Metals Acquisition (US:MTAL)2025-07-23 23:00Financial 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]