MMG (1208) Status Update summary

Leadership and strategic direction

• Zhao Jing Ivo appointed CEO and Executive Director in April 2025, succeeding Cao Liang, with a focus on building momentum and maintaining safety and operational excellence.

• Emphasis on robust production, profit growth, and improved capital structure.

Safety and operational performance

• Total Recordable Injury Frequency rose to 2.40 per million hours, with 29 injuries, up from 1.52 and 19 injuries in Q4 2024.

• Significant events with energy exchange frequency increased to 1.08 per million hours worked.

• Company-wide focus on contractor management, field task observations, and critical controls.

Production highlights and guidance

• Total copper production reached 118,213 tonnes, up 76% year-on-year, driven by Las Bambas, Kinsevere, and Khoemacau.

• Las Bambas delivered 95,728 tonnes of copper, a 71% increase, with record ore mined and improved community relations.

• Kinsevere output rose 19% to 11,612 tonnes, supported by new power solutions and sustainability initiatives.

• Khoemacau produced 10,610 tonnes, up 4% quarter-on-quarter, with expansion plans targeting 60,000 tonnes by 2026–2027 and 130,000 tonnes by 2028.

• 2025 production and cost guidance remains unchanged, with potential for upward revision due to favorable market and operational factors.