Mmg Ltd. · HKEX:1208
Mmg — Mmg Ltd Ord — FY2025 Earnings Presentation
48 slides from Mmg's earnings presentation, Mar 4, 2026
Slide 1: MMG 2025 Annual Results
MMG Limited | 4 March 2026 MMG 2025 Annual Results Delivering Growth in a Changing World
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 2025 in review Financial results Strategy and outlook Plan for enhancing shareholder value
Slide 4: 2025 in review
2025 in review ZHAO Jing Ivo Chief Executive Officer and Executive Director 5
Slide 5: Safety – our first value
Safety – our first value SEEE-F1 1.9 WE THINK SAFETY FIRST 1.7 Significant and ongoing safety and health improvement for our people 1.1 1.0 0.9 0.8 0.8 Safety Culture Demonstrating visible safety leadership TRIF2 TRIF ICMM3 TRIF MMG 3.2 Risk Management 2.9 2.9 Critical Controls Management with a str
Slide 6: A stronger 2025
A stronger 2025 Solid financial growth 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 attributable to equity holders) 2024 2025 2024 2025 2024 2025 O
Slide 7: Robust resources for copper exposure
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 River 10% (Australia) across our assets Kinsevere 6% (DR
Slide 8: Building sustainable value through responsible operations
Building sustainable value through responsible operations Operating with stewardship Aligning with and stability UNGC principles • Three years of stable operations at • Joined the UNGC (United Las Bambas Nations Global Compact), • Ensuring production continuity aligning operations with while upholdi
Slide 9: Strength of our metal portfolio ensuring resilience in a dynamic environment
Strength of our metal portfolio ensuring resilience in a dynamic environment A copper supply gap and the challenging path to new capacity A new commodity cycle (kt) Base Case Mine Production High Demand for New Probable Conc Producers Copper Mine Supply New electric Essential 30,000 Demand For Mine
Slide 10: Copper assets: delivering operational stability and growth
Copper assets: delivering operational stability and growth Unlocking further Annual copper production (kt) growth potential Maximising Stability Khoemacau organic Las Bambas: Three years of and expansion potential growth stable operations Ramp-up To To 200 ktpa Successful 53 130 ktpa 42 Potential M&
Slide 11: Zinc assets: driving value from by-products and low-carbon production
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 Plan to optimise
Slide 12: Financial results
Financial results QIAN Song Chief Financial Officer and Executive Director 13
Slide 13: 2025 financial dashboard
2025 financial dashboard Revenue Higher production across key metals Favourable market environment US$ 6,218 million ↑39% EBITDA EBITDA margin NPAT Strong profitability US$ 3,412 million 55% US$ 955 million ↑67% ↑9% ↑161% OCF FCF Record cash flow US$ 2,690 million US$ 1,608 million ↑67% ↑135% Net de
Slide 14: Las Bambas – stability and strong cash flow
Las Bambas – stability and strong cash flow SEEE-F1 FY 2025 FY 2024 Change Ranked among top 10 copper mines with low C1 costs Production (kt-Cu) 411 323 27% Las Bambas Las Bambas 2025 2024 C1 cost (US$/lb) 1.12 1.51 -26% +27% Cu price1 (US$/lb) 4.51 4.15 9% Norilsk Tenke Cerro Verde Oyu Tolgoi Moren
Slide 15: Corazón de Las Bambas Program: Driving Sustainable Development in Local Communities
“Corazón de Las Bambas” Program: Driving Sustainable Development in Local Communities Chalcobamba Pit, Las Bambas 16
Slide 16: Khoemacau – driving growth and unlocking resource potential
Khoemacau – driving growth and unlocking resource potential SEEE-F1 FY 2025 FY 2024 Change Expansion project to drive cost improvements C1 cost (c/lb) curve Production1 (kt-Cu) 42 31 36% 500 Khoemacau Khoemacau C1 cost2 (US$/lb) 1.97 2.54 -22% 400 Post-expansion 2025 <160 c/lb 197 c/lb Cu price3 (US
Slide 17: Groundbreaking Ceremony, Khoemacau Expansion Project
Groundbreaking Ceremony, Khoemacau Expansion Project Boseto SAG Mill, Khoemacau 18
Slide 18: Kinsevere – key initiatives for operational improvement
Kinsevere – key initiatives for operational improvement SEEE-F1 FY 2025 FY 2024 Change Power Production (kt-Cu) 53 45 18% Improve power supply C1 cost (US$/lb) 3.12 3.26 -4% EW Roaster （Electronical Winning) Cu price1 (US$/lb) 4.51 4.15 9% Optimise roaster Upgrade cathodes Debottlenecking Program fo
Slide 19: Roaster, Kinsevere Concentrator, Kinsevere Expansion Project
Roaster, Kinsevere Concentrator, Kinsevere Expansion Project 20
Slide 20: Dugald River – achieving operational excellence
Dugald River – achieving operational excellence SEEE-F1 FY 2025 FY 2024 Change Strong operational performance at Dugald River Zinc recovery Ore milled throughput (Mt) Production (kt-Zn) 183 164 12% 1.98 1.96 2.01 1.89 1.84 1.76 1.76 C1 cost (US$/lb) 0.65 0.65 0% 1.66 Zn price1 (US$/lb) 1.30 1.26 3%
Slide 21: Concentrate Containers, Dugald River Processing Plant
Concentrate Containers, Dugald River Processing Plant, Dugald River 22
Slide 22: Rosebery – boosted by precious metals revenues
Rosebery – boosted by precious metals revenues SEEE-F1 FY 2025 FY 2024 Change Rosebery boosted by silver and gold revenues (US$ million) Production (kt-Zn) 49 56 -14% 60 6 168 C1 cost (US$/lb) -0.94 -0.10 -840% -10 Zn price1 (US$/lb) 1.30 1.26 3% 123 -11 Revenue (US$m) 355 306 16% EBITDA (US$m) 168
Slide 23: Tailings Storage Facility, Rosebery Processing Plant
Tailings Storage Facility, Rosebery Processing Plant, Rosebery 24
Slide 24: Reducing costs to enhance profitability and cashflow
Reducing costs to enhance profitability and cashflow 2024-Jan 2026 metal price trend1,2 Las Bambas (US$/lb) Khoemacau (US$/lb) C1 costs By-product credits C1 costs By-product credits Copper Zinc 0.4 0.5 400 Gold Silver 0.8 0.5 0.8 0.5 350 1.5 1.1 1.2 2.5 2.0 1.9 300 2024 1H2025 2H2025 2024 1H2025 2H
Slide 25: Investing for stable production and organic growth
Investing for stable production and organic growth 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
Slide 26: Commitment to a stronger balance sheet
Commitment to a stronger balance sheet MMG total borrowings(US$M)1 and debt repayment2 schedule Significant debt reduction achieved in 2025 Gearing ratio Total borrowings CMN Shareholder Loan MLB dividends payment supported debt repayment: (for Las Bambas acquisition) • MMG received US$1,159M and re
Slide 27: Strategy and outlook
Strategy and outlook CAO Liang Chairman 28
Slide 28: A strong, reliable, and effective corporate governance structure
A strong, reliable, and effective corporate governance structure Board Executive Committee Non-executive Executive Independent Non-executive CEO Directors Directors Directors ZHAO Jing Interim EGM EGM-Corporate President Las ZHANG CFO COO Commercial and President Africa YUE Peter LEUNG CHAN Ka CHEN
Slide 29: Strategy
Strategy Create a leading international mining company for a low carbon future Driver: Contribute to Minmetals’ ambitions of 1Mtpa of copper production by 20301 Operational excellence Organic growth Inorganic growth through innovation Maximise operational value via capital Focused copper-led product
Slide 30: 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 31: Plan for enhancing shareholder value
Plan for enhancing shareholder value GUO Yu Godfrey Chief of Staff
Slide 32: Driving shareholder value enhancement
Driving shareholder value enhancement Shareholder returns Operational excellence Strengthen governance and implement strategic initiatives Strengthen operating fundamentals to achieve to deliver sustainable and enhanced shareholder return consistent production and cost efficiency Stakeholder engagem
Slide 33: Q&A
Q&A 34
Slide 34: Appendix
Appendix
Slide 35: Asset base and operations update
Asset base and operations update Khoemacau (55%) Location: Botswana 2026 production guidance: Kinsevere (100%) 48,000 – 53,000 tonnes of copper in Location: DRC copper concentrate 2026 production guidance: 2026 Copper C1 guidance: 65,000 – 75,000 tonnes of copper4 US$2.00 – US$2.30/lb2 Izok 2026 Cop
Slide 36: EBITDA waterfall
EBITDA waterfall EBITDA variance (US$M) Operating Revenue Other variances expenses 914 104 3,414 (438) (39) 834 2,049 EBITDA Net Revenue Net Revenue Operating expenses Exploration Other expenses EBITDA 2024 FY Price Sales Volume 2025 FY Notes: 1. Other variance includes FX, corporate costs, etc. 2.
Slide 37: NPAT waterfall
NPAT waterfall NPAT variance (US$M) Operating Revenue D&A Other cost expenses 914 (438) 87 63 834 (354) 955 (516) 366 NPAT Net Revenue Net Revenue Operating expenses D&A Corporate, Net Finance Tax Expense NPAT FY 2024 Price Sales Volume Expenses Exploration Costs FY 2025 & Other Note: Price variance
Slide 38: Earnings sensitivity to commodity price and FX
Earnings sensitivity to commodity price and FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$M) Copper US$/lb $0.10/lb / ($0.10/lb) 86/(86) Zinc US$/lb $0.10/lb / ($0.10/lb) 26/(26) Lead US$/lb $0.10/lb / ($0.10/lb) 8/(8) Gold US$/oz $100/oz / ($100/oz) 9
Slide 39: Profit to MMG equity holders
Profit to MMG equity holders Las Bambas NPAT up by 126% 2025 NPAT attributable to equity holders (US$M) 2025 2024 • Higher outputs: copper +27%, gold +35%, silver +33%. vs.2024 • Favorable commodity prices including copper, gold and silver, and lower copper TCs. Profit after tax - Las Bambas 62.5% i
Slide 40: Financial dashboard
Financial dashboard Revenue by Commodity Revenue by Customer Discharge Port 2% 1% 7% 3% China 0% 5% 2% 6% Copper 0% Dem. Rep. Congo 1% Zinc 5% 0% Botswana 8% Lead 8% Australia Gold Japan Silver South Korea Molybdenum Chile Cobalt Malaysia 76% 74% Philippines EBITDA by Operating Segment Operating Exp
Slide 41: 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 31 380 48 170 2016 2017 2018 2019 2020 2021
Slide 42: Profit & loss statement
Profit & loss statement Year ended 31 December 2025 US$ M 2024 US$ M Change % Fav/(Unfav) Revenue 6,218.0 4,479.2 39% Operating expenses (2,737.7) (2,299.2) (19%) Exploration expenses (101.7) (62.6) (62%) Administration expenses (32.6) (41.6) 22% Net other income(expenses) 66.1 (27.1) 344% EBITDA 3,
Slide 43: Balance sheet
Balance sheet US$ M As at 31 December 2025 US$ M As at 31 December 2024 US$ M Non-current assets 13,214.3 13,483.8 Current assets 2,079.1 1,502.1 Total assets 15,293.4 14,985.9 Total equity 6,899.9 6,278.5 Non-current liabilities – other 3,461.1 2,998.1 Non-current liabilities – borrowings 2,509.2 3
Slide 44: Statement of cash flow
Statement of cash flow Year ended 31 December 2025 US$ M 2024 US$ M Receipts from customers 6,597.6 4,707.8 Payments to suppliers and employees (3,210.8) (2,921.0) Payments for exploration expenditure (107.6) (62.6) Income tax paid (549.3) (111.7) Net settlement of commodity hedges (40.4) (0.6) Net
Slide 45: MMG overview
MMG overview Broker Name Shareholder Base1 Citi Jack Shang and Jimmy Feng Founded in 2009 BOCI Research Lawrence Lau Goldman Sachs Joy Zhang Morgan Stanley Hannah Yang Headquarters in Melbourne HSBC Howard Lau and Beijing DBS Bank Eun Young Lee Jefferies Christopher LaFemina CITIC Securities Junfei
Slide 46: 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 47: 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 2025 1 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 Nambulw
Slide 48: Thank you
AA MMG Thank you