Deterra Royalties Ltd · ASX:DRR
Deterra Royalties — Investor Presentation (October 2026)
35 slides from Deterra Royalties's investor presentation, Oct 19, 2026
Slide 1: Deterra Royalties Corporate Presentation October 2026
rsonal use only Deterra Royalties Diversified resource royalties Corporate Presentation October 2026 ASX : DRR
Slide 2: Important notices and disclaimer
Important notices and disclaimer 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 ab
Slide 3: 1. Corporate Overview
rsonal use only 1. Corporate Overview
Slide 4: The royalty and streaming business model
The royalty and streaming business model A lower risk mining investment Deterra Mining rsonal use only Royalties companies Commodity The Royalty and Streaming Sector3 price leverage • Global listed royalty and streaming sector has grown to US$155b market capitalisation in 2026 from US$1b in 2004
Slide 5: High Quality Portfolio Positioned for Growth
High Quality Portfolio Positioned for Growth Deterra is the only listed royalty/streaming company in Australia and one of the largest non-precious sector companies globally1 rsonal use only Mining Area C producing iron ore royalty is the top non-precious royalty/streaming asset held by a listed
Slide 6: Global Royalty Portfolio
Global Royalty Portfolio Strong Cash Flow and Significant Growth, Cornerstoned by the World Class, Long-Life MAC Iron Ore, Thacker Pass Lithium and Santa Cruz Copper Royalties rsonal use only Growing Global Portfolio of 15 Royalties Providing Cash Flow and Growth Optionality across Base, Bulk, and B
Slide 7: Deterra's Core Royalty Assets
Deterra’s Core Royalty Assets Three Long Life Core Assets in Tier One Jurisdictions Characteristic Mining Area C Iron Ore1 Fe Thacker Pass Lithium3 Li Santa Cruz Copper5 Cu rsonal use only 145mwmtpa, representing ~8% of total Phase 1 planned capacity of 40ktpa LCE, Avg 75ktpa of copper cathode
Slide 8: Select Other Royalty Assets
Select Other Royalty Assets Diversified Portfolio Providing Meaningful Long-Term Growth Optionality Asset Name Operator Stage Location Commodity Royalty rsonal use only 1) Paradox DFS (2022)1 Utah Lithium 2.5% NSR 0.9% NSR + 0.45% AOI, 2) Antler PFS (2024) Arizona Copper / Zinc with partial buyback
Slide 9: Key Catalysts
Key Catalysts 2026 2027 2028 2029 2030 rsonal use only Mechanical completion / ramp Technical report contemplates expansion Thacker Pass1 Phase 1 construction up to capacity of 40ktpa LCE potential to 160ktpa LCE over period to 2040 Completion of project financing Tunnel Bore Machine Surface First c
Slide 10: Consistently strong results, returns and balance sheet
Consistently strong results, returns and balance sheet Underlying EBITDA and NPAT (A$m)1 Balance sheet2 250 • Net debt at 30 September 2026 A$230, A$500m revolving credit rsonal use only 200 lines, A$250m undrawn credit facilities 228 222 211 206 209 • Net debt to Underlying EBITDA3 1.0x (covenant <
Slide 11: Corporate Overview
Corporate Overview CAPITAL STRUCTURE SHARE REGISTER3 rsonal use only Share price1 A$3.99 Iluka Shares on issue 531.8m 8% 20% Retail/other Market capitalisation1 A$2.1bn 17% Australian Institutional Net debt 30 September 2026 A$230m 21% North American 34% Institutional Other International BOARD AND M
Slide 12: Disciplined Strategy Execution and Capital Management
Disciplined Strategy Execution and Capital Management Deterra’s strategy to deliver both future growth and shareholder returns LOW-RISK ROYALTY REVENUE SUPPORTING SUSTAINABLE MODEL GROWTH AND DIVIDENDS rsonal use only Targeting 0-15% Leverage Ratio3 through Strong Balance Sheet the cycle Royalty cas
Slide 13: P/NAV against peers
P/NAV against peers1 Senior precious and diversified peers have a higher P/NAV multiple than Deterra Precious 93% 90% 67% 4% - - NAV Base, rsonal use only Composition 2 Bulk, 7% 10% 33% 96% 100% 100% Battery 2.0x 1.8x 1.6x 1.4x 1.2x 3 P/NAV (x) 1.0x Passive Active 0.8x 0.6x 0.4x 0.2x - Senior Precio
Slide 14: Royalty/streaming vs Operator P/NAV
Royalty/streaming vs Operator P/NAV1 Precious Metals Royalty/Streaming Business Model Established Premium Multiples 2.0 1.8x 1.5 1.3x rsonal use only 1.1x 1.0x 1.0 0.9x 0.6x 0.5 - Senior precious Senior precious Intermediate precious Intermediate precious Junior precious Junior precious Median Royal
Slide 15: Illustrative combined DRR royalty revenue at nameplate capacity
FY26 MAC Illustrative combined DRR royalty revenue royalty at nameplate capacity and realised prices1,2,3 revenue MAC Santa Cruz 4 Thacker Pass Ph 1&2 Thacker Pass Ph 3&4 4 300 24% Cu/Li rsonal use only A$234m +SC + TP 1-4 22% Cu/Li 250 +SC + TP 1-4 +SC + TP 1-4 A$241M A$229M 14% Cu/Li A$209M +SC +
Slide 16: 2. Principal Royalties
rsonal use only 2. Principal Royalties
Slide 17: MAC – world leading volumes
MAC – world leading volumes Operated by BHP, MAC is the world’s largest iron ore hub1 with 8% of global seaborne iron ore supply2 The MAC Operation1 Mining Area C production (100% basis, mwmt)4 Large 145Mtpa hub South Flank rsonal use only commences 45+ year mine life North Flank Long Life 2021, exp
Slide 18: MAC – delivering strong, consistent cash flows
MAC – delivering strong, consistent cash flows MAC royalty has generated >A$1.3bn for Deterra since listing and >A$2.3bn to date Illustrative MAC 1.232% royalty revenue at 145mwmtpa Historical MAC revenue (since demerger) nameplate production1 rsonal use only 250 226 250 46 203 20 2 13 200 181 Illus
Slide 19: MAC royalty most valuable publicly-owned royalty globally
Deterra’s MAC royalty represents the most valuable publicly-owned royalty globally MAC Royalty: One of the Highest Quality Royalties or Streams Globally Largest Mining Royalties & Streams Ranked by Analyst Consensus NAV1 (Held by Public Companies, US$m) rsonal use only 9,641 7,000 6,000 2 5,346 5,00
Slide 20: Thacker Pass Lithium Royalty
Thacker Pass Lithium Royalty Operated by Lithium Americas, provides top line exposure to world’s largest lithium resource1 The Thacker Pass Operation1 The Thacker Pass Royalty Large + Significant Phase 1 planned capacity of 40,000tpa LCE with five phase Agreement type Gross revenue royalty (GRR) rso
Slide 21: Thacker Pass Lithium Royalty - world's largest measured lithium resource
Thacker Pass Lithium Royalty - world’s largest measured lithium resource1 LAC operated, bipartisan US Government support, 100% phase 1 offtake secured, DRR holds 1.05% gross revenue royalty rsonal use only Project Status1 High level construction timeline (Phase 1-5)2 Phase 1 up to 100% for 20 years,
Slide 22: Thacker Pass – delivering into the future
Thacker Pass – delivering into the future LAC operated, bipartisan US Government support, 100% phase 1 offtake secured, DRR holds 1.05% gross revenue royalty Key milestones1 Thacker Pass Indicative Future AUD Revenue:5 rsonal use only LAC purchase Thacker Pass from One time buyback of US$13.2m; 20
Slide 23: September 2024 Trident Acquisition
September 2024 Trident Acquisition Acquisition rationale Thacker Pass since Deterra acquisition US$188m cash purchase representing c12% of DRR market • Updated NI 43-101 (Technical Report) supporting:4 rsonal use only cap • Doubling mine life to 85 years from 40 years • Core asset was Thacker Pass r
Slide 24: Santa Cruz Copper Royalty Acquisition
Santa Cruz Copper Royalty Acquisition Ivanhoe Electric’s Copper Cathode Project in Early Construction in Arizona, USA Acquisition Terms • Deterra has acquired an existing 1.75% NSR royalty over a portion of the Santa Cruz Project from rsonal use only independent third-party sellers for US$74.15m cas
Slide 25: Santa Cruz Profile
Santa Cruz Profile Project Overview The Santa Cruz Operation1 Project Financing Momentum3 Average 75ktpa copper cathode during the first 15 years U.S. Export-Import Bank Preliminary Project Letter for Large US EXIM of mining US$1.1 billion in potential debt financing rsonal use only Long life + Mine
Slide 26: On-Strategy and Accretive Copper Royalty Acquisition
On-Strategy and Accretive Copper Royalty Acquisition Addition of Santa Cruz Copper Royalty to Portfolio Establishment of Deterra’s 3rd core royalty asset – 1 fits commodity, jurisdiction, asset quality and long- rsonal use only life criteria Ivanhoe Electric is experienced developer and 2 operator w
Slide 27: 3. Appendix
rsonal use only 3. Appendix
Slide 28: FY26 Financial Performance
FY26 Financial Performance Strong NPAT growth driven by MAC volumes and profit from asset sales Profit and Loss ($m)1 Page FY26 FY252 Mvmt $ Mvmt % Per share information FY26 FY25 MAC royalty 5 234.4 219.3 15.1 7% Basic weighted avg shares (m) 529.2 528.8 Other royalty revenue 1.8 2.6 (0.8) -31% Bas
Slide 29: Deterra Asset Summary - Bulk Assets
Deterra Asset Summary - Bulk Assets Yoongarillup/ Asset Mining Area C Koolyanobbing Kwale Yandanooka Wonnerup Yalyalup rsonal use only Location Western Australia Western Australia Kenya Western Australia Western Australia Western Australia Operator BHP Yilgarn Iron Energy Fuels Doral Resources Image
Slide 30: Deterra Asset Summary – Base and Battery Metal Assets
Deterra Asset Summary – Base and Battery Metal Assets Asset Thacker Pass Santa Cruz Sonora Paradox Antler Mimbula Pukaqaqa Big Kidd Location Nevada, USA Arizona, USA Mexico Utah, USA Arizona, USA Zambia Peru BC, Canada Olympic Precious rsonal use only Operator Lithium Americas Ivanhoe Electric Ganfe
Slide 31: Iron Ore Market
Iron Ore Market Medium term balance with new projects offsetting depletion Iron Ore has traded between US$93-US$115/t2 over the past 12 months Iron Ore Demand1 120 • Future demand growth markets (MENA, India) supplementing rsonal use only seaborne demand from traditional markets (China, Japan) 115 •
Slide 32: Lithium Market
Lithium Market Lithium demand remains strong as world increases electrification Lithium Demand1 Lithium market is projected to go from surplus to deficit by the end of the decade2 • Rechargeable batteries will continue to be the main driver rsonal use only 6,000 for lithium demand and demand for bat
Slide 33: Copper Market
Copper Market Copper remains back bone for the modern world Copper Demand1,2 New supply is required from new projects to satisfy future demand1 • See robust demand from traditional sources, with strong 35 rsonal use only Chinese demand and growth gradually shifting from China 30 to India and Middle
Slide 34: The power of royalty cashflows
rsonal use only “Top line” Commodity price Project The power of royalty cashflows leverage optionality assets Royalty revenue derived from asset’s Direct exposure to underlying Asset expansions and extensions drive revenue line, or with commodity price royalty values Lower exposure to capital and li
Slide 35: For more information
rsonal use only For more information Investor enquiries Media enquiries Jason Clifton Peter Klinger Chief Financial Officer Purple Email: [email protected] Mobile: +61 (0) 411 251 540 Email: [email protected] Deterra Royalties Limited ACN 641 743 348 Level 16, 140 St Georges T
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