20974 29Metals AR23 WEB V1 - Flipbook - Page 11
2023 key
results
Chair letter and
CEO report
About
29Metals
TRIFR
6.5/mwhrs
2023
34%
2022
9.8/mwhrs
Our
assets
Sustainability
& ESG Report
Improved
mill throughput,
development rates,
and ore production
from Xantho
Extended
Mineral Resources
and Ore Reserves
Annual
Financial Report
7
Message from 29Metals’
incoming CEO
In a few short days I will start in my
new role as CEO of 29Metals, and I am
delighted to have this early opportunity to
communicate directly with the owners of
29Metals – its shareholders.
2024 priorities
Looking to the future
The progress made at Golden Grove in
the second half of 2023 sets us up to
deliver on the key performance drivers
for 2024. We await the outcome of our
applica琀椀on for approval of the proposed
new long-term tailings storage facility
(‘TSF 4’) submi琀琀ed late-2023, and have
recently submi琀琀ed our applica琀椀on seeking
regulatory approvals for the future
development of Gossan Valley – which has
the poten琀椀al to become the third mining
front at Golden Grove.
I will re琀椀re at the end of April.
This being my last report to you,
I’d like to take this opportunity to
thank the Board and the 29Metals
team for their support over the past
years. Together we have built the
founda琀椀ons for a company that I
am con昀椀dent will overcome current
challenges to realise its poten琀椀al.
Building upon the signi昀椀cant investment
in opera琀椀onal de-risking projects
undertaken in 2023, we will con琀椀nue to
focus on produc琀椀vity improvements at
Golden Grove. This includes sustaining
and increasing development rates,
and progressive ore-feed increases
from Xantho Extended, the Group’s
highest-grade ore-source.
Following the decision to suspend
opera琀椀ons at Capricorn Copper, our 2024
rede昀椀ned priori琀椀es focus on managing
water inventory, and planning for a
successful and sustainable restart.
I remain a strong supporter of
29Metals’ Vision and future.
As we have said from the
IPO – right 琀椀me, the right assets
and the right team – that is the
29Metals story. I look forward to
watching the Company grow and
昀氀ourish in the years to come.
Looking at 29Metals from the outside,
I see a company that has faced some
signi昀椀cant challenges in its short life as a
listed company. I also see poten琀椀al, strong
Values, a clear and compelling Vision, a
founda琀椀on of copper-focused assets with
upside, and a team that has demonstrated
resilience through signi昀椀cant adversity.
My ini琀椀al focus will be to work with
the team to deeply understand the
current challenges and opportuni琀椀es.
The immediate priori琀椀es are clear:
■
■
■
■
Peter Albert
Managing Director & CEO
Across the Group, we will con琀椀nue to
focus on iden琀椀fying and implemen琀椀ng
sustainable cost reduc琀椀ons, building on
the approximately $20 million in savings
iden琀椀昀椀ed and implemented in 2023.
1. Refer to: “Impact of Extreme Rainfall on Capricorn Copper Opera琀椀ons” released to the ASX
announcements pla琀昀orm on 9 March 2023; “Capricorn Copper Opera琀椀ons Update” released to
the ASX announcements pla琀昀orm on 15 March 2023; and “Strategic Update” released to the ASX
announcements pla琀昀orm on 23 May 2023.
maintaining the focus on health
and safety;
con琀椀nuing to drive improvement in
produc琀椀vity and sustainable cost
reduc琀椀ons at Golden Grove, to deliver
on the signi昀椀cant poten琀椀al of what is
a world-class VHMS system;
comple琀椀ng the ramp down in mining
and milling ac琀椀vity at Capricorn Copper
and suppor琀椀ng the team as the site
transi琀椀ons into suspension and plans for
a successful and sustainable restart; and
ensuring that the Group has the right
capability to navigate the current challenges
and posi琀椀on 29Metals for future success.
I very much look forward to working with
the team and the Board to deliver against
these immediate priori琀椀es – an important
昀椀rst step to realising 29Metals’ poten琀椀al
and deliver on the Vision.
I also look forward to the opportunity to
meet and speak to 29Metals’ shareholders
in person at the Company’s upcoming
AGM, my 昀椀rst as the Company’s CEO.
James Palmer
Incoming CEO
