MC Mining (MCM) Q4 2025 TU earnings summary

Executive summary

• Health and safety performance improved, with no lost time injuries across all operations for the quarter and significant LTI-free milestones at Makhado and Uitkomst projects.

• Makhado Project development is on schedule, with key milestones achieved, including appointment of the principal mining contractor and progress on the coal plant and power infrastructure.

• Uitkomst Colliery completed its operational Turnaround Plan, aiming to improve costs, stabilize earnings, and enhance operational efficiencies.

• Uitkomst Colliery saw a 3% sequential increase in ROM coal production but a 9% year-over-year decrease due to mine reconfiguration and lower seam heights.

• Uitkomst sales of high-grade coal increased 9% year-over-year, with no middlings coal sold this quarter.

Financial highlights

• Available cash and facilities at period end were US$7.4 million, down from US$9 million in the previous quarter.

• Net cash used in operating activities was US$3.99 million for the quarter.

• Net cash used in investing activities was US$4.17 million, mainly for property, plant, and equipment.

• Net cash from financing activities was US$6.98 million, including US$10 million from share subscriptions.

• Uitkomst Colliery's production cost per saleable tonne decreased 9% year-over-year to US$88/t.

Outlook and guidance

• Makhado Project remains on track for December 2025 coal plant commissioning, with open pit mining to commence in the next quarter.

• Uitkomst Colliery is implementing its Turnaround Plan, focusing on cost reduction, operational efficiency, and improved safety.

• Greater Soutpansberg Projects are being evaluated and prioritized for future development.