香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 持續關連交易 ROSEBERY 精礦銷售協議 二零二五年年度上限進一步修訂 茲提述本公司日期為二零二三年十二月二十一日及二零二五年十二月九日之公告，內容有關 就賣方與 Minmetals North-Europe 銷售該產品而訂立 Rosebery 精礦銷售協議。 由於銅、金及銀價格高於預期，本公司預期截至二零二五年十二月三十一日止年度根據 Rosebery 精礦銷售協議條款，就 Minmetals North-Europe 須向賣方支付之款項（該款項 涉及截至二零二五年十二月三十一日止年度內交付之產品），所作出最終調整，金額將高於最 初估計之數額。據此，董事（包括獨立非執行董事，惟不包括有利益關係之董事）已批准對 截至二零二五年十二月三十一日止財政年度之年度上限作進一步修訂。 年度上限進一步修訂 誠如二零二 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 之任何損失承擔任何責任。 建設協議 MMG LIMITED 五礦資源有限公司 （於香港註冊成立之有限公司） （股份代號：1208） 關連交易 KHOEMACAU精礦廠與外部斜坡道開口及 採礦基礎設施建設協議 建設協議 五礦資源正在推進 Khoemacau 礦區擴建項目的施工開發，內容涵蓋 Khoemacau 精礦廠的 建設、外部斜坡道開口及採礦基礎設施的建設。 於二零二六年三月十九日，Khoemacau Copper 與五礦二十三冶博茨瓦納簽訂 Khoemacau 精礦廠與外部斜坡道開口及採礦基礎設施建設協議。 上市規則之涵義 五礦二十三冶博茨瓦納為五礦地產有限公司間接全資擁有，而五礦地產有限公司則由本公司 最終控股股東中國五礦全資擁有。因此，根據上市規則，五礦二十三冶博茨瓦納為本公司的 關連人士。由此，該建設協議構成本公司的關連交易。 由於建設協議中若干相關百分比率超過 0.1% 但均低於 5%（包括與既有的關連交易合併計算 ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

1. Report Industry Investment Rating - No relevant information provided in the content 2. Core Viewpoints of the Report - The global zinc mine expansion cycle is nearing its end, and production disruptions are increasing, resulting in limited incremental space. In 2026, the global zinc mine output is expected to increase by about 150,000 tons, with the incremental projects concentrated in a few large - scale projects that were ramping up in the previous period [4]. - The global zinc concentrate supply - demand balance is tightening. Under the neutral scenario, a tight balance of zinc mines may become the norm, the TC operation center is expected to decline, and the zinc price operation center is expected to rise [9]. 3. Summary According to Relevant Catalogs 3.1 Global Zinc Mine Project Tracking - **2025 Global Zinc Mine Production**: In 2025, the global zinc mine output increased by 641,000 tons, a year - on - year increase of 5.37%, with the increment concentrated overseas. The production increase was mainly in Peru, Congo (Kinshasa), China, South Africa, Ireland, and Europe, while the decrease was mainly in the United States and Brazil [7]. - **2026 Global Zinc Mine Output Forecast**: Based on production schedules and production guidance, the global zinc mine increment in 2026 is estimated to be about 150,000 tons. The projects expected to contribute definite increments include Vedanta's Gamsberg Phase II, Ivanhoe's Kipushi project in Congo (Kinshasa), and the continuous realization of the increment from Russia's Ozernoye mine. Additionally, China's Huoshaoyun lead - zinc mine may add 150,000 - 200,000 metal tons in 2026 [4]. 3.2 Production Situation of Important Listed Mining Enterprises in Q4 - **Vedanta**: In Q4 2025, the zinc mine production was 335,000 tons, a quarter - on - quarter increase of 5.35% and a year - on - year increase of 7.72%, mainly driven by the increment of HZL and Gamsberg. The 2026FY production guidance was raised to 1.35 - 1.4 million tons, a slight increase compared to 2025FY. The bottleneck transformation of Chanderiya and Dariba refineries was completed in this quarter [12]. - **Glencore**: In Q4 2025, the zinc resource output was 260,000 tons, a quarter - on - quarter increase of 6.47% and a year - on - year decrease of 0.54%. The 2026 annual production guidance was lowered to 700,000 - 740,000 tons. The C1 cost decreased in 2025, and future capital expenditure will focus on copper and coal projects [19]. - **Teck**: In Q4 2025, the zinc mine production was 157,200 tons, a quarter - on - quarter increase of 4.45% and a year - on - year increase of 7.41%, mainly due to the increase in Antamina's production. The 2026 cost guidance increased, and the Red Dog MLE project is in progress [20][24]. - **Zijin Mining**: In Q4 2025, the zinc mine production was 128,900 tons, a quarter - on - quarter increase of 40.87% and a year - on - year increase of 41.13%. The 2026 - 2028 production plan aims to stabilize and increase zinc output, but the unit sales cost increased in the reporting period [25]. - **Nexa**: In Q4 2025, the zinc mine production was 91,200 tons, a quarter - on - quarter increase of 8.96% and a year - on - year increase of 22.51%. The 2026 capital expenditure is expected to increase, and the zinc mine cash cost in 2026 is expected to rise [28]. - **Peñoles**: In Q4 2025, the zinc mine production was 69,300 tons, a quarter - on - quarter increase of 9.70% and a year - on - year increase of 13.31%, mainly due to the resumption of Tizapa's production. The 2025 mine cash cost mostly decreased, and the enterprise's CAPEX is expected to slightly decline [35]. - **Volcan**: In Q4 2025, the zinc mine production was 59,400 tons, a quarter - on - quarter decrease of 0.67% and a year - on - year decrease of 7.19%. The Q4 2025 mine cost increased, and the capital expenditure increased significantly [36][39]. - **MMG**: In Q4 2025, the zinc mine production was 65,400 tons, a quarter - on - quarter increase of 11.29% and a year - on - year increase of 2.3%. The 2026 production guidance was slightly lowered, and the 2026 CAPEX is expected to be 1.6 - 1.7 billion US dollars, mainly focused on non - zinc projects [43]. - **Boliden**: In Q4 2025, the zinc mine production was 91,800 tons, a quarter - on - quarter decrease of 15.01% and a year - on - year decrease of 1.97%. The 2026 annual CAPEX is expected to be 15 billion Swedish kronor [44]. - **Newmont**: In Q4 2025, the zinc mine production was 46,000 tons, a quarter - on - quarter decrease of 22.03% and a year - on - year decrease of 40.26%. The 2026 unit cost is expected to increase, and the 2026 annual CAPEX is expected to be 3.35 billion US dollars [52]. - **Ivanhoe**: In Q4 2025, the zinc mine production was 61,400 tons, a quarter - on - quarter increase of 7.42% and a year - on - year increase of 89.12%. The 2026 production guidance is 240,000 - 290,000 tons. The 2026 Kipushi C1 cost is expected to be between 0.85 - 0.95 $/lb, and the capital expenditure is expected to be 60 million US dollars [55].

Investment Rating - The report maintains a "Buy" investment rating for the company [14] Core Views - The company has achieved significant production growth, with total copper production reaching 506,900 tons in 2025, a year-on-year increase of 27%. The revenue for 2025 is reported at $6.218 billion, reflecting a 39% increase compared to the previous year [5][10] - The main copper mine, Las Bambas, produced 410,800 tons in 2025, marking a 27% increase year-on-year, driven by operational efficiency improvements and strategic upgrades [6] - The company is expanding its operations, with Kinsevere and Khoemacau mines also showing production increases and ongoing expansion projects [7][9] Summary by Sections Financial Performance - The company reported a record revenue of $6.218 billion in 2025, up 39% year-on-year, with net profit after tax increasing to $955.2 million, a 161% rise [10] - EBITDA reached $3.412 billion, a 67% increase, while EBIT rose to $1.999 billion, up 102% [10] Production and Cost Guidance - Las Bambas is expected to produce between 380,000 to 400,000 tons of copper in 2026, with C1 costs projected between $1.20 to $1.40 per pound [6] - Kinsevere's production is guided at 65,000 to 75,000 tons for 2026, with C1 costs between $2.50 to $2.90 per pound [8] - Khoemacau's production guidance for 2026 is set at 48,000 to 53,000 tons, with C1 costs expected to be between $2.00 to $2.30 per pound [9] Capital Expenditure - The total capital expenditure for 2025 was $1.081 billion, with significant investments in Las Bambas and Khoemacau expansion projects. The expected capital expenditure for 2026 is projected to be between $1.6 billion to $1.7 billion [11][12] Future Outlook - The company forecasts revenues of $7.046 billion in 2026, with net profit expected to reach $984 million, reflecting continued growth in production and favorable market conditions [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in copper production, with a total production of 506,900 tons in 2025, representing a year-on-year increase of 27%. The revenue for 2025 reached $6.218 billion, up 39% year-on-year, with net profit after tax soaring to $955 million, a 161% increase [5][10] - The main copper mine, Las Bambas, achieved a production of 410,800 tons in 2025, marking a 27% increase from the previous year, driven by operational efficiency improvements and strategic upgrades [6] - The company is expanding its operations, with Kinsevere and Khoemacau mines also showing production increases and ongoing expansion projects [7][9] Summary by Sections Basic Data - Current stock price is HKD 8.45, with a total market capitalization of HKD 1,025.9 billion and total shares outstanding of 12,140.5 million [2] Market Performance - The company has experienced a strong financial performance, with record revenue and operating cash flow [10] Investment Highlights - Las Bambas mine's production reached 410,800 tons in 2025, with a C1 cost of $1.12 per pound, down from $1.51 per pound in 2024 [6] - Kinsevere mine produced 52,800 tons in 2025, with a C1 cost of $3.12 per pound, showing a decrease from $3.26 per pound in 2024 [7] - Khoemacau mine's production was 42,100 tons in 2025, with a C1 cost of $1.97 per pound, down from $2.54 per pound in 2024 [9] Financial Performance - The company achieved record revenue of $6.218 billion in 2025, with EBITDA reaching $3.412 billion, a 67% increase year-on-year [10] - The forecast for 2026-2028 indicates continued revenue growth, with projected revenues of $7.046 billion in 2026 and net profits of $984 million [14] Capital Expenditure - Capital expenditure for 2025 was $1.081 billion, with plans for $1.6 billion to $1.7 billion in 2026, focusing on expansion projects [11][12] Future Outlook - The company expects to maintain strong production levels and profitability, with a projected C1 cost for Las Bambas in 2026 between $1.20 and $1.40 per pound [6] - The Khoemacau expansion project is expected to enhance production capacity significantly, with first copper concentrate output anticipated in mid-2028 [13]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to benefit from increased copper product volume and prices, leading to sustained improvement in profitability. The projected net profit for 2025 is $509 million, a 215% year-on-year increase, with revenues reaching $6.218 billion, up 38.8% [1][9]. - The main driver of profit growth is the Las Bambas copper mine, which is projected to generate a net profit of $1.175 billion in 2025, contributing significantly to the overall profit increase [1][9]. - The C1 cost for the Las Bambas mine is expected to decrease to $1.12 per pound (equivalent to $2,469 per ton) in 2025, the lowest in recent years, due to increased production and rising precious metal prices [1][9]. Summary by Sections Financial Forecasts and Key Indicators - Revenue is projected to grow from $4.479 billion in 2024 to $6.218 billion in 2025, representing a 38.8% increase. The net profit is expected to rise from $162 million in 2024 to $509 million in 2025, marking a 1698.9% increase [5][25]. - The company anticipates continued growth in net profit, with projections of $1.789 billion, $1.853 billion, and $2.055 billion for 2026, 2027, and 2028, respectively, reflecting year-on-year growth rates of 251%, 3.6%, and 10.9% [4][5]. - The earnings per share (EPS) are expected to increase from $0.01 in 2024 to $0.04 in 2025, and further to $0.15 in 2026, maintaining a positive growth trajectory [5][25]. Production and Cost Analysis - The Las Bambas copper mine is projected to produce 411,000 tons of copper in 2025, along with significant by-products including 86,000 ounces of gold and 5.26 million ounces of silver [2][13]. - The operating cost per ton of copper (excluding depreciation and interest) is expected to decrease to $4,128 in 2025, down by $263 per ton from the previous year [2][13]. - The Kinsevere and Khoemacau mines are also in expansion phases, with Kinsevere expected to reach an annual production of 70,000 tons by 2026, contributing to overall cost reductions [2][19]. Market and Valuation - The company is well-positioned to capitalize on rising copper and precious metal prices, with a significant potential for profit elasticity due to its ownership of multiple world-class copper projects [4][19]. - The projected C1 costs for the Las Bambas and Khoemacau mines are expected to be $0.66 per pound and $1.32 per pound, respectively, under favorable market conditions [4][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to benefit from increased copper product volume and price, leading to sustained improvement in profitability. The projected net profit for 2025 is $509 million, a year-on-year increase of 215%, with revenues reaching $6.218 billion, up 38.8% [1][9]. - The main driver of profit growth is the Las Bambas copper mine, which is projected to generate a net profit of $1.175 billion in 2025, contributing significantly to the overall profit increase [1][9]. - The C1 cost for the Las Bambas copper mine is expected to decrease to $1.12 per pound (equivalent to $2,469 per ton) in 2025, the lowest in recent years, due to increased production and rising precious metal prices [1][9]. Summary by Sections Financial Projections - Revenue is projected to grow from $4.479 billion in 2024 to $6.218 billion in 2025, representing a 38.8% increase. By 2026, revenue is expected to reach $7.905 billion, a 27.1% increase year-on-year [5]. - The net profit is forecasted to increase significantly from $162 million in 2024 to $509 million in 2025, and further to $1.789 billion in 2026, reflecting a growth rate of 251.1% [5]. - Earnings per share (EPS) are expected to rise from $0.01 in 2024 to $0.04 in 2025, and to $0.15 in 2026 [5]. Production and Cost Analysis - The Las Bambas copper mine is expected to produce 411,000 tons of copper in 2025, along with significant by-products including 86,000 ounces of gold and 5.26 million ounces of silver [2][13]. - Operating costs for copper are projected to decrease, with the cost per ton (excluding depreciation and interest) expected to drop by $263 to $4,128 per ton in 2025 [2][13]. - The Kinsevere and Khoemacau mines are in expansion phases, with Kinsevere expected to reach a production capacity of 70,000 tons per year by 2026 [2][19]. Investment Outlook - The company is positioned to benefit from rising copper and precious metal prices, with projected net profits for 2026-2028 expected to be $1.789 billion, $1.853 billion, and $2.055 billion respectively, indicating a strong growth trajectory [4][21]. - The company plans to utilize dividends from the Las Bambas mine to reduce debt and fund capital expenditures, indicating a strategic approach to financial management [19].

Investment Rating - Industry rating: Recommended [4] Core Views - The escalation of the Iran situation has led to increased oil prices, which in turn raises inflation expectations and suppresses precious metal prices. Gold prices on COMEX fell by 2.17% to $5,181.30 per ounce, while silver dropped by 10.27% to $84.70 per ounce [1] - The geopolitical tensions in the Middle East are expected to continue affecting oil prices, with WTI crude oil rising from $67.02 per barrel to $90.90 per barrel, a weekly increase of 35.6% [5][10] - The long-term bullish trend for gold is supported by the declining status of the US dollar, driven by both government policy preferences and global distrust in the dollar [6][28] Summary by Sections Precious Metals - Gold and silver prices have been under pressure due to rising inflation expectations linked to oil price increases. SPDR Gold ETF holdings decreased by 900,540.93 ounces, while SLV Silver ETF holdings fell by 7,419,587.30 ounces [1] - The gold-silver ratio increased by 9.02% to 61.18, indicating a shift in market dynamics [1] Base Metals - Copper prices have been affected by macroeconomic factors, with a decline of 3.21% to $12,869.00 per ton on the LME. The overall market sentiment remains cautious due to geopolitical tensions [8][10] - Aluminum prices increased by 9.22% to $3,431.00 per ton, driven by supply constraints and rising production costs due to higher energy prices [9][14] Small Metals - Molybdenum prices remain stable at 282,500 CNY per ton, supported by strong demand from the military sector and supply constraints [22][24] - Vanadium prices have seen an increase due to recovering demand from the steel industry and energy storage applications, with prices rising to 82,300 CNY per ton [25][26] Market Dynamics - The overall market is experiencing a tightening supply situation, particularly in copper and aluminum, due to geopolitical tensions and production disruptions in the Middle East [30][31] - The demand for precious metals is expected to remain strong in the long term, driven by ongoing inflation concerns and the potential for further monetary easing by the Federal Reserve [28][30]

Summary of MMG Ltd (1208.HK) Earnings Review Company Overview - **Company**: MMG Ltd (1208.HK) - **Industry**: Copper Mining - **Market Cap**: HK$116.1 billion / US$14.9 billion - **Enterprise Value**: HK$154.4 billion / US$19.8 billion - **Key Mines**: Las Bambas, Dugald River, Kinsevere, Khoemacau Key Financial Highlights - **2025 Net Profit**: US$509 million, up 215% YoY - **Earnings Per Share (EPS)**: US$0.042, up 174% YoY - **Recurring Net Profit**: US$816 million, inline with estimates and above Bloomberg consensus [1][2] - **Total Revenue**: US$6.218 billion, up 39% YoY [32] - **EBITDA**: US$3.412 billion, up 67% YoY [22] - **Operating Cash Flow**: Increased by 67% YoY to US$2.7 billion [26] - **Free Cash Flow**: Positive at US$1.6 billion in 2025A [26] Production and Cost Metrics - **Las Bambas Mine**: - EBITDA: US$2.8 billion, up 78% YoY - Copper Output: 411kt, up 27% YoY - C1 Cost: US$1.12/lb, down 26% YoY [23] - **Dugald River**: EBITDA of US$176 million, up 4% YoY [24] - **Kinsevere**: EBITDA grew by 49% YoY to US$101 million, but faced a US$290 million impairment [24] - **Khoemacau**: EBITDA of US$167 million, up 33% YoY [24] Future Outlook - **Earnings Forecast**: Revised up by 3-20% for 2026E-27E, with expectations to double recurring profit to US$1.75 billion in 2026E [2][35] - **Dividend Potential**: First dividend in 10 years expected in 2026E [2][35] - **Copper Price Forecast**: Increased to US$5.83/lb for 2026E and US$5.51/lb for 2027E [29] - **Production Targets**: Las Bambas production targeted at 400kt/year; Khoemacau phase II expansion to 130kt/year [31] Valuation Metrics - **Target Price**: HK$13.5/share, revised from HK$13.0 [2] - **P/E Ratio**: Expected to be 13.5 in 2025, dropping to 8.5 in 2026E [11] - **Return on Equity (ROE)**: Expected to be 36.2% in 2026E [11] Risks and Considerations - **Commodity Price Risks**: Lower prices for copper, zinc, and lead could impact profitability [30] - **Operational Risks**: Sudden changes in ore grade and community relations could affect operations [30] - **Policy Risks**: Changes in mining policies in countries where MMG operates could negatively impact overseas assets [30] Conclusion MMG Ltd shows strong financial performance with significant profit growth driven by rising copper prices and effective cost management. The company is positioned for future growth with potential dividend payments and ongoing production expansions, although it faces risks related to commodity prices and operational challenges.