Earnings release
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ASX Announcement: 20 January 2026 1 ` ASX:29M December 2025 Quarterly Report 29Metals Limited (‘ 29Metals’ or, the ‘ Company’ or, the ‘ Group’) today reported results for the December 2025 quarter (‘Dec-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 6.7 (Sep-Qtr: 5.8). ▪ Group lost time injury frequency (‘LTIF’)1 0.0 (Sep-Qtr: 0.0). Golden Grove ▪ Copper production of 6.9kt (Sep-Qtr: 5.8kt) and zinc production of 3.4kt (Sep-Qtr: 2.0kt). ▪ C1 Costs2 of US$2.49/lb copper sold (Sep-Qtr: US$3.74/lb copper sold). ▪ On track to recommence mining at Xantho Extended in April 2026, ground support upgrades progress ing to plan. ▪ Gossan Valley mining contract awarded3 and portal fired – project remains on track for first ore by end of 2026. ▪ High-grade drilling results continue to highlight potential mine life extensions of existing Gossan Hill Deposits and indicate that Oizon and Hougoumont Extended are potentially a single large mineralised system at depth.4 Capricorn Copper ▪ Heavy rainfall conditions successfully managed – approx. neutral water balance versus prior quarter. ▪ Surface water levels continue to be maintained substantially below the Maximum Operating Level.5 ▪ Request for Information (‘ RFI’) from the Regulator in relation to the Tailings Storage Facility (‘ TSF’) 3 application was received in line with normal process and progressed during the quarter. Corporate/Other ▪ Mr Nicholas (Nick) Cernotta appointed as Deputy Chair and planned successor to Board Chair post the 2026 AGM6. ▪ Right to nominate a second Non-executive Director to the Board exercised by BUMA7. 8 ▪ Unaudited available group liquidity at 31 December 2025 of $118 million9 (30 September 2025: $168 million). Table 1: Summary: 2025 Actuals versus 2025 Guidance Golden Grove Unit CY2025 Guidance10 CY2025 Actual Copper kt 22 – 25 22 Zinc kt 35 – 40 35 Gold koz 15 – 20 15 Silver koz 700 – 900 746 Site Costs11 $m 370 – 400 388 Total Capital $m 121 – 158 124 Capricorn Copper Unit CY2025 Guidance10 CY2025 Actual Suspension operating and capital costs $m 30 – 40 39 Group Unit CY2025 Guidance10 CY2025 Actual Exploration $m 10 – 14 11 Group $m 28 - 31 29 Commenting on the Dec-Qtr, Chief Executive Officer, James Palmer, said: “Progress made at Golden Grove during the quarter sets the asset up for a successful 2026, with progression of a clear plan to sustainably reestablish mining at Xantho Extended and the ongoing development of the Gossan Valley project, which remains on track for first ore by the end of the year. The ability to sustainably manage Capricorn Copper through adverse weather was again demonstrated during the quarter, where d espite unseasonably high December rainfalls, an approximately neutral water balance versus the prior quarter was achieved, through evaporation and treated water release. A great result as the team continue s to progress Capricorn Copper towards a successful and sustainable restart of operations.” For personal use only
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December 2025 | Quarterly Report 2 Golden Grove Table 2: Golden Grove summary Unit Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 CY2025 Actual CY2025 Guidance10 TRIF1 11.1 8.8 6.7 6.0 7.0 7.0 N/a LTIF1 1.5 1.5 1.0 0.0 0.0 0.0 N/a Copper produced kt 5.3 4.1 5.6 5.8 6.9 22.3 22 - 25 Zinc produced kt 17.6 17.0 12.3 2.0 3.4 34.7 35 – 40 Gold produced koz 6.1 5.0 5.1 2.0 3.0 15.1 15 – 20 Silver produced koz 241 227 223 100 196 746 700 – 900 Payable copper sold Mlbs 11.9 8.9 12.3 12.4 12.6 46.2 N/a Site Costs11 $m 96 96 91 103 97 388 370 - 400 C1 Costs2 $m 33 11 40 71 48 170 N/a C1 Costs US$/lb Cu sold 1.82 0.76 2.09 3.74 2.49 2.37 N/a Total capital $m 34 18 24 33 49 124.1 121 - 158 AISC12 $m 60 29 63 94 68 254 N/a AISC US$/lb Cu sold 3.32 2.07 3.29 4.93 3.55 3.55 N/a Total ore mined was 397kt ( Sep-Qtr: 344kt). As previously reported, access to high -grade zinc stopes at X antho Extended was restricted during 2025 due to the impact of seismic activity. An exclusion zone at Xantho Extended was established late in the Sep -Qtr, resulting in no ore mined or development at Xantho Extended during the quarter.13 Works to upgrade ground support for specific areas of the existing Xantho Extended mine workings progressed during the quarter, informed by outcomes of internal investigations and review by external subject matter experts . Ground support upgrades will apply to ~28% of the Xantho Extended mine workings, confined predominately to the decline and production level accesses. Implementation cost is expected to be approximately $7 million. Consistent with prior guidance, works to upgrade ground support are expected to be complete during April, with recommencement of mining thereafter. Figure 1: Summary of in-progress Xantho Extended ground support upgrades. For personal use only
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December 2025 | Quarterly Report 3 Figure 2: Ore mined contribution by source (%) Total ore milled was 391kt (Sep-Qtr: 330kt) with copper ore milled of 311kt (Sep-Qtr: 295kt) and zinc ore milled of 80kt (Sep-Qtr: 35kt). Higher quarter-on-quarter total tonnes milled reflects normalisation of milling rates post the major planned shutdown during the Sep-Qtr. Copper production for the quarter was 6.9kt (Sep-Qtr: 5.8kt). Higher quarter-on-quarter copper production was due to higher ore tonnes milled, with copper grades milled (Dec-Qtr: 2.0% vs Sep-Qtr: 2.0%) and copper recovery (Dec- Qtr: 89.7% vs Sep-Qtr: 89.1%) equal or approximate to the prior quarter. Zinc production for the quarter was 3.4kt (Sep-Qtr: 2.0kt). Higher quarter-on-quarter zinc production was due to higher ore tonnes milled , zinc grade milled (Dec-Qtr: 1.4% vs Sep-Qtr: 1.1%) and zinc recovery (Dec-Qtr: 62.4% vs Sep-Qtr: 56.5%). Figure 3: Golden Grove: Copper and zinc production (kt) 48% 33% 42% 18% 30% 41% 32% 64% 71% 22% 26% 26% 18% 29% 0% 50% 100% Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Xantho Extended Other Gossan Hill Scuddles 5.3 4.1 5.6 5.8 6.9 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Copper (kt) 17.6 17.0 12.3 2.0 3.4 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Zinc (kt) For personal use only
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December 2025 | Quarterly Report 4 C1 unit cost was US$2.49/lb copper sold (Sep-Qtr: US$3.74/lb copper sold) and AISC was US$ 3.55/lb copper sold (Sep-Qtr: US$4.93/lb copper sold). Lower C1 unit costs were primarily driven by a stockpile movement credit of $28 million (Sep-Qtr: $24 million charge), which was partially offset by lower by-product credits (Dec-Qtr: $27 million vs Sep-Qtr: $69 million). Lower site costs (Dec-Qtr: $97 million vs Sep-Qtr: $103 million), normalised post the Sep-Qtr major shutdown, and lower selling costs (Dec-Qtr: $5 million vs Sep-Qtr: $13 million) with no zinc sales recorded in the Dec-Qtr, also contributed to lower quarter-on-quarter C1 unit costs. Figure 4: Golden Grove C1 Costs and AISC (US$/lb Cu sold) The Gossan Valley project remains on track for $112 million capital expenditures and first ore by end of 2026 . Key milestones during the quarter included award of a four-year underground mining contract to Byrnecut Australia Pty Ltd (‘Byrnecut’)3 and completion of the first cut of the Gossan Valley portal. As the incumbent mining contractor for the Gossan Hill and Scuddles mines at Golden Grove, the Gossan Valley contract award to Byrnecut enables operational and commercial synergies, which include the ability to share equipment and personnel across Golden Grove mining operations. 1.8 0.8 2.1 3.7 2.5 3.3 2.1 3.3 4.9 3.5 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 C1 Costs AISC Figure 5: Gossan Valley project progress Box cut area Box cut area ~90 Days Box cut area Box cut area Figure 6: First cut of the Gossan Valley portal For personal use only
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December 2025 | Quarterly Report 5 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. A further 8 holes from the 2025 exploration drill program were released during the quarter, which tested priority target areas outlined in Figure 7. Figure 7: Golden Grove long-section highlighting drilling target areas4. As previously reported 4, high-grade copper, zinc and gold intercepts continue to highlight potential for mine life extensions of existing Gossan Hill Deposits . In addition, r esults indicate that O izon and Hougoumont Extended are potentially a single large mineralised system at depth, which could enable future mining cost efficiencies via shared infrastructure in this area. Specifically: ▪ Resource Extension drilling in the copper dominant zone at Oizon and Hougoumont Extended intercepted4: - 9.7m @ 1.5% Cu, 2.6% Zn, 1.0g/t Au, 18g/t Ag, from 353.9m in hole G25/527, including: - 2.5m @ 3.8% Cu, 3.6% Zn, 2.9g/t Au, 43g/t Ag, from 357.8m - 12.5m @ 1.5% Cu, 0. 7g/t Au, 22g/t Ag, from 368.5m in hole G25/527, including: - 3.2m @ 3.1% Cu, 0.7g/t Au, 38g/t Ag, from 368.5m - 5.6m @ 2.0% Cu, 2.0g/t Au, 30g/t Ag, from 361.9m in hole G25/535, including: - 2.1m @ 3.8% Cu, 3.2g/t Au, 53g/t Ag, from 361.9m ▪ Resource Extension drilling in the zinc dominant zone at Oizon and Hougoumont Extended intercepted 4: - 16.9m @ 1.6% Cu, 6.2% Zn, 0.8g/t Au, 21g/t Ag, from 339m in hole G25/531, including: - 3.1m @ 0.4% Cu, 23.4% Zn, 0.5g/t Au, 8g/t Ag, from 344.9m, and - 7.9m @ 2.5% Cu, 3.7% Zn, 1.1g/t Au, 30g/t Ag, from 348m - 21.6m @ 0.3% Cu, 17.6% Zn, 1.6g/t Au, 49g/t Ag, 1.0% Pb, from 367.5m in hole G25/535 including: - 16.1m @ 0.2% Cu, 22.6% Zn, 1.6g/t Au, 58g/t Ag, 1.3% Pb, from 373m ▪ At Europa, Resource Extension drilling intercepted 4: - 17m @ 1.6% Cu, 0.2g/t Au, 13g/t Ag, from 755m in hole G25/530, including: - 1.6m @ 6.5% Cu, 0.4g/t Au, 47g/t Ag, from 755m ▪ Drilling on route to Europa intersected high -grade zinc and silver at Xantho Extended hanging wall, including a Resource Extension intercept of 4: - 2.9m @ 0.1% Cu, 29.4% Zn, 1.2g/t Au, 395g/t Ag, 6.8% Pb, from 206.1m in hole G25/530, including: - 1.8m @ 0.1% Cu, 45.4% Zn, 1.2g/t Au, 626g/t Ag, 10.9% Pb from 206.1m For personal use only
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December 2025 | Quarterly Report 6 Drilling during the quarter included: Resource Extension drilling of 581 metres at Oizon, 3,075 metres at Europa, 2,395 metres at Cervantes, 1,926 metres at Tyrall, 260 metres at Xantho Extended, 170 metres at Amity, 1,309 metres at Hougoumont; Resource Conversion drilling of 3,138 metres at Oizon, 2,517 metres at Tryall; and no Exploration drilling. Capricorn Copper Capricorn Copper TRIF1 and LTIF1 of 6.7 (Sep-Qtr: 5.9) and 0.0 (Sep-Qtr: 0.0) 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. Heavy rainfall conditions in December were successfully managed, with all opportunities utilised for treated water releases to Gunpowder Creek , resulting in an approximately neutral site water balance versus the prior quarter . Treated water releases continued post quarter-end as rainfall conditions eased and Gunpowder Creek continued to flow. Surface water levels continue to be maintained substantially below the Maximum Operating Level 5, with total water inventory reductions of 1.5 gigalitres achieved since the decision to suspend operations in March 2024 14. With the benefit of capital investment post suspension of operations 14 and established wet season preparedness protocols, the successful management of unseasonably high December rainfalls further demonstrates capability to sustainably manage the asset through adverse weather events. Figure 8: Gunpowder Creek December rainfall 2005 to 2025 15 Figure 9: Site water inventory reductions 0 50 100 150 200 250 300 350Rainfall (mm) Rainfall (mm) 20-year average December rainfall (mm) 3.4 1.9 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 End Sep-Qtr 2025 End Dec-Qtr 2025 Water inventory (Gigalitres) Surface Water Esperanza South (underground workings) Maximum Operating Level5 1.5 Gigalitre Reduction Decision to suspend operations 26-Mar-202414 For personal use only
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December 2025 | Quarterly Report 7 In line with normal process, an RFI in relation to the application for TSF 3 was received from the Department of Environment, Tourism, Science and Innovation (‘ DETSI’) early in the quarter . The RFI allows up to 12 months to respond, after which a potential approval decision can be made assuming completion of in progress Public Consultation period and Environment Protection and Biodiversity Conservation (‘ EPBC’) referral processes. The Company continues to engage constructively with DETSI to accelerate a response to the RFI whilst also satisfactorily addressing DETSI’s requirements. Figure 10: Indicative production restart timeline, assuming ongoing successful 2025/2026 wet season. A moderate increase in suspension costs during the quarter (Dec -Qtr: $9.6 million vs Sep-Qtr: $8.8 million) was associated with 2025/2026 wet season preparedness. Consistent with 2025, suspension capital and operating expenditures during 2026 are expected to remain in the range of $30 million to $40 million, with expenditures to progress works for a Restart Definitive Feasibility Study during 2026 to be offset by ongoing cost reductions , including completion of water management projects in 2025. Figure 11: Total suspension operating and capital expenditures ($ million) With production currently suspended at Capricorn Copper 14, there were no mining production or development activities during the quarter. There was also no exploration drilling activity during the quarter. 31.7 18.9 14.9 11.7 9.1 8.8 9.6 Jun-Qtr 2024 Sep-Qtr 2024 Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Ramp-down of investment in environmental compliance and water management capital projects Activity ramp-down post 2024/2025 wet season and ongoing cost reductions Moderate increased expenditure for wet season prepardness (Water treatment and release) For personal use only
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December 2025 | Quarterly Report 8 Redhill The Group exploration budget for 2025 was 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 $137.8 million (Sep-Qtr: $154.5 million). Golden Grove gross revenue was $17 million lower versus the prior quarter, with lower zinc and precious metal sales volumes partially offset by higher copper sales volumes and higher metal prices. Table 3: Group revenue summary Unit Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 Total gross revenue $m 184.3 142.1 143.0 154.5 137.8 Golden Grove $m 184.5 142.1 140.3 154.6 137.8 - Copper $m 75.0 60.6 82.2 85.7 108.9 - Zinc $m 78.0 51.2 30.7 34.7 0.4 - Gold $m 24.8 23.8 18.7 19.1 13.1 - Silver $m 6.9 6.6 8.7 12.0 15.4 - Lead $m (0.2) - - 3.0 - Capricorn Copper $m (0.2) - 2.7 (0.1) - - Copper $m (0.2) - 2.7 (0.1) - - Silver $m - - - - - Unaudited drawn debt at 3 1 December 2025 was US$125 million (30 September 2025: US$130 million)16. Group unaudited net drawn debt17 at 31 December 2025 was $85 million (30 September 2025: $44 million). 29Metals’ unaudited cash and cash equivalents at 31 December 2025 was $103 million (30 September 2025: $153 million) and unaudited Group liquidity at 31 December 2025 was $118 million9 (30 September 2025: $168 million). Figure 12: Group cash and cash equivalents, and Group liquidity ($ million) 153 103 118 42 8 5 12 1 19 15 For personal use only
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December 2025 | Quarterly Report 9 Updates in relation to the 29Metals Board during the quarter included: ▪ Retirement of Ms Tamara Brown and appointment of Mr Nicholas (Nick) Cernotta as Independent Non - executive Director.18 ▪ Subsequently, Mr Cernotta was appointed Deputy Chair, with the intention that Mr Cernotta will be appointed as Board Chair succeeding Owen Hegarty immediately following the 2026 AGM. 6 ▪ Notice from BUMA 7 that it intends to exercise its right to nominate a second Non -executive Director for appointment to the Board as its shareholding surpassed 20%.6, 8 The 29Metals Board Charter was updated during the quarter to accommodate the above -mentioned expected and implemented changes to the 29Metals Board. 19 2026 Guidance20 29Metals provides the following guidance for 2026. Consistent with prior years, additional guidance in relation to financial metrics, including depreciation and amortisation, tax, and AASB16 Lease Accounting will be provided with the Company’s 2025 full year financial results in late February 2026. Table 4: 2026 Guidance Summary Unit 2025 ACTUALA 2026 GUIDANCE Golden Grove Production B, C Ore mined kt 1,477 1,250 – 1,400 Ore milled kt 1,449 1,250 – 1,400 Copper Kt 22 20 – 24 Zinc kt 35 40 – 50 Gold Koz 15 12 – 20 Silver koz 746 600 – 800 Costs Site Costs D $m 388 385 - 415 Concentrate transport & TCRC E $m 54 50 –70 Capital Sustaining $m 18 15 – 20 Development $m 35 35 – 45 Growth F $m 71 110 – 130 Capricorn Copper Suspension operating and capital costs G $m 39 30 – 40 Group Exploration H $m 11 15 – 20 Corporate I $m 29 26 – 29 A. 2025 actual data is unaudited. B. Production guidance cited on a contained metal in concentrate basis. C. Production guidance assumes resumption of stoping operations at Xantho Extended during Q2 -2026 and reaching an annualised production rate of approximately 600ktpa during the second half of 2026. Production of Zinc and Gold are weighted to the second half of 2026, reflecting the ramp up in Xantho Extended ore production. D. Site costs include mining costs (excluding capitalised development), processing costs and G&A costs, and is cited before adjustments for AASB16 Lease Accounting. E. Refer below for additional information regarding application of zinc Treatment Charge (‘TC’) escalators incorporated into Golden Grove TCRC guidance. F. 2026 growth capital includes $80 - $90 million Gossan Valley capital, comprising of $65 - $70 million to production of first ore, and the balance incurred after production of first ore. G. Capricorn Copper 2026 includes capital in relation to completion of a Definitive Restart Feasibility Study. H. Higher 2026 versus 2025 expenditures primarily due to recommencement of exploration expenditures at Capricorn Copper. I. Group corporate costs comprise cash and non-cash costs. For personal use only
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December 2025 | Quarterly Report 10 Golden Grove zinc Treatment Charges (‘TC’) 2026 TCRC Guidance includes zinc TC escalators applicable under 29Metals’ existing long -term zinc offtake arrangements. Specifically, Golden Grove has 100kt (dmt, concentrate) remaining to be delivered under pre -IPO offtake agreements that comprise a base TC of US$230/t (dmt, concent rate) and a 12.5% Treatment Charge price escalator applicable where zinc prices are above US$2,050/t for the first 20kt (dmt, concentrate) delivered and above US$2,600/t for the balance. Gold Hedges At end CY2025, the Company had remaining pre -IPO gold hedges of 5,004oz at $2,483/oz due in 2026. 29Metals may consider a potential reprofiling of the remaining pre -IPO gold hedges, subject to market pricing and required credit approvals. This quarterly report is authorised for release by the Chief Executive Officer, James Palmer. For personal use only
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December 2025 | Quarterly Report 11 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. For personal use only
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December 2025 | Quarterly Report 12 Corporate information 29Metals Limited (ABN 95 650 096 094) Board of Directors Owen Hegarty OAM Non-executive Director, Chair Nick Cernotta Independent Non-executive Director, Deputy Chair Fiona Robertson AM Independent Non-executive Director Jacqueline ‘Jacqui’ McGill AO Independent Non-executive Director Martin Alciaturi 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 1,372,336,435 ordinary shares (at 20 January 2025). For personal use only
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December 2025 | Quarterly Report 13 Appendix 1: Production and sales Metric Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 CY2025 Actual CY2025 Guidance10 Golden Grove Ore mined kt 417 402 334 344 397 1,477 1,425 – 1,525 Ore milled Total kt 390 343 385 330 391 1,449 1,425 – 1,525 Cu ore kt 129 153 209 295 311 969 N/a Zn ore kt 261 189 176 35 80 480 N/a Milled grade Copper (%) 1.6% 1.4% 1.7% 2.0% 2.0% 1.8% N/a Zinc (%) 5.2% 5.6% 4.0% 1.1% 1.4% 3.0% N/a Gold (g/t) 0.8 0.8 0.9 0.7 0.4 0.7 N/a Silver (g/t) 27.4 30.4 28.1 16.1 24.0 24.8 N/a Recovery Copper (%) 87.5% 84.4% 84.5% 89.1% 89.7% 87.2% N/a Zinc (%) 86.3% 88.4% 79.5% 56.5% 62.4% 79.4% N/a Gold (%) 63.2% 56.1% 46.6% 26.0% 58.2% 46.2% N/a Silver (%) 70.1% 67.8% 64.2% 58.4% 64.9% 64.6% N/a Cu concentrate production dmt 27,430 19,740 28,263 29,393 35,505 112,902 N/a Cu grade (%) 19.2% 20.4% 19.2% 19.5% 19.3% 19.5% N/a Copper (t) 5,254 4,035 5,438 5,739 6,837 22,048 N/a Gold (oz) 5,007 3,773 3,876 1,944 2,809 12,401 N/a Silver (oz) 152,574 138,142 145,487 86,544 166,581 536,754 N/a Zn concentrate production dmt 36,312 34,471 25,050 4,132 7,290 70,943 N/a Zn grade (%) 48.3% 49.4% 48.9% 48.0% 46.9% 48.9% N/a Zinc (t) 17,555 17,018 12,251 1,982 3,418 34,669 N/a Gold (oz) 816 954 1,039 27 199 2,220 N/a Silver (oz) 55,198 68,994 53,088 7,440 22,980 152,502 N/a Pb concentrate production dmt 1,048 751 1,257 183 274 2,466 N/a Gold (oz) 327 243 203 21 33 500 N/a Silver (oz) 32,834 20,025 24,778 5,803 6,228 56,834 N/a Copper (t) 64 49 131 12 19 211 N/a Lead (t) 347 213 226 61 69 568 N/a Metal produced Copper (t) 5,318 4,084 5,569 5,750 6,856 22,259 22,000 - 25,000 Zinc (t) 17,555 17,018 12,251 1,982 3,418 34,669 35,000 - 40,000 Gold (oz) 6,150 4,971 5,118 1,992 3,041 15,121 15,000 - 20,000 Silver (oz) 240,605 227,162 223,353 99,787 195,789 746,090 700,000 - 900,000 Lead (t) 347 213 226 61 69 568 N/a Payable metal sold Copper (t) 5,387 4,043 5,584 5,634 5,711 20,972 N/a Zinc (t) 16,383 12,399 8,330 7,946 (345) 28,329 N/a Gold (oz) 5,728 5,090 3,424 3,544 1,237 13,296 N/a Silver (oz) 134,673 130,335 163,596 184,363 134,925 613,219 N/a Lead (t) (39) - - 1,009 - 1,009 N/a Capricorn Copper Ore mined kt - - - - - - N/a Ore milled kt - - - - - - N/a Milled grade Copper (%) - - - - - - N/a Recovery Copper (%) - - - - - - N/a Cu concentrate production dmt - - - - - - N/a Cu grade (%) - - - - - - N/a Copper (t) - - - - - - N/a Silver (oz) - - - - - - N/a Payable metal sold Copper (t) - - - - - - N/a Silver (oz) - - - - - - N/a For personal use only
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December 2025 | Quarterly Report 14 Appendix 2: C1 Costs and AISC Metric Unit Dec-Qtr 2024 Mar-Qtr 2025 Jun-Qtr 2025 Sep-Qtr 2025 Dec-Qtr 2025 CY2025 Actual CY2025 Guidance10 Golden Grove Mining (excl. CapDev) $m 66.3 63.1 60.4 65.3 66.2 255.0 370 - 400 Processing $m 24.3 27.4 24.3 30.9 25.5 108.1 G&A $m 5.5 6.0 6.6 6.8 5.7 25.1 Concentrate transport $m 8.8 6.9 6.0 6.1 3.8 22.9 55 - 65 TCRC $m 24.9 13.4 9.3 7.4 1.3 31.4 Stockpile movements $m 9.8 (22.6) (8.5) 23.9 (27.7) (34.9) N/a By-products21 $m (106.6) (83.4) (57.8) (69.3) (27.2) (237.7) N/a C1 Costs $m 33.1 10.9 40.2 71.0 47.7 169.9 N/a Payable copper sold Mlbs 11.9 8.9 12.3 12.4 12.6 46.2 N/a C1 Costs $/lb 2.78 1.22 3.27 5.72 3.79 3.67 N/a C1 Costs US$/lb 1.82 0.76 2.09 3.74 2.49 2.37 N/a Royalties $m 6.4 6.1 5.7 6.5 6.2 24.5 N/a Corporate $m 1.8 1.8 1.8 1.8 1.8 7.1 N/a Sustaining capex $m 13.7 2.8 5.0 4.7 5.7 18.3 20 - 26 Capitalised development $m 5.4 7.9 10.6 9.5 6.5 34.6 40 - 50 AISC $m 60.4 29.5 63.3 93.5 68.0 254.4 N/a AISC $/lb 5.08 3.31 5.15 7.53 5.40 5.50 N/a AISC US$/lb 3.32 2.07 3.29 4.93 3.55 3.55 N/a Growth capital $m 15.3 7.2 8.6 19.1 36.3 71.3 61 - 82 Capricorn Copper Mining (excl. CapDev) $m N/a 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 N/a G&A $m N/a N/a N/a N/a N/a N/a N/a Concentrate transport $m (0.0) 1.0 0.4 (0.0) - 1.4 N/a TCRC $m (0.0) - 0.5 (0.0) - 0.5 N/a Stockpile movements $m (0.6) (1.0) 1.7 - - 0.6 N/a By-products $m - - - - - - N/a C1 Costs $m N/a N/a N/a N/a N/a N/a N/a Payable copper sold Mlbs - - - - - - N/a C1 Costs $/lb N/a N/a N/a - - N/a N/a C1 Costs US$/lb N/a N/a N/a - - N/a N/a Royalties $m (0.0) - 0.2 0.0 (0.0) 0.2 N/a Corporate $m 1.1 1.1 1.1 1.1 1.1 4.4 N/a Sustaining capex $m N/a 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 N/a AISC $m N/a N/a N/a N/a N/a N/a N/a AISC $/lb n/a n/a n/a n/a n/a n/a N/a AISC US$/lb N/a 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 N/a Operating recovery costs $m N/a N/a N/a N/a N/a N/a N/a Suspension operating costs $m 10.5 10.9 8.0 7.8 8.0 34.6 30 - 40 Suspension capital costs $m 4.5 0.8 1.1 1.0 1.6 4.5 Other Unallocated Corporate $m 3.2 4.5 4.3 3.9 4.5 17.3 N/a Total Corporate $m 6.1 7.4 7.2 6.8 7.4 28.8 28 - 31 Group Exploration $m 0.6 1.2 2.3 3.0 4.5 11.1 10 - 14 FX rate USD:AUD 0.652 0.628 0.640 0.654 0.657 0.645 N/a For personal use only
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December 2025 | Quarterly Report 15 Appendix 3: Capricorn Copper water inventory summary Figure 13: Site water inventory 31 December 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 1.5 1.9 2.4 3.9 0.4 0.5 Esperanza Pit ('EPit') Mill Creek Dam ('MCD') Workshop Area Total Surface Underground (Esperanza South) Total Surface & Underground 31-Dec-2025 Total Surface & Underground 31-Mar-2024 Gigalitres (GL) Maximum Operating Level (MOL)* 1.5 GL Decision to suspend operations 26-Mar-202414 For personal use only
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December 2025 | Quarterly Report 16 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. Golden Grove Jun-Qtr-2025 and Sep-Qtr-2025 TRIF have been restated to reflect outcomes of post period end investigations resulting in reclassifications. Specifically, Jun-Qtr-2025 TRIF has been restated from 6.2 to 6.7 and Sep-Qtr-2025 TRIF has been restated from 5.6 to 6.0. 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 to ASX release “Gossan Valley Mining Contract Award - Updated” dated 20-Nov-2025. 4 Refer to ASX release “High-Grade Copper Intercepts at Golden Grove” dated 4-Nov-2025. 5 References to ‘Maximum Operating Level’ in this release refer to combined estimated volume (GL) within regulated water storage structures (Esperanza Pit and Mill Creek Dam) at Maximum Operating Levels (mAHD). 6 Refer to ASX release “Chair Succession and Board Update” dated 11-Dec-2025. 7 BUMA International Group (IDX: DOID) 8 As per ASX release “Debt Refinancing and Gossan Valley Funding via $180m Equity Raising” dated 3-Dec 2024, 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. 9 Reported unaudited Group liquidity is the sum of unaudited cash and cash equivalents and US$10 million available undrawn liquidity from the Offtake Facility. 10 Refer to ASX release “September 2025 Quarterly Report” dated 15-Oct-2025 for revision of 2025 zinc, gold and silver production guidance and selling costs (concentrate transport and TCRCs). Refer to ASX release “June 2025 Quarterly Report” dated 17-Jul-2025 for revision of 2025 Golden Grove growth capital guidance. Refer to ASX release “December 2024 Quarterly Report” dated 29-Jan-2025 for all other 2025 guidance. 11 Site Costs is the sum of mining costs (excluding capitalised development), processing costs, and G&A costs. 12 All-in Sustaining Costs (‘AISC’) is the sum of C1 Costs, sustaining capital and capitalised development. 13 Refer to: ASX release “Golden Grove Update – Xantho Extended” dated 30-Sep-2025; ASX release “June 2025 Quarterly Report” dated 17-Jul- 2025; and ASX release “March 2025 Quarterly Report” dated 29-Apr-2025. 14 Refer ASX release “Capricorn Copper – Suspension of Operations” dated 26-Mar-2024. 15 Source: Data from WMIP: Queensland Government; sourced 9 January 2026. 16 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. 17 Unaudited drawn debt, net of cash and cash equivalents. 18 Refer ASX release “29Metals Board Changes” dated 24-Oct-2025. 19 Refer ASX release “Updated Board Charter” dated 15-Dec-2025. 20 Guidance is subject to market and operating conditions. Refer to page 1 1 for important information regarding forward looking statements in this report. 21 By-products include gold, zinc, silver and/or lead revenue, net of unrealised QP adjustments. For personal use only