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MORGANS NOOSA CONFERENCE October 2025 For personal use only
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MLG HAS ESTABLISHED A STRATEGICALLY STRONG MARKET POSITION 2 Large modern Fleet ~95% Revenue Gold Sector Unique Offering History of Growth Growing Margins Expansion Tier 1 Iron Ore FULLY INTEGRATED SERVICE OFFERING Mining, Haulage, Crushing and Screening, Site Services, Civil Construction, and Construction Materials OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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Mine PROVIDING CRITICAL INFRASTRUCTURE TO MINERAL PROCESSING Mine Mine Mine Client Processing Facilities Bulk material transfer General site haulage Bulk ore haulage (on and off road) Logistics Mine planning and design Drill and blast services Ore extraction and removal Contract crushing mobile plant Build owned and operated fixed plant Concrete aggregate production General screening Road maintenance Tailings storage facility lifts Rehabilitation work Bulk earthworks Owned and operated quarries Aggregates, gravel and sand Client strategies typically follow hub and spoke model with large central processing facility fed from multiple satellite mines 3 OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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4 1. Pro Forma revenue offsets fuel tax credits and other income against costs of sales Pro Forma1 Revenue $132.7m $199.6m $205.1m $254.0m $286.8m $375.2m $468.6m $540.4m FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 32.4% CAGR CONTINUED GROWTH IN REVENUE OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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REVENUE IS PRIMARILY DRIVEN FROM THE GOLD SECTOR • Significant industry investment in processing capacity has exponentially increased the demand for haulage and site services • High gold price driving volume demand • Higher barriers to entry as regulatory environment tightens • Off-road haulage requires alternative fleet profile and specialist knowledge 5 FY2025 Revenue Iron Ore, 5.3% Nickel, 0.7% Gold, 94.0% OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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OUR SIGNIFICANT FOOTPRINT 6 OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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OVERALL SCALE AND MATURITY OF BUSINESS HAS EVOLVED. 7 Over $500m in Revenue Servicing top tier Gold Producers Over $200m in plant and equipment Modern technology platforms delivering comprehensive data analytics Strong cash generation Flexible debt structure (fixed rate equipment finance with multiple tenors) We deliver critical services to the supply chain for our customers Recurring revenue streams underpin growth outlook OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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FINANCIAL PERFORMANCE 8 OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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9 REVENUE $540.4m ($474.8m FY24) EBITDA $66.1m ($55.3m FY24) EBIT $23.4m ($20.1m FY24) NPAT $12.1m ($11.0m FY24) NTA/SHARE 107.0c (100.0c FY24) GEARING* 0.88x (1.4x Dec 24) 13.8% 7.0% 37.1% 19.5% 10.0% FY2025 - SUSTAINED GROWTH IN REVENUE AND MARGIN. 15.9% Margin %1 1. EBITDA margins are based on Pro Forma revenue which offsets fuel tax credits and other income against costs of sales $29.3m $36.8m $66.1m H1 FY25 H2 FY25 FY25 FY2025 EBITDA Margin %1 10.9% 13.5% *Gearing Ratio = Net Debt /Last 12 months EBITDA – Excluding AASB16 Leases OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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REDUCTION IN GEARING HAS STRENGTHENED BALANCE SHEET 10 0.00 0.50 1.00 1.50 2.00 2.50 $15.0m $30.0m $45.0m $60.0m $75.0m H1 FY22 H2 FY22 H1 FY23 H2 FY23 H1 FY24 H2 FY24 H1 FY25 H2 FY25 Net Debt Gearing • Higher Net debt in H1 reflects investment made in anticipation of growth • Gearing ratio continues to trend down • Significant debt capacity in existing facilities • $145.2m Net Assets • $57.8m Net Debt 0.88x Gearing Ratio OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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OUTLOOK 11 OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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12 MLG Services Project Funding (Working Capital) + Project Management Mining Haulage At standard industry rates Client Tenement resource body, mining approvals, and site accommodation / access Services Agreement Third Party Processing • Project delivery − Costs funded by MLG − Aligns client and MLG to overall project outcomes − MLG has greater control over execution risks • Once project is profitable after all mining and processing costs – Project profits are distributed − MLG % − Client % • MLG’s overall profit margin is therefore: − Margin from mining and haulage services plus − Share of project profit OPPORTUNITIES FOR PROFIT SHARE - OVERVIEW OCTOBER 2025 MORGANS – NOOSA CONFERENCE MLG Metals Market demand – multiple opportunities Exposure to Gold price without ownership Projects vary by size and term Rapid cash recovery Utilises existing fleet - Opportunity for MLG to materially increase margins - Crushing For personal use only
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UNDEVELOPED JORC COMPLIANT RESOURCES 100km RADIUS SURROUNDING KALGOORLIE For personal use only
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14 14 OUTLOOK REMAINS STRONG WITH CONTINUED EXPECTATION OF HIGH LEVELS OF CUSTOMER DEMAND • Strong market momentum underpinned by recent contract wins with Rio Tinto, Fortescue and New Murchison Gold,. • Our focus is on the long-term sustainability of our profit margins and we continue to work towards optimising our portfolio to deliver sustainable margin improvement • Growing opportunities for MLG to move up the value chain and provide a link for tier 2 producers to commercialise their resources in return for a share of gold profit. − Control mine to processing − Leverage balance sheet for project funding − Enable access to processing capacity OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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HEAD OFFICE A 10 Yindi Way Kalgoorlie, Western Australia P (08) 9021 1011 CORPORATE OFFICE A Level 6, 905 Hay Street, Perth, Western Australia P (08) 9022 7746 EMAIL info@mlgoz.com.au WEBSITE mlgoz.com.au ABN & ASX ABN 53 102 642 366 ASX MLG THANK YOU 15 For personal use only
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16 OUR TIMELINE MLG founded by Murray Leahy Construction and commissioning of fixed plant at Fortescue Construction of Tails Dam for Gold Fields Celebrating 20 years of MLG Expanding our Civil & Mining Division First hard rock quarry established Tarmoola Quarry First contract-crushing contract awarded to MLG by Fortescue Build, own, operate fixed plant crusher at Fortescue Christmas Creek First sand quarry operation – 8 Mile Rock First contract secured providing silica mining and haulage services for BHP MLG lists on the Australian Stock Exchange Operational across 34 sites with 1000+ employees MLG secures its maiden contract with Rio Tinto First integrated contract & services supply awarded at Agnew First contract outside of W.A. awarded at Tanami (Newmont) First mining contract awarded to MLG from Gold Fields Australia First sand supply contract awarded to MLG by Holcim Australia OUR TIMELINE OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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MEET THE TEAM 17 BOARD OF DIRECTORS MURRAY LEAHY Managing Director GARRET DIXON Non-Executive Director MARK HATFIELD Chief Operations Officer EXECUTIVE LEADERSHIP TEAM TOM GREGORCZYK Chief Commercial Officer ANNA NEULING Non-Executive Chair EXECUTIVE PHIL MIRAMS Chief Financial Officer SIMON PRICE Non-Executive Director OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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MODERN OWNED FLEET SUPPORTING OPERATIONAL PERFORMANCE 18 167 Prime Movers 687 Trailers/Dollys $100.5m WDV $5.6m WDV $19.4m WDV 24 Excavators Average Age 5.7 Years Average Age 5.0 Years Average Age 6.6 Years Average Age 9.1 Years Average Age 7.0 Years Average Age 8.6 Years Average Age 7.5 Years $42.2m WDV 111 Loaders 20 Crushers 38 Stackers 20 Screens $1.9m WDV 13 Graders $2.0m WDV 3 Dozers $5.8m WDV 11 Dump Trucks Additional Fleet: 108 Light Vehicles Containers, Tools, and Ancillary $3.0m WDV $5.9m WDV OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only
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HISTORIC FINANCIAL PERFORMANCE – PRO FORMA 1 19 Pro Forma Statutory Pro Forma Statutory Pro Forma Statutory $000’s Notes FY25 FY25H2 FY25H1 FY24 FY24H2 FY24H1 FY23 FY23H2 FY23H1 Revenue Mine Site Services and Bulk Haulage 1 494,886 248,216 246,670 412,911 226,984 185,927 329,943 179,386 150,557 Crushing and Screening 45,508 23,613 21,895 55,477 18,297 37,180 40,096 24,016 16,080 Export Logistics - - - 230 114 116 5,171 275 4,896 Total revenue 1 540,394 271,830 268,564 468,618 245,395 223,223 375,210 203,676 171,534 Costs of sales 1,2 (450,603) (222,825) (227,778) (390,479) (208,963) (181,516) (320,753) (173,005) (147,748) Gross profit 89,791 49,004 40,787 78,139 36,432 41,707 54,457 30,671 23,786 General and administration 2 (23,692) (12,198) (11,494) (22,846) (9,664) (13,182) (19,424) (12,244) (7,180) EBITDA 66,099 36,807 29,292 55,293 26,768 28,525 35,033 18,427 16,606 EBITDA Margin 12.2% 13.5% 10.9% 11.8% 10.9% 12.8% 9.3% 9.0% 9.7% Depreciation (40,471) (21,027) (19,444) (34,188) (18,920) (15,268) (23,373) (12,458) (10,915) Loss on Sale of Assets (2,263) (1,099) (1,164) (943) (178) (765) (6,963) (6,890) (73) EBIT 23,363 14,679 8,684 20,162 7,670 12,492 4,697 (921) 5,618 EBIT Margin 4.3% 5.4% 3.2% 4.3% 3.1% 5.6% 1.3% (0.5%) 3.3% Balance Sheet Net Assets $145.2m n/a $135.8m $130.8m n/a $126.1m $118.1m n/a $119.0m Net Debt (Excluding AASB16 Leases) $58.0m n/a $77.5m $56.6m n/a $52.0m $54.1m n/a $65.2m NTA/Share 107.0 n/a 102.0c 100.0c n/a 94.2c 89.0c n/a 89.3 Notes: 1. Pro Forma revenue offsets fuel tax credits and other income against cost of sales 2. Costs of Work Health and Safety, long service leave and site administration have been included in cost of sales rather than as general and administrative costs. Previously disclosed financial reports reflected these as general and administrative costs. OCTOBER 2025 MORGANS – NOOSA CONFERENCE For personal use only