29Metals
29Metals is an ASX-listed copper-focused base and precious metals mining company headquartered in Melbourne, operating long-life producing and exploration assets in Australia and Chile and selling copper, zinc, gold, and silver concentrates to smelters via offtake agreements.
- Company typePublic
- Founded2021
- HeadquartersMelbourne, Australia
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What 29Metals does
29Metals is an ASX-listed copper-focused base and precious metals mining company headquartered in Melbourne, Australia, established through its 2021 listing on the Australian Securities Exchange (ASX: 29M) with backing from specialist resource private equity firm EMR Capital. The company operates a portfolio of long-life assets in tier one mining jurisdictions spanning Australia and Chile, structured around two principal operating mines, a development project, and an exploration pipeline. Core assets include Golden Grove in Western Australia (a world-class VHMS geological system producing copper, zinc, gold, and silver at a mining rate of 1.44 Mtpa, with continuous operations since 1989) and Capricorn Copper in Queensland (a high-grade copper and silver underground mine at 1.8 Mtpa, currently in production suspension while a definitive feasibility study and approval for a new long-term tailings storage facility is pursued). The pipeline comprises the Gossan Valley development project (targeting first ore by end 2026) and exploration interests including Redhill in Chile (a 500+ kilometre-strike tenement package centred on the high-grade historical Cutters Cove copper mine) and Cervantes.
Commercially, 29Metals operates as a commodity producer using an enterprise field sales model: mined copper, zinc, gold, and silver concentrates are sold to smelters and global commodity traders through offtake agreements, with pricing determined by global commodity markets rather than discretionary contracts. Q1 2026 gross revenue reached AUD 165 million, up AUD 28 million (~20%) sequentially, supported by copper production of 6.4 kilotons that exceeded guidance; full-year copper guidance is maintained at 20-24 kilotons despite the temporary suspension of the high-grade Xantho Extended deposit. Operating performance reflects ongoing investment discipline, with stable site costs of AUD 97 million maintained against inflationary pressures and positive free cash flow of AUD 10 million in Q1 2026 (a reversal from negative AUD 23 million at end-2025). Liquidity stood at AUD 238 million at quarter-end, supported by net proceeds of AUD 143 million from a fully underwritten April 2026 equity raising. Investor communications are handled through ASX announcements, quarterly and annual results presentations, AGM proceedings, and appearances at mining conferences such as Diggers & Dealers and Resources Rising Stars.
Operations are conducted through wholly owned subsidiaries spanning core operating entities (Golden Grove Operations Pty Ltd, Capricorn Copper Pty Ltd, Redhill Magallanes, SpA), holding structures, finance operations (29Metals Finance Pty Ltd), and exploration entities (Lighthouse Minerals Pty Ltd). The company maintains offices in Melbourne (headquarters), Perth (engineering/technical), and Brisbane (Capricorn Copper support), with operating mine sites in Western Australia and Queensland. Headcount sits in the 101-250 range, and the business model offers pure-play exposure to copper market fundamentals driven by global energy transition and electrification demand.
29Metals firmographics
Firmographics- Name
- 29Metals
- Legal name
- 29Metals Limited
- Website
- https://29metals.com
- Company type
- Public
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- 29Metals is an ASX-listed copper-focused base and precious metals mining company headquartered in Melbourne, operating long-life producing and exploration assets in Australia and Chile and selling copper, zinc, gold, and silver concentrates to smelters via offtake agreements.
- Ownership category
- akta.pro rank
29Metals industry classification
Industry- Product category
- Copper and Base Metals Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230), Mining (except Oil and Gas) (212)
- SIC
- Metal Mining (1000), Gold And Silver Ores (1040)
- akta.pro primary industry
- Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)
- akta.pro secondary industries
- Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)
Keywords
Where 29Metals is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices6 records
Markets served
29Metals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Others
Revenue model
- Copper Sales: Primary revenue from copper production and sale. Golden Grove produces copper, zinc, gold, and silver. Production guidance maintained at 20-24kt despite challenges at Xantho Extended mine.
- Precious Metals Sales: Revenue from gold and silver by-products from mining operations at Golden Grove and Capricorn Copper.
- Zinc Sales: Revenue from zinc production, though Q1 2026 saw zinc production plummet to 0.1kt from 3.4kt in prior quarter due to operational challenges.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
29Metals product offering
Product offeringCore offering
29Metals is a copper-focused base and precious metals mining company that extracts and produces copper, zinc, gold, and silver concentrates from its operating mines Golden Grove in Western Australia and Capricorn Copper in Queensland. It also holds a growth pipeline of exploration and development projects including Redhill in Chile, Cervantes, and Gossan Valley in Australia.
Product overview
29Metals is a copper-focused base and precious metals mining company offering a portfolio of mining products across different stages. The company's core products are its operating mines: Golden Grove (100% owned, Western Australia, production stage, 1.44 Mtpa mining rate) and Capricorn Copper (Queensland, currently production suspended pending water reduction and tailings facility approval). The portfolio is complemented by development projects including Gossan Valley (targeting first ore by end 2026) and exploration-stage assets Redhill (Chile, prospective for copper/precious/base metals) and Cervantes. The company also references the Xantho Extended deposit at Golden Grove, which is undergoing additional geotechnical works due to seismic concerns with restart deferred to December 2026 quarter. All assets are located in tier one mining jurisdictions (Australia and Chile).
Differentiator
Problem solved
Functional benefit
Products and services
- Golden Grove (operating mine) Operating polymetallic underground mine in Western Australia producing copper, zinc, gold, and silver concentrates for sale to international smelters and metal traders.
- Capricorn Copper (operating mine, suspended) Operating copper mine located in Queensland producing copper concentrate and cathode; identified as suspended in the input.
- Redhill (exploration project) Copper exploration project located in Chile forming part of 29Metals' growth pipeline.
- Cervantes (exploration project) Mineral exploration project in Australia forming part of 29Metals' exploration pipeline.
- Gossan Valley (development project) Mineral development project in Australia forming part of 29Metals' growth pipeline.
Quantifiable outcome
- Copper production of 6.4 kilotons exceeding Q1 2026 guidance
- +3 more outcomes
Companies that use 29Metals
Customer profileSegments1 record
Ideal customer profiles1 record
29Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
29Metals partnerships and signals
Strategic signalScale indicators8 records
Recent moves6 records
Expansion highlights5 records
29Metals competitors and assessment
Company assessmentDirect peers
- Sandfire Resources: ASX-listed Australian copper-focused miner with producing underground mines and exposure to base and precious metals, closely comparable to 29Metals' Golden Grove VHMS operation and tier-one Australian footprint.
- Capstone Copper: Mid-tier copper miner with producing assets and development pipeline, directly comparable to 29Metals' diversified copper-zinc-gold-silver production profile and growth-stage project mix.
- Hudbay Minerals: Copper-focused miner producing copper and by-product precious metals from underground operations, with similar exposure to base metal price cycles and operational restart challenges as 29Metals.
- MMG Limited: Mid-tier base metals miner producing copper, zinc, and by-products from long-life mines, comparable to 29Metals in metal mix, geographic profile, and capital structure complexity.
Broad incumbents
- OZ Minerals: Australian copper-focused miner (now part of BHP) that operated high-grade copper-gold assets, comparable to 29Metals' Australian copper production and growth pipeline profile.
- BHP Group: Diversified global mining major with substantial copper exposure across Australian and South American operations, providing a benchmark for scale and tier-one jurisdiction copper mining comparable to 29Metals' positioning.
- Freeport-McMoRan: Global copper major with large-scale open-pit and underground copper mining and significant by-product gold/silver, comparable to 29Metals' copper-centric production with precious metal credits.
- Antofagasta: Chile-based copper miner with tier-one Chilean operations, directly relevant to 29Metals' Chilean exploration ambitions and exposure to long-term global copper supply.
Regional players
- Aeris Resources: ASX-listed Australian copper-gold miner with Queensland operations, comparable to 29Metals' Capricorn Copper asset and Australian mid-cap copper profile.
Emerging players
- KGL Resources: ASX-listed copper developer with advanced Queensland copper project, comparable to 29Metals' Queensland exposure and pre-production copper development profile.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
29Metals social profiles
Digital presence29Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
29Metals leadership team
Management profileNumber of profiles
Profiles1 record
29Metals subsidiaries and ownership
Company hierarchySubsidiaries11 records
29Metals funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
29Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 29Metals
What does 29Metals do?
29Metals is a copper-focused base and precious metals mining company that extracts and produces copper, zinc, gold, and silver concentrates from its operating mines Golden Grove in Western Australia and Capricorn Copper in Queensland. It also holds a growth pipeline of exploration and development projects including Redhill in Chile, Cervantes, and Gossan Valley in Australia.
Is 29Metals a public or private company?
29Metals is a public company. It is classified as public and is currently operating.
When was 29Metals founded?
29Metals was founded in 2021. It employs 101 to 250 people.
Where is 29Metals based?
29Metals is headquartered in Melbourne, Australia, in the Oceania region.
How does 29Metals make money?
Three revenue lines are on record. Copper Sales are the primary driver. The others are precious Metals Sales and zinc Sales.
Who are 29Metals's main competitors?
Direct peers on record are Sandfire Resources, Capstone Copper, Hudbay Minerals and MMG Limited. Broad incumbents are OZ Minerals, BHP Group, Freeport-McMoRan and Antofagasta. Aeris Resources is listed as a regional player. KGL Resources is listed as an emerging player.
Does 29Metals have an API?
No public API is recorded for 29Metals.
What industry is 29Metals in?
29Metals's product category is Copper and Base Metals Mining. Its primary akta.pro industry code is IMAKADAB, Copper Ore Mining (Open-Pit & Underground), with a secondary code of IMAKADAC, Copper Concentration (Crushing, Grinding, Flotation). Its NAICS code is 212230 and its SIC code is 1000.