Core Insights - Koryx Copper Inc. is advancing its Haib Copper Project in Namibia, with ongoing drilling and metallurgical testing indicating potential for improved resource estimates and reduced processing costs [4][5][10]. Drilling Progress - Currently, 6 drill rigs are active on site, with an additional 4 man-portable rigs expected to arrive in September, bringing the total to 10 [2][30]. - The company has completed 15,349 meters of the planned 28,000 meters for 2025, with ongoing drilling extending mineralization into previously modeled waste areas [7][30]. - Recent drill results include significant intersections such as HM75 with 927m at 0.24% Cu and HM72 with 52m at 0.32% Cu [7][26]. Preliminary Economic Assessment (PEA) - An updated PEA is scheduled for publication in September 2025, based on the existing mineral resource estimate (MRE) from October 2024, excluding recent drilling data [3][6][10]. - The PEA aims to reposition the Haib project as a large-scale, low-risk, low-cost conventional milling and flotation project, moving away from the previously considered bacterial heap leaching approach [10][12]. Metallurgical Testing - Ongoing metallurgical tests have shown consistent copper recovery results, with successful sorting and flotation tests indicating potential for significant pre-milling waste rejection [32][34]. - Coarse particle flotation tests have generated a discardable tailings stream of about 15% of the bulk flotation feed, which could reduce processing costs [34][35]. Resource Estimation and Geological Modeling - The company is re-logging historical drill core to develop a geo-metallurgical model, which will enhance the understanding of the correlation between copper grades and geological features [5][29]. - An updated mineral resource estimate is anticipated in H1 2026, following the completion of the current drilling program and geological modeling [11][12]. Infrastructure and Supply Studies - Studies for mine infrastructure have progressed, identifying optimal locations for processing plants, waste rock dumps, and tailings facilities [37]. - Power and water supply studies have identified feasible alternatives to support the mine's operational needs, with discussions ongoing with local utilities [38][39].

Financial Data and Key Metrics Changes - The company achieved a record high adjusted free cash flow of over ZAR 11 billion, reflecting a 54% increase [5][36] - Headline earnings per share rose by 25% to ZAR 2,337, with net profit jumping 67% to ZAR 14.6 billion [5][36] - Revenue grew by 20% to ZAR 74 billion, driven by operational consistency and higher gold prices [36][35] - Net cash on the balance sheet surged by 285% to ZAR 11.1 billion, indicating robust cash generation [35][38] Business Line Data and Key Metrics Changes - Underground recovered grades increased to 6.27 grams per tonne, exceeding revised guidance [6][10] - Production from high-grade mines increased by 8% to 16.5 tonnes, with a 10% improvement in grade to 9.89 grams per tonne [18] - All-in sustaining costs for high-grade operations rose by 9% to close to ZAR 860,000 per kilogram [18] Market Data and Key Metrics Changes - The company maintained production guidance at 1,400,000 to 1,500,000 ounces for FY '26, reflecting confidence in ore body performance [24] - The stronger rand resulted in higher reported costs in USD, but the investment case remains strong due to quality assets [11][12] Company Strategy and Development Direction - The company is focused on producing high-quality gold and copper, with a strategic shift towards copper as a significant part of its portfolio [4][28] - Harmony aims to maintain a balance between shareholder returns and disciplined growth, with a strong emphasis on safety and sustainability [16][41] - The acquisition of Mack Copper is expected to enhance the portfolio and improve quality across commodity cycles [4][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant opportunity cost associated with delays in the Wafi Golpu project but emphasized its long-term value [50] - The company is optimistic about the future, with plans to close the Mack Copper acquisition and advance the Eva Copper project [25][32] - Management highlighted the importance of maintaining safety and operational excellence as non-negotiables in their strategy [3][9] Other Important Information - The company has been included in the FTSE for Good Index for the eighth consecutive year, reflecting its commitment to responsible mining [16] - Total capital expenditure is projected to rise to ZAR 12.95 billion, driven by fleet replacement and project advancements [25] Q&A Session Summary Question: Concerns about high grading during high gold prices - Management clarified that Harmony is not high grading but is using a sequential grid mining method to ensure safety and stability in operations [44][45] Question: Opportunity cost analysis regarding Wafi Golpu delays - Management acknowledged the significant opportunity cost but emphasized the project's long-term value and alignment with macroeconomic trends [50][51] Question: Update on Mack Copper and operational changes - Management stated that detailed planning for Mack Copper will begin post-acquisition, with a focus on operational consistency and addressing technical challenges [53][56] Question: Production gap between 2030 and 2035 - Management clarified that the gap is not where Mack Copper will fill in, as it is already included in the production profile [63] Question: Sustainable grade management - Management indicated that while high grades are currently being mined, future grades should be aligned with the stated reserve grade [67][69]

Financial Data and Key Metrics Changes - FY 2025 marked the tenth consecutive year of meeting production guidance, with adjusted free cash flow reaching over ZAR 11 billion at a 16% margin, a 54% increase from the previous year [5][36] - Headline earnings per share rose by 25% to ZAR 2,337, while net profit jumped 67% to ZAR 14.6 billion from ZAR 8.7 billion [5][36] - Revenue grew by 20% to ZAR 74 billion from ZAR 61 billion, driven by operational consistency and higher gold prices [36] Business Line Data and Key Metrics Changes - Underground recovered grades increased to 6.27 grams per tonne, exceeding revised guidance, reflecting improved portfolio quality [6][10] - High-grade mines saw production increase by 8% to 16.5 tonnes, with grades improving by 10% to 9.89 grams per tonne [18] - South African surface operations produced 7.9 tonnes, a 13% decrease due to heavy rainfall, but maintained a solid margin of 36% [23] Market Data and Key Metrics Changes - The company reported a strong balance sheet with net cash surging by 285% to ZAR 11.1 billion, indicating robust cash generation [36] - The market capitalization reached approximately ZAR 180 billion or USD 10 billion, reflecting capital discipline and growth potential [41] Company Strategy and Development Direction - The company is focused on a balanced growth strategy, emphasizing high-quality gold and copper production while maintaining a conservative risk profile [27][44] - The acquisition of Mack Copper is expected to enhance the portfolio, with a final investment decision on the Eva Copper project anticipated later in the year [26][33] - The strategy prioritizes value over volume, with a commitment to responsible growth benefiting all stakeholders [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant opportunity cost associated with delays in the Wafi Golpu project but emphasized its long-term value as a Tier one copper-gold mine [54] - The company remains optimistic about maintaining production guidance of 1.4 to 1.5 million ounces, with underground recovered grades expected to stay strong [25][26] - Management highlighted the importance of safety and operational excellence as foundational to future success [3][5] Other Important Information - The company achieved the lowest ever Lost Time Injury Frequency Rate (LTIFR) in its history, indicating improvements in safety culture [5][8] - The company is committed to sustainability, as evidenced by its inclusion in the FTSE for Good Index for the eighth consecutive year [16] Q&A Session Summary Question: Concerns about high grading during high gold prices - Management clarified that Harmony is not high grading but is using a sequential grid mining method to ensure safety and avoid unnecessary risks [47][48] Question: Opportunity cost analysis regarding Wafi Golpu delays - Management acknowledged the significant opportunity cost but emphasized the project's long-term value and the ongoing efforts to finalize necessary agreements [52][54] Question: Update on Mack Copper and operational changes - Management stated that detailed technical analysis and planning will occur post-acquisition, with updates expected in February [56][58] Question: Production gap and future guidance - Management clarified that the production gap is not where Mack Copper will fill in, as it is already included in the production profile [67]

FY25 ANNUAL RESULTS #MiningWithPurpose #MiningWithPurpose 28 August 2025 Beyers Nel, CEO JSE ticker code HAR / NYSE ticker code HMY © Harmony #MiningWithPurpose FY25 Annual Results Safe harbour statement Disclaimer – Forward Looking Statements 2 This presentation contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), with respect to our financial condition, result ...

Financial Data and Key Metrics Changes - The company reported a record sales revenue of $1,180,000,000 and a 46% increase in underlying EBITDA to $528,000,000 for a margin of 45% [4][5] - Underlying profit reached $111,000,000, with a statutory profit of $90,000,000 [5] - The company achieved a significant reduction in net debt by $273,000,000 or 69%, bringing it down to $123,000,000 at the end of FY 2025 [8] Business Line Data and Key Metrics Changes - At Matteo, underlying operations EBITDA increased by 78% to $318,000,000 at a 60% margin, driven by strong operating performance and healthy commodity prices [5] - At Matza, underlying operations EBITDA increased by 20% to $292,000,000 at a 45% margin, primarily due to higher commodity prices and lower TCRCs [5] Market Data and Key Metrics Changes - The company experienced a 12% increase in group copper equivalent production to 152,000 tonnes, finishing the year within 1% of annual guidance [3] - The expected production for FY 2026 is projected to increase by a further 2% to 157,000 tonnes [12] Company Strategy and Development Direction - The company aims to maintain copper equivalent production of approximately 60,000 tonnes out to FY30, optimizing pit shell development plans and increasing processing capacity [12] - Capital expenditure for FY 2026 is expected to increase to $230,000,000, focusing on strategic investments such as a new tailing storage facility and underground development [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, emphasizing the importance of financial discipline and the company's ability to navigate the current environment [8][16] - The company is focused on maximizing total shareholder return while maintaining a strong balance sheet and moving towards a net cash position [33] Other Important Information - The company has not declared a dividend for FY 2025 as it prioritizes de-gearing the balance sheet [8] - Exploration evaluation expenses are expected to increase to $46,000,000 in FY 2026 as the company ramps up activity in the Iberian Pyrite Belt and Kalahari Copper Belt [14] Q&A Session Summary Question: Update on Matteo resource and reserve - The A1 resource update is nearing completion, with a maiden reserve expected in late Q4 of the financial year [20][22] Question: Dividend policy moving forward - The company is formalizing its capital management framework, prioritizing a strong balance sheet and net cash position before considering dividends [31][33] Question: Impact of bushfires in Spain - There was a very short outage at Magdalena due to precautionary measures, but no major impacts were reported [41][43] Question: Current exploration spend adequacy - Management believes the current exploration spend is appropriate, with a focus on disciplined spending to confirm resources and reserves [48] Question: Update on Black Butte project - The updated PFS is expected to be completed by the end of the calendar year, with a focus on maximizing the value of the company's interest [66][70]

Financial Performance - Sales revenue reached $1176 million, a 26% increase year-over-year[48] - Underlying EBITDA increased by 46% to $528 million compared to $362 million in FY24[21, 48] - Net debt decreased by 69% to $123 million from $396 million in FY24[21, 48] - Profit after tax was $90 million, a significant turnaround from a $19 million loss in FY24[21, 48] Production and Operations - Copper equivalent production increased by 12% to 152.4kt[21, 50] - MATSA's underlying operating cost was $78/t, an 8% increase from FY24[21, 48] - Motheo's underlying operating cost decreased by 4% to $40/t[21, 48] - Motheo achieved an Underlying Operations EBITDA margin of 60%[50] FY26 Outlook - Copper equivalent production is projected to increase by 2% to 157kt[25, 84] - Exploration expenses are expected to increase by 15% to $46 million[25] - Capital expenditure is projected to increase by 11% to $230 million[26]

Core Viewpoint - Hudbay Minerals Inc. has resumed operations in Snow Lake following the lifting of the mandatory evacuation order due to wildfires, with expectations to return to full production levels by early September 2025 [1][3]. Group 1: Operations and Safety - The emergency preparedness and community response efforts successfully safeguarded Hudbay's surface infrastructure and facilities during the wildfires, with no structural damage reported [2]. - A comprehensive restart plan has been implemented, focusing on employee safety and asset integrity, including infrastructure safety reviews and inspections [2]. Group 2: Production Resumption - Milling activities at the New Britannia mill resumed on August 26, 2025, and the full mining workforce at Lalor returned on August 27, 2025 [3]. - The entire Snow Lake operation is expected to reach full production levels by early September, and the company anticipates achieving its 2025 annual guidance metrics despite the wildfire impacts [3]. Group 3: Company Overview - Hudbay is a copper-focused critical minerals mining company with operations in Canada, Peru, and the United States, producing copper as its primary metal along with gold, zinc, silver, and molybdenum [6][7]. - The company has a growth pipeline that includes several projects in the United States and Peru, emphasizing sustainable practices and community relations [7][8].

Core Viewpoint - Marimaca Copper Corp. announced the results of its Definitive Feasibility Study (DFS) for the Marimaca Oxide Deposit (MOD), targeting a nominal production of 50,000 tonnes per annum (ktpa) of copper cathode over an estimated 13-year reserve life [1][2][3] Financial Metrics - The pre-production capital cost is estimated at US$587 million, with a capital intensity of US$11,700 per tonne of copper production capacity, positioning the MOD among the lowest capital cost copper projects globally [2][20][26] - The post-tax Net Present Value (NPV8) is estimated at US$709 million, with an Internal Rate of Return (IRR) of 31% based on a long-term copper price of US$4.30 per pound [2][39][45] - At the current 3-month rolling average COMEX price of US$5.05 per pound, the post-tax NPV8 increases to US$1.07 billion, with a 39% IRR [2][39] Production and Operating Costs - The DFS outlines a steady-state production of approximately 49 ktpa of Grade A LME copper cathode during years 2-10, with average C1 cash costs of US$1.68 per pound and All-In Sustaining Costs (AISC) of US$2.09 per pound during this period [2][19][34] - The life-of-mine (LOM) C1 cash costs are projected at US$1.84 per pound, with AISC at US$2.29 per pound [2][34][37] Mining and Recovery - The mining operation will utilize a simple open-pit method with a life-of-mine strip ratio of 0.8:1, including pre-stripped material [2][12] - The LOM heap leach copper recoveries are estimated at 72%, with the first five years projected at 78% [2][16] Growth Opportunities - The DFS is viewed as a starting point for the company's organic growth strategy, with potential for future expansions and additional production capacity from nearby deposits such as Pampa Medina and Madrugador [2][7][9] - The company is also exploring sulphide exploration potential at both Marimaca and Pampa Medina, supported by recent drilling successes [2][7] Project Development and Financing - The project permitting process is well underway, with environmental approvals anticipated by the end of 2025, allowing construction to commence in 2026 [2][8] - Debt financing discussions are ongoing, with the objective of identifying preferred financing partners by year-end 2025 [2][48][49] Technical and Operational Details - The DFS incorporates a dynamic geo-metallurgical model based on extensive metallurgical testing, ensuring robust forecast economics [2][16] - Initial designs include oversized key equipment and infrastructure to facilitate potential future scale expansions [2][6]

Core Viewpoint - XXIX Metal Corp. announces fully funded exploration programs for its Opemiska and Thierry Copper Projects, highlighting significant drilling plans and upcoming economic assessments [1][9]. Drilling Programs - A drill program of up to 15,000 metres is planned at the K1 deposit of the Thierry Copper Project, aimed at expanding the current resource based on a newly developed geological model [2][4]. - The K1 deposit currently has an inferred resource of 53.6 million tonnes with grades of 0.38% copper, 0.10% nickel, and other metals [2][3]. - A 5,000-metre drill program is set for the Cooke Gold Zone at the Opemiska Project, which has not been adequately tested since the mine's closure, with historical production of 1.97 million tonnes at 5.04 g/t gold and 0.66% copper [5][9]. Economic Assessment - A Preliminary Economic Assessment (PEA) for the Opemiska Project is anticipated to be completed in October 2025, marking the first economic evaluation since 1991 [6][8]. - The PEA will focus on maximizing project value by prioritizing high-grade tonnes early in the proposed mine plan [6]. Project Overview - The Opemiska Project spans 21,333 hectares and is noted as one of Canada's highest-grade open-pitable copper deposits, with a reported resource of 62.7 million tonnes at 1.04% CuEq (Indicated) and 78.4 million tonnes at 0.41% CuEq (Inferred) as of June 2025 [9]. - The Thierry Project features significant infrastructure and is accessible via an all-season road, with past production from two open pits [9].

Core Points - Ivanhoe Mines is set to commence Stage Two dewatering of the Kakula Mine imminently, following the completion of Stage One on June 2, 2025 [3][22] - The company expects to reinstate its 2026/2027 production guidance in September 2025, with an updated long-term integrated mine plan targeted for Q1 2026 [1][22] - Copper grades from the Kakula Mine are anticipated to improve towards the end of the year as underground water levels decrease, allowing access to higher-grade areas [1][14] Dewatering Activities - Stage Two dewatering will involve the installation of four high-capacity submersible pumps, each with a capacity of 650 litres per second, to dewater the eastern side of the Kakula Mine [3][4] - The installation of the pumps began on August 15, 2025, with two pumps expected to be operational by the end of August and the remaining two by mid-September [9][32] - The submersible pumps will be fully submerged until the end of November 2025, when the majority of dewatering is expected to be complete [6][32] Rehabilitation and Mining Plans - Rehabilitation of accessible areas underground at Kakula is complete, and selective mining in the eastern workings is expected to start in Q1 2026 [15][22] - Dewatering of the western side of the Kakula Mine is projected to be completed within eight weeks, allowing for quick access to high-grade areas [14][32] - Stage Three dewatering activities will commence in late 2025, focusing on rehabilitating and recommissioning major existing pump stations on the eastern side of the mine [16][32] Production Guidance - Kamoa-Kakula's engineering team is expected to provide copper production guidance for 2026 and 2027 in mid-late September 2025 [22][32] - An updated life of mine plan is anticipated to be released in late Q1 2026 [22][32] Inga II Hydroelectric Facility - The refurbishment of Turbine 5 at the Inga II hydroelectric facility is nearing completion, with mechanical installation complete and commissioning activities underway [23][32]