29Metals Limited (29M) Fair Value & Analysis
Basic Materials · AU · Market cap A$429M
Fair value as of: Aug 13, 2026
From 11 valuation models · updated yesterday
Share price +31.9% over the past month.
Below-average quality, and screening another 51% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (A$0.2040). The favourable scenario is already priced in.
- Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range A$0.1050 – A$3.14 · fair‑value band A$0.1530 – A$0.2040 · the A$0.3100 price screens above the A$0.1530 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
29Metals Limited (29M) currently trades at A$0.3100, while our model-based Fair Value estimate is A$0.1530, implying the stock looks roughly 50.7% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, 29Metals Limited generated revenue of A$567M at a net margin of 4.3%. Revenue declined 4.0% year over year. It earns a return on equity of 5.6%. Net debt stands at A$175M. Fundamentals as of Aug 13, 2026
Our scenario range runs from A$0.1530 (bear case) to A$0.2040 (bull case); at A$0.3100, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 54% below its 52-week high and 51% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -45% fair-value upside, at -51%, 29M screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 11 models by family
Widest divergence: Multiples (A$0.2300) versus Dividend Discount (A$0.0300). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 38 · Market factors (momentum, volatility) 29
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
29Metals Limited operates as a copper-focused base and precious metals mining company in Australia and Chile. The company explores copper, gold, silver, zinc, and lead deposits. It is also involved in base and precious metals mining, mineral production, and associated activities; exploration for mineral resources; and Cervantes, and Gossan Valley projects.
Full company description
29Metals Limited operates as a copper-focused base and precious metals mining company in Australia and Chile. The company explores copper, gold, silver, zinc, and lead deposits. It is also involved in base and precious metals mining, mineral production, and associated activities; exploration for mineral resources; and Cervantes, and Gossan Valley projects. Its primary assets include the Golden Grove property covering an area of approximately 129 square kilometers located in Western Australia; the Capricorn Copper property covering an area of approximately 1,900 square kilometers situated in Queensland; and Redhill property covering an area of approximately 227 square kilometers. 29Metals Limited was incorporated in 2021 and is headquartered in Melbourne, Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
29Metals Limited reported revenue of A$566M in FY2025 versus A$601M in FY2021, a compound −1.5%/yr. Reported net income was A$24.2M in FY2025, compounding −33.1%/yr from FY2021.
29M screens 51% overvalued. Compare with Fresnillo plc →
Peer Group
Other Precious Metals & Mining · 101 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Other Precious Metals & Mining median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Other Precious Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fresnillo plc FRES | 579.75 MXN | 544.18 MXN | -6% |
| Hecla Mining Company HL | $17.76 | $8.15 | -54% |
| Compañía de Minas Buenaventura S.A. BVN | $34.60 | $29.53 | -15% |
| Sibanye Stillwater Limited SBSW | $10.71 | $19.44 | +82% |
| China Gold International Resources Corp CGG | C$35.90 | C$18.48 | -49% |
| Artemis Gold Inc ARTG | C$39.91 | C$21.85 | -45% |
| Triple Flag Precious Metals Corp TFPM | $32.25 | $16.03 | -50% |
| Zhaojin International Gold Co 000506 | ¥19.06 | ¥2.84 | -85% |
| Sino-Platinum Metals Co 600459 | ¥21.71 | ¥13.23 | -39% |
| Perpetua Resources Corp PPTA | C$35.18 | C$5.85 | -83% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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