Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — FY2024 Earnings Presentation
20 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Apr 8, 2025
Slide 1: Merdeka Group Full Year 2024 Financial Results Presentation
MERDEKA GROUP Full Year 2024 Financial Results Presentation 8th April 2025 Investor Presentation – April 2025
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: FY2024 Highlights
FY2024 Highlights Financials Project Update Merdeka MBMA Tujuh Bukit Copper Gold Project An updated Pre-Feasibility Study (PFS) that includes an expanded ore reserve and increased SLC throughput is scheduled Revenue for release in 2Q 2025. The life of the oxide gold mine has been extended beyond 203
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +135% +839% 15.0 15.9 4.9 4.9 6.4 6.4 4.7 5.5 2.3 4.6 11.0 3.0 10.1 4.1 1.6 2.2 1.0 1.4 1.2 1.7 1.2 1.7 0.5 0.4 3.7 3.4 4.0 4.1 2.9 3.5 0.8 1.2 1.8 1.1 0.6 0.9 1Q 24 2Q 24 3Q 24 4Q 24 2023 2024 1Q 24 2Q 24 3Q 24 4Q 24 2023 202
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production1 (tonnes) NPI Sales (tonnes) +26% +24% 82,161 80,199 65,117 64,526 20,900 21,882 20,557 18,823 21,621 20,846 18,900 18,831 1Q 24 2Q 24 3Q 24 4Q 24 2023 2024 1Q 24 2Q 24 3Q 24 4Q 24 2023 2024 HGNM Production (tonnes) HGNM Sales (tonnes) +66% +86% 50,315 52,
Slide 6: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) -16% -16% 138,666 115,867 129,867 108,471 24,139 25,382 30,522 35,824 26,633 27,778 29,056 25,004 1Q 24 2Q 24 3Q 24 4Q 24 2023 2024 1Q 24 2Q 24 3Q 24 4Q 24 2023 2024 Copper Production (tonnes) Copper Sales (tonnes) +9% +9% 12,70
Slide 7: ASP and Margin Analysis (FY2024)
ASP and Margin Analysis (FY2024) Saprolite1 NPI Gold ($/wmt) Margin: 20% ($/t) Margin: 11% ($/oz) Margin: 57% 11,608 1,301 29.1 5.7 10,307 23.4 8,633 2,371 1,354 1,017 ASP 2 Margin Cash costs ASP Margin Cash Costs Implied Cash ASP Margin Cash costs Costs 3 Limonite HGNM Copper ($/wmt) Margin: 37% ($
Slide 8: Consolidated Group Revenue
Consolidated Group Revenue $ million NPI HGNM Gold Copper Limonite +30.8% 2,2283 165 181 283 133 1,7032 261 (1) 19 57 113 16 262 722 439 873 931 2023 Gold 1 Copper NPI HGNM Limonite 2024 • Merdeka group reported consolidated revenue of $2,239 million, reflecting a year-over-year growth of 31%. This
Slide 9: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Limonite Others +36.0% 329 56 (32) 58 (4) 14 30 242 30 2 7 17 117 87 53 23 137 144 (25) (57) 2023 Gold Copper NPI HGNM Limonite Others 2024 • Merdeka group reported consolidated EBITDA of $329 million, reflecting a year-over-year growth of 36%
Slide 10: FY2024 Profit & Loss (Before Minority)
FY2024 Profit & Loss (Before Minority) $ million 350 329 300 250 200 150 (210) 100 50 3 10 (100) (12) - EBITDA D&A Finance Expense Other Income, Net Tax Net Income • Merdeka group consolidated EBITDA of $329 million, represents an EBITDA Margin of 14.7%. • The group net finance costs increased by 48
Slide 11: FY2024 Cash flow
FY2024 Cash flow $ million 2,202 • AIM ($162m) • Pani equity subscription $125m (115) • Proceeds from non-controlling • Gold ($133m) • Nickel ($79m) shareholders $35 • Copper ($50m) • MDKA placement $50m • Proceeds from lease $17m • Financing cost ($150m) • Third party loan $4m • Lease liabilities (
Slide 12: Segmental Performance (FY2024)
Segmental Performance (FY2024) Gold Copper2 NPI HGNM Saprolite3 Limonite Production1 115,867 oz 13,902 t 82,161 t 50,315 t 4.9 m wmt 10.1 m wmt Sales 108,471 oz 14,411 t 80,199 t 52,406 t 4.9 m wmt 11.0 m wmt ASP $2,371/oz $4.09/lb $11,608/t $13,770/t $29.1/wmt $16.5/wmt Cash Cost $1,017/oz $2.63/lb
Slide 13: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations • Merdeka is advancing a range of project • At the end of December 2024, the • PT ESG HPAL plant commenced operation optimisation opportunities to improve project was 33% complete, and by the of its first production line (20ktpa capacit
Slide 14: MDKA Consolidated Financial Statements (Before Minority)
MDKA Consolidated Financial Statements (Before Minority) In $ million 4Q 2023 4Q 2024 2023 2024 • Merdeka reported consolidated revenue of Revenue 536.6 571.5 1,706.8 2,239.0 $2,239 million, reflecting a year-over-year Cost of Revenue (exclusive of D&A) (465.9) (446.6) (1,418.8) (1,855.3) increase o
Slide 15: MBMA Consolidated Financial Statements (Before Minority)
MBMA Consolidated Financial Statements (Before Minority) In $ million 4Q 2023 4Q 2024 2023 2024 • MBMA reported consolidated revenue and EBITDA Revenue 454.5 464.9 1,328.3 1,844.7 of $1,845 million and $163 million, respectively, Cost of Revenue (exclusive of D&A) (419.2) (403.3) (1,202.2) (1,648.4)
Slide 16: Summary and 2025 Guidance
Summary and 2025 Guidance Gold and copper production guidance of 100,000 – 110,000 ounces at a total cash cost of $1,100 to 1,200/oz and 11,000 to 13,000 tonnes at a total cash cost of $1.60 to 2.00/lb, respectively. NPI production is projected to be between 80,000 and 87,000 tonnes, with cash costs
Slide 17: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com Investor Presentation – April 2025
Slide 18: ASP and Margin Analysis (Quarterly)
ASP and Margin Analysis (Quarterly) FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Gold ASP $/oz 1,939 2,106 2,262 2,406 2,672 2,371 Cash costs $/oz 842 1,065 1,110 952 975 1,017 Margin $/oz 1,097 1,041 1,152 1,454 1,697 1,354 Copper ASP $/lb 3.89 3.79 4.21 4.26 4.18 4.09 Cash costs $/lb 3.74 2.67
Slide 19: MDKA Loan Maturity Profile
MDKA LOAN MATURITY PROFILE Net Debt to EBITDA as of 31 December 2024 Debt Maturity Profile as of 31 December 2024 ($ millions) $ million MDKA IDR Bond BSI RCF PBJ RCF MDKA IDR Bonds 1,048 MBMA IDR Bond MBMA RCF AIM Senior Debt BSI Tujuh Bukit RCF 40 Pani HoldCo RCF 5 712 MBMA IDR Bonds 228 675 MBMA
Slide 20: MBMA Loan Maturity Profile
MBMA LOAN MATURITY PROFILE Net Debt to EBITDA as of 31 December 2024 Debt Maturity Profile as of 31 December 2024 ($ million) $ miilion MBMA IDR Bonds 228 MBMA IDR Bond MBMA RCF AIM Senior Debt MBMA RCF 78 AIM Senior Debt 260 Total Debt 566 Cash and Cash Equivalent 244 Net Debt 322 349 EBITDA 163 16
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