Q1 2025 Quarterly Presentation April 2025 Disclaimer IMPORTANT: You must read the following in conjunction with this document Summary information in relation to MAC 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 ...

Financial Data and Key Metrics Changes - The company reported an enterprise value of approximately USD 940 million and plans to produce over 50,000 tonnes of copper annually in the near future [3] - The company achieved a C1 cash cost of USD 1.91 per pound and total cash costs of about USD 2.47 per pound, with a realized price of USD 4.4 per pound for the quarter [6][7] - The net gearing ratio was reduced to under 20%, reflecting a significant deleveraging of the balance sheet [4][34] Business Line Data and Key Metrics Changes - The first quarter is typically the softest for the company, with production trends down due to seasonal weather impacts and a strong previous quarter [5][11] - The company maintained guidance for copper production between 43,000 to 48,000 tonnes for the year, with a copper grade of approximately 3.84% [7][8] - Growth capital expenditures (CapEx) are projected to be between USD 20 million to USD 25 million, while sustaining CapEx is estimated at USD 40 million to USD 50 million [8] Market Data and Key Metrics Changes - The company noted positive tailwinds from exchange rates and treatment charges, with spot copper treatment charges at negative USD 40 per tonne, indicating a favorable annual benchmark settlement [8] - The company has seen a strong grade profile during Q1, with head grades over 4% copper expected to continue [11] Company Strategy and Development Direction - The company is focused on two key growth projects: the ventilation project and the Merin mine, which is expected to enhance production and reduce operational volatility [4][31] - The Merin mine is anticipated to contribute significantly to production, with potential for high-grade copper and zinc extraction [20][30] - The company aims to maintain consistent, low-cost copper production while advancing its projects to achieve targeted annual production above 50,000 tonnes [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter based on the production profile and the potential of the Merin mine to smooth out production volatility [44][62] - The company has not encountered significant supply chain issues or cost impacts from tariffs, maintaining a strong liquidity position post-refinancing [93][94] - Management highlighted the importance of the Merin mine for future growth and its ability to provide a stable production profile [46][62] Other Important Information - The company completed a refinancing of its debt structure, significantly reducing net gearing and interest costs, with annual cash interest savings of approximately USD 14 million [34][36] - The company reported a healthy liquidity position of USD 153 million, providing flexibility for future operations [40] Q&A Session Summary Question: Can you confirm that production and sales are aligned from a cash flow perspective? - Yes, the company aims to align production with sales on a quarterly basis, ensuring cash reflects production costs [51][52] Question: Will there be any development ore from the Merin mine? - Yes, the company has already extracted high-grade zinc lead mineralization during development and plans to be opportunistic in extracting valuable ore [54] Question: What tonnage would be considered a success for 2026? - The company anticipates mining around 50,000 tonnes at 6% copper and potentially 100,000 to 150,000 tonnes of medium-grade copper at 2.5% [57][58] Question: Is there a pathway to greater than 50 kilotonnes of copper equivalent production? - The company feels comfortable with the potential for upside risk in production forecasts, especially with the Merin mine's contributions [70][71] Question: Are the costs for the ventilation project still on track? - Yes, the costs for the ventilation project remain on track, with a reduction in the cost per meter of development noted [75][78] Question: What is the outlook for shaft production this year? - The company expects to maintain grades around 4% and aims to optimize production efficiency [82] Question: Are there any issues with supply chain or consumables? - Currently, there are no significant issues, and the company has a strong liquidity position to weather market uncertainties [93][94]

Core Viewpoint - MAC Copper Limited (MTAL) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which are a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and changes in these estimates are strongly correlated with near-term stock price movements [4][6]. - For MAC Copper Limited, the earnings estimate for the fiscal year ending December 2025 is projected at $0.92 per share, representing a 193.9% increase from the previous year [8]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, and their buying or selling activities based on these estimates can lead to significant price movements [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The upgrade of MAC Copper Limited to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Financial Performance - Revenue from ordinary activities increased by 114% to US$340,736,000 in FY24 compared to US$158,999,000 in FY23[5] - Underlying EBITDA rose by 277% to US$168,400,000 in FY24 from US$44,654,000 in FY23[17] - Net loss attributable to members decreased by 51% to US$70,221,000 in FY24 from US$144,554,000 in FY23[5] - Revenue for FY24 increased by 114% to US$340.736 million compared to FY23, primarily due to the acquisition of the CSA Copper Mine[61] - Free cash flow improved to US$62.751 million, a significant increase of 270% from a loss of US$36.860 million in FY23[61] - The statutory loss after tax for FY24 was US$70 million, influenced by net financing costs of US$75 million and non-cash movements of US$81 million[65] - The net loss for FY24 was $70.221 million, an improvement from a net loss of $144.554 million in FY23[122] Production and Costs - Record copper production of 41,128 tonnes in 2024, a 14% increase compared to 2023, with an average copper grade of 3.9%[16] - C1 cash cost improved to US$1.92/lb, a 4% decrease from US$1.99/lb in 2023[17] - All-in cash cost decreased by 6% to US$2.70/lb from US$2.86/lb in 2023[17] - Copper production increased from 36,000 tonnes to 41,000 tonnes, just above the midpoint of guidance[54] - FY24 copper production increased by 96% to 41,128 tonnes, and copper sales rose by 108% to 40,326 tonnes compared to FY23[64] - C1 cash cost for the year was US$1.92 per pound, a decrease of 4% from US$1.99 per pound in FY23[61] - Total cash costs decreased by 6% to US$2.70 per pound from US$2.86 per pound in FY23[61] - Cost of goods sold rose to $223.394 million, reflecting an increase of 58% compared to $141.166 million in FY23[122] Cash and Liquidity - Cash and cash equivalents increased by approximately 431% to US$172,000,000 compared to December 31, 2023[16] - The company ended FY24 with a cash balance of US$172 million and pro-forma liquidity of approximately US$213 million[73] - Cash flows from operating activities improved significantly to US$117 million in FY24, compared to an outflow of US$12 million in FY23[79] - The cash position at the end of FY24 was $172 million, significantly up from $32 million in FY23[109] - The company reported a net cash from operating activities of $116,739 thousand in 2024, a significant turnaround from a cash outflow of $11,707 thousand in 2023[125] Strategic Investments and Future Guidance - Updated production guidance for 2025 is set between 43,000 tonnes and 48,000 tonnes, and for 2026 between 48,000 tonnes and 53,000 tonnes[20] - The company aims to grow copper production by approximately 23% to over 50,000 tonnes per annum by 2026 through ongoing projects[19] - The CSA Copper Mine's life has been extended to 2034, with a target to produce over 50,000 tonnes of copper annually by 2026[39] - The company raised A$325 million in equity in February and an additional A$150 million in October 2024[40] - Strategic investment in Polymetals increased in value to A$6.4 million, up more than 125% since the initial investment[16] Safety and Operational Efficiency - The company achieved a TRIFR reduction from 11.9 to 10.9, indicating improved safety performance[52] - The Total Recordable Injury Frequency Rate (TRIFR) for the CSA Copper Mine was 10.9, below the NSW underground metalliferous average of 15.5[86] - Ore mined increased by 80% to 1,052,050 tonnes, and tonnes milled rose by 75% to 1,072,676 tonnes in FY24[95] Assets and Liabilities - Total assets increased to $1,407,586 thousand in 2024, up from $1,305,468 thousand in 2023, representing a growth of approximately 7.8%[123] - Current assets rose significantly to $207,943 thousand in 2024, compared to $88,936 thousand in 2023, marking an increase of about 134%[123] - Total liabilities decreased to $840,627 thousand in 2024 from $1,037,441 thousand in 2023, a reduction of approximately 19%[123] - The total equity increased to $566,959 thousand in 2024 from $268,027 thousand in 2023, showing a growth of approximately 111%[124] Capital Expenditures - Capital expenditure for the development of the CSA Copper Mine was US$27 million in FY24, up from US$17 million in FY23[75] - The company invested $53,988 thousand in property, plant, and equipment in 2024, compared to $25,153 thousand in 2023, representing an increase of about 114%[125] Accounting Policies - The Group's revenue is primarily derived from the sale of goods, recognized when control of the goods is transferred to the customer, with revenue adjustments based on market price fluctuations[146][148] - Property, plant, and equipment are initially recognized at cost, including directly attributable costs, and are depreciated over their estimated useful life or remaining life of mine[164][166] - The Group applies FIFO or weighted average methods for inventory valuation, with copper-silver in concentrate and ore stockpiles measured at the lower of cost or net realizable value[163] - Financial assets are initially recognised at fair value plus transaction costs, and trade receivables are measured at the transaction price[184] - Financial liabilities are recognised at amortised cost using the effective interest rate method, with borrowings classified as current liabilities unless deferred for at least 12 months[192]

Financial Position and Debt - The company incurred a significant amount of debt in connection with the Business Combination, which may limit available funds and operational flexibility [52]. - The company expects to require additional financing or refinancing to sustain future capital cost overruns, which may be necessary due to unanticipated costs or delays [73]. - The company incurred approximately $393 million in aggregate principal amount of indebtedness under the Senior Facilities and the Mezz Facility, secured by substantially all of its assets [152]. - As of December 31, 2024, the aggregate principal amount of indebtedness under the Debt Facilities was approximately $304 million [152]. - The company is required to use a portion of cash flows from operations to pay interest and principal on its indebtedness, which limits available funds for working capital and expansion plans [153]. - Financial covenants require the company to maintain a debt-service coverage ratio of not less than 1.20 and a net debt to EBITDA ratio of not more than 2.5 [154]. - The company may face adverse effects on its operations if it defaults under its debt arrangements, potentially requiring immediate repayment or refinancing [155]. Operational Risks - Reliance on a single customer, GIAG, for all production from the CSA Copper Mine may significantly impact cash flow and financial position [49]. - The CSA Copper Mine's operations are subject to geotechnical risks that could adversely impact ore recoveries and mining efficiencies [61]. - Future project expansion and exploration success may not be achieved, impacting long-term economic viability [52]. - The company faces risks related to fluctuations in demand for and prices of copper, which could adversely affect business operations [52]. - The CSA Copper Mine is at risk of equipment failures, which could adversely impact operations and financial performance [103]. - Severe weather events and natural disasters could disrupt operations and affect the timely export of products from the CSA Copper Mine [97]. - The company faces competition for skilled labor in the mining sector, which may lead to higher costs or operational delays if personnel cannot be secured [96]. - Future pandemics could adversely affect operations, including labor availability and regulatory approvals, similar to the impacts seen during COVID-19 [95]. - The company may incur significant costs due to premature mine closure or maintenance, adversely affecting financial condition [130]. Environmental and Regulatory Compliance - Compliance with environmental laws may lead to increased costs and potential liabilities, affecting overall business operations [110]. - Future changes in environmental regulations may necessitate additional capital expenditures to comply, impacting financial results [115]. - The company faces complex regulatory requirements that could result in higher expenses and limit operational flexibility [114]. - New native title claims could result in higher operational costs and impact the ability to operate effectively [106]. - Environmental rehabilitation liabilities are recognized costs, and actual future costs may exceed current provisions due to various influencing factors [98]. - The company has security deposits with the New South Wales Government to cover rehabilitation liabilities, which may increase based on regulatory assessments [99]. Internal Controls and Governance - The company identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results [52]. - Material weaknesses in internal control over financial reporting have been identified, which could affect the accuracy of financial results and timely reporting [176]. - The company has initiated steps to improve internal controls, including hiring experienced accountants and engaging external consultants for risk assessment and control documentation [180]. - A remediation plan is in place, focusing on enhancing entity-level controls, IT general controls, and segregation of duties in financial processes [181]. - The company acknowledges that remediation efforts may not be sufficient to prevent future material weaknesses or restatements of financial results [183]. Market and Economic Factors - The company is highly dependent on strong demand for copper, with fluctuations in demand and prices significantly affecting profitability [133]. - General cost inflation, particularly in energy prices, may increase production costs beyond expectations, affecting operating profits [105]. - Changes in international trade policies and potential tariffs could increase operational costs and adversely affect the company's financial condition [145][146]. - The volatility of copper and silver TCRC may adversely affect the company's results of operations and reduce margins [149]. - Appreciation of the Australian dollar against the U.S. dollar could increase the CSA Copper Mine's cost of production, reducing margins [137]. Shareholder and Market Considerations - The company has 82,438,431 Ordinary Shares outstanding as of December 31, 2024, and substantial sales of these shares could cause market price declines [166]. - The company completed a placement of 8,333,334 new CDIs in October 2024, which could lead to dilution for existing shareholders [191]. - Future dividend payments will depend on various factors, including financial covenants and capital expenditure requirements, with no current plans to pay cash dividends [165]. Production and Resource Estimates - The CSA Copper Mine produced 161,405 kt of concentrate grading 3.9% copper, containing 41,128 kt of copper in 2024 [215]. - The mineral resource has increased by 67% since the Company took ownership in June 2023, extending the mine life to 2036 [225]. - The CSA Copper Mine's current estimated Mineral Reserves support operations until the end of 2036 [216]. - As of December 31, 2024, total Mineral Resources for the CSA Copper Mine are estimated at 8.6 Mt with a copper grade of 5.4%, containing 464 kt of copper and 5.1 Moz of silver [233]. - The Mineral Reserve for the CSA Copper Mine as of December 31, 2024, is 15.9 Mt with a copper grade of 3.4%, containing 545 kt of copper and 6.8 Moz of silver [242]. - The Mineral Reserve estimate reflects an increase from 14.6 Mt in 2023 to 15.9 Mt in 2024, with a notable increase in Proven reserves from 8.4 Mt to 11.4 Mt [242]. - New geological information from drilling has contributed to the net increase in resources, particularly in the O Lens in QTS North [237]. - The company has also provided a new Mineral Resource estimate for the Zn mineralization in the Merrin Mine, totaling 2.4 Mt at 7.3% Zn, containing 173.6 kt of zinc and 1.8 Moz of silver [239].

Financial Data and Key Metrics Changes - The enterprise value of the company is just over $1 billion, with copper production exceeding 41,000 tons at a grade of 3.9% [2] - Operational cash flows were approximately $117 million, with liquidity at the end of the year amounting to $213 million, primarily in cash [2][6] - The EBITDA margin is just under 50%, with a conversion rate of about 74% to free cash flow [2][7] - Net gearing improved significantly from 41% to around 15%, indicating a strong balance sheet [9][23] - Cash and cash equivalents increased from $32 million to $172 million, reflecting a substantial improvement in liquidity [19][24] Business Line Data and Key Metrics Changes - In Q4, the company produced 11,320 tons of copper at a grade of 4.1%, exceeding the midpoint of guidance [5] - The C1 cash cost for the quarter was reported at $1.66 per pound, with total cash costs averaging around $2.31 per pound [5][15] - The company achieved record copper production and maintained a strong focus on cost reduction and operational efficiency [9][15] Market Data and Key Metrics Changes - The company benefited from a lower exchange rate, which is expected to positively impact 2025 results [6] - Approximately 80% of the company's costs are in Australian dollars, providing a favorable exchange rate environment [16] Company Strategy and Development Direction - The company aims to increase copper production to over 50,000 tons by 2026, with ongoing growth projects such as the Vent project and QTS South Upper [8][10] - There is a focus on organic growth opportunities, with plans to optimize the balance sheet and reduce debt [11][28] - The company is exploring additional high-grade ore bodies and has identified potential for further production increases at QTS South Upper [50][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth potential, highlighting the best production quarter and balance sheet position in the company's history [38][69] - The company is focused on delivering operationally, executing organic growth, and considering shareholder returns once the balance sheet is further optimized [68][70] Other Important Information - The company has successfully reduced its senior debt and is in the process of refinancing to improve terms and flexibility [26][112] - Safety performance improved, with the Total Recordable Injury Frequency Rate (TRIFR) decreasing from about 14 to just under 11 [35] Q&A Session Summary Question: What is the key driver for achieving production outcomes in 2025? - Management indicated that the key driver will be more tonnes mined rather than grade, emphasizing the importance of consistency in production [73][74] Question: What should be expected for the March quarter in terms of mined tonnes? - Management suggested that overall for the year, an increase in tonnes is expected, with guidance to be provided in about three weeks [78] Question: What areas are in scope for the resource reserve update? - The update will include QTS North, QTS Central, East, West, QTS South, and QTS South Upper, with ongoing drilling to expand resources [79][80] Question: What is the timeline for the balance sheet restructuring? - The refinancing process is expected to take another six to eight weeks to finalize [112] Question: What is the medium-term philosophy around overall throughput with the plant capacity? - The plant can handle about 1.7 to 2 million tonnes per year, with a focus on high-grade material to optimize throughput [118][120]

Disclaimer January 2025 Q4 2024 Quarterly Presentation 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 p ...

Group 1 - Metals Acquisition Ltd (MTAL) is currently outperforming its Basic Materials peers with a year-to-date return of 2.6%, while the average return for Basic Materials companies is -2.5% [4] - The Zacks Rank for Metals Acquisition Ltd is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] - Over the past 90 days, the Zacks Consensus Estimate for MTAL's full-year earnings has increased by 94.1%, reflecting stronger analyst sentiment [4] Group 2 - Metals Acquisition Ltd is part of the Mining - Non Ferrous industry, which ranks 52 in the Zacks Industry Rank, and has slightly underperformed its industry with a year-to-date gain of 2.6% compared to the industry's average gain of 9.8% [6] - Rayonier Advanced Materials (RYAM), another stock in the Basic Materials sector, has significantly outperformed with a year-to-date return of 115.3% and a Zacks Rank of 1 (Strong Buy) [5] - The Paper and Related Products industry, to which Rayonier Advanced Materials belongs, has seen a year-to-date increase of 43.2% [6]

Group 1 - Metals Acquisition Ltd (MTAL) is part of the Basic Materials sector, which includes 235 individual stocks and currently holds a Zacks Sector Rank of 12 [2] - The Zacks Rank system indicates that MTAL has a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] - Over the past 90 days, the Zacks Consensus Estimate for MTAL's full-year earnings has increased by 206.5%, indicating improved analyst sentiment [4] Group 2 - Year-to-date, MTAL has returned approximately 2.8%, outperforming the Basic Materials sector average return of -3.8% [4] - In the Mining - Non Ferrous industry, which includes 12 stocks, MTAL is ranked 59 and has slightly underperformed its industry with a year-to-date return [6] - Another stock in the Basic Materials sector, Silvercorp (SVM), has significantly outperformed with a year-to-date increase of 50.2% [5]

Metals Acquisitions Limited (NYSE:MTAL) Q3 2024 Results Conference Call October 21, 2022 6:00 PM ET Company Participants Mick McMullen - CEO Morne Engelbrecht - CFO Conference Call Participants Sam Catalano - Wilsons Advisory Daniel Morgan - Barrenjoey Tim Hoff - Canaccord Eric Winmill - Bank of Nova Scotia Paul Hissey - Moelis Australia Hayden Bairstow - Argonaut Operator Thank you for standing by. This is the conference operator. Welcome to the Metals Acquisition Limited Q3 2024 Conference Call and Webcas ...