Saudi Arabian Mining Co. · TADAWUL:1211
Saudi Arabian Mining — Q3 2024 Earnings Presentation
25 slides from Saudi Arabian Mining's earnings presentation, Nov 7, 2024
Slide 1: Q3-FY24 Results Presentation
MAADEN > UaLop Saudi Arabian Mining Company (Ma’aden) Q3-FY24 Results Presentation November 7, 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains statements that are, or may be deemed to be, forward looking statements, including statements about the beliefs and expectations of Saudi Arabian Mining Company (Ma‘aden) (the "Company"). These statements are based on the Company's current plans, estimates and p
Slide 3: Presenters
PRESENTERS Bob Wilt Louis Irvine Chief Executive Officer Chief Financial Officer MAADEN Pr uaLop 3
Slide 4: Delivering strong YTD performance with second highest EBITDA on record
Delivering strong YTD performance with second highest EBITDA on record Revenue EBITDA Net Profit’ sar 22.98bn sar 8.84bn sar 2198bn A+6% A+45% A+333% YoY YoY YoY EPS" Net Debt/EBITDA Op. Cash Flow sak 0.81 1.9x sak 7.08bn A+334% V Q3-FY23: 2.3x a+10% YoY YoY YoY 1; Attributable to equity holders of
Slide 5: Near record DAP production and sales volumes
Near record DAP production and sales volumes Record YTD gold production, sales volumes, and prices Three strategically important transactions in Aluminum Phosphate 3 Phase 1 in active execution stage Ivanhoe Electric JV fully operational; ~194km? surveyed YTD 347km drilled YTD, advancing exploration
Slide 6: Ma'aden is establishing the third pillar of the Saudi economy
Ma’‘aden is establishing the third pillar of the Saudi economy ee KSA Based Exploring and developing the Kingdom's USD 2.5 trillion mineral endowment Globally Global leader in multiple strategic and critical minerals Relevant Deploying technology throughout the value chain to drive efficienc Tech-En
Slide 7: Creating a global Aluminum leader and accelerating towards 0x EBITDA by 2040
Creating a global Aluminum leader and accelerating towards 10x EBITDA by 2040 _ Three key transactions... rr aoa Soli aoa Alcoa > Sabia —_— a a a + Entered into a Share Purchase and Subscription * Signed a non-binding Heads of Terms with + Agreed to acquire SABIC’s 20.62% share in ALBA Agreement wit
Slide 8: Financial Results
FINANCIAL RESULTS ‘ : Louis Irvine Chief Financial Officer
Slide 9: Near record nine-month performance with improving margins
Near record nine-month performance with improving margins EPS (sar) QoQ i _ Q3-FY24 ' (SAR million) — ' — +12% | id 1 = 8,045 Highlights =} 1 > ay % Improved production costs ' # Insurance claim benefit YoY EBITDA 1 ' # Positive impact from absence of one-off ' industrial utility charges YoY oo BN n
Slide 10: Higher overall prices and volumes, improved operating costs and insurance claim
Higher overall prices and volumes, improved operating costs and insurance claim Highlights =I @ Higher prices for all products except Ammonia and FRP 450 755 * Improved raw material prices . 899 ® Higher sales volumes of primary aluminum, FRP and gold 8,843 * Positive impact from absence of one- 7,5
Slide 11: Strong cash generation from operations
Strong cash generation from operations - D&A: 3,336 - Finance cost: (1,680) - Growth capex: (854) - Finance charges accrued: 1,925 - Zakat and income tax: (561) - Non-growth capex: (1,897) - Others: 370 - Others: (170) - Manarainvestment: (4,973) - Share in net profit of JV: (196) EZ 22,647 15,571 C
Slide 12: Continued deleveraging of balance sheet with strong liquidity levels
Continued deleveraging of balance sheet with strong liquidity levels Long-term Borrowin Cash & Cash Equiv. 3yr debt maturity profile* 8 8 q y yp FY20 FY24 FY21 F FY22 26% FY28 — FY23 — FY26 12% == 9M-FY24 [13.7 . . w Net Debt Net Debt/EBITDA Highlights El FY20 \ * Improved profitability FY21 | G REG
Slide 13: PHOSPHATE: Near record YTD DAP sales and production volumes with healthy margins
PHOSPHATE: Near record YTD DAP sales and production volumes with healthy margins Financial performance } sats | 4,330 3,698 12,279 12,703 Ea 1990 1,594 Ea 5643 5,203 | vee | Production volumes QoQ YoY ww WereEnTz) Werte Sales volumes** 1,571 1,516 432 360 1,281 1,381 Highlights = II * Higher DAP and
Slide 14: PHOSPHATE: Higher prices and improved raw material costs YoY
PHOSPHATE: Higher prices and improved raw material costs YoY Highlights =I % Second highest 9M and Q3 DAP production volumes # Higher overall prices YoY % Lower volumes YoY compared to record 9M-FY23 * Lower raw material costs YoY 5,203 5,698 5,643 . " Phosphate EBITDA Bridge (QoQ) EBIDTA Price Majo
Slide 15: ALUMINUM: Improved production and stable pricing
ALUMINUM: Improved production and stable pricing Financial performance Production volumes oe Ea (kmt) Q 23 | ya ete 488 | em | 1,421 1,346 +6% 193 185 +hh 56 3 EM 2s “2 EZ 150 153 Ew 455 371 3 66 Ew 196 187 Ea Highlights % Significantly improved margins YoY % Improved production of all products YoY
Slide 16: ALUMINUM: Improved prices, volumes, raw material costs and insurance claim
ALUMINUM: Improved prices, volumes, raw material costs and insurance claim Highlights + + II Higher Primary Aluminum and Alumina sales volumes YoY Higher overall prices YoY and QoQ Improved raw material costs YoY and QoQ One-off industrial utilities positive impact YoY Insurance claim benefit Alumin
Slide 17: BASE METALS AND NEW MINERALS: Stable margins, supported by higher prices
BASE METALS AND NEW MINERALS: Stable margins, supported by higher prices Financial performance on — ro Se Ee Highlights “II Uo yea aie asses # Higher production YoY; Mansourah-Massarah fully operational EBITDA 506 570 1,641 1,263 +31 5 . # Lower production QoQ due maintenance at Sukhaybarat EBITDA m
Slide 18: BASE METALS AND NEW MINERALS: Higher production and price delivered solid performance
BASE METALS AND NEW MINERALS: Higher production and price delivered solid performance 449 466 1,730 1,263 EBIDTA Price ‘Sub-total Volume YTD-FY23 effect effect Market led (SAR million) Cost of sales* Business led Others** 1,641 EBIDTA YTD-FY24 Highlights =I * Gold price maintains up trend # Higher p
Slide 19: Outlook
OUTLOOK Bob Wilt Chief Executive Officer
Slide 20: A capital allocation strategy geared for expansion
A capital allocation strategy geared for expansion 62028 62022 @ 2029 Phosphate 3 | Ar Rjum _ Phosphate 3 Phase 1 - 2026 >300* Koz p.a. Phase 2 - 2029 3M tons p.a. (1.5M per phase) . . : Aluminum Mansourah-Massarah Aluminum Recycling = 400KMT pa. 9OKMT p.a. + Line 1&2 expansion underground expansion
Slide 21: Robust foundation in place to chart future course
Robust foundation in place to chart future course Production guidance 2024—————|_ Unit Lower Upper DAP Equivalent KMT [5,700 soe 6,000] Ammonia kr [3,000 + 3,200] > 1,800] Aluminum KMT [ 850 to 1,050] Flat Rolled KMT Gold Koz 2 CAPEX guidance* 2024 —————_ Unit Lower Upper Sustaining CAPEX SAR (mn) [
Slide 22: Bob Wilt, Louis Irvine
Bob Wilt Chief Executive Officer Louis Irvine Chief Financial Officer MAADEN Pr uaLen 22
Slide 23: Graphical user interface Description automatically generated with medium confidence A picture containing text
Graphical user interface Description automatically generated with medium confidence A picture containing text Description automatically generated
Slide 24: Appendix
Appendix MAADEN @ Galop 24
Slide 25: Equity accounted joint ventures
Equity accounted joint ventures Breakdown of share of profit from JVs that are equity accounted Q1-FY23 Q2-FY23 Q3-FY23 Q4-FY23 FY23 Q1-FY24 Q2-FY24 Q3-FY24 - -- 9 -11 -20 -7 -17 9 SAR (million) Manara (Manara Minerals Investment Company) - jenivanhoe Electric Exploration = Ma‘aden IE Ele andDevelop
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