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Diggers & Dealers Mining Forum 3-5 August 2026 29 Metals
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2 The information in this presentation is provided for general information regarding 29Metals Limited (the ‘Company ‘) and its subsidiaries (together with the Company, ‘29Metals‘). Material information in this presentation has been derived from information publicly released by the Company to the ASX announcements platform. Details regarding the source information released to the ASX announcements platform is included in notes in this presentation. Information presented is deemed representative at the time of its original release and 29Metals does not accept any responsibility to update the information presented. Readers should be aware that there may be changes to historical information presented in the future due to adjustments in accounting and reporting policies and standards, and that past results or performance are no guarantee of future results or performance. This presentation is not a recommendation to invest in 29Metals. The information presented does not purport to include all of the information that a person may require in order to decide whether to invest in 29Metals. Prospective investors must seek their own legal or other professional advice. 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 2025 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 2026. 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 2027. Non-IFRS financial information 29Metals’ results are reported under IFRS. This document may include certain metrics, such as “Site Costs”, “C1 Costs”, “AISC”, “total liquidity”, “drawn debt”, “net drawn debt”, “site operating costs”, “suspension operating costs”, “suspension capital costs” and “EBITDA” 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 19 of the Company’s Appendix 4E and Annual Financial Report for the year ended 31 December 2025. 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. Authorisation This presentation has been approved for issue by, and enquiries regarding this presentation may be directed to James Palmer, 29Metals Chief Executive Officer - contactus@29metals.com Important information
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3 29Metals - Copper exposure for ASX investors Uniquely positioned with two large copper metal endowments in a tier 1 jurisdiction – 2.3Mt contained copper in Mineral Resource estimates 1 Golden Grove Ore Reserves 1: 18.2Mt @ 1.7% Cu, 4.0% Zn, 0.6g/t Au, 22g/t Ag Location: Western Australia Ownership: 100% Status: Producing Mill Capacity: up to 1.8Mtpa Mine type: Underground Capricorn Copper Mineral Resources 1: 64.2Mt @ 1.8% Cu, 9g/t Ag, Location: Queensland Ownership: 100% Status: Brownfield restart project3 Mill Capacity: up to 2.0Mtpa Mine type: Underground Ore Reserves 1: 19.0Mt @ 1.7% Cu, 13g/t Ag Cu Zn Au Ag Cu Ag Mineral Resources 1: 62.9Mt @ 1.7% Cu, 3.5% Zn, 0.6g/t Au, 24g/t Ag 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on pa ge 2 of this presentation for further information. 2. Refer to ASX release “March 2026 Quarterly Report” dated 29 -Apr-2026 for revised 2026 guidance for zinc production, gold product ion, silver production. Refer to ASX release “December 2025 Quarterly Report” dated 20 -Jan-2026 for copper guidance. 3. Refer ASX release “Capricorn Copper – Suspension of Operations” dated 26 -Mar-2024. Production Snapshot 2025 Production (Golden Grove) 2026 Guidance (Golden Grove)2 ▪ 22kt Copper @ AISC US$3.55/lb Cu sold ▪ 35kt Zinc ▪ 15koz Gold ▪ 746koz Silver ▪ 20 – 24kt Copper ▪ 5 – 25kt Zinc ▪ 6 – 14koz Gold ▪ 400 – 600koz Silver Key Assets
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4 Pathway to substantially grow copper production from two Australian based assets – both with Mineral Resource estimates1 to support 10+ year mine lives and significant geological upside potential A platform to grow copper production 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contained in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on page 2 of this presentation for further information. 2. Ore sources mined by year are indicative and subject to refinement through ongoing mine scheduling optimisation and 29Metals’ planning processes. Indicative ore sources have relative portions of ore by category of: 2026 – 90% Measured, 10% Indicated; 2029 – 42% Measured, 51% Indicated , 7% Inferred. The Company is satisfied that the proportion of Inferred Mineral Resources is not the determining factor in project viability. 3. 2026 guidance range for Ore Mined is 1,250 – 1,400. Refer ASX release “December 2025 Quarterly Report” dated 20-Jan-2026. 4. Source AME 31 July 2026 ✓ Optimised mine plan to support metal production growth ▪ High-grade ore sources to feed the mill from end of 2026 ✓ Low capital intensity pathway to restart production ▪ Restart Definitive Feasibility Study in -progress Golden Grove (Operating) Capricorn Copper (Brownfield restart project) 2022 Production 24kt Cu 2022 EBITDA $66m 2022 Performance: Last full year of production Gossan Hill Main Scuddles Xantho Extended & Europa Hougoumont Extended & Oizon Gossan Valley Deposits 2026 2029 ~25% 0 … ~1,350kt3 ~1,700kt Indicative Ore Sources Mined2 (kt) 2022 AISC US$3.7/lb 2026 Cu Price*: US$6.3/lb 2022 Cu Price Avg : US$3.99/lb . 0 2022 Cu Price Avg: US$3.99/lb
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5 0.0 0.5 1.0 1.5 2.0 2.5 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 0 20 40 60 80 100 120 140 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Copper focused – multi commodity exposure 10-year price history for base and precious metals produced by 29Metals 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 0 1,000 2,000 3,000 4,000 5,000 6,000 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Copper Price1 (US$/lb) Zinc Price1 (US$/lb) Gold Price1 (US$/oz) Silver Price1 (US$/oz) 1. Source: LME Copper and Zinc prices, LBMA Gold and Silver prices – 30 July 2026. 2. % of total Group 2025 gross revenue. Revenue by metal is inclusive of final invoice and realised quotational period (‘QP’) ad justments, but excluding hedging gains/losses, TCRC and unrealised QP adjustments 59% Revenue2 20% Revenue2 7% Revenue2 13% Revenue2 Aug-26 Aug-26Aug-26 Aug-26
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Golden Grove
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7 7 High-grade copper mine with valuable zinc, gold & silver by-products 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 Mineral Resources and Ore Reserves estimates, including Competent Person’s statements and JORC Code Table 1 disclosures, released to the ASX announcements platform on 26 February 2026. Refer to the important information section on pa ge 2 of this presentation for further information. c. 7.1km c. 1.8km Cervantes 2025 Mineral Resources1 Mining Infrastructure0m 500m N ✓ Gossan Valley Production flexibility from an independent and relatively shallow high-grade mining front ✓ Gossan Hill High-grade Ore Reserves at Xantho Extended, Hougoumont Extended and Oizon ✓ Scuddles Cervantes a future potential growth option Hougoumont Extended & Oizon Xantho Extended ScuddlesGossan HillGossan Valley Development in progress - First ore by end 2026 63Mt in Mineral Resources estimates 1 1.7% Cu, 3.5% Zn, 0.6g/t Au, 24g/t Ag 30+ year track record of exploration success and mine life extensions – existing mining fronts remain open at depth Decline : Organic growth target areas
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8 24 20 28 18 18 26 16 18 35 40 10 14 40 71 120 2022A 2023A 2024A 2025A 2026 Guidance Midpoint Capital Expenditures ($ million) Sustaining capital Capitalised development Growth capital Booster fans Sequential flotationPaste plant Bulk air coolers TSF 4 Development to 30-Jun-26 Box cut Gossan Hill ventilation & surface infrastructure upgrades ✓ Long term tailings storage facility (‘TSF’) ✓ Gossan Valley project (in progress) 2022 - 2023 2024 2025 - 2026 Investments to establish long-term infrastructure and to enable mining of high-grade ore sources from end 2026 Significant investment to optimise Golden Grove TSF 4 Gossan Valley Gossan Valley Includes: Includes: Includes: 1. Refer ASX release “December 2025 Quarterly Report” dated 20-Jan-2026. 1
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9 Ore Mined (kt)1,2 ~1,350kt ~1,700kt Weighted Average Ore Reserve 3 Grade (Cu-eq)4 2.6% 3.3% Progressive ramp-up of fresh ore sources to support metal production growth and provide additional mine plan flexibility. Optimisation of Golden Grove mine plan from end 2026 +25% +25% 1. 2026 guidance range for Ore Mined is 1,250 – 1,400. Refer ASX release “March 2026 Quarterly Report” dated 29-Apr-2026. 2. Ore sources mined by year are indicative and subject to refinement through ongoing mine scheduling optimisation and 29Metals’ planning processes. Indicative ore sources have relative portions of ore by category of: 2026 – 90% Measured, 10% Indicated; 2029 – 42% Measured, 51% Indicated , 7% Inferred. The Company is satisfied that the proportion of Inferred Mineral Resources is not the determining factor in project viability. 3. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contained in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on page 2 of this presentation for further information. 4. The copper equivalent equation used is: Cu-eq (%) = (Cu grade (%) x Cu recovery x Cu price ($/t) + metal grade x metal recovery x metal price ($/t)) / (Cu price ($/t) x Cu recovery). Metal grades as per 2025 Mineral Resource & Ore Reserve estimates. Metal prices applied (US$4.00/lb Cu, US$1.25/lb Zn, US$2,100/oz Au, US$25/oz Ag, US$1.0/Pb). Metal recoveries applied as per 2025 Golden Grove actuals (87.2% Cu, 79.4% Zn, 46.2% Au, 64.6% Ag, and 22.8% Pb). Golden Grove is an operating asset with a history of recovering metal from ore to produce saleable products. It is the Company’s opinion that the elements included in copper equivalent calculations has a reasonable potential to continue to be recovered and sold. approx. Gossan Hill Main Scuddles Xantho Extended & Europa Hougoumont Extended & Oizon Gossan Valley Deposits 2026 2029
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10 Optimised mine plan expected to further support Golden Grove financial performance Ongoing improvement in financial outcomes 4.12 3.70 3.66 Copper Price (July 2026)2: US$6.3/lb 2023 Actual 2024 Actual 2025 Actual AISC (US$/lb) Copper Price AISC (US$/lb)1EBITDA ($ million)1 40 101 178 2023 Actual 2024 Actual 2025 Actual +345% 1. All-in Sustaining Costs (AISC) and EBITDA are non-IFRS financial information metrics. Refer to the important information at the beginning of this presentation regarding the use of non-IFRS financial information metrics in this presentation . 2. Source AME 31 July 2026 - 11% Actual Actual Golden GroveGolden Grove 00
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11 11 High-grade Resource Extension intercepts highlight Golden Grove growth potential Drilling continues to demonstrate potential mine-life extensions at Gossan Hill and highlight Cervantes as an attractive future growth option 1. Mineral Resources and Ore Reserves estimates are references to those estimates contained in 29Metals’ 31 December 2025 Minera l Resources and Ore Reserves estimates, including Competent Person’s statements and JORC Code Table 1 disclosures, released to t he ASX announcements platform on 26 February 2026. Refer to the important information section on page 2 of this presentation for further informati on. 2. Refer ASX release “High -Grade Copper Drilling Results at Golden Grove” dated 9 -Sep-2025, for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 2 of this presentation. 3. Refer ASX release “H igh-Grade Copper Intercepts at Golden Grove” dated 4 -Nov-2025, for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 2 of this presentation. 4. Refer ASX release “High -grade Resource Extension intercepts at Golden Grove” dated 28 -Apr-2026, for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 2 of this presentation. 5. Refer ASX release “ High-grade Resource Extension intercepts at Oizon” dated 25 -Jun-2026, for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 2 of this presentation. Tryall Resource Extension drilling2,4: ▪ 12.3m @ 2.8% Cu, 1.4g/t Au, 17g/t Ag, including: - 3.3m @ 9.2% Cu, 3.2g/t Au, 46g/t Ag ▪ 17.2m @ 2.6% Cu, 1.6% Zn, 0.4g/t Au, 19g/t Ag ▪ 17.0m @ 2.0% Cu, 0.3g/t Au, 16g/t Ag, including: - 7.0m @ 3.7% Cu, 0.4g/t Au, 25g/t Ag ▪ 14.7m @ 1.9% Cu, 0.3g/t Au, 10g/t Ag, including: - 5.2m @ 2.9% Cu, 0.3g/t Au, 15g/t Ag ▪ 20.2m @ 1.7% Cu, 0.4g/t Au, 10g/t Ag, including: - 5.8m @ 3.6% Cu, 0.6g/t Au, 23g/t Ag Hougoumont Extended & Oizon Resource Extension drilling2,3,5: ▪ 14.6m @ 2.6% Cu, 0.5g/t Au, 24g/t Ag, including: - 7.0m @ 4.9% Cu, 1.0g/t Au, 45g/t Ag ▪ 13.4m @ 2.5% Cu, 0.7g/t Au, 24g/t Ag, including: - 7.4m @ 3.2% Cu, 0.6g/t Au, 30g/t Ag ▪ 11.1m @ 2.1% Cu, 0.1g/t Au, 20g/t Ag ▪ 16.9m @ 1.6% Cu, 6.2% Zn, 0.8g/t Au, 21g/t Ag, ▪ 2.2m @ 5.1% Cu, 17.7g/t Au, 126g/t Ag ▪ 29.8m @ 16.9% Zn, 0.1% Cu, 1.2g/t Au, 16g/t Ag ▪ 21.6m @ 17.6% Zn, 0.3% Cu, 1.6g/t Au, 49g/t Ag Cervantes Resource Extension drilling2: ▪ 17.8m @ 8.8% Zn, 0.1% Cu, 0.4g/t Au, 44g/t Ag ▪ 48.2m @ 2.4% Cu, 0.2g/t Au, 12g/t Ag, including: - 18.1m @ 3.8% Cu, 0.3g/t Au, 19g/t Ag Looking Local Grid West 0km 0.4km 0.8km 1.2km Drill Program Target Area Lateral Distance (Not to Scale) Surface Development Depth at 31 December 2025 Measured Mineral Resources1 Indicated Mineral Resources1 Inferred Mineral Resources1 Mined Voids and Development Gossan Hill Scuddles c.1.8km 1720m 1100m Gossan Hill Main Oizon Europa Hougoumont Extended Xantho Extended Cervantes 1400m Scuddles Hoist Tryall Golden Grove Long Section1 Highlights: Europa Resource Extension drilling4: ▪ 13.9m @ 7.4% Cu, 0.4g/t Au, 33g/t Ag, including: - 9.2m @ 10.1% Cu, 0.5g/t Au, 41g/t Ag,
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12 12 400m 33 Years 31 Years Legend: ? : >2.0% Zn wireframe1 : >0.4% Cu wireframe1 Scuddles 1992 400m N 2025 N2025 N Gossan Hill 1994 400m N : Organic growth target areas Gossan Valley 2025 N Gossan Valley Mineral Resource Estimates1 remain open at depth Potential to build on the long history of mine life extensions at Golden Grove 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on pa ge 2 of this presentation for further information 400m 400m
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13 13 A bright future at Golden Grove Progressive ramp-up of mining from fresh ore sources to support metal production growth ✓ Optimised mine plan ▪ High-grade ore sources to feed the mill from end of 2026 (Xantho Extended, Oizon and Gossan Valley). ▪ Gossan Valley to provide production flexibility from an independent and relatively shallow high -grade mining front. ✓ Investment phase to enable mining of high -grade ore sources ▪ Reduction in capital expenditures expected from 2027. ▪ Harvest of the operational and financial benefits of investment phase planned from 2027. ✓ Resource Extension exploration drilling ongoing ▪ 2026 targets informed by exploration success through 2025 1. ▪ Future drilling planned from underground drill platforms to test for extensions to existing Gossan Valley Mineral Resources estimates 2, which remain open at depth. 1. Refer ASX release “H igh-grade copper intercepts highlight Golden Grove growth potential” dated 9 -Sep-2025, ASX release “H igh-Grade Copper Intercepts at Golden Grove” dated 4-Nov-2025, ASX release “H igh-Grade Copper and Zinc Intercepts at Golden Grove” dated 19 -Jan-2026, and Refer to ASX releas e “High-grade Resource Extension intercepts at Golden Grove” dated 28 -Apr-2026. 2. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on page 2 of this presentation for further information
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Capricorn Copper
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15 Established underground development Potential value to be unlocked at Capricorn Copper Low capital intensity brownfields restart project with significant Mineral Resources1, established infrastructure and large land position in prolific Mt. Isa Inlier province Processing plant & surface infrastructure Substantial high-grade contained copper metal endowment Mineral Resources: 64.2 million tonnes @ 1.8% Copper 1 Contained Copper: 1.2 million tonnes1 Mt. Isa inlier location 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on pa ge 2 of this presentation for further information.
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16 24kt of copper production at AISC of US$3.71/lb copper sold, for $66 million of EBITDA in last full year of operation A profitable operation prior to impact of 2023 extreme weather event1 1. For further information, refer to: ‘Impact of Extreme Rainfall on Capricorn Copper Operations’ released to the ASX announceme nts platform on 9 March 2023; ‘Capricorn Copper Operations Update’ released to the ASX announcements platform on 15 March 2023; ‘ Capricorn Copper Update’ released to the ASX announcements platform on 20 April 2023; and ‘Strategic Update’ released to the ASX announ cements platform on 23 May 2023. 2. All-in Sustaining Costs (AISC) and EBITDA are non -IFRS financial information metrics. Refer to the important information at the beginning of this presentation regarding the use of non -IFRS financial information metrics in this presentation 3. Source: AME 31 July 2026 4. Source: LME 110 66 0 40 80 120 2021 Actual 2022 Actual EBITDA Copper Production (kt) EBITDA ($ million)2 Capricorn Copper Capricorn Copper 3.4 3.7 2026 Cu Price 3: US$6.3/lb Avg. Cu Price 2021 4 Avg. Cu Price 2022 4 $ 0.0 $ 2.0 $ 4.0 $ 6.0 2021 Actual 2022 Actual AISC (US$/lb) Cu Price Current Cu Price Historic 25 24 0 5 10 15 20 25 30 2021 Actual 2022 Actual Cu Production (kt) AISC (US$/lb)2 Capricorn Copper
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17 3.4 1.4 0.5 0.4 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 End Mar-Qtr 2026 End Jun-Qtr 2026 Water inventory (Gigalitres) Surface Water (Esperanza Pit + Mill Creek Dam + Workshop Area) Underground Workings (Esperanza South) Maximum Operating Level1 Approx surface water inventory at the start of 2022/2023 wet season3 (pre–March 2023 Extreme Weather Event4) ▪ Progress Water inventory reductions ▪ Site water levels no longer an impediment to a restart of production. ▪ With total water inventory now significantly below the Maximum Operating Level1 (‘MOL’), approval for Tailings Storage Facility (‘TSF’) 3 becomes the critical path imperative for a restart of production. Long-term tailings storage solution ▪ Application for TSF 3 submitted in Sep- Qtr-2025. ▪ Request for Information (‘RFI’) from the Regulator in relation to TSF 3 application was received Dec-Qtr-2025, in line with normal process, with a response planned for submission in Sep-Qtr-2026. Water levels no longer an impediment to a restart of production Approval for a long-term Tailings Storage Facility (‘TSF’) 3 is now the critical path imperative for a restart of production. Decision to suspend operations 26-Mar- 20242 2.1 Gigalitres of water inventory reduction 1. References to ‘Maximum Operating Level’ in this presentation refer to combined estimated volume (GL) within regulated surface water storage structures (Esperanza Pit and Mill Creek Dam) at Maximum Operating Levels ( mAHD). 2. Refer ASX release “Capricorn Copper – Suspension of Operations” dated 26 -Mar-2024. 3. Reflects combined approx. volume (GL) within regulated water storage structures, EPit and MCD, at 1 November 2022 4. Refer to: “Impact of Extreme Rainfall on Capricorn Copper Operations” released to the ASX announcements platform on 9 March 2 023; “Capricorn Copper Operations Update” released to the ASX announcements platform on 15 March 2023; and “Strategic Update” re leased to the ASX announcements platform on 23 May 2023. Water inventory reductions: ✓ On Track
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18 Approval Timing Uncertainty 2024 2025 2026 Yr 0 Yr 1 Yr 2 Suspension of operationsA TSF Options Study TSF 3 Application Submission of TSF Application Request for information (‘RFI’) received in line with normal process RFI worksC RFI Response Establishment CapitalD A. Refer ASX r elease “Capr icorn Copper – Suspension of Operations” dated 26-Mar-2024. B. Environment Protection and Biodiversity Conservation (‘EPBC’). C. RFI in relation to TSF 3 application from Department of Environment, Tourism, Science and Innovation (‘DETSI’) allows 12-month period for response. D. Establishment Capital: Total capital costs from FID to first production. EPBCB referral Strategic option assessment to fund and accelerate production restart Restart Definitive Feasibility Study Ongoing water treatment and compliance Restart Definitive Feasibility Study Works ▪ Optimisation and refinement of mining physicals plan, capital and operating cost assumptions. ▪ Progression of TSF 3 approval. ▪ Identification of long lead items. ▪ Contract tendering preparedness. Tailings Storage Facility (‘TSF’) approval is the critical path item for a restart decision Request for Information (‘RFI’) from the Regulator in relation to TSF 3 application was received Dec-Qtr-2025, in line with normal process, with a response planned for submission in Sep-Qtr-2026. TSF Approval Potential TSF Approval FID
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19 ✓ Tier 1 location Large land position in prolific Mt. Isa Inlier in Queensland, Australia A bright future at Capricorn Copper Substantial high-grade copper Mineral Resources1 with pathway to production Capricorn Copper Long Section1 ~2 km : In-mine organic growth target areas : Mining Infrastructure Woolly Target Area Esperanza South Esperanza Mammoth Greenstone ✓ Orebody width and grades increasing at depth based on drilling to date ✓ Resource remains open Esperanza South ✓ Previous deepest Resource Extension drill hole: 48.1m @ 2.7% Cu , from 878.9m 2 o 36.0m @ 3.9% Cu, from 427m - Within, 228m @ 1.2% Cu, from 427m 2 o 7.2m @ 4.8% Cu, from 583m. - Within, 47m @ 1.1% Cu, from 567m 3 ✓ Target is open both up and down plunge of existing intersections : Previously reported strong mineralisation intercepts Low capital intensity restart Leveraging established surface and underground infrastructure ✓ Large copper metal endowment Mineral Resource estimates 1: 64Mt @ 1.8% Cu for 1.2 million tonnes of contained copper ✓ Throughput expansion optionality Potential future plant expansion ✓ Exploration upside potential Prospective in -mine and near -mine extension targets and untested regional tenement package ✓ 1. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contained in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on page 2 of this presentation for further information. 2. Refer to ASX release “Exploration Update – Capricorn Copper” dated 12-Apr-2023 for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 4 of this presentation. 3. Refer to ASX release “High-grade Copper Drilling Results at Capricorn Copper” dated 22-Jul-2024 for further information regarding drilling results, including Competent Person’s Statement and JORC Code Table 1 disclosures. Refer to Important Information on slide 4 of this presentation.
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20 Why Invest In 29Metals Copper – a critical future facing metal to enable the global transition towards electrification Large copper endowments 2.3Mt Contained Copper + 2.2Mt Zinc, 1.2Moz Gold, 73Moz Silver in Group Mineral Resources estimates2 Long life assets Resources to support 10+ year mine lives Low risk jurisdiction Australian based copper assets Organic growth options Golden Grove: Gossan Valley | Resource Expansion | Cervantes Capricorn Copper: Production Restart | Resource Expansion Exploration upside History of both assets being highly responsive to step out drilling 1. Refer to 29Metals’ ASX release entitled “Capricorn Copper – Suspension of Operations”, released to the ASX announcements platfor m on 26 March 2024. 2. In this presentation, all references to Mineral Resources and Ore Reserves estimates are references to those estimates contai ned in 29Metals’ 31 December 2025 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 2026. Refer to the important information section on pa ge 2 of this presentation for further information.
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Appendices
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22 Mineral Resources estimates at the Group level are the aggregation of 31 December 2025 Mineral Resources estimates for Golden Grove, Capricorn Copper and Redhill, as reported in subsequent sections of this release. Mineral Resources estimates have been depleted for production to 31 December 2025 at Golden Grove. For Capricorn Copper, the Mineral Resources estimates have reduced due to the toll treatment of Surface Stockpiles throughout 2025 (and noting production at Capricorn Copper continued to be suspended throughout 2025). 29Metals suspended production at Capricorn Copper on 26 March 2024 and production continues to be suspended. See 29Metals announcement, “Capricorn Copper – Suspension of Operations” dated 26 March Note: estimates reported in the table above, other than silver, are rounded to once decimal place. Estimates for silver are rounded to zero decimal places. Additional grade and contained metal – Pb, Co, As, S and Fe – not shown in the table above are reported in underlying Mineral Resources estimates for assets (where applicable). Appendix A: Group Mineral Resources and Ore Reserve Estimates Ore Reserves estimates at the Group level are the aggregation of the 31 December 2025 Ore Reserves estimates for Golden Grove and Capricorn Copper, as reported in subsequent sections of this release. Ore Reserves estimates have been depleted for production to 31 December 2025 at Golden Grove. For Capricorn Copper, the Mineral Resources estimates have reduced due to the toll treatment of Surface Stockpiles throughout 2025 (and noting production at Capricorn Copper continued to be suspended throughout 2025). See 29Metals announcement, “Capricorn Copper – Suspension of Operations” dated 26 March. Note: estimates reported in the table above, other than silver, are rounded to one decimal place. Estimates for silver are rounded to zero decimal places. Additional grade and contained metal – Pb and As – are reported in underlying Ore Reserves estimates for assets (where applicable). Mineral Resources Ore Reserves
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23 The 31 December 2025 Mineral Resources estimates for Golden Grove are set out in the table below and incorporate the results of resource conversion, resource extension and grade control drilling completed since the cut-off-date for the previous Mineral Resources estimates for Golden Grove (31 May 2024 to 31 May 2025 for estimates other than Amity and Gossan Valley, Scuddles, GG4-Tryall, Hougoumont and Oizon, Cervantes, and Europa. 31 May 2025 to 30 July 2025 for Amity and Gossan Valley, or 31 May 2024 to 09 September2025 for Scuddles, or 31 May 2024 to 20 September 2025 for GG4-Tryall, or 31 May 2024 to 10 October 2025 for Hougoumont and Oizon, or 31 May 2024 to 31 October for Cervantes, or 18 November 2024 to 3 November 2025 for Europa), depletion from production, updated resource modelling and geological interpretation, updates to the metallurgical and economic assumptions, and changes to cut-off values. The 31 December 2025 Ore Reserves estimates for Golden Grove are set out below and incorporate changes to the Golden Grove Mineral Resources estimates (refer above), depletion for production, design updates, and changes to cut-off values and other economic assumptions. Appendix A: Golden Grove Mineral Resources and Ore Reserve Estimates Mineral Resources Ore Reserves Note, estimates reported in the tables above, other than silver, are rounded to one decimal place. Estimates for silver are rounded to zero decimal places.
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24 29Metals suspended production at Capricorn Copper on 26 March 2024 and production continues to be suspended. See 29Metals announcement, “Capricorn Copper – Suspension of Operations” dated 26 March 2024. The Mineral Resources estimates for Capricorn Copper are set out in the table below. These Mineral Resources estimates were first reported 26 and 28 February 2025 and effective on 31 December 2024. There have been no material changes to the Mineral Resources estimated for Capricorn Copper since 31 December 2024. No further drilling was conducted at Capricorn Copper during 2025. The only update relates to the depletion and toll treatment of a surface stockpile throughout 2025. The 31 December 2025 Ore Reserves estimates for Capricorn Copper are set out below and incorporate changes to the Capricorn Copper Mineral Resources estimates (refer above), and changes to surface stockpiles. Appendix A: Capricorn Copper Mineral Resources and Ore Reserve Estimates Note, estimates of ore tonnes and grade reported in the table above, other than silver and arsenic grades, are subject to rounding to one decimal place. Estimates for silver and arsenic grade are rounded to zero decimal places. Mineral Resources Ore Reserves
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25 The Mineral Resources estimates for Redhill are set out in the table below. These Mineral Resources estimates were first reported and effective on 16 May 2016. There have been no material changes to the Mineral Resources estimated for Redhill since 16 May 2016. No further field work was conducted at Redhill during 2025. The Redhill Mineral Resource estimates was previously released in 29Metals’ ASX announcement titled ‘December 2025 Mineral Resources & Ore Reserves estimates’ on 26 February 2026 (a copy of which is available on 29Metals’ website at https://www.29metals.com/assets/reserves-and-resources). 29Metals confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements noted above and that all material assumptions and technical parameters underpinning the Mineral Resource estimates for Redhill in the ASX announcement noted above continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented in the ASX announcement noted above have not been materially modified from the original ASX announcement. Appendix A: Redhill Mineral Resources Estimates Mineral Resources
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