Deterra Royalties (DRR) Corporate presentation summary

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 principal assets

• Holds 14 royalties across five commodities and five countries, with a focus on iron ore, lithium, copper, and mineral sands.

• Cornerstone assets: Mining Area C (MAC) iron ore royalty (1.232% GRR, operated by BHP) and Thacker Pass lithium royalty (1.05% GRR, operated by Lithium Americas/GM JV).

• MAC is a top-three global royalty asset by NAV, with >45-year mine life and recent expansion to 145Mtpa.

• Thacker Pass is the world’s largest measured lithium reserve, with 85-year mine life and strong US government and GM backing.

• Additional growth from pre-production royalties in copper and lithium, and recent Trident acquisition added key battery metal assets.

Financial performance and capital management

• FY25 revenue A$263m, underlying EBITDA A$250m (95% margin), NPAT A$156m, and A$116m paid as fully franked dividends (75% payout ratio).

• Net debt at 31 Dec 2025 was cA$150m, with A$500m revolving credit lines and A$350m available liquidity.

• Consistent strong results, with >A$1.1bn generated from MAC since listing and >A$676m dividends paid since 2020.

• Capital management targets 0–15% leverage ratio and prioritizes dividends, with buybacks evaluated as needed.