Maronan Metals (MMA) Investor Presentation summary

Project overview and resources

• Advancing a large, undeveloped silver-lead and copper-gold resource in a Tier 1 mining jurisdiction with strong infrastructure and flexible development options.

• Global resources: 122 Moz silver, 2 Mt lead, 271kt copper, 0.76 Moz gold; 100% owned, royalty free.

• Silver-lead resource: 33.1 Mt @ 108 g/t Ag, 6.0% Pb; copper-gold resource: 32.0 Mt @ 0.85% Cu, 0.63 g/t Au.

• Starter zone resources: 12.2 Mt silver-lead, 7.0 Mt copper-gold, both open at depth and with growth potential.

• Only a small portion of global resources included in the current economic assessment, leaving significant upside.

Economic assessment and financials

• Preliminary Economic Assessment (PEA) confirms robust economics: NPV (8% pre-tax) of A$377M, IRR 37%, 10-year mine life, 4-year payback for stand-alone processing.

• Stand-alone plant: A$266M capex, LOM EBITDA A$981M, LOM free cash flow A$693M.

• Toll treating option: lower capex (A$98M), NPV8 A$362M, IRR 67%, 2-year payback, LOM EBITDA A$723M.

• At spot prices, NPV increases to A$533M (onsite) and A$518M (toll), with IRRs of 48% and 88% respectively.

• Average annual EBITDA at steady state projected at A$130M; AISC: $30.18 (onsite), $36.43 (toll).

Production profile and revenue

• 10-year schedule with 1.2 Mtpa production; steady output of 3.0 Moz silver, 38kt lead, 1.4kt copper, 3.8koz gold annually (5.4 Moz AgEq).

• LOM production: 22.7 Moz silver, 285kt lead, 5.8kt copper, 34koz gold; total revenue A$2,193M, with 53% from silver and 39% from lead.

• First four years of production (payback period) underpinned by 82% indicated resources.