ASX-listed 29Metals has highlighted progress at its assets in Australia for the June quarter.

CEO James Palmer says momentum is building at the Gossan Valley mine, with receipt of final project approvals and mobilisation of the surface civils contractor having occurred during the quarter.

“As Golden Grove’s next highest grade ore reserve behind Xantho Extended, Gossan Valley is expected to enhance cost and production outcomes at Golden Grove and provide production flexibility as an additional and relatively shallow mining front.

“Great work by the team to re-work the mine plan to maintain full year production guidance despite restricted access to Xantho Extended, which now weights high-grade Xantho Extended stopes and metal production to the second half of the year,” he highlights.

At Capricorn Copper, the team concluded a successful wet season that has considerably improved the compliance footing of the asset and further progressed it towards a future successful and sustainable restart of operations, Palmer avers.

Golden Grove produced 5 600 t of copper and 12 300 t of zinc, with costs at $2.09/lb copper.

All Gossan Valley project approvals have been received – surface civil construction works have started.

Growth capital guidance for the full-year has been revised down to $61-million to $82-million from the previous $76-million to $97-million, reflecting capital deferrals from 2025 to 2026 related to Gossan Valley.

Guidance has been otherwise maintained.

Gossan Valley’s capital expenditures for the full-year are expected to be $35-million to $50-million from the previous $50-million to $65-million, and timing of first ore remains on track for second half 2026.

As alluded to, at Capricorn Copper, the successful wet season concluded at the end of April – all opportunities used for treated water releases.

Water inventory reduced by 1.3 gigalitres since the decision to suspend operations.

Surface water inventory reduced to below maximum operating level.

There was a 22% reduction in suspension costs compared to the prior quarter.

The application to the regulator for the long-term tailings storage facility 3 is on track for the September quarter.

The group had unaudited available liquidity of $202-million at quarter-end.

It also resolved the Capricorn Copper insurance claim, with a final payment of $54-million received.

Ashish Gupta was appointed as nonexecutive director, further strengthening the depth of experience on the board, the group points out.