MC Mining (MCM) Q2 2026 TU earnings summary

Executive summary

• Makhado Project construction advanced, with hot commissioning of the coal plant set for March 2026 and key milestones achieved despite weather delays.

• Uitkomst Colliery faced operational challenges, with ROM coal production down 40% year-over-year and sales of high-grade coal down 34%.

• Health and safety improved, with only one LTI group-wide and Makhado achieving 1,005 days LTI-free.

• Vele Colliery remains suspended, but geological and mine planning assessments were completed.

Financial highlights

• Available cash and facilities at period end were $2.9 million, down from $13.2 million in the previous quarter.

• Net cash used in operating activities was $2.6 million for the quarter.

• Net cash used in investing activities was $14.0 million, mainly for property, plant, and equipment.

• Net cash from financing activities was $6.2 million, including $7 million from share subscription.

• Production cost per saleable tonne at Uitkomst rose 32% year-over-year to $116/t.

Outlook and guidance

• Makhado Project hot commissioning of the coal plant is expected by March 2026, with operational readiness activities ongoing.

• Various options are under review to address Uitkomst's production underperformance, with external consultants engaged.

• Environmental and water use licensing for Greater Soutpansberg Projects to commence in H1 CY2026.