MC Mining (MCM) Q2 2025 TU earnings summary

Executive summary

• Zero fatalities and one lost-time injury recorded, improving safety performance from the previous quarter.

• Uitkomst Colliery's ROM coal production dropped 26% year-over-year to 95,489 tonnes due to geological and equipment challenges.

• Sales of high-grade coal at Uitkomst fell 40% year-over-year to 61,195 tonnes; middlings coal sales were 4,276 tonnes.

• Early works and procurement for the Makhado Project advanced, with infrastructure and CHPP orders placed.

• Limited activity at Vele Colliery and Greater Soutpansberg Projects; Vele operations remain suspended.

Financial highlights

• Available cash and facilities at period end were $4 million, down from $10.8 million in the previous quarter.

• Net cash used in operating activities was $1.8 million for the quarter.

• Production costs per saleable tonne at Uitkomst rose 70% year-over-year to $88/t, driven by lower volumes.

• Net revenue per tonne at Uitkomst decreased 5% year-over-year to $70/t.

• Cash and cash equivalents at quarter end were $4.0 million.

Outlook and guidance

• Makhado Project development continues, targeting over 800,000 tonnes per annum of steelmaking HCC.

• Environmental and water use licensing studies for Greater Soutpansberg Projects expected to start in H1 CY2025.