MAC Copper Ltd. Q4 FY2023 earnings call

• Acquired the CSA copper mine in June 2023, focusing on sorting out the mine. • Working on a new reserve and resource estimate, with a report expected in April. • Renegotiated offtake agreements with Glencore, with pricing tied to industry indexes. • Have a hedge book with swaps at $3.72 per pound covering 30% of 2024-2025 production. • Infrastructure in place at the Western New South Wales mine, leveraging North American cap structure. • Busy with operational improvements and exploration, including geotech drilling for ventilation improvements.

The CSA copper mine, acquired in June 2023, has been producing around 40,000 tons of copper and 400,000-500,000 ounces of silver annually. It has a reserve of just under 8 million tons at 4% copper. C1 costs are under $2 per pound. The first six months of ownership included significant one-off items related to the acquisition, such as stamp duty, advisor fees, etc.

• Depreciation expected in 2024 to be around $90M-$100M. • Plan to release new resource and reserve estimate in April. • Aim to extend the mine's reserve life through additional drilling, potentially increasing it beyond the current four-to-five-year estimate. • Focus on renegotiating lending terms due to improved market position from higher copper prices.

Q: Any comments on zinc and lead in the mine?

A: There is significant zinc mineralization in the upper portions of the mine; a drill rig is currently drilling that material, with more work needed to determine details.