29Metals Puts Golden Grove on a Tight Schedule as Capricorn Water Relief Buoys Sentiment

Australian copper producer 29Metals nears full production at Golden Grove with ground support upgrades, while Capricorn Copper water removal advances. Stock up 10% in a week, still below 50-day moving average.

The Australian copper producer 29Metals is making headway on two fronts, with shares climbing nearly 8% on the latest session to 0.28 AUD. The stock has now advanced 10% in the past week, bouncing off a deep trough that had seen it trade roughly 50% below its 52-week peak of 0.55 AUD.

At Golden Grove, the company is racing to complete ground-support upgrades before the mine can safely return to full production. The work focuses on improving ground reinforcement to mitigate seismic activity, a known risk at the Western Australia site. Management is also developing alternative access routes to ore bodies to avoid high-stress zones. These initiatives are slated for completion by the end of the December quarter. Meanwhile, drilling at Tryall, Hougoumont and Europa has confirmed the potential to extend the mine's life, giving the operator more flexibility in its medium-term planning.

The picture at Capricorn Copper is equally pivotal. 29Metals has made progress in lowering surface water levels—a critical hurdle that had kept the mine shuttered. With the water no longer blocking a restart, the definitive feasibility study for Capricorn’s re-commissioning remains on track for a conclusion by the end of 2026. First ore from the adjacent Gossan Valley project is also expected in the same timeframe. But a key dependency remains: a new Tailings Storage Facility (TSF3) requires regulatory approval, and the company is simultaneously reviewing strategic options to secure the necessary investment.

Golden Grove itself delivered a mixed performance in the March quarter, producing 6.4 kilotonnes of copper—broadly in line with the annual guidance of 20,000 to 24,000 tonnes. However, the company trimmed its outlook for zinc, gold and silver, and a revised mine plan is now being implemented to safeguard long-term output. Underground stabilisation work at the Xantho Extended zone has wrapped up, with additional measures set to continue into the fourth quarter of 2026.

The stock currently sits about 28% above its June 2025 low, yet remains well below the 50-day moving average at 0.28 AUD—a level it has only just touched. That technical barrier now serves as a near-term test. For investors, the re-rating hinges on two levers: a successful restart at Capricorn Copper and steady operational performance at Golden Grove. Until both are in clear sight, the share price remains hostage to permitting timelines and the volatile copper market.

29Metals is expected to release its second-quarter operational update in July or August, which should offer more clarity on whether the Golden Grove stabilisation is on schedule and whether water removal at Capricorn is accelerating as planned.