Slide 1: MMG 2024 Annual Results
5 March 2025 MMG 2024 Annual Results
Slide 2: Disclaimer
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Slide 3: Overview
Overview 2024 in review Financial results Strategy and outlook Questions and answers
Slide 4: 2024 in review
2024 in review Cao Liang Chief Executive Officer
Slide 5: Safety – our first value
Safety – our first value SEEE-F1 2019 1.86 2020 1.68 2021 0.99 2022 0.94 2023 1.14 2024 0.78 TRIF2 TRIF MMG 4.5 4.5 4.7 4.3 TRIF ICMM3 Significant Event - Improvement Plan 3.9 3.4 3.2 Risk management 2.9 2.9 2.7 2.4 2.6 Critical control framework 2.3 2.1 1.9 2.0 2.1 1.6 Contractor management 1.2 1.4
Slide 6: 2024 Highlights
2024 Highlights Building value through strategic growth Robust financial results MMG total copper production (kt) Khoemacau Kinsevere Las Bambas EBITDA US$2,048.7 million (46% margin) 400 347 ↑ 40% year-on-year 305 Low High End End 466 522 NPAT 2022 2023 2024 2025e US$366.0 million MMG zinc equivale
Slide 7: Mineral Resources and Ore Reserve increase
Mineral Resources and Ore Reserve increase Mineral Resources (contained metal) – Copper Mineral Resources (contained metal) – Zinc Equivalent3 3.0 18.0 2.1 12.3 5.7 10.6 Copper Metal(Mt) ZnEq Metal(Mt) -0.4 9.7 -0.4 Contained Metal Depletions Khoemacu Additions Contained Metal Contained Metal Deplet
Slide 8: Las Bambas: thriving through community partnership
Las Bambas: thriving through community partnership Educational support Historic agreement: Las Bambas Kutuctay Bridge to invest S/184 million in S/44 million investment Cotabambas education. transformed regional connectivity. Concentrate transportation Chalcobamba development MMG's commitment to loc
Slide 9: Continuing to deliver exceptional project results
Photo: Sulphide concentrator in construction Continuing to deliver exceptional project results Excelling in Achieved key milestones Growth strategy aiming for Chalcobamba development for Kinsevere expansion 130kt/a Cu at Khoemacau • Achieved stable ore supply. • Mechanical construction: • Phase 1 (2
Slide 10: Financial results
Financial results QIAN Song Chief Financial Officer
Slide 11: MMG FY24 Financial Performance
MMG FY24 Financial Performance EBITDA Margin Recovered, % Peers range MMG 70 40 10 -20 -50 -80 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11
Slide 12: Las Bambas
Las Bambas One of the world’s largest copper mines Year Ended 31 December 2024 2023 CHANGE % Production metrics Ore mined 63,820 kt 46,429 kt 37% Ore milled 51,587 kt 52,872 kt (2%) Ore milled grade - Cu 0.72% 0.66% 9% Production Success Operational Excellence Recovery rate - Cu 86.7% 86.2% 1% 323kt
Slide 13: Kinsevere
Kinsevere Growing to be an 80kt copper mine once expansion project fully ramped up Year Ended 31 December 2024 2023 CHANGE % Production metrics Ore mined 3,344 kt 1,726 kt 94% Oxide ore mined 2,279 kt 685 kt 233% Sulphide ore mined 1,065 kt 1,041 kt 5% Production Growth Operational Excellence Target
Slide 14: Khoemacau
Khoemacau Globally one of the highest quality new copper mines with attractive financial metrics post-expansion Year Ended 31 December 2024 Production metrics Ore mined 2,457 kt Ore milled 2,357 kt Ore milled grade - Cu 1.54% Strategic Growth Plan Operational Excellence 130 ktpa Cu Mining developmen
Slide 15: Dugald River
Dugald River A world top 10 producing Zn mine with a >20yr mine life Year Ended 31 December 2024 2023 CHANGE % Production metrics Ore mined 1,783 kt 1,651 kt 8% Ore milled 1,755 kt 1,660 kt 6% Ore milled grade - Zn 10.31% 10.16% 1% Production Success Operational Excellence Production exceeded 2023 A
Slide 16: Rosebery
Rosebery Continues to deliver after almost 90 years of operations with a strategic focus shifting on polymetallic outputs Year Ended 31 December 2024 2023 CHANGE % Production metrics Ore mined 1,034 kt 922 kt 12% Ore milled 1,034 kt 918 kt 13% Ore milled grade - Zn 6.22% 6.53% (5%) Mine Life Extensi
Slide 17: MMG's commitment to debt reduction
MMG’s commitment to debt reduction MMG total borrowings (US$M)2 and gearing ratio MMG debt repayment schedule1 (US$M) Total borrowings CMN Shareholder Loan (for Las Bambas Gearing ratio 1,000 Acquisition) 8,000 73% 80% TOP Shareholder loan ~60% 56% 55% 55% 50% Las Bambas RCF 6,000 41% CDB $1.05bn Lo
Slide 18: Investing in Growth and Enhanced Capacity
Investing in Growth and Enhanced Capacity 2025 CAPEX estimation US$1,200 M – US$1,300 M mainly for debottlenecking Las Bambas US$550 M - US$600 M: TSF expansion, Ferrobamba infrastructure, Chalcobamba execution, etc. Kinsevere US$200 M: Reduced spending on the expansion, increased capitalised stripp
Slide 19: Strategy and outlook
Strategy and outlook XU Jiqing Chairman
Slide 20: Growth & diversification: executing our strategy
Growth & diversification: executing our strategy Our purpose Our mission Our vision Our ambition Strategy Grow and diversify our We mine to create to create a leading resource, production We mine for wealth for our people, international mining and value, by leveraging host communities company for a
Slide 21: Products for a changing world
Products for a changing world The metals we mine are uniquely positioned with a portfolio of base metals assets that are critical to a low carbon future. 2050 estimated metal demand increase from 2020 AET New electric Solar / Power devices Grid 1.5-degree MMG portfolio scenario vehicles wind power &
Slide 22: Nickel Brazil acquisition: a strategic addition to the MMG portfolio
Nickel Brazil acquisition: a strategic addition to the MMG portfolio Brazil Nickel snapshot Brazil Nickel map Contained Ni in resources2 BRAZIL ~5.2 Mt, third-largest nickel endowment globally Significant resource endowment, optimization potential Jacaré 2024 C1 cost1 ~US$4.81/lb Attractive, profita
Slide 23: Nickel Brazil acquisition: a strategic addition for MMG
Nickel Brazil acquisition: a strategic addition for MMG Emerging Class II deficit (2025 onward) 400 30% alongside Class I/Sulfate surplus Nickel Balance kt 20% 200 …Medium-term nickel oversupply 10% But shortage of Class II starting in 2025… 0 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e
Slide 24: Asset base and operations update
Asset base and operations update Khoemacau (55%) Location: Botswana 2025 production guidance: Kinsevere 43,000 - 53,000 tonnes of copper in Location: DRC copper concentrate 2025 production guidance: 2025 Copper C1 guidance: 63,000 - 69,000 tonnes of copper US$2.30 – US$2.65/lb2 Izok cathode 2025 Cop
Slide 25: Q&A MMG 2024 Annual Results
Q&A MMG 2024 Annual Results
Slide 26: Appendix
Appendix
Slide 27: EBITDA waterfall
EBITDA waterfall EBITDA VARIANCE (US$M) Other Revenue Operating cost 681 variances -166 2,049 467 -61 1,462 -335 EBITDA Net Revenue Net Revenue Other Operating Khoemacau Other Items EBITDA FY 2023 Price Sales Volume Costs Operating Costs FY 2024 Notes: 1. Other variance includes Khoemacau acquisitio
Slide 28: NPAT waterfall
NPAT waterfall NPAT VARIANCE (US$M) Operating Revenue D&A Other cost cost 515 -128 467 -61 -26 366 -188 -335 122 NPAT Net Revenue Net Revenue Operating D&A Corporate, Net Finance Tax Expense NPAT FY 2023 Price Sales Volume Costs Expenses Exploration Costs FY 2024 & Other Notes: 1. Price variances in
Slide 29: Earnings sensitivity to commodity price and FX
Earnings sensitivity to commodity price and FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$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/oz / ($100/oz)
Slide 30: Profit to MMG equity holders
Profit to MMG equity holders 2024 NPAT attributable to equity holders (US$M) 2024 2023 vs. Las Bambas NPAT up by 75%: 2023 • Reduced production costs and higher commodity prices • Lower interest expense: due to reduced debt levels and Las Bambas Profit after tax - Las Bambas 62.5% interest 329.8 188
Slide 31: Financial dashboard
Financial dashboard Revenue by Commodity Revenue by Customer Discharge Port Copper China 2.9% 0.1% 1.51% 1.17% 5.5% 3.62% Dem. Rep. Congo Zinc 4.91% 4.7% Australia 1.9% Lead 6.05% Namibia 10.7% Gold 6.76% South Korea Silver Japan Molybdenum Chile 8.84% 73.9% Cobalt 67.13% Philippines EBITDA by Opera
Slide 32: Historical production performance
Historical production performance Las Bambas – Copper in Copper Concentrate (kt) Khoemacau– Copper in Copper Concentrate (kt) Dugald River – Zinc in Zinc Concentrate (kt) 190 53 400 178 180 170 173 175 454 147 152 385 383 360 330 43 311 323 290 302 255 31 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 33: Profit & loss statement
Profit & loss statement YEAR ENDED 31 DECEMBER 2023 US$ M 2022 US$ M Change % Fav/(Unfav) Revenue 4,479.2 4,346.5 3% Operating expenses (2,299.2) (2,814.1) 18% Exploration expenses (62.6) (49.6) 26% Administration expenses (26.3) (11.9) (121%) Khoemacau acquisition transaction and integration expens
Slide 34: Balance sheet
Balance sheet US$ M AS AT 31 December 2024 US$ M AS AT 31 December 2023 US$ M Non-current assets 13,483.8 10,505.7 Current assets 1,498.5 1,395.1 Total assets 14,982.3 11,900.8 Total equity 6,278.5 4,312.0 Non-current liabilities – other 2,998.1 2,011.8 Non-current liabilities – borrowings 3,740.1 3
Slide 35: Statement of cash flow
Statement of cash flow YEAR ENDED 31 DECEMBER 2024 US$ M 2023 US$ M Receipts from customers 4,707.8 4,605.3 Payments to suppliers and employees (2,921.0) (2,621.8) Payments for exploration expenditure (62.6) (49.6) Income tax paid (111.7) (79.1) Net settlement of commodity hedges (0.6) (4.9) Net cas
Slide 36: MMG overview
MMG overview Shareholder Base1 Broker Name Founded in 2009 Citi Jack Shang and Jimmy Feng HSBC Howard Lau and Yaya Huang 7.8% BOCI Research Lawrence Lau 9.4% Headquarters in Melbourne and Goldman Sachs Joy Zhang Beijing Morgan Stanley Hannah Yang DBS Bank Lee Eun Young 15.3% A diversified metals com
Slide 37: 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 2024 1 Las Bambas 9,400 140 1.5 320 Khoemacau 6,400 260 Kinsevere 1,200 50 Dugald River 67 7,900 1,000 39 0.03 Rosebery
Slide 38: 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 2024 1 Las Bambas 4,600 66 0.8 120 Khoemacau 940 37 Kinsevere 750 30 Dugald River 2,300 350 25 Rosebery 12 390 150 23 0.2 Sokoros
Slide 39: Thank you
Thank you