FY2021
IPO changes the perimeter
ASX listing brought Golden Grove and Capricorn Copper into the listed group. Statutory and full-year pro forma results have different scopes.
ASX: 29M · Five-year financial review
(ASX: 29M) 29Metals Financial Review - FY2021~25
29Metals returned to a statutory profit in FY2025, but earnings recovery and cash recovery tell different stories. This five-year review compares revenue, cash flow, funding and balance-sheet changes, separating the IPO-year reporting boundary, Capricorn Copper disruption and insurance receipts.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 statutory revenue
A$566.6m
After treatment/refining charges and QP adjustments.
FY2025 attributable profit
A$24.2m
Includes the effects of insurance income and other non-operating items.
FY2025 operating cash flow
A$55.5m
Includes A$16.5m of operating insurance receipts.
Cash at 31 December 2025
A$102.7m
The subsequent A$150m equity raise is not included.
Five years in context
The period begins with an accounting boundary change, not a ready-made like-for-like baseline. The FY2021 statutory statements include Golden Grove before the IPO and the consolidated group after it; the full-year pro forma figures are a separate presentation. The financial tables below retain the statutory series rather than substituting the larger pro forma revenue into FY2021.
The central operating break came at Capricorn Copper. Extreme rainfall disrupted FY2023, followed by a renewed suspension in March 2024 that continued throughout FY2025. Golden Grove then carried the operating production story. The return to profit in FY2025 also benefited from lower costs and insurance proceeds, while investing and financing outflows reduced year-end cash.
Events behind the numbers
FY2022
First shareholder dividend
A fully franked 2-cent interim dividend was paid. Higher costs and depreciation nonetheless pushed the statutory result into loss.
FY2023
Extreme weather disruption
Capricorn Copper’s rainfall event interrupted production and triggered recovery work. Asset and CGU impairments were significant components of the loss.
FY2024
Suspension and new capital
Operations at Capricorn Copper were suspended again in March. The cash-flow statement records A$180m of gross proceeds from new shares.
FY2025
Profit returns; risks remain
Lower costs and insurance receipts supported profit. Golden Grove’s zinc output was affected by seismic activity, while Capricorn Copper remained suspended.
FINANCIAL REVIEW / 01
Revenue recovered before the balance sheet did
FY2025’s improvement is more visible in gross profit than in revenue. The issuer links it to lower cost of sales, a favourable stockpile movement and reduced activity costs at Capricorn Copper. This is not evidence that the suspended mine had returned to normal production.
Statutory revenue across the five years
A$ million
Revenue
AI-generated presentation · values from Statutory income and attributable result; no missing values plotted as zero.
Operating result versus attributable result
A$ million
Operating profit / (loss)Profit / (loss) attributable to members
AI-generated presentation · values from Statutory income and attributable result; no missing values plotted as zero.
Statutory income and attributable result
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 600.8 | 720.7 | 449.7 | 551.1 | 566.6 |
| Cost of sales | (464.1) | (716.8) | (540.9) | (562.6) | (482.0) |
| Gross profit / (loss) | 136.6 | 3.9 | (91.1) | (11.6) | 84.6 |
| Operating profit / (loss) | 48.0 | (46.6) | (353.1) | (146.8) | 49.3 |
| Profit / (loss) before tax | 17.8 | (65.8) | (382.4) | (177.6) | 24.2 |
| Income tax benefit / (expense) | 103.2 | 18.6 | (58.1) | 0.0 | 0.0 |
| Profit / (loss) attributable to members | 121.0 | (47.2) | (440.5) | (177.6) | 24.2 |
| Basic earnings / (loss) per shareAustralian cents per share | 48.5 | (9.8) | (79.9) | (24.3) | 1.8 |
FY2021 is a statutory accounting-perimeter year: Golden Grove before the IPO plus the consolidated group after the IPO. It is not the full-year pro forma group result. Bars show the observations without implying like-for-like growth.
FY2023 revenue through pre-tax result and tax use the FY2024 report’s explicit FY2023 comparative observations, retained in the annual extraction packet. FY2023 net result and basic EPS also resolve to the FY2023 extraction.
FY2021 profit after tax includes a substantial tax benefit; it should not be read as an equivalent amount of operating earnings. Expense and loss signs are retained. EPS is in cents, not A$ million.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
FINANCIAL REVIEW / 02
Positive operating cash flow did not cover investing cash flows
The cash-flow comparison is deliberately separate from the profit comparison. In FY2025, net investing outflows exceeded operating cash inflows, even with insurance receipts classified in both sections. Financing outflows added to the reduction in cash. The subtotal below makes that funding gap visible without inventing a standardised free-cash-flow definition.
Cash generated before financing
A$ million
Net operating cash flowOperating plus investing cash flow
AI-generated presentation · values from Cash generation and investing outflows; no missing values plotted as zero.
Cash generation and investing outflows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | 75.1 | 155.7 | (36.5) | 59.2 | 55.5 |
| Payments for property, plant and equipment | (39.1) | (50.5) | (44.5) | (70.9) | (83.2) |
| Payments for mine development | (50.4) | (46.2) | (36.0) | (42.4) | (33.6) |
| Exploration cash expenditure | (8.0) | (16.9) | (4.4) | (2.9) | (6.9) |
| Net investing cash flow | (92.5) | (113.6) | (84.9) | (116.3) | (86.1) |
| Operating plus investing cash flow | (17.5) | 42.1 | (121.5) | (57.1) | (30.7) |
| Net financing cash flow | 101.9 | (72.4) | 112.7 | 145.6 | (116.3) |
Operating plus investing cash flow is an editorial subtotal, not a standardised free-cash-flow measure. It includes all reported investing cash flows, including insurance proceeds where classified as investing.
PP&E, mine development and exploration are distinct cash outflows; do not add these lines to the net investing subtotal again.
FY2023 financing cash flow uses the FY2024 report’s FY2023 comparative. All amounts follow the recorded Australian-dollar reporting basis.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
FINANCIAL REVIEW / 03
Cash, debt and equity need to be read together
The FY2024 cash increase coincided with substantial new equity proceeds. FY2025 ended with less cash and lower interest-bearing liabilities, so a debt reduction alone would give an incomplete picture of funding capacity. Lease obligations remain a separate commitment.
The FY2025 annual extraction also records a subsequent A$150m equity raise completed after year-end. It belongs in the funding context, not in the FY2025 cash column. The company’s going-concern assessment relied on that raise and continuing operating and financing assumptions; this review does not independently certify future liquidity.
Cash and interest-bearing liabilities
A$ million
Cash and cash equivalentsInterest-bearing liabilities (current + non-current)
AI-generated presentation · values from Year-end financial position; no missing values plotted as zero.
Gross proceeds from new shares
A$ million
Gross cash proceeds from new shares
AI-generated presentation · values from Share issuance and shareholder distributions; no missing values plotted as zero.
Year-end financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 197.5 | 172.0 | 161.9 | 252.3 | 102.7 |
| Current assets | 351.8 | 345.0 | 306.7 | 358.0 | 262.1 |
| Current liabilities | 200.1 | 223.8 | 260.5 | 269.5 | 206.1 |
| Net current assets (calculated) | 151.8 | 121.2 | 46.1 | 88.5 | 56.0 |
| Total assets | 1,315.2 | 1,293.0 | 981.2 | 1,038.1 | 1,041.7 |
| Total liabilities | 545.6 | 577.3 | 558.9 | 618.8 | 595.6 |
| Total equity | 769.5 | 715.7 | 422.3 | 419.3 | 446.1 |
| Interest-bearing liabilities (current + non-current) | 201.6 | 198.4 | 217.2 | 262.1 | 187.8 |
| Lease liabilities (current + non-current) | 31.4 | 67.1 | 54.1 | 53.2 | 58.8 |
Balances are at 31 December. FY2021 year-end balances represent the consolidated group even though that year’s income and cash-flow reporting perimeter changes during the year.
Interest-bearing liabilities and leases are shown separately. Net current assets is not unrestricted cash and is not the issuer’s Total Liquidity or Net Drawn Debt measure.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
Share issuance and shareholder distributions
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gross cash proceeds from new shares | 245.0 | 0.0 | 151.2 | 180.0 | 0.0 |
| Cash dividends paid (outflow) | 0.0 | (9.6) | 0.0 | 0.0 | 0.0 |
Gross share proceeds are cash-flow-statement amounts before separately reported transaction costs. The FY2021 figure is the cash proceeds shown in that statement, not a measure of the entire IPO transaction value.
Nil dividends are supported by affirmative extracted disclosures. The A$150 million equity raise completed after FY2025 is excluded from FY2025 cash proceeds and cash balances.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
FINANCIAL REVIEW / 04
Why EBITDA, profit and insurance cash differ
Non-IFRS EBITDA is useful here only alongside its reconciliation. It excludes depreciation, financing and specified adjustments, but it includes insurance other income. The last two years therefore deserve a closer view than a single headline growth rate.
The final insurance settlement supported FY2025 income but was not all operating cash. The split below prevents the same receipt being counted twice and shows why statutory profit, EBITDA and cash available for investment cannot be treated as interchangeable.
Where the insurance cash appears
A$ million
Insurance receipts in operating cash flowInsurance receipts in investing cash flow
AI-generated presentation · values from Insurance income is not the same as operating cash received; no missing values plotted as zero.
From non-IFRS EBITDA to statutory profit
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Issuer-reported EBITDA (non-IFRS) | 58.5 | 175.7 |
| Depreciation and amortisation | (128.6) | (121.7) |
| Capricorn Copper CGU impairment | (30.0) | 0.0 |
| Exploration and evaluation write-off | (4.2) | (1.1) |
| Inventory stockpile write-down | (8.8) | 0.0 |
| Unrealised foreign-exchange gain / (loss) | (17.1) | 11.9 |
| Derivative losses | (16.6) | (14.7) |
| DETSI undertaking costs provision | 0.0 | (0.7) |
| Finance income | 3.4 | 5.4 |
| Interest and other finance costs | (34.2) | (30.5) |
| Profit / (loss) before tax | (177.6) | 24.2 |
| Income tax expense | 0.0 | 0.0 |
| Profit / (loss) after tax | (177.6) | 24.2 |
This is the issuer’s two-year reconciliation, not a uniform five-year adjusted-earnings series. EBITDA includes insurance other income and is not statutory operating profit.
Amounts follow the company’s Australian-dollar financial-statement presentation policy. Display rounding can affect sums of the printed figures.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
Insurance income is not the same as operating cash received
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Insurance proceeds in other income | 37.0 | 54.0 |
| Insurance receipts in operating cash flow | 35.9 | 16.5 |
| Insurance receipts in investing cash flow | 0.0 | 37.5 |
These rows reconcile different accounting presentations; they are not amounts to add together. FY2025 operating and investing insurance receipts total A$54.0 million. FY2024 recognised other income differs from operating cash receipts.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
FINANCIAL REVIEW / 05
Golden Grove explains the changing production mix
Golden Grove kept copper production broadly stable in FY2025 while zinc output fell. The company attributes the operating change to seismic constraints at Xantho Extended and the different ore bodies used in response. Copper resilience therefore does not imply that every payable metal held up.
The Gossan Valley project was described as targeting first ore by end-2026 within A$112m of capital expenditure to first ore. This is a stated future project plan, not FY2025 production or an already-realised financial return. Capricorn Copper’s future restart remained contingent on addressing water and infrastructure constraints.
Golden Grove contained-metal production
Thousand tonnes of contained metal (kt)
Copper productionZinc production
AI-generated presentation · values from Golden Grove: copper stability, changing zinc output; no missing values plotted as zero.
Golden Grove: copper stability, changing zinc output
Thousand tonnes of contained metal (kt)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Copper production | 18.1 | 21.9 | 22.3 |
| Zinc production | 51.5 | 56.7 | 34.7 |
Three-year site-level operational context within the five-year financial review. Figures are contained metal in concentrate, not ore mined and not sold metal. No group totals or Capricorn Copper quantities are substituted into Golden Grove cells.
Source: 29Metals annual-report extractions; report editions are listed once in the source registry.
Reading the figures
- Prepared only from five existing annual extraction datasets. Source records and editorial calculations are preserved separately; no new raw-body, PDF, financial web or DB retrieval was used.
- FY2021 statutory flows have a changing consolidation perimeter. No FY2021 pro forma flow is inserted into a statutory row.
- Financial amounts are A$ million unless the row states otherwise. Brackets indicate negative values; supported nil is shown as zero. Figures are rounded for display, while chart data and calculations retain source precision.
- This report selects decision-relevant financial measures rather than reproducing every extracted record. Absence of a measure from this review is not a finding that the issuer did not disclose it.
- The operational inset intentionally covers FY2023-FY2025 for Golden Grove. It does not substitute site production for group production, or production for sales.
- EBITDA is an issuer-defined non-IFRS measure. Its exclusions differ from statutory operating profit and its inclusion of insurance proceeds limits a recurring-earnings interpretation.
- The review checks consistency with the existing extraction packet, not renewed verification against original annual-report pages. No independent second-agent financial review is claimed. This is an editorial financial review.
Annual-report source registry
- 29Metals Limited - 2021 Annual ReportFiscal year ended 2021-12-31; registered document date 2022-04-21. Existing extracted facts and claims only.
- 29Metals Limited - 2022 Annual ReportFiscal year ended 2022-12-31; registered document date 2023-04-28. Existing extracted facts and claims only.
- 29Metals Limited - 2023 Annual Report and Sustainability & ESG ReportFiscal year ended 2023-12-31; registered document date 2024-04-19. Existing extracted facts and claims only.
- 29Metals Limited - 2024 Annual Report and Sustainability & ESG ReportFiscal year ended 2024-12-31; registered document date 2025-04-23. Existing extracted facts and claims only.
- 29Metals Limited - 2025 Annual Report and ESG ReportFiscal year ended 2025-12-31; registered document date 2026-04-20. Existing extracted facts and claims only.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
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AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
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