OM (OMH) Q1 2025 earnings summary

Executive summary

• Achieved key milestones in Q1 2025, including a Merit Award for environmental efforts and ISO 9001:2015 certification for quality management.

• Successfully completed a major refinancing exercise, securing $168 million in syndicated debt and over $100 million for working capital and guarantees, optimizing the capital structure for future growth.

• Q1 2025 production: 44,696 tonnes FeSi, 71,825 tonnes Mn alloys, 33,308 tonnes sinter ore; FeSi sales up 10.6%, Mn alloys sales down 25.1% quarter-on-quarter due to prior shipment timing.

• Smelting operations for ferro-silicon and manganese alloys are on track with full-year guidance, with no major operational surprises.

• Bootu Creek UFP trials met targeted grades and yields, with a full commercial hydromining trial underway and a restart targeted for late Q2 2025.

Significant events and developments

• Closed a refinancing exercise, transitioning from a project finance structure to a more flexible capital structure.

• Acquired 25% shares of OM Sarawak from joint venture partners in 2023, further consolidating ownership.

• OMM increased stake in Bryah Basin JV to 60% after further exploration funding.

• Environmental and quality management recognitions received in Q1 2025.

• UFP restart at Bootu Creek targeted for late Q2 2025 pending successful trial.

Capital allocation and financing

• Refinancing included $168 million in syndicated debt and over $100 million for working capital and bank guarantees.

• The AUD 30.9 million private bond was repaid as part of the refinancing, using fungible cash resources.

• No change in share capital; 766,256,801 shares on issue as of 31 March 2025.