MMG (1208) Q1 2026 earnings summary

Executive summary

• Total copper production rose 9% year-over-year to 128,698 tonnes, driven by strong output at Las Bambas and Kinsevere.

• Zinc production declined 3% year-over-year to 50,263 tonnes, with Rosebery output down but offset by higher by-product credits.

• Precious metals production surged, with gold up 24% and silver up 27% year-over-year, supporting lower C1 costs across operations.

• All operations remain on track to meet full-year production guidance.

Financial highlights

• Las Bambas achieved C1 costs of $0.45/lb, well below the full-year guidance of $1.20–1.40/lb, due to higher by-product credits.

• Kinsevere's C1 costs were $2.69/lb, within the guidance range of $2.50–2.90/lb.

• Khoemacau and Dugald River also reported C1 costs below guidance, at $1.25/lb and $0.77/lb respectively, mainly from strong silver credits.

• Rosebery reported negative C1 costs of -$1.80/lb, reflecting robust by-product credits from silver and gold.

Outlook and guidance

• Las Bambas copper production guidance for 2026: 380,000–400,000 tonnes.

• Kinsevere copper guidance: 65,000–75,000 tonnes; Khoemacau: 48,000–53,000 tonnes.

• Dugald River zinc guidance: 170,000–180,000 tonnes; Rosebery zinc: 45,000–55,000 tonnes, zinc equivalent: 125,000–140,000 tonnes.

• C1 cost guidance may be revised if favourable precious metal prices persist.