20974 29Metals AR23 WEB V1 - Flipbook - Page 6
2
29Metals 2023 Annual Report
2023 highlights
A year of two halves:
■
■
First half was overwhelmed by the impact of the Extreme Weather Event at Capricorn Copper1,
and lower than plan development progress at Golden Grove
Improved performance in the second half, with de-risking projects for Golden Grove completed
in the first half of the year, and commencement of the Capricorn Copper restart
Safety & Our People
TRIFR
Operational
6.5/mwhrs
9.8
34%
2022
2023
Cu production
Zn production
24.2kt 51.5kt
C1 Costs (US$)3
AISC (US$)3
$3.61 /lb
$4.96/lb
Financial
Group revenue by commodity
$450m
Cu
from 2022 ($721m)
59% of sales
Copper
(consistent with 2022)
Cu Zn
LTIFR
1.5/mwhrs
2.0
Completion of debottlenecking projects
at Golden Grove, resulting in
improvements in mill throughput,
development rates, and ore production
from Xantho Extended in the second half
Zinc
24% of sales
Other
17% of sales
25%
2022
2023
Mineral Resources and Ore Reserves
Safely managed the Extreme
Weather Event at Capricorn Copper1
with no health and safety incidents
during the event
Group Ore
Reserves
tonnes4
15.1%
Successful
$151m capital raise
5
Group Mineral
Resources
tonnes4
0.3%
Continuing focus on cost management
Approximately $20 million in sustainable
cost improvements identified and
implemented in 2023
Female participation
Board &
Management2
29Metals
Group2
26%
16%
from 2022
(23%)
from 2022
(15%)
Targeted investment in
resource conversion4
Delivering significant increase in
geological confidence in 29Metals’
estimates, with proportion of year-on-year
Measured and Indicated Resource tonnes
for key in-mine and near-mine growth
opportunities increasing:
– by 30% at ESS (Capricorn Copper)
EBITDA 3
Operating cash flow
$(21)m
$37m (ou琀昀low)
from 2022
$152m
from 2022
$156m (in昀氀ow)
– by 45% at Cervantes (Golden Grove)
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.
2. As at 31 December 2023.
3. C1 Costs, AISC and EBITDA are non-IFRS 昀椀nancial informa琀椀on. Refer to the Important Informa琀椀on regarding
the use of non-IFRS 昀椀nancial informa琀椀on on page 207.
4. A昀琀er deple琀椀on for produc琀椀on. Refer to pages 61 to 77 for the Group’s 2023 Mineral Resources and
Ore Reserves es琀椀mates, including Competent Persons’ statements.
5. Gross proceeds.
2023 昀椀nancial results has been overwhelmed by
the direct and indirect 昀椀nancial impacts of the
Extreme Weather Event at Capricorn Copper 1, with
impacts to produc琀椀on, revenue, recovery costs and
non-cash accoun琀椀ng impairment charges
