LYCOPODIUM LIMITED — AGM Information 2025

Nov 12, 2025

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2025 Annual General Meeting

About Lycopodium

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FY25 Financial Highlights Operational Highlights Outlook & Guidance Appendix

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About Lycopodium

ABOUT US

Lycopodium is a leading global engineering and project delivery organisation

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Founded in 1992, Lycopodium provides integrated engineering, project, construction and asset management expertise across the project lifecycle

With >1,300 staff globally, Lycopodium is built upon long-serving teams of high-calibre people

Lycopodium’s core capabilities span feasibility studies and advisory services through to the delivery of complex, multidisciplinary projects

Current operations traverse resources, industrial processes/energy and infrastructure industries, delivering bespoke and innovative solutions

Broad and diverse client base includes emerging, majors and globally diversified enterprises

18 1,300+ 30+ offices globally people years of experience

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CAPABILITIES & CORE SERVICES

Focused on a culture of continuous improvement and innovation to maximise asset value

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OPTIMISATION
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PROCESS & ENGINEERING

EVALUATION

DELIVERY

Project management, from inception to commissioning and handover

Concept development, preliminary analysis, delivering certainty and viability

Design and engineering solutions to optimise ROI and asset value

Ensuring assets maintained and operated within rated design window

• Concept studies

• Mineralogy, metallurgy & chemistry

• Project planning, controls, risk mitigation

• Process plan audits & de-bottlenecking

• Scoping studies

• Process development & modelling

  • Remote monitoring and recommendations (including in real-time)

• Procurement, contracts management

• Preliminary economic assessment

• Pilot programmes

• Project and construction management (EPCM, EPC)[3]

• Technical reports

  • Leveraging innovative technology, analytics and automation

• Mass and energy balances

• Due diligence reviews

  • Health, safety, environment & community

• HAZID/HAZOP

• Feasibility studies (PFS, FS, DFS)[1]

• Dynamic simulation & digital delivery

  • Commissioning, transition

  • Operations support & training

• Civil, structural, mechanical & electrical engineering (FEED)[2]

• Process control & instrumentation

• PFS – Pre-Feasibility Study; FS – Feasibility Study; DFS – Definitive Feasibility Study

• FEED – Front End Engineering Design

• EPCM – Engineering, Procurement and Construction Management; EPC – Engineering, Procurement and Construction (turnkey delivery)

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GLOBAL SCALE

Lycopodium has successfully expanded its operations, over several decades, delivering a diverse portfolio of projects globally

(30-Jun-25) >40 $10.4 billion resource capex of studies leading studies to high likelihood projects

Lycopodium’s longevity and success is underpinned by long-term partnerships and a commitment to high-quality work, reflected in broad current exposure

>70 resource projects

$5.0 billion managed capex of projects in delivery

~15.7

million

controlled workhours

$395 ~$1.1 million billion work-in-hand orderbook opportunity pipeline

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FY25 Financial Highlights

HISTORICAL PERFORMANCE Lycopodium has achieved a history of sustainable financial performance

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Revenue ($m)
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327.6 348.9 339.6
232.2
162.2
FY21 FY22 FY23 FY24 FY25
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EBITDA ($m)

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77.1
70.5 68.7
45.4
26.5
FY21 FY22 FY23 FY24 FY25
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NPAT ($)
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50.7
46.8
42.2
14.3% 14.5%
1
12.4%
11.7%
27.2
8.8%
14.2
FY21 FY22 FY23 FY24 FY25
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EPS (cps)
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127.6
117.7
106.2
68.4
35.7
FY21 FY22 FY23 FY24 FY25
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DPS (cps)
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81.0
77.0
54.0
35.0
25.0
FY21 FY22 FY23 FY24 FY25
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Return on Equity (%)

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44.0%
42.0%
29.0% 30.4%
17.0%
FY21 FY22 FY23 FY24 FY25
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1. % NPAT of Revenue

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FY25 RECAP Effective working capital delivering sustainable returns with minimal debt

(30-Jun-25) $339.6 $68.7 $60.5 million million million Revenue EBITDA PBT $42.2 12.4% 30.4% million NPAT margin ROE NPAT 106.2cps 35cps $79.0 EPS (10cps interim, million 25cps final) Cash at bank DPS (fully-franked)

Strong Minimal balance sheet debt Equity up Strong 18% vs FY24 operating (~$150.5m vs $127.4m) cash flows

Net Tangible Asset (NTA) of $3.63/share

Working capital consistent with prior periods

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Operational Highlights

OPERATIONAL HIGHLIGHTS Notable project highlights over the past 12 months

New work won and projects advancing

• Nyanzaga (Gold, Tanzania, • Winu (Copper, Perseus Mining ) Australia, Rio Tinto )

• Twin Hills (Gold, Namibia, Osino Resources )

• CLAHDO (Iron Ore, Australia, Rio Tinto )

• Baomahun (Gold, Sierra Leone, FG Gold )

• Rössing (Uranium, Namibia, Rössing Uranium )

• Koné (Gold, Côte d’Ivoire, Montage Gold )

• Namdeb (Diamonds, Namibia, Namdeb )

• Yanqul (Copper, Oman, • Longonjo (Rare Earths, Mazoon Mining ) Angola, Pensana )

Key milestones – first gold pour/ore to stockpile

• Kiaka (Gold, Burkina Faso, West • Ahafo North (Gold, Ghana, African Resources ) Jun 2025 Newmont ) Sept 2025

• Goose (Gold, Canada, B2Gold ) Jun 2025

• Chemical Grade Processing Plant #3 (Lithium, Australia, Talison ) Sept 2025

• Boto (Gold, Senegal, Managem Group ) Aug 2025

Strategic projects

• Awarded FEED for Blackwater Expansion Project (Gold, Canada, Artemis Gold ) – material domestic project to be delivered by LYL’s Canadian-based business

• Kalgoorlie Nickel Project Hydrogen Sulphide Plant DFS (Nickel-Cobalt, Australia, Kalgoorlie Nickel ) – project anticipated to become one of Australia’s largest nickel-cobalt producers for lithium-ion batteries

Long-term partnerships

• Strengthening position as leading provider of Design and Engineering and Rail Infrastructure Management (RIM) services

• Taca Taca FS (Copper, Argentina, First Quantum Minerals ) – longterm client, strengthened capability and expertise provided by in-country presence

• Undertaken numerous energy transition related projects, incl. design of modular facility for regional mixed battery recycling (Australia, FBICRC )

• Expanding customers include public and private rail operators (Australia, ARTC, Inland Rail, Arc Infrastructure, Pacific National, BHP, Aurizon )

WORLD-CLASS PROJECTS

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STUDIES – PIPELINE IS STRONG

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RESOURCES – MAJOR PROJECT STATUS Current WIH includes 40+ studies, through to projects in delivery and completion¹

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Engineering/early stages Onsite delivery – progressing Commissioning/completed
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Project	Client	Commodity	Location
Twin Hills	Osino Resources	Gold	Namibia
Nyanzaga	Perseus	Gold	Tanzania
Tulu Kapi	Kefi Minerals	Gold	Ethiopia
Blackwater Expansion	Artemis Gold	Gold	Canada
Winu	Rio Tinto	Copper	Western Australia
Toliara	Base Resources	Mineral Sands	Madagascar
Highbury Lithium Expansion	SA Lithium	Lithium	South Africa
CGP4	Talison Lithium	Lithium	Western Australia
Taca Taca	First Quantum Minerals	Copper	Argentina
Speewah	Tivan	Fluorite	Western Australia
Project	Client	Commodity	Location
CGP3	Talison Lithium	Lithium	Western Australia
Bomboré Hard Rock	Orezone	Gold	Burkina Faso
Koné	Montage Gold	Gold	Côte d’Ivoire
Yanqul	Mazoon Mining	Copper	Oman
Baomahun	FG Gold	Gold	Sierra Leone
CLAHDO	Rio Tinto	Iron Ore	Western Australia
Project	Client	Commodity	Location
Ahafo North	Newmont	Gold	Ghana
Kiaka	West African Resources	Gold	Burkina Faso
Boto	Managem	Gold	Senegal
Goose	B2Gold	Gold	Canada
Navachab CIP Primary Crusher	QKR	Gold	Namibia
Highbury Lithium	SA Lithium	Lithium	South Africa
Footprint Reduction Project	Anglo American Platinum	Platinum	South Africa

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1. Not exhaustive list.

SAXUM ACQUISITION – INTEGRATION UPDATE

Strategically-aligned majority acquisition, enhancing offering, delivering South American expansion

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MULTI-
DISCIPLINARY
engineering and project Operations across
management services ARGENTINA, BRAZIL,
USA & AUSTRALIA
DIVERSE SECTOR CULTURALLY ALIGNED,
EXPOSURE: TECHNICALLY LED,
client focused and value-centric
Mineral Processing, Cement
& Lime, Manufacturing &
Infrastructure and Oil & Gas
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DIVERSE SECTOR CULTURALLY ALIGNED,
EXPOSURE: TECHNICALLY LED,
client focused and value-centric
Mineral Processing, Cement
& Lime, Manufacturing &
Infrastructure and Oil & Gas
STRATEGICALLY ENHANCING
EXPANDING CAPABILITIES,
GEOGRAPHIC service offering, and
competitive position
PRESENCE
in the Americas [1]
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PEOPLE AND SYSTEMS
INTEGRATION
well advanced,
supporting collaboration
and work sharing
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STRATEGIC FOCUS:
• Establish office in Salta
• Increase presence in US in Mineral
Resources and Cement & Lime
• Secure targeted Mineral Resources
opportunities in Latin America
Immediate
contribution
~$2 MILLION PBT IN FY26
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1. Access to full Americas market (north and south), is expected to increase total addressable market by over 40%

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OUR PEOPLE

Developing and retaining a high-performing workforce

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Summer Vacation Graduate Development Emerging Leaders
Program Program Program
Most recently – development of globally aligned ‘visible career pathways’
in Culture Amp platform – to deliver both visible career pathways, 0.13 LTIFR¹ 0.89 TRIFR¹
mapped with competencies, and individual development plans
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1. Lost Time Injury Frequency Rate (LTIFR) and Total Recordable Injury Frequency Rate (TRIFR), as at 30 June 2025 (FY25)

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Outlook & Guidance

OUTLOOK

Supported by macroeconomic and industry drivers

As it relates to FY26 outlook, Lycopodium provides the following observations:

Overall demand drivers for Lycopodium’s innovative engineering and delivery solutions continue to expand, supported by the Company’s bespoke and modular engineering capabilities

Resources

• Lycopodium is recognised as an expert in delivery of projects across gold, copper, critical minerals, lithium and iron ore – the forward outlook for these markets is strong:

• Gold – record demand, Lycopodium considered market leader in delivery of gold processing plants

• Copper – elevated demand for use in renewable energy technologies, electric vehicles and data centres

• Critical minerals – demand also forecast to grow rapidly through 2040, driven by clean energy sector (e.g. lithium, graphite, nickel, cobalt, copper, rare earths); recently announced US-AU Critical Minerals Framework to drive further domestic investment in project development

• Lithium – growing electric vehicle and energy storage demand likely to see market recover following period of oversupply throughout 2022/23

• Uranium – global demand growing, with policy shifting toward nuclear as a reliable, low-carbon energy alternative to coal and gas

• Iron ore – future focus on improved production efficiency and a shift towards green iron

• SAXUM providing new opportunities to access cement & lime market in established geographies (e.g. Africa)

Infrastructure

• Ongoing Australian Government investment in passenger and freight rail infrastructure (e.g. upgrading existing lines, new construction as well as improving rail crossing safety in regional locations)

• Leveraging Lycopodium’s geographical reach to access international markets

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FY26 GUIDANCE

Continued sustainable financial performance

In light of the outlook, Lycopodium anticipates sustained financial performance in FY26 and provides the following FY26 guidance:

Revenue Net Profit After Tax (NPAT) Between Between $390m & $410m $40m & $44m

The Company will continue to update shareholders as the financial year progresses

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LYCOPODIUM SUMMARY Secure, stable and sustainable

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Deep engineering expertise

Long-serving knowledgeable teams of high calibre personnel delivering innovative key services

Disciplined risk management

• High-quality, balanced portfolio

• (EPCM vs EPC mix), conservative and sustainable approach

Strong history of execution

• Sustainable financial and operational performance underpinned by aligned Board & Management (~30% TSO)

Capital light approach

Managing local workforce on behalf of clients, limited ‘on ground’ personnel

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Blue chip clients

Diverse list of longstanding clients, mutually respected relationships, leaders in respective fields (approx. two thirds revenue from repeat clients)

Commodity diversification

Favourable demand across a range of commodities, further supported by new industries (e.g. energy transition)

Undemanding valuation

• <10 x EV/EBITDA offering history of sustainable growth, attractive

• dividend yield and elevated ROE

Geographically diversified

Focused on achieving broader geographic reach globally

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Appendix

STRATEGY OVERVIEW Lycopodium’s overarching strategic pillars

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People & Culture

Continued focus on ensuring we have the right people, with the required skills and experience

• Preserve culture via leadership, management, tools and performance measures

• Effective succession planning

• Drive professional development across technical, project, management and leadership skills

• Build upon leading reputation to retain and attract top talent

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Working Smarter

Leverage tools, systems and data (i.e. ERP) for insights, efficiency and optimisation

• Informed decision making via investment in global systems

• Increased productivity through analysis and insights from vast proprietary data and digital delivery capabilities

• Improved project/corporate memory via standardisation of procedures and data sets

• Continuous improvement and adoption of new technologies for further optimisation

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Client & Project Excellence

Enhance technical capability and accountability, foster innovation, and disciplined approach to risk

• Continue to build market leading technical capability and reputation for engineering excellence

• Focus on quality and accountability and effective utilisation of internal Technical Advisory Group

• Consider and commercialise market innovative ideas for Company and client benefit

• Prioritise high-quality work over high-risk work

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Sustainably Grow the Core

Deliver sustainable growth via development of key relationships, strengthened service offering and new technologies and markets

• Maintain mature APAC and Africa market position

• Continue to win new work in large and attractive South American market

• Pursue additional incremental and adjacent opportunities in current markets

• Support senior leaders to continue to develop robust relationships with core clients

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DIVERSIFICATION STRATEGY Diversified end-market exposure across industries, geographies, commodities and clients (FY25)

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Revenue by Geography
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Revenue by Geography Revenue by Industry Revenue by Client Type
3%
1% 3%
17%
25%
44%
57%
25%
31%
94%
Africa Australia Other Americas Resources Rail Infrastructure Industrial Process Major Globally Diversified Emerging
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Resources Studies by Commodity¹
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Resources Projects by Commodity¹
Gold Copper Lithium Diamond/Gems Other³
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Gold Copper Mineral Sands Lithium Other²
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1. Based on number of projects, not value of projects 2. ‘Other’ includes Titanium, Iron Ore, Graphite 3. ‘Other’ includes Mineral Sands, Titanium, Rare Earths, Iron Ore, Silver, Graphite, Tin, Platinum

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DISCIPLINED RISK MANAGEMENT

Lycopodium’s robust risk approach is a core strength, enabling sustainable long-term value creation

• Lycopodium’s risk management framework provides a whole of business approach, ensuring strategic decisions align with the Company’s risk appetite

• Sets out process for identifying, evaluating, monitoring, reviewing and reporting of risks – both financial and nonfinancial (incl. health & safety, environmental, reputational, commercial & legal and community)

• Managed exposure via balanced portfolio comprising mix of Engineering, Procurement and Construction Management (EPCM) and Engineering, Procurement and Construction (EPC) contracts

• Overall strategic commitment to prioritise high-quality work over high-risk work

• Capital light approach – managing the local workforce on behalf of the client, with limited direct personnel on the ground

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Report
Identify
RISK
MANAGEMENT
Monitor PROCESS
Measure
Manage
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INNOVATIVE THINKING

Lycopodium’s culture of innovation & continuous improvement supports future growth

Digital Engineering

Plant dynamic modelling, development of static digital twins, and integration of both the dynamic and static twins into connected, mine-wide digital twin solution

Cooperative Research Centres Collaboration

Participation in the Australian Government’s Cooperative Research Centres (CRC) Program, including the Future Battery Industries CRC and the Critical Metals for Critical Industries CRC

Innovative Commercialisation

Development of innovative bin liner fixing system (PodBolt) to mitigate challenges encountered with current systems – opportunity to market new system as an efficient, industrywide solution

Energy Storage

Participation in R&D of a range of energy storage technologies, including batteries, hydrogen, thermal and cryogenic systems, through industry partnerships

Orway IQ – MillROC

Online platform providing cloudbased, customised data analysis and dashboards for optimisation of mineral processing plants

Battery Recycling

Participation in battery recycling studies to support the establishment of recycling facilities

Common User Facilities

Participation in development of QCUF, a dedicated facility for vanadium piloting – design ultimately expanded to include a range of critical minerals, including rare earths

Decarbonisation

Development of case study on options for reducing carbon footprint of a standard gold mining operation – comprehensive analysis to enable clients to better identify opportunities

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PROJECT PHASES

Generating value across each phase of the project lifecycle

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Through early and extended
project engagement from Lycopodium’s potential revenue generation at each phase (as % of project capex value)
concept/feasibility to
completion, Lycopodium
enhances its market position –
across phases, capturing a
larger share of total project
capex value Project Management
Construction
Management &
Completions
(EPCM, EPC)
Detailed
Engineering
FEED
Engineering
Feasibility
Studies
% contribution of
0.5-1.5% 1.5-3.5% 6 –9% 4-6%
capex value
Project Capex Value
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PROCESS &
EVALUATION DELIVERY
ENGINEERING
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VALUE CHAIN Lycopodium’s core capabilities and broad expertise deliver returns across the project lifecycle

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PROCESS &
EVALUATION DELIVERY OPTIMISATION
ENGINEERING
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EVALUATION	EVALUATION	PROCESS & ENGINEERING	DELIVERY	OPTIMISATION
Concept development, preliminary analysis delivering certainty and viability		Design and engineering solutions to optimise ROI and asset value	Project management, from inception to commissioning and handover	Ensuring assets maintained and operated within rated design window
Typical contract duration	3-12 months	6-18 months	2-4 years	4-5 years
FY25 revenues ($m)	30.5	124.8	174.0	10.3
Approx. revenue composition	0-10%	20-40%	50-70%	3-5%
Project capex ($bn)	10.0		5.0	-

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CLIENTS

Established enduring client partnerships over the past three decades

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Infrastructure Resources
Industrial Processes
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BOARD & MANAGEMENT

Long-term, stable board and management

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Rodney (Rod) Leonard Chairman

Peter De Leo Managing Director & CEO

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Bruno Ruggiero Executive Director

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Karl Cicanese Executive Director

Louise Bower Non-Executive Director

Michael (Mick) Caratti Non-Executive Director

Robert Radici Non-Executive Director

Justine Campbell Chief Financial Officer

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Contact Us

Peter De Leo

Sam Wells

Disclaimer

www.lycopodium.com