MTAL

• Safety: Significant improvement in safety record with reduced TRIFR, no reportable incidents in recent periods.
• Production: Q2 production up 23% QoQ, grade up 8% QoQ; hit records in daily copper production (e.g., 385 tonnes on 30th June).
• Harmony Transaction: Restructuring agreements with Osisko and Glencore executed; targeting vote date of 29 August, circular to be dispatched on 4 August, record date 29 July.
• Projects: Advancing ventilation project and Merrin Mine; Merrin Mine expected to have first ore out in Q4 2025; ventilation project progressing with vertical raise boring works upcoming.
• Exploration: EM survey 15 km north of mine picked up strong anomaly, drilling underway to explore potential CSA style ore body.

• Production: Maintaining guidance of 43,000 to 48,000 tonnes for the year, likely in the bottom half.
• Grade: Grade expected to moderate a bit in Q3 but strong run in back end of year.
• Capital Expenditure: Growth and sustaining CapEx within guidance ranges.
• Interest Costs: Refinancing reduced interest costs by ~USD 14 million per annum, interest rate now under 7% floating.

In Q2, MAC Copper produced just under 10,600 tonnes of copper, a 23% quarter-on-quarter increase. Copper grade was 4.4%, an 8% quarter-on-quarter increase. C1 for the quarter was USD 1.48 per pound, with June at USD 0.94 per pound. Record quarterly operating free cash flow was approximately USD 42 million. Production showed a significant jump from the previous quarter, driven by increased activity in the latter part of May and June. Grade improvement and higher realized copper prices contributed to the strong cash flow.

• Transaction Uncertainty: Disruption during Harmony transaction announcement period affected production in Q1 and April.
• Regulatory Hurdles: Votes in FIRB and SARB still needed for Harmony transaction.
• Grade Volatility: Potential grade moderation in Q3 as moving into lower grade material, but strong run expected later.

Q: Are there any questions?

A: There are no questions at this time.