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PT Merdeka Battery Materials Tbk
Public Expose
8th April 2025
IDX: MBMA I www.merdekabattery.com
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Disclaimer
The information in this presentation has been prepared by representatives of PT Merdeka Battery Materials Tbk (the "Company") for use in presentations by the Company and does not constitute a recommendation regarding the securities of
the Company.
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of
the Company's advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection
with this presentation. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. The information set out herein is still in draft form and may be subject to updating, completion, revision,
verification and amendment and such information may change materially.
It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm.
This presentation contains certain projected financial and operational information of the Company, such as sales volume per year, certain cost items and estimated capital expenditure. Such projected financial information constitutes
forward-looking information based on management's reasonable expectations and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying
projected financial and operational information are necessarily inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ
materially from those contained in the prospective financial and operational information. Actual results may differ materially from the results contemplated by the projected financial and/or operational information contained in this
presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The Company's independent auditors have
not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not and will not express an opinion or provide any other form
of assurance with respect thereto for the purpose of this presentation.
This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. This document is
not an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering under Indonesian capital market laws and regulations ("Indonesian Capital Market Law"). The securities of the Company may not be
offered to more than 100 parties (including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or to fewer than 100 parties but result in sales to more than 50 parties
(including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or a sale (irrespective of whether such sale is preceded by an offer) to more than 50 parties (including
Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia), in a manner which constitutes a public offering under the Indonesian Capital Market Law. Neither this presentation nor any
portion hereof may be sent or transmitted to the Republic of Indonesia or any jurisdiction where it is unlawful to do so. Any failure to comply with these restrictions may result in a violation of the Indonesian Capital Market Law or the
applicable laws of other jurisdictions.
The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States absent from registration under
or an applicable exemption from the registration requirements of the U.S. securities laws. This presentation and the information contained herein is being furnished to you solely for your information and may not be reproduced or
redistributed to any other person, in whole or in part in any manner. In particular, neither the information contained in this presentation, nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the
United States, Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or
other national securities laws. No money, securities or other consideration is being solicited, and, if any is sent in response to this presentation or the information contained herein, it will not be accepted. This document may not be taken
away.
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Highlights
MBMA's revenue soared to $1.8 billion (+39% YoY), with EBITDA rising to $163 million (+67% YoY), supported by three fully operational RKEF
plants, and the commencement of limonite ore sales to a third party in late 2023.
EBITDA contributions were $117 million from NPI, $58 million from limonite, and $14 million from HGNM, partially offset by other costs,
including corporate expenses, totaling $26 million.
Project Updates:
• MBMA targets ore sales of 6.0 – 7.0 million wmt of saprolite delivery and 12.5 – 15.0 million wmt of limonite sales in 2025, with production
expected to increase as HPAL processing capabilities are commissioned.
• The Acid Plant began production in April 2024, producing 164,985 tonnes of acid and 225,036 tonnes of steam in the Q4 2024, while the
Chloride Plant's units are operational, with calcium chloride added and the first sponge copper produced in January 2025.
• PT ESG HPAL plant started its first production line in December 2024, with the second line 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.
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MBMA Consolidated Financial Statements (Before Minority)
In $ million 4Q 2023 4Q 2024 2023 2024 • MBMA reported consolidated revenue and EBITDA
Revenue 454.5 464.9 1,328.3 1,844.7 of $1,845 million and $163 million, respectively, for
FY 2024, representing a 39% and 67% YoY increase.
Cost of Revenue (exclusive of D&A) (419.2) (403.3) (1,202.2) (1,648.4)
EBITDA contributions were $117 million from NPI,
Mining Cost (18.9) (31.0) (49.7) (94.6) $58 million from limonite, $14 million from HGNM,
Processing Cost (443.6) (379.9) (1,262.0) (1,493.4) and offset by other cost $26 million, including
Inventory 51.8 22.1 118.2 (28.3) corporate cost.
Royalties (8.4) (14.5) (8.6) (32.1) • MBMA’s growth was primarily driven by NPI sales
Depreciation and Amortisation (19.2) (26.9) (48.6) (82.2) from the third RKEF smelter, ZHN, as well as HGNM
Gross Profit 16.1 34.7 77.5 114.1 sales from the HNMI nickel matte converter and
sales of limonite ore.
Gross Profit Margin 3.54% 7% 5.83% 6.19%
• The total costs of revenue for NPI and HGNM were
G&A Expenses (8.8) (13.4) (29.9) (34.3) $896 million and $713 million, respectively. The cash
cost for NPI dropped to $10,307/t in 2024, from
Operating Profit 7.2 21.3 47.6 79.8 $12,095/t in 2023, due to lower costs for ore,
Operating Profit Margin 1.59% 5% 3.58% 4.33% reductants, and electricity.
• For HGNM, the cash cost is $13,547/t, with over 90%
Finance Income (Expenses), net 0.7 0.4 (14.5) (1.3) of the costs related to low-grade nickel matte.
Other Income (Expenses), net (1.7) 4.1 0.4 11.6 Mining cash costs are $5.9/wmt for saprolite and
Profit Before Tax 6.3 25.8 33.5 90.1 $6.2/wmt for limonite, with total costs (including
hauling and royalties) at $10.4/wmt for limonite and
Tax Expense 0.2 (6.4) (0.2) (10.6)
$23.4/wmt for saprolite.
Net Profit Before Minority 6.5 19.4 33.3 79.5
Net Profit Margin 1.43% 4% 2.51% 4.31% • Net finance costs decreased from $14.5 million in
2023 to $1.3 million in 2024. Majority of the debt in
2024 were used to fund growth projects, therefore
EBITDA 33.3 48.5 97.5 162.9 most of the finance costs were capitalized in 2024.
EBITDA Margin 7.33% 10% 7.34% 8.83% On the other hand, majority of the debt in 2023 were
used to fund the acquisitions of MBMA assets.
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Consolidated Group Revenue
$ million NPI HGNM Limonite
+38%
1,834 1
165 181
1,328 283
16 58
722
439
873 931
2023 NPI HGNM Limonite 2024
• MBMA group consolidated revenue of $1,845 million representing YoY growth of 39%.
• Significant revenue growth is attributable to:
o Increased by $ 283 million reflecting a full year of HGNM sales from PT Huaneng Metal Industry (“HNMI”) nickel matte converter.
o Increased by $58 million reflecting 24% YoY growth in NPI sales volume in 2024, commenced by three fully operational RKEF plants.
o Additional limonite ore sales from SCM mining by $165 million with the commencement of limonite ore sales to third parties at the end of 2023.
1Excluding $11 million revenue from others
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Consolidated Group EBITDA
$ million NPI HGNM Limonite Others
+67%
163
(17)
56 58
(3)
97 30 14
2
17
117
87
(9)
(26)
2023 NPI HGNM Limonite Others 2024
• MBMA group generated an EBITDA of $163 million in 2024 compared to 2023 EBITDA of $97 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 of NPI and HGNM
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Project Development
SCM Mine AIM Project HPAL
• MBMA is targeting ore sales of 6.0 – 7.0 • The Acid Plant began production in • PT ESG HPAL plant commenced
wmt saprolite delivery and 12.5 – 15.0 April 2024, with both roaster/acid plant operation of its first production line
wmt of limonite sales in 2025 trains operational. In 2024, it produced (20ktpa capacity) in the first week of
281,124 tonnes of acid and 367,755 December 2024.
• Production is expected to increase in
tonnes of steam. MBMA focused on bringing the second
2025 as the HPAL processing capacity •
begins operations. • The Chloride Plant's calcine grinding production line (10ktpa capacity of
and pelletizing units are operational, nickel in MHP) of PT ESG HPAL is begin
• Additional limonite ore demand in 2025
with upgrades to the gas treatment and production in 2Q 2025.
as PT ESG and PT Meiming switch their
recovery plants. Calcium chloride was PT Meiming HPAL (25 ktpa capacity of
ore supply to the SCM mine once the •
added, and the first sponge copper was nickel in MHP), plant began
new SCM FPP and slurry pipelines are
produced in January 2025. commissioning supported by the
completed in 2H 2025.
existing FPP located at IMIP in October
2024.
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2025 Guidance
NPI production is expected to range from 80,000 to 87,000 tonnes, with an expected cash cost below $11,000/t.
Saprolite ore delivery is expected to be between 6.0 to 7.0 million wmt with limonite ore sales in the range of 12.5 and 15.0 million wmt.
Saprolite and limonite cash cost is anticipated to remain below $23/wmt and $11/wmt, respectively. Despite the impact of increase fuel prices by
the Indonesian government will affect overall costs, MBMA Groups plans to further reduce costs compared to FY2024 levels.
MHP production is set to achieve 25,000 to 30,000 tonnes is being targeted at cash cost of below $9,000/t after cobalt credit, once the operation
reaches its nameplate design capacity.
In 2025, our main focus is to realize the full potential of the AIM Plant, increase mining volumes at the SCM Mine, and expand processing capacity
at the HPAL plants of PT ESG and PT Meiming. Additionally, we aim to secure new strategic partnerships for the HPAL plants to drive further
significant growth.
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PT Merdeka Battery Materials Tbk
Treasury Tower 69th Floor
District 8 SCBD Lot. 28
Jl. Jenderal Sudirman Kav. 52 – 53 South Jakarta
12910, Indonesia
T +62.21.3952 5581
F +62.21.3952 5582
corp-finance@merdekabattery.com
www.merdekacoppergold.com
IDX: MBMA I www.merdekabattery.com
Names mentioned 7 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
p.3 ×2
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PT Huaneng Metal Industry
p.5
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PT ESG
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PT Meiming
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PT Meiming. Additionally
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