MAC Copper (MTAL) AGM 2024 summary

Opening remarks and agenda

• First AGM as a dual-listed company on NYSE and ASX, with global participation and a formal agenda including financial review, resolutions, and CEO presentation.

• Chair Patrice Merrin welcomed shareholders and outlined the agenda, including financial statements, director elections, auditor appointment, amendments to articles, company name change, ratification of prior CDI issue, CEO presentation, and Q&A sessions.

• Quorum confirmed; meeting structured into nine segments, including Q&A and voting on 10 resolutions.

Financial performance review

• Achieved Q3 2024 copper production of 10,159t at 4% Cu, with C1 cash costs reduced to $1.90/lb, a 6% decrease from Q2.

• On track for full-year 2024 copper production guidance of 38,000–43,000 tons, targeting over 50,000 tons annual production by 2026.

• Repaid $168 million in interest-bearing liabilities since June 2023, with pro-forma liquidity of $226 million and 1H24 EBITDA margin of 50%.

• Q3 2024 ended with $81 million cash, $25 million undrawn facility, and $150 million (A$) equity raised, supporting balance sheet de-leveraging.

• 1H24 cash conversion reached 77%, reflecting operational improvements and financial discipline.

Board and executive committee updates

• Welcomed new directors Leanne Heywood, Anne Templeman-Jones, Mohit Rungta, and CFO Morné Engelbrecht.

• Resolutions proposed for the re-election of Mick McMullen, Charles McConnell, Graham van't Hoff, Leanne Heywood, Anne Templeman Jones, and Mohit Rungta as directors.

• Board supports re-election of all directors standing for re-election.