29Metals - Public Comps and Valuation Multiples

29Metals Overview

About 29Metals

29Metals Ltd is a copper-focused base and precious metals mining company. It has two long-life, producing assets: Golden Grove in Western Australia (copper, zinc, gold, and silver) and Capricorn Copper in Queensland (copper and silver). The group has three reportable segments which are Golden Grove, Capricorn Copper, and Exploration (which includes Redhill and regional exploration activities at Golden Grove and Capricorn Copper), and the majority of its revenue is generated from golden grove.

Founded

2021

HQ

Employees

n/a

Website

29metals.com

Sectors

Metals & Mining

Financials

LTM Revenue $376M

LTM EBITDA $92.3M

EV

$453M

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29Metals Financials

As of August 2025, 29Metals reported last 12-month revenue of $376M and EBITDA of $92.3M.

In the same period, 29Metals generated $94.5M in LTM gross profit and -$13.7M in net income.

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29Metals P&L

In the most recent fiscal year, 29Metals reported revenue of $366M and EBITDA of -$12.5M.

29Metals expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$376M	XXX	$366M	XXX	XXX	XXX
Gross Profit	$94.5M	XXX	$66.8M	XXX	XXX	XXX
Gross Margin	25%	XXX	18%	XXX	XXX	XXX
EBITDA	$92.3M	XXX	-$12.5M	XXX	XXX	XXX
EBITDA Margin	25%	XXX	-3%	XXX	XXX	XXX
EBIT	$16.3M	XXX	-$56.1M	XXX	XXX	XXX
EBIT Margin	4%	XXX	-15%	XXX	XXX	XXX
Net Profit	-$13.7M	XXX	-$116M	XXX	XXX	XXX
Net Margin	-4%	XXX	-32%	XXX	XXX	XXX
Net Debt	XXX	XXX	$6.4M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for 29Metals including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $376M. EBITDA for the last twelve months was $92.3M. In the most recent fiscal year, 29Metals achieved $366M in revenue and -$12.5M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$376M	Analyst estimates available to subscribers	$366M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$94.5M	Analyst estimates available to subscribers	$66.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	25.1% gross margin	Analyst estimates available to subscribers	18.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$92.3M	Analyst estimates available to subscribers	-$12.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	24.5% EBITDA margin	Analyst estimates available to subscribers	-3.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$16.3M	Analyst estimates available to subscribers	-$56.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.3% EBIT margin	Analyst estimates available to subscribers	-15.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$13.7M	Analyst estimates available to subscribers	-$116M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-3.6% net profit margin	Analyst estimates available to subscribers	-31.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$6.4M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for 29Metals

This financial data table provides comprehensive performance metrics for 29Metals, a company based in Australia. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

29Metals generated $376M in revenue over the last twelve months.
The company achieved $92.3M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $94.5M.
Net income over the last twelve months reached -$13.7M.

Fiscal Year Performance

In the most recent fiscal year, 29Metals reported $366M in total revenue.
Fiscal year EBITDA was -$12.5M.
The company maintained a gross profit margin of 18.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3.4%.
Net profit margin reached -31.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for 29Metals. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

29Metals Stock Performance

29Metals has current market cap of AUD 645M (or $422M), and EV of AUD 691M (or $453M).

Market Cap Evolution

29Metals Stock Data

As of September 19, 2025, 29Metals's stock price is AUD 0 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$453M	$422M	XXX	XXX	XXX	XXX	$-0.03

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29Metals Valuation Multiples

29Metals's trades at 1.2x EV/Revenue multiple, and -36.2x EV/EBITDA.

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29Metals Financial Valuation Multiples

As of September 19, 2025, 29Metals has market cap of $422M and EV of $453M.

Equity research analysts estimate 29Metals's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

29Metals has a P/E ratio of -30.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$422M	XXX	$422M	XXX	XXX	XXX
EV (current)	$453M	XXX	$453M	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.2x	XXX	XXX	XXX
EV/EBITDA	4.9x	XXX	-36.2x	XXX	XXX	XXX
EV/EBIT	27.9x	XXX	-8.1x	XXX	XXX	XXX
EV/Gross Profit	4.8x	XXX	n/a	XXX	XXX	XXX
P/E	-30.9x	XXX	-3.6x	XXX	XXX	XXX
EV/FCF	-11.8x	XXX	-12.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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29Metals Margins & Growth Rates

29Metals's last 12 month revenue growth is 8%

29Metals's revenue per employee in the last FY averaged n/a, while opex per employee averaged n/a for the same period.

29Metals's rule of 40 is -43% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

29Metals's rule of X is 46% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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29Metals Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	7%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	-3%	XXX	XXX	XXX
EBITDA Growth	19%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-43%	XXX	5%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	46%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	n/a	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	34%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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