Earnings release
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MMG Limited | 五礦資源有限公司 Incorporated in Hong Kong with limited liability STOCK CODE: 1208 SECOND QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2025 This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited (Listing Rules) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The board of directors (Board) of MMG Limited (Company or MMG) is pleased to provide the Second Quarter Production Report for the three months ended 30 June 2025. The report is annexed to this announcement. By order of the Board MMG Limited ZHAO Jing Ivo CEO and Executive Director Hong Kong, 22 July 2025 As at the date of this announcement, the Board comprises eight directors , of which one is an executive director, namely Mr ZHAO Jing Ivo; three are non-executive directors, namely Mr XU Jiqing (Chairman), Mr ZHANG Shuqiang and Mr CAO Liang; and four are independent non-executive directors, namely Dr Peter William CASSIDY, Mr LEUNG Cheuk Yan, Mr CHAN Ka Keung, Peter and Ms CHEN Ying. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
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MMG Second Quarter Production Report 2025 2 / 18 2025 SECOND QUARTER PRODUCTION REPORT For the three months ended 30 June 2025 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 241 Copper (contained metal in concentrate, tonnes) Las Bambas 114,909 64% 20% 210,637 67% Khoemacau 11,433 28% 8% 22,043 121% Rosebery 291 -16% 10% 554 -14% Total 126,633 59% 19% 233,234 70% Copper cathode (tonnes) Kinsevere 13,735 19% 17% 25,425 19% Total 13,735 19% 17% 25,425 19% Zinc (contained metal in concentrate, tonnes) Dugald River 43,557 26% 7% 84,426 6% Rosebery 12,619 -20% 16% 23,505 -22% Total 56,176 12% 9% 107,931 -1% Lead (contained metal in concentrate, tonnes) Dugald River 3,801 -18% -24% 8,806 -18% Rosebery 4,635 -20% 25% 8,347 -24% Total 8,436 -19% -3% 17,153 -21% Molybdenum (contained metal in concentrate, tonnes) Las Bambas 707 -17% 5% 1,383 -17% Total 707 -17% 5% 1,383 -17% Cobalt (contained metal, tonnes) Kinsevere 0 -100% -100% 0 -100% Total 0 -100% -100% 0 -100% 1 MMG completed the acquisition of the Khoemacau mine on 22 March 2024. The YTD 2024 production data for Khoemacau referenced in this report accounts for figures for the period starting 23 March 2024.
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MMG Second Quarter Production Report 2025 3 / 18 KEY POINTS Safety Performance • Safety performance showed improvement in the second quarter of 2025 . The Total Recordable Injury Frequency (TRIF) decreased to 1.23 per million hours worked, down from 2.40 in the first quarter of 2025. Similarly, the Significant Events with Energy Exchange Frequency (SEEEF) dropped significantly to 0.49 per million hours worked, compared to 1. 08 in the first quarter of 2025. • All sites will continue to prioritise rigorous contractor management, proactive field task o bservations, and the effective implementation of critical controls to enhance safety performance. 2025 Second Quarter Operational Performance • Total copper production (copper cathode plus copper in copper concentrate) re ached 140,368 tonnes in the second quarter of 2025, a 54% increase compared to the same period in 2024. This strong growth was dri ven by higher output across all three copper mines . Las Bambas achieved its second-highest quarterly production on record, d elivering 114,909 tonnes of copper in copper concentrate – a 64% year- on-year increase - supported by improved ore milled grades of 0.94% and a strong copper recovery rate of 91.3%. African operations recorded higher production compared to the previous corresponding period, with Kinsevere ’s production 19% higher, reflecting the continued ramp-up of its sulphide circuit, and Khoemacau’s production up 28%, supported by higher ore mined volumes and increased ore milling throughput. • Total zinc production for the second quarter of 2025 was 56,176 tonnes, representing a 12% year-on-year increase. This result reflects stabilised production at Dugald River following a recovery from unplanned maintenance last year, partially offset by a decline at Rosebery due to lower grades associated with the mining sequence and challenges related to equipment reliability. • Since late June 2025, Las Bambas has faced intermittent roadblocks caused by nationwide protests by artisanal miners, impacting outbound transportation along the Southern Road Corridor. These disruptions temporarily halted Las Bambas copper concentrate transportation for around two weeks. Transportation has since resumed at 6:00 AM local time on 15 July. Production continued as normal during this period. As of 30 June 2025, on-site inventory totalled approximately 30,000 tonnes of copper in copper concentrate. With permitted transport capacity increased to 1 70 trucks per day in 2025, up from the previous 125 trucks per day, the mine is steadily moving the accumulated inventory off site. • On 14 May 2025, Minera Las Bambas S.A.(MLB) distributed its first dividend since its acquisition in 2014, paying US$276.5 million (net of taxes and fees) to MMG and its joint venture shareholders. The funds were utilised to support Khoemacau’s early repayment of its acquisition loan, enhancing financial flexibility for future growth initiatives. Key Projects • The Kinsevere Expansion Project continued its ramp-up, with key technical indicators nearing design parameters - copper recovery rate at the sulphide ore concentrator exceeded 75% in June, and the roaster achieved a calcine conversion rate of 88%. • At Khoemacau, planning is underway for the 130,000-tonne annual capacity expansion. A feasibility study is in progress, and is expected to be completed by the end of 2025, with early works already underway. Outlook • Las Bambas' copper production for 2025 remains unchanged at 360,000 to 400,000 tonnes, with the lower end reflecting potential risks related to unrest in Peru in the second half of the year. C1 cost guidance has been revised downward to US$1.40–US$1.60/lb (from US$1.50–US$1.70/lb), supported by favourable metal prices for gold, silver, and molybdenum, as well as lower treatment charges. • Kinsevere's copper cathode production guidance for 2025 remains between 63,000 and 69,000 tonnes, with power supply instability potentially causing production to trend toward the lowe r end of the range. C1 costs are expected to trend toward the higher end of the guidance range of US$2.50–US$2.90/lb if production growth is restricted by power supply constraints. • Khoemacau's copper production guidance for 2025 remains at 43,000 –53,000 tonnes, with C1 costs expected to be within US$2.30–US$2.65/lb, consistent with prior guidance. • Dugald River's zinc production remains on track at 170,000–185,000 tonnes of zinc in concentrate in 2025. C1 costs are expected to trend toward the lower end of the previously stated guidance of US$0.75–US$0.90/lb, supported by higher silver prices and lower treatment charges. • Rosebery's zinc production guidance for 2025 remains at 45,000 –55,000 tonnes, with zinc equivalent production projected at 110,000 –125,000 tonnes. C1 costs have been revised to between negative US$0.10 to US$0.15/lb, down from the earlier forecast of positive US$0.25 to 0.40/lb, reflecting increased precious metals prices.
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MMG Second Quarter Production Report 2025 4 / 18 COMMODITY PRICES, MARKETING AND SALES Quarter-Average Quarter Close Q2 2025 Q1 2025 Q4 2024 Q2 2025 Q1 2025 Q4 2024 Metal Price Copper (US$/t) 9,524 9,340 9,193 10,040 9,673 8,706 Zinc (US$/t) 2,641 2,838 3,050 2,764 2,829 2,974 Lead (US$/t) 1,947 1,970 2,007 2,025 2,002 1,921 Molybdenum (US$/t) 45,681 45,255 47,864 48,171 43,982 46,462 Gold (US$/oz) 3,281 2,859 2,663 3,282 3,118 2,611 Silver (US$/oz) 33.68 31.88 31.38 35.98 34.06 28.91 Cobalt (US$/lb) 15.22 10.96 10.12 15.30 15.00 10.12 Sources: zinc, lead, and copper: LME2 cash settlement price; Molybdenum: SPGCI; gold and silver: LBMA, cobalt: LME Cobalt (Fastmarkets MB) Active Contract Copper Prices and Copper Concentrate Market LME copper prices in the second quarter of 2025 were highly volatile, averaging US$9,524 per tonne - a 2.0% increase from the first quarter. By the end of June, LME copper prices closed at US$10,040 per tonne, up 3.8% from the end of March 2025. After a sharp 16.6% drop to US$8,105 per tonne in early April, triggered ma inly by US tariff announcements, copper prices rebounded above US$9,500 per tonne amid easing US-China trade tensions and a weakening US dollar. The LME copper spread shifted from contango to deep backwardation, peaking at a cash- to-three-month backwardation of US$279.97 per tonne in late June, driven by speculative inventory movements due to potential US tariffs. The copper concentrate market saw average spot TC/RCs of negative US$56.6 per tonne/ negative US$5.66 cents per pound, reflecting a significant market deficit. Despite smelter production cuts or shu tdowns outside China, strong demand from Chinese smelters for copper concentrate led to a sharp decrease in spot TC/RCs during April and May, stabilising at negative US$40 per tonne in June . Mid-year negotiations between Antofagasta Minerals and major Chinese smelters resulted in a historic zero TC settlement underscoring the tight copper concentrate market. This mid-year settlement is expected to set a benchmark for the 2026 negotiations. Zinc and Lead Prices and Concentrate Market LME zinc price averaged US$2,641 per tonne in the second quarter of 2025 , down 6.9% from the previous quarter. Price s dropped sharply in April after the US tariff announcements which he ightened concerns over trade tensions with China, potentially impacting manufacturing and construction which are key zinc consuming sectors. However, zinc prices recovered later in the quarter after news of a US and China agreement and improved demand expectations. Constrained concentrat e supplies limited smelter production while strong demand drove LME zinc stocks to their lowest levels since October 2023. The zinc concentrate market experienced an increase in spot treatment charges during the second quarter of 2025, rising to US$40-60 per tonne, up from US$ 10–40 per tonne in the previous quarter. This increase reflected growth in glo bal mine supply from new and restarted operat ions, alongside a reduction in smelter production in Western countries. Despite this, spot treatment charges remained below the annual benchmark contract leve ls of US$ 80 per tonne, indicating continued market tightness. While some Western smelters announced production cuts dur ing the quarter, several large Chinese smelters are increasing capacity, with additional new smelters in China commencing in recent months. The average LME lead price stood at US$1,947 per tonne in the second quarter of 2025, down 1.2% from the previous quarter. Although prices dipped after April tariff announcements, lead was less volatile than other base metals and posted a stronger recovery by the end of the quarter due to improved market funda mentals. The lead concentrate market remain ed tight, supported by modest mine production growth and robust smelter demand. Spot treatment charges for lead concentrate fell further in the second quarter of 2025, hitting lows of negative US$80–90 per tonne. 2 LME (London Metal Exchange) data is used in this report under license from LME; LME has no involvement and accepts no responsibility to any third party in connection with the data; and onward distribution of the data by third parties is not permitted.
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MMG Second Quarter Production Report 2025 5 / 18 Precious and Other Metals Market Precious metal prices rose significantly in the second quarter of 2025, with gold and silver recording average gains of 14.8% and 5.6%, respectively, compared to the previous quarter. Despite some intra-quarter volatility, precious metal prices remained robust, driven by tariff-related policy risks, rising inflation exp ectations, and the lagged impact of the U.S. dollar's sharp decline in April. Gold prices peaked at a historic high of US$3,444 per ounce on A pril 22 before stabilising around the US$3,300 per ounce. Silver prices, buoyed by strong industrial demand, surged more tha n 23% reaching over US$37 per ounce on 17 June, the highest level in 13 years. Provisional Pricing The following table provides a summary of the metal that was sold but which remains provisionally priced at the end of June 2025 and the month that final average pricing is expected to occur at the time of final invoicing. Open Pricing Volumes at 30 June 2025 Jul-25 Aug-25 Sep-25 Oct-25 Grand Total Copper (tonnes) 14,734 13,873 15,260 17,720 61,587 Zinc (tonnes) 13,559 - - - 13,559 Lead (tonnes) - - - - - Molybdenum (tonnes) 282 162 46 - 490 Gold (ounces) 6,586 1,727 1,186 - 94,99 Silver (ounces) 576,573 114,801 101,609 24,026 817,009
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MMG Second Quarter Production Report 2025 6 / 18 OPERATIONS Las Bambas 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 24 Contained metal in concentrate Copper (tonnes) 114,909 64% 20% 210,637 67% Molybdenum (tonnes) 707 -17% 5% 1,383 -17% Las Bambas Second Quarter 2025 Performance In the second quarter of 2025, Las Bambas delivered its second-highes t quarterly production on record, producing 114,909 tonnes of copper in copper concentrate - a 64% increase compared to the same period in 2024. The strong performance was driven by improved ore milled grades of 0.94% supported by stab le ore supply from both Chalcobamba pit and Ferrobamba pit. A strong copper recovery rate of 91.3% further boosted production results. The mine achieved a new milestone 21.9 million tonnes of ore mined volume du ring the quarter, surpassing the previous quarter’s record. Molybdenum production decreased by 17% compared to the same period last year due to lower recovery rates related to the mining sequence resulting in higher deleterious elements in the ore feed, such as magnesium and calcium, from Chalcobamba. In response, Las Bambas has implemented measures to improve molybdenum recovery rates, including an enhanced blending strategy and trial of reagents. Community and Transport Logistics Update Since late June 2025, Las Bambas has faced intermittent roadblocks impacting outbound transportation caused by th e nationwide protests by artisanal miners, linked to the scheduled end of the REINFO program. These disruptions affected Las Bambas and other industry peers along the Southern Road Corridor for around two weeks. At 6:00 AM local time on 15 July, transportation of Las Bambas copper concentrate resumed following an agreement by artisanal miners to release roadblocks ahead of the dialogue with the Government. Las Bambas maintains consistent and cooperative engagement with local stakeh olders and communities, while actively engaging with protesters and authorities with the aim of resolving the roadblocks. Despite the logistical impacts, production at Las Bambas continues as normal. As of 30 June 2025, on-site inventory levels were around 30,000 tonnes of copper contained in copper concentrate. In 2025, Las Bambas ’ permitted transport capacity increased to 170 trucks per day, up from 125. The site is steadily moving the accumulated inventory off site. Las Bambas 2025 Outlook Las Bambas copper production for 2025 is expected to remain within the range of 360,000 to 400,000 tonnes. The lower end of this range reflects the potential risk related to unrest in Peru in the second half of the year. C1 cost guidance for 2025 has been revised downward to US$1.40 – US$1.60/lb, compared to the previous estimate of US$1.50–US$1.70/lb. This improvement is supported by favorable metal prices for gold, silver, and molybdenum along with lower treatment charges.
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MMG Second Quarter Production Report 2025 7 / 18 Kinsevere 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 24 Contained metal production Copper cathode (tonnes) 13,735 19% 17% 25,425 19% Cobalt (tonnes) 0 -100% -100% 0 -100% Kinsevere Second Quarter 2025 Performance In the second quarter of 2025, Kinsevere produced 13,735 tonnes of copper cathode, representing a 19% increase compared to the same quarter in 2024. The Kinsevere Expansion Project (KEP) continued its ramp-up, with key technical indicators nearing design parameters - copper recovery rate at the sulphide ore c oncentrator exceeded 75% in June, and the roaster achieved a calcine conversion rate of 88%. The expansion project is expected to extend its mine life to at least 2035 and, once fully ramped up, will result in total annual production of approximately 80,000 tonnes of copper cathode. Kinsevere 2025 Outlook Country-wide power instability continued to impact Kinsevere, affecting the production ramp-up. To mitigate this, Kinsevere is procuring an additional 12 MW of diesel generator capacity to supplement production energy demands. Kinsevere’s copper cathode production guidance for 2025 remains between 63,000 and 69,000 tonnes, with the impact of ongoing power supply constraints in the region potentially caused production to trend toward the lower end of the guidance range. C1 costs in 2025 are expected to trend toward the higher end of th e guidance range of US$2.50 –US$2.90/lb if production growth is restricted by power supply constraints. Khoemacau 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 243 Contained metal in concentrate Copper (tonnes) 11,433 28% 8% 22,043 121% Silver (oz)4 395,830 31% 10% 754,242 123% Khoemacau Second Quarter 2025 Performance During the second quarter of 2025, Khoemacau produced 11,433 tonnes of copper in copper concentrate, a 28% increase compared to the same period in 2024. This improvement was driven by highe r ore mined volumes when compared with the same period last year, which was impacted by equipment availability and high turnover of skilled labour. Khoemacau 2025 Outlook On 1 July 2025, Khoemacau successfully transitioned to a new mining contractor JCHX Mining Management Co., Ltd (JCHX). Consistent with prior guidance, Khoemaca u copper production for 2025 is expected to be between 43,000 and 53,000 tonnes, with C1 costs are expected to be within the range of US$2.30 - US$2.65/lb. Khoemacau Growth and Expansion The Company plans to expand Khoemacau's capacity to 130,000 tonnes of copper in copper concentrate per annum by building a new 4.5Mtpa process plant, increasing Zone 5 output, and developing the expansion deposits. A feasibility study regarding this expansion is underway and is expected to be completed by the end of 2025. 3 MMG completed the acquisition of the Khoemacau mine on 22 March 2024. The YTD 2024 production data for Khoemacau referenced in this report accounts for figures for the period starting 23 March 2024. 4 The silver production is subject to a silver stream of the Khoem acau mine currently in favour of Royal Gold Inc. which covers 100 % of the payable silver produced until the delivery of 40.0 million silver ounces, and 50% thereafter. Royal Gold Inc. pays a cash price equal to 20% of spot silver price for each ounce delivered. The stream covers Zone 5 and Mango North-East deposits, with remaining deposits unencumbered.
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MMG Second Quarter Production Report 2025 8 / 18 Early works including camp and road construction, land acquisition, and personnel re cruitment, have commenced . Construction is scheduled to begin following the approval of the feasibility study, with first concentrate production expected in 2028. As operations scale up, C1 costs are expected to improve, subject to the outcomes of the feasibility study. Dugald River 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 24 Contained metal in concentrate Zinc (tonnes) 43,557 26% 7% 84,426 6% Lead (tonnes) 3,801 -18% -24% 8,806 -18% Dugald River Second Quarter 2025 Performance Dugald River produced 43,557 tonnes of zinc in zinc concentrate during the second quarter of 2025, an increase of 26% above the same period last year. This year-on-year growth was primarily driven by a significant increase in the volume of ore milled, with last year’s comparable quarter constrained by downtime linked to issues with the SAG mill bearing pads . The quarter also saw production recover from operational disruptions caused by bushfire s and flooding in the first quarter, supported by strong ore grades and consistently high process plant recovery rates. Dugald River 2025 Outlook Despite facing external challenges in the first quarter, Dugald River deliv ered a strong recovery in the second quarter. The 2025 full-year zinc production remains on track with prior guidance, expected to be in the range of 170,000 to 185,000 tonnes of zinc in zinc concentrate. C1 costs are now anticipated to trend toward s the lower end of the previously issued guidance of US$0.75 - US$0.90/lb, largely driven by higher silver prices and lower treatment charges. Rosebery 2Q25 2Q25 vs 2Q24 2Q25 vs 1Q25 YTD 25 YTD 25 vs YTD 24 Contained metal in concentrate Zinc (tonnes) 12,619 -20% 16% 23,505 -22% Lead (tonnes) 4,635 -20% 25% 8,347 -24% Copper (tonnes) 291 -16% 10% 554 -14% Zinc Equivalent5 29,648 -19% 17% 55,036 -22% Rosebery Second Quarter 2025 Performance Rosebery produced 12,619 tonnes of zinc in zinc concentrate during the second quarter of 2025, a 20% decrease compared to the same period in 2024. This decrease was mainly due to lower grades associated with mining sequence and challenges related to equipment reliability. Based on 2024 average metal prices, zinc equivalent production for the qu arter was 29,648 tonnes, reflecting significant revenues generated from by-product metals including copper, silver, gold and lead. 5 Zinc Equivalent production accounts for combined value of zinc, lead, silver, gold and copper. Other metals are converted to Zinc Equivalent via unit value calculations using 2024 average commodity prices including zinc price of US$2,779/t, lead price of US$2,070/t, silver price of US$28.27/oz, gold price of US$2,389/oz and copper price of US$9,147/t.
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MMG Second Quarter Production Report 2025 9 / 18 Rosebery 2025 Outlook Rosebery remains aligned with full-year guidance, with zinc production for 2025 expected to be in the range of 45,000 to 55,000 tonnes of zinc in zinc concentrate. On a zinc equivalent basis, 2025 production is expected to fall within the 110,000 to 125,000 tonne range. C1 costs are now forecast to be in the range of negative US$0.10 to US$0.15/lb, revised from the earlier forecast range of US$0.25 to 0.40/lb, due to the increased prices for precious metals.
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MMG Second Quarter Production Report 2025 10 / 18 CORPORATE UPDATE Appointment of Interim President at Las Bambas Effective 1 July 2025, Mr CHEN Xuesong has been appointed as the Interim President of Las Bambas. Mr Chen brings over 17 years of extensive experience in the mining industry. He holds academic degrees in Geotechnical and Mining Engineering from Central South University in China, where he also earned a Master’s degree in Mining Engineering. Mr Chen has held senior leadership roles, including General Manager of the Mine Operations Centre and Head of the Health, Safety, and Environment Department at China Minmetals Nonferrous Metals Co. Most recently, he has served as Vice President of Strategic Planning at Las Bambas. JCHX Awarded Mining Contract for Khoemacau Copper Mine Following a competitive market process, JCHX Mining Management Co., Ltd (JCHX) has been awarded a five-year contract to deliver underground mining operations at MMG’s Khoemacau Copper Mine in Botswana, effective 1 July 2025. JCHX is a global mining contractor and service provider with an almost 30-year track record of delivering mining operations across Africa, Asia and Europe. Their core business is mine construction and contract mining, underpinned by industry leading technologies, skilled talent and advanced equipment. MMG and JCHX are jointl y committed to retaining the site’s local workforce and supporting initiatives to ensure ongoing capacity building and training initiatives to benefit the people of Botswana. Las Bambas Dividend Payment On 14 May 2025, MLB distributed a dividend and paid US$ 276.5 million to MMG and its joint venture shareholders, net of withholding tax and other fees. This marks the first dividend payment from MLB since its acquisition in 2014, representing a significant milestone in shareholder value creation. Supported by MMG ’s potion of the dividend distributed by MLB, MMG, along with Khoemacau’s joint venture shareholder, made an early repayment of US$500 million on Khoemacau’s US$1.05 billion acquisition loan from China Development Bank. This repayment is expected to reduce interest expenses for Khoemacau and offer increased financial flexibility for future growth initiatives. -ENDS-
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MMG Second Quarter Production Report 2025 11 / 18 CORPORATE DETAILS Melbourne office Level 24, 28 Freshwater Place, Southbank Victoria 3006, Australia T +61 3 9288 0888 Hong Kong office Unit 1208, 12/F, China Minmetals Tower 79 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong T +852 2216 9688 Postal address GPO Box 2982, Melbourne, Victoria, 3001, Australia MMG Limited Executive Committee ZHAO Jing Ivo, Chief Executive Officer and Executive Director QIAN Song, Chief Financial Officer Troy HEY, Executive General Manager - Corporate Relations WANG Nan, Executive General Manager - Operations GUAN Xiangjun Sandra, Interim Executive General Manager - Commercial and Development Share registrar Computershare Hong Kong Investor Services Limited 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Important dates 12 August 2025 - MMG 2025 Interim Results For details, please contact Investor Relations below. Investor and media enquiries Andrea ATELL General Manager Corporate Affairs & Sustainability T +61 439 689 991 E CorporateAffairs@mmg.com SHEN Ying Sherry Head of Investor Relations T +86 10 6849 5460 E InvestorRelations@mmg.com Felicity WATSON Head of Communications T +61 392 844 995 E CorporateAffairs@mmg.com
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MMG Second Quarter Production Report 2025 12 / 18 APPENDIX - GUIDANCE 2025 Guidance Summary Las Bambas 2025 Guidance 2024 Actual Copper - production 360,000 - 400,000 tonnes 322,912 tonnes Copper - C1 costs US$1.40 - US$1.60 / lb US$1.51 / lb Kinsevere Copper - production 63,000 - 69,000 tonnes 44,597 tonnes Copper - C1 costs US$2.50 - US$2.90 / lb US$3.26 / lb Khoemacau Copper - production 43,000 - 53,000 tonnes 30,961 tonnes6 Copper - C1 costs7 US$2.30 - US$2.65 / lb US$2.54 / lb Dugald River Zinc - production 170,000 - 185,000 tonnes 163,588 tonnes Zinc - C1 costs US$0.75 - US$0.90 / lb US$0.65 / lb Rosebery Zinc - production 45,000 - 55,000 tonnes 56,313 tonnes Zinc Equivalent - production8 110,000 - 125,000 tonnes 133,563 tonnes Zinc - C1 costs -US$0.10 - US$0.15 / lb -US$0.10 / lb 6 Khoemacau 2024 production accounts for figures from 23 March onwards. 7 Khoemacau C1 costs calculated on a post by-product and pre silver stream basis. 8 Zinc Equivalent production accounts for combined value of zinc, lead, silver, gold and copper. Other metals are converted to Zinc Equivalent via unit value calculations using 2024 average commodity prices including zinc price of US$2,779/t, lead price of US$2,070/t, silver price of US$28.27/oz, gold price of US$2,389/oz and copper price of US$9,147/t.
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MMG Second Quarter Production Report 2025 13 / 18 APPENDIX - PRODUCTION RESULTS Las Bambas QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 15,356,651 19,292,944 19,734,247 20,232,535 21,899,220 42,131,755 24,792,754 Ore milled tonnes 13,545,788 12,730,523 13,170,932 12,385,933 13,523,174 25,909,107 25,685,455 Waste movement tonnes 32,750,707 32,121,531 27,127,376 25,839,753 25,212,325 51,052,078 63,369,020 COPPER Ore mined - grade % 0.58 0.74 0.76 0.76 0.89 0.83 0.58 Ore milled - grade % 0.59 0.83 0.92 0.88 0.94 0.91 0.57 Recovery9 % 86.7 86.6 87.0 88.1 91.3 89.8 86.5 Production Copper concentrate tonnes 244,780 324,603 379,995 328,663 380,882 709,545 429,214 Grade % 28.7 27.9 27.9 29.1 30.2 29.7 29.4 Containing10 tonnes 70,173 90,595 106,119 95,728 114,909 210,637 126,198 Sales Total concentrate sold tonnes 227,015 300,634 339,495 385,688 287,670 673,358 432,843 Payable metal in products sold tonnes 64,069 83,629 93,571 106,413 84,164 190,577 125,668 GOLD & SILVER Payable metal in product sold - gold oz 9,282 13,080 18,701 20,006 15,566 35,572 24,389 Payable metal in product sold - silver oz 683,871 869,057 1,079,548 1,197,643 927,897 2,125,540 1,586,385 MOLYBDENUM Production Molybdenum concentrate tonnes 1,866 1,749 1,367 1,513 1,667 3,180 3,659 Grade % 46.8 46.6 45.7 44.7 42.4 43.5 45.6 Contained metal produced tonnes 857 815 625 676 707 1,383 1,667 Sales Total product sold tonnes 1,708 1,796 1,442 1,244 1,482 2,726 3,607 Payable metal in products sold tonnes 787 839 664 562 645 1,207 1,635 9 The recovery rate is for copper concentrate before the filtration process. 10 The production is for the final copper concentrate after filtration.
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MMG Second Quarter Production Report 2025 14 / 18 Kinsevere QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 1,094,781 963,192 780,707 341,211 205,325 546,536 1,599,920 Ore milled tonnes 546,119 587,904 969,301 974,572 921,414 1,895,986 1,051,925 Waste movement tonnes 5,518,554 3,817,908 3,150,051 2,840,567 3,231,107 6,071,674 11,450,128 COPPER Oxide ores Ore mined – ASCu11 grade % 1.70 1.72 1.67 1.24 1.56 1.38 1.69 Ore milled – ASCu grade % 2.07 2.09 1.59 1.38 1.73 1.55 2.03 Sulphide ores Ore mined – TCu12 grade % - - - 1.23 1.38 1.28 0.0 Ore milled – TCu grade % - - - 1.96 1.91 1.94 0.0 Production Contained metal produced - cathode tonnes 11,546 12,969 10,350 11,690 13,735 25,425 21,279 Sales Total product sold - cathode tonnes 11,319 11,477 12,518 11,555 13,715 25,270 20,897 Payable metal in products sold - cathode tonnes 11,319 11,477 12,518 11,555 13,715 25,270 20,897 COBALT Production Contained cobalt in cobalt hydroxide tonnes 788 1,012 524 0 0 0 1,390 Sales Total product sold tonnes 92 424 1,100 381 101 482 92 11 ASCu represents acid-soluble copper, specifically associated with oxide ores. 12 TCu represents total copper, specifically associated with sulphide ores.
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MMG Second Quarter Production Report 2025 15 / 18 Khoemacau QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 684,588 809,729 891,594 794,790 817,870 1,612,660 756,169 Ore milled tonnes 670,921 802,042 809,761 782,021 834,861 1,616,882 744,699 COPPER Ore mined - grade % 1.57 1.59 1.57 1.58 1.60 1.59 1.58 Ore milled - grade % 1.54 1.58 1.49 1.56 1.59 1.57 1.54 Recovery % 88.3 88.2 87.1 89.5 88.5 89.0 88.3 Production Copper concentrate tonnes 30,836 37,626 38,122 36,069 39,291 75,360 34,426 Grade % 28.9 28.8 27.1 29.5 29.3 29.4 29.0 Containing tonnes 8,907 10,825 10,154 10,610 11,433 22,043 9,982 Sales Total concentrate sold tonnes 31,234 37,665 37,176 36,441 38,843 75,284 34,965 Payable metal in products sold tonnes 8,597 10,341 9,608 10,339 10,905 21,244 9,717 SILVER13 Ore milled - grade g/t 16.8 17.6 15.7 16.8 17.2 17.0 16.9 Contained silver in copper concentrate oz 301,622 377,951 345,910 358,412 395,830 754,242 338,681 13 The silver stream of the Khoemacau Mine currently in favour of Royal Gold Inc. which covers 100% of the payable silver produced until the delivery of 40.0 million silver ounces, and 50% thereafter. Royal Gold Inc. pays a cash price equal to 20% of spot silver price for each ounce delivered. The stream covers Zone 5 and Mango North-East deposits, with remaining deposits unencumbered.
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MMG Second Quarter Production Report 2025 16 / 18 Dugald River QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 450,602 381,560 493,090 405,969 474,427 880,396 908,511 Ore milled tonnes 382,915 364,091 506,732 466,132 464,010 930,142 884,546 ZINC Ore mined - grade % 10.11 10.81 10.23 9.91 10.52 10.24 9.92 Ore milled - grade % 9.99 10.69 10.72 9.73 10.36 10.04 9.92 Recovery % 90.2 89.6 91.0 90.1 90.6 90.4 90.4 Production Zinc concentrate tonnes 68,950 70,005 98,505 82,725 87,924 170,649 159,205 Grade % 50.1 49.8 50.2 49.4 49.5 49.5 49.8 Containing tonnes 34,524 34,843 49,461 40,869 43,557 84,426 79,283 Sales Total product sold tonnes 87,611 61,770 100,630 72,873 97,579 170,452 167,624 Payable metal in products sold tonnes 36,386 25,511 41,989 29,995 40,158 70,153 69,353 LEAD Ore mined - grade % 1.84 1.70 1.53 1.75 1.38 1.55 1.83 Ore milled - grade % 1.70 1.78 1.69 1.65 1.34 1.49 1.78 Recovery % 70.8 66.2 66.4 65.2 61.1 63.4 68.4 Production Lead concentrate tonnes 7,958 7,405 9,486 8,536 6,826 15,362 18,842 Grade % 58.0 58.0 60.0 58.6 55.7 57.3 57.3 Containing tonnes 4,618 4,295 5,687 5,005 3,801 8,806 10,797 Sales Total product sold tonnes 9,191 7,324 8,682 10,921 5,369 16,290 23,581 Payable metal in products sold tonnes 4,955 4,026 4,932 6,115 2,792 8,907 12,785 SILVER Ore milled - grade g/t 67 68 71 53 43 48 67 Payable metal in products sold oz 437,654 334,144 432,997 492,614 199,269 691,883 1,086,005
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MMG Second Quarter Production Report 2025 17 / 18 Rosebery QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 269,579 251,039 264,068 239,061 229,714 468,775 518,611 Ore milled tonnes 272,339 232,703 282,841 231,945 239,838 471,783 518,234 ZINC Ore mined - grade % 6.75 5.43 5.84 5.09 5.55 5.20 6.64 Ore milled - grade % 6.54 5.77 5.90 5.35 5.93 5.65 6.60 Recovery % 88.6 86.4 86.5 87.7 88.7 88.2 88.5 Production Zinc concentrate tonnes 29,231 21,855 26,416 20,078 22,889 42,967 56,169 Grade % 54.0 53.1 54.7 54.2 55.1 54.7 53.9 Containing tonnes 15,776 11,600 14,450 10,886 12,619 23,505 30,263 Sales Total product sold tonnes 25,064 29,014 25,647 19,575 21,389 40,964 50,100 Payable metal in products sold tonnes 11,606 13,253 11,720 9,068 9,980 19,048 23,111 LEAD Ore mined - grade % 2.58 2.12 2.39 1.93 2.20 2.02 2.51 Ore milled - grade % 2.75 2.41 2.68 2.17 2.57 2.38 2.76 Recovery % 76.9 76.3 74.2 73.6 75.1 74.4 76.6 Production Lead concentrate tonnes 8,933 6,552 8,590 5,737 6,939 12,676 16,764 Grade % 64.6 65.4 65.5 64.7 66.8 65.8 65.4 Containing tonnes 5,768 4,285 5,624 3,712 4,635 8,347 10,970 Sales Total product sold tonnes 9,408 7,724 7,077 5,711 5,647 11,358 17,867 Payable metal in products sold tonnes 5,926 4,812 4,404 3,581 3,574 7,155 11,176
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MMG Second Quarter Production Report 2025 18 / 18 Rosebery (continued) QUARTER ENDED YEAR-TO-DATE JUN 2024 SEP 2024 DEC 2024 MAR 2025 JUN 2025 JUN 2025 JUN 2024 Ore mined tonnes 269,579 251,039 264,068 239,061 229,714 468,775 518,611 Ore milled tonnes 272,339 232,703 282,841 231,945 239,838 471,783 518,234 OTHER METALS Ore milled - gold g/t 1.2 1.3 1.2 1.1 1.2 1.2 1.2 Ore milled - silver g/t 95.0 86.2 82.2 76.9 81.0 79.0 94.4 Ore milled - copper % 0.18 0.17 0.20 0.18 0.19 0.18 0.18 Production Silver in concentrate Containing - silver in lead concentrate oz 291,363 225,960 273,535 214,009 242,393 456,402 546,250 Gold in concentrate Containing - gold in lead concentrate oz 1,538 1,673 1,542 1,437 1,838 3,275 2,756 Precious metals concentrate tonnes 2,114 1,738 2,216 1,769 1,759 3,528 3,972 Containing - copper tonnes 346 275 370 263 291 554 643 Containing - gold oz 4,469 4,041 4,186 2,876 3,922 6,798 8,528 Containing - silver oz 398,847 294,728 318,737 240,483 268,799 509,282 748,102 Gold doré oz 3,905 4,157 5,232 4,222 3,721 7,943 8,972 Containing - gold oz 2,268 2,485 2,804 2,127 1,901 4,028 5,363 Containing - silver oz 1,262 1,383 2,022 1,711 1,441 3,152 3,266 Sales Gold doré sold oz 3,707 3,765 3,889 4,843 3,060 7,903 9,055 Payable metal in product sold - copper tonnes 339 262 341 266 294 560 653 Payable metal in product sold - gold oz 7,563 7,597 6,741 6,348 6,048 12,396 14,921 Payable metal in product sold - silver oz 693,693 515,059 492,543 460,785 401,175 861,960 1,271,387