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    Timothy Hoff • Canaccord Genuity Group Inc.

    Timothy Hoff's questions to MAC Copper Ltd (MTAL) leadership

    Timothy Hoff's questions to MAC Copper Ltd (MTAL) leadership • Q1 2025

    Question

    Timothy Hoff from Canaccord asked about the offtake terms for zinc concentrate produced via the Polymetals tolling agreement and clarified whether any potential copper from that stream would also be separate from existing offtakes.

    Answer

    CEO Michael James McMullen explained it is a tolling agreement, meaning they receive concentrate back and have not yet signed a zinc offtake, though the market is favorable. This arrangement is separate from Glencore. He clarified that copper ore would not be sent to Polymetals, as their circuit is designed for zinc-lead and would not recover the copper.

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    Timothy Hoff's questions to MAC Copper Ltd (MTAL) leadership • Q3 2024

    Question

    Timothy Hoff from Canaccord asked about the difference between mine and mill tonnes, seeking clarification on stockpile usage. He also inquired about revisions to the previous quarter's reported numbers and the expected quarterly cash burn for the QTS Upper project.

    Answer

    Executive Michael James McMullen acknowledged some milling from stockpiles. CFO Morne Engelbrecht explained that the June quarter numbers were revised to align with the half-year report, which included presold tonnes not captured in the initial quarterly release. McMullen estimated the QTS Upper cash burn would be nominal initially, rising to $2-3 million per quarter as development ramps up.

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