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。 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） 董事會認為，就德勤擬退任一事並無任何需提請本公司股東注意的事項。 建議更換核數師 本公告乃由五礦資源有限公司（本公司）董事會（董事會）根據香港聯合交易所有限公司證券 上市規則第13.51(4)條而作出。 中國五礦集團有限公司（本公司最終控股股東）為受中華人民共和國國務院國有資產監督管理 委員會（國資委）監管的國有企業。根據國資委相關規定，對持續承擔相同國有企業及其附屬 公司財務審計工作之會計師事務所的服務年期有所限制。本公司自二零一六年起持續委聘現任 核數師德勤 • 關黃陳方會計師行（德勤），為更有效確保審計工作的獨立性與客觀性，並經全 面考慮本公司的業務發展及整體審計需求，本公司擬更換獨立核數師。本公司已就擬更換核數 師事宜與德勤溝通，德勤將於本公司來年的股東週年大會（將於二零二六年五月二十八日舉行） （股 ...

Group 1 - The total copper production of China Molybdenum Co., Ltd. (五矿资源) reached 127,000 tons in Q3 2025, an 11% increase year-on-year. Zinc production was 58,700 tons, up 26% compared to the same period last year [1] - Las Bambas mine ranked as the fifth largest copper mine globally, producing 102,900 tons of copper concentrate in Q3 2025, a 14% increase from Q3 2024, maintaining strong production momentum [1] - Kinsevere mine produced 14,800 tons of electrolytic copper, a 14% increase year-on-year, driven by the ramp-up of the Kinsevere Expansion Project [1] Group 2 - Khoemacau mine produced 9,084 tons of copper concentrate, a 16% decrease year-on-year, primarily due to lower ore extraction and grade [2] - Dugald River mine produced 48,100 tons of zinc concentrate, a 38% increase year-on-year, attributed to operational optimizations [2] - Rosebery mine produced 10,600 tons of zinc concentrate, an 8% decrease year-on-year, due to lower zinc grades related to mining sequence [2] Group 3 - MLB (Minera Las Bambas S.A.) distributed a second dividend of $687 million to shareholders, with China Molybdenum receiving $429 million, which will be used to repay debt and enhance financial flexibility [3] - On October 8, 2025, China Molybdenum completed the issuance of $500 million zero-coupon convertible bonds due in 2030, netting approximately $494 million after expenses [3] - The initial conversion price of the bonds is set at HKD 8.40 per share, with the potential to convert into approximately 463 million shares, representing 3.67% of the expanded share capital [3]

五矿资源(01208)发布公告，2025年第三季度，铜总产量(包括铜精矿含铜及电解铜)为12.7万吨，较去年 同期增长11%。锌总产量为5.87万吨，同比增长26%。 Las Bambas矿山上半年产量已跻身全球第五大铜矿。第三季度，矿山生产10.29万吨铜精矿含铜，较 2024年同期增长14%，继续保持第二季度的强劲生产势头。Chalcobamba与Ferrobamba矿坑的开采工作 保持稳定，未受任何外部因素干扰。选矿品位与回收率均保持在较高水平。 Kinsevere矿山生产1.48万吨电解铜，较2024年同期增长14%，增长主要受Kinsevere扩建项目(KEP)的硫 化矿生产线持续爬坡的带动。本季度运营连续性受制于电力供应及其稳定性的问题，矿山目前已着手采 购更多柴油发电机组以缓解供电问题。同时，矿山正在研究评估太阳能和电池储能解决方案，以进一步 应对电力短缺及频繁断电问题。 Dugald River矿山生产4.81万吨锌精矿含锌，较2024年同期增长38%，主要得益于运营优化所推动的采矿 和选矿回收率的显著提升。 Rosebery矿山生产1.06万吨锌精矿含锌，较去年同期下降8%，主因与开采顺序有 ...

Las Bambas矿山上半年产量已跻身全球第五大铜矿。第三季度，矿山生产102,875吨铜精矿含铜，较 2024年同期增长14%，继续保持第二季度的强劲生产势头。Chalcobamba与Ferrobamba矿坑的开采工作 保持稳定，未受任何外部因素干扰。选矿品位与回收率均保持在较高水平。 格隆汇10月21日丨五矿资源(01208.HK)公布，2025年第三季度，铜总产量(包括铜精矿含铜及电解铜)为 127,030吨，较去年同期增长11%。锌总产量为58,747吨，同比增长26%。 ...

第三季度生產報告 截至二零二五年九月三十日止三個月 本公告根據香港聯合交易所有限公司證券上市規則（上市規則）第 13.09 條及香港法例第 571 章證券及期貨 條例第 XIVA 部內幕消息條款（定義見上市規則）發佈。 五礦資源有限公司（本公司或五礦資源）董事會（董事會）欣然提供截至二零二五年九月三十日止三個月的 第三季度生產報告。 隨文附奉該報告。 承董事會命 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 五礦資源有限公司 行政總裁兼執行董事 趙晶 香港，二零二五年十月二十一日 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 二零二五年第三季度生產報告 2 / ...

Group 1: Copper Industry Performance - Copper stocks collectively surged, with China Nonferrous Mining (01258) rising 4.89% to HKD 14.15, Minmetals Resources (01208) up 3.54% to HKD 6.72, Jiangxi Copper (600362) increasing 3.2% to HKD 32.92, and Zijin Mining (601899) climbing 2.68% to HKD 35.2 [1] - The recent landslide incident at the Grasberg copper mine in Indonesia has led Freeport-McMoRan, the operator, to invoke "force majeure" clauses, significantly impacting global copper supply [1] Group 2: Global Copper Supply Forecast - Following the Grasberg incident, Citigroup adjusted its global copper supply forecast, predicting a production of 23.15 million tons in 2025, a 0.1% increase year-on-year, and 23.46 million tons in 2026, a 1.3% increase year-on-year, both lower than previous estimates [1] Group 3: Macroeconomic Factors Influencing Copper Prices - Copper prices rebounded after Federal Reserve Chairman Jerome Powell hinted at potential interest rate cuts this month, with overseas rate cut expectations being a dominant factor [2] - The labor market data remains a key influence on U.S. rate cut expectations, but delays in data publication due to government shutdowns may lead to fluctuating expectations [2] - As long as recession risks do not materialize, significant declines in copper prices are unlikely [2]

Group 1: Copper Industry Performance - Copper stocks collectively surged, with China Nonferrous Mining (01258) up 4.89% to HKD 14.15, Minmetals Resources (01208) up 3.54% to HKD 6.72, Jiangxi Copper (00358) up 3.2% to HKD 32.92, and Zijin Mining (02899) up 2.68% to HKD 35.2 [1] - The recent landslide incident at the Grasberg copper mine in Indonesia has led Freeport-McMoRan, the operator, to invoke "force majeure" clauses, significantly impacting global copper supply [1] Group 2: Global Copper Supply Forecast - Citigroup has revised its global copper supply forecast, predicting a production of 23.15 million tons in 2025, a 0.1% increase year-on-year, and 23.46 million tons in 2026, a 1.3% increase year-on-year, reflecting a downward adjustment from previous estimates [1] Group 3: Macroeconomic Factors Influencing Copper Prices - Following comments from Federal Reserve Chairman Jerome Powell suggesting a potential interest rate cut this month, copper prices have rebounded, with overseas rate cut expectations being a dominant factor [2] - The labor market data remains a key influence on U.S. rate cut expectations, but delays in data release due to government shutdowns may lead to fluctuating expectations [2] - As long as recession risks do not materialize, significant declines in copper prices are unlikely [2]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

Group 1 - Hong Kong copper stocks continue to decline, with Luoyang Molybdenum (03993.HK) down 4.21% to HKD 14.8 [1] - Jiangxi Copper (00358.HK) decreased by 3.95%, trading at HKD 31.58 [1] - Minmetals Resources (01208.HK) fell by 2.68%, priced at HKD 6.53 [1] - China Nonferrous Mining (01258.HK) dropped 2.21%, now at HKD 13.69 [1]

Core Viewpoint - Copper stocks continue to decline amid intense market fluctuations, with significant drops observed in major companies such as Luoyang Molybdenum, Jiangxi Copper, and others [1] Group 1: Company Performance - Luoyang Molybdenum (03993) fell by 4.21%, trading at 14.8 HKD [1] - Jiangxi Copper (00358) decreased by 3.95%, with a price of 31.58 HKD [1] - Minmetals Resources (01208) dropped by 2.68%, now at 6.53 HKD [1] - China Nonferrous Mining (01258) saw a decline of 2.21%, trading at 13.69 HKD [1] Group 2: Market Conditions - The copper market is experiencing a tug-of-war between supply and demand, influenced by various events such as the shutdown of Grasberg in Indonesia and earthquakes in Congo [1] - Uncertainties in international trade and the Federal Reserve's interest rate policies are expected to create volatility in copper prices [1] Group 3: Price Forecasts - According to CITIC Futures, the market is likely to see copper prices under pressure and in a state of consolidation due to the U.S. government shutdown affecting economic data releases [1] - Goldman Sachs indicates that short-term upward price movement for copper is limited to 11,000 USD per ton, despite a long-term bullish outlook [1]