Maronan Metals (MMA) Investor presentation summary

Asset overview and project scale

• Global resource exceeds 65Mt, split between 33Mt silver-lead and 32Mt copper-gold, with 122Moz silver, 2Mt lead, 271Kt copper, and 760Koz gold identified.

• Starter Zone supports a 10-year initial mine plan, mining about 22% of the global resource.

• Expansion potential exists beyond the Starter Zone, with ongoing resource conversion and exploration planned.

Project economics and development options

• Preliminary Economic Assessment (PEA) base case NPV is $377M (pre-tax) with a 37% IRR at US$36/oz silver, based on a 1.2Mtpa operation.

• Two development pathways: stand-alone onsite processing (EBITDA $981M, CAPEX A$266M) and toll treating (EBITDA $723M, CAPEX A$98M).

• Toll treating offers a higher IRR (67%) and faster payback (2 years) compared to stand-alone (37% IRR, 4 years).

• Starter Zone PEA is sensitive to silver price, with NPV ranging from A$215M at US$28/oz to A$700M at US$52/oz.

Location, infrastructure, and permitting

• Located in Queensland’s North West Minerals Province, a Tier-1 mining district with strong infrastructure and government support.

• Mineral Development Licence application is well advanced, with mining licence approvals commencing in 2026.

• Flexible development options include stand-alone processing or use of nearby third-party facilities.