29Metals Positioning to Tap into the Energy Transition Boom

• 29Metals focuses on investing for the future, aiming to produce metals essential for decarbonization.
• The company operates two mines in Australia and has an exploration project in southern Chile.
• The Golden Grove Mine is Located in WA and it has a rich resource of copper and zinc. It is one of the best volcanic-hosted metal sulfide systems in the world and has the potential to operate for another 30 years.
• The Capricorn Copper Mine is situated in one of Australia's best base metal and copper districts.
• Exploration has revealed potential new ore bodies, and there's an interest in extracting cobalt from existing mines.

29Metals is an emerging mid-tier mining company with a portfolio of copper, zinc, gold and silver assets in Australia and an exploration project in Chile. With 2.2 million tons of copper resources, over 1 million tons of zinc and over 1 million ounces of gold, 29Metals offers exposure to key metals needed for the global transition to clean energy and decarbonization.

Strong Existing Production Profile Underpins Growth Potential

29Metals has two operating mines in Australia - the Golden Grove mine in Western Australia and the Capricorn Copper mine in Queensland. Both mines have large resources that support long mine lives of over 10 years each.

In 2022, 29Metals achieved full year production guidance at both mines despite pandemic impacts and extreme weather events. This demonstrates the resilience and flexibility of the operations.

Key highlights

• Golden Grove, WA: Produces zinc, copper and gold. 60 million ton resource supports potential 30+ year mine life. New high-grade Xantho Extended zone is being developed with potential 1 million tpa ore production. Additional growth from new Cervantes and Gossan Valley deposits.
• Capricorn Copper, QLD: Produces copper, silver and cobalt. Restarted operations in August 2022 after flooding. 10+ year mine life from 1 million ton copper resource. Exploring ways to extract additional value from high-grade cobalt.

In addition to existing production, 29Metals controls extensive exploration tenure around its mines with the potential for significant resource additions:

• 1,900 sq km around Capricorn Copper mine in highly prospective Mt Isa region
• Golden Grove is an outstanding volcanic massive sulfide (VMS) system with continued resource growth over 30 years. Multiple exploration targets could mirror this success.

The latest drilling has intersected exceptional grades outside current resource envelopes at Capricorn Copper, including 70m @ 2.8% Cu and 38m @ 4% Cu. This confirms the upside to growing resources and mine life.

Strategic Assets in Tier-1 Mining Jurisdictions

Both Australian mines benefit from excellent surrounding infrastructure, established mining services and skills, and close proximity to roads, rail, power and ports. The Capricorn Copper mine is strategically located just 140km from the Mt Isa smelter, one of Australia's largest base metal refining facilities. Queensland's new $1.5 billion CopperString project will also connect Capricorn Copper to lower-cost renewable energy, reducing future power costs.

Chile Exploration Project Provides Longer-Term Optionality

In addition to its Australian mines, 29Metals has an early-stage copper exploration project at San Pedro in the prospective Coastal Cordillera region of Chile. Although early stage, this provides a pipeline for potential future growth.

29Metals has an experienced management team with deep expertise across exploration, underground mining, plant operations and project development. The team has consistently delivered on operational targets and progressed growth plans across the portfolio.

With a portfolio of quality assets, a strong production base, exploration upside and a proven team, 29Metals represents an attractive investment opportunity for exposure to critical minerals like copper and zinc needed for global decarbonization. The company is poised to continue growing resources, production and mine life from its operating mines while advancing exploration programs. 29Metals offers investors commodity exposure and growth potential.

The Investment Thesis for 29Metals

Leverage to Key Decarbonization Metals

Copper, zinc, cobalt and silver are all metals that will see growing demand driven by decarbonization and the transition to clean energy. As an electric vehicle uses 3-4 times more copper than a conventional car, copper demand is projected to double by 2030. Zinc is also used in EV batteries and power infrastructure. 29Metals resources position it strongly to benefit from this supercycle in commodities linked to global decarbonization efforts.

Free Cash Flow Generation and Growth Pipeline

29Metals existing mines generate strong free cash flow at current metal prices based on low operating costs and high production rates. This provides capital to fund exploration, development projects and potential dividends. Cash flow is set to grow further as new deposits come online. The development pipeline gives visibility on continued growth.

Significant Exploration Upside Potential

With extensive exploration tenure covering highly prospective regions in Australia and Chile, 29Metals has significant upside potential from new discoveries. Recent exceptional drilling results outside current resources confirm this upside. Additional major discoveries could dramatically increase resources and valuations.

Undervalued Compared to Peers

Despite its portfolio of advanced assets and production profile, 29Metals has a relatively low market capitalization compared to peer mining companies. This provides an opportunity for re-rating as the company continues growing its production profile.

Proven Operational Track Record

29Metals has demonstrated it can effectively operate its mines and deliver production even through disruptions. Its skilled management team provides operational expertise and mining knowledge to optimize asset performance.

29Metals offers investors upside exposure to decarbonization commodities combined with free cash flow generation, exploration upside, re-rating potential and operational expertise. This attractive risk-reward profile makes it a compelling investment case compared to mining peers.