Australia's 29Metals falls; brokerages flag concerns over WA project

29Metals

18/07/2025 06:14

Updates

** 29Metals 29M.AX falls as much as 6.1% to A$0.310

** Jarden cuts PT to A$0.3 from A$0.32, downgrades to "underweight" from "overweight"; ** Jefferies maintains "hold"

** Jarden sees co missing CY25 production guidance; expresses concern over frequency of material production interruptions at Golden Grover (GG) in Western Australia

** Jarden lowers FY production forecasts to ~14%-24% below co's forecast range for Cu (19kt vs 22-25kt) and to ~8%-21% for Zn (55kt vs 60-70kt)

** Cuts EBITDA outlook by ~35%, ~11%, ~7% for CY25, CY26 and CY27, respectively

** Jefferies expects seismicity issues at GG to continue into Q3 FY25

** Copper miner posts drop in quarterly copper, zinc production from GG

** YTD, 29M gains ~30%

 (Reporting by Anjali Singh in Bengaluru)

 ((anjali.singh2@thomsonreuters.com;))