Slide 1: Equity Raising Presentation
Equity Raising Presentation INVESTOR PRESENTATION 20 January 2026 NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES
Slide 2: Important information
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Important information This investor presentation (‘Presentation’) is dated 20 January 2026 and has been prepared by 29Metals Limited (ABN 95 650 096 094) (the ‘Company’ or the ‘Group’) in relation to an offer of shares in the Company (‘New Shares’) b
Slide 3: Important information
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Important information FINANCIAL INFORMATION All financial information in this Presentation is in Australian dollars ($ or AUD) unless otherwise stated. This Presentation includes certain pro forma financial information. Any such pro forma historical
Slide 4: Important information
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Important information EXPLORATION RESULTS, AND MINERAL RESOURCES AND ORE RESERVES ESTIMATES As an Australian public company with securities listed on the ASX, 29Metals is subject to Australian disclosure requirements and standards, including the requ
Slide 5: Company Update & Equity Raising Overview
Company Update & Equity Raising Overview NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES
Slide 6: 29Metals – Australian copper exposure for ASX investors
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 29Metals – Australian copper exposure for ASX investors Uniquely positioned with two large copper metal endowments in a tier 1 jurisdiction - 2Mt contained copper in Mineral Resource estimates1 Production Snapshot 2025 Production (Golden Grove) 2026
Slide 7: Xantho Extended seismic events have impacted group liquidity
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Xantho Extended seismic events have impacted group liquidity Good progress made on 2025 priorities. However, lower metal production due to impact of seismicity means additional liquidity is required to maintain pace of growth expenditures across the
Slide 8: Funding to support ongoing execution of our plans and to accelerate growth
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Funding to support ongoing execution of our plans and to accelerate growth In the absence of additional liquidity, growth expenditures across the Group would require curtailment or deferral whilst production from Xantho Extended is reestablished. Add
Slide 9: Clear plan to recommence mining at Xantho Extended in April 2026
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Clear plan to recommence mining at Xantho Extended in April 2026 Works underway to upgrade ground support for specific areas of the existing Xantho Extended mine workings, informed by outcomes of internal investigations and review by external subject
Slide 10: Gossan Valley an independent mining front
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Gossan Valley an independent mining front Recent Xantho Extended challenges highlight the importance of Gossan Valley as an independent, relatively shallow, mining front to provide production flexibility at Golden Grove. Gossan Valley Gossan Hill Scu
Slide 11: Optimisation of Golden Grove mine plan
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Optimisation of Golden Grove mine plan from end 2026 Golden Grove’s two highest-grade ore sources - Xantho Extended and Gossan Valley – expected to feed the mill from late 2026. Oizon, a new Gossan Hill ore source, planned from 2026 to further optimi
Slide 12: Higher exploration expenditures planned in 2026 to test priority targets
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Higher exploration expenditures planned in 2026 to test priority targets Exploration focus at Golden Grove on potential extensions to existing ore sources at Gossan Hill, with targets informed by exploration success through 20251. Re-initiate explora
Slide 13: Progressing Capricorn Copper towards a restart of operations
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Progressing Capricorn Copper towards a restart of operations Tailings Storage Facility (‘TSF’) approval to become critical path item for a restart decision if the 2025/2026 wet season is successful. 2024 2025 2026 Yr 0 Yr 1 Yr 2 Suspension of operati
Slide 14: Use of proceeds
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Use of proceeds Funding will allow ongoing investment in Gossan Valley, progression of a Restart Definitive Feasibility Study at Capricorn Copper and drilling of exploration targets across the portfolio Plan to recommence mining at highest grade or
Slide 15: Golden Grove
Golden Grove NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES
Slide 16: Golden Grove
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Golden Grove Copper, zinc, gold, and silver mine located in Western Australia 30+ year operating history Proximity to Geraldton port and critical infrastructure 16
Slide 17: Long-life operation, 54Mt in Mineral Resources estimates
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Long-life operation, 54Mt in Mineral Resources estimates1 Two existing mining fronts, Gossan Valley to provide production flexibility from a new relatively shallow independent mining front New Mining Front2 Existing Mining Fronts Production growth le
Slide 18: Investment period to optimise Golden Grove for the future is nearing completion
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Investment period to optimise Golden Grove for the future is nearing completion Investment to establish long-term infrastructure and to enable Golden Grove’s two highest-grade ore sources - Xantho Extended and Gossan Valley 2022 - 2023 2024 2025 - 20
Slide 19: High-grade copper intercepts during 2025 highlight Golden Grove growth potential
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES High-grade copper intercepts during 2025 highlight Golden Grove growth potential 2025 drilling has demonstrated potential mine-life extensions at Gossan Hill and has highlighted Cervantes as an attractive future growth option Golden Grove Long Sectio
Slide 20: Gossan Valley Mineral Resource Estimates remain open at depth
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Gossan Valley Mineral Resource Estimates1 remain open at depth Potential to build on the long history of mine life extensions at Golden Grove Gossan Valley Gossan Hill Scuddles Legend: : >0.4% Cu wireframe1 : >2.0% Zn wireframe1 1992 400m 400m 2024 1
Slide 21: Capricorn Copper
Capricorn Copper NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES
Slide 22: Potential value to be unlocked at Capricorn Copper
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Potential value to be unlocked at Capricorn Copper Rare brownfields copper opportunity with significant Mineral Resources1, established infrastructure, low capital intensity and ~1,900km2 land position in prolific Mt. Isa Inlier province Substantial
Slide 23: A profitable operation prior to impact of 2023 extreme weather event
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES A profitable operation prior to impact of 2023 extreme weather event1 24kt of copper production at AISC of US$3.71/lb copper sold, for $66 million of EBITDA in last full year of operation EBITDA ($ million)2 AISC (US$/lb)2 Capricorn Copper Capricorn
Slide 24: Imperatives for restart of operations
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Imperatives for restart of operations Continued successful 2025/2026 wet season and derisking of regulatory approvals for a long-term TSF required to enable a restart of operations. Gunpowder Creek December rainfall 2005 to 20251 Progress to Dec-Qt
Slide 25: Rebuilding a resilient Capricorn Copper
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Rebuilding a resilient Capricorn Copper Appropriately capitalising the asset for its Northwest Queensland location and climate Fit for purpose water treatment plant Increased mechanical evaporation capacity Upgraded water diversion infrastructure P
Slide 26: Low capital intensity, high-grade brownfields opportunity
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Low capital intensity, high-grade brownfields opportunity The restart of Capricorn Copper benchmarks favourably to Australian development projects, with low estimated capital intensity, a unique combination of meaningful scale and a high-grade copper
Slide 27: Resource extension and exploration upside potential at Capricorn Copper
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Resource extension and exploration upside potential at Capricorn Copper Long history of successful step-out drilling at Capricorn Copper to grow the Mineral Resources estimates1 Substantial Mineral Resources1 with potential for in-mine and near-min
Slide 28: Offer Details
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Offer Details NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES 28
Slide 29: Capital Raising Overview
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Capital Raising Overview 29Metals is undertaking an underwritten $150m 1 for 3.66 pro-rata accelerated non-renounceable entitlement offer (the “Entitlement Offer”) Approximately 375.0 million new fully paid ordinary shares to be issued under the
Slide 30: Equity Raising Timetable
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Equity Raising Timetable Event Date Trading halt and announcement of the Entitlement Offer Tuesday, 20 January 2026 Institutional Entitlement Offer Closes Tuesday, 20 January 2026 Announce results of Institutional Entitlement Offer Wednesday, 21 Janu
Slide 31: Appendices
Appendices NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES
Slide 32: Appendix A: Group Mineral Resources and Ore Reserve Estimates
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix A: Group Mineral Resources and Ore Reserve Estimates Mineral Resources estimates at the Group level are the aggregation of 31 December 2024 Mineral Resources Ore Reserves estimates at the Group level are the aggregation of the 31 December 20
Slide 33: Appendix A: Golden Grove Mineral Resources and Ore Reserve Estimates
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix A: Golden Grove Mineral Resources and Ore Reserve Estimates The 31 December 2024 Mineral Resources estimates for Golden Grove are set out in the table below and incorporate the results of resource conversion, resource extension and grade con
Slide 34: Appendix A: Capricorn Copper Mineral Resources and Ore Reserve Estimates
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix A: Capricorn Copper Mineral Resources and Ore Reserve Estimates 29Metals announced the suspension of production at Capricorn Copper on 26 March 2024 and production continues to be suspended. See 29Metals announcement, “Capricorn Copper – Sus
Slide 35: Appendix A: Redhill Mineral Resources Estimates
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix A: Redhill Mineral Resources Estimates 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
Slide 36: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks 29Metals is subject to a variety of risk factors. This section discusses some of the key risks associated with an investment in New Shares in 29Metals. Some of these are specific to its business activities, while others are of a
Slide 37: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks D. Underground mining risks 29Metals undertakes mining operations by applying underground mining techniques. Underground mining operations are subject to various risks, including geotechnical risks and seismicity, factors affect
Slide 38: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks G. Operating costs and capital expenditure 29Metals’ business, operating performance and financial performance may vary according to a variety of factors, including the cost of key production inputs and factors specific to each
Slide 39: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks K. Attracting and retaining a qualified and experienced workforce 29Metals’ business is dependent upon 29Metals’ ability to attract and retain a workforce with the appropriate skills and experience to execute its business plans
Slide 40: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks N. Climate change Climate change exposes 29Metals to a range of risks, as well as opportunities associated with the global transition to a greener economy. Risks to 29Metals as a direct or indirect result of climate change may i
Slide 41: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks Q. Mineral exploration and project development 29Metals aims to grow its production and extend mine-life through its pipeline of organic growth opportunities. The time between discovery of economically viable deposits to commerc
Slide 42: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks U. Future rehabilitation liabilities 29Metals is required to include provisions in its financial statements for future rehabilitation and remediation costs. Estimating the likely quantum of such costs involves making assumptions
Slide 43: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks B. Dilution risks Upon completion of the Offer, the number of New Shares in 29Metals will increase from 1,372,336,435 to up to approximately 1,747,291,746. This equates to approximately 27.3% of the issued shares in 29Metals imm
Slide 44: Appendix B: Key Risks
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix B: Key Risks D. Market liquidity While 29Metals’ Shares are listed on ASX, there can be no assurance of an active market for 29Metals Shares or that price of 29Metals’ Shares will increase. There may be relatively few potential buyers or sel
Slide 45: Appendix C: International Offer Restrictions
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix C: International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any
Slide 46: Appendix C: International Offer Restrictions
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix C: International Offer Restrictions Singapore This document and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accord
Slide 47: Appendix C: International Offer Restrictions
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix C: International Offer Restrictions Canada (British Colombia, Ontario and Quebec) This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom Ne
Slide 48: Appendix D: Underwriting Agreement Summary
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix D: Underwriting Agreement Summary Macquarie Capital (Australia) Limited (ABN 79 123 199 548) (“Macquarie” or “Sole Underwriter”) is acting as a Joint Lead Manager and Sole Underwriter to the Offer. 29Metals has entered into an underwriting a
Slide 49: Appendix D: Underwriting Agreement Summary
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix D: Underwriting Agreement Summary s) unconditional approval or conditional approval (provided such condition would not, in the reasonable opinion of the Sole Underwriter, have a material adverse effect on the success or settlement of either
Slide 50: Appendix E: Benchmarking Peer capital intensity and production
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix E: Benchmarking Peer capital intensity and production Annual copper Ref Peer Project Company Initial capital spend Capital intensity Date Source Documents production1 A$m Ktpa A$/tpa Scoping Study Results - Greater Duchess Project (pg. 3) 1
Slide 51: Appendix F: Benchmarking Peer Mineral Resources
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix F: Benchmarking Peer Mineral Resources Report Ref Peer Project Company Reported Mineral Resources Source Documents Date Category Ore (Mt) Cu % Zn % Au (g/t) Ag (g/t) Ni % Pb % Co % Mo (ppm) Measured – – – – – – – – – Indicated 12 1.5% – 0.2
Slide 52: Appendix F: Benchmarking Peer Mineral Resources (cont.)
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix F: Benchmarking Peer Mineral Resources (cont.) Report Ref Peer Project Company Reported Mineral Resources Source Documents Date Category Ore (Mt) Cu % Zn % Au (g/t) Ag (g/t) Ni % Pb % Co % Mo (ppm) Measured 98 0.5% – 0.5 – – – – – Agreement
Slide 53: Appendix G: Recent select copper project minority sell-down transactions
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Appendix G: Recent select copper project minority sell-down transactions Date Project Location Acquirer Interest Value Project NPV Implied P/NPV Source Documents Capstone Copper news release “Capstone Copper Announces up to Oct-25 Santo Domingo Chile
Slide 54: Unlocking value
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES Unlocking value to empower the future 54