Financial Model

NZX Announcement – Immediate Release
March 11, 2026
Tāiko Critical Minerals [TCM] Financial Model Report - strong operating margins,
sustained free cash flow generation, and attractive return metrics
Highlights
 Life of Mine Revenue: USD 3,284 M
 Upfront CAPEX: USD 66 M
 NPV: USD 281 M
 Project IRR: 28.8%
 Equity IRR: 40.7%
 Free Cash Flow: USD 1,276 M
 Project Payback: 4.9 years
 Equity Payback: 3.8 years
Tāiko Critical Minerals [TCM] has today received the Financial Model Report for its
Barrytown Minerals Project.
The financial model for the project presents a life-of-mine financial evaluation based on
the current mine plan, production schedule and operating assumptions adopted for
project assessment and capital-raising purposes.
The model reflects a staged production profile, with average annual mining rates
increasing from 1.1 Mtpa in Years 1–5, to 1.5 Mtpa in Years 6–9, and reaching 2.0 Mtpa
from Year 10 onwards, supporting production of ilmenite, garnet, zircon, and critical
minerals concentrate (CMC).
The project model estimates total life-of-mine revenue of approximately USD 3.28
billion will be generated and a life-of-mine operating margin of approximately 57.5%.
Initial development capital is approximately USD 66 million, excluding working capital,
with cumulative free cash flow of approximately USD 1.28 billion generated over the
operating life.
At a discount rate of 10%, the project is estimated to deliver a net present value (NPV) of
approximately USD 281 million and a project internal rate of return (IRR) of 28.8%, with
capital payback achieved in approximately 4.9 years. Equity returns are expected to be
enhanced through project leverage, generating a potential equity IRR of approximately
40.7% and equity payback of approximately 3.8 years.

Overall, the model indicates a financially robust project supported by strong cash
generation, moderate capital intensity, and stable operating performance under the
assumptions adopted. This provides the basis for this project assessment to be
confirmed by the Definitive Feasibility Study (DFS) which is expected to be completed
later this year.
This NZX announcement has been authorised for release by the Company’s Board of
Directors.

ENDS

For further information please contact:
Robert Brand
Chief Executive OƯicer
+61 421 388 222
www.taikocm.co.nz