29metals Limited · ASX:29M
29metals — Q1 2025 Earnings Presentation
28 slides from 29metals's earnings presentation, Apr 29, 2025
Slide 1: March Quarter 2025
March Quarter 2025 Unlocking value to empower the future 29 April 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 investment thesis
29Metals investment thesis 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 a
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 free cash flow Grove ▪ Gossan Valley project delivery ▪ Progress the
Slide 5: Key Points Mar-Qtr-2025
Key Points Mar-Qtr-2025 Safety1 Golden Grove Copper Production Zinc Production C1 Costs2 4.1kt 17.0kt US$0.76/lb Cu 8.3 ▪ Tailings Storage Facility (‘TSF’) 4 project complete - providing a long-term tailings storage solution for the asset. ▪ Gossan Valley project on track for first ore H2-2026.3 Gro
Slide 6: Golden Grove
Golden Grove
Slide 7: Golden Grove Mar-Qtr-2025: Operations Overview
Golden Grove Mar-Qtr-2025: Operations Overview Ore mined contribution by source (%) Comments 100% ▪ TRIF1 and LTIF1 of 8.8 (Dec-Qtr: 11.1) and 1.5 (Dec-Qtr: 1.5), respectively. 23% 25% 22% 26% 32% ▪ Xantho Extended development of 612 metres (Dec-Qtr: 969 metres). 30% 30% 18% ▪ Ore mined 402kt (Dec-Q
Slide 8: Golden Grove Mar-Qtr-2025: Costs and Capital Overview
Golden Grove Mar-Qtr-2025: Costs and Capital Overview Site Costs ($ million) Comments 91 94 96 96 ▪ C1 Costs1 of US$0.76/lb copper sold (Dec-Qtr: US$1.82/lb copper sold). 86 ▪ AISC2 of US$2.07/lb copper sold (Dec-Qtr: US$3.32/lb copper sold). ▪ Lower quarter-on-quarter C1 costs driven by a stockpile
Slide 9: Tailings Storage Facility 4 project completed
Tailings Storage Facility 4 project completed Deposition commenced during the Mar-Qtr-2025 ✓ Lower tailings deposition cost for the life-of-mine Owing to its scale and thickened tails deposition methodology Tailings permitting de-risked ✓ Versus the incremental approach of building staged lifts of s
Slide 10: Ongoing productivity and cost reduction focus
Ongoing productivity and cost reduction focus Electric loader trial commenced post quarter end. Secondary portal at Gossan Hill to enhance ventilation and provide production flexibility Battery Electric Loader Trial Secondary Portal at Gossan Hill ✓ Environmental and health benefits Lower undergroun
Slide 11: Ongoing planned production growth
Ongoing planned production growth Production growth, driven by ongoing ramp-up of Xantho Extended, contributed to improved year-on-year financial outcomes in 2024. AISC (US$/lb) EBITDA ($ million) Metal Production (kt Cu-eq)1 Midpoint 2025 Guidance Actual Actual Actual +11% - 10% +155% +16% 4.12 100
Slide 12: Gossan Valley remains on track for first ore in H2-2026
Gossan Valley remains on track for first ore in H2-20261 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 Reserves2: Gossan Valley Progress Mar-Qtr-2025 5.0% ▪ Regulator Request for Information responses
Slide 13: Potential to extend Gossan Valley Mineral Resources
Potential to extend Gossan Valley Mineral Resources, which remain open at depth Current Gossan Valley Mineral Resources1 sufficient to support investment decision – Mineral Resource1 expansion to be targeted with underground drilling upon development Gossan Valley Gossan Hill Scuddles Legend: : >0.4
Slide 14: Ramping up exploration drilling at Golden Grove
Ramping up exploration drilling at Golden Grove Planned exploration expenditures of $10 million to $14 million in 2025, up from $4 million in prior year Golden Grove Long Section1 Gossan Valley Gossan Hill Scuddles North Hougoumont Xantho Extended Cervantes Oizon Europa Legend: : Resource Extension
Slide 15: Capricorn Copper
Metals| Capricorn Copper
Slide 16: Potential value to be unlocked at Capricorn Copper
Potential value to be unlocked at Capricorn Copper Large Mineral Resources1, established infrastructure and ~1,900km2 land position in prolific Mt. Isa inlier province ✓ Substantial Mineral Resources1 with potential for in-mine and near-mine extensions ✓ Processing plant & other surface infrastructu
Slide 17: Capricorn Copper production restart imperatives
Capricorn Copper production restart imperatives Immediate focus on short term water reduction Imperative Objective Activity in Mar-Qtr-2025 ▪ Successful 2024/2025 wet season – all opportunities for treated water releases utilised. ▪ Water inventory reduced by 0.3 gigalitres, the largest quarterly re
Slide 18: Successful 2024/2025 wet season
Successful 2024/2025 wet season Surface water inventory reductions are well progressed Surface water inventory (GL) ✓ Wet season treated water releases All opportunities for treated water releases utilised during the 2024/2025 wet season 3.4 1.0 gigalitre reduction Gigalitres (GL) ✓ ~1 gigalitre wat
Slide 19: Ongoing reduction of cash outflows at Capricorn Copper
Ongoing reduction of cash outflows at Capricorn Copper Ramp-down of operating and capital expenditures remains on track Operating and capital expenditures ($ million) Comments: Ramp-down of investment in environmental compliance ▪ Ongoing cost reductions remain a focus at and water management capita
Slide 20: Corporate
Corporate
Slide 21: Senior debt refinancing completed
Senior debt refinancing completed Refinancing reduces debt levels, extends maturities and supports Gossan Valley investment to optimise Golden Grove’s life-of-mine plan Previous Refinanced Debt amortisation (US$ million)1 Debt amortisation (US$ million)1 ✓ US$18 million debt reduction Balance sheet
Slide 22: Balance sheet and cash flows
Finance and Corporate Balance sheet and cash flows Unaudited group cash and cash equivalents, and available liquidity ($ million)1 Comments ▪ Financial close of senior debt refinancing, including US$18 million prepayment. 252 30 ▪ Remaining Golden Grove Stamp Duty instalments of $14 22 million paid
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 0.3GL water reductions during the Mar-Qtr-2025 Dam (MCD) Gunpowder Creek 0.3GL Ponds Site water Inventory 31 March 2025: 3&4 3.3 Gigalitres (GL) 0.5 3.0 Maximum Operating Level2 0.1 2.5 0.5 2.0 Approx surface water Esp
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