Mmg Ltd. · HKEX:1208
Mmg — Mmg Ltd Ord — H1 2026 Earnings Presentation
45 slides from Mmg's earnings presentation, Aug 12, 2026
Slide 1: MMG 2026 Interim Results
MMG Limited | 12 August 2026 HKEX：1208 MMG 2026 Interim Results Delivering growth in a changing world 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 organization/firm) or published, in whole or in part, for any pu
Slide 3: Overview
Overview 2026 first half in review Strategy and outlook Financial results Growing resources building future value
Slide 4: 2026 first half in review
ZHAO Jing Ivo Chief Executive Officer and Executive Director 2026 first half in review
Slide 5: Safety – our first value
Safety – our first value SEEE-F1 We think safety first Significant and ongoing safety and health improvement for our 1.9 1.7 people 1.1 1.0 0.9 0.8 0.8 0.6 2019 2020 2021 2022 2023 2024 2025 H1 2026 Safety Risk Culture Management TRIF2 Demonstrating visible TRIF ICMM3 TRIF MMG Critical Control Manag
Slide 6: Strong first-half delivery
Strong first-half delivery Record earnings, strong cash generation, and progress towards achieving full-year guidance Revenue NPAT OCF1 US$ 4,540million +61% US$ 1,366million +141% US$ 2,234million +89% US$ 897million attributable to equity holders Copper and zinc: By-products: 1H 26 on track to del
Slide 7: Operational focus
Operational focus OPERATIONAL STRENGTH FINANCIAL CAPACITY GROWTH PIPELINE FUTURE-READY MMG Safe and stable operations. A stronger balance sheet Growing resources. Expanding Future-ready operations, Strong financial outcomes. supporting future growth. future copper production. enabled by technology.
Slide 8: Strategy and outlook
ZHAO Jing Ivo Chief Executive Officer and Executive Director Strategy and outlook
Slide 9: Products for a changing world
Products for a changing world Cu Cu Cu Cu Zn Ag Ag Au Zn Solar photovoltaic Power and data cabling Power grid Precision electronics Wind systems The metals we mine are critical to a low carbon future Cu Zn Au Ag Mo Co Mo Co Zn Ni Ni Battery cells High-performance turbine Galvanised steel buildings E
Slide 10: We mine for progress
We mine for progress Copper assets: delivering operational stability and growth Copper assets production (kt-CuEq1) Khoemacau Unlocking further Las Bambas Kinsevere 556 571 42 expansion potential growth potential 31 Khoemacau 61 53 397 413 45 Maximising 48 333 307 49 22 organic growth 464 34 476 349
Slide 11: Technology and innovation driving productivity, sustainability and growth
Technology and innovation driving productivity, sustainability and growth Applying remote Innovation and Technology New technology 01 Promoting 02Promoting electrification electrification 03 Steering Committee 04 application 05 Driving green energy operations technology technology adoption Las Bamba
Slide 12: Our operations drive economic and social development
Our operations drive economic and social development 2025 Sustainable Development Goals (SDG) community investment Expenditure (US$) SDG1: SDG2: SDG3: SDG4: SDG5: SDG6: Site Total No Zero Health & Quality Gender Clean Water & Poverty Hunger Wellbeing Education Equality Sanitation Las Bambas 34,973,9
Slide 13: Strategy
Strategy Create a leading international mining company for a low carbon future Contribute to Minmetalsʼ ambitions of 1Mtpa of copper production by 2030 1 Operational excellence Organic growth Inorganic growth through innovation Maximise operational value via Focused copper-led production Establish a
Slide 14: Financial results
QIAN Song Chief Financial Officer and Executive Director Financial results
Slide 15: 1H 2026 financial dashboard
1H 2026 financial dashboard Record financial performance driven by strong operational delivery and supportive commodity prices. Record first-half revenue Record earnings performance Significant deleveraging REVENUE PROFIT AFTER TAX EBITDA NET DEBT² US$4,540m US$1,366m US$2,727m US$608m 82% vs 31 Dec
Slide 16: Revenue growth driven by higher prices and sales volumes
Revenue growth driven by higher prices and sales volumes 1H 2025 REVENUE COMMODITY PRICES SALES VOLUMES +61% 1H 2026 REVENUE US$2,817m +US$1,366m +US$357m US$4,540m YoY Change vs 1H25 Copper PRICE +39% SALES +12% REVENUE +56% US$3,444m Silver PRICE +141% SALES +25% REVENUE +178% US$389m Zinc PRICE +
Slide 17: US$2.8 billion net increase in cash
US$2.8 billion net increase in cash Record operating cash flow, together with the successful US$1.6 billion Convertible Bonds issuance and Share Placement, significantly strengthened MMG's liquidity position. CASH INFLOWS (US$ million) NET CASH FLOWS / OUTFLOWS (US$ million) Operating outflows Opera
Slide 18: Las Bambas
Las Bambas 1H copper producti on and 2026 annual guidance Financial metrics 3 years of 1H 2026 actual production FY2026 guidance REVENUE Safe and stable 210 kt 380 – 400 US$3,308m +65% vs 1H 2025 operations Constructive engagement with host vs 1H 2025 kt communities and stakeholders has 211 kt 0% EB
Slide 19: Kinsevere
Kinsevere 1H copper producti on and 2026 annual guidance Financial metrics REVENUE 1H 2026 actual production FY2026 guidance US$398m 34 kt 65 – 75 kt +70% vs 1H 2025 vs 1H 2025 25 kt +33% EBITDA US$122m +300% vs 1H 2025 1H 2026 actual C1 costs FY2026 guidance 2.96 US$/lb t 2.50 – 2.90 EBITDA MARGIN
Slide 20: Khoemacau
Khoemacau 1H copper producti on and 2026 annual guidance Financial metrics 1H 2026 actual production FY2026 guidance REVENUE US$239m 130 ktpa Expansion 22 kt 48 – 53 kt +19% vs 1H 2025 On track to unlocking future growth vs 1H 2025 22 kt 0% EBITDA US$121m +35% vs 1H 2025 1H 2026 actual C1 costs1 FY2
Slide 21: Dugald River
Dugald River 1H zinc production and 2026 annual guidance Financial metrics REVENUE 90%+ 1H 2026 actual production FY2026 guidance US$340m zinc recovery 87 kt 170-180 kt +50% vs 1H 2025 World -class zinc operation with consistent recovery performance vs 1H 2025 84 kt +3% EBITDA US$127m +92% vs 1H 202
Slide 22: Rosebery
Rosebery 1H zinc production and 2026 annual guidance Financial metrics REVENUE 65kt ZnEq, 1H 2026 actual production FY2026 guidance US$244m +3% in 1H26 19 kt 45-55 kt +73% vs 1H 2025 Precious metals continue to drive value creation vs 1H 2025 24 kt -21% EBITDA US$130m +137% vs 1H 2025 1H 2026 actual
Slide 23: A stronger balance sheet
A stronger balance sheet Funds raised from 2026 Convertible Lower interest costs: Bonds and Share Placements ~US$30-40m annual interest cost reduction US$1.6bn US$693m 01 Refinance existing loans 02 US$467m Support and finance existing projects 7,239 MMG total borrowings (US$m)1 6,348 MMG gearing ra
Slide 24: Disciplined capital allocation to drive sustainable growth and shareholder returns
Disciplined capital allocation to drive sustainable growth and shareholder returns Source of Capital Capital Allocation Framework Financing Priorities 1 Maintain Existing Assets Invest in sustaining capital, safety and reliability to protect long- Prioritise Growth term asset value. Growth ambition,
Slide 25: Growing resources building future value
ZHAO Jing Ivo Chief Executive Officer and Executive Director Growing resources building future value
Slide 26: Three consecutive years of copper resource growth
Three consecutive years of copper resource growth Mineral Resources as of 30 June 2026 Ore Reserves as of 30 June 2026 Key highlights COPPER COPPER New discoveries expanding future options 20 Mt +7% +1.4 Mt 6.3 Mt +1% +87 kt Copper MRE +1.4 Mt (+7%) reinforces the long-term pipeline ZINC ZINC Explor
Slide 27: New discoveries and resource additions expanding future growth options
New discoveries and resource additions expanding future growth options MMG Mineral Resources by By asset Asset Kgwêbe Maiden Resource Khoemacau 1.4 Mt copper and 90 Moz silver added to MMG's growth pipeline. Las Bambas 42% Khoemacau 30% High Lake East Maiden Resource Converted exploration success in
Slide 28: Investing in exploration to grow future value
Investing in exploration to grow future value Targeted exploration investment is delivering resource growth, extending mine life and creating future development opportunities. Exploration expenses (US$M) 101.7 Drilling efforts creating value beyond the acquisition case • Khoemacau – exploration succ
Slide 29: Asset Mineral Resources and Ore Reserves update
Asset Mineral Resources and Ore Reserves update Kinsevere 100% Location: DRC Khoemacau 55% Mineral Resources3: 1.3Mt Cu, 69kt Co Location: Botswana Ore Reserves4: 0.6Mt Cu, 30kt Co Mineral Resources: 7.9Mt Cu, 354Moz Ag Ore Reserves: 0.9Mt Cu, 38Moz Ag Izok Dugald River 100% Izok Project 100% Locati
Slide 30: Q&A
Q&A
Slide 31: Appendix
Appendix <~ q k .
Slide 32: EBITDA waterfall
EBITDA waterfall EBITDA variance (US$M) Operating Revenue Other variances expenses 357.3 1,365.8 2,727.4 (455.0) (80.5) 1,539.9 EBITDA Net Revenue Net Revenue Operating costs Other items EBITDA 1H 2025 Price Sales Volume 1H 2026 Notes: 1. Other variance includes FX, corporate costs, etc. 2. Operatin
Slide 33: NPAT waterfall
NPAT waterfall NPAT variance (US$M) Operating Revenue D&A Other cost expenses 357.3 1,365.8 (455.0) 27.0 (69.1) (80.5) 1,366.0 (345.7) 566.3 NPAT Net Revenue Net Revenue Operating costs D&A Other items Net Finance Tax Expense NPAT 1H 2025 Price Sales Volume Expenses Costs 1H 2026 Note: Price varianc
Slide 34: 2026 Full Year Earnings sensitivity to commodity price and FX
2026 Full Year Earnings sensitivity to commodity price and FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$M) Copper US$/tonne $100/tonne / ($100/tonne) 38/(38) Zinc US$/tonne $100/tonne / ($100/tonne) 12/(12) Lead US$/tonne $100/tonne / ($100/tonne) 4/(
Slide 35: Financial dashboard
Financial dashboard Revenue by Commodity Revenue by Customer Discharge Port 2% 1% 3% China 9% 1% 4% Copper 2% 0% 4% Dem. Rep. Congo 6% Zinc Botswana Gold 9% 7% Australia Silver Japan Molybdenum South Korea Lead Chile Cobalt 76% 76% EBITDA by Operating Segment Operating Expenses (by Nature) 5% Las Ba
Slide 36: Capital expenditure
Capital expenditure 2026 CAPEX estimation: US$ 1,600–1,700M MMG project: investment cost advantage 80,000 Las Bambas Khoemacau Others Capital Intensity US$/tpa Cu) Bubble size US$ 800–850M US$ 500–550M US$ 300M 50kt/a Cu 60,000 150kt/a Cu 300kt/a Cu 40,000 Khoemacau 20,000 • Capitalised mining • US$
Slide 37: 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) 454 53 178 180 173 183 180 411 400 170 164 385 383 42 147 152 330 311 323 290 302 255 380 31 48 170 1H:211 1H:22 1H:87 2016 2017
Slide 38: Profit & loss statement
Profit & loss statement Six months ended 30 June 2026 US$ M 2025 US$ M Change % Fav/(Unfav) Revenue 4,540.1 2,817.0 61% Operating expenses (1,713.2) (1,258.2) (36%) Exploration expenses (56.3) (42.5) (32%) Administration expenses (25.8) (15.9) (62%) Net other expenses (17.4) 39.5 (144%) EBITDA 2,727
Slide 39: Balance sheet
Balance sheet US$ M As at 30 June 2026 US$ M As at 31 December 2025 US$ M Non-current assets 13,283.3 13,221.4 Current assets 4,641.4 2,079.1 Total assets 17,924.7 15,300.5 Total equity 9,451.1 6,899.9 Non-current liabilities – other 3,568.4 3,468.2 Non-current liabilities – borrowings 764.3 2,509.2
Slide 40: Statement of cash flow from operating activities
Statement of cash flow from operating activities Six months ended 30 June 2026 US$ M 2025 US$ M Receipts from customers 5,131.3 3,137.3 Payments to suppliers and employees (1,896.1) (1,610.9) Payments for exploration expenditure (60.0) (39.1) Income tax paid (721.2) (310.5) Net settlement of commodi
Slide 41: Portfolio positioning on the cost curve
Portfolio positioning on the cost curve MMG's portfolio includes operations positioned in the lower end of global cost curves, supporting resilient cash flow generation. Khoemacau 2026 Copper mines C1 cost curve 125 c/lb Cu Las Bambas Kinsevere 55 c/lb Cu 296 c/lb Cu 2026 Zinc mines C1 cost curve Du
Slide 42: MMG overview
MMG overview Broker Name Shareholder Base1 Citi Jack Shang and Jimmy Feng Founded in 2009 BOCI Lawrence Lau Goldman Sachs Joy Zhang Morgan Stanley Hannah Yang BofA Matty Zhao and Miriam Chan Headquarters in Melbourne and Beijing J.P.Morgan Avery Chan and Frankie Fong HSBC Howard Lau and Yaya Huang D
Slide 43: 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 2026 1 Las Bambas 9,819 157 2.6 372 Khoemacau 7,881 354 Kinsevere 1,129 48 Dugald River 80 7,562 952 32 0.04 Rosebery 9
Slide 44: 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 20261 Las Bambas 4,682 74 1.0 153 Khoemacau 913 38 Kinsevere 619 29 Dugald River 2,928 440 19 Rosebery 15 457 144 22 0.3 Nambulwa
Slide 45: Thank you
Thank you