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 Izok Corridor 項目 勘探結果報告 五礦資源有限公司（本公司或五礦資源）董事會（董事會）欣然提供有關 Izok Corridor 項目的勘探更新資料。 隨本公告附奉該報告。 承董事會命 五礦資源有限公司 行政總裁兼執行董事 趙晶 香港，二零二五年十一月二十七日 於本公告發佈之日，董事會由八名董事組成，包括一名執行董事趙晶先生；三名非執行董事徐基清先生（董事 長）、張樹強先生及曹亮先生；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。 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。 五礦資源二零二五年Izok Corridor項目勘探結果報告 2 / 19 要點 五礦資源於二零二四年及二零二五年夏季野外作業季期間，在 Izok Corridor 項目開展了區域性勘探工作。該項工作以位於 加拿 ...

Core Viewpoint - The copper industry stocks experienced a significant increase, driven by concerns over negative processing fees affecting the global copper smelting industry and potential regulatory changes in China [1][1]. Industry Summary - The China Nonferrous Metals Industry Association's vice president, Chen Xuesen, highlighted that negative processing fees are severely harming the interests of the global copper smelting industry, including China. This unusual situation challenges the long-standing pricing benchmarks in the global copper industry [1][1]. - The association's public statement marks the first acknowledgment of the processing fee market's irregularities by a Chinese industry authority [1]. Company Summary - Morgan Stanley reported that the China Nonferrous Metals Industry Association plans to strictly limit new copper smelting capacity and shut down approximately 2 million tons of illegal copper smelting capacity. If implemented, this policy is expected to benefit copper prices and major copper producers [1][1]. - Morgan Stanley anticipates that the stock prices of Jiangxi Copper and Luoyang Molybdenum will rise within the next 15 days, with probabilities of 70% to 80%. The target prices are set at HKD 37.3 and HKD 18.6, respectively, both rated as "overweight" [1][1].

Core Viewpoint - Morgan Stanley believes that the stock price of China Molybdenum Co., Ltd. (01208) is likely to rise in the next 15 days, with a probability of approximately 70% to 80% [1] Industry Summary - The Vice President of the China Nonferrous Metals Industry Association, Chen Xuesen, indicated that due to government directives to limit excess capacity, approximately 2 million tons of copper smelting capacity has been shut down [1] - All non-compliant smelting capacities under construction have also been suspended [1] - The implementation of these measures is expected to benefit copper prices and major copper companies [1] Company Summary - Morgan Stanley has given China Molybdenum Co., Ltd. an "Overweight" rating with a target price of HKD 8.4 [1]

智通财经APP获悉，摩根士丹利发布研报称，相信五矿资源(01208)的股价很有可能在未来15日上升，发 生概率约为70%至80%。大摩提到，中国有色金属工业协会副会长陈学森表示，由于政府指示限制过剩 产能，约有200万吨铜冶炼产能已被停产，所有违反规定的在建冶炼产能也已暂停运营。该行相信措施 一旦实施，将利好铜价及主要铜企。该行予五矿资源"增持"评级，目标价8.4港元。 ...

星展发表研究报告，预期五矿资源2024至27年间盈利年均复合增长率将达75%，预期到2027年铜及黄金 的销量年均复合增长分别为10%及6%，加上Las Bambas矿区营运正常化，将提供支持。该行预期铜是 明年唯一面临供应短缺的金属，因能源转型带动需求稳定增长，加上矿产铜供应紧缩；上调2025及26年 铜价预测3%，料分别达每吨9600美元及9900美元，将同期盈利预测分别上调12%及19%；目标价由6.8 港元上调至9.1港元，维持"买入"评级。 ...

Core Viewpoint - DBS expects Minmetals Resources (01208) to achieve an average annual compound growth rate of 75% in profits from 2024 to 2027, driven by increased sales of copper and gold, alongside the normalization of operations at the Las Bambas mine [1] Group 1: Profit Growth Expectations - The average annual compound growth rate of profits for Minmetals Resources is projected to be 75% from 2024 to 2027 [1] - Sales of copper and gold are expected to grow at compound annual growth rates of 10% and 6%, respectively, by 2027 [1] Group 2: Market Conditions and Price Predictions - Copper is anticipated to be the only metal facing a supply shortage next year due to stable demand growth driven by energy transition and tightening copper supply [1] - Price forecasts for copper have been raised by 3% for 2025 and 2026, expected to reach $9,600 and $9,900 per ton, respectively [1] Group 3: Earnings Forecast Adjustments - Earnings forecasts for Minmetals Resources have been increased by 12% and 19% for 2025 and 2026, respectively [1] - The target price for Minmetals Resources has been raised from HKD 6.8 to HKD 9.1, maintaining a "Buy" rating [1]

Core Viewpoint - DBS expects Minmetals Resources (01208) to achieve an average annual compound growth rate of 75% in profits from 2024 to 2027, driven by increased sales of copper and gold, alongside the normalization of operations at the Las Bambas mine [1] Group 1: Profit Growth and Sales Forecast - The average annual compound growth rate of profits for Minmetals Resources is projected to be 75% from 2024 to 2027 [1] - Sales of copper and gold are expected to grow at compound annual growth rates of 10% and 6%, respectively, by 2027 [1] Group 2: Market Conditions and Price Predictions - Copper is anticipated to be the only metal facing a supply shortage next year due to stable demand driven by energy transition and tightening copper supply [1] - Price forecasts for copper have been raised by 3% for 2025 and 2026, expected to reach $9,600 and $9,900 per ton, respectively [1] Group 3: Earnings Adjustments and Target Price - Earnings forecasts for Minmetals Resources have been increased by 12% and 19% for 2025 and 2026, respectively [1] - The target price for Minmetals Resources has been raised from HKD 6.8 to HKD 9.1, maintaining a "Buy" rating [1]

Investment Rating - The industry investment rating is "Outperform" [3] Core Views - The report highlights ongoing speculation regarding interest rate cuts, with a focus on gold and copper markets. The expectation for a December rate cut remains uncertain, influenced by mixed employment data and the lack of CPI data due to government shutdowns. Despite fluctuations in market expectations, historical trends suggest that even if a rate cut does not occur, it will not alter the long-term direction for gold [10][11] - The impact of Russia's gold sales is deemed limited, as the country has significantly reduced its gold purchases in 2023 and is primarily selling gold domestically due to sanctions on international transactions. This is expected to have minimal effect on the global market [10] - Copper prices show resilience, remaining stable within the range of $10,600 to $11,000 per ton, supported by strong supply and demand fundamentals. Recent production guidance from Freeport has been adjusted downward, indicating a tighter supply outlook for 2026 [11] Summary by Sections Gold Market - The ongoing debate over interest rate cuts is affecting gold prices, with December cut probabilities fluctuating between 30% and 70%. The report suggests that the direction for gold remains positive regardless of short-term rate cut outcomes [10] - Russia's gold reserves are over 2,300 tons, but their recent sales are not expected to significantly impact international gold prices due to domestic selling constraints [10] Copper Market - Copper prices have shown strong resilience, not following broader market declines. The report notes a recent increase in the operating rate of copper rod production, indicating robust demand [11] - Freeport's production guidance for copper has been revised downwards, suggesting a tighter supply situation moving forward [11] - The report anticipates further upward adjustments in earnings expectations for copper mining stocks due to ongoing fiscal expansion and liquidity conditions [11] Market Performance - The report indicates that the non-ferrous metals index has underperformed the broader market, with a decline of 6.75% recently. Specific sectors such as lithium and gold have shown varying performance, with lithium stocks performing relatively better [12]

根据股份购买协议，完成条件的最终期限为2025年11月18日(最终截止日)。各方现已同意将最终截止日 延至2026年6月30日。公司将继续与英美资源集团及欧盟委员会合作，协助欧盟委员会进行审查。 五矿资源(01208)公布，就有关收购英美资源镍业务，公司与英美资源完成收购事项的义务须待若干先 决条件(条件)已获满足或豁免后方可生效，包括：于多个司法管辖区取得合并管制批准;获中华人民共和 国国家发展和改革委员会(发改委)接纳与收购事项有关的申报;以及获中华人民共和国商务部(商务部)接 纳与收购事项有关的申报。鉴于所有其他条件均已满足，欧盟委员会已将审查延长至第二阶段审查。目 前尚未确定欧盟委员会完成审查所需时间。 ...

智通财经APP讯，五矿资源(01208)公布，就有关收购英美资源镍业务，公司与英美资源完成收购事项的 义务须待若干先决条件(条件)已获满足或豁免后方可生效，包括：于多个司法管辖区取得合并管制批准; 获中华人民共和国国家发展和改革委员会(发改委)接纳与收购事项有关的申报;以及获中华人民共和国商 务部(商务部)接纳与收购事项有关的申报。鉴于所有其他条件均已满足，欧盟委员会已将审查延长至第 二阶段审查。目前尚未确定欧盟委员会完成审查所需时间。 根据股份购买协议，完成条件的最终期限为2025年11月18日(最终截止日)。各方现已同意将最终截止日 延至2026年6月30日。公司将继续与英美资源集团及欧盟委员会合作，协助欧盟委员会进行审查。 ...