Good morning all. James Palmer here.

Thanks for joining this 29Metals update for the June quarter 2026. Today we'll be speaking to the presentation released this morning alongside our June quarterly report.

Joining me here are Ed Cooney, our Chief Operating Officer; Peter Herbert, our Chief Financial Officer; and Kristian Stella, our Group Executive Corporate Development. Upfront, why invest in 29Metals?

Globally, copper supply is challenged. New mines are becoming harder to find, lower grade, and harder to mine.

On the demand side, as the world electrifies, the world's going to need a lot more copper. As outlined on slide 3, 29Metals we're well positioned to capitalize on this favorable copper supply-demand dynamic: over 2 million tonnes of contained copper and mineral resources across two Australian-based assets, both with long-life potential and significant geological upside.

The 29Metals investment thesis remains strong. As outlined on slide 4, the company's intrinsic value is underpinned by two large copper resources across Golden Grove and Capricorn Copper.

At Golden Grove, we're nearing the end of a significant investment phase to enable mining of high-grade ore sources. From 2027, we expect reduction in capital expenditures and progressive ramp-up of mining from high-grade ore sources of Xantho Extended, Oizon, and Gossan Valley, which will support metal production growth and improve 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, the focus is firmly on approval for a new tailings storage facility and the study towards a restart of operations.

Prior to the production disruptions at Xantho Extended, we were guiding to over 50,000 tonnes of copper equivalent production at Golden Grove. At Capricorn Copper, we have a low-capital-intensity pathway to reestablish up to 30,000 tonnes of copper production per annum.

With the recommencement of mining at Xantho Extended in the December quarter and the restart of operations at Capricorn Copper rapidly progressing, we're advancing this business towards its potential as an 80,000-tonne-per-annum copper equivalent producer. With the size of the resource at each asset, the optionality exists to expand from there.

I'll now talk to slide 5 to go through the June quarter and how we're progressing both assets towards their full potential. Safety was improved and operations stable.

At Golden Grove, 4.8 kilotonnes of copper production and 3.1 kilotonnes of zinc production during the quarter. Existing gold surface stockpiles were blended into the mill feed during the quarter, which also supported strong precious metals production, which Ed will talk to in some more detail.

Overall, all metals are tracking well towards our full year guidance ranges. Development works to establish the alternate level access drives at Xantho Extended orebody to further reduce the risk of future production disruptions and the impacts of seismicity were progressed during the quarter, with mining at Xantho Extended expected to recommence during the December quarter 2026 as planned.

In addition, the team progressed development at the Gossan Valley project and to Oizon, a high-grade copper ore source at Gossan Hill. We remain on track to be mining from all three high-grade ore sources of Xantho Extended, Gossan Valley, and Oizon from the end of the year.

The progressive ramp-up of mining from these high-grade ore sources is expected to provide mine plan flexibility and support metal production growth at Golden Grove from the end of 2026. At Capricorn Copper, with water no longer an impediment to a restart, focus is now firmly on the approval for a long-term tailings storage facility, which is now the critical path imperative for a restart of production.

We're planning for success with the definitive feasibility study in progress to enable restart of production upon approval of the tailings storage facility. I'll now pass to Ed to talk through the operations in some additional detail.

Ed.

Great. Thanks, James.

I'll move straight to slide 8. Safety first continues to be a lived value at Golden Grove and indeed across the business, with single-digit recordable injury frequency and zero lost time injury frequency, a result of ongoing focus on putting safety first in everything we do.

Development advance on the new level access drives to the Xantho Extended orebody were progressed. The first level access drive is now largely complete, the second bypass at circa 60% complete, and the third bypass commencing this week.

Good progress, and we remain on track to recommence mining at Xantho Extended during the December quarter as planned. Metal production for the quarter sees us on track for full year guidance ranges.

As James mentioned, precious metal production was also strong for the quarter. Last quarter, I spoke to the focus from the Golden Grove site team on identifying and incorporating additional remnant ore sources into the rest-of-year plan to replace the tonnes from the later restart of mining at Xantho Extended with the highest value available, to push the mill and metal production outcomes higher for the rest of the year.

As part of this ongoing focus, 33,000 tonnes of gold ore stockpile was blended into the copper ore feed during the quarter, post the successful trial in the March quarter, contributing to higher quarter-on-quarter gold production of 4.7 thousand ounces versus 1.1 thousand ounces, and higher quarter-on-quarter silver production of 195,000 ounces versus 104,000 ounces the prior quarter, certainly welcome byproducts, particularly given current precious metal prices. Touching on Gossan Valley, activities continue to ramp up, with surface infrastructure well progressed, a second jumbo mobilized at quarter's end, and recent mobilization of a raisebore rig for the first vent shaft.

We remain on track for first ore by end of 2026. As James mentioned, we remain focused on capital development works in progress across Golden Grove to enhance optionality within the mine plan, and we remain on track to enable the progressive ramp-up of mining from the high-grade ore sources of Xantho Extended, Oizon, and Gossan Valley to support mining volume and metal production growth and improve free cash flow generation.

I'll pass now on to Peter to provide an overview of costs and capital for the quarter.

Thanks, Ed, and good morning, everyone. Slide 9 summarizes cost and capital for the June quarter.

We continue to maintain a sharp focus on cost and productivity improvements across the business. At Golden Grove, site costs for the quarter of $96 million were flat, despite ongoing inflationary pressures.

Elevated unit costs during the quarter were driven by lower payable copper sold, combined with a $30 million stockpile movement charge as ROM and concentrate stockpiles reduced prior to 30 June, partially offset by higher precious metals sales. In addition, all-in sustaining costs were higher due to increased capitalized development expenditure as works to access high-grade orebodies advanced.

We expect downward pressure on unit costs as Golden Grove progressively brings online production from Xantho Extended, Oizon, and Hougoumont, as well as Gossan Valley, over the remainder of 2026, helping to lift mine production, mill throughput, and byproduct revenues. 2026 is an investment year at Golden Grove, with significant development and growth capital being deployed to access high-grade ore sources, enhance mine flexibility, and support production growth and free cash flow generation.

This benefit will be realized progressively over the remainder of 2026 and into 2027. Back to you, James.

Thanks, Peter. Thanks, Ed.

Before I move to progress at Capricorn Copper, I want to touch on the impressive ongoing drill results at Golden Grove on slide 12, with more great results released this quarter. The asset has a decades-long history of mine life extensions, and ongoing resource extension drilling continues to provide confidence that Golden Grove will continue to operate for decades to come.

Every intercept on this slide was released within the last 12 months, all of them resource extension intercepts. Lots of high-grade copper and zinc extending existing orebodies and adding mine life, and lots of high-grade gold and silver intercepts as handy byproduct credits.

Too many phenomenal intercepts to go through them all, but a couple to call out: the hits after trial up to 20-meter intervals and grades up to 2.8% copper, an ore source that's very shallow in the mine, short trucking distances, and existing development, which will allow for incorporation into near-term mine plans. Drilling continues to grow inventory at Hougoumont Extended and Oizon, with intercepts like almost 30 meters at 17% zinc and 15 meters at 2.6% copper.

Additionally, resource extensions have shown that Hougoumont Extended and Oizon are converging at depth as one large mineralized system, which is expected to enable future mining cost efficiencies via shared infrastructure as mining progresses in this area. Lots of high-grade resource extension results coming from the exploration program, which gives us confidence on ongoing mine life extensions for many years to come.

Now to Capricorn Copper, where the size of the prize is significant, as outlined on slide 15: 64 million tonnes in mineral resources, 1.2 million tonnes of contained copper, established surface infrastructure, established underground development directly to the orebody, all within the highly prospective Mount Isa Inlier province. As a low-capital-intensity brownfields restart project, Capricorn Copper is expected to double our group copper metal production and contribute significant EBITDA.

With site water levels now sufficiently reduced to no longer be an impediment to a restart of production, approval for a long-term tailings storage facility is now the critical path imperative for a restart decision. As outlined on slide 17, working towards submitting a response to the regulator's request for information during the September quarter, and we're planning for success with good progress on the definitive feasibility study to enable acceleration of a restart of production upon approval of a new tailings storage facility.

As you can see from slide 18, we see a bright future at Capricorn Copper: a tier-1 location, a large copper metal endowment, a low-capital-intensity pathway to restart 30,000 tonnes per annum of copper production, and lots of geological upside to enable future potential expansion of resources and production. I'll now hand over to Peter to talk through the balance sheet prior to wrapping up.

Thanks, James. Gross revenue was $164 million for the June quarter.

That was in line with our prior quarter result of $165 million, with lower revenue from copper offset by higher revenue from precious metal sales. 29Metals finished the quarter with unaudited available liquidity of $202 million, consisting of $188 million in cash and available headroom under the group's offtake facility of US$10 million.

Our strong liquidity position afforded us the opportunity to undertake further de-risking works at Xantho Extended prior to the recommencement of mining, which will provide higher certainty of production outcomes from the end of 2026 and beyond, and allows us to deliver Golden Grove's long-term potential. Our liquidity position is sufficient to fund growth capital commitments and risk mitigation works prior to recommencement of mining at Xantho Extended, which is on track for the December quarter.

As we look ahead, recommencement of mining at Xantho Extended, in parallel with the commencement of mining at Gossan Valley and Oizon, will increase mine flexibility and byproduct revenues, supporting lower production costs and improved operating cash flows. Back to you, James.

Right. Thanks, Peter.

Thanks, Ed. So 29Metals, we do remain well positioned to capitalize on the favorable copper supply-demand dynamic: over 2 million tonnes contained copper in mineral resources, two Australian-based assets both with long-life potential and significant geological upside.

The team remain focused on leveraging this position by delivering safe production and prudently allocating capital to deliver long-term value to all stakeholders. Prior to the production disruptions at Xantho Extended, we were guiding Golden Grove to over 50,000 tonnes of copper equivalent production.

Capricorn Copper, we have a low-capital-intensity pathway to reestablish that for 30,000 tonnes of copper production per annum, we are progressing this business towards its potential as an 80,000-tonne-per-annum copper equivalent producer. With the size of resource at each asset, the optionality exists to expand from there.

With that, we are happy to take your questions.

G'day, guys. Thanks for taking my question.

I just wanted to, first of all, just I guess touch on, you talked about some non-dilutive funding options for Capricorn Copper. In a world that changes so quickly these days, are you still seeing strong demand from, previously talked about some streaming potential from both assets really, on some of the byproduct credits at Golden Grove and Cap Copper.

Are you still seeing strong demand here? Would you consider partial asset sales as well?

I guess, what is the scope and where are you seeing some of those non-dilutive financing demands coming from?

Sorry. Hi Dan, it's Peter here.

Thanks for the question. Absolutely, we're seeing strong demand out there in the market, and quite encouraged by what we're seeing in terms of recent precedent transactions, no change to that thesis at all.

We are taking the approach of being agnostic to the best outcome, we're looking at a range of things when we think about non-dilutive options and just try and achieve the lowest cost of capital that allows us to advance Capricorn Copper back as we work in parallel on the study and the permitting for the tailings facility. We're trying to bring that all together in parallel so we can deliver a great outcome and bring it back online ASAP.

Yep, awesome. I suppose on the tailings permitting as well, probably just touching on how the regulator and DESI conversations are going.

The last few times you've tried to push through a kind of re-upping in tailings permit, you received a couple of RFIs. What's different about this current process, and what's giving you confidence that there will be a positive outcome this time?

I can take that one, Ed here. This is a new facility.

I think historically we were seeking approvals to incremental lifts on old historical facilities. I would say the engagement with the regulator very strong.

We've accommodated them on site for inspections. We've been engaging with technical discussions as we progress through some of the technical work in relation to addressing the request for information, and we remain on track to submit it this current quarter.

Look, we're doing all that's been requested and confident that we'll work with the regulator to get it across the line.

Daniel, I'd just add to Ed's comments, yeah, everything Ed said, and through with the regulator. Then we've got the prescribed project, the Coordinator-General process, again, very, very supportive there.

Actually, right through to the highest levels of the Queensland Government, people want to see mines start. We've got the regulator doing all the technical work, and then we've got all the bits in between.

Left hand certainly talking to right hand. Very, very positive progress.

Yep. No, thank you, and hopefully it all goes well.

Assuming you do get the permits for the tailings and you do go into DFS later in the year, are you kind of considering options for not just I guess a base-load restart, is there options for expansion, you've not been sitting on your hands with the resource potential either. Is there potential options around doing something a bit optimizing the project, I guess?

Absolutely. That's why we're doing the study, but also we don't want to get too far ahead of ourselves, getting the critical path focus, you've heard us doing so: water no longer the issue, getting the tailings permit done, the restart study base case as well as the potential upside.

Exactly as you said, the resource can certainly support it, then working through the rest of it. We want to make sure that we walk before we run, it'll be bringing it back online stable, and then of course we've got the options to expand from there.

Awesome. Thanks, guys.

Sorry, just last one from me. The Xantho Extended decline, I know you touched on it, and you're doing the third bypass, expected in the December quarter for commencement.

Can you just talk about, I guess, the geotechnical setting, how it's all, I guess, comparing to the prior decline, and when you do finish, I guess, all of the, I guess, bypasses and decline, circa what does that ramp-up profile look like? Is it pretty much back to production levels that we saw previously from Xantho Extended given the drives and stopes are theoretically all there?

Ready to go?

Ed again, I'll take this one. The motivation for committing to the bypasses was identified crossovers on the decline which had smaller pillar sizes and were coincident with identified faults that were also susceptible to seismicity.

By bypassing those, we're seeking to mitigate the influence of those vulnerabilities, if you like, in the previous design. Completion of those and then restart of production in the December quarter on track.

We haven't seen any background seismicity pick up as we're doing the development, so that's all tracking well. We do anticipate still production rates up to sort of 500,000 to 600,000 tonnes out of Xantho Extended as we ramp up production again from late 2026 onwards.

Awesome. Thanks, guys.

I'll pass on the word. Thank you very much.

Great. Thanks, Daniel.

Hi, guys. Thanks for taking the question.

In terms of Capricorn Copper and the restart, how much is known about the mining conditions in the flooded operation? I guess, how's that going to shape into your understanding about what you can put in front of investors when you get to an FID?

Ed here, I'll take that. We have dewatered about a third of the inventory that was underground, and we have progressed some of the rehab.

That was prior to suspending that back in 2024. We've seen the dewatering and rehab process very successful, we're very confident that we can dewater and rehab the mine.

In terms of the actual production restart, sure, we can't see it. We're not the first mine to restart a flooded mine.

What we will do as part of the planning is just to be a bit conservative in terms of the phased ramp-up of production from ESS, but in terms of the restart schedule, that would be reasonably early in the piece ahead of the mill to allow us time to dewater the cave and then commence production from the cave ahead of commissioning the mill. That's our planned strategy, and confident that we can demonstrate that to third parties.

Yep, okay thanks. Can you perhaps refresh our memories about what the damage to the plant was done?

Do you have a good handle about what needs to get fixed there, as you mentioned, to a low-cost CapEx restart?

Yes. Principally what was flooded was the water treatment plant, so that was basically condemned.

We are in the process of designing and we will install a new fit-for-purpose and larger water treatment plant facility. In terms of the mill, I guess we've isolated parts of the mill and have been using that to treat water for treated water releases during the wet season.

Really it's a matter of cleaning up from the water treatment process and then progressively recommissioning the plant that was de-isolated. There's probably a few fix-ups here and there that we'll identify along the way, but principally the new plant relates to water treatment plant infrastructure, not process plant infrastructure.

Brilliant. Thanks for that.

I'll pass it over.

Right. Thanks, Tim.

Sounds like no more questions.

Right. Thank you for your time and questions.

Certainly we are looking forward to another quarter of delivery ahead of some big milestones towards the end of the year at Xantho Extended, Oizon, and Gossan Valley. Otherwise, thanks.

Have a safe and productive day.