29Metals Limited

Thank you for standing by and welcome to the 29 Medals Limited March quarter 2026 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'll 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 and good morning all. James Palmer here and thanks for joining the 29 Metals update for the March quarter 2026. Today we'll be speaking to the presentation released this morning alongside our March quarter report and joining me are Ed Cooney, our Chief Operating Officer, Peter Herbert, our Chief Financial Officer and Christian Seller, our Group Executive Corporate Development. So a quarter with some strong results and post-quarter end a challenging decision to undertake additional work to further de-risk Xantho Extended, which are now underway. So zooming out first before I talk to the quarterly, the 29 Metals investment thesis remains strong. The company's intrinsic value underpinned by two large copper resources across Golden Grove and Capricorn Copper. As outlined on slide 4, both assets have long life potential and significant geological upside. At Golden Grove we're nearing the end of a significant investment phase to enable mining of high-grade ore sources, so from the end of 2026 we expect reduction of capital expenditures and progressive ramp-up of mining from the high-grade ore sources of Xantho Extended, Oizon and Gossam Valley to support metal production growth and free cash flow generation. At Capricorn Copper the team are progressing rapidly towards a restart of production. Water levels have been significantly reduced and are no longer an impediment to a restart. Focus is firmly on an approval for a new tarling storage facility and the study towards a restart of operations. Prior to the production disruptions that Xantho extended, we were guiding to over 50,000 tonnes of copper equivalent production per annum at Golden Grove. So once Xantho is back, we'll be back at that run rate. At Capricorn Copper, we have a low capital intensity pathway to re-establish up to 30,000 tonnes of copper production per annum. So we're progressing this business towards potential as an 80,000 tonne per annum copper equivalent producer. And with the size of the resources of each asset, optionality exists to expand from there. So now to slide six to talk through the quarter and how we're progressing both assets towards their full potential. While working through the challenges at Xantho Extended and in everything we do, we live by our most important company value of safety first, which is also reflected in our single digit TRIF and zero LTIF. We completed ground support upgrades at Xantho Extended post the quarter end as planned. This enabled re-entry into the mine post the impacts of seismicity from last year. In parallel with the implementation of the ground support upgrades, further geotechnical review work increased our understanding of the Xantho extended decline and level access of areas impacted by seismicity. And based on this further assessment, additional works to further reduce the risk of future potential production interruptions are being progressed prior to the recommencement of mining. Upon implementation of the ground squad upgrades, we had the option to recommence mining. We chose to undertake the additional work to provide further de-risking of production from the end of 2026 and for the life of the mine. Since the temporary suspension of mining at Zanto extended last year, a dedicated team was established to incorporate remnant and extension of all sources into the 2026 mine plan. So far, this team is hitting the ball out of the park. We've produced 6.4 kilotons of copper in the March quarter, a run rate beyond the top end of our 2026 full-year copper guidance. This work is ongoing to incorporate additional copper and gold ore sources into the rest of the year mine plan to maximise mill throughput and production outcomes, and it's expected to partially offset the impact of delayed restart of mining at Xantho Extended. The team delivered this result all while continuing to build a new mine at Gotham Valley, which remains on track for 112 million capital expenditures to first door by the end of 2026. At Capricorn Copper, a successful wet season concluded and water is no longer an impediment to a restart. The team are now having reduced surface water levels by more than 2 gigalitres since the suspension of operations are in a great place. focuses now firmly on the approval for a long-term tailing storage facility, which is now the critical path imperative for a restart of production. And we're planning for success with the commencement of a definitive feasibility study during the quarter to enable a restart of production upon approval of a new tailing storage facility. So we have a lot to deliver for the rest of the year and with Golden Grove generating $10 million of free cash flow for the March quarter and a liquidity position of $238 million, we have the balance sheet to deliver through 2026 with a focus on long-term value creation. I'll now pass to Ed to talk through the operations in some additional detail.

Ed? Great, thanks James and morning everyone. I'll move straight to slide 10 to talk to some additional detail on our plans at Xantho Extended So as James mentioned, we completed ground support upgrades post-quarter end, as planned. In parallel, the team have continued to progress our geotechnical understanding of the impacts to production we experienced last year. A key learning was that although ground support upgrades alone may be sufficient to mitigate future production interruptions, there are specific locations on the existing decline susceptible to higher rock stresses. These locations are situated where the decline crosses over and are coincident with seismically reactive fault structures. To further reduce risk of future production interruptions, we've made the decision to commence new accesses to the footwall drives, which effectively bypass these higher stress zones. This development was kicked off over the last 24 hours with the first two cuts on the deck as of this morning. We considered a range of scenarios to complete these works, such as progressing the works in parallel with production, and we do continue to test our thinking on the potential to accelerate recommencement of mining in the upper levels of Xantho Extended whilst development of the new accesses is being completed. The current plan is to defer recommencement of mining until the new accesses are complete, which is expected to be in the December quarter. This approach allows for higher development rates by progressing multiple headings without interruption or interaction from production activities. It gets us to our desired end point faster and provides greater production certainty at Xantho Extended from the end of 2026 onwards. And importantly, although this decision does result in deferral of metal from Xantho Extended, no impact to the reserve is currently contemplated. On to slide 11, and the team at Golan Grove are doing a phenomenal job in reworking the mine plans and evaluating alternative ore sources whilst we progress works at Xantho Extended. As shown on slide 11, Xantho Extended contains high zinc and precious metal grades in addition to copper. However, there are other areas in Gossam Hill and Scuttles that have similar copper grades. Hence we maintain copper production guidance as we complete the additional access development. Ahead of greater mine plan flexibility from Gosling Valley, Oizon and Xantho extended in 2027, the site team remain laser focused on identifying and incorporating additional remnant and extensional ore sources into the rest of year plan. With a focus on maximising value from the best available ore sources and the key objective of replacing the tonnes from the deferred restart of mining at Danto Extended and finding additional oil sources to push the mill and metal production outcomes harder for the remainder of the year. And excellent progress on this front in the March quarter, as James mentioned, with over 6,000 tonnes of copper production. We do still have a lot of 2026 to go, but with the early wins on the board, the team are pushing hard to keep the momentum going. I'll now hand over to Peter to discuss costs and capital.