29metals Limited · ASX:29M
29metals — Investor Presentation (January 2026)
28 slides from 29metals's investor presentation, Jan 20, 2026
Slide 1: December Quarter 2025
December Quarter 2025 Unlocking value to empower the future 20 January 2026
Slide 2: Important information
Important information 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 th
Slide 3: 29Metals - Copper exposure for ASX investors
29Metals - 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 Guidance (Golden Grove)2 ▪ 22kt Copper @ AISC US$3.55/lb Cu s
Slide 4: Our priorities
Our priorities Ongoing productivity and cost improvement at Golden Grove; progress the imperatives for a future restart of Capricorn Copper ▪ Health and safety Group ▪ Productivity improvements and cost discipline Golden ▪ Maximise operating cash flow Grove ▪ Gossan Valley project delivery ▪ Progres
Slide 5: Key Points
Key Points Dec-Qtr-2025 Safety1 Golden Grove Copper Production Zinc Production C1 Costs3 6.7 0.0 6.9kt 3.4kt US$2.49/lb Cu Group Group ▪ On track to recommence mining at Xantho Extended in April 2026, ground support upgrades progressing to plan. TRIF LTIF ▪ Gossan Valley mining contract awarded4 and
Slide 6: Golden Grove
Golden Grove
Slide 7: Golden Grove: Dec-Qtr-2025 Operations Overview
Golden Grove Dec-Qtr-2025: Operations Overview Ore mined contribution by source (%) Comments 100% ▪ TRIF1 and LTIF1 of 7.0 (Sep-Qtr: 6.0) and 0.0 (Sep-Qtr: 0.0), respectively. 22% 18% 26% 26% 29% ▪ Ore mined 397kt (Sep-Qtr: 344kt); Ore milled 391kt (Sep-Qtr: 330kt). 30% ▪ Copper production of 6.9kt
Slide 8: Clear plan to recommence mining at Xantho Extended in April 2026
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 matter experts - expected implementation cost ~$7
Slide 9: Golden Grove: Dec-Qtr-2025 Costs and Capital Overview
Golden Grove Dec-Qtr-2025: Costs and Capital Overview Site Costs ($ million) Comments ▪ C1 Costs1 of US$2.49/lb copper sold (Sep-Qtr: US$3.74/lb copper sold). 103 ▪ AISC2 of US$3.55/lb copper sold (Sep-Qtr: US$4.93/lb copper sold). 96 96 97 91 ▪ Lower C1 unit costs were primarily driven by a stockpi
Slide 10: Gossan Valley remains on track for first ore by end of 2026
Gossan Valley remains on track for first ore by end of 2026 Gossan Valley is the next logical development option to enhance milled head-grades and optimise Golden Grove’s life-of-mine plan Box cut Box cut area ~90 Days Fist cut of the Gossan Valley portal Box cut area 10
Slide 11: Gossan Valley Mineral Resource Estimates remain open at depth
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 400m 400m 1992 400m 2024 N 1994 N N : Gossan Valley Design 30 32 Years
Slide 12: High-grade copper intercepts during 2025 highlight Golden Grove growth potential
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 Section1 Gossan Hill Scuddles Tryall Resource Extension
Slide 13: Capricorn Copper
Metals| Capricorn Copper
Slide 14: Potential value to be unlocked at Capricorn Copper
Potential value to be unlocked at Capricorn Copper Significant Mineral Resources1, established infrastructure and ~1,900km2 land position in prolific Mt. Isa inlier province Substantial contained copper metal endowment Mineral Resources: 64.3 million tonnes @ 1.8% Copper1 Contained Copper: 1.2 milli
Slide 15: A profitable operation prior to impact of 2023 extreme weather event
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 Copper $110 million $66 million 80 Copper Price: U
Slide 16: Imperatives for restart of operations
Imperatives for restart of operations Continued successful 2025/2026 wet season and derisking of regulatory approvals for a long-term TSF required to enable a restart of operations. Gunpowder Creek December rainfall 2005 to 20251 ▪ Progress Dec-Qtr-2025 350 300 Rainfall (mm) 20-year average December
Slide 17: Progressing Capricorn Copper towards a restart of operations
Progressing Capricorn Copper towards a restart of operations Tailings Storage Facility (‘TSF’) approval to become critical path item for a restart decision if the 2025/2026 wet season is successful. 2024 2025 2026 Yr 0 Yr 1 Yr 2 Suspension of operations1 TSF Options Study TSF 3 Application Submissio
Slide 18: Materially reducing cash outflows whilst restart imperatives are being progressed
Materially reducing cash outflows whilst restart imperatives are being progressed Conserving group liquidity whilst water level reductions and tailings approvals are being progressed Suspension operating and capital expenditures ($ million) Ramp-down of investment in environmental compliance 32 and
Slide 19: Corporate
Corporate
Slide 20: Balance sheet and cash flows
Finance and Corporate Balance sheet and cash flows Unaudited group cash and cash equivalents, and available liquidity ($ million)1 Comments1 ▪ Unaudited available cash and cash equivalents at 31 December 2025 of $103 million (30 September 2025: $153 19 million). 42 153 ▪ Unaudited available group li
Slide 21: 2026 Guidance
2026 Guidance1 29Metals provides the following guidance for 2026. Consistent with prior years, additional guidance in relation to financial metrics, including depreciation and amortisation, tax, and AASB16 Lease Accounting will be provided with the Company’s 2025 full year financial results in late
Slide 22: Why Invest In 29Metals
Why Invest In 29Metals Copper – a critical future facing metal to enable the global transition towards electrification Capricorn Copper (Production Suspended1) Large copper endowments 2.2Mt Contained Copper + 2.3Mt Zinc, 1.2Moz Gold, 75Moz Silver in Group Mineral Resources estimates2 Long life asset
Slide 23: Unlocking value to empower the future
Unlocking value to empower the future 23
Slide 24: Appendix: Site water inventory summary
Capricorn Copper1 Appendix: Site water inventory summary Workshop Area Mill Creek Dam Site water Inventory 31 December 2025: (MCD) Gunpowder 1.5 Gigalitres of Reductions Creek Ponds Gigalitres 3&4 3.9 Maximum Operating Level2 0.5 2.4 0.4 1.9 1.5 Approx surface water inventory at the start of Esperan
Slide 25: Appendix: Group Mineral Resources and Ore Reserve Estimates
Appendix: 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 2024 Ore Reserves estimates for estimates for Golden G
Slide 26: Appendix: Golden Grove Mineral Resources and Ore Reserve Estimates
Appendix: 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 control drilling completed since the cut-off-date for t
Slide 27: Appendix: Capricorn Copper Mineral Resources and Ore Reserve Estimates
Appendix: 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 – Suspension of Operations” dated 26 March 2024. Due to t
Slide 28: Appendix: Redhill Mineral Resources Estimates
Appendix: 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 Mineral Resources estimated for Redhill since 16 Ma