29Metals Limited

Thank you for standing by and welcome to the 29 Medals Limited June quarter 2025 conference call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. James Palmer, CEO. Please go ahead.

Thank you. Good morning all. James Palmer here and thanks for joining us again for the 20-hour metals update for the June quarter 2025. Today I'll be speaking to the presentation released this morning alongside our June quarter report. Joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, Chief Financial Officer and Christian Seller, our Group Executive, Corporate Development. So it's great to be here speaking with you all again. What was another quarter of significant milestones for the business. We're delivering on our commitments. We've broken ground on a new mine in Gotham Valley and we remain on track to deliver full year guidance. Briefly to slide three to touch on why 29 metals for copper investment exposure. So as the world electrifies, we're going to need a lot more copper. 29 metals, we have lots of copper, two Australian-based assets, one producing asset, Golden Grove, and one growth option with Capricorn Copper. Both assets have long-life potential and significant geological upside. At Golden Grove, we are growing metal production year-on-year, guiding copper 7% up, zinc 15% up, and gold 7% up from our 2024 to the midpoint of 2025 guidance. Currently market cap around 400 million, 187 million cash in the bank and total liquidity of 202 million at the end of the June quarter. So a compelling opportunity. Slide four lays out our key priorities remain the same as when we spoke last quarter, health and safety first, always, and across the group discipline and productivity and cost improvements, which remain a focus. Golden Grove, it's all about the drum beater delivery, maximising operating cash flow and delivering Gotham Valley First Ore for H226. And at Capricorn Copper, it's all about the imperatives for a successful and sustainable restart. Water reduction, the immediate focus and fantastic progress made on this during the quarter. A successful wet season by the team, significant progress made on reducing water levels on site to the tune of 1.3 gigalitres of progress since operations were suspended. Now to slide five, talk through the June quarter in some more detail. Safety continues to improve. Our 12-month rolling TRIF and LTIF both down again quarter on quarter. A good outcome and the result of remaining focused on safety first always. Operationally, a solid quarter delivered by the team at Golden Grove, 5.6 kilotons of copper, 12.3 kilotons of zinc. Great work by the team to rework the mine plan, accessing alternate ore sources, despite the restricted access to Xantho Extended, which now weights high-grade Xantho Extended stopes and therefore metal production to the second half of the year and keeps us on track for 2025 production goals. All outstanding approvals for Gossan Valley were received during the quarter, highlighting the project's full steam ahead for delivery of first ore H226. So with approvals now in hand, the team have re-forecast the capital profile for Gossan Valley, which now has capital expenditures of $35 to $50 million in 2025, down from $50 to $65 million. As a result, today we are revising down 2025 growth capital to $61 to $82 million from $76 to $97 million. All other 2025 guidance remains unchanged. At Capricorn Copper, we had a very successful end to the wet season, so all opportunities were utilised for treated water releases, resulting in a big water reduction for the wet season. During the quarter, water levels were reduced to below maximum operating level for the first time since the extreme weather event, a key milestone towards resetting the compliance footing of the asset and positions as well with the regulator as we continue to focus on water level reductions and progress our application for long-term tailings. At a corporate level, we finalised the resolution of the Capricorn Copper insurance claim, final payment of $54 million strengthening the balance sheet, and Mr Ashish Gupta was appointed as non-executive director, further strengthening the depth of experience of the board. I'll now pass to Ed to talk through Golden Grove in some additional detail. I'll then provide an update on Capricorn Copper, prior to Peter providing a corporate and finance update for the quarter. So over to you, Ed.

Thanks, James, and good morning, everyone. So moving on to slide seven, as James mentioned, another solid quarter of safe production, and pleasingly, as our safety indicators have continued to trend down, we currently have the lowest TRIF since the formation of the company. So great result and well done to the team. At Golden Grove, we produced 5.6 kilotons of copper and 12.3 kilotons of zinc. And really the challenges at Xantho Extended from late March were very well managed by the team. We were able to mine from alternate sources whilst the ground support was rehabilitated and access to the lower levels were re-established. And as a result, high-grade Xantho Extended stopes previously planned for the first half will now be mined in the second half, which will, as a result, weight production outcomes to the second half And importantly, despite the challenges during the first half, the team delivered both mine and mill volumes at budgeted rates. And so looking ahead for the second half, we need to keep doing what we're doing, but with additional high-grade oil from Xantho Extended hitting the mill. So moving on to slide eight, lower activity levels and an ongoing focus on costs has resulted in site costs being well maintained at $91 million. versus 96 million from the prior quarter. Excellent progress has been made at Gossam Valley, as James mentioned. So all permits now in hand. The team are mobilising contractors and ramping up activity. And with the project now underway, we have revised the capital profile for the rest of the year. And importantly, it's 15 million from this calendar year into next calendar year. Moving on to slide nine, since the IPO in 2021, Golden Grove has undergone significant investment to enhance the asset for the long term. Importantly, the investment in Xantho extended and now the investment to come in Gossam Valley. will bring our two highest grade oil sources into the mine plan. And in addition, the asset has had substantial investment in surface infrastructure upgrades, such as the ventilation chiller plans, rotation plan upgrade, and most recently, completion of a new long-term tailings storage facility that will lower life of mine tailings deposition costs. And so as outlined on slide 10, Zanto Extended, our highest grade oil source, is ramping up. Gossam Valley, our second highest grade oil source, coming online in the next 18 months. And combined, an enhanced mine plan for Golden Grove to deliver higher grade to the mill and higher metal production over coming years. and good progress towards Gossam Valley this quarter, with receipts of all approvals received, including the mining proposal, award and mobilisation of the surface civil contractor, and clearance activities now well underway, and ongoing grey control drilling to inform the first six months of the Gossam Valley mine plan. And as outlined on slide 11, We're very much on the journey to improved operational and financial outcomes at Golden Grove, driven by the ramp up of Xantho Extended. So from 23 to 24, Golden Grove delivered a 10% reduction in unit costs, a 16% increase in copper equivalent production, and a significant increase in EBITDA. And in 2025, we are guiding to ongoing metal production improvement with the mid-point 25 guidance up 7% for copper and 15% for zinc relative to 2024. So we are moving in the right direction and we plan to maintain that trajectory of production growth over coming years. Onto slide 12, I did mention grey control drilling at Gossam Valley and we are ramping up spend across the asset in 2025 after a two-year period of minimal activity. So we're spending approximately three times more on exploration in 2025 than we did last year, with slide 14 showing where those funds will be allocated. And we look forward to keeping you updated as the 2025 drill program progresses. I'll hand back now to James to talk about Capital and Copper.