Pt Merdeka Battery Materials Tbk · IDX:MBMA
Pt Merdeka Battery Materials Tbk — Q1 2025 Earnings Presentation
19 slides from Pt Merdeka Battery Materials Tbk's earnings presentation, Jul 1, 2025
Slide 1: Merdeka Group 1Q 2025 Financial Results Presentation
MERDEKA GROUP 1Q 2025 Financial Results Presentation 1 July 2025 Investor Presentation – July 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: 1Q 2025 Highlights
1Q 2025 Highlights Financials Project Update Merdeka MBMA Tujuh Bukit Copper Gold Project Merdeka is actively derisking TB Copper which will feature a larger ore reserve and high-grade early production from a 6Mtpa Revenue SLC operation (up from 4Mtpa). $502million $366million Pani Gold Project Cons
Slide 4: Nickel Mining Operations
Nickel Mining Operations Ore Mined (million wmt) Ore Sales1 (million wmt) +92% +99% 6.4 5.5 4.6 4.1 1.4 4.7 3.0 1.2 3.5 1.0 1.2 3.2 1.3 2.2 1.3 1.7 1.6 4.1 0.4 3.7 3.5 3.4 2.9 0.5 1.1 2.1 1.8 1.8 1.2 0.6 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Limonite Saprolite Limonite Saprolite • In 1Q
Slide 5: Nickel Processing Operations
Nickel Processing Operations NPI Production (tonnes) NPI Sales (tonnes) -22% -25% 21,882 21,621 20,846 20,900 20,557 18,823 18,900 18,831 16,297 16,297 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 HGNM Production (tonnes) HGNM Sales (tonnes) -21% -31% 12,041 13,402 12,979 11,893 14,404 9,525 12
Slide 6: Gold and Copper Operations
Gold and Copper Operations Gold Production (ounces) Gold Sales (ounces) +6% +38% 35,824 36,796 30,522 29,056 25,382 25,481 26,633 27,778 24,139 25,004 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Copper Production (tonnes) Copper Sales (tonnes) -22% -31% 3,626 3,811 3,419 4,970 3,046 4,313 2,38
Slide 7: ASP and Margin Analysis
ASP and Margin Analysis Saprolite1 NPI Gold ($/wmt) Margin: 5% ($/t) Margin: 13% ($/oz) Margin: 66% 11,582 1,528 10,053 2,757 1,825 25.8 1.3 8,103 24.6 932 ASP 2 Cash Margin Cash costs ASP Margin Cash Costs Implied Cash ASP Cash Margin Cash costs Costs 3 Limonite HGNM Copper ($/wmt) Margin: 15% ($/t
Slide 8: Consolidated Group Revenue
Consolidated Group Revenue $ million NPI HGNM Gold Copper Limonite -9.3% (9) 24 5402 47 (50) (62) 36 8 4903 59 32 28 106 197 135 239 189 1 1Q 2024 Gold Copper NPI HGNM Limonite 1Q 2025 • Merdeka Group reported consolidated revenue of $502 million in 1Q 2025, representing a 7% YoY decrease. The decre
Slide 9: Consolidated Group EBITDA
Consolidated Group EBITDA $ million Gold Copper NPI HGNM Limonite Others +56.8% 3 89 6 6 (5) (7) 8 2 29 57 27 3 6 108 5 20 96 98 103 90 12 67 55 26 (11) (8) 1Q 2024 Gold Copper NPI HGNM Limonite Others 1Q 2025 • Merdeka Group reported consolidated EBITDA of $89 million in 1Q 2025, representing a 57%
Slide 10: 1Q 2025 Profit & Loss (100%)
1Q 2025 Profit & Loss (100%) $ million 89 (45) (28) (5) (8) 3 EBITDA D&A Finance Expense Other Expense, Net Tax Net Income • Finance costs increased due to higher interest rates and a larger debt base, with outstanding bonds rising to $1.2 billion in 1Q 2025 from $1.0 billion in 1Q 2024. • Other exp
Slide 11: 1Q 2025 Cash flow
1Q 2025 Cash flow $ million 553 • HPALs ($55m) • Pani Gold Project ($41m) • Nickel ($27m) • Gold ($14m) • AIM ($11m) • Copper ($7m) • Proceeds from sale & lease back (464) • Financing cost ($41m) 451 (33) • Lease liabilities ($6m) • Others ($1m) 68 4 332 (157) (1) 171 (170) (40) (49) Cash inflow WC
Slide 12: Project Development
Project Development TB Copper Pani Gold Project HPAL Operations • Merdeka is advancing optimisation work to • At the end of March 2025, project • PT ESG, Train B expected online in 2Q 2025. support a unified TB Copper strategy, construction was 49% complete. The plant currently operates using IMIP’s
Slide 13: MDKA Consolidated Financial Statements (100%)
MDKA Consolidated Financial Statements (100%) In $ million 1Q 2024 1Q 2025 • Merdeka reported consolidated revenue of $502 million in Revenue 541.1 502.2 1Q 2025, reflecting a YoY decrease of $39 million. Cost of Revenue (exclusive of D&A) (472.2) (400.0) • The decline was primarily driven by lower
Slide 14: MBMA Consolidated Financial Statements (100%)
MBMA Consolidated Financial Statements (100%) In $ million 1Q 2024 1Q 2025 • MBMA reported consolidated revenue of $366 million Revenue 444.2 366.1 and EBITDA of $31 million in 1Q 2025, representing an 18% YoY decrease in revenue and a 17% increase in Cost of Revenue (exclusive of D&A) (410.6) (327.
Slide 15: Thank you
Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com Investor Presentation – July 2025
Slide 16: ASP and Margin Analysis (Quarterly)
ASP and Margin Analysis (Quarterly) 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 Gold ASP $/oz 2,106 2,262 2,406 2,672 2,757 Cash costs $/oz 1,065 1,110 952 975 932 Margin $/oz 1,041 1,152 1,454 1,697 1,825 Copper ASP $/lb 3.79 4.21 4.26 4.18 4.13 Cash costs $/lb 2.67 2.66 3.51 1.63 2.76 Margin $/lb 1.12
Slide 17: MDKA Loan Maturity Profile
MDKA LOAN MATURITY PROFILE Net Debt to EBITDA as of 31 March 2025 Debt Maturity Profile as of 31 March 2025 ($ million) $ million MDKA IDR Bond BSI RCF PBJ RCF MDKA IDR Bonds 1,043 MBMA IDR Bond MBMA RCF AIM Senior Debt BSI Tujuh Bukit RCF 46 Pani HoldCo RCF 5 549 568 MBMA IDR Bonds 213 100 169 MBMA
Slide 18: MBMA Loan Maturity Profile
MBMA LOAN MATURITY PROFILE Net Debt to EBITDA as of 31 March 2025 Debt Maturity Profile as of 31 March 2025 ($ million) AIM Senior Debt MBMA RCF MBMA IDR Bond $ miilion MBMA IDR Bonds 213 MBMA RCF 100 336 AIM Senior Debt 260 Total Debt 573 167 Cash and Cash Equivalent 215 Net Debt 358 146 EBITDA 167
Slide 19: Segmental Performance
Segmental Performance Gold Copper1 NPI HGNM Saprolite2 Limonite Production 25,481 oz 2,381 t 16,297 t 9,525 t 1.3 m wmt 1.8 m wmt Sales 36,796 oz 2,975 t 16,297 t 10,000 t 1.3 m wmt 2.1 m wmt ASP $2,757/oz $4.13/lb $11,582/t $13,473/t $25.8/wmt $14.9/wmt Cash Cost $932/oz $2.76/lb $10,053/t $13,230/
PT Merdeka Battery Materials — Q1 2025 Earnings Presentation on 6ix