Metro Mining Limited

Welcome, everybody, and thank you for joining us today. I have the CEO, Simon Winsley, and the CFO, Mr. Nathan Quinlan, to talk us through the 2025 financial results. And I see the market looks pretty happy about those today already. So I'm going to hand it over to Simon, and we'll have a Q&A session at the end. Thank you, Simon.

Great. Thanks, Peter. Good afternoon, everyone. Thanks for joining. Really appreciate your support. Yeah, look at the really solid set of results for 2025, you know, we really were looking to make a step forward from our implementation of our expansion through 2024. We did that with a 9% increase in production, and I guess that underpinned a lot of what happened from a physical point of view. I might just pull up and share the announcement so people can sort of, if you haven't had a chance to look at it, I can sort of cover that off as we go, so hopefully you can see that. Yeah, so as I said, look, the production was an excellent underpinning growth year on year, and that, of course, underpinned significant revenue growth as well. We had a reasonably robust market through 2025, and that – Was really largely we knew that that was coming. It was the market was getting tighter and tighter through 23 and 24. And we we absolutely were getting the expansion funded and implemented in time for what we could see was going to be a firm market. price environment. So we were able to take advantage of that and margins over $30 a ton in that first half of the year. So look, that was very pleasing to be able to get that year-on-year growth. So that's underpinned a record underlying EBITDA of $73 million. That's almost 100% improvement from the prior year. And the net profit obviously is underpinned by a couple of other items. But before I hand over to Nathan, so this is obviously his baby from a financial results point of view, and I would emphasize a really strong point. endorsement from the auditors with a clean audit report. But one of the strategic things we talked about as a company was getting to net cash. We got really, really close. We got to $57.5 million of cash against the debt. position at 58.9. So just over a million dollars away from that after having paid down over $23 million of debt. So that's really important from a balance sheet perspective and an investor point of view that looking to us to secure And then giving us, you know, we'll talk about in a minute, giving us the opportunity for capital management. That was a really, really critical part of the year. But look, I'll hand over to Nathan to run through some of the other elements in the financials.

Great, thanks Simon, and thanks everyone for tuning in. Like Simon mentioned, a couple of really pleasing results from a financial perspective there. A very healthy EBITDA number, which is speaking to the quality of earnings coming through at that 6.2 million tonnes amount. And it gives you a sense, I think, of the economies of scale here as well. So particularly around, and Simon will speak to guidance for 2026, and, you know, exactly what we're targeting, and it gives you a sense of the economies of scale and the cash generation potential of this asset now with the built capacity and confidence around that and our new management operating system that will no doubt deliver those tonnes. So very pleased to be able to generate that level of EBITDA and free cash flow this year. Like Simon said, got very, very close to the net cash position, if not for a final shipment, but... you know got very close leaves us with a little bit of unfinished business which is not the worst thing as a motivation for a team that's about to about to get ripping again so so pleased with that um and then looking forward um into into some of our other things around like foreign currency we had a good result with foreign currency this year much better result than what we had last year managed to pick our spots fairly well but most importantly be able to lock ourselves away up to at least around 75 percent of our net usd exposure going into Going into 2026, at a very, very healthy around that $0.064, $0.065. So very pleased to have that locked away. And as you can imagine, particularly as we have this forward outlook and some of the capital management, how important it is to lock some of these things away and control the controllables. And that gives us confidence to be able to be assertive and go out and take the value that's out there. In terms of carry forward losses, also in a good position there. Similar to, and you would have seen this at the half year, not only with the strong results that we had in the half year, but more importantly, the strong outlook that we've got for the business going forward makes us confident and gives us the ability to bring back that previous impairment, bring back that reversal and bring those DCAs or those carry forward losses back onto the books. So what we have in terms of available carry forward losses is about $184 million in gross terms. So for the people out there modelling, you would expect to see us start to utilise those all through 2026 and I wouldn't expect us to be in a taxpaying position until probably the second half of 2027. So a pretty healthy tax shield there for us. Simon will touch on, I'm sure, a little bit more on the buyback, but naturally, particularly with where we see ourselves at the moment, the business outlook that you see also being supported by those impairment reversals and recognition of the carry-forward losses makes it pretty clear to us there's a significant undervaluation there, which we're more than happy about. more than happy to invest in Metro at that price. So I'm very pleased to be able to do that. I'm very pleased to be able to generate some shareholder value through what is otherwise essentially adding flexibility to the balance sheet through some prudent loan restructuring to make sure that we're balancing out cash flow from a debt servicing perspective and having the opportunity with that flexibility to generate some shareholder value Thanks, Simon.