29Metals Limited

Notable vs. Peers

• Financials score of 1/10 is weaker than the peer average of 5.5/10.
• All-in sustaining cost of $4.64/lb is 123% higher than the peer producer average of $2.08/lb.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · NO FRESH PERMIT GRANT TO 29METALS for its flagship producing asset. GOLDEN GROVE (Western Australia) operates on mining leases granted under the Mining Act 1978 (WA) -- approximately 129 km2 of mining leases, the named lease being M59/195, 100% held by Golden Grove Operations Pty Ltd, a 29Metals subsidiary (Gossan Valley Feasibility Study s.11, https://minedocs.com/28/Gossan-Valley-FS-12032024.pdf). NO PUBLIC GRANT DATE FOR M59/195 WAS FINDABLE: Western Australia's Mineral Titles / Tengraph register is not web-retrievable, and the date is absent from both the 2021 Annual Report and the Gossan Valley FS (both PDFs were extracted and searched directly rather than assumed). achievedDate left null accordingly rather than guessed. Datable anchors, LABELLED AS SUCH AND NOT AS PERMIT GRANTS: mining commenced at Golden Grove (Scuddles underground) in 1989 under original developer Australian Consolidated Minerals, followed by Normandy (1991), Newmont (2002), Oxiana/OZ Minerals (2005), MMG (2009) and EMR Capital (2017); 29Metals itself acquired the existing tenure via its IPO (prospectus 21 June 2021, ASX listing 2 July 2021), not by a new grant. Best 29METALS-ERA dated approval, still not used to date this row because it covers a growth project rather than the operating base: WA DEMIRS approved the Mining Proposal and Mine Closure Plan for GOSSAN VALLEY (a growth project inside Golden Grove) in the June 2025 quarter -- 'All Gossan Valley project approvals have been received' (https://www.miningweekly.com/article/29metals-progresses-projects-in-june-quarter-2025-07-17). Quarter-level precision only. Stage=PRODUCTION independently re-verified and CORRECT, with a material caveat recorded deliberately: Golden Grove is actively producing (4.8kt Cu and 3.1kt Zn in the June 2026 quarter; Xantho Extended temporarily suspended, resuming in the December 2026 quarter), and liquidity is US$202M with US$188M cash against US$115M drawn debt -- not distressed. However 29Metals' SECOND mine, CAPRICORN COPPER (Queensland), has been suspended since 26 March 2024 ('Suspension of Operations', ASX) and 29metals.com labels it 'Production suspended'; its restart is gated on TSF 3 approval with a decision targeted end-2026. One of two mines is down, but the flagship is producing, so the stage claim holds. Task #663 (2026-08-25): row was missing entirely; stage=PRODUCTION was already correct. · Source
2. Construction decision (FID)

   Dec 2024 · Gossan Valley investment decision, 3 December 2024 -- 29Metals' board approved development of the Gossan Valley deposit at Golden Grove (Western Australia): A$112m capital, 34% pre-tax IRR, A$110m NPV, ~4kt copper and ~20kt zinc a year over an initial ~7-year life, funded by an A$180m equity raise launched the same day. The ASX announcement is titled 'Gossan Valley investment decision' in those words, and 29Metals' own asset page carries status 'Project investment approved'. SCOPE CAVEAT, disclosed rather than buried (same treatment as TGB's Florence Copper PTF row, Task #672): this is a BROWNFIELD EXPANSION FID at the producing asset, not the decision that made 29Metals a producer. Golden Grove has produced since 1990 -- built by Australian Consolidated Minerals, then Normandy (1991), Newmont (2002), Oxiana (2005), OZ Minerals (2008), MMG (2009), EMR Capital (2017) -- and 29Metals acquired it already built, via an ASX IPO (prospectus 21 Jun 2021, listed 2 Jul 2021 at $2.00) over a portfolio EMR Capital had assembled privately. No founding FID by 29Metals exists or can exist. Note this row therefore POSTDATES this miner's FIRST_PRODUCTION (1989/1990), inverting CONSTRUCTION_MILESTONE_ORDER -- see the Task #693 header. Also checked and eliminated: Cervantes (pre-feasibility only, Nov 2022, no FID) and the Capricorn Copper restart FID, which has NOT happened -- the restart DFS targets end-2026 and is contingent on TSF3 tailings-storage approval, so it is a future event, not a missing record. · Source
3. Construction start

   Reached — date not disclosed · 29Metals commenced SURFACE WORKS at the Gossan Valley project (Golden Grove, Western Australia) during the JUNE 2025 QUARTER, after receiving all final project approvals and mobilising the surface civils contractor. First ore is expected in the second half of 2026. The company's own Gossan Valley asset page states 'Work on delivering the Gossan Valley project has already commenced' with project status 'Project investment approved' and 'first ore expected in the second half of 2026'. achievedDate left null: the commencement is reported at quarter precision in a quarterly activities report (released 17 July 2025), with no discrete day or month disclosed -- recorded undated per the house convention rather than reusing the report's release date as if it were the event date. ANCHOR DIVERGENCE, DISCLOSED: 29M's PERMIT_GRANTED / FIRST_PRODUCTION / COMMERCIAL_PRODUCTION rows all anchor to Golden Grove's original late-1980s development -- discovered 1971 by Aztec/Amax, built by Australian Consolidated Minerals, mining operations commenced in the Scuddles underground mine in 1989 -- which 29Metals did not build and only acquired from EMR Capital via its 2021 IPO. That is why Task #430 correctly found no construction-start date 'distinct from 1989' and recorded a checked gap. Gossan Valley is a new underground ore source that 29Metals itself sanctioned and is itself building, so it is the asset on which this gate is answerable. SUPERSEDES a prior Task #430 RESEARCHED_UNKNOWN checked-gap row (note: 'Same 1980s-sourcing gap as PERMIT_GRANTED above -- no discoverable construction-start date distinct from 1989'). Sourcing: 29Metals' own Gossan Valley asset page (fetched directly this pass). Corroborated by trade coverage of the June-2025 quarterly activities report dated 17 July 2025 ('29Metals (ASX:29M) has commenced surface works at its Gossan Valley project after receiving all necessary approvals'), which also records receipt of final project approvals and mobilisation of the surface civils contractor during that quarter. · Source
4. First pour / production

   Reached — date not disclosed · 29Metals' own official company-history timeline: 'Mining operations commenced in the Scuddles underground mine' in 1989 (Wikipedia independently corroborates a 1990 mine opening). Golden Grove was discovered in 1971 by Aztec/Amax and built by Australian Consolidated Minerals; 29Metals itself only acquired it from EMR Capital in 2021 via its 2021 IPO, decades after construction and first production -- the mine's own real history is recorded here per the SKE/WAF precedent (see script header), not an invented corporate-entity date. Exact day not found in available primary sourcing for this 1980s-era mine. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: 29Metals is a two-asset portfolio producer. Golden Grove (WA) is currently producing copper (4.8kt copper reported for the June 2026 quarter). Capricorn Copper (QLD) has been suspended since 2024-03-26 and has not restarted (pending TSF3 regulatory approval and funding). Company-wide commercial-production status is genuinely current via Golden Grove, but it is asset-level, not a single company-wide milestone date -- Capricorn Copper is explicitly not producing. This row was missing entirely prior to 2026-08-21 -- a genuine data gap (row presence is the signal per this model's doc comment), not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.