Diggers & Dealers Mining Forum 4-6 August 2025 A CLEAR RESET FOR A BRIGHT FUTURE For personal use only Important information The information in this presentation is provided for general information regarding 29Metals Limited (the 'Company ') and its subsidiaries (together with the Company, '29Metals'). Material information in this presentation has been derived from information publicly released by the Company to the ASX announcements platform. Details regarding the source information released to the ASX ann ...

Uranium Market Outlook - Nuclear energy demand is increasing due to the need for clean and reliable baseload power[27] - There are 69 reactors under construction worldwide, which will add approximately 76 GW of power generation capacity[29, 30] - Global utilities have approximately 1 billion pounds of uncovered uranium requirements to 2035[34] Langer Heinrich Mine (LHM) - LHM produced 3 million pounds of U3O8 in FY2025 during the ramp-up phase[37] - The average plant overall recovery was 87% at the end of FY2025[37] - The cost of production in FY2025 was US$40.2 per pound of U3O8[37] - LHM has a 17-year mine life supported by 82.8 million pounds of uranium Ore Reserve[37] - 24.1 million pounds of U3O8 are contracted to 2030[53] - 87% of the LHM Ore Reserve is exposed to market-related prices or is uncontracted[53] Patterson Lake South (PLS) Project - PLS has a Probable Mineral Reserve of 93.7 million pounds of U3O8 at 1.41%[58] - A production target of approximately 9 million pounds of U3O8 per year is set over a 10-year mine life[58] - Paladin maintains a 100% controlling interest in the PLS Project throughout its commercial production[59]

Core Viewpoint - Constellation Energy operates as a competitive power producer, selling unregulated electricity directly to consumers and businesses, distinguishing itself from regulated utilities that have government-granted monopolies in their service areas [1][2]. Group 1: Business Model and Volatility - Constellation Energy's business model is characterized by volatility, contrasting with regulated utilities that experience slow and consistent growth due to government regulation [3]. - The company relies heavily on market rates for power, leading to potential fluctuations in revenue and earnings based on market conditions [5]. - Investments made by Constellation Energy carry greater risks without the safety net of government regulation [6]. Group 2: Nuclear Power Focus - Constellation Energy has a strong focus on nuclear power, which is carbon-free and provides consistent, high-level energy output, making it a reliable baseload power source [7][8]. - The company is capitalizing on the growing demand for clean energy, particularly in energy-intensive industries like data centers and AI, by securing significant nuclear power contracts with major tech companies [9]. Group 3: Valuation Concerns - Constellation Energy's current dividend yield is approximately 0.5%, significantly lower than the average utility stock yield of around 2.8%, raising concerns about its valuation [10]. - The price-to-earnings ratio exceeds 30x, which is considered high for a company in the electricity production sector [10]. - Historical trends indicate that the stock has experienced significant pullbacks, suggesting that potential investors should monitor valuation closely for better entry points [12][13].

Regulatory & Policy Changes - The Trump administration, through the EPA, is moving to revoke the endangerment finding, which forms the legal basis for regulating greenhouse gas emissions [1][2][3] - This action aims to undo the scientific and legal basis for existing and future regulations on greenhouse gas emissions [5][6] - Environmental groups, such as the Natural Resources Defense Council (NRDC), plan legal challenges if their concerns are not addressed [7] Environmental & Health Impacts - Repealing the endangerment finding endangers Americans' health due to increased pollution and adverse climatic events [9][10] - Scientific evidence conclusively demonstrates that greenhouse gas emissions endanger human health through pollution and climate change impacts [10] - The revocation could exacerbate issues like wildfires, floods, hurricanes, and respiratory problems such as asthma [7][9][10] Economic & Geopolitical Implications - The move could harm the clean energy industry, potentially benefiting the fossil fuel industry [14][15] - The policy shift may give China an advantage in clean energy technologies [19] - Subsidies for the oil and gas industry are seen as detrimental to the economy and public health [17][18] Political Motivations - The decision is perceived as fulfilling a promise made to oil companies in exchange for campaign contributions [13][15] - Critics argue the administration is prioritizing the interests of the fossil fuel industry over public health and environmental protection [15][16]

Core Insights - IDACORP reported Q2 2025 earnings per share (GAAP) of $1.76, missing Wall Street's expectation of $1.78, while net income increased to $95.8 million from $89.5 million in Q2 2024, reflecting a 7.0% year-over-year growth [1][2] - The company raised the lower end of its fiscal 2025 earnings guidance to $5.70 to $5.85 per diluted share, indicating confidence in customer growth despite ongoing cost pressures [1][10] Financial Performance - Q2 2025 EPS (GAAP) was $1.76, a 2.9% increase from $1.71 in Q2 2024 [2] - Net income for Q2 2025 was $95.8 million, up from $89.5 million in Q2 2024, marking a 7.0% increase [2] - Weighted average shares diluted increased by 4.1% to 54.38 million in Q2 2025 compared to 52.24 million in Q2 2024 [2] Customer Growth and Usage - IDACORP added approximately 16,000 new customers, a 2.5% increase year-over-year, contributing an additional $6.0 million in operating income [5] - Increased electricity usage per customer, particularly for irrigation due to low rainfall, added $5.5 million in operating income [5] - New base rates effective January 2025 contributed an additional $8.8 million in operating income for Q2 2025 [5] Cost and Expenses - Operating and maintenance expenses rose by $11.1 million in Q2 2025 due to higher performance-based pay, inflation, and wildfire mitigation spending [6] - Depreciation and amortization expenses increased by $6.4 million as new infrastructure was brought online [6] - Non-operating expenses rose by $7.0 million, primarily due to increased interest from a larger debt load [6] Regulatory and Tax Mechanisms - IDACORP utilized $17.2 million in additional accumulated deferred investment tax credits (ADITC) in Q2 2025, up from $7.5 million in Q2 2024 [7] - Regulatory tools like power cost adjustments and fixed cost recovery mechanisms were employed to manage expense volatility [7] Capital Projects and Clean Energy Initiatives - The company broke ground on the Boardman-to-Hemingway 500 kV transmission line, aimed at integrating renewables and meeting increased demand [8] - A new battery storage facility began operations, and the company continues to develop solar and wind power agreements [8] - IDACORP aims for a 100% clean energy supply by 2045 and an 88% reduction in carbon dioxide emissions by 2030 [9] Future Guidance and Considerations - Management raised the lower end of its 2025 earnings guidance, projecting full-year GAAP earnings per diluted share of $5.70 to $5.85 [10] - Operating and maintenance expenses are expected to remain between $465 million and $475 million for the full year [10] - Investors should monitor upcoming rate case filings and progress on transmission and renewable projects [11]

Core Viewpoint - Caterpillar Inc. (CAT) is expected to report year-over-year declines in both earnings and revenues for the second quarter of 2025, with earnings projected at $4.88 per share, reflecting an 18.5% decrease from the previous year, and revenues estimated at $16.35 billion, indicating a 2% decline [1][2][5]. Financial Performance - The Zacks Consensus Estimate for CAT's second-quarter 2025 earnings has decreased by 0.41% over the past 60 days [2]. - CAT's earnings surprise history shows that it outperformed estimates in two of the last four quarters, with an average surprise of 1.90% [3]. - The projected operating margin for Q2 is expected to shrink to 18% from 22.4% in the same quarter of 2024, with adjusted operating income anticipated to decrease by 21% year-over-year to $2.95 billion [5][10]. Segment Analysis - The Resource Industries segment is projected to see external sales of $2.97 billion, a 4.7% decline year-over-year, with an expected operating profit of $575.8 million, down 19.8% [11][12]. - The Construction Industries segment's external sales are estimated at $6.32 billion, reflecting a 5% decline, with an operating profit projected at $1.23 billion, indicating a 29% decrease [12][13]. - The Energy and Transportation segment is expected to report external sales of $6.21 billion, a 2.1% increase year-over-year, with an operating profit of $1.6 billion, suggesting a 5.8% rise [14][15]. Market Position and Valuation - CAT's stock has increased by 36.5% over the past year, outperforming its industry, which declined by 34%, and the broader market indices [16][17]. - The current forward 12-month P/E ratio for CAT is 21.57X, which is higher than the industry average of 20.44X and also exceeds the valuations of competitors like Komatsu, Terex, and Manitowoc [18]. Strategic Outlook - Despite current market challenges, long-term demand for Caterpillar is supported by increased infrastructure spending and a shift towards clean energy [22]. - The company is focusing on expanding service revenues, which typically yield higher margins, and has a strong balance sheet to support growth initiatives [22]. - Tariffs on imported goods may enhance demand for U.S.-manufactured products, positioning Caterpillar to benefit from this trend [22].

Core Insights - The global energy transition is accelerating with a significant shift towards renewable energy sources like solar and wind, leading to increased demand for energy storage solutions [2][3] - The International Energy Agency (IEA) reports that renewables contributed to nearly three-quarters of the global power generation increase last year, highlighting the interdependence between renewable energy and energy storage [3][4] - Projections indicate that global renewable energy capacity will grow by over 5,500 gigawatts (GW) from 2024 to 2030, with energy storage expected to increase sixfold during the same period [4] Industry Overview - The demand for electricity remains resilient even during economic downturns, driven by industrial growth, electric vehicle (EV) adoption, and data center expansion, which further stimulates investments in renewables and storage [5] - Strong policy support, fiscal incentives, and declining installation costs for solar and wind technologies are enhancing the competitiveness of clean energy firms [6] Company Highlights - Brookfield Renewable Partners (BEP) operates one of the largest publicly traded platforms for renewable power, with nearly 46,000 megawatts (MW) of generating capacity and a diverse portfolio across five continents [7] - In 2024, BEP developed approximately 7,000 MW of new clean energy capacity and secured contracts for an additional 19,000 gigawatt-hours (GWh) of generation [8] - Vestas Wind Systems, the largest wind turbine manufacturer, has around 56,700 turbines in service, equating to 157 GW, and is expected to avoid 490 million tons of CO2 over their lifetime, reflecting a 25% improvement year-over-year [11] - Nextracker, a leader in solar tracker technologies, has shipped over 130 GW of systems globally and has a manufacturing capacity of approximately 1,500 MW per week [13][14] Financial Projections - The Zacks Consensus Estimate for BEP indicates year-over-year sales growth of 14.1% in 2025 and 8.8% in 2026 [10] - Vestas is projected to see a 20.5% and 10.9% increase in sales for 2025 and 2026, respectively, with a long-term earnings growth rate of 33.4% [12] - Nextracker anticipates sales growth of 11.9% and 9.1% for fiscal 2026 and 2027, with a long-term earnings growth rate of 12.4% [15]

Core Insights - NANO Nuclear Energy Inc. has been included in the Solactive Global Uranium & Nuclear Components Total Return Index, enhancing its visibility and presence in the nuclear energy sector [2][4] - The inclusion allows NANO Nuclear's common stock to qualify for the Global X Uranium ETF, which has over $4 billion in net assets and provides broad exposure to uranium-related companies [3][4] Company Overview - NANO Nuclear Energy Inc. is focused on developing advanced nuclear energy solutions and aims to become a diversified, vertically integrated company across five business lines, including microreactor technologies and nuclear fuel fabrication [5] - The company is recognized as the first portable nuclear microreactor company to be publicly listed in the U.S. [5] Technological Developments - NANO Nuclear is developing several advanced reactor products, including the KRONOS MMR Energy System, ZEUS solid core battery reactor, and LOKI portable MMR, which represent significant advancements in clean energy solutions [6] - The company’s subsidiary, Advanced Fuel Transportation Inc., aims to establish a North American transportation company for HALEU fuel, potentially forming a unique vertically integrated nuclear fuel business [7][8] Strategic Importance - The inclusion in the Solactive Index and Global X Uranium ETF is seen as a milestone for NANO Nuclear, reflecting its strategic priorities and efforts to strengthen its market position [4] - The company is actively pursuing development programs and initiatives to enhance shareholder value and connect with investors interested in the growing nuclear sector [4]

Core Insights - NANO Nuclear Energy Inc. has been selected for inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index, enhancing its visibility and credibility in the nuclear energy sector [2][4][5] - This inclusion qualifies NANO Nuclear's common stock for the Global X Uranium ETF, which has over $4 billion in net assets, providing investors with broad exposure to uranium-related companies [5][6] Company Overview - NANO Nuclear Energy Inc. is focused on developing advanced nuclear energy solutions, including micro modular nuclear reactors and other clean energy technologies [2][8] - The company aims to become a diversified and vertically integrated entity across five business lines: microreactor technologies, nuclear fuel fabrication, transportation, applications for space, and consulting services [8] Strategic Developments - The inclusion in the Solactive Index reflects NANO Nuclear's growing presence in the global nuclear energy and uranium supply chain, indicating successful execution of its strategic priorities [4][7] - Company leadership emphasizes the importance of this milestone for increasing visibility in public markets and connecting with investors interested in the nuclear sector [7][8] Product Innovations - NANO Nuclear is developing several advanced reactor products, including the KRONOS MMR™ Energy System, ZEUS solid core battery reactor, and LOKI MMR™ for space applications, showcasing its commitment to clean energy solutions [9][12] - The company is also working on a high-capacity HALEU fuel transportation system through its subsidiary, Advanced Fuel Transportation Inc., aiming to support small modular reactors and other nuclear applications [10][11]

Q2'25 Earnings Forward-looking statements and non-GAAP financial measures This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance and are based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by management based on ...