Metals Acquisition (US:MTAL)2025-08-25 10:42Financial 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]