29Metals Ltd.

29Metals Ltd. is a junior copper producer headquartered in Melbourne, Australia, operating primarily in Australia. The company's portfolio consists of 3 projects, comprising 1 operating mine, 1 exploration, and 1 suspended project, in addition to several early-stage exploration prospects. Key assets include Golden Grove and Capricorn. The organization's business model is centered on the exploration, development, and production of mineral concentrates, which are subsequently sold to commodity trading firms or smelters for refining. Operational activities are conducted through underground mining methods, including long-hole open stoping and sub-level caving, with processing handled by a conventional flow sheet that incorporates crushing, grinding, gravity concentration, and flotation. A key competitive advantage is the application of advanced technology, leveraging an underground fibreoptic backbone to enable safety and productivity initiatives such as BlastIQ™ for optimized blasting, 3D scanning of stopes and drives for improved geological modeling, and remote fan and gas monitoring. The enterprise also utilizes a containerized bulk transport system, which enhances logistical flexibility, reduces costs, and provides environmental benefits. A comprehensive risk management framework is in place to systematically identify, assess, and mitigate operational and financial risks, ensuring business continuity and performance. This integrated approach, from exploration to concentrate sales, is designed to optimize the value chain and maintain a competitive position in the market.

Strategic focus centers on executing the operating plan, delivering organic growth, and pursuing value-accretive external opportunities. The core strategy is to be a leading producer, developer, and explorer of metals critical to the global energy transition. Near-term operational priorities emphasize continuous improvement in safety and environmental performance, alongside productivity gains and unit cost reductions to maximize free cash flow. Organic growth is pursued through the execution of in-mine and near-mine development opportunities, supported by systematic exploration programs aimed at resource conversion and extension. The organization's long-term vision includes disciplined capital allocation toward logical regional bolt-on acquisitions and opportunistic M&A where clear value and returns can be demonstrated. For 2025, key objectives include progressing a significant development project, continuing resource conversion and extension drilling to optimize the life-of-mine plan, and identifying further productivity and cost-reduction improvements. This multi-pronged approach is designed to build a robust project pipeline and enhance shareholder value over the long term.

Executive leadership is headed by a Chief Executive Officer with over 25 years of experience in operational, technical, strategy, and business development roles across multiple commodities and projects. The board of directors is composed of 6 members, with 4 being independent non-executive directors, ensuring a majority-independent structure. Governance is overseen through 3 standing committees: Audit, Governance & Risk; Remuneration & Nominations; and Sustainability. Each committee is chaired by an independent non-executive director, and a majority of the members of each committee are independent. The corporate governance framework delegates day-to-day management to the CEO, with the board retaining ultimate responsibility for strategy and oversight. The leadership philosophy is anchored in a set of defined values emphasizing transparency, excellence, accountability, mutual respect, and safety. Management culture promotes a disciplined approach focused on critical control verification, robust risk management, and transparent communication to ensure alignment with strategic objectives and stakeholder interests.

The organization's sustainability approach is structured around 3 core dimensions: providing a safe and inclusive workplace, responsible environmental stewardship, and partnering with stakeholders. Safety initiatives include a critical risk management framework that contributed to a 56% reduction in significant incident frequency over a 3-year period and the implementation of 13 Principal Mine Hazard Management Plans. A new gender-neutral parental leave policy was introduced, offering up to 52 weeks of leave for non-primary carers. The enterprise also runs a program providing training and employment opportunities for local Aboriginal people. Environmental management efforts include significant investment in water treatment and release infrastructure and the construction of a new long-term tailings storage facility. A 2025–2027 Climate Action Plan is under development, with initiatives including a planned trial of battery electric loaders and a project to convert diesel-powered pumping equipment to grid electricity. Community engagement is formalized through a Group Community Engagement Standard and the operation of Community Consultative Committees at its sites.

The corporate structure includes several wholly-owned operational subsidiaries, including Capricorn Copper Pty Ltd and Golden Grove Operations Pty Ltd, which are party to a Deed of Cross Guarantee with the parent entity. This deed ensures that the parent company guarantees the debts of these subsidiaries in the event of winding up. The organization's ownership is characterized by a concentrated group of substantial holders. As of the reporting period, EMR Capital and its associated entities hold a 22.98% interest, BUMA Group holds a 19.9% interest, and AustralianSuper holds a 17.11% interest. These 3 entities collectively represent a significant portion of the shareholder base, indicating a strong institutional presence. The company was formed and listed on the ASX in 2021, consolidating a portfolio of assets. No material mergers, acquisitions, or joint ventures were reported for the 2024 period. The structure reflects a focus on managing its existing operational entities under a centralized corporate framework with significant oversight from its principal investors.