29Metals : 2021 AGM - Chair Address and MD & CEO Presentation

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ASX ANNOUNCEMENT

Tuesday, 24 May 2022

AGM - CHAIR ADDRESS AND MANAGING DIRECTOR & CEO

PRESENTATION

29Metals Limited ('29Metals' or, the 'Company') Annual General Meeting commences at 11 am (Melbourne time) today. Accompanying this release is a copy of the Chair's address to the meeting and the Managing Director & CEO's presentation.

-ENDS-

This announcement was authorised for release by the Company Secretary, Clifford Tuck.

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29Metals Limited (ABN 95 650 096 094) (ASX: 29M)
Head office: Level 2, 150 Collins Street, Melbourne VIC 3000

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29Metals Limited 2022 Annual General Meeting

CHAIR ADDRESS

It is my pleasure to be here with you, our shareholders, for the 29Metals Limited 2022 Annual General Meeting, 29Metals' first AGM.

2021 was a landmark year for 29Metals, with the Company formed in May, and successfully undertaking an initial public offering ('IPO') and listing on the ASX in July. The culmination of an enormous amount of work by a lot of people.

The year started with the idea to bring together three privately held copper-focused assets and form

1. new, ASX-listedcopper-focussed mining company, offering investors with an opportunity to gain exposure to copper and other metals that will drive the global energy transition.

With that idea, we confirmed the team and the assets to form 29Metals and launched this new company, combining two, Australian, long-life producing assets and a pipeline of organic growth opportunities at those assets, as well as the Redhill exploration project in Chile.

The Board and I were very pleased with the response to the IPO, particularly the support from Australian institutional and retail investors.

29Metals' share price performed strongly for the balance of the year, reflecting delivery against our plan and strategy and positive market conditions.

Overall, the IPO was a clear case of having the right assets, the right team, the right market, and at the right time.

29Metals' strategy was outlined in our Prospectus - a strategy for delivering sustainable growth - underpinned by:

• a highly experienced Board and Management Team;
• high-gradeand long-life assets, located in tier one mining jurisdictions;
• a substantial pipeline of organic growth opportunities;
• a commitment to Sustainability & ESG;
• positive market dynamics for copper and other energy transition metals;
• a strong balance sheet; and
• considerable pre-IPO investment in our assets.

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Our strategy is simple - execute our operating plans and deliver our growth opportunities. The 29Metals portfolio is blessed with a substantial pipeline of organic growth opportunities, comprising:

• identified productivity and operational improvements;
• in-mineand near-mine extension and growth; and
• regional exploration surrounding both our operating sites and at Redhill.

Peter's presentation will highlight the progress made against this strategy in 2021.

External growth opportunities may also play a part in 29Metals' future growth, but it must be the right opportunity - an opportunity that enhances the 29Metals portfolio, and where the Board is confident that we can add value and realise value for the owners of our business; our shareholders.

Performance for the full year, on pro forma basis, was strong with a significant improvement in operating performance post IPO, delivering copper production and production in copper equivalent terms ahead of our Prospectus forecast, along with improvement in unit costs.

Together, these results delivered pro forma EBITDA well ahead of the Prospectus forecast.

Full year performance was pleasing against the backdrop of challenging labour market conditions, particularly in Western Australia, and the continuing challenges of COVID-19.

The Management team did an excellent job of managing costs and, most importantly, managing COVID-19 with no cases recorded at our operating sites in 2021.

The direct and indirect impacts of COVID-19 remain a challenge for the sector and across the community in 2022. Those impacts, combined with tight labour markets and supply chain disruption, will remain a key focus for Management. Most importantly, managing the risk of transmission of COVID-19 among our workforce on-site, is the highest priority - keeping our people safe - and supporting our local communities.

The safety of our workforce and supporting local communities are part of our commitment to Sustainability & ESG. The Board and Management team are as one in recognising that strong Sustainability & ESG performance are key to a successful business.

We published our first Sustainability & ESG Report earlier this year, in our 2021 Annual Report. Recognising that it is early in 29Metals' journey as a listed company, the Report sets out:

• Our approach and commitment;
• Our performance in 2021; and
• Our priorities for 2022.

The report also includes our roadmap to reporting aligned with the Taskforce for Climate-related Financial Disclosures (or TCFD) recommendations which Peter will speak to in his presentation.

Earlier this year we also implemented a formal link between action on climate change and executive remuneration in the vesting conditions for the 2022 long-term incentive award.

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29Metals' Our Approach to Sustainability & ESG also provides a catalyst for further engagement with our stakeholders - First Nations, regulatory stakeholders, business partners and local communities alike - to ensure that our actions deliver meaningful outcomes.

It is also a catalyst for engaging with our workforce. Our workforce is our most important asset in delivering sustainable business performance and returns for our shareholders.

Before I hand over to Peter for his presentation, I wanted to touch upon governance. The Board is committed to ensuring 29Metals conducts its business in a responsible and ethical manner.

Through the IPO process, we had the rare opportunity to design a robust governance framework from scratch, overseen by your Board.

The role of the Board is supported by our standing Board Committees, each of which is chaired by one of our Independent Non-executive Directors. These Committees started their work quickly following the listing and have supported the Board by diving more deeply into important issues such as key business risks and our approach to our people and remuneration.

The Board takes its oversight responsibilities very seriously. This oversight ensures that your Board is across the issues that matter and holds management accountable for performance.

Our governance framework works alongside our Values and, together, they set out the standards we expect for behaviour in the workplace.

During 2021 everyone in the mining sector received a stark reminder of the importance of ensuring that everyone understands that unacceptable workplace behaviour cannot be tolerated. As importantly, the much-publicised events reminded all of us as leaders of the importance of ensuring that everyone in the workplace has the confidence to call out or report inappropriate behaviours, and to expect action.

There is always room for improvement in this area and speaking on behalf of the Board, we are committed to ensuring 29Metals fosters an environment where all of our people have the opportunity to succeed.

In closing, on behalf of the Board, I want to congratulate Peter and the Management team on what was on most measures a very good start to 29Metals' life as a listed Company. We extend our thanks to all of our workforce, including our contractors, for their continuing contribution to 29Metals' future success.

On a personal note, I would also like to thank my fellow Directors. It is a privilege to Chair this Board, and I look forward to working with you (assuming I am re-elected today, of course) as we look to consolidate on the foundations laid in 2021 and realise the potential of our Company.

Thank you for you participation in the AGM today, and I will now hand back to Fiona.

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29Metals Limited

Annual General Meeting

Chair Address and Managing Director & CEO Presentation

24 May 2022