Core Viewpoint - MAC Copper Limited has announced the lodging of the Royal Court of Jersey's order sanctioning the acquisition of 100% of its issued share capital by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited [1] Group 1 - MAC Copper Limited is listed on both NYSE (MTAL) and ASX (MAC) [1] - The acquisition will result in Harmony Gold owning the entire issued share capital of MAC Copper Limited [1]

Core Points - The Royal Court of Jersey has sanctioned the proposed acquisition of 100% of the issued share capital in MAC Copper Limited by Harmony Gold (Australia) Pty Ltd, a wholly owned subsidiary of Harmony Gold Mining Company Limited [1] Company Summary - MAC Copper Limited is set to be acquired by Harmony Gold Mining Company Limited through a Jersey law scheme of arrangement [1]

Core Points - MAC Copper Limited is updating on the proposed acquisition of 100% of its issued share capital by Harmony Gold (Australia) Pty Ltd, a subsidiary of Harmony Gold Mining Company Limited [1] Group 1 - The acquisition is structured as a Jersey law scheme of arrangement under Article 125 of the Companies (Jersey) Law [1]

Financial Data and Key Metrics Changes - The proxy position at the general meeting was reported to be more than 97% in favor of the poll, with 83.11% of the register having voted [11][17]. Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided in the meeting records. Market Data and Key Metrics Changes - The company has a significant presence in multiple markets, being listed on both the Australian Stock Exchange and the New York Stock Exchange, indicating a global shareholder base [17]. Company Strategy and Development Direction - The company is focused on implementing a scheme that requires authorization from the directors, which includes dealing with ancillary matters and altering the company's articles of association [20][21]. Management's Comments on Operating Environment and Future Outlook - The CEO noted a high turnout of total shareholders voting and an overwhelmingly favorable vote for the transaction, indicating confidence in the company's direction despite some press coverage suggesting discontent among shareholders [13][14]. Other Important Information - The meeting was designed to accommodate shareholders from different time zones, ensuring participation from North America, Australia, and Europe [17][19]. Q&A Session Summary Question: How many shareholders attended the meeting? - Seven shareholders were present in person, with online attendance numbers not immediately available [9]. Question: Has there been any protest votes regarding the takeover price? - The CEO confirmed that there has not been a protest vote, as the votes indicated overwhelming support for the transaction [13][14]. Question: Will the company publish a full copy of the webcast for shareholders? - The management did not consider this question relevant, citing overwhelming support for the meeting's approval [15]. Question: Why was the meeting scheduled late on a Friday night? - The company engaged a proxy solicitation firm to encourage shareholder participation and noted that the timing was chosen to accommodate global shareholders [16][17].

Financial Data and Key Metrics Changes - The proxy position at the general meeting was reported to be more than 97% in favor of the poll, with 83.11% of the register having voted [11][15]. Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [6]. Market Data and Key Metrics Changes - The company has a significant presence of shareholders in Europe, North America, and Australia, indicating a global market engagement [16]. Company Strategy and Development Direction and Industry Competition - The company is focused on implementing a scheme that requires approval from shareholders and the court, indicating a strategic move towards consolidation or acquisition [19]. - The management emphasized strong engagement with shareholders and efforts to encourage participation in the voting process, reflecting a commitment to shareholder interests [15][16]. Management's Comments on Operating Environment and Future Outlook - The CEO noted that despite some press coverage regarding the transaction, shareholders overwhelmingly voted in favor of the scheme, indicating confidence in the company's direction [13]. - Management expressed comfort with the high turnout of shareholders voting, suggesting a positive outlook on shareholder engagement and support for the company's initiatives [15][16]. Other Important Information - The meeting was conducted with a focus on ensuring that all shareholders, regardless of their location, had the opportunity to participate, reflecting the company's global operational strategy [16]. Q&A Session Summary Question: Attendance of shareholders at the meeting - There were seven shareholders in attendance at the meeting in Jersey [9]. Question: Concerns about the takeover price - The proxy position was reported to be more than 97% in favor, indicating no significant protest votes against the takeover [11][13]. Question: Availability of meeting materials for shareholders - The management did not consider the request for publishing a full copy of the webcast relevant, citing overwhelming support for the previous meeting [14]. Question: Scheduling of meetings for Australian shareholders - The company engaged a proxy solicitation firm to encourage participation, and noted that the meeting time was chosen to accommodate shareholders across multiple time zones [15][16].

Financial Data and Key Metrics Changes - The proxy position at the general meeting is more than 97% in favor of the poll, with 83.11% of the register having voted [11][15]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting [6]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting [6]. Company Strategy and Development Direction and Industry Competition - The company is focused on ensuring strong shareholder engagement and participation in meetings, with efforts made to accommodate shareholders across different time zones [16]. - The company has been set up and run as a global business, listed on both the Australian Stock Exchange and the New York Stock Exchange, indicating a broad market presence [16]. Management's Comments on Operating Environment and Future Outlook - Management noted a high turnout of total shareholders voting and an overwhelmingly favorable vote for the transaction, despite some press coverage suggesting discontent among shareholders [13]. - The CEO emphasized that there has been strong engagement with shareholders, and the company is comfortable with the level of participation and support for the scheme [16]. Other Important Information - The meeting included a discussion on the voting process and the importance of shareholder participation, with a proxy solicitation firm engaged to encourage voting [15]. - The company plans to comply with all regulations regarding the disclosure of voting outcomes [17]. Q&A Session Summary Question: How many shareholders attended the meeting? - There were seven shareholders in attendance at the meeting in Jersey [9]. Question: Has there been any protest votes regarding the takeover price? - The proxy position is more than 97% in favor, indicating no significant protest votes [11][13]. Question: Will the company publish a full copy of the webcast for shareholders? - The company does not consider this issue material and will not publish the webcast [14]. Question: Why was the meeting scheduled late on a Friday night? - The timing was designed to accommodate shareholders in North America, Australia, and Europe, ensuring participation from all regions [16]. Question: Will headcount numbers be included in the voting outcome disclosure? - The company assured compliance with ASX and NYSE regulations regarding the publication of voting results [17].

Financial Performance - Revenue for the half year ended 30 June 2025 decreased by 10% to US$163,228,000 compared to US$182,160,000 in the previous year[4] - Net loss after tax (NPAT) attributable to members improved by 25% to a loss of US$76,686,000 from a loss of US$102,169,000 in HY24[4] - Underlying EBITDA decreased by 10% to US$81,220,000 from US$90,569,000 in the previous corresponding period[14] - Revenue for HY25 was US$163,228, a decrease of 10% compared to HY24's US$182,160[36] - Underlying EBITDA for HY25 was US$81,220, down 10% from US$90,569 in HY24[36] - Total revenue for HY25 was US$166,246, reflecting an 11% decrease from US$185,995 in HY24[41] - The net loss for HY25 was US$76,686, an improvement of 25% from a loss of US$102,169 in HY24[36] - The company reported a basic and diluted loss per ordinary share of $0.93, compared to $1.56 in 2024[112] - For the six months ended June 30, 2025, the Group reported a loss after tax of $76,686 thousand, an improvement from a loss of $102,169 thousand in the same period of 2024[153] Production and Operational Metrics - Record copper production of 19,231 tonnes achieved in HY25, with a record daily production of 385 tonnes in June 2025[12][16] - Copper production for HY25 was 19,231 tonnes, a slight decrease of 2% from 19,650 tonnes in HY24[41] - Copper sold decreased by 16% to 17,375 tonnes in HY25 compared to 20,793 tonnes in HY24[41] - Copper grade processed increased by 13% to 4.29% in HY25, contributing to a decrease in C1 cash cost by 19% to US$1.67/lb[71] Cost Management - C1 cash cost decreased by approximately 19% to US$1.67/lb in HY25 from US$2.08/lb in HY24, with a record low of US$0.94/lb in June 2025[12][20] - Total cash cost also decreased by 20% to US$2.30 per pound in HY25 from US$2.89 per pound in HY24[36] - Total cash costs excluding capital spend decreased by 18% to US$76,416,000 in HY25, with total cash cost per pound dropping by 20% to US$2.30[74] Cash Flow and Liquidity - Operational cash flow increased by 18% to approximately US$65 million in HY25 compared to US$55 million in HY24[12] - Cash and cash equivalents at the end of HY25 were US$102 million, contributing to a total liquidity of approximately US$196 million[12][19] - Cash and cash equivalents at the end of HY25 were approximately US$102 million, up 15% from US$88.7 million in HY24[49] - At the end of HY25, the cash position was approximately US$102 million, down from US$172 million at the end of HY24, with a net debt position of approximately US$123 million[75] - The Group's cash and cash equivalents decreased to $102,109 thousand as of June 30, 2025, down from $171,897 thousand at December 31, 2024, a decrease of 40.5%[188] Capital Expenditure and Development - Underground capital development increased by approximately 107% to 1,891 metres in HY25 compared to 915 metres in HY24[20] - Total capital spend for the Ventilation project in HY25 was US$11 million, with significant progress made towards completion by Q3 2026[85] - The new Merrin Mine is expected to commence ore mining by Q4 2025, with total capital spend in HY25 amounting to US$4.2 million[90][91] - MAC invested US$3 million in exploration and evaluation activities during HY25, focusing on resource definition diamond drilling[95] Risk and Sensitivity Analysis - A 10% increase in commodity prices could result in an increase of $11,297 thousand in profit after tax as of 30 June 2025, compared to $9,094 thousand at 31 December 2024, indicating a 24.3% increase in sensitivity[176] - The Group's estimated sensitivity to a 1% increase in interest rates would result in an increase of $563 thousand to interest expense as of June 30, 2025, down from $851 thousand at December 31, 2024, a decrease of 33.9%[181] Customer and Revenue Concentration - The Group's only customer, GIAG in Switzerland, represents 100% of trade receivables and total revenue, indicating a high concentration risk[182] Other Financial Metrics - Total current assets decreased to $157,445 thousand from $207,943 thousand, primarily due to a reduction in cash and cash equivalents[114] - Total liabilities increased to $870,025 thousand from $852,093 thousand, with current liabilities rising significantly[114] - The Group's total finance costs for the six months ended June 30, 2025, were $55,017 thousand, significantly higher than $33,451 thousand in 2024[159] - The Group's current income tax expense for the six months ended June 30, 2025, was $4,996 thousand, compared to $3,521 thousand in 2024[160]

Financial Data and Key Metrics Changes - The company reported a liquidity position of approximately USD 196 million at the end of June, with actual cash on the balance sheet amounting to USD 102 million [4][28] - The company achieved record quarterly operating free cash flow of about USD 42 million, driven by a 23% increase in production and an 8% increase in copper grade [9][26] - Interest costs were significantly reduced, with an average weighted interest cost decrease of more than 30% due to refinancing, leading to expected annual savings of USD 14 million [27][28] Business Line Data and Key Metrics Changes - The company produced just under 10,600 tons of copper in Q2, representing a 23% increase quarter on quarter, with a copper grade of 4.4%, an 8% increase from the previous quarter [5][7] - Growth capital expenditure increased by 139% for the quarter, primarily driven by the ventilation project and the Mariner mine [24][25] - Sustaining capital expenditure is focused on the Stage 10 TSF, which is on track for completion in Q4 of this year [26] Market Data and Key Metrics Changes - The company maintained its production guidance of 43,000 to 48,000 tons for the year, with expectations to be in the lower half of that range [9][10] - The average realized copper price increased by 3% over the quarter, contributing positively to cash flow [26] Company Strategy and Development Direction - The company is focused on consistent, safe, and low-cost high-grade production while advancing the Harmony transaction and progressing key growth projects [13][32] - The ventilation project and the Mariner mine are key growth initiatives, with significant capital expenditures planned to support these projects [24][33] - Exploration efforts are ongoing, with a new drilling initiative targeting a strong anomaly identified north of the mine [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and operational performance, noting a significant improvement in safety records [4][41] - The company is optimistic about production levels in July, expecting to produce between 5,900 to 6,200 tons of copper at an average grade of around 7% [17][22] - Management acknowledged the challenges posed by the transaction announcement but noted that operations have stabilized and production has ramped up [6][41] Other Important Information - The company has executed restructuring agreements with Cisco and Glencore related to the Harmony transaction, with a court hearing scheduled for July 30 [11][15] - The company donated AUD 100,000 to the local Cobar Shire Council's museum effort, emphasizing its commitment to the local community [14] Q&A Session Summary Question: No questions were raised during the session - There were no questions from participants during the call, and the session concluded with closing remarks from management [42][44]

Financial Performance & Liquidity - Q2 2025 saw record quarterly operational free cash flow (FCF) of approximately US$42 million[18] - Cash and cash equivalents were approximately US$102 million at the end of Q2 2025[14, 18, 54] - Liquidity of approximately US$196 million was available, including an undrawn revolving facility of approximately US$59 million[13, 54] - C1 costs achieved for Q2 2025 was US$1.48/lb, with June 2025 achieving US$0.94/lb[18] - Total cash cost was US$2.17/lb[18] Production & Operations - Copper production increased by 23% quarter-over-quarter (QoQ) to 10,587 tonnes in Q2 2025[18, 34] - Copper grade was 4.4% for Q2 2025, an increase of 8% QoQ[18] - Record daily copper production of 385 tonnes was achieved under MAC ownership[18] - Capital expenditure increased in Q2 with higher capitalised development driven by a 46% increase in capital development meters compared to previous quarter combined with delivery of new operational drills[49] Growth Projects & Future Targets - The company is targeting copper equivalent production of over 50ktpa by 2026[13] - The ventilation project is progressing, targeting completion by Q3 2026[14, 19, 72] - First ore from the new Merrin Mine is targeted for Q4 2025[14, 19, 64] Harmony Transaction - MAC entered into Restructure Documents regarding the Harmony Transaction[19, 29] - The transaction is subject to shareholder and regulatory approvals[32]

Key Highlights - MAC achieved a 67% increase in the Life of Mine (LOM) [27, 73] - The company saw a 64% increase in reserves [28, 74] - Mineral Resources increased by 42% [30, 60, 76] - Q1 2024 copper production reached 8,786 tonnes with C1 costs of US$2.15/lb [36, 82] - Approximately US$127 million of interest-bearing liabilities were repaid in Q1 [36, 82] Financial Position - The fully-diluted market capitalization stands at US$1,250 million [21] - Liquidity as of March 31, 2024, was approximately US$100 million [21, 36, 54, 82] - The company completed an ASX IPO with proceeds of A$325 million (US$214 million) [54] Production Guidance - Copper production guidance for 2024 is set between 38Kt and 43Kt, with expectations to exceed 50kt by 2026 [36, 71, 82] - The mine life, based on Mineral Reserves, now extends to the end of 2034 [70, 81] Operational Improvements - Tonnes milled per employee increased by 19% from Q1 2023 to Q1 2024 [42] - Development costs per meter decreased significantly from US$18,677 in Q1 2023 to US$15,478 in Q1 2024 [49]