Mmg Ltd. · HKEX:1208
Mmg — H1 2025 Earnings Presentation
41 slides from Mmg's earnings presentation, Aug 13, 2025
Slide 1: MMG 2025 Interim Results
13 August 2025 MMG 2025 Interim Results
Slide 2: Disclaimer
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Slide 3: Overview
Overview 2025 first half in review Financial results Strategy and outlook Questions and answers
Slide 4: 2025 first half in review
2025 first half in review ZHAO Jing Ivo Chief Executive Officer
Slide 5: 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 TRIF2 TRIF MMG critical controls safety behaviors 3.2 TRIFICMM TRIF ICMM3 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 ov
Slide 6: First half 2025 highlights
First half 2025 highlights Record financial results and stronger balance sheet NPAT US$566 million (US$340 million attributable to equity holders) ↑ 612% year on year EBITDA Net Operating Cash flow US$1,540 million US$1,185 million ↑ 98% year on year ↑ 130% year on year Gearing ratio 33% down from 4
Slide 7: Robust copper production growth
Robust copper production growth Building value by driving growth Copper revenue continues to grow Contained metal Produced(kt) Revenue generated from Copper sales increased to Copper 78% from 72% in 1H 2024. 64% 2% 1% 259 158 5% 5% 8% 1H 2024 1H 2025 Zinc -1% 78% 110 108 Cu Zn Au Ag Mo Pb 1H 2024 1H
Slide 8: Las Bambas: unlocking resource potential
Photo: Sulphide concentrator in construction Las Bambas: unlocking resource potential Las Bambas Annual Cu Production (kt) 400 400 300 311 323 290 302 200 255 1H: 211 100 Higher ore milled grades Ongoing community 0 2020 2021 2022 2023 2024 2025 Production (>0.9%) engagement for Plan achieved throug
Slide 9: Khoemacau: delivering expansion
Photo: Sulphide concentrator in construction Khoemacau: delivering expansion Khoemacau Annual Cu Production (kt) 200 200 130 100 53 31 43 0 2024 2025 Guidance 2028 Expansion Further extension potential Delivering 130kt/a capacity • Zone 5 Group mineral resource provides base-load 130ktpa for >20 yea
Slide 10: Kinsevere expansion project ramp-up
Photo: Sulphide concentrator in construction Kinsevere expansion project ramp-up Kinsevere Annual Cu Production (kt) 80 80 Transitioning from oxide to sulphide ore mining 69 72 Ramp-up in progress. 60 63 40 48 49 45 44 20 Primary technical performance indicators in June 2025 0 Copper recovery 2020 2
Slide 11: Driving sustainable development
Driving sustainable development Our operations and supply chains deliver social and economic benefits, supporting development and prosperity for stakeholders and communities. Total community investment spent by focus area in 2024 Case study: Las Bambas community engagement (US$) Dugald River Khoemac
Slide 12: Financial results
Financial results QIAN Song Chief Financial Officer
Slide 13: Financial dashboard
Financial dashboard Strong financial growth across key metrics: revenue, EBITDA, and NPAT surge Revenue (US$million) EBITDA (US$million) NPAT (US$million) 47% 98% 612% 2,817 1,918 1,540 566 779 80 340 21 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 NPAT (US$million) NPAT (US$million) NPAT (US$mil
Slide 14: MMG margins outperforming peers
MMG margins outperforming peers Bloomberg Global Copper Competitive Peers Anglo American PLC Aurubis AG EBITDA margin, % Antofagasta PLC Barrick Mining Corp BHP Group Ltd 70 Boliden AB Capstone Mining Corp Cia de Minas Buenaventura SAA 40 Corp Nacional del Cobre de Chile First Quantum Minerals Ltd F
Slide 15: Las Bambas
Las Bambas One of the world’s largest copper mines with competitive production costs 1H 2025 vs 1H 2024 Transitioning to a world-class cost position Production (kt-Cu) 211 67% C1 cost (US$/lb) 1.06 -41% 2025 C1 Cost Curve Cu price1 (US$/lb) 4.28 4% 500 Revenue (US$m) 2,007 60% 400 EBITDA (US$m) 1,31
Slide 16: Kinsevere
Kinsevere Growing to an 80ktpa copper mine once expansion project fully ramped up 1H 2025 vs 1H 2024 Copper recovery Production (kt-Cu) 25 18% rate at concentrator C1 cost (US$/lb) 3.17 1% in June: Cu price1 (US$/lb) 4.28 4% Revenue (US$m) 235 25% >75% EBITDA (US$m) 30 -27% EBITDA margin 13% Calcine
Slide 17: Khoemacau
Khoemacau One of the world’s highest-quality new copper districts with strong financial metrics post-expansion 1H 2025 vs 1H 2024 Production (kt-Cu) 22 121%1 C1 cost (US$/lb) 2.052 -23% Cu price3 (US$/lb) 4.28 4% Revenue (US$m) 200 122%1 EBITDA (US$m) 90 167%1 EBITDA margin 45% Higher production Ear
Slide 18: Dugald River
Dugald River Driving Operational Excellence 1H 2025 vs 1H 2024 Production (kt-Zn) 84 6% C1 cost (US$/lb) 0.65 -3% Zn price1 (US$/lb) 1.24 4% Revenue (US$m) 228 1% EBITDA (US$m) 66 -18% EBITDA margin 29% Higher production Consistently high Continued high zinc recovery rates driven by stable recovery
Slide 19: Rosebery
Rosebery Continues to deliver after almost 90 years of operations 1H 2025 vs 1H 2024 Production (kt-Zn) 24 -22% C1 cost (US$/lb) -0.32 24% Zn price1 (US$/lb) 1.24 4% Revenue (US$m) 141 -8% EBITDA (US$m) 55 -20% EBITDA margin 39% A strategic focus shift toward polymetallic outputs 1H 2025 ZnEq2 produ
Slide 20: 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) 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 (for Las Bambas acqu
Slide 21: Investing in growth and capacity expansion
Investing in growth and capacity expansion 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, increased capitalised stripping and debottlenecking proje
Slide 22: Creating stakeholder returns
Creating stakeholder returns Dividend Policy Effective Maximising value from Driving growth through operations. projects and value- accretive opportunities. Strengthening balance sheet with a commitment to delivering returns. 22
Slide 23: Strategy and outlook
Strategy and outlook ZHAO Jing Ivo Chief Executive Officer
Slide 24: Products for a changing world
Products for a changing world The metals we mine are critical to a low carbon future. Enhanced demand by energy transition Copper Nickel Zinc 2024 33Mt 3.4Mt 14Mt 2050 ~1.7x ~1.9x ~1.4x New electric Solar / wind Power devices & Grid vehicles power energy storage enhancement Source: Wood Mackenzie 24
Slide 25: 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$2.65/lb2 Izok cathode 2025 Cop
Slide 26: Q&A MMG 2025 Interim Results
Q&A MMG 2025 Interim Results
Slide 27: Appendix
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Slide 28: Financial Performance
Financial Performance 1 Note: Net other income was recorded in 1H 2025, primarily driven by favorable foreign exchange rate impacts at Las Bambas resulting from the revaluation of monetary assets. 28
Slide 29: EBITDA waterfall
EBITDA waterfall EBITDA VARIANCE(US$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 30: NPAT waterfall
NPAT waterfall NPAT VARIANCE(US$M) Revenue Other cost 678.2 28.5 57.0 !(195.0!) !(13.2!) (195.0) (13.2) 566.3 !(289.4!) (289.4) 220.7 79.5 NPAT Net Revenue Net Revenue Operating Cost D&A Other items Net Finance Tax Expense NPAT 1H FY2024 Price Sales Volume Expenses Costs 1H FY2025 Notes: 1. Price va
Slide 31: 2025 full-year earnings sensitivity to commodity price and FX
2025 full-year earnings sensitivity to commodity price and FX High earnings and cash flow leverage to copper and zinc prices Sensitivity EBIT Impact (US$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 $100
Slide 32: Profit to MMG equity holders
Profit to MMG equity holders 1H 2025 NPAT attributable to equity holders (US$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 33: 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$M) Operating Expenses (by Nature) 14% People 4% 4%
Slide 34: Historical production performance
Historical production performance Las Bambas – Khoemacau – Dugald River – Copper in Copper Concentrate (kt) Copper in Copper Concentrate (kt) Zinc in Zinc Concentrate (kt) 53 185 400 454 385 383 360 170 330 323 43 311 290 302 180 255 170 178 173 164 147 152 1H: 211 31 1H: 22 1H: 84 2016 2017 2018 20
Slide 35: Profit & loss statement
Profit & loss statement Six months ended 30 June 2025 US$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 36: 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 37: 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 38: MMG overview
MMG overview Shareholder Base1 Broker Name Founded in 2009 Citi Jack Shang and Jimmy Feng HSBC Howard Lau and Yaya Huang 6.2% BOCI Research Lawrence Lau 10.5% Headquarters in Melbourne Goldman Sachs Joy Zhang and Beijing Morgan Stanley Hannah Yang 15.9% DBS Bank Eun Young Lee A diversified metals co
Slide 39: 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 40: 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 41: Thank you
Thank you