29 Metals has released the latest drill results (as noted below)

Generally, the copper price is trending quite nicely, but Silver is going crazy at the moment with the current US price at $92.00 (which gives a AUD price of around $137.00), so 2026 should be a good year for the stock,

If we look at the Silver figures for last year of 700-900, based on the current price of $90+ that could be huge for 29M, around $75 Mil, Which is good as silver is only a by product,

Commenting on the drilling results, Chief Executive Officer, James Palmer, said:

“High-grade Resource Extension results from the 2025 drill program continue to highlight the potential for mine life extensions in easily accessible areas of Gossan Hill, providing opportunity to leverage existing underground infrastructure and development to build flexibility into the Golden Grove life of mine plan. Particularly at Tryall, which is a shallow Gossan Hill Deposit with established infrastructure, and at Oizon where mining will commence in late 2026. In addition, intercepts like 53 metres at 3.6% copper highlight the potential of Europa as a longer dated growth option.”

Ongoing high-grade copper and zinc Resource Extension intercepts at Golden Grove

29Metals Limited (‘29Metals’ or, the ‘Company’) today announce results from the 2025 drill program at Golden Grove, which includes Near Mine Exploration, Resource Extension, and Resource Conversion drilling. The drilling results reported in this release have been prepared and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (the ‘JORC Code’).

Highlights1 :

▪ High-grade copper and zinc intercepts continue to highlight potential for mine life extensions of existing Gossan Hill Deposits. ▪ At Tryall and Oizon, drill results continue to indicate potential for extensions to existing Mineral Resource estimates 2 to be incorporated into the nearer term mine plans and provide additional mine plan flexibility .

o At Tryall, Resource Extension drilling intercepted: - 16.5m @ 2.1% Cu, 1.8g/t Au, 19g/t Ag, from 103.5m in hole RHDD164A, including: - 9.5m @ 3.2% Cu, 1.8g/t Au, 22g/t Ag, from 103.5m - 22.3m @ 3.6% Cu, 0.4g/t Au, 19g/t Ag, from 254.9m

o At Oizon and Hougoumont Extended, Resource Extension drilling intercepted: - 42.2m @ 9.5% Zn, 0.2% Cu, 0.9g/t Au, 38g/t Ag, 0.7% Pb, from 388m in hole G25/281 including: - 10m @ 12.4% Zn, 0.4% Cu, 0.8g/t Au, 21g/t Ag, 0.2% Pb, from 389m - 5.5m @ 13.0% Zn, 0.1% Cu, 0.8g/t Au, 25g/t Ag, 0.7% Pb, from 405.5m - 5m @ 12.1% Zn, 0.1% Cu, 1.2g/t Au, 73g/t Ag, 1.7% Pb, from 424m - 17.5m @ 7.2% Zn, 0.1% Cu, 1.2g/t Au, 41g/t Ag, 0.7% Pb, from 390.9m in hole G25/283 including: - 6.4m @ 13.1% Zn, 0.1% Cu, 2.1g/t Au, 54g/t Ag, 0.7% Pb, from 394.1m 

Resource Extension drilling at Europa continues to highlight its potential as a longer dated high-grade copper ore source at Gossan Hill. o At Europa, Resource Extension drilling intercepted: - 52.6m @ 3.6% Cu, 0.5g/t Au, 14g/t Ag, from 1,057.7m in hole G25/533, including: - 5.7m @ 4.8% Cu, 0.4g/t Au, 17g/t Ag, from 1061.8m - 18.3 @ 6.0% Cu, 0.6g/t Au, 23g/t Ag, from 1092m

Financially failing, market paranoia, take over target or delayed gratification

23 May 2023: What 200 Olympic Pools of Water Means for 29Metals - YouTube

Plain Text: https://www.youtube.com/watch?v=qJeI95fvM68

That's the "Money of Mine" (MoM) Podcast boys covering the March 2023 massive flooding of 29M's Capricorn Copper Mine in Qld - and some of the implications or fallout from that for 29Metals - in their podcast today (23rd May 2023).

[Disclosure: I do not hold 29M shares.]

29 Metals continuing to perform poorly last couple of weeks and has now sunk below listing price ($2)

Might be due to poor base metal prices (highly leveraged towards copper with some Au, Zn and Ag credits)

Another clue would be also the number of shorts have gone up since entering the All Ords.

There was also an Ausbiz episode of the call maybe a few months ago where someone commented they thought the deposits were "average" despite being cashflow positive and thought Oz Minerals / BHP may be a better copper bet.

I don't know about that, but you can find some info in the latest presentation.

https://29metals.cdn.prismic.io/29metals/02e8d3d5-9ebd-4bc5-a84d-69cc7c42a908_20220615-HO-PRS-29M+Investor+Presentation_vFF+STRICTLY+CONFIDENTIAL.pdf

Capricorn Project (unfortunately quite far away from Cannington (South32) and Nil Desparadum/Lady Fanny discovery (Carnaby)

Golden Grove (WA). I was a bit surprised by how deep Golden Grove was and maybe should have thought about this before investing.

(from https://29metals.cdn.prismic.io/29metals/1193253c-afaf-4227-b7ac-671bf32c70c8_20220602-29M-CLSA+Australian+Exploration+Access+Day+Conference_vF.pdf)

[held]

FY2021 Full Year Financial Results

The results reported today comprise the statutory results for the Golden Grove Group for the six months to 30 June 2021 combined with the results for the post IPO 29 Metals Group for the six months ended 31 December 2021. 

* Revenue of $600.8 million (2020: $434.5 million), reflecting higher commodity prices and Capricorn Copper H2 revenue

* EBITDA3 of $177.3 million (2020: $155.5 million), reflecting higher revenues partly offset by higher cost of sales

* Operating cash flow of $75.1 million (2020: $130.6 million), reflecting higher revenues and improving operating performance, partly offset by higher costs of goods sold, transaction expenses and inventory movements

* Net Profit After Tax (‘NPAT’) of $121.0 million (2020: nil), including the impacts of the IPO transactions in 2021

* Adjusted Net Profit After Tax (‘Adjusted NPAT’)of $55.8 million (2020: $82.7 million),after adjusting for non-recurring restructure and IPO transactions impacts

* Net Drawn Debt of $3.5 million (2020: $112.6 million), comprising cash of $197 million and Drawn Debt of $201 million (US$150 million).

No dividend at the full year. 

A bit of background, 29 Metals is a copper/zinc producer that recently floated last year. Their main assets are Capricorn Copper in QLD and Golden Grove in WA and are both Tier 1 assets (+1MT contained copper equivalent).

Disc: Bought 21 February before the result after doing lots of research on Golden Grove and Capricorn Copper assets which was good timing. However, the big attraction is Golden Grove as their is optionality for additional mining fronts from further exploration.

Will try and write up a valuation on this later.