29Metals Limited

Good morning all. James Palmer here and thanks for joining this 29 Medals update for the September quarter 2025. Today we'll be speaking to the presentation released this morning alongside our September quarterly report. Joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, our Chief Financial Officer and Christian Stella, our Group Executive, Corporate Development. Today we'll provide some details on our plans for the rest of the year at Golden Grove given recent events and talk through the ongoing progress being made by the team at Capricorn Copper. Slide four lays out our key priorities. They remain the same as when I spoke to you three months ago. Health and safety first always. Mid single digit TRIF and an LTIF of zero, reflecting zero lost time injuries for the 12 months to the end of September quarter. Massive credit for the teams across the business, living our most important company value, safety, particularly when faced with adversity. Safety first, always, even when it's hard, in fact, especially when it's hard. And across the group, discipline in productivity and cost improvements, which remains the focus. At Golden Grove, even as we work through the challenges, maximising operating cash flow, efficient capital allocation to maximise long-term value guides our decision-making and, of course, we remain focused on delivering Gossan Valley for first door by the end of 2026, which remains on track. At Capricorn Copper, the team continues to make steady progress on the imperatives for a successful and sustainable restart. Now to slide five to talk through the September quarter in more detail. Our safety metrics continue to improve. Our 12-month rolling TRIF and LTIF both down quarter on quarter. A good outcome and a result of remaining focused on safety first always. Zero lost time injuries over the last 12 months is great to see. Operationally, a challenging quarter. Solid for copper production at Golden Grove with 5.8 kilotons of copper. Zinc production, however, impacted by restricted access to Xantho Extended with two kilotons of production. Accordingly, we have revised our 2025 guidance for zinc and precious metals, assuming that access to Xantho Extended will continue to be restricted for the rest of the year and alternate Gotham Hill oil sources will feed the mill for the remainder of 2025. These alternate ore sources are lower zinc grade, but copper grades are broadly equivalent to what we would have accessed at Xantho Extended, resulting in no change to 2025 copper production guidance. In a moment, I'll pass to Ed to talk through the Xantho Extended issues in more detail. At Capricorn Copper, the team continued to make good progress on water level reductions and regulatory approvals required to enable a future successful and sustainable restart of operations. with 1.5 gigalitres of water level reduction since suspension of operations and an application for tailing storage facility 4 submitted during the quarter. We finished the quarter with $168 million of available liquidity positioning as well as we adjust near-term plans at Golden Grove and continue to deliver Gossam Valley. Where we've commenced the box cut excavation during the quarter, a great milestone and that keeps us on track to fire the portal by the end of the year as per the plan. So I'll now pass to Ed to talk through the Golden Grove events in a little bit more detail and then I'll 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 morning everyone. I'll briefly touch on slide 7 and 8 to talk through the quarter outcomes, and then I'll talk to Xantho Extended in some further detail. So on production, as James mentioned, and as shown on slide 7, a solid quarter for copper production up versus the prior quarter with 5.8 kilotons of copper produced, driven by more copper ore milled. at higher feed grades and improved recoveries. Zinc and precious metals, however, were lower. A planned 10-day mill shutdown, which was the largest for this year, occurred during the quarter for a mid-life rebuild of the primary crusher, re-line of the mills and installation of a replacement zinc rougher cell. And that contributed to lower overall mill tonnes. More significantly, however, the zinc oil sources were deferred as we completed rehabilitation of ground support impacted at Santa extended by the prior seismicity and resulted in significantly lower zinc ore volumes through the mill. Site and unit costs, first slide eight, are higher largely due to the maintenance spend associated with the planned 10-day shutdown and a $24 million stockpile movement charge. versus a $9 million credit the prior quarter. Increase in capital versus the prior quarter reflects a ramp-up of spend at Gosselin Valley as planned, with commencement of the box-cut excavation a major milestone during the quarter. I'll now move on to slide nine to talk through events at Zantock Standard and the forward plans. So to recap, in the March and June quarter reports, we noted impact of seismic events at Xantho Extended. Post these events, we expected to be able to rehabilitate the ground support in impacted areas to re-establish access to high-grade zinc stoves planned for the rest of the year. And we were on track to achieve this with a large amount of rehab completed by September. On 30 September, however, we reported a further event. And although the damage to ground support associated with this third event appears less than the prior events, with contingency in the mine plan fully absorbed by the prior interruptions. It did result in those planned high-grade stoves being deferred beyond 2025 and resulting in a need to restate restive-year zinc and precious metal production guidance. It's important to note that Golden Grove has historically been a seismically active mine. Prior events that interrupted production at Hugamont and Scuttles or bodies were successfully navigated. The more recent events are the first time we've seen these impacts at Xantho extended and have occurred in the footwall and are associated with slip crush damage around certain locations of the decline and level access infrastructure. Whilst the final investigation and third beta review is ongoing, the additional controls we are contemplating include rehabilitation of affected areas, upgrade of ground support in identified access and decline locations to withstand higher energies, refinement of a structural geology model, engagement of external geotechnical industry experts to review and validate identified controls and potentially review of our future decline design. I would say we are confident that with these controls in place and the calibre of our site team, we will safely and successfully resume production. In the short term, to enable a safe installation of upgraded ground support, we have temporarily stopped production from the ore body with an exclusion zone in effect below a certain level. The diagram on slide 9 aims to provide some context to the area of the mine impacted by the exclusion zone, and importantly, the significant areas within Gossam Hill and Scuttles that are not impacted. We anticipate that rehab and upgrade of ground support down to the decline phase may take up to six months. However, the team will clearly be looking at opportunities to increase resources, such as an additional cable bull zone, which arrived on site late last week, and parallel work fronts to reduce that time. In the interim, alternative resources from both Gossam Hill and Scuttles will be mined, while the site team progress to rehab and evaluation of controls to better assess appropriate timing to restart production. And to give you a bit of context from a cost perspective, we don't anticipate a material impact with near-term ground support upgrades representing perhaps 1% to 2% of total annual site costs. Moving on to slide 10, we have ramped up exploration spend across the asset during the year. The objective of the drilling is to both identify new ore bodies and extensions of existing ore bodies within the Gossan Hill complex. to provide further operational flexibility in terms of production sources, particularly relevant given the current interruption. And as shown on slide 11, we are getting good return on investment for the exploration spend year to date, with high-grade copper intercepts in easily accessible areas of Gossan Hill, which in addition to mine life extension, provides opportunity to leverage existing underground infrastructure and development to build ongoing flexibility into the life and mine plan. It's been particularly great to see such wide high-grade extensions in the upper areas of the minor trial. This drilling was undertaken at a tighter drill spacing than typically adopted for extensional drilling, with notable intercepts being 12 metres at 2.8% copper and 17 metres at 2.6% copper. And given these results, we've decided to allocate further drill metres to continue testing for extensions in this area, given its obvious operational benefits at relatively shallow depths. And additionally the My Planning team are evaluating options for how we bring this material into near to medium term plans. And moving on to slide 13, Gossam Valley project remains on track for first of all by the end of 2026. The team have made fantastic progress with commencement of the box cut excavation during the quarter and currently sitting about 70% complete. And in parallel award of various surface infrastructure contracts. And when in production, Gossam Valley is expected to enhance the Golden Grove life of mine plan by providing production flexibility as an additional mining front, replacement higher grade ore source for the declining scuttles ore production, relative mining simplicity given its shallow mining depth and potential to extend the Gossam Valley mineral losses which remain open at depth. I'll hand back to you now, James.

Thanks. Moving to Capcom Copper, slide 16, where production remains suspended due to the impact of the extreme weather event in 2023. We are working towards rebasing the asset in preparation for future successful and sustainable restart of operations because the size of the prize is significant. 64 million tonnes in mineral resources, 1.2 million tonnes of contained copper. established surface infrastructure, established development directly to the ore body, all within the highly prospective Mount Isa in Lyre Province. So on a look-forward basis, we see an immense amount of value to be unlocked at Capricorn Copper. We just need to deal with water on the surface so that we can realise the value of the significant copper endowment underground. Slide 17 shows it is a prize worth chasing. In 21 and 22, the asset generated $100 million and $66 million of EBITDA respectively, was running an all-in sustaining cost of $3.70 per pound and producing more than 20,000 tonnes of copper per annum. Hence, operations could be very profitable at today's prices. Quick recap on slide 18 on what we need to do to rebase the asset in preparation for a future successful and sustainable restart of operations. Once we get these two imperatives in place, we can then progress work towards the restart of operations. So firstly, we need to reduce the water levels on site and secondly, we need a long-term tailing storage solution to set the asset up for long-term success. upon restart. Great progress on this front during the quarter with an application for TSF3 to the regulator submitted during the quarter and confirmed as being properly made. This progresses the application to a detailed assessment ahead of any requests for additional technical information which are anticipated during the December quarter 2025. The team continue to make excellent progress with water level reductions as shown on slide 19. Total water level reductions of 1.5 gigalitres has been achieved since the decision to suspend operations in March last year. Surface water levels re-established below the maximum operating level, an important and significant milestone towards resetting the compliance footing of the asset. Water level reductions were achieved during the quarter by natural and mechanical evaporation. Preparedness activities were progressed during the quarter in readiness for potential treated water releases to Gunpowder Creek which is only possible when creek flows occur typically during the wet season which officially kicks off beginning next month. The team were well prepared for another successful wet season with the receipt of an EEO from the regulator during the quarter for this wet season similar to the one that facilitated our successful outcomes last wet season. Slide 20 outlines the ongoing progress on operating and capital cost reductions at Capricorn Copper. The team continue to look for opportunities to reduce costs while ensuring environmental compliance and progression of our two restart imperatives, water reduction and tar links approvals. So a great result all around at Capricorn Copper. I'll now hand over to Peter to talk through finance and corporate.