External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Euroz Limited

Equity Bottom-Up

<ul><li>MLG has delivered a somewhat mixed result in 1H25, with headline figures exceeding our estimates although cash conversion was impacted by a delayed receivable and net debt higher than expected as a result of growth capital.</li><li>The result was paired with the announcement of a 3 year, $75m haulage contract with Westgold Resources commencing Mar-25 (~$25m pa).</li><li>Revenue $268.6m +20.3% vs pcp (+14.8% vs EH: $234m), growth lead by mine site services and bulk haulage (+32.7% vs pcp) partially offset by a reduction in crushing and screening.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MLG has delivered a somewhat mixed result in 1H25, with headline figures exceeding our estimates although cash conversion was impacted by a delayed receivable and net debt higher than expected as a result of growth capital.The result was paired with the announcement of a 3 year, $75m haulage contract with Westgold Resources commencing Mar-25 (~$25m pa).Revenue $268.6m +20.3% vs pcp (+14.8% vs EH: $234m), growth lead by mine site services and bulk haulage (+32.7% vs pcp) partially offset by a reduction in crushing and screening.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MLG 1H 2025 Reporting - First Impressions

MLG OZ

MLG 1H 2025 Reporting - First Impressions