MC Mining (MCM) Q1 2026 TU earnings summary

Executive summary

• Health and safety performance improved, with no lost time injuries across all operations for the quarter.

• Makhado Project achieved 911 days LTI-free and advanced key construction milestones, with coal plant commissioning expected by December 2025.

• Uitkomst Colliery implemented a turnaround plan, focusing on cost reduction and equipment availability, with production expected to improve in the next quarter.

• Vele Colliery operations remain suspended pending a new business plan, while Greater Soutpansberg Projects are being evaluated for future development.

Financial highlights

• Uitkomst Colliery ROM coal production was 82,588t, down 21% sequentially and 8% year-over-year.

• Uitkomst sold 47,116t of high-grade coal, a 1% decrease year-over-year; no middlings coal was sold this quarter.

• Production costs per saleable tonne at Uitkomst rose 9% year-over-year to $107/t, mainly due to lower volumes.

• Available cash and facilities at period end totaled $13.1 million, up from $7.4 million in the previous quarter.

• Net cash used in operating activities was $4.1 million; net cash used in investing activities was $4.5 million; net cash from financing activities was $14.1 million.

Outlook and guidance

• Makhado Project coal plant commissioning is scheduled for December 2025, with steady-state production targeted at 800,000t HCC annually.

• Uitkomst Colliery expects improved production in the next quarter as the turnaround plan is fully implemented.

• Environmental and water use licensing for Greater Soutpansberg Projects to commence in H1 CY2026.