29M) has announced a fully underwritten 1-for-3.66 accelerated pro-rata non-renounceable entitlement offer to raise $150 million before costs, comprising both institutional and retail components.

The equity raising, priced at $0.40 per share—a 35.5% discount to the last close—will support working capital requirements following 2025 seismic impacts at the Xantho Extended mine, while funding ongoing investment at Gossan Valley, advancing the Capricorn Copper restart, and drilling exploration targets across the portfolio.

Major shareholders BUMA and AustralianSuper have committed $29.2 million and $26.8 million, respectively, with BUMA also agreeing to acquire any shortfall through Macquarie, the offer's underwriter and joint lead manager alongside Morgans Corporate.

CEO James Palmer said the capital raise "ensures continued progress on strategic growth objectives, including recommencing mining at Xantho Extended in April, development at Gossan Valley, and Capricorn Copper feasibility studies," while maintaining momentum across the company's broader portfolio.