MMG (1208) Q4 2025 earnings summary

Executive summary

• 2025 copper output rose 27% to 506,899 tonnes and zinc output rose 6% to 232,060 tonnes, with strong performances at Las Bambas and Dugald River.

• Gold output reached 118,118 oz (+22%) and silver output 10.56M oz (+17%), supporting profitability through by-product credits.

• 2026 priorities include safety, reliable production, cost efficiency, and advancing growth projects.

Financial highlights

• Strong precious-metals prices supported by-product credits and lowered reported C1 costs at several operations; strong copper prices supported Las Bambas profit resilience.

• Copper prices closed Q4 2025 at $12,504/t (+21.4% QoQ); zinc and silver prices also reached record levels, supporting by-product credits.

Outlook and guidance

• 2026 copper guidance: Las Bambas 380,000–400,000 t; Kinsevere 65,000–75,000 t; Khoemacau 48,000–53,000 t.

• 2026 zinc guidance: Dugald River 170,000–180,000 t; Rosebery 45,000–55,000 t, with zinc-equivalent output of 125,000–140,000 t based on 2025 realized prices.

• 2026 C1 cost guidance: Las Bambas $1.20–$1.40/lb copper; Kinsevere $2.50–$2.90/lb; Khoemacau $2.00–$2.30/lb; Dugald River $0.80–$0.95/lb zinc; Rosebery -$0.60 to -$0.10/lb zinc.

• High gold and silver prices in early 2026 are expected to support margins and cost optimization.