• Raised ~$119m through Institutional Entitlement Offer
• Offer price of $0.40 per share, representing a 30.2% discount to TERP
• Existing shareholders (ex EMR Capital) subscribed for ~92% of entitlements
• Retail Entitlement Offer expected to raise ~$31m

29Metals Limited (ASX:29M) has announced the successful completion of the institutional component (Institutional Entitlement Offer) of its underwritten 1-for-3.66 accelerated non-renounceable entitlement offer of new fully paid ordinary shares (New Shares). The Institutional Entitlement Offer raised approximately $119m (subject to reconciliations) at an offer price of $0.40 per share, representing a 30.2% discount to the Theoretical Ex-Rights Price (TERP) of $0.57 and a 35.5% discount to the last closing price of $0.62 on 19 January 2026. The offer was well supported by eligible existing institutional shareholders, with existing shareholders (excluding EMR Capital) subscribing for approximately 92% of their entitlements. New Shares not taken up by both eligible and ineligible institutional shareholders have been fully allocated to eligible institutional investors. The Company stated that the equity raising is expected to allow it to maintain its commitments to strategic growth objectives and accelerate value realisation across the portfolio. The Retail Entitlement Offer is expected to raise approximately $31m and will open on 28 January 2026 and close on 11 February 2026.