Slide 1: 2022 Annual Results
2022 ANNUAL RESULTS 8 MARCH 2023
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is intended solely for your personal reference and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) or published, in whole or in part, for any pu
Slide 3: Overview
OVERVIEW 2022 In Review Financial Results Strategy and Outlook Question and Answers
Slide 4: 2022 in Review
2022 IN REVIEW Li Liangang Interim Chief Executive Officer
Slide 5: Safety Our First Value
SAFETY OUR FIRST VALUE MMG TRIF benchmarks best in 2021 TRIF 1 TRIF MMG TRIF ICMM 6.00 MMG 5.1 A 5.00 4.5 4.7 B 4.5 4.3 3.9 C 4.00 3.4 D 3.2 3.0 2.9 2.9 E 3.00 2.4 2.3 F 2.1 1.9 G 2.00 1.6 1.2 1.4 1.3 H 1.0 1.1 I 1.00 J 0.00 K 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 L M N O ▪ We think
Slide 6: 2022 Highlights
2022 HIGHLIGHTS Profitability in challenging external conditions Value Optimisation focus US$172m NPAT Delivered in 2022 ▪ 74% below record profit in 2021 ▪ Las Bambas commissioned the 3rd ball mill in Q4 ▪ Profitability despite over 50 days of forced ▪ Kinsevere Expansion Project started constructi
Slide 7: Peru Political, Community & Social Update
PERU POLITICAL, COMMUNITY & SOCIAL UPDATE Sorcco Pallca Picosayhua Pamputa Huancuire: Pumamarca Patrón Santiago Pitic Chumille MLB PROPERTY Quehuincha Quehuira Cconccacca Progreso MSC Miraflores Chicñahui Private Properties Ccarhuapirhua Carmen Alto Chila Escorno Progress made in dialogue processes
Slide 8: Mineral Resources Increase
MINERAL RESOURCES INCREASE Mineral Resources (contained metal) - Copper Mineral Resources (contained metal) - Copper Equivalent 3 Mt Increase Decrease Mt Increase Decrease 12.0 0.9 11.2 19.0 0.9 18.2 11.0 10.6 0.3 17.7 0.5 18.0 10.0 17.0 9.0 16.0 8.0 15.0 7.0 14.0 6.0 13.0 Contained Metal - Depletio
Slide 9: Financial Results
FINANCIAL RESULTS Ross Carroll Chief Financial Officer
Slide 10: Financial Performance Strong EBITDA Margins
FINANCIAL STRONG EBITDA PERFORMANCE MARGINS Summary Income Statement 2022 (US$ million) 2022 Vs 2021 EBITDA margin, % Peers range MMG Revenue 3,254.2 (24%) 70 EBITDA 1,535.4 (44%) 40 Profit for the year 460.5 (69%) before income tax 10 EBITDA margin 47% (27%) -20 Net cash generated from 832.1 (67%)
Slide 11: EBITDA Waterfall
EBITDA WATERFALL External factors Controllable factors Others US$m 3,000 2,725 -546 2,500 -333 70 31 -157 2,000 -35 -122 -49 44 5 -10 -88 1,535 1,500 1,000 500 0 EBITDA Sales Volume Net Revenue Stock FX Cost Risk mitigation Sales Volumes Operating Stock Corporate Exploration Other EBITDA FY 2021 Las
Slide 12: MMG Debt Repayment Schedule
MMG DEBT REPAYMENT SCHEDULE1 (US$m) MMG effective interest rate3 lower than Corporate Bonds and LIBOR rate4 1,200 MLB 18 Yr Project Facility DRM $450m 5 Yr Loan CMN Shareholder Loan 10% 8.19% 8% 6.91% 800 5.41% 6% 5.14% 4.3% 4% 400 2% 0 0% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 BBB Corpor
Slide 13: Capital Expenditure Outlook
CAPTIAL EXPENDITURE OUTLOOK Capital Expenditure Capital Intensity of Copper Developments1 US$m US$/t CuEq annual production 1000 30,000 900 800 25,000 700 20,000 600 500 15,000 Chalcobamba 400 300 10,000 200 5,000 100 0 0 KEP 2017 2018 2019 2020 2021 2022 2023e 2021 2022 2023 2024 2025 2026 2027 202
Slide 14: 2023 Earnings Sensitivity to Commodity Price & FX
2023 EARNINGS SENSITIVITY TO COMMODITY PRICE & FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$m)3 Copper US$/lb $0.10/lb / ($0.10/lb) 82/(82) Zinc US$/lb $0.10/lb / ($0.10/lb) 43/(43) Lead US$/lb $0.10/lb / ($0.10/lb) 9/(9) Gold US$/oz $100/oz / ($100/o
Slide 15: Las Bambas
LAS BAMBAS Las Bambas - one of the world’s largest copper mines, with near term organic growth optionality.
Slide 16: Las Bambas
LAS BAMBAS CHANGE % Global Top 20 Copper Mines in 2022 2022 2021 FAV/(UNFAV) Kt Cu Production metrics 1,200 Ore mined 43,179 kt 59,879 kt (28%) 1,000 Ore milled 44,043 kt 48,477 kt (9%) Las Bambas 800 post Chalcobamba Ore milled grade - Cu 0.67% 0.69% (3%) 600 Recovery rate - Cu 85.3% 86.9% (2%) 400
Slide 17: Kinsevere
KINSEVERE Kinsevere Expansion Project progress - Cobalt Plant.
Slide 18: Kinsevere
KINSEVERE CHANGE % 2022 2021 FAV/(UNFAV) Production metrics Ore mined 3,100kt 20kt 15,343% Ore milled 2,349 kt 2,449 kt (4%) Ore milled grade 2.18% 2.00% 9% Recovery rate 96.6% 96.6% 0% Copper cathode 49 kt 48 kt 2% C1 cost US$2.55 / lb US$1.95 / lb 31% Financial metrics (US$m) Revenue 421.5 437.3 (
Slide 19: Dugald River
DUGALD RIVER A world top 10 producing Zn mine with a >20yr mine life.
Slide 20: Dugald River
DUGALD RIVER CHANGE % Dugald River Zinc Recovery Rate 2022 2021 FAV/(UNFAV) 0.9 0.893 Production metrics Ore mined 1,873 kt 1,863 kt 1% 0.879 Ore milled 1,844 kt 1,892 kt (3%) 0.88 0.868 Ore milled grade 10.5% 10.8% (3%) Recovery rate 89.3% 87.9% 2% 0.86 Contained zinc in concentrate 173 kt 180 kt (
Slide 21: Rosebery
ROSEBERY Rosebery continues to deliver after almost 90 years of operations
Slide 22: Rosebery
ROSEBERY CHANGE % 2022 2021 FAV/(UNFAV) Production metrics Ore mined 886 kt 1,004 kt (12%) Ore milled 897 kt 1,022 kt (12%) Ore milled grade 6.7% 8.0% (16%) Recovery rate 85.6% 85.0% 1% Contained zinc in concentrate 51 kt 69 kt (26%) C1 cost US$0.26 / lb US$(0.34) / lb na Financial metrics (US$m) Re
Slide 23: 2023 Strategy and Outlook
2023 STRATEGY AND OUTLOOK Li Liangang Interim Chief Executive Officer
Slide 24: MMG New Vision
MMG NEW VISION Create a leading international mining PURPOSE We mine for progress company for a low carbon future to create a leading international mining company VISION * for a low carbon future We mine to create wealth for our people, Cu Zn MISSION host communities and shareholders Co Grow and div
Slide 25: Approach to ESG
APPROACH TO ESG Our approach to sustainability is aligned Towards zero emissions Delivering on commitments and to ICMM’s 10 Mining Principles and the partnering with our communities United Nations’ SDGs1 Commitment Helping in these focus areas: Commitment to a goal of net zero carbon emissions by No
Slide 26: Portfolio of Critical Minerals
PORTFOLIO OF CRITICAL MINERALS We are uniquely positioned with a portfolio of base metals assets that are critical to a low carbon future. 2050 Estimated Increase From 2020 (annual demand) New Electric Vehicles Solar / Wind Power Power devices & energy Grid Enhancement AET1 MMG storage 1.5-degree Po
Slide 27: KEP & Chalcobamba Development
KEP & CHALCOBAMBA DEVELOPMENT ADD >150KT CuEq GROWTH BY 2025 Kinsevere Annual CuEq Production (kt) Las Bambas Annual Cu Production (kt) 120 100-110 500 100 380-400 400 80 265-305 300 60 40-48 454 200 385 383 40 81 80 80 72 330 68 311 290 255 48 49 100 20 0 0 2016 2017 2018 2019 2020 2021 2022 2023 W
Slide 28: 2022 Annual Results Q&A
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Slide 29: Appendix
APPENDIX
Slide 30: MMG Assets Base & 2023 Guidance
MMG ASSETS BASE & 2023 GUIDANCE We have a globally diversified portfolio of base metals operations and development projects KINSEVERE (100%) DUGALD RIVER (100%) 2023 production 2023 production guidance: guidance: 40,000 - 48,000 tonnes 170,000 – 185,00 tonnes of copper cathode HIGH LAKE of zinc in z
Slide 31: 2023 Illustrative 'Spot' EBITDA & FCF
2023 ILLUSTRATIVE ‘SPOT’ EBITDA & FCF Based on Mid-Point of 2023 Guidance Illustrative Free Cash Flow Copper Las Bambas Kinsevere Total Copper Group Guidance US$m Total Copper Sales (t) 3 350,000 44,000 Payable % 2 96.60% 100% Copper EBITDA 1,275.8 Total Copper Payable (t) 338,100 44,000 Spot Price1
Slide 32: Profit to MMG Equity Holders
PROFIT TO MMG EQUITY HOLDERS ▪ MMG remains focused on improving financial NPAT attributable to equity holders (US$m) 2022 2021 2022 v 2021 and operational performance. Profit after tax - Las Bambas 62.5% interest 118.4 422.3 (72%) ▪ MMG will drive returns to shareholders and is positioned to benefit
Slide 33: Kinsevere Expansion Project
KINSEVERE EXPANSION PROJECT New Administrative Office Cobalt Plant The Kinsevere Expansion Project (KEP) includes the mining and processing of the sulphide ore body at Kinsevere as well as the addition of a cobalt recovery circuit. This involves a major plant modification including the installation
Slide 34: Las Bambas Development
LAS BAMBAS DEVELOPMENT The current Las Bambas development plan includes Ferrobamba (stages 5, 6, 7 & 8), Chalcobamba and Sulfobamba deposits. Major development initiatives: ▪ Construction of third ball mill (completed); ▪ Construction of a new maintenance facility; ▪ Construction of water management
Slide 35: Financial Dashboard
FINANCIAL DASHBOARD 2% 0.1% Revenue by Copper Revenue by 4% China Commodity Zinc Customer South Korea 6% 4% 68% Lead Discharge Dem. Rep. Congo Port 9% 4% Gold Australia 5% 10% Japan Silver 2% Molybdenum 67% Chile 17% India Other EBITDA by Las Bambas Operating 6% Operating Kinsevere Expenses Consumab
Slide 36: Las Bambas 2022 Performance
LAS BAMBAS 2022 PERFORMANCE Key Highlights Financials ▪ 2022 Production: 254,836 tonnes of copper, 12% below 2021 US$ million 2022 2021 % Continued community protests including an operational shut of more than 50 days in Revenue 2,086.8 2,965.20 (30%) the second quarter. EBITDA 1,121.9 2,047.30 (45%
Slide 37: Kinsevere 2022 Performance
KINSEVERE 2022 PERFORMANCE Key Highlights Financials US$ million 2022 2021 % ▪ 2022 Production: 49,070 tonnes of copper cathode, 2% higher than 2021 Higher average plant feed grade in 2022 (2.18% vs. 2.00%) attributable to the Revenue 421.5 437.3 (4%) resumption of mining activity in April 2022. EBI
Slide 38: Dugald River 2022 Performance
DUGALD RIVER 2022 PERFORMANCE Key Highlights Financials US$ million 2022 2021 % ▪ 2022 Production: 173,395 tonnes Revenue 484.3 482.9 0% COVID-19 impacted workforce availability early in the year. Lower ore feed grade compared to 2021 (10.5% vs. 10.8%). EBITDA 210.2 212.7 (1%) EBIT 152.5 152.9 0% ▪
Slide 39: Rosebery 2022 Performance
ROSEBERY 2022 PERFORMANCE Key Highlights Financials US$ million 2022 2021 % ▪ 2022 Production: 51,156 tonnes of zinc (-26%) and 18,077 tonnes of lead (-28%) Revenue 259.9 365.2 (29%) COVID-19 impacted workforce availability early in the year. EBITDA 98.6 203.3 (52%) Declining ore feed grades and res
Slide 40: Profit & Loss Statement
PROFIT & LOSS STATEMENT Year Ended 31 December 2022 US$ Million 2021 US$ Million Change % Fav/(Unfav) Revenue 3,254.2 4,255.0 (24%) Operating expenses (1,682.6) (1,587.3) (6%) Exploration expenses (30.8) (21.3) (45%) Administration expenses (16.0) (20.8) 23% Net other income 10.6 99.8 (89%) EBITDA 1
Slide 41: Balance Sheet
BALANCE SHEET US$ Million 2022 2021 Non-current assets 10,875.6 10,864.7 Current assets 1,659.9 2,159.4 Total assets 12,535.5 13,024.1 Total equity 4,228.5 3,928.0 Non-current liabilities – other 2,142.1 1,828.9 Non-current liabilities – borrowings 4,209.6 5,639.0 Current liabilities – other 752.3 9
Slide 42: Statement of Cash Flow
STATEMENT OF CASH FLOW Year Ended 31 December 2022 US$ Million 2021 US$ Million Receipts from customers 3,402.1 4,689.1 Payments to suppliers and employees (2,319.9) (2,029.0) Payments for exploration expenditure (30.8) (21.3) Income tax paid (268.0) (41.1) Net settlement of commodity hedges 48.7 (4
Slide 43: MMG Overview
MMG OVERVIEW Overview Broker Coverage Broker Name ▪ Founded in 2009, MMG is a diversified base metals company with four operating mines located across three continents BOCI Research Lawrence Lau ▪ Headquartered in Melbourne (Australia) and Beijing, with a primary listing on Citi Jack Shang the HKEx
Slide 44: Mineral Resources
MINERAL RESOURCES Copper and Zinc Mineral Resources of 11.2Mt and 11.0Mt Respectively Mineral Resources Contained Metal (100% Asset Basis) as at 30 June 2022 Project Copper (kt) Zinc (kt) Lead (kt) Silver (moz) Gold (moz) Molybdenum (kt) Cobalt (kt) Las Bambas 9,000 140 2 240 Kinsevere 1,204 52 Duga
Slide 45: Ore Reserves
ORE RESERVES Copper and Zinc Ore Reserves of 6.2Mt and 2.7Mt Respectively Ore Reserves Contained Metal (100% Asset Basis) as at 30 June 2022 Project Copper (kt) Zinc (kt) Lead (kt) Silver (moz) Gold (moz) Molybdenum (kt) Cobalt (kt) Las Bambas 5,500 81 1.2 130 Kinsevere 800 29 Dugald River 2,292 314
Slide 46: Thank You
THANK YOU