Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — 9M 2024 Earnings Presentation
22 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Dec 20, 2024
Slide 1: Nine Months 2024 Financial Results Presentation
MERDEKA GROUP Nine Months 2024 Financial Results Presentation 20 December 2024 Investor Presentation – December 2024
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”) and PT Merdeka Battery Materials Tbk (“MBMA”) consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentation, you agree to be bound by the followin
Slide 3: 9M 2024 Highlights
9M 2024 Highlights Financials Project Update Merdeka MBMA Tujuh Bukit Copper Gold Project Extension of oxide mine life at TB Gold and advancement of TB Copper optimisation studies to improve project economics Revenue and integration of expected larger ore reserves in early 2025 $1,668m $1,380m Pani
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +159% 10.5 8.6 3.6 1.9 4.7 4.6 4.1 1.0 3.3 3.0 1.2 6.7 1.2 6.9 2.2 0.9 1.4 1.6 1.7 1.7 0.4 3.7 0.5 2.9 3.5 2.4 0.7 1.1 1.6 1.8 0.04 1.2 0.9 0.6 0.0 - 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 Limo
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI Sales (tonnes) 9M 2024 production nearly +47% +46% reached the 9M nameplate capacity of 66ktpa 63,338 61,366 42,976 42,054 22,141 20,900 21,882 20,557 22,472 21,620 20,846 18,900 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 4Q 23 1Q 24 2Q 24 3Q 24 9M 2
Slide 6: Gold Mining Operations
Gold Mining Operations Gold Production (Ounces) Gold Sales (Ounces) -27% -20% 109,159 98,694 79,415 80,043 30,523 31,173 29,507 26,633 27,778 24,139 25,381 25,004 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 • Gold production has decreased due to a decline in gold grade (0
Slide 7: Copper Mining Operations
Copper Mining Operations Copper Production (tonnes) Copper Sales (tonnes) 3% 13% 11,310 11,011 10,483 9,309 4,970 4,313 3,626 3,811 3,397 3,046 2,206 2,027 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 4Q 23 1Q 24 2Q 24 3Q 24 9M 23 9M 24 • Copper production has improved due to higher volume of ore mined in 9M
Slide 8: ASP and Margin Analysis (9M 2024)
ASP and Margin Analysis (9M 2024) Saprolite1 NPI Gold ($/wmt) Margin: 16% ($/t) Margin: 10% ($/oz) Margin: 54% 29.7 4.7 11,522 1,135 25.0 10,387 2,261 1,225 8,687 1,036 ASP 2 Margin Cash Costs ASP Margin Cash Costs Implied Cash ASP Margin Cash Costs Costs 3 Limonite HGNM Copper ($/wmt) Margin: 29% (
Slide 9: Consolidated Group Revenue
Consolidated Group Revenue $ million +42.5% 9M 2024 Segmental Revenue2 185 103 707 563 108 1 • Merdeka group consolidated revenue of $1,668 million representing YoY growth of 42.5%. • Significant revenue growth is attributable to: o Reflecting a full nine months of HGNM sales from PT Huaneng Metal I
Slide 10: Consolidated Group EBITDA
Consolidated Group EBITDA $ million +21.9% 222 (8) 12 9M 2024 Segmental EBITDA 81 28 76 28 29 (20) 9M 2023 Gold Copper NPI HGNM Limonite Others 9M 2024 • Merdeka group generated an EBITDA of $222 million in 9M 2024 compared to 9M 2023 EBITDA of $182 million. • The higher EBITDA is attributable to: o
Slide 11: 9M 2024 Profit & Loss (Before Minority)
9M 2024 Profit & Loss (Before Minority) $ million 222 (25) • Finance costs have increased due to higher interest rates and overall debt levels (bonds: $1.2 billion in 9M 2024 vs. $1.0 billion in 9M 2023) incurred to support the Company’s growth plans. • Other expense is mainly contributed to loss fr
Slide 12: 9M 2024 Cash flow
9M 2024 Cash flow $ million • Pani equity subscription $125m • Capital expenditure ($272m) • Proceeds from non-controlling • Exploration ($22m) shareholders $34m • Mining properties ($18m) • MDKA placement $50m • Proceeds from sales & lease $17m • Third party loan $4m • Financing cost ($105m) • Proc
Slide 13: Segmental Performance
Segmental Performance Gold Copper NPI HGNM Saprolite2 Limonite Production1 80,043 oz 10,483 t 63,338 t 38,422 t 1.9 m wmt 6.7 m wmt Sales 79,415 oz 11,310 t 61,366 t 40,401 t 3.6 m wmt 6.9 m wmt Revenue ($m) 179.5 101.4 707.1 562.8 105.9 108.2 EBITDA ($m) 81 28 76 28 - 29 ASP $2,261/oz $4.07/lb $11,
Slide 14: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations • Merdeka is advancing a range of project • The project is 28% complete at the • PT ESG HPAL plant commenced operation optimisation opportunities to improve end of November 2024. of its first production line (20ktpa capacity) the scale
Slide 15: SCM Haul Road Pre and Post-Development
SCM Haul Road Pre and Post-Development Extension Widening Before After Before After • At the SCM Mine, ongoing infrastructure improvements are being implemented to support the ramp-up in mining operations and to meet the anticipated increase in limonite demand in 2025. A new dedicated haul road is a
Slide 16: HNC Feed Preparation Plant
HNC Feed Preparation Plant The existing HNC FPP at IKIP facilitates the efficient and cost-effective transportation of limonite to IMIP via a slurry pipeline. This approach will similarly apply to the FPP under development by MBMA, which will be used for the transportation of limonite to PT ESG HPAL
Slide 17: MDKA Consolidated Financial Statements (Before Minority)
MDKA Consolidated Financial Statements (Before Minority) In $ million 3Q 2024 3Q 2023 9M 2024 9M 2023 • Merdeka reported an EBITDA of $222 million Revenue 573.7 650.2 1,667.5 1,170.2 in 9M 2024, reflecting growth in MBMA's Cost of Revenue (exclusive of D&A) (489.9) (533.3) (1,408.7) (952.9) nickel p
Slide 18: MBMA Consolidated Financial Statements (Before Minority)
MBMA Consolidated Financial Statements (Before Minority) In $ million 3Q 2024 3Q 2023 9M 2024 9M 2023 • MBMA reported consolidated revenue and EBITDA of Revenue 458.2 522.9 1,379.8 873.9 $1,380 million and $114 million, respectively, for 9M Cost of Revenue (exclusive of D&A) (419.8) (465.1) (1,245.1
Slide 19: Summary and 2024 Guidance
Summary and 2024 Guidance Gold and copper production guidance of 110,000 – 120,000 ounces at a total cash cost of $950 to 1,050/oz and 13,500 to 14,000 tonnes at a total cash cost of $3.65 to 4.00/lb, respectively. MBMA is on track to achieve nickel in NPI guidance of 80,000 to 85,000 tonnes at a to
Slide 20: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com Investor Presentation – December 2024
Slide 21: ASP and Margin Analysis (Quarterly)
ASP and Margin Analysis (Quarterly) 9M 2023 1Q 2024 2Q 2024 3Q 2024 9M 2024 Gold ASP $/oz 1,942 2,106 2,262 2,407 2,261 Cash costs $/oz 794 1,065 1,110 952 1,036 Margin $/oz 1,147 1,041 1,153 1,455 1,225 Copper ASP $/lb 3.93 3.79 4.19 4.26 4.07 Cash costs $/lb 3.92 2.67 2.66 3.50 2.97 Margin $/lb 0.
Slide 22: Guidance 2024 – 2025
Guidance 2024 – 2025 2024 2025 Commodity Price LME nickel price $16,800 $16,000 Mining Limonite Sales (million wmt) 9.5 – 10.5 12.5 – 15.0 Cash cost Less than $12/wmt Less than $11/wmt Saprolite Sales (million wmt) 4.0 – 5.0 6.0 – 7.0 Cash cost Less than $25/wmt Less than $23/wmt Smelters NPI Sales
PT Merdeka Battery Materials — 9M 2024 Earnings Presentation on 6ix