MMG : SECOND QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2020

About this update from Mmg Ltd.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement . MMG LIMITED 五礦資源有限公司 (Incorporated in Hong Kong with limited liability) (STOCK CODE: 1208) SECOND QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2020 This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited (Listing Rules) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The board of directors (Board) of MMG Limited (Company or MMG) is pleased to provide the Second Quarter Production Report for the three months ended 30 June 2020. The report is annexed to this announcement. By order of the Board MMG Limited GAO Xiaoyu CEO and Executive Director Hong Kong, 23 July 2020 As at the date of this announcement, the Board comprises eight directors, of which one is an executive director, namely Mr Gao Xiaoyu; four are non-executive directors, namely Mr Guo Wenqing (Chairman), Mr Jiao Jian, Mr Zhang Shuqiang and Mr Xu Jiqing; and three are independent non-executive directors, namely Dr Peter William Cassidy, Mr Leung Cheuk Yan and Mr Chan Ka Keung, Peter. MMG Second Quarter Production Report 2020 1 2020 SECOND QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2020 2Q20 2Q20 YTD20 2Q20 VS 2Q19 VS 1Q20 YTD20 VS YTD19 Copper cathode (tonnes) Kinsevere 18,298 11% 1% 36,505 26% Total 18,298 11% 1% 36,505 26% Copper (contained metal in concentrate, tonnes) Las Bambas 58,378 -31% -20% 131,698 -29% Rosebery 351 9% -9% 736 5% Total 58,729 -31% -20% 132,434 -29% Zinc (contained metal in concentrate, tonnes) Dugald River 43,672 22% 23% 79,177 6% Rosebery 16,442 -22% -6% 33,894 -14% Total 60,114 6% 14% 113,071 -1% Lead (contained metal in concentrate, tonnes) Dugald River 5,569 0% 30% 9,846 -7% Rosebery 5,120 -17% -10% 10,787 -11% Total 10,689 -9% 8% 20,633 -9% Molybdenum (contained metal in concentrate, tonnes) Las Bambas 548 -3% 341% 672 -37% Total 548 -3% 341% 672 -37% KEY POINTS Total recordable injury frequency (TRIF) of 2.34 per million hours worked for the second quarter in 2020. MMG continues to pro-actively respond to the COVID-19 pandemic, with extensive pre-screening and health controls in place. To date, no COVID-19 cases have been identified at an MMG operation. Total copper production of 77,027 tonnes was 16% below the prior period, largely due to the impacts of COVID- 19 at Las Bambas. Despite COVID-19 restrictions and limited workforce availability, Las Bambas has sustained operations throughout the COVID-19 outbreak. MMG Second Quarter Production Report 2020 2 The transport of concentrate from Las Bambas was suspended for much of April, in line with Peruvian Government health guidelines. Since late May concentrate logistics has been operating at close to normal rates, notwithstanding ongoing restrictions. The molybdenum plant at Las Bambas has been successfully re-commissioned after de-bottlenecking works that commenced in late 2019. Kinsevere copper cathode production of 18,298 tonnes was consistent with the first quarter result and 11% above the comparative period in 2019, reflecting the benefits of a shift back to mining at the Central pit. Zinc production of 60,114 tonnes was 14% higher than the prior period. At Rosebery, zinc production of 16,442 tonnes was 22% below the prior-year comparative period, largely due to lower ore grades and the ongoing impacts of seismic events in 2019 that have limited mine flexibility and access to key mining fronts. At Dugald River, zinc production of 43,672 tonnes represented a 22% increase on the prior-year comparative period. Improved mining volumes and a record month for stope ore in May, together with a sustained improvement in recoveries, offset the ongoing impact of lower ore grades. Noting the potential for further impacts and ongoing uncertainty associated with the COVID-19 outbreak, the Company at this stage continues to maintain its full year production and C1 cost guidance for Kinsevere, Dugald River and Rosebery. The Company continues to manage the impacts of COVID-19 and consequent delays to the development and permitting timeline for the Chalcobamba pit at Las Bambas. Revised production and cost guidance will be provided once the situation stabilises. Positive results continue to be achieved at drilling programs around existing operating hubs. COVID-19 MMG continues to pro-actively respond to the COVID-19 outbreak, working closely with national authorities to protect the health and safety of its employees, host communities and other stakeholders. As previously advised, the Company has implemented business continuity plans at both a corporate and regional level to assist local communities and authorities in limiting the spread of COVID-19, and to help mitigate operational risks. These measures have been critical in ensuring our ability to successfully sustain operations at the Company's mine sites. To date, no COVID-19 cases have been identified at any MMG operation. In Peru, a State of National Emergency remains in place in response to the COVID-19 pandemic and is expected to do so until at least 31 July. The high number of COVID-19 cases in Peru and throughout South America more generally, has directly impacted production and restricted inbound and outbound logistics at Las Bambas during the second quarter. The Company has introduced stringent testing protocols for its Peruvian workforce, with travel to site subject to multiple pre-screeningCOVID-19 tests for all employees and contractors. This has enabled the Las Bambas mine site to remain free of COVID-19 cases and operate continuously through the period. Operations have been conducted in line with national health guidelines since the outbreak of the pandemic. However limited workforce availability has impacted mining and production activity. The direct impacts of COVID-19 at the Company's operations in Australia and the Democratic Republic of Congo (DRC) have been relatively limited. MMG Second Quarter Production Report 2020 3 COMMODITY PRICES, MARKETING AND SALES COMMODITY PRICES, MARKETING AND SALES QUARTER-AVERAGE QUARTER CLOSE 2Q20 1Q20 2Q19 2Q20 1Q20 2Q19 Metal Price Copper (US$/lb) 2.43 2.56 2.77 2.74 2.18 2.71 Gold (US$/oz) 1,711 1,583 1,310 1,769 1,607 1,411 Lead (US$/lb) 0.76 0.84 0.86 0.81 0.78 0.87 Molybdenum (US$/lb) 8.37 9.64 12.19 7.38 8.43 12.00 Silver (US$/oz) 16.38 16.90 14.89 17.85 13.93 15.22 Zinc (US$/lb) 0.89 0.97 1.25 0.93 0.85 1.17 Sources: zinc, lead and copper: LME cash settlement price; Molybdenum: Platts; gold and silver: LBMA. Base metal prices rallied significantly over the second quarter, as Chinese economic activity in particular showed signs of recovery from the impacts of the COVID-19 pandemic, and global economic stimulus measures continued to support positive demand expectations - especially for copper intensive end use sectors. Moves to ease lockdown measures in Europe and the USA also provided support to metal prices. Copper was the best performing metal during the quarter, increasing by 25%. The spread of COVID-19 continues to accelerate in key commodity producing nations, particularly those in South America. While many mines have gradually started to re-open, the prospect of production interruptions at Chilean copper operations during June have driven supply concerns, supporting higher prices and outweighing global recession fears, at least in the short term. High levels of economic uncertainty have continued to support gold as a safe-haven asset, supporting a steady increase for the price of this and other precious metals during June, following consolidation in April and May. Concentrate transport logistics from Las Bambas to Matarani Port resumed on 28 April following a temporary suspension imposed in response to the COVID-19 State of National Emergency declared in Peru in March. After a ramp-up period to enable restocking of the mine-port supply chain, shipments from Matarani recommenced in the second half of May. This enabled shipments in excess of concentrate production rates to be made in June, and steady drawdown of stock accumulated at site. This was notwithstanding heavy swell conditions which limited shipping windows at the port. Continuing a trend seen since the end of March, copper concentrate treatment charges have consistently traded below annual benchmark contract levels during the second quarter. This has largely been attributable to South American mine supply uncertainties. Although many mines in the region have resumed production after temporary closures earlier in the year, the risk of further mine disruptions again began to impact on the market over the course of June. Smelter purchase terms in China and trader purchase terms from miners remained favourable to annual benchmark levels during the quarter. Similar to the disruptions experienced at key copper mines, COVID-19 also impacted zinc and lead production at mines in key South American producing countries of Peru, Mexico and Bolivia during April and May. The resulting deficit in concentrate markets during the second quarter led to treatment charges for both zinc and lead concentrates trading well below annual benchmark levels for the period. As impacted mines began to resume production during June, the expectation of additional concentrate shipments resulted in some increases in Chinese imported spot TC's for zinc and lead concentrate. Terms nevertheless remain favourable for mines that have material available to sell. As detailed below, steady production continued throughout the second quarter at both Dugald River and Rosebery, allowing zinc and lead concentrate shipments to proceed smoothly and according to shipment schedules and commitments to customers. MMG Second Quarter Production Report 2020 4 PROVISIONAL PRICING The following table provides a summary of the metal that was sold but which remains provisionally priced at the end of the second quarter 2020 and the month that final average pricing is expected to occur at the time of provisional invoicing. OPEN PRICING AT 1 JULY 2020 JUL-20 AUG-20 SEP-20 OCT-20 NOV-20 TOTAL Copper (tonnes cathode and 32,289 249 9,706 42,244 copper contained in concentrate) 13,850 3,893 4,165 21,908 Gold (ounces) Lead (tonnes) 7,439 7,439 Molybdenum (pounds) 204,445 202,003 353,183 759,631 Silver (ounces) 1,123,524 250,826 260,908 1,635,258 Zinc (tonnes) 26,617 3,785 4,263 34,665 OPERATIONS LAS BAMBAS LAS BAMBAS 2Q20 2Q20 2Q20 YTD20 YTD20 VS 2Q19 VS 1Q20 VS YTD19 Copper (tonnes) 58,378 -31% -20% 131,698 -29% Molybdenum (tonnes) 548 -3% 341% 672 -37% Second quarter performance Las Bambas' second quarter performance was materially impacted by the COVID-19 pandemic, with 58,378 tonnes of copper in copper concentrate produced during the period. This represented a decrease of 20% on the first quarter of 2020, and a 31% decrease on the prior year comparative period which had been impacted by community disruption and a temporary shutdown of the plant. As noted above, although mining and processing has continued throughout the pandemic, limited workforce availability impacted the level of activity and has also resulted in non-compliance to the original mine plan. To ensure a steady feed of material to the mill, mining activity has focussed on accessible ore. This has resulted in lower grades than would otherwise have been the case and the deferral of planned waste movement activity. Unfavourable ore characteristics also resulted in lower recoveries. Further repairs were carried out on the overland ore conveyor during the period, however this had no direct impact on production volumes given existing operational flexibility challenges presented by COVID-19. Molybdenum production for the second quarter increased significantly, following the completion of de-bottlenecking works which commenced in 2019 and a re-commissioning of the plant in June. COVID-19 restrictions significantly limited concentrate transport for much of April. Trucking activity re-commenced on 28 April 2020 and progressively ramped-up over subsequent weeks, with the first shipment of concentrate departing Matarani in late May. Trucking activity has been operating at close to normal rates since early June, allowing the progressive drawdown of concentrate stockpiles at site to resume. The Company has worked cooperatively with counterparties to manage shipment schedules. As at 30 June, approximately 38,000 tonnes of copper metal remained at site. At current rates it is expected to have been fully drawn down during the fourth quarter. Despite COVID-19 restrictions, the Company has, to all extents possible, continued to pursue constructive dialogue with communities along the Southern Road Corridor and the National Government regarding sustainable solutions to MMG Second Quarter Production Report 2020 5 the transportation of concentrate. The Company has also invested in its relationship with local communities throughout the COVID-19 pandemic through increased support and assistance to help combat the outbreak. Community update On 20 July, copper concentrate transport vehicles were set on fire on the Southern Road Corridor, one kilometre from the city of Espinar in the Cusco region, approximately 260 kilometers from the Las Bambas operation. The vehicles, a concentrate truck and a four-wheel drive, were part of a convoy set on fire by protesters blocking the road in the Espinar area. The protest is related to demands for economic benefit not related to Las Bambas. The escalation in violence follows several days of unrest in the area. Las Bambas is working with community and government authorities to ensure the safe passage of concentrate convoys. 2020 outlook Due to the inherent uncertainty associated with COVID-19 and its impacts on Las Bambas operations, MMG withdrew its 2020 guidance for Las Bambas on 13 April 2020. Although mining and production has gradually returned to near full-capacity, the recent focus on mining of accessible ore has been at the expense of some planned stripping activity. This, together with ongoing labour shortages due to the prevalence of COVID-19 infections in Peru and the high-risk nature of the pandemic environment means the Company must continue to work on a range of mine planning scenarios to effectively manage the current situation. Once greater operational certainty is restored, updated production and other Las Bambas related guidance will be provided. This will include an update on the medium-term production outlook, including impacts to the development timeline for the Chalcobamba pit, with 2020 still targeted for permitting. KINSEVERE KINSEVERE 2Q20 2Q20 2Q20 YTD20 YTD20 VS 2Q19 VS 1Q20 VS YTD19 Copper Cathode (tonnes) 18,298 11% 1% 36,505 26% Second quarter performance Kinsevere produced 18,298 tonnes of copper cathode in the second quarter. This 11% improvement against the comparative prior year period reflects the difficulties associated with mining at the Mashi Pit in early 2019 and the shift to mining of the Central pit, with associated improvements in ore grade. Production for the period was largely in line with levels achieved in the first quarter of 2020. Mining volumes increased during the second quarter as the wet season concluded. A slight decline in milled grades was attributable to lower quality third party ore. However, the impacts of this and occasional ongoing issues presented by unfavorable ore characteristics were largely offset by improved recoveries. 2020 outlook Noting the ongoing uncertainty associated with COVID-19, MMG at this stage continues to maintain its existing 2020 guidance for Kinsevere, with copper cathode production of between 68,000 and 75,000 tonnes and C1 costs of US$1.80-1.95/lb. The Company continues to progress its assessment of options to extend the life of Kinsevere with a feasibility study ongoing for the next phase of development, including the addition of a sulphide ore and cobalt processing circuit alongside the existing oxide circuit. As previously advised, the Company expects to reach a decision on this project during the second half of 2020. MMG Second Quarter Production Report 2020 6 DUGALD RIVER DUGALD RIVER 2Q20 2Q20 2Q20 YTD20 YTD20 VS 2Q19 VS 1Q20 VS YTD19 Contained metal in concentrate Zinc (tonnes) 43,672 22% 23% 79,177 6% Lead (tonnes) 5,569 0% 30% 9,846 -7% Second quarter performance Dugald River produced 43,672 tonnes of zinc in zinc concentrate, and 5,569 tonnes of lead in lead concentrate during the second quarter of 2020. This increase in metal production compared to both prior and comparative periods was primarily driven by an increase in ore mined. May represented a record month for mining of stope ore and resulted from ongoing work to open up new operating areas and ensure a steady feed of ore to the mill. The production result was also assisted by sustained fleet availability and a focus on maintaining high broken stock levels. Improved mill throughput levels and optimisation of the crushing and grinding circuit, which supported a significant and sustained improvement in recovery levels, offset the impact of lower than anticipated zinc ore grades. 2020 outlook Work continues to focus on the sustained optimisation of recoveries as a means of offsetting the impact of lower than originally anticipated zinc ore grades, which are expected to continue over coming periods. This, together with a continued ramp-up in mining and increased reliance on stope production, will ensure Dugald River remains on track to deliver annual mine capacity of two million tonnes and targeted zinc equivalent production in excess of 200kt per annum, by 2022. Noting the ongoing uncertainty associated with COVID-19, MMG at this stage continues to maintain its existing 2020 guidance for Dugald River, with production of between 170,000 and 180,000 tonnes of zinc in zinc concentrate and C1 costs of US$0.70-0.75/lb. ROSEBERY ROSEBERY 2Q20 2Q20 2Q20 YTD20 YTD20 VS 2Q19 VS 1Q20 VS YTD19 Contained metal in concentrate Zinc (tonnes) 16,442 -22% -6% 33,894 -14% Lead (tonnes) 5,120 -17% -10% 10,787 -11% Copper (tonnes) 351 9% -9% 736 5% Second quarter performance Rosebery produced 16,442 tonnes of zinc in zinc concentrate during the second quarter. Lower metal production compared to the first quarter of 2020 and the prior year comparative period was largely attributable to declining ore grades, which although in line with expectations reflects the nature of the ore bodies in the deeper areas of the mine currently being accessed. Lead production of 5,120 tonnes was also lower, largely due to a decline in recoveries. Two seismic events in 2019 continue to constrain access to some mining fronts and impact on mining volumes. Although increasing slightly from the prior period, this also has a flow on effect to mill throughput levels. Both zinc and lead recoveries have also been affected. MMG Second Quarter Production Report 2020 7 It is expected that clearance from authorities to recommence mining in those areas impacted by the 2019 seismic events will be received in the third quarter. In the interim, the development of lower seismic risk mining areas will enhance mine flexibility going forward. 2020 outlook MMG remains committed to extending the operating life of the Rosebery mine. Resource extension drilling over the period has continued, with encouraging early results at the southern extents of the orebody indicating further extensions to the resource down plunge. Studies into sustainable longer-term tailings management options are also continuing. Noting the ongoing uncertainty associated with COVID-19, MMG at this stage continues to maintain its existing 2020 guidance for Rosebery, with production of between 55,000 and 65,000 tonnes of zinc in zinc concentrate and C1 costs of US$0.20-0.30/lb. GEOSCIENCE AND DISCOVERY Drilling activities were carried out at the Las Bambas operation in Peru, along with discovery and delineation of satellite copper oxide deposits within a roughly 50km radius (RAD50) of the Kinsevere mine. The focus of the Company's activities during the quarter are detailed below. LAS BAMBAS Positive results continue at Las Bambas from on-going hydrogeological, geotechnical and sterilisation drilling completed during the second quarter of 2020. Drilling continued at the near-surface, skarn and porphyry copper mineralisation at the Chalcobamba Southwest Zone, which is located immediately to the southwest of the current Chalcobamba Ore Reserve pit. Coherent, higher-grade copper skarn (>1% Cu) is located beneath a shallow, unmineralised diorite intrusion that strikes east-west and dips gently to the south. Twelve holes (4,530m) were completed. A single hole (402m) was drilled at Jatun Charcas, (skarn mineralization) located approximately 4 kilometers west- south-west of the Chalcobamba deposit. Drilling was completed in an area of overlapping IP chargeability, EM conductivity and gravity anomalies hosted within the Ferrobamba limestone and located to the east of the Sulfobamba deposit. All core has been logged and is in the process of being prepared and shipped for assay. Detailed results for this drilling will be reported as part of the third quarter production report. DRC In the second quarter of 2020, exploration activities focused on the completion of the delineation drilling campaign at Kinsevere and the commencement of the development drilling at the Nambulwa Project. In early March, a resource delineation drilling campaign commenced at Kinsevere in the area between the Central and Mashi pits, targeting unclassified and inferred high grade sulphide mineralisation below the final pit design. The objective of the drilling program was to further delineate the known copper sulphide resource and to extend the resource to the northwest and down-plunge to increase the global sulphide mineral resource. Five diamond holes were drilled during the program totalling 1,940m. The program was completed early in the second quarter. All drill core has been processed and sent for assay. Final results are now being received, compiled, and assessed for quality control. It is anticipated that assay results from this drilling program will be released in the third quarter production report. Development drilling commenced during the second quarter at the Nambulwa project, comprising geotechnical and hydrogeological drilling at both the Nambulwa Main and DZ orebodies. Fourteen geotechnical (1,105m) and five hydrogeology holes (581m) were drilled at Nambulwa Main, and five geotechnical (570m) and two hydrogeology holes (132m) were drilled at DZ. The geotechnical drilling was completed during the period, but the hydrogeology drilling will be ongoing into the third quarter. MMG Second Quarter Production Report 2020 8 A detailed mining study was completed during the quarter for internal approval in relation to Sokoroshe II. Planning and scoping work is underway for additional development drilling in the extended pit area and to update existing permitting documentation. CORPORATE UPDATE EXECUTIVE COMMITTEE RESPONSIBILITIES Effective from 1 July, Li Liangang, will take on additional executive responsibilities for the Dugald River and Rosebery operations and Australia support functions as Executive General Manager - Australia and Commercial. Executive responsibility for Africa will sit with the Chief Executive Officer, Mr Geoffrey Gao. This replaces the interim executive responsibility arrangements that were announced following the resignation of Suresh Vadnagra. FUNDING INITIAITVES In a demonstration of its support and confidence during this period of global uncertainty, MMG's major shareholder has extended to a wholly owned subsidiary of the Company a low-cost, US$300.0 million revolving credit facility. This short-term line of credit, which will expire in December 2020, is available for general corporate purposes and replaces an existing US$300.0m revolving credit facility that was held with ICBC and was also due to mature at the end of 2020. Discussions are progressing with ICBC and other lending partners, with a view to refinancing the short-term shareholder credit facility prior to the end of 2020. During the period, an additional and already existing US$100.0 million credit facility from the Company's majority shareholder was upsized to US$200.0 million. At the same time, the maturity date of this undrawn credit line was extended to October 2021. MMG is also in the final stages of negotiation for additional credit facilities. Recent strengthening of key commodity prices will reduce pressure on liquidity, however these new facilities are considered a prudent step to further enhance the Company's surplus liquidity position. Taking advantage of record low interest rates and to provide a degree of certainty regarding future interest payments, Minera Las Bambas S.A. executed a five-year interest rate swap in connection with part of the floating base rate exposure of its existing project debt facility. The swap, which has a nominal value of US$2.1 billion, represents approximately 50% of the balance of the underlying debt and will amortise proportionately in broad alignment with the loan principal. The hedged rate of 0.43% excludes credit margins. The unhedged portion of the underlying debt remains subject to the floating 6-month LIBOR rate. During the second quarter, Minera Las Bambas S.A. also entered into a series of sale-leaseback and leasing agreements to finance the acquisition of mine equipment at the Las Bambas mine. These agreements, which were for a total of approximately US$90.9 million, were entered into with ICBC Peru Bank, Banco de Crédito del Peru and Scotiabank Peru, with security being granted over the underlying equipment. MMG BEIJING In line with a range of transformation initiatives and as part of its response to the challenging global conditions, MMG is in the process of establishing a Beijing office. Work is ongoing to determine the functions that will be present in the Beijing office, with a number of roles set to relocate from Melbourne to Beijing, to capitalise on strong connections to the major shareholder and China. Further details on this and other strategic initiatives will be provided at the Company's interim results briefing, which is expected to be held on 20 August 2020. GLENCORE LITIGATION UPDATE The court proceeding in respect of MMG's claim for indemnification from Glencore in respect of certain taxes paid by Minera Las Bambas S.A. in 2018, relating "Legislative Decree 797" in Peru, and the period prior to closing of the sale transaction between Glencore and MMG commenced on 21 July 2020. A decision is expected in the second half of 2020. MMG has also filed proceedings in relation to several other claims against Glencore for taxes incurred in the period prior to closing. MMG Second Quarter Production Report 2020 9 MCK LITIGATION UPDATE The court proceedings between MMG Kinsevere and Mining Company Katanga SARL (MCK) in the DRC have not progressed due to court closures in the DRC as a result of the COVID-19 outbreak, which may soon be lifted. MMG's appeal against the freezing order over certain assets of MMG Kinsevere, and its defence of a number of additional procedural actions commenced by MCK, may be heard before the courts prior to its usual summer recess, which runs from mid-August to mid-October. However, if the court schedule does not permit them to be heard, the freezing order will remain in place and the substantive proceedings in relation to MCK's claim will not be heard until the fourth quarter of 2020. MMG Kinsevere and the Company regard the claim as unfounded and opportunistic, and the amount of the claim completely disproportionate to the losses that could reasonably have been suffered. MMG plans to vigorously contest the claim. -ENDS- MMG Second Quarter Production Report 2020 10 CORPORATE DETAILS MELBOURNE OFFICE Level 23, 28 Freshwater Place Southbank Victoria 3006, Australia T +61 3 9288 0888 HONG KONG OFFICE Unit 8506A, Level 85 International Commerce Centre 1 Austin Road West, Kowloon, Hong Kong T +852 2216 9688 POSTAL ADDRESS GPO Box 2982, Melbourne, Victoria, 3001, Australia MMG LIMITED EXECUTIVE COMMITTEE GAO Xiaoyu, Chief Executive Officer and Executive Director Ross CARROLL, Chief Financial Officer LI Liangang, Executive General Manager - Australia and Commercial Troy HEY, Executive General Manager - Corporate Relations WEI Jianxian, Executive General Manager - Americas SHARE REGISTRAR Computershare Hong Kong Investor Services Limited, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong IMPORTANT DATES 19 August 2020 - Interim Results announcement 20 August 2020 - Interim Results briefing For details please contact Corporate Relations below. INVESTOR AND MEDIA ENQUIRIES Blake ERICKSEN Head of Investor Relations T +61 3 9288 9185 M +61 475 804 341 E [email protected] Andrea ATELL Head of Corporate Affairs T +61 3 9288 0758 M +61 476 830 491 E [email protected] Chinese Language: Maggie QIN Head of China Relations T +61 3 9288 0818 M +61 411 465 468 E [email protected] Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. MMG Second Quarter Production Report 2020 11 APPENDIX - 2020 GUIDANCE GUIDANCE SUMMARY 2020 GUIDANCE 2019 ACTUAL Las Bambas Copper - production N/A* 382,518 tonnes Copper - C1 costs N/A* US$0.99 / lb Dugald River Zinc - production 170,000 - 180,000 tonnes 170,057 tonnes Zinc - C1 costs US$0.70 - US$0.75 / lb US$0.70 / lb Kinsevere Copper - production 68,000 - 75,000 tonnes 67,935 tonnes Copper - C1 costs US$1.80 - US$1.95 / lb US$2.24 / lb Rosebery Zinc - production 55,000 - 65,000 tonnes 83,463 tonnes Zinc - C1 costs US$0.20 - US$0.30 / lb US$0.20/ lb *2020 guidance for Las Bambas was withdrawn on 13 April 2020, due to ongoing uncertainty regarding the impact of COVID-19 on operations in Peru. MMG Second Quarter Production Report 2020 12 APPENDIX - PRODUCTION RESULTS LAS BAMBAS QUARTER ENDED YEAR-TO-DATE JUN 2019 SEP 2019 DEC 2019 MAR 2020 JUN 2020 JUN 2020 JUN 2019 Ore mined - copper tonnes 11,743,412 13,433,089 10,934,016 9,600,874 10,734,366 20,335,240 27,286,512 Ore milled - copper tonnes 11,992,161 13,683,455 12,785,623 9,898,899 9,815,438 19,714,337 24,814,293 Waste movement tonnes 25,897,658 39,303,433 34,907,342 35,696,212 30,803,477 66,499,689 54,076,201 COPPER Ore mined - grade % 0.84 0.80 0.91 0.87 0.70 0.78 0.81 Ore milled - grade % 0.81 0.81 0.87 0.84 0.70 0.77 0.84 Recovery % 86.6 87.9 89.4 87.8 85.6 86.8 87.6 Production Copper concentrate tonnes 219,423 247,882 261,513 199,411 179,692 379,103 484,734 Grade % 38.45 39.13 38.13 36.77 32.49 34.74 38.34 Containing tonnes 84,373 96,990 99,702 73,319 58,378 131,698 185,825 Sales Total concentrate tonnes 271,521 198,477 271,784 217,013 179,394 396,407 383,036 sold Payable metal in tonnes 99,001 72,219 100,435 76,262 58,373 134,635 140,264 product sold GOLD & SILVER Payable metal in product sold - gold Payable metal in product sold - silver oz 27,248 21,889 31,840 24,654 14,944 39,597 37,711 oz 1,416,348 1,042,736 1,486,314 1,146,899 729,607 1,876,506 2,052,664 MOLYBDENUM Production Molybdenum tonnes concentrate 1,189 1,015 526 273 1,156 1,429 2,250 Grade % 47.33 45.98 45.79 45.55 47.41 47.05 47.76 Contained metal tonnes 563 467 241 124 548 672 1075 produced Sales Total product sold tonnes 1,097 1,307 775 200 539 739 1,887 Payable metal in tonnes 524 612 354 93 252 345 901 product sold MMG Second Quarter Production Report 2020 13 KINSEVERE QUARTER ENDED YEAR-TO-DATE JUN 2019 SEP 2019 DEC 2019 MAR 2020 JUN 2020 JUN 2020 JUN 2019 Ore mined - copper tonnes 544,845 607,922 708,505 383,158 625,164 1,008,322 1,145,610 Ore milled - copper tonnes 590,577 623,533 632,321 565,148 628,813 1,193,960 1,099,421 Waste movement tonnes 4,576,461 5,307,732 3,913,258 2,355,250 3,480,273 5,835,523 7,803,373 COPPER Ore mined - grade % 2.00 2.50 2.87 2.87 2.66 2.74 2.11 Ore milled - grade % 2.92 3.06 3.39 3.35 3.15 3.25 2.83 Recovery % 95.3 96.4 94.7 94.0 95.5 94.7 95.8 Production Contained metal tonnes 16,463 18,495 20,438 18,207 18,298 36,505 29,002 produced - cathode Sales Total product sold - tonnes 15,639 17,804 20,083 17,874 18,036 35,910 27,439 cathode Payable metal in tonnes 15,639 17,804 20,083 17,874 18,036 35,910 27,439 product sold - cathode MMG Second Quarter Production Report 2020 14 DUGALD RIVER QUARTER ENDED YEAR-TO-DATE JUN 2019 SEP 2019 DEC 2019 MAR 2020 JUN 2020 JUN 2020 JUN 2019 Ore mined tonnes 453,261 494,443 513,169 462,570 483,165 945,735 846,264 Ore milled tonnes 428,651 542,703 546,738 443,378 504,255 947,634 886,128 ZINC Ore mined - grade % 10.33 10.50 10.53 9.97 10.28 10.13 10.40 Ore milled - grade % 9.90 10.30 10.37 9.56 10.00 9.79 9.92 Recovery % 84.5 84.6 85.1 83.8 86.6 85.3 84.6 Production Zinc concentrate tonnes 73,782 97,005 100,014 72,846 89,468 162,313 152,852 Grade % 48.59 48.76 48.24 48.74 48.81 48.78 48.75 Containing tonnes 35,850 47,296 48,247 35,505 43,672 79,177 74,515 Sales Total product sold tonnes 95,148 90,059 100,007 83,429 95,636 179,065 150,232 Payable metal in tonnes 38,634 36,474 40,625 33,881 39,036 72,917 61,310 product sold LEAD Ore mined - grade % 1.93 1.67 1.86 1.63 1.71 1.67 1.84 Ore milled - grade % 1.90 1.65 1.87 1.55 1.69 1.63 1.76 Recovery % 68.3 64.3 66.1 62.2 65.3 63.9 68.1 Production Lead concentrate tonnes 9,147 9,588 11,758 7,622 10,395 18,017 17,876 Grade % 60.82 59.97 57.54 56.11 53.58 54.65 59.51 Containing tonnes 5,563 5,750 6,766 4,277 5,569 9,846 10,639 Sales Total product sold tonnes 10,727 10,600 10,756 10,431 10,213 20,644 15,040 Payable metal in tonnes 5,927 6,042 6,023 5,735 5,234 10,969 8,226 product sold SILVER Ore milled - grade Payable metal in product sold g/t 59.34 53.54 62.73 66.95 56.69 61.49 53.45 oz 368,674 351,027 344,958 343,156 372,328 715,484 497,319 MMG Second Quarter Production Report 2020 15 ROSEBERY QUARTER ENDED YEAR-TO-DATE JUN 2019 SEP 2019 DEC 2019 MAR 2020 JUN 2020 JUN 2020 JUN 2019 Ore mined tonnes 248,537 257,342 276,624 221,522 237,379 458,901 498,541 Ore milled tonnes 251,282 256,572 262,329 234,415 238,232 472,647 511,115 ZINC Ore mined - grade % 9.51 9.83 10.73 8.91 7.82 8.34 9.26 Ore milled - grade % 9.91 9.56 9.90 8.60 8.13 8.36 9.16 Recovery % 84.7 87.0 86.9 86.6 84.9 85.8 84.5 Production Zinc concentrate tonnes 39,032 39,859 41,323 32,363 30,277 62,640 73,164 Grade % 54.00 53.52 54.61 53.93 54.30 54.11 54.08 Containing tonnes 21,079 21,332 22,566 17,452 16,442 33,894 39,565 Sales Total product sold tonnes 37,968 39,501 32,440 31,744 35,796 67,540 75,899 Payable metal in tonnes 17,750 18,014 15,004 14,817 16,644 31,461 35,455 product sold LEAD Ore mined - grade % 2.97 3.27 3.53 3.31 3.19 3.25 3.03 Ore milled - grade % 3.11 3.02 3.28 3.20 3.23 3.21 3.05 Recovery % 79.0 72.7 79.2 75.5 66.6 71.0 77.6 Production Lead concentrate tonnes 10,261 9,344 11,320 9,155 8,613 17,768 19,653 Grade % 60.28 60.36 60.19 61.90 59.45 60.71 61.55 Containing tonnes 6,186 5,640 6,813 5,666 5,120 10,787 12,096 Sales Total product sold tonnes 11,925 10,694 11,008 5,912 11,260 17,172 19,170 Payable metal in tonnes 7,112 6,081 6,298 3,426 6,498 9,924 11,311 product sold MMG Second Quarter Production Report 2020 16 ROSEBERY (continued) QUARTER ENDED YEAR-TO-DATE JUN 2019 SEP 2019 DEC 2019 MAR 2020 JUN 2020 JUN 2020 JUN 2019 Ore mined tonnes 248,537 257,342 276,624 221,522 237,379 458,901 498,541 Ore milled tonnes 251,282 256,572 262,329 234,415 238,232 472,647 511,115 COPPER Ore mined - grade % 0.22 0.21 0.24 0.24 0.20 0.22 0.21 Ore milled - grade % 0.22 0.24 0.25 0.25 0.23 0.24 0.23 Recovery % 57.5 62.5 65.8 64.6 63.4 64.0 60.0 Production Copper concentrate Tonnes 1,954 2,381 2,339 2,143 2,019 4,162 4,177 Grade % 16.50 15.89 18.43 17.95 17.39 17.68 16.77 Containing tonnes 322 378 431 385 351 736 700 Sales Total product sold tonnes 1,721 2,498 1,699 1,557 3,367 4,924 4,369 Payable metal in tonnes 287 402 296 271 584 855 716 product sold OTHER METALS Ore milled grade - g/t 1.2 1.2 1.5 1.4 1.8 1.6 1.3 gold Ore milled grade - g/t 104.3 95.2 113.2 113.4 125.8 119.7 102.9 silver Recovery - gold % 21.0 21.4 22.3 23.6 22.7 22.9 24.9 Production Gold doré oz 3,702 3,650 4,450 3,026 4,837 7,864 9,164 Containing - gold oz 2,166 2,171 2,916 1,816 2,767 4,583 5,480 Containing - silver oz 1,296 1,202 1,711 993 1,428 2,421 3,138 Sales Gold doré sold oz 3,023 4,088 4,061 3,447 2,426 5,873 8,702 Payable metal in all oz 6,022 7,095 11,604 5,526 7,254 5,980 17,584 products sold - gold Payable metal in all oz 612,630 555,198 574,515 408,630 942,791 1,351,421 1,156,892 products sold - silver

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