Maronan Metals (MMA) investor relations material

Project overview and resource highlights

• Holds a single exploration tenement in North West Queensland with over 65 million tons of resources, including 122 million ounces of silver, 2 million tons of lead, 271,000 tons of copper, and 760,000 ounces of gold.

• Features a 33 million ton Broken Hill-style silver-lead deposit overprinted by a 32 million ton iron sulphide copper-gold deposit.

• Market cap is approximately AUD 120.7 million, with an enterprise value of about AUD 100 million and AUD 15.8 million in cash as of December 2025.

• Substantial shareholders include Red Metal Limited (35.83%), Perth Capital Pty Ltd (7.10%), and MGX Resources Limited (5.02%).

• Located in the Mount Isa District, surrounded by major mining operations and supported by a pro-mining state government.

Development strategy and economic assessment

• Released a scoping study and PEA on the Starter Zone, showing a 10-year project with strong NPV and IRR at conservative silver prices.

• Starter Zone contains 5.3 million tons of indicated silver-lead and 1.7 million tons of indicated copper-gold resources, supporting a 10-year initial mine plan mining about 22% of the global resource.

• Two development options: build an on-site plant (capex AUD 270 million/$266 million, NPV8 AUD 380 million/$377 million, 4-year payback) or toll treat at local mills (capex AUD 100 million/$98 million, NPV AUD 360 million, faster payback).

• Annual production averages 3.0 million ounces silver, 38,000 tons lead, 1,400 tons copper, and 3,800 ounces gold over 10 years.

• Multi-metal exposure enhances strategic value, with silver-lead driving near-term economics and copper-gold providing future optionality.

Growth potential and exploration

• Only a quarter of the total resource was considered in the PEA, indicating significant upside and expansion potential.

• Every 1 million tons converted to indicated resource adds a year to mine life; potential for a three-decade project if two-thirds of the resource is converted.

• Planned exploration decline and ongoing drilling aim to convert resources and enhance the early mine plan.

• Upside exists to increase mining rates and indicated resource inventory.

• Surface drilling to resume soon, supporting an updated Mineral Resource Estimate and Pre-Feasibility Study.