29Metals (29M) Diggers & Dealers Mining Forum 2026 summary

Key conference insights

• Highlighted two large copper endowments in Australia with over 2.3Mt contained copper in Mineral Resource estimates, supporting 10+ year mine lives and significant geological upside potential.

• Golden Grove is producing with 2025 output of 22kt copper at AISC US$3.55/lb and is set for production growth from high-grade ore sources from end 2026, following significant infrastructure investment and mine plan optimisation.

• Capricorn Copper remains suspended pending regulatory approval for a new tailings storage facility, but water management issues have been resolved and a low-capital restart is planned, leveraging established infrastructure and substantial resources.

• Ongoing exploration at both assets continues to extend mine life, with recent high-grade drilling results at Golden Grove and Capricorn Copper indicating further resource expansion potential.

• Financial performance at Golden Grove has improved, with EBITDA up 345% from 2023 to 2025 and AISC down 11%, reflecting operational optimisation and higher copper prices.

Strategic outlook and forward-looking statements

• Next update to Mineral Resources and Ore Reserves estimates is scheduled for March Quarter 2027, with annual updates planned.

• Forward-looking statements are based on current assumptions and market conditions, with risks and uncertainties acknowledged; no guarantee is given for future performance.

• Golden Grove’s investment phase is expected to conclude in 2026, with operational and financial benefits anticipated from 2027 as high-grade ore sources come online.

• Capricorn Copper’s restart is contingent on regulatory approval, with a response to the regulator’s request for information planned for September Quarter 2026.

• Both assets are positioned for organic growth, with exploration and resource extension drilling ongoing to unlock further value.

Asset and resource overview

• Group Mineral Resources total 2.3Mt copper, 2.2Mt zinc, 1.2Moz gold, and 73Moz silver as of 31 December 2025.

• Golden Grove: 62.9Mt at 1.7% Cu, 3.5% Zn, 0.6g/t Au, 24g/t Ag; Ore Reserves of 18.2Mt at 1.7% Cu, 4.0% Zn, 0.6g/t Au, 22g/t Ag.

• Capricorn Copper: 64.2Mt at 1.8% Cu, 9g/t Ag; Ore Reserves of 19.0Mt at 1.7% Cu, 13g/t Ag.

• Redhill: 4.3Mt at 1.7% Cu, 0.3g/t Au, 33g/t Ag (Inferred category).

• Revenue in 2025 was primarily from copper (59%), with zinc, gold, and silver as significant by-products.