MMG (1208) Q4 2025 earnings summary

Executive summary

• Achieved record and near-record production across key assets in 2025, with total copper output up 27% year-over-year to 506,899 tonnes and zinc up 6% to 232,060 tonnes, driven by strong performances at Las Bambas and Dugald River.

• Precious metals output reached 118,118 oz gold (+22% YoY) and 10.56M oz silver (+17% YoY), providing significant by-product credits and supporting profitability.

• Board approved Khoemacau expansion, targeting 130,000 tpa copper and >4M oz silver, with further expansion potential identified.

Financial highlights

• Las Bambas produced 410,834 tonnes copper (+27% YoY), exceeding guidance; C1 costs at $1.12/lb, below guidance due to strong by-product credits.

• Kinsevere produced 52,791 tonnes copper cathode (+18% YoY); C1 costs at $3.12/lb, impacted by power instability.

• Khoemacau produced 42,120 tonnes copper (+36% YoY); C1 costs at $1.97/lb, below guidance due to high silver prices.

• Dugald River achieved record zinc output of 183,463 tonnes (+12% YoY); C1 costs at $0.65/lb, outperforming guidance.

• Rosebery produced 48,597 tonnes zinc; C1 costs at -$0.94/lb, driven by by-product credits and efficiency.

Outlook and guidance

• 2026 copper production 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 (zinc equivalent 125,000–140,000 t).

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

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