Cufe Ltd · ASX:CUF
Cufe — Investor Presentation (October 2026)
39 slides from Cufe's investor presentation, Oct 20, 2026
Slide 1: Creating a high-grade copper development company with 100% project ownership
Creating a high-grade rsonal use only ASX: CUF 20 October 2026 copper development company with 100% project ownership
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by CuFe Ltd (“CuFe” or the “Company”). It is not a disclosure document and should not be considered as an offer or invitation to subscribe for, or purchase any securities, in the Company or as an inducement to make an offer or invitation with respect to
Slide 3: 1. Transaction Overview and Strategic Rationale
rsonal use only ASX: CUF 1. Transaction Overview and Strategic Rationale
Slide 4: Creating a high-grade copper development company
Creating a high-grade copper development company The Transaction consolidates 100% ownership of the high-grade Tennant Creek Copper-Gold-Bismuth Project, providing CuFe shareholders with full exposure to future exploration and development upside. rsonal use only ▪ CuFe has entered into a binding agr
Slide 5: A logical consolidation transaction to unlock Tennant Creek's full potential
A logical consolidation transaction to unlock Tennant Creek’s full potential 100% ownership removes JV complexity, materially increases CuFe’s attributable resource and provides full control and flexibility across exploration, development, funding, offtake and future strategic opportunities. ✓ Remov
Slide 6: Transaction summary
Transaction summary All-scrip transaction consolidates CuFe’s ownership of Tennant Creek to 100%, providing full control of the Project while preserving cash to support studies, funding and development. Transaction ▪ CuFe to acquire 100% of the issued shares in Gecko Mining Company Pty Ltd (GMC) fro
Slide 7: Unlocking the next phase of value creation
Unlocking the next phase of value creation Updated Mineral Resources for Orlando and Gecko (March and June 2026) 23.5Mt @ 1.73% Cu and 0.72g/t Au for 405kt copper, 544koz gold, 16.5kt bismuth and 2.9Moz silver¹ rsonal use only Pan African Resources (Mkt cap of ~A$5.5bn) strategic investment (May 202
Slide 8: Pro-forma capital structure
Pro-forma capital structure The proposed JV acquisition would create a larger company with 100% ownership of Tennant Creek, a pro-forma market capitalisation of ~A$191m, and existing CuFe shareholders retaining ~56%. CuFe Pro-Forma Unit Current CuFe Proposed JV acquisition Pro-Forma CuFe4 rsonal use
Slide 9: Transformational uplift in attributable copper resource
Transformational uplift in attributable copper resource Completion lifts CuFe's attributable share of the Tennant Creek Mineral Resource1 by 82%. CuFe gains 182kt of contained copper and 245koz of contained gold, a total increase of 280kt CuEq2 Tennant Creek Copper Project MRE 2026 rsonal use only +
Slide 10: Creating a high-grade Australian copper development company
Creating a high-grade Australian copper development company The proposed transaction moves CuFe up its ASX-listed copper peer group on a pro-forma market capitalisation of ~A$191m Market Capitalisation1,2,3 (A$m) of ASX copper companies rsonal use only 12,329 9,596 1,353 1,226 757 720 681 640 551 38
Slide 11: A unique scale high-grade copper development project in Australia
A unique scale high-grade copper development project in Australia CuFe’s Tennant Creek is among the highest-grade copper development projects of scale in Australia Resource vs copper grade Resource vs copper equivalent grade1 Contained Cu (kt) vs Cu grade (%), bubble size = resource (Mt)2 Contained
Slide 12: Copper – a strategic commodity with heightened M&A activity
Copper – a strategic commodity with heightened M&A activity Significant recent M&A activity in copper, transacting at materially higher resource multiples than CuFe’s pro-forma trading multiple CuFe (pro-forma) EV/Resource multiples, compared to precedent comparable transactions EV / contained Cu (A
Slide 13: Investment Highlights
Investment Highlights CuFe combines high-grade copper-gold scale, significant resource growth potential and strategic shareholder backing in a rapidly developing Tennant Creek mining hub. ▪ 23.5Mt @ 1.73% Cu and 0.72g/t Au, containing 405kt of copper, 544koz of gold, 16.5kt of Bi and Large-scale, hi
Slide 14: Indicative transaction timetable
Indicative transaction timetable Acquisition completion targeted during January 2027 Indicative Timetable Indicative Date rsonal use only Execution of SSA and announcement of Transaction October 2026 Ditch of Notice of Meeting and Independent Expert's Report December 2026 CuFe shareholder meeting Ja
Slide 15: 2. Overview of CuFe and Tennant Creek Copper Project
rsonal use only ASX: CUF 2. Overview of CuFe and Tennant Creek Copper Project
Slide 16: Corporate overview
Corporate overview ASX-listed copper-gold developer with a diversified portfolio and strategic shareholders including European Lithium, Gold Valley and Pan African Resources. Market Data - as at 19 October 2026 Units Today Post transaction1 CUF Share Price (Last 12 months) A$/sh rsonal use only 0.05
Slide 17: A strategic high-grade copper-gold-bismuth asset in Tennant Creek
A strategic high-grade copper-gold-bismuth asset in Tennant Creek CuFe’s Tennant Creek Copper Project is a high-grade copper-gold-bismuth project with a significant existing resource base, close to existing infrastructure and substantial resource growth potential. ▪ Located ~30km north-west of Tenna
Slide 18: Large-scale, high-grade copper-gold-bismuth resource base
Large-scale, high-grade copper-gold-bismuth resource base Tennant Creek hosts a 23.5Mt Mineral Resource at 1.73% Cu and 0.72g/t Au, containing 405kt of copper and 544koz of gold from the Orlando and Gecko deposits plus 16.5kt of Bi and 2.9Moz of Ag, with ~71% in the Indicated category. Gold Grade Co
Slide 19: Orlando – a high-grade gold-copper deposit
Orlando – a high-grade gold-copper deposit Orlando hosts a 5.68Mt Mineral Resource at 1.73g/t Au and 1.11% Cu, containing 317koz of gold and 63kt of copper. Thick high-grade gold-copper intercepts from previous drilling demonstrate continuity and grade within the mineralised system. rsonal use only
Slide 20: Orlando Scoping Study demonstrates compelling project economics
Orlando Scoping Study demonstrates compelling project economics The Orlando Scoping Study returns a pre-tax NPV₇ of A$705m, 111% IRR and payback within 10 months. Importantly, these outcomes exclude the larger Gecko deposit, providing significant potential to expand production, extend mine life and
Slide 21: Gecko – high-grade copper deposit with a long production history
Gecko – high-grade copper deposit with a long production history Gecko hosts a Mineral Resource of 17.8Mt @ 1.92% Cu and 0.40g/t Au, containing 341kt copper and 227koz of gold, with 66% in the Indicated category. Gecko is currently excluded from the Orlando Scoping Study and presents significant ups
Slide 22: Tennant Creek Project hosts valuable critical mineral bismuth
Tennant Creek Project hosts valuable critical mineral bismuth CuFe’s Tennant Creek Project contains 16.5kt of bismuth at an average grade of 0.07%, giving exposure to a scarce critical mineral alongside the core copper-gold resource. Background on Bismuth rsonal use only ▪ Bismuth is a specialty met
Slide 23: Tennant Creek has a rich history of bismuth production
Tennant Creek has a rich history of bismuth production Tennant Creek has a demonstrated history as a globally significant bismuth-producing district, with >26kt of historical production1 ▪ The Tennant Creek region is one of comparatively few places in the world where bismuth has been rsonal use only
Slide 24: Bismuth price has re-rated sharply amid tightening supply
Bismuth price has re-rated sharply amid tightening supply Bismuth prices have risen more than 5x since early 2024, with US-delivered prices now above US$20/lb, highlighting tightening supply and growing strategic demand for the critical mineral. China Bismuth Ingot ($/lb) Delivered US rsonal use onl
Slide 25: Pan African investment driving renewed momentum in Tennant Creek
Pan African investment driving renewed momentum in Tennant Creek Pan African’s investment and growing gold production footprint has helped re-establish Tennant Creek as an active mining hub, with Pan African also holding a ~15% strategic stake in CuFe. rsonal use only ▪ In late 2024, Pan African Res
Slide 26: High impact exploration and resource drilling underway
High impact exploration and resource drilling underway During October 2026, a significant ~20,100m drilling program commenced at Tennant Creek, targeting resource growth and conversion, development study work and exploration upside across Orlando, Gecko and the broader Gecko Corridor. Key area Drill
Slide 27: High impact exploration and resource drilling underway
High impact exploration and resource drilling underway During October 2026, a significant ~20,100m drilling program commenced at Tennant Creek, targeting resource growth and conversion, development study work and exploration upside across Orlando, Gecko and the broader Gecko Corridor. rsonal use onl
Slide 28: Tennant Creek Copper Alliance (TCCA)
Tennant Creek Copper Alliance (TCCA) Strategic alliance progressing a shared copper-gold processing solution for Tennant Creek, with government funding support and PFS results expected in November 2026. ▪ Collaboration between CuFe, Emmerson rsonal use only TCCA Resources (now Pan African) and Tenna
Slide 29: Defined pathway to near term value catalysts
Defined pathway to near term value catalysts CuFe has a defined pathway of near-term milestones: JV consolidation, an active drilling program, and progression of the Tennant Creek Copper Project towards a PFS and maiden Reserve. CY2026 CY2027 Key workstreams rsonal use only Q4 Q1 Q2 Q3 Q4 JV consoli
Slide 30: 3. Appendix
rsonal use only ASX: CUF 3. Appendix
Slide 31: Competent Person statement and previously reported information
Competent Person statement and previously reported information The information in this presentation that relates to Mineral Resources for the Tennant Creek Copper Project is extracted from the Company’s ASX announcements titled "Orlando Mineral Resource Update" released on 18 March 2026 and "Gecko M
Slide 32: Appendix A: Other CuFe Project interests
Appendix A: Other CuFe Project interests Project Commodity Location Interest Description Cu NT, ~100km Copper Au Fe Iron NbNiobium Au Gold ▪ Advanced iron ore project with an Inferred rsonal use only Yarram Iron ore from Darwin 50% (JV) Gold Mineral Resource of 12.7Mt at 55.4% Fe1 port ▪ Greenfield
Slide 33: Appendix B: Peer Metrics – Market Capitalisation
Appendix B: Peer Metrics – Market Capitalisation Company Ticker Last Close (A$)1 Shares (m) Market Capitalisation (A$m) Capstone Copper Corp. ASX:CSC 12.63 976 12,329 Sandfire Resources Limited ASX:SFR 20.59 467 9,596 Develop Global Limited ASX:DVP 4.00 330 1,353 FireFly Metals Ltd ASX:FFM 1.38 873
Slide 34: Appendix C: Peer Aus Development Projects (1 of 3)
Appendix C: Peer Aus Development Projects (1 of 3) Asset Owner Category Mt % Cu g/t Au g/t Ag % Zn % Pb % Co % Mo % Bi kt Cu % CuEq kt CuEq Source & Date 1 Nifty Cyprium Metals (CYM) Measured 38.06 0.98 – – – – – – – 374 0.98 374 Cyprium Metals Annual Report 2026 (30 Sep 2026) Indicated 91.56 0.74 –
Slide 35: Appendix C: Peer Aus Development Projects (2 of 3)
Appendix C: Peer Aus Development Projects (2 of 3) Asset Owner Category Mt % Cu g/t Au g/t Ag % Zn % Pb % Co % Mo % Bi kt Cu % CuEq kt CuEq Source & Date Jervois KGL Resources (KGL) Measured 3.80 2.14 0.34 37.65 – – – – – 81 2.94 112 KGL Resources Annual Report 2026 (30 Sep 2026) Indicated 12.79 2.0
Slide 36: Appendix C: Peer Aus Development Projects (3 of 3)
Appendix C: Peer Aus Development Projects (3 of 3) Asset Owner Category Mt % Cu g/t Au g/t Ag % Zn % Pb % Co % Mo % Bi kt Cu % CuEq kt CuEq Source & Date Mutooroo Havilah Resources (HAV) Measured 4.75 1.15 0.17 – – – 0.13 – – 54 1.65 78 Hillgrove and Havilah Enter Mutooroo Partnership (21 May 2026),
Slide 37: Appendix D: Comparable Transaction Data
Appendix D: Comparable Transaction Data Cu Eqv EV / EV / Contained 100% EV Resource Contained Resource Contained Contained Announced Acquiror Target Resource Grade Cu Eqv (kt Source & Date (A$m) (Mt) Cu (kt Cu) Grade (% Copper Copper Eqv CuEq) CuEq) (A$/t Cu) (A$/t CuEq) rsonal use only Investor Pre
Slide 38: Appendix D: Comparable Transaction Data (cont'd)
Appendix D: Comparable Transaction Data (cont’d) Target Acquirer Category Mt % Cu g/t Au g/t Ag % Zn % Pb kt Cu % CuEq kt CuEq % M&I Source & Date Mt Cuthbert AIC Mines Measured – – – – – – – – – AIC Mines Investor Presentation – Copper Project Acquisition (23 Sep 2026) Indicated 7.60 1.11 – – – – 8
Slide 39: rsonal use only
rsonal use only +61 (8) 6181 9793 ir@cufe.com.au cufe.com.au