Deterra Royalties (DRR) investor relations material

Executive summary

• Achieved record first half NPAT of $87.2 million, up 36% year-over-year, with a fully franked interim dividend of 12.4 cents per share, driven by strong MAC royalty performance and profitable asset sales.

• Leadership transition underway, with Jason Neal appointed Interim CEO in November 2025 and a search for a permanent CEO ongoing; business-as-usual approach maintained.

• Thacker Pass lithium project targets first production in late 2027, supported by a US$435 million DOE loan and strong strategic partners.

• Disposed of non-core precious metals assets, generating a pre-tax IRR of 28% and $8.4 million post-tax accounting gain, reducing net debt.

Financial highlights

• Revenue increased 8% to $121.4 million, with MAC royalty revenue up 12% to $116 million and record sales volumes at $139/ton.

• Underlying EBITDA rose 11% to $109.1 million (93% margin); basic EPS increased to 16.48c from 12.09c.

• Operating costs were $8.1 million, up 27% due to CEO transition and due diligence costs.

• Net profit after tax reached $87.2 million, up 36% year-over-year.

• Net debt reduced to $149 million as of December 31, 2025, with $344 million undrawn debt capacity.

Outlook and guidance

• 75% payout ratio for dividends maintained, with a strong balance sheet and undrawn debt capacity positioning for future acquisitions.

• Thacker Pass project remains on track for first production in late 2027, with multi-phase expansion plans.

• Management expects to pursue further acquisitions within the next 12-18 months.

• Dividend Reinvestment Plan remains active for the 2026 interim dividend.