PT Amman Mineral Internasional (AMMN) Q2 2025 earnings summary

Executive summary

• H1 2025 marked a major operational transition to a fully integrated mining-to-smelting operation, shifting all sales to copper cathodes after the concentrate export ban, with all H1 sales delivered in Q2 2025.

• Smelter and precious metals refinery commissioning progressed, with first copper cathode produced in March and first refined gold in July 2025.

• Net sales for H1 2025 were $183 million, all from copper cathode sales in Q2, reflecting the new regulatory environment.

• Net loss narrowed sharply in Q2 to $8 million, but H1 2025 closed with a $146 million net loss.

• Operational focus on ramping up smelter and PMR, with ongoing challenges impacting near-term output.

Financial highlights

• Net sales dropped 88% year-over-year to $183 million, reflecting the end of concentrate sales.

• EBITDA for H1 2025 was $86 million, rebounding from a negative $42 million in Q1 to $128 million in Q2.

• Net loss for H1 2025 was $146 million, compared to a $479 million profit in H1 2024.

• Capex for H1 2025 was $719 million, down 17% from H1 2024.

• Cash and cash equivalents rose 33% to $1,002 million as of June 2025.

Outlook and guidance

• 2025 guidance remains unchanged, with concentrate output of 430,000 dmt, 228 million lbs copper, and 90,000 oz gold expected.

• Lower metal production anticipated in 2025 as ore processed comes mainly from low-grade stockpiles and Phase 8's outer halo.

• Revenue and production expected to grow as smelter and PMR ramp up and stabilize.

• Refined gold sales from PMR expected to begin in Q3 2025.

• Operational readiness challenges and regulatory uncertainties may impact production through year-end.