Mmg Ltd. · HKEX:1208
Mmg — Morgan Stanley Twenty Fourth APAC Summit 2025
31 slides from Mmg's conference presentation, November 2025
Slide 1: We mine for progress
We mine for progress .™
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: Business landscape
Business landscape
Slide 4: Asset base and resources
Asset base and resources Khoemacau (55%) Location: Botswana Resource1: 6.3Mt Cu, 256Moz Ag Kinsevere • High grade ores Location: DRC • 130 kt/a copper in copper Resource1: 10.37Kt Cu, 67Koz Co concentrate production after • 80 kt/a copper in copper cathode expansion Izok production after ramp-up Izo
Slide 5: Path to top copper producer with diverse metal portfolio
Path to top 10 copper producer with diverse metal portfolio Diverse Metal Resources Significant Copper Increase Products for a changing world Copper resource totalled 19.6 Mt1, Up by 3% YoY (vs. 2024) Copper production (Kt) Enhanced demand by energy transition3 1% 3% 4% . 400 500 385 6% 340 305 347
Slide 6: Las Bambas
Las Bambas One of the world’s largest copper mines with competitive production costs 1H 2025 vs 1H 2024 2025 Guidance Production (Kt-Cu) 211 67% 400 C1 cost (US$/lb) 1.06 -41% 1.25 - 1.352 Cu price1 (US$/lb) 4.28 4% - Revenue (US$m) 2,007 60% - EBITDA (US$m) 1,311 122% - EBITDA margin 65% - - 1. Six
Slide 7: Kinsevere
Kinsevere Focus on ramp-up of expansion project 1H 2025 vs 1H 2024 2025 Guidance Production (Kt-Cu) 25 18% 51 - 54 Power instability has slowed production ramp-up C1 cost (US$/lb) 3.17 1% 2.80 - 3.15 Supplementary diesel generators procured to offset power shortages Cu price1 (US$/lb) 4.28 4% - Reve
Slide 8: Khoemacau
Khoemacau Located in one of the world's top-tier new copper regions, set for expansion 1H 2025 vs 1H 2024 2025 Guidance Production (Kt-Cu) 22 121%1 Lower end of 43 - 53 C1 cost (US$/lb) 2.052 -23% Lower end of 2.30 - 2.65 Cu price3 (US$/lb) 4.28 4% - Revenue (US$m) 200 122%1 - EBITDA (US$m) 90 167%1
Slide 9: Dugald River
Dugald River Driving Operational Excellence 1H 2025 vs 1H 2024 2025 Guidance Higher production Consistently high Production (Kt-Zn) 84 6% 170-185 Driven by stable recovery rates C1 cost (US$/lb) 0.65 -3% Lower end of 0.75 – 0.90 operations Zn price1 (US$/lb) 1.24 4% - Revenue (US$m) 228 1% - Lower z
Slide 10: Rosebery
Rosebery Continues to deliver after almost 90 years of operations 1H 2025 vs 1H 2024 2025 Guidance Production (kt-Zn) 24 -22% 45 - 55 C1 cost (US$/lb) -0.32 24% Lower end of -0.10 – +0.15 Competitive C1 costs Improved equipment Supported by strong gold and workforce availability Zn price1 (US$/lb) 1
Slide 11: Financial results
Financial results
Slide 12: Financial dashboard
Financial dashboard Strong financial growth across key metrics: revenue, EBITDA, and NPAT surge Revenue(US$mn) EBITDA(US$mn) NPAT(US$mn) OCF(US$mn) 47% 98% 612% 130% 2,817 566 1185 1,540 1,918 779 515 80 340 21 1H2024 1H2025 2024上半年 1H2024 1H2025 2025上半年 1H2024 2024上半年 1H2025 2025上半年 1H2024 2024上半年
Slide 13: MMG's commitment to debt reduction
MMG’s commitment to debt reduction MMG total borrowings (US$M)2 and gearing ratio MMG debt repayment schedule as of 30 June 20251 (US$M) Other MLB RCF Total Borrowings Gearing Ratio Top shareholder loan 8,000 73% 80% CDB $1.05bn Acquisition Loan (for Khoemacau acquisition) 60% CMN Shareholder Loan (
Slide 14: Investing in growth and capacity expansion
Investing in growth and capacity expansion 2025 CAPEX estimation of US$1,100 M – US$1,250 M Las Bambas 2025 CAPEX estimation US$450 M - US$500 M: TSF expansion, Ferrobamba infrastructure, Chalcobamba execution etc. Kinsevere 2025 CAPEX estimation US$200 M: Reduced spending on the expansion, increase
Slide 15: Outlook
Outlook
Slide 16: A sustainable mining company for a low carbon future
A sustainable mining company for a low carbon future Maximise Asset Value Grow the Core and Step Out Drive Economic and Social Progress and Competitiveness Strong focus on growing the existing portfolio Local, regional and national contributions A model that combines the best of international Divers
Slide 17: Appendix
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Slide 18: Safety – our first value
Safety – our first value SEEE-F1 Safety Focus Area 1.86 1.68 1.14 0.99 0.94 0.78 0.78 2019 2020 2021 2022 2023 2024 H125 Embedding Promoting proactive TRIF MMG TRIF2 3 critical controls safety behaviors TRIF ICMM 3.2 2.9 2.9 2.7 2.6 2.3 2.0 2.1 1.8 1.6 1.4 1.3 1.1 Strengthening contractor oversight
Slide 19: Mineral Resources
Mineral Resources Project Copper (kt) Zinc (kt) Lead (kt) Silver (moz) Gold (moz) Molybdenum (kt) Cobalt (kt) MMG Mineral Resources Contained Metal (100% Asset Basis) as at 30 June 2025 1 Las Bambas 10,091 136 2.0 357 Khoemacau 6,313 256 Kinsevere 1,176 48 Dugald River 74 7,352 984 36 0.031 Rosebery
Slide 20: Ore Reserves
Ore Reserves Project Copper (kt) Zinc (kt) Lead (kt) Silver (moz) Gold (moz) Molybdenum (kt) Cobalt (kt) MMG Ore Reserves Contained Metal (100% Asset Basis) as at 30 June 20251 Las Bambas 4,496 63 0.9 130 Khoemacau 896 35 Kinsevere 708 31 Dugald River 2,617 402 22 Rosebery 15 460 157 23 0.3 Nambulwa
Slide 21: Financial Performance
Financial Performance 2025 1H 1 Note: Net other income was recorded in 1H 2025, primarily driven by favorable foreign exchange rate impacts at Las Bambas resulting from the revaluation of monetary assets. 21
Slide 22: EBITDA waterfall
EBITDA waterfall EBITDA VARIANCE(US$M) 678.2 Revenue 57.0 1,539.9 !(195.0!) (195.0) 220.7 779.0 EBITDA Net Revenue Net Revenue Operating costs Other items EBITDA 1H 2024 Price Sales Volume 1H 2025 Notes: 1. Other variance includes Khoemacau acquisition and integration expenses, FX, corporate costs,
Slide 23: NPAT waterfall
NPAT waterfall NPAT VARIANCE(US$M) Revenue Other cost 678.2 28.5 57.0 !(195.0!) (195.0) !(13.2!) (13.2) 566.3 !(289.4!) (289.4) 220.7 79.5 NPAT Net Revenue Net Revenue Operating Cost D&A Other items Net Finance Tax Expense NPAT 1H FY2024 Price Sales Volume Expenses Costs 1H FY2025 Notes: 1. Price va
Slide 24: 2025 full-year earnings sensitivity to commodity price and FX
2025 full-year earnings sensitivity to commodity price and FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$M) Copper US$/lb $0.10/lb / ($0.10/lb) 103/(103) Zinc US$/lb $0.10/lb / ($0.10/lb) 39/(39) Lead US$/lb $0.10/lb / ($0.10/lb) 8/(8) Gold US$/oz $100
Slide 25: Profit to MMG equity holders
Profit to MMG equity holders 1H 2025 NPAT attributable to equity holders (US$M) 1H 2025 1H 2024 vs. Las Bambas NPAT up by 266%: 1H 2024 • 67% increased copper production compared to 1H 2024 and lower unit operating expenses. Profit after tax - Las Bambas 62.5% interest 366.6 100.3 266% • Reduced deb
Slide 26: Financial dashboard
Financial dashboard Revenue by Commodity Revenue by Customer Discharge Port 5% 2% 5% 3% 3% 1% 0.01% China 1% 5% Dem. Rep. Congo Cu 6% 8% Botswana Zn Australia Pb 8% Japan Au South Korea Ag 78% Chile Mo 74% Philippines EBITDA by Operating Segment (US$M) Operating Expenses (by Nature) 14% People 4% 4%
Slide 27: Historical production performance
Historical production performance Las Bambas – Khoemacau – Dugald River – Copper in Copper Concentrate (kt) Copper in Copper Concentrate (kt) Zinc in Zinc Concentrate (kt) 53 185 400 454 385 383 360 170 330 323 43 311 290 302 180 255 170 178 173 164 147 152 1H: 211 31 1H: 22 1H: 84 2016 2017 2018 20
Slide 28: Profit & loss statement
Profit & loss statement Six months ended 30 June 2025 US$m 2024 US$ m Change % fav/(unfav) Revenue 2,817.0 1,918.2 47% Operating expenses (1,258.2) (1,063.2) (18%) Exploration expenses (42.5) (27.2) (56%) Administration expenses (15.6) (16.2) 4% Khoemacau acquisition and integration expenses (0.3) (
Slide 29: Balance sheet
Balance sheet US$ M AS AT 30 June 2025 US$ M AS AT 31 December 2024 US$ M Non-current assets 13,436.5 13,483.8 Current assets 2,049.8 1,502.1 Total assets 15,486.3 14,985.9 Total equity 7,060.9 6,278.5 Non-current liabilities – other 3,027.3 2,998.1 Non-current liabilities – borrowings 3,999.6 3,740
Slide 30: Statement of cash flow
Statement of cash flow SIX MONTHS ENDED 30 JUNE 2025 US$ M 2024 US$ M Receipts from customers 3,137.3 2,040.8 Payments to suppliers and employees (1,610.9) (1,430.2) Payments for exploration expenditure (39.1) (27.2) Income tax paid (310.5) (54.8) Net settlement of commodity hedges 8.2 (13.3) Net ca
Slide 31: Thank you!
Thank you! For enquiries, please contact: Sherry SHEN Head of Investor Relations InvestorRelations@mmg.com Andrea ATELL General Manager Corporate Affairs & Sustainability CorporateAffairs@mmg.com