20974 29Metals AR23 WEB V1 - Flipbook - Page 8
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29Metals 2023 Annual Report
Chair letter
29Metals’ Vision and
strategy remain clear
and compelling.
Our foundation – our assets and our people – positions 29Metals
to overcome recent challenges and deliver shareholder value.
This is work in progress, but these
achievements con琀椀nue to demonstrate the
poten琀椀al of 29Metals and will undoubtedly
contribute to our future success.
On behalf of the Board, I am pleased to
present 29Metals’ 2023 Annual Report.
29Metals su昀昀ered a further setback earlier
this year with the decision to suspend
opera琀椀ons at Capricorn Copper. This was a
di昀케cult decision for everyone at 29Metals,
but we have the opportunity to bring
Capricorn Copper back be琀琀er than before.
On any measure, 2023 was a challenging
year for 29Metals – for our team and
our shareholders.
Across 29Metals, we are commi琀琀ed to
a successful and sustainable restart at
Capricorn Copper as soon as possible.
In the Annual Report last year, we outlined:
2023 – Extending the potential
of our business
Re昀氀ec琀椀ng on the Company’s progress in
the period since the IPO in 2021 and the
challenges of 2023, the Board determined
that the 琀椀me was right to transi琀椀on to
new leadership.
Dear Shareholder
2023 – Resilience and teamwork
in the face of adversity
■
■
the challenges that lay ahead to recover
opera琀椀ons at Capricorn Copper
following the March 2023 Extreme
Weather Event;1 and
our plans to improve produc琀椀vity
and reduce costs at Golden Grove,
and to advance the organic growth
opportuni琀椀es in our por琀昀olio.
There is no doubt that the direct and
indirect impacts of the Extreme Weather
Event1 dominated the performance and
results in 2023. However, that impact is
not the full story of 2023.
During the year, our team worked 琀椀relessly
to deliver. The resilience, dedica琀椀on and
teamwork shown in the face of signi昀椀cant
hardship is something the Board and
I acknowledge and greatly appreciate.
That commitment is the backbone of our
culture; a culture that will be a founda琀椀on
for future success.
In 2023, the team delivered important
milestones that will underpin future
performance.
Debo琀琀lenecking projects at Golden
Grove completed in the 昀椀rst half are a
cri琀椀cal enabler to support con琀椀nuing
improvement in produc琀椀vity and the path
to unlocking the signi昀椀cant value at Xantho
Extended, our highest-grade ore source.
We have seen the start of the expected
improvement in the second half of 2023.
At Golden Grove, our produc琀椀vity and
cost improvement focus delivered results.
A targeted and disciplined approach to
explora琀椀on ac琀椀vity also delivered strongly
in 2023, with:
■
■
con琀椀nued resource extension and
conversion explora琀椀on success
suppor琀椀ng substan琀椀al Group Mineral
Resources and Ore Reserves; and
iden琀椀昀椀ca琀椀on of a new mineralised zone
east of Mammoth at Capricorn Copper.
CEO transition
As announced earlier this year,
James Palmer will join 29Metals as CEO,
commencing on 1 May 2024. James
brings a wealth of opera琀椀ng, technical
and business improvement experience
to 29Metals. That experience, combined
with the injec琀椀on of a new perspec琀椀ve,
will serve 29Metals well.
With the transi琀椀on, we say farewell to
Peter Albert – 29Metals’ founda琀椀on
Managing Director & CEO. The Board
and I acknowledge Peter’s contribu琀椀on,
leadership and stewardship. Peter has
led 29Metals through its forma琀椀on and
successful IPO, and the successes and
challenges since, and leaves with our
sincere thanks.
