Deterra Royalties Ltd · ASX:DRR
Deterra Royalties — Investor Presentation (January 2026)
28 slides from Deterra Royalties's investor presentation, January 2026
Slide 1: Deterra Royalties
Deterra Royalties Diversified resource royalties Corporate Presentation January 2026 ASX : DRR
Slide 2: Important notices and disclaimer
Important notices and disclaimer This presentation has been prepared by Deterra Royalties Limited (“Deterra”, “the Company”). By accessing this presentation, you acknowledge that you have read and understood the following statement. The material in this presentation is general summary information ab
Slide 3: 1. Corporate Overview
1. Corporate Overview.
Slide 4: The royalty and streaming business model
The royalty and streaming business model A lower risk mining investment Deterra Mining Royalties companies Commodity The Royalty and Streaming Sector3 price leverage ✓ ✓ • Global listed royalty and streaming sector has grown to US$138b market capitalisation in 2025 from US$1b in 2004 Mine growth ✓ ✓
Slide 5: High Quality Portfolio Positioned for Growth
High Quality Portfolio Positioned for Growth Deterra is the largest listed non-precious focused royalty and streaming company by market capitalisation1 Mining Area C iron ore royalty is the top non-precious royalty/streaming asset and a top 3 by NAV, held by a listed company globally2 Thacker Pa
Slide 6: Global Royalty Portfolio
Global Royalty Portfolio Strong Cash Flow and Significant Growth 1 Growing Global Portfolio of 14 Royalties Providing Cash Flow and Growth Optionality across Base, Bulk, and Battery Metals. Cornerstoned by the World Class, Long-Life Iron Ore MAC Royalty and Thacker Pass Lithium Royalty 6 1. Effectiv
Slide 7: Cornerstone Royalty Assets
Cornerstone Royalty Assets Two World-Class, Long-Life Royalty Assets Located in Tier One Jurisdictions Mining Area C (MAC) Iron Ore Royalty Thacker Pass Lithium Royalty4 1.232% Gross Revenue Royalty Attributable 1.05% Gross Revenue Royalty (Post-Buyback) 5 • Location: Western Australia • Location: N
Slide 8: Select Other Royalty Assets
Select Other Royalty Assets Diversified Portfolio Providing Meaningful Long-Term Growth Optionality Asset Name Operator Stage Location Commodity Royalty 1) Paradox DFS (2022)1 Utah Lithium 2.5% NSR 0.9% NSR + 0.45% AOI, 2) Antler PFS (2024) Arizona Copper / Zinc with partial buyback 3) Pukaqaqa Reso
Slide 9: Consistently strong results, returns and balance sheet
Consistently strong results, returns and balance sheet Underlying EBITDA and NPAT (A$m) Balance sheet 300 • Net debt 31 December 2025 cA$150m, A$500m revolving credit 250 lines, cA$350m available liquidity for investment2 257 200 250 • FY25 Net debt to Underlying EBITDA c1.1x (covenant <4.0x) 219 22
Slide 10: Corporate Overview
Corporate Overview CAPITAL STRUCTURE SHARE REGISTER3 Share price1 $4.45 Iluka 9% Shares on issue 529.1m 20% Retail/other 14% Market capitalisation1 $2.3bn Australia Institutional Net debt 31 December 2025 c$150m 16% North America Institutional 42% Other Institutional BOARD AND MANAGEMENT Non-Executi
Slide 11: Capital Management Framework
Capital Management Framework Deterra’s strategy to deliver both future growth and shareholder returns LOW-RISK ROYALTY REVENUE SUPPORTING SUSTAINABLE MODEL GROWTH AND DIVIDENDS Targeting 0-15% Leverage Ratio3 through Strong Balance Sheet Royalty & the cycle offtakes cashflow EXECUTING Dividends DETE
Slide 12: Price per NAV against peers
Price per NAV against peers Precious 86% 79% 62% 11% - - NAV Base, Composition1 Bulk, 14% 2 21% 38% 89% 100% 100% Battery 2.5x 2.0x 1.5x 1 P/NAV (x) Passive 1.0x 0.5x - Senior Precious Intermediate Precious Versamet Altius Labrador Iron Ore Deterra (WPM, FNV, RGLD) (TFPM, OR) 1. Based on analyst con
Slide 13: 2. Principal Royalties
2. Principal Royalties
Slide 14: MAC – world leading volumes
MAC – world leading volumes Operated by BHP, MAC is the world’s largest iron ore hub1 with 9% of global seaborne iron ore supply2 The MAC Operation 1 Mining Area C production (100% basis, mwmtpa)4 Large 145Mtpa hub South Flank commences 45+ year mine life North Flank Long Life 2021, expands commence
Slide 15: MAC – delivering strong, consistent cash flows
MAC – delivering strong, consistent cash flows MAC royalty has generated >A$1.1bn for Deterra since listing and >A$2.0bn to date Illustrative MAC 1.232% royalty revenue at 145mwmtpa Historical MAC revenue (since demerger) nameplate production1 250 250 232 257 46 20 13 206 200 200 180 Illustrative Re
Slide 16: MAC is Amongst the Most Valuable Mining Royalties Globally
MAC is Amongst the Most Valuable Mining Royalties Globally MAC Ranks Near the Top as the Most Valuable Stream or Royalty Held by a Public RoyaltyCo Largest Mining Royalties & Streams Ranked by Analyst Consensus NAV1 (Held by Public Companies, US$m) 6,549 2,500 2,000 1,927 1,551 1,500 1,330 1,235 1,1
Slide 17: Thacker Pass Lithium Royalty
Thacker Pass Lithium Royalty Operated by Lithium Americas Corp, provides top line exposure to world’s largest lithium reserve1 The Thacker Pass Operation1,2 The Thacker Pass Royalty Large + Significant Phase 1 planned capacity of 40,000tpa LCE with five phase Agreement type Gross revenue royalty (GR
Slide 18: Thacker Pass Lithium Royalty - world's largest measured lithium reserve
Thacker Pass Lithium Royalty - world’s largest measured lithium reserve1 LAC operated, bipartisan US Government support, 100% phase 1 offtake secured, DRR holds 1.05% gross revenue royalty Project Status2 High level construction timeline (Phase 1-5)2 Phase 1 up to 100% for 20 years, General Motors O
Slide 19: Thacker Pass – delivering into the future
Thacker Pass – delivering into the future LAC operated, bipartisan US Government support, 100% phase 1 offtake secured, DRR holds 1.05% gross revenue royalty Key milestones1 Thacker Pass Indicative Future AUD Revenue:5 LAC purchase Thacker Pass from ▪ One time buyback of US$13.2m; 2011 Western Urani
Slide 20: September 2024 Trident Acquisition
September 2024 Trident Acquisition Acquisition rationale Thacker Pass since Deterra acquisition US$188m cash purchase representing c12% of DRR market • Updated NI 43-101 (Technical Report) supporting:4 cap • Doubling mine life to 85 years from 40 years • Core asset was Thacker Pass royalty and acqui
Slide 21: 3. Appendix
3. Appendix
Slide 22: FY25 Financial Performance
FY25 Financial Performance Strong result based on MAC volumes and gold offtakes Profit and Loss ($m)1 FY252 FY24 Mvmt $ Mvmt % Per share information FY25 FY24 MAC capacity payment 20.0 0.0 20.0 n/m Basic weighted avg shares (m) 528.8 528.6 MAC royalty 219.3 239.3 (20.0) -8% Basic EPS (c/share) 29.44
Slide 23: Deterra Asset Summary - Bulk Assets
Deterra Asset Summary - Bulk Assets Iron Ore and Heavy Minerals Yoongarillup/ Asset Mining Area C Koolyanobbing Kwale Yandanooka Wonnerup Yalyalup Location Western Australia Western Australia Kenya Western Australia Western Australia Western Australia Operator BHP Yilgarn Iron Energy Fuels Doral Res
Slide 24: Deterra Asset Summary – Base and Battery Metal Assets
Deterra Asset Summary – Base and Battery Metal Assets Base and Battery Metals Asset Thacker Pass Sonora Paradox Antler Mimbula Pukaqaqa Big Kidd Location Nevada, USA Mexico Utah, USA Arizona, USA Zambia Peru BC, Canada Olympic Precious Operator Lithium Americas Ganfeng Lithium Anson Resources Kinter
Slide 25: Iron Ore Market
Iron Ore Market Medium term balance with new projects offsetting depletion Iron Ore has traded between US$90-US$110/t2 over the past 12 months Iron Ore Demand1 115 • Future demand growth markets (MENA, India) supplementing 110 seaborne demand from traditional markets (China, Japan) 105 • China is th
Slide 26: Lithium Market
Lithium Market Lithium demand remains strong as world increases electrification Lithium Demand1 Lithium market is projected to go from surplus to deficit by the end of the decade2 • Rechargeable batteries will continue to be the main driver 6,000 for lithium demand and demand for battery grade lithi
Slide 27: The power of royalty assets
“Top line” Commodity price Project The power of royalty cashflows leverage optionality assets Royalty revenue derived from asset’s Direct exposure to underlying Asset expansions and extensions drive revenue line, or with commodity price royalty values Lower exposure to capital and limited, defined o
Slide 28: For more information
For more information Investor enquiries Media enquiries Jason Clifton Gerard McArtney Chief Financial Officer Purple Email: investor.relations@deterraroyalties.com Mobile: +61 (0) 487 934 880 Email: gmcartney@purple.au Deterra Royalties Limited ACN 641 743 348 Level 16, 140 St Georges Terrace Perth
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