MC Mining (MCM) Q4 2026 TU earnings summary

Executive summary

• Achieved zero lost time injuries (LTI) across all operations for the quarter, reflecting significant improvement in health and safety performance.

• Major commissioning milestones reached at the Makhado Project, including C3 commissioning of the coal handling and preparation plant and completion of key infrastructure.

• Uitkomst Colliery operations temporarily suspended due to continued underperformance and cash losses, with strategic options under evaluation.

• Vele Colliery remains suspended pending a new business plan, with ongoing reviews of logistics solutions.

Financial highlights

• Available cash and facilities at period end totaled US$2.9 million, down from US$5.4 million in the previous quarter.

• Net cash from operating activities for the quarter was US$394,000; net cash used in investing activities was US$13.5 million.

• Net cash from financing activities was US$11.5 million, including proceeds from equity and convertible debt.

• Thermal coal prices averaged US$113/t in Q4 FY2026, up from US$99/t in Q3 and US$90/t in Q4 FY2025; premium HCC prices averaged US$238/t, up from US$184/t year-over-year.

Outlook and guidance

• Makhado Project's coal plant hot commissioning and performance testing expected to complete in early August, with ramp-up to full capacity before quarter-end.

• Strategic reviews and potential asset disposals ongoing at Uitkomst and across the asset base.