Financial Performance - Revenue from ordinary activities increased by 881% to US$182,160,000 in H1 FY24 compared to US$18,576,000 in H1 FY23[4] - Underlying EBITDA reached a record US$90,569,000 for H1 FY24, up 5,501% from US$1,617,000 in H1 FY23[14] - Net loss attributable to members increased by 217% to US$102,169,000 in H1 FY24 from US$32,263,000 in H1 FY23[4] - Free cash flow improved to US$37.12 million in H1 FY24, compared to a negative cash flow of US$6.27 million in H1 FY23, marking a 692% increase[30][34] - The net loss for the period after tax was US$102.17 million in H1 FY24, compared to a loss of US$32.26 million in H1 FY23, reflecting increased financing costs[30][34] - The total comprehensive loss for the period was $102,169 thousand, consistent with the net loss reported[82] Production and Operations - Record copper production of 19,650 tonnes in H1 FY24, with a peak of 5,378 tonnes in June 2024[13] - Copper production in H1 FY24 was 19,650 tonnes, a 1,432% increase from 1,283 tonnes in H1 FY23, while copper sold increased by 792% to 20,793 tonnes[33][51] - The company expects copper production to slightly increase in the second half of the year, tracking to the mid-point of 2024 guidance[16] - MAC Group's operational disruptions included a power outage and a planned maintenance shutdown, but production ramped up in May and June[32][50] Costs and Expenses - C1 cash cost decreased by 30% to US$2.08/lb in H1 FY24 from US$2.96/lb in H1 FY23[14] - All-in cash cost reduced by 27% to US$2.89/lb in H1 FY24 compared to US$3.96/lb in H1 FY23[14] - Cost of goods sold increased to A$118,158,000 in H1 FY24 from A$20,301,000 in H1 FY23, representing a 482% increase[53] - Total cash costs excluding capital spend rose to A$93,199,000 in H1 FY24, up 942% from A$8,941,000 in H1 FY23[53] - Depreciation and amortization expenses for the period were $38,365 thousand, significantly higher than $3,201 thousand in the same period of 2023[90] Cash and Liquidity - Cash and cash equivalents rose by approximately 174% to US$88,700,000 compared to December 31, 2023[13] - Cash and cash equivalents at the end of H1 FY24 were US$88.74 million, up 103% from US$43.73 million at the end of H1 FY23[30][40] - The company raised US$214 million in H1 FY24 as part of its ASX listing, contributing to net inflows from financing activities[30][48] - Cash and cash equivalents increased to US$88,738 thousand as of 30 June 2024, up from US$32,372 thousand at the end of 2023[143] Investments and Acquisitions - Strategic investment of A$2.5 million for a 4.31% interest in Polymetals Limited, enhancing access to water rights and zinc processing capacity[13] - The company incurred capital expenditure of US$11 million for the CSA Copper Mine development in H1 FY24, compared to US$2 million in H1 FY23[30][42] - The company acquired the remaining 10% interests in the Shuttleton and Mt Hope Exploration Licence tenements for A$200,000[56] Financial Position - Total current assets increased to $120,856 thousand as of June 30, 2024, from $88,936 thousand at the end of 2023, primarily driven by an increase in cash and cash equivalents[84] - Total liabilities decreased to $891,850 thousand from $1,037,441 thousand, reflecting a reduction in current liabilities[84] - The Group's current liabilities exceeded current assets by $22,416 thousand as of June 30, 2024, compared to $198,475 thousand as of December 31, 2023[103] - The Group's only customer, Glencore International AG, represents 100% of trade receivables and total revenue, indicating a high dependency on a single customer[137] Market and Price Changes - The average provisional price per tonne of provisionally priced copper sales was $9,813.77 as of June 30, 2024, compared to $8,451.90 as of December 31, 2023[114] - The silver spot price increased to US$29.24 per ounce as of 30 June 2024, compared to US$24.13 per ounce at the end of 2023, impacting the fair value of the silver stream embedded derivative[148] - The copper spot price rose to US$9,455 per tonne as of 30 June 2024, up from US$8,556 per tonne at the end of 2023, affecting the fair value of the copper stream embedded derivative[152] Compliance and Governance - The Group is in material compliance with environmental laws and regulations, with no known material environmental incidents at the CSA mine[188] - The directors confirm that the consolidated financial statements provide a true and fair view of the Group's financial position as of June 30, 2024[192] - The Company has reasonable grounds to believe it can meet its debt obligations as they become due[192]
Metals Acquisition (MTAL) - 2024 Q2 - Quarterly Report