Slide 1: June Quarter 2025
June Quarter 2025 Unlocking value to empower the future 17 July 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: 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 Company Snapshot 2024 Production (Golden Grove) 2025 Guidance (Golden Grove)2 Capital Structure3 ▪ 22kt Copper @ AISC
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 Jun-Qtr-2025 Safety1 Golden Grove Copper Production Zinc Production C1 Costs2 5.6kt 12.3kt US$2.09/lb Cu 6.3 ▪ All Gossan Valley project approvals received – surface civils construction works commenced. ▪ Growth capital guidance for 2025 revised down to $61 – 82 million (previous: $76 – 9
Slide 6: Golden Grove
Golden Grove
Slide 7: Golden Grove Jun-Qtr-2025: Operations Overview
Golden Grove Jun-Qtr-2025: Operations Overview Ore mined contribution by source (%) Comments 100% ▪ TRIF1 and LTIF1 of 6.2 (Mar-Qtr: 8.8) and 1.0 (Mar-Qtr: 1.5), respectively. 25% 22% 26% 26% ▪ Ore mined 334kt (Mar-Qtr: 402kt); Ore milled 385kt (Mar-Qtr: 343kt). 32% ▪ Copper production of 5.6kt (Mar
Slide 8: Golden Grove Jun-Qtr-2025: Costs and Capital Overview
Golden Grove Jun-Qtr-2025: Costs and Capital Overview Site Costs ($ million) Comments ▪ C1 Costs1 of US$2.09/lb copper sold (Mar-Qtr: US$0.76/lb copper sold). 94 96 96 ▪ AISC2 of US$3.29/lb copper sold (Mar-Qtr: US$2.07/lb copper sold). 91 91 ▪ Higher quarter-on-quarter C1 unit costs driven by lower
Slide 9: Investment period to optimise Golden Grove for the future is nearing completion
Investment period to optimise Golden Grove for the future is nearing completion Investment to establish long-term infrastructure and enable Golden Grove’s two highest-grade Ore Sources - Xantho Extended and Gossan Valley 2022 - 2023 2024 2025 - 2026 ✓ Xantho Extended debottlenecking & surface infras
Slide 10: Gossan Valley remains on track for first ore in H2-2026
Gossan Valley remains on track for first ore in H2-2026 Gossan Valley is the next logical development option to enhance milled head-grades and optimise Golden Grove’s life-of-mine plan Golden Grove Ore Reserves1: Gossan Valley Progress Jun-Qtr-2025 ▪ Milestones and works during the quarter included:
Slide 11: High grade ore sources expected to drive ongoing production growth
High grade ore sources expected to drive ongoing production growth Production growth, driven by ongoing ramp-up of Xantho Extended, contributed to improved year-on-year financial outcomes in 2024. AISC (US$/lb)1 EBITDA ($ million)1 Metal Production (kt Cu-eq) Golden Grove Golden Grove Golden Grove M
Slide 12: 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 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 $ 5.0 Copper Pr
Slide 16: Imperatives for restart of operations
Imperatives for restart of operations Photo: Esperanza Pit (‘EPit) One more successful wet season expected to be required, along with derisking of regulatory approvals for a long-term TSF, prior to progression of a restart. Imperative Progress Jun-Qtr-25 ▪ Successful 2024/2025 wet season concluded e
Slide 17: Site water inventory reductions
Site water inventory reductions Capricorn Copper surface water inventory reductions are well progressed 1.3 Gigalitres of water inventory reduction 0.5 Water inventory (Gigalitres) 3.4 Maximum Operating Level1 0.5 2.1 Approx surface water inventory at the start of 2022/2023 wet season2 (pre–March 20
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: Finance and Corporate
Finance and Corporate Balance sheet and cash flows Unaudited group cash and cash equivalents, and available liquidity ($ million)1 Comments ▪ Unaudited available cash at 31 March 2025 of $187 million (31 March 2025: $166 million). 15 202 ▪ Unaudited available group liquidity at 30 June 2025 23 24 18
Slide 21: 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 - (10) (6) (14) (10) (21) (7) (20)
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 30 June 2025: (MCD) Gunpowder 1.3 Gigalitres of Reductions Creek Ponds Gigalitres 3&4 3.9 Maximum Operating Level2 0.5 2.6 0.0 0.3 2.1 1.8 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