MTAL - Earnings call transcript Q4 2024

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Operator

Thank you for standing by. This is the conference operator. Welcome to MAC Copper Limited Q4 2024 Conference Call and Webcast. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mick McMullen, CEO of MAC Copper Limited. Please go ahead.

Michael James McMullen

you, joining. thank and you, everyone, for Thank Obviously, in Australia. busy couple for quarterlies of days it's a We'll get try people. for and through this quickly fairly

So both there also there's I'll online can that. a that's see talk that to been exchange the people on platforms, and lodged presentation

today Morne is me our CFO. Joining Engelbrecht,

And can the read. disclaimer so, through forward-looking and there's we presentation, go statements as the usual that people

tonnes we of QX,where In did land? X.X% We milled. at of terms at copper XX,XXX a grade of landed

just in had Morne us to of a had So that the And midpoint the shortly, we brings the that dilution for to will CX continue that guidance above the on financials slide pound. as but for pleasingly, that control. X.XX of to work USD quarter a on we year. you we last talk see be can grade continues good also

from of And exchange rate. a a so, that's quite month result. We saw about the lower only really benefit good

Aussie obviously, operating of the us, And so XXX amount a end large liquidity the that in the about at had liquidity, our million for bodes fallen XXXX, of very of USD year, given well as Again, we cash costs. significantly. dollars dollar actually is Aussie for which has

to a by greater We cash production XX% pathway of and than well for we're copper XX% continue that XX,XXX of XXXX. the at our to we run about our on to margin, tonnes EBITDA convert about year. And

well in going reserve February. the we the of report, underway any third quarterly the will is guidance external announce checks. through that resource per -- about work and And final and As typically our changes to announced and week

reserve operated I the would. we things said delivered all the all place. life if on We look safely, we to plus So, years. think mine in XX increased back permits XXXX, We we we on the of

balance sheet We de-levered record the massively. about it's the XX guidance. and midpoint achieved We of reserve. copper based year beat last production. We simplified years had So on and

Vent flows we So at reduce about we bunch to generating, we're pay And year, the a and the gearing and on so the our for South in started management We equity bit ASX that. the the down we raised Upper. fair a and that raises, of we're again, We on of X had end build net mainly stability. continue of projects, QTS future project the growth out of around cash got the XX%. with team and debt set

the best now, debt might add, thing balance in pathway from right and well internally. interest-bearing burden, best but actually clear We a to apart do, the look XX,XXX we're is we our grow sheet at in the options have hand, which we and to for above terms Whenever shareholders stuff, reducing up return to of of organically. I tonnes always lining capital delevering And is can get certainty.

see And We this have quick next a XX,XXX XX,XXX of QX year at we you about If last the the about tonnes. lot is for the guidance year you'll of opportunities. basically tonnes. of for guidance year. on year, that guidance midpoint of of we The for for are midpoint calculator, that this take those midpoint it's ended

mill does to tonnes try the the mill of annualized. run optimize us like will fill allows up. We bottom at got ventilation to and the and obviously, unlock mine growth which project, we've know XX,XXX the projects mine, the continue of really and We that copper the

of I'm the are thing that QTS the quarter. of it of at the truly that moving ahead. that say have last months that well pleased on Upper, big focus last There's And development into We and ore. we have And now. South we run is been when in that couple in to a

than more in production allows this, will about now the about little out it were and highlights like which bit because there's XX,XXX reserve, quarter. -- QTS it then our that plan. Again, into South reserve. very we're So us year which few confident not Upper, drilled for it to potentially a in last tonnes feeling We've be things into a actually start the getting including

So, record cash of a production pound low cost over We about MAC under the record $X.XX copper. CX. ownership, pound. a just averaged Total $X

us. pretty So solid language, again, anyone's in that's a margin for

[Technical and We XX $X.XX. out reduced continue drill that's [ ] now to to Difficulty]

CX. So, it's a XX% It's impact. our a reduction significant about in

X.XX that our reduction the comes effect USD rate touched in the earlier. into of a exchange is So pound from really on about CX start a that January. I

you over able Morne dial. to Are been Morne, hand financials. the few sure next a got quite got our to Morne the about $X.XX, have Aussie Somewhere tailwind the I'm to XX% as with slides Aussie dial obviously, has back in costs for dollar on on in actually at in? the going are a sensitivity there. dollars. Morne, But to we've -- you quarterly, was you He I'm $X.XX, is of able --

Operator

Morne, on I line your end. think muted your is

Michael James McMullen

Okay. We've -- back until the some Well, to lines. there's guess the stuff in. had get dial I some I'll been I'll do Morne can -- financial with we challenges

head, dollars which is it balance, dollar about of we at we translate So of $XX million the when cash the net million. grown Cash last lost has $XXX back gone cash And I actually to the Aussie point out saw it's balance course last end a quarter, dollars XX%. gearing to which because, the U.S. terms, even sheet. about would we've move and cash dollar Aussie the Aussie, expressed about over few million in have on has dollar to obviously, think equivalents down in to more from that our Aussie million of Off was XXX a of year, from the XX% large I amount our U.S. fallen, translation. about through AUD is when half top my

and now in terms process through lender our a in give cash [Technical market, sitting going right to Sprott. have balance agreed, We senior revolver as the flexibility the the with announced syndicate But of early we're us Difficulty]. our upsize large of repayment just the sheet. very We're to

Morne Engelbrecht

hear dropped for reason. whatever me? I Can you off Sorry, Mick, back I'm on.

Operator

Yes, we can you, hear Morne.

Morne Engelbrecht

right. All

Sorry, you what but balance December, a by MAC's already, covered We've to record comfortably de-levered on net obviously, gearing so net X, over I'm sheet. significantly XX% of we Mick, XX% below XX company gearing Slide not reduced obviously, EBITDA. that Xx at of sure

a at very also million XXX That's have XX cash. around XXX We healthy disposal million in USD our December. at AUD

QP position million investment unsold end better XXX% concentrate Polymetals over that of undrawn in got of million $X.X is supported again which facility outstanding AUD then well, that's by we've is revolving as XX around the of XXXX, million, further since of receipts million, $XX $X.X and which at about X.X an So December.

XXX raise million in AUD that so our sheet available by XX successful we XXX or was to October, million AUD around before liquidity So the USD December. The at total also by boosted XXX XXX did of or million balance equity USD million the brings completion costs.

announced to balance debt the retirement $XXX we as further through therefore, we our optimize December in are, of the facility. So, equipped mezzanine sheet well existing million

that. this our the will facility agreement longer-dated debt, reductions only a to with reached senior repayment to the additional As end, obviously, our an cheaper, process MAC's announced not which that at we through December cost -- provide reset in well. that we material no support We're so refinancing discretion, with on profile on repay penalty Sprott I and of said, but mezz going repayment also a as obviously facility, to

So this watch space.

the in balance So sheet since best frankly, and a MAC's we've in been position summary, is position strong commanding company. and the very inception the in -- so of

Mick as So flexibility organic that outlined. while provides with us drive growth, has great our we

Moving generation to to We've been materially only well. from squarely and our operations great Slide sheet, not reduce interest-bearing simplification grow said, balance of production flow focused on, the de-levering as the that but our cash and liabilities utilizing obviously, as X. I

quarter-on-quarter the So, of corporate just there's few to if operational I things the look want we highlight. a movements, side at the,

so before the a So we That's part million made after for QX. shipment concentrate, around end quarter. that of a at shipment December, again, healthy flow CapEx year-end. of in line a noted USD be have of sustaining operations the of we firstly, It of should very sort XX from was which there a free cash had did port at we delayed sale with

aren't we able aren't to it it we recognize revenue. but -- as as we cash, recognize So

So recognize that in to we recognize January been December, revenue in around that USD Obviously, loaded. we when our cash had will if the flow of that free XX ship would then is have million mark. sort operations from

our we further Secondly, debt. senior reduced

so million USD X that another So back on another X% facility, we reduction. paid

of that's gearing USD also ratio about forma I now said. XXX the a of as XX%, end December. standing So million net pro we at And had as of

end we where that's So, December the decrease from a last of year. were XX% at

here make is million. to third interest I about we The $X of want point that paid

and for So that's mezz both the facilities. senior

million of is that $X.X the facility. about mezz So

the that of mezz per annum USD XX With in of cost. repayment USD that sort we'll around facility, million, XX save interest million

other $XX the flow elements the is sustaining key of CapEx million. The cash from

that's the in So largely with previous line quarter.

sustaining us XXXX. just million over -- gives CapEx $XX for that So about

well. With going position. we're significant the the Mick. of the process looking not a an overall, and view, that, healthy but to to also savings balance of of Sprott, repayment simplify balance from strengthen the back position cash obviously, And hand said, facility we're that debt through. and So Sprott very refinancing sheet, as strong point will sheet as only further P&L will which The with drive repayment I interest I'll the

Michael James McMullen

lines today. you. Thank can hear All me. very Hopefully, good aren't right. people The

on we So, thing the want that other our safety. to is touch

always lower do we TRIFR do down better. is to just be did So, said QX, has we than we from think and we've significantly do should potential, on We think XX. we under that. call XX better. about see safety, we the can come

to down. continue we'll So that drive

-- XXXX, to But that's that's outside right. works the of Those the XX done, continue tailings that. South We us once through is Stage during We're and capital capacity well Vent the way advanced that and done, and up give are QTS that will Upper spent -- our us will all -- about QX. on main gives lift. project

good in we're So, shape.

XX capital around of sort year As Morne about touched year, we'd the we've and under million come for of that. in on, last indicated just USD

surprises quarter-on-quarter, more copper negative trend and ore a production actually is again, by from can view, there. Again, see driven tonnes grade no better up of QX. So point the in you

the over managed CX we've trend a improve course and cash strip of Again, You can see great out to as contracts. production, renegotiate year costs, the costs. total

we're exchange versus we're where look best cash total and gearing, production sheet, costs in CX we've again, we the at the best look, is directionality $X.XX and I best net quarter so, is going. And the a CX CX safety. given onwards, TC/RC of rate that $X.XX, on January pretty And feeling now our the confident $X.XX, average from about fact seeing around it saving think had, had, where balance of this, if best we've

so And few quarters, relatively That average. have that on X% mine, mining, for a we we've I And also actually. Mill we're more and already as that's we seems to are. finding of quite the where people a into the organic think little but get more growth grade, better we let's on we would delivered told own dilution what we company, where we Again, actually call do. it, again, a combination just about are as that we're opportunities last what money X be at control.

fair when reserve we above directionally, mining and bit number, last reserve a been year, added grade. again, are, the have of in did dilution we that we We the

be It's vertically has that meters a actually currently reserves pushed pushed decline down relative for the flat previous the modify as now year, ore where -- sort a mining. Development the bit little XXXX year. the above do We're more of -- vertical meters a likely, this reflective way. what actually the on long meter finding been the we we're it's we So to more of tonnes on of per bottom but of XX there. bit sort we're We've on quarter, might reserve.

month. meters off The So top actually, was December, so the the XXX,XXX that's do of at good. month us for head, XXX,XXX But to was have my tonnes of allowed development. tonnes not quite to of tonnes many ore

So in and South that's our ventilation comes Upper online. before all -- and QTS

mine. feeling in and to over ventilation delivery Costs, we're about fast hand enough you yes, confident might operation, increasingly dollars. be the can't can I that you, to able Morne, and back do So, to talk we unlock to the the really

Morne Engelbrecht

it's Yes. good No, Mick.

mined, So, so tonne per mined mill mining cost tonne Slide XX, there. processing

by there. cost slightly processing the grade stable around by the around QX from previous increased impacted $XX, quarter, material was for tonne but pretty so the being from per the -- First, quarter, tonnes in mainly down otherwise, and mill higher processed X%

very around there's that XX% positive the On around per alone. in mining comparison, is this trends that metric by alone. the by quarter just X the over the with is terms last terms costs on quarter in metric in continues. reducing mainly also quarters XX% tonnes said, to from for previous increase tonne, the the XXX,XXX in December tonnes. And XX% driven mine mining a cost ore -- average QX, compared mined XX% look of increase as Obviously, of QX, which mined in Mick

driving lower. that tonne much cost per that's So

So, obviously, cost only from a the also a this of portion over our possible not what's spreading but mining increased demonstrates of fixed volumes. perspective, demonstrate large

underlying costs XX, per well. On meter. on making in calls, of around side gross cost milling largely to up we largely meter by XX% moving as capital about by is cost employee. milled XX, Development previous in X% line XX% the with -- and well tonnes, impacted costs all mentioned with pleasingly things, with meters has -- as development our line fixed G&A G&A quarters capital the projects increased costs previous previously with of we with well Slide labor to that our which quarter, previous G&A well. Slide G&A overall mainly see as the so XX% the Again, sort as was cover mining across of cost as tonnes with line quarter. So largely per development in previous per to

higher to previous quarter. So compared again, very pleasing by to XX% see the much

tonnes drove employee. the compared As base at quarter. up milled decreased our will Employee year But million increase CapEx quarter, results. the for quarters noted, X% stable quarter report relatively when sort tonnes previous additional over per said, slightly $XX December the in mined as well. Sustaining the we mark we the over in the of some the end to that as

increased leaner, well, more flow in and continue you and our consistency cash simplified operations our grade production, back balance I'll cost, rest. and and sheet, a for obviously as hand driving So capital grow as and decreasing year and that well this overall the to unit company. Mick, our for we more deliver increased efficiency obviously, free increased supports development as to the

Michael James McMullen

you message we track think you. has clearly the We ore year. of last Look, in the that potential the before. have across Thank slide it seen lot expanded There's R&R. I to I a ore a QTS grew current actually this record said, great hopefully, starting gotten body Many along aren't replacement additional as XX%, been of limited. mine. And see North now amount body main we've a large We're of XX% and around by strike. of

much drilling, material We A of and into you the have historical indicated, of resource bit measured the last a it fair reserve historically, made through a inferred. drill plus of if releases lot look lot up but year, material down. all that and of by at again, not to that drilling. When aimed And inferred limited to at mineralized for measured some just bodies indicated upgrading depth, open, and are we're the conversion just reserve. ore really, hasn't

mine a a period And right? a of section getting the of really to don't So useful hole long potential here to It's is as that it very anymore. factor actually there's about. lot key. This see is the continue talk for faster of that to we us out for limiting long time, so,

some is couple South grade, up we very a X% develop the about XX%-odd have it not left there, bottom, a on way and vent things is to the X.X% that So get of that of bar sort more out. QTS and top we're reserve plan a but that's a like now was the the the very mine of There of top we out at drag will some to thing, Central copper Upper, and that. that the up. XX%, mineralization. a there. thing, doing about and we've bodies also a X% we for The looking talked in that the work extreme still sort and that high ]. West current and there's ability bottom, drilled out North, of that mineralization historically we'll out significant of East can which the of start [ bit running and shown We've then about ore yellow the forward. In bit one it lenses mine very copper get out been mine is in of copper. hole that's zinc on bit to in up looking bit that South, of the We'd mine of bottom that if zinc In to copper. start, QTS very that to up there of the XX% red a QTS fair that's to the production the we've sort a our turn Polymetals. little at our truck currently, there. And left-hand looking quicker, QX, historical ore of way of area QTS fair mine, other material a the one earlier, a there, at

fair So, cost XXX organic vertical that And look in We've potential on we to put there's that and what or actually copper has amount at developing focus opportunities, very again, a of body production. about right zinc separate we talk the that when see team add of ore for there's upper think -- separate mine. We -- deposits. bit now. a separate low there capital reasonable we XXX meters growth to call a on the

capital of And If open up bottom the mine particularly XXX pulling to meters mine, the front -- it's incremental right, high all XX of and It's below all mining as the the is at of within the right top low we're just Upper. can focus development bottom QTS coming connected so mine It's at the that a shallow, XXX now, developing to the up not existing a us we out that's a production for and very the very vent cost. from surface. not starts not South meters of shaft.

we're plan come around be the quite away. we'll about We're will zinc. So, out the excited with Probably thing of this. first the sort working

Our investment And at sort well, not-too-distant in and into million they're future. production has the $X.X they'll away working Polymetals here put to done right of in in the be have and $X.XX in Polymetals. very another we

actually, that ore quite we're as that up so be plans able substantial some can upper push sitting looks be to copper And zinc body pretty truck in But our that online ore keen to have to forward there. a up to go we we well. portion

So, again, things of a we obviously, sort do, interest paying guaranteed of spot debt when the we look a at return all is at change off XX and can rate. the

that's But of great no-brainer. So business. opportunities advancing a some we in terms here the have

that's right Upper, grade. our super it's focus QTS it's So now. Again really South small, high

I are excited went out We week last of a there. mining about now. It down activity towards when this. it We're was hive there pretty

going we'll you as easier. drilling these We past much them XXX drill those to have can subvertical, from Pink them drives, accesses is drilling use bodies XXX this surface, ore drive continue about Panther. meters, miss underground out, another deposit easily; because are called to and We're but actually from them

coming expect ventilation QX And so, this thing. The when we're first the production this. quite is to out excited see project. about of we

this Total budget So, a asked we get AUD about is XX million. lot. about

year. is date We million, of I the we'll spend will because this I about it XX Target spend, around on QX think think, completion USD U.S., in 'XX.

can has standing that We're was done. geotech that we're pushing drives the that last there, was out. Interestingly, drilling ] copper. face drives, XX% well running [ slide on I the it week, you that. on The see about advanced been one in so of And

and that does copper, to bit a turned you. and out of highlight on past run then people pushing it and provide XX% for it'll actually incremental went CSA a that. there out I the to running phase that's out -- drive, we ventilation and push a up which when we're stringer, thing a look pay for will have we'll some with extra and went that's ore at But we So us

them about the on mill can place, the identifying and and all you being You in all your can. get toes, as getting them them as things it's and those mining over quick

you a So, our in we confident terms starting sort about see bit we better off see target of that. We've that than $X.XX; of become a TC/RC CX or maybe get take so, We sort XX,XXX improvement $X.XX more we'll tonnes. about going QX, this for down the forward, around $X.XX the can plans the year. do $X.XX. bit to of plus told

be the Morne a happy paid to we're to XX%. structure, XX%. with would returns, out work we've that looking So bit scientist and year like current confident X%. do. down I'm ended level. And Sprott quite facility But right, gearing, you we've to feeling things have getting flexibility, net the XX% a around again, we at can we like more start to don't the which rocket pretty once got out at aren't shareholder able that in

we growth, shape generate see as that think organic great cash, a pathway for again, So, we self-funding good balance the all we're sheet in stuff is of the now. and a doing, we

we the there position. surprised all been So, the was activity the a relative much have mine week investors with they months. frankly, along. the think has for quite just bottom were us last XX at the last better in on some going And been down how journey with to business, who've I quite of I never over

cadence into rhythm the starting growth we're comfortable profile feel So the good we now, of and get pretty so a to about and business.

quite deliver are, execute look, frankly, think, the shareholder organic that's we balance where grow right quite business, an been about operationally, around. it the are. strategy; think, at pretty operation. I'm sits. workforce. is turned frankly feeling we're price So site and And I look, delever feeling growth, share my have CSA returns We've where stabilized I sheet, operation. it's But good the team amazing the The our about less good has where we

is a to mine. copper, pretty I can well. see of come. great hit think it's really good And X% your what they've We runway now a delivered else grades in when terms

as has it want. for I'm as got turn any anybody take with you If questions. over many I'm happy that, any, So to to going

Operator

[Operator Instructions] Barrenjoey. from Morgan question First comes with Daniel

Daniel Morgan

Is your key First more XXXX, or what question, mined like versus driver grade in production on you'd outcomes both? it XXXX? just achieving or is tonnes the

Michael James McMullen

Yes.

think will hovering that be just maybe X. grade X, I under about around

consistency, is more tonnes. more those answer; short how and So Dan, it's in tonnes terms get the more of you

it's mine -- It's That's can week-by-week know So, rate. a we tonnes this half more actually a piece. quite produce lot producing a talked on the about of you're eliminating that -- XX,XXX frankly, that consistency weeks basis. copper we've than at that year when consistency before, it's

and So the never all open. places got more -- We've that's never why sorted say had places people and We've in had system to more working we've I go. place. the haulage are

really it's the that's key, So consistency. Dan,

Daniel Morgan

I mean, quarter, So, what's... end, the mined should ore tonnes we or lift pleasing for example, another stability was that to Is to lift for expect something in in quarter. the March see the that it or

Michael James McMullen

business the But guidance we're X by overall quarterly the expect the of not bit this we're grade, about quarterly to weeks. But at see to for exited we've I in Well, year, our quarter for guidance last already. your overall we the not and comes from. production similar-ish where come think again, tonnes, year out really more year's in that's ore tonnes, a midpoint But with got in we year, giving really -- guidance. lift

So it's in what did about we QX. really doing

Daniel Morgan

ore the various to the anything you to And regard for And is what the early too drilling coming update with Feb, various talk is be in your bodies, reserve in just scope areas? be know what's resource that? maybe through on you Could considered? to in considered or cutoffs on what scope,

Michael James McMullen

Yes.

South So all in QTS be East QTS North, will Central, that. QTS QTS Upper West, South.

there's is of all them. new the But to obviously, so expand drilling South one there only And QTS really, Upper. been

there. And copper total like resource get for then of of M&I so both the in copper the resource upper in the We're out. And conversion seeing to upper in be portion if -- reserves. we plus mine, the a expansion to the is portion the mine unlikely zinc working can towards

before not roll it's ready but That into confirmatory We few quite have needs an that probably more It internal update. a be yet. can out. it, holes test a number, may mid-year just probably holes we

finalization world, we'll checks. going an now, yes, out the the sent We've it in So, through external ideal right we're literally external to like checks. --

Daniel Morgan

see... And

Michael James McMullen

to plan we And can sorry, like production like we resource looks would out least, -- the what talk like. that zinc get then we about would at

Daniel Morgan

Yes, right.

the know to it's mid-year sound -- it's it's JV? would So to the going ore for going and back into be be think I on end plans, I work you of be that ore -- little Poly's time to your that It like do to to up bit a running. still provide into zinc

Michael James McMullen

Yes.

The and I development upper of end development realistically, the do of now, the for work But it's towards QX. type the to come of development. It's think of close -- Right sort yes, got quite small, year, sort zinc. we've part the because on done. focus stuff. back that And doing just out be so the is to order it's it needs of QX in actually for zinc [Technical the Difficulty]. the then to we sort can stuff

Operator

next Sam Advisory. with from Wilsons comes Catalano question The

Samuel Catalano

congratulatory from Mick, give but thing analysts, I'd quarter. the really excellent

questions. done well everyone. to So Two

a ask probably questions to the perhaps that was Dan Just way. slightly asking in different

the Would be it So, let's move XX But roughly bump? know around guidance. I that avenue and the in think of -- is get current it materially of surprise up assume 'XX? grade that's on you an output it that see you get what XXXX, will that be existing output the towards then get and to likely top to consistency through your is likely sort there an due Or what's end midpoint we range, can of guidance can if you where that levels about that might type you figure? grade annualizes update.

Michael James McMullen

Yes.

Upper, I all, is right, because at think inferred year. actually last in was it the not which range guidance current South is QTS key the

And so copper when of that's a meat into more a about X,XXX get we little tonnes the it. of quarter, maybe

like there's -- bit, try we forward Upper the we midpoint can guidance, a if it's of drag so that. South that and little if QTS from in currently in like nothing So look at not

a this So, better. you is into X,XXX bonus quarter, of then for tonnes get the year a that the there's full can reason earlier, first Upper, everyone's we there's of put right? So, South QTS out it copper, ore

is I week and of on And so last hive up level, activity. a there it the X was

now. So we midpoint of plan. out. right? assume There's to get some it crucial That's so, pretty right in QX And where to for none I think more us, the we'll is that guidance of that's not can get in

there, you the swing if there's -- the top is to get we the you we end, to way. then drive about chance lenses that, factor it to other opportunity as happen we do think that. And the that mine, could could that and happen will be something we then we what's have so well. some as out be And to find we smaller there's that definitely there's If on lucky

Samuel Catalano

it. South clarify And QTS Upper. specifically just Got to on second my question was what

talked ore? are You've about stoping this year. you first actually about just ore Is ore? development talking that Or first

Michael James McMullen

is we've everyone's in stuck bonus first stoping ore. metric The

narrow, it's it's high again, but very So, grade.

X,XXX need tonnes X,XXX to thing of don't lot tonnes ore or tonne so of And of copper copper. get a you that out of

to on stuff, a We've we probably focus went actually or get a So, -- get this. scale out all contractor do it. see if at we busy bit We delayed. couldn't asked contractors been just could on and other we they're to -- to again, we about get whether to a contractor it

So, other about the X that, then there we while just well, did we decision, we and people. can't months for made we wait probably lost

is we're So, now we're to same go slide. actually ourselves And it, doing we crew, right? that what back just to use. we're do trying crew the same I'll want executing it that to and

you those the that from level fleet away ore crew South Upper see about slide, maximize areas, I have same In West and there. that ideal can zinc fleet. moving Upper bodies, meters X the XXX East is the the to between my QTS If right, about an Upper copper and same world, and and

So that's defined we've why Upper. QTS South

on plan. plan. a We're We have that executing

try Now utilize we'll the right? plan those other and and we're for the then rolling same into defining fleet, areas,

Samuel Catalano

Okay.

that, ore in QX a development material hits little their the so everyone So of and incremental might potentially X bit. -- the there? if quarter bonus stoping in gets or out before sorry, tiny of and a just -- bit forth, you If get ore then first last

Michael James McMullen

on again, as said, And sort small we of to may. lenses well. the there's up Yes, it I drill and various as way hits

if so out lucky, of maybe well. as bit we And that a get we're

you you showed opportunistic that's them. running I've face Like lenses and level those As that be CSA, driving you as take that copper, the got small vent can XX% that's have just we've out to right? photo a on there, hit and we're

Operator

Moelis with The comes from next Hissey Paul Australia. question

Paul Hissey

of me. questions Just a quick from couple

Firstly, it. sorry missed if I

we at Just start. the if timeline, the it but restructure, you that alternative much the potential missed a on very I on paydown, might I discussions facilities. remaining, Sprott sheet your not the around balance feet fire Morne's the could have potential put one, have so just guess, Did Mick? to

Morne Engelbrecht

sort to if facility, all finalize sort obviously obviously we're interest that, just Probably repay low on a well. X remaining going of mezz now. that to Xs X extend have of weeks as then bigger refinancing, convert, looking to we sort sort to of debt the and and through sort looking rate revolving that the that process facility of Paul, Yes. to the debt of another take

managing of So, don't flexibility money sheet of in lot for that. gives more from that a us our balance terms bit a view. We of point pay

main away with and of all But there. that's terms well. of X to to we're for, of the Australian sort the facility in actively few the engage aiming banks a sort things add that's banks X also to as of probably sort getting looking but weeks we So

Paul Hissey

And sure. closed to of the we'd the the to this end quarter? expect that with out cash door facility, prior see the getting Sprott out just or Yes,

Morne Engelbrecht

it's move X dependent sort of out. of sort we weeks that But that's of on again, how the Look, of through sort that X to process. close same, of sort sort refinancing to

Paul Hissey

Yes, sure. Okay.

will picture other million excludes Okay. to come about And question towards the second Vent gets of sort guess of is bigger this then X.X but but -- in obviously, midway I asset running just the the online half you tonnes, year. This general, one next strategy-wise, more QTS so just Upper.

grade Mick, guess -- legacy where I capacity? the can million your -- material of medium-term X.X I plant the you me, and the, overall if philosophy of throughput displace what's around can guess, remind that's the do mill anything high operation, there But from Upper from what's throughput get grade. QTS clearly the sort you Just lower with

Michael James McMullen

tonnes it Sure. at back what we plant into into the put put annum When At you look about grade, of -- end, water. have that. We're run the XX,XXX at Yes. do what million we Well, look, you we it capped ore year high depends to the And that. at at X million that X.X end. tonnes the million it, about per could we'll but tonnes copper. on is it X.X run front about a

secure with tonnes. mega So to us X.XX that million deal water, gets million. of XXX own The extra to our did liters we Polymetals that X.X water,

of target got sort high we to And from it's necessarily to sources. think [Technical so all X.X And think about not get you million Difficulty]. there our X.X-ish, grade

Paul Hissey

your up it's Mick, if or my a sure not bit end, quite I'm breaking end but here. you're

Michael James McMullen

Difficulty]. [Technical

Paul Hissey

that Look, confirmed maybe, sort the of for is guess I Yes. plant. X.X number the you've Yes. magic

So if I'll or it from I'll transcript I the to have million. call, -- that call boils any give to line material questions apologies. Morne I bad. directly. you where I might get Mick. the really down that, on a X.X the just check The yourself other after And guess is fill Yes,

Operator

question [Operator Eric Winmill. Instructions] The comes next from

Eric Winmill

for think Or drilling quick the that? resource Perhaps hear line -- breaking definitely can and and Congrats is much is question mentioned you into new the cutoff on the a drilling Mick go going to do team. a But where you how update. here. on okay. but that? reserve just the There's bit up is me you it, Hopefully,

Michael James McMullen

be new it The meters drilling October. managed was I I September, get the online. data in to XX,XXX, of was resource in update. back XX,XXX of end the it There'd cut think off,

Eric Winmill

maybe on the Okay. a just Fantastic. tailings. question And

is XX the doing say what what is around CapEx for? now. long do Stage that? up set you You're to the that And you going embankment How

Morne Engelbrecht

Yes.

that on AUD slide. of to I'm the QX, about early end once CapEx XX sort takes obviously, the It has So And at is trying the about this a might to be of that's built less year, come dropped. USD XX XXXX. that little QX to find total, because just on Aussie the bit out us out million-ish dollar million.

done ] until XXXX, the we there dam So [ tails go. is

we're and spending we're set years. up then money now, So that for the X next

Eric Winmill

you you Fantastic. in Anything more a the up on the catch that to but here know and terms you're And digitizing look I want maybe there of zinc. follow on little initiatives question make there. know and of to might in want there out obviously, upper of one said the seeing resource, we'll more portion that some just interest your kind maybe I you for.

Michael James McMullen

Yes.

project We've got the So huge the everything and level all digitizing had we've that a plans work, and them. old in. all drilling historical geo-referencing

pathway give of us, grade underway pretty there, [Indiscernible], grade may ore right well As zinc still I said, but every we grade, there's just lower good production. It sitting pretty top we there but sizable sized add is high the for the other decent can relative body out sitting mine, a amount now. us but work to also at grade, copper lower believe that that copper reasonable a deposit

at, think well, that's other all as So a again, better project Australia. look in everyone undeveloped sitting -- what have than else does we I have undeveloped, assets copper the actually up but there we

Operator

remarks. over for concludes This go any the session. Please I question-and-answer turn to Mick the McMullen back conference would ahead, closing Mick. like to

Michael James McMullen

everyone. you, Thank Okay.

I great like a year. very quarter team been the and strong It's for the job very have think at feel site for proud, result. a the done we

we're we confident I to I growth. think delivered better a position. has feeling there on now, Thanks, our about we've that been the it. what continuing we'd pathway everyone, advertised And we like that's out mine said company about your to organic we And to that for would tin, think And deliver, forward as pretty to the and on then deliver. never some. in And guess look we're time.

Operator

conference concludes This call. today's

may day. You for your disconnect participating, lines. have a pleasant and Thank you

MAC Copper (MTAL) 28 Jan 252024 Q4 Earnings call transcript