29Metals (29M) Noosa Mining Investor Conference summary

Market and Industry Outlook

• Global electrification and data center growth are driving increased copper demand, with copper intensity in clean technologies outpacing conventional uses.

• Copper is seen as a critical commodity for the energy transition, with bullish sentiment in the industry.

• Copper supply remains constrained due to lower grades, fewer major discoveries, and longer lead times from discovery to production.

Asset Performance and Production Guidance

• Golden Grove produces 50,000 tons of copper equivalent annually, with a 30+ year operational history and proximity to key infrastructure.

• Production guidance for 2025 targets a 7% increase in copper, 15% in zinc, and 7% in gold compared to 2024, with specific guidance of 22-25kt copper, 60-70kt zinc, 20-25koz gold, and 750-1,000koz silver.

• Xantho Extended, the highest-grade ore source, is ramping up, while Gossan Valley, the first new mining front in over 30 years, will be integrated into the mine plan from late 2026.

• Ongoing investments in infrastructure and ramp-up of high-grade ore sources are expected to drive production and financial growth.

Operational Improvements and Financial Outcomes

• Recent investments include a Life of Mine tailings facility, reducing long-term costs.

• From 2023 to 2024, unit costs dropped 10%, AISC reduced 10%, EBITDA rose 155%, and copper equivalent production increased 16%.

• Pre-IPO and IPO-related financial headwinds are diminishing, freeing up significant cash flow by 2026, with most cash outflows expected to conclude by H1-2027.