Deterra Royalties (DRR) Noosa Mining Investor Conference summary

Business model and sector focus

• Focuses on acquiring or writing royalties over world-class mining assets, providing top-line revenue exposure and protection from operating cost inflation.

• Royalty model offers free option value, as no further capital is required for mine expansions or extensions.

• Targets bulk, base, and battery commodities, avoiding the highly competitive gold royalty sector.

• Operates in tier-one jurisdictions, including Australia, Europe, North America, and selectively South America.

• Only internationally significant royalty company listed on the Australian Securities Exchange.

Financial performance and shareholder returns

• Achieved AUD 156 million NPAT in FY 2025, with a 75% payout ratio.

• Delivered AUD 0.22 per share dividend, representing over a 5% yield before franking credits.

• Committed to maintaining high dividend payouts and organic portfolio growth.

Key assets and growth

• Holds a 1.232% revenue royalty over BHP's Mining Area C, covering 9% of global seaborne iron ore trade.

• Mining Area C has a mine life exceeding 45 years, with production growing from 15 to 145 million tonnes per annum.

• Royalty from Mining Area C has generated over $1 billion in revenue since inception.

• Owns a 1.05% revenue royalty over Thacker Pass lithium project in Nevada, with major partners including General Motors and the U.S. Department of Energy.

• Thacker Pass resource and mine life have doubled since acquisition, with production expected to start in 2028 and significant revenue growth anticipated as capacity expands.