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MERDEKA GROUP Public Expose April 2025 Public Expose – April 2025
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Disclaimer This presentation has been prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”) and consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentation, you agree to be bound by the following considerations: No representation or warranty (express or implied) is made as to the fairness, accuracy, or completeness of the information contained in the presentation or of the views, opinions and conclusions contained in the material. To the maximum extent permitted by law, Merdeka and its related entities, and its respective Directors, officers, employees, agents and advisors disclaim any liability for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it. Some statements in this presentation are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, estimated revenues and reserves, targets are cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Merdeka’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Merdeka does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements contained in this presentation, whether as a result of any change in Merdeka’s expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell Merdeka securities or be treated or relied upon as a recommendation or advice by Merdeka. Any information contained in this presentation that has been derived from publicly available or third-party sources (or views based on such information) has not been independently verified. Merdeka does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Merdeka. 2 Public Expose – April 2025
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Highlights
Consolidated revenue and EBITDA reached US$2.2 billion (+31% YoY) and US$329 million (+36% YoY), respectively, largely driven by the
performance of High Grade Nickel Matte (“HGNM”), limonite ore, and NPI sales.
Merdeka Group reported an EBITDA of $329 million in 2024, compared to $242 million in 2023. This increase was primarily driven by the
commencement of limonite ore sales to a third party in late 2023, higher sales volumes and average selling prices (ASP) of copper in 2024, and
increased sales of NPI and HGNM. Gold was the largest contributor to EBITDA, generating $144 million, followed by NPI at $117 million, limonite
at $58 million, copper at $53 million, and HGNM at $14 million. These gains were partially offset by other costs, including corporate expenses,
which totaled $57 million.
Project Updates:
• Merdeka is pursuing several project optimization initiatives to enhance scale and profitability, including the integration of an upgraded indicated
resource of 755Mt at 0.60% copper and 0.66 g/t gold, the definition of a larger ore reserve in 2Q 2025, and exploration of downstream
processing options.
• As of December 2024, the Pani project is 33% complete with project commissioning planned for late 2025.
• PT ESG HPAL plant started its first production line (20ktpa) in December 2024, with the second line (10ktpa) expected in 2Q 2025, while PT
Meiming HPAL plant began commissioning in October 2024 and will transition to the SCM mine FPP in 2H 2025.
3 Public Expose – April 2025
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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 YoY increase of
Cost of Revenue (exclusive of D&A) (465.9) (446.6) (1,418.8) (1,855.3) $532 million. HGNM, limonite ore, and NPI
Mining (46.6) (44.5) (136.7) (169.0) sales were the major contributions to revenue
Processing (454.2) (446.2) (1,473.1) (1,634.5) growth.
Inventory 49.5 67.4 224.5 10.3 • Merdeka reported an audited EBITDA of $329
Others (14.5) (23.3) (33.6) (62.0) million in 2024, reflecting growth in MBMA's
Depreciation and Amortisation (43.6) (66.7) (142.3) (207.4) nickel production and increased profitability
Gross Profit 27.1 58.2 145.7 176.4 from copper at Wetar.
Gross Profit Margin 5.0% 10.2% 8.5% 7.9%
• The largest contributor to EBITDA was gold,
which generated $144 million. This was
G&A Expenses (10.8) (18.0) (48.9) (57.4) followed by NPI with $117 million, limonite at
Operating Profit 16.3 40.2 96.7 119.0 $58 million, copper at $53 million, and HGNM
Operating Profit Margin 3.0% 7.0% 5.7% 5.3% at $14 million. This was offset by other costs,
including corporate expenses, totaling $57
Finance Expenses, net (7.4) (25.3) (67.2) (100.0) million.
Other Income (Expenses), net (1.6) 27.3 (17.2) 2.6
• Finance costs rose due to higher debt levels,
Profit Before Tax 7.2 42.3 12.3 21.7
with an IDR bond ending balance of $1.3
Tax Benefit (Expense) 2.3 (12.8) (6.7) (11.9) billion as of end of 2024, compared to $1.1
Net Profit Before Minority 9.5 29.4 5.7 9.8 billion in 2023, alongside an elevated interest
Net Profit Margin 1.8% 5.1% 0.3% 0.4% rate environment
EBITDA 59.7 107.7 241.5 329.3
EBITDA Margin 11.1% 18.8% 14.2% 14.7%
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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 consolidated revenue of $2,239 million representing YoY growth of 31%.
• Significant revenue growth is attributable to:
o Reflecting a full year of HGNM sales from PT Huaneng Metal Industry (“HNMI”) nickel matte converter
o 24% YoY growth in NPI sales volume in 2024, driven by three fully operational RKEF plants
o The commencement of limonite ore sales to a third party in late 2023
1 Gold revenue inclusive of silver revenue; 2Excluding $3 million from others ; 3Excluding $11 million from others.
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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 generated an EBITDA of $329 million in 2024 compared to 2023 EBITDA of $242 million.
• The higher EBITDA is attributable to:
o The commencement of limonite ore sales to a third party in late 2023
o Higher sales volume and ASP of copper in 2024 compared to 2023
o Higher sales volume of NPI and HGNM
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Project Development
TB Copper Pani Gold Project HPAL Operations
• Merdeka is advancing a range of project • The project is 33% complete at the end • PT ESG HPAL plant commenced operation
optimisation opportunities to improve of December 2024. of its first production line (20ktpa capacity)
the scale and profitability of the project. in the first week of December 2024.
• Updated mineral resources are
• These include the integration of an expected in 1Q 2025. • The team is focused on bringing the
upgraded indicated resource totalling second production line (10ktpa capacity)
• Detailed design engineering and
755Mt at 0.60% copper and 0.66 g/t of PT ESG HPAL online in 2Q 2025.
procurement for the heap leach project
gold, defining a larger ore reserve in 2Q is expected to be completed by the end • PT Meiming HPAL plant began
2025 and downstream processing of 1Q 2025, and 3Q 2025. commissioning, supported by the existing
options. FPP located at IMIP in October 2024.
• Project commissioning of the heap leach
operation is expected in late 2025. • Once it is completed in 2H 2025, the plant
will transition to the FPP located at the
SCM mine.
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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 expected to range from 80,000 to 87,000 tonnes, with cash costs below $11,000/t.
Saprolite ore delivery is projected to range from 6.0 to 7.0 million wmt, while limonite ore sales are expected between 12.5 and 15.0 million wmt.
The cash cost for saprolite and limonite is anticipated to remain below $23/wmt and $11/wmt, respectively. Despite the impact of rising fuel
prices in Indonesia, MBMA plans to further reduce costs compared to FY2024 levels.
In 2025, the primary objective is to substantially complete construction of Pani heap leach operation, realise the full potential of the AIM plant,
increase mining volumes at the SCM mine and ramp-up processing capacity at PT ESG and PT Meiming HPAL plants. Additionally, we aim to
secure new partnerships for HPAL and ensure that the development of the TB Copper projects proceeds as scheduled.
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Thank you
investor.relations@merdekacoppergold.com
www.merdekacoppergold.com
Public Expose – April 2025
Names mentioned 5 people and organisations named in the text · linked when the evidence is strong
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PT ESG HPAL
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PT Meiming HPAL
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PT Huaneng Metal Industry
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PT ESG
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