29metals Limited · ASX:29M
29metals — FY2023 Earnings Presentation
22 slides from 29metals's earnings presentation, Feb 23, 2024
Slide 1: 2023 Full Year Results and 2023 Mineral Resources & Ore Reserves Estimates Investor Presentation
ASX ANNOUNCEMENT Friday, 23 February 2024 2023 Full Year Results and 2023 Mineral Resources & Ore Reserves Estimates Investor Presentation 29Metals Limited (‘29Metals’ or, the ‘Company’) today released: the Appendix 4E and Annual Financial Report for 29Metals and its controlled entities for the ye
Slide 2: 2023 Full-Year Results and Mineral Resources & Ore Reserves Estimates
2023 Full-Year Results and Mineral Resources & Ore Reserves Estimates Peter Albert Managing Director & Chief Executive Officer Peter Herbert Chief Financial Officer Lucas Williams Group Manager, Geology 23 February 2024
Slide 3: Important information
Important information The information in this presentation is provided for general information regarding 29Metals Limited (the ‘Company’) and its subsidiaries (together with the Company, ‘29Metals‘). This presentation is not a recommendation to invest in 29Metals securities, and the information pres
Slide 4: Important information
Important information EXPLORATION RESULTS, MINERAL RESOURCES & ORE RESERVES ESTIMATES This presentation includes information relating to 29Metals’ Mineral Resources and Ore Reserves estimates. 29Metals prepares and reports exploration results and Mineral Resources and Ore Reserves estimates in accor
Slide 5: Investing for the Future
Investing for the Future ▪ Contained metal in Mineral Resources estimates of: Large metal – 2.26Mt copper, 2.31Mt zinc, 1.29Moz gold, 76Moz silver, 139kt lead and 26kt cobalt1,2 endowment ▪ Orebodies remain open – highly responsive to step out drilling ▪ Capricorn Copper: located in Australia’s best
Slide 6: 2023 Snapshot
2023 Snapshot Progress made to recover from the Extreme Weather Event1 at Capricorn Coper and unlock the potential of our assets ✓ Resumption of partial mining and milling operations from Greenstone and Mammoth mines in August 2023. Capricorn Copper ✓ Re-establishment and enhancement of water manage
Slide 7: 2023 Production and Sales Mix
2023 Production and Sales Mix Group copper and zinc production of 24.2kt and 51.5kt, respectively. Sales mix 59% copper. ▪ Golden Grove production weighted to H2 2023, driven by: - Completion of major debottlenecking projects to enable progressively higher ore mined from Xantho Extended, Golden Grov
Slide 8: Financial Results Summary
Financial Results Summary Revenue impacted by lower sales volumes (including impact of Extreme Weather Event1) and lower metal prices 12 months ended 31-Dec UNITS 2023 2022 VAR ▪ Revenue down 38%, impacted by: ― Lower sales volumes (including impact of Extreme Weather Event1); and Financial Results
Slide 9: Costs
Costs Cost control and productivity improvements a focus through 2023 12 months ended 31-Dec UNITS 2023 2022 VAR ▪ Site Operating Costs1 19% lower versus the prior period reflecting: Costs ― lower activity levels at Capricorn Copper and constrained mill throughput in the first half at Golden Grove t
Slide 10: EBITDA Bridge
EBITDA1 Bridge Impact of lower sales volumes and commodity prices partially offset by cost reduction and productivity focus at both operations and lower activity levels Lower sales volumes (including impact of Extreme Weather Event2) and lower commodity prices ▪ Golden Grove: ($59 million) ▪ Caprico
Slide 11: NPAT Bridge
NPAT Bridge Impact of lower sales volumes, commodity prices and non-cash asset impairments partially offset by cost reduction and productivity focus at both operations and lower activity levels Financial Impacts Capricorn Copper Revenue & Other Site Operating Stockpile Finance, Admin of the Extreme
Slide 12: Capital Expenditure
Capital Expenditure Lower capital expenditure and D&A, reflecting completion of Golden Grove debottlenecking projects and lower production Capital Expenditure D&A Bridge Lower capital spend year-on-year, driven by: Lower D&A expense year-on-year, driven by: ▪ Impacts of the Extreme Weather Event1, i
Slide 13: Cash Flow Bridge
Cash Flow Bridge Entitlement Offer1 proceeds used to support Capricorn Copper Recovery, Golden Grove capital projects and balance sheet repair following Extreme Weather Event Property, plant and equipment ($45 million) Net proceeds from issue of new shares1 $146 million Development activities ($36 m
Slide 14: Net Drawn Debt
Net Drawn Debt Net Drawn Debt of $55m at 31 December 2023 ▪ Continuing support from senior lenders on corporate debt facilities post Extreme Weather Event1 in H1 2023: – Debt service coverage covenant relief through to December 20242. No market capitalisation covenant. – Amortisation profile amended
Slide 15: Mineral Resources & Ore Reserves
Mineral Resources & Ore Reserves1 Targeted investment delivers significant conversion of Mineral Resources Golden Grove Ore Reserves estimates Increase in Ore Reserves tonnes to 35.7Mt (2022: 31.0Mt) after depletion from production Ore Reserves (Mt) Contained Cu (kt) +7% Contained Zn (kt) +5% +11%
Slide 16: Appendix
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Slide 17: NLAT to EBITDA Reconciliation
NLAT to EBITDA Reconciliation 12 months ended 31-Dec UNITS 2023 2022 EBITDA1 $'000 (21,186) 151,579 Depreciation and amortization $'000 (119,664) (189,399) Impairment expense relating to Capricorn Copper cash generating unit $'000 (170,000) - Asset impairment resulting from damage or loss $'000 (27,
Slide 18: 2024 Guidance
2024 Guidance1 2023 2024 Capricorn Copper Actual Guidance For the Mar-Qtr 2024, 29Metals anticipates Capricorn Copper physicals, costs and capital to be broadly Golden Grove consistent with the Dec-Qtr, but with improved milling performance and metal production following repair of the Production tai
Slide 19: Group Mineral Resources and Ore Reserves Estimates
Group Mineral Resources and Ore Reserves Estimates1 Mineral Resources Mineral Resources estimates at the Group level are the aggregation of Mineral Resources estimates for Golden Grove, Capricorn Copper and Redhill. Mineral Resources have been depleted for production to 31 December 2023 and are repo
Slide 20: Group Mineral Resources and Ore Reserves Estimates
Group Mineral Resources and Ore Reserves Estimates1 Ore Reserves Ore Reserves estimates at the Group level are the aggregation of Ore Reserves estimates for Golden Grove and Capricorn Copper. Ore Reserves have been depleted for production to 31 December 2023 and are reported as at that date 2023 202
Slide 21: Definitions of Non-IFRS Financial Information Metrics
Definitions of Non-IFRS Financial Information Metrics Metric Definition is all-in sustaining costs, and is calculated as C1 Costs plus royalties cost, corporate costs, sustaining capital and capitalised development costs, but excludes growth capital, exploration and AISC Recovery Expenses. AISC is c
Slide 22: Unlocking value to empower the future
Unlocking value to empower the future