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29Metals Ltd ASX:29M

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Jan 2024 to today

Commentary Showing 2 of 4

DateManagerActionSummary

31 Aug 2026Ellerston CapitalHeldEllerston Capital continues to hold 29Metals Ltd (ASX: 29M), which rose 46% for the month. Ellerston notes the copper miner has been a serial disappointer since listing in 2021, with repeated production misses at Golden Grove and flooding that shut down the Capricorn Copper mine. However, the rising copper price increased the value of the mothballed Capricorn asset, and with the fall in the share price, the market was attributing little value to it compared with far higher valuations for exploration stocks.

Copper Mining TurnaroundMonthly Report, price recorded $0.38

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31 Dec 2025Oracle Advisory GroupHeldOracle Advisory Group continues to hold 29Metals Ltd because the company's Golden Grove copper mine in Western Australia has been in operation since 1989 and is investing in the adjacent Gossan Valley project to increase production, while the Capricorn Copper mine in Queensland — suspended since March 2024 following a severe weather event — is approaching the completion of dewatering, with a restart expected to substantially increase production.

Copper MiningQuarterly Report, price recorded $0.53

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on 29M.

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About 29Metals Ltd

Materials, Metals and Mining

29Metals (ASX:29M) is a copper and zinc miner that Oracle Advisory Group holds for its exposure to growing base metals production. In December 2025, Oracle noted 29Metals operates the Golden Grove copper mine in Western Australia, which has been producing since 1989, and is investing in the adjacent Gossan Valley project to extend and grow production. 29Metals operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, including Oracle Advisory Group. Founded in 2021 and headquartered in Melbourne, 29Metals explores for and produces base and precious metals, operating Golden Grove in Western Australia's Murchison region, which produces copper and zinc concentrates with gold and silver credits, and holds the Capricorn Copper mine in Queensland, which has been placed on care and maintenance following flooding and operational challenges, as well as exploration projects in Chile.

Market cap: $526m
Price to earnings: Loss-making
Return on equity: -9.1%
Dividend yield: 0.0%
Price to book: 1.16x
Net margin: -7.7%
52-week range: $0.22 to $0.66

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in 29Metals Ltd (ASX:29M)?

Fund managers including Ausbil Investment Management, Oracle Advisory Group and Ellerston Capital have invested in 29Metals Ltd (ASX:29M).

What opportunities or catalysts do fund managers highlight for 29Metals Ltd?

Oracle highlights Golden Grove's long operating history and growth from the Gossan Valley project, providing leverage to copper prices.

What are the key risks to the 29Metals Ltd investment thesis, according to fund managers?

The available commentary does not set out specific risks, though 29Metals has faced operational challenges, including at Capricorn Copper, and its earnings depend on copper and zinc prices.

What does 29Metals Ltd (ASX:29M) do?

29Metals Ltd is an Australian-based mining company founded in 2021, headquartered in Melbourne. The company focuses on the exploration, development, and production of base and precious metals. Operations are structured into three segments: Golden Grove (Western Australia), Capricorn Copper (Queensland), and global Exploration. The Golden Grove and Capricorn Copper segments include integrated mining and mineral production activities. The Exploration segment manages mineral resource development at Redhill in Chile, alongside regional exploration programs near the core Golden Grove and Capricorn Copper assets.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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