• Xantho Extended seismic events impact 2025 and 2026 metal production
• Proceeds to fund working capital, Gossan Valley, Capricorn Copper restart, and exploration
• Offer price at 30.2% discount to TERP, major shareholders committed to take up entitlements

29Metals Limited (ASX:29M) is launching a fully underwritten $150 million equity raising to support the execution of its growth initiatives. The equity raising will be conducted through an accelerated 1 for 3.66 non-renounceable entitlement offer, with the offer price set at $0.40 per share, representing a 30.2% discount to the Theoretical Ex-Rights Price (TERP) of $0.57. The proceeds will be used for working capital to address the impact of seismic events at the Xantho Extended operation in 2025, which affected metal production in 2025 and 2026, as well as to fund ongoing investment in the Gossan Valley project, progression of the Capricorn Copper restart, and drilling of exploration targets across the portfolio. The company's substantial shareholders, BUMA and AustralianSuper, have committed to take up their entitlements, subscribing for $29.2 million and $26.8 million, respectively. The equity raising is fully underwritten by Macquarie Capital (Australia) Limited, which will also act as joint lead manager and bookrunner along with Morgans Corporate Limited.

The equity raising proceeds are expected to enable ongoing investment in the company's strategic growth objectives, which would otherwise require curtailment or deferral while production from Xantho Extended is being reestablished following the impact of seismic events during 2025.