Deterra Royalties (DRR) investor relations material

Executive summary

• Full-year NPAT reached A$164.2 million, up 5% year-over-year, driven by record production and sales at MAC and profit from non-core asset sales, partially offset by lower iron ore prices.

• Maintained business as usual during CEO transition, with interim leadership in place and an active search for a new leader ongoing.

• Thacker Pass lithium project advanced, with US$1.2 billion drawn from a DOE loan and construction progressing toward late 2027 completion.

• Disposal of non-core precious metals assets generated a ~28% pre-tax IRR, reduced debt, and supported higher dividends.

• Continued focus on growth opportunities and capital deployment, supported by a robust balance sheet.

Financial highlights

• Revenue from continuing operations rose 6% year-over-year to A$236.2 million, primarily due to MAC royalty performance.

• Underlying EBITDA increased 6% year-over-year to A$222.2 million, with a 94% margin.

• Record sales of 140.1 million dry metric tons at MAC, up 9% year-over-year.

• Dividend per share rose to 23.2c, fully franked, maintaining a 75% payout ratio.

• Net debt reduced to A$132.5 million as of June 30, 2026, with A$357 million undrawn capacity.

Outlook and guidance

• Thacker Pass mechanical completion targeted for late 2027, ramping to full Phase 1 production in 2028.

• No expectation of material capacity payments from MAC going forward.

• Focus remains on deploying capital into new value-adding investments, particularly late-stage development assets.

• Healthy pipeline of opportunities, though market volatility may delay deal execution.

• Dividend payout target remains at 75% of NPAT, balancing shareholder returns and investment capacity.