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Corporate Presentation September 2025 | ASX : DRR Diversified resource royalties Deterra Royalties
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Important notices and disclaimer This presentation has been prepared by Deterra Royalties Limited (“Deterra”, “the Company”). By accessing this presentation, you acknowledge that you have read and understood the following statement. The material in this presentation is general summary information about Deterra. This presentation should be read in conjuncti on with Deterra's other periodic and continuous disclosure announcements which are available at www.asx.com.au. Reserves, resources and other technical information Except where otherwise stated, the information in this presentation relating to the mining assets to which Deterra's royalty interests are referrable is based solely on information publicly disclosed by the owners or operators of these mining assets and information and data available in the public domain as at the date of this presentation, and none of this information has been independently verified by Deterra. Accordingly, Deterra does not make any representation or warranty, express or implied, as to the accuracy or completeness of such informat ion. Specifically, Deterra has limited, if any, access to the mining assets in respect of which royalties are derived by the Deterra. Deterra generally relies on publicly available information regarding the mining asse ts and generally have no ability to independently verify such information. Forward-looking Statements This presentation may contain forward look statements such as, without limitation, statements regarding plans; strategies and objectives of management; anticipated performance; estimates of future expenditure; expected costs; estimates of future royalty income, product supply, demand and consumption; and statements regarding future p roduct prices. Where Deterra expresses or implies an expectation or belief as to future events or results, such expectation or belief is exp ressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Deterra that the matters stated in this presentation will in fact be achieved or prove to be correct. Forward-looking statements subject to known and unknown risks, uncertainties, assumption and other important factors that could cause the actual results, performances or achievements of Deterra or the underlying royalty assets to differ materially from future results, performances or achievements expressed, projected or impl ied by such forward-looking statements. Such risks and factors include, but are not limited to: the risks and uncertainties associated with the Australian and global economic environment and capital market con ditions; changes in exchange rate assumptions; changes in product pricing assumptions; major changes in mine plans and/or resources; emergence of previously underestimated technical challenges; incre ased costs and demand for production inputs; and environmental or social factors which may affect a licence to operate, including political risk. To the extent permitted by law, Deterra, its officers, employees and advisors expressly disclaim any responsibility for the a ccuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by a person as a consequence of any information in this presentation or any error or omission therefrom. Deterra does not undertake to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Non-IFRS Financial Information This document may contain non-IFRS financial measures including Underlying EBITDA, EBITDA, EBIT, Underlying NPAT, free cash flow , and net debt amongst others. Deterra management considers these to be key financial performance indicators of the business and they are defined in Deterra’s 2025 Annual Report, available at www.deterraroyalties.com. Non-IFRS measures have not been subject to audit or review. All figures are expressed in Australian dollars unless stated otherwise. This presentation has been authorised for release to ASX by Deterra's Managing Director. 2
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Deterra – high quality resource royalties 3 Our compelling business model, combined with high quality assets and focused strategy offers a unique way to invest in the resources sector Lower risk exposure to resources sector through a compelling business model High quality assets generating cash flow to support both shareholder returns and create portfolio optionality Consistent growth strategy – patient and disciplined approach to investing in future value accretive opportunities Deterra’s Strategy Benefits of the royalty business model
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FY25 Highlights: Executing on our strategy Quality assets delivering record production Building value through investment and optionality Balancing shareholder returns and disciplined capital allocation • Mining Area C (MAC) delivers record production • South Flank exceeds nameplate capacity1 • $20 million capacity payment received • Gold offtake contracts deliver record ounces and net revenue margins2 • Counter cyclical investment in Trident portfolio exceeding expectations • Lithium Americas secured US$3.5 billion funding for Thacker Pass and announced Final Investment Decision3 • Construction well advanced and targeting first production CY2027 • Updated mine plan shows significant expansion and extension potential • Utilises proven technology, equipment and processes • $116 million in fully franked dividends returned to shareholders • 22 cents per share total dividends paid, fully franked • 13 cps fully franked final dividend • 9 cps fully franked interim dividend • Payout ratio of 75 per cent of NPAT • $676 million in fully franked dividends paid since 2020 • Active portfolio management to crystalise value and recycle capital Record operational performance at producing assets supports strong shareholder returns while key development assets continue to advance 4 1. BHP operational review for year ended 30 June 2025; 2. Note gold offtakes contracts sold for US$56 million September 2025 (see DRR announcement 29 September 2025); 3. Lithium Americas announcement dated 1 April 2025
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1. See notes on slide 2 – Non-IFRS Measures. Underlying EBITDA excludes one-off transaction costs associated with the acquisition of Trident Royalties plc., 2. Deterra consolidates Trident’s financial results from 2 September 2024, 3. Future declaration, timing, amount and payment of future dividends remain at the discretion of DRR Board of Directors, 4. Leverage Ratio = Net Debt / Enterprise Value (ie market capitalisation as at 15 August 2025 plus net debt at 30 June 2025) Underlying EBITDA1 of $250 million, up 10% o Record MAC volumes delivering $20 million capacity payment, offset by lower realised iron ore price o Gold offtakes generated $21.5 million net revenue margin2 on record gold prices and continuing volatility o Delivered $5 million post Trident synergies from acquisition SG&A o Underlying EBITDA margin of 95 per cent FY25 Financial Highlights 5 Resilient balance sheet o Net debt at 30 June 2025 $271 million o Gearing at 10%, within 0-15% Target Leverage Ratio4 o $500 million of credit facilities, $205 million undrawn Record MAC volumes and Offtake revenue drive strong result and strong balance sheet Strong Shareholder Returns o Fully franked final dividend of 13.0 cents per share declared representing 75% of 2H25 NPAT o Future Target Payout Ratio confirmed at 75% of NPAT3
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1. Represents Deterra’s fair value for accounting purposes as at 2 September 2024 2. US$13.25 million in cash upon completion of the termination and release; and US$8.75 million in cash, 12-months from completion. Deterra retains an obligation to pay US$1 million as deferred consideration to Coeur Mining, Inc. (“Coeur”, NYSE: CDE), the vendor in the original asset sale to Trident Royalties Plc, no later than upon receipt of the deferred US$8.75 million. 3. IRR calculated from the effective date of the Trident Royalties Plc scheme of arrangement (2 September 2024) using the Company’s fair value of the La Preciosa assets for accounting purposes as at 2 September 2024 4. Net revenue = sales less cost of sales 5. IRR calculated from the effective date of the Trident Royalties Plc scheme of arrangement (2 September 2024) using the Company’s fair value of the gold offtakes for accounting purposes as at 2 September 2024 and net revenue La Preciosa silver assets: • Acquired September 2024 through Trident portfolio for US$14.8 million1 • Sold August 2025 for US$22 million2 • pre-tax profit of US$6.2 million • 31% pre-tax IRR3 Disciplined portfolio management Continuous review of portfolio to realise value from non-core assets 6 Gold offtake assets: • Acquired September 2024 through Trident portfolio for US$58.9 million1 • Sold September 2025 for US$56 million cash • Net revenue since acquisition of US$16.6 million4 • 25% pre-tax IRR5 Dandoko and St Ives gold royalties: • Sold September 2025 for US$4 million: • US$1.5 million cash plus purchaser to assume US$2.5 million in contingent payments relating to Dandoko US$82 million (A$124 million) disposals of non-core assets: 73.7 95.1 78.5 16.6 DRR purchase price / fair value Cash proceeds from sales (pre-tax) Net revenue (pre-tax) Pre-tax return Asset sales in 2025 (US$ millions) ~28% Pre-tax IRR
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Strategy and outlook 7
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8 ... and investment. Building value through shareholder returns and portfolio optionality Strategy focused on patient and disciplined approach to: Capital management… • Discipline to return capital when not required for investment or balance sheet management • $676 million of fully franked dividends paid since 2020 • Active portfolio management and optimization to recycle capital and realise investment returns on non-core assets • $124 million from sale of non-core precious metal assets in 2025 • Selective and disciplined additions to the portfolio: • Value accretive investments that deliver value in their own right • Discipline: Individual investment must meet appropriate return hurdles • Patience: No targeted rate of capital deployment or level commodity allocation • Investment decision making driven by key value drivers: • Quality: The ability to continue production through commodity cycles; and the ability to attract capital to fund extension and/or expansion • Optionality: likelihood of extension and/or expansion Targeting value accretive opportunities where we have competitive advantage 0 20 40 60 80 100 120 140 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 Fully franked dividends paid/declared ($m)
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High quality portfolio with growth optionality Key assets Operator Interest Mining Area C BHP 1.232% of Iron Ore revenue + capacity payments Thacker Pass Lithium Americas 1.05% GRR royalty over Thacker Pass Project1 1. After expected exercise of partial buyback 9
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Foundation Mining Area C iron ore royalty The MAC Royalty Agreement type Gross revenue royalty Royalty rate 1.232% of AUD denominated revenue from MAC Royalty Area Payment currency AUD Capacity payment One-off payments of $1 million per million dry tonne increase in the annual production level from the MAC Royalty Area during any 12 month period ending 30 June above the previous highest annual production level 1. BHP – Western Australia Iron Ore South Flank – Site Tour Presentation (4 October 2022) and BHP Operational review for the half year ended 31 December 2024, ASX, 21 January 2025 2. Wood Mackenzie global iron ore strategic planning outlook Q2 2025 3. Location and mineralisation outline are for illustrative purposes only. Source: BHP public documents, Google Earth and Western Australian Department of Mines, Industry Regulation and Safety (DMIRS), with Deterra overlay of royalty area 4. BHP FY25 Average realised price US$82.13/ wmt MAC royalty area3 Tandanya South Flank North Flank 65 Mtpa 80 Mtpa Mudlark The MAC Operation 1 Large 145Mtpa hub Long Life 45+ year mine life, with Tandanya and Mudlark identified as future prospects Significant optionality ̴35% of WAIO total Mineral Resource is located within 50km of MAC processing infrastructure Low Cost FY25 cost guidance of US$18/t-US$19.5/t Operated by BHP, top line exposure to the world’s largest iron ore hub1 with 9% of global seaborne iron ore supply2 10 MAC Indicative Future Revenue: • Royalty – 1.232% of A$ MAC revenue: Illustrative Revenue Sensitivity (A$) assuming MAC production of 145mwmtpa BHP Realised Iron Ore Price4 (US$ DMT) 60 70 80 90 100 110 AUD:USD 0.70 $142m $166m $190m $214m $237m $261m 0.67 $149m $174m $198m $223m $248m $273m 0.64 $156m $182m $208m $234m $260m $286m 0.61 $163m $191m $218m $245m $272m $300m The above sensitivity table incorporates the following assumptions: Dry production calculated using MAC 145mwmtpa and using a 7% moisture content (FY25 Consensus) The current LT USD Exchange rate is 0.69 The illustrative royalty revenue on this slide is not a forecast or a projection and investors should not treat this as revenue guidance. No assurance is given that any of the illustrative revenue amounts can or will be achieved.
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Mining Area C continues to deliver world leading volumes 11 Mining Area C (“MAC”) Highlights • Two Iron Ore Hubs producing a total of 145mwmtpa comprised of: • North Flank, commenced in 2003, 65mwmtpa nameplate capacity • South Flank, commenced in 2021, 80mwmtpa1 nameplate capacity • South Flank exceeded name plate capacity production in its first full year of operation after being delivered on time and budget in FY24 1 • MAC remains one of the lowest cost iron ore hubs globally South Flank expansion complete in FY24 and exceeding nameplate capacity in FY25 1 1. BHP operational review for year ended 30 June 2025, ASX 18 July 2025, 2. BHP operational review for year ended 30 June 2025 and similar, available at BHP.com., 3. Wood Mackenzie Value-in- use iron ore costs Q2 2025 0 20 40 60 80 100 120 140 160 180 200 US$/t (dmt) North Flank South Flank Other Total Iron Ore Cash Cost (CFR China, 62%Fe Fines) – 20253At nameplate capacity Mining Area C represents 48% of total BHP production and 9% of seaborne supply3 Mining Area C Other WAIO Global Seaborne Supply 0 20 40 60 80 100 120 140 160 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mining Area C production (100% basis, mwmtpa)2
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Following a period of significant organic growth, iron ore pricing will be the primary driver of MAC royalty revenue in the short- to medium-term Mining Area C outlook Iron ore price has a history of outperforming consensus estimates4Iron ore has traded between US$90-US$110/t3 over the past 12 months 0 20 40 60 80 100 120 Aug 24 Oct 24 Dec 24 Feb 25 Apr 25 Jun 25 Aug 25 Iron Ore Price - IODEX CFR China 62% Fe USD/DMT 1. BHP operational review for year ended 30 June 2025, ASX 18 July 2025 2. Deterra past annual and half year financial results 3. S&P Global Platts Connect 4. UBS analysis - Actual average annual iron ore price relative to consensus forecast of the day 30 50 70 90 110 130 150 170 Jun 15 Jun 17 Jun 19 Jun 21 Jun 23 Jun 25 Jun 27 Jun 29 Actual average annual iron ore price relative to consensus forecast of the day Average Annual 62%Fe CFR Spot Price Consensus Forecast Mining Area C status • FY25 reported mine production of 140mwmt: • Nameplate capacity of 145mwmtpa • South Flank exceeded 80mwtpa1 nameplate capacity in FY25 • Capacity payment threshold reset at demonstrated capacity 138 mdmt • 2.25x increase in production volumes since FY21 12 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 MAC production (mwt) Iron ore price (US$t) GRR revenue (A$m) Mining Area C Royalty Performance2 South Flank Ramp-up
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Thacker Pass lithium royalty The Thacker Pass Royalty Agreement type Gross revenue royalty Buyback rights LAC right to reduce royalty to 1.75% GRR if LAC buy-back for US$22m (100% basis); DRR’s 60% attributable basis is 1.05% for US$13.2m, prior to first production Payment currency USD Royalty rate (if Buyback not exercised) 8.0% GRR reducing to 4.0% after US$22m royalty payments (100% basis); DRR’s 60% attributable basis is 4.8% reducing to 2.4% after US$13.2m royalty payments NV McDermitt McDermittMcDermitt Caldera Winnemucca Reno Denio Orovada San Francisco CA ID UTThacker Pass Project Road Cities Port Thacker Pass USA Operated by Lithium America Corp, provides top line exposure to world’s largest lithium reserve1 The Thacker Pass Operation1,2 Large Phase 1 planned capacity of 40,000tpa LCE Long Life Project economics outlined for 85-year life of mine Significant optionality Four phase development plan to 160kt LCE production Low Cost Years 1-25 C1 cost guidance $6,238/t LCE, AISC OPEX $7,508/t Project Construction Major construction commenced with Bechtel as EPCM contractor. Detailed engineering is approximately 70% design complete and expected to increase to over 90% design complete by year end 2025 3 First Production In major construction, first production late 2027 13 1. Lithium Americas Corp announcement and presentation, 7 January 2025. Any references to production capacities (and other forward-looking information) in this presentation are not ‘reporting’ of those estimates for the purposes of the ASX Listing Rules, 2. Lithium Americas Corporation announcement and presentation dated 17 June 2025, 3. Lithium Americas Corp announcement 14 August 2025, 4. LAC right to reduce royalty to 1.05% for US$13.2m (represents DRR 60% attributable basis), prior to first production Illustrative A$ Revenue Sensitivity assuming TP production of 40kt LCE (Phase 1 only) LAC Realised Lithium Carbonate Price (US$/t LCE) 10,000 13,500 16,250 20,500 24,000 AUD:USD 0.70 $6.0m $8.1m $9.8m $12.3m $14.4m 0.67 $6.3m $8.5m $10.2m $12.9m $15.0m 0.64 $6.6m $8.9m $10.7m $13.5m $15.8m 0.61 $6.9m $9.3m $11.2m $14.1m $16.5m LT Consensus for LCE is $16,500/t The current LT USD Exchange rate is 0.69 Thacker Pass Indicative Future Revenue:4 • One time buy back of US$13.2m; plus • Royalty – 1.05% of US$ Thacker Pass revenue: The illustrative royalty revenue on this slide is not a forecast or a projection and investors should not treat this as revenue guidance. No assurance is given that any of the illustrative revenue amounts can or will be achieved.
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0 10 20 30 40 50 2 Nov 2022 31 Dec 2024 Mt LCE Non-JORC Measured & Indicated Mineral Resources (NI 43-101)4,5,6 Thacker Pass significantly de-risked with construction underway 14 Doubled targeted production and mine life1 • Phase 1: 40ktpa LCE, first production expected in Q4 CY2027 • General Motors strategic partner - LACs largest shareholder and holds 38% of the Thacker Pass JV with a 20+ year offtake • Phases 2-4 target expansion to quadruple production to 160ktpa LCE Construction commenced Q2 20251,2 • US$2.9b Phase 1 capex funded with: • GM US$945 million investment • US$2.3 billion US Department of Energy Loan closed - 24-year tenor at U.S. Treasury rate with 0% spread • Orion Resources Partners US$250 million funding3 • Final Investment Decision in April with Bechtel appointed as EPCM for Phase 12: • First permanent concrete placed in early May; • Detailed engineering approximately 70% design-complete as at 30 June 2025; and • First lithium carbonate equivalent (LCE) production targeted for 2027. 1. Lithium Americas Corp announcement and presentation, 7 January 2025. Any references to production capacities (and other forwa rd-looking information) in this presentation are not ‘reporting’ of those estimates for the purposes of the ASX Listing Rules, 2. Lithium Americas announcement dated 14 August 2025, 3. Lithium Americas Corp announcement 6 March 2025. 4. Thacker Pass NI 43 -101 Technical Report Effective Date November 2, 2022 5. Thacker Pass NI 43-101 Technical Report Effective Date December 31, 2024. 6. The mineral reserve and mineral resource estimates for Thacker Pass are not reported in accordance with the JORC Code. The mi neral resources and reserve estimates have been prepared using the National Instrument 43 -101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators A “textbook” royalty since Deterra acquisition Commencement of Major Construction in May 2025 +3.9x +2.8x 0 2 4 6 8 10 12 14 16 2 Nov 2022 31 Dec 2024 Mt LCE Non-JORC Proven & Probable Mineral Reserves (NI 43-101)4,5,6
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Thacker Pass outlook Full construction commenced in April 2025 with mechanical completion and first production targeted for late 2027 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Jul 20 Jul 21 Jul 22 Jul 23 Jul 24 Jul 25 Jul 26 Jul 27 Jul 28 Jul 29 Jul 30 Lithium Carbonate (US$/t) Countercyclical Tier 1 Investment3,4 LCE Historical Price LCE LT Consensus Forecast Thacker Pass targeted first production Price Peak >US$70,000 LT Forecast >US$16,000/t3 1. LAC announcement dated 14 August 2025, 2 LAC corporate presentation dated 14 August 2025. 3. Forecast LCE Price - Consensus economics August 2025 4. Historical LCE Price - S&P Global Capital IQ Project status1,2 • Remains on target for mechanical completion and first production November 2027 • All long lead equipment awarded and US$574 million of construction capital and other project-related costs have been capitalised at 30 June 2025 • First steel at processing plant expected September 2025 and first occupancy of Workforce Hub 2H2025. • Long term offtakes agreements in place with General Motors • Phase 1 Offtake Agreement for up to 100% of production volumes for 20 years; plus • Phase 2 Offtake Agreement for additional 20-year offtake for up to 38% of production volumes from Phase 2; plus right of first offer on the remaining balance of Phase 2 volumes 15
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Asset Royalty Milestone Details Mining Area C (Fe) 1.232% GRR • Nameplate capacity • Continuous operation at nameplate capacity of 145Mwmtpa Thacker Pass (Li - clay) 1.05% GRR1 • First production expected in CY20272 • US$13.2m contingent receipt6 • LAC right to reduce royalty to 1.05% (DRR attributable) for a payment to DRR of US$13.2m, prior to first production Antler (Cu, Zn) 0.9% NSR • DFS and permits • New World acquired by Kinterra Capital following competitive takeover process8 • DFS expected by Dec 2025, all permits expected by March 20263 • Right to repurchase 0.3%NSR for A$9m6 within three months of project finance Paradox (Li - brine) 2.5% NSR • FID and demonstration plant • Construction of a direct lithium extraction demonstration plant to be funded entirely by POSCO, subject to FID expected by Dec 20254 Mimbula (Cu) 0.3% GRR • Phase 2 Expansion • Phase 2 Expansion to 56ktpa, expected to be completed early 20267 Royalty portfolio – near term milestones and newsflow 16 1. After expected exercise of partial buy -back, 2. Lithium Americas Corp Thacker Pass Technical Report Presentation January 2025, 3. New World Resources – Antler Copper Project Achieves Critical Federal Permitting Milestone (7 February 2025), 4. Anson Resources announcement dated 30 June 2025, 6. Contingent receipts have limited NPAT impact as revenue is offset by depreciation, 7. Update from Moxico Resources website (accessed February 2025), 8. New World Announcement dated 14 August 2025
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Capital Management 17
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1. Leverage Ratio = Net Debt / Enterprise Value (ie market capitalisation as at 15 August 2025 plus net debt at 30 June 2025), 2. Ratio reflects annualised interest expense, 3. Includes $12 million of DRR one off Trident acquisition costs plus c$7 million relating to Trident’s obligations for transaction costs prior to acquisition by DRR. • $500 million revolving credit lines across 5 bi-lateral facilities • c$205 million available liquidity for investment • Net debt to Underlying EBITDA 1.1x (covenant <4.0x) • Underlying EBITDA to interest expense2 13.8x (covenant >3.0x) • Drawn debt interest expense BBSY + c1.35% • Leverage Ratio1 10% (Target 0 - 15%) Balance Sheet and Liquidity Liquidity position and balance sheet remain strong and in line with capital management framework 18 Revolving credit facilities maturity profile (A$M) 42 25 33 20 25 53 77 75 120 130 150 100 1H26 2H26 1H27 2H27 1H28 2H28 1H29 2H29 1H30 2H30 Bank 1 drawn Bank 2 drawn Bank 3 drawn Bank 4 drawn Bank 5 drawn Undrawn 31.1 242.4 (32.8) (76.3) (265.8) (46.4) (122.8) (270.6)(300) (200) (100) - 100 200 300 400 Increase Decrease Total 2H24 and 1H25 Fully Franked Dividends No FY24 MAC capacity payment received in FY25. FY25 capacity payment received 1H26 Includes $19m one off Trident transactions costs3 Debt waterfall (A$M)
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EXECUTING DETERRA’S STRATEGY 19 Royalty & offtakes cashflow Value Accretive Investment Strong Balance Sheet Shareholder returns Dividends Future buybacks1 Consistent strategy targeting patient and disciplined investment in non-precious commodities Targeting 75% payout ratio based on NPAT2 Targeting 0-15% Leverage Ratio3 through the cycle 1. Dividends currently remain preferred approach to deliver shareholder returns given negative franking implications of undertak ing buybacks (noting buybacks will continue to be evaluated in future) 2. Subject to no other compelling uses of capital (including balance sheet or value -accretive acquisitions). Future declaration, timing, amount and payment of future dividends remain at the discretion of DRR Board of Directors. 3. Gearing Ratio = Net Debt / Enterprise Value (i.e. Market capitalisation plus net debt) One-off receipts (expected to be used to reduce debt) LOW-RISK ROYALTY REVENUE MODEL SUPPORTING SUSTAINABLE GROWTH AND DIVIDENDS Disciplined Capital Management Deterra’s strategy to deliver both future growth and shareholder returns
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Liquidity Leverage Shareholder Returns • Maintain flexibility to invest counter- cyclically • Cash flow and access to funding an important competitive advantage • Optimise use of debt funding for future acquisitions • Target Leverage Ratio of 0 - 15% of enterprise value • Dividend approach balances returns to shareholders with capacity to invest • Discipline to return capital when not deployed for investment, balance sheet management, special dividends or buybacks A target payout ratio of 75% of NPAT, reflecting confidence in future cash flows, with the Board exercising discretion based on factors including: • managing current and projected net debt levels and debt service expense; and • preserving balance sheet liquidity to fund potential investment. Capital management framework Capital management framework 20 Shareholder returns policy Balancing shareholder returns with future growth FY25 Dividends • 13.0 cents per share final dividend, fully franked; and • 9.0 cents per share interim dividend, full franked and paid March 2025. One off proceeds Proceeds from contingent receipts or asset sales are expected to be used to reduce debt, which also enhances liquidity to support ongoing investment.
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The power of royalty assets Lower exposure to capital and operating risk than typical mining investments whilst retaining exposure to the upside through expansions and extensions. Cost inflation resistance Limited operating cost exposure Limited capital cost obligations High margins, and protection against cost inflation No direct exposure to project operating costs No direct exposure to sustaining or expansion capital expenditure Asset expansions and extensions drive royalty values Project optionality Direct exposure to underlying commodity price Commodity price leverage Royalty revenue derived from asset’s revenue line, or with limited, defined deductions “Top line” cashflows 21
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20% 14% 16% 42% 9% Share Register3 CAPITAL STRUCTURE Share price1 $4.15 Shares on issue 528.9m Market capitalisation1 $2.2bn Net debt (30 June 2025) $271m Cornerstone MAC iron ore royalty Royalty over world-scale Thacker Pass lithium project Active and disciplined in pursuit of investment opportunities Substantial liquidity available for value accretive transactions BOARD AND KEY MANAGEMENT Non-Executive Chair Jennifer Seabrook Managing Director and Chief Executive Officer Julian Andrews Non-Executive Director Graeme Devlin Non-Executive Director2 Adele Stratton Non-Executive Director Jason Neal Non-Executive Director Leanne Heywood Non-Executive Director Alexander Morrison Chief Financial Officer Jason Clifton 1. As at 12 September 2025 2. Iluka Resources Limited nominee 3. As of 29 August 2025 22 Corporate Overview Lower risk exposure to mining through royalties and streams 22
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For more information Investor enquiries Jason Clifton Chief Financial Officer Email: investor.relations@deterraroyalties.com Deterra Royalties Limited ACN 641 743 348 Level 16, 140 St Georges Terrace Perth WA 6000 Telephone: +61 (0)8 6277 8880 www.deterraroyalties.com 23 Media enquiries Gerard McArtney Purple Mobile: +61 (0) 487 934 880 Email: gmcartney@purple.au
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FY25 Financial Results 24
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Consolidated statement of Profit or Loss ($’000) Full-year ended 30 June 2025 Full-year ended 30 June 2024 Royalty Revenue 241,958 240,509 Income from offtake contracts 21,475 - Operating Expenses (13,301) (12,604) Amortisation and depreciation like charges (6,336) (462) Trident acquisition one-off costs (11,986) - Operating profit before finance cost 231,810 227,443 Net finance income/(cost) (15,397) (1,667) Net foreign exchange gains/(losses) 83 (14) Derivative financial instrument loss 6,158 (4,174) Revaluation of financial asset gain 2,227 - Profit before tax 224,881 221,588 Income tax expense (69,186) (66,702) Net Profit After Tax (NPAT) 155,695 154,886 Total and continuing earnings per share: Basic earnings per share ($) 0.2944 0.2930 Diluted earnings per share ($) 0.2939 0.2925 25 Income Statement
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Consolidated statement of financial position ($’000) 30 June 2025 30 June 2024 Cash and cash equivalents 24,394 31,064 Trade and other receivables 80,495 58,660 Income tax assets 2,747 1,487 Prepayments 930 1,065 Total Current Assets 108,566 92,276 Royalty intangible assets 305,106 7,982 Offtake financial assets 86,341 - Property, plant, and equipment 117 156 Prepayments 1,081 415 Other assets 812 - Right-of-use assets 350 465 Total Non-Current Assets 393,808 9,018 Total Assets 502,374 101,294 Trade and other payables 3,067 2,686 Provisions 417 223 Lease liability 111 95 Derivative financial instrument - 4,174 Total Current Liabilities 3,595 7,178 Lease liability 290 402 Borrowings 295,000 - Contingent consideration 1,431 - Deferred tax 77,398 13,362 Total Non-Current Liabilities 374,119 13,764 Total Liabilities 377,714 20,942 Net Assets 124,660 80,352 26 Balance Sheet
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(1) See notes on slide 2 – Non-IFRS Measures 27 Underlying EBITDA and NPAT Net Profit After Tax (NPAT) ($’000) Full-year ended 30 June 2025 Full-year ended 30 June 2024 Net Profit After Tax 155,695 154,886 Income tax expense 69,186 66,702 Amortisation and depreciation like charges 6,336 462 Net finance costs 15,397 1,667 Revaluation of financial assets (2,227) - Derivative financial instrument gain (6,158) 4,174 Net foreign exchange gains/(losses) (83) 14 EBITDA 238,146 227,905 EBITDA Margin 90% 95% Other adjustments Trident acquisition one-off costs 11,986 - Underlying EBITDA 250,132 227,905 Underlying EBITDA Margin 95% 95% Revenue 263,433 240,509 Net Profit After Tax to Underlying NPAT reconciliation ($’000) Full-year ended 30 June 2025 Full-year ended 30 June 2024 Net Profit After Tax 155,695 154,886 One off Trident costs (tax effected) 10,757 - Less hedge gain (tax effected) (6,158) 4,174 Underlying NPAT 160,294 159,060