Mmg Ltd. · HKEX:1208
Mmg — Investor Presentation (May 2026)
40 slides from Mmg's investor presentation, May 2026
Slide 1: Las Bambas: operations, resources and a sustainable future
Las Bambas: operations, resources and a sustainable future May 2026
Slide 2: Overview
Overview MMG overview Las Bambas operations Las Bambas financial highlights Las Bambas resources and future opportunities Las Bambas sustainability
Slide 3: MMG overview
MMG MMG overview
Slide 4: MMG asset base
MMG asset base Khoemacau (55%) Location: Botswana 2026 production guidance: Kinsevere (100%) 48,000 – 53,000 tonnes of copper Location: DRC in copper concentrate 2026 production guidance: 2026 Copper C1 guidance: 65,000 – 75,000 tonnes of copper4 US$2.00 – US$2.30/lb1 Izok 2026 Copper C1 guidance: U
Slide 5: MMG reports increased production and improved financial performance
MMG reports increased production and improved financial performance Solid financial growth in 2025 Higher production and strong markets drive results Revenue Copper Zinc Moly US$ 6,218 million +39% +27% +6% -6% NPAT US$ 955 million +161% 400 kt 507 kt 220 kt 232 kt 3.1 kt 2.9 kt (US$ 509 million att
Slide 6: Las Bambas Operations
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Slide 7: Our team
Our team Xuesong Chen Las Bambas President Xuesong is a senior mining executive with nearly 20 years of on-site experience in the mining industry. He is proficient in addressing mining challenges, particularly international operations, cross-cultural collaboration, and engaging with a broad range of
Slide 8: Our team
Our team Claudio Cáceres Peng Luo Federico Gonzalez VP Sustainability and VP Supply and Logistics VP Project Delivery Corporate Affairs Claudio is a Lawyer with nearly 20 Federico has 30 years of experience With over 20 years of experience at years of experience at Las Bambas, in project delivery wi
Slide 9: Las Bambas 2014-2026: a journey to stabilisation and profit generation
Las Bambas 2014-2026: a journey to stabilisation and profit generation MMG consortium First commercial First mining Focuses on delivering Chalcobamba resilient and consistent acquires production and tax payment to ramps up operating performance Las Bambas first shipment Apurímac region 2014 2015 201
Slide 10: Las Bambas overview
Las Bambas overview Las Bambas Mineral Resources and Ore Reserves¹ Location: Cotabambas province, Apurimac region, Peru. Copper Silver Gold Molybdenum Mine Life: at least until 2041. 10% 8% 3% 3% 3% 3% To date, only 17% of the concession has Resources Reserves been explored². CuEq 12.0Mt CuEq 5.3Mt
Slide 11: From mine to port, through communities: strengthening partnerships at Las Bambas
From mine to port, through communities: strengthening partnerships at Las Bambas Adjacent communities and towns to the operations and transport route Bimodal transportation 2 regions: 4 provinces: 71 communities & towns: system (723 km): Apurimac: Cotabambas, Grau Apurimac: 43 communities Truck tran
Slide 12: Las Bambas: enhancement and development efforts boost operational efficiency
Las Bambas: enhancement and development efforts boost operational efficiency Enhancing performance following the commissioning of the third ball mill and the advancement of the Chalcobamba pit Actual 2025 Actual 2025 Actual 2025 53.4 Mtpa ~90 % 411 kt Ore milled Cu recovery Contained copper Ore Mill
Slide 13: Las Bambas 2026 – in pursuit of stability and strong cash flow
Las Bambas 2026 – in pursuit of stability and strong cash flow Change Change 1Q 2026 YoY FY 2025 YoY C1 Cost Curve – Global Copper Mine Peer Comparison Production (kt-Cu) 101 6% 411 27% 500 450 Las Bambas C1 cost reduction 400 benefited from by-product credits C1 cost1 (US$/lb) 0.45 -64% 1.12 -26% 3
Slide 14: Safety & Health
Safety & Health Strategic Objective Leadership and Operational Learning from Contractor Strengthening Occupational Emergency Resilient Risk Incidents Management of the Health & Health Preparedness Organisational Management Safety & Hygiene and Response Culture Management Surveillance System and Prev
Slide 15: Safety & Health
Safety & Health TRIFIR¹ and number of injuries² by year Total injuries² and SEEE⁴ (1Q24-1Q26) 28.4 25 30 28 19.4 16.9 16.9 17 25 25 23 14.6 11.7 1.72 1.44 20 1.2 1.03 15 0.51 0.53 0.59 0.47 10 74 7 4 43 5 28 1 15 9 10 8 6 0 2018 2019 2020 2021 2022 2023 2024 2025 2024 1Q 2025 1Q 2026 1Q Injuries2 TR
Slide 16: Production performance metrics
Production performance metrics 2019 2020 2021 2022 2023 2024 2025 Mining trucks 64 71 74 74 74 74 74 Fleet size reached 74 trucks in 2021, remaining at this level through 2025 Equivalent Distance 14.3 km-eq 14.6 km-eq 13.6 km-eq 14.8 km-eq 15.4 km-eq 16.0 km-eq 17.2 km-eq +4% 2025: Driven by higher
Slide 17: Innovating for operational excellence
Innovating for operational excellence Integrated Remote Operations Centre (IROC) Our vision: transform Las Bambas into a smart mine by 2030 2023: Las Bambas launched an IROC, providing real-time oversight of Apurímac operations. Integrated Operations Improved dispatch coordination and maintenance re
Slide 18: Las Bambas financial highlights
Las Bambas Las Bambas financial highlights Financial and highlights opportunities
Slide 19: Financial highlights
Financial highlights Revenue and profitability Capital discipline Cost optimisation culture Revenue • Rigorous capital allocation framework aligned • Ongoing efficiency programs have delivered with long-term value creation and operational 5%–15% annual savings across operating • US$4.4 billion in 20
Slide 20: MLB’s deleveraging efforts
MLB’s deleveraging efforts MLB’s strong debt repayment track record Project Facility repaid six years ahead of schedule. Key drivers Disciplined financial strategy reduced debt from US$7.0 billion to US$1.0-1.3 billion. Reliable copper production → strong revenue Operational efficiencies + sustainab
Slide 21: Las Bambas resources and future opportunities
Las Bambas Resources and Las Bambas explorations future and opportunities opportunities
Slide 22: Las Bambas Mineral Resources and Ore Reserves
Las Bambas Mineral Resources and Ore Reserves 10Mt of copper contained as Mineral Resources1 Ferrobamba 3.9 Inferred 0.2 Indicated 2.7 2.4 Measured 1.9 1.1 0.2 1.3 1 0.7 0.4 1.4 1.3 0.2 0.6 0.6 0.2 0.2 Ferrobamba Chalcobamba Sulfobamba Fb_Underground Stockpiles Ferrobamba Deeps Chalcobamba 4.5Mt of
Slide 23: Exploration 2026
Exploration 2026 ~17%1 of Total Concession Area Explored US$ 88M Exploration Budget 2026 DRILLING EXPLORATION PROGRAM BY PROJECT MORE THAN 30 EXPLORATION TARGETS AWAITING WORK Project Expected Outcome 2026 Focus Phase Ferrobamba Pit Identify Resource Increase Resources Resource Delineation Extension
Slide 24: Future opportunities
Future opportunities Chalcobamba Stage 3 Sulfobamba Pit Ferrobamba Deeps Additional Opportunities Study stage Study stage Conceptual study Overview Overview Mineral Resources Future Opportunities Subject to Further Study and Investment • Scoping Study underway • Pre-Feasibility Study underway • 750
Slide 25: Las Bambas Sustainability
Las Bambas Sustainability
Slide 26: ESG oversight
ESG oversight Committed to the responsible production of copper and molybdenum Environmental management system Las Bambas uses an integrated system to monitor water quality, biodiversity, and environmental compliance. This system includes performance indicators to support continuous improvement, mee
Slide 27: Environmental stewardship
Environmental stewardship Committed to the responsible production of copper and molybdenum Climate Strategy Nature Strategy Sustainability Governance Las Bambas is preparing a roadmap In line with MMG’s Nature Strategy, Las Las Bambas has established technical aligned with the updated MMG Climate Ba
Slide 28: Community engagement
Community engagement Las Bambas new social performance model 2 • MMG and LB developed a work program for a new social performance model based on a long-term sustainable vision. • Working groups were formed with the Transactional basis of 3 support of specialised advisors. relationships no longer • T
Slide 29: New Social Management Model
New Social Management Model Design and implementation process Corazón Program - Conceptual stage Corazón de Las Bambas Model - Operational ‒ The transformation begins development and implementation stage Purpose Multi-stakeholder engagement guide and strategy Pillar Multi- s stakeholder Community le
Slide 30: Community engagement
Community engagement Las Bambas Social Investment1 USD million Las Bambas Value Chain SDG1: No poverty 125.5 SDG2: Zero hunger 27.8 Local Workforce (payroll and contractors) SDG3: Good health & wellbeing 27.3 (2025) 12,810 jobs SDG4: Quality education 40.3 SDG5: Gender 3.5 SDG6: Clean water & sanita
Slide 31: Community engagement
Community engagement Work for Tax Local Business Livelihood & Health Support Business Competitivity Program: Kutuctay Bridge Agricultural +24 local companies projects assisted Business Roundtable and Specialised medical New educational Financial Work-shop campaigns: infrastructure: with community an
Slide 32: 2026 Governance & Ethics
2026 Governance & Ethics From compliance to effective risk management Internal Audit in Las Bambas: How we are strengthening Governance and Ethics for the next • Third line focused on material risks decade • From traditional role to value generation Anti-Corruption Framework & Code of Conduct Busine
Slide 33: Q&A
Q&A
Slide 34: Appendix
Appendix 34
Slide 35: MMG copper assets: delivering operational stability and growth
MMG copper assets: delivering operational stability and growth Unlocking further Annual copper production (kt) growth potential Stability Maximising Khoemacau expansion organic Las Bambas: Three years of and potential growth stable operations Ramp-up To To 200 ktpa Successful 48-53 53 130 ktpa 42 Po
Slide 36: MMG zinc assets: driving value from by-products and low-carbon production
MMG zinc assets: driving value from by-products and low-carbon production Dugald River production (kt-ZnEq) Zinc By-products 37 Dugald River 24 22 28 32 Transitioning to 180 173 183 green energy 152 164 2021 2022 2023 2024 2025 Rosebery production (kt-ZnEq) Zinc By-products Rosebery 78 69 77 91 Plan
Slide 37: MMG robust resources for copper exposure
MMG robust resources for copper exposure Mineral resources by commodity Mineral resources by asset Maximise asset Las Bambas Co 1% Izok (Canada) 7% 45%(Peru) value through Mo 4% Au 3% Rosebery 5% ongoing Ag 6% (Australia) exploration Pb 2% Dugald River10% (Australia) across our assets Kinsevere 6% (
Slide 38: MMG strategy
MMG strategy Create a leading international mining company for a low carbon future Operational excellence Inorganic growth through innovation Organic growth Maximise operational value via capital Establish a robust M&A pipeline of discipline and efficiency through Focused copper-led production devel
Slide 39: MMG 2026 priorities
MMG 2026 priorities Production guidance (tonnes) Copper C1 guidance Operational excellence Las Bambas 380,000 – 400,000 US$1.20 – US$1.40/lb 62.5% ownership | Peru Copper in copper concentrate Unwavering focus on safety and operational stability Production guidance (tonnes) Copper C1 guidance Khoema
Slide 40: Thank you
Thank you For further information, please contact: MMG Investor Relations Email: investorrelations@mmg.com