股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 五礦資源有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01208 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 12,140,530,416 0 12,140,530,416 增加 / 減少 (-) 0 0 本月底結存 12,140,530,416 0 12,140,530,416 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.2 ...

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [7][8][16] - Full year net operating cash flow reached $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [16][17] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [8][17][25] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with an EBITDA margin of 64% [17] - The mine produced 400,000 tons of copper, with unit operating costs falling by 26% due to higher production and prices [17][18] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [18][19] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [11] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [11][12] Strategic Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external opportunities [30][31] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, signaling confidence in asset potential [12][13] - The company emphasizes responsible operations and sustainable development, having joined the United Nations Global Compact [9][10] Management Commentary - Management highlighted the importance of maintaining stable operations and community relations, especially in light of upcoming elections in Peru [36][39] - The company is committed to risk management and has established contingency plans to ensure stable production [37][38] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, totaling $1.854 billion, with MMG's share being $1.159 billion [18][24] - The company plans to invest between $1.6 billion and $1.7 billion in CapEx for 2026, focusing on sustaining existing operations and future growth [23][52] Q&A Session Summary Question: Updates on Las Bambas operations and Peru elections - Management confirmed stable operations at Las Bambas and ongoing communication with local communities to mitigate election-related risks [36][37] Question: Plans for Khoemacau Phase 2 and resource goals - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting a pre-feasibility study for a 200,000 ton expansion [40][41] Question: Status of Brazil acquisition - Management is working on a three-year exploration plan for the Brazil project and is in the process of obtaining EU approval [45][46] Question: Dividend policy and future CapEx - The company emphasizes a prudent approach to dividends, with plans to assess financial conditions before making decisions on dividend payments [57][59] Question: Hedging policy and future profitability - Management aims to ensure cash flow stability through hedging while avoiding excessive speculative activities [60][61]

Financial Performance and Key Metrics - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net operating cash flow of $2.69 billion, a 67% year-on-year increase [9][19] - Net profit after tax reached $955 million, a 161% year-on-year increase, with net profit attributable to shareholders rising to $509 million from $162 million in 2024 [10][19] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [10][20] Business Line Performance - Las Bambas mine delivered an EBITDA of $2.83 billion, a 78% increase year-on-year, with an EBITDA margin of 64% [20] - Khoemacau achieved an EBITDA of $167 million, a 43% increase year-on-year, following a profitable first full year after its acquisition [21] - Dugald River produced 183,000 tons of zinc, a 12% increase year-on-year, while Rosebery's EBITDA reached $168 million, a 36% increase year-on-year [25] Market Performance - The metals market saw significant price increases in 2025, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [14] - The company’s diversified portfolio across copper, zinc, gold, silver, and other metals positions it well to navigate market volatility [14][15] Company Strategy and Industry Competition - The company aims to achieve a copper production target of 1 million tons by 2030, focusing on both organic growth and potential M&A opportunities [34][75] - A twin-track strategy in South America and Africa is emphasized, with Las Bambas providing stability and cash flow [15][16] - The company is committed to sustainable development, having joined the United Nations Global Compact and focusing on community relations and environmental stewardship [12][13] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in navigating future market cycles, emphasizing the importance of operational excellence and strategic growth [34][36] - The company is focused on maintaining stable operations while exploring new growth opportunities, particularly in copper and zinc [15][36] - Management highlighted the need for ongoing exploration and resource replenishment as a core strategic priority [10][11] Other Important Information - The company plans to invest between $1.6 billion and $1.7 billion in CapEx for 2026, focusing on sustaining existing operations and expanding Khoemacau [27][28] - The inaugural dividend from the Las Bambas joint venture amounted to $1.159 billion, reflecting the mine's stable production and cash flow generation [21][28] Q&A Session Summary Question: Updates on Las Bambas operations and Peru elections - Management confirmed stable operations at Las Bambas and ongoing communication with local communities and government to mitigate risks related to the upcoming elections [40][42] Question: Khoemacau phase II production volume and plans - Management indicated that Khoemacau phase II is expected to achieve a capacity of 130,000 tons by the end of Q1 2028, with plans for further expansion [45][46] Question: Brazil acquisition status and timeline - Management is working on a three-year exploration plan for the Brazil project, with satisfactory progress reported [49][50] Question: Dividend policy and potential payments - The company is focused on prudent long-term asset allocation and will consider dividend payments when conditions are favorable [63][65] Question: Hedging policy and future strategies - Management emphasized a cautious approach to hedging, aiming to ensure stable cash flow while avoiding excessive risk [66][68] Question: Cobalt production and quotas in DRC - Management confirmed a quota of 30 tons per month for cobalt in 2026 and is prepared to resume production depending on market conditions [70][71]

Financial Data and Key Metrics Changes - The company reported a revenue of $6.22 billion for 2025, representing a 39% increase compared to the previous year [1] - EBITDA for 2025 was $2.69 billion, showing a significant increase of 67% year-over-year [1] - The net income for 2025 reached $955 million, which is a remarkable 161% increase from 2024 [1] Business Line Data and Key Metrics Changes - The Las Bambas project produced 27 million tons in 2025, up from 18.6 million tons in 2024 [1] - The company is targeting a production capacity of 1 million tons by 2030 for the Ferrobamba project [6] Market Data and Key Metrics Changes - The company is focusing on expanding its operations in the Khoemacau region, with a projected output of 410,000 tons in 2026 [6] - The C1 cash cost guidance for Las Bambas is projected to be between $0.20 and $0.30 per pound [8] Company Strategy and Development Direction - The company aims to enhance its production capabilities and expand its market presence, particularly in the copper sector [6] - There is a strategic focus on the Las Bambas and Ferrobamba projects to drive future growth [1][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing strong demand for copper and other minerals [6] - The company anticipates continued growth in revenue and production, driven by strategic investments and operational efficiencies [1] Other Important Information - The company is also exploring opportunities in the Izok Lake region, indicating a broader strategy for resource diversification [7] - There is a commitment to sustainability and responsible mining practices as part of the company's long-term vision [8] Q&A Session Summary Question: What are the expectations for production growth in the coming years? - Management indicated that production is expected to increase significantly, particularly with the Las Bambas and Ferrobamba projects [6] Question: How does the company plan to manage costs amid rising inflation? - The company is implementing cost control measures and optimizing operations to mitigate the impact of inflation on profitability [8]

Financial Performance - In 2025, the company achieved full year revenue of $6.22 billion, a 39% year-on-year increase, and net profit after tax reached $955 million, a 161% year-on-year increase [5][6][12] - Full year net operating cash flow was $2.69 billion, a 67% year-on-year increase, and EBITDA hit $3.4 billion, up 67%, with an EBITDA margin of 55% [12][6] - The balance sheet improved significantly, with net debt falling to $3.35 billion and a gearing ratio of 33%, both historic lows [6][21] Operational Performance - Las Bambas achieved an EBITDA of $2.83 billion, a 78% increase year-on-year, with a copper production scale of 400,000 tons annually and unit operating costs fell by 26% [13][14] - Khoemacau's EBITDA reached $167 million, a 43% increase year-on-year, with ongoing construction of a paste fill plant [14][15] - Dugald River produced 183,000 tons of zinc, a 12% increase year-on-year, while Rosebery's EBITDA reached $168 million, a 36% increase year-on-year [17] Market Conditions - The metals market saw strong performance, with copper prices rising 44%, gold climbing 65%, and silver surging 148% [9] - The company is well-positioned to navigate market volatility due to its diversified portfolio across copper, zinc, gold, silver, and other metals [9][10] Company Strategy and Development Direction - The company aims to achieve 1 million tons of copper production by 2030, focusing on operational excellence, organic growth, and external growth through M&A [24][25] - A pre-feasibility study for a potential 200,000 ton expansion at Khoemacau is underway, with construction of a 130,000 ton expansion project already started [10][11] - The company emphasizes sustainable development and has joined the United Nations Global Compact, integrating high standards of human rights, labor, and environmental practices into its operations [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges, including geopolitical pressures and rising extraction costs, while maintaining stable operations [10][24] - The company is committed to responsible operations that deliver sustainable value for the long term, focusing on community relations and environmental coexistence [8][9] Other Important Information - The Las Bambas joint venture declared its first-ever dividend to shareholders, with a total distribution of $1.854 billion [14] - The company has organized 164 investor communication sessions in 2025, reflecting its commitment to market value management and shareholder return [26] Q&A Session Summary Question: Updates on Las Bambas operation and Peru election impact - Management confirmed stable operations at Las Bambas and ongoing communication with local communities and government to ensure production stability during the election period [28][29] Question: Khoemacau Phase Two production volume and resource plans - The company plans to achieve a capacity scale of 130,000 tons by Q1 2028 and is conducting exploration work to enhance resource volume [31][32] Question: Brazil acquisition status and timeline - The company is in the process of obtaining EU approval for the Brazil nickel project and hopes to complete settlements in the first half of the year [36] Question: Future CapEx and dividend policy - The company plans to increase CapEx for Las Bambas to $800 million-$850 million in 2026, with a focus on upgrading existing facilities [38][39]

MMG Limited | 4 March 2026 MMG 2025 Annual Results Delivering Growth in a Changing World Disclaimer The information contained in this presentation is intended solely for your personal reference and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) or published, in whole or in part, for any purpose. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, a ...

MMG Limited (OMS1.F,1208.HK) said, for 2026, the company expects: total capital expenditure to be between $1.6 billion and $1.7 billion, including $800-850 million for Las Bambas and $500-550 million for Khoemacau. For Las Bambas, the company projects production between 380,000 and 400,000 tonnes of copper in copper concentrate. For 2025, net profit after tax to equity holders increased to $509.4 million from $161.9 million, prior year. Revenue was $6.2 billion, a 39% increase from 2024. The Board did not ...

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的內容概不負責，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産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 建議修訂組織章程細則 於本公告日期，董事會由九名董事組成，包括兩名執行董事趙晶先生及錢松先生；三名非執行董事 張樹強先生、曹亮（董事長）及岳文軍先生；及四名獨立非執行董事 Peter William Cassidy 博士、 梁卓恩先生、陳嘉強先生及陳纓女士。 五礦資源有限公司 （本公司）董事會（董事會）擬對本公司現行之本公司組織章程細則作出若 干修訂（建議修訂），目的為：(i) 因應公司條例（香港法例第622章）及香港聯合交易所有限 公司證券上市規則有關股東大會程序包括舉行混合模式╱虛擬股東大會之相關修訂，以符合最 新之法律及監管要求；及 (ii) 納入其他相應及內務修訂。 承董事會命 五礦資源有限公司 行政總裁兼執行董事 趙晶 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） 香港，二零二六年三月三日 董事會進一步建議透過採納本公司新組織章程細則（新組織章 ...

MMG Limited | 五礦資源有限公司 於香港註冊成立的有限公司 股份代號：1208 債券股份代號：5959 全年業績公告 截至二零二五年十二月三十一日止年度 五礦資源有限公司（本公司或五礦資源）董事會（董事會）欣然宣佈本公司及其附 屬公司（本集團）截至二零二五年十二月三十一日止年度的合併業績。 載列於本公告內的財務資料並不構成本集團截至二零二五年十二月三十一日止年 度的合併財務報表，但該等資料摘錄自合併財務報表。 該等財務資料已由本公司之審核及風險管理委員會審閱。 隨文附奉本集團經審計的年度合併業績。 香港交易及結算所有限公司與香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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的任何損失承擔任 何責任。 1 五礦資源截至二零二五年十二月三十一日止年度業績 摘要 安全表現 • 二零二五年全年，五礦資源錄得每百萬工作小時總可記錄工傷事故頻率（TRIF）為 2.06。二零二五年具有 能量交換的重大事件頻率（SEEEF）為每百萬工作小時 0.80，略高於二零二四年的 0.78。各礦山始終把加 強承包商管理 ...

[Table_Info1] 有色金属 [Table_Date] 发布时间：2026-03-02 [Table_Invest] 优于大势 上次评级:优于大势 [Table_PicQuote] 历史收益率曲线 [Table_Trend] 涨跌幅（%） 1M 3M 12M 绝对收益 1% 44% 131% 相对收益 1% 40% 112% [Table_Market] 行业数据 成分股数量（只） 138 总市值（亿） 61867 流通市值（亿） 32851 市盈率（倍） 51.09 市净率（倍） 4.32 成分股总营收（亿） 34494 成分股总净利润（亿） 1376 成分股资产负债率（%） 49.03 [Table_Report] 相关报告 《东北有色周报：中东地缘局势紧张，有色依 -50% 0% 50% 100% 150% 200% 2025/3 2025/6 2025/9 2025/12 有色金属 沪深300 核心观点： [Table_Summary] 金：美伊冲突爆发，地缘持续紧张。从时间线上看，2/26 美伊第三轮间 接接触释放了积极信号，但都是烟雾弹，在彻底放弃铀浓缩这一核心问 题，双方基本无法达成共识 ...