| Loans and borrowings |
11.Loans and borrowings | | | | | | | 30 June | | 31 December | US$ thousand | | 2025 | | 2024 | Current | | | | | Senior syndicated facility | | 21,328 | | 38,644 | Copper stream | | 10,726 | | 10,275 | Silver stream | | 10,201 | | 9,347 | | | 42,255 | | 58,266 | | | | | | Non-current | | | | | Mezzanine debt facility | | — | | 95,003 | Senior syndicated facility | | 194,492 | | 116,032 | Copper stream | | 75,250 | | 75,636 | Silver stream | | 55,579 | | 58,254 | | | 325,321 | | 344,925 | | | 367,576 | | 403,191 |
The following table presents the continuity schedule of loans and borrowings during the period ended 30 June 2025: | | | US$ thousand | | Carrying amount | Balance as of 1 January 2025 | | 403,191 | Drawdowns | | | Drawdown of senior syndicated facility | | 66,000 | Arrangement fee deducted from drawdown | | (3,275) | | | | Repayments | | | Mezzanine debt facility | | (112,984) | Copper and silver delivered against copper and silver stream | | (11,549) | | | | Other movements | | | Debt extinguishment and modification costs | | 12,469 | Amortisation expense | | 13,724 | Balance as of 30 June 2025 | | 367,576 |
During the period, 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 (“SFA”) has been amended in the following manner: |
| ● | National Australia Bank Limited, Westpac Banking Corporation and Macquarie Bank Limited have joined the group of Senior Lenders; |
| ● | Repayments under Facility A 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 has been utilised to replace Glencore’s performance guarantee in relation to the rehabilitation costs associated with CMPL mining activities (refer Note 19); |
| ● | Final scheduled maturity date of these facilities has been extended to 14 March 2028; and |
11.Loans and borrowings (continued) | ● | 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. MAC utilised the proceeds from the 15 October 2024 private placement and $66,000 thousand drawdown from Facility B of the SFA to pay off a total of $160,656 thousand to Sprott Private Resource Lending II (Collector-2), LP, including the prepayment interest premium, as full and final settlement of the Mezzanine debt facility, excluding Mezz Warrants as summarised below: |
| | | | | Six months ended | US$ thousand | | 30 June 2025 | Repayment - Mezzanine debt facility | | 112,984 | Repayment - Mezzanine debt facility embedded derivative (Note 15) | | 32,355 | Total repayment before interest and costs | | 145,339 | | | | Accrued interest up to the date of repayment | | 3,652 | Additional prepayment interest per the terms of early settlement | | 10,597 | Other costs related to settlement | | 1,068 | Total repayment | | 160,656 |
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