29METALS LIMITED INTERIM

Operating and Financial Review

Operating and Financial Review DEFINITIONS FOR NON-IFRS FINANCIAL INFORMATION & METRICS Metric Definition is all-in sustaining costs, and is calculated as C1 Costs plus royalties cost, corporate costs, sustaining capital and capitalised development costs, but AISC excludes growth capital and exploration expenditure. AISC is cited in US$ per pound of payable copper sold. is mining costs, processing costs, maintenance costs, site general & administrative costs, realisation costs (including shipping and logistics costs), and C1 Costs treatment and refining charges, adjusted for stockpile movements and net of by-product credits (proceeds from non-copper metal sales). C1 Costs is cited in US$ per pound of payable copper sold. Capital during is capital costs following the suspension of Capricorn Copper operations incurred during the relevant period. suspension is amounts drawn under Group debt facilities and insurance premium funding facilities as reported in accordance with AAS, excluding bank guarantees Drawn Debt issued under the Group bank guarantee facilities. is earnings before finance income, finance costs, any unrealised foreign exchange gains or losses, any realised and unrealised gains or losses on derivative financial instruments, write-off of exploration and evaluation expenditure, income tax expense/(benefit) and D&A. Because it eliminates all gains and losses on gold swaps, write-off of exploration and evaluation expenditure, the non-cash charges for D&A and unrealised foreign exchange EBITDA gain or losses, 29Metals considers that EBITDA is useful to help evaluate the operating performance of the business without the impact of those items, and before finance income and finance costs and tax charges, which are significantly affected by the capital structure and historical tax position of 29Metals. A reconciliation of EBITDA to NLAT/ NPAT is set out in Note 4(b) to the Consolidated Financial Statements. Expenses during is costs following the suspension of Capricorn Copper operations incurred during the relevant period. Expenses during suspension include costs in suspension relation to water treatment infrastructure and release, progression of restart imperatives, and suspension and other Site Operating Costs. is Drawn Debt less cash and cash equivalents. 29Metals uses this measure to understand its overall credit position. Investors should be aware th