Vista Energy Sab De Cv Class A · BMV:VISTA/A
Vista Energy Sab De Cv Class A — Q1 2025 Earnings Presentation
49 slides from Vista Energy Sab De Cv Class A's earnings presentation, Apr 26, 2023
Slide 1: Growing Responsibly: First Quarter 2025 Financial & Operating Results
GROWING RESPONSIBLY First Quarter 2025 Financial & Operating Results TSX FM
Slide 2: Cautionary Statement on Forward-Looking Information
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking information
Slide 3: Opening Remarks
Cobre Panamá OPENING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH 3
Slide 4: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS TOTAL COPPER PRODUCTION Recent Developments • Discontinued ICC arbitration proceedings and suspended FTA arbitration 99,703t 11% decrease from Q4 2024 due to lower • Entered into additional unmargined zero cost collars • Supplemental copper prepayment agreement for an additional $
Slide 5: Sustainability Highlights from the Quarter
SUSTAINABILITY HIGHLIGHTS FROM THE QUARTER Transforming Education with Clean Water for a Sustainable Taca Taca Project Update Empowerment of Local Cobre Conecta Future Entrepreneurs Kansanshi handed over a water Cobre Panamá has launched "Cobre reticulation system to the Kabwela Emprende," a program
Slide 6: Operational Overview
Sentinel OPERATIONAL OVERVIEW Rudi Badenhorst, COO RESPONSIBLE GROWTH 6
Slide 7: Kansanshi
KANSANSHI Q1 2025 COPPER PRODUCTION 2025 Outlook 46,544t 3% lower than Q4 2024 due to lower feed • Six-week maintenance shutdown of Kansanshi smelter planned for Q2 2025 • First production from S3 Expansion expected in H2 2025; initial feed will be grades; swap of mixed and sulphide mills sourced fr
Slide 8: Trident - Sentinel
TRIDENT - SENTINEL Q1 2025 COPPER PRODUCTION 2025 Outlook 46,361t 18% lower than Q4 2024 due to lower • 4-day full maintenance shutdown planned for Q2 2025; tailings thickener upgrades in H2 2025 grades and throughput • Initiatives to increase mill throughput, including optimizing blast fragmentatio
Slide 9: Trident - Enterprise
TRIDENT – ENTERPRISE Q1 2025 NICKEL PRODUCTION 2025 Outlook 4,649t 25% increase from Q4 2024 due to higher • 4-day full maintenance shutdown in Q2 2025 • Focus will remain on ore quality and grade control through ongoing reverse throughput, partially offset by lower grades circulation drilling • Opt
Slide 10: Other Mines
OTHER MINES Las Cruces Çayeli NI 43-101 published February 2024 Q1 2025 PRODUCTION: 2,317t Cu, and 218t Zn Continue to pursue sales process Q1 2025 C1 CASH COST1: $2.10 per lb Cu 2025 PRODUCTION GUIDANCE: 10Kt Cu, 1.5kt Zn Copper and zinc production includes production from south ore body (received
Slide 11: Financial Overview
Kansanshi Smelter FINANCIAL OVERVIEW Ryan MacWilliam, CFO RESPONSIBLE GROWTH TSX FM
Slide 12: Q1 2025 Revenue and Copper C1 Cash Costs
Q1 2025 REVENUE AND COPPER C1 CASH COSTS¹ GROSS REALIZED COPPER PRICE1 • Lower revenue quarter-over-quarter from lower copper and gold sales volumes (per lb) but partially mitigated by higher realized metal prices $4.26 Up 2% quarter-over-quarter • Higher copper C1 cash costs1 quarter-over-quarter w
Slide 13: Q1 2025 EBITDA and Net Earnings
Q1 2025 EBITDA¹ AND NET EARNINGS EBITDA¹ EBITDA¹ was $78 million lower quarter-over-quarter driven by lower revenue $377 million EBITDA¹ ($ million) ADJUSTED EPS² ($/share) Down 17% quarter-over-quarter 520 NET LOSS ATTRIBUTABLE TO 455 SHAREHOLDERS OF THE COMPANY 0.14 377 ($23) million 336 Down $122
Slide 14: EBITDA Waterfall
EBITDA¹ WATERFALL (Excluding Ravensthorpe)³ External Factors Internal Factors (+$35 million) (-$121 million) • Copper +$20m • Gold +$12m • Nickel -$3m ¹ EBITDA is a non-GAAP financial measure and realized metal prices are non-GAAP ratios, which do not have a standardized meaning under IFRS and might
Slide 15: Copper C1 Cash Cost
COPPER C1 CASH COST¹ • Higher unit cash cost in Q1 was driven by lower Sentinel production and stockpile drawdowns coupled with higher Zambian employee and maintenance costs. This was partially offset by increased by-product credits from higher gold production and prices $0.27 per lb higher cash cos
Slide 16: Quarterly Net Debt Movement
QUARTERLY NET DEBT1 MOVEMENT Net debt1 increased by $257 million during the quarter mainly due to capex, interest paid and higher receivables resulting in unfavourable working capital movements Q1 and Q4 Key Working Capital Cash Flows Q1 - $140 million outflow Payables 9 Receivables (105) Inventory
Slide 17: Hedging Strategy
HEDGING STRATEGY • Hedging strategy reducing copper price volatility, with realized hedge gains of $3 million during the quarter and $38 million since inception of the program • Approximately half of planned production and sales in 2025, and 40% for the first half of 2026 are protected from spot cop
Slide 18: Consistent, Decisive Action on Balance Sheet
CONSISTENT, DECISIVE ACTION ON BALANCE SHEET External Internal Comprehensive Refinancing: Dividend suspension • $500 million copper prepayment • $1.05 billion equity raise Ravensthorpe care & maintenance • $1.6 billion 2L bond issuance • $2.3 billion corporate facility amendment and Capital expendit
Slide 19: Closing Remarks
Reforestation Initiatives Cobre Panamá CLOSING REMARKS Tristan Pascall, CEO RESPONSIBLE GROWTH
Slide 20: S3 Expansion
S3 EXPANSION S3 Expansion Works Q1 2025 Progress Outlook • Additional concentrator capacity • Construction completion at 83% and 20% of systems handed over to • First production expected in H2 • Additional SAG and ball mill commissioning 2025 • Construction of overland • Configuration of plant contr
Slide 21: S3 Expansion Milling Area
S3 EXPANSION MILLING AREA January 2025 April 2025 21
Slide 22: S3 Expansion: Primary Crusher Progress
S3 EXPANSION Primary Crusher Progress 22
Slide 23: S3 Expansion: Pebble Circuit Belts
S3 EXPANSION Pebble Circuit Belts 23
Slide 24: S3 Expansion: SAG Mill Liners
S3 EXPANSION SAG Mill Liners 24
Slide 25: S3 Expansion: SAG Mill Rotation
S3 EXPANSION SAG Mill Rotation 25
Slide 26: S3 Expansion: SAG Mill and Ball Mill
S3 EXPANSION SAG Mill and Ball Mill 26
Slide 27: S3 Expansion: Process Water Tank Filling
S3 EXPANSION Process Water Tank Filling 27
Slide 28: S3 Expansion: Raw Pond Water Fill
S3 EXPANSION Raw Pond Water Fill 28
Slide 29: S3 Expansion: Booster Station
S3 EXPANSION Booster Station 29
Slide 30: Top Priorities for 2025
TOP PRIORITIES FOR 2025 Proactive Safe and Delivery of Resolution in Management of Productive Kansanshi S3 Panama Balance Sheet Operational Expansion and Liquidity Performance • Partnering and sale options • Financing options • Continuation of hedging strategy 30
Slide 31: Upcoming Events
UPCOMING EVENTS May 8, 2025 • ANNUAL GENERAL MEETING May 8, 2025 • ANALYST/INVESTOR DINNER (Toronto) June 19, 2025 • ANALYST/INVESTOR DINNER (London) July 23, 2025 • Q2 2025 FINANCIAL AND OPERATING RESULTS (Conference call July 24, 2025) September 22-26, 2025 • ZAMBIA MINE TOUR October 28, 2025 • Q3
Slide 32: Appendix
& FIRST QUANTUM MINERALS. APPENDIX
Slide 33: 2025 Guidance Unchanged
2025 GUIDANCE UNCHANGED PRODUCTION GUIDANCE COST AND CAPEX GUIDANCE 2025E Copper Cost Guidance ($/lb) 2025E Kansanshi 160 – 190 C11 1.85 – 2.10 Sentinel 200 – 230 AISC1 3.05 – 3.35 Other sites 20 Copper production (K tonnes) 380 – 440 Nickel Cost Guidance ($/lb) 2025E C11 5.00 – 6.50 Kansanshi 100
Slide 34: Copper Cash Cost and AISC
COPPER CASH COST¹ AND AISC¹ Higher Thequarterly copper C1 First Quantum cash cost¹ Financial and AISC¹ (excluding Cobre Panamá) of $1.95 per lb and $2.82 per lb respectively, Policy driven by lower Sentinel production and stockpile drawdowns coupled with higher Zambian employee and maintenance costs
Slide 35: Debt Maturity Profile
DEBT MATURITY PROFILE • Prudent management of near-term maturities to maintain strategic flexibility • Opportunistic offering of Senior Notes completed in March with proceeds used to refresh RCF, ease near-term maturities via refinance of half the 2027 Notes and extend the debt profile out to 2033 •
Slide 36: Financial Summary
FINANCIAL SUMMARY The First $ millions Quantum (except Financial per share Policy numbers) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Sales revenues 1,190 1,256 1,279 1,231 1,036 Gross profit 331 405 456 333 156 EBITDA1,2 377 455 520 336 180 Net earnings (loss) attributable to shareholders of the Compa
Slide 37: Non-GAAP EBITDA and Adjusted Earnings (Loss) Reconciliation
NON-GAAP EBITDA AND ADJUSTED EARNINGS (LOSS) RECONCILIATION $ millions (except per share numbers) Q1 2025 Q4 2024 Q1 2024 Operating profit (loss) 215 344 20 Depreciation 159 169 157 Foreign exchange loss (gain) 1 (13) (20) Impairment expense - 2 10 Share of results of joint venture - (12) 1 Restruct
Slide 38: Non-GAAP Measures Reconciliation C1 and AISC
NON-GAAP MEASURES RECONCILIATION C12 AND AISC2 $ millions Q1 2025 Q4 2024 Q1 2024 Cost of sales¹ (859) (851) (880) Depreciation 159 169 157 By-product credits 135 124 73 Royalties 86 92 62 Treatment and refining charges (17) (28) (25) Freight costs 3 - (15) Finished goods (22) 18 72 Other4 70 43 55
Slide 39: EBITDA Sensitivity
EBITDA¹ SENSITIVITY The First Quantum Financial Policy Impact on March 2025 Impact on Actual Hedge² gain / QTD EBITDA¹ March 2025 price/rate (loss) on Assumption 10% QTD EBITDA¹ March 2025 March QTD unfavourable after hedge QTD EBITDA change in impact price/rate Copper $4.24/lb $90 million $3 millio
Slide 40: Kansanshi, Including S3 Expansion
KANSANSHI, INCLUDING S3 EXPANSION Ownership Mine Type Processing Rate S3 Expansion 80% First Quantum Open Pit Adjacent 1.38 Mtpa S3 25 Mtpa Expansion smelter 20% ZCCM-IH Vein deposit, mixed First production H2 2025 27 Mtpa circuit (oxide, supergene and oxide Smelter expansion to 1.6 Mtpa mixed, sulp
Slide 41: Kansanshi Pit Development
KANSANSHI PIT DEVELOPMENT Source: Kansanshi 43-101 Technical Report July 2024 41
Slide 42: Trident (Sentinel & Enterprise)
TRIDENT (SENTINEL & ENTERPRISE) Ownership Mine Type Sentinel Processing Enterprise Processing 100% First Quantum Open Pit 62 Mtpa Sulphide circuit 4 Mtpa Sulphide circuit Sentinel: Copper Enterprise: Nickel SENTINEL & ENTERPRISE P&P Reserves M&I Resources Inferred Resources Sentinel: 599.7 Mt Sentin
Slide 43: Sentinel Pit Development
SENTINEL PIT DEVELOPMENT Source: Trident 43-101 Technical Report March 2020 43
Slide 44: Cobre Panamá, Including CP100 Expansion
COBRE PANAMÁ, INCLUDING CP100 EXPANSION Ownership Mine Type Processing Rate CP100 Expansion 90% First Quantum Open Pit 85 Mtpa Sulphide circuit Expansion to 100 Mtpa 10% KOMIR Cu-Au-Ag-Mo Porphyry • Preservation and Safe Management (“P&SM”) since November 2023 • P&SM costs ~$13 million per month in
Slide 45: Las Cruces Underground Project
LAS CRUCES UNDERGROUND PROJECT • Benefits from existing team, workforce and Las Cruces Underground Resource Classification infrastructure MINERAL RESOURCE STATEMENT AS OF SEPTEMBER 30, 2023 • Environmental permits received in 2020; Mine exploitation permit received in 2021; Water Tonnes CuEq Ag Mate
Slide 46: Taca Taca
TACA TACA 275,000 Low 32 Years US$3.6 Billion Tonnes of Cu C1 Cash Cost1 Mine Life Capital Per Year (Peak) Investment • 50 - 200 Megawatts of Renewable Energy • Primary ESIA under evaluation by the Secretariat of Mining of Salta Province. Independent evaluation from SEGEMAR (Argentinian Geological a
Slide 47: La Granja
LA GRANJA La Granja is one of the largest undeveloped copper resources in the world, with potential to support a multi-decade open-pit operation • First Quantum is the operator with a 55% interest • Large copper project in northern Peru • Partnership with Rio Tinto, acquired in August • Located in t
Slide 48: Haquira Overview
HAQUIRA OVERVIEW • Large scale porphyry copper project in Apurímac, Southern Peru • Acquired in December 2010 • One of the world’s major undeveloped copper deposits • M&I resource of 3.7 million tonnes of contained copper equivalent plus an inferred resource of 2.4 million tonnes of copper equivalen
Slide 49: Contact: info@fqml.com
info@fqml.com | 416-361-6400 | 1-888-688-6577 TSX FM | fqml.com
Vista Energy S.A.B. de C.V. — Q1 2025 Earnings Presentation on 6ix