Citi, Jefferies maintain ratings on 29Metals after it posts drop in quarterly production

29Metals

17/07/2025 20:35

** Analysts at Citi maintain "sell" rating on Australia's 29Metals 29M.AX, while brokerage Jefferies reiterates "hold"

** Copper miner on Thursday posted a drop in its copper and zinc production for the June quarter from its Golden Grove project in Western Australia

** Citi says 29M's June quarter result maintained guidance; but does not expect co's copper deck to generate free cash flow

** Jefferies see uncertainty around the restart timing and capital expenditure of co's Queensland-based Capricorn Copper mine

** Adds funding for Gossan Hill, a key ore body at Golden Grove, and debt servicing obfuscating the medium-term outlook for co

** Both brokerages keep their price targets unchanged

** Two of eight analysts rate the stock "buy", three "hold", and three "sell" or lower; their median price target is A$0.30, as per data compiled by LSEG

** Stock is up 34.7% YTD, as of last close

 (Reporting by Anjali Singh in Bengaluru)

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