29Metals Limited (‘29Metals’ or, the ‘Company’) today reported results for the December 2023 quarter (‘Dec-Qtr’). Currency amounts in this report are in Australian dollars unless otherwise stated.
Key points:
Safety
- Group total recordable injury frequency rate (‘TRIFR’)1 6.5 (Sep-Qtr: 7.7).
- Group lost time injury frequency rate (‘LTIFR’)1 1.5 (Sep-Qtr: 1.8).
Golden Grove
- Copper and zinc production of 5.2kt (Sep-Qtr: 5.5kt) and 20.7kt (Sep-Qtr: 8.6kt), respectively.
- C1 Costs2 of US$3.06/lb copper sold (Sep-Qtr: US$3.26/lb copper sold).
- Continued improvement in development advance rate at Xantho Extended of 726 metres (Sep-Qtr: 676 metres).
- Underground fuel bay commissioned at Xantho Extended to shorten tramming distances and improve loader utilisation.
Capricorn Copper
- Copper production of 2.4kt (Sep-Qtr: 1.1kt).
- Total Site Costs3, Capital and Recovery Costs during the quarter of $52 million (Sep-Qtr: $35 million).
- ‘Prescribed Project’ and ‘Critical Infrastructure Project’ status declaration, providing mechanisms to facilitate timely decision making for key regulatory approvals.
- A new application to increase the Esperanza Pit (‘EPit’) Design Storage Allowance (‘DSA’) and resume tailings deposition into the EPit submitted.
- Ongoing reduction of water held on-site and commencement of dewatering and rehabilitation at Esperanza South. Corporate/Other
- CEO transition announced during the quarter, with an executive search underway.
- Unaudited available cash at 31 December 2023 of $162 million (Sep-Qtr: $227 million).
Summary: CY2023 Actuals versus 2023 Guidance

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