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Third-Party Copper Royalty Acquisition Ivanhoe Electric’s Santa Cruz Project Arizona, USA To be read in conjunction with ASX announcement “Acquisition of Third-Party Royalty on Ivanhoe Electric’s Santa Cruz Copper Project” released 29 September 2026 ASX : DRR Deterra Royalties
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Important notices and disclaimer 2 This presentation has been prepared by Deterra Royalties Limited (“Deterra”, “the Company”). By accessing this presentation, you acknowledge that you have read and understood the following statement. The material in this presentation is general summary information about Deterra. This presentation should be read in conjunction with Deterra's other periodic and continuous disclosure announcements which are available at www.asx.com.au. Reserves, Resources and Other Technical Information Except where otherwise stated, the information in this presentation relating to the mining assets to which Deterra's royalty interests are referrable is based solely on information publicly disclosed by the owners or operators of these mining assets and information and data available in the public domain as at the date of this presentation, and none of this information has been independently verified by Deterra. Accordingly, Deterra does not make any representation or warranty, express or implied, as to the accuracy or completeness of such information. Specifically, Deterra has limited, if any, access to the mining assets in respect of which royalties are derived by Deterra. Deterra generally relies on publicly available information regarding the mining assets and generally has no ability to independently verify such information. Forward-Looking Statements This presentation may contain forward looking statements such as, without limitation, statements regarding plans; strategies and objectives of management; anticipated performance; estimates of future expenditure; expected costs; estimates of future royalty income, product supply, demand and consumption; and statements regarding future product prices. Where Deterra expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or warranty, express or implied, is made by Deterra that the matters stated in this presentation will in fact be achieved or prove to be correct. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performances or achievements of Deterra or the underlying royalty assets to differ materially from future results, performances or achievements expressed, projected or implied by such forward-looking statements. Such risks and factors include, but are not limited to: the risks and uncertainties associated with the Australian and global economic environment and capital market conditions; changes in exchange rate assumptions; changes in product pricing assumptions; major changes in mine plans and/or resources; emergence of previously underestimated technical challenges; increased costs and demand for production inputs; and environmental or social factors which may affect a licence to operate, including political risk. To the extent permitted by law, Deterra, its officers, employees and advisors expressly disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude all liability whatsoever (including in negligence) for any loss or damage which may be suffered by a person as a consequence of any information in this presentation or any error or omission therefrom. Deterra does not undertake to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Non-IFRS Financial Information This document may contain non-IFRS financial measures including Underlying EBITDA, EBITDA, EBIT, Underlying NPAT, free cash flow, and net debt amongst others. Deterra management considers these to be key financial performance indicators of the business and they are defined in Deterra’s 2026 Annual Report, available at www.deterraroyalties.com. Non-IFRS measures have not been subject to audit or review. All figures are expressed in Australian dollars unless stated otherwise. This presentation has been authorised for release to ASX by Deterra’s Interim Managing Director. 2
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Santa Cruz Copper Royalty Acquisition Ivanhoe Electric’s Copper Cathode Project in Early Construction in Arizona, USA 1. Estimated buyback price does not include ROFO on further 0.25%. 2. Ivanhoe Electric announcement dated 23 September 2026. Th e Mineral Reserves and Mineral Resources estimates are not reported in accordance with the JORC Code. The Mineral Reserves and Mineral Resources estimates have been prepared using the SK-1300 regulations for the US Securities Act of 1933. Accordingly, the estimates are not, and do not purport to be, compliant with the JORC Code. 3. At operators realised pricing of US$5.00/lb (CIBC Global Mining Group September 2026 median long -term consensus forecast copper price) and weighted average royalty rates of 1.68% until the 6th anniversary following commercial production and 1.57% years 7-15, after 5% NSR deduction (based on Company analysis of net smelter deductions of comparable copper projects, June 2026) Santa Cruz NSR Royalty Metrics • Average annual production of 75,000 tonnes copper cathode over initial 15 years2. At this production rate, with ~84% of the recently announced Mineral Reserves covered by the royalty area: • Deterra’s average annual royalty revenue at US$5.00/lb Cu is US$10.7 million pa3 • Annual yield on investment at US$5.00/lb of 14.4% (US$10.7M / US$74.15M) • Mine life of 24 years supported by Mineral Reserve2 • Deterra upside potential – royalty covers c84% of the recently announced Mineral Reserves and associated Mineral Resources, providing Deterra with upside via the conversion of additional Resources into Reserves within the royalty footprint 3 Acquisition Terms • Deterra has acquired an existing 1.75% NSR royalty over a portion of the Santa Cruz Project from independent third-party sellers for US$74.15m cash; ROFO on further 0.25% • Competitive advantage in sale process through agreement with Ivanhoe Electric: • Access to certain confidential information regarding the Project • Ivanhoe Electric compensated by: (1) modest reduction in royalty rate, and (2) a right to buyback 25% of the royalty for cUS$20 million1 with any royalty receipts received prior to exercise of the buyback retained for Deterra’s benefit • Modernisation of royalty agreement to include information, access and audit rights • Effective 1.68% NSR royalty until 6th anniversary of commercial production and 1.57% NSR royalty thereafter, over c84% of the recently announced Mineral Reserves2
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Santa Cruz Profile Project Overview The Santa Cruz Operation1 Large Average 75ktpa copper cathode during the first 15 years of mining Long life + significant optionality Mine life of 24 years supported by Mineral Reserve; conversion of additional Resources into Reserves within the royalty footprint Low cost Average C1 cash cost US$1.47 / pound of copper Capex Initial capital of US$1.43b Construction and Production Currently transitioning into early construction, first copper cathode projected in 2029 Santa Cruz C1 cash cost puts Project in 1st quartile in the Americas2 1. Ivanhoe Electric announcement dated 23 September 2026. The Mine ral Reserves and Mineral Resources estimates are not reported in accordance with the JORC Code. The Mineral Reserves and Mineral Resources estimates have been prepared using the SK-1300 regulations for the US Securities Act of 1933. Accordingly, the estimates are not, and do not purport to be, compliant with the JORC Code. 2. Cash cost curve of copper mines in the Americas extracted from Ivanhoe Electric announcement dated 23 September 2026. 3. Ivanhoe Electric announcements dated 24 August 2026, 15 December 2025 and 27 Octobe r 2025. High Grade Reserves with Organic Expansion Potential1 • The royalty covers c84% of the recently announced Mineral Reserves and associated Resources, providing Deterra with upside via the conversion of additional Resources into Reserves within the royalty footprint • Current Mineral Reserves, including outside DRR royalty area: ~1.5 million tonnes contained copper at average grade of 1.08%Cu • Current Mineral Resources for the Santa Cruz deposit, including outside DRR royalty area: • Indicated: ~1.4 million tonnes contained copper @ 0.79% Cu • Inferred: ~0.2 million tonnes contained copper @ 0.73% Cu • If converted to Mineral Reserves, represents near-mine expansion potential Project Financing Momentum3 US EXIM U.S. Export-Import Bank Preliminary Project Letter for US$1.1 billion in potential debt financing International bank syndicate US$200m bank credit facility from syndicate composed of National Bank of Canada, BMO Capital Markets and Societe Generale Equity Closed US$172.5m equity offering in October 2025 Management Team with Extensive Financing Experience Targeting Completion of Project Financing in 2026 4
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1 Establishment of Deterra’s 3rd core royalty asset – fits commodity, jurisdiction, asset quality and long- life criteria 2 Ivanhoe Electric is experienced developer and operator with strong exploration culture 3 PFS Sept 2026, currently transitioning into early construction, first copper cathode production in 2029, with initial 24 year mine life1 and significant expansion potential 4 Unique acquisition process with access to information from Ivanhoe and subsequent royalty contract modernisation 5 Expected to be accretive to Deterra shareholders when Santa Cruz in production - no change in Deterra’s 75% dividend payout ratio2 1. Ivanhoe Electric announcement dated 23 September 2026. S ubject to project financing and receipt of necessary permits. 2. Future declaration, timing, amount and payment of future di vidends remains at the discretion of Board On-Strategy and Accretive Copper Royalty Acquisition Addition of Santa Cruz Copper Royalty to Portfolio 5
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Global Royalty Portfolio Strong Cash Flow and Significant Growth, Cornerstoned by the World Class, Long-Life MAC Iron Ore, Thacker Pass Lithium and Santa Cruz Copper Royalties 1. Thacker Pass - Effective 1.05% gross revenue royalty post expected US$13.2m buyback, prior to first production 2.Santa Cruz - 1.68% NSR royalty until 6th anniversary of commercial production and 1.57% NSR royalty thereafter. Ivanhoe Electric has right to buyback 25% of the royal ty for cUS$20m with any royalty receipts received prior to exercise of the buyback retained for Deterra’s benefit 6 Growing Global Portfolio of 15 Royalties Providing Cash Flow and Growth Optionality across Base, Bulk, and Battery Metals. Cornerstoned by the World Class, Long-Life Iron Ore MAC Royalty and Thacker Pass Lithium Royalty.
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Deterra’s Core Royalty Assets Three Long Life Core Assets in Tier One Jurisdictions 7 Characteristic Mining Area C Iron Ore1 Thacker Pass Lithium3 Santa Cruz Copper5 Large ✓ 145mwmtpa, representing ~9% of total global seaborne supply2 ✓ Phase 1 planned capacity of 40ktpa LCE, four phase expansion plan to 160ktpa LCE production ✓ Avg 75ktpa of copper cathode during the first 15 years of mining Long Life ✓ +45 years ✓ Project economics for mine life of 85 years ✓ Initial 24-year mine life only includes mining and processing of Mineral Reserves, providing expansion potential Low Cost ✓ One of the world’s largest & lowest cost iron ore operations, FY26 cost guidance of US$18.25/t -US$19.75/t ✓ Years 1-25: C1 OPEX US$6,238/t LCE, AISC OPEX US$7,508/t ✓ Average C1 cash cost US$1.47 / pound Location ✓ Pilbara, WA - prolific, tier one iron ore jurisdiction ✓ Nevada, USA - long established mining hub ✓ Arizona, USA – tier one copper jurisdiction “The Copper State” Ownership and Strategic Partners ✓ BHP 85% (Operator), Itochu 8%, Mitsui 7% ✓ Lithium Americas 62% (Operator) ✓ General Motors 38% (with offtake) ✓ US Department of Energy US$2.2b zero spread loan and 5% equity rights in both LAC and JV entity ✓ Ivanhoe Electric Inc. 100% (Operator) Project Status ✓ Producing, US$3.6b South Flank expansion completed 2021 ✓ US$2.9b Phase 1 capex. Bechtel EPCM contractor ✓ US$1.43b initial CAPEX, currently transitioning to early construction Production ✓ Operating since 2003 ✓ Targeting mechanical completion late-2027; ramping to commercial production in 2028 ✓ First copper cathode production in 2029 Deterra Royalty ✓ 1.232% gross revenue royalty ✓ 1.05% gross revenue royalty, after expected exercise of US$13.2m partial buyback 4 ✓ 1.68% NSR royalty until 6th anniversary of commercial production, 1.57% NSR royalty thereafter6 1. BHP Western Australia Iron Ore South Flank Site Tour presentation dated 4 October 2022 and BHP announcement dated 16 July 2026. 2. Wood Mackenzie global iron ore strategic planning outlook Q2 2025. 3. Lithium Americas corporate presentation August 2026. 4. Deterra holds a 60% interest in an existing 8.0% gross revenue royalty. LAC has a buyback right to, at any time pri or to first production, reduce the royalty to 1.75% (1.05% attributable to Deterra) for a cash payment of US$22m (US$13.2m attributable to Deterra). 5. Ivanhoe Electric announcement dated 23 September 2026 . 6. Ivanhoe Electric has right to buyback 25% of the royalty for cUS$20m, with any royalty receipts received prior to exercise of the buyback retained for Deterra’s benefit Fe Li Cu
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FY26 MAC royalty revenue Illustrative combined DRR royalty revenue at nameplate capacity and realised prices1,2,3 - 50 100 150 200 250 300 FY26 actual Spot Consensus 3-year low A$ million MAC Santa Cruz Thacker Pass Ph 1&2 Thacker Pass Ph 3&4 1. Illustrative royalty revenue at full ramp up & operator realised pricing. Assumptions: MAC dry production 145mwmtpa & 7% m oisture (avg. FY26 broker consensus); Thacker Pass Phases 1 & 2 80ktpa LCE, Phases 1 -4 160ktpa LCE (Thacker Pass NI 43- 101 Technical Report Jan 2025); Santa Cruz 75ktpa Cu (1st 15-yr avg. per 23 Sept 2026 announcement; DRR royalty covers c84% of current Reserves) & 1.57% royalty rate with 5% NSR deductions (Company analysis of NSR deductions of comparable copper projects, June 2026); USD:AUD exchange rate 0.73 (Consensus Economics LT forecast, August 2026). 2. Spot: Iron ore be nchmark represents 61% CFR China index price. Consensus: Iron ore 62% CFR China & lithium carbonate - Consensus Economics LT price, August 2026; Copper - CIBC Global Mining Group median LT consensus forecast price, September 2026. 3 -year low: Platts 62% CFR China $/dmt index (iron ore) & S&P Capital IQ (lithium & copper). 3. The illustrative royalty revenue on this slide is not a forecast or a projection. Investors should not treat this as revenue guidance. No assurance is given t hat any of the illustrative revenue amounts can or will be achieved. 4. Thacker Pass Phases 2 -5 & Santa Cruz Project are subject t o funding & further approvals. 5. Platts FY26 avg. 62% CFR China $/ dmt index. 6. Represents DRR’s MAC implied avg. revenue/tonne, based on FY26 MAC royalty revenue received & MAC sales; assumes U SD:AUD exchange rate of 0.68 (FY26 avg.). 7. Represents benchmark price reduced by US$10/ dmt (DRR’s FY24-FY26 avg. discount to benchmark) 44 8 Iron ore Benchmark (CFR) US$106/dmt5 US$96/dmt US$89/dmt US$89/dmt DRR Realised (FOB) US$92/dmt6 US$86/dmt7 US$79/dmt7 US$79/dmt7 Lithium Operator Realised US$19,415/t US$15,912/t US$8,751/t Copper Operator Realised US$6.62/lb US$5.00/lb US$3.55/lb A$234m MAC only A$194M + SC A$213M +SC + TP 1&2 A$236M +SC + TP 1-4 A$258M + SC A$193M +SC + TP 1&2 A$211M +SC + TP 1-4 A$229M MAC only A$178M MAC only A$179M + SC A$189M +SC + TP 1&2 A$199M +SC + TP 1-4 A$209M
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For more information Investor enquiries Jason Clifton Chief Financial Officer Email: investor.relations@deterraroyalties.com Deterra Royalties Limited ACN 641 743 348 Level 16, 140 St Georges Terrace Perth WA 6000 Telephone: +61 (0) 8 6277 8880 www.deterraroyalties.com Media enquiries Peter Klinger Purple Mobile: +61 (0) 411 251 540 Email: pklinger@purple.au
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Appendix
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Appendix 1 - Copper Market 1. Wood Mackenzie Global Copper Investment Horizon Outlook December 2025 Report 2. BHP Copper Insight Report, September 2024 3. Historic copper price sourced from S&P Capital IQ (Copper); forecast based on CIBC Global Mining Group median long -term consensus forecast at September 2026 Copper remains back bone for the modern world New supply is required from new projects to satisfy future demand1Copper Demand1,2 • See robust demand from traditional sources, with strong Chinese demand and growth gradually shifting from China to India and Middle East • Increased electrification & decarbonisation requires more copper intensive solutions. Renewables (wind, solar, hydro) are copper-intensive and additional EVs use 3x copper as compared to traditional internal combustion engine • Additional copper demand is from AI & data centers, with copper demand from data centres expected to increase 6x by 2050 Copper Supply1,2 • Despite strong growth in 2026, a supply gap opens up from 2028, unless additional projects advance • Existing mines have declining grades and aging assets which is resulting in rising costs of production and increasing capital reinvestments • Greenfields projects face ongoing permitting delays and increasing capital to construction • Limited “easy” projects remain, resulting in challenging supply response, resulting in structural supply deficit - 5 10 15 20 25 30 35 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Mt Base Case & Highly Probable Probable Projects Primary Demand 11 Forecast – LME Copper Price3 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Copper price (US$/lb) 18-Sept Spot: US$6.62/lb LT (>FY35) US$5.00/lbNominal Real Copper US$/lb 6.00 5.75 5.50 5.00 5.00 5.00 5.00 5.00 5.00
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Appendix 2 - Santa Cruz – 2026 Preliminary Feasibility Study 1. Ivanhoe Electric announcement dated 23 September 2026. Highlights of the Updated 2026 Preliminary Feasibility Study Results1 12 • High quality advanced underground copper project • High Grade Reserves, with modern underground mining techniques, heap leach processing to produce copper cathode • Current Reserve estimate only includes high grade mineralisation from Oxide and Chalcocite domains • Copper recoveries of 92.3% over life of mine, with low sulfuric acid consumption • Excellent access to existing infrastructure at the centre of Arizona’s rapidly industrialising corridor • Efficient site layout provides ample space for future expansion opportunities • First 15 years’ average annual copper grade of 1.1% producing 75 ktpa of copper cathode • Short development timeline with first copper cathode expected in 2029 • High operating margins and low capital intensity; life-of-mine C1 cash costs of US$1.47/lb and capital intensity of US$19,100/t (first 15 years’ average production)
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Appendix 3 - Santa Cruz Royalty Area 13 Note: Location and mineralisation outline are for illustrative purposes only. Source: Santa Cruz deposit Resource outline per the S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona, June 23, 2025, with Deterra overlay of the royalty area.