29metals Limited · ASX:29M
29metals — Diggers & Dealers Mining Forum 2025
29 slides from 29metals's conference presentation, Aug 6, 2025
Slide 1: A Clear Reset for a Bright Future
A CLEAR RESET FOR Diggers & Dealers Mining Forum A BRIGHT FUTURE 4-6 August 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: Copper demand benefitting from global transition towards electrification
Copper demand benefitting from global transition towards electrification 29Metals exposed to favourable copper market demand drivers Historical copper production and projected demand Copper intensity of clean technologies Transport: kg copper per vehicle3 40 Conventional car Mt Clean Electric car Te
Slide 5: Copper supply increasingly challenged
Copper supply increasingly challenged 29Metals uniquely positioned with two large Australian located copper metal endowments on mining leases with established infrastructure Major copper discoveries in decline… Copper ore grades declining… Years from discovery to production is increasing Major Coppe
Slide 6: Golden Grove
Golden Grove
Slide 7: ~50kt Cu-eq production from a tier 1 location
~50kt Cu-eq1 production from a tier 1 location 2025 metal production guidance2: Copper 22-25kt, Zinc 60-70kt, Gold 20-25koz, Silver 750-1,000koz Well capitalised asset with 30+ year operating history Proximity to Geraldton port and critical infrastructure 1. Copper equivalent equation used is: Cu-eq
Slide 8: Long-life operation, 54Mt in Mineral Resources estimates
Long-life operation, 54Mt in Mineral Resources estimates1 Two existing mining fronts, Gossan Valley to provide production flexibility from a new relatively shallow independent mining front New Mining Front2 Existing Mining Fronts Production growth levers Exploration upside ✓ Production flexibility p
Slide 9: Gossan Valley the first new mining front at Golden Grove in over 30 years
Gossan Valley the first new mining front at Golden Grove in over 30 years Long history of operating through the cycles with progressive improvements to asset quality and duration 10,000 Commodity Prices1 Copper (US$/t) 5,000 Zinc (US$/t) Gold (US$/oz) 0 2002 2019 1990 1991 1992 1993 1994 1995 1996 1
Slide 10: Investment period to optimise Golden Grove for the future is nearing completion
Investment period to optimise Golden Grove for the future is nearing completion Investment to establish long-term infrastructure and to enable Golden Grove’s two highest-grade ore sources - Xantho Extended and Gossan Valley 2022 - 2023 2024 2025 - 2026 ✓ Xantho Extended debottlenecking & surface inf
Slide 11: Xantho Extended ramping-up – Gossan Valley project in progress
Xantho Extended ramping-up – Gossan Valley project in progress1 Gossan Valley is the next logical development option to enhance milled head-grades and optimise Golden Grove’s life-of-mine plan Xantho Extended Ore Tonnes Mined (kt) Golden Grove Ore Reserves2: % Total Ore Ramping-up 22% 41% Mined 4.5%
Slide 12: High grade ore sources expected to drive ongoing production growth
High grade ore sources expected to drive ongoing production growth Production growth, driven by ongoing ramp-up of Xantho Extended, contributed to improved year-on-year financial outcomes in 2024. AISC (US$/lb)1 EBITDA ($ million)1 Metal Production (kt Cu-eq) Golden Grove Golden Grove Golden Grove M
Slide 13: 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 14: 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 Tryall North Hougoumont Xantho Extended Cervantes Oizon Europa Legen
Slide 15: Potential to build on the long history of mine life extensions at Golden Grove
Potential to build on the long history of mine life extensions at Golden Grove Gossan Valley to be the first new mining front at Golden Grove in over 30 years - Mineral Resource estimates1 remain open at depth Gossan Valley Gossan Hill Scuddles Legend: : >0.4% Cu wireframe1 : >2.0% Zn wireframe1 400
Slide 16: Capricorn Copper
Capricorn Copper
Slide 17: 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 18: 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 19: 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. ▪ Water level reductions are being progressed via evaporation (natural and m
Slide 20: 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 21: Rebuilding a more resilient Capricorn Copper
Rebuilding a more resilient Capricorn Copper Significantly improved water management and long-term environmental compliance footing of the asset Increased mechanical evaporation Water treatment capability1 Enhanced water diversion infrastructure 1. The Capricorn Copper concentrator (process plant) h
Slide 22: Resource extension and exploration upside potential at Capricorn Copper
Resource extension and exploration upside potential at Capricorn Copper Long history of successful step-out drilling at Capricorn Copper to grow the Mineral Resources estimates1 ✓ Substantial Mineral Resources1 with potential for in-mine and near-mine extensions Capricorn Copper Long Section1 ✓ ~1,9
Slide 23: Why Invest In 29Metals
Why Invest In 29Metals Copper – a critical future facing metal to enable the global transition towards electrification Large copper endowments 2.2Mt Contained Copper + 2.3Mt Zinc, 1.2Moz Gold, 75Moz Silver in Group Mineral Resources estimates2 Long life assets Resources to support 10+ year mine live
Slide 24: Unlocking value to empower the future
Unlocking value to empower the future 24
Slide 25: 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 26: 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 27: 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 28: 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 29: 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