Earnings call transcript: 29Metals posts weak Q3 2026 as output falls
29Metals reported weak Q3 2026 earnings, with gross revenue falling to AUD 94 million and copper output down to 4.2 kilotonnes. The company experienced a 42.6% drop in revenue compared to the prior quarter. Copper production decreased sharply, while zinc production also fell due to reduced ore availability. Unit costs rose to US$5.24 per pound, an increase from the previous quarter.
Despite the challenges, the company restarted its Xantho Extended mine after the quarter ended, giving it access to its highest-grade ore source. Management expects more favourable unit costs and higher sales in the December quarter, as the company transitions from a period of constrained output to a more flexible production base.
The restart of Xantho Extended and progress at Gossan Valley and Oizon mines are expected to contribute to higher sales in the upcoming quarter.
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