Deterra Royalties (DRR) investor relations material

Business model and sector overview

• Operates a diversified royalty and streaming model, providing exposure to mining revenues with limited operating and capital cost risk.

• Sector has grown to US$138b market cap in 2025, with most peers focused on precious metals, while this portfolio is commodity agnostic.

• Royalty financing offers flexible, lower-risk capital to mine operators, with advantages over equity and debt.

Portfolio and asset highlights

• Largest listed non-precious focused royalty company by market cap, with 14 royalties across five countries and multiple commodities.

• Cornerstone assets: Mining Area C (MAC) iron ore royalty (top 3 global royalty by NAV) and Thacker Pass lithium royalty (world’s largest measured lithium reserve).

• Thacker Pass project in construction, targeting 85-year mine life and significant future expansion.

• Additional royalties in copper, lithium, mineral sands, and gold provide long-term growth optionality.

Financial performance and capital management

• Last twelve months underlying EBITDA A$253m, net debt A$149m, and A$344m undrawn debt capacity.

• Record 1H26 NPAT of A$87m, 93% EBITDA margin, and A$66m fully franked dividends declared.

• Since 2020, A$742m fully franked dividends paid and declared; 75% payout ratio maintained.

• Disposal of non-core assets at c28% pre-tax IRR, further strengthening the balance sheet.