MITCHELL SERVICES LIMITED — AGM Information 2025

Oct 14, 2025

ANNUAL GENERAL MEETING 2025

15 October 2025

ASX:MSV

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CEO PRESENTATION Andrew Elf Chief Executive Officer

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DISCLAIMER

This investor presentation has been prepared by Mitchell Services Limited (“the Company”). Information in this presentation is of a general nature only and should be read in conjunction with the Company’s other periodic and continuous disclosure announcements to the ASX, which are available at: www.asx.com.au.

This presentation contains statements, opinions, projections, forecasts and other material (“forward-looking statements”) with respect to the financial condition, business operations and competitive landscape of the Company and certain plans for its future management. The words anticipate, believe, expect, project, forecast, estimate, likely, intend, should, could, may, target, plan and other similar expressions are intended to identify forward-looking statements. Such forward-looking statements are not guarantees of future performance and include known and unknown risks, uncertainties, assumptions and other important factors which are beyond the Company’s control and may cause actual results to differ from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Any forward-looking statements contained in this document are qualified by this cautionary statement. The past performance of the Company is not a guarantee of future performance. None of the Company, or its officers, employees, agents or any other person named in this presentation makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statements or any of the outcomes upon which they are based.

The information contained in this presentation does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, investors should consider their own needs and situation and, if necessary, seek independent professional advice.

Mitchell Services Limited’s financial statements comply with International Financial Reporting Standards (IFRS). This presentation may include certain non-IFRS performance measures including EBITDA, EBIT, Gearing ratio, Gross Debt, Net Debt and Return on Invested Capital (ROIC). These measures are used internally by management to assess the performance of the business. Non-IFRS measures have not been subject to audit or review and should not be considered as an alternative to an IFRS measure of profitability, financial performance or liquidity.

To the maximum extent permitted by law, the Company and its directors and advisers of both give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of the Company, its officers, agents or employees of accepts, to the extent permitted by law, any liability for any loss, claim, damages, costs or expenses arising from the use of this presentation or its contents or otherwise arising out of, or in connection with it. Any recipient of this presentation should independently satisfy themselves as to the accuracy of all information contained herein.

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AGENDA

1. MARKET PROFILE

2. FY25 OVERVIEW

3. FY25 OPERATIONAL SUMMARY

4. OPERATIONAL UPDATE

5. FY26 Q1 UPDATE

6. FY26 STRATEGY

7. SUMMARY

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MARKET PROFILE

ASX INFORMATION

ASX Stock Symbol MSV Shares on Issue (at 13/10/2025) 211,962,408 Share Price (at 13/10/2025) A$0.32 Market Capitalisation A$67.83m

SHAREHOLDERS

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19.9% - Mitchell Group

7.6% - Dream Challenge Pty Ltd

13.3% - Institutional Investors

59.2% - Retail Investors

BOARD OF DIRECTORS

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Nathan Mitchell	Executive Chairman
Scott Tumbridge	Non- Executive Director
Peter Miller	Non-Executive Director
Robert Douglas	Non-Executive Director
Neal O’Connor	Non-Executive Director
Peter Hudson	Non-Executive Director

EXECUTIVE MANAGEMENT TEAM

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Andrew Elf Chief Executive Officer Greg Switala CFO & Company Secretary

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FY25 OVERVIEW

• FY25 represented a transitional year for the Company, with a significant investment into new projects to replace reduced utilisation due to various factors outside the Company’s control.

• A softer coal market (most notably in Qld) was the primary driver for the reduced utilisation. The coal market has remained subdued in recent times due to a variety of factors including the current royalty regime in Qld.

• By contrast, the gold market remains strong buoyed by record gold prices . Replacement projects won in FY25 were largely within the gold sector.

• All major FY25 expiring contracts re-won.

• The Company will enter FY26 ex mobilisations and ramp up

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• Significant leverage within the business upon the normalisation of utilisation and revenue

• Strong balance sheet provides optionality

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FY25 OPERATIONAL SUMMARY

• A significant investment was made into newly-won projects and service offerings, most notably:

• PNG market entry following the award of a multi-rig, multi-year contract with a global gold mining major

• The provision of innovative decarbonisation drilling via joint venture Loop Decarbonisation Solutions (Loop) which represents a material growth opportunity in time.

• The award of a multi-rig, multi-year underground contract with a global gold mining major

• The award of a multi-rig, multi-year surface contact with Tier 1 ASX listed coal company

▪ FY25 was impacted by a reduction in utilisation attributable to a variety of factors including:

• The underground fire event at Grosvenor mine

• Temporary shutdowns at Oaky Creek (water inrush event) and Moranbah North (underground gas incident)

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• Mining industry corporate activity

• Elevated rainfalls events

• Reduced activity levels in the coal sector given lower coal prices

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: OPERATIONAL UPDATE
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Customer 1
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First project successfully completed
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Customer 2
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Initial feasibility and consulting work currently in progress
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Letter of Intent (LOI) issued to engage Loop for the full in field management of the decarbonisation project
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Various other
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Initial feasibility and consulting work in progress
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Strategic equity investment in Loop by Sumitomo Corporation
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Sumitomo to acquire up to 25% of the equity in Loop
•
The investment validates the business strategy and service offering
•
Provides a strong platform to accelerate growth
•
Values the Loop business at approximately $24million
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Mitchell Services Limited (ASX: MSV) is a leading
provider of drilling services to the global
exploration, mining and energy industries. Our
state-of-the-art fleet is currently positioned in key
exploration and mining centres throughout
Australia. We are the largest provider of
underground gas drainage and directional drilling
services in Australia.
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Talisman Technical focuses on providing comprehensive solutions for the resources sector, including ESG, decarbonisation, safety and critical control management, reservoir engineering, and mining advisory. Our approach involves understanding the challenges faced by their clients and offering industry-leading solutions to support their journey towards a sustainable future.

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THE LOOP FULL-SERVICE OFFERING
We integrate all aspects of the decarbonisation solution,
From concept through to execution, our unique capabilities
including health, management systems, safety and
allow us to manage the decarbonisation solution from end-
to-end. environmental risk.
Our extensive operational experience allows us to From marginal abatement cost curves, to execution at the
effectively manage the interactions between active mining coal-face, and audit and assurance to national and global
and the decarbonisation activities to mitigate risk and
ESG standards – Loop is the trusted partner of choice.
maintain production.
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Mine planning optimisation
Alternative fuels Electrification
Diesel & Data-driven improvement
Power
Emissions
Decarbonisation
Loop facilitated 3 [rd] party
Strategy
• Base case
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Project definition Gas reservoir Drilling,
Operational Beneficial
• Prioritisation characterisation & drainage, project
readiness use &
(MAC Curves) gas production studies management & offtake
Fugitive model
reporting
Emissions
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DECARBONISATION:AN OPPORTUNITY IN DISGUISE WHAT’S DRIVING CHANGE?

The transition toward a clean energy future is here. This is being driven by investor demand, government regulation, and growing societal pressure. Regardless of the pace of change, the direction is all shifting towards net zero by 2050.

Loop seeks to shift the narrative – this is an opportunity in disguise. Stakeholder sentiment is linked to long-term value and social licence. Why can’t it be risk adjusted return centric?

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Corporate Strategy
Global corporates are aligning decarbonisation
strategies to net zero by 2050 with interim
targets by 2030.
Safeguard Mechanism
The Safeguard Mechanism has commenced,
with operations required to reduce emissions
each year. NGERS is shifting to Method 2
across all Safeguard-covered facilities by FY26.
State Compliance
All states require a GHG management plan for
approvals and amendments, with exceptional
detail required. NSW is the most stringent, with
QLD not far behind.
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FY26 Q1 UPDATE

EBITDA $11.8m

68%

FROM $7.0m IN FY25 Q1

OPERATING CASHFLOW $9.8m

70% FROM $5.7m IN FY25 Q1

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EBT $6.1m
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1,692%

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FROM $0.3m IN FY25 Q1
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CAPITAL EXPENDITURE $3.6m

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3%
FROM 3.7m IN FY25 Q1
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RETURN ON INVESTED CAPITAL 30%

1,007% FROM 3% in FY25 Q1

NET DEBT $0.9m

93%

FROM $8.4m AT 30 JUNE 2025

Average operating rig count of 62 out of 90 in the fleet

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FY26 STRATEGY

• The overall strategy of the Company is to optimise the long-term growth of the business and returns to shareholders by:

• Maintaining and, where possible, improving the profitability of the existing business

• Continue to identify opportunities in the domestic mining sector to provide new services to Tier 1 clients (both within and beyond the traditional drilling business)

• Identifying additional growth opportunities offshore for existing clients

• With a strong balance sheet , the Company retains its

optionality and expects shareholder returns to recommence upon normalisation of business performance. This would most likely be via the recently renewed share buy back.

▪ Given the relative fixed nature of a large portion of the Company’s costs, the overall leverage within the business is significant upon the normalisation of utilisation and revenue.

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SUMMARY

• Quality brand with long history, Tier 1 customer base and high-quality revenue streams

• FY25 was a transitional year , marked by investment into new gold and decarbonisation projects to offset lower coal utilisation in Queensland. These strategic moves have reshaped the project mix and strengthened resilience against commodity swings.

• The Company enters FY26 with strong momentum, a significant portion of revenue already contracted, and a robust balance sheet, supported by a positive FY26 Q1 result

• With net debt just $0.9m at 30 Sep 2025, there is a clear pathway to a net cash position, providing flexibility for investment and growth

• Operational leverage within the business remains substantial, positioning the Company to benefit strongly as utilisation and activity levels normalise.

• The business continues to prioritise safety , operational discipline , and

efficiency i mprovements, ensuring sustainable returns as new projects ramp up.

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