29metals Limited · ASX:29M
29metals — Morgans Financial Limited North West Queensland Copper Conference 2025
27 slides from 29metals's conference presentation, May 20, 2025
Slide 1: A Clear Reset for a Bright Future
Morgans Financial Limited A CLEAR RESET FOR North West Queensland Copper Conference A BRIGHT FUTURE 20 May 2025
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: A Copper investment exposure for ASX investors
A Copper investment exposure for ASX investors 29Metals uniquely positioned with two large copper metal endowments in a tier 1 jurisdiction - 2Mt contained copper in Mineral Resource estimates1 Golden Grove Capricorn Copper Mineral Resources1: Location: Western Australia Location: Queensland 53.8Mt
Slide 4: Copper demand benefitting from global transition towards electrification
Copper demand benefitting from global transition towards electrification 29Metals exposed to favourable copper market dynamics Historical copper production and projected demand Copper intensity of clean technologies Transport: kg copper per vehicle3 40 Conventional car Other Uses 30 Projected demand
Slide 5: Golden Grove
Golden Grove
Slide 6: A long life, high-grade base and precious metals mining operation in tier 1 location
A long life, high-grade base and precious metals mining operation in tier 1 location History of mine life extensions at existing mining fronts. Gossan Valley to provide production flexibility from relatively shallow independent mining front – first ore planned H2-20261 New Mining Front Existing Mini
Slide 7: Investment period to optimise Golden Grove nearing completion
Investment period to optimise Golden Grove nearing completion Investment to enable Golden Grove’s two highest-grade Ore Reserves into the mine plan and establish long-term surface infrastructure 2022 - 2023 2024 2025 - 2026 ✓ Xantho Extended Enabling Investment Unlocking Golden Grove’s highest-grade
Slide 8: Ongoing planned production growth
Ongoing planned production growth Production growth, driven by ongoing ramp-up of Xantho Extended, contributed to improved year-on-year financial outcomes in 2024. AISC (US$/lb)1 EBITDA ($ million)1 Metal Production (kt Cu-eq) Golden Grove Golden Grove Golden Grove Midpoint 2025 Guidance Actual Actu
Slide 9: Copper focused – multi commodity exposure
Copper focused – multi commodity exposure 5-year price history for base and precious metals produced at Golden Grove Copper Price1 (US$/lb) Zinc Price1 (US$/lb) 6.0 46% Revenue2 2.5 38% Revenue2 5.0 2.0 4.0 1.5 3.0 1.0 2.0 0.5 1.0 0.0 0.0 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-2
Slide 10: Pre-IPO commitments and IPO related costs nearing completion
Pre-IPO commitments and IPO related costs nearing completion Diminishing cash flow headwinds from IPO related costs and out of the money pre-IPO offtake and hedging commitments Illustrative 2025 and 2026 cash outflows from pre-IPO commitments and IPO related costs - (6) (12) (10) (23) (18) (6) (20)
Slide 11: Exploration drilling ramping up in 2025 to test priority targets
Exploration drilling ramping up in 2025 to test priority targets Planned exploration expenditures of $10 million to $14 million in 2025, up from $4 million in prior year Golden Grove Long Section1 Gossan Valley Gossan Hill Scuddles North Hougoumont Xantho Extended Cervantes Oizon Europa Legend: : Re
Slide 12: Long history of mine life extensions at Golden Grove
Long history of mine life extensions at Golden Grove Gossan Valley the first new mining front to be established at Golden Grove in over 30 years – potential to extend Gossan Valley Mineral Resource estimates1, which remain open at depth Gossan Valley Gossan Hill Scuddles Legend: : >0.4% Cu wireframe
Slide 13: Capricorn Copper
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 million tonnes @ 1.8% Copper1 Contained Copper: 1.2 million
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 $66 million of EBITDA in last full year of operation AISC (US$/lb)2 EBITDA ($ million)2 Capricorn Copper Capricorn Copper $110 million $66 million $ 5.0 80 Copper Pr
Slide 16: Imperatives for successful and sustainable restart of operations
Imperatives for successful and sustainable restart of operations Good progress being made on the imperatives to enable a restart of production at Capricorn Copper #1 ▪ At least one more wet season required to reduce surface water Site water inventory reductions inventory and dewater underground work
Slide 17: Imperative #1: Site water inventory reductions
Imperative #1: Site water inventory reductions Capricorn Copper surface water inventory reductions are well progresses 1.0 gigalitre of surface water inventory reduction 3.4 Surface water inventory (Gigalitres) Maximum Operating Level1 2.4 Approx surface water inventory at the start of 2022/2023 wet
Slide 18: Other restart imperatives
Other restart imperatives Progressing approvals for long-term tailings storage. Investment in new water treatment plant deferred – with existing processing plant being used as interim water treatment plant to support water level reductions Imperative #2: Long-term Tailings Storage Facility (TSF) sol
Slide 19: Rebuilding a more resilient Capricorn Copper
Rebuilding a more resilient Capricorn Copper Significant investment to improve water management capability and the long-term environmental compliance footing of the asset Bulk treatment and release infrastructure Enhanced water diversion infrastructure 19
Slide 20: 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 Operating and capital expenditures ($ million) Ramp-down of investment in environmental compliance 32 and water manag
Slide 21: 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 22: Unlocking value to empower the future
Unlocking value to empower the future 22
Slide 23: Appendix: Site water inventory summary
Capricorn Copper1 Appendix: Site water inventory summary Workshop Area Mill Creek Dam (MCD) Gunpowder Site water Inventory 30 April 2025: Creek 0.5 2.8 Ponds 3&4 Gigalitres (GL) Maximum Operating Level2 0.0 2.4 0.5 1.8 Approx surface water inventory at the start of 2022/2023 wet season3 Esperanza Pi
Slide 24: 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 25: 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 26: 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 27: 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
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