29Metals delivered an increase in copper production during the December 2024 quarter, while meeting its full-year production and costs guidance for copper and zinc.
The precious metals miner produced 5300 tonnes (t) of copper from the Golden Grove mine in Western Australia during the period, bringing the company’s 2024 total to 21,900t.
29Metals reached a final investment decision for the Gossan Valley project, part of Golden Grove, during the quarter. Gossan Valley’s potential as a third mining front for Golden Grove was confirmed, with the operation expected to increase production flexibility and extend Golden Grove’s mine life.
“Golden Grove continued to generate cash, with $48 million of operating cash flow and $18 million of free cash flow,” 29Metals chief executive officer James Palmer said.
“At Capricorn Copper, the team continues to manage everything in their control to reduce costs and ensure preparedness for wet season treated water release opportunities.”
Preparations for an electric loader trial at Golden Grove progressed also progressed during the quarter.
29Metals produced 17,600t of zinc, down from the 19,000t delivered in the previous quarter.
The company cited lower zinc grades in ore milled as the reason behind the decline. Despite this, Palmer said the quarterly zinc production contributed to the company achieving its full-year guidance of production and costs, with 56,700t of zinc produced during 2024.
29Metals mined 417,000t of ore during the period, as well as milling 129,000t of copper and 261,000t of zinc.
Palmer also touched on the $180 million equity raising and senior debt refinancing launched in December 2024, saying it “provides 29Metals with the balance sheet footing to pursue (its) strategic objectives” such as “the development of Gossan Valley to extend and optimise the Golden Grove mine plan, and the progression of restart imperatives at Capricorn Copper”.
29Metals closed the December quarter with operating cash flows and free cash flows of $48 million and $18 million respectively.
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