Herbert Smith Freehills Kramer Advises 29Metals On A$150 Million Capital Raise

Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised 29Metals Limited (ASX:29M) (29Metals) on the successful launch of a A$150 million capital raise, conducted by way of a fully underwritten, accelerated pro rata non-renounceable entitlement offer.

29Metals is a copper-focussed mining company that has operations in Queensland and Western Australia. The proceeds from the raise will allow 29Metals to continue to invest in its Gossan Valley site in Western Australia, to recommence production from Xantho Extended, which was impacted by seismic events in late 2025, to progress towards a restart of operations at its Capricorn Copper site in Queensland, and to accelerate drilling to test priority exploration targets across its portfolio.

The HSF Kramer team was led by senior partner and chair Rebecca Maslen-Stannage and included senior associate Samuel Moran and solicitors Alice Barber and Anna Forrest.

Rebecca Maslen-Stannage said, "It was a pleasure to advise 29Metals on this important transaction to help the company achieve its strategic goals. It was great to have a chance to work with the 29Metals team again. They are dedicated, practical and passionate about the company and we are proud that we could help them on this strategically important transaction."

This deal is the latest example of HSF Kramer's market-leading work in equity capital markets. Other recent examples include the firm advising:

• Light & Wonder on the Australian law aspects of its transition to sole standard ASX listing
• GemLife on its $750 million IPO
• J.P. Morgan and UBS as Joint Lead Managers to Xero Limited's placement and share purchase plan to raise up to ~A$2.05 billion
• Elevra Lithium limited on its $69 million placement to Resource Capital Fund VIII L.P. as part of its merger with Piedmont Lithium
• Bank of America, Barrenjoey and Canaccord as joint lead managers on the redomiciliation and IPO of Greatland Resources Limited for a market capitalisation of A$4.9 billion, comprising a A$50 million primary raise and A$440 million selldown by existing shareholders.
• MA Financial Group on the A$330 million IPO and ASX listing of the MA Credit Income Trust
• MA Credit Income Trust on its A$190.5 million entitlement offer, and its A$50 million placement