Company Performance & Strategy - MAC aims to become a +50 ktpa copper producer by 2026[10] - The company has repaid approximately US$168 million in interest-bearing liabilities since acquiring CSA on June 16, 2023[58] - Q3 2024 copper production reached 10,159 tonnes at 4% Cu[58] - The company is on track to meet its full-year 2024 production guidance of 38-43 kt[58] - The company's strategy includes delivering operationally at CSA, executing on an organic growth plan for +50ktpa within two years, and continuing to de-lever and improve the balance sheet[97] Financial Highlights - The company's enterprise value is approximately US$1.3 billion[57] - Pro-Forma Liquidity is approximately US$226 million[58] - The company achieved a 50% Underlying EBITDA Margin in 1H24[58] - The company's Q3 2024 C1 Cash Costs were US$1.90/lb, a 6% decrease compared to Q2 2024[58] CSA Copper Mine - Current copper reserves base is +102% larger than 2015 despite c362kt Cu produced[85]

Exhibit 99.1 27 May 2025 MAC Copper Limited enters into Binding Scheme Implementation Deed with Harmony MAC Copper Limited (NYSE:MTAL, ASX:MAC) ("MAC" or the "Company") is pleased to announce that it has entered into a binding scheme implementation deed ("Implementation Deed") with Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY) ("Harmony") and Harmony Gold (Australia) Pty Ltd ("Harmony Australia") (a wholly owned subsidiary of Harmony), under which it is proposed that Harmony Australia will acquire ...

Financial Performance & Liquidity - MAC Copper maintained its 2025 copper production guidance of 43-48kt [18] - The company achieved a realized copper price of US$4.04/lb in Q1 2025 [18] - Liquidity stands at approximately US$153 million, including an undrawn revolving facility of around US$59 million [13, 65] - Refinancing resulted in interest cash savings of approximately US$14 million per annum and reduced repayments by approximately US$123 million until 2027 [14, 61] Operational Highlights - Q1 2025 copper production was 8,644 tonnes [18, 28] - C1 cost was US$1.91/lb and total cash cost was US$2.47/lb in Q1 2025 [18] - The company is targeting copper production of over 50kt per annum by 2026 [13, 37] - Ventilation project is progressing, targeting completion by Q3 2026, aiming for an increased production rate of 1.7mt p/a [13, 36, 42] Growth Projects - Merrin Mine development is underway, targeting first ore production by Q4 2025 [14, 19, 36, 43] - US$4.1 million was invested in the Merrin Mine development in Q1 2025 [19]

Financial Data and Key Metrics Changes - The company reported an enterprise value of approximately USD 940 million and plans to produce over 50,000 tonnes of copper annually in the near future [3] - The company achieved a C1 cash cost of USD 1.91 per pound and total cash costs of about USD 2.47 per pound, with a realized price of USD 4.4 per pound for the quarter [6][7] - The net gearing ratio was reduced to under 20%, reflecting a significant deleveraging of the balance sheet [4][34] Business Line Data and Key Metrics Changes - The first quarter is typically the softest for the company, with production trends down due to seasonal weather impacts and a strong previous quarter [5][11] - The company maintained guidance for copper production between 43,000 to 48,000 tonnes for the year, with a copper grade of approximately 3.84% [7][8] - Growth capital expenditures (CapEx) are projected to be between USD 20 million to USD 25 million, while sustaining CapEx is estimated at USD 40 million to USD 50 million [8] Market Data and Key Metrics Changes - The company noted positive tailwinds from exchange rates and treatment charges, with spot copper treatment charges at negative USD 40 per tonne, indicating a favorable annual benchmark settlement [8] - The company has seen a strong grade profile during Q1, with head grades over 4% copper expected to continue [11] Company Strategy and Development Direction - The company is focused on two key growth projects: the ventilation project and the Merin mine, which is expected to enhance production and reduce operational volatility [4][31] - The Merin mine is anticipated to contribute significantly to production, with potential for high-grade copper and zinc extraction [20][30] - The company aims to maintain consistent, low-cost copper production while advancing its projects to achieve targeted annual production above 50,000 tonnes [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter based on the production profile and the potential of the Merin mine to smooth out production volatility [44][62] - The company has not encountered significant supply chain issues or cost impacts from tariffs, maintaining a strong liquidity position post-refinancing [93][94] - Management highlighted the importance of the Merin mine for future growth and its ability to provide a stable production profile [46][62] Other Important Information - The company completed a refinancing of its debt structure, significantly reducing net gearing and interest costs, with annual cash interest savings of approximately USD 14 million [34][36] - The company reported a healthy liquidity position of USD 153 million, providing flexibility for future operations [40] Q&A Session Summary Question: Can you confirm that production and sales are aligned from a cash flow perspective? - Yes, the company aims to align production with sales on a quarterly basis, ensuring cash reflects production costs [51][52] Question: Will there be any development ore from the Merin mine? - Yes, the company has already extracted high-grade zinc lead mineralization during development and plans to be opportunistic in extracting valuable ore [54] Question: What tonnage would be considered a success for 2026? - The company anticipates mining around 50,000 tonnes at 6% copper and potentially 100,000 to 150,000 tonnes of medium-grade copper at 2.5% [57][58] Question: Is there a pathway to greater than 50 kilotonnes of copper equivalent production? - The company feels comfortable with the potential for upside risk in production forecasts, especially with the Merin mine's contributions [70][71] Question: Are the costs for the ventilation project still on track? - Yes, the costs for the ventilation project remain on track, with a reduction in the cost per meter of development noted [75][78] Question: What is the outlook for shaft production this year? - The company expects to maintain grades around 4% and aims to optimize production efficiency [82] Question: Are there any issues with supply chain or consumables? - Currently, there are no significant issues, and the company has a strong liquidity position to weather market uncertainties [93][94]

Financial Data and Key Metrics Changes - The company reported an enterprise value of approximately USD 940 million and plans to produce over 50,000 tonnes of copper annually in the near future [3] - The company achieved a C1 cash cost of USD 1.91 per pound and total cash costs of about USD 2.47 per pound, with a realized price of USD 4.4 per pound for the quarter [6][7] - The net gearing ratio was reduced to under 20%, reflecting a significant deleveraging of the balance sheet [34][41] Business Line Data and Key Metrics Changes - The company is targeting copper production guidance of 43,000 to 48,000 tonnes for the year, with a copper grade of approximately 3.84% [7] - Growth capital expenditure (CapEx) is estimated to be between USD 20 million to USD 25 million, while sustaining CapEx is projected at USD 40 million to USD 50 million [8] Market Data and Key Metrics Changes - Spot copper treatment charges have been observed at negative USD 40 per tonne, indicating a favorable annual benchmark settlement for the upcoming year [9] - The company has seen a positive impact from exchange rates and treatment charges, contributing to improved cash costs [8] Company Strategy and Development Direction - The company is focused on two key growth projects: the ventilation project and the Merin mine, which are expected to enhance production capabilities [4][40] - The Merin mine is anticipated to add significant production capacity, with the potential for high-grade mineralization being identified [19][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong second quarter based on the production profile and ongoing projects [43] - The company is optimistic about the Merin mine's potential to smooth out production volatility and enhance profitability [63] Other Important Information - The company has successfully refinanced its debt structure, significantly reducing its average weighted cost of debt by over 30% [36] - The company reported a healthy liquidity position of approximately USD 245 million, including undrawn facilities and cash reserves [39] Q&A Session Summary Question: Can you confirm that from a cash flow perspective, production and sales are aligned? - Yes, the company aims to align cash flow with production, ensuring consistency in reporting [51][52] Question: Will you get any development ore from the Merin mine? - Yes, the company has already extracted high-grade zinc lead mineralization during development and plans to be opportunistic in mining [54] Question: What tonnage would be considered a success for 2026? - The company anticipates mining around 50,000 tonnes at 6% copper and potentially 100,000 to 150,000 tonnes at 2.5% copper from the Merin mine [58][59] Question: Is the mine breakeven at 35,000 tonnes per annum? - The breakeven point is likely lower, possibly in the high 20,000 to 30,000 tonnes range [66] Question: How should we interpret the guidance for copper production in 2026? - There is no real change; the company is planning for both copper and zinc production, with potential upside in forecasts [71][72] Question: Are the costs for the ventilation project still on track? - Yes, the costs are still within the expected range, with a reduction in the cost per meter of development noted [75][79] Question: Are there any supply chain issues anticipated? - Currently, there are no significant issues with supply chain or consumables, although general market uncertainty exists [101][102]

Core Viewpoint - MAC Copper Limited (MTAL) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which are a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, and changes in these estimates are strongly correlated with near-term stock price movements [4][6]. - For MAC Copper Limited, the earnings estimate for the fiscal year ending December 2025 is projected at $0.92 per share, representing a 193.9% increase from the previous year [8]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, and their buying or selling activities based on these estimates can lead to significant price movements [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - The upgrade of MAC Copper Limited to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Financial Position and Debt - The company incurred a significant amount of debt in connection with the Business Combination, which may limit available funds and operational flexibility [52]. - The company expects to require additional financing or refinancing to sustain future capital cost overruns, which may be necessary due to unanticipated costs or delays [73]. - The company incurred approximately $393 million in aggregate principal amount of indebtedness under the Senior Facilities and the Mezz Facility, secured by substantially all of its assets [152]. - As of December 31, 2024, the aggregate principal amount of indebtedness under the Debt Facilities was approximately $304 million [152]. - The company is required to use a portion of cash flows from operations to pay interest and principal on its indebtedness, which limits available funds for working capital and expansion plans [153]. - Financial covenants require the company to maintain a debt-service coverage ratio of not less than 1.20 and a net debt to EBITDA ratio of not more than 2.5 [154]. - The company may face adverse effects on its operations if it defaults under its debt arrangements, potentially requiring immediate repayment or refinancing [155]. Operational Risks - Reliance on a single customer, GIAG, for all production from the CSA Copper Mine may significantly impact cash flow and financial position [49]. - The CSA Copper Mine's operations are subject to geotechnical risks that could adversely impact ore recoveries and mining efficiencies [61]. - Future project expansion and exploration success may not be achieved, impacting long-term economic viability [52]. - The company faces risks related to fluctuations in demand for and prices of copper, which could adversely affect business operations [52]. - The CSA Copper Mine is at risk of equipment failures, which could adversely impact operations and financial performance [103]. - Severe weather events and natural disasters could disrupt operations and affect the timely export of products from the CSA Copper Mine [97]. - The company faces competition for skilled labor in the mining sector, which may lead to higher costs or operational delays if personnel cannot be secured [96]. - Future pandemics could adversely affect operations, including labor availability and regulatory approvals, similar to the impacts seen during COVID-19 [95]. - The company may incur significant costs due to premature mine closure or maintenance, adversely affecting financial condition [130]. Environmental and Regulatory Compliance - Compliance with environmental laws may lead to increased costs and potential liabilities, affecting overall business operations [110]. - Future changes in environmental regulations may necessitate additional capital expenditures to comply, impacting financial results [115]. - The company faces complex regulatory requirements that could result in higher expenses and limit operational flexibility [114]. - New native title claims could result in higher operational costs and impact the ability to operate effectively [106]. - Environmental rehabilitation liabilities are recognized costs, and actual future costs may exceed current provisions due to various influencing factors [98]. - The company has security deposits with the New South Wales Government to cover rehabilitation liabilities, which may increase based on regulatory assessments [99]. Internal Controls and Governance - The company identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results [52]. - Material weaknesses in internal control over financial reporting have been identified, which could affect the accuracy of financial results and timely reporting [176]. - The company has initiated steps to improve internal controls, including hiring experienced accountants and engaging external consultants for risk assessment and control documentation [180]. - A remediation plan is in place, focusing on enhancing entity-level controls, IT general controls, and segregation of duties in financial processes [181]. - The company acknowledges that remediation efforts may not be sufficient to prevent future material weaknesses or restatements of financial results [183]. Market and Economic Factors - The company is highly dependent on strong demand for copper, with fluctuations in demand and prices significantly affecting profitability [133]. - General cost inflation, particularly in energy prices, may increase production costs beyond expectations, affecting operating profits [105]. - Changes in international trade policies and potential tariffs could increase operational costs and adversely affect the company's financial condition [145][146]. - The volatility of copper and silver TCRC may adversely affect the company's results of operations and reduce margins [149]. - Appreciation of the Australian dollar against the U.S. dollar could increase the CSA Copper Mine's cost of production, reducing margins [137]. Shareholder and Market Considerations - The company has 82,438,431 Ordinary Shares outstanding as of December 31, 2024, and substantial sales of these shares could cause market price declines [166]. - The company completed a placement of 8,333,334 new CDIs in October 2024, which could lead to dilution for existing shareholders [191]. - Future dividend payments will depend on various factors, including financial covenants and capital expenditure requirements, with no current plans to pay cash dividends [165]. Production and Resource Estimates - The CSA Copper Mine produced 161,405 kt of concentrate grading 3.9% copper, containing 41,128 kt of copper in 2024 [215]. - The mineral resource has increased by 67% since the Company took ownership in June 2023, extending the mine life to 2036 [225]. - The CSA Copper Mine's current estimated Mineral Reserves support operations until the end of 2036 [216]. - As of December 31, 2024, total Mineral Resources for the CSA Copper Mine are estimated at 8.6 Mt with a copper grade of 5.4%, containing 464 kt of copper and 5.1 Moz of silver [233]. - The Mineral Reserve for the CSA Copper Mine as of December 31, 2024, is 15.9 Mt with a copper grade of 3.4%, containing 545 kt of copper and 6.8 Moz of silver [242]. - The Mineral Reserve estimate reflects an increase from 14.6 Mt in 2023 to 15.9 Mt in 2024, with a notable increase in Proven reserves from 8.4 Mt to 11.4 Mt [242]. - New geological information from drilling has contributed to the net increase in resources, particularly in the O Lens in QTS North [237]. - The company has also provided a new Mineral Resource estimate for the Zn mineralization in the Merrin Mine, totaling 2.4 Mt at 7.3% Zn, containing 173.6 kt of zinc and 1.8 Moz of silver [239].

Financial Data and Key Metrics Changes - The enterprise value of the company is just over $1 billion, with copper production exceeding 41,000 tons at a grade of 3.9% [2] - Operational cash flows were approximately $117 million, with liquidity at the end of the year amounting to $213 million, primarily in cash [2][6] - The EBITDA margin is just under 50%, with a conversion rate of about 74% to free cash flow [2][7] - Net gearing improved significantly from 41% to around 15%, indicating a strong balance sheet [9][23] - Cash and cash equivalents increased from $32 million to $172 million, reflecting a substantial improvement in liquidity [19][24] Business Line Data and Key Metrics Changes - In Q4, the company produced 11,320 tons of copper at a grade of 4.1%, exceeding the midpoint of guidance [5] - The C1 cash cost for the quarter was reported at $1.66 per pound, with total cash costs averaging around $2.31 per pound [5][15] - The company achieved record copper production and maintained a strong focus on cost reduction and operational efficiency [9][15] Market Data and Key Metrics Changes - The company benefited from a lower exchange rate, which is expected to positively impact 2025 results [6] - Approximately 80% of the company's costs are in Australian dollars, providing a favorable exchange rate environment [16] Company Strategy and Development Direction - The company aims to increase copper production to over 50,000 tons by 2026, with ongoing growth projects such as the Vent project and QTS South Upper [8][10] - There is a focus on organic growth opportunities, with plans to optimize the balance sheet and reduce debt [11][28] - The company is exploring additional high-grade ore bodies and has identified potential for further production increases at QTS South Upper [50][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth potential, highlighting the best production quarter and balance sheet position in the company's history [38][69] - The company is focused on delivering operationally, executing organic growth, and considering shareholder returns once the balance sheet is further optimized [68][70] Other Important Information - The company has successfully reduced its senior debt and is in the process of refinancing to improve terms and flexibility [26][112] - Safety performance improved, with the Total Recordable Injury Frequency Rate (TRIFR) decreasing from about 14 to just under 11 [35] Q&A Session Summary Question: What is the key driver for achieving production outcomes in 2025? - Management indicated that the key driver will be more tonnes mined rather than grade, emphasizing the importance of consistency in production [73][74] Question: What should be expected for the March quarter in terms of mined tonnes? - Management suggested that overall for the year, an increase in tonnes is expected, with guidance to be provided in about three weeks [78] Question: What areas are in scope for the resource reserve update? - The update will include QTS North, QTS Central, East, West, QTS South, and QTS South Upper, with ongoing drilling to expand resources [79][80] Question: What is the timeline for the balance sheet restructuring? - The refinancing process is expected to take another six to eight weeks to finalize [112] Question: What is the medium-term philosophy around overall throughput with the plant capacity? - The plant can handle about 1.7 to 2 million tonnes per year, with a focus on high-grade material to optimize throughput [118][120]

Financial Performance - Revenue from ordinary activities increased by 114% to US$340,736,000 in FY24 compared to US$158,999,000 in FY23[5] - Underlying EBITDA rose by 277% to US$168,400,000 in FY24 from US$44,654,000 in FY23[17] - Net loss attributable to members decreased by 51% to US$70,221,000 in FY24 from US$144,554,000 in FY23[5] - Revenue for FY24 increased by 114% to US$340.736 million compared to FY23, primarily due to the acquisition of the CSA Copper Mine[61] - Free cash flow improved to US$62.751 million, a significant increase of 270% from a loss of US$36.860 million in FY23[61] - The statutory loss after tax for FY24 was US$70 million, influenced by net financing costs of US$75 million and non-cash movements of US$81 million[65] - The net loss for FY24 was $70.221 million, an improvement from a net loss of $144.554 million in FY23[122] Production and Costs - Record copper production of 41,128 tonnes in 2024, a 14% increase compared to 2023, with an average copper grade of 3.9%[16] - C1 cash cost improved to US$1.92/lb, a 4% decrease from US$1.99/lb in 2023[17] - All-in cash cost decreased by 6% to US$2.70/lb from US$2.86/lb in 2023[17] - Copper production increased from 36,000 tonnes to 41,000 tonnes, just above the midpoint of guidance[54] - FY24 copper production increased by 96% to 41,128 tonnes, and copper sales rose by 108% to 40,326 tonnes compared to FY23[64] - C1 cash cost for the year was US$1.92 per pound, a decrease of 4% from US$1.99 per pound in FY23[61] - Total cash costs decreased by 6% to US$2.70 per pound from US$2.86 per pound in FY23[61] - Cost of goods sold rose to $223.394 million, reflecting an increase of 58% compared to $141.166 million in FY23[122] Cash and Liquidity - Cash and cash equivalents increased by approximately 431% to US$172,000,000 compared to December 31, 2023[16] - The company ended FY24 with a cash balance of US$172 million and pro-forma liquidity of approximately US$213 million[73] - Cash flows from operating activities improved significantly to US$117 million in FY24, compared to an outflow of US$12 million in FY23[79] - The cash position at the end of FY24 was $172 million, significantly up from $32 million in FY23[109] - The company reported a net cash from operating activities of $116,739 thousand in 2024, a significant turnaround from a cash outflow of $11,707 thousand in 2023[125] Strategic Investments and Future Guidance - Updated production guidance for 2025 is set between 43,000 tonnes and 48,000 tonnes, and for 2026 between 48,000 tonnes and 53,000 tonnes[20] - The company aims to grow copper production by approximately 23% to over 50,000 tonnes per annum by 2026 through ongoing projects[19] - The CSA Copper Mine's life has been extended to 2034, with a target to produce over 50,000 tonnes of copper annually by 2026[39] - The company raised A$325 million in equity in February and an additional A$150 million in October 2024[40] - Strategic investment in Polymetals increased in value to A$6.4 million, up more than 125% since the initial investment[16] Safety and Operational Efficiency - The company achieved a TRIFR reduction from 11.9 to 10.9, indicating improved safety performance[52] - The Total Recordable Injury Frequency Rate (TRIFR) for the CSA Copper Mine was 10.9, below the NSW underground metalliferous average of 15.5[86] - Ore mined increased by 80% to 1,052,050 tonnes, and tonnes milled rose by 75% to 1,072,676 tonnes in FY24[95] Assets and Liabilities - Total assets increased to $1,407,586 thousand in 2024, up from $1,305,468 thousand in 2023, representing a growth of approximately 7.8%[123] - Current assets rose significantly to $207,943 thousand in 2024, compared to $88,936 thousand in 2023, marking an increase of about 134%[123] - Total liabilities decreased to $840,627 thousand in 2024 from $1,037,441 thousand in 2023, a reduction of approximately 19%[123] - The total equity increased to $566,959 thousand in 2024 from $268,027 thousand in 2023, showing a growth of approximately 111%[124] Capital Expenditures - Capital expenditure for the development of the CSA Copper Mine was US$27 million in FY24, up from US$17 million in FY23[75] - The company invested $53,988 thousand in property, plant, and equipment in 2024, compared to $25,153 thousand in 2023, representing an increase of about 114%[125] Accounting Policies - The Group's revenue is primarily derived from the sale of goods, recognized when control of the goods is transferred to the customer, with revenue adjustments based on market price fluctuations[146][148] - Property, plant, and equipment are initially recognized at cost, including directly attributable costs, and are depreciated over their estimated useful life or remaining life of mine[164][166] - The Group applies FIFO or weighted average methods for inventory valuation, with copper-silver in concentrate and ore stockpiles measured at the lower of cost or net realizable value[163] - Financial assets are initially recognised at fair value plus transaction costs, and trade receivables are measured at the transaction price[184] - Financial liabilities are recognised at amortised cost using the effective interest rate method, with borrowings classified as current liabilities unless deferred for at least 12 months[192]

MAC Copper (MTAL) Q4 2024 Earnings Call January 28, 2025 05:00 PM ET Company Participants Mick McMullen - Director & CEOMorné Engelbrecht - CFOSam Catalano - Equity Partner & Head of Natural Resources ResearchPaul Hissey - Executive Director Conference Call Participants Daniel Morgan - Founding Principal - Mining Equity AnalystEric Winmill - Equity Research Analyst Operator Thank you for standing by. This is the conference operator. Welcome to the Mac Cooper Limited Q4 2024 Conference Call and Webcast. As a ...