RE: Warrants & Copper Price Bonus13 May 2026 16:21
There is a price cap which has already beenn provided for $50 milll
For each period, the bonus is a percentage of Polimetal’s EBITDA from the previous 12 months, with escalating tiers and caps based on the average copper price (USD per tonne):Copper Price Threshold (avg. over 12 months)
% of EBITDA
Cap
> $9,000/t
10%
$10 million
> $11,000/t
15%
$25 million
> $13,000/t
30%
$50 million
also at $14000 copper there is no added costs.
It is not a flat payment at $14k — it is still a percentage of actual EBITDA (subject to the cap). Higher copper prices would normally drive stronger EBITDA (via higher revenues), making it more likely to hit or approach the $50m cap per period.
The bonus uses the daily average closing LME copper price (in USD per tonne) over the full 12-month window.
Payment is due within ~3 months after each calculation date (with possible short delay in care & maintenance scenarios).
There is no higher tier beyond $13k — $14k (or even $20k) triggers the same 30% / $50m cap.