29Metals (29M) AGM 2025 summary

Opening remarks and agenda

• AGM conducted as a hybrid meeting to maximize shareholder participation, with clear instructions for both in-person and online attendees.

• Chair Owen Hegarty OAM and CEO James Palmer addressed stakeholders, outlining the company's vision and reaffirming commitment to transparency, excellence, accountability, mutual respect, and safety.

• Acknowledgment of traditional custodians and introduction of board members, executive team, and external auditor.

• Agenda included voting procedures, CEO and Chair addresses, formal business, and Q&A sessions.

Financial performance review

• Achieved improved operational and financial outcomes at Golden Grove, meeting full-year guidance for production and site costs.

• Group revenue rose 23% to $551m and EBITDA increased to AUD 101 million in 2024, up 155% from the prior year.

• Golden Grove saw a 21% increase in copper production and a 10% rise in zinc output, with AISC at Golden Grove falling by 10%.

• Significant progress at Capricorn Copper with water level reductions, positioning for a safe and sustainable restart.

• Successful $180m equity raising and senior debt refinancing improved total liquidity to $267m at year-end.

Strategic initiatives and plans

• Continued ramp-up of Xantho Extended and development of Gossan Valley to optimize mining operations.

• Gossan Valley project received final investment decision, positioned as the next logical development.

• Investment in Tailings Storage Facility 4 to support long-term operations at Golden Grove.

• Priorities include productivity and cost improvements at Golden Grove and progressing water reduction and restart imperatives at Capricorn Copper.

• Focus on safety, operational discipline, and unlocking value across the asset portfolio in 2025.