Metals Acquisition Limited (MTAL) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by. This is the conference operator. Welcome to the Metals Acquisition Limited Q3 2024 conference call and webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Mick McMullen, CEO of Metals Acquisition Limited. Please go ahead. Thank you and thank you everyone for joining. I'll be presenting the slides today along with our CFO, Morne Engelbrecht. So this is our Q3 quarterly results presentation. and we'll also give a bit of an update on our exploration activities. As usual, we've got our disclaimer at the front that this presentation has been lodged on the ASX platform and you can read that at your leisure. I would characterize the quarter as another business as usual quarter. The team delivered a very strong result of just over 10,000 tons of copper at a head grade of 4% milled. I think after our very strong Q3, there were some questions around whether we could sustain that sort of 4% plus head grade, and the answer is yes. C1 came in at the bottom end of the range. We'd recently guided to $1.90 a pound US, which is continuing a downward trend, and Morne will talk about how we managed to arrive at that. We have a clear pathway to 50,000 tonnes plus of copper out of this mine here within the next couple of years. We, again, had a very strong EBITDA margin through the year, about 50%, and we convert about 77% of that margin to cash. Post the recent equity raise, we've got pro-forma liquidity of...