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September Quarter 2026 Unlocking value to empower the future 21 October 2026
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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. Summary Information This presentation includes summary information relating to or derived from the September 2026 Quarterly Report (‘Sep-Qtr Report') for 29Metals as released to the ASX announcements platform on 21 October 2026 which includes additional information and notes relating to unaudited drawn debt, unaudited cash and cash equivalents and unaudited available group liquidity (refer to relevant Endnotes in the Sep-Qtr Report). This presentation should be read in conjunction with, not in replacement of, the Sep-Qtr Report. 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 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 platform 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 page 2 of this presentation for further information.
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4 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 estimates1 Golden Grove Ore Reserves1: 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 Resources1: 64.2Mt @ 1.8% Cu, 9g/t Ag, Location: Queensland Ownership: 100% Status: Brownfield restart project2 Mill Capacity: up to 2.0Mtpa Mine type: Underground Ore Reserves1: 19.0Mt @ 1.7% Cu, 13g/t Ag Cu Zn Au Ag Cu Ag Mineral Resources1: 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 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 pa ge 2 of this presentation for further information. 2. Refer ASX release “Capricorn Copper – Suspension of Operations” dated 26-Mar-2024. Production Snapshot 2025 Production (Golden Grove) 2026 Guidance (Golden Grove) ▪ 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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5 Corporate and other ▪ Safe execution of an 11-day planned major maintenance shutdown. ▪ Xantho Extended mining recommenced in October, Golden Grove’s highest-grade copper and zinc ore source. ▪ Gossan Valley achieved multiple development milestones and remains on track for first ore by the end of 2026. ▪ Development of Oizon is progressing to plan. First development ore mined in Sep-Qtr. First production expected by the end of 2026. ▪ Additional ore sources, higher ROM stocks and no maintenance to enable higher ore mined and milled, production and sales in Dec-Qtr. Copper Production 4.2kt Zinc Production 2.0kt C1 Costs2 US$5.24/lb Cu Sep-Qtr-2026 Key Points Safety1 7.9 Group TRIF (Jun-Qtr: 8.0) 0.0 Group LTIF (Jun-Qtr: 0.0) Golden Grove Capricorn Copper ▪ Water levels continue to be reduced and are no longer an impediment to restart production. ▪ RFI response submitted to the Regulator as planned, to support the approval for TSF 3, which remains critical to enable a res tart decision. ▪ Restart DFS on track for completion by end 2026 to enable FID for the restart of operations, subject to receipt of TSF 3 appr ovals. ▪ Unaudited group liquidity3 at 30 September 2026 of $142m (30 June 2026 of $202m) is sufficient for the ongoing funding of growth capital commitments to develop and ramp up Xantho Extended, Gossan Valley and Oizon. ▪ Evaluation of options to fully fund the restart of Capricorn Copper and materially strengthen the Group’s balance sheet now w ell progressed. A range of non-dilutive, low-cost proposals received, including streaming, royalty and joint-venture proposals. ▪ Agreement reached for the sale of Redhill to Narryer Metals Limited for upfront equity consideration, a contingent milestone payment and a strategic investment into Narryer, maintaining exposure to future upside.4 1. Total Recordable Injury Frequency (“TRIF”) and Lost Time Injury Frequency (“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 to Important Information on slide 2 of this presentation regarding summary information and Non-IFRS financial information. 4. Refer to Narryer Metals Limited (ASX:NYM) announcement on 22 September 2026, “Acquisition of High-Grade Cu-Au-Ag Project and Strategic Investment”, for further information. Note: DFS – Definitive Feasibility Study; FID – Final Investment Decision; RFI – Request for Information; TSF - Tailings Storage Facility
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Golden Grove
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7 Sep-Qtr-2026: Operations Overview Golden Grove Ore mined contribution by source (%) Zinc Production (kt) Comments 2.0 3.4 0.1 3.1 2.0 Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 18% 64% 71% 62% 68% 85% 18% 29% 38% 32% 15% 0% 100% Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 Xantho Extended Other Gossan Hill Scuddles 5.8 6.9 6.4 4.8 4.2 Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 Copper Production (kt) ▪ Ore mined 351kt (Jun-Qtr: 299kt). - Up 17%, despite Xantho Extended being offline during the quarter. ▪ Ore milled 301kt (Jun-Qtr: 363kt). - Down 17% due to major planned maintenance and low opening ROM stocks - Predominately copper ore (copper ore: 263kt vs zinc ore: 39kt). ▪ Copper production of 4.2kt (Jun-Qtr: 4.8kt). ▪ Zinc production of 2.0kt (Jun-Qtr: 3.1kt). ▪ Increased mining and processing volumes, metal production and sales expected in Q4 - Higher developed and broken stocks underground, and surface ROM stocks - Mining has recommenced at Xantho Extended, and - No planned maintenance shutdowns for the remainder of the year.
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8 Xantho Extended safely back online Mining recommenced at Xantho Extended in October, Golden Grove’s highest-grade ore source Geotechnical governance enhancements ▪ External, independent geotechnical review board established early January ▪ Multiple engagements to endorse 2026 work plan and review progress to date ▪ Additional structural geology resources appointed and new structural model developed ▪ Advanced numerical model developed, well calibrated to 2025 events, and will be used to inform LOM designs going forward ▪ Expanded seismic monitoring system ▪ Strengthened re-entry processes, and ▪ Established a staged restart strategy supported by clear technical controls First stope fired in October and development activities advanced ▪ Three stopes scheduled to be mined by end 2026, first already fired ▪ New multi-level access drive development well progressed; • Two bypasses complete • A third being completed Dec-Qtr • The fourth to be completed early 2027 ▪ Significant rehabilitation completed ▪ Additional ground support upgrades identified and in plan Bypass 1 Complete Bypass 2 Complete Bypass 3 Dec-Qtr-2026 Bypass 4 Mar-Qtr-2027 Access 1 Complete Access 2 Dec-Qtr-2026 Access 3 Mar-Qtr-2027 Access 4 Mar-Qtr-2027
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9 Gossan Valley remains on track for first ore by end of 2026 Gossan Valley to provide production flexibility from an independent and relatively shallow high-grade mining front 30-Jun-26 Gossan Valley box cut and decline development, aerial view, looking north-east 30-Sep-26 ~90 Days
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10 Sep-Qtr-2026: Costs and Capital Overview Golden Grove Site Costs ($ million) Unit Costs (US$/lb)1,2 Capital ($ million) 9 7 6 12 9 5 6 2 2 4 19 36 20 23 28 33 49 28 38 41 Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 Capitalised Development Sustaining Capital Growth Capital (includes Gossan Valley) 103 97 97 96 108 Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 3.7 2.5 4.3 4.7 5.2 4.9 3.5 5.1 6.1 6.9 Sep-Qtr 2025 Dec-Qtr 2025 Mar-Qtr 2026 Jun-Qtr 2026 Sep-Qtr 2026 C1 Costs AISC Comments ▪ Elevated Site Costs were largely driven by higher labour, power, diesel and consumable costs associated with the planned 11-day maintenance shutdown, increased material movement and site electricity requirements. ▪ Higher C1 unit costs1 primarily due to materially lower copper sales (Sep-Qtr: 8.1Mlbs vs Jun-Qtr: 11.5Mlbs) and lower by-product credits (Sep-Qtr: $15m vs Jun- Qtr: $59m), partially offset by stockpile movements (Sep-Qtr $36m credit vs. Jun- Qtr: $30m charge). ▪ Higher sustaining capex contributed to higher AISC2. ▪ Copper and by-product sales in the Dec-Qtr are expected to increase on the Sep- Qtr, supported by increased mining volumes, higher opening ROM stocks and no planned maintenance shutdowns, which will result in lower C1 and AISC unit costs. ▪ We remain focused on cost reductions and productivity improvements across the Company, to contain costs and offset persistent inflationary pressures 1. 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. 2. All-in Sustaining Costs (AISC) is the sum of C1 Costs, sustaining capital and capitalised development.
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11 11 High-grade Resource Extension intercepts highlight Golden Grove growth potential Drilling results in past 12 months demonstrate potential mine-life extensions at Gossan Hill and an attractive future growth option at Cervantes 1. 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 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 “High-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 / EMTL 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 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 expenditure 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 20251. ▪ Future drilling planned from underground drill platforms to test for extensions to existing Gossan Valley Mineral Resources estimates2, which remain open at depth. 1. Refer ASX release “High-grade copper intercepts highlight Golden Grove growth potential” dated 9 -Sep-2025, ASX release “High-Grade Copper Intercepts at Golden Grove” dated 4-Nov-2025, ASX release “High-Grade Copper and Zinc Intercepts at Golden Grove” dated 19-Jan-2026, and ASX release “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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14 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% Copper1 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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15 2yr average copper production of 24.5kt, at an AISC of US$3.60/lb, generating EBITDA of $88m with a copper price significantly lower than today A profitable operation prior to temporary suspension due to extreme weather1 1. Refer ASX release: ‘Impact of Extreme Rainfall on Capricorn Copper Operations’ dated 9 March 2023; ‘Capricorn Copper Operations Update’ dated 15 March 2023; ‘Capricorn Copper Update’ dated 20 April 2023; and ‘Strategic Update’ dated 23 May 2023. 2. All-in Sustaining Costs (AISC) and EBITDA are non-IFRS financial information metrics. Refer to the important information on slid e 2 of this presentation regarding the use of non-IFRS financial information metrics in this presentation 3. Source: LME 20 October 2026 4. Source: LME 110 66 0 40 80 120 2021 Actual 2022 Actual EBITDA Copper Production (kt) EBITDA ($ million)2 Capricorn Copper Capricorn Copper 3.4 3.7 2026 spot Cu Price3: US$6.6/lb Avg. Cu Price 20214 Avg. Cu Price 20224 $ 0.0 $ 2.0 $ 4.0 $ 6.0 $ 8.0 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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16 Approval Timing Uncertainty 2024 2025 2026 Yr 0 Yr 1 Yr 2 Suspension of operations1 TSF Options Study TSF 3 Application Submission of TSF Application Request for information (‘RFI’) received in line with normal process RFI works2 RFI Response Establishment Capital4 1. Refer ASX release “Capricorn Copper – Suspension of Operations” dated 26-Mar-2024. 2. RFI in relation to TSF 3 application from Department of Environment, Tourism, Science and Innovation (‘DETSI’) allows 12-month period for response. 3. Environment Protection and Biodiversity Conservation (‘EPBC’). 4. Establishment Capital: Total capital costs from FID to first production. EPBC referral3 Strategic option assessment to fund production restart Restart Definitive Feasibility Study Ongoing water treatment and compliance Restart Definitive Feasibility Study ▪ 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. Regulator approval for TSF 3 is critical for a restart decision Response to Request for Information (‘RFI’) in relation to TSF 3 application was submitted to the Regulator in the Sep-Qtr as planned. TSF Approval Potential TSF Approval FID
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17 ✓ 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 estimates1: 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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Corporate
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19 Balance sheet and cash flows Finance and Corporate 188 128 142 39 9 6 9 4 7 14 Jun-Qtr-2026 cash Golden Grove operating cash flow Golden Grove investing cash flow Capricorn Copper cash flow Corporate costs Debt service (net) Pre-IPO Gold Hedges & FX Sep-Qtr-2026 cash Offtake facility undrawn Sep-Qtr-2026 liquidity Unaudited group cash and cash equivalents, and available liquidity ($ million) 1 ▪ Cash and cash equivalents at 30 September 2026 was $128m (30 June 2026: $188m). ▪ Group liquidity of $142m (30 June 2026: $202m), declined during the quarter, driven by: ▪ a reduction in operating cash flow due to elevated costs and materially lower metal sales as a result of the major planned maintenance. ▪ an increase in investing cash flow due to the highest quarterly investment this year in the development of Gossan Valley, as we progress towards first production later this year. ▪ The current liquidity position is sufficient to fund the completion of the development and ramp up of Xantho Extended, Gossan Valley and Oizon, with cashflow expected to materially improve as these ore bodies come online. ▪ Evaluation of options to fully fund the restart of Capricorn Copper and materially strengthen the Group’s balance sheet is now well progressed, with a range of non-dilutive, low-cost proposals received, including streaming, royalty and joint-venture proposals. Comments1 1. All datapoints are unaudited. Refer to Important Information on slide 2 of this presentation regarding summary information an d Non-IFRS financial information
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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 platform 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 page 2 of this presentation for further information.
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21 Unlocking value to empower the future
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Appendix
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23 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: 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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24 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: 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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25 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: 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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26 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: Redhill Mineral Resources Estimates Mineral Resources
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