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29 Metals September 2021 Quarterly Report 29Metals Limited ( ' 29Metals ' or , the ' Company ' ) today reported results for the September 2021 quarter . Highlights ■ ■ ■ Consistent Group Cu - eq¹ production and C1 Costs and AISC in the Sep - Qtr , with Capricorn Copper Cu - eq production increasing 19 % and Golden Grove decreasing approximately 10 % on the prior quarter . Golden Grove's performance was impacted by rescheduling of some zinc stopes into 2022 , combined with unseasonal wet weather reducing mill throughput rates , labour availability challenges and cost pressures exacerbated by continuing border closures . Capricorn Copper had a strong production quarter with the mine and mill operating at an annualised rate of 2Mtpa once tailings - related throughput constraints were removed . The mine also achieved an annualised copper production rate of more that 27kt despite only the September month operating at full mill capacity . Capricorn Copper's Esperanza tailings storage facility ( ' Esperanza TSF ' ) lift was approved . Work is well progressed , supporting the decision to restore the mill to full processing rates from 1 September . Exceptional in - mine exploration results from Cervantes announced during the quarter , showing the potential to deliver additional high - grade , higher margin material to the Golden Grove mine plan . As announced today , fully termed facility documentation has been finalised and signed to refinance 29Metals existing project facilities with corporate facilities , achieving extended tenor , lower financing cost and no requirement for additional commodity hedging . ■ Update on progress against guidance provided ( refer page 3 ) . Summary Unit Jun - Qtr 2021 TRIFR 2 / mmhrs 9.8 Sep - Qtr 2021 11.8 2021 YTD 2021 Full Year Forecast¹ 11.8 Copper produced Tonnes 10,330 10,134 27,669 36,775 Gold produced Ounces 12,927 9,035 27,055 40,894 Zinc produced Tonnes 12,392 15,518 35,630 54,453 Silver produced Ounces 586,203 411,472 1,234,702 1,914,164 Cu - eq production 3 Tonnes 18,236 18,086 47,887 67,353 C1 Costs 45 US $ / lb Cu sold $ 1.87 $ 1.82 $ 2.35 AISC 457 US $ / lb Cu sold $ 3.10 $ 3.02 $ 3.60 Average copper price 6 US $ / lb Cu sold $ 4.36 $ 4.23 $ 4.18 $ 4.28 1. 2021 Full Year Forecast information as set out in the 29Metals Prospectus dated 21 June 2021 ( the ' Prospectus ' ) . 2. TRIFR is shown as the 12 - month moving average for the periods ending Jun - Qtr 2021 and Sep - Qtr 2021 . 3. Cu - eq production for the Mar - Qtr 2021 , the Jun - Qtr 2021 , the Sep - Qtr , and 2021 YTD is based on average LME metal prices for the relevant period ( source : FactSet ) and recovered metal for the period . Full year forecast Cu - eq production is as set out in the Prospectus and applies Cu US $ 9,442 / t , Au US $ 1,776 / oz , Zn US $ 2,878 / t , Ag US $ 26 / oz , Pb $ 2,063 / t ; and the recovery assumptions set out in section 5.9.2 of the Prospectus . 4. Refer to Appendix 2 for the build of C1 Costs and AISC . C1 Costs and AISC have been converted to US $ at the average rate for the relevant period ( Mar - Qtr 2021 : 0.773 , Jun - Qtr 2021 0.770 , Sept - Qtr 0.735 , 2021 YTD 0.759 . Source : FactSet ) . 5. For C1 Costs and AISC , corporate costs for the Jun - Qtr 2021 are pro - forma estimates and corporate costs for the Sep - Qtr 2021 are actual head office costs for the quarter . 6. Average copper price excludes final invoice , unrealised quotational pricing adjustments ( ' QP ' ) and hedging . 7. 2021 YTD AISC shown includes a net reallocation reflected in the Sep - Qtr of $ 1.0m from Sustaining to Growth Capital in H1 . 1 In this report , Cu - eq is contained metal copper equivalent . 1