MMG Limited (1208) investor relations material

Executive summary

• Total copper production (concentrate and cathode) reached 127,030 tonnes, up 11% year-over-year, with zinc production at 58,747 tonnes, up 26% year-over-year.

• Las Bambas achieved fifth largest global copper mine status, with stable operations and no external disruptions.

• Net profit after tax for the first half of 2025 was US$566.3 million, a significant increase from US$79.5 million in the first half of 2024.

• Net cash flow from operations rose 130% to US$1,185.0 million, driven by higher copper sales and commodity prices.

Financial highlights

• Net profit attributable to equity holders was US$340.0 million for H1 2025, up from US$21.1 million in H1 2024.

• Net debt declined by US$903.3 million since end-2024, with gearing reduced from 41% to 33%.

• MMG received US$429.3 million from Las Bambas' second dividend, allocated to debt repayment.

Outlook and guidance

• Las Bambas copper production for 2025 is expected at 400,000 tonnes, with C1 costs of US$1.25–1.35/lb.

• Kinsevere's copper cathode production guidance revised to 51,000–54,000 tonnes, C1 costs US$2.80–3.15/lb.

• Khoemacau copper production expected at lower end of 43,000–53,000 tonnes, C1 costs US$2.30–2.65/lb.

• Dugald River zinc production on track for 170,000–185,000 tonnes, C1 costs US$0.75–0.90/lb.

• Rosebery zinc production guidance at 45,000–55,000 tonnes, C1 costs at lower end of -US$0.10 to +US$0.15/lb.