Deterra Royalties (DRR) investor relations material

Royalty model and portfolio

• Royalty exposure provides commodity price leverage and top-line cash flows, with limited defined deductions, no mine capex exposure and limited operating-cost inflation exposure.

• Global listed royalty and streaming sector market capitalisation reached US$155bn in 2026, up from US$1bn in 2004; US$22bn of growth capital deployed over the prior five years.

• Portfolio spans 15 royalties, five commodities and five countries, with producing assets and development-stage exposure across bulk, base and battery metals.

• Mining Area C is the largest non-precious royalty/streaming asset held by a listed company globally, with analyst-consensus NAV of US$1.6bn as of 6 October 2026.

Core royalty assets

• Mining Area C has a 1.232% gross revenue royalty, 145mtpa hub capacity, a 45+ year mine life and ~8% of global seaborne iron ore supply; FY27 cost guidance is US$20.25–21.75/t.

• Thacker Pass Phase 1 targets 40ktpa LCE, with an 85-year mine life; mechanical completion is targeted for late 2027, followed by ramp-up in 2028. The royalty is 1.05% GRR after the expected partial buyback.

• Thacker Pass Years 1–25 cost guidance is US$6,238/t LCE C1 and US$7,508/t AISC OPEX; Phase 1 construction is advancing, with >95% of detailed engineering design complete.

• Santa Cruz targets average production of 75ktpa copper cathode over its first 15 years and has a 24-year reserve-supported mine life; first production is targeted for 2029, subject to financing and permits.

• Santa Cruz royalty is 1.68% NSR through the sixth anniversary of commercial production, then 1.57%; it covers ~84% of recently announced Mineral Reserves and associated Resources.

Growth pipeline and catalysts

• Thacker Pass has a five-phase expansion pathway to 160ktpa LCE; Phases 2–5 require funding and further approvals.

• Santa Cruz acquired for US$74.15m cash in September 2026, with a right of first offer on a further 0.25% royalty; the operator has a partial buyback right for ~US$20m.

• Other development and exploration royalties include Paradox lithium, Antler copper-zinc, Pukaqaqa copper-molybdenum and Mimbula copper.

• Key milestones include Santa Cruz project financing and construction, Thacker Pass mechanical completion and ramp-up, and potential Thacker Pass expansion; project timing is subject to approvals and funding.

• The September 2024 Trident acquisition cost US$188m; non-core precious-metals assets were disposed of in 2025 for US$82m, at a stated ~28% pre-tax IRR, with a net US$106m acquisition price for retained and other assets.