29Metals has announced a return to profitability for the financial year 2025, reporting a net profit of $24.2 million. This marks a significant turnaround from the $177.6 million loss recorded in FY24, driven by stronger earnings from its Golden Grove operation and substantial cost reductions. 29Metals is a base metals mining company focused on copper and zinc production. The company owns and operates the Golden Grove and Capricorn Copper mines in Australia.
Total revenue for the period increased by 3 per cent to $566.6 million. The cost of sales experienced a sharp decline of 14 per cent, falling to $482.0 million. This decrease in costs contributed significantly to the company’s improved financial performance.
Group EBITDA saw a substantial increase, rising to $175.7 million from $58.5 million in the previous year. This growth was further supported by $54 million in insurance proceeds. Golden Grove EBITDA also climbed significantly, increasing by 76 per cent to reach $177.8 million, despite some interruptions to high-grade ore mining at Xantho Extended.
In terms of production, copper output saw a slight increase, reaching 22.3 kilotonnes. However, zinc production experienced a decrease, falling to 34.7 kilotonnes from the 56.7 kilotonnes recorded in the prior year.
