29Metals (29M) investor relations material

Operational updates and investment highlights

• Significant investments at Gossan Hill since 2021 have enabled access to high-grade ore sources, with sustainable production from Xantho Extended expected in the December quarter and Oizon coming online by end of 2026.

• Major surface infrastructure upgrades, including the PACE plant and a new tailings storage facility, are nearing completion, supporting lower long-term costs and higher mill throughput.

• Ramp-up of Xantho Extended, Oizon, and Gossan Valley will drive increased ore grades and tonnage, supporting production growth and free cash flow from 2027 onward.

• Golden Grove is producing with 2025 output of 22kt copper at AISC US$3.55/lb and is set for production growth from high-grade ore sources from end 2026, following significant infrastructure investment and mine plan optimisation.

• Capricorn Copper remains suspended pending regulatory approval for a new tailings storage facility, but water management issues have been resolved and a low-capital restart is planned, leveraging established infrastructure and substantial resources.

Exploration and resource extension

• Recent drilling has delivered multiple high-grade copper, zinc, gold, and silver intercepts, extending existing ore bodies and supporting near-term mine plans.

• Hougoumont Extended and Oizon are converging at depth, enabling future mining cost efficiencies and ongoing mine life extension.

• Exploration continues to unlock new potential, with Gossan Valley opening a new mining front for the first time in 30 years.

• Ongoing exploration at both assets continues to extend mine life, with recent high-grade drilling results at Golden Grove and Capricorn Copper indicating further resource expansion potential.

• Both assets are positioned for organic growth, with exploration and resource extension drilling ongoing to unlock further value.

Financial and operational performance

• From 2023 to 2025, EBITDA increased by 345% and unit costs fell by 11%, reflecting operational improvements.

• Capital expenditures are expected to decline from the end of 2026 as high-grade ore sources ramp up.

• Revenue in 2025 was primarily from copper (59%), with zinc, gold, and silver as significant by-products.