MAC Copper Ltd. Q4 FY2024 earnings call

• Record production under MAC ownership and record low C1. - Healthy liquidity with ~US$213 million at year-end. - Significantly delevered balance sheet with net gearing around 15%. - Growth projects like Ventilation and QTS South Upper underway. - Safety improved with TRIFR reducing from ~14 to under 11. - Stage 10 lift for tailings capacity to 2030. - Mill grade averaged ~4% over last three quarters with better dilution control.

In Q4 2024, MAC Copper produced 11,320 tonnes of copper at a grade of 4.1% milled. The C1 for the quarter was US$1.66/lb, with total cash cost around $2.31/lb. Liquidity at the end of the year was approximately US$213 million. The company had a 47% EBITDA margin and converted about 74% of EBITDA to cash. Copper is the primary product segment, with production and cost metrics driving financial performance.

• Mid-point of 2025 guidance is ~50,000 tonnes, compared to 2024 mid-point of ~45,500 tonnes. - Confident in potentially exceeding 50,000 tonnes due to growth projects like QTS South Upper. - Expect C1 to decrease further with TCRC improvement starting January, saving ~$0.15-$0.16/lb.

• Technical difficulties during the earnings call. - Potential delays in growth project implementations. - Exchange rate sensitivity, though Aussie dollar fall provides a tailwind. - Uncertainties in drilling and reserve update processes.

Q: How much drilling is in the new resource update?

A: Around 30,000-35,000 meters of drilling.

Q: How long does the stage 10 embankment set up tailings capacity?

A: Out to about 2030 with ~US$12 million CapEx.

Q: Any updates on the upper portion initiatives?

A: Work underway digitizing historical data, with sizeable zinc and copper ore bodies present, considered a strong project relative to others in Australia.