Earnings release
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ASX Announcement: 17 July 2025 1 ` ASX:29M June 2025 Quarterly Report 29Metals Limited (‘ 29Metals’ or, the ‘ Company’ or, the ‘ Group’) today reported results for the June 2025 quarter (‘Jun-Qtr’). Currency amounts in this report are in Australian dollars unless otherwise stated. Key Points: Safety and Sustainability ▪ Group total recordable injury frequency (‘TRIF’)1 6.3 (Mar-Qtr: 8.3). ▪ Group lost time injury frequency (‘LTIF’)1 1.3 (Mar-Qtr: 2.1). ▪ Electric loader trial commenced at Golden Grove. Golden Grove ▪ Copper production of 5.6kt (Mar-Qtr: 4.1kt). ▪ Zinc production of 12.3kt (Mar-Qtr: 17.0kt). ▪ C1 Costs2 of US$2.09/lb copper sold (Mar-Qtr: US$0.76/lb copper sold). ▪ All Gossan Valley project approvals received – surface civil construction works commenced. ▪ Growth capital guidance for 2025 revised down to $ 61 – 82 million (previous: $76 – 97 million ), r eflecting capital deferrals from 2025 to 2026 related to Gossan Valley. ▪ Gossan Valley 2025 capital expenditures expected to be $ 35 – 50 million (previous: $50 – 65 million), timing of first ore remains on track for H2-2026. Capricorn Copper ▪ Successful wet season concluded end of April - all opportunities utilised for treated water releases. ▪ Water inventory reduced by 1.3 gigalitres since decision to suspend operations. 3 ▪ Surface water inventory reduced to below Maximum Operating Level.4 ▪ 22% reduction in suspension costs versus the prior quarter (Jun-Qtr: $9 million vs Mar-Qtr: $12 million). ▪ Application to the Regulator for long term Tailings Storage Facility (‘ TSF’) 3 on track for Sep-Qtr-2025. Corporate/Other ▪ Unaudited available group liquidity at 30 June 2025 of $202 million5 (31 March 2025: $182 million). ▪ Resolution of Capricorn Copper insurance claim, final payment of $54 million received 6. ▪ Mr Ashish Gupta appointed as Non -executive Director, further strengthening the depth of experience on the Board.7 ▪ 2025 growth capital revised down to $61 – 82 million (previous: $76 – 97 million ). Guidance otherwise maintained. Commenting on the Jun-Qtr, Chief Executive Officer, James Palmer, said: “Momentum is building at Gossan Valley, with receipt of final project approvals and mobilisation of the surface civils contractor during the quarter. As Golden Grove’s next highest grade Ore Reserve behind Xantho Extended, Gossan Valley is expected to enhance cost and production outcomes at Golden Grove and provide production flexibility as an additional and relatively shallow mining front. Great work by the team to re-work the mine plan to maintain full year production guidance despite restricted access to Xantho Extended, which now weights high-grade Xantho Extended stopes and metal production to the second half of the year. At Capricorn Copper, the team concluded a successful wet season that has substantially improved the compliance footing of the asset and further progressed it towards a future successful and sustainable restart of operations.”
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June 2025 | Quarterly Report 2 Golden Grove Table 1: Golden Grove summary Unit Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 CY2025 Guidance8 TRIF1 10.3 11.6 11.1 8.8 6.2 N/a LTIF1 1.6 2.1 1.5 1.5 1.0 N/a Copper produced kt 6.4 4.4 5.3 4.1 5.6 22 - 25 Zinc produced kt 15.3 19.1 17.6 17.0 12.3 60 - 70 Gold produced koz 6.4 6.1 6.1 5.0 5.1 20 - 25 Silver produced koz 265 188 241 227 223 750 - 1,000 Payable copper sold Mlbs 6.7 13.6 11.9 8.9 12.3 N/a Site Costs9 $m 91 94 96 96 91 370 - 400 C1 Costs2 $m 12 51 33 11 40 N/a C1 Costs US$/lb Cu sold 1.14 2.52 1.82 0.76 2.09 N/a Total capital $m 15 24 34 18 24 121 - 158 AISC10 $m 29 69 60 29 63 N/a AISC US$/lb Cu sold 2.83 3.42 3.32 2.07 3.29 N/a Total ore mined was 334kt (Mar-Qtr: 402kt) and Xantho Extended development metres was 390 metres (Mar -Qtr: 612 metres) for the quarter. The impact from the localised seismic event in the lower levels of Xantho Extended, as reported at the Mar -Qtr, was rehabilitated during the quarter, with a subsequent event requiring moderate rehabilitation post quarter end. Alternate ore sources have been accessed whilst re habilitation works are completed, which will weight high -grade Xantho Extended stopes, and hence metal production outcomes, to the second half of the year with no change to 2025 production guidance. Figure 1: Ore mined contribution by source (%) Total ore milled was 385kt (Mar-Qtr: 343kt), with copper ore milled of 209kt (Mar-Qtr: 153kt) and zinc ore milled of 176kt (Mar-Qtr: 189kt). Copper production for the quarter was 5.6kt (Mar-Qtr: 4.1kt). Higher quarter-on-quarter copper production was due to higher total ore tonnes milled and copper grade milled (Jun-Qtr: 1.7% vs Mar-Qtr: 1.4%), with higher grades contributing to marginally higher copper recovery (Jun-Qtr: 84.5% vs Mar-Qtr: 84.4%). Zinc production for the quarter was 12.3kt (Mar-Qtr: 17.0kt). Lower quarter-on-quarter zinc production was primarily due to lower zinc grade milled (Jun-Qtr: 4.0% vs Mar-Qtr: 5.6%), with lower grades contributing to lower zinc recovery (Jun-Qtr: 79.5% vs Mar-Qtr: 88.4%). 50% 45% 48% 33% 42% 18% 30% 30% 41% 32% 32% 25% 22% 26% 26% 0% 50% 100% Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Xantho Extended Other Gossan Hill Scuddles
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June 2025 | Quarterly Report 3 Figure 2: Golden Grove: Copper and zinc production (kt) C1 unit cost was US$2.09/lb copper sold (Mar-Qtr: US$0.76/lb copper sold) and AISC was US$ 3.29/lb copper sold (Mar-Qtr: US$ 2.07/lb copper sold). Higher C1 costs were driven by lower quarter -on-quarter by -product credits (Jun-Qtr: $58 million vs Mar-Qtr: $83 million) and lower quarter-on-quarter stockpile movement credit (Jun-Qtr: $9 million vs Mar-Qtr: $23 million). Figure 3: Golden Grove C1 Costs and AISC (US$/lb Cu sold) 6.4 4.4 5.3 4.1 5.6 Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Copper (kt) 15.3 19.1 17.6 17.0 12.3 Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Zinc (kt) 1.1 2.5 1.8 0.8 2.1 2.8 3.4 3.3 2.1 3.3 Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 C1 Costs AISC
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June 2025 | Quarterly Report 4 Golden Grove 2025 growth capital has been revised down to $61 – 82 million (previous: $76 – 97 million), reflecting deferral of capital from 2025 to 2026 in relation to Gossan Valley . Gossan Valley 2025 capital expenditures are expected to be $35 – 50 million (previous: $50 – 65 million). Timing of first ore remains on track for H2-2026. Gossan Valley project milestones and works during the quarter included: receipt of al l outstanding approvals , including the mining proposal ; award and mobilisation of the surface civil construction contractor ; and ongoing grade control drilling (6,288 metres drilled during the quarter) to inform the initial 6 months of the mine plan. When in production, Gossan Valley is expected to enhance the Golden Grove life-of-mine plan by providing: ▪ production flexibility as an additional mining front; ▪ replacement, higher grade, ore source for declining Scuddles ore production; ▪ mining simplicity as a relatively shallow mining front; and, ▪ potential to extend Gossan Valley Mineral Resources, which remain open at depth. In line with ongoing production efficiency and cost reduction focus, a battery electric loader trial commenced during the quarter to test potential to enable increased truck haulage production within Golden Grove’s underground ventilation constraints and to deliver potential health benefits by reducing heat and diesel particulate emissions underground. Exploration programs are being re -established at Golden Grove during 2025 after a two -year period of minimal activity to conserve group liquidity . Drilling during the Jun-Qtr included Resource Extension drilling of 3,611 metres at Oizon, 2,597 metres at Europa, 1,088 metres at Cervantes and Resource Conversion drilling of 914 metres at Tryall. Figure 5: Battery electric loader (left), underground charging bay (middle), surface charging bay (Right) Figure 4: Gossan Valley surface civils construction commenced during the quarter
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June 2025 | Quarterly Report 5 Capricorn Copper Capricorn Copper TRIF1 and LTIF1 of 9.5 (Mar-Qtr: 7.2) and 4.7 (Mar-Qtr: 7.2) for the quarter, respectively. Reduction of site water inventory and regulatory approvals for a long -term TSF continue to be the imperatives to enable a future restart of operations at Capricorn Copper. Regarding water inventory reductions, a successful 2024/2025 wet season concluded at the end of April, with all opportunities utilised for treated water releases to Gunpowder Creek when flow events occurred. With the benefit of a successful 2024/2025 wet season, t he compliance footing of the asset has been significantly improved, with surface water levels now below the Maximum Operating Level 4 and total water inventory reductions of 1.3 gigalitres achieved since the decision to suspen d operations in March 2024 3. One more successful wet season is expected to be required, along with derisking of regulatory approvals for a long -term TSF, prior to progression of a restart. Figure 6: Site water inventory reductions The company continues to progress a constructive dialogue with the Department of Environment, Tourism, Science and Innovation (‘ DETSI’) in relation to a long -term TSF solution for Capricorn Copper, with submission of an application for TSF 3 on track for Sep-Qtr-2025. Cost reductions were implemented as planned upon completion of the 2024/2025 wet season , with total suspension operating and capital costs reduced by 22% versus the prior quarter ( Jun-Qtr: $9.1 million vs Mar-Qtr: $11.7 million). Figure 7: Total suspension operating and capital expenditures ($ million) 3.4 2.1 0.5 0.5 End Mar-Qtr 2024 End Jun-Qtr 2024 End Sep-Qtr 2024 End Dec-Qtr 2024 End Mar-Qtr 2025 End Jun-Qtr 2025 Water inventory (Gigalitres) Surface Water Esperanza South (underground workings) Maximum Operating Level4 1.3 Gigalitre Reduction Decision to suspend operations 26-Mar-20243 32 19 15 12 9 Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Actuals Mid-point 2025 Guidance Run Rate Ramp-down of investment in environmental compliance and water management capital projects Activity ramp-down post 2024/2025 wet season and ongoing cost reductions 8
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June 2025 | Quarterly Report 6 As previously reported, DETSI issued an Environmental Enforcement Order (‘ EEO’) that, amongst other things, removed limits (that exist under the current EA) on the maximum volume of controlled treated water releases allowable over a seventy-two hour, and twelve-month period, effective for the duration of the 2024/2025 wet season (1 November 2024 to 30 April 2025 )11. The EEO was critical to the successful treated water releases and overall negative water balance achieved during the 2024/2025 wet season. Following ongoing discussions, DETSI issued a separate EEO during the quarter that, amongst other things, extends features of the previous EEO through the 2025 dry season (to end October 2025) to enable treated water releases with the same criteria as the 2024/2025 wet season, should unseasonal rain and Gunpowder Creek flows occur. With production currently suspended at Capricorn Copper 3, there were no mining production or development activities during the quarter. There was also no exploration drilling activity during the quarter. Redhill The Group exploration budget for 202 5 is being prioritised towards Golden Grove. As a result, activity and expenditure at Redhill has been minimised to compliance -related activities only. Finance and Corporate Gross revenue inclusive of final invoice and realised Quotational Period (‘QP’) adjustments, but excluding hedging gains/losses, transport, TCRC and unrealised QP adjustments was $143.0 million (Mar-Qtr: $142.1 million). Golden Grove gross revenue was approximate to the prior quarter, with higher copper revenue (Jun-Qtr: $82 million vs Mar-Qtr: $61 million) offset by lower zinc revenue (Jun-Qtr: $31 million vs $51 million). Toll treatment of Capricorn Copper ore stockpiles at Glencore’s Mt. Isa concentrator concluded during the quarter, with $2.7 million of revenue net of toll treatment charges. Table 2: Group revenue summary Unit Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Total gross revenue $m 126.7 176.6 184.3 142.1 143.0 Golden Grove $m 115.3 174.9 184.5 142.1 140.3 - Copper $m 52.2 80.9 75.0 60.6 82.2 - Zinc $m 37.3 68.5 78.0 51.2 30.7 - Gold $m 11.1 18.6 24.8 23.8 18.7 - Silver $m 9.4 6.9 6.9 6.6 8.7 - Lead $m 5.3 - (0.2) - - Capricorn Copper $m 11.4 1.6 (0.2) - 2.7 - Copper $m 11.5 1.6 (0.2) - 2.7 - Silver $m (0.1) - - - - Unaudited drawn debt at 3 0 June 2025 was US$135 million (31 March 2025: US$140 million)12. Group unaudited net drawn debt13 at 30 June 2025 was $19 million (31 March 2025: $57 million). 29Metals’ unaudited cash and cash equivalents at 3 0 June 2025 was $187 million14 (31 March 2025: $166 million) and unaudited Group liquidity at 30 Jun 2025 was $202 million5 (31 March 2025: $182 million). As previously reported, insurers and 29Metals reached an agreement to a full and final settlement of the insurance claim6 relating to loss and damage suffered as a result of the Extreme Weather Event15 at Capricorn Copper in March 2023 for gross proceeds of $115 million , resulting in a final payment to 29Metals of $54 million during the quarter. The final payment was in addition to $61 million in unallocated progress payments previously received and announced16. The full and final settlement includes both the surface and underground components of the claim.
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June 2025 | Quarterly Report 7 Figure 8: Group cash and cash equivalents, and Group liquidity ($ million) Mr Ashish Gupta was appointed as Non -executive Director during the quarter, further strengthening the depth of experience on the Board. 7 Mr Gupta joins the Board as a Nominee Director of BUMA 17 following the Company’s equity raising in December 2024, through which BUMA increased their holding in 29Metals to 19.9% 18. Mr Gupta brings to the Board extensive financial and commercial experience On 27 March 2025, the Supreme Court of Victoria (‘the Court’) issued orders with respect to legal proceedings between the agent for certain previous holders of shares in Lighthouse Minerals Pty Ltd (' Lighthouse Sellers') and EMR Capital Investment (No. 6B) Pte Ltd (' EMR6B')19 (the 'Proceedings'). Background regarding the Proceedings is outlined in 29Metals’ 2021 Replacement Prospectus 20. The Court’s issued orders comprised judgment debt and legal costs totalling approximately A$16.8 million issued against EMR6B in favour of the Lighthouse Sellers. EMR6B has sought leave to appeal the decision of the Court, with its application to be heard by the Victorian Court of Appeal in early August 2025. Accordingly, the outcome of the Proceedings, including any judgment debt payable by EMR6B, remain subject to the outcome of the appeal process. EMR6B has provided 29Metals with an indemnity in connection with the Proceedings. 29Metals continues to hold proceeds from the Initial Public Offer of 29Metals in accordance with the terms of a cash backed indemnity, and the Lighthouse Sellers continue to hold a mortgage over ten percent of all issued shares in Capricorn Copper Holdings Pty Ltd in connection to the Proceedings. Group liquidity reported by 29Metals excludes proceeds held in accordance with the cash backed indemnity. This quarterly report is authorised for release by the Chief Executive Officer, James Palmer. 166 187 20224 11 6 11 5 23 54 15
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June 2025 | Quarterly Report 8 Important information Forward-looking statements This document contains certain forward-looking statements and comments about future events, including in relation to 29Metals’ businesses, plans and strategies and expected trends in the industry in which 29Metals currently operates. Forward- looking statements can generally be identified by the use of words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “plan”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “outlook”, “estimate”, “target” and other similar words. Indications of, and guidance or outlook on future earnings or financial position or performance are also forward-looking statements. Forward-looking statements involve inherent risks, assumptions and uncertainties, both general and specific, and there is a risk that predictions, forecasts, projections and other forward-looking statements will not be achieved. A number of important factors could cause 29Metals’ actual results to differ materially from the plans, objectives, expectations, estimates, targets and intentions expressed in such forward-looking statements, and many of these factors are beyond the control of 29Metals, its Directors and Management. Statements or assumptions in this document may prove to be incorrect, and circumstances may change, and the contents of this document may become outdated as a result. This includes statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are based on 29Metals’ good faith assumptions as to the financial, market, regulatory and other relevant environments that will exist and affect 29Metals’ business and operations in the future. 29Metals does not give any assurance that the assumptions will prove to be correct. There may be other factors that could cause actual results or events not to be as anticipated, many of which are beyond 29Metals’ reasonable control, and 29Metals does not give any assurance that the assumptions will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of this document, and except where required by law, 29Metals does not intend to update or revise any forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this document. Nothing in this document is a promise or representation as to the future, and past performance is not a guarantee of future performance. 29Metals nor its Directors make any representation or warranty as to the accuracy of such statements or assumptions. Mineral Resource and Ore Reserve estimates In this announcement, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contained in 29Metals’ 31 December 2024 Mineral Resources and Ore Reserves estimates, including Competent Person’s statements and JORC Code Table 1 disclosures, released to the ASX announcements platform on 26 February and 28 February 2025. 29Metals confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the relevant Mineral Resource and Ore Reserve estimates in those announcements continue to apply and have not materially changed. 29Metals updates its Mineral Resources and Ore Reserves estimates annually. The next update to 29Metals’ Mineral Resources and Ore Reserves estimates is planned to be published during the March Quarter 2026. Non-IFRS financial information 29Metals’ results are reported under IFRS. This report includes certain metrics, such as “Site Costs”, “C1 Costs”, “AISC”, “total liquidity”, “drawn debt”, “site operating costs”, “suspension operating costs”, “suspension capital costs” and “net drawn debt”, that are not recognised under Australian Accounting Standards and are classified as “non-IFRS financial information” under ASIC Regulatory Guide 230: Disclosing non-IFRS financial information. 29Metals uses these non-IFRS financial information metrics to assess business performance and provide additional insights into the underlying performance of its assets. The non-IFRS financial information metrics used in this document have been calculated by reference to information prepared in accordance with IFRS. However, these non-IFRS financial information metrics do not have a standardised meaning prescribed by IFRS and may be calculated differently by other companies. The non-IFRS financial information metrics included in this document are used by 29Metals to assess the underlying performance of the business. The non-IFRS information has not been subject to audit by 29Metals’ external auditor. Non-IFRS financial information should be used in addition to, and not as a substitute for, information prepared in accordance with IFRS. Although 29Metals believes these non-IFRS financial information metrics provide useful information to investors and other market participants, readers are cautioned not to place undue reliance on any non-IFRS financial information presented. Refer to page 25 of the Company’s Appendix 4E and Annual Financial Report for the year ended 31 December 2024. Rounding Certain figures, amounts, percentages, estimates, calculations of value and fractions presented are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures presented
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June 2025 | Quarterly Report 9 Corporate information 29Metals Limited (ABN 95 650 096 094) Board of Directors Owen Hegarty OAM Non-executive Director, Chair Fiona Robertson AM Independent Non-executive Director Jacqueline ‘Jacqui’ McGill AO Independent Non-executive Director Martin Alciaturi Independent Non-executive Director Tamara Brown Independent Non-executive Director Francis ‘Creagh’ O’Connor Non-executive Director Ashish Gupta Non-executive Director Company Secretary Melinda Shiell Registered office Level 2, 150 Collins St Melbourne, Victoria 3000 Australia Telephone: +61 3 7037 5300 Email: contactus@29metals.com Website: www.29metals.com Stock exchange listing Australian Securities Exchange (Ticker: 29M) Investor relations Kristian Stella Group Executive, Corporate Development Telephone: +61 3 7037 5300 Email: Kristian.Stella@29metals.com Registry MUFG Corporate Markets (previously Link Market Services) Telephone: +61 1300 554 474 Email: support@cm.mpms.mufg.com Website: mpms.mufg.com Issued share capital 29Metals’ issued capital is 1,371,336,435 ordinary shares (at 17 July 2025).
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June 2025 | Quarterly Report 10 Appendix 1: Production and sales Metric Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 CY2025 Guidance8 Golden Grove Ore mined kt 352 347 417 402 334 1,425 – 1,525 Ore milled Total kt 385 355 390 343 385 1,425 – 1,525 Cu ore kt 118 129 129 153 209 N/a Zn ore kt 268 226 261 189 176 N/a Milled grade Copper (%) 1.9% 1.4% 1.6% 1.4% 1.7% N/a Zinc (%) 4.8% 6.3% 5.2% 5.6% 4.0% N/a Gold (g/t) 0.8 0.8 0.8 0.8 0.9 N/a Silver (g/t) 30.9 23.8 27.4 30.4 28.1 N/a Recovery Copper (%) 85.7% 84.9% 87.5% 84.4% 84.5% N/a Zinc (%) 82.5% 85.3% 86.3% 88.4% 79.5% N/a Gold (%) 60.9% 66.5% 63.2% 56.1% 46.6% N/a Silver (%) 69.4% 69.0% 70.1% 67.8% 64.2% N/a Cu concentrate production dmt 33,607 22,475 27,430 19,740 28,263 N/a Cu grade (%) 19.0% 19.2% 19.2% 20.4% 19.2% N/a Copper (t) 6,377 4,325 5,254 4,035 5,438 N/a Gold (oz) 5,272 5,549 5,007 3,773 3,876 N/a Silver (oz) 196,792 108,610 152,574 138,142 145,487 N/a Zn concentrate production dmt 32,173 38,696 36,312 34,471 25,050 N/a Zn grade (%) 47.5% 49.4% 48.3% 49.4% 48.9% N/a Zinc (t) 15,287 19,117 17,555 17,018 12,251 N/a Gold (oz) 1,030 441 816 954 1,039 N/a Silver (oz) 58,572 55,090 55,198 68,994 53,088 N/a Pb concentrate production dmt 436 963 1,048 751 1,257 N/a Gold (oz) 65 80 327 243 203 N/a Silver (oz) 10,079 24,052 32,834 20,025 24,778 N/a Copper (t) 38 42 64 49 131 N/a Lead (t) 122 371 347 213 226 N/a Metal produced Copper (t) 6,415 4,367 5,318 4,084 5,569 22,000 - 25,000 Zinc (t) 15,287 19,117 17,555 17,018 12,251 60,000 - 70,000 Gold (oz) 6,367 6,070 6,150 4,971 5,118 20,000 - 25,000 Silver (oz) 265,443 187,752 240,605 227,162 223,353 750,000 - 1,000,000 Lead (t) 122 371 347 213 226 N/a Payable metal sold Copper (t) 3,048 6,154 5,387 4,043 5,584 N/a Zinc (t) 8,184 16,427 16,383 12,399 8,330 N/a Gold (oz) 2,879 5,000 5,728 5,090 3,424 N/a Silver (oz) 194,921 157,518 134,673 130,335 163,596 N/a Lead (t) 1,623 - (39) - - N/a Capricorn Copper Ore mined kt - - - - - N/a Ore milled kt 64 - - - - N/a Milled grade Copper (%) 1.5% - - - - N/a Recovery Copper (%) 79.7% - - - - N/a Cu concentrate production dmt 3,795 - - - - N/a Cu grade (%) 19.8% - - - - N/a Copper (t) 750 - - - - N/a Silver (oz) 2,315 - - - - N/a Payable metal sold Copper (t) 759 - - - - N/a Silver (oz) - - - - - N/a
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June 2025 | Quarterly Report 11 Appendix 2: C1 Costs and AISC Metric Unit Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 CY2025 Guidance8 Golden Grove Mining (excl. CapDev) $m 62.0 61.1 66.3 63.1 60.4 370 – 400 Processing $m 22.8 25.9 24.3 27.4 24.3 G&A $m 6.5 7.2 5.5 6.0 6.6 Concentrate transport $m 7.9 7.4 8.8 6.9 6.0 90 – 105 TCRC $m 9.8 25.0 24.9 13.4 9.3 Stockpile movements $m (33.0) 20.9 9.8 (22.6) (8.5) N/a By-products21 $m (64.4) (96.5) (106.6) (83.4) (57.8) N/a C1 Costs $m 11.6 51.1 33.1 10.9 40.2 N/a Payable copper sold Mlbs 6.7 13.6 11.9 8.9 12.3 N/a C1 Costs $/lb 1.73 3.77 2.78 1.22 3.27 N/a C1 Costs US$/lb 1.14 2.52 1.82 0.76 2.09 N/a Royalties $m 7.2 6.7 6.4 6.1 5.7 N/a Corporate $m 1.8 1.8 1.8 1.8 1.8 N/a Sustaining capex $m 3.9 6.8 13.7 2.8 5.0 20 – 26 Capitalised development $m 4.3 2.9 5.4 7.9 10.6 40 – 50 AISC $m 28.8 69.2 60.4 29.5 63.3 N/a AISC $/lb 4.29 5.10 5.08 3.31 5.15 N/a AISC US$/lb 2.83 3.42 3.32 2.07 3.29 N/a Growth capital $m 6.7 14.0 15.3 7.2 8.6 61 – 82 Capricorn Copper Mining (excl. CapDev) $m N/a N/a N/a N/a N/a N/a Processing $m N/a N/a N/a N/a N/a N/a G&A $m N/a N/a N/a N/a N/a N/a Concentrate transport $m 0.7 0.1 (0.0) 1.0 0.4 N/a TCRC $m 1.0 0.1 (0.0) - 0.5 N/a Stockpile movements $m 5.7 - (0.6) (1.0) 1.7 N/a By-products $m 0.1 - - - - N/a C1 Costs $m N/a N/a N/a N/a N/a N/a Payable copper sold Mlbs 1.7 - - - - N/a C1 Costs $/lb N/a N/a N/a N/a N/a N/a C1 Costs US$/lb N/a N/a N/a N/a N/a N/a Royalties $m 0.5 0.1 (0.0) - 0.2 N/a Corporate $m 1.1 1.1 1.1 1.1 1.1 N/a Sustaining capex $m N/a N/a N/a N/a N/a N/a Capitalised development $m N/a N/a N/a N/a N/a N/a AISC $m N/a N/a N/a N/a N/a N/a AISC $/lb N/a N/a N/a N/a N/a N/a AISC US$/lb N/a N/a N/a N/a N/a N/a Growth capital $m N/a N/a N/a N/a N/a N/a Operating recovery costs $m N/a N/a N/a N/a N/a N/a Suspension operating costs $m 17.8 10.4 10.5 10.9 8.0 30 – 40 Suspension capital costs $m 13.8 8.5 4.5 0.8 1.1 Other Unallocated Corporate $m 4.0 4.7 3.2 4.5 4.6 N/a Total Corporate $m 6.9 7.5 6.1 7.4 7.5 28 – 31 Group Exploration $m 1.0 1.4 0.6 1.2 2.3 10 – 14 FX rate USD:AUD 0.660 0.670 0.652 0.628 0.640 N/a
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June 2025 | Quarterly Report 12 Appendix 3: Capricorn Copper water inventory summary Figure 9: Site water inventory 30 June 2025 *: Reflects combined approx. volume (GL) within regulated water storage structures, EPit and MCD, at Maximum Operating Level (MOL) Image: Google Earth (https://earth.google.com/), sourced 25 June 2024. Imagery dates 13/2/2023 to 5/11/2023 1.8 2.1 2.6 3.9 0.3 0.5 Esperanza Pit ('EPit') Mill Creek Dam ('MCD') Workshop Area Total Surface Underground (Esperanza South) Total Surface & Underground 30-Jun-2025 Total Surface & Underground 31-Mar-2024 Gigalitres (GL) Maximum Operating Level (MOL)* 1.3 GL Decision to suspend operations 26-Mar-20243
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June 2025 | Quarterly Report 13 Endnotes: 1 TRIF and LTIF metrics are reported as the 12-month moving average at the end of each quarter, reported on a per million work hours (‘mwhrs’) basis. 2 C1 Costs is the sum of mining costs (excluding capitalised development), processing costs, and G&A costs, concentrate transport, treatment and refining charges (‘TCRCs’), stockpile movements, and by-product credits. 3 Refer 29Metals release to the ASX announcements platform on 26 March 2024 entitled “Capricorn Copper - Suspension of Operations”. 4 References to “Maximum Operating Level” refer to combined estimated volume (GL) within regulated water storage structures (Esperanza Pit and Mill Creek Dam) at regulated Maximum Operating Levels (mAHD). References “Surface water” refer to total water inventory in Esperanza Pit, Mill Creek Dam and workshop area. Refer Appendix 3 for additional detail regarding site surface water inventories. 5 Reported unaudited Group liquidity at 3 0 June 2025 is the sum of unaudited cash and cash equivalents at 3 0 June 2025 and US$10 million available undrawn liquidity from the Offtake Facility. 6 Refer 29Metals release to the ASX announcements platform on 28 April 2025 entitled “Capricorn Copper Insurance Claim Resolution”. 7 Refer 29Metals release to the ASX announcements platform entitled ‘BUMA representative joins 29Metals Board of Directors’ on 3 June 2025. 8 Refer 29Metals release to the ASX announcements platform on 29 January 2025 entitled “December 2024 Quarterly Report” for 2025 Guidance disclosures and this release for revision of 2025 Golden Grove growth capital guidance. 9 Site Costs is the sum of mining costs (excluding capitalised development), processing costs, and G&A costs. 10 All-in Sustaining Costs (‘AISC’) is the sum of C1 Costs, sustaining capital and capitalised development. 11 Refer 29Metals release to the ASX announcements platform on 4 November 2024 entitled “Capricorn Copper Wet Season Preparedness Update”. 12 Unaudited drawn debt is amounts drawn under the Group’s term loan and offtake finance facilities, excluding bank guarantees issued under the Group’s environmental bonding and letter of credit facilities ($59 million), lease liabilities, derivative financial inst ruments, and insurance premium funding. 13 Unaudited drawn debt, net of cash and cash equivalents. 14 Unaudited cash and cash equivalents are stated excluding EMR Capital IPO proceeds retained by 29Metals under the “Cash Backed Indemnity” arrangements (as described in section 10.6.12.3 of the 29Metals Prospectus dated 21 June 2021 released to the ASX announcements platform on 2 July 2021 and available on the 29Metals website at https://www.29metals.com/investors/asx -announcements). Cash and debt balances are converted to AUD at the exchange rate prevailing at period end, as applicable. 15 For further information, refer to: ‘Impact of Extreme Rainfall on Capricorn Copper Operations’ released to the ASX announceme nts platform on 9 March 2023; ‘Capricorn Copper Operations Update’ released to the ASX announcements platform on 15 March 2023; ‘C apricorn Copper Update’ released to the ASX announcements platform on 20 April 2023; and ‘Strategic Update’ released to the ASX announcements platform on 23 May 2023. 16 Refer 29Metals releases to the ASX announcements platform on21 August 2023, 22 April 2024 and 14 November 2024. 17 BUMA Australia Pty Ltd ACN 649 634 579 (BUMA Australia); Bukit Makmur Mandiri Utama Pte. Ltd. (BUMA Singapore); PT Bukit Makmur Mandiri Utama (BUMA Indonesia); PT Delta Dunia Makmur Tbk and its controlled entities (DOID) (together, ‘BUMA’). 18 BUMA has a right to nominate a Non -executive Director for appointment to the Board of 29Metals and has a right to nominate a second Non- executive Director should its holding exceed 20% and provided there are no more than 8 directors on the Board. Refer to the C ompany’s ASX announcements titled ‘Debt Refinancing & Equity Raising Investor Presentation’ and ‘Debt Refinancing & Gossan Valley Funding via $180M Equity Raising’, released to the ASX announcements platform on 3 December 2024. 19 EMR6B subsequently renamed to Copper (QLD) Investment Pte. Ltd. 20 Refer to section 10.6.12.3 of 29Metals Limited's Replacement Prospectus (dated 21 June 2021) for additional detail regarding the Proceedings, the cash-backed indemnity arrangement and mortgage over ten percent of Capricorn Copper Holdings subject to release. 21 By-products include gold, zinc, silver and/or lead revenue, net of unrealised QP adjustments.