MMG Limited (MMG) delivered broadly stable production in the three months to 30 June 2026 while lowering full-year unit-cost guidance for three core assets on the back of strong by-product credits and favourable commodity prices.

Safety metrics softened: the Total Recordable Injury Frequency rose to 2.19 per million hours (Q1-26: 1.92) and Significant Events with Energy Exchange Frequency reached 0.82 (Q1-26: 0.27).

Key operating highlights • Copper: Group output of 137,843 t (cathode plus concentrate) was flat year-on-year. Las Bambas contributed 109,192 t (-5 % YoY, +8 % QoQ) on lower grades, while Kinsevere’s cathode rose 24 % YoY to 16,980 t. Khoemacau produced 11,423 t, matching the prior-year quarter. • Zinc: Concentrate production slipped 1 % YoY to 55,538 t. Dugald River grew 6 % YoY to 46,082 t, offsetting a 25 % decline at Rosebery to 9,456 t. • Lead and precious metals: Lead rose 17 % YoY to 9,892 t, silver increased 13 % to 2.83 million oz, and gold eased 9 % to 28,119 oz. Elevated by-product prices supported operating margins. • Molybdenum: Output at Las Bambas climbed 35 % YoY to 955 t.

Revised 2026 C1 cost guidance • Las Bambas: US$0.85–1.05/lb (previously US$1.20–1.40/lb) after a H1-26 C1 of US$0.55/lb. • Khoemacau: US$1.70–2.00/lb (previously US$2.00–2.30/lb) following a H1-26 C1 of US$1.25/lb. • Rosebery: –US$1.50 to –US$1.00/lb (previously –US$0.60 to –US$0.10/lb), driven by stronger silver and gold credits.

All five operating mines—Las Bambas, Kinsevere, Khoemacau, Dugald River and Rosebery—remain on track to meet unchanged 2026 volume guidance.

Market context Average Q2-26 LME copper prices increased 3.8 % QoQ to US$13,329/t, peaking at a record US$14,097/t in May, while spot copper TC/RCs fell to an unprecedented –US$126.80/t amid tight concentrate supply. Zinc averaged US$3,466/t (+6.9 % QoQ) with spot treatment charges plunging to as low as –US$100/t, reflecting smelter demand and constrained supply. Gold prices softened 7.6 % QoQ to US$4,506/oz on a stronger US dollar; silver averaged US$73.15/oz despite high volatility.

Corporate developments On 18 and 23 June 2026, MMG raised approximately US$1.61 billion via a placement of 705.89 million new shares at HK$8.88 each and the issue of US$800 million zero-coupon convertible bonds due 2027 (conversion price HK$10.21). Proceeds will refinance debt, fund growth at existing operations and support potential acquisitions.

The proposed acquisition of Anglo American’s Brazilian nickel assets remains subject to European Commission approval; the deal’s long-stop date has been extended to 31 October 2026.

Exploration at Dugald River’s Wallaroo prospect returned multiple high-grade copper-gold intercepts, underscoring longer-term growth potential alongside the zinc operation.

Upcoming events • 11 Aug 2026 – Interim Results Announcement • 12 Aug 2026 – Interim Results Investor Presentation • 15 Oct 2026 – Q3 Production Report