• Safety and sustainability metrics improved, with zero lost time injuries over 12 months
• Challenges at Golden Grove due to seismic activity impacting zinc production, leading to revised 2025 guidance
• Gossan Valley project remains on track for first ore by end of 2026, with exploration highlighting potential mine life extensions

29Metals Limited reported results for the September 2025 quarter, with the Group total recordable injury frequency (TRIF) improving to 5.4 and the lost time injury frequency (LTIF) at 0.0, with zero lost time injuries recorded over the 12-month period. At the Golden Grove operation, copper production was 5.8kt, up from the prior quarter, while zinc production declined to 2.0kt due to restricted access to high-grade zinc stopes in the Xantho Extended area due to seismic activity. The company revised its 2025 guidance for zinc and precious metals production, assuming alternate ore sources to Xantho Extended for the remainder of the year, with no change to copper production guidance. The Gossan Valley project remains on track for first ore by the end of 2026, with the commencement of box cut excavation during the quarter. Exploration results highlighted potential mine life extensions at the existing Gossan Hill deposits, as well as the potential of the Cervantes deposit as a future growth option. At the Capricorn Copper operation, the company continued to make progress on water level reductions and regulatory approvals for a new tailings storage facility, with an Environmental Enforcement Order received that removes limits on the maximum volume of treated water releases during the 2025/2026 wet season.

Revised 2025 guidance for zinc production of 35 - 40kt, gold production of 15 - 20koz, and silver production of 700 - 900koz, along with concentrate transport and treatment/refining costs of $55 - $65 million.