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 DEBT STOCK CODE: 5959 FOURTH QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 31 DECEMBER 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 Fourth Quarter Production Report for the three months ended 31 December 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 January 2026 As at the date of this announcement, the Board comprises seven directors , of which one is an executive director, namely Mr ZHAO Jing Ivo; two are non-executive directors, namely Mr ZHANG Shuqiang and Mr CAO Liang (Chairman); 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 Fourth Quarter Production Report 2025 2 / 21 2025 FOURTH QUARTER PRODUCTION REPORT For the three months ended 31 December 2025 Metal Type / Asset1 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 242 Copper (contained metal, tonnes) Las Bambas 97,322 -8% -5% 410,834 27% Khoemacau 10,993 8% 21% 42,120 36% Rosebery 323 -13% 17% 1,154 -10% Total 108,638 -7% -3% 454,108 28% Copper cathode (tonnes) Kinsevere 12,572 21% -15% 52,791 18% Total 12,572 21% -15% 52,791 18% Zinc (contained metal, tonnes) Dugald River 50,905 3% 6% 183,463 12% Rosebery 14,477 0% 36% 48,597 -14% Total 65,382 2% 11% 232,060 6% Lead (contained metal, tonnes) Dugald River 7,082 25% 23% 21,666 4% Rosebery 5,548 -1% 37% 17,942 -14% Total 12,630 12% 29% 39,608 -5% Gold (contained metal, ounces) Las Bambas 23,307 1% 18% 85,604 35% Rosebery 10,613 24% 36% 32,514 -3% Total 33,920 8% 23% 118,118 22% Silver (contained metal, ounces) Las Bambas 1,428,063 10% 3% 5,256,050 33% Khoemacau 353,861 2% 30% 1,381,205 30% Dugald River 539,128 17% 29% 1,568,609 -4% Rosebery 855,497 44% 60% 2,358,979 -2% Total 3,176,549 18% 21% 10,564,843 17% Molybdenum (contained metal, tonnes) Las Bambas 843 35% 23% 2,910 -6% Total 843 35% 23% 2,910 -6% Note: Since cobalt production ceased in December 2024, production data is not listed in the table. 1 The table reports metal production from all MMG-operated mines on a 100% asset basis. Gold and silver production have been included starting from the fourth quarter 2025 production report. 2 MMG completed the acquisition of the Khoemacau mine on 22 March 2024 . The 2024 production data for Khoemacau referenced in this rep ort accounts for figures for the period starting 23 March 2024.
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MMG Fourth Quarter Production Report 2025 3 / 21 KEY POINTS Safety Performance • The Total Recordable Injury Frequency (TRIF) was 2.08 per million hours worked during the fourth quarter of 2025, an increase from 1.89 in the third quarter3. The full-year TRIF was 2.06 per million hours worked. The Significant Events with Energy Exchange Frequency (SEEEF) was 0.97 per million hours worked, an increase from 0.66 in the third quarter, with a full-year SEEEF of 0.80. • All assets continue to prioritise contractor management, supported by proactive Fiel d Task Observations and ensuring the effective implementation of critical controls. 2025 Operational Performance • 2025 was a year of solid operational performance for MMG, marked by recor d and near-record production across key assets. The company ’s total copper production rose 27% year- on-year to 506,899 tonnes, driven by a strong performance at the flagship Las Bambas operation. Total zinc production incre ased by 6% to 232,060 tonnes, underpinned by a record year at Dugald River. • MMG’s precious metals production in 2025 also performed well, serving as valuable by-products contributing to the mine’s revenue and C1 costs. Total output reached 118,118 ounces of gold (+22% year-on-year) and 10,564,843 ounces of silver (+17% year-on-year). This production, combined with historically high realised prices, provided significant by- product credits that helped reduce C1 costs across the portfolio. This performance reflects the company's strategic focus on leveraging by-product value to enhance profitability. Precious metals, as important contributo rs to MMG's revenue stream, play a key role in supporting the overall financial performance and res ilience, particularly during periods of favourable market conditions. • Copper Portfolio Performance: o Las Bambas: Produced 410,834 tonnes of copper in copper concentrate, marking its second-hig hest annual output on record and exceeding the top end of guidance. This achievement was underpinned by record volumes in both ore mined and milled, alongside sustained high recovery rates. Operational improvements were driven by targeted efficiency improvements, strategic equipment upgrades and an enhanced flotat ion reagent strategy. Additionally, the “Corazón de Las Bambas” (Heart of Las Bambas) initiative has supported stable operations at Las Bambas for a period of two years and ten months. o Kinsevere: Achieved copper cathode production of 52,791 tonnes, an 18% incre ase from 2024, reflecting the continued ramp-up of the Kinsevere Expansion Project (KEP). Equipment at the ele ctrowinning plant fac ed constraints, primarily due to prolonged power instability. Mitigation measures have been implemented, including the replacement of aging cathode and anode plates, along with enhancements to power availability. Initial improvements were observed starting in December 2025, with further progress expected in the coming quarter. o Khoemacau: Produced 42,120 tonnes of copper in copper concentrate. While operational performance improv ed in the latter part of the year, full-year output was slightly below t he lower end of guidance due to a temporary impact on ore availability during the transition to a new mining contractor in the third quarter. The operation ended the year with improved recovery rates and higher grades from the Zone 5 North area. • Zinc Portfolio Performance: o Dugald River: Achieved record annual zinc production of 183,463 tonnes of zinc in zinc concentrate, rea ching the upper end of its guidance. A key milestone was surpassing 2 million tonnes of ore milled for the first time in the mine’s history. This performance demonstrated operational resilience, recovering strongly from unplanne d weather disruptions earlier in the year. o Rosebery: Produced 48,597 tonnes of zinc in zinc concentrate. The operation successfully executed its strategy to maximise total asset value, resulting in 139,959 tonnes of zinc equivalent production4. This was achieved by strong by-product contributions and the implementation of the zinc equivalent strategy to maximise asset value. 3 The TRIF for the third quarter of 2025 has been revised from 1.82 (as reported in the previous report) to 1.89 due to the reclassification of an injury. 4 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 2025 average commodity prices including zi nc price of US$2,870 /tonne, lead price of US$1, 963/tonne, silver price of US$40.03/ounce, gold price of US$3,439/ounce and copper price of US$9,945/tonne.
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MMG Fourth Quarter Production Report 2025 4 / 21 Key Project Development • A significant strategic milestone was reached with the Board ’s approval of Khoemacau expansion feasibility study in December 2025. The project is expected to increase annual production capacity to 130,000 tonnes of copper in copper concentrate (with associated silver output exceeding 4 million ounces) and represents an important component of MMG’s growth pipeline . Looking ahead, Khoemacau has identified a further expansion potential of up to 200,000 tonnes of copper in copper concentrate per annum, supported by ongoing exploration activities. A pre-feasibility study for the next expansion phase is planned to commence in 2026. 2026 Outlook • Las Bambas is targeting 400,000 tonnes of copper production, with a guided range of 380,000–400,000 tonnes. C1 costs5 for 2026 are anticipated to range between US$1.20/lb and US$1.40/lb. • Copper production at Kinsevere is expected to range between 65,000 and 7 5,000 tonnes6, with a focus on stabilising operations and implementing a Battery Energy Storage System (BESS) to reduce the imp acts from the frequent power trips. C1 costs5 for 2026 are guided at US$2.50/lb – US$2.90/lb. • Copper production at Khoemacau is expected to range between 48,000 and 53,000 tonnes in copper concentrate, supported by planned access to higher-grade zones in Zone 5 North and enhanced mine development. C1 costs 5 for 2026 are expected to be US$2.00/lb – US$2.30/lb. • Zinc production at Dugald River is expected to range between 170,000 and 180,0 00 tonnes in zinc concentrate, slightly below the record production set in 2025 due to the mine ’s progression at depth and weather-related challenges. C1 costs5 for 2026 are projected at US$0.80/lb – US$0.95/lb. • Zinc production at Rosebery is expected to range between 45,000 and 55,0 00 tonnes in zinc concentrate, with zinc equivalent production7 expected at 125,000–140,000 tonnes. The mine's C1 costs 5 for 2026 are forecast to range from negative US$0.60/lb to negative US$0.10/lb. • The strong performance of gold and silver prices, as observed in January 2 026 when they reached record highs, would positively influence the company’s financial performance. If these elevated prices are sustained, they are likely to support the company’s profitability and contribute to meaningful C1 cost optimisation. This impact is attributed to substantial by- product credits at operations such as Rosebery, Las Bambas, Khoemacau, and Dugald River. As a result, these favourable market conditions could lead to optimised C1 costs and improved margins, strengthening the company’s overall profitability outlook. 5 C1 cost is a non-IFRS financial measure representing site-level cash costs, net of by-product credits. The 2026 C1 cost guidance is based on MMG’s internal budgeting assumptions, including by-product metal prices, budgete d foreign exchange rates, and expected treatment charges. Actual results may vary due to changes in commodity prices, exchange rates, operational performance, and other market factors. 6 Kinsevere's 2026 production guidance includes additional production planned to be sold as concentrate. 7 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 2025 average commodity prices including zinc price of US$2,870/tonne, lead price of US$1,963/tonne, silver price of US$40.03/ounce, gold price of US$3,439/ounce and copper price of US$9,945/tonne.
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MMG Fourth Quarter Production Report 2025 5 / 21 COMMODITY PRICES, MARKETING AND SALES Quarter-Average Quarter Close Q4 2025 Q3 2025 Q2 2025 Q4 2025 Q3 2025 Q2 2025 Metal Price Copper (US$/tonne) 11,092 9,797 9,524 12,504 10,300 10,040 Zinc (US$/tonne) 3,165 2,825 2,641 3,064 3,010 2,764 Lead (US$/tonne) 1,970 1,966 1,947 1,962 1,957 2,025 Molybdenum (US$/tonne) 50,474 53,755 45,681 50,045 55,060 48,171 Gold (US$/ounce) 4,145 3,455 3,281 4,308 3,816 3,282 Silver (US$/ounce) 54.73 39.40 33.68 71.99 46.18 35.98 Cobalt (US$/pound) 21.64 15.46 15.22 24.00 17.14 15.30 Sources: zinc, lead, and copper: LME8 cash settlement price; Molybdenum: SPGCI; gold and silver: LBMA, cobalt: LME Cobalt (Fastmarkets MB) Active Contract Copper Prices and Copper Concentrate Market The LME copper prices exhibited a strong upward trend throughout the December 2025 quarter. The quarter-average price was US$11,092 per tonne, a 13.3% increase from the prior corresponding period (fourth quarter 2024). The price closed at a quarter-end record of US$12,504 per tonne, a 21.4% increase from the end of September. This rally was driven by continued supply-side disruptions at major global mines, robust forecast demand from AI-related sectors, supportive macroeconomic factors including US Federal Reserve policy and significant speculative activity. In the copper concentrate market, spot treatment and refining charges (TC/ RCs) averaged negative US$66.6 per tonne/negative US$6.66 cents per pound in the fourth quarter of 2025, consist ent with the deeply negative levels of the previous quarter. This reflects sustained concentrate tightness amid supp ly constraints, coupled with higher potential revenues for smelters from payable metals due to elevated copper prices and strong by-product values from acid, gold, and silver. A key 2026 benchmark settlement was agreed between a major miner and smelter at US$0 per tonne/US$0 cents per pound in late December, which has since been adopted by several other large Chinese smelters. Formal industry benchmark status remains pending broader adoption. CSPT did not issue spot TC guidance for the first quarter of 2026. Zinc and Lead Prices and Concentrate Market The average LME zinc price for the quarter was US$3,165 per tonne, a 12.0% increase on the third quarter of 2025. Price s were supported by broader base metals strength, a constructive macroeconomic outlook and tightening fundamentals, with the zinc metal market moving to a supply deficit and LME inventories at low levels. Strong demand from Chinese zinc smelters, which operated at record highs , drove zinc concentrate TCs. Chinese spot TCs fell to approximately US$50 - US$70 per tonne, down from US$90 - US$110 per tonne in the prior quarter. Market tightness is expected to persist into the first quarter of 2026 due to several mine closures in China, the ramp-up of new smelting capacity, and forecast lower production from some Western miners. The LME lead price averaged US$1,970 per tonne, remaining range-bound wit h a modest 0.2% increase from the previous quarter, reflecting a balanced lead metal market. The lead concentrate market tighten ed, with spot TCs for material with low-to-medium silver content reaching new record lows in a range of negative US$130 per tonne to negative US$160 per tonne. This is a decline from negative US$100 per tonne to negative US$125 per tonne in the third quarter of 2025 . Strong Chinese demand continues despite negative TCs , supported by robust by-product revenues from acid, copper and silver. 8 LME (London Metal Exchange) data is used in this report under licence 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 Fourth Quarter Production Report 2025 6 / 21 Precious Metals Market Precious metal prices strengthened significantly in the fourth quarter of 2025. The average gold price rose by 20.0% quarter- on-quarter (QoQ) to US$4,145 per ounce, while silver surged 38.8% QoQ to US$54.70 per ounce. This rally was fuelled by macroeconomic uncertainty, a weaker US dollar and strong industrial demand - particularly for silver. Both metals achieved new record highs at quarter-end, with silver notably outperforming gold. Provisional Pricing The following table provides a summary of the metal that was sold but which remains provisionally priced at the end of December 2025 and the month that final average pricing is expected to occur at the time of final invoicing. Open Pricing Volumes at 31 December 2025 Jan-26 Feb-26 Mar-26 Apr-26 Grand Total Copper (tonnes) 25,096 20,378 899 9,382 55,755 Zinc (tonnes) 21,764 4,408 4,372 - 30,544 Lead (tonnes) 1,841 - - - 1,841 Molybdenum (tonnes) 398 129 - - 527 Gold (ounces) 6,829 1,321 1,156 - 9,306 Silver (ounces) 709,959 330,353 168,009 99,183 1,307,504
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MMG Fourth Quarter Production Report 2025 7 / 21 OPERATIONS Las Bambas 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 24 Contained metal in concentrate Copper (tonnes) 97,322 -8% -5% 410,834 27% Molybdenum (tonnes) 843 35% 23% 2,910 -6% Gold (ounces) 23,307 1% 18% 85,604 35% Silver (ounces) 1,428,063 10% 3% 5,256,050 33% Las Bambas Quarterly and Full-Year 2025 Operational Performance During the fourth quarter of 2025, Las Bambas maintained stable operatio ns, producing 97,322 tonnes of copper in copper concentrate. While this represents an 8% decrease compared to the corresponding period in 2024, primarily due to lower ore milled grades (0.76% vs. 0.92%), it is in line with the planned mining sequence and is expected to improve in the first quarter of 2026. The quarter achieved a record ore milled throughput of 14.31 million tonne s, driven by the targeted process improvements and the processing of a higher proportion of softer ores from the Ferrobamba pit. Gold and silver production increased by 1% and 10%, respectively, compared to the corresponding period in 2024, driven by higher grades from ores in the Phase 5 West area of the Ferrobamba pit. In line with the current mining plan, elevated output levels for both gold and silver are expected to be sustained throughout 2026. Molybdenum production improved from the low levels seen in the first th ree quarters of 2025, driven by a combination of higher molybdenum content in the ore feed, reduced levels of deleterio us materials, and enhanced metallurgical recovery rates. For the full year 2025, Las Bambas achieved an annual copper producti on of 410,834 tonnes, representing a 27% increase over 2024. This result exceeded the top end of guidance and marks the second highest annual production in the mine ’s history. Records were set during the year for annual ore mined, ore milled, and o verall recovery rates. These achievements were underpinned by sustained operational efficiency improvements, strategic equipment upgrades, and an enhanced flotation reagent strategy. Full-year C1 costs were US$1. 12/lb, finishing below the revised guidance range of US$1.25 - US$ 1.35/lb, primarily due to higher by-product credits from favourable precious metals prices. Community and Transport Logistics Update Las Bambas operations remained stable throughout the quarter, with on-site copper concentrate inventory levels reduced to normal operating levels. The “Corazón de Las Bambas” (Heart of Las Bambas) initiative, implemented since 2023, continues to serve as the cornerstone of the Company ’s social engagement strategy. Functioning as a vital bridge betwee n the mine and local communities, the program me is dedicated to fostering mutual understanding and cooperation. Throu gh sustained investments in local education, healthcare, and infrastructure development, Las Bam bas has strengthened community trust and contributed to the region’s sustainable development. These ongoing efforts have been fundamental in supporting stable operations at Las Bambas, which has now been maintained for a period of two years and ten months. As Peru approaches its presidential elections in April 2026, the mine remains committed to ensuring operatio nal continuity through proactive engagement and ongoing collaboration with local communities and government authorities. Las Bambas 2026 Outlook Las Bambas has set its copper production target of 400,000 tonnes of co pper in concentrate for 2026, contingent upon stable operating conditions. To enhance operational resilience, adequate inve ntories of critical spare parts, consumables, and ore stockpiles have been secured on-site. Reflecting a cautious approach, the lower end of the 2026 production guidance
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MMG Fourth Quarter Production Report 2025 8 / 21 has been set at 380,000 tonnes, with flexibility to adjust this guidance in subsequent quarterly reports based on actual operating conditions. The company remains committed to proactive engagement with local communities and government authorities to ensure smooth operations and mitigate external impacts. C1 costs for Las Bambas in 2026 are expected to range between US$1.20/lb and US$1.40/lb. Sustained high prices for gold and silver, as observed in January 2026, would contribute to C1 costs optimisation. Kinsevere 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 24 Contained metal production Copper cathode (tonnes) 12,572 21% -15% 52,791 18% Cobalt (tonnes) 0 -100% 0 0 -100% Kinsevere Quarterly and Full-Year 2025 Operational Performance Kinsevere continues to face challenges including Democratic Republic of Congo cobalt sales limitations, which have kept the cobalt plant on care and maintenance; power-related production challenges affecting d aily operations and the ramp-up of the expansion project; ramp-up and operational challenges; and fiscal regime uncerta inties, including additional duties and taxes, and the recoverability of VAT. Kinsevere’s copper cathode production for the fourth quarter of 2025 totalled 12,572 to nnes, a 21% increase year on year compared to the corresponding period in 2024. The increase was primarily due t o the ramp-up of the sulphide circuit and the Roaster, G as Cleaning and Acid plant (RGA) throughout 2025, which enhanced copper inventory available for plating. However, production was 15% lower than the previous quarter, mainly due to equipment constraints at the electrowinning plant, largely associated with prolonged power instability. Mitigation measures h ave been implemented, including the replacement of aging cathode and anode plates and improvements to power availability and stability from the national grid. Production improvements were observed in December 2025, with further improvements expected in the coming quarter. Cobalt production in the fourth quarter remained nil, consistent with the cobalt plant being in care and maintenance throughout 2025 due to continued export restrictions and low cobalt prices. For the full year 2025, Kinsevere produced 52,791 tonnes of copper cath ode, an 18% increase compared to 2024. The improved annual performance reflects the ramp-up of the Kinsevere Expansion Project (KEP). Full-year 2025 C1 costs were US$3.12/lb, with power supply reliability and stability remaining key drivers of unit cost variability during the year. Kinsevere 2026 Outlook Kinsevere copper production for 2026 is expected to range between 65,000 and 75,000 tonnes9. Following the ramp-up of the KEP in 2025, the focus in 2026 will shift to addressing significant operational challenges, including stabilising operations, optimising the performance of the concentrator and roasting systems, and addressing persistent bottlenecks in the hydrometallurgy (Solvent Extraction/Electrowinning) plant. A key priority for 2026 will be the implementation of the Battery Energy Storage System (BESS), which is intended to improve power supply stability. This initiative aims to reduce the impacts of the frequent power trips that have impact ed plating performance and equipment reliability in recent years. While these efforts are expected to gradually improve copper cathode production and operational consistency, C1 costs for 2026 are expected to range between US$2.50/lb and US$2.90/lb, reflecting the ongoing impact of power supply constraints and associated costs. Although improved plant stability, higher t hroughput, and operating leverage help reduce cost , achieving production targets and minimising variability will remain heavily dependent on securing a reliable power supply. 9 Kinsevere's 2026 production guidance includes additional production planned to be sold as concentrate.
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MMG Fourth Quarter Production Report 2025 9 / 21 Khoemacau 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 2410 Contained metal in concentrate Copper (tonnes) 10,993 8% 21% 42,120 36% Silver (oz)11 353,861 2% 30% 1,381,205 30% Khoemacau Quarterly and Full-Year 2025 Operational Performance Khoemacau copper production for the December quarter 2025 totalled 10,993 tonnes of copper in copper concentrate, an increase of 8% on the prior corresponding period. This result was primarily driven by a higher ore milled grade of 1.60% (Q4 2024: 1.49%) and improved recovery of 89.7% (Q4 2024: 87.1%). During the quarter, Khoemacau expanded mining operations to Zone 5 North, contributing to higher ore grades and higher recovery. Following the temporary impact on ore mined during the transition to a new mining contractor in the third quarter of 2025, the subsequent operational ramp-up resulted in increased ore mined volumes during the fourth quarter. Total copper production for 2025 was 42,120 tonnes of copper in copper conce ntrate. This result was approximately 1,000 tonnes below the lower end of the latest annual guidance, primarily due to the temporary impact on ore availability during the contractor transition in the third quarter. Full-year 2025 C1 costs, on a pre-silver stream basis, were US$1.97/l b, significantly below the latest guidance range of US$2.30 - US$2.65/lb. This reduction was primarily driven by higher silv er prices, which provided increased by-product credits, as well as lower ore development costs. Khoemacau 2026 Outlook Khoemacau copper production for 2026 is expected to range between 48,000 and 53,000 t onnes. Higher ore grades are anticipated as mining operations access Zone 5 North . Enhanced development work has been scheduled in the year to expand mining fronts, improve operational flexibility and secure access to higher-grade ore zones. Additionally, construction of a paste fill plant is progressing, with commissioning expected in March 2 026. The paste fill project is designed to reduce stope dilution and improve ore grades in the future. C1 costs for Khoemaca u are anticipated to range between US$2. 00/lb and US$2.30/lb. Sustained high prices for silver, as observed in January 2026, would contribute to C1 costs optimisation. Khoemacau Growth and Expansion The Company plans to increase Khoemacau's capacity to 130,000 tonnes of coppe r in copper concentrate per annum with associated silver output exceeding 4 million ounces by constructing a new 4.5Mtpa process plant, e xtending mining operations to Zone 5 North, Mango and Zeta North-East deposits . The feasibility study regarding this expansion was approved by the Board in December 2025. Early works, including camp and road construction, land acquisition, and personnel recruitment have commenced, and long- lead items procurement is in progress. Construction is scheduled to begin in 2026, with first concentrate production expected in the first half of 2028. The life-of-mine average C1 cost is expected to improve to below US$1.60/lb. Looking ahead, Khoemacau has identified a further expansion potential of up to 200,000 tonnes of copper in copper concentrate per annum, supported by ongoing exploration activities. A pre-fe asibility study for the next expansion phase is scheduled to begin in 2026. 10 MMG completed the acquisition of the Khoemacau mine on 22 March 2024. The 2024 production data for Khoemaca u referenced in this report accounts for figures for the period starting 23 March 2024. 11 The silver production is subject to a 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 Fourth Quarter Production Report 2025 10 / 21 Dugald River 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 24 Contained metal in concentrate Zinc (tonnes) 50,905 3% 6% 183,463 12% Lead (tonnes) 7,082 25% 23% 21,666 4% Silver (ounces) 539,128 17% 29% 1,568,609 -4% Dugald River Quarterly and Full-Year 2025 Operational Performance Dugald River produced 50,905 tonnes of zinc in zinc concentrate during the fourth quarter of 2025, a 3% increase compared to the same period in 2024. The quarter delivered record performance, with both ore mined and ore milled volumes reaching historical highs, driven by sustained operational improvement initiatives. Recovery rates remained robust at 89.6%, consistent with previous high levels. For the 2025 full year, Dugald River achieved record zinc production of 183,463 tonnes, a 12% increase over 2024, reaching the upper end of the annual guidance range of 170,000 to 185,000 to nnes. Annual ore milled throughput exceeded 2 million tonnes for the first time in the mine’s history. These results were driven by a continued focus on operational efficiency, further supported by the implementation of digital twin technology, which helped stabilise performance following unplanned weather disruptions in the first quarter of 2025. The full-year C1 costs for 2025 were US$0.65/lb, outperforming the gu idance range of US$0.75 - US$ 0.90/lb. This result was supported by higher by-product credits from silver prices, lower treatment charges, sustained high production levels, and favourable foreign exchange rate movements. Dugald River 2026 Outlook Dugald River zinc production for 2026 is expected to be in the range of 17 0,000 and 180,000 tonnes of zinc in zinc concentrate, reflecting mining progression at depth, which is expected to impact ore production. Additionally, adverse weather conditions in the first half of 2026 may pose operational challenges; h owever, the mine will maintain a disciplined operational focus to navigate these challenges and sustain a resilient performance. C1 costs for 2026 are anticipated to range between US$0.80/lb and US$0.95/lb. Sustained high silver prices, as observed in January 2026, would contribute to C1 cost optimisation. Rosebery 4Q25 4Q25 vs 4Q24 4Q25 vs 3Q25 FULL YEAR 25 FULL YEAR 25 vs FULL YEAR 24 Contained metal in products Zinc (tonnes) 14,477 0% 36% 48,597 -14% Lead (tonnes) 5,548 -1% 37% 17,942 -14% Copper (tonnes) 323 -13% 17% 1,154 -10% Gold (ounces) 10,613 24% 36% 32,514 -3% Silver (ounces) 855,497 44% 60% 2,358,979 -2% Zinc Equivalent12 45,034 139,959 12 Zinc Equivalent production accounts for combined value of zinc, lead, silver, gold and copper. Other metals are converted to Zinc Equivalent via unit value calculations using 2025 average commodity prices including zi nc price of US$ 2,870/tonne, lead price of US$1, 963/tonne, silver price of US$40.03/ounce, gold price of US$3,439/ounce and copper price of US$9,945/tonne.
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MMG Fourth Quarter Production Report 2025 11 / 21 Rosebery Quarterly and Full-Year 2025 Operational Performance Rosebery produced 14,477 tonnes of zinc in zinc concentrate during the fourth quarter of 2025, consistent with the prior corresponding period. Quarterly ore mined and milled volumes reached th eir highest level since 2020, attributed to the successful execution of the mine plan. Zinc ore milled grades increased to 5.97% (vs. 5.04% in the third quarter of 2025) due to the mining sequence. Recovery rates remained strong at 88.0%. Silver and gold production also increased during the quarter, driven by higher milled head grades (averaging 115 g/t for silver and 1.4 g/t for gold) in line with the mine plan. O n a zinc equivalent basis, calculated using average 2025 realised prices, production totalled 45,034 tonnes for the fourth quarter. This reflects the strategy of leve raging by-product metal contributions to maximise asset values and financial performance. For the full year 2025, Rosebery ’s zinc production was 48,597 tonnes, in line with the guidance range of 45,000 to 55,000 tonnes. Full-year zinc equivalent production totalled 139,959 tonnes. Full-year C1 costs for 2025 were negative US$0.94/lb, representing a significant improvement from the lower end of the revised guidance (negative US$0.10/lb), driven primarily by operational efficiency, strong by-product metal productions and precious metal prices. Rosebery 2026 Outlook Rosebery zinc production for 2026 is expected to range between 45,000 to 55,000 tonnes of zinc in zinc concentrate. Including contributions from by-product metals and calculated using the 2025 average realised prices, z inc equivalent production is expected to range between 125,000 and 140,000 tonnes. C1 costs for the year are expected to range between negative US$ 0.60/lb to negative US$0.10/lb. Sustained high gold and silver prices, as observed in January 2026, would contribute to C1 costs optimisation.
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MMG Fourth Quarter Production Report 2025 12 / 21 CORPORATE UPDATE EXECUTIVE COMMITTEE APPOINTMENTS On 2 December 2025, the MMG Board announced that with effect from 2 December 2025: Mr Xuesong Chen was appointed as the President of Las Bambas (President Las Bambas); Mr Weiquan Xia was appointed as the President of Africa Operations (President Africa); Mr Nan Wang assumed the title of Chief Operating Officer to better reflect his role in supporting the asset planning and development activities for all MMG sites globally; and Mr Song Qian’s responsibilities as Chief Financial Officer have been expanded to Enterprise Technology, which has been moved from Mr Troy Hey, EGM Corporate Relations. Mr Chen and Mr Xia also became members of the Executive Committee of the Company with effect from 2 December 2025. Management believes that these changes extend full commercial accountability to asset level and place decisions relating to country presence, safety, volume, costs and development with asset management. KHOEMACAU EXPANSION PROJECT APPROVED On 29 December 2025, the MMG Board announced the approval of the Khoemacau expansion project, which is designed to increase annual production capacity to 130,000 tonnes of copper in copper co ncentrate, with associated silver output exceeding 4 million ounces. This project will involve: Extending mining operations to Zone 5 North, Mango and Zeta North-East deposits; and Constructing a new 4.5 million tonnes per annum (Mtpa) processing plant. This expansion will raise the mine’s total milling capacity to over 8.0 Mtpa. The to tal capital expenditure is estimated at approximately US$900 million (including pre-2026 spending). First copper concentra te from the expansion project is expected in the first half of 2028. The life- of-mine average C1 cost is expected to improve to below US$1.60 per po und, representing a significant reduction from the actual C1 cost of US$2.05 per pou nd recorded for the six months ended 30 June 2025. This expansion is a strategic initiative aimed at enhancing the long-term profitability and scale of the Company’s copper portfolio. Looking ahead, Khoemacau has identified a further expansion potential of up to 200,000 tonnes of copper per annum, supported by ongoing exploration activities. A pre-feasibility study for the next expansion phase is scheduled to begin in 2026. LAS BAMBAS TAX UPDATE 2019 Income Tax Assessment Minera Las Bambas S.A. (MLB) has now received an assessment notice in connection with an audit undertaken in respect of income tax determined by MLB for the 2019 tax year (2019 Income Tax Assessment) in the amount of approximately US$162 million. The 2019 Income Tax Assessment was issued by The National Superintendence of Tax Administration of Peru (SUNAT) on the basis that all of the interest accrued under bank and related party loans during the period of January 2019 to December 2019 was non-deductible (amongst other items of expenditure also determined by SUNAT to be non-deductible). The 2019 Income Tax Assessment is partly based upon the same asserted interpretation of the Peru Income Tax Law (PITL) by SUNAT as previous assessments in relation to withholding tax payable in respect of bank loans for the 2014 to 2017 tax years. Further, SUNAT also separately alleges that the accounting treatment of the merger in 2014 should have resulted in a negative equity adjustment meaning MLB should be regarded as having no equity for the purposes of calculating its thin capitalisation allowance. In addition to denying the deductibility of interest pursuant to the t hin capitalisation rules on the basis that MLB, MMG and CMC are related parties to the lenders and having no equity for the purposes of the thin capitalisation allowance, SUNAT alleges interest payable upon a shareholder loan from a shareholder of MLB, MMG Swiss Finance A.G., is non-deductible due to the application of the “Causality Principle” – i.e. that, as a result of the merger of three legal entities in 2014, the assumption of the loan by the merged entity (MLB) has no relevance to the income producing activities of MLB. As previously disclosed by the Company, this interpretation of SUNAT in similar income tax assessments for prior years was not accepted by the Tax Court which determined that MLB is entitled to the interest deductions claimed in the 2016 to 2018
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MMG Fourth Quarter Production Report 2025 13 / 21 income tax years. We note that SUNAT has appealed these decisions of the Tax Court and the appeal will take a number of years to resolve. MLB intends to appeal the 2019 Income Tax Assessment to SUNAT and, if unsuccessful, to the Tax Court. Under Peruvian law, tax is not due until resolution of the proceedings in the Tax Court. We note that appeals in the Peruvian tax administration and judicial systems can take many years to resolve. Given the success ful outcomes for MLB in the Tax Court in relation to the issues raised by SUNAT under previous income tax audits, MMG expects to be successful in its appeal of this assessment in due course. 2016 Income Tax Assessment As previously disclosed, in September 2024, the Tax Court also determine d that MLB is entitled to the bank loan interest deductions in the 2016 income tax assessment. In addition, the 2016 income ta x assessment of MLB (as a whole) in the amount of US$179 million was declared null by the Tax Court due to SUNAT’s failure to comply with the regulations governing the conduct of the audit. In September 2025 SUNAT, however, re-opened the audit for 2016 with a view to correct the flaws in the previous audit processes and proceeded to assert the same interpretation of the interest deductions that had not been accepted by the Tax Court. MLB sought a review of the legal vali dity of the new audit and SUNAT has now withdrawn the new audit of the 2016 income tax year, meaning no further actions will be taken by SUNAT in respect of that year. -ENDS-
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MMG Fourth Quarter Production Report 2025 14 / 21 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 Nan WANG, Chief Operating Officer GUAN Xiangjun Sandra, Interim Executive General Manager - Commercial and Development XIA Weiquan, President Africa CHEN Xuesong, President Las Bambas Share registrar Computershare Hong Kong Investor Services Limited 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong Important dates 3 March 2026 – 2025 Annual Results Announcement 4 March 2026 – 2025 Annual Results Investor Presentation 21 April 2026 – 2026 First Quarter Production Report* *This information is subject to change. For details, please contact Investor Relations below. Investor enquiries SHEN Ying Sherry Head of Investor Relations T +86 10 6849 5460 E InvestorRelations@mmg.com Media enquiries Andrea ATELL General Manager Corporate Affairs & Sustainability T +61 439 689 991 E CorporateAffairs@mmg.com
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MMG Fourth Quarter Production Report 2025 15 / 21 APPENDIX - GUIDANCE 2026 Guidance Summary Las Bambas 2026 Guidance 2025 Actual Copper - production 380,000 - 400,000 tonnes 410,834 tonnes Copper - C1 costs13 US$1.20 / lb - US$1.40 / lb US$1.12 / lb Kinsevere Copper - production 65,000 - 75,000 tonnes14 52,791 tonnes Copper - C1 costs13 US$2.50 / lb - US$2.90 / lb US$3.12 / lb Khoemacau Copper - production 48,000 - 53,000 tonnes 42,120 tonnes Copper - C1 costs13,15 US$2.00 / lb - US$2.30 / lb US$1.97 / lb Dugald River Zinc - production 170,000 - 180,000 tonnes 183,463 tonnes Zinc - C1 costs13 US$0.80 / lb - US$0.95 / lb US$0.65 / lb Rosebery Zinc - production 45,000 - 55,000 tonnes 48,597 tonnes Zinc Equivalent - production16 125,000 - 140,000 tonnes 139,959 tonnes Zinc - C1 costs13 -US$0.60 / lb - -US$0.10 / lb -US$0.94 / lb 13 C1 cost is a non-IFRS financial measure representing site-level cash costs, net of by-product credits. The 2026 C1 cost guidance is based on MMG’s internal budgeting assumptions, including by-product metal prices, budgeted foreign exchange rates, and expected treatment charges. Actual results may vary due to changes in commodity prices, exchange rates, operational performance, and other market factors. 14 Kinsevere's 2026 production guidance includes additional production planned to be sold as concentrate. 15 Khoemacau C1 costs calculated on a post by-product and pre silver stream basis. 16 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 2025 average commodity prices including zi nc price of US$2,870 /tonne, lead price of US$1, 963/tonne, silver price of US$40.03/ounce, gold price of US$3,439/ounce and copper price of US$9,945/tonne.
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MMG Fourth Quarter Production Report 2025 16 / 21 APPENDIX - PRODUCTION RESULTS Las Bambas QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 19,734,247 20,232,535 21,899,220 20,581,416 18,591,322 81,304,493 63,819,945 Ore milled tonnes 13,170,932 12,385,933 13,523,174 13,200,023 14,305,541 53,414,671 51,586,909 Waste movement tonnes 27,127,376 25,839,753 25,212,325 26,866,149 33,531,926 111,450,153 122,617,927 COPPER Ore mined - grade % 0.76 0.76 0.89 0.77 0.67 0.78 0.69 Ore milled - grade % 0.92 0.88 0.94 0.86 0.76 0.86 0.72 Recovery17 % 87.0 88.1 91.3 90.4 90.2 90.1 86.7 Production Copper concentrate tonnes 379,995 328,663 380,882 353,370 312,975 1,375,890 1,133,812 Grade % 27.9 29.1 30.2 29.1 31.1 29.9 28.5 Containing18 tonnes 106,119 95,728 114,909 102,875 97,322 410,834 322,912 Sales Total copper concentrate sold tonnes 339,512 385,688 287,670 357,153 337,412 1,367,923 1,072,988 Payable copper in product sold tonnes 93,571 106,413 84,164 99,943 100,060 390,580 302,872 GOLD & SILVER Production Contained gold in copper concentrate oz 23,011 19,456 23,080 19,761 23,307 85,604 63,427 Contained silver in copper concentrate oz 1,293,860 1,105,727 1,331,973 1,390,287 1,428,063 5,256,050 3,938,602 Sales Payable gold in product sold oz 18,702 20,006 15,566 17,988 21,123 74,683 56,171 Payable silver in product sold oz 1,079,593 1,197,643 927,897 1,249,908 1,375,522 4,750,970 3,535,035 MOLYBDENUM Production Molybdenum concentrate tonnes 1,367 1,513 1,667 1,748 2,162 7,090 6,776 Grade % 45.7 44.7 42.4 39.1 39.0 41.0 45.9 Contained molybdenum produced tonnes 625 676 707 684 843 2,910 3,108 Sales Total molybdenum concentrate sold tonnes 1,442 1,244 1,482 1,479 1,650 5,855 6,845 Payable molybdenum in product sold tonnes 664 562 645 595 645 2,447 3,138 17 The recovery rate is for copper concentrate before the filtration process. 18 The production is for the final copper concentrate after filtration.
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MMG Fourth Quarter Production Report 2025 17 / 21 Kinsevere QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 780,707 341,211 205,325 223,554 218,111 988,201 3,343,818 Ore milled tonnes 969,301 974,572 921,414 1,014,772 930,433 3,841,191 2,609,130 Waste movement tonnes 3,150,051 2,840,567 3,231,107 2,546,299 2,563,974 11,181,947 18,418,088 COPPER Oxide ores Ore mined – ASCu19 grade % 1.67 1.24 1.56 1.06 1.42 1.30 1.70 Ore milled – ASCu grade % 1.59 1.38 1.73 1.40 0.99 1.41 1.94 Sulphide ores Ore mined – TCu20 grade % - 1.23 1.38 1.48 2.04 1.52 - Ore milled – TCu grade % - 1.96 1.91 2.06 1.99 1.99 - Production Contained copper produced - cathode tonnes 10,350 11,690 13,735 14,794 12,572 52,791 44,597 Sales Total product sold - cathode tonnes 12,518 11,555 13,715 14,698 12,265 52,233 44,892 Payable copper in product sold - cathode tonnes 12,518 11,555 13,715 14,698 12,265 52,233 44,892 COBALT Production Contained cobalt in cobalt hydroxide tonnes 524 - - - - - 2,926 Sales Total cobalt hydroxide sold tonnes 1,100 381 101 - - 482 1,616 19 ASCu represents acid-soluble copper, specifically associated with oxide ores. 20 TCu represents total copper, specifically associated with sulphide ores.
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MMG Fourth Quarter Production Report 2025 18 / 21 Khoemacau QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 891,594 794,790 817,870 737,593 810,964 3,161,217 2,457,492 Ore milled tonnes 809,761 782,021 834,861 714,757 775,875 3,107,514 2,356,502 COPPER Ore mined - grade % 1.57 1.58 1.60 1.43 1.62 1.56 1.58 Ore milled - grade % 1.49 1.56 1.59 1.47 1.60 1.55 1.54 Recovery % 87.1 89.5 88.5 87.5 89.7 88.8 87.9 Production Copper concentrate tonnes 38,122 36,069 39,291 32,075 38,718 146,153 110,174 Grade % 27.1 29.5 29.3 28.1 28.3 28.8 28.4 Containing tonnes 10,154 10,610 11,433 9,084 10,993 42,120 30,961 Sales Total copper concentrate sold tonnes 37,176 36,441 38,843 32,016 38,449 145,749 109,806 Payable copper in product sold tonnes 9,608 10,339 10,905 8,693 10,625 40,562 29,666 SILVER21 Contained silver in copper concentrate oz 345,910 358,412 395,830 273,102 353,861 1,381,205 1,062,542 Payable silver in product sold oz 291,553 311,538 346,329 253,011 307,223 1,218,101 907,222 21 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 million silver ounces, and 50% thereafter. Royal Gold Inc. pays a cash price equal to 20% of spot silver price for each ounce deliver ed. The stream covers Zone 5 and Mango North-East deposits, with remaining deposits unencumbered.
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MMG Fourth Quarter Production Report 2025 19 / 21 Dugald River QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 493,090 405,969 474,427 527,872 572,581 1,980,849 1,783,162 Ore milled tonnes 506,732 466,132 464,010 526,664 553,803 2,010,609 1,755,369 ZINC Ore mined - grade % 10.23 9.91 10.52 10.33 10.06 10.21 10.20 Ore milled - grade % 10.72 9.73 10.36 10.20 10.26 10.14 10.31 Recovery % 91.0 90.1 90.6 89.6 89.6 90.0 90.4 Production Zinc concentrate tonnes 98,505 82,725 87,924 97,758 103,428 371,835 327,716 Grade % 50.2 49.4 49.5 49.2 49.2 49.3 49.9 Containing tonnes 49,461 40,869 43,557 48,132 50,905 183,463 163,588 Sales Total zinc concentrate sold tonnes 100,630 72,873 97,579 82,200 102,121 354,773 330,024 Payable zinc in product sold tonnes 41,989 29,995 40,158 33,308 41,632 145,093 136,853 LEAD Ore mined - grade % 1.53 1.75 1.38 1.68 1.82 1.66 1.72 Ore milled - grade % 1.69 1.65 1.34 1.65 1.86 1.64 1.76 Recovery % 66.4 65.2 61.1 66.3 68.6 65.8 67.4 Production Lead concentrate tonnes 9,486 8,536 6,826 9,981 12,638 37,981 35,733 Grade % 60.0 58.6 55.7 57.9 56.0 57.0 58.2 Containing tonnes 5,687 5,005 3,801 5,778 7,082 21,666 20,781 Sales Total lead concentrate sold tonnes 8,682 10,921 5,369 10,452 5,374 32,116 39,587 Payable lead in product sold tonnes 4,932 6,115 2,792 5,697 2,767 17,371 21,743 SILVER Contained silver in lead concentrate oz 462,161 358,619 252,703 418,159 539,128 1,568,609 1,627,600 Payable silver in product sold oz 378,291 467,003 188,568 399,246 196,958 1,251,775 1,662,728
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MMG Fourth Quarter Production Report 2025 20 / 21 Rosebery QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 264,068 239,061 229,714 263,725 271,343 1,003,843 1,033,718 Ore milled tonnes 282,841 231,945 239,838 241,824 275,527 989,134 1,033,778 ZINC Ore mined - grade % 5.84 5.09 5.55 5.15 5.85 5.41 6.14 Ore milled - grade % 5.90 5.35 5.93 5.04 5.97 5.59 6.22 Recovery % 86.5 87.7 88.7 87.1 88.0 87.9 87.5 Production Zinc concentrate tonnes 26,416 20,078 22,889 19,329 26,579 88,876 104,440 Grade % 54.7 54.2 55.1 54.9 54.5 54.7 53.9 Containing tonnes 14,450 10,886 12,619 10,615 14,477 48,597 56,313 Sales Total zinc concentrate sold tonnes 25,647 19,575 21,389 14,701 27,208 82,873 104,761 Payable zinc in product sold tonnes 11,720 9,068 9,980 6,945 12,729 38,722 48,084 LEAD Ore mined - grade % 2.39 1.93 2.20 2.13 2.42 2.18 2.38 Ore milled - grade % 2.68 2.17 2.57 2.27 2.73 2.45 2.66 Recovery % 74.2 73.6 75.1 73.8 73.7 74.1 75.9 Production Lead concentrate tonnes 8,590 5,737 6,939 5,987 8,310 26,973 31,906 Grade % 65.5 64.7 66.8 67.6 66.8 66.5 65.4 Containing tonnes 5,624 3,712 4,635 4,047 5,548 17,942 20,878 Sales Total lead concentrate sold tonnes 7,077 5,711 5,647 6,057 8,448 25,863 32,668 Payable lead in product sold tonnes 4,404 3,581 3,574 3,897 5,444 16,496 20,392
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MMG Fourth Quarter Production Report 2025 21 / 21 Rosebery (continued) QUARTER ENDED FULL YEAR DEC 2024 MAR 2025 JUN 2025 SEP 2025 DEC 2025 2025 2024 Ore mined tonnes 264,068 239,061 229,714 263,725 271,343 1,003,843 1,033,718 Ore milled tonnes 282,841 231,945 239,838 241,824 275,527 989,134 1,033,778 OTHER METALS Ore milled - gold g/t 1.2 1.1 1.2 1.2 1.4 1.2 1.2 Ore milled - silver g/t 82.2 76.9 81.0 84.1 115.1 90.3 89.2 Ore milled - copper % 0.20 0.18 0.19 0.17 0.17 0.17 0.18 Production Silver in concentrate Contained silver in lead concentrate oz 273,535 214,009 242,393 224,200 319,626 1,000,228 1,045,745 Gold in concentrate Contained gold in lead concentrate oz 1,542 1,437 1,838 1,368 1,551 6,194 5,971 Precious metals concentrate tonnes 2,216 1,769 1,759 1,768 2,165 7,461 7,926 Containing - copper tonnes 370 263 291 277 323 1,154 1,288 Containing - gold oz 4,186 2,876 3,922 4,025 4,832 15,655 16,755 Containing - silver oz 318,737 240,483 268,799 308,583 532,189 1,350,054 1,361,567 Gold doré oz 5,232 4,222 3,721 4,539 8,373 20,855 18,361 Containing - gold oz 2,804 2,127 1,901 2,406 4,231 10,665 10,652 Containing - silver oz 2,022 1,711 1,441 1,863 3,682 8,697 6,671 Sales Gold doré sold oz 3,889 4,843 3,060 3,925 6,679 18,507 16,709 Payable copper in product sold tonnes 341 266 294 275 257 1,092 1,256 Payable gold in product sold oz 6,741 6,348 6,048 6,834 8,249 27,479 29,259 Payable silver in product sold oz 492,543 460,785 401,175 478,538 699,783 2,040,281 2,278,989