20 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Sep 26, 2025
Slide 1: Merdeka Group 1H 2025 Financial Results Presentation
MERDEKA GROUP 1H 2025 Financial Results Presentation 26 September 2025 1H 2025 Financial Results Presentation
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: 1H 2025 Highlights
1H 2025 Highlights Financials Project Update Merdeka MBMA Tujuh Bukit Copper Gold Project Merdeka is advancing optimisation at Tujuh Bukit Copper Project (“TB Copper”) highlighted by a maiden Mineral Resource Revenue Estimate (“MRE”) release for Candrian Porphyry and ongoing drilling at Gua Macan an
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales 1 (million wmt) +78% +32% 6.9 7.8 6.4 2.6 5.9 2.9 4.7 5.4 3.0 4.6 1.0 3.7 3.9 1.4 4.3 2.4 3.2 1.2 3.5 0.9 1.2 1.5 1.3 1.3 4.3 4.9 3.7 3.4 4.1 3.0 3.5 3.5 2.5 2.8 1.8 2.1 3Q24 4Q24 1Q25 2Q25 1H24 1H25 3Q24 4Q24 1Q25 2Q25 1H24 1H25 Limonite Sa
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI Sales (tonnes) -23% -22% 42,781 42,467 33,045 33,045 20,557 18,823 18,900 18,831 16,297 16,748 16,297 16,748 1 3Q24 4Q24 1Q25 2Q25 1H24 2 1H25 3Q24 4Q24 1Q25 2Q25 1H24 1H25 HGNM Production (tonnes) HGNM Sales (tonnes) -63% -60% 25,443 27,209 1
Slide 6: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) 2% 15% 49,521 50,624 59,535 51,637 35,824 30,552 36,796 25,481 25,143 27,778 29,056 22,739 3Q24 4Q24 1Q25 2Q25 1H24 1H25 3Q24 4Q24 1Q25 2Q25 1H24 1H25 Copper Production (tonnes) Copper Sales (tonnes) -37% -26% 6,340 6,672 4,970
Slide 7: ASP and Margin Analysis (1H 2025)
ASP and Margin Analysis (1H 2025) Saprolite1 NPI Gold ($/wmt) Margin: 4% ($/t) Margin: 14% ($/oz) Margin: 62% 11,541 1,657 25.4 1.1 9,884 8,896 2,929 1,805 24.3 1,124 ASP 2 Cash Margin Cash costs ASP Cash Margin Cash costs Implied Cash ASP Cash Margin Cash costs Cost 3 Limonite HGNM Copper ($/wmt) M
Slide 8: Consolidated Group Revenue
Consolidated Group Revenue $ million Gold Copper NPI HGNM Limonite -25% 1,094 2 64 (11) 55 (98) 55 117 (243) 825 3 19 74 44 387 181 144 480 381 1H 2024 Gold 1 Copper NPI HGNM Limonite 1H 2025 • Merdeka Group reported consolidated revenue of $825 million in 1H 2025, representing a 25% YoY decrease. T
Slide 9: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Limonite Others +17% (11) 40 7 10 176 150 7 20 14 (27) 3 30 55 48 15 26 95 55 (22) (11) 1H 2024 Gold Copper NPI HGNM Limonite Others 1H 2025 • Merdeka Group reported a growth of consolidated EBITDA of $176 million in 1H 2025, representing a 18
Slide 10: 1H 2025 Profit & Loss (100%)
1H 2025 Profit & Loss (100%) $ million 176 (97) 3 (57) 8 (16) EBITDA D&A Finance Expense Other Income, Net Tax Net Income • Net finance expense of $57 million mainly derived from $56 million in bonds interest and $8 million in loan interest, offset with $5 million in finance income. • Other income w
Slide 11: 1H 2025 Cash flow
1H 2025 Cash flow $ million • Pani Gold Project ($67m) • HPALs Investment ($56m) • Gold ($54m) 958 • Nickel ($49m) • AIM ($32m) • TB Copper ($9m) • Others ($5m) • Proceeds from sale & lease back • Financing cost ($76m) (775) • Lease liabilities ($12m) 451 • Others ($2m) 294 8 364 (273) (2) (221) 255
Slide 12: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations • Merdeka is progressing optimisation • At the end of June 2025, project construction • PT ESG, Train B commissioned by end of 2Q initiatives. A Mineral Resource Estimate was 67% complete. 2025. The plant currently operates using was re
Slide 13: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) In $ million 1H 2024 1H 2025 • Merdeka reported consolidated revenue of $855 million in Revenue 1,093.8 854.6 1H 2025, reflecting a YoY decrease of $239 million. The Cost of Revenue (exclusive of D&A) (918.8) (652.7) decline was primarily driven by lower
Slide 14: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) In $ million 1H 2024 1H 2025 • MBMA reported consolidated revenue of $628 million Revenue 921.6 627.7 and EBITDA of $77 million in 1H 2025, representing a 32% and 8% YoY decrease, respectively. Cost of Revenue (exclusive of D&A) (825.4) (538.0) Mining Co
Slide 15: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com 1H 2025 Financial Results Presentation
Slide 16: ASP and Margin Analysis (Quarterly)
ASP and Margin Analysis (Quarterly) 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Gold ASP $/oz 2,262 2,406 2,672 2,757 3,207 Cash costs $/oz 1,110 952 975 932 1,320 Margin $/oz 1,153 1,454 1,697 1,825 1,887 Copper ASP $/lb 4.21 4.26 4.18 4.13 4.23 Cash costs $/lb 2.66 3.51 1.63 2.76 3.35 Margin $/lb 1.55
Slide 17: MDKA Loan Maturity Profile
MDKA LOAN MATURITY PROFILE Net Debt to EBITDA as of 30 June 2025 Debt Maturity Profile as of 30 June 2025 ($ million) $ million MDKA IDR Bond MDKA HoldCo RCF PBJ RCF MDKA IDR Bonds 1,032 MBMA IDR Bond MBMA RCF AIM Senior Debt MDKA RCF 50 MGR HoldCo RCF 50 731 MBMA IDR Bonds 268 156 MBMA RCF 95 AIM S
Slide 18: MBMA Loan Maturity Profile
MBMA LOAN MATURITY PROFILE Net Debt to EBITDA as of 30 June 2025 Debt Maturity Profile as of 30 June 2025 ($ million) $ miilion 325 MBMA IDR Bonds 268 MBMA RCF 95 156 AIM Senior Debt 240 Total Debt 602 135 Cash and Cash Equivalent 222 108 Net Debt 380 84 169 95 EBITDA 157 22 13 51 13 22 13 Financial
Slide 19: Segmental Performance
Segmental Performance Gold Copper1 NPI HGNM Saprolite2 Limonite Production 50,624 oz 4,235 t 33,045 t 9,525 t 2.6 m wmt 4.3 m wmt Sales 59,535 oz 4,717 t 33,045 t 10,754 t 2.9 m wmt 4.9 m wmt ASP $2,929/oz $4.17/lb $11,541/t $13,413/t $25.4/wmt $15.2/wmt Cash Cost $1,125/oz $3.02/lb $9,884/t $13,230
Slide 20: 2025 Outlook and Strategic Priorities
2025 Outlook and Strategic Priorities Gold and Copper: We maintain gold production guidance of 100,000–110,000 ounces of gold at a revised cash cost of $1,100–$1,250/oz and copper production now expected at 10,000–12,000 tonnes at a revised cash cost of $3.00–$3.20/lb. Our focus remains on deliverin