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Q1 2025 Quarterly Presentation April 2025
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Disclaimer NYSE:MTAL; ASX:MAC 2 IMPORTANT: You must read the following in conjunction with this document Summary information in relation to MAC This presentation contains summary information about MAC Copper Limited ARBN 671 963 198 (“MAC” or “Company”), its subsidiaries and their activities which is current as at the date of this document, unless otherwise indicated. The information in this document remains subject to change without notice. The information in this document does not purport to be complete nor does it contain all the information that would be required in a disclosure statement or prospectus prepared in accordance with the Corporations Act 2001 (Cth). This presentation should be read in conjunction with MAC's periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.metalsacquisition.com or www.asx.com.au, in particular MAC’s ASX Announcement dated 23 April 2024 titled ‘Updated Resource and Reserve Statement and Production Guidance’ (R&R Announcement). Disclaimer This presentation has been prepared by MAC and while believed to be accurate and reliable, MAC, nor any of its related bodies corporate, their respective directors, partners, employees or advisers or any other person (Relevant Parties), do not make any representations, warranties or undertakings, express or implied, as to the fairness, currency, accuracy, completeness or correctness of such information or any further information supplied by MAC, including the opinions and conclusions contained herein and any data sourced from independent third parties replicated herein, and no reliance may be placed on the information contained in this presentation. Compliance Statements Information in this presentation in relation to Mineral Resources and Ore Reserves has previously been reported in MAC’s ASX Announcement dated 23 April 2024 titled ‘Updated Resource and Reserve Statement and Production Guidance’. MAC confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates with regards to the Company in the announcement continue to apply and have not materially changed. The Company confirms that the form and context of the Competent Person's findings are presented and have not been materially modified from that announcement. Estimates of Mineral Resources and Ore Reserves and Production Target This document contains estimates of Ore Reserves and Mineral Resources as well as a Production Target. The Ore Reserves, Mineral Resources and Production Target are reported in MAC’s ASX Announcement dated 23 April 2024 titled ‘Updated Resource and Reserve Statement and Production Guidance’ (the R&R Announcement). The Company is not aware of any new information or data that materially affects the information included in the R&R Announcement, and that all material assumptions and technical parameters underpinning the estimates or Ore Reserves and Mineral Resources in the R&R Announcement continue to apply and have not materially changed. The material assumptions underpinning the Production Target in the R&R Announcement continue to apply and have not materially changed. It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the JORC Code. Investors outside Australia should note that while exploration results, mineral resources and ore reserves estimates of MAC in this presentation comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators; or (ii) the requirements adopted by the Securities and Exchange Commission (SEC) in its Subpart 1300 of Regulation S-K. Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. Industry Data Certain market and industry data used in connection with or referenced in this document, including in relation to other companies in MAC’s peer group, may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. Neither MAC or its representatives have independently verified any such market or industry data.
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Disclaimer (cont.) NYSE:MTAL; ASX:MAC 3 Financial Information This presentation includes certain financial data and metrics, such as “C1 Costs”, “Total cash costs”, “Working Capital” “Net Cash” and “Average Realised Price” that are not recognised under the Australian Accounting Standards and are classified as ‘non-IFRS financial information’ under ASIC Regulatory Guide 230 ‘Disclosing non-IFRS financial information’. MAC uses this non-IFRS Financial Information to assess the performance of the business and to provide additional insights into the underlying performance of its assets. The non-IFRS Financial Information metrics do not have standardised meanings under IFRS and, therefore, may not be comparable to similarly titled measures presented by other entities. Non-IFRS Financial Information should be considered in addition to, and not as a replacement for, financial measures determined in accordance with IFRS. Investors are cautioned therefore not to place undue reliance on any non-IFRS Financial Information included in this presentation. C1 costs are defined as the costs incurred to produce copper at an operational level. This includes costs incurred in mining, processing and general and administration as well freight and realisation and selling costs. By-product revenue is credited against these costs to calculate a dollar per pound metric. This metric is used as a measure operational efficiency to illustrate the cost of production per pound of copper produced. Total cash costs include C1 cash costs plus royalties and sustaining capital less inventory WIP movements. This metric is used as a measure operational efficiency to further illustrate the cost of production per pound of copper produced whilst incurring government-based royalties and capital to sustain operations. Free cash flow is defined as net cash provided by operating activities less additions to property, plant, equipment and mineral interests. This measure, which is used internally to evaluate our underlying cash generation performance and provides investors with the ability to evaluate our underlying performance. Not financial product advice This presentation does not constitute, and is not intended to constitute, investment or financial product advice (nor tax, accounting or legal advice). This document should not be relied upon as advice to investors or potential investors and has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Any investment decision should be made based solely upon appropriate due diligence. Except to the extent prohibited by law, the Relevant Parties disclaim all liability that may otherwise arise due to any of this information being inaccurate or incomplete. By obtaining this document, the Recipient releases the Relevant Parties from liability to the Recipient for any loss or damage that it may suffer or incur arising directly or indirectly out of or in connection with any use of or reliance on any of this information, whether such liability arises in contract, tort (including negligence) or otherwise. Past performance This presentation includes information regarding the past performance of the Company. Investors should be aware that past performance should not be relied upon as being indicative of future performance. Forward Looking Statements This Presentation may include “forward-looking statements,” which are statements that may be identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions (or the negative versions of such words or expressions) that involve risks or uncertainties. In particular, any indications of, and guidance on, future earnings and financial positions and performance are forward-looking statements. These statements are based on an assessment of present economic and operating conditions and on a number of best estimate assumptions regarding future events and actions that, as of the date made, are expected to take place. Forward-looking statements include statements about industry and market trends, statements and projections regarding mineral resources and ore reserves, planned production and operating cost profiles, planned capital requirements of MAC. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of MAC. Forward-looking statements should therefore be read in conjunction with, and are qualified by reference to, the information in the prospectus for the initial public offer. The Limited Parties cannot, and does not, give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this Presentation will actually occur and recipients are cautioned not to place undue reliance on any forward-looking statements. No person who has made any forward-looking statements in this Presentation (including MAC) has any intention to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Presentation, other than to the extent required by law.
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MAC Copper at a Glance NYSE:MTAL; ASX:MAC 4 Enterprise value1 ~US$940m As at 25 April 2025 Refinance complete <20% net gearing2 Interest costs reduced by US$14M p/a Interest variable rate3 of 6.84% Reduced repayments of US$123M4 Key Growth Projects Ventilation Unlocking full mine potential through vent project by Q3 2026 Notes: (1) Based on the closing NYSE on 25 April 2025 (US$9.55/Share) (2) Net gearing ratio based on interest bearing debt minus cash at hand to equity (3) Variable rate currently 6.84% based on SOFR and agreed margin as per margin grid (4) Compared to previous repayments under the old facility compared to the new facility before January 2027 Targeting >50kt of Copper production per annum by 2026 Merrin Mine Targeting additional copper production by Q4 2025 Copper Growth Pathway >50kt Cu pa Cu equivalent production by 2026 Solid Balance Sheet ~82.5m 3,187,500 Warrants outstanding at strike price of US$12.50 expiring June 2028 Shares Outstanding ~US$153m Liquidity 31 March 2025
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Lower Q1 2025 copper production NYSE:MTAL; ASX:MAC 5 Q1 2025 • 8,644t Cu produced • C1 of US$1.91/lb achieved1 • Total cash cost of US$2.47/lb1 • US$4.04/lb realized price2 Balance Sheet refinanced and simplified • ~US$75m of cash at end of Q4 • ~US$153m liquidity3 • ~US$160m Mezzanine repaid4 • New senior facility of US$159M and upsized revolving facility of US$125M 2025 Guidance Maintained • Copper production guidance of 43- 48 kt for 2025 maintained • Cu Grade of 3.8% - 4.0% • Growth capital US$20-25m • Sustaining capital US$40-50m Exploration • Merrin Mine drilling confirms high grade copper targets • Inferred and Mineralised Material being upgraded • Invested US$1.2m in Q1 2025 Capital Projects to drive pathway to >50kt p/a • Vent project progressed – Targeting completion by Q3 2026 • Merrin Mine development well under way – Targeting first ore by Q4 2025 • Invested US$4.1m in Q1 2025 Positive momentum into 2025 • Q4 2024 Annualised production >45kt p/a • TC/RC Benchmarks reduced by >70% impacting C1 by ~16c/lb5 • A$:US$ exchange rate benefit Note: (1) Unaudited (2) Provisional sales including hedging – spot average price for 2024 of US$4.18/lb (3) Pro-forma as at 31 March 2025 includes undrawn revolving facility, open QP, Unsold concentrate and Poly metals investment (4) Includes interest from 1 January to 15 June 2025 and 4% premium (5) Using 2024 unaudited results as a base, the impact of this reduction amounts is noted as an impact if these TC/RC movements were to be applied to the unaudited 2024 results
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Safety and TSF Update NYSE:MTAL; ASX:MAC 6 We are committed to operating safely and sustainably The safety of our people is key to all elements of our operation Ongoing TRIFR focus and positive reduction in Q1 2025 Proactive interventions including enhanced inspections and strengthened field leadership have been implemented to mitigate risks and reinforce safety culture across the site Environment Protection Authority Annual Return submitted in August 2024, no reportable incidents, pollution events, or licence breaches during the reporting period Stage 10 embankment works progressing well - on track for completion Q4 2025 Tailings Storage Facility and Environment update Total Recordable Injury Frequency Rate (TRIFR) : CSA vs. Industry 14.4 14.2 10.9 9.9 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 CSA Average TRIFR Industry Average TRIFR Industry Average TRIFR 9.8
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2.02 1.90 1.66 1.91 2.72 2.71 2.31 2.47 Jun Qtr 2024 Sep Qtr 2024 Dec Qtr 2024 Mar Qtr 2025 Productivity and Operational Improvements NYSE:MTAL; ASX:MAC 7 2025 production guidance remains on track Copper Produced (t) Sources: Company information 1. Unaudited 2. Provisional sales price post-hedging C1 and Total Cash Cost (US$/lb)1 Lower copper production of 8,644 tonnes for Q1 2025 due to mine sequencing of large higher grade stopes which could only be accessed during the latter part of the quarter and into the June quarter - guidance maintained Copper grade of 4.1% for the quarter, largely in line with previous quarter as the mine plan shifted to higher grade stopes at the latter part of the Q1 2025 C1 increase of 15% quarter on quarter driven by decreased production and offset by a ~70% decrease in TC/RC benchmarks and exchange rate movement +7% 10,864 10,159 11,320 8,644 Jun Qtr 2024 Sep Qtr 2024 Dec Qtr 2024 Mar Qtr 2025 -24%
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Productivity and Operational Improvements (continued) NYSE:MTAL; ASX:MAC 8 Above 4% grade achieved for the fourth quarter in a row Sources: Company information 1. Unaudited Development Metres excluding the Merrin Mine (m)1 Growth capital expenditure decreased in Q1 with lower capitalised development driven by a 67% increase in rehab meters compared to previous quarter combined with timing of rebuilds and other minor capital projects Growth capital expenditure consists mainly of US$3.3M spent on the capital ventilation project and US$0.8M on the Merrin mine development Underground capital development of 468m (up 1% quarter on quarter), includes 340m for Capital Vent project completed during Q1 and excludes 227m of capital development in the Merrin Mine +1% Total Capital Expenditure (US$m) 1 -29% 12.8 12.5 12.4 7.2 1.1 0.6 4.1 4.1 2.1 2.1 1.0 1.2 15.9 15.2 17.5 12.5 Jun Qtr 2024 Sep Qtr 2024 Dec Qtr 2024 Mar Qtr 2025 Sustaining Growth Exploration 449 735 231 128 233 340 449 735 464 468 Jun Qtr 2024 Sep Qtr 2024 Dec Qtr 2024 Mar Qtr 2025 Capital Development CVP
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Consistent, safe and low cost copper production Advance the Ventilation project targeting an increased production rate of 1.7mt p/a First ore from new Merrin Mine in Q4 2025 Maintain balance sheet strength and flexibility to support growth MAC Copper Strategic Goals Targeting ~23% growth in Copper production over next 2 years NYSE:MTAL; ASX:MAC 9 2025 Key Goals
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Clear and achievable growth pathway to >50kt p/a1 and above NYSE:MTAL; ASX:MAC 10 New Merrin Mine being developed Notes: (1) This is an aspiration statement of prospective production and is not production guidance. ~37,300 41,128 ~50,500 2022 Production (Prior Ownership) MAC Efficiency gains 2024 Copper Production Productivity Improvements Ventilation Project Mid-Point of 2026 guidance Merrin Mine Merrin Mine Cu + Zn Cu Eq Production Bridge (Tonnes) 1 2 3 4 1 Drivers to deliver >50kt p/a1 Optimise Mine Efficiency • Initiatives implemented established Productivity Improvements • Double stope lifts successful • Improvement projects ongoing Ventilation Project • Allowing increased mining rates • Completion targeted by Q3-2026 New Merrin Mine • Separate mine – 1.6km removed from current mining area • Close to existing development and quick to production • Production target Q4-2025 3 2 4
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Targeting production Q4 2025 – not included in current 2025 production guidance The Merrin Mine NYSE:MTAL; ASX:MAC 11 • Significant mineralisation identified in upper parts of CSA • Surface to – 900m is “The Merrin Mine” • MAC has sufficient information and confidence to commence mine planning to extract both the Zn and Cu in the Merrin Mine • Accessed through existing decline – within 100m of existing development • Merrin mine ~1.6km away from the current production source • Materially de-risk the operation with separate access, haulage and ventilation systems • At CSA, the more you look the more you find • Cu production targeted for Q4 2025 Sources: Company information
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Opportunities for Incremental Production - Developing a New Mine NYSE:MTAL; ASX:MAC 12 Merrin Mine Development Update Development commenced in October 2024 Development to be carried out by MAC targeting first ore in Q4 2025 Materially faster and cheaper development rates than in the existing mine Independent ventilation achieved in April 2025, now development rates will materially accelerate Development continues to discover new high grade zones of Cu and Zn Merrin Mine Surface Expression Extends from the existing East and West Deposit mining areas to the SE through QTSS U and Pink Panther- open along strike Pink Panther QTSSU East and West Deposits 2.5m of high grade Cu massive sulphides discovered in drive to QTSS U
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Opportunities for Incremental Production - Developing a New Mine NYSE:MTAL; ASX:MAC 13 Merrin Mine Development Update Sufficient Ore to commence development - discovering more as we develop the min Drilling continues to expand QTSS Upper towards surface Drilling and development continues to intersect typical QTSS U zones of 3-4m width at 10-20% Cu outside current resource and mine plan Zn areas proximal to development and can be mined when POL are ready Drilling confirms very high grade shallow QTSS U Circa 150m below surface and to be accessed from the existing decline with a 600m drive Surface BOCO Section: 2997mN (±90m) Looking North
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Ventilation Upgrade Project NYSE:MTAL; ASX:MAC 14 Ventilation project to unlock mining rates Development commenced October 2023 Current network doesn’t allow for sufficient exhaust of mine air causing limitations to the number of activities that can be undertaken Alternate mine ventilation design has been developed to allow for flow through production on key mining levels Activities completed to date: ― geotechnical drilling of the northern legs ― development on 4 levels Capital Budget ~A$42 million (~US$28 million) Target completion date – Q3 20262026
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42 117 - - 6 30 41 82 2025 2026 2027 2028 Old Profile New Profile Refinance Simplifies Balance Sheet and Improves Liquidity NYSE:MTAL; ASX:MAC 15 Provides significantly lower interest rate and cash interest cost per annum • Refinance complete – maturity to March 2028 • Simplification through repayment of mezz facility • Repayment holiday until 30 September 2025 • New repayment profile reduces repayments by ~US$123 million until 2027 • Revolving credit facility upsized by US$100 million to US$125 million, providing additional liquidity • Reduction of cost of debt by ~30% to ~6.85% • Interest cash savings of ~US$14 million per annum • Glencore contingents – not payable, even of triggered, before 16 June 2026, other than from available free cash flow and only after satisfaction of all operating costs and debt servicing costs as per an agreed cash flow waterfall Notes: (1) 31 December 2024 compared to 31 December 2023 (2) As announced on ASX on 13 March 2025 (3) Net gearing is calculated as net debt over debt + equity Debt repayment profile (US$m) +US$59m Revolver remains undrawn +US$19m QP, unsold conc, POL
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172 37 202 -5 75 59 19 153 -7 -160 66 -3 -5 -8 -13 31Dec24 - Opening Cash Balance Cash Generated by Operations Sustaining Capex Cash after Operating Repayment of Mezzanine Facility Drawdown of facility B Interest Exploration & Growth Capex Silver and Copper stream payments FX, hedges, Group costs and Glencore Royalties Working Capital movements 31Mar25 - Closing Cash Balance Revolving Facility QP, Unsold Con, POL 31Mar25 - Pro forma balance - 50.0 100.0 150.0 200.0 250.0 Q1 2025 Cash Flow Analysis (USD) NYSE:MTAL; ASX:MAC 16 Material cash flow from operations Q1 Cash and Cash Equivalents waterfall 1 Sources: Company information 1) Unaudited ~US$75M in cash and cash equivalents ~US$153M liquidity available Liquidity strengthened by: ~US$59M undrawn revolving facility ~US$8.2M unsold concentrate ~US$8.0M of QP receipts outstanding ~US$2.9M listed Polymetals investment ~US$30M FCF generation from operations including sustaining capex ~US$160M repayment of Mezzanine facility inclusive of final interest costs and 4% premium No Debt repayments until 1 October 2025 Interest paid of US$2.5M on Senior facility Working capital ~$13M includes increase in concentrate stock and timing of QP receipts Ops FCF US$30M
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41% 31% ~19.9% 0-20% 31-Dec-23 30-Jun-24 31-Mar-25 2025+ Target Range Progress to Potential NYSE:MTAL; ASX:MAC 17 Delivering on plan with clear 2026 and beyond targets 36 ~41 51+ 2023 2024 Actual Production 2026 Guidance (Mid-Point) Notes: (1) Presentation for the year ended 31 December 2023, includes the results of CMPL for the period from 1 January to 15 June 2023. (2) 31- Mar-25 unaudited Production (kt)1 Cash Cost (US$/lb) Net Gearing (%)2 3.02 1.92 1.91 1.50 Q2 2023 CY 2024 Q1 2025 2025+ Target +14% +23% (1%) (24%) (35%) (22%) Last Qtr Prior to MAC Ownership (31%)
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Consistent, safe and low cost copper production Advance the Ventilation project targeting an increased production rate of 1.7mt p/a First ore from new Merrin Mine in Q4 2025 Maintain balance sheet strength and flexibility to support growth MAC Copper Strategic Goals Targeting ~23% growth in Copper production over next 2 years NYSE:MTAL; ASX:MAC 18 2025 Key Goals
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NYSE:MTAL ASX:MAC maccopperlimited.com