Investor Presentation Noosa Investor Conference Presentation 24 July 2025 This release contains or may contain certain forward-looking statements and comments about future events, that are based on Hillgrove's beliefs, assumptions and expectations and on information currently available to management as at the date of this presentation. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "plan", "believes", "estima ...

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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]