MC Mining (MCM) Q3 2025 TU earnings summary

Executive summary

• Makhado Project achieved 727 days LTI-free and significant construction milestones, including CHPP construction, power line installation, and access bridge completion.

• Uitkomst Colliery experienced four LTIs, a 13% drop in ROM coal production year-over-year, and a 25% decrease in high-grade coal sales.

• Vele and Greater Soutpansberg Projects had limited or no operational activity, with Vele operations suspended.

• Cash and facilities increased to $9 million at quarter-end, up from $4 million in the previous quarter.

Financial highlights

• Uitkomst Colliery's net revenue per tonne fell 12% year-over-year to $70, while production costs per saleable tonne rose 33% to $93.

• Group receipts from customers for the quarter were $5.08 million, with a net operating cash outflow of $593,000.

• Cash and cash equivalents at quarter-end were $8.96 million.

• Available financing facilities totaled $5.8 million, with $2.7 million drawn.

Outlook and guidance

• Makhado CHPP commissioning remains on track for December 2025, with mining contract award and contractor establishment expected next quarter.

• Uitkomst Colliery is focusing on cost reduction and operational improvements, with external consultants engaged.

• Environmental and water use license studies for Greater Soutpansberg Projects to commence in H2 CY2025.