MAC COPPER LTD, 20-F filed on 3/28/2025
Annual and Transition Report (foreign private issuer)
v3.25.1
Document and Entity Information - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Document Information    
Document Type 20-F  
Document Registration Statement false  
Document Annual Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Document Shell Company Report false  
Entity File Number 001-41722  
Entity Registrant Name MAC Copper Ltd  
Entity Incorporation, State or Country Code Y9  
Entity Address, Address Line One 3rd Floor, 44 Esplanade  
Entity Address, City or Town St. Helier  
Entity Address, Country JE  
Entity Address, Postal Zip Code JE4 9WG  
Title of 12(b) Security Ordinary Shares, $0.0001 par value per share  
Trading Symbol MTAL  
Security Exchange Name NYSE  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag true  
Document Financial Statement Error Correction [Flag] false  
Document Accounting Standard International Financial Reporting Standards  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding 82,438,431  
Entity Central Index Key 0001950246  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus FY  
Amendment Flag false  
Auditor Name Ernst & Young Ernst & Young LLP
Auditor Location Sydney, Australia Toronto, Canada
Auditor Firm ID 1435 1263
Business Contact    
Document Information    
Contact Personnel Name Michael James McMullen  
Entity Address, Address Line One 3rd Floor, 44 Esplanade  
Entity Address, City or Town St. Helier  
Entity Address, Country JE  
Entity Address, Postal Zip Code JE4 9WG  
City Area Code 44  
Local Phone Number 1534 514 000  
v3.25.1
Consolidated statement of profit or loss and other comprehensive income or loss - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Consolidated statement of profit or loss and other comprehensive income or loss      
Revenue $ 340,736,000 $ 158,999,000  
Cost of goods sold (223,394,000) (141,166,000)  
Administrative expenses (19,055,000) (79,607,000) $ (9,973,000)
Selling and distribution expenses (18,859,000) (11,421,000)  
Other expenses, net (2,389,000) (1,753,000)  
Income/(loss) from operations 77,039,000 (74,948,000) (9,973,000)
Finance income 2,706,000 5,448,000 3,753,000
Finance costs (78,069,000) (42,803,000) (20,234,000)
Net change in fair value of financial instruments (80,646,000) (47,257,000) 1,484,000
Net finance costs (156,009,000) (84,612,000) (14,997,000)
Loss before income taxes (78,970,000) (159,560,000) (24,970,000)
Income tax expense/(benefit) (2,717,000) 15,006,000  
Net loss for the year (81,687,000) (144,554,000) (24,970,000)
Total comprehensive loss for the year attributable to owners of the company $ (81,687,000) $ (144,554,000) $ (24,970,000)
Basic loss per ordinary share $ (1.14) $ (4.83) $ (3.77)
Diluted loss per ordinary share $ (1.14) $ (4.83) $ (3.77)
v3.25.1
Consolidated statement of financial position - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 171,897 $ 32,372 [1]
Trade and other receivables 7,310 33,242 [1]
Inventories 27,979 21,528 [1]
Derivative financial assets [1]   234
Prepayments and other current assets 757 1,560 [1]
Total current assets 207,943 88,936 [1]
Non-current assets    
Property, plant and equipment 1,171,049 1,194,480 [1]
Exploration and evaluation 24,388 17,918 [1]
Inventories 222 300 [1]
Investment in equity instruments 3,984  
Derivative financial assets [1]   3,767
Prepayments and other non-current assets [1]   67
Total non-current assets 1,199,643 1,216,532 [1]
Total assets 1,407,586 1,305,468 [1]
Current liabilities    
Trade and other payables 51,050 87,562 [1]
Lease liability 4,484 5,848 [1]
Loans and borrowings 58,266 68,909 [1]
Derivative financial liability 22,179 17,130 [1]
Current tax liability 7,314  
Provisions 13,357 13,273 [1]
Other financial liabilities 29,485 94,689 [1]
Total current liabilities 186,135 287,411 [1]
Non-current liabilities    
Lease liability 5,749 9,958 [1]
Loans and borrowings 344,925 379,966 [1]
Derivative financial liability 57,065 81,397 [1]
Deferred tax liability 119,487 124,084 [1]
Provisions 20,547 28,505 [1]
Liability for cash-settled share-based payments 5,631 3,193 [1]
Other financial liabilities 112,554 122,927 [1]
Total non-current liabilities 665,958 750,030 [1]
Total liabilities 852,093 1,037,441 [1]
Net assets 555,493 268,027 [1]
Equity    
Share capital 8 5 [1]
Share premium 801,445 432,295 [1]
Other capital reserves 1,212 1,212 [1]
Accumulated deficit (247,172) (165,485) [1]
Total equity $ 555,493 $ 268,027 [1]
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Consolidated statement of changes in equity - USD ($)
Share capital
PIPE
BlackRock
Share capital
PIPE A and PIPE B
Share capital
Pipe Financing October 2023
Share capital
Glencore
Share capital
Share premium
PIPE
Osisko
Share premium
PIPE
Sprott
Share premium
PIPE
BlackRock
Share premium
PIPE A and PIPE B
Share premium
Backstop facility
Osisko
Share premium
Glencore
Share premium
Public shareholders - non-redemption
Share premium
DSU
Share premium
RSU
Share premium
Other capital reserves
Accumulated deficit
PIPE
Osisko
PIPE
Sprott
PIPE
BlackRock
PIPE A and PIPE B
Backstop facility
Osisko
Glencore
Public shareholders - non-redemption
DSU
RSU
Total
Balance as of beginning at Dec. 31, 2021         $ 1,000                   $ 24,000   $ 4,039,000                   $ 4,064,000
Contribution of conversion price in excess of fair value of warrants                               $ 945,000                     945,000
Net loss (in US$)                                 (24,970,000)                   (24,970,000)
Balance as of ending at Dec. 31, 2022         1,000                   24,000 945,000 (20,931,000)                   (19,961,000)
Contribution of conversion price in excess of fair value of warrants                               198,000                     198,000
Amount in excess of the face value over the present value on related promissory note                               69,000                     69,000
Issue of shares $ 1,000 $ 2,000 $ 20,098,000     $ 15,000,000 $ 15,000,000 $ 44,999,000 $ 184,515,000 $ 25,000,000   $ 34,431,000           $ 15,000,000 $ 15,000,000 $ 45,000,000 $ 184,517,000 $ 25,000,000   $ 34,431,000      
Rollover shares - Glencore       $ 1,000             $ 99,999,000                       $ 100,000,000        
Share issuance cost                             (6,771,000)                       (6,771,000)
Net loss (in US$)                                 (144,554,000)                   (144,554,000)
Balance as of ending at Dec. 31, 2023         5,000                   432,295,000 1,212,000 (165,485,000)                   268,027,000 [1]
Issue of shares         3,000                   312,477,000                       312,480,000
Share issuance cost                             (9,810,000)                       (9,810,000)
Redemption of warrants                             65,854,000                       65,854,000
Redemption                         $ 246,000 $ 383,000                     $ 246,000 $ 383,000  
Net loss (in US$)                                 (81,687,000)                   (81,687,000)
Balance as of ending at Dec. 31, 2024         $ 8,000                   $ 801,445,000 $ 1,212,000 $ (247,172,000)                   $ 555,493,000
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Consolidated statement of cash flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Loss before income taxes $ (78,970) $ (159,560) $ (24,970)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 78,360 46,718  
Net foreign exchange losses 6,203 1,617  
Finance income (2,706) (5,330) (3,753)
Finance costs 71,866 41,186 20,234
Net change in fair value measurements of financial assets and liabilities 80,646 47,257 (1,484)
Movement in provisions (1,745) 1,407  
Other non-cash transactions (2,099) 3,313 224
Changes in operating assets and liabilities:      
Decrease/(increase) in due from related parties 25,203 (31,456)  
Decrease/(increase) in other receivables 904 (92) (53)
Decrease in prepayments 879 860 (660)
(Increase)/decrease in inventories (6,593) 11,072  
Decrease in trade payables (583) (2,470) 324
Increase in other payables 12,878 50,901  
Increase in liability for cash-settled share-based payments 3,108    
Decrease in deferred liabilities (2,420) (7,239) 7,239
Decrease in derivatives (23,830) (576)  
Cash from/(used in) operating activities 161,101 (2,392) (2,899)
Interest received 2,706    
Interest paid (47,068) (9,315)  
Net cash from/(used in) operating activities 116,739 (11,707) (2,899)
Cash flows from investing activities:      
Purchase of property, plant, and equipment (53,988) (25,153)  
Proceeds from disposal of property, plant, and equipment   16,564  
Exploration expenditure (6,425)    
Investment in equity instruments (1,846)    
Acquisition of subsidiary (75,000) (770,516)  
Payment of contingent royalty consideration (4,870)    
Stamp duty paid on acquisition of subsidiary (23,213)    
Net cash used in investing activities (165,342) (779,105)  
Cash flows from financing activities:      
Proceeds from issue of share capital 302,668 332,275  
Payment of deferred underwriting and transaction costs (12,968)    
Proceeds from convertible promissory note - related party   300 1,200
Issue of promissory note   1,082 786
Proceeds from loans and borrowings   501,657  
Proceeds from working capital loan - related party   15,000  
Repayment of promissory note   (1,869)  
Repayment of loans and borrowings (56,850) (14,140)  
Repayment of silver and copper stream loans (18,870) (7,479)  
Repayment of working capital loan - related party (11,522)    
Payment of lease liabilities (7,556) (3,684)  
Net cash from financing activities 194,902 823,142 1,986
Net change in cash and cash equivalents 146,299 32,330 (913)
Cash and cash equivalents, beginning of the year 32,372 [1] 42 955
Foreign exchange on cash and cash equivalents (6,774)    
Cash and cash equivalents, end of the year $ 171,897 $ 32,372 [1] $ 42
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Corporate information
 12 Months Ended
Dec. 31, 2024
Corporate information  
Corporate information

1.Corporate information

MAC Copper Limited (“MAC”, the “Company” or “we”), formerly known as Metals Acquisition Limited, is a New York Stock Exchange (“NYSE”) and Australian Securities Exchange (“ASX”) listed company incorporated under the laws of Jersey, with limited liability.

The Company and its subsidiaries (collectively referred herein as the “Group”) are primarily engaged in the operation of the Cornish, Scottish and Australian underground copper mine (the “CSA mine”) in Australia. The principal place of business of the Company is 3rd Floor, 44 Esplanade St. Heiler, JE4 9WG, Jersey.

MAC was incorporated on 29 July 2022 and merged with and into Metals Acquisition Corp, a Cayman Islands exempted company, on 14 June 2023, with MAC continuing as the surviving company (the “Merger”).

Metals Acquisition Corp was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination” or “Acquisition” or “initial Business Combination”). On 16 June 2023 (the “Closing Date” or “Closing” or “Acquisition Date”), the Group consummated the initial Business Combination pursuant to the Share Sale Agreement dated as of 17 March 2022 (amended on 22 November 2022), by and among MAC, Metals Acquisition Corp, Metals Acquisition Corp’s subsidiary Metals Acquisition Corp. (Australia) Pty Ltd (“MAC Australia”) and Glencore Operations Australia Pty Limited (“Glencore”). Pursuant to the Share Sale Agreement, MAC Australia acquired from Glencore Operations Australia 100% of the issued share capital of Cobar Management Pty Limited (“CMPL”), which owns and operates the CSA mine near Cobar, New South Wales, Australia (refer Note 26). The Company’s sponsor was Green Mountain Metals LLC (“GMM”), a Cayman Islands limited liability company (the “Sponsor”).

In connection with the Merger, (i) each issued and outstanding Class A Ordinary Share and Class B Ordinary Share of Metals Acquisition Corp was converted into one ordinary share of MAC (“Common Shares”) and (ii) each issued and outstanding whole warrant to purchase Class A Ordinary Shares of Metals Acquisition Corp was converted into one warrant to purchase one ordinary share of MAC at an exercise price of $11.50 per share (“Warrants”), subject to the same terms and conditions existing prior to such conversion. Upon the consummation of the initial Business Combination and other transactions contemplated by the Share Sale Agreement, trading of the Common Shares and Warrants commenced on the NYSE under the symbols “MTAL” and “MTAL.WS”, respectively, and MAC became a publicly listed entity on 16 June 2023.

During the year, on 16 February 2024, MAC was also admitted to the official list of ASX, and MAC’s securities commenced quotation on 20 February 2024 under the symbol “MAC”.
v3.25.1
Basis of accounting
 12 Months Ended
Dec. 31, 2024
Basis of accounting  
Basis of accounting

2.Basis of accounting

(a)Statement of compliance

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. They were authorized for issue by the Company’s board of directors on 28 March 2025.

In the opinion of management, these consolidated financial statements reflect all adjustments, which consist of normal and recurring adjustments necessary to present fairly the financial position as at 31 December 2024 and 2023 and the results of operations and cash flows for the year ended 31 December 2024 and 2023.

(b)Basis of measurement

These consolidated financial statements have been prepared on an accruals basis and are based on historical cost except for certain financial assets and liabilities which are measured at fair value. Historical cost is generally based on the fair values of the consideration given in exchange for assets.

All values in these consolidated financial statements are rounded to the nearest thousand, except where otherwise indicated.

2.Basis of accounting (continued)

(c)Functional and presentation currency

These consolidated financial statements are presented in U.S. dollars (“USD”, “US$” or “$”), which is the Group’s functional currency.

(d)Going concern

These consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realization of assets and the settlement of liabilities in the ordinary course of business.

As at 31 December 2024, the Group’s current assets exceed current liabilities by $21,808 thousand (31 December 2023: current liabilities exceeded current assets by $198,475 thousand). Management have prepared cashflow forecast for the period covering at least 12 months from the date of these interim financial statements to support the assessment of going concern, which anticipates that the Group will be able to pay its debts as and when they fall due during this period without drawing down on any additional funding. Noting the inherent risks associated with achieving the cashflow forecast, key assumptions in the cashflow forecast include:

●The CSA mine achieving copper production within the guidance range announced by the Company;
●The Group continuing to maintain the efficiencies achieved within the CSA mine; and
●The CSA mine producing sufficient cash inflows to fund MAL’s financing arrangements.

The Directors have a reasonable expectation that these assumptions can be satisfied and believe it is appropriate to prepare these interim financial statements on a going concern basis. In the event that the key assumptions noted above are not achieved and additional funding is required, the Group can seek alternative sources of funding which the Directors believe would be available including the draw down of any revolving facilities.

v3.25.1
Material accounting policy information
 12 Months Ended
Dec. 31, 2024
Material accounting policy information  
Material accounting policy information

3.Material accounting policy information

The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, except if mentioned otherwise.

3.1Basis of consolidation

(a)Business combinations

The Group accounts for business combinations under the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (Note 26). In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

3.Material accounting policy information (continued)

3.1Basis of consolidation (continued)

(a)Business combinations (continued)

The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is recorded as a liability and remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in consolidated profit or loss.

Common control transactions, such as the Merger of MAC and Metals Acquisition Corp (refer Note 1) in which the combining entities were ultimately controlled by the same parties, both before and after the Merger was completed, are accounted for using book value accounting based on the carrying values recognized in the financial statements of the combining entities. For such transactions, the consolidated financial statements reflect that the arrangement is in substance a continuation of the existing group.

(b)Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases.

(c)Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated.

3.2Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in consolidated profit or loss and presented within finance income or finance costs.

3.3Revenue recognition

Revenue is derived principally from the sale of goods and recognized when the performance obligations have been satisfied upon transfer of control of the goods from the Company to the customer. Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties.

​

3.Material accounting policy information (continued)

3.3Revenue recognition (continued)

Revenue related to the sale of goods is recognized when the product is delivered to the destination specified by the customer, which is typically the vessel on which it is shipped, the destination port or the customer’s premises and the customer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. The sales price is determined on a provisional basis at the date of delivery as the final selling price is subject to movements in market prices up to the date of final pricing, normally ranging from 30 to 90 days after initial booking (provisionally priced sales). As the pricing only varies based on future market prices after the performance obligation has been satisfied, this is not considered to be variable consideration. The Company’s right to the consideration is unconditional as only the passage of time is required before payment is due and, therefore, the Company accounts for the receivable under IFRS 9 Financial Instruments (“IFRS 9”). Revenue on provisionally priced sales is recognized based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the character of a commodity derivative.

Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognized as an adjustment to revenue. In all cases, fair value is estimated by reference to forward market prices.

The principal risks associated with recognition of sales on a provisional basis include commodity price fluctuations between the date the sale is recorded and the date of final settlement. If a significant decline in commodity prices occurs, it is reasonably possible the Company could be required to pay the difference between the provisional price and final selling price.

Revenues from the sale of silver, a by-product in the production of copper concentrate, are included within revenue from the sale of concentrate, which includes copper and silver.

The Company is responsible for providing certain shipping and insurance services to the customer, which is generally before the date at which the Company has transferred control of the goods. These services are not distinct within the context of the contract, and they are not separately identifiable from other promises within the contract. Accordingly, shipping and insurance services are not considered separate performance obligations and are treated as costs to fulfill the promise to transfer the related products. Any customer payments of shipping and handling costs are recorded within revenue. While the Company’s customer has an option to take deliveries of the goods on Cost and Freight (“CFR”) and Cost, Insurance and Freight (“CIF”) basis, the customer generally opts for Free on Board (“FOB”) based delivery where the Company is responsible for loading the purchased goods onto the ship, and all costs associated up to that point.

Under the Group's sales offtake agreement, optionality exists to allow the parties to the transaction to complete advance payment sales. In such cases, the product may be sold at mine site (rather than at port) with title and control transferring earlier in the process than otherwise. For such transactions, the Group applies 'bill and hold' guidance under IFRS 15. In applying this guidance, the key judgment in determining when to recognize revenue is assessing whether the bill and hold arrangement has substance. In assessing the substance of the bill and hold arrangement, the Group considers the fact pattern specific to the sales in question, delays that occurred beyond both parties' control, the structure of the contract with the counterparty, and the reason for the execution of the sale.

3.4Finance income and finance costs

The Group’s finance income and finance costs include:

●interest income;
●interest expense;
●the foreign currency gains and losses;
●unwinding of discount on rehabilitation provision;

3.Material accounting policy information (continued)

3.4Finance income and finance costs (continued)

●amortization of discount on convertible promissory notes;
●the net gain or loss on financial instruments at fair value through profit and loss (“FVTPL”);
●the fair value gain or loss on derivative financial instruments; and
●the fair value loss on contingent consideration classified as a financial liability.

Interest income or expense is recognized under the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

●the gross carrying amount of the financial asset; or
●the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.

3.5Income tax

Income tax expense comprises current and deferred tax. It is recognized in consolidated profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income (“OCI”). Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 Income Taxes (“IAS 12”).

The Group has determined that the global minimum top-up tax — which it is required to pay under Pillar Two legislation — is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

(a)Current tax

Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date.

Current tax assets and liabilities are offset only if certain criteria are met.

The Group assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. For those matters where it is probable that an adjustment will be made, the Group records its best estimate of these tax liabilities, including related interest charges, taking into account the range of possible outcomes.

​

3.Material accounting policy information (continued)

3.5Income tax (continued)

(b)Deferred tax

Deferred tax is accounted for using the balance sheet liability method. Temporary differences are differences between the tax base of an asset or liability and its carrying amount in the balance sheet. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Deferred tax assets and liabilities are not recognized for:

●temporary differences on the initial recognition of assets and liabilities in a transaction that:
●is not a business combination; and
●at the time of the transaction (i) affects neither taxable income nor accounting profit and (ii) does not give rise to equal taxable and deductible temporary differences;
●temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and
●taxable temporary differences arising on the initial recognition of goodwill.

In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient future taxable profits will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group has both the right and the intention to settle its current tax assets and liabilities on a net or simultaneous basis.

3.6Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institution, other short-term, highly liquid investments with remaining maturities at purchase of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

​

3.Material accounting policy information (continued)

3.7Inventories

Copper-silver in concentrate and ore stockpiles are physically measured and valued at the lower of cost or net realizable value. Cost is determined using the first-in-first- out (“FIFO”) or the weighted average method and comprises material costs, labor costs, allocated production related overhead costs and includes treatment and refining cost. The cost of production is allocated to joint products using a ratio of weighted average volume by product at each month end. Separately identifiable costs of conversion of each metal concentrate are specifically allocated. Net realizable value is the estimated selling price, less estimated costs of completion and costs of selling final product. Supplies and consumables are measured using the FIFO method and work in progress inventories using the weighted average method. Financing and storage costs related to inventory are expensed as incurred.

3.8Property, plant and equipment

(a)Recognition and measurement

Property, plant and equipment are initially recognized at cost, being the fair value of the consideration given to acquire or construct the asset, including directly attributable costs required to bring the asset to the location or to a condition necessary for operation and the direct cost of dismantling and removing the asset, less accumulated depreciation and any accumulated impairment losses.

(b)Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

(c)Depreciation

Property, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the specific asset concerned, or the estimated remaining life of mine (“LOM”), field or lease.

Depreciation commences when the asset is available for use. The major categories of property, plant and equipment are depreciated/amortized on a Units-of-Production (“UOP”) and/or straight-line basis. Depreciation of property, plant and equipment using UOP method over the LOM is based on estimated tons including commercially recoverable reserves (proven and probable reserves) and a portion of mineral resources (measured, indicated and inferred resources).

Mineral resources are included in depreciation calculations where they are expected to be classified as mineral reserves based on high degree of confidence that they will be extracted in an economic manner.

The Company records amortization on underground mine development costs on a UOP basis based on the estimated tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan of the identified component of the ore body. The UOP method defines the denominator as the total tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan. Mineral resources are included in the basis of UOP method when they do not yet have the status of reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured, indicated and inferred resources is appropriate based on historic reserve conversion rates. Depreciation, depletion and amortization using the UOP method is allocated to inventory cost and then included as a component of cost of goods sold.

​

3.Material accounting policy information (continued)

3.8Property, plant and equipment (continued)

(c)Depreciation (continued)

The estimated useful lives for the current period is as follows:

​

​

​

​

​

Buildings

    

10 – 45 years / Straight - line

 

Freehold land

​

Not depreciated

​

Plant and equipment

​

3 – 30 years / UOP

​

ROU asset

​

2 – 30 years

​

Mine development

​

UOP

​

​

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(d)Mine development

Mine development costs include costs of acquired mineral rights and costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, and infrastructure. Mineral rights comprise mineral resources and ore reserves, which are acquired as part of a business combination and are recognized at fair value at the date of acquisition.

Development stage expenditures are costs incurred to obtain access to proven and probable mineral reserves or mineral resources and provide facilities for extracting, treating, gathering, transporting and storing the minerals. The development stage of a mine commences when the technical feasibility and commercial viability of extracting the mineral resource has been determined. Costs that are directly attributable to mine development are capitalized as property, plant and mine development to the extent that they are necessary to bring the property to commercial production. Abnormal costs are expensed as incurred. Indirect costs are included only if they can be directly attributed to the area of interest. General and administrative costs are capitalized as part of the development expenditures when the costs are directly attributed to a specific mining development project.

Upon completion of development and commencement of production, capitalized development costs are transferred, as required, to the appropriate plant and equipment asset category.

(e)Assets under construction

Assets under construction are included in plant and equipment and since the assets are not yet available for use, are not depreciated.

3.9Exploration and evaluation

Exploration and evaluation expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. Evaluation expenditures are the costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.

Exploration and evaluation expenditures are capitalized to the extent that it can be demonstrated that the project will generate future economic benefits. When it is determined that a project cannot generate future economic benefit the costs are expensed.

The exploration and evaluation phase ends when the technical feasibility and commercial viability of extracting the mineral is demonstrable.

3.Material accounting policy information (continued)

3.10Leases

The Group recognizes a ROU asset and corresponding lease liability in the consolidated statement of financial position for all lease arrangements in which it is the lessee, except for short-term leases with a term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the asset and Group specific incremental borrowing rates. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, with a corresponding adjustment to the related ROU assets, whenever:

●The lease term changes or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
●The lease payments change due to the changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; and
●A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.

The ROU assets are initially recognized in the consolidated statement of financial position at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease, any lease incentive received and any initial direct costs incurred, and expected costs for obligations to dismantle and remove ROU assets when they are no longer used. ROU assets are recognized within property, plant and equipment in the consolidated statement of financial position. ROU assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the ROU asset or the end of the lease term.

Sale and leaseback transactions

If the Group transfers an asset to another entity (the “buyer-lessor”) and leases that asset back from the buyer-lessor, the transfer contract and the lease is accounted for by applying the requirements of IFRS 16 Leases (“IFRS 16”). The Group first applies the requirements for determining when a performance obligation is satisfied in IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) to determine whether the transfer of an asset is accounted for as a sale of that asset.

​

3.Material accounting policy information (continued)

3.10Leases (continued)

For transfer of an asset that satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset, the Group measures the ROU asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor.

If the transfer of an asset does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset, the Group continues to recognize the transferred asset and recognizes a financial liability equal to the transfer proceeds. The financial liability is accounted for applying IFRS 9.

3.11Financial instruments

(a)Recognition and measurement

Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(b)Classification and subsequent measurement

Financial assets

On initial recognition, a financial asset is classified as subsequently measured at: amortized cost; fair value through other comprehensive income (“FVOCI”) — debt investment; FVOCI — equity investment; or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

i.Business model assessment

The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:

●the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;
●how the performance of the portfolio is evaluated and reported to the Group’s management;
●the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

​

3.Material accounting policy information (continued)

3.11Financial instruments (continued)

(b)

Classification and subsequent measurement (continued)

●how managers of the business are compensated — e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and
●the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.

ii.Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, “principal” is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

●contingent events that would change the amount or timing of cash flows;
●terms that may adjust the contractual coupon rate, including variable-rate features;
●prepayment and extension features; and
●terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

●it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
●its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

These assets are subsequently measured at amortized cost using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in consolidated profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

3.Material accounting policy information (continued)

3.11Financial instruments (continued)

(b)

Classification and subsequent measurement (continued)

Financial liabilities

Financial liabilities of the Group include trade and other payables, loans and borrowings, lease liabilities and other financial liabilities. The Group recognizes the financial liabilities at amortized cost using the effective interest rate method as they are not classified as held-for-trading, not a derivative or not designated as such on initial recognition. Interest expense and foreign exchange gains and losses are recognized in consolidated profit or loss.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

(c)Derecognition

Financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

Financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.

(d)Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(e)Derivative financial instruments

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are recognized in consolidated profit or loss for fair value and non-hedging derivatives and recognized in consolidated other comprehensive income for derivatives designated as cash flow hedges.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at FVTPL. Embedded derivatives are measured at fair value with changes in fair value recognized in consolidated profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVTPL category.

More information about the Group’s accounting policies and risk management activities related to derivative financial instruments and hedge accounting is provided in Notes 22 and 23.

3.Material accounting policy information (continued)

3.12Impairment

(a)Non-derivative financial instruments

A loss allowance for expected credit losses (“ECL”) is determined for all financial assets, other than those at FVTPL and equity instruments at FVOCI, at the end of each reporting period. The ECL recognized represents a probability-weighted estimate of credit losses over the expected life of the financial instrument.

The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortized cost, using the lifetime ECL provision. The ECL on these financial assets is estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.

For all other financial assets at amortized cost, the Group recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition, which is determined by:

●A review of overdue amounts;
●Comparing the risk of default at the reporting date and at the date of initial recognition; and
●An assessment of relevant historical and forward-looking quantitative and qualitative information.

For those balances that are beyond 30 days overdue it is presumed to be an indicator of a significant increase in credit risk.

If the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-months ECL, which comprises the expected lifetime loss from the instrument were a default to occur within 12 months of the reporting date.

The Group considers an event of default has materialized and the financial asset is credit impaired when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay the Group without taking into account any collateral held by the Group or if the financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.

(b)

Non-financial assets

The Group conducts, at least half yearly, an internal review of asset values which is used as a source of information to assess for any indications of impairment. Formal impairment tests are carried out when events or changes in circumstances indicate the carrying value may not be recoverable.

A formal impairment test involves determining whether the carrying amounts are in excess of their recoverable amounts. An asset’s recoverable amount is determined as the higher of its fair value less costs of disposal and its value in use. Such reviews are undertaken on an asset-by-asset basis, except where assets do not generate cash flows independent of other assets, in which case the review is undertaken at the Cash Generating Unit (“CGU”) level.

If the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recorded in the consolidated profit or loss to reflect the asset at the lower amount.

​

3.Material accounting policy information (continued)

3.12Impairment (continued)

(b)

Non-financial assets (continued)

For those assets which were impaired in prior periods, if indicators of impairment reversal exist an assessment is performed and if their recoverable amount exceeds their carrying amount, an impairment reversal is recorded in the consolidated profit or loss to reflect the asset at the higher amount to the extent the increased carrying amount does not exceed the carrying value of the asset that would have been determined had no impairment previously been recognized.

3.13Employee benefits

(a)

Short term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Liabilities recognized in respect of short-term employee benefits, are measured at their face value without the effect of discounting using the remuneration rate expected to apply at the time of settlement.

(b)

Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

(c)

Long term employee benefits

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. Liabilities recognized in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. Remeasurements are recognized in consolidated profit or loss in the period in which they arise.

(d)

Share-based payment arrangements

The fair value of the amount payable to employees in respect of cash-settled share-based payment arrangements is recognized as an expense with a corresponding increase in liabilities, recognized over the service period. The liability is remeasured at each reporting date based on the fair value of the cash-settled share-based payment arrangements. Any changes in the liability are recognized in profit or loss.

3.14Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources embodying economic benefits that can be reliably estimated will be required to settle the liability.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The unwinding of the discount is recognized as finance cost in consolidated profit and loss.

3.

Material accounting policy information (continued)

3.14Provisions (continued)

Restoration, rehabilitation and decommissioning

The Group’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing, and the Group has made, and intends to make in the future, expenditures to comply with such laws and regulations. The timing of these expenditures is dependent upon a number of factors including the life of the mine, the operating license conditions, and the laws, regulations, and environment in which the mine operates.

Decommissioning liabilities are recognized at the time an environmental disturbance occurs and are measured at the Company’s best estimate of the expected future cash flows required to reclaim the disturbance for each operation, which are adjusted to reflect inflation, and discounted to their present value. When the liability is initially recognized, the present value of the estimated costs is capitalized by increasing the carrying amount of the related assets to the extent that it was incurred as a result of the development/construction of the asset. Additional disturbances that arise due to further development/construction are recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur. Costs incurred in relation to accrued rehabilitation obligations are applied against the restoration provision in the period in which such costs are incurred. Costs related to the restoration of site damage (subsequent to the start of commercial production) that occurs on an ongoing basis during production are provided for and recognized in profit or loss as extraction progresses.

3.15Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 Inventories (IAS 2) or value in use in IAS 36 Impairment of Assets.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

●Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
●Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
●Level 3 inputs are unobservable inputs for the asset or liability.

3.16Goods and services tax

Revenues, expenses and assets are recognized net of the amount of goods and services tax (“GST”), except:

●where the amount of GST incurred is not recoverable from the taxation authority, it is recognized as part of the cost of acquisition of an asset or as part of an item of expense; or
●for receivables and payables which are recognized inclusive of GST.

3.

Material accounting policy information (continued)

3.16Goods and services tax (continued)

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables.

Cash flows are included in the consolidated statement of cash flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.

3.17Contingencies

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments.

When a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency.

It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.

3.18New and amended standards adopted by the Group

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

●Classification of Liabilities as Current or Non-current (Amendments to IAS 1);
●Non-current Liabilities with Covenants (Amendments to IAS 1);
●Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); and
●Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).

The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

3.19New standards and interpretations not yet adopted

Certain new accounting standards and amendments to accounting standards have been published that are relevant to the Group but not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these new standards and amendments is set out below:

●Lack of Exchangeability (Amendments to IAS 21) - effective for annual periods beginning on or after 1 January 2025

The amendment is expected to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. MAC does not expect these amendments to have a material impact on its operations or consolidated financial statements.

3.Material accounting policy information (continued)

3.19New standards and interpretations not yet adopted (continued)

●Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - effective for annual periods beginning on or after 1 January 2026

These amendments:

oclarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
oclarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
oadd new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and
oupdate the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

MAC does not expect these amendments to have a material impact on its operations or consolidated financial statements.

●IFRS 18 Presentation and Disclosure in Financial Statements - effective for annual periods beginning on or after 1 January 2027

IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.

Management is currently assessing the detailed implications of applying the new standard on the Group’s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:

oalthough the adoption of IFRS 18 will have no impact on the Group’s net profit, it is expected that grouping of items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. From the high-level impact assessment that the group has performed, the following items might potentially impact operating profit:

-

Foreign exchange differences currently aggregated in the line item ‘finance cost’ might need to be disaggregated, with some foreign exchange gains or losses presented above operating profit.

-

IFRS 18 has specific requirements on the category in which derivative gains or losses are recognized – which is the same category as the income and expenses affected by the risk that the derivative is used to manage. The Group currently recognizes these gains or losses in finance income and costs, there might be a change to where these gains or losses are recognized, and the Group is currently evaluating the need for change.

othe line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation;
ono significant change in the information that is currently disclosed in the notes is expected because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principle. In addition, there will be significant new disclosures required for management-defined performance measures and a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss; and

3.Material accounting policy information (continued)

3.19New standards and interpretations not yet adopted (continued)

oFrom a cash flow statement perspective, there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows.

MAC will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.

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Use of judgements and estimates
 12 Months Ended
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Use of judgements and estimates  
Use of judgements and estimates

4.Use of judgements and estimates

In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group’s risk management commitments, where appropriate. Revisions to estimates are recognized prospectively.

Significant judgements, estimates and assumptions

Information about assumptions and estimation uncertainties at 31 December 2024 and judgements made in applying accounting policies that have the most significant effects on the amounts recognized in these consolidated financial statements are as follows:

​

Mineral inventories (Note 14)

The Company's life of mine plan includes mineral reserves and mineral resources, which are estimates of the amount of ore that can be extracted from the Company’s mining properties. The estimates are based on information compiled by “competent persons” as defined under the SK - 1300 Code. Such an analysis relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates requires complex geological judgments to interpret the data. The estimation of mineral reserves and mineral resources is based upon factors such as estimates of commodity prices, future capital requirements and production costs, geological and metallurgical assumptions and judgments made in estimating the size and grade of the ore body and foreign exchange rates.

​

In limited circumstances, the life of mine plan also includes other mining inventory relating to uncategorized material, which is included only to the extent there is a high degree of confidence that this inventory will be extracted in an economic manner. This is the case when the other mining inventory does not yet have the status of ore reserve or resource merely because the necessary detailed evaluation work has not yet been performed, however the responsible technical personnel and competent persons agree that the inclusion of a portion of this material is appropriate based on historical conversation rates.

​

4.Use of judgements and estimates (continued)

Significant judgements, estimates and assumptions (continued)

As the economic assumptions used may change and as additional geological information is acquired during the operation of a mine, estimates of proven and probable mineral reserves may change. Such changes may affect the Company’s consolidated balance sheets and consolidated statements of income, including:

●The carrying value of the Company’s property, plant and mine development may be affected due to changes in estimated future cash flows, utilized for impairment tests, which take total mining inventory, including reserves, resources and (where appropriate) other uncategorized materials into consideration;
●Depreciation charges in the consolidated statements of income may change where such charges are determined using the units-of-production (UOP) method or where the useful life of the related assets change. Assets depreciated on a UOP basis rely heavily on estimated production units. In calculating the appropriate production level, management rely on life of mine (LOM) plans containing production levels and costs. Estimated production units include commercially recoverable reserves (proven and probable reserves) and other mineral resources (measured, indicated and inferred resources) that can be economically and legally extracted from the CSA mine. Other mineral resources are included in estimated production units (beyond just the proven and probable reserves) when management has sufficient confidence, for the purpose of determining economic life of certain assets, that these resources will be converted into proven and probable reserves. This determination is based on proven historical conversion rates through further drilling and a historical track record of life of mine extensions and replenishment of reserves;
●Reclamation provisions may change where changes to the mineral reserve and mineral resource estimates affect expectations about when such activities will occur and the associated cost of these activities; and
●The carrying values of copper and silver streams host debt and the related embedded derivatives, and contingent copper and royalty payable may change where changes to the mineral reserve and mineral resource estimates affect future production profile.

Amortization (Note 14)

Property, plant and mine development comprise a large portion of the Company’s total assets and as such the amortization of these assets has a significant effect on the Company’s consolidated financial statements. Amortization is charged according to the pattern in which an asset’s future economic benefits are expected to be consumed. The determination of this pattern of future economic benefits requires management to make estimates and assumptions about useful lives and residual values at the end of the asset’s useful life. Actual useful lives and residual values may differ significantly from current assumptions.

Impairment and impairment reversal (Note 14)

The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. Where an impairment trigger exists, the recoverable amount of an asset or a CGU is determined at the higher of value in use and fair value less costs of disposal.

The recoverable amount for each CGU is estimated based on discounted future estimated cash flows (expressed in real terms) expected to be generated from the continued use of the CGUs using market-based commodity price and exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements, including any expansion projects, and its eventual disposal, based on the CGU LOM plans. These cash flows are discounted using a real post-tax discount rate that reflected current market assessments of the time value of money and the risks specific to the CGU.

​

4.Use of judgements and estimates (continued)

Significant judgements, estimates and assumptions (continued)

Restoration, rehabilitation and decommissioning (Note 19)

A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most of these rehabilitation and decommissioning events are expected to take place many years in the future and the currently estimated requirements and costs that will have to be met when the restoration event occurs are inherently uncertain and could materially change over time. In calculating the appropriate provision for the expected restoration, rehabilitation or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared.

These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the currency in which they are denominated.

Any changes in the expected future costs are initially reflected in both the provision and the asset (included within plant and equipment classification) and subsequently in the profit and loss over the remaining economic life of the asset through the depreciation charge. As the actual future costs can differ from the estimates due to changes in laws, regulations, technology, costs and timing, the provisions including the estimates and assumptions contained therein are reviewed regularly by management.

Fair value of derivative instruments (Note 23)

The fair value of the Company’s warrants subscription agreement (the “Mezz Warrants”) is determined using a Monte Carlo simulation model requiring such inputs as the Company’s share price, share price volatility, risk-free rates of return, and expected life of the Mezz Warrants. Share price volatility was estimated by using a weighting of the average historical volatility of comparable companies from a representative peer group of publicly traded companies.

The Company has employed a silver future curve simulation valuation model to estimate the fair value of the silver stream embedded derivative, using as key inputs the anticipated silver deliveries contained within the life of mine plans, and the Company’s credit spread.

The Company has employed a copper future curve simulation valuation model to estimate the fair value of the copper stream embedded derivative, using as key inputs the anticipated copper deliveries contained within the life of mine plan, copper price volatility, and the Company’s credit spread.

The Company has employed a Monte-Carlo simulation model to estimate the fair value of the Mezz Facility embedded derivative, notably the fair value of the prepayment option, using as key inputs the risk-free rate, copper price volatility, copper price forward curve, and the Company’s credit spread.

The Company has employed the mark-to-market calculation method to estimate the fair value of the commodity swap liability derivative, using as key inputs the copper future curve and the USD SOFR discount curve.

Business combination (Note 26)

Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. Such valuations require management to make significant estimates and assumptions, especially with respect to property, plant and equipment, which includes mineral properties, and inventory. With the assistance of an independent third-party, management has made assumptions and estimates on the future CSA mine production profile, commodity prices and discount rates. The discounted cash flow model used to determine the fair value of the property, plant and equipment property considers forecasted production and sales, which is derived from the acquired businesses life of mine model, which includes reserves and resources as well as (in limited circumstances) uncategorized material for which there is a high degree of confidence that this inventory will be extracted in an economic manner. The fair value of the inventories uses the historical net book value for supplies and consumables on hand as an appropriate proxy for fair value.

4.Use of judgements and estimates (continued)

Significant judgements, estimates and assumptions (continued)

Finished inventories have been valued by starting at the assumed commodity price at the time of expected sale, deducting all remaining costs required to produce and sell these inventories and allowing for an appropriate selling margin and estimated costs to complete. Management’s estimates of fair value are based on reasonable assumptions, but those are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates.

In a business combination, it is necessary to recognize contingent future payments to previous owners, representing contractually defined potential amounts, as a liability. For the acquisition of CMPL, the contingent and deferred consideration is linked to a formula that depended on an additional capital raise or ASX listing of the Company, certain copper price thresholds, and/or net smelter returns of all marketable and metal-bearing copper material from the acquired business over the mining tenure/life of CSA mine.

For determination of the fair value of contingent consideration, various unobservable inputs are used. A change in these inputs might result in a significantly higher or lower fair value measurement. The inputs used are, among others, future copper prices, estimated net smelter returns from all marketable and metal-bearing copper material produced from the CSA mine and assumptions regarding the discount rate.

Deferred tax (Note 9)

Deferred tax assets are recognized only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those deferred tax assets are likely to reverse, and a judgement as to whether there will be sufficient taxable income available to offset the tax assets when they do reverse. These judgements and estimates are subject to risk and uncertainty and therefore, to the extent assumptions regarding future profitability change, there can be a material increase or decrease in the amounts recognized in the consolidated statement of income in the period in which the change occurs. The recoverability of the Group’s deferred tax assets including the estimates and assumptions contained therein are reviewed regularly by management.
v3.25.1
Segment information
 12 Months Ended
Dec. 31, 2024
Segment information  
Segment information

5.Segment information

The chief operating decision maker has been identified as the Chief Executive Officer (“CEO”). The CEO makes decisions with respect to allocation of resources and assesses performance of the Group. The Group is organized and operates in one single operating segment focused on the mining and production of copper and silver from the CSA mine. As such the performance of the Group is assessed and managed in totality.

The CEO primarily uses a measure of adjusted earnings before interest, tax, depreciation and amortization (see Adjusted EBITDA below) to assess the performance of the Group. The CEO also receives information about the Group's revenue on a monthly basis. Information about the Group's revenue is disclosed in Note 6.

​

Adjusted EBITDA

Adjusted EBITDA excludes the effects of significant items of income and expenditure which might have an impact on the quality of earnings such as restructuring costs, legal expenses and impairments where the impairment is the result of an isolated, non - recurring event. It also excludes the effects of equity - settled share - based payments and unrealized gains or losses on financial instruments.

Adjusted EBITDA reconciles to loss after tax as follows:

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Loss after tax

 

(81,687)

 

(144,554)

 

(24,970)

Income tax expense/(benefit)

 

2,717

 

(15,006)

 

—

Net finance costs

 

75,363

 

37,355

 

16,481

Net change in fair value of financial instruments

 

80,646

 

47,257

 

1,484

Operating profit / (loss)

 

77,039

 

(74,948)

 

(9,973)

Depreciation and amortization

 

78,360

 

46,659

 

—

Organizational restructuring expenses

 

1,148

 

10,700

 

—

IPO and transaction costs1

 

4,215

 

61,152

 

7,521

Other significant discretionary expenses2

 

7,638

 

1,032

 

—

Adjusted EBITDA

 

168,400

 

44,595

 

(2,452)

​

1 related to the acquisition of the CSA Copper Mine and the ASX IPO costs

2 includes discretionary bonuses
v3.25.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue  
Revenue

6.Revenue

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Sale of commodities – Copper

 

328,802

 

153,530

 

—

Sale of commodities – Silver

 

11,934

 

5,469

 

—

Total

 

340,736

 

158,999

 

—

​

Concurrently with the closing of the Business Combination (refer Note 26), the Company entered into a new Offtake Agreement with Glencore International AG ("GIAG"), the Switzerland - based parent entity of Glencore, to replace the existing offtake agreement. The Offtake Agreement is a LOM obligation, pursuant to which the Company is committed to selling all material to Glencore, and GIAG is committed to buying all Material.

Revenue is derived principally from the sale of commodities, recognized once the control of the goods has transferred from the Group to the customer.

6.Revenue (continued)

Products of the Group may be provisionally priced at the date revenue is recognized. Revenue from sale of commodities includes $2,463 thousand (2023: $1,212 thousand; 2022: $nil) of mark - to - market related adjustments on provisionally priced sales arrangements.

As at 31 December 2024, the Group had 9,949.32 payable copper metal tons of provisionally priced copper sales subject to final pricing over the next several months (31 December 2023: 10,379.66 payable copper metal tonnes, 31 December 2022: nil). The average provisional price per ton of these provisionally priced sales subject to final pricing is $9,140.24 (31 December 2023: $8,196.16; 31 December 2022: $nil). Impact of provisionally priced sales is accounted under IFRS 9. Final settlements are recognized within revenue.
v3.25.1
Expenses by nature
 12 Months Ended
Dec. 31, 2024
Expenses by nature  
Expenses by nature

7.Expenses by nature

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

Note

    

2024

    

2023

    

2022

Change in production stock

​

​

 

(8,620)

 

12,150

 

—

Consumables and other production purchases

​

​

 

20,111

 

12,344

 

—

Repairs and maintenance

​

​

 

15,363

 

7,864

 

—

Energy and utilities

​

​

 

21,100

 

8,383

 

—

Employee benefits

​

​

 

66,111

 

31,352

 

—

Contractors

​

​

 

18,453

 

12,838

 

—

Depreciation on property, plant and equipment

 

14

 

78,360

 

46,659

 

—

Insurance

​

​

​

5,056

​

4,962

​

—

Others

​

​

​

7,460

​

4,614

​

—

Cost of goods sold

​

​

​

223,394

​

141,166

​

—

​

​

​

​

​

​

​

​

​

Acquisition costs

 

26

 

(483)

 

60,321

 

7,521

Employee benefits

​

​

​

9,013

​

5,866

​

224

Legal and professional fees

​

​

 

8,625

 

10,054

 

1,579

Initial public offering related costs

​

​

 

706

 

831

 

—

Insurance

​

​

 

280

 

1,928

 

325

Others

​

​

 

914

 

607

 

324

Administrative expenses

​

​

​

19,055

​

79,607

​

9,973

​

​

​

​

​

​

​

​

​

Government royalties and levies

​

​

​

11,487

​

7,273

​

—

Transportation

​

​

​

7,682

​

3,410

​

—

Others

​

​

​

(310)

​

738

​

—

Selling and distribution expenses

​

​

​

18,859

​

11,421

​

—

​

​

​

​

​

​

​

​

​

Total cost of goods sold, administrative and selling and distribution expenses

​

​

 

261,308

 

232,194

 

9,973

​

Superannuation contributions made during the year ended 31 December 2024 were $6,434 thousand (2023: $2,650 thousand; 2022: $nil). These contributions are recognized as a part of employee benefits.
v3.25.1
Finance income and costs
 12 Months Ended
Dec. 31, 2024
Finance income and costs  
Finance income and costs

8.Finance income and costs

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

Note

    

2024

    

2023

    

2022

Finance income

 

  

 

​

 

  

 

  

Interest income

 

​

 

2,706

 

5,365

 

3,753

Realised gain on copper and silver streams

 

​

 

—

 

83

 

—

Total finance income

 

​

 

2,706

 

5,448

 

3,753

​

​

​

​

​

​

​

​

​

Finance costs

 

​

 

​

 

  

 

  

Interest expense under the effective interest rate method on:

 

​

 

​

 

  

 

  

– Loans and borrowings

 

​

 

(57,224)

 

(39,027)

 

(20,234)

– Lease liabilities

 

​

 

(1,333)

 

(555)

 

—

Unwinding of discount on rehabilitation provision

​

19

​

(1,077)

​

(1,028)

​

—

Commodity swap loss

​

​

​

(12,008)

​

(576)

​

—

Realised loss on warrants redemption

​

​

​

(148)

​

—

​

—

Realised loss on copper and silver streams

​

​

​

(76)

​

—

​

—

Foreign exchange loss

​

​

​

(6,203)

​

(1,617)

​

—

Total finance costs

 

​

 

(78,069)

 

(42,803)

 

(20,234)

​

​

​

​

​

​

​

​

​

Net change in fair value measurements of financial instruments

 

  

 

​

 

  

 

  

Change in fair value of:

 

  

 

​

 

  

 

  

– Warrant liability

 

23

 

(33,569)

 

(21,984)

 

1,477

– Equity instruments

​

​

​

2,408

​

—

​

—

– Embedded derivative – copper and silver streams

 

23

 

(25,208)

 

(195)

 

—

– Embedded derivative – mezzanine debt facility

 

23

 

(3,900)

 

(8,464)

 

—

– Embedded derivative – conversion option

 

23

 

—

 

—

 

7

– Contingent liability – royalty deed

​

23

​

(10,966)

​

(855)

​

—

– Contingent liability – copper consideration

​

23

​

(9,850)

​

(3,200)

​

—

– Commodity swaps

​

23

​

439

​

(12,559)

​

—

Total net change in fair value of financial instruments

 

​

 

(80,646)

 

(47,257)

 

1,484

​

​

​

​

​

​

​

​

​

Net finance costs

 

​

 

(156,009)

 

(84,612)

 

(14,997)

​
v3.25.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income taxes  
Income taxes

9.Income taxes

(a)Amounts recognized in profit or loss

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Current income tax expense

 

7,314

 

—

 

—

​

 

7,314

 

—

 

—

​

​

​

​

​

​

​

Deferred tax benefit

 

​

 

​

 

​

Origination and reversal of temporary differences

 

(4,597)

 

(15,006)

 

—

​

 

(4,597)

 

(15,006)

 

—

Total income tax benefit

 

2,717

 

(15,006)

 

—

​

​

9.Income taxes (continued)

(b)Reconciliation of income tax benefit

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Loss before income tax for the year

 

(78,970)

 

(159,560)

 

(24,970)

​

​

​

​

​

​

​

Tax using the statutory rate of 30% (2023 – nil%; 2022 – nil%)

 

—

 

—

 

—

Tax effects of foreign jurisdiction (Australia):

 

  

 

  

 

  

Tax at the Australian tax rate of 30% (2023 – 30%; 2022 – Cayman Island nil%)

 

(23,691)

 

(47,868)

 

—

Tax rate differential

 

21,035

 

16,792

 

—

Non-deductible expenses

 

(1,777)

 

16,070

 

—

Adjustments for current and deferred tax of prior periods

​

7,150

​

—

​

—

Income tax benefit

 

2,717

 

(15,006)

 

—

​

(c)Movement in deferred tax balances

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Acquired

    

​

    

​

    

​

    

​

​

​

​

​

through

​

​

​

​

​

​

​

​

​

​

​

​

business

​

Recognized

​

​

​

​

​

​

​

​

Net balance

​

combination

​

in profit or

​

Net balance

​

Deferred tax

​

Deferred tax

US$ thousand

    

at 1 January

    

(Note 26)

    

loss

    

at 31 December

    

assets

    

liabilities

2024

​

​

​

​

​

​

​

​

​

​

​

​

Inventories

​

(4,671)

​

—

​

1,191

​

(3,480)

​

—

​

(3,480)

Property, plant and equipment

​

(151,396)

​

—

​

(11,879)

​

(163,275)

​

—

​

(163,275)

Lease liability

​

4,742

​

—

​

(1,574)

​

3,168

​

3,168

​

—

Provisions

​

12,160

​

—

​

(1,719)

​

10,441

​

10,441

​

—

Investments

​

—

​

—

​

(722)

​

(722)

​

—

​

(722)

Loans and borrowings

​

—

​

—

​

12,746

​

12,746

​

12,746

​

—

Derivatives and other financial liabilities

​

7,463

​

—

​

7,111

​

14,574

​

14,574

​

—

Tax losses

​

7,618

​

—

​

(7,618)

​

—

​

—

​

—

Denied debt deductions

​

—

​

—

​

7,061

​

7,061

​

7,061

​

—

Net tax assets/(liabilities)

​

(124,084)

​

—

​

4,597

​

(119,487)

​

47,990

​

(167,477)

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

Inventories

 

—

 

491

 

(5,162)

 

(4,671)

 

—

 

(4,671)

Property, plant and equipment

 

—

 

(151,843)

 

447

 

(151,396)

 

—

 

(151,396)

Lease liability

 

—

 

151

 

4,591

 

4,742

 

4,742

 

—

Provisions

 

—

 

12,111

 

49

 

12,160

 

12,160

 

—

Tax losses

 

—

 

—

 

7,618

 

7,618

 

7,618

 

—

Derivatives and other financial liabilities

​

—

​

—

​

7,463

​

7,463

​

7,463

​

—

Net tax assets/(liabilities)

 

—

 

(139,090)

 

15,006

 

(124,084)

 

31,983

 

(156,067)

​

The Jersey parent entity is subject to a 0% tax rate under the Jersey tax regime and thus no income tax is recorded.

All wholly owned Australian controlled entities are part of a Multiple Entry Tax Consolidated Group (MEC Group), with MAC Australia as the provisional head company. All other Eligible Tier 1 companies in the MEC Group are dormant. As a consequence, all members of the MEC Group are taxed as a single entity. The MEC Group is referred to below as MAC-Sub.

​

9.Income taxes (continued)

(c)Movement in deferred tax balances (continued)

As at and for the year ended 31 December 2022, the Group was considered to be an exempted Cayman Islands company with connection to Australia via MAC-Sub as a taxable jurisdiction. MAC-Sub was a dormant entity as at and during the year ended 31 December 2022 and the Group was therefore not subject to income taxes or income tax filing requirements in the Cayman Islands or United States for financial year ended on 31 December 2022. MAC-Sub as an Australian tax resident company was required to notify the Australian Taxation Office that it was dormant, did not have taxable income and was not required to lodge a tax return for the year ended 31 December 2022 and did so in the time required. As such, the Group’s tax provision was zero as at 31 December 2022.

Tax losses and denied debt deductions carried forward

MAC-Sub had income tax losses of $25,392 thousand at 31 December 2023 which have been fully utilized during the year. At 31 December 2024, MAC-Sub has denied debt deductions of $22,001 thousand (2023: $nil) which can be carried forward and utilized for 15 years, subject to certain tests. A deferred tax asset has been recognized on these denied debt deductions to offset the deferred tax liability arising on inventories, property, plant and equipment and investments.

Unrecognized deferred tax assets and liabilities

MAC-Sub does not have any unrecognized deferred tax assets or liabilities.

Income tax judgements and contingent tax liabilities

The Group does not have any contingent tax liabilities or uncertain tax positions at 31 December 2024 (2023: None).
v3.25.1
Earnings per share
 12 Months Ended
Dec. 31, 2024
Earnings per share  
Earnings per share

10.Earnings per share

Basic income / (loss) per share is calculated based on the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period ended 31 December 2024, 2023 and 2022. In periods with positive earnings, the calculation of diluted net income per share uses the treasury stock method to compute the dilutive effects of warrants, convertible debt, and other potentially dilutive instruments. In periods of loss, diluted net loss per share is equal to basic net loss per share, as the effect of potential issuances of shares from potentially dilutive instruments would be anti-dilutive.

The following table provides a reconciliation between basic and diluted net loss per share:

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

​

    

2024

    

2023

    

2022

Net loss (in US$)

 

(81,687,000)

 

(144,554,000)

 

(24,970,000)

Weighted average ordinary shares outstanding (in numbers)

 

71,547,323

 

29,912,257

 

6,628,695

​

​

​

​

​

​

​

Net loss per ordinary share (in US$):

 

​

 

​

 

​

Basic

 

(1.14)

 

(4.83)

 

(3.77)

Diluted

 

(1.14)

 

(4.83)

 

(3.77)

​

For the year ended 31 December 2024, the computation of diluted net loss per share excluded the impact of 3,187,500 warrants related to the Mezzanine debt (2023: 3,187,500 Mezzanine debt warrants, 8,838,260 Public warrants and 6,335,304 Private warrants; 2022: 8,838,260 Public warrants and 6,335,304 Private warrants) as their effect would be anti-dilutive.
v3.25.1
Cash and cash equivalents
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Cash and cash equivalents

11.Cash and cash equivalents

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Bank balances

 

171,897

 

32,372

 

42

​

 

171,897

 

32,372

 

42

​

11.Cash and cash equivalents (continued)

The Senior Syndicated Facility Agreement (“SFA”) requires the Company to maintain a minimum cash and cash equivalent investment balance (as defined in the SFA) of $30,000 thousand. This includes any undrawn and available portion of the $25,000 thousand revolving credit facility (“Facility B”) (Refer Note 18).

As of 31 December 2024, cash and cash equivalents includes $30,000 thousand (2023: $30,000 thousand; 2022: $nil) that should be kept for the fulfilment of the SFA’s minimum cash and cash equivalent investments balance requirement (as defined in the SFA). Facility B remained fully undrawn as of 31 December 2024 (31 December 2023: fully drawn; 31 December 2022: facility was not available).
v3.25.1
Trade and other receivables
 12 Months Ended
Dec. 31, 2024
Trade and other receivables  
Trade and other receivables

12.Trade and other receivables

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Indirect tax receivable

 

377

 

1,781

 

—

Other receivables

 

515

 

5

 

53

Trade receivable due from related parties

 

6,418

 

31,456

 

—

​

 

7,310

 

33,242

 

53

​

Trade receivable due from related parties are subject to provisional pricing feature of the Group’s revenue contracts.

The average credit period on sale of goods on credit is 13 days (2023: 14 days).

Information about the Group’s exposure to credit and market risks is included in Note 22.
v3.25.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventories  
Inventories

13.Inventories

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current

 

  

 

  

 

  

Supplies and consumables

 

11,601

 

15,570

 

—

Work in progress

 

1,890

 

482

 

—

Finished goods

 

14,488

 

5,476

 

—

Total current

 

27,979

 

21,528

 

—

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

Supplies and consumables

 

222

 

300

 

—

Total non-current

 

222

 

300

 

—

Total inventories

 

28,201

 

21,828

 

—

​

During the year ended on 31 December 2024, inventories amounting to $19,855 thousand (2023: $28,764 thousand; 2022: $nil) were recognized in ‘cost of production’ upon utilization or sale.

At 31 December 2024, all inventory is measured at cost and no inventory write-downs (31 December 2023: $1,393 thousand; 2022: $nil) were recognized.

Inventories that are not expected to be utilized or sold within 12 months are classified as non-current inventory and held in Australia.
v3.25.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment  
Property, plant and equipment

14.Property, plant and equipment

Reconciliation of carrying amount

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Freehold land

    

Plant and

    

Right-of-use

    

Mine

    

​

US$ thousand

    

and buildings

    

equipment

    

assets

    

development

    

Total

Cost

 

  

 

  

 

  

​

  

 

  

Balance as of 1 January 2023

 

—

 

—

 

—

​

—

 

—

Acquired through business combination (Note 26)

 

8,559

 

293,348

 

395

​

913,526

 

1,215,828

Additions

 

—

 

7,725

 

18,254

​

17,100

 

43,079

Disposals

 

—

 

(16,564)

 

—

​

—

 

(16,564)

Other movements*

​

—

​

—

​

—

​

(1,204)

​

(1,204)

Balance at 31 December 2023

​

8,559

​

284,509

​

18,649

​

929,422

​

1,241,139

Additions

​

—

​

33,557

​

1,617

​

26,604

​

61,778

Transfers from CIP

​

148

​

(148)

​

—

​

—

​

—

Transfer to E&E

​

—

​

(45)

​

—

​

—

​

(45)

Disposals

​

—

​

(147)

​

—

​

—

​

(147)

Other movements*

​

—

​

78

​

—

​

(6,735)

​

(6,657)

Balance as of 31 December 2024

 

8,707

 

317,804

 

20,266

​

949,291

 

1,296,068

​

​

​

​

​

​

​

​

​

​

​

Accumulated depreciation

 

​

 

​

 

​

​

​

 

​

Balance as of 1 January 2023

 

—

 

—

 

—

​

—

 

—

Depreciation for the year

​

338

​

11,290

​

2,077

​

32,954

​

46,659

Balance as of 31 December 2023

​

338

​

11,290

​

2,077

​

32,954

​

46,659

Depreciation for the year

 

542

 

22,544

 

4,453

​

50,821

 

78,360

Balance as of 31 December 2024

 

880

 

33,834

 

6,530

​

83,775

 

125,019

​

​

​

​

​

​

​

​

​

​

​

Carrying amounts

 

​

 

​

 

​

​

​

 

​

As of 31 December 2022

 

—

 

—

 

—

​

—

 

—

As of 31 December 2023

 

8,221

 

273,219

 

16,572

​

896,468

 

1,194,480

As of 31 December 2024

 

7,827

 

283,970

 

13,736

​

865,516

 

1,171,049

​

*Other movements consist of decrease in rehabilitation.

All property, plant and equipment is located in Australia. No impairment loss was recognized for the year ended on 31 December 2024 as no indicators of impairment were identified (2023: Nil).

During the year ended 31 December 2023, as part of a sale and leaseback arrangement for certain underground equipment, the Group recognized ROU asset amounting to $15,733 thousand (refer Note 17).

Depreciation charges on right-of-use assets are made up of right-of-use plant and equipment depreciation of $4,330 thousand and leased buildings depreciation of $123 thousand (2023: $1,876 thousand and $201 thousand, respectively).
v3.25.1
Exploration and evaluation
 12 Months Ended
Dec. 31, 2024
Exploration and evaluation  
Exploration and evaluation

15.Exploration and evaluation

​

Reconcilation of carrying amount

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

As of 1 January

​

17,918

​

—

​

—

Acquired through business combination (Note 26)

​

—

​

17,918

​

—

Additions

​

6,470

​

—

​

—

As of 31 December

 

24,388

 

17,918

 

—

​
v3.25.1
Trade and other payables
 12 Months Ended
Dec. 31, 2024
Trade and other payables  
Trade and other payables

16.Trade and other payables

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

    

2024

    

2023

​

2022

Trade payables due to third parties

 

13,905

 

14,447

 

927

Trade payables due to related parties

 

—

 

15,000

 

—

Advances received

 

—

 

20

 

—

Accrued expenses

 

34,540

 

51,405

 

—

Interest payable

 

—

 

3,136

 

—

Mining royalty

 

2,605

 

3,554

 

—

​

 

51,050

 

87,562

 

927

​

Information about the Group’s exposure to market and liquidity risks in included in Note 22.

Trade payables

Trade payables are obligations to pay for goods and services. Trade payables have an average payment period of 30 days (2023: 23 days) depending on the type of goods and services and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
v3.25.1
Lease liabilities
 12 Months Ended
Dec. 31, 2024
Lease liabilities  
Lease liabilities

17.Lease liabilities

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current lease liability

 

4,484

 

5,848

 

—

Non-current lease liability

 

5,749

 

9,958

 

—

​

 

10,233

 

15,806

 

—

​

Sale and leaseback of underground equipment

During the year ended 31 December 2023, in connection with the acquisition of CMPL (refer Note 26), the Group entered into a sale and leaseback arrangement for certain underground equipment for total proceeds of $16,564 thousand. The equipment will continue to be used over the 3-year lease term. As a result of the sale and leaseback transaction, the Group recognized a lease liability and a corresponding right-of-use asset in the amount of $15,733 thousand. As total proceeds from the sale of the equipment exceeded the fair value of the equipment at the time of sale, the transaction included a financing arrangement and the Group recognized a financial liability in the amount of $609 thousand (Refer Note 21).

Amounts recognized in consolidated statement of profit or loss and other comprehensive income

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Interest on lease liabilities

 

1,333

 

555

 

—

Depreciation on ROU assets

 

4,453

 

2,077

 

—

​

 

5,786

 

2,632

 

—

​

17.Lease liabilities (continued)

Amounts recognized in statement of cashflows

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Cash outflow from financing activities

 

  

 

  

 

  

Payment for lease liabilities

 

7,556

 

3,684

 

—

Total cash outflow for leases

 

7,556

 

3,684

 

—

​

Leases reconciliation

​

​

​

​

​

​

​

​

US$ thousand

    

2024

    

2023

    

2022

Balance as of 1 January

 

15,806

​

—

​

—

​

​

​

​

​

​

​

Additions to ROU assets

 

1,617

​

18,254

​

—

Additions from acquisition of subsidiary (Note 26)

 

—

​

504

​

—

​

​

​

​

​

​

​

Changes from financing activities:

 

​

​

  

​

  

Repayment of lease liabilities

 

(7,556)

​

(3,684)

​

—

​

​

​

​

​

​

​

Other changes:

 

​

​

  

​

  

Interest expense

 

1,333

​

555

​

—

Foreign exchange movements

 

(967)

​

177

​

—

​

​

​

​

​

​

​

Balance as of 31 December

 

10,233

​

15,806

​

—

​

Lease payment maturity analysis (undiscounted)

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Within 1 year

    

7,485

    

7,407

    

—

1 - 2 years

 

3,880

 

7,280

 

—

2 - 3 years

 

—

 

3,823

 

—

More than 3 years

 

—

 

—

 

—

Total

 

11,365

 

18,510

 

—

​
v3.25.1
Loans and borrowings
 12 Months Ended
Dec. 31, 2024
Loans and borrowings  
Loans and borrowings

18.Loans and borrowings

The following table shows the carrying amounts of the Group’s loans and borrowings as at 31 December 2024, 2023 and 2022.

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current

 

  

 

  

 

  

Senior syndicated facility agreement

 

38,644

 

53,240

 

—

Copper purchase agreement

 

10,275

 

6,414

 

—

Silver purchase agreement

 

9,347

 

9,255

 

—

Promissory note – related party (Note 28)

 

—

 

—

 

786

​

 

58,266

 

68,909

 

786

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

Mezzanine debt facility

 

95,003

 

85,567

 

—

Senior syndicated facility agreement

 

116,032

 

154,676

 

—

Copper purchase agreement

 

75,636

 

78,404

 

—

Silver purchase agreement

 

58,254

 

61,319

 

—

​

 

344,925

 

379,966

 

—

​

 

403,191

 

448,875

 

786

​

The following table provides a reconciliation of movement in loans and borrowings for the years ended 31 December 2024, 2023 and 2022.

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

Balance as of 1 January

 

448,875

 

786

 

—

Issue of promissory note

 

—

 

—

 

786

Amounts borrowed during the year classified as loans and borrowings

 

—

 

458,637

 

—

Interest capitalized to loans and borrowings

 

—

 

10,339

 

—

Finance costs and loan arrangement fees deducted from borrowings

 

—

 

(13,343)

 

—

Amortization expense

 

30,036

 

10,431

 

—

Adjustment for recognition of Copper Purchase agreement derivative liability

 

—

 

4,430

 

—

Repayment of loans and borrowings

 

(56,850)

 

(14,140)

 

—

Copper and silver delivered against copper and silver stream

 

(18,870)

 

(7,479)

 

—

Conversion of promissory note to Private Placement Warrants

 

—

 

(786)

 

—

Balance as of 31 December

​

403,191

​

448,875

​

786

​

(a)Terms and conditions of loans and borrowings

Mezzanine Debt Facility

On 10 March 2023, MAC Australia entered into a mezzanine debt facility loan note subscription agreement (the “Mezz Facility”) with Sprott Private Resource Lending II (Collector-2), LP (the “Lender”) and Sprott Resource Lending Corp., as agent and security trustee for the Lender, to provide a mezzanine loan facility to finance, in part, the initial Business Combination.

18. Loans and borrowings (continued)

(a)Terms and conditions of loans and borrowings (continued)

Mezzanine Debt Facility (continued)

The Mezz Facility provides for, among other things, $135,000 thousand total funding available to the Group with a maturity of 16 June 2028. The interest on the Mezz Facility is paid on a quarterly basis and calculated as the aggregate of (i) the Interest Rate Margin and (ii) the greater of the 3-month term Secured Overnight Financing Rate (“SOFR”) or 2.00% per annum. The Interest Rate Margin is calculated based on the copper price on the first day of each calendar quarter as quoted on the London Metal Exchange (“LME”).

​

The variation in the copper price determines the margin rate as well as the composition of interest payments (being either cash and/or capitalized to the principal, provided no event of default) as described below:

​

​

​

​

​

​

LME Copper Price

    

Margin

    

Payment

<$3.40/LB

 

12.00

%  

100% capitalized / 0% cash

>$3.40/lb to $3.85/lb

 

10.00

%  

60% capitalized / 40% cash

>$3.85/lb

 

8.00

%  

0% capitalized / 100% cash

​

In connection with the Mezz Facility, MAC entered into the Mezz Warrants with Sprott Private Resource Lending II (Collector-2), LP (the “Warrant Subscriber”) for 3,187,500 transferrable share purchase warrants issued by the Company, with each whole warrant entitling the holder to purchase one ordinary share in the Company with a par value of $0.0001 per share, subject to customary anti-dilution terms. The Mezz Warrants will be fully transferrable and will last for the full term of the Mezz Facility with an exercise price of $12.50 per share. Upon exercise, the Company may either (i) net cash settle the Mezz Warrants, or (ii) direct the holder to offset the exercise price against the outstanding principal amount of the Mezz Facility. The holder has the option to convert to shares. The Company may elect to accelerate the exercise date for the Mezz Warrants if the Company’s ordinary shares are quoted on a recognized stock exchange with a trading price over two times the exercise price for twenty consecutive trading days. The Mezz Warrants are classified and accounted for as derivative liabilities at fair value through profit or loss (Note 23).

On 17 December 2024, the terms of the Mezz Facility were amended to modify MAC’s already existing prepayment option and allow MAC to repay the Mezz Facility in full between 1 January 2025 and 16 June 2025. After the amendment, a redemption of the Mezz Facility may be initiated at the option of MAC Australia at any time on and after 1 January 2025 upon 5 days written notice. On or after 1 January 2025 but prior to the third anniversary of the date the loan was made (the “Utilization Date”), MAC Australia may prepay the whole, but not part, of the Mezz Facility at par plus accrued interest plus a prepayment interest premium in an amount equal to 4.00% of the aggregate principal amount of the Mezz Facility being prepaid.

If MAC Australia elects to make a a prepayment on a date falling on or after 1 January 2025 and before 16 June 2025, in addition to the prepayment interest premium of 4% of the aggregate amount, MAC must also pay the interest expected to accrue on the principal outstanding immediately before prepayment from the date of repayment until 16 June 2025.

MAC Australia may prepay the whole, but not part, of the Mezz Facility at par plus accrued interest (without any premium) on or after the third anniversary of the Utilization Date.

The Mezz Facility was fully drawn on the Utilization Date of 15 June 2023, to finance, in part, the initial Business Combination. The Mezz Facility has been accounted for as a financial liability and the embedded derivatives in relation to the interest rate margin and the voluntary prepayment option have been bifurcated and recognized collectively as a compound embedded derivative.

On initial recognition, the gross proceeds were first allocated to the fair value of the Mezz Warrants and the fair value of the compound embedded derivative in the amounts of $13,665 thousand and $42,098 thousand, respectively, with the residual amount of $79,237 thousand allocated to the financial liability.

​

18. Loans and borrowings (continued)

(a) Terms and conditions of loans and borrowings (continued)

Mezzanine Debt Facility (continued)

Subsequent to initial recognition, the financial liability is measured at amortized cost. The compound embedded derivative is recorded at fair value each reporting period with changes reflected in the consolidated statement of profit and loss. As at 31 December 2024, the fair value of the compound embedded derivative was $34,713 thousand (31 December 2023: $42,635 thousand). The Mezz Warrants are classified and accounted for as derivative liabilities, and are recorded at fair value each reporting period with changes reflected in the consolidated statement of profit and loss. As at 31 December 2024, the fair value of the Mezz Warrants was $11,066 thousand (31 December 2023: $16,906 thousand ) – refer Note 23.

The discount and transaction costs incurred on utilization of the Mezz Facility amounted to $3,700 thousand, of which $100 thousand and $300 thousand had been allocated to the Mezz Warrants and compound embedded derivative, respectively, and recognized in net income (loss) during the year ended 31 December 2023. $3,300 thousand of these transaction costs had been allocated to the financial liability and offset against the carrying amount of the financial liability and are being amortized to net income (loss) using the effective interest rate method.

Senior Syndicated Facility Agreement

On 28 February 2023, MAC Australia entered into a syndicated facility agreement (“SFA”) with Citibank, N.A., Sydney Branch, Bank of Montreal, Harris Bank N.A., The Bank of Nova Scotia, Australian Branch, and National Bank of Canada (collectively, the “Senior Lenders”) and Citi securities Limited, as agent for the Senior Lenders, to provide a senior syndicate loan facility to finance, in part, the initial Business Combination. The obligations of MAC Australia under the SFA are guaranteed by the Company (the “Guarantor”).

The SFA provides for, among other things, two credit facilities (collectively, the “Senior Facilitates”) as follows:

●a $205,000 thousand initial Business Combination term loan (“Facility A”) that can be used to finance, in part, the initial Business Combination, requires quarterly repayments that are sculpted as necessary to meet a Debt Service Cover Ratio minimum of 1.50x (“Facility A Repayment Instalments”) and is fully amortized over a notional 5 year loan life based on agreed financial modelling as described in the SFA; and
●a $25,000 thousand revolving credit facility (“Facility B”) that can be used only for general corporate purposes post-closing of the initial Business Combination, requires repayments such that all loans under Facility B are repaid on or before the date that is three years after the date of financial close under the SFA (the “Termination Date”).

The rate of interest for Facility A and B is calculated as the aggregate of (i) the margin equal to a fixed amount of 3.0% per annum, and (ii) the greater of zero or the secured overnight financing rate (“SOFR”) for such day. The SFA also specifies a default interest rate of an additional 2% per annum for overdue payments.

In connection with the SFA, MAC Australia was required to enter into hedging arrangement (commodity swap arrangements) to hedge the price risk for a minimum of 30% of scheduled copper production. The hedge agreements were entered into as of 1 July 2023 and expire 31 May 2026. The underlying commodity of the three commodity swap agreements is Copper, and the purpose of the commodity swaps is to hedge the price risk of the scheduled Copper production. Refer to Note 23(e) for further details on the hedge arrangements.

​

18. Loans and borrowings (continued)

(a) Terms and conditions of loans and borrowings (continued)

Senior Syndicated Facility Agreement (continued)

A redemption of Facility A may be initiated at the option of MAC Australia at any time upon 5 days written notice. MAC Australia may prepay the whole or any part of Facility A, but, if in part, being an amount that reduces the amount of Facility A by a minimum amount of $500 thousand, and integral multiples thereof. Any prepayment shall be made together with accrued interest on the amount prepaid. At the option of MAC Australia, each prepayment may be applied against the remaining Facility A Repayment Instalments in inverse chronological order or pro-rata by the amount of the prepayment.

In addition, a redemption of Facility B may be initiated at the option of MAC Australia at any time upon 5 days written notice. MAC Australia may prepay the whole or any part of Facility B, but, if in part, being an amount that reduces the amount of Facility B by a minimum amount of $2,000 thousand. Any prepayment shall be made together with accrued interest on the amount prepaid.

The prepayment options were determined to have economic characteristics and risks that are closely related with the host debt contracts of Facility A and Facility B, respectively, and therefore, were not accounted for as separate financial instruments.

The principal amount of Facility A was fully utilized on 14 June 2023, to finance, in part, the initial Business Combination. The discount and transaction costs incurred on utilization of Facility A totaling $10,000 thousand have been offset against the carrying amount of Facility A and are being amortized to net income (loss) using the effective interest rate method.

The principal amount of Facility B was fully utilized on 15 September 2023, to finance working capital requirements, and fully repaid on 14 March 2024.

Copper Purchase Agreement

On 20 March 2023, the Company entered into a copper purchase agreement (the “Copper Stream”) with Osisko. Under the terms of the Copper Stream effective 16 June 2023 (the “Closing Date”), in exchange for an upfront cash deposit of up to $75,000 thousand (the “Available Copper Deposit”), the Company is required to deliver to Osisko an amount refined copper equal to the Copper Stream Percentage (as defined below) of payable copper (being 96.2% of produced copper) produced by the CSA mine during the life of the mine. On 16 June 2023, the full amount of the Available Copper Deposit was drawn to finance, in part, the initial Business Combination. As of 31 December 2024, the Company has made $6,752 thousand deliveries towards the Copper Stream with Osisko (31 December 2023: None).

For the purposes of the Copper Stream, the “Copper Stream Percentage” shall mean during the following periods:

​

​

​

​

​

Time Period

    

Copper Stream Percentage

    

16 June 2023 to 16 June 2024

 

0

%

17 June 2024 to 16 June 2028

 

3% (the “First Stream Percentage”)

​

17 June 2028 until 33,000 metric tons of refined copper delivered to Osisko (the “Threshold Quantity”)

 

4.875% (the “Second-Threshold Stream Percentage”)

​

Thereafter from the date that the Threshold Quantity has been met

 

2.25% (the “Tail Stream Percentage”)

​

​

​

18. Loans and borrowings (continued)

(a) Terms and conditions of loans and borrowings (continued)

Copper Purchase Agreement (continued)

The Company may elect to reduce the Copper Stream Percentage and the Threshold Quantity on 16 June 2028 to the following amounts and percentages upon making a one-time payment of $40,000 thousand or $20,000 thousand, respectively (the “Buy-Down Option”). The Buy-Down Option is an embedded derivative measured at fair value taking into account the likelihood of the Group exercising the option.

​

​

​

​

​

​

​

​

​

​

    

Buy-Down Option 1

    

Buy-Down Option 2

  

Buy-Down Amount

​

$

40 million

​

$

20 million

​

Second-Threshold Stream Percentage

​

 

3.25

%  

 

4.0625

%

Tail Stream Percentage

​

 

1.50

%  

 

1.875

%

Threshold Quantity

​

 

23,900 tons

​

 

28,450 tons

​

​

In addition to the Copper Deposit, the Group will receive ongoing cash payments for refined copper delivered equal to 4% (the “Copper Cash Price”) of the cash settlement price for one ton of refined copper quoted by the LME on the date prior to the date of delivery (the “Copper Market Price”). Until the Copper Deposit is reduced to $nil, the difference between the Copper Market Price and the Copper Cash Price will be credited against the outstanding Copper Deposit. After the Copper Deposit is reduced to $nil, the Company will receive only the Copper Cash Price for each ton of refined copper delivered.

The Copper Stream has been accounted for as a financial liability and the embedded derivatives in relation to the embedded copper price within the agreement and the Buy-Down Option have been bifurcated and recognized collectively as a compound embedded derivative.

On initial recognition, the financial liability was recognized in the amount of $79,430 thousand inclusive of the compound embedded derivative recognized at its fair value in the amount of $4,430 thousand.

Subsequent to initial recognition, the financial liability is measured at amortized cost. The Company measures the liability at the present value of its expected future amounts of the deliveries at each reporting period. The compound embedded derivative is recorded at fair value each reporting period with changes reflected in the consolidated statement of operations. As at 31 December 2024, the fair value of the compound embedded derivative was a liability of $5,182 thousand (31 December 2023: asset of $773 thousand) – refer Note 23.

Interest expense is calculated by applying the effective interest rate of 12.21% to the financial liability (2023: 12.21%).

Silver Purchase Agreement

On 20 March 2023, the Company entered into a silver purchase agreement (the “Silver Stream”) with Osisko. Under the terms of the Silver Stream effective 16 June 2023 (the “Closing Date”), in exchange for an upfront cash deposit of $75,000 thousand (the “Silver Deposit”), the Company is required to deliver to Osisko an amount of refined silver equal to 100% of payable silver (calculated as 90% of produced silver) produced by the CSA mine during the life of mine. As of 31 December 2024, the Company has made silver deliveries of $19,598 thousand towards the Silver Stream with Osisko (31 December 2023: $7,479 thousand).

​

18. Loans and borrowings (continued)

(a) Terms and conditions of loans and borrowings (continued)

Silver Purchase Agreement (continued)

In addition to the Silver Deposit, the Company will receive ongoing cash payments for refined silver delivered equal to 4% (the “Silver Cash Price”) of the silver price on the LBMA for one ounce of refined silver on the day prior to the date of delivery (the “Silver Market Price”). Until the Silver Deposit is reduced to $nil, the difference between the Silver Market Price and the Silver Cash Price will be credited against the outstanding Silver Deposit. After the Silver Deposit is reduced to $nil, the Company will receive only the Silver Cash Price for each ounce of refined silver delivered.

The Silver Stream has been accounted for as a financial liability with an embedded derivative which relates to the embedded silver price within the agreement.

On initial recognition, the fair value of the embedded derivative was $nil, and the gross proceeds of $75,000 thousand were entirely allocated to the financial liability.

Subsequent to initial recognition, the financial liability is measured at amortized cost. The Company measures the liability at the present value of its expected future amounts of deliveries at each reporting period. The embedded derivative is recorded at fair value each reporting period with changes reflected in the consolidated statement of operations. As at 31 December 2024, the fair value of the embedded derivative was a liability of $16,163 thousand (31 December 2023: asset of $3,090 thousand) – refer Note 23.

Interest expense is calculated by applying the effective interest rate of 8.57% to the financial liability (2023: 8.57%).

(b)Loan covenants

Mezzanine Debt Facility and Senior Syndicated Facility Agreement

The Mezz Facility and SFA require MAC Australia to maintain at all times:

●Available Cash and Cash Equivalent Investments (as defined in the Mezz Facility and SFA, respectively) of at least $30,000 thousand held by MAC Australia and its subsidiaries;
●A Total Net Debt (as defined in the Mezz Facility and SFA, respectively) to EBITDA ratio:
●On any date during the first calendar year from the date that the initial conditions precedent to the Mezz Facility and SFA, respectively, are satisfied or waived, not more than 3.25:1 if no amounts are outstanding under the Copper Stream and not more than 3.5:1 if any amounts are outstanding under the Copper Stream; and
●On any date thereafter, not more than 3:1 if no amounts are outstanding under the Copper Stream and not more than 3.25:1 if any amounts are outstanding under the Copper Stream.

The Mezz Facility also requires MAC Australia to maintain at all times a Reserve Tail Ratio projection, being the ratio (expressed as a percentage) of (a) the projected remaining proven and probable copper reserves for the CSA mine as determined in accordance with the JORC Code from the Termination Date to the forecast end of the mine life and (b) the projected remaining proven and probable copper reserves for the CSA mine as determined in accordance with the JORC Code from the date the initial conditions precedent to the Mezz Facility are satisfied or waived to the forecast end of the mine life, greater than 25%.

18. Loans and borrowings (continued)

b)Loan covenants (continued)

Mezzanine Debt Facility and Senior Syndicated Facility Agreement (continued)

In addition, the SFA requires MAC Australia to maintain at all times:

●a Debt Service Coverage Ratio, being the ratio of Adjusted EBITDA (as defined in the SFA) to Debt Service (as defined in the SFA), not less than 1.2:1 in respect of any rolling period of 12 consecutive months ending on 31 March, 30 June, 30 September, and 31 December (“Relevant Period”);
●a Forecast Cash Flow Coverage Ratio, being the ratio of the net present value of Adjusted EBITDA over a five-year forecast (as defined in the SFA) to the aggregate amount outstanding under the Senior Facilities, not less than 1.25:1;
●Net Debt (as defined in the SFA) to EBITDA in respect of any Relevant Period not more than 2.5:1;
●a Reserve Tail Ratio projection, being the ratio (expressed as a percentage) of (a) the projected remaining proven and probable copper reserves for the CSA mine as determined in accordance with the JORC Code from the Termination Date to the forecast end of the mine life and (b) the projected remaining proven and probable copper reserves for the CSA mine as determined in accordance with the JORC Code from the date the initial conditions precedent to the SFA are satisfied or waived to the forecast end of the mine life, greater than 25% at the Termination Date.

The Mezz Facility and SFA also contain customary representations, warranties and event of default provisions. As at 31 December 2024 and 2023, the Group was in compliance with all covenants.

Copper and Silver Purchase Agreements

The Copper Stream and Silver Stream require the Group to maintain at all times:

●prior to the date the Uncredited Deposit relating to the Copper Stream and Silver Stream, respectively, is reduced to $nil, a Reserve Tail Ratio, being the ratio expressed as a percentage of (a) the projected remaining proven and probable copper reserves as from the latest maturity date of any and all Permitted Secured Debt (as defined in the Copper Stream and Silver Stream, respectively) to the forecast end of the mine life and (b) the projected remaining proven and probable copper reserves as from the Closing Date of the Copper Stream and Silver Stream, respectively, to the forecast end of the mine life, greater than 25% at the latest maturity date of any and all Permitted Secured Debt (as defined in the Copper Stream and Silver Stream, respectively); and
●prior to the date the Uncredited Deposit relating to the Copper Stream and Silver Stream, respectively, is reduced to $nil, aggregate Available Cash and Cash Equivalent Investments (as defined in the Copper Stream and Silver Stream, respectively) held by MAC Australia and its subsidiaries of at least $30,000 thousand.

The Copper Stream also requires the Group to maintain at all times a Total Net Debt (as defined in the Copper Stream) to EBITDA ratio not more than 3.5:1 on any date during the period from the Closing Date of the Copper Stream to the first anniversary date and not more than 3.25:1 on any date thereafter.

In addition, the Silver Stream requires the Group to maintain at all times a Total Net Debt (as defined in the Silver Stream) to EBITDA ratio:

●On any date during the first calendar year from the Closing Date of the Silver Stream, not more than 3.25:1 if no amounts are outstanding under the Copper Stream and not more than 3.5:1 if any amounts are outstanding under the Copper Stream; and

18. Loans and borrowings (continued)

(b) Loan covenants (continued)

Copper and Silver Purchase Agreements (continued)

●On any date thereafter, not more than 3:1 if no amounts are outstanding under the Copper Stream and not more than 3.25:1 if any amounts are outstanding under the Copper Stream.

The Copper Stream and Silver Stream also contain customary representations, warranties and event of default provisions. As at 31 December 2024 and 2023, the Group was in compliance with all financial and non-financial covenants.

The obligations of the Group under the Copper Stream and Silver Stream are guaranteed by certain of the Group’s subsidiaries (the “Guarantors”) and secured by the present and after-acquired property of the Group and the Guarantors.
v3.25.1
Provisions
 12 Months Ended
Dec. 31, 2024
Provisions  
Provisions

19.Provisions

​

​

​

​

​

​

​

​

​

​

​

    

Employee

    

Rehabilitation

    

​

    

​

US$ thousand

    

entitlements

    

costs

    

Other

    

Total

1 January 2024

 

14,041

 

24,956

 

2,781

 

41,778

Additions

​

275

​

—

​

—

​

275

Released

​

—

​

(6,735)

​

(2,779)

​

(9,514)

Accretion

​

—

​

1,077

​

—

​

1,077

Movements from foreign exchange impact

​

290

​

—

​

(2)

​

288

Net book value 31 December 2024

​

14,606

​

19,298

​

—

​

33,904

​

​

​

​

​

​

​

​

​

Current

​

13,357

​

—

​

—

​

13,357

Non-current

​

1,249

​

19,298

​

—

​

20,547

Net book value 31 December 2024

​

14,606

​

19,298

​

—

​

33,904

​

​

​

​

​

​

​

​

​

1 January 2023

​

—

​

—

​

—

​

—

Assumed through business combination (Note 26)

​

12,244

​

25,346

​

2,781

​

40,371

Additions

 

1,943

 

—

 

—

 

1,943

Released

 

—

 

(1,499)

 

—

 

(1,499)

Accretion

​

—

​

1,028

​

—

​

1,028

Movements from foreign exchange impact

​

(146)

​

81

​

—

​

(65)

Net book value 31 December 2023

 

14,041

 

24,956

 

2,781

 

41,778

​

 

​

 

​

 

​

 

​

Current

​

13,220

​

—

​

53

​

13,273

Non-current

 

821

 

24,956

 

2,728

 

28,505

Net book value 31 December 2023

 

14,041

 

24,956

 

2,781

 

41,778

​

 

​

 

​

 

​

 

​

​

Employee entitlements

At 31 December 2024 and 2023, the employee entitlements provision represents the value of annual leave and long service leave entitlements accrued. The associated expenditure will occur in a pattern consistent with when employees choose to exercise their entitlements with timing of leave taken up to the discretion of the employees.

​

19.Provisions (continued)

Rehabilitation costs

CMPL’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Group conducts its operations to protect public health and the environment and believes its operations are in compliance with applicable laws and regulations in all material respects. As part of the mine closure plans, the Group is required to provide annual guarantees over the estimated life of the mines, based on a present value approach, and to furnish the funds for the rehabilitation provision. This law requires a review of closing plans every three years.

Rehabilitation provision represents the accrued cost required to provide adequate rehabilitation and manage the site during a post-closure phase until surrender of the Mining Lease and sign off by the Environmental Authority. The majority of these costs provide for reshaping and covering waste rock emplacements — generally ensuring the site is left in a safe, stable and non-polluting condition — as well as property holding costs (e.g. Mining Lease rental and Council rates) during the post-closure phase.

The bulk of these amounts will be settled when rehabilitation is undertaken over a 3 year period (currently assumed to be started in 2031), with property holding costs expected to be incurred for a period of approximately 10 year after closure.

As at 31 December 2024, the discount rate applied in calculating the restoration and rehabilitation provision is a pre-tax risk free rate of 1.77% (31 December 2023: 1.77%) which is specific to the liability and the currency in which it is denominated i.e. 100% Australian dollar. The discount rate was not adjusted for the Group’s own credit risk.

Other

Other provisions comprised provisions for possible ordinary course of business legal disputes and claims recognized upon the acquisition of CMPL (Note 26). During the year, the Company entered into an indemnities agreement with Glencore International AG (“GIAG”) under which GIAG agreed to indemnify the Group against any such disputes and claims. As a result, the related provisions were fully released.
v3.25.1
Liability for cash-settled share-based payments
 12 Months Ended
Dec. 31, 2024
Liability for cash-settled share-based payments  
Liability for cash-settled share-based payments

20.Liability for cash-settled share-based payments

At 31 December 2024 and 2023, the Group had the following share-based payment arrangements (2022: None).

Description of share-based payment arrangements

Deferred stock units

On 6 June 2023, the Group established the deferred share unit plan (“DSUP”). The DSUP will expire on the tenth anniversary of its adoption by the Board.

The Board will determine the date on which the Deferred Share Units (DSUs) are to be granted. The DSUs shall be fully vested when granted, and will be redeemable (and the value thereof payable) upon the respective participant’s termination date. The settlement of the DSUs may be made in shares, cash or any combination of cash and shares, at the participant’s election. During the year, 42,690 DSUs were granted (2023: 50,900), 17,284 DSUs were settled (2023: nil) and 76,306 remained outstanding as at 31 December 2024 (31 December 2023: 50,900).

As the participant has the choice of settlement (either cash or shares), the transaction is accounted for in two components as a compound financial instrument that includes a liability component and an equity component. The fair values of the cash alternative and the equity alternative are identical as the agreements state that on the redemption date, the participant shall receive the market value of the DSUs in shares, cash or any combination thereof. Therefore, on the grant date, the liability component shall equal the fair value of the cash alternative and the equity component shall be equal to nil. Following the grant date, the liability shall be remeasured to fair value at each reporting date until the subsequent settlement date. Any change in the fair value of the DSU liability shall be recognized in profit (loss).

20. Liability for cash-settled share-based payments (continued)

Description of share-based payment arrangements (continued)

Deferred stock units (continued)

DSUs are valued using a Black - Scholes option pricing model with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement date 

 

Measurement date 

​

​

    

31 December 2024

    

31 December 2023

  

Deferred share unit liability

​

​

​

​

​

Fair value

 

US$10.62

​

US$12.36

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life

 

N/A

​

N/A

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

Performance stock units

On 6 June 2023, the Group established performance stock unit arrangements (PSUs) that entitle key management personnel to be granted PSUs that will vest and become exercisable upon achievement of performance conditions over a set performance period.

During the year, 148,777 PSUs were granted (2023: 212,965), 8,297 PSUs lapsed (2023: nil) and 353,445 remained outstanding as at 31 December 2024 (31 December 2023: 212,965).

The settlement of the PSUs may be made in shares, cash or any combination of cash and shares, at the participant’s election. Therefore, as explained above, on the grant date, the liability component shall equal the fair value of the cash alternative and the equity component shall be equal to nil. Following the grant date, the liability shall be remeasured to fair value at each reporting date until the subsequent settlement date. Any change in the fair value of the PSU liability shall be recognized in profit (loss).

The fair value of the PSU arrangements have been measured using a Monte Carlo simulation, which uses a correlated simulation to simultaneously calculate MAC’s and the individual peer group companies’ total shareholder return on a risk-neutral basis as at the vesting date, with regard to the remaining performance period. The total shareholder return of MAC is ranked against the total shareholder return of each constituent of the peer group as at the measurement date, and vesting percentage is calculated from the vesting schedule. Given the performance period commences prior to the measurement date, we have accounted for the total shareholder return during the period from the commencement of the performance period to the valuation date for MAC and the constituents of the peer group.

​

20. Liability for cash-settled share-based payments (continued)

Description of share-based payment arrangements (continued)

Performance stock units (continued)

Regarding PSUs granted in the year ended 31 December 2024, the number of PSUs that will vest is based on the relative total shareholder return ranking of MAC over the performance period from 1 January 2024 to 31 December 2026, relative to the performance of a peer group of companies (performance period for PSUs granted in 2023: 1 July 2023 to 30 June 2026). The vesting schedule is outlined below:

​

​

​

​

​

MAC’s performance relative to the peer group

    

% of PSUs eligible to vest

 

​

​

​

​

< 25th percentile

 

Nil

​

> 25th percentile

 

50

%

> 50th percentile

 

100

%

> 75th percentile

 

175

%

> 90th percentile

 

225

%

​

PSUs are valued using a Monte Carlo simulation with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement

 

Measurement

​

​

​

 date

 

 date

​

​

​

31 December

​

31 December

​

​

    

2024

    

2023

    

​

​

​

 

​

​

Performance share unit liability

​

​

 

​

​

Fair value

 

US$12.44 - US$13.11

​

US$20.28

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life2

 

1.5 - 2 years

​

2.5 years

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

2.Expected remaining life of the instruments has been based on remaining performance period.

Restricted stock units

On 6 June 2023, the Group established restricted stock unit arrangements (RSUs) that entitle key management personnel to be granted RSUs that will vest and become exercisable upon completion of employment over the required service period.

During the year, 207,621 RSUs were granted (2023: 470,603), 168,627 RSUs were settled in cash (2023: nil), 32,550 RSUs were settled in equity (2023: nil), 9,657 RSUs were forfeited (2023: 15,000) and 452,390 remained outstanding as at 31 December 2024 (31 December 2023: 455,603).

The settlement of the RSUs may be made in shares, cash or any combination of cash and shares, at the participant’s election. Therefore, as explained above, on the grant date, the liability component shall equal the fair value of the cash alternative and the equity component shall be equal to nil. Following the grant date, the liability shall be remeasured to fair value at each reporting date until the subsequent settlement date. Any change in the fair value of the RSU liability shall be recognized in profit (loss).

​

20. Liability for cash-settled share-based payments (continued)

Description of share-based payment arrangements (continued)

Performance stock units (continued)

RSUs granted will vest as follows:

​

​

​

RSU length of service following grant date

    

RSUs eligible to vest

​

​

​

12 months

 

1/3

24 months

 

1/3

36 months

 

1/3

​

RSUs are valued using a Black-Scholes option pricing model with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement

 

Measurement

​

​

​

 date

 

 date

​

​

​

31 December 

​

31 December 

​

​

    

2024

    

2023

    

​

​

​

 

​

​

Restricted share unit liability

​

  

 

​

​

Fair value

 

US$10.62

​

US$12.36

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life (tranche average)2

 

0.96 years

​

1.46 years

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

2.Expected remaining life of the instruments has been based on the average remaining life of all tranches of RSUs outstanding as at 31 December 2024.

​

20.Liability for cash-settled share-based payments (continued)

Description of share-based payment arrangements (continued)

Liability details

Details of the liabilities outstanding from each of the share-based payment arrangements were as follows:

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Total carrying amount of liabilities for DSU

 

810

 

629

 

—

Total carrying amount of liabilities for PSU

 

1,698

 

664

 

—

Total carrying amount of liabilities for RSU

 

3,123

 

1,900

 

—

​

 

5,631

 

3,193

 

—

​

Expense recognized in profit or loss

The Group incurred $5,517 thousand (2023: $3,315 thousand; 2022: $224 thousand) of employee benefit expenses related to the cash-settled share-based payment arrangements.
v3.25.1
Other financial liabilities
 12 Months Ended
Dec. 31, 2024
Other financial liabilities.  
Other financial liabilities

21.Other financial liabilities

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Current

 

  

 

  

 

  

Deferred consideration

 

—

 

81,129

 

—

Contingent consideration

​

23,680

​

—

​

—

Contingent royalty liability

​

5,592

​

5,587

​

—

Deferred underwriting discount

 

—

 

7,280

 

9,280

Deferred liabilities

 

—

 

500

 

7,239

Financial liabilities arising from sale and leaseback transaction

 

213

 

193

 

—

​

​

29,485

​

94,689

​

16,519

​

 

​

 

​

 

​

Non-current

​

​

​

​

​

​

Contingent consideration

 

70,370

 

84,200

 

—

Contingent royalty liability

​

42,069

​

38,398

​

—

Redeemable Class A ordinary shares

 

—

 

—

 

264,477

Financial liabilities arising from sale and leaseback transaction

 

115

 

329

 

—

​

 

112,554

 

122,927

 

264,477

​

​

142,039

​

217,616

​

280,996

​

​

21.Other financial liabilities (continued)

Deferred consideration

On 16 February 2024, part of the proceeds from the ASX Initial Public Offering (“IPO”) were utilized to fully repay the deferred consideration payable in connection with the acquisition of CMPL (refer Note 26).

Contingent royalty liability

As part of the acquisition of CMPL, the Group recognized a contingent royalty liability of $43,130 thousand which is measured at fair value through profit or loss (refer Note 26 and Note 23).

Contingent consideration

As part of the acquisition of CMPL, the Group recognized contingent consideration of $81,000 thousand which is measured at fair value through profit or loss (refer Note 26 and Note 23).

Deferred underwriting discount

The underwriter for the 2021 NYSE IPO was paid a cash underwriting discount of two percent (2%) of the gross proceeds of the IPO (including the Over-Allotment Units), or $5,303 thousand. Additionally, the underwriter was entitled to a deferred underwriting discount of $7,280 thousand of the gross proceeds of the IPO (including the Over-Allotment Units) following the completion of the Company’s initial Business Combination. The deferred underwriting discount was fully settled in March 2024.

Deferred liabilities

Legal services agreements

Legal services rendered by the Group’s external counsel is accrued on a quarterly basis but were deferred for settlement until the closing of the initial Business Combination. The accrued fees as of 31 December 2024, 2023 and 2022 were $nil, $500 thousand and $3,373 thousand, respectively.

Upon closing of the transaction, the Company repaid Glencore $5,079 thousand in legal and accounting fees Glencore incurred on the Company’s behalf.

Glencore deed of consent and side letter

On 22 November 2022, the Company and MAC Australia entered into a Deed of Consent and Covenant (the “Deed of Consent and Covenant”) with Glencore to amend the Share Sale Agreement (the “Amendment”). Pursuant to the Amendment, the Company agreed to assume the costs related to the auditing fees associated with CMPL. The fees were paid by Glencore and reimbursed by the Company to Glencore upon the Closing of the initial Business Combination. The fees were expensed as incurred. The deferred fees payable to Glencore as of 31 December 2024, 2023 and 2022 were $nil, $nil and $2,995 thousand, respectively.

Redeemable Class A ordinary shares

The Company’s redeemable Class A ordinary shares featured certain redemption rights that were considered to be outside of the Company’s control and subject to the occurrence of uncertain future events, and as such, were classified as financial liabilities.
v3.25.1
Financial instruments and financial risk management
 12 Months Ended
Dec. 31, 2024
Financial instruments and financial risk management  
Financial instruments and financial risk management

22.Financial instruments and financial risk management

Financial risks arising in the normal course of business from the Group’s operations comprise market risk (including commodity price risk, currency risk and interest rate risk), credit risk and liquidity risk. It is the Group’s policy and practice to identify and, where appropriate and practical, actively manage such risks to support its objectives in managing its capital and future financial security and flexibility. The Group’s finance and risk professionals monitor, manage and report regularly to senior management and the Board of Directors on the approach and effectiveness in managing financial risks along with the financial exposures facing the Group.

The key financial risk factors that arise from the Group’s activities, including the Group’s policies for managing these risks, are outlined below.

(a)Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises commodity price risk, currency risk and interest rate risk as follows:

Commodity price risk

The Group is subject to price risk associated with fluctuations in the market prices for copper and silver. A significant change in commodity prices could have a material effect on the Group’s revenues and financial instruments, including certain derivative instruments and contingent consideration whose values fluctuate with changes in the prices of copper or silver (Note 23). The Group closely monitors trends in the market prices of copper, silver and other metals as part of its routine activities, as these trends could significantly impact future cash flows. As at 31 December 2024, the Group estimates that a 10% increase (decrease) in commodities sold with provisional pricing feature, with all other variables held constant, would result in an increase (decrease) of $9,094 thousand (31 December 2023: $8,507 thousand; 31 December 2022: $nil) in profit after tax. Also refer Note 23 for a description of how the changes in commodity price may affect certain derivative instruments and contingent consideration.

Currency risk

The U.S. dollar is the functional currency of the entities collectively forming the Group. Currency risk is the risk of loss from movements in exchange rates related to transactions and balances in currencies other than the U.S. dollar. Such transactions include operating expenditure, capital transactions, and purchases in currencies other than the functional currency.

The Group’s primary operations are located in Australia, therefore, transactions are predominantly denominated in Australian and U.S. dollars. These transactions are not generally hedged. The Group buys foreign currencies at spot rates to settle local currency operating expenditure and is therefore largely exposed to volatility in exchange rates.

The Group’s loans and borrowings are denominated in U.S. dollars.

​

22.Financial instruments and financial risk management (continued)

(a)Market risk (continued)

Currency risk (continued)

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as at 31 December 2024 and 2023 are as follows:

​

​

​

​

​

​

​

​

​

    

Australian

    

​

    

​

Local currency thousand

​

Dollar

​

Euro

​

Total

As of 31 December 2024

 

  

 

  

 

  

Cash and cash equivalents

 

76,497

 

—

 

76,497

Trade and other receivables

 

661

 

—

 

661

Trade and other payables

 

(48,024)

 

(25)

 

(48,049)

Lease liabilities

 

(16,460)

 

—

 

(16,460)

Total

 

12,674

 

(25)

 

12,649

​

 

​

 

​

 

​

As of 31 December 2023

​

​

​

​

​

​

Cash and cash equivalents

​

1,446

​

—

​

1,446

Trade and other receivables

​

1,786

​

—

​

1,786

Trade and other payables

​

(47,232)

​

(31)

​

(47,263)

Lease liabilities

​

(15,806)

​

—

​

(15,806)

Total

​

(59,806)

​

(31)

​

(59,837)

​

As at 31 December 2022, the Group’s exposure to foreign currency risk was immaterial.

The following table details the Group’s estimated sensitivity to a 10% increase (decrease) in the U.S. dollar against the relevant foreign currencies as a result of translating the Group’s foreign currency denominated monetary assets and monetary liabilities. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.

A positive number below indicates an increase in profit where the U.S. dollar strengthens 10% against the relevant currency. For a 10% weakening of the U.S. dollar against the relevant currency, there would be a comparable impact on the profit and the balances below would be negative.

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

Australian Dollar

 

  

 

  

​

​

Profit or loss

 

788

 

5,981

​

—

​

​

​

​

​

​

​

Other

 

  

 

  

​

​

Profit or loss

 

2

 

3

​

—

​

Interest rate risk

Interest rate risk is the risk that the fair values or future cash flows of the Group’s financial instruments will fluctuate in response to changes in market interest rates. The Group’s exposure to interest rate risk arises from the interest rate effect on its cash and cash equivalents and loans and borrowings. Certain of the Group’s loans and borrowings include a floating interest rate component. As at 31 December 2024, the Group estimates that a 1% increase (decrease) in interest rates, with all other variables held constant, would result in an increase (decrease) of $851 thousand to interest expense (31 December 2023: $913 thousand; 31 December 2022: $nil). The Group closely monitors its exposure to interest rate risk and has not entered into any contracts to manage this risk.

22.Financial instruments and financial risk management (continued)

(b)Credit risk

Credit risk arises from the possibility that counterparties may not be able to settle obligations due to the Group within their agreed payment terms. Financial assets which potentially expose the Group to credit risk consist principally of cash and cash equivalents and trade and other receivables.

The Group invests only in highly rated investment grade instruments that have maturities of 90 days or less and which are liquid after 30 days or less into a known amount of cash. As part of its cash management process, the Group also regularly monitors the relative credit standing of the institutions with which it invests or maintains available cash.

During the normal course of business, the Group provides credit to its customer. Although the receivables resulting from these transactions are not collateralized, the Group has not experienced significant problems with the collection of receivables given the Group’s only customer is Glencore International AG in Switzerland, which represents 100% of trade receivables and total revenue. A significant change in the creditworthiness of Glencore could have a material adverse effect on the Company’s financial position.

(c)Liquidity risk

Liquidity risk is the risk that the Group is unable to meet its payment obligations when due, or that it is unable, on an ongoing basis, to borrow funds in the market on an unsecured or secured basis at an acceptable price to fund actual or proposed commitments.

Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents and availability of adequate committed funding facilities. The Group’s credit profile and funding sources ensure that sufficient liquid funds are maintained to meet its liquidity requirements. As part of its liquidity management, the Group closely monitors and plans for its future capital expenditure well ahead of time.

As at 31 December 2024, the Group had available cash amounting to $171,897 thousand (31 December 2023: $32,372 thousand; 31 December 2022: $42 thousand).

​

22.Financial instruments and financial risk management (continued)

(c)Liquidity risk (continued)

As at 31 December 2024, the maturity profile of the Group’s financial liabilities based on contractual terms is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Undiscounted contractual

​

​

​

​

 cash flows

​

    

Carrying

    

 Within 1

    

​

    

More than

US$ thousand

​

 amount

​

year

​

1 - 2 years

​

 2 years

​

​

​

​

​

​

​

​

​

31 December 2024

​

  

​

  

​

  

​

  

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

 

51,050

 

51,050

 

—

 

—

Mezzanine Debt Facility

 

95,003

 

21,087

 

21,087

 

176,073

Senior Syndicated Facility Agreement

 

154,676

 

54,247

 

123,457

 

—

Copper Purchase Agreement

 

85,911

 

10,444

 

12,160

 

185,201

Silver Purchase Agreement

 

67,601

 

12,007

 

14,628

 

124,013

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

​

​

​

​

​

​

​

​

Commodity swap liability

​

12,120

​

7,635

​

5,381

​

—

​

​

466,361

​

156,470

​

176,713

​

485,287

​

​

​

​

​

​

​

​

​

31 December 2023

 

  

 

  

 

  

 

  

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

 

89,921

 

89,921

 

—

 

—

Mezzanine Debt Facility

​

85,567

​

24,888

​

22,592

​

200,859

Senior Syndicated Facility Agreement

​

207,916

​

72,546

​

53,817

​

121,542

Copper Purchase Agreement

​

84,818

​

6,414

​

11,281

​

175,836

Silver Purchase Agreement

​

70,574

​

9,255

​

8,987

​

102,931

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

​

​

​

​

​

​

​

​

Commodity swap liability

​

12,559

​

4,637

​

5,606

​

3,044

​

​

551,355

​

207,661

​

102,283

​

604,212

31 December 2022

​

​

​

​

​

​

​

​

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

​

927

​

927

​

—

​

—

Promissory note – related party

​

786

​

786

​

—

​

—

​

​

1,713

​

1,713

​

—

​

—

​
v3.25.1
Fair value measurement
 12 Months Ended
Dec. 31, 2024
Fair value measurement  
Fair value measurement

23.Fair value measurement

The Group has assessed that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables and accrued labilities and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The Group’s investments in equity instruments and marketable securities are fair valued by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.

The fair value of the Group’s long-term loans and borrowings are determined using Level 2 inputs utilizing contractual cash flows, interest rate curves, swaption volatilities, and the Group's implied credit spread.

The fair value of the redeemable Class A ordinary shares was measured at their redemption amount.

23.Fair value measurement (continued)

The following table shows the carrying values, fair values and fair value hierarchy of the Group’s financial instruments as at 31 December 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December 2024

    

31 December 2023

​

31 December 2022

US$ thousand

​

Level

​

Carrying value

    

Fair value

​

Carrying value

    

Fair value

    

Carrying value

    

Fair value

Financial assets

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Fair value through profit or loss

 

  

 

​

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

 

1

 

171,897

 

171,897

 

32,372

 

32,372

 

42

 

42

Trade and other receivables

​

1

​

7,310

​

7,310

​

33,242

​

33,242

​

53

​

53

Investment in equity instruments

 

1

 

3,984

 

3,984

 

—

 

—

 

—

 

—

Investment in marketable securities

​

1

​

—

​

—

​

—

​

—

​

268,909

 

268,909

Derivative financial assets

 

  

 

​

 

​

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

3

 

—

 

—

 

3,090

 

3,090

 

—

​

—

Copper stream embedded derivative

 

3

 

—

 

—

 

911

 

911

 

—

 

—

Total financial assets

 

  

 

183,191

 

183,191

 

69,615

 

69,615

 

269,004

 

269,004

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Amortized cost

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Trade and other payables

 

  

 

51,050

 

51,050

 

87,562

 

87,562

 

927

 

927

Lease liability

 

  

 

10,233

 

10,233

 

15,806

 

15,806

 

—

 

—

Loans and borrowings

 

2

 

403,191

 

414,526

 

448,875

 

458,987

 

786

 

786

Other financial liabilities (excluding contingent consideration)

 

  

 

328

 

328

 

8,302

 

8,302

 

280,996

 

285,428

​

​

​

 

464,802

 

476,137

 

560,545

 

570,657

 

282,709

 

287,141

Fair value through profit or loss

 

  

 

  

 

​

 

  

 

  

 

  

 

  

Other financial liabilities (contingent consideration)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Royalty Deed

 

3

 

47,661

 

47,661

 

43,985

 

43,985

 

—

 

—

Contingent copper consideration

 

3

 

94,050

 

94,050

 

84,200

 

84,200

 

—

 

—

Deferred consideration

 

2

 

—

 

—

 

81,129

 

81,129

 

—

 

—

Derivative financial liabilities

 

  

 

​

 

​

 

​

 

​

 

  

 

  

Public Warrants

 

1

 

—

 

—

 

15,113

 

15,113

 

4,335

 

4,335

Private Warrants

 

2

 

—

 

—

 

11,176

 

11,176

 

3,107

 

3,107

Mezz Warrants

 

3

 

11,066

 

11,066

 

16,906

 

16,906

 

—

 

—

Mezz Facility embedded derivative

 

2

 

34,713

 

34,713

 

42,635

 

42,635

 

—

 

—

Silver stream embedded derivative

​

3

​

16,163

​

16,163

​

—

​

—

​

—

​

—

Copper stream embedded derivative

​

3

​

5,182

​

5,182

​

138

​

138

​

—

​

—

Commodity swap liability

​

2

 

12,120

 

12,120

 

12,559

 

12,559

 

—

 

—

​

​

​

​

220,955

​

220,955

​

307,841

​

307,841

​

7,442

​

7,442

Total financial liabilities

 

  

 

685,757

 

697,092

 

868,386

 

878,498

 

290,151

 

294,583

​

There have been no transfers between the different fair value hierarchy levels in any of the periods presented in the financial statements.

Investment in marketable securities

Marketable securities represented the net proceeds from the Company's IPO held prior to initial Business Combination. These funds were held in a trust account and were invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under the Investment Company Act. Upon completion of the initial Business Combination, these funds were released to the public shareholders of Class A ordinary shares who elected to redeem their Class A ordinary shares, subject to certain limitations.

23.Fair value measurement (continued)

Derivative instruments

The following table shows the fair values of the Group’s derivative financial assets and liabilities as at 31 December 2024 and 2023.

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

Note

​

2024

    

2023

​

2022

​

​

​

​

​

​

​

​

​

Derivative financial assets

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

(a)

 

—

 

234

 

—

​

​

​

 

—

 

234

​

—

​

​

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

(a)

 

—

 

2,856

 

—

Copper stream embedded derivative

 

(b)

 

—

 

911

 

—

​

​

​

 

—

 

3,767

 

—

Total derivative financial assets

​

​

 

—

 

4,001

 

—

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Mezz facility embedded derivative

 

(d)

 

11,587

 

12,473

 

—

Silver stream embedded derivative

​

(a)

​

2,566

​

—

​

—

Copper stream embedded derivative

​

(b)

​

981

​

138

​

—

Commodity swap liability

 

(e)

 

7,045

 

4,519

 

—

​

​

​

 

22,179

 

17,130

 

—

​

​

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

 

  

Warrants

 

(c)

 

11,066

 

43,195

 

7,443

Mezz facility embedded derivative

 

(d)

 

23,126

 

30,162

 

—

Silver stream embedded derivative

​

(a)

​

13,597

​

—

​

—

Copper stream embedded derivative

​

(b)

​

4,201

​

—

​

—

Commodity swap liability

 

(e)

 

5,075

 

8,040

 

—

​

​

​

 

57,065

 

81,397

 

7,443

Total derivative financial liabilities

​

​

 

79,244

 

98,527

 

7,443

​

(a)Silver stream embedded derivative

The silver stream is recognized as a financial liability at amortized cost and it contains an embedded derivative in relation to the embedded silver price within the agreement that is measured at fair value through profit or loss each reporting period. The silver stream embedded derivative is valued using a silver future curve simulation valuation model at each reporting date.

​

23. Fair value measurement (continued)

Derivative instruments (continued)

(a)Silver stream embedded derivative (continued)

​

The significant unobservable input used in the fair value measurement of the embedded derivative pertains to the anticipated silver deliveries. In isolation, a significant increase (decrease) in anticipated silver deliveries would result in a significantly lower (higher) fair value measurement.In addition to estimation of the Group's anticipated deliveries of silver over the term of the agreement, the following key inputs were used for the valuation of the embedded derivative:

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

​

31 December

​

​

2024

​

2023

  

2022

Silver spot price (per oz)

​

$

28.91

​

 $

24.13

 

—

Own credit spread

​

 

7.99

%  

​

8.26

%  

—

​

In isolation, at 31 December 2024, a 5% increase in silver price (per oz) would result in a $4,421 thousand increase and a 5% decrease in silver price (per oz) would result in a $4,421 thousand decrease in the fair value of the silver stream embedded derivative liability (31 December 2023: a $3,631 thousand decrease and a $3,631 thousand increase in the fair value of the silver stream embedded derivative asset).

​

The following table presents the continuity schedule for the silver stream embedded derivative :

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

 

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

3,090

 

—

​

—

Change in fair value

 

(19,253)

 

3,090

​

—

Balance as of end of year

 

(16,163)

 

3,090

​

—

​

(b)Copper stream embedded derivative

The copper stream is recognized as a financial liability at amortized cost and it contains a single compound embedded derivative in relation to the embedded copper price within the agreement and the buy-down option (Note 18). The compound embedded derivative is measured at fair value through profit or loss each reporting period. The copper stream embedded derivative is valued using a copper future curve simulation valuation model at each reporting date.

The significant unobservable input used in the fair value measurement of the embedded derivative pertains to the anticipated copper deliveries. In isolation, a significant increase (decrease) in anticipated copper deliveries would result in a significantly lower (higher) fair value measurement. In addition to estimation of the Group’s anticipated deliveries of copper over the term of the agreement, the following key inputs were used for the valuation of the compound embedded derivative:

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

  

31 December

​

​

2024

​

2023

​

2022

Copper spot price (per ton)

​

$

8,653

​

$

8,556

 

—

Copper price volatility

​

 

23.55

%  

​

22.87

%

—

Own credit spread

​

 

8.67

%  

​

8.94

%

—

​

In isolation, at 31 December 2024, a 5% increase in copper price (per tonne) would result in a $4,488 thousand increase and a 5% decrease in copper price (per tonne) would result in a $4,525 thousand decrease in the fair value of the copper stream embedded derivative liability (31 December 2023: a $4,053 thousand decrease and a $4,083 thousand increase in the fair value of the net copper stream embedded derivative asset).

​

23. Fair value measurement (continued)

Derivative instruments (continued)

(b)Copper stream embedded derivative (continued)

​

The following table presents the continuity schedule for the copper stream embedded derivative:

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

​

2023

 

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

773

 

—

​

—

Initial recognition

 

—

 

4,430

​

—

Change in fair value

 

(5,955)

 

(3,657)

​

—

Balance as of end of year

 

(5,182)

 

773

​

—

​

(c)Warrants

​

​

​

​

​

​

​

​

​

    

​

    

Private

    

​

​

​

​

​

Placement

​

​

US$ thousand

​

Public Warrants

​

Warrants

​

Mezz Warrants

​

​

​

​

​

​

​

For the year ended 31 December 2024

​

​

​

​

​

​

Balance as of beginning of year

 

15,113

 

11,176

 

16,906

Change in fair value

 

22,655

 

16,754

 

(5,840)

Redemption of warrants

​

(37,768)

​

(27,930)

​

—

Balance as of end of year

 

—

 

—

 

11,066

​

​

​

​

​

​

​

For the year ended 31 December 2023

 

  

 

  

 

  

Balance as of beginning of year

 

4,335

 

3,108

 

—

Promissory note conversion warrants

​

—

​

103

​

—

Issuance of warrants

 

—

 

—

 

13,665

Change in fair value

​

10,778

​

7,965

​

3,241

Balance as of end of year

 

15,113

 

11,176

 

16,906

For the year ended 31 December 2022

​

​

​

​

​

​

Balance as of beginning of year

​

5,174

​

3,266

​

—

Issuance of warrants

​

—

​

480

​

—

Change in fair value

​

(839)

​

(638)

​

—

Balance as of end of year

​

4,335

​

3,108

​

—

​

The Company’s Public Warrants, Private Placement Warrants and Mezz Warrants did not meet the “fixed for fixed” criteria under IAS 32 Financial Instruments: Presentation (“IAS 32”) and were classified and accounted for as derivative liabilities at fair value through profit or loss.

During the year, the Company redeemed all of the Public Warrants and Private Placement Warrants for a redemption price of US$0.10 per warrant and issued ordinary shares of the Company having par value of US$0.0001 per share (refer to Note 25). As of 31 December 2023, 8,838,260 Public Warrants and 6,535,304 Private Placement Warrants were outstanding (2022: 8,838,260 Public Warrants and 6,335,304 Private Placement Warrants).

During the year ended 31 December 2023, the Company had issued 3,187,500 Mezz Warrants to Sprott Private Resource Lending II (Collector-2), LP in accordance with the terms of the Mezz Facility (Note 18). As of 31 December 2024 and 2023, there were 3,187,500 Mezz Warrants outstanding (2022: nil).

23. Fair value measurement (continued)

Derivative instruments (continued)

(c)Warrants (continued)

​

The fair value of the Mezz Warrants is determined using a Monte Carlo simulation model. The following assumptions were used for the valuation of the Mezz Warrants. The significant unobservable inputs in the fair value measurement are the expected life of the Mezz Warrants and the expected volatility based on comparable publicly traded companies.

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

  

31 December

​

​

2024

​

2023

​

2022

Risk-free rate

 

​

4.02

% 

​

4.39

%

—

Warrant expected life

 

​

3.5 years

 

​

4.5 years

 

—

Expected volatility

 

​

49.23

% 

​

53.35

%

—

Expected dividend yield

 

​

0

% 

​

0

%

—

Share price

​

$

10.62

​

$

12.36

​

—

​

Significant increases (decreases) in any of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the assumption used for the expected volatility is accompanied by a directionally opposite change in the assumption used for the expected life of the Mezz Warrants.

(d)Mezz Facility embedded derivative

The Mezz Facility is recognized as a financial liability at amortized cost and it contains a single compound embedded derivative in relation to the prepayment option and the interest rate margin referenced to the LME Cash Settlement Price that is measured at fair value through profit or loss at each reporting period. The fair value of the compound embedded derivative was determined using a Monte-Carlo simulation model in relation to the future copper price and incorporation of the Longstaff-Schwartz algorithm to value the prepayment option. The key inputs in the valuation technique include the risk-free rate, copper price volatility, copper price forward curve, and the Company’s credit spread.

The following table presents the continuity schedule for the Mezz Facility embedded derivative for each of the following years:

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

42,635

 

—

​

—

Initial recognition

 

—

 

42,698

​

—

Interest payable

​

(11,822)

​

(8,527)

​

—

Change in fair value

 

3,900

 

8,464

​

—

Balance as of end of year

 

34,713

 

42,635

​

—

​

23. Fair value measurement (continued)

Derivative instruments (continued)

(e)Commodity swap liability

​

On 15 June 2023, the Company entered into commodity swap agreements with Citibank, Bank of Montreal (“BMO”) and National Bank of Canada (“NBC”) respectively. The underlying commodity of the three commodity swap agreements is Copper, and the purpose of the commodity swaps is to hedge the price risk of the scheduled Copper production. The commodity swap agreements are summarized below:

​

​

​

​

​

​

​

​

​

​

​

Counterparty

    

Citibank

    

BMO

    

NBC

​

​

​

​

​

​

​

​

​

​

Effective date

​

​

1 July 2023

​

​

1 July 2023

​

​

1 July 2023

Termination date

​

​

31 May 2026

​

​

30 May 2026

​

​

31 May 2026

Total notional quantity (MT)

​

 

12,255

​

 

12,255

​

 

12,255

Fixed price (US$)

​

 

8,204.49

​

 

8,214.35

​

 

8,112.85

Reference price

​

LME cash settlement price for Copper

Settlement frequency

​

 

Monthly

​

 

Monthly

​

 

Monthly

​

As the agreements meet the definition of a derivative, each contract is measured at fair value through profit or loss.

Contingent and deferred consideration

The following table shows the fair values of the Company’s contingent and deferred consideration as at 31 December 2024, 2023 and 2022:

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

Note

​

2024

​

2023

​

2022

Royalty deed

 

(a)

 

47,661

 

43,985

 

—

Contingent copper consideration

 

(b)

 

94,050

 

84,200

 

—

Deferred consideration

 

(c)

 

—

 

81,129

 

—

​

​

​

 

141,711

 

209,314

​

—

​

(a)Royalty deed

In connection with the acquisition of CMPL, the Company entered into a Net Smelter Returns ("NSR") royalty agreement with Glencore pursuant to which CMPL has to pay to Glencore a royalty equal to 1.5% from all NSR from all marketable and metal-bearing copper material produced from the mining tenure held by CMPL at the time of the initial Business Combination (Note 26). The contingent consideration was initially recognized at fair value and is subsequently measured at fair value through profit or loss using the present value of discounted cash flows based on the expected amounts and timing of the NSR over the expected life of the CSA mine using an effective interest rate of 8%. The NSR is determined using consensus copper prices less estimated treatment and refining costs under the offtake agreement with Glencore.

The discount rate of 8% takes into consideration the risks in the cash flow forecasts and the cost of debt. A significant increase (decrease) in the discount rate, in isolation, would result in a significant lower (higher) fair value measurement.

The following table presents the continuity schedule for the royalty deed for each of the following years:

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

43,985

 

—

​

—

Initial recognition

 

—

 

43,130

​

—

Change in fair value

 

10,966

 

855

​

—

Royalty accruals and payments

 

(7,290)

 

—

​

—

Balance as of end of year

 

47,661

 

43,985

​

—

​

23. Fair value measurement (continued)

Derivative instruments (continued)

(b)Contingent copper consideration

The consideration for the acquisition of CMPL included two contingent cash payments of $75,000 thousand each that are unsecured, fully subordinated and payable if, over the life of the mine, the average daily LME closing copper price is greater than $4.25/lb for any rolling 18-month period and $4.50/lb for any rolling 24-month period, respectively (Note 26).The contingent consideration was initially recognized at fair value and is subsequently measured at fair value through profit or loss. Given the contingent consideration is subject to the uncertainty of future LME copper prices, a Monte Carlo simulation model is used to determine the fair value. The fair value for each contingent component is the result of the average expected payoff of all simulation iterations discounted to the present value at the risk-free borrowing rate. The change in fair value is dependent on the movement in copper prices and the change in the risk-free borrowing rate.

The following key inputs were used for the valuation of the contingent copper consideration. The significant unobservable input in the fair value measurement is the reversion factor. A significant increase (decrease) in the reversion factor, in isolation, would result in a significantly higher (lower) fair value measurement.

The range of potential outcomes for contingent copper consideration cannot be estimated as this is dependent on future market prices. Contingent copper consideration has been disclosed based on the present value of the maximum payment amount possible.

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

​

​

2024

​

2023

​

2022

​

​

​

​

​

​

​

​

​

Long-term copper price

​

$

4.25

 

$

3.81

 

—

Copper spot price

​

$

3.92

 

$

3.84

 

—

Annual price volatility

​

 

20.70

%  

​

25.12

%  

—

Annual inflation rate

​

 

1.07

%  

​

1.14

%  

—

Risk-free rate

​

 

4.72

%  

​

4.07

%  

—

Reversion factor

​

 

11.55

%  

​

11.55

%  

—

​

The following table presents the continuity schedule for the contingent copper consideration for each of the following years:

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Balance as of beginning of year

 

84,200

 

—

​

—

Initial recognition

 

—

 

81,000

​

—

Change in fair value

 

9,850

 

3,200

​

—

Balance as of end of year

 

94,050

 

84,200

​

—

​

(c)Deferred consideration

The consideration for the acquisition of CMPL included a deferred cash payment of $75,000 thousand measured at fair value through profit or loss based on the present value of the cash payment which occurred as part of the Company’s successful ASX listing. As a result, the deferred consideration facility was paid in full to Glencore on 16 February 2024.
v3.25.1
Capital management
 12 Months Ended
Dec. 31, 2024
Capital management  
Capital management

24.Capital management

For the purpose of the Group’s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position. The Group’s capital structure is reviewed on an ongoing basis with adjustments made in light of changes in economic conditions, regulatory requirements and business strategies affecting the Group. The Group balances its overall capital structure by considering the costs of capital and the risks associated with each class of capital. In order to maintain or achieve an optimal capital structure, the Group may issue new shares from time to time, repay or obtain new borrowings or adjust the asset portfolio.

​

The Group monitors capital using a ratio of net debt to equity. Net debt is calculated as loans and borrowings, lease liabilities, trade and other payables, derivative financial liabilities and other financial liabilities less cash and cash equivalents. The Group’s net debt to equity ratio at 31 December 2024, 2023 and 2022 was as follows.

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

 

31 December

US$thousand

    

2024

    

2023

 

2022

​

​

​

​

​

​

​

Loans and borrowings

 

403,191

 

448,875

​

786

Lease liabilities

 

10,233

 

15,806

​

—

Trade and other payables

 

51,050

 

87,562

​

927

Derivative financial liabilities

 

79,244

 

98,527

​

7,443

Other financial liabilities

 

142,039

 

217,616

​

280,996

Cash

 

(171,897)

 

(32,372)

​

(42)

Net debt

 

513,860

 

836,014

​

290,110

Equity

 

555,493

 

268,027

​

(19,961)

Net debt to equity ratio

 

0.93

 

3.12

​

(14.53)

​
v3.25.1
Share capital, share premium and other capital reserves
 12 Months Ended
Dec. 31, 2024
Share capital, share premium and other capital reserves  
Share capital, share premium and other capital reserves

25.Share capital, share premium and other capital reserves

The total number of authorized shares at 31 December 2024 is 220,000,000 ordinary shares with a par value of $0.0001 per share (31 December 2023: 220,000,000 ordinary shares; 31 December 2022: 100,000,000 ordinary shares), and 25,000,000 preference shares with a par value of $0.0001 each (31 December 2023: 25,000,000 preference shares with a par value of $0.0001 each; 31 December 2022: nil).

As at 31 December 2024 82,438,431 ordinary shares of $0.0001 are issued and fully paid (31 December 2023: 50,236,544 fully paid ordinary shares of $0.0001 each; 31 December 2022: 6,628,695 fully paid ordinary shares of $0.0001 each). As at 31 December 2024, there are no preference shares issued or outstanding (31 December 2023: nil; 31 December 2022: nil).

Movements in share capital during the year are reconciled below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

US$ thousand (except for number of shares)

    

Number of shares

    

Share capital

    

Share premium

    

capital reserves

Balance as of 1 January 2022 (a)

 

6,628,695

 

1

 

24

​

—

Issued during the year

 

—

 

—

 

—

​

945

Balance as of 31 December 2022 (a)

 

6,628,695

 

1

 

24

​

945

Issued during the year:

 

​

 

  

 

  

​

​

Contribution of conversion price in excess of fair value of warrants

​

—

​

—

​

—

​

198

Amount in excess of the face value over the present value on related promissory note

​

—

​

—

​

—

​

69

PIPE – Osisko (b)

 

1,500,000

 

—

 

15,000

​

—

Backstop Facility – Osisko (c)

 

2,500,000

 

—

 

25,000

​

—

PIPE – Sprott (d)

 

1,500,000

 

—

 

15,000

​

—

PIPE A and PIPE B (e)

 

18,451,747

 

2

 

184,515

​

—

PIPE – BlackRock (f)

 

4,500,000

 

1

 

44,999

​

—

PIPE – October 2023 (i)

 

1,827,096

 

—

 

20,098

​

—

Public shareholders – non-redemption (g)

 

3,329,006

 

—

 

34,431

​

—

Glencore rollover shares (h)

 

10,000,000

 

1

 

99,999

​

—

Gross proceeds from issuance of shares

 

43,607,849

 

4

 

439,042

​

267

Less: Share issuance cost (j)

​

—

​

—

​

(6,771)

​

—

Balance as of 31 December 2023

​

50,236,544

​

5

​

432,295

​

1,212

Issued during the year:

​

​

​

​

​

​

​

​

ASX capital raise and private placement (k)

​

27,450,982

​

3

​

312,477

​

—

Redemption of warrants (l)

​

4,701,071

​

—

​

65,854

​

—

Redemption of DSUs (m)

​

17,284

​

—

​

246

​

—

Redemption of RSUs (n)

​

32,550

​

—

​

383

​

—

Gross proceeds from issuance of shares

​

32,201,887

​

3

​

378,960

​

—

Less: Share issuance cost (o)

 

—

 

—

 

(9,810)

​

—

Balance as of 31 December 2024

​

82,438,431

​

8

​

801,445

​

1,212

​

​

25.Share capital, share premium and other capital reserves (continued)

(a)Class B Ordinary Shares

The Company is authorized to issue a total of 20,000,000 Common Shares at par value of $0.0001 each.

In March 2021, Metals Acquisition Corp issued 7,187,500 Class B ordinary shares, par value $0.0001 per share, of which 937,500 were subject to forfeiture depending on the extent to which the underwriter’s over-allotment option is exercised. On 3 September 2021, with the partial exercise of the over-allotment option, the Sponsor forfeited 558,805 of the Class B ordinary shares.

Accordingly, as of 1 January 2023, Metals Acquisition Corp had issued 6,628,695 Class B ordinary shares to its Sponsor for $25 thousand, or approximately $0.004 per share (the “Founder Shares”).

The Sponsor sold 1,272,500 Founder Shares to the certain qualified institutional buyers or institutional accredited investors who were unaffiliated with the management team (“Anchor Investors”) at the same price the Sponsor purchased the Founder Shares from the Company (approximately $0.003 per share) (the “Anchor Investment”).

The Founder Shares were designated as Class B ordinary shares and were automatically converted into Class A ordinary shares on the first business day following the consummation of the initial Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares equaled, in the aggregate, on an as-converted basis, 20% of the sum of total number of ordinary shares issued and outstanding upon the consummation of the IPO, plus the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination (net of any redemptions of Class A ordinary shares by public shareholders), excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, members of the management team or any of their affiliates upon conversion of working capital loans. In no event did the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one.

Prior to the closing of the initial Business Combination, GMM was the record holder of the shares reported herein, and certain of Metals Acquisition Corp’s officers and directors and Anchor Investors held Class B units in GMM, which entitled them to an equivalent number of the Company’s ordinary shares on distribution, which took effect on 5 July 2023. The Sponsor also transferred 985,000 Founder Shares to the Cornerstone Investors (certain qualified institutional buyers or institutional accredited investors who are unaffiliated with the management team).

In connection with the Merger of Metals Acquisition Corp and MAL, each issued and outstanding Class B ordinary share of Metals Acquisition Corp was converted into one ordinary share of MAL. The ordinary share issued in the name of GMM, was redeemed automatically for $nil consideration.

(b)PIPE – Osisko

On 20 March 2023, the Company entered into a subscription agreement (the “Silver Stream Subscription Agreement”) with Osisko pursuant to which Osisko purchased 1,500,000 Ordinary Shares at a purchase price of $10.00 per share and an aggregate price of $15,000 thousand.

(c)Backstop Facility – Osisko

On 20 March 2023, the Company entered into a subscription agreement (the “Copper Stream Subscription Agreement”) with Osisko pursuant to which Osisko purchased 2,500,000 Ordinary Shares at a purchase price of $10.00 per share and an aggregate price of $25,000 thousand.

25.Share capital, share premium and other capital reserves (continued)

(d)PIPE – Sprott

In connection with the Mezz Facility (Note 18), the Company entered into a subscription agreement with Sprott Private Resource Lending II LP (Sprott) pursuant to which Sprott purchased 1,500,000 ordinary shares at a purchase price of $10.00 per share and an aggregate purchase price of $15,000 thousand.

(e)PIPE A and PIPE B

The Company obtained financing of $53,328 thousand from certain PIPE Investors (PIPE A) and $131,189 thousand from certain PIPE Investors, Directors and Officers of MAC (PIPE B). The total amount of funding obtained was $184,517 thousand for 18,451,747 shares ($10.00/share).

(f)PIPE – Blackrock

BlackRock Funds were issued 4,500,000 ordinary shares in connection with the PIPE Financing at $10.00 per share (plus 315,000 Founder Shares which Black Rock transferred in connection therewith) for a total of $45,000 thousand.

(g)Class A ordinary shares issued to public shareholders (non-redemption)

The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $0.001 each, for a total of 220,000,000 ordinary shares (including those converted from Class B).

On 16 June 2023, the Company acquired 100% of the outstanding equity of CMPL (Note 26). Upon closing of the sale, 23,185,774 Class A ordinary shares were redeemed at the price of $10.34 per share. The remaining 3,329,006 non-redeeming Class A ordinary shares were converted from Metals Acquisition Corp’s Class A ordinary shares to the Company’s ordinary shares at $10.00 per share plus interest ($34,431 thousand total worth).

(h)Glencore rollover shares

On 16 June 2023, as part of the CMPL acquisition, 10,000,000 new MAC ordinary shares were issued at the redemption share price of $10 per share ($100,000 thousand total worth) to Glencore, and included in purchase consideration (Note 26).

(i)PIPE – October 2023

On October 13, 2023, MAC issued 1,827,096 ordinary shares to investors, at a price of $11.00 per share, for aggregate gross proceeds of approximately $20,098 thousand.

(j)Share issuance costs 2023

Share issuance costs related to the equity raised as part of the CMPL acquisition and October 2023 equity raise amounted to$5,763 thousand and $1,008 thousand respectively and were deducted from equity.

(k)ASX capital raise and private placement

On 20 February 2024, MAC issued 19,117,648 Chess Depositary Interests (“CDIs”) via the successful IPO on the ASX, at a price of AU$17.00 per CDI, for aggregate gross proceeds of approximately$211,708 thousand (AU$325,000 thousand).

On 15 October 2024, as a result of a private placement, MAC issued 8,333,334 CDIs to institutional investors at an issue price of AU$18.00 per CDI, for aggregate gross proceeds of approximately $100,769 thousand (AU$150,000 thousand).

25.Share capital, share premium and other capital reserves (continued)

(l)Redemption of warrants

On 11 June 2024, MAC announced that the Company had completed the redemption of all of its Public Warrants and Private Placement Warrants and issued 4,701,071 ordinary shares thereagainst (refer to Note 23).

(m)Redemption of DSUs

On 14 June 2024, MAC redeemed 17,284 DSUs held by non-employee directors of the Company under the Non-Employee DSU Plan and issued equivalent ordinary shares thereagainst (Note 20).

(n)Redemption of RSUs

On 31 July 2024 and 14 August 2024, MAC redeemed 8,750 and 23,800 RSUs held by senior management of the Company under the Long-Term Incentive Plan and issued equivalent ordinary shares thereagainst (Note 20).

(o)Share issuance costs 2024

Share issuance costs related to the February 2024 IPO on the ASX and October 2024 equity raise amounted to $6,912 thousand and $2,898 thousand respectively and were deducted from equity.
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation
 12 Months Ended
Dec. 31, 2024
Acquisition of subsidiary and finalization of purchase price allocation  
Acquisition of subsidiary and finalization of purchase price allocation

26.Acquisition of subsidiary and finalization of purchase price allocation

In the comparative period, on 16 June 2023 (the “Business Combination Date”), the Company, through its wholly owned subsidiary, MAC Australia, acquired 100% shares and voting interest in CMPL from Glencore. CMPL operates and owns the CSA mine, a copper concentrate mine located near the town of Cobar in western New South Wales, Australia.

The Company accounted for the Business Combination under IFRS 3 Business Combinations (IFRS 3) using the acquisition method whereby the assets acquired and the liabilities assumed were recorded at fair value at the acquisition date.

A provisional purchase price allocation (“PPA”) assessment of the fair values of the assets acquired and the liabilities assumed on the Business Combination Date was performed as the Company was still in the process of evaluating the inputs and assumptions utilized in developing the fair value estimates at the date of acquisition.

The Company had 12 months from the acquisition date to finalize the accounting and any measurement period adjustments. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period about facts and circumstances that existed at the acquisition date.

During the year ended 31 December 2024, the Company has finalized the evaluation of the inputs and assumptions utilized in developing the fair value estimates at the date of acquisition, and as such, the PPA accounting has been finalised.

26.Acquisition of subsidiary and finalization of purchase price allocation (continued)

The following table summarizes the consideration payable as part of the acquisition:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provisional as

​

Final working

​

​

​

​

​

​

previously

​

capital

​

​

​

​

​

​

reported

​

adjustment

​

Final restated

US$ thousand

    

Note

    

16 June 2023

    

16 June 2023

    

16 June 2023

Purchase Consideration

 

  

​

​

​

​

​

​

Cash consideration

 

​

​

775,000

​

—

​

775,000

Less: working capital and other adjustments

 

​

​

(4,484)

​

(3,496)

​

(7,980)

Cash consideration on Closing

 

​

​

770,516

​

(3,496)

​

767,020

Royalty deed

 

23

​

43,130

​

—

​

43,130

Deferred consideration

 

23

​

75,000

​

—

​

75,000

Contingent copper consideration

 

23

​

81,000

​

—

​

81,000

Glencore rollover shares

 

25

​

100,000

​

—

​

100,000

Total

 

​

​

1,069,646

​

(3,496)

​

1,066,150

​

The deferred consideration of $75,000 thousand consisted of deferred cash payment on the following terms:

(i)payable upon the Company’s listing on the ASX or undertaking any alternative equity raise (up to 50% of the net proceeds from the raise, capped at $75,000 thousand);
(ii)the unpaid balance of the $75,000 thousand would accrue interest at a rate equivalent to what the Company pays on the Mezz Facility (Note 18), set at 3-month SOFR plus a variable margin of 8% to 12% (determined by reference to prevailing copper prices); and
(iii)any residual (up to the $75,000 thousand plus applicable interest) not paid in cash by the date that is twelve (12) months after the closing of the transaction was to be settled on the next business day through the issuance of additional ordinary shares at a 30% discount to the 20-trading day VWAP before the issuance.

The deferred consideration was recognized as contingent consideration as a part of other financial liabilities and has been fully settled on 16 February 2024 by utilizing part of the proceeds from the ASX IPO.

The copper contingent consideration is $150,000 thousand in cash structured as two contingent payments of $75,000 thousand each, the First Contingent Copper Payment and Second Contingent Copper Payment, that are unsecured, fully subordinated and payable if, and only if, over the life of the mine, the average daily LME closing price is greater than (i) $4.25/lb ($9,370/mt) for any rolling 18-month period (commencing at Closing), and (ii) $4.50/lb ($9,920/mt) for any rolling 24-month period (commencing at Closing). The contingent payments are measured at fair value estimated at $81,000 thousand based on the output from a commodity price simulation model and recognized as contingent consideration as a part of other financial liabilities.

The NSR contingent consideration requires CMPL to pay to Glencore a royalty equal to 1.5% from all NSR from all marketable and metal-bearing copper material produced from the mining tenure held by CMPL at the time of the Business Combination. The contingent consideration was recognized at fair value on acquisition in the amount of $43,130 thousand. The contingent consideration is valued using the present value of discounted cash flows based on the timing of the NSR over the expected life of the CSA mine using an effective interest rate of 8%. The NSR is determined using consensus copper prices less estimated treatment and refining costs under the offtake agreement with Glencore.

26.Acquisition of subsidiary and finalization of purchase price allocation (continued)

The following table sets out the preliminary allocation of recognized amounts of assets acquired and liabilities assumed at the Business Combination Date:

​

​

​

​

​

​

​

​

​

​

Provisional as

​

​

​

​

​

​

previously

​

Final PPA

​

​

​

​

reported

​

adjustment

​

Final restated

US$ thousand

    

16 June 2023

    

16 June 2023

    

16 June 2023

Trade and other receivables

 

1,641

​

—

​

1,641

Inventories

 

32,893

​

—

​

32,893

Property, plant and equipment

 

1,216,263

​

(435)

​

1,215,828

Exploration and evaluation

​

17,918

​

—

​

17,918

Other assets

 

1,404

​

—

​

1,404

Trade and other payables

 

(23,569)

​

—

​

(23,569)

Lease liabilities

 

(504)

​

—

​

(504)

Provisions

 

(40,371)

​

—

​

(40,371)

Deferred tax liabilities

 

(136,029)

​

(3,061)

​

(139,090)

Total net identifiable assets acquired

 

1,069,646

​

(3,496)

​

1,066,150

​

The fair value of the property, plant and equipment which includes mineral properties was determined with the assistance of an independent third party who completed a valuation of the CSA mining operations, including the mining concessions, using a discounted cash flow model. The model takes into account forecasted production and sales, which is derived from estimates of production units including proven and probable reserves and measured, indicated and inferred resources.

The fair value of the inventories was determined with the assistance of an independent third party. The historical net book value for supplies and consumables on hand is an appropriate proxy for fair value. Finished inventories have been valued by starting at the assumed copper price at the time of expected sale, deducting all remaining costs required to produce and sell these inventories and allowing for appropriate margin and estimated costs to complete.

Trade receivables comprise gross contractual amounts due of $1,641 thousand. None of the trade receivables balance was expected to be uncollectable at the date of acquisition.

Measurement period adjustments resulting from the final evaluation of the inputs and assumptions utilized in developing the fair value estimates at the date of acquisition, and as such, the finalization of the PPA accounting have been restated in each of the affected financial statement line items for the prior period. The following table summarises the impacts on the Group’s consolidated financial statements.

26.Acquisition of subsidiary and finalization of purchase price allocation (continued)

Consolidated statement of financial position

​

​

​

​

​

​

​

​

31 December 2023

​

​

​

​

​

​

​

​

​

​

Measurement

​

​

​

​

As previously

​

period

​

​

US$thousand

    

reported

    

adjustment

    

As restated

​

​

​

​

​

​

​

Assets

​

  

​

  

​

  

Property, plant and equipment

 

1,194,915

 

(435)

 

1,194,480

Total assets

 

1,305,903

 

(435)

 

1,305,468

​

​

​

​

​

​

​

Liabilities

 

  

 

  

 

  

Trade and other payables

 

89,921

 

(2,359)

 

87,562

Current tax liability

 

1,137

 

(1,137)

 

—

Deferred tax liability

 

121,023

 

3,061

 

124,084

Total liabilities

 

1,037,876

 

(435)

 

1,037,441

​

​

​

​

​

​

​

Net assets

 

268,027

 

—

 

268,027

​

During the year ended 31 December 2023, the Group incurred transaction costs of $12,217 thousand that directly related to the completion of the Business Combination and were expensed as a part of administrative expenses. These costs were mainly composed of legal, banking, and other professional fees for the issuance of debt and equity to finance the Business Combination.

For the year ended 31 December 2023, CMPL had recognized revenue of $158,999 thousand compromising of $153,530 thousand in copper sales and $5,469 thousand in silver sales, and contributed a net profit of $18,259 thousand to the Group’s results from the Business Combination Date to 31 December 2023. If the Business Combination had occurred on 1 January 2023, management estimates that consolidated revenue for the year ended 31 December 2023 would have been $300,954 thousand and consolidated net loss for the year ended on 31 December 2024 would have been $145,513 thousand. In determining these amounts, management has assumed that the fair value adjustments that arose on the Business Combination Date would have been the same if the Business Combination had occurred on 1 January 2023.

Following the Business Combination, CMPL entered into an offtake agreement with Glencore as documented in the Offtake Contract which is a transaction that has been recognized separately from the business acquisition (Note 28).
v3.25.1
List of subsidiaries
 12 Months Ended
Dec. 31, 2024
List of subsidiaries  
List of subsidiaries

27.List of subsidiaries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity holding (in %)

​

​

​

    

Country of

    

31 December

    

31 December

    

31 December

Name of entities

​

incorporation

​

2024

​

2023

​

2022

Metals Acquisition Corp. (Australia) Pty Ltd

 

Australia

 

100

 

100

 

100

MAC AU 1 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 2 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 3 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 4 Pty Ltd

 

Australia

 

100

 

100

 

—

Cobar Management Pty Limited

 

Australia

 

100

 

100

 

—

​
v3.25.1
Related party disclosures
 12 Months Ended
Dec. 31, 2024
Related party disclosures  
Related party disclosures

28.Related party disclosures

Related party transactions not described elsewhere in these notes to the financial statements (see Note 18) are as follows:

Key management personnel compensation

Key management personnel are persons responsible for planning, directing and controlling the activities of an entity, and include executive members of the Company’s board of directors, certain members of the executive committee and non - executive directors. For the years ended 31 December 2024 and 2023, key management personnel compensation comprised the following.

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

 

2022

​

​

​

​

​

​

​

Short-term employee benefits

 

4,201

 

2,034

​

—

Post-employment benefits

 

122

 

27

​

—

Share-based payments

 

4,471

 

3,332

​

224

Total

 

8,794

 

5,393

​

224

​

Executive officers also participate in the Group’s share-based payments arrangement (see Note 20).

Related party transactions

(a) Transactions with Glencore

As part of the acquisition of CMPL from Glencore on 16 June 2023, Glencore received consideration of 10,000,000 newly issued ordinary shares at the redemption share price of $10 per share ($100,000 thousand worth). As a result, Glencore has a significant influence interest in the Company and is considered a related party in accordance with IAS 24 Related Party Disclosures.

Royalty Deed

Concurrently with closing of the Business Combination, a Royalty Deed between the Company, Glencore, and CMPL became effective, pursuant to which CMPL is required, on a quarterly basis, to pay to Glencore a royalty equal to 1.5% of Net Smelter Returns and grant security interests created as a result of the Royalty Deed. Net Smelter Returns are equal to the gross revenue minus permitted deductions for all marketable and metal-bearing copper material, in whatever form or state, that is mined, produced, extracted or otherwise recovered from the Royalty Area. Glencore has the right to transfer its interest in the Royalty Deed (subject to limited restrictions, and subject to a right of last refusal granted to CMPL) and the security created as a result of the Royalty Deed. For the year ended 31 December 2024, the Company has paid $4,870 thousand (2023: $1,067 thousand; 2022: $nil) in royalty.

Offtake Agreement

Concurrently with the closing of the Business Combination, the Company entered into a new Offtake Agreement with Glencore International AG (“GIAG”), the Switzerland - based parent entity of Glencore, to replace the existing offtake agreement. The Offtake Agreement is a LOM obligation, pursuant to which the Company is committed to selling all material to Glencore, and GIAG is committed to buying all Material. For the year ended 31 December 2024, the Group has recognized $328,802 thousand of copper sales (2023: $153,530 thousand; 2022: $nil) and $11,934 thousand of silver sales (2023: $5,469 thousand; 2022: $nil) for a total of $340,736 thousand (2023: $158,999 thousand; 2022: $nil) in revenue (net of tolling, refining and freight charges) from the offtake agreement, with a corresponding trade receivable balance recognized.

Transitional Service Agreement

MAC, CMPL and Glencore Australia Holdings Pty Ltd (“GAH”) executed a transitional services agreement under which GAH had agreed to provide the benefit of certain transitional services and group contract on-supply for a period post-closing of the Business Combination in order to assist CMPL to transition and operate the business on a standalone basis. The agreement was terminated on 7

28.Related party disclosures (continued)

(a)Transactions with Glencore (continued)

March 2024. GAH was paid a service fee in exchange for the performance of the services in accordance with the terms of the transitional services agreement. For the year ended 31 December 2024, the Company incurred $144 thousand (2023: $920 thousand; 2022: $nil) under the transitional service agreement, recognized as an administrative expense.

Fuel Supply arrangements for CMPL with Glencore Australia Oil Pty Ltd.

Glencore Australia Oil Pty Ltd (“Glencore Oil”) and CMPL were parties to a Bulk Fuel Supply Agreement dated 1 July 2022 which was terminated on 1 May 2024. Under the agreement Glencore Oil supplied ultra low sulfur diesel to CMPL. The agreement was governed by the laws of New South Wales and contained customary terms and conditions, including in relation to, (i) ordering and delivery, (ii) forecast usage, (iii) delivery, (iv) passage of tile, (v) quality and quantity, (vi) payment terms. For the year ended 31 December 2024, the Group incurred $3,231 thousand (2023: $2,450 thousand; 2022: $nil) under the agreement, recognized as a cost of goods sold.

Working Capital Loan

Pursuant to the terms of the Share Sale Agreement between MAL, MAC Australia (as “Buyer”) and Glencore Operations Australia (as “Seller”) dated 17 March 2022 (the “SSA”), as amended, the purchase price payable for acquisition of CMPL would be adjusted to account for CMPL’s net debt, working capital and tax debts in accordance with consideration adjustment mechanisms common for acquisitions of this nature. In connection with this consideration adjustment mechanism, the ‘Estimated Purchase Price’ payable by the Buyer to the Seller on completion of the SSA (which occurred 16 June 2023) would be reduced by an amount of $15,000 thousand and then the ‘Final Adjustment Amount’ payable by the Buyer to the Seller following preparation and agreement of necessary completion accounts would be increased by the same $15,000 thousand. The effect of this consideration payment adjustment mechanism was to retain $15,000 thousand within CMPL as an interest-free, working capital loan, utilized by the business immediately following completion of the SSA and repaid by the Buyer upon finalization of all consideration payments This working capital loan was fully repaid in February 2024.

Rehabilitation Bond Amendments

MAC, MAC Australia and Glencore have entered into various contractual arrangements relating to performance guarantees Glencore has provided the state of New South Wales regarding the equivalent to the estimated total amount required to fulfil any rehabilitation costs associated with CMPL mining activities (refer Note 29).

As at 31 December 2024 the total value of the guarantees was AU$44,683 thousand (31 December 2023: $44,683). Whilst Glencore has provided the performance guarantees, MAC and MAC Australia will assume all liability if the guarantees are called on and will pay Glencore interest at a rate of 2.75% per annum up to 16 June 2024 and at a rate of 6.5% per annum up to 16 December 2024 and at a rate of 20% per annum afterwards on the amounts guaranteed by Glencore Operations Australia.

For the year ended 31 December 2024, the total interest paid or accrued was $1,623 thousand (2023: $317 thousand; 2022: $nil), recognized as an administrative expense.

(b)Share subscriptions and private placements

On 14 April 2023, Metals Acquisition Corp, MAC and certain investors entered into subscription agreements (the “Subscription Agreements”), pursuant to which such investors agreed to subscribe for an aggregate of 11,362,506 ordinary shares, par value $0.0001 per share, of the Company (the “Subscribed Shares”) at a purchase price of $10.00 per share, for an aggregate purchase price of $113,625 thousand in a private placement or placements (the “Private Placements”) which consummated immediately prior the consummation of the initial Business Combination. The private placement included related party transactions specified below:

​

28.Related party disclosures (continued)

(b)Share subscriptions and private placements (continued)

●Michael James McMullen, Chief Executive Officer and a member of the board of directors of the Company, entered into a Subscription Agreement with an aggregate purchase price of $1,500 thousand. Katherine Crouse, spouse of Marthinus J. Crouse, former Chief Financial Officer of the Company, entered into a Subscription Agreement with an aggregate purchase price of $250 thousand. Patrice Ellen Merrin, director of the Company, entered into a Subscription Agreement with an aggregate purchase price of $50 thousand.
●In connection with the Subscription Agreements, GMM agreed to transfer an aggregate of 517,500 shares of Class B common stock (Founder Shares converted to ordinary common stock on closing of the initial Business Combination) of the Company that it currently holds to certain investors who agreed to subscribe for a significant number of Subscribed Shares.
(c)Related party promissory notes

On 25 October 2022, Metals Acquisition Corp issued an unsecured promissory note (“the October 2022 Note”) to the Sponsor, pursuant to which Metals Acquisition Corp borrowed the maximum of $300 thousand from the Sponsor for transaction costs reasonably related to the consummation of the initial Business Combination. The October 2022 Note had no interest and all unpaid principal under the October 2022 Note was due and payable in full the earlier of (i) 2 August 2023 and (ii) the consummation of the initial Business Combination.

On 21 December 2022, Metals Acquisition Corp issued an unsecured promissory note (the “December 2022 Note”) to the Sponsor pursuant to which Metals Acquisition Corp was eligible to borrow up to $1,255 thousand from the Sponsor for transaction costs reasonably related to the consummation of the initial Business Combination. The December 2022 Note had no interest and all unpaid principal under the December 2022 Note was due and payable in full on the earlier of (i) 2 August 2023 and (ii) the initial Business Combination.

During the year ended 31 December 2023, the Company fully repaid the principal under the October 2022 Note and December 2022 Note.

On 31 March 2023, Metals Acquisition Corp issued an unsecured non-convertible promissory note (the “March 2023 Note”) to the Sponsor pursuant to which Metals Acquisition Corp may borrow up to $340 thousand from the Sponsor for transaction costs reasonably related to the consummation of the initial Business Combination. The March 2023 Note had no interest and all unpaid principal under the Note was due and payable in full up the earlier of (i) 2 August 2023 and (ii) the acquisition of the CSA mine in the initial Business Combination. As of 31 December 2024 and 2023, there was no amount outstanding under the March 2023 Note.

(d)Working Capital Loans - Convertible Promissory Note from Related Party

To finance transaction costs in connection with the initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the officers and directors of Metals Acquisition Corp were permitted, but were not obligated to, loan funds (the “Working Capital Loans”). The loans were payable upon the initial Business Combination. Up to $1,500 thousand of such Working Capital Loans were convertible into Private Placement Warrants of the Company at a price of $1.50 of principal per warrant, at the option of the lender. Such warrants were identical to the Private Placement Warrants. There were no Working Capital Loans outstanding as at 31 December 2024 and 2023.

On 6 May 2022, Metals Acquisition Corp entered into a convertible promissory note agreement (the “2022 Sponsor Convertible Note”) with the Sponsor pursuant to which the Sponsor agreed to loan Metals Acquisition Corp up to an aggregate principal amount of $1,200 thousand. The 2022 Sponsor Convertible Note was non-interest bearing and payable on the earlier of (i) 2 August 2023, or (ii) the date on which the Company consummated the initial Business Combination. Up to $1,200 thousand of the 2022 Sponsor Convertible Note was convertible into warrants at a price of $1.50 of principal per warrant at the option of the Sponsor. The warrants were identical to the Private Placement Warrants; provided, however, that (i) the warrants were not subject to forfeiture in connection with the initial business combination and (ii) the warrants granted the holders the right to purchase one ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants.

28.Related party disclosures (continued)

(d)Working Capital Loans - Convertible Promissory Note from Related Party (continued)

Concurrently with entering into the agreement, the Company borrowed $1,200 thousand against the 2022 Sponsor Convertible Note. On 24 May 2022, the Sponsor exercised the conversion option and converted the issued and outstanding loan balance of $1,200 thousand under the 2022 Sponsor Convertible Note into 800,000 Private Placement Warrants.

The 2022 Sponsor Convertible Note was accounted for as a financial liability with an embedded derivative in relation to the conversion option. On initial recognition, the gross proceeds were first allocated to the embedded derivative in the amount of $8 thousand with the residual amount allocated to the financial liability. Subsequent to initial recognition, the financial liability was measured at amortized cost and the embedded derivative was recorded at fair value through profit or loss. The financial liability and embedded derivative were extinguished on 24 May 2022 upon conversion of the promissory note to Private Placement Warrants. There were no outstanding amounts under the 2022 Sponsor Convertible Note as at 31 December 2024 and 2023.

On 9 January 2023, Metals Acquisition Corp issued an unsecured promissory note (the “2023 Sponsor Convertible Note”) to the Sponsor pursuant to which the Company borrowed $300 thousand from the Sponsor for transaction costs reasonably related to the consummation of the initial Business Combination. All unpaid principal under the 2023 Sponsor Convertible Note was due and payable in full on the earlier of (i) 2 August 2023, and (ii) the initial Business Combination (such earlier date, the “Maturity Date”).

Pursuant to the terms of the 2023 Sponsor Convertible Note, the Sponsor had the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the 2023 Sponsor Convertible Note, up to $300 thousand in the aggregate, into warrants to purchase Class A ordinary shares of Metals Acquisition Corp, par value $0.0001 per share, at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants.

Concurrently upon the issuance of the 2023 Sponsor Convertible Note, on 9 January 2023, the Sponsor exercised its option to convert the issued and outstanding loan amount of $300 thousand under the 2023 Sponsor Convertible Note, resulting in the issuance of 200,000 Private Placement Warrants to the Sponsor.

There were no outstanding amounts under the 2023 Sponsor Convertible Note as at 31 December 2024 and 2023.

(e)Sponsor transfer consideration

On 16 June 2023, MAC paid $800 thousand to the Sponsor (relating to the transfer of Sponsor economics for the corporate benefit of MAC) where the Sponsor transferred 83,333 Founder Shares to BEP Special Situations VI LLC in connection with BEP Special Situations VI LLC agreeing to subscribe for 2,000,000 Ordinary Shares in the Initial PIPE Financing at $10.00 per share. The $800 thousand paid to the Sponsor was recognized as acquisition costs within administrative expenses.
v3.25.1
Commitments and contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and contingencies  
Commitments and contingencies

29.Commitments and contingencies

Registration Rights

The holders of the (i) founder shares (which were issued in a private placement prior to the closing of the U.S. IPO), (ii) Private Placement Warrants (which were issued in a private placement simultaneously with the closing of the U.S. IPO) and (iii) Private Placement Warrants (that were issued upon conversion of Working Capital Loans) will have registration rights to require the Company to register a sale of any of the securities held by them pursuant to the A&R Registration Rights Agreement so long as such demand includes a number of registrable securities with a total offering price in excess of $50,000 thousand. The holders of these securities are entitled to make up to three demands in any 12-month period, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed in the U.S. subsequent to the completion of the CMPL acquisition. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Rehabilitation Bond Amendments

MAC, MAC Australia and Glencore have entered into various contractual arrangements relating to performance guarantees Glencore has provided to the state of New South Wales (“NSW”) regarding the equivalent to the estimated total amount required to fulfil any rehabilitation costs associated with CMPL mining activities. These are in the ordinary course of business. As at 31 December 2024 the total value of the guarantees was AU$44,683 thousand (31 December 2023: $44,683; 31 December 2022: $nil).

Glencore is subject to a contractual commitments whereby it has agreed to provide the performance guarantees for up to AU$44,031 thousand until the earlier of MAC refinancing its senior debt and MAC replacing Glencore’s performance guarantee provided to NSW. Whilst Glencore has provided the performance guarantees, MAC and MAC Australia will assume all liability if the guarantees are called on and will pay Glencore interest at a rate of 2.75% per annum up to 16 June 2024 and at a rate of 6.5% per annum up to 16 December 2024 and at a rate of 20% per annum afterwards on the amounts guaranteed by Glencore Operations Australia.

Capital commitments

Capital expenditure for the acquisition of property, plant and equipment is generally funded through the cash flow generated by the business. As at 31 December 2024, $10,749 thousand, all of which relates to expenditure to be incurred over the next year, (31 December 2023:$1,415 thousand; 31 December 2022: $nil)was contractually committed for the acquisition of plant and equipment. This capital expenditure primarily relates to vehicles.

Environmental contingencies

The Group’s operations are subject to various environmental laws and regulations. The Group is in material compliance with those laws and regulations. The Group accrues for environmental contingencies when such contingencies are probable and reasonably estimable. Such accruals are adjusted as new information develops or circumstances change. Recoveries of environmental remediation costs from insurance companies and other parties are recorded as assets when the recoveries are virtually certain. At this time, the Group is unaware of any material environmental incidents at the CSA mine. Any potential liability arising from the above is not expected to have a material adverse effect on Group’s income, financial position or cash flow.
v3.25.1
Subsequent events
 12 Months Ended
Dec. 31, 2024
Subsequent events  
Subsequent events

30.Subsequent events

Subsequent to the year end, on 13 March 2025, MAC announced the amendments to the Company’s debt structure. As a result of these amendments:

(a)the senior syndicated facility agreement (or SFA - refer Note 18) has been amended in the following manner:
•Repayments under Facility A facility of $159,000 thousand have been deferred until 30 September 2025;  
•Revolving Facility B has been increased from $25,000 thousand to $125,000 thousand;
•A new letter of credit facility (“Facility C”) of $45,000 thousand has been added to the SFA, which will be utilized to replace Glencore’s performance guarantee in relation to the rehabilitation costs associated with CMPL mining activities (refer Note 29);
•Final scheduled maturity date of these facilities has been extended to 14 March 2028; and
•Margin included in the interest on these facilities has been changed from a fixed 3.0% per annum to a range of 2.50% to 3.0% depending on MAC’s Net Debt to EBITDA ratio defined in the amended SFA.

(b)MAC exercised its right to repay the mezzanine debt facility in full (refer Note 18). MAC utilized the proceeds from the 15 October 2024 private placement (refer Note 25) and $66,000 thousand drawdown from Facility B of the SFA to pay off a total of $160,656 thousand to Sprott Private Resource Lending II (Collector-2), LP, including the prepayment interest premium, as full and final settlement of the Mezz Facility, excluding Mezz Warrants.

There have been no other events subsequent to the balance sheet date which would have a material effect on the Group’s consolidated financial statements for the year ended 31 December 2024.
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

The Company has developed and implemented a cybersecurity program for assessing, identifying, and managing material risks from cybersecurity threats, which is part of the Company’s overall risk management framework. As part of the Company’s cybersecurity program, we maintain an Information Security Policy (the “Policy”), which is designed to align with industry guidelines, relevant regulations and applicable law. The specific purposes of this Policy are to:

1.Maintain the security, confidentiality, integrity, and availability of the personal information that the Company collects, creates, uses, and maintains.
2.Protect against any anticipated cybersecurity threats or hazards to the security, confidentiality, integrity or availability of such information.
3.Protect against unauthorized access to or use of Company-maintained personal information that could result in harm or inconvenience to any customer or employee.
4.Design an information security program that is appropriate to the Company’s size, scope, and business, its available resources and the amount of personal information that the Company owns or maintains on behalf of others, while recognizing the need to protect both customer and employee information.

The Policy applies to all Company personnel (including employees, consultants and contractors) and to any records that contain personal information in any format and on any media, whether in electronic or paper form.

We rely on information technology systems, networks and services, including internet sites, data hosting and processing facilities and tools and other hardware, software and technical applications and platforms, some of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business.

We continue to assess potential cybersecurity threats and make investments seeking to address and prevent these threats, including monitoring of our networks and systems, conducting penetration testing and upgrading skills, employee training and implementing security policies for us and our third-party providers. However, because the techniques used in cyberattacks are evolving and may be difficult to detect for periods of time, we may face difficulties in anticipating and implementing adequate preventative measures. To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and we do not believe are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition. For additional description of cybersecurity risks and potential related impacts on the Company, see “Item 3. Key Information— D. Risk Factors—Risks Related to Our Business and Industry—Information technology security breaches could harm our business activities and reputation.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

The Company has developed and implemented a cybersecurity program for assessing, identifying, and managing material risks from cybersecurity threats, which is part of the Company’s overall risk management framework. As part of the Company’s cybersecurity program, we maintain an Information Security Policy (the “Policy”), which is designed to align with industry guidelines, relevant regulations and applicable law. The specific purposes of this Policy are to:

1.Maintain the security, confidentiality, integrity, and availability of the personal information that the Company collects, creates, uses, and maintains.
2.Protect against any anticipated cybersecurity threats or hazards to the security, confidentiality, integrity or availability of such information.
3.Protect against unauthorized access to or use of Company-maintained personal information that could result in harm or inconvenience to any customer or employee.
4.Design an information security program that is appropriate to the Company’s size, scope, and business, its available resources and the amount of personal information that the Company owns or maintains on behalf of others, while recognizing the need to protect both customer and employee information.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Nominating and Corporate Governance Committee of the Board provides oversight of the Company’s cybersecurity program and, at quarterly meetings, receives updates from the General Counsel (who has undertaken professional development training, including completion of training seminars titled Navigating Cyber Threats, together with Directors’ Duties and Cyber Resilience in February and March 2024, respectively). The Nominating and Corporate Governance Committee also approves the Policy.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Nominating and Corporate Governance Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The General Counsel updates the Nominating and Corporate Governance Committee on an as-needed regular basis regarding the Company’s cybersecurity program and any material developments.
Cybersecurity Risk Role of Management [Text Block] The General Counsel oversees program planning, coordination and implementation of the Policy, including:
1.Periodic risk assessments related to a material change to the Company’s business practices that may implicate the security, confidentiality, integrity or availability of records containing personal information.
2.Developing, maintaining and distributing information security policies and procedures designed to align with applicable laws and standards relevant to employees, contractors and (as applicable) other stakeholders.
3.Developing, implementing and maintaining reasonable administrative, technical and physical safeguards designed to align with applicable laws and standards and intended to protect the security, confidentiality, integrity and availability of personal information that the Company owns or maintains on behalf of others.
4.Overseeing risks from cybersecurity threats associated with third-party service providers that may have access to, or otherwise create, collect, use or maintain personal information on the Company’s behalf.
5.Testing and monitoring the implementation and effectiveness of the Company’s information security program to help ensure it is operating in a manner reasonably designed to prevent unauthorized access to or misuse of personal information.
6.Establishing and maintaining policies and procedures regarding information security incident response.
7.Enforcing the Policy in accordance with the Company’s security policies and procedures and human resources policies.

The General Counsel implements, coordinates and maintains the Company’s cybersecurity program. The General Counsel updates the Nominating and Corporate Governance Committee on an as-needed regular basis regarding the Company’s cybersecurity program and any material developments. The General Counsel is also responsible for understanding our business needs and associated risks related to cybersecurity threats and regularly reviewing our information security policies and procedures, including reviewing the Policy, and reporting to CEO regarding updates to the information security program and the Company’s safeguards. Advisors, including outside counsel, support our General Counsel in reviewing the Company’s cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] General Counsel
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The General Counsel is also responsible for understanding our business needs and associated risks related to cybersecurity threats and regularly reviewing our information security policies and procedures, including reviewing the Policy, and reporting to CEO regarding updates to the information security program and the Company’s safeguards.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Material accounting policy information (Policies)
 12 Months Ended
Dec. 31, 2024
Material accounting policy information  
Basis of consolidation

3.1Basis of consolidation

(a)Business combinations

The Group accounts for business combinations under the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group (Note 26). In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

3.Material accounting policy information (continued)

3.1Basis of consolidation (continued)

(a)Business combinations (continued)

The excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.

Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is recorded as a liability and remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in consolidated profit or loss.

Common control transactions, such as the Merger of MAC and Metals Acquisition Corp (refer Note 1) in which the combining entities were ultimately controlled by the same parties, both before and after the Merger was completed, are accounted for using book value accounting based on the carrying values recognized in the financial statements of the combining entities. For such transactions, the consolidated financial statements reflect that the arrangement is in substance a continuation of the existing group.

(b)Subsidiaries

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases.

(c)Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated.
Foreign currency transactions

3.2Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in consolidated profit or loss and presented within finance income or finance costs.
Revenue recognition

3.3Revenue recognition

Revenue is derived principally from the sale of goods and recognized when the performance obligations have been satisfied upon transfer of control of the goods from the Company to the customer. Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties.

​

3.Material accounting policy information (continued)

3.3Revenue recognition (continued)

Revenue related to the sale of goods is recognized when the product is delivered to the destination specified by the customer, which is typically the vessel on which it is shipped, the destination port or the customer’s premises and the customer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. The sales price is determined on a provisional basis at the date of delivery as the final selling price is subject to movements in market prices up to the date of final pricing, normally ranging from 30 to 90 days after initial booking (provisionally priced sales). As the pricing only varies based on future market prices after the performance obligation has been satisfied, this is not considered to be variable consideration. The Company’s right to the consideration is unconditional as only the passage of time is required before payment is due and, therefore, the Company accounts for the receivable under IFRS 9 Financial Instruments (“IFRS 9”). Revenue on provisionally priced sales is recognized based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the character of a commodity derivative.

Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognized as an adjustment to revenue. In all cases, fair value is estimated by reference to forward market prices.

The principal risks associated with recognition of sales on a provisional basis include commodity price fluctuations between the date the sale is recorded and the date of final settlement. If a significant decline in commodity prices occurs, it is reasonably possible the Company could be required to pay the difference between the provisional price and final selling price.

Revenues from the sale of silver, a by-product in the production of copper concentrate, are included within revenue from the sale of concentrate, which includes copper and silver.

The Company is responsible for providing certain shipping and insurance services to the customer, which is generally before the date at which the Company has transferred control of the goods. These services are not distinct within the context of the contract, and they are not separately identifiable from other promises within the contract. Accordingly, shipping and insurance services are not considered separate performance obligations and are treated as costs to fulfill the promise to transfer the related products. Any customer payments of shipping and handling costs are recorded within revenue. While the Company’s customer has an option to take deliveries of the goods on Cost and Freight (“CFR”) and Cost, Insurance and Freight (“CIF”) basis, the customer generally opts for Free on Board (“FOB”) based delivery where the Company is responsible for loading the purchased goods onto the ship, and all costs associated up to that point.

Under the Group's sales offtake agreement, optionality exists to allow the parties to the transaction to complete advance payment sales. In such cases, the product may be sold at mine site (rather than at port) with title and control transferring earlier in the process than otherwise. For such transactions, the Group applies 'bill and hold' guidance under IFRS 15. In applying this guidance, the key judgment in determining when to recognize revenue is assessing whether the bill and hold arrangement has substance. In assessing the substance of the bill and hold arrangement, the Group considers the fact pattern specific to the sales in question, delays that occurred beyond both parties' control, the structure of the contract with the counterparty, and the reason for the execution of the sale.
Finance income and finance costs

3.4Finance income and finance costs

The Group’s finance income and finance costs include:

●interest income;
●interest expense;
●the foreign currency gains and losses;
●unwinding of discount on rehabilitation provision;

3.Material accounting policy information (continued)

3.4Finance income and finance costs (continued)

●amortization of discount on convertible promissory notes;
●the net gain or loss on financial instruments at fair value through profit and loss (“FVTPL”);
●the fair value gain or loss on derivative financial instruments; and
●the fair value loss on contingent consideration classified as a financial liability.

Interest income or expense is recognized under the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to:

●the gross carrying amount of the financial asset; or
●the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
Income tax

3.5Income tax

Income tax expense comprises current and deferred tax. It is recognized in consolidated profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income (“OCI”). Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12 Income Taxes (“IAS 12”).

The Group has determined that the global minimum top-up tax — which it is required to pay under Pillar Two legislation — is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

(a)Current tax

Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or tax loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date.

Current tax assets and liabilities are offset only if certain criteria are met.

The Group assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. For those matters where it is probable that an adjustment will be made, the Group records its best estimate of these tax liabilities, including related interest charges, taking into account the range of possible outcomes.

​

3.Material accounting policy information (continued)

3.5Income tax (continued)

(b)Deferred tax

Deferred tax is accounted for using the balance sheet liability method. Temporary differences are differences between the tax base of an asset or liability and its carrying amount in the balance sheet. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. Deferred tax assets and liabilities are not recognized for:

●temporary differences on the initial recognition of assets and liabilities in a transaction that:
●is not a business combination; and
●at the time of the transaction (i) affects neither taxable income nor accounting profit and (ii) does not give rise to equal taxable and deductible temporary differences;
●temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and
●taxable temporary differences arising on the initial recognition of goodwill.

In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient future taxable profits will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group has both the right and the intention to settle its current tax assets and liabilities on a net or simultaneous basis.
Cash and cash equivalents

3.6Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institution, other short-term, highly liquid investments with remaining maturities at purchase of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
Inventories

3.7Inventories

Copper-silver in concentrate and ore stockpiles are physically measured and valued at the lower of cost or net realizable value. Cost is determined using the first-in-first- out (“FIFO”) or the weighted average method and comprises material costs, labor costs, allocated production related overhead costs and includes treatment and refining cost. The cost of production is allocated to joint products using a ratio of weighted average volume by product at each month end. Separately identifiable costs of conversion of each metal concentrate are specifically allocated. Net realizable value is the estimated selling price, less estimated costs of completion and costs of selling final product. Supplies and consumables are measured using the FIFO method and work in progress inventories using the weighted average method. Financing and storage costs related to inventory are expensed as incurred.
Property, plant and equipment
3.8Property, plant and equipment

(a)Recognition and measurement

Property, plant and equipment are initially recognized at cost, being the fair value of the consideration given to acquire or construct the asset, including directly attributable costs required to bring the asset to the location or to a condition necessary for operation and the direct cost of dismantling and removing the asset, less accumulated depreciation and any accumulated impairment losses.

(b)Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

(c)Depreciation

Property, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the specific asset concerned, or the estimated remaining life of mine (“LOM”), field or lease.

Depreciation commences when the asset is available for use. The major categories of property, plant and equipment are depreciated/amortized on a Units-of-Production (“UOP”) and/or straight-line basis. Depreciation of property, plant and equipment using UOP method over the LOM is based on estimated tons including commercially recoverable reserves (proven and probable reserves) and a portion of mineral resources (measured, indicated and inferred resources).

Mineral resources are included in depreciation calculations where they are expected to be classified as mineral reserves based on high degree of confidence that they will be extracted in an economic manner.

The Company records amortization on underground mine development costs on a UOP basis based on the estimated tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan of the identified component of the ore body. The UOP method defines the denominator as the total tonnage of proven and probable mineral reserves and the mineral resources included in the current life of mine plan. Mineral resources are included in the basis of UOP method when they do not yet have the status of reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured, indicated and inferred resources is appropriate based on historic reserve conversion rates. Depreciation, depletion and amortization using the UOP method is allocated to inventory cost and then included as a component of cost of goods sold.

​

3.Material accounting policy information (continued)

3.8Property, plant and equipment (continued)

(c)Depreciation (continued)

The estimated useful lives for the current period is as follows:

​

​

​

​

​

Buildings

    

10 – 45 years / Straight - line

 

Freehold land

​

Not depreciated

​

Plant and equipment

​

3 – 30 years / UOP

​

ROU asset

​

2 – 30 years

​

Mine development

​

UOP

​

​

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(d)Mine development

Mine development costs include costs of acquired mineral rights and costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, including shafts, adits, drifts, ramps, permanent excavations, and infrastructure. Mineral rights comprise mineral resources and ore reserves, which are acquired as part of a business combination and are recognized at fair value at the date of acquisition.

Development stage expenditures are costs incurred to obtain access to proven and probable mineral reserves or mineral resources and provide facilities for extracting, treating, gathering, transporting and storing the minerals. The development stage of a mine commences when the technical feasibility and commercial viability of extracting the mineral resource has been determined. Costs that are directly attributable to mine development are capitalized as property, plant and mine development to the extent that they are necessary to bring the property to commercial production. Abnormal costs are expensed as incurred. Indirect costs are included only if they can be directly attributed to the area of interest. General and administrative costs are capitalized as part of the development expenditures when the costs are directly attributed to a specific mining development project.

Upon completion of development and commencement of production, capitalized development costs are transferred, as required, to the appropriate plant and equipment asset category.

(e)Assets under construction

Assets under construction are included in plant and equipment and since the assets are not yet available for use, are not depreciated.

3.9Exploration and evaluation

Exploration and evaluation expenditures are the costs incurred in the initial search for mineral deposits with economic potential or in the process of obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. Evaluation expenditures are the costs incurred to establish the technical and commercial viability of developing mineral deposits identified through exploration activities or by acquisition.

Exploration and evaluation expenditures are capitalized to the extent that it can be demonstrated that the project will generate future economic benefits. When it is determined that a project cannot generate future economic benefit the costs are expensed.

The exploration and evaluation phase ends when the technical feasibility and commercial viability of extracting the mineral is demonstrable.
Leases

3.10Leases

The Group recognizes a ROU asset and corresponding lease liability in the consolidated statement of financial position for all lease arrangements in which it is the lessee, except for short-term leases with a term of twelve months or less and leases of low value assets. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the asset and Group specific incremental borrowing rates. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, with a corresponding adjustment to the related ROU assets, whenever:

●The lease term changes or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
●The lease payments change due to the changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; and
●A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.

The ROU assets are initially recognized in the consolidated statement of financial position at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease, any lease incentive received and any initial direct costs incurred, and expected costs for obligations to dismantle and remove ROU assets when they are no longer used. ROU assets are recognized within property, plant and equipment in the consolidated statement of financial position. ROU assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the ROU asset or the end of the lease term.

Sale and leaseback transactions

If the Group transfers an asset to another entity (the “buyer-lessor”) and leases that asset back from the buyer-lessor, the transfer contract and the lease is accounted for by applying the requirements of IFRS 16 Leases (“IFRS 16”). The Group first applies the requirements for determining when a performance obligation is satisfied in IFRS 15 Revenue from Contracts with Customers (“IFRS 15”) to determine whether the transfer of an asset is accounted for as a sale of that asset.

​

3.Material accounting policy information (continued)

3.10Leases (continued)

For transfer of an asset that satisfies the requirements of IFRS 15 to be accounted for as a sale of the asset, the Group measures the ROU asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor.

If the transfer of an asset does not satisfy the requirements of IFRS 15 to be accounted for as a sale of the asset, the Group continues to recognize the transferred asset and recognizes a financial liability equal to the transfer proceeds. The financial liability is accounted for applying IFRS 9.
Financial instruments

3.11Financial instruments

(a)Recognition and measurement

Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(b)Classification and subsequent measurement

Financial assets

On initial recognition, a financial asset is classified as subsequently measured at: amortized cost; fair value through other comprehensive income (“FVOCI”) — debt investment; FVOCI — equity investment; or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

i.Business model assessment

The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:

●the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;
●how the performance of the portfolio is evaluated and reported to the Group’s management;
●the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

​

3.Material accounting policy information (continued)

3.11Financial instruments (continued)

(b)

Classification and subsequent measurement (continued)

●how managers of the business are compensated — e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and
●the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.

ii.Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, “principal” is defined as the fair value of the financial asset on initial recognition. “Interest” is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

●contingent events that would change the amount or timing of cash flows;
●terms that may adjust the contractual coupon rate, including variable-rate features;
●prepayment and extension features; and
●terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

●it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
●its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

These assets are subsequently measured at amortized cost using the effective interest rate method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in consolidated profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

3.Material accounting policy information (continued)

3.11Financial instruments (continued)

(b)

Classification and subsequent measurement (continued)

Financial liabilities

Financial liabilities of the Group include trade and other payables, loans and borrowings, lease liabilities and other financial liabilities. The Group recognizes the financial liabilities at amortized cost using the effective interest rate method as they are not classified as held-for-trading, not a derivative or not designated as such on initial recognition. Interest expense and foreign exchange gains and losses are recognized in consolidated profit or loss.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

(c)Derecognition

Financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

Financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire.

(d)Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(e)Derivative financial instruments

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value and changes therein are recognized in consolidated profit or loss for fair value and non-hedging derivatives and recognized in consolidated other comprehensive income for derivatives designated as cash flow hedges.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at FVTPL. Embedded derivatives are measured at fair value with changes in fair value recognized in consolidated profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the FVTPL category.

More information about the Group’s accounting policies and risk management activities related to derivative financial instruments and hedge accounting is provided in Notes 22 and 23.
Impairment

3.12Impairment

(a)Non-derivative financial instruments

A loss allowance for expected credit losses (“ECL”) is determined for all financial assets, other than those at FVTPL and equity instruments at FVOCI, at the end of each reporting period. The ECL recognized represents a probability-weighted estimate of credit losses over the expected life of the financial instrument.

The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortized cost, using the lifetime ECL provision. The ECL on these financial assets is estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.

For all other financial assets at amortized cost, the Group recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition, which is determined by:

●A review of overdue amounts;
●Comparing the risk of default at the reporting date and at the date of initial recognition; and
●An assessment of relevant historical and forward-looking quantitative and qualitative information.

For those balances that are beyond 30 days overdue it is presumed to be an indicator of a significant increase in credit risk.

If the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-months ECL, which comprises the expected lifetime loss from the instrument were a default to occur within 12 months of the reporting date.

The Group considers an event of default has materialized and the financial asset is credit impaired when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay the Group without taking into account any collateral held by the Group or if the financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.

(b)

Non-financial assets

The Group conducts, at least half yearly, an internal review of asset values which is used as a source of information to assess for any indications of impairment. Formal impairment tests are carried out when events or changes in circumstances indicate the carrying value may not be recoverable.

A formal impairment test involves determining whether the carrying amounts are in excess of their recoverable amounts. An asset’s recoverable amount is determined as the higher of its fair value less costs of disposal and its value in use. Such reviews are undertaken on an asset-by-asset basis, except where assets do not generate cash flows independent of other assets, in which case the review is undertaken at the Cash Generating Unit (“CGU”) level.

If the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recorded in the consolidated profit or loss to reflect the asset at the lower amount.

​

3.Material accounting policy information (continued)

3.12Impairment (continued)

(b)

Non-financial assets (continued)

For those assets which were impaired in prior periods, if indicators of impairment reversal exist an assessment is performed and if their recoverable amount exceeds their carrying amount, an impairment reversal is recorded in the consolidated profit or loss to reflect the asset at the higher amount to the extent the increased carrying amount does not exceed the carrying value of the asset that would have been determined had no impairment previously been recognized.
Employee benefits

3.13Employee benefits

(a)

Short term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Liabilities recognized in respect of short-term employee benefits, are measured at their face value without the effect of discounting using the remuneration rate expected to apply at the time of settlement.

(b)

Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

(c)

Long term employee benefits

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. Liabilities recognized in respect of long-term employee benefits are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. Remeasurements are recognized in consolidated profit or loss in the period in which they arise.

(d)

Share-based payment arrangements

The fair value of the amount payable to employees in respect of cash-settled share-based payment arrangements is recognized as an expense with a corresponding increase in liabilities, recognized over the service period. The liability is remeasured at each reporting date based on the fair value of the cash-settled share-based payment arrangements. Any changes in the liability are recognized in profit or loss.
Provisions

3.14Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources embodying economic benefits that can be reliably estimated will be required to settle the liability.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). The unwinding of the discount is recognized as finance cost in consolidated profit and loss.

3.14Provisions (continued)

Restoration, rehabilitation and decommissioning

The Group’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing, and the Group has made, and intends to make in the future, expenditures to comply with such laws and regulations. The timing of these expenditures is dependent upon a number of factors including the life of the mine, the operating license conditions, and the laws, regulations, and environment in which the mine operates.

Decommissioning liabilities are recognized at the time an environmental disturbance occurs and are measured at the Company’s best estimate of the expected future cash flows required to reclaim the disturbance for each operation, which are adjusted to reflect inflation, and discounted to their present value. When the liability is initially recognized, the present value of the estimated costs is capitalized by increasing the carrying amount of the related assets to the extent that it was incurred as a result of the development/construction of the asset. Additional disturbances that arise due to further development/construction are recognized as additions or charges to the corresponding assets and rehabilitation liability when they occur. Costs incurred in relation to accrued rehabilitation obligations are applied against the restoration provision in the period in which such costs are incurred. Costs related to the restoration of site damage (subsequent to the start of commercial production) that occurs on an ongoing basis during production are provided for and recognized in profit or loss as extraction progresses.
Fair value measurement

3.15Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 Inventories (IAS 2) or value in use in IAS 36 Impairment of Assets.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

●Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
●Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
●Level 3 inputs are unobservable inputs for the asset or liability.
Goods and services tax

3.16Goods and services tax

Revenues, expenses and assets are recognized net of the amount of goods and services tax (“GST”), except:

●where the amount of GST incurred is not recoverable from the taxation authority, it is recognized as part of the cost of acquisition of an asset or as part of an item of expense; or
●for receivables and payables which are recognized inclusive of GST.

3.

Material accounting policy information (continued)

3.16Goods and services tax (continued)

The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables.

Cash flows are included in the consolidated statement of cash flows on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.
Contingencies

3.17Contingencies

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments.

When a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency.

It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.
New and amended standards adopted by the Group

3.18New and amended standards adopted by the Group

The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 1 January 2024:

●Classification of Liabilities as Current or Non-current (Amendments to IAS 1);
●Non-current Liabilities with Covenants (Amendments to IAS 1);
●Lease Liability in a Sale and Leaseback (Amendments to IFRS 16); and
●Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7).

The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
New standards and interpretations not yet adopted

3.19New standards and interpretations not yet adopted

Certain new accounting standards and amendments to accounting standards have been published that are relevant to the Group but not mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these new standards and amendments is set out below:

●Lack of Exchangeability (Amendments to IAS 21) - effective for annual periods beginning on or after 1 January 2025

The amendment is expected to help entities to determine whether a currency is exchangeable into another currency, and which spot exchange rate to use when it is not. MAC does not expect these amendments to have a material impact on its operations or consolidated financial statements.

3.Material accounting policy information (continued)

3.19New standards and interpretations not yet adopted (continued)

●Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - effective for annual periods beginning on or after 1 January 2026

These amendments:

oclarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system;
oclarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion;
oadd new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and
oupdate the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

MAC does not expect these amendments to have a material impact on its operations or consolidated financial statements.

●IFRS 18 Presentation and Disclosure in Financial Statements - effective for annual periods beginning on or after 1 January 2027

IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.

Management is currently assessing the detailed implications of applying the new standard on the Group’s consolidated financial statements. From the high-level preliminary assessment performed, the following potential impacts have been identified:

oalthough the adoption of IFRS 18 will have no impact on the Group’s net profit, it is expected that grouping of items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. From the high-level impact assessment that the group has performed, the following items might potentially impact operating profit:

-

Foreign exchange differences currently aggregated in the line item ‘finance cost’ might need to be disaggregated, with some foreign exchange gains or losses presented above operating profit.

-

IFRS 18 has specific requirements on the category in which derivative gains or losses are recognized – which is the same category as the income and expenses affected by the risk that the derivative is used to manage. The Group currently recognizes these gains or losses in finance income and costs, there might be a change to where these gains or losses are recognized, and the Group is currently evaluating the need for change.

othe line items presented on the primary financial statements might change as a result of the application of the concept of ‘useful structured summary’ and the enhanced principles on aggregation and disaggregation;
ono significant change in the information that is currently disclosed in the notes is expected because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principle. In addition, there will be significant new disclosures required for management-defined performance measures and a break-down of the nature of expenses for line items presented by function in the operating category of the statement of profit or loss; and

3.Material accounting policy information (continued)

3.19New standards and interpretations not yet adopted (continued)

oFrom a cash flow statement perspective, there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows.

MAC will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.

​
v3.25.1
Material accounting policy information (Tables)
 12 Months Ended
Dec. 31, 2024
Material accounting policy information  
Schedule of estimated useful lives

​

​

​

​

​

Buildings

    

10 – 45 years / Straight - line

 

Freehold land

​

Not depreciated

​

Plant and equipment

​

3 – 30 years / UOP

​

ROU asset

​

2 – 30 years

​

Mine development

​

UOP

​
v3.25.1
Segment information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment information  
Segment information

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Loss after tax

 

(81,687)

 

(144,554)

 

(24,970)

Income tax expense/(benefit)

 

2,717

 

(15,006)

 

—

Net finance costs

 

75,363

 

37,355

 

16,481

Net change in fair value of financial instruments

 

80,646

 

47,257

 

1,484

Operating profit / (loss)

 

77,039

 

(74,948)

 

(9,973)

Depreciation and amortization

 

78,360

 

46,659

 

—

Organizational restructuring expenses

 

1,148

 

10,700

 

—

IPO and transaction costs1

 

4,215

 

61,152

 

7,521

Other significant discretionary expenses2

 

7,638

 

1,032

 

—

Adjusted EBITDA

 

168,400

 

44,595

 

(2,452)

​

1 related to the acquisition of the CSA Copper Mine and the ASX IPO costs

2 includes discretionary bonuses
v3.25.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue  
Schedule of revenue

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Sale of commodities – Copper

 

328,802

 

153,530

 

—

Sale of commodities – Silver

 

11,934

 

5,469

 

—

Total

 

340,736

 

158,999

 

—
v3.25.1
Expenses by nature (Tables)
 12 Months Ended
Dec. 31, 2024
Expenses by nature  
Summary of expense by nature

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

Note

    

2024

    

2023

    

2022

Change in production stock

​

​

 

(8,620)

 

12,150

 

—

Consumables and other production purchases

​

​

 

20,111

 

12,344

 

—

Repairs and maintenance

​

​

 

15,363

 

7,864

 

—

Energy and utilities

​

​

 

21,100

 

8,383

 

—

Employee benefits

​

​

 

66,111

 

31,352

 

—

Contractors

​

​

 

18,453

 

12,838

 

—

Depreciation on property, plant and equipment

 

14

 

78,360

 

46,659

 

—

Insurance

​

​

​

5,056

​

4,962

​

—

Others

​

​

​

7,460

​

4,614

​

—

Cost of goods sold

​

​

​

223,394

​

141,166

​

—

​

​

​

​

​

​

​

​

​

Acquisition costs

 

26

 

(483)

 

60,321

 

7,521

Employee benefits

​

​

​

9,013

​

5,866

​

224

Legal and professional fees

​

​

 

8,625

 

10,054

 

1,579

Initial public offering related costs

​

​

 

706

 

831

 

—

Insurance

​

​

 

280

 

1,928

 

325

Others

​

​

 

914

 

607

 

324

Administrative expenses

​

​

​

19,055

​

79,607

​

9,973

​

​

​

​

​

​

​

​

​

Government royalties and levies

​

​

​

11,487

​

7,273

​

—

Transportation

​

​

​

7,682

​

3,410

​

—

Others

​

​

​

(310)

​

738

​

—

Selling and distribution expenses

​

​

​

18,859

​

11,421

​

—

​

​

​

​

​

​

​

​

​

Total cost of goods sold, administrative and selling and distribution expenses

​

​

 

261,308

 

232,194

 

9,973
v3.25.1
Finance income and costs (Tables)
 12 Months Ended
Dec. 31, 2024
Finance income and costs  
Summary of finance income and costs

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

Note

    

2024

    

2023

    

2022

Finance income

 

  

 

​

 

  

 

  

Interest income

 

​

 

2,706

 

5,365

 

3,753

Realised gain on copper and silver streams

 

​

 

—

 

83

 

—

Total finance income

 

​

 

2,706

 

5,448

 

3,753

​

​

​

​

​

​

​

​

​

Finance costs

 

​

 

​

 

  

 

  

Interest expense under the effective interest rate method on:

 

​

 

​

 

  

 

  

– Loans and borrowings

 

​

 

(57,224)

 

(39,027)

 

(20,234)

– Lease liabilities

 

​

 

(1,333)

 

(555)

 

—

Unwinding of discount on rehabilitation provision

​

19

​

(1,077)

​

(1,028)

​

—

Commodity swap loss

​

​

​

(12,008)

​

(576)

​

—

Realised loss on warrants redemption

​

​

​

(148)

​

—

​

—

Realised loss on copper and silver streams

​

​

​

(76)

​

—

​

—

Foreign exchange loss

​

​

​

(6,203)

​

(1,617)

​

—

Total finance costs

 

​

 

(78,069)

 

(42,803)

 

(20,234)

​

​

​

​

​

​

​

​

​

Net change in fair value measurements of financial instruments

 

  

 

​

 

  

 

  

Change in fair value of:

 

  

 

​

 

  

 

  

– Warrant liability

 

23

 

(33,569)

 

(21,984)

 

1,477

– Equity instruments

​

​

​

2,408

​

—

​

—

– Embedded derivative – copper and silver streams

 

23

 

(25,208)

 

(195)

 

—

– Embedded derivative – mezzanine debt facility

 

23

 

(3,900)

 

(8,464)

 

—

– Embedded derivative – conversion option

 

23

 

—

 

—

 

7

– Contingent liability – royalty deed

​

23

​

(10,966)

​

(855)

​

—

– Contingent liability – copper consideration

​

23

​

(9,850)

​

(3,200)

​

—

– Commodity swaps

​

23

​

439

​

(12,559)

​

—

Total net change in fair value of financial instruments

 

​

 

(80,646)

 

(47,257)

 

1,484

​

​

​

​

​

​

​

​

​

Net finance costs

 

​

 

(156,009)

 

(84,612)

 

(14,997)

​
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income taxes  
Schedule of amounts recognised in profit or loss

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Current income tax expense

 

7,314

 

—

 

—

​

 

7,314

 

—

 

—

​

​

​

​

​

​

​

Deferred tax benefit

 

​

 

​

 

​

Origination and reversal of temporary differences

 

(4,597)

 

(15,006)

 

—

​

 

(4,597)

 

(15,006)

 

—

Total income tax benefit

 

2,717

 

(15,006)

 

—
Summary of reconciliation of income tax expense

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Loss before income tax for the year

 

(78,970)

 

(159,560)

 

(24,970)

​

​

​

​

​

​

​

Tax using the statutory rate of 30% (2023 – nil%; 2022 – nil%)

 

—

 

—

 

—

Tax effects of foreign jurisdiction (Australia):

 

  

 

  

 

  

Tax at the Australian tax rate of 30% (2023 – 30%; 2022 – Cayman Island nil%)

 

(23,691)

 

(47,868)

 

—

Tax rate differential

 

21,035

 

16,792

 

—

Non-deductible expenses

 

(1,777)

 

16,070

 

—

Adjustments for current and deferred tax of prior periods

​

7,150

​

—

​

—

Income tax benefit

 

2,717

 

(15,006)

 

—
Schedule of movement in deferred tax balances

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Acquired

    

​

    

​

    

​

    

​

​

​

​

​

through

​

​

​

​

​

​

​

​

​

​

​

​

business

​

Recognized

​

​

​

​

​

​

​

​

Net balance

​

combination

​

in profit or

​

Net balance

​

Deferred tax

​

Deferred tax

US$ thousand

    

at 1 January

    

(Note 26)

    

loss

    

at 31 December

    

assets

    

liabilities

2024

​

​

​

​

​

​

​

​

​

​

​

​

Inventories

​

(4,671)

​

—

​

1,191

​

(3,480)

​

—

​

(3,480)

Property, plant and equipment

​

(151,396)

​

—

​

(11,879)

​

(163,275)

​

—

​

(163,275)

Lease liability

​

4,742

​

—

​

(1,574)

​

3,168

​

3,168

​

—

Provisions

​

12,160

​

—

​

(1,719)

​

10,441

​

10,441

​

—

Investments

​

—

​

—

​

(722)

​

(722)

​

—

​

(722)

Loans and borrowings

​

—

​

—

​

12,746

​

12,746

​

12,746

​

—

Derivatives and other financial liabilities

​

7,463

​

—

​

7,111

​

14,574

​

14,574

​

—

Tax losses

​

7,618

​

—

​

(7,618)

​

—

​

—

​

—

Denied debt deductions

​

—

​

—

​

7,061

​

7,061

​

7,061

​

—

Net tax assets/(liabilities)

​

(124,084)

​

—

​

4,597

​

(119,487)

​

47,990

​

(167,477)

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

​

​

​

​

​

​

​

​

​

​

Inventories

 

—

 

491

 

(5,162)

 

(4,671)

 

—

 

(4,671)

Property, plant and equipment

 

—

 

(151,843)

 

447

 

(151,396)

 

—

 

(151,396)

Lease liability

 

—

 

151

 

4,591

 

4,742

 

4,742

 

—

Provisions

 

—

 

12,111

 

49

 

12,160

 

12,160

 

—

Tax losses

 

—

 

—

 

7,618

 

7,618

 

7,618

 

—

Derivatives and other financial liabilities

​

—

​

—

​

7,463

​

7,463

​

7,463

​

—

Net tax assets/(liabilities)

 

—

 

(139,090)

 

15,006

 

(124,084)

 

31,983

 

(156,067)
v3.25.1
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings per share  
Schedule of reconciliation between basic and diluted net loss per share

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

​

    

2024

    

2023

    

2022

Net loss (in US$)

 

(81,687,000)

 

(144,554,000)

 

(24,970,000)

Weighted average ordinary shares outstanding (in numbers)

 

71,547,323

 

29,912,257

 

6,628,695

​

​

​

​

​

​

​

Net loss per ordinary share (in US$):

 

​

 

​

 

​

Basic

 

(1.14)

 

(4.83)

 

(3.77)

Diluted

 

(1.14)

 

(4.83)

 

(3.77)
v3.25.1
Cash and cash equivalents (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Schedule of cash and cash equivalents

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Bank balances

 

171,897

 

32,372

 

42

​

 

171,897

 

32,372

 

42
v3.25.1
Trade and other receivables (Tables)
 12 Months Ended
Dec. 31, 2024
Trade and other receivables  
Schedule of trade and other receivables

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Indirect tax receivable

 

377

 

1,781

 

—

Other receivables

 

515

 

5

 

53

Trade receivable due from related parties

 

6,418

 

31,456

 

—

​

 

7,310

 

33,242

 

53
v3.25.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventories  
Summary of total inventories

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current

 

  

 

  

 

  

Supplies and consumables

 

11,601

 

15,570

 

—

Work in progress

 

1,890

 

482

 

—

Finished goods

 

14,488

 

5,476

 

—

Total current

 

27,979

 

21,528

 

—

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

Supplies and consumables

 

222

 

300

 

—

Total non-current

 

222

 

300

 

—

Total inventories

 

28,201

 

21,828

 

—
v3.25.1
Property, plant and equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment  
Schedule of estimated useful lives reconciliation of carrying amount

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Freehold land

    

Plant and

    

Right-of-use

    

Mine

    

​

US$ thousand

    

and buildings

    

equipment

    

assets

    

development

    

Total

Cost

 

  

 

  

 

  

​

  

 

  

Balance as of 1 January 2023

 

—

 

—

 

—

​

—

 

—

Acquired through business combination (Note 26)

 

8,559

 

293,348

 

395

​

913,526

 

1,215,828

Additions

 

—

 

7,725

 

18,254

​

17,100

 

43,079

Disposals

 

—

 

(16,564)

 

—

​

—

 

(16,564)

Other movements*

​

—

​

—

​

—

​

(1,204)

​

(1,204)

Balance at 31 December 2023

​

8,559

​

284,509

​

18,649

​

929,422

​

1,241,139

Additions

​

—

​

33,557

​

1,617

​

26,604

​

61,778

Transfers from CIP

​

148

​

(148)

​

—

​

—

​

—

Transfer to E&E

​

—

​

(45)

​

—

​

—

​

(45)

Disposals

​

—

​

(147)

​

—

​

—

​

(147)

Other movements*

​

—

​

78

​

—

​

(6,735)

​

(6,657)

Balance as of 31 December 2024

 

8,707

 

317,804

 

20,266

​

949,291

 

1,296,068

​

​

​

​

​

​

​

​

​

​

​

Accumulated depreciation

 

​

 

​

 

​

​

​

 

​

Balance as of 1 January 2023

 

—

 

—

 

—

​

—

 

—

Depreciation for the year

​

338

​

11,290

​

2,077

​

32,954

​

46,659

Balance as of 31 December 2023

​

338

​

11,290

​

2,077

​

32,954

​

46,659

Depreciation for the year

 

542

 

22,544

 

4,453

​

50,821

 

78,360

Balance as of 31 December 2024

 

880

 

33,834

 

6,530

​

83,775

 

125,019

​

​

​

​

​

​

​

​

​

​

​

Carrying amounts

 

​

 

​

 

​

​

​

 

​

As of 31 December 2022

 

—

 

—

 

—

​

—

 

—

As of 31 December 2023

 

8,221

 

273,219

 

16,572

​

896,468

 

1,194,480

As of 31 December 2024

 

7,827

 

283,970

 

13,736

​

865,516

 

1,171,049

​

*Other movements consist of decrease in rehabilitation.
v3.25.1
Exploration and evaluation (Tables)
 12 Months Ended
Dec. 31, 2024
Exploration and evaluation  
Schedule of reconciliation of carrying amount

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

As of 1 January

​

17,918

​

—

​

—

Acquired through business combination (Note 26)

​

—

​

17,918

​

—

Additions

​

6,470

​

—

​

—

As of 31 December

 

24,388

 

17,918

 

—

​
v3.25.1
Trade and other payables (Tables)
 12 Months Ended
Dec. 31, 2024
Trade and other payables  
Summary of trade and other payables

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

    

2024

    

2023

​

2022

Trade payables due to third parties

 

13,905

 

14,447

 

927

Trade payables due to related parties

 

—

 

15,000

 

—

Advances received

 

—

 

20

 

—

Accrued expenses

 

34,540

 

51,405

 

—

Interest payable

 

—

 

3,136

 

—

Mining royalty

 

2,605

 

3,554

 

—

​

 

51,050

 

87,562

 

927
v3.25.1
Lease liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Lease liabilities  
Summary of lease liabilities

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current lease liability

 

4,484

 

5,848

 

—

Non-current lease liability

 

5,749

 

9,958

 

—

​

 

10,233

 

15,806

 

—
Summary of amounts recognized in consolidated statement of profit or loss and other comprehensive income

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Interest on lease liabilities

 

1,333

 

555

 

—

Depreciation on ROU assets

 

4,453

 

2,077

 

—

​

 

5,786

 

2,632

 

—
Summary of amounts recognized in consolidated statement of cashflows

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Cash outflow from financing activities

 

  

 

  

 

  

Payment for lease liabilities

 

7,556

 

3,684

 

—

Total cash outflow for leases

 

7,556

 

3,684

 

—
Summary of leases reconciliation

​

​

​

​

​

​

​

​

US$ thousand

    

2024

    

2023

    

2022

Balance as of 1 January

 

15,806

​

—

​

—

​

​

​

​

​

​

​

Additions to ROU assets

 

1,617

​

18,254

​

—

Additions from acquisition of subsidiary (Note 26)

 

—

​

504

​

—

​

​

​

​

​

​

​

Changes from financing activities:

 

​

​

  

​

  

Repayment of lease liabilities

 

(7,556)

​

(3,684)

​

—

​

​

​

​

​

​

​

Other changes:

 

​

​

  

​

  

Interest expense

 

1,333

​

555

​

—

Foreign exchange movements

 

(967)

​

177

​

—

​

​

​

​

​

​

​

Balance as of 31 December

 

10,233

​

15,806

​

—
Summary of lease payment maturity analysis (undiscounted)

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Within 1 year

    

7,485

    

7,407

    

—

1 - 2 years

 

3,880

 

7,280

 

—

2 - 3 years

 

—

 

3,823

 

—

More than 3 years

 

—

 

—

 

—

Total

 

11,365

 

18,510

 

—

​
v3.25.1
Loans and borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
Loans and borrowings  
Summary of carrying amounts of the Group's loans and borrowings

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

​

2022

Current

 

  

 

  

 

  

Senior syndicated facility agreement

 

38,644

 

53,240

 

—

Copper purchase agreement

 

10,275

 

6,414

 

—

Silver purchase agreement

 

9,347

 

9,255

 

—

Promissory note – related party (Note 28)

 

—

 

—

 

786

​

 

58,266

 

68,909

 

786

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

Mezzanine debt facility

 

95,003

 

85,567

 

—

Senior syndicated facility agreement

 

116,032

 

154,676

 

—

Copper purchase agreement

 

75,636

 

78,404

 

—

Silver purchase agreement

 

58,254

 

61,319

 

—

​

 

344,925

 

379,966

 

—

​

 

403,191

 

448,875

 

786
Schedule of reconciliation of movement in loans and borrowings

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

Balance as of 1 January

 

448,875

 

786

 

—

Issue of promissory note

 

—

 

—

 

786

Amounts borrowed during the year classified as loans and borrowings

 

—

 

458,637

 

—

Interest capitalized to loans and borrowings

 

—

 

10,339

 

—

Finance costs and loan arrangement fees deducted from borrowings

 

—

 

(13,343)

 

—

Amortization expense

 

30,036

 

10,431

 

—

Adjustment for recognition of Copper Purchase agreement derivative liability

 

—

 

4,430

 

—

Repayment of loans and borrowings

 

(56,850)

 

(14,140)

 

—

Copper and silver delivered against copper and silver stream

 

(18,870)

 

(7,479)

 

—

Conversion of promissory note to Private Placement Warrants

 

—

 

(786)

 

—

Balance as of 31 December

​

403,191

​

448,875

​

786
Summary of variation in the copper price used to determine the margin rate as well as the composition of interest payments

​

​

​

​

​

​

LME Copper Price

    

Margin

    

Payment

<$3.40/LB

 

12.00

%  

100% capitalized / 0% cash

>$3.40/lb to $3.85/lb

 

10.00

%  

60% capitalized / 40% cash

>$3.85/lb

 

8.00

%  

0% capitalized / 100% cash
Summary of Copper Stream Percentage under the Copper Purchase Agreement

​

​

​

​

​

Time Period

    

Copper Stream Percentage

    

16 June 2023 to 16 June 2024

 

0

%

17 June 2024 to 16 June 2028

 

3% (the “First Stream Percentage”)

​

17 June 2028 until 33,000 metric tons of refined copper delivered to Osisko (the “Threshold Quantity”)

 

4.875% (the “Second-Threshold Stream Percentage”)

​

Thereafter from the date that the Threshold Quantity has been met

 

2.25% (the “Tail Stream Percentage”)

​
Summary of Buy-Down Options under the Copper Purchase Agreement

​

​

​

​

​

​

​

​

​

​

    

Buy-Down Option 1

    

Buy-Down Option 2

  

Buy-Down Amount

​

$

40 million

​

$

20 million

​

Second-Threshold Stream Percentage

​

 

3.25

%  

 

4.0625

%

Tail Stream Percentage

​

 

1.50

%  

 

1.875

%

Threshold Quantity

​

 

23,900 tons

​

 

28,450 tons

​
v3.25.1
Provisions (Tables)
 12 Months Ended
Dec. 31, 2024
Provisions  
Schedule of provisions

​

​

​

​

​

​

​

​

​

​

​

    

Employee

    

Rehabilitation

    

​

    

​

US$ thousand

    

entitlements

    

costs

    

Other

    

Total

1 January 2024

 

14,041

 

24,956

 

2,781

 

41,778

Additions

​

275

​

—

​

—

​

275

Released

​

—

​

(6,735)

​

(2,779)

​

(9,514)

Accretion

​

—

​

1,077

​

—

​

1,077

Movements from foreign exchange impact

​

290

​

—

​

(2)

​

288

Net book value 31 December 2024

​

14,606

​

19,298

​

—

​

33,904

​

​

​

​

​

​

​

​

​

Current

​

13,357

​

—

​

—

​

13,357

Non-current

​

1,249

​

19,298

​

—

​

20,547

Net book value 31 December 2024

​

14,606

​

19,298

​

—

​

33,904

​

​

​

​

​

​

​

​

​

1 January 2023

​

—

​

—

​

—

​

—

Assumed through business combination (Note 26)

​

12,244

​

25,346

​

2,781

​

40,371

Additions

 

1,943

 

—

 

—

 

1,943

Released

 

—

 

(1,499)

 

—

 

(1,499)

Accretion

​

—

​

1,028

​

—

​

1,028

Movements from foreign exchange impact

​

(146)

​

81

​

—

​

(65)

Net book value 31 December 2023

 

14,041

 

24,956

 

2,781

 

41,778

​

 

​

 

​

 

​

 

​

Current

​

13,220

​

—

​

53

​

13,273

Non-current

 

821

 

24,956

 

2,728

 

28,505

Net book value 31 December 2023

 

14,041

 

24,956

 

2,781

 

41,778

​

 

​

 

​

 

​

 

​
v3.25.1
Liability for cash-settled share-based payments (Tables)
 12 Months Ended
Dec. 31, 2024
Liability for cash-settled share-based payments  
Schedule of inputs used in the measurement of the fair values at grant date and measurement date of the share-based payment arrangements

DSUs are valued using a Black - Scholes option pricing model with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement date 

 

Measurement date 

​

​

    

31 December 2024

    

31 December 2023

  

Deferred share unit liability

​

​

​

​

​

Fair value

 

US$10.62

​

US$12.36

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life

 

N/A

​

N/A

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

(performance period for PSUs granted in 2023: 1 July 2023 to 30 June 2026). The vesting schedule is outlined below:

​

​

​

​

​

MAC’s performance relative to the peer group

    

% of PSUs eligible to vest

 

​

​

​

​

< 25th percentile

 

Nil

​

> 25th percentile

 

50

%

> 50th percentile

 

100

%

> 75th percentile

 

175

%

> 90th percentile

 

225

%

​

PSUs are valued using a Monte Carlo simulation with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement

 

Measurement

​

​

​

 date

 

 date

​

​

​

31 December

​

31 December

​

​

    

2024

    

2023

    

​

​

​

 

​

​

Performance share unit liability

​

​

 

​

​

Fair value

 

US$12.44 - US$13.11

​

US$20.28

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life2

 

1.5 - 2 years

​

2.5 years

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

2.Expected remaining life of the instruments has been based on remaining performance period.

RSUs granted will vest as follows:

​

​

​

RSU length of service following grant date

    

RSUs eligible to vest

​

​

​

12 months

 

1/3

24 months

 

1/3

36 months

 

1/3

​

RSUs are valued using a Black-Scholes option pricing model with the following terms and assumptions:

​

​

​

​

​

​

​

    

Measurement

 

Measurement

​

​

​

 date

 

 date

​

​

​

31 December 

​

31 December 

​

​

    

2024

    

2023

    

​

​

​

 

​

​

Restricted share unit liability

​

  

 

​

​

Fair value

 

US$10.62

​

US$12.36

​

Share price

 

US$10.62

​

US$12.36

​

Exercise price

 

Nil

​

Nil

​

Expected share price volatility1

 

45

%

50

%

Expected remaining life (tranche average)2

 

0.96 years

​

1.46 years

​

Expected dividends

 

Nil

​

Nil

​

Risk-free interest rate (based on government bonds)

 

4.57

%

3.88

%

1.Expected share price volatility has been based on an evaluation of the historical share price volatility of comparable companies, particularly over the historical period commensurate with the expected term.

2.Expected remaining life of the instruments has been based on the average remaining life of all tranches of RSUs outstanding as at 31 December 2024.
Schedule of liabilities arising from each of the share-based payment arrangements

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Total carrying amount of liabilities for DSU

 

810

 

629

 

—

Total carrying amount of liabilities for PSU

 

1,698

 

664

 

—

Total carrying amount of liabilities for RSU

 

3,123

 

1,900

 

—

​

 

5,631

 

3,193

 

—
v3.25.1
Other financial liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other financial liabilities.  
Schedule of other financial liabilities

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

2024

    

2023

    

2022

Current

 

  

 

  

 

  

Deferred consideration

 

—

 

81,129

 

—

Contingent consideration

​

23,680

​

—

​

—

Contingent royalty liability

​

5,592

​

5,587

​

—

Deferred underwriting discount

 

—

 

7,280

 

9,280

Deferred liabilities

 

—

 

500

 

7,239

Financial liabilities arising from sale and leaseback transaction

 

213

 

193

 

—

​

​

29,485

​

94,689

​

16,519

​

 

​

 

​

 

​

Non-current

​

​

​

​

​

​

Contingent consideration

 

70,370

 

84,200

 

—

Contingent royalty liability

​

42,069

​

38,398

​

—

Redeemable Class A ordinary shares

 

—

 

—

 

264,477

Financial liabilities arising from sale and leaseback transaction

 

115

 

329

 

—

​

 

112,554

 

122,927

 

264,477

​

​

142,039

​

217,616

​

280,996
v3.25.1
Financial instruments and financial risk management (Tables)
 12 Months Ended
Dec. 31, 2024
Financial instruments and financial risk management  
Summary of carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities

​

​

​

​

​

​

​

​

​

    

Australian

    

​

    

​

Local currency thousand

​

Dollar

​

Euro

​

Total

As of 31 December 2024

 

  

 

  

 

  

Cash and cash equivalents

 

76,497

 

—

 

76,497

Trade and other receivables

 

661

 

—

 

661

Trade and other payables

 

(48,024)

 

(25)

 

(48,049)

Lease liabilities

 

(16,460)

 

—

 

(16,460)

Total

 

12,674

 

(25)

 

12,649

​

 

​

 

​

 

​

As of 31 December 2023

​

​

​

​

​

​

Cash and cash equivalents

​

1,446

​

—

​

1,446

Trade and other receivables

​

1,786

​

—

​

1,786

Trade and other payables

​

(47,232)

​

(31)

​

(47,263)

Lease liabilities

​

(15,806)

​

—

​

(15,806)

Total

​

(59,806)

​

(31)

​

(59,837)
Summary of estimated sensitivity to a 10% increase (decrease) in the U.S. dollar against the relevant foreign currencies

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

Australian Dollar

 

  

 

  

​

​

Profit or loss

 

788

 

5,981

​

—

​

​

​

​

​

​

​

Other

 

  

 

  

​

​

Profit or loss

 

2

 

3

​

—
Summary of maturity profile of the Group's financial liabilities based on contractual terms

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Undiscounted contractual

​

​

​

​

 cash flows

​

    

Carrying

    

 Within 1

    

​

    

More than

US$ thousand

​

 amount

​

year

​

1 - 2 years

​

 2 years

​

​

​

​

​

​

​

​

​

31 December 2024

​

  

​

  

​

  

​

  

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

 

51,050

 

51,050

 

—

 

—

Mezzanine Debt Facility

 

95,003

 

21,087

 

21,087

 

176,073

Senior Syndicated Facility Agreement

 

154,676

 

54,247

 

123,457

 

—

Copper Purchase Agreement

 

85,911

 

10,444

 

12,160

 

185,201

Silver Purchase Agreement

 

67,601

 

12,007

 

14,628

 

124,013

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

​

​

​

​

​

​

​

​

Commodity swap liability

​

12,120

​

7,635

​

5,381

​

—

​

​

466,361

​

156,470

​

176,713

​

485,287

​

​

​

​

​

​

​

​

​

31 December 2023

 

  

 

  

 

  

 

  

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

 

89,921

 

89,921

 

—

 

—

Mezzanine Debt Facility

​

85,567

​

24,888

​

22,592

​

200,859

Senior Syndicated Facility Agreement

​

207,916

​

72,546

​

53,817

​

121,542

Copper Purchase Agreement

​

84,818

​

6,414

​

11,281

​

175,836

Silver Purchase Agreement

​

70,574

​

9,255

​

8,987

​

102,931

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

​

​

​

​

​

​

​

​

Commodity swap liability

​

12,559

​

4,637

​

5,606

​

3,044

​

​

551,355

​

207,661

​

102,283

​

604,212

31 December 2022

​

​

​

​

​

​

​

​

Non-derivative financial liabilities

​

​

​

​

​

​

​

​

Trade payables and accrued liabilities

​

927

​

927

​

—

​

—

Promissory note – related party

​

786

​

786

​

—

​

—

​

​

1,713

​

1,713

​

—

​

—

​
v3.25.1
Fair value measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of detailed information about financial instruments [line items]  
Summary of carrying values, fair values and fair value hierarchy of the Group's financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December 2024

    

31 December 2023

​

31 December 2022

US$ thousand

​

Level

​

Carrying value

    

Fair value

​

Carrying value

    

Fair value

    

Carrying value

    

Fair value

Financial assets

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Fair value through profit or loss

 

  

 

​

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

 

1

 

171,897

 

171,897

 

32,372

 

32,372

 

42

 

42

Trade and other receivables

​

1

​

7,310

​

7,310

​

33,242

​

33,242

​

53

​

53

Investment in equity instruments

 

1

 

3,984

 

3,984

 

—

 

—

 

—

 

—

Investment in marketable securities

​

1

​

—

​

—

​

—

​

—

​

268,909

 

268,909

Derivative financial assets

 

  

 

​

 

​

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

3

 

—

 

—

 

3,090

 

3,090

 

—

​

—

Copper stream embedded derivative

 

3

 

—

 

—

 

911

 

911

 

—

 

—

Total financial assets

 

  

 

183,191

 

183,191

 

69,615

 

69,615

 

269,004

 

269,004

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Amortized cost

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Trade and other payables

 

  

 

51,050

 

51,050

 

87,562

 

87,562

 

927

 

927

Lease liability

 

  

 

10,233

 

10,233

 

15,806

 

15,806

 

—

 

—

Loans and borrowings

 

2

 

403,191

 

414,526

 

448,875

 

458,987

 

786

 

786

Other financial liabilities (excluding contingent consideration)

 

  

 

328

 

328

 

8,302

 

8,302

 

280,996

 

285,428

​

​

​

 

464,802

 

476,137

 

560,545

 

570,657

 

282,709

 

287,141

Fair value through profit or loss

 

  

 

  

 

​

 

  

 

  

 

  

 

  

Other financial liabilities (contingent consideration)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Royalty Deed

 

3

 

47,661

 

47,661

 

43,985

 

43,985

 

—

 

—

Contingent copper consideration

 

3

 

94,050

 

94,050

 

84,200

 

84,200

 

—

 

—

Deferred consideration

 

2

 

—

 

—

 

81,129

 

81,129

 

—

 

—

Derivative financial liabilities

 

  

 

​

 

​

 

​

 

​

 

  

 

  

Public Warrants

 

1

 

—

 

—

 

15,113

 

15,113

 

4,335

 

4,335

Private Warrants

 

2

 

—

 

—

 

11,176

 

11,176

 

3,107

 

3,107

Mezz Warrants

 

3

 

11,066

 

11,066

 

16,906

 

16,906

 

—

 

—

Mezz Facility embedded derivative

 

2

 

34,713

 

34,713

 

42,635

 

42,635

 

—

 

—

Silver stream embedded derivative

​

3

​

16,163

​

16,163

​

—

​

—

​

—

​

—

Copper stream embedded derivative

​

3

​

5,182

​

5,182

​

138

​

138

​

—

​

—

Commodity swap liability

​

2

 

12,120

 

12,120

 

12,559

 

12,559

 

—

 

—

​

​

​

​

220,955

​

220,955

​

307,841

​

307,841

​

7,442

​

7,442

Total financial liabilities

 

  

 

685,757

 

697,092

 

868,386

 

878,498

 

290,151

 

294,583
Summary of fair values of the Group's derivative financial assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

Note

​

2024

    

2023

​

2022

​

​

​

​

​

​

​

​

​

Derivative financial assets

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

(a)

 

—

 

234

 

—

​

​

​

 

—

 

234

​

—

​

​

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

 

  

Silver stream embedded derivative

 

(a)

 

—

 

2,856

 

—

Copper stream embedded derivative

 

(b)

 

—

 

911

 

—

​

​

​

 

—

 

3,767

 

—

Total derivative financial assets

​

​

 

—

 

4,001

 

—

​

​

​

​

​

​

​

​

​

Derivative financial liabilities

 

  

 

  

 

  

 

  

Current

 

  

 

  

 

  

 

  

Mezz facility embedded derivative

 

(d)

 

11,587

 

12,473

 

—

Silver stream embedded derivative

​

(a)

​

2,566

​

—

​

—

Copper stream embedded derivative

​

(b)

​

981

​

138

​

—

Commodity swap liability

 

(e)

 

7,045

 

4,519

 

—

​

​

​

 

22,179

 

17,130

 

—

​

​

​

​

​

​

​

​

​

Non-current

 

  

 

  

 

  

 

  

Warrants

 

(c)

 

11,066

 

43,195

 

7,443

Mezz facility embedded derivative

 

(d)

 

23,126

 

30,162

 

—

Silver stream embedded derivative

​

(a)

​

13,597

​

—

​

—

Copper stream embedded derivative

​

(b)

​

4,201

​

—

​

—

Commodity swap liability

 

(e)

 

5,075

 

8,040

 

—

​

​

​

 

57,065

 

81,397

 

7,443

Total derivative financial liabilities

​

​

 

79,244

 

98,527

 

7,443
Summary of fair values of the contingent consideration

​

​

​

​

​

​

​

​

​

​

​

    

​

    

31 December

    

31 December

    

31 December

US$ thousand

​

Note

​

2024

​

2023

​

2022

Royalty deed

 

(a)

 

47,661

 

43,985

 

—

Contingent copper consideration

 

(b)

 

94,050

 

84,200

 

—

Deferred consideration

 

(c)

 

—

 

81,129

 

—

​

​

​

 

141,711

 

209,314

​

—
Royalty Deed  
Disclosure of detailed information about financial instruments [line items]  
Summary of a continuity schedule for liabilities

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

43,985

 

—

​

—

Initial recognition

 

—

 

43,130

​

—

Change in fair value

 

10,966

 

855

​

—

Royalty accruals and payments

 

(7,290)

 

—

​

—

Balance as of end of year

 

47,661

 

43,985

​

—
Contingent copper consideration  
Disclosure of detailed information about financial instruments [line items]  
Summary of a key inputs were used for the valuation of assets

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

    

31 December

​

​

2024

​

2023

​

2022

​

​

​

​

​

​

​

​

​

Long-term copper price

​

$

4.25

 

$

3.81

 

—

Copper spot price

​

$

3.92

 

$

3.84

 

—

Annual price volatility

​

 

20.70

%  

​

25.12

%  

—

Annual inflation rate

​

 

1.07

%  

​

1.14

%  

—

Risk-free rate

​

 

4.72

%  

​

4.07

%  

—

Reversion factor

​

 

11.55

%  

​

11.55

%  

—
Summary of a continuity schedule for liabilities

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

    

2022

Balance as of beginning of year

 

84,200

 

—

​

—

Initial recognition

 

—

 

81,000

​

—

Change in fair value

 

9,850

 

3,200

​

—

Balance as of end of year

 

94,050

 

84,200

​

—
Warrant Liability [Member]  
Disclosure of detailed information about financial instruments [line items]  
Summary of warrants

​

​

​

​

​

​

​

​

​

    

​

    

Private

    

​

​

​

​

​

Placement

​

​

US$ thousand

​

Public Warrants

​

Warrants

​

Mezz Warrants

​

​

​

​

​

​

​

For the year ended 31 December 2024

​

​

​

​

​

​

Balance as of beginning of year

 

15,113

 

11,176

 

16,906

Change in fair value

 

22,655

 

16,754

 

(5,840)

Redemption of warrants

​

(37,768)

​

(27,930)

​

—

Balance as of end of year

 

—

 

—

 

11,066

​

​

​

​

​

​

​

For the year ended 31 December 2023

 

  

 

  

 

  

Balance as of beginning of year

 

4,335

 

3,108

 

—

Promissory note conversion warrants

​

—

​

103

​

—

Issuance of warrants

 

—

 

—

 

13,665

Change in fair value

​

10,778

​

7,965

​

3,241

Balance as of end of year

 

15,113

 

11,176

 

16,906

For the year ended 31 December 2022

​

​

​

​

​

​

Balance as of beginning of year

​

5,174

​

3,266

​

—

Issuance of warrants

​

—

​

480

​

—

Change in fair value

​

(839)

​

(638)

​

—

Balance as of end of year

​

4,335

​

3,108

​

—
Summary of assumptions used for valuation of liabilities

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

  

31 December

​

​

2024

​

2023

​

2022

Risk-free rate

 

​

4.02

% 

​

4.39

%

—

Warrant expected life

 

​

3.5 years

 

​

4.5 years

 

—

Expected volatility

 

​

49.23

% 

​

53.35

%

—

Expected dividend yield

 

​

0

% 

​

0

%

—

Share price

​

$

10.62

​

$

12.36

​

—
Mezz Facility Embedded Derivative [Member]  
Disclosure of detailed information about financial instruments [line items]  
Summary of a continuity schedule for liabilities

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

    

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

42,635

 

—

​

—

Initial recognition

 

—

 

42,698

​

—

Interest payable

​

(11,822)

​

(8,527)

​

—

Change in fair value

 

3,900

 

8,464

​

—

Balance as of end of year

 

34,713

 

42,635

​

—
Swap contract [member]  
Disclosure of detailed information about financial instruments [line items]  
Summary of fair values of the Group's derivative financial assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

Counterparty

    

Citibank

    

BMO

    

NBC

​

​

​

​

​

​

​

​

​

​

Effective date

​

​

1 July 2023

​

​

1 July 2023

​

​

1 July 2023

Termination date

​

​

31 May 2026

​

​

30 May 2026

​

​

31 May 2026

Total notional quantity (MT)

​

 

12,255

​

 

12,255

​

 

12,255

Fixed price (US$)

​

 

8,204.49

​

 

8,214.35

​

 

8,112.85

Reference price

​

LME cash settlement price for Copper

Settlement frequency

​

 

Monthly

​

 

Monthly

​

 

Monthly
Silver stream embedded derivative  
Disclosure of detailed information about financial instruments [line items]  
Summary of a key inputs were used for the valuation of assets

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

​

31 December

​

​

2024

​

2023

  

2022

Silver spot price (per oz)

​

$

28.91

​

 $

24.13

 

—

Own credit spread

​

 

7.99

%  

​

8.26

%  

—
Summary of a continuity schedule for embedded derivative assets

​

​

​

​

​

​

​

​

​

​

Year ended 31 December

US$ thousand

    

2024

    

2023

 

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

3,090

 

—

​

—

Change in fair value

 

(19,253)

 

3,090

​

—

Balance as of end of year

 

(16,163)

 

3,090

​

—
Copper stream embedded derivative  
Disclosure of detailed information about financial instruments [line items]  
Summary of a key inputs were used for the valuation of assets

​

​

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

  

31 December

​

​

2024

​

2023

​

2022

Copper spot price (per ton)

​

$

8,653

​

$

8,556

 

—

Copper price volatility

​

 

23.55

%  

​

22.87

%

—

Own credit spread

​

 

8.67

%  

​

8.94

%

—
Summary of a continuity schedule for embedded derivative assets

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

​

2023

 

2022

​

​

​

​

​

​

​

Balance as of beginning of year

 

773

 

—

​

—

Initial recognition

 

—

 

4,430

​

—

Change in fair value

 

(5,955)

 

(3,657)

​

—

Balance as of end of year

 

(5,182)

 

773

​

—
v3.25.1
Capital management (Tables)
 12 Months Ended
Dec. 31, 2024
Capital management  
Schedule of net debt to equity ratio

​

​

​

​

​

​

​

​

​

    

31 December

    

31 December

 

31 December

US$thousand

    

2024

    

2023

 

2022

​

​

​

​

​

​

​

Loans and borrowings

 

403,191

 

448,875

​

786

Lease liabilities

 

10,233

 

15,806

​

—

Trade and other payables

 

51,050

 

87,562

​

927

Derivative financial liabilities

 

79,244

 

98,527

​

7,443

Other financial liabilities

 

142,039

 

217,616

​

280,996

Cash

 

(171,897)

 

(32,372)

​

(42)

Net debt

 

513,860

 

836,014

​

290,110

Equity

 

555,493

 

268,027

​

(19,961)

Net debt to equity ratio

 

0.93

 

3.12

​

(14.53)

​
v3.25.1
Share capital, share premium and other capital reserves (Tables)
 12 Months Ended
Dec. 31, 2024
Share capital, share premium and other capital reserves  
Schedule of ordinary shares

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

US$ thousand (except for number of shares)

    

Number of shares

    

Share capital

    

Share premium

    

capital reserves

Balance as of 1 January 2022 (a)

 

6,628,695

 

1

 

24

​

—

Issued during the year

 

—

 

—

 

—

​

945

Balance as of 31 December 2022 (a)

 

6,628,695

 

1

 

24

​

945

Issued during the year:

 

​

 

  

 

  

​

​

Contribution of conversion price in excess of fair value of warrants

​

—

​

—

​

—

​

198

Amount in excess of the face value over the present value on related promissory note

​

—

​

—

​

—

​

69

PIPE – Osisko (b)

 

1,500,000

 

—

 

15,000

​

—

Backstop Facility – Osisko (c)

 

2,500,000

 

—

 

25,000

​

—

PIPE – Sprott (d)

 

1,500,000

 

—

 

15,000

​

—

PIPE A and PIPE B (e)

 

18,451,747

 

2

 

184,515

​

—

PIPE – BlackRock (f)

 

4,500,000

 

1

 

44,999

​

—

PIPE – October 2023 (i)

 

1,827,096

 

—

 

20,098

​

—

Public shareholders – non-redemption (g)

 

3,329,006

 

—

 

34,431

​

—

Glencore rollover shares (h)

 

10,000,000

 

1

 

99,999

​

—

Gross proceeds from issuance of shares

 

43,607,849

 

4

 

439,042

​

267

Less: Share issuance cost (j)

​

—

​

—

​

(6,771)

​

—

Balance as of 31 December 2023

​

50,236,544

​

5

​

432,295

​

1,212

Issued during the year:

​

​

​

​

​

​

​

​

ASX capital raise and private placement (k)

​

27,450,982

​

3

​

312,477

​

—

Redemption of warrants (l)

​

4,701,071

​

—

​

65,854

​

—

Redemption of DSUs (m)

​

17,284

​

—

​

246

​

—

Redemption of RSUs (n)

​

32,550

​

—

​

383

​

—

Gross proceeds from issuance of shares

​

32,201,887

​

3

​

378,960

​

—

Less: Share issuance cost (o)

 

—

 

—

 

(9,810)

​

—

Balance as of 31 December 2024

​

82,438,431

​

8

​

801,445

​

1,212
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation (Tables)
 12 Months Ended
Dec. 31, 2024
Acquisition of subsidiary and finalization of purchase price allocation  
Schedule of acquisition of subsidiary

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provisional as

​

Final working

​

​

​

​

​

​

previously

​

capital

​

​

​

​

​

​

reported

​

adjustment

​

Final restated

US$ thousand

    

Note

    

16 June 2023

    

16 June 2023

    

16 June 2023

Purchase Consideration

 

  

​

​

​

​

​

​

Cash consideration

 

​

​

775,000

​

—

​

775,000

Less: working capital and other adjustments

 

​

​

(4,484)

​

(3,496)

​

(7,980)

Cash consideration on Closing

 

​

​

770,516

​

(3,496)

​

767,020

Royalty deed

 

23

​

43,130

​

—

​

43,130

Deferred consideration

 

23

​

75,000

​

—

​

75,000

Contingent copper consideration

 

23

​

81,000

​

—

​

81,000

Glencore rollover shares

 

25

​

100,000

​

—

​

100,000

Total

 

​

​

1,069,646

​

(3,496)

​

1,066,150

​

​

​

​

​

​

​

​

​

​

Provisional as

​

​

​

​

​

​

previously

​

Final PPA

​

​

​

​

reported

​

adjustment

​

Final restated

US$ thousand

    

16 June 2023

    

16 June 2023

    

16 June 2023

Trade and other receivables

 

1,641

​

—

​

1,641

Inventories

 

32,893

​

—

​

32,893

Property, plant and equipment

 

1,216,263

​

(435)

​

1,215,828

Exploration and evaluation

​

17,918

​

—

​

17,918

Other assets

 

1,404

​

—

​

1,404

Trade and other payables

 

(23,569)

​

—

​

(23,569)

Lease liabilities

 

(504)

​

—

​

(504)

Provisions

 

(40,371)

​

—

​

(40,371)

Deferred tax liabilities

 

(136,029)

​

(3,061)

​

(139,090)

Total net identifiable assets acquired

 

1,069,646

​

(3,496)

​

1,066,150
Summary of impacts on the Group's consolidated financial statements

​

​

​

​

​

​

​

​

31 December 2023

​

​

​

​

​

​

​

​

​

​

Measurement

​

​

​

​

As previously

​

period

​

​

US$thousand

    

reported

    

adjustment

    

As restated

​

​

​

​

​

​

​

Assets

​

  

​

  

​

  

Property, plant and equipment

 

1,194,915

 

(435)

 

1,194,480

Total assets

 

1,305,903

 

(435)

 

1,305,468

​

​

​

​

​

​

​

Liabilities

 

  

 

  

 

  

Trade and other payables

 

89,921

 

(2,359)

 

87,562

Current tax liability

 

1,137

 

(1,137)

 

—

Deferred tax liability

 

121,023

 

3,061

 

124,084

Total liabilities

 

1,037,876

 

(435)

 

1,037,441

​

​

​

​

​

​

​

Net assets

 

268,027

 

—

 

268,027
v3.25.1
List of subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2024
List of subsidiaries  
Schedule of subsidiaries

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity holding (in %)

​

​

​

    

Country of

    

31 December

    

31 December

    

31 December

Name of entities

​

incorporation

​

2024

​

2023

​

2022

Metals Acquisition Corp. (Australia) Pty Ltd

 

Australia

 

100

 

100

 

100

MAC AU 1 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 2 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 3 Pty Ltd

 

Australia

 

100

 

100

 

—

MAC AU 4 Pty Ltd

 

Australia

 

100

 

100

 

—

Cobar Management Pty Limited

 

Australia

 

100

 

100

 

—

​
v3.25.1
Related party disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Loans and borrowings  
Schedule of key management personnel compensation

​

​

​

​

​

​

​

​

​

    

Year ended 31 December

US$ thousand

​

2024

    

2023

 

2022

​

​

​

​

​

​

​

Short-term employee benefits

 

4,201

 

2,034

​

—

Post-employment benefits

 

122

 

27

​

—

Share-based payments

 

4,471

 

3,332

​

224

Total

 

8,794

 

5,393

​

224
v3.25.1
Corporate information (Details) - USD ($)
Dec. 31, 2024
Jun. 16, 2023
Feb. 28, 2023
Corporate information      
Number of shares issued upon conversion of each share of merged entity   1  
Number of warrants issued upon conversion of each share of merged entity   1  
Number of shares purchased for each warrant   1  
Exercise price of warrants $ 0.0001    
Deferred consideration payment   $ 11.5  
Senior Syndicated Facility Agreement      
Corporate information      
Principal amount     $ 25,000,000
CMPL | MAC Australia      
Corporate information      
Percentage of issued share capital acquired   100.00%  
v3.25.1
Basis of accounting - (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Basis of accounting    
Current assets (liabilities) $ 21,808 $ (198,475)
v3.25.1
Material accounting policy information (Details)
 12 Months Ended
Dec. 31, 2024
Buildings | Minimum  
Material accounting policy information  
Estimated useful lives 10 years
Buildings | Maximum  
Material accounting policy information  
Estimated useful lives 45 years
Plant and equipment | Minimum  
Material accounting policy information  
Estimated useful lives 3 years
Plant and equipment | Maximum  
Material accounting policy information  
Estimated useful lives 30 years
ROU asset | Minimum  
Material accounting policy information  
Estimated useful lives 2 years
ROU asset | Maximum  
Material accounting policy information  
Estimated useful lives 30 years
v3.25.1
Segment information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment information      
Number of operating segment | segment 1    
Loss after tax $ (81,687,000) $ (144,554,000) $ (24,970,000)
Income tax expense/(benefit) (2,717,000) 15,006,000  
Net finance costs (156,009,000) (84,612,000) (14,997,000)
Net change in fair value of financial instruments (80,646,000) (47,257,000) 1,484,000
Operating profit / (loss) 77,039,000 (74,948,000) (9,973,000)
Material reconciling items      
Segment information      
Income tax expense/(benefit) 2,717,000 (15,006,000)  
Net finance costs 75,363,000 37,355,000 16,481,000
Net change in fair value of financial instruments 80,646,000 47,257,000 1,484,000
Operating profit / (loss) 77,039,000 (74,948,000) (9,973,000)
Depreciation and amortization 78,360,000 46,659,000  
Organizational restructuring expenses 1,148,000 10,700,000  
IPO and transaction costs1 4,215,000 61,152,000 7,521,000
Other significant discretionary expenses 7,638,000 1,032,000  
Adjusted EBITDA $ 168,400,000 $ 44,595,000 $ (2,452,000)
v3.25.1
Revenue - Narratives (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
T
$ / lb
Dec. 31, 2023
USD ($)
T
$ / lb
Dec. 31, 2022
USD ($)
T
$ / lb
Revenue      
Total $ 340,736 $ 158,999  
Revenue from sale of commodities $ 2,463 $ 1,212 $ 0
Average provisional price per tonne | $ / lb 9,140.24 8,196.16 0
Copper      
Revenue      
Total $ 328,802 $ 153,530  
Copper metal tonnes payable | T 9,949.32 10,379.66 0
Sliver      
Revenue      
Total $ 11,934 $ 5,469  
v3.25.1
Expenses by nature (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disclosure of attribution of expenses by nature to their function [line items]      
Cost of goods sold $ 223,394 $ 141,166  
Administrative expenses 19,055 79,607 $ 9,973
Selling and distributive expenses 18,859 11,421  
Total cost of goods sold, administrative and selling and distribution expenses 261,308 232,194 9,973
Contributions made to defined contribution plans 6,434 2,650 0
Cost of goods sold      
Disclosure of attribution of expenses by nature to their function [line items]      
Change in production stock (8,620) 12,150  
Consumables and other production purchases 20,111 12,344  
Repairs and maintenance 15,363 7,864  
Energy and utilities 21,100 8,383  
Employee benefits 66,111 31,352  
Contractors 18,453 12,838  
Depreciation on property, plant and equipment 78,360 46,659  
Insurance 5,056 4,962  
Others 7,460 4,614  
Cost of goods sold 223,394 141,166  
Administrative expense      
Disclosure of attribution of expenses by nature to their function [line items]      
Acquisition costs (483) 60,321 7,521
Employee benefits 9,013 5,866 224
Legal and professional fees 8,625 10,054 1,579
Initial public offering related costs 706 831  
Insurance 280 1,928 325
Others 914 607 324
Administrative expenses 19,055 79,607 $ 9,973
Selling and distributive expenses      
Disclosure of attribution of expenses by nature to their function [line items]      
Transportation 7,682 3,410  
Others (310) 738  
Government royalties and levies 11,487 7,273  
Selling and distributive expenses $ 18,859 $ 11,421  
v3.25.1
Finance income and costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finance income      
Interest income $ 2,706 $ 5,365 $ 3,753
Realized gain on stream   83  
Total finance income 2,706 5,448 3,753
Finance costs      
Interest expense under the effective interest rate method on:- Loans and borrowings (57,224) (39,027) (20,234)
Interest expense under the effective interest rate method on:- Lease liabilities (1,333) (555)  
Unwinding of discount on rehabilitation provision (1,077) (1,028)  
Commodity swap loss (12,008) (576)  
Realised loss on warrants redemption (148)    
Realised loss on copper and silver streams (76)    
Foreign exchange loss (6,203) (1,617)  
Finance costs (78,069) (42,803) (20,234)
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (80,646) (47,257) 1,484
Net finance costs (156,009) (84,612) (14,997)
Warrant liability      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (33,569) (21,984) 1,477
Embedded derivative - copper and silver stream agreements      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (25,208) (195)  
Embedded derivative - mezzanine debt facility      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (3,900) (8,464)  
Embedded derivative - conversion option      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments     $ 7
Contingent liability - royalty deed      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (10,966) (855)  
Contingent liability - copper consideration      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments (9,850) (3,200)  
Commodity swaps      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments 439 $ (12,559)  
Equity instruments      
Net change in fair value measurements of financial assets and liabilities      
Net change in fair value of financial instruments $ 2,408    
v3.25.1
Income Taxes - Amounts recognised in profit or loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income taxes    
Current income tax expense $ 7,314  
Deferred tax benefit - Origination and reversal of temporary differences (4,597) $ (15,006)
Income tax benefit $ 2,717 $ (15,006)
v3.25.1
Income Taxes - Reconciliation of income tax expense (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of income tax expense      
Loss before income tax for the year $ (78,970,000) $ (159,560,000) $ (24,970,000)
Net loss for the year (81,687,000) (144,554,000) $ (24,970,000)
Tax effects of foreign jurisdiction (Australia):      
Tax at the Australian tax rate of 30% (2022 - Cayman Island nil%) (23,691,000) (47,868,000)  
Tax rate differential 21,035,000 16,792,000  
Non-deductible expenses (1,777,000) 16,070,000  
Adjustments for current and deferred tax of prior periods 7,150,000    
Income tax benefit $ 2,717,000 $ (15,006,000)  
Statutory rate 30.00% 0.00% 0.00%
Australia      
Tax effects of foreign jurisdiction (Australia):      
Statutory rate 30.00% 30.00%  
Cayman Island      
Tax effects of foreign jurisdiction (Australia):      
Statutory rate     0.00%
v3.25.1
Income Taxes - Movement in deferred tax balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Movement in deferred tax balances    
Net balance at the beginning of the year $ (124,084)  
Acquired through business combination   $ (139,090)
Recognised in profit or loss 4,597 15,006
Net balance at the end of the year (119,487) (124,084)
Deferred tax assets 47,990 31,983
Deferred tax liability (167,477) (156,067)
Inventories    
Movement in deferred tax balances    
Net balance at the beginning of the year (4,671)  
Acquired through business combination   491
Recognised in profit or loss 1,191 (5,162)
Net balance at the end of the year (3,480) (4,671)
Deferred tax liability (3,480) (4,671)
Property, plant and equipment    
Movement in deferred tax balances    
Net balance at the beginning of the year (151,396)  
Acquired through business combination   (151,843)
Recognised in profit or loss (11,879) 447
Net balance at the end of the year (163,275) (151,396)
Deferred tax liability (163,275) (151,396)
Lease liability    
Movement in deferred tax balances    
Net balance at the beginning of the year 4,742  
Acquired through business combination   151
Recognised in profit or loss (1,574) 4,591
Net balance at the end of the year 3,168 4,742
Deferred tax assets 3,168 4,742
Provisions    
Movement in deferred tax balances    
Net balance at the beginning of the year 12,160  
Acquired through business combination   12,111
Recognised in profit or loss (1,719) 49
Net balance at the end of the year 10,441 12,160
Deferred tax assets 10,441 12,160
Investments    
Movement in deferred tax balances    
Recognised in profit or loss (722)  
Net balance at the end of the year (722)  
Deferred tax liability (722)  
Loans and borrowings    
Movement in deferred tax balances    
Recognised in profit or loss 12,746  
Net balance at the end of the year 12,746  
Deferred tax assets 12,746  
Derivatives and other financial liabilities    
Movement in deferred tax balances    
Net balance at the beginning of the year 7,463  
Recognised in profit or loss 7,111 7,463
Net balance at the end of the year 14,574 7,463
Deferred tax assets 14,574 7,463
Tax losses    
Movement in deferred tax balances    
Net balance at the beginning of the year 7,618  
Recognised in profit or loss (7,618) 7,618
Net balance at the end of the year   7,618
Deferred tax assets   $ 7,618
Denied debt deductions    
Movement in deferred tax balances    
Recognised in profit or loss 7,061  
Net balance at the end of the year 7,061  
Deferred tax assets $ 7,061  
v3.25.1
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of income tax expense      
Amount of unused denied debt deductions $ 22,001    
Period of utilization available for the denied debt deductions 15 years    
Tax provisions     $ 0
Tax losses carried forward   $ 25,392  
Uncertain tax positions $ 0 0  
Tax contingent liability      
Reconciliation of income tax expense      
Contingent tax liabilities $ 0 $ 0  
JERSEY      
Reconciliation of income tax expense      
Income tax rate 0.00%    
Tax provisions $ 0    
v3.25.1
Earnings per share -Reconciliation between basic and diluted net loss per share (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings per share      
Net loss (in US$) $ (81,687,000) $ (144,554,000) $ (24,970,000)
Weighted average ordinary shares outstanding (in numbers) 71,547,323 29,912,257 6,628,695
Net loss per ordinary share (in US$):      
Basic loss per ordinary share $ (1.14) $ (4.83) $ (3.77)
Diluted loss per ordinary share $ (1.14) $ (4.83) $ (3.77)
v3.25.1
Earnings per share (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Public warrants      
Earnings per share      
Number of Anti-dilutive Instruments   8,838,260 8,838,260
Private warrants      
Earnings per share      
Number of Anti-dilutive Instruments   6,335,304 6,335,304
Warrants related to the Mezzanine debt      
Earnings per share      
Number of Anti-dilutive Instruments 3,187,500 3,187,500  
v3.25.1
Cash and cash equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and cash equivalents        
Bank balances $ 171,897 $ 32,372 $ 42  
Cash and cash equivalents $ 171,897 $ 32,372 [1] $ 42 $ 955
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Cash and cash equivalents - Additional Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and cash equivalents        
Cash and cash equivalents $ 171,897 $ 32,372 [1] $ 42 $ 955
Senior Syndicated Facility Agreement        
Cash and cash equivalents        
Minimum cash to be maintained 30,000      
Cash and cash equivalents 30,000 $ 30,000 $ 0  
Facility B        
Cash and cash equivalents        
Credit facility undrawn and available amount $ 25,000      
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Trade and other receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Trade and other receivables      
Indirect tax receivable $ 377 $ 1,781  
Other receivables 515 5 $ 53
Trade receivable due from related parties 6,418 31,456  
Trade and other receivables $ 7,310 $ 33,242 $ 53
Average credit period 13 days 14 days  
v3.25.1
Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current    
Supplies and consumables $ 11,601 $ 15,570
Work in progress 1,890 482
Finished goods 14,488 5,476
Total current 27,979 21,528 [1]
Non-current    
Supplies and consumables 222 300
Total non-current 222 300 [1]
Total inventories $ 28,201 $ 21,828
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Inventories - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventories      
inventories recognized in cost of production $ 19,855 $ 28,764 $ 0
Write-downs of inventory recognised $ 0 $ 1,393 $ 0
v3.25.1
Property, plant and equipment - Reconciliation of carrying amount (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of carrying amount    
Balance at the beginning [1] $ 1,194,480  
Other movements   $ (1,204)
Balance at the end 1,171,049 1,194,480 [1]
Freehold land and buildings    
Reconciliation of carrying amount    
Balance at the beginning 8,221  
Balance at the end 7,827 8,221
Plant and equipment    
Reconciliation of carrying amount    
Balance at the beginning 273,219  
Balance at the end 283,970 273,219
ROU asset    
Reconciliation of carrying amount    
Balance at the beginning 16,572  
Balance at the end 13,736 16,572
Mine development    
Reconciliation of carrying amount    
Balance at the beginning 896,468  
Other movements   (1,204)
Balance at the end 865,516 896,468
Cost    
Reconciliation of carrying amount    
Balance at the beginning 1,241,139  
Acquired through business combination   1,215,828
Additions 61,778 43,079
Transfers to E&E (45)  
Disposals (147) (16,564)
Other movements (6,657)  
Balance at the end 1,296,068 1,241,139
Cost | Freehold land and buildings    
Reconciliation of carrying amount    
Balance at the beginning 8,559  
Acquired through business combination   8,559
Transfers from CIP 148  
Balance at the end 8,707 8,559
Cost | Plant and equipment    
Reconciliation of carrying amount    
Balance at the beginning 284,509  
Acquired through business combination   293,348
Additions 33,557 7,725
Transfers from CIP (148)  
Transfers to E&E (45)  
Disposals (147) (16,564)
Other movements 78  
Balance at the end 317,804 284,509
Cost | ROU asset    
Reconciliation of carrying amount    
Balance at the beginning 18,649  
Acquired through business combination   395
Additions 1,617 18,254
Balance at the end 20,266 18,649
Cost | Mine development    
Reconciliation of carrying amount    
Balance at the beginning 929,422  
Acquired through business combination   913,526
Additions 26,604 17,100
Other movements (6,735)  
Balance at the end 949,291 929,422
Accumulated depreciation    
Reconciliation of carrying amount    
Balance at the beginning 46,659  
Depreciation for the period 78,360 46,659
Balance at the end 125,019 46,659
Accumulated depreciation | Freehold land and buildings    
Reconciliation of carrying amount    
Balance at the beginning 338  
Depreciation for the period 542 338
Balance at the end 880 338
Accumulated depreciation | Plant and equipment    
Reconciliation of carrying amount    
Balance at the beginning 11,290  
Depreciation for the period 22,544 11,290
Balance at the end 33,834 11,290
Accumulated depreciation | ROU asset    
Reconciliation of carrying amount    
Balance at the beginning 2,077  
Depreciation for the period 4,453 2,077
Balance at the end 6,530 2,077
Accumulated depreciation | Mine development    
Reconciliation of carrying amount    
Balance at the beginning 32,954  
Depreciation for the period 50,821 32,954
Balance at the end $ 83,775 $ 32,954
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Property, plant and equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Property, plant and equipment    
Impairment loss $ 0  
Impairment 0 $ 0
ROU asset recognized as part of a sale and leaseback arrangement   15,733
Right-Of-Use Plant And Equipment    
Property, plant and equipment    
Depreciation on property, plant and equipment 4,330 1,876
Right-Of-Use Buildings    
Property, plant and equipment    
Depreciation on property, plant and equipment $ 123 $ 201
v3.25.1
Exploration and evaluation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Exploration and evaluation    
Beginning balance [1] $ 17,918  
Acquired through business combination   $ 17,918
Additions 6,470  
Ending balance $ 24,388 $ 17,918 [1]
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Trade and other payables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Trade and other payables      
Trade payables due to third parties $ 13,905 $ 14,447 $ 927
Trade payables due to related parties   15,000  
Advances received   20  
Accrued expenses 34,540 51,405  
Interest payable   3,136  
Mining royalty 2,605 3,554  
Trade and other payables $ 51,050 $ 87,562 [1] $ 927
Average payment period of trade payables 30 days 23 days  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Lease liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Lease liabilities    
Current lease liability $ 4,484 $ 5,848 [1]
Non-current lease liability 5,749 9,958 [1]
Lease liability $ 10,233 $ 15,806
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Lease liabilities - Sale and leaseback (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Lease liabilities  
Total proceeds from sale and leaseback arrangement $ 16,564
ROU asset recognized as part of a sale and leaseback arrangement 15,733
Financial liability recognised as total proceeds from the sale of the equipment exceeded the fair value of the equipment at the time of sale $ 609
v3.25.1
Lease liabilities - Amounts recognized in consolidated statement of profit or loss and other comprehensive income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease liabilities    
Interest on lease liabilities $ 1,333 $ 555
Depreciation on ROU assets 4,453 2,077
Amounts recognized in consolidated statement of profit or loss and other comprehensive income $ 5,786 $ 2,632
v3.25.1
Lease liabilities - Amounts recognized in statement of cashflows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash outflow from financing activities    
Payment for lease liabilities $ 7,556 $ 3,684
Total cash outflow for leases $ 7,556 $ 3,684
v3.25.1
Lease liabilities - Leases reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease liabilities    
Balance at the beginning $ 15,806  
Additions to ROU assets 1,617 $ 18,254
Additions from acquisition of subsidiary   504
Changes from financing activities:    
Repayment of lease liabilities (7,556) (3,684)
Other changes:    
Interest expense 1,333 555
Foreign exchange movements (967) 177
Balance at the end $ 10,233 $ 15,806
v3.25.1
Lease liabilities - Lease payment maturity analysis (undiscounted) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disclosure of maturity analysis of operating lease payments [line items]    
Lease payment maturity analysis (undiscounted) $ 11,365 $ 18,510
Within 1 year    
Disclosure of maturity analysis of operating lease payments [line items]    
Lease payment maturity analysis (undiscounted) 7,485 7,407
1 - 2 years    
Disclosure of maturity analysis of operating lease payments [line items]    
Lease payment maturity analysis (undiscounted) $ 3,880 7,280
2 - 3 years    
Disclosure of maturity analysis of operating lease payments [line items]    
Lease payment maturity analysis (undiscounted)   $ 3,823
v3.25.1
Loans and borrowings (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans and borrowings      
Current $ 58,266 $ 68,909 [1] $ 786
Non-current 344,925 379,966 [1]  
Total 403,191 448,875 786
Mezzanine debt facility      
Loans and borrowings      
Non-current 95,003 85,567  
Senior syndicated facility agreement      
Loans and borrowings      
Current 38,644 53,240  
Non-current 116,032 154,676  
Copper purchase agreement      
Loans and borrowings      
Current 10,275 6,414  
Non-current 75,636 78,404  
Silver purchase agreement      
Loans and borrowings      
Current 9,347 9,255  
Non-current $ 58,254 $ 61,319  
Promissory note - related party      
Loans and borrowings      
Current     $ 786
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Loans and borrowings - Reconciliation of movement in loans and borrowings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans and borrowings      
Balance $ 448,875 $ 786  
Issue of promissory note   1,082 $ 786
Amounts borrowed during the year classified as loans and borrowings   458,637  
Interest capitalized to loans and borrowings   10,339  
Finance costs and loan arrangement fees deducted from borrowings   (13,343)  
Amortization expense 30,036 10,431  
Adjustment for recognition of Copper Purchase agreement derivative liability   4,430  
Repayment of loans and borrowings (56,850) (14,140)  
Copper and silver delivered against copper and silver stream (18,870) (7,479)  
Conversion of promissory note to Private Placement Warrants   (786)  
Balance $ 403,191 $ 448,875 $ 786
v3.25.1
Loans and borrowings - Terms and conditions of Mezzanine debt facility (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Mar. 10, 2023
USD ($)
D
item
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Jun. 16, 2023
shares
Apr. 14, 2023
$ / shares
Loans and borrowings            
Number of shares purchased for each warrant | shares         1  
Ordinary shares, Par value (in dollars per share) | $ / shares           $ 0.0001
Exercise price of warrants | $ / shares   $ 0.0001        
Fair value of compound embedded derivative   $ 79,244 $ 98,527 $ 7,443    
Financial liability   $ 685,757 $ 868,386 $ 290,151    
Mezz Warrants            
Loans and borrowings            
Number of transferrable share purchase warrants issued | shares   3,187,500 3,187,500 0    
Financial liabilities at fair value through profit or loss            
Loans and borrowings            
Financial liability   $ 220,955 $ 307,841 $ 7,442    
Financial liabilities measured at amortised cost            
Loans and borrowings            
Financial liability   464,802 560,545 $ 282,709    
Mezzanine Debt Facility            
Loans and borrowings            
Total funding available to the Group $ 135,000          
Number of transferrable share purchase warrants issued | shares 3,187,500          
Number of shares purchased for each warrant | shares 1          
Ordinary shares, Par value (in dollars per share) | $ / shares $ 0.0001          
Exercise price of warrants | $ / shares $ 12.5          
Number of times by which ordinary shares trading price exceeds the exercise price of warrants, considered for acceleration of the exercise date of Mezz Warrants | item 2          
Number of consecutive trading days, considered for acceleration of the exercise date of Mezz Warrants | D 20          
Number of days written notice required for redemption of the borrowings | D 5          
Prepayment interest premium (as a percent) 4.00%          
Financial liability $ 79,237          
Discount and transaction costs incurred   3,700        
Mezzanine Debt Facility | Mezz Warrants            
Loans and borrowings            
Fair value of compound embedded derivative 13,665          
Mezzanine Debt Facility | Mezz Facility embedded derivative            
Loans and borrowings            
Fair value of compound embedded derivative $ 42,098          
Mezzanine Debt Facility | Financial liabilities at fair value through profit or loss | Mezz Warrants            
Loans and borrowings            
Fair value of compound embedded derivative   11,066 16,906      
Discount and transaction costs incurred   100        
Mezzanine Debt Facility | Financial liabilities at fair value through profit or loss | Mezz Facility embedded derivative            
Loans and borrowings            
Fair value of compound embedded derivative   34,713 $ 42,635      
Discount and transaction costs incurred   300        
Mezzanine Debt Facility | Financial liabilities measured at amortised cost            
Loans and borrowings            
Discount and transaction costs incurred   $ 3,300        
Mezzanine Debt Facility | Minimum            
Loans and borrowings            
Interest rate in addition to Interest Rate Margin (as a percent) 2.00%          
v3.25.1
Loans and borrowings - Mezzanine debt facility - Margin rate and composition of interest payments (Details) - Mezzanine Debt Facility
Mar. 10, 2023
If LME Copper Price less then $3.40/LB  
Loans and borrowings  
Margin rate (as a percent) 12.00%
Interest payments, capitalised to principal (as a percent) 100.00%
Interest payments, cash (as a percent) 0.00%
If LME Copper Price >$3.40/lb to $3.85/lb  
Loans and borrowings  
Margin rate (as a percent) 10.00%
Interest payments, capitalised to principal (as a percent) 60.00%
Interest payments, cash (as a percent) 40.00%
If LME Copper Price >$3.85/lb  
Loans and borrowings  
Margin rate (as a percent) 8.00%
Interest payments, capitalised to principal (as a percent) 0.00%
Interest payments, cash (as a percent) 100.00%
v3.25.1
Loans and borrowings - Terms and conditions of Senior Syndicated Facility Agreement (Details)
$ in Thousands
 1 Months Ended
Jun. 14, 2023
USD ($)
Feb. 28, 2023
USD ($)
facility
D
Dec. 31, 2024
Senior Syndicated Facility Agreement      
Loans and borrowings      
Number of credit facilities | facility   2  
Principal amount   $ 25,000  
Minimum required Debt Service Cover Ratio     1.2
Margin rate (as a percent)   3.00%  
Default additional interest rate on overdue payments (as a percent)   2.00%  
Minimum percentage of scheduled copper production to be hedged   30.00%  
Senior Syndicated Facility Agreement | Minimum      
Loans and borrowings      
Interest rate in addition to Interest Rate Margin per day (as a percent)   0.00%  
Facility A      
Loans and borrowings      
Principal amount   $ 205,000  
Minimum required Debt Service Cover Ratio   1.5  
Loan life (in years)   5 years  
Number of days written notice required for redemption of the borrowings | D   5  
Minimum required amount of prepayment   $ 500  
Discount and transaction costs incurred $ 10,000    
Facility B      
Loans and borrowings      
Principal amount   $ 25,000  
Loan life (in years)   3 years  
Number of days written notice required for redemption of the borrowings | D   5  
Minimum required amount of prepayment   $ 2,000  
v3.25.1
Loans and borrowings - Terms and conditions of Copper Purchase Agreement (Details) - USD ($)
$ in Thousands
Jun. 16, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans and borrowings        
Financial liability   $ 685,757 $ 868,386 $ 290,151
Fair value of compound embedded derivative     4,001  
Copper Purchase Agreement        
Loans and borrowings        
Available Copper Deposit $ 75,000      
Produced copper payable (as a percent) 96.20%      
Deliveries made towards the Copper Stream   6,752 0  
Copper Cash Price receivable for one tonne of refined copper delivered (as a percent) 4.00%      
Threshold amount of Copper Deposit up to which the difference between the Copper Market Price and the Copper Cash Price will be credited $ 0      
Financial liability 79,430      
Fair value of compound embedded derivative $ 4,430 $ 5,182 $ 773  
Effective interest rate (as a percent) 12.21%   12.21%  
v3.25.1
Loans and borrowings - Copper Purchase Agreement - Copper Stream Percentage (Details) - Copper Purchase Agreement
Jun. 16, 2023
T
Loans and borrowings  
First Stream Percentage to be made during 1st Anniversary of the Closing Date to 5th Anniversary 3.00%
Second-Threshold Stream Percentage to be made at the 5th Anniversary until Threshold Quantity of refined copper delivered 4.875%
Tail Stream Percentage to be made thereafter from the date that the Threshold Quantity has been met 2.25%
Threshold Quantity (in metric tonnes) 33,000
v3.25.1
Loans and borrowings - Copper Purchase Agreement - Buy-Down Options (Details) - Copper Purchase Agreement
$ in Thousands
Jun. 16, 2023
USD ($)
T
Loans and borrowings  
Second-Threshold Stream Percentage (as a percent) 4.875%
Tail Stream Percentage (as a percent) 2.25%
Threshold Quantity (in metric tonnes) 33,000
Buy-Down Option 1  
Loans and borrowings  
Buy-Down Amount | $ $ 40,000
Second-Threshold Stream Percentage (as a percent) 3.25%
Tail Stream Percentage (as a percent) 1.50%
Threshold Quantity (in metric tonnes) 23,900
Buy-Down Option 2  
Loans and borrowings  
Buy-Down Amount | $ $ 20,000
Second-Threshold Stream Percentage (as a percent) 4.0625%
Tail Stream Percentage (as a percent) 1.875%
Threshold Quantity (in metric tonnes) 28,450
v3.25.1
Loans and borrowings - Terms and conditions of Silver Purchase Agreement (Details) - USD ($)
$ in Thousands
Jun. 16, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Loans and borrowings        
Fair value of compound embedded derivative     $ 4,001  
Financial liability   $ 685,757 868,386 $ 290,151
Silver Purchase Agreement        
Loans and borrowings        
Total funding available to the Group $ 75,000      
Refined silver to be delivered, as a percentage of payable silver (as a percent) 100.00%      
Produced Silver payable (as a percent) 90.00%      
Deliveries made towards the Copper Stream   19,598 7,479  
Silver Cash Price receivable for one ounce of refined silver delivered (as a percent) 4.00%      
Threshold amount of Copper Deposit up to which the difference between the Copper Market Price and the Copper Cash Price will be credited $ 0      
Fair value of compound embedded derivative 0 $ 16,163 $ 3,090  
Financial liability $ 75,000      
Effective interest rate (as a percent)   8.57% 8.57%  
v3.25.1
Loans and borrowings - Loan covenants (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Mezzanine Debt Facility  
Loans and borrowings  
Minimum Available Cash and Cash Equivalent Investments required to be held $ 30,000
Minimum required Reserve Tail Ratio projection (as a percent) 25.00%
Mezzanine Debt Facility | If no amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.25
Maximum required Total Net Debt to EBITDA ratio, thereafter 3
Mezzanine Debt Facility | If any amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.5
Maximum required Total Net Debt to EBITDA ratio, thereafter 3.25
Senior Syndicated Facility Agreement  
Loans and borrowings  
Minimum Available Cash and Cash Equivalent Investments required to be held $ 30,000
Minimum required Reserve Tail Ratio projection (as a percent) 25.00%
Minimum required Debt Service Coverage Ratio, in respect of any rolling period of 12 consecutive months ending on 31 March, 30 June, 30 September, and 31 December 1.2
Cash flow forecast period 5 years
Minimum required Forecast Cash Flow Coverage Ratio 1.25
Maximum required Net Debt to EBITDA 2.5
Senior Syndicated Facility Agreement | If no amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.25
Maximum required Total Net Debt to EBITDA ratio, thereafter 3.00
Senior Syndicated Facility Agreement | If any amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.50
Maximum required Total Net Debt to EBITDA ratio, thereafter 3.25
Copper Purchase Agreement  
Loans and borrowings  
Minimum Available Cash and Cash Equivalent Investments required to be held $ 30,000
Maximum required Total Net Debt to EBITDA ratio, thereafter 3.25
Minimum required Reserve Tail Ratio projection (as a percent) 25.00%
Threshold amount of Uncredited Deposit after reduction, considered for maintenance of Reserve Tail Ratio $ 0
Maximum required Total Net Debt to EBITDA ratio during the period from the Closing Date of the Copper Stream to the first anniversary date 3.5
Silver Purchase Agreement  
Loans and borrowings  
Minimum Available Cash and Cash Equivalent Investments required to be held $ 30,000
Minimum required Reserve Tail Ratio projection (as a percent) 25.00%
Threshold amount of Uncredited Deposit after reduction, considered for maintenance of Reserve Tail Ratio $ 0
Silver Purchase Agreement | If no amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.25
Maximum required Total Net Debt to EBITDA ratio, thereafter 3
Silver Purchase Agreement | If any amounts are outstanding under the Copper Stream  
Loans and borrowings  
Maximum required Total Net Debt to EBITDA ratio during the first calendar year 3.5
Maximum required Total Net Debt to EBITDA ratio, thereafter 3.25
v3.25.1
Provisions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Disclosure of other provisions [line items]    
Beginning of net book value $ 41,778  
Assumed through business combination   $ 40,371
Additions 275 1,943
Released (9,514) (1,499)
Accretion 1,077 1,028
Movements from foreign exchange impact 288 (65)
Ending of net book value 33,904 41,778
Current 13,357 13,273
Non-current 20,547 28,505
Employee Entitlements    
Disclosure of other provisions [line items]    
Beginning of net book value 14,041  
Assumed through business combination   12,244
Additions 275 1,943
Movements from foreign exchange impact 290 (146)
Ending of net book value 14,606 14,041
Current 13,357 13,220
Non-current 1,249 821
Rehabilitation Costs    
Disclosure of other provisions [line items]    
Beginning of net book value 24,956  
Assumed through business combination   25,346
Released (6,735) (1,499)
Accretion 1,077 1,028
Movements from foreign exchange impact   81
Ending of net book value 19,298 24,956
Non-current $ 19,298 $ 24,956
Rehabilitation period 3 years  
Property holding costs period 10 years  
Discount rate for provisions 1.77% 1.77%
Other    
Disclosure of other provisions [line items]    
Beginning of net book value $ 2,781  
Assumed through business combination   $ 2,781
Released (2,779)  
Movements from foreign exchange impact $ (2)  
Ending of net book value   2,781
Current   53
Non-current   $ 2,728
v3.25.1
Liability for cash-settled share-based payments - Description of share-based payment arrangements (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
Liability for cash-settled share-based payments      
Liability for cash-settled share-based payments | $ $ 5,631 $ 3,193 [1] $ 0
12 months      
Liability for cash-settled share-based payments      
Eligible to vest 33.33%    
24 months      
Liability for cash-settled share-based payments      
Eligible to vest 33.33%    
36 months      
Liability for cash-settled share-based payments      
Eligible to vest 33.33%    
DSU      
Liability for cash-settled share-based payments      
Granted shares 42,690 50,900  
Settled shares 17,284 0  
Outstanding shares 76,306 50,900  
Liability for cash-settled share-based payments | $ $ 810 $ 629  
PSU      
Liability for cash-settled share-based payments      
Granted shares 148,777 212,965  
Outstanding shares 353,445 212,965  
Forfeited shares 8,297 0  
Liability for cash-settled share-based payments | $ $ 1,698 $ 664  
PSU | 25th percentile      
Liability for cash-settled share-based payments      
Eligible to vest 0.00%    
PSU | Greater than 25th percentile      
Liability for cash-settled share-based payments      
Eligible to vest 50.00%    
PSU | Greater than 50th percentile      
Liability for cash-settled share-based payments      
Eligible to vest 100.00%    
PSU | Greater than 75th percentile      
Liability for cash-settled share-based payments      
Eligible to vest 175.00%    
PSU | Greater than 90th percentile      
Liability for cash-settled share-based payments      
Eligible to vest 225.00%    
RSU      
Liability for cash-settled share-based payments      
Granted shares 207,621 470,603  
Outstanding shares 452,390 455,603  
Forfeited shares 9,657 15,000  
Liability for cash-settled share-based payments | $ $ 3,123 $ 1,900  
RSU | Cash Settlement      
Liability for cash-settled share-based payments      
Settled shares 168,627 0  
RSU | Equity settlement      
Liability for cash-settled share-based payments      
Settled shares 32,550 0  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Liability for cash-settled share-based payments - Measurement of fair values (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
DSU      
Liability for cash-settled share-based payments      
Fair value   $ 10.62 $ 12.36
Share price   $ 10.62 12.36
Exercise price $ 0   $ 0
Expected dividends   0.00% 0.00%
Risk-free interest rate (based on government bonds)   4.57% 3.88%
DSU | Weighted average      
Liability for cash-settled share-based payments      
Expected volatility   45.00% 50.00%
PSU      
Liability for cash-settled share-based payments      
Fair value     $ 20.28
Share price   $ 10.62 12.36
Exercise price   $ 0 $ 0
Expected life - years     2 years 6 months
Expected dividends   0.00% 0.00%
Risk-free interest rate (based on government bonds)   4.57% 3.88%
PSU | Minimum      
Liability for cash-settled share-based payments      
Fair value   $ 12.44  
Expected life - years   1 year 6 months  
PSU | Maximum      
Liability for cash-settled share-based payments      
Fair value   $ 13.11  
Expected life - years   2 years  
PSU | Weighted average      
Liability for cash-settled share-based payments      
Expected volatility   45.00% 50.00%
RSU      
Liability for cash-settled share-based payments      
Fair value   $ 10.62 $ 12.36
Share price   10.62 12.36
Exercise price   $ 0 $ 0
Expected life - years   11 months 15 days 1 year 5 months 15 days
Expected dividends   0.00% 0.00%
Risk-free interest rate (based on government bonds)   4.57% 3.88%
RSU | Weighted average      
Liability for cash-settled share-based payments      
Expected volatility   45.00% 50.00%
v3.25.1
Liability for cash-settled share-based payments - Expense recognized in profit or loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for cash-settled share-based payments      
Employee benefit expenses related to the cash-settled share-based payment arrangements $ 5,517 $ 3,315 $ 224
v3.25.1
Other financial liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other financial liabilities.      
Deferred consideration - current   $ 81,129  
Contingent consideration - current $ 23,680    
Contingent royalty liability - current 5,592 5,587  
Deferred underwriting discount - current   7,280 $ 9,280
Deferred liabilities - current   500 7,239
Financial liabilities arising from sale and leaseback transaction - current 213 193  
Other financial liabilities - current 29,485 94,689 [1] 16,519
Contingent consideration - noncurrent 70,370 84,200  
Contingent royalty liability - noncurrent 42,069 38,398  
Redeemable Class A ordinary shares - noncurrent     264,477
Financial liabilities arising from sale and leaseback transaction - noncurrent 115 329  
Other financial liabilities - noncurrent 112,554 122,927 [1] 264,477
Total other financial liabilities $ 142,039 $ 217,616 $ 280,996
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Other financial liabilities - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 16, 2023
Other Financial Liabilities        
Percentage of cash underwriting discount 2.00%      
Underwriting expense $ 7,280      
Share capital        
Other Financial Liabilities        
Underwriting expense 5,303      
Glencore        
Other Financial Liabilities        
Underwriting expense 0 $ 500 $ 3,373  
Legal and professional fees 5,079      
Deferred fees $ 0 $ 0 $ 2,995  
CMPL        
Other Financial Liabilities        
Contingent Royalty Liability       $ 43,130
Contingent consideration       $ 81,000
v3.25.1
Financial instruments and financial risk management - Market risk, Commodity price risk (Details) - Commodity price risk - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financial instruments and financial risk management    
Percentage of reasonably possible increase (decrease) in risk assumption 10.00%  
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component $ 9,094 $ 8,507
v3.25.1
Financial instruments and financial risk management - Market risk, Currency risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Financial instruments and financial risk management      
Foreign currency denominated monetary assets $ 183,191 $ 69,615 $ 269,004
Financial liability 685,757 868,386 $ 290,151
Net assets 555,493 268,027 [1]  
Currency risk      
Financial instruments and financial risk management      
Net assets 12,649 (59,837)  
Currency risk | Cash and cash equivalents      
Financial instruments and financial risk management      
Foreign currency denominated monetary assets 76,497 1,446  
Currency risk | Trade and other receivables      
Financial instruments and financial risk management      
Foreign currency denominated monetary assets 661 1,786  
Currency risk | Trade and other payables      
Financial instruments and financial risk management      
Financial liability (48,049) (47,263)  
Currency risk | Lease liabilities      
Financial instruments and financial risk management      
Financial liability (16,460) (15,806)  
Currency risk | Australian Dollar      
Financial instruments and financial risk management      
Net assets 12,674 (59,806)  
Currency risk | Australian Dollar | Cash and cash equivalents      
Financial instruments and financial risk management      
Foreign currency denominated monetary assets 76,497 1,446  
Currency risk | Australian Dollar | Trade and other receivables      
Financial instruments and financial risk management      
Foreign currency denominated monetary assets 661 1,786  
Currency risk | Australian Dollar | Trade and other payables      
Financial instruments and financial risk management      
Financial liability (48,024) (47,232)  
Currency risk | Australian Dollar | Lease liabilities      
Financial instruments and financial risk management      
Financial liability (16,460) (15,806)  
Currency risk | Euro      
Financial instruments and financial risk management      
Net assets (25) (31)  
Currency risk | Euro | Trade and other payables      
Financial instruments and financial risk management      
Financial liability $ (25) $ (31)  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Financial instruments and financial risk management - Market risk, Currency risk, sensitivity analyses (Details) - Currency risk - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financial instruments and financial risk management    
Percentage of reasonably possible increase (decrease) in risk assumption 10.00%  
Australian Dollar    
Financial instruments and financial risk management    
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component $ 788 $ 5,981
Other    
Financial instruments and financial risk management    
Increase (decrease) in profit and loss due to reasonably possible increase (decrease) in designated risk component $ 2 $ 3
v3.25.1
Financial instruments and financial risk management - Market risk, Interest rate risk (Details) - Interest rate risk - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Financial instruments and financial risk management    
Percentage of reasonably possible increase (decrease) in risk assumption 1.00%  
Increase (decrease) in interest expense due to reasonably possible increase (decrease) in designated risk component $ 851 $ 913
v3.25.1
Financial instruments and financial risk management - Credit risk (Details) - Credit risk - Glencore
 12 Months Ended
Dec. 31, 2024
Financial instruments and financial risk management  
Percentage of trade receivables 100.00%
Percentage of total revenue 100.00%
v3.25.1
Financial instruments and financial risk management - Liquidity risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Maturity profile of the Group's financial liabilities based on contractual terms        
Cash and cash equivalents $ 171,897 $ 32,372 [1] $ 42 $ 955
Carrying amount        
Outstanding amount 403,191 448,875 786  
Carrying amount 685,757 868,386 290,151  
Derivative financial liabilities 79,244 98,527 7,443  
Liquidity risk        
Maturity profile of the Group's financial liabilities based on contractual terms        
Cash and cash equivalents 171,897 32,372 42  
Carrying amount        
Trade payables and accrued liabilities 51,050 89,921 927  
Outstanding amount     786  
Carrying amount 466,361 551,355 1,713  
Liquidity risk | Within 1 year        
Carrying amount        
Trade payables and accrued liabilities     927  
Outstanding amount     786  
Carrying amount 156,470 207,661 $ 1,713  
Contractual cash flows        
Trade payables and accrued liabilities 51,050 89,921    
Liquidity risk | 1 - 2 years        
Carrying amount        
Carrying amount 176,713 102,283    
Liquidity risk | More than 2 years        
Carrying amount        
Carrying amount 485,287 604,212    
Liquidity risk | Mezzanine Debt Facility        
Carrying amount        
Outstanding amount 95,003 85,567    
Liquidity risk | Mezzanine Debt Facility | Within 1 year        
Contractual cash flows        
Lease liabilities - undiscounted 21,087 24,888    
Liquidity risk | Mezzanine Debt Facility | 1 - 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 21,087 22,592    
Liquidity risk | Mezzanine Debt Facility | More than 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 176,073 200,859    
Liquidity risk | Senior Syndicated Facility Agreement        
Carrying amount        
Outstanding amount 154,676 207,916    
Liquidity risk | Senior Syndicated Facility Agreement | Within 1 year        
Contractual cash flows        
Lease liabilities - undiscounted 54,247 72,546    
Liquidity risk | Senior Syndicated Facility Agreement | 1 - 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 123,457 53,817    
Liquidity risk | Senior Syndicated Facility Agreement | More than 2 years        
Contractual cash flows        
Lease liabilities - undiscounted   121,542    
Liquidity risk | Copper Purchase Agreement        
Carrying amount        
Outstanding amount 85,911 84,818    
Liquidity risk | Copper Purchase Agreement | Within 1 year        
Contractual cash flows        
Lease liabilities - undiscounted 10,444 6,414    
Liquidity risk | Copper Purchase Agreement | 1 - 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 12,160 11,281    
Liquidity risk | Copper Purchase Agreement | More than 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 185,201 175,836    
Liquidity risk | Silver Purchase Agreement        
Carrying amount        
Outstanding amount 67,601 70,574    
Liquidity risk | Silver Purchase Agreement | Within 1 year        
Contractual cash flows        
Lease liabilities - undiscounted 12,007 9,255    
Liquidity risk | Silver Purchase Agreement | 1 - 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 14,628 8,987    
Liquidity risk | Silver Purchase Agreement | More than 2 years        
Contractual cash flows        
Lease liabilities - undiscounted 124,013 102,931    
Liquidity risk | Commodity swap liability        
Carrying amount        
Outstanding amount   12,559    
Carrying amount 12,120      
Liquidity risk | Commodity swap liability | Within 1 year        
Carrying amount        
Carrying amount 7,635 4,637    
Liquidity risk | Commodity swap liability | 1 - 2 years        
Carrying amount        
Carrying amount $ 5,381 5,606    
Liquidity risk | Commodity swap liability | More than 2 years        
Carrying amount        
Carrying amount   $ 3,044    
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Fair value measurement (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Commodity swap liability      
Financial assets, carrying value $ 183,191 $ 69,615 $ 269,004
Financial assets, fair value 183,191 69,615 269,004
Financial liability 685,757 868,386 290,151
Financial liabilities, fair value 697,092 878,498 294,583
Financial liabilities measured at amortised cost      
Commodity swap liability      
Financial liability 464,802 560,545 282,709
Financial liabilities, fair value 476,137 570,657 287,141
Financial liabilities at fair value through profit or loss      
Commodity swap liability      
Financial liability 220,955 307,841 7,442
Financial liabilities, fair value 220,955 307,841 7,442
Trade and other payables | Financial liabilities measured at amortised cost      
Commodity swap liability      
Financial liability 51,050 87,562 927
Financial liabilities, fair value 51,050 87,562 927
Lease liability | Financial liabilities measured at amortised cost      
Commodity swap liability      
Financial liability 10,233 15,806  
Financial liabilities, fair value 10,233 15,806  
Loans and borrowings | Financial liabilities measured at amortised cost | Level 2      
Commodity swap liability      
Financial liability 403,191 448,875 786
Financial liabilities, fair value 414,526 458,987 786
Other financial liabilities (excluding contingent consideration) | Financial liabilities measured at amortised cost      
Commodity swap liability      
Financial liability 328 8,302 280,996
Financial liabilities, fair value 328 8,302 285,428
Royalty Deed | Level 3      
Commodity swap liability      
Financial liability 47,661 43,985  
Financial liabilities, fair value 47,661 43,985  
Contingent copper consideration | Level 3      
Commodity swap liability      
Financial liability 94,050 84,200  
Financial liabilities, fair value 94,050 84,200  
Deferred consideration | Level 2      
Commodity swap liability      
Financial liability   81,129  
Financial liabilities, fair value   81,129  
Public warrants | Level 1      
Commodity swap liability      
Financial liability   15,113 4,335
Financial liabilities, fair value   15,113 4,335
Private warrants | Level 2      
Commodity swap liability      
Financial liability   11,176 3,107
Financial liabilities, fair value   11,176 3,107
Mezz Warrants | Level 3      
Commodity swap liability      
Financial liability 11,066 16,906  
Financial liabilities, fair value 11,066 16,906  
Mezz Facility embedded derivative | Level 2      
Commodity swap liability      
Financial liability 34,713 42,635  
Financial liabilities, fair value 34,713 42,635  
Copper stream embedded derivative | Level 3      
Commodity swap liability      
Financial liability 5,182 138  
Financial liabilities, fair value 5,182 138  
Commodity swap liability | Level 2      
Commodity swap liability      
Financial liability 12,120 12,559  
Financial liabilities, fair value 12,120 12,559  
Cash and cash equivalents | Fair value through profit or loss | Level 1      
Commodity swap liability      
Financial assets, carrying value 171,897 32,372 42
Financial assets, fair value 171,897 32,372 42
Trade and other receivables | Fair value through profit or loss | Level 1      
Commodity swap liability      
Financial assets, carrying value 7,310 33,242 53
Financial assets, fair value 7,310 33,242 53
Investment in equity instruments | Fair value through profit or loss | Level 1      
Commodity swap liability      
Financial assets, carrying value 3,984    
Financial assets, fair value 3,984    
Investment in marketable securities | Fair value through profit or loss | Level 1      
Commodity swap liability      
Financial assets, carrying value     268,909
Financial assets, fair value     $ 268,909
Silver stream embedded derivative | Level 3      
Commodity swap liability      
Financial liability 16,163    
Financial liabilities, fair value $ 16,163    
Silver stream embedded derivative | Fair value through profit or loss | Level 3      
Commodity swap liability      
Financial assets, carrying value   3,090  
Financial assets, fair value   3,090  
Copper stream embedded derivative | Fair value through profit or loss | Level 3      
Commodity swap liability      
Financial assets, carrying value   911  
Financial assets, fair value   $ 911  
v3.25.1
Fair value measurement - Transfer between levels (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair value measurement      
Transfer of assets from level 1 to level 2 $ 0 $ 0 $ 0
Transfer of assets from level 2 to level 1 0 0 0
Transfer of assets into level 3 0 0 0
Transfer of assets out of level 3 0 0 0
Transfer of liabilities from level 1 to level 2 0 0 0
Transfer of liabilities from level 2 to level 1 0 0 0
Transfer of liabilities into level 3 0 0 0
Transfer of liabilities out of level 3 $ 0 $ 0 $ 0
v3.25.1
Fair value measurement - Fair values of the Group's derivative financial assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Commodity swap liability        
Derivative financial assets [1]   $ 234    
Derivative financial assets [1]   3,767    
Total derivative financial assets   4,001    
Current derivative financial liabilities $ 22,179 17,130 [1]    
Non-current derivative financial liabilities 57,065 81,397 [1] $ 7,443  
Total derivative financial liabilities 79,244 98,527 7,443  
Warrant liability        
Commodity swap liability        
Non-current derivative financial liabilities 11,066 43,195 7,443  
Mezz Facility embedded derivative        
Commodity swap liability        
Current derivative financial liabilities 11,587 12,473    
Non-current derivative financial liabilities 23,126 30,162    
Copper stream embedded derivative        
Commodity swap liability        
Current derivative financial liabilities 981 138    
Commodity swap liability        
Commodity swap liability        
Current derivative financial liabilities 7,045 4,519    
Non-current derivative financial liabilities 5,075 8,040    
Silver stream embedded derivative        
Commodity swap liability        
Derivative financial assets   234    
Derivative financial assets   2,856    
Total derivative financial assets (16,163) 3,090    
Current derivative financial liabilities 2,566      
Non-current derivative financial liabilities 13,597      
Copper stream embedded derivative        
Commodity swap liability        
Derivative financial assets   911    
Total derivative financial assets (5,182) $ 773 $ 0 $ 0
Non-current derivative financial liabilities $ 4,201      
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Fair value measurement - Silver stream embedded derivative, key inputs were used (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Key inputs used for valuation    
Percentage of assets 5.00%  
Percentage of possible decrease in unobservable assets 5.00%  
Silver stream embedded derivative | Spot price    
Key inputs used for valuation    
Significant unobservable input, asset 28.91 24.13
Percentage of liabilities 5.00%  
Increase (decrease) in fair value $ 4,421,000  
Percentage of possible decrease in unobservable liabilities 5.00%  
Increase (decrease) in fair value measurement liabilities $ 4,421,000  
Increase in fair value measurement assets   $ 3,631,000
Decrease in fair value measurement assets   $ 3,631,000
Silver stream embedded derivative | Own credit spread    
Key inputs used for valuation    
Significant unobservable input, asset 7.99 8.26
v3.25.1
Fair value measurement - Silver stream embedded derivative, continuity schedule (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Continuity schedule for embedded derivative    
Balance, beginning of period $ 4,001  
Balance, end of period   $ 4,001
Silver stream embedded derivative    
Continuity schedule for embedded derivative    
Balance, beginning of period 3,090  
Change in fair value (19,253) 3,090
Balance, end of period $ (16,163) $ 3,090
v3.25.1
Fair value measurement - Copper stream embedded derivative, key inputs were used (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Key inputs used for valuation    
Percentage of assets 5.00%  
Percentage of possible decrease in unobservable assets 5.00%  
Copper stream embedded derivative | Spot price    
Key inputs used for valuation    
Significant unobservable input, asset 8,653 8,556
Percentage of liabilities 5.00%  
Increase (decrease) in fair value $ 4,488  
Percentage of possible decrease in unobservable liabilities 5.00%  
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, liabilities $ 4,525  
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets   $ 4,053
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, assets   $ 4,083
Copper stream embedded derivative | Price volatility    
Key inputs used for valuation    
Significant unobservable input, asset 23.55 22.87
Copper stream embedded derivative | Own credit spread    
Key inputs used for valuation    
Significant unobservable input, asset 8.67 8.94
v3.25.1
Fair value measurement - Copper stream embedded derivative, continuity schedule (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Continuity schedule for embedded derivative    
Balance, beginning of period $ 4,001  
Balance, end of period   $ 4,001
Copper stream embedded derivative    
Continuity schedule for embedded derivative    
Balance, beginning of period 773 0
Initial recognition   4,430
Change in fair value (5,955) (3,657)
Balance, end of period $ (5,182) $ 773
v3.25.1
Fair value measurement - Warrants schedule (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Continuity schedule      
Balance, beginning of period [1] $ 1,037,441    
Balance, end of period 852,093 $ 1,037,441 [1]  
Public warrants      
Continuity schedule      
Balance, beginning of period 15,113 4,335 $ 5,174
Change in fair value 22,655 10,778 (839)
Redemption of warrants (37,768)    
Exercise of warrants 37,768    
Balance, end of period   15,113 4,335
Private Placement Warrants      
Continuity schedule      
Balance, beginning of period 11,176 3,108 3,266
Promissory note conversion warrants   103  
Issuance of warrants     480
Change in fair value 16,754 7,965 (638)
Redemption of warrants (27,930)    
Exercise of warrants 27,930    
Balance, end of period   11,176 $ 3,108
Mezz Warrants      
Continuity schedule      
Balance, beginning of period 16,906    
Issuance of warrants   13,665  
Change in fair value (5,840) 3,241  
Balance, end of period $ 11,066 $ 16,906  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Fair value measurement - Warrants (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 20, 2021
Fair value measurement of liabilities        
Exercise price of warrants $ 0.0001      
Public warrants        
Fair value measurement of liabilities        
Warrants outstanding     8,838,260 8,838,260
Private Placement Warrants        
Fair value measurement of liabilities        
Warrants outstanding   6,535,304 6,335,304  
Initial recognition     $ 480  
Mezz Warrants        
Fair value measurement of liabilities        
Warrants outstanding   3,187,500    
Number of warrants issued 3,187,500 3,187,500 0  
Initial recognition   $ 13,665    
Public Warrants And Private Placement Warrants        
Fair value measurement of liabilities        
Exercise price of warrants $ 0.1      
v3.25.1
Fair value measurement - Warrants, assumptions used (Details)
Dec. 31, 2024
$ / shares
Y
Dec. 31, 2023
$ / shares
Y
Risk-free rate    
Assumptions used for valuation    
Significant unobservable input, liabilities 0.0402 0.0439
Warrant expected life    
Assumptions used for valuation    
Significant unobservable input, liabilities | Y 3.5 4.5
Expected volatility    
Assumptions used for valuation    
Significant unobservable input, liabilities 0.4923 0.5335
Expected dividend yield    
Assumptions used for valuation    
Significant unobservable input, liabilities 0 0
Share price    
Assumptions used for valuation    
Significant unobservable input, liabilities | $ / shares 10.62 12.36
v3.25.1
Fair value measurement - Mezz Facility embedded derivative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Continuity schedule      
Balance, beginning of period [1] $ 1,037,441    
Balance, end of period 852,093 $ 1,037,441 [1]  
Mezz Facility embedded derivative      
Continuity schedule      
Balance, beginning of period 42,635 0 $ 0
Initial recognition   42,698  
Redemption of warrants (11,822) (8,527)  
Change in fair value 3,900 8,464  
Balance, end of period $ 34,713 $ 42,635 $ 0
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Fair value measurement - Conversion option (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Y
Dec. 31, 2023
USD ($)
Y
Dec. 31, 2022
USD ($)
Assumptions used for valuation      
Derivative financial liabilities | $ $ 79,244 $ 98,527 $ 7,443
Holding period      
Assumptions used for valuation      
Significant unobservable input, liabilities | Y 3.5 4.5  
Risk-free rate      
Assumptions used for valuation      
Significant unobservable input, liabilities 0.0402 0.0439  
Expected volatility      
Assumptions used for valuation      
Significant unobservable input, liabilities 0.4923 0.5335  
v3.25.1
Fair value measurement - Commodity swap liability (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
USD ($)
item
Swap contract [member]  
Commodity swap liability  
Derivative number of agreements | item 3
Commodity Swap Contract with Citibank [Member]  
Commodity swap liability  
Notional quantity | $ 12,255
Fixed price | $ / shares 8,204.49
Commodity Swap Contract with Bank of Montreal [Member]  
Commodity swap liability  
Notional quantity | $ 12,255
Fixed price | $ / shares 8,214.35
Commodity Swap Contract with National Bank of Canada [Member]  
Commodity swap liability  
Notional quantity | $ 12,255
Fixed price | $ / shares 8,112.85
v3.25.1
Fair value measurement - Contingent consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contingent consideration        
Contingent consideration $ 141,711 $ 209,314    
Royalty Deed        
Contingent consideration        
Contingent consideration 47,661 43,985 $ 0 $ 0
Contingent copper consideration        
Contingent consideration        
Contingent consideration $ 94,050 84,200 $ 0 $ 0
Deferred consideration        
Contingent consideration        
Contingent consideration   $ 81,129    
v3.25.1
Fair value measurement - Contingent consideration, Royalty deed (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Continuity schedule    
Balance, beginning of period $ 209,314  
Balance, end of period $ 141,711 $ 209,314
Royalty Deed    
Contingent consideration    
Royalty percentage (in %) 1.50%  
Discount rate 8.00%  
Continuity schedule    
Balance, beginning of period $ 43,985 0
Initial recognition   43,130
Change in fair value 10,966 855
Royalty accruals and payments (7,290)  
Balance, end of period $ 47,661 $ 43,985
v3.25.1
Fair value measurement - Contingent consideration, Contingent copper consideration (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
item
$ / lb
Fair value measurement  
Number of contingent payments | item 2
Copper contingent consideration payment amount | $ $ 75,000
18-month Trigger price 4.25
18-Month period (in months) 18 months
24-month Trigger price 4.5
24-Month period (in months) 24 months
v3.25.1
Fair value measurement - Contingent consideration, Contingent copper consideration, key inputs (Details)
Dec. 31, 2024
$ / lb
Dec. 31, 2023
$ / lb
Price volatility    
Assumptions used for valuation    
Significant unobservable input, liabilities 0.4923 0.5335
Risk-free rate    
Assumptions used for valuation    
Significant unobservable input, liabilities 0.0402 0.0439
Contingent copper consideration | Long-term price    
Assumptions used for valuation    
Significant unobservable input, liabilities 4.25 3.81
Contingent copper consideration | Spot price    
Assumptions used for valuation    
Significant unobservable input, liabilities 3.92 3.84
Contingent copper consideration | Price volatility    
Assumptions used for valuation    
Significant unobservable input, liabilities 20.7 25.12
Contingent copper consideration | Annual inflation rate    
Assumptions used for valuation    
Significant unobservable input, liabilities 1.07 1.14
Contingent copper consideration | Risk-free rate    
Assumptions used for valuation    
Significant unobservable input, liabilities 4.72 4.07
Contingent copper consideration | Reversion factor    
Assumptions used for valuation    
Significant unobservable input, liabilities 11.55 11.55
v3.25.1
Fair value measurement - Contingent consideration, Contingent copper consideration, continuity schedule (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Continuity schedule    
Balance, beginning of period $ 209,314  
Balance, end of period 141,711 $ 209,314
Contingent copper consideration    
Continuity schedule    
Balance, beginning of period 84,200 0
Initial recognition   81,000
Change in fair value 9,850 3,200
Balance, end of period 94,050 84,200
Royalty Deed [Member]    
Continuity schedule    
Balance, beginning of period 43,985 0
Initial recognition   43,130
Change in fair value 10,966 855
Royalty accruals and payments (7,290)  
Balance, end of period $ 47,661 $ 43,985
v3.25.1
Fair value measurement - Contingent consideration, Deferred consideration (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Fair value measurement  
Deferred cash payment $ 75,000
v3.25.1
Capital Management (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Capital management        
Loans and borrowings $ 403,191 $ 448,875 $ 786  
Lease liabilities 10,233 15,806    
Trade and other payables 51,050 87,562 [1] 927  
Derivative financial liabilities 79,244 98,527 7,443  
Other financial liabilities 142,039 217,616 280,996  
Cash (171,897) (32,372) [1] (42) $ (955)
Net debt 513,860 836,014 290,110  
Equity $ 555,493 $ 268,027 [1] $ (19,961) $ 4,064
Net debt equity ratio 0.0093 0.0312 (0.1453)  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Share capital, share premium and other capital reserves - Schedule of ordinary shares (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share capital      
Beginning balance [1] $ 5    
Issue of shares 312,480    
Share issuance cost (9,810) $ (6,771)  
Ending balance 8 5 [1]  
Share Premium      
Beginning balance [1] 432,295    
Redemption of warrants 65,854    
Ending balance 801,445 432,295 [1]  
Other capital reserves      
Beginning balance [1] 1,212    
Contribution of conversion price in excess of fair value of warrants   198 $ 945
Amount in excess of the face value over the present value on related promissory note   69  
Ending balance 1,212 1,212 [1]  
DSU      
Share Premium      
Redemption 246    
RSU      
Share Premium      
Redemption $ 383    
Public shareholders - non-redemption      
Share capital      
Issue of shares   34,431  
Glencore      
Share capital      
Rollover shares - Glencore   100,000  
PIPE | Osisko      
Share capital      
Issue of shares   15,000  
PIPE | Sprott      
Share capital      
Issue of shares   15,000  
PIPE | BlackRock      
Share capital      
Issue of shares   45,000  
PIPE A and PIPE B      
Share capital      
Issue of shares   184,517  
Backstop facility | Osisko      
Share capital      
Issue of shares   $ 25,000  
Ordinary shares      
Number of shares      
Beginning balance (in shares) 50,236,544 6,628,695 6,628,695
Issued during the year (in shares) 32,201,887 43,607,849  
Redemption of warrants (in shares) 4,701,071    
Ending balance (in shares) 82,438,431 50,236,544 6,628,695
Share capital      
Beginning balance $ 5 $ 1 $ 1
Proceeds from issuance of shares 3 4  
Ending balance 8 5 1
Share Premium      
Beginning balance 432,295 24 24
Redemption of warrants 65,854    
Gross proceeds from issuance of shares 378,960 439,042  
Share issuance cost (9,810) (6,771)  
Ending balance 801,445 432,295 24
Other capital reserves      
Beginning balance 1,212 945  
Issued during the year     945
Contribution of conversion price in excess of fair value of warrants   198  
Amount in excess of the face value over the present value on related promissory note   69  
Gross proceeds from issuance of shares   267  
Ending balance $ 1,212 $ 1,212 $ 945
Ordinary shares | DSU      
Number of shares      
Redemption (in shares) 17,284    
Share Premium      
Redemption $ 246    
Ordinary shares | RSU      
Number of shares      
Redemption (in shares) 32,550    
Share Premium      
Redemption $ 383    
Ordinary shares | Public shareholders - non-redemption      
Number of shares      
Number of of shares issued for acquisition   3,329,006  
Share Premium      
Issued during the year   $ 34,431  
Ordinary shares | Glencore      
Number of shares      
Issued during the year (in shares)   10,000,000  
Share capital      
Rollover shares - Glencore   $ 1  
Share Premium      
Glencore rollover shares   $ 99,999  
Ordinary shares | PIPE | Osisko      
Number of shares      
Issued during the year (in shares)   1,500,000  
Share Premium      
Issued during the year   $ 15,000  
Ordinary shares | PIPE | Sprott      
Number of shares      
Issued during the year (in shares)   1,500,000  
Share Premium      
Issued during the year   $ 15,000  
Ordinary shares | PIPE | BlackRock      
Number of shares      
Issued during the year (in shares)   4,500,000  
Share capital      
Issue of shares   $ 1  
Share Premium      
Issued during the year   $ 44,999  
Ordinary shares | PIPE A and PIPE B      
Number of shares      
Issued during the year (in shares)   18,451,747  
Share capital      
Issue of shares   $ 2  
Share Premium      
Issued during the year   $ 184,515  
Ordinary shares | Backstop facility | Osisko      
Number of shares      
Issued during the year (in shares)   2,500,000  
Share Premium      
Issued during the year   $ 25,000  
Ordinary shares | Pipe Financing October 2023      
Number of shares      
Issued during the year (in shares)   1,827,096  
Share Premium      
Issued during the year   $ 20,098  
Ordinary shares | Private Placement      
Number of shares      
Issued during the year (in shares) 27,450,982    
Share capital      
Issue of shares $ 3    
Share Premium      
Issued during the year $ 312,477    
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
Share capital, share premium and other capital reserves - Additional Information (Details)
$ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands
 1 Months Ended 12 Months Ended
Oct. 15, 2024
USD ($)
shares
Oct. 15, 2024
AUD ($)
$ / shares
shares
Aug. 14, 2024
shares
Jul. 31, 2024
shares
Jun. 14, 2024
shares
Jun. 11, 2024
shares
Feb. 20, 2024
USD ($)
shares
Feb. 20, 2024
AUD ($)
$ / shares
shares
Oct. 13, 2023
USD ($)
$ / shares
shares
Jun. 16, 2023
USD ($)
$ / shares
shares
Apr. 14, 2023
$ / shares
Mar. 20, 2023
USD ($)
$ / shares
shares
Mar. 10, 2023
USD ($)
$ / shares
shares
Sep. 03, 2021
shares
Mar. 31, 2021
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Share capital                                    
Ordinary shares, Par value (in dollars per share) | $ / shares                     $ 0.0001              
Proceeds from issue of share capital | $                               $ 302,668 $ 332,275  
Share issue price (in dollars per share) | $ / shares                     $ 10              
Number Of Shares Issued Upon Conversion Of Each Share Of Merged Entity                   1                
Payments to redeem shares | $                               0    
Share issuance costs | $                               $ 9,810 6,771  
October equity                                    
Share capital                                    
Share issuance costs | $                                 1,008  
CMPL                                    
Share capital                                    
Share issue price (in dollars per share) | $ / shares                   $ 10                
Percentage of issued share capital acquired                   100.00%                
Number of of shares issued for acquisition                   10,000,000                
Value of shares issued for acquisition | $                   $ 100,000                
Share issuance costs | $                                 5,763  
Glencore                                    
Share capital                                    
Value of shares issued for acquisition | $                                 $ 100,000  
PIPE | BlackRock                                    
Share capital                                    
Number of shares issued                               4,500,000    
Proceeds from issue of share capital | $                               $ 45,000    
Share issue price (in dollars per share) | $ / shares                               $ 10    
Number of Founder Shares Transferred                               315,000    
PIPE A and PIPE B                                    
Share capital                                    
Number of shares issued                               18,451,747    
Proceeds from issue of share capital | $                               $ 184,517    
Share issue price (in dollars per share) | $ / shares                               $ 10    
PIPE A                                    
Share capital                                    
Proceeds from issue of share capital | $                               $ 53,328    
PIPE B                                    
Share capital                                    
Proceeds from issue of share capital | $                               $ 131,189    
Initial Public Offering | Chess Depositary Interests                                    
Share capital                                    
Number of shares issued during period             19,117,648 19,117,648                    
Proceeds from issue of share capital             $ 211,708 $ 325,000                    
Share issue price (in dollars per share) | $ / shares               $ 17                    
Share issuance costs | $             $ 6,912                      
Private Placement | Chess Depositary Interests                                    
Share capital                                    
Number of shares issued during period 8,333,334 8,333,334                                
Proceeds from issue of share capital $ 100,769 $ 150,000                                
Share issue price (in dollars per share) | $ / shares   $ 18                                
Share issuance costs | $ $ 2,898                                  
Class A ordinary shares                                    
Share capital                                    
Number of shares authorized                               200,000,000    
Ordinary shares, Par value (in dollars per share) | $ / shares                               $ 0.001    
Number of shares redeemed                   23,185,774                
Redemption price ( in dollars per share) | $ / shares                   $ 10.34                
Number of Shares Converted                   3,329,006                
Share conversion price (in dollars per share) | $ / shares                   $ 10                
Share conversion, value | $                   $ 34,431                
Class B Ordinary Shares                                    
Share capital                                    
Number of shares authorized                               20,000,000    
Ordinary shares, Par value (in dollars per share) | $ / shares                               $ 0.0001    
Number of shares issued during period                             7,187,500      
Number of Shares Subject to Forfeiture                           558,805 0.0001      
Number of Shares Forfeited                             937,500      
Number of shares issued                                 6,628,695 6,628,695
Proceeds from issue of share capital | $                                 $ 25 $ 25
Share issue price (in dollars per share) | $ / shares                                 $ 0.004 $ 0.004
Ordinary share conversion to another class of shares (as a percent)                               20.00%    
Number Of Shares Issued Upon Conversion Of Each Share Of Merged Entity                               1    
Class B Ordinary Shares | Minimum                                    
Share capital                                    
Conversion ratio                               1    
Anchor Investors                                    
Share capital                                    
Number of Sponsor Shares Sold                               1,272,500    
Share issue price (in dollars per share) | $ / shares                               $ 0.003    
Cornerstone Investors                                    
Share capital                                    
Number of Founder Shares Transferred                               985,000    
Ordinary share                                    
Share capital                                    
Number of shares authorized                               220,000,000 220,000,000 100,000,000
Ordinary shares, Par value (in dollars per share) | $ / shares                               $ 0.0001 $ 0.0001 $ 0.0001
Number of shares issued                               82,438,431    
Number of shares outstanding                               82,438,431 50,236,544 6,628,695
Redemption of warrants (in shares)           4,701,071                        
Ordinary share | PIPE | Osisko                                    
Share capital                                    
Number of shares issued                       1,500,000            
Proceeds from issue of share capital | $                       $ 15,000            
Share issue price (in dollars per share) | $ / shares                       $ 10            
Ordinary share | PIPE | Sprott                                    
Share capital                                    
Number of shares issued                         1,500,000          
Proceeds from issue of share capital | $                         $ 15,000          
Share issue price (in dollars per share) | $ / shares                         $ 10          
Ordinary share | Backstop facility | Osisko                                    
Share capital                                    
Number of shares issued                       2,500,000            
Proceeds from issue of share capital | $                       $ 25,000            
Share issue price (in dollars per share) | $ / shares                       $ 10            
Ordinary share | Pipe Financing October 2023                                    
Share capital                                    
Number of shares issued                 1,827,096                  
Proceeds from issue of share capital | $                 $ 20,098                  
Share issue price (in dollars per share) | $ / shares                 $ 11                  
Ordinary share | Class A ordinary shares                                    
Share capital                                    
Number of shares authorized                               220,000,000    
Ordinary share | DSU                                    
Share capital                                    
Redemption (in shares)         17,284                          
Ordinary share | RSU                                    
Share capital                                    
Redemption (in shares)     23,800 8,750                            
Preference shares                                    
Share capital                                    
Number of shares authorized                               25,000,000 25,000,000 0
Ordinary shares, Par value (in dollars per share) | $ / shares                               $ 0.0001 $ 0.0001  
Number of shares issued                               0 0 0
Number of shares outstanding                               0 0 0
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation - Consideration Payable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 16, 2023
Disclosure of detailed information about business combination [line items]    
Deferred Consideration $ 75,000  
CMPL    
Disclosure of detailed information about business combination [line items]    
Percentage of issued share capital acquired   100.00%
Cash consideration   $ 775,000
Less: working capital and other adjustments   (7,980)
Cash consideration on closing   767,020
Royalty deed   43,130
Deferred Consideration   75,000
Contingent copper consideration   81,000
Glencore rollover shares   100,000
Total   1,066,150
CMPL | Provisional as previously reported    
Disclosure of detailed information about business combination [line items]    
Cash consideration   775,000
Less: working capital and other adjustments   (4,484)
Cash consideration on closing   770,516
Royalty deed   43,130
Deferred Consideration   75,000
Contingent copper consideration   81,000
Glencore rollover shares   100,000
Total   1,069,646
CMPL | Final working capital adjustment    
Disclosure of detailed information about business combination [line items]    
Less: working capital and other adjustments   (3,496)
Cash consideration on closing   (3,496)
Total   $ (3,496)
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation - Additional information (Details)
$ in Thousands
 12 Months Ended
Jun. 16, 2023
USD ($)
payment
Jun. 16, 2023
USD ($)
payment
$ / lb
Jun. 16, 2023
USD ($)
D
payment
Jun. 16, 2023
USD ($)
payment
$ / t
Dec. 31, 2024
USD ($)
item
$ / lb
Disclosure of detailed information about business combination [line items]          
Deferred Consideration         $ 75,000
Number of contingent payments | item         2
Copper contingent consideration payment amount         $ 75,000
18-month Trigger price | $ / lb         4.25
18-Month period (in months)         18 months
24-Month period (in months)         24 months
24-month Trigger price | $ / lb         4.5
CMPL          
Disclosure of detailed information about business combination [line items]          
Deferred Consideration $ 75,000 $ 75,000 $ 75,000 $ 75,000  
Ordinary shares issued at a discount (in %) 30.00% 30.00% 30.00% 30.00%  
Trading day period (in days) | D     20    
Copper contingent consideration $ 150,000 $ 150,000 $ 150,000 $ 150,000  
Number of contingent payments | payment 2 2 2 2  
Copper contingent consideration payment amount $ 75,000 $ 75,000 $ 75,000 $ 75,000  
18-month Trigger price   4.25   9,370  
18-Month period (in months) 18 months        
24-Month period (in months) 24 months        
24-month Trigger price   4.5   9,920  
Contingent copper consideration $ 81,000 $ 81,000 $ 81,000 $ 81,000  
Royalty percentage (in %) 1.50% 1.50% 1.50% 1.50%  
Fair value of contingent consideration on acquisition date $ 43,130 $ 43,130 $ 43,130 $ 43,130  
Effective interest rate (in %) 8.00% 8.00% 8.00% 8.00%  
CMPL | Minimum | 3-Month SOFR          
Disclosure of detailed information about business combination [line items]          
Interest rate margin (in %) 8.00% 8.00% 8.00% 8.00%  
CMPL | Maximum          
Disclosure of detailed information about business combination [line items]          
Deferred Consideration $ 75,000 $ 75,000 $ 75,000 $ 75,000  
Percentage of proceeds of equity raise that can be used for deferred consideration (in %) 50.00% 50.00% 50.00% 50.00%  
CMPL | Maximum | 3-Month SOFR          
Disclosure of detailed information about business combination [line items]          
Interest rate margin (in %) 12.00% 12.00% 12.00% 12.00%  
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation - Allocation of assets acquired and liabilities assumed (Details) - CMPL - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 16, 2023
Disclosure of detailed information about business combination [line items]      
Trade and other receivables     $ 1,641
Inventories     32,893
Property, plant and equipment     1,215,828
Exploration and evaluation     17,918
Other assets     1,404
Trade and other payables     (23,569)
Lease liabilities     (504)
Provisions     (40,371)
Deferred tax liabilities     (139,090)
Total net identifiable assets acquired     1,066,150
Transaction costs   $ 12,217  
Revenue since acquisition   158,999  
Copper sales   153,530  
Silver sales   5,469  
Profit since acquisition   18,259  
Pro forma revenue   $ 300,954  
Pro forma loss $ 145,513    
Provisional as previously reported      
Disclosure of detailed information about business combination [line items]      
Trade and other receivables     1,641
Inventories     32,893
Property, plant and equipment     1,216,263
Exploration and evaluation     17,918
Other assets     1,404
Trade and other payables     (23,569)
Lease liabilities     (504)
Provisions     (40,371)
Deferred tax liabilities     (136,029)
Total net identifiable assets acquired     1,069,646
Final working capital adjustment      
Disclosure of detailed information about business combination [line items]      
Property, plant and equipment     (435)
Deferred tax liabilities     (3,061)
Total net identifiable assets acquired     $ (3,496)
v3.25.1
Acquisition of subsidiary and finalization of purchase price allocation - Impacts on the Group's consolidated financial statements (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Property, plant and equipment $ 1,171,049 $ 1,194,480 [1]  
Total assets 1,407,586 1,305,468 [1]  
Liabilities      
Trade and other payables 51,050 87,562 [1] $ 927
Current tax liability 7,314    
Deferred tax liability 119,487 124,084 [1]  
Total liabilities 852,093 1,037,441 [1]  
Net assets $ 555,493 268,027 [1]  
As previously reported      
Assets      
Property, plant and equipment   1,194,915  
Total assets   1,305,903  
Liabilities      
Trade and other payables   89,921  
Current tax liability   1,137  
Deferred tax liability   121,023  
Total liabilities   1,037,876  
Net assets   268,027  
Measurement period adjustment      
Assets      
Property, plant and equipment   (435)  
Total assets   (435)  
Liabilities      
Trade and other payables   (2,359)  
Current tax liability   (1,137)  
Deferred tax liability   3,061  
Total liabilities   $ (435)  
[1] *Refer to Note 26 for the details of restatement of comparatives upon the finalization of purchase price allocation.
v3.25.1
List of subsidiaries (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Metals Acquisition Corp (Australia) Pty Ltd      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00% 100.00%
MAC AU 1 Pty Ltd      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00%  
MAC AU 2 Pty Ltd      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00%  
MAC AU 3 Pty Ltd      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00%  
MAC AU 4 Pty Ltd      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00%  
Cobar Management Pty Limited ("CMPL")      
List of subsidiaries      
Proportion of ownership interest in subsidiary 100.00% 100.00%  
v3.25.1
Related party disclosures - Key management personnel compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related party disclosures      
Short-term employee benefits $ 4,201 $ 2,034  
Post-employment benefits 122 27  
Share-based payments 4,471 3,332 $ 224
Total $ 8,794 $ 5,393 $ 224
v3.25.1
Related party disclosures - Transactions with Glencore (Details)
$ / shares in Units, $ in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 16, 2023
USD ($)
$ / shares
shares
Apr. 14, 2023
$ / shares
Mar. 31, 2023
USD ($)
Dec. 16, 2024
Jun. 16, 2024
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
AUD ($)
Related party disclosures                  
Share issue price (in dollars per share) | $ / shares   $ 10              
Glencore Operations Australia                  
Related party disclosures                  
Contractual commitment             $ 44,683   $ 44,683
Interest rate on guarantee liabilities       6.50% 2.75% 20.00%      
Amount of interest paid           $ 1,623 317 $ 0  
CMPL                  
Related party disclosures                  
Number of of shares issued for acquisition | shares 10,000,000                
Share issue price (in dollars per share) | $ / shares $ 10                
Value of shares issued for acquisition $ 100,000                
Royalty percentage (in %) 1.50%                
Royalty paid           4,870 1,067 0  
Glencore | CMPL                  
Related party disclosures                  
Number of of shares issued for acquisition | shares 10,000,000                
Share issue price (in dollars per share) | $ / shares $ 10                
Value of shares issued for acquisition $ 100,000                
Glencore International AG ("GIAG")                  
Related party disclosures                  
Revenue           340,736 158,999 0  
Glencore International AG ("GIAG") | Copper                  
Related party disclosures                  
Revenue           328,802 153,530 0  
Glencore International AG ("GIAG") | Sliver                  
Related party disclosures                  
Revenue           11,934 5,469 0  
CMPL and Glencore Australia Holdings Pty Ltd                  
Related party disclosures                  
Expense from related party transaction           144 920 0  
Glencore Australia Oil Pty Ltd and CMPL                  
Related party disclosures                  
Expense from related party transaction           3,231 $ 2,450 $ 0  
MAC Australia and Glencore Operations Australia                  
Related party disclosures                  
Decrease in estimated purchase price payable under related party agreement           15,000      
Increase in final adjustment amount payable under related party agreement           15,000      
Interest-free, working capital loan           $ 15,000      
Sponsor                  
Related party disclosures                  
Amount of interest paid     $ 340            
v3.25.1
Related party disclosures - Share subscriptions and private placements (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 14, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Related party disclosures        
Aggregate shares to be issued 11,362,506      
Ordinary shares, Par value (in dollars per share) $ 0.0001      
Share issue price (in dollars per share) $ 10      
Aggregate price of shares to be issued $ 113,625      
Class B Ordinary Shares        
Related party disclosures        
Ordinary shares, Par value (in dollars per share)       $ 0.0001
Share issue price (in dollars per share)   $ 0.004 $ 0.004  
Michael James McMullen        
Related party disclosures        
Aggregate price of shares to be issued 1,500      
Katherine Crouse        
Related party disclosures        
Aggregate price of shares to be issued 250      
Merrin        
Related party disclosures        
Aggregate price of shares to be issued $ 50      
GMM | Class B Ordinary Shares        
Related party disclosures        
Number of founder shares transferred 517,500      
v3.25.1
Related party disclosures - Related party promissory note (Details) - USD ($)
$ in Thousands
Dec. 21, 2022
Oct. 25, 2022
Sponsor    
Related party disclosures    
Available Copper Deposit $ 1,255 $ 300
v3.25.1
Related party disclosures - Working Capital Loans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 09, 2023
May 24, 2022
May 06, 2022
Dec. 31, 2023
Dec. 31, 2024
Jun. 16, 2023
Apr. 14, 2023
Dec. 31, 2022
Related party disclosures                
Amount borrowed       $ 501,657        
Outstanding amount       448,875 $ 403,191     $ 786
Number of shares purchased for each warrant           1    
Exercise price of warrants         $ 0.0001      
Fair value of compound embedded derivative       98,527 $ 79,244     $ 7,443
Ordinary shares, Par value (in dollars per share)             $ 0.0001  
Working Capital Loans                
Related party disclosures                
Maximum amount of loans convertible into warrants         $ 1,500      
Conversion price per warrant (in dollars per share)         $ 1.5      
Outstanding amount       0 $ 0      
2022 Sponsor Convertible Note                
Related party disclosures                
Amount borrowed     $ 1,200          
Interest on borrowings       0 0      
Maximum amount available     1,200          
Maximum amount of loans convertible into warrants     $ 1,200          
Conversion price per warrant (in dollars per share)     $ 1.5          
Number of shares purchased for each warrant     1          
Exercise price of warrants     $ 11.5          
Outstanding loan balance converted   $ 1,200            
Private Placement Warrants issued upon conversion   800,000            
Fair value of compound embedded derivative     $ 8          
2023 Sponsor Convertible Note                
Related party disclosures                
Amount borrowed $ 300              
Conversion price per warrant (in dollars per share) $ 1.5              
Outstanding amount       $ 0 $ 0      
Outstanding loan balance converted $ 300              
Private Placement Warrants issued upon conversion 200,000              
Maximum amount of warrants into which the outstanding amount is convertible $ 300              
2023 Sponsor Convertible Note | Class A ordinary shares                
Related party disclosures                
Exercise price of warrants $ 11.5              
Private Placement Warrants issued upon conversion 1              
Ordinary shares, Par value (in dollars per share) $ 0.0001              
v3.25.1
Related party disclosures - Sponsor transfer consideration (Details)
$ / shares in Units, $ in Thousands
Jun. 16, 2023
USD ($)
$ / shares
shares
Related party disclosures  
Acquisition Costs | $ $ 800
BEP Special Situations VI LLC  
Related party disclosures  
Number of Founder Shares Transferred | shares 83,333
Number of shares agreed to issue | shares 2,000,000
Share issue price (in dollars per share) | $ / shares $ 10
Sponsor  
Related party disclosures  
Payment for transfer of economics | $ $ 800
v3.25.1
Commitments and contingencies (Details)
$ in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 16, 2024
Jun. 16, 2024
Dec. 31, 2024
AUD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Commitments and contingencies            
Number of demands     3      
Glencore Operations Australia            
Commitments and contingencies            
Contractual commitment     $ 44,683   $ 44,683  
Interest rate on guarantee liabilities 6.50% 2.75% 20.00%      
Maximum | Glencore Operations Australia            
Commitments and contingencies            
Contractual commitment     $ 44,031      
Registration Rights            
Commitments and contingencies            
Offering price       $ 50,000    
Rehabilitation obligations            
Commitments and contingencies            
Total value of guarantees     $ 44,683   44,683 $ 0
Capital expenditure commitments       $ 10,749 $ 1,415 $ 0
v3.25.1
Subsequent events (Details) - USD ($)
$ in Thousands
 12 Months Ended
Mar. 13, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2023
Subsequent events        
Proceeds from loans and borrowings     $ 501,657  
Repayment of loans and borrowings   $ 56,850 $ 14,140  
Senior syndicated facility agreement        
Subsequent events        
Principal amount       $ 25,000
Margin rate (as a percent)       3.00%
Amendments to debt structure | Senior syndicated facility agreement        
Subsequent events        
Repayments of amount deferred $ 159,000      
Principal amount 125,000      
Proceeds from loans and borrowings $ 66,000      
Amendments to debt structure | Senior syndicated facility agreement | Minimum        
Subsequent events        
Margin rate (as a percent) 2.50%      
Amendments to debt structure | Senior syndicated facility agreement | Maximum        
Subsequent events        
Margin rate (as a percent) 3.00%      
Amendments to debt structure | Letter of credit        
Subsequent events        
Principal amount $ 45,000      
Amendments to debt structure | Mezzanine debt facility        
Subsequent events        
Repayment of loans and borrowings $ 160,656