Financial reports
MC Mining secures US$16 million of further capital support from Kinetic Development Group through a US$8 million bridge loan and additional share subscription
Activities report for the quarter ended 30 June 2026 (FY2026 Q4) for MC Mining Limited and subsidiary companies
- Health and safety performance improvement across the group remains a top priority, with the Company having operated with zero lost time injury (“LTI”) for this quarter, This is huge improvement on our safety performance. The Makhado steelmaking hard coking coal Project (“Makhado Project” or “Makhado”) had no LTIs for the quarter with plant commisoning and new employees onboarding that commenced with no any incidents at Makhado Colliery whilst Uitkomst Colliery (“Uitkomst Colliery” or “Uitkomst”) had no LTIs for the quarter;
- Key milestones achieved on the development of the Makhado Project:
- C3 commissioning of the coal handling and preparation plant (“CHPP” or “Coal Plant”) reached on the 22nd of May 2026;
- C4 commissioning completion of the Coal Plant is planned for August;
- The 14km overhead power transmission line has been commissioned during the quarter;
- Bulk water systems (eastern wellfields) were installed and commissioned for provision of process water to the CHPP and the remainder of the system (western wellfields) are planned for commissioning during the next quarter;
- Product logistics infrastructure, including two 80 tonnes certified weighbridges were commissioned during the quarter and Makhado is ready for product delivery to port;
- Logistics contractors were shortlisted and are preparing for trialrun to port during August.
- The board of directors approved the temporary suspension of mining and processing operations at Uitkomst Colliery during Q3 FY2026. During this period, the Company is evaluating strategic options aimed at unlocking value and preserving future optionality. These evaluations may include engagement with interested third parties regarding potential partnerships, joint operations or other strategic arrangements in respect of Uitkomst. Although a binding offer has been received, no decisions have been taken, and any transaction would be subject to customary approvals. In addition, the Company continues to review its asset base with a view to disposing of redundant or non‑core items where appropriate.
- Comprehensive evaluations of geological and mine planning information relating to the Company’s Vele Aluwani semi-soft coking coal (“SSCC”) and thermal coal (“TC”) Colliery (“Vele Colliery” or “Vele”) are still ongoing; and
- TC prices increased during Q4 FY2026, averaging US$113/t for the quarter, compared to US$99/t in Q3 FY2026 and US$90/t in Q4 FY2025. Premium steelmaking HCC prices also increased, averaging US$238/t in the quarter compared to US$184/t in FY2025 Q4.
Appendix 5B — quarterly cash flow report
Resignation of Managing Director and Chief Executive Officer and appointment of Interim Chief Executive Officer and Managing Director
Further governance consolidation following completion of the Kinetic Development Group Limited transaction
MC Mining Limited (ACN 008 905 388) (MC Mining or the Company) is pleased to announce that the Board of Directors (the Board) has appointed Mr Jianheng (Albert) Deng as Non-Executive Chairman of the Board with effect from 19 May 2026, succeeding Mr Mathews Senosi who has served as Interim Chairman.
MC Mining confirms completion of Kinetic Development Group subscription and announces Board changes
Activities report for the quarter ended 31 March 2026 (FY2026 Q3)
Construction of the Makhado steelmaking hard coking coal Project progressed well, with hot commissioning activities and start-up of the Coal Plant scheduled during May 2026. Project delays were largely attributed to inclement weather and delays in commissioning of the Eskom power supply line.
During the quarter, more project development milestones were successfully achieved, whilst maintaining regulatory compliance performance that have become a recognizable feature of the venture to date.
The colliery will be South Africa’s largest hard coking coal (HCC) producer, designed to produce 800,000 tonnes a year of HCC 64 Mid Vol, once steady-state operation for the foundation phase is reached.
Appendix 5B (FY2026 Q3)
Financial report for the half-year ended 31 December 2025
- Loss after tax attributable to owners improved by 2% to $8.1 million or 1.22 cents per share (FY2025 H1: loss after tax of $8.3 million or 1.83 cents per share);
- Revenue declined primarily due to lower sales volumes at Uitkomst and weaker thermal coal pricing by 22% to $6.6 million (FY2025 H1: $8.4 million).
- Cost of sales decreased by 12% to $11.1 million (FY2025 H1: $12.5 million) resulting in a gross loss of $4.5 million (FY2026 H1: gross loss of $4.5 million vs FY2025 H1: gross loss of $4.2 million);
- Administrative expenses increased by 3% to $4.5 million (FY2025 H1: $4.4 million);
- Finance costs decreased by 55% to $0.4 million (FY2025 H1: $0.9 million);
- Cash and cash equivalents of $2.9 million compared to $7.4 million at 30 June 2025;
- Net asset value increased by 23% to $101.9 million from $83.2 million at 30 June 2025;
- Headline loss per share improved by 33% from 1.83 cents in FY2025 H1 to 1.22 cents in FY2026 H1;
- Basic and diluted loss per share improved by 33% from 1.83 cents in FY2025 H1 to 1.22 cents in FY2026 H1; and
- No dividend was declared for the six months ended 31 December 2025 (FY2025 H1: nil).