Saudi Arabian Mining Co. · TADAWUL:1211
Saudi Arabian Mining — Q1 2024 Earnings Presentation
23 slides from Saudi Arabian Mining's earnings presentation, May 16, 2024
Slide 1: Q1-FY24 Results Presentation
MAADEN > UaLop Saudi Arabian Mining Company (Ma’aden) Q1-FY24 Results Presentation May 16, 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 Walon 3
Slide 4: Maintaining momentum with a solid Q1-FY24 performance
Maintaining momentum with a solid Q1-FY24 performance Financial Highlights Operational Highlights Revenue EBITDA Net Profit’ Embedding a safety and sustainability culture sar 7.35bn sar 2.98bn sak 982mn Selalaconmaely ates Vv -9% A 431% A +134% YoY YoY YoY Mansourah-Massarah fully operational Phosph
Slide 5: Driving transformation in our safety culture
Driving transformation in our safety culture Transitioning to SIF* rates and advancing towards proactive safety measures Enhancing Contractor aan Management Strengthening oversight of safety practices within contractor workforce Revamping SIF* Program Implementing across BUs to standardize safety KP
Slide 6: Our values are embedded at all levels of the business
Our values are embedded at all levels of the business Committed to adhering to our 5 values - individually and collectively NSH INTEGRITY Honesty, fairness and the highest ethical and business standards in our relationships with each other : v : TEAMWORK Communication and collaboration with each oth
Slide 7: Financial Results
FINANCIAL RESULTS ‘ : Louis Irvine Chief Financial Officer
Slide 8: Solid Q1-FY24 performance with margins improving through cost efficiencies
Solid Q1-FY24 performance with margins improving through cost efficiencies QoQ Q1-FY24 Q4-FY23 a) ae es (SAR million) Highlights EII * Lower overall prices * Higher overall volumes ® Improved production costs * Lower depreciation and amortization go © MAADEN > uaLen
Slide 9: Lower prices more than offset by volume and operating cost improvements YoY
Lower prices more than offset by volume and operating cost improvements YoY Highlights =I * Lower prices for all products except gold and alumina % Improved overall operating costs a ee * Higher volumes of primary aluminium, | 3 | gold and ammonia “827 os @ Higher exploration costs + 2,277 Lower sha
Slide 10: -427 -526 1,665 -1,088 -510 1,522 17,805 17,062 16,552 15,571
-427 -526 1,665 -1,088 276 68 -510 1,522 17,805 17,062 16,552 15,571
Slide 11: Continued deleveraging of balance sheet with strong liquidity levels
Continued deleveraging of balance sheet with strong liquidity levels Long-term Borrowing Cash & Cash Equiv. 3yr debt maturity profile* FY20 FY24 FY21 9 FY22 234 res — FY23 — FY26 Q1-FY24 EWA ET — . . i Net Debt Net Debt/EBITDA Highlights =I FY20 _ # Net debt down by 8 * Net debt to EBITDA withit ded
Slide 12: Phosphate: Healthy margin and stable Q1-FY24 production
PHOSPHATE: Healthy margin and stable Q1-FY24 production Financial performance mao Highlights = % Lower prices and stable overall production YoY 4,251 ® Improved margin YoY 2,060 % Significant drop in Ammonia price QoQ; return of supply to market 48% 56% Pp % Marginal improvementin DAP price QoQ Prod
Slide 13: Phosphate: Lower prices partially offset by improved operating costs YoY
PHOSPHATE: Lower prices partially offset by improved operating costs YoY Highlights Bi * Lower overall prices YoY % Lower raw material costs YoY despite ~672 higher energy costs —_ % Improved operating costs YoY *% Lower Ammonia price & volumes partially offset by higher DAP price & volumes QoQ 2,43
Slide 14: Aluminium: Improved margins and stable pricing QoQ
ALUMINIUM: Improved margins and stable pricing QoQ Financial performance . . ro (SAR million) Q1-FY: Q4-FY23 900 FY24 | Qa-FY23 vor Inf ane = | ° Variance Variance 2,103 2,401 Ea 2,103 2,080 % Significantly improved margins QoQ & YoY = = a = HB pom | % Lower sales volumes of all products QoQ % Stabl
Slide 15: Aluminium: Improved major raw material and net operating costs
ALUMINIUM: Improved major raw material and net operating costs YoY & QoQ -276 EBITDA Price Major raw 1-23 effect materials costs Market led (SAR million) 357 Sub-total Volume Cost of effect sales* Business led Others** EBITDA Qt-24 Highlights Bi ® Lower overall prices YoY ® Higher primary aluminium
Slide 16: Base Metals and New Minerals: Strong margins benefitting from higher production
BASE METALS AND NEW MINERALS: Strong margins benefitting from higher production YoY & QoQ Financial performance QoQ 7 7 YoY . . pa Highlights II % Higher production YoY; Mansourah-Massarah fully 57% | +3077 | 57% 58% | 20° | * Sustained higher Gold price YoY & QoQ Production performance Average Real
Slide 17: Base Metals and New Minerals: Higher production and price delivered solid performance
BASE METALS AND NEW MINERALS: Higher production and price delivered solid performance — Highlights =I -117 ® Gold price maintains up trend YoY and 020 % Higher production YoY and QoQ * Higher costs associated with higher volumes and exploration YoY & QoQ BMNM EBITDA Bridge (QoQ) EBITDA Price Sub-tot
Slide 18: Outlook
OUTLOOK Bob Wilt Chief Executive Officer
Slide 19: Optimizing capital and resources for future growth
Optimizing capital and resources for future growth 62024 Mansourah-Massarah 250Koz p.a. + Final commissioning completed in Q4-FY23 * Commercial production commenced in Q1-FY24 = Phosphate 3 Ar Rjum 3M tons p.a. (1.5M per phase) = >300* Kozp.a. Phase 1 - 2026 ° a — ; Aluminium = 9OKMT p.a. + Ma‘aden'
Slide 20: Continued exploration of Saudi Arabia's extensive mineral reserves
Continued exploration of Saudi Arabia’s extensive mineral reserves Ambitious, world-leading exploration program to unlock the mineral endowment of the Kingdom Accelerating drilling activities Typhoon™ surveying system New discovery and near-mine exploration 113 ~360 km km drilled in Q1-FY24 to be dr
Slide 21: Building on positive momentum and maintaining guidance
Building on positive momentum and maintaining guidance Production guidance 2024-7 First quarter summary . a Unit Lower Upper DAP Equivalent KMT [5,500 dem 5,800 | Enhanced profitability with leaner cost base — Ammonia kr | [ 3,200, “= 3,400] Continuous improvement across all operations Alumina uy St
Slide 22: Questions
Bob Wilt Chief Executive Officer Louis Irvine Chief Financial Officer MAADEN Pr uaLep 22
Slide 23: Contact
MAADEN rr usleo wRBAGI ALIS. ' ite scare parma TS meres [email protected]
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