Group 1: Financial News and Comments 1.1 Macro Strategy (Gold) - CME Group reduces margin requirements for precious metals, with the initial margin for COMEX 100 gold futures dropping from 9% to 7% and for COMEX 5000 silver futures from 18% to 14%, effective after the close on March 6, 2026 [11] - The Polish central bank governor proposes selling gold reserves to fund defense spending, which may further weaken gold prices. However, due to geopolitical risks, there is still demand for gold allocation. It is recommended to pay attention to buying opportunities during price corrections [12] - Short - term precious metals are expected to be weak, with silver weaker than gold [13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Fed officials are optimistic about the labor market, making short - term interest rate cuts unlikely and causing the US dollar index to rise [15] - It is recommended that the US dollar will rise in the short term [16] 1.3 Macro Strategy (Stock Index Futures) - China's GDP growth target for 2026 is set at 4.5% - 5% [17] - A - shares have risen with the improvement of global risk appetite, but the situation in Iran is unclear, and overnight European and American stock markets have resumed their downward trend. It is recommended to wait and see in the short term [18] - It is recommended to hold a low - position long - strategy for stock index futures and wait and see [19] 1.4 Macro Strategy (US Stock Index Futures) - Iran is ready to deal with US ground operations and refuses to negotiate with the US, increasing short - term geopolitical risks. If the conflict persists, inflation may rise, and the Fed's rate - cut rhythm may be suppressed. The US stock market is expected to be weak and volatile in the short term [22] - It is recommended to wait and see for the US stock market [23] 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducts 800 billion yuan of outright reverse repurchase operations and 23 billion yuan of 7 - day reverse repurchase operations. The Government Work Report is slightly positive for the bond market. Bond prices are expected to rise in mid - and early March, but attention should be paid to the risk of imported inflation [24][25][27] Group 2: Commodity News and Comments 2.1 Black Metals (Coking Coal/Coke) - Seaborne coking coal port spot prices are stable. Supply has recovered rapidly after the holiday, but terminal demand has not started significantly. Spot prices are weak, and the market is in a volatile pattern. Attention should be paid to policy changes and downstream resumption of work [28][29] 2.2 Black Metals (Rebar/Hot - Rolled Coil) - The Government Work Report deploys real - estate policies for 2026. The economic growth target and macro - policy intensity are in line with market expectations, with limited incremental space. The inventory of five major varieties has increased, and the fundamentals of finished products are under pressure. However, due to low valuation and cost support, prices are expected to be in a volatile bottom - seeking state [30][31] - It is recommended to adopt a volatile trading strategy and pay attention to undervalued opportunities [32] 2.3 Black Metals (Steam Coal) - The price of steam coal in the northern port market is weakly stable. Overseas coal prices have risen, but the domestic market is not affected, and there is a large gap between domestic and foreign prices. Considering high terminal power - plant inventories and seasonal decline in daily consumption, domestic coal prices are expected to be difficult to rise in the short term [33][34] 2.4 Black Metals (Iron Ore) - Brazil's Natal Port will start iron - ore export business in 2028. The high inventory of finished products restricts the rebound of raw materials. Ore prices are expected to continue weak and volatile. Attention should be paid to external conflicts [35] 2.5 Agricultural Products (Soybean Meal) - The Buenos Aires Grain Exchange maintains its forecast of Argentina's soybean and corn production. Brazil exported 7.114 million tons of soybeans in February, a year - on - year increase of 11%. The USDA will release a monthly supply - and - demand report on March 10. CBOT soybeans provide strong cost support for soybean meal, but the domestic supply - and - demand situation is not optimistic [36][37][38] 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The price of palm oil has the potential to rise if diesel prices remain high, but attention should be paid to risks and avoid excessive chasing [39] 2.7 Agricultural Products (Corn) - Corn prices are oscillating strongly. Low inventory in ports, slow release of farmers' selling pressure, and tight high - quality grain sources support prices. However, there are risks of concentrated selling of ground - stored grain in the Northeast, weak demand from downstream industries, and potential disturbances from wheat auctions. It is recommended to trade along the trend and not chase high prices [40][41] 2.8 Non - Ferrous Metals (Alumina) - Bahrain Aluminium declares force majeure, and overseas demand has decreased significantly, with many transactions at a discount. It is recommended to wait and see [42][43][44] 2.9 Non - Ferrous Metals (Lithium Carbonate) - The Zulu lithium - tantalum project's flotation plant construction is progressing smoothly. The supply and demand of lithium carbonate are intertwined. In the short term, it is recommended to take a bullish view, but beware of order - cutting if power demand recovers less than expected [45][46][47] 2.10 Non - Ferrous Metals (Lead) - The LME 0 - 3 lead is at a discount, and domestic social inventory has increased. It is recommended to consider buying on dips from a unilateral perspective and wait and see from an arbitrage perspective [48][49] 2.11 Non - Ferrous Metals (Zinc) - The LME 0 - 3 zinc is at a discount, and domestic inventory has increased. Zinc prices are expected to enter a stage of volatile adjustment. It is recommended to wait and see from a unilateral and monthly - spread arbitrage perspective and adopt a medium - term positive cross - market arbitrage strategy [50][51] 2.12 Non - Ferrous Metals (Copper) - MMG's Khoemacau copper mine starts its second - phase expansion. Copper smelting processing fees are at a historical low. Copper prices are expected to be volatile in the short term. It is recommended to pay attention to domestic and cross - market positive arbitrage opportunities [52][54][55] 2.13 Non - Ferrous Metals (Tin) - The "14th Five - Year Plan" emphasizes the development of artificial intelligence. The short - term supply of tin ore is gradually easing, but the supply is concentrated and vulnerable in the long term. Tin prices are under macro - level pressure. It is recommended to pay attention to downstream purchasing and macro - situation changes [56][59][60] 2.14 Energy Chemicals (Liquefied Petroleum Gas) - The inventory of LPG ports in China has increased. The LPG market is oscillating widely. Attention should be paid to the passage situation of the Strait of Hormuz [61][62] 2.15 Energy Chemicals (Fuel Oil) - Kuwait and Bahrain cut refinery capacities. If the Strait of Hormuz situation eases, the high - sulfur cracking spread may fall sharply. It is recommended to wait and see [62][63] 2.16 Energy Chemicals (Styrene) - The weekly output of styrene has decreased slightly. If the Strait of Hormuz remains blocked, the overall trend of styrene is bullish. Attention should be paid to the intensity of the conflict and the spread of credit risks [64][65][66] 2.17 Energy Chemicals (Soda Ash) - Soda ash manufacturers' inventory has continued to increase. In the medium term, a bearish view is recommended, and it is advisable to short far - month contracts on rallies [68][69] 2.18 Energy Chemicals (Float Glass) - The inventory of float - glass manufacturers has continued to accumulate. The glass market is under pressure, and the rebound space is limited [70][71] 2.19 Shipping Index (Container Freight Rate) - A container ship was hit by a shell. The near - month and far - month contracts of the European line have different trading logics. It is recommended to consider shorting on rallies for the near - month contract and focus on shorting the far - month contract [72][73]

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 ...

Group 1 - The company expects total capital expenditure for 2026 to be between $1.6 billion and $1.7 billion, with specific allocations of $800-850 million for Las Bambas and $500-550 million for Khoemacau [1] - For Las Bambas, the projected production is between 380,000 and 400,000 tonnes of copper in copper concentrate [1] Group 2 - For 2025, net profit after tax to equity holders increased to $509.4 million from $161.9 million in the prior year [2] - Revenue for 2025 was reported at $6.2 billion, reflecting a 39% increase from 2024 [2] - The Board did not recommend the payment of a dividend for the 2025 period [2] - MMG shares are currently trading at HK$10.00, down 9.34% [2]

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 ...

Financial Performance - Revenue reached a record high of $6,218.0 million, a 39% increase compared to 2024, driven by higher production and market prices of key metals[8]. - Net profit after tax increased to $955.2 million, significantly up from $366.0 million in 2024, with profit attributable to equity holders rising to $509.4 million[8]. - EBITDA rose to $3,412.1 million, a 67% increase year-on-year, while EBIT surged to $1,999.1 million, up 102%[8]. - Operating cash flow reached a record $2,689.5 million, a 67% increase, and free cash flow was $1,608.1 million, up 135%[8]. - The company reduced net debt to $3,351.4 million, achieving a new low leverage ratio of 33%[8]. - Net profit after tax for the year was $955.2 million, representing a 161% increase from $366.0 million in 2024[15]. - EBITDA increased by 67% to $3,412.1 million, with an EBITDA margin of 55%, up from 46% in the previous year[15]. - The company reported a total comprehensive income of $891.2 million for the year, compared to $328.1 million in 2024, marking a 171.5% increase[156]. - The group generated a net profit of $955.2 million for the year ending December 31, 2025, compared to $366.0 million in 2024[166]. Production and Operations - The Khoemacau expansion project has commenced, aiming to increase annual production capacity to 130,000 tons of copper concentrate[12]. - Las Bambas is projected to produce between 380,000 and 400,000 tons of copper concentrate in 2026, with C1 costs estimated between $1.20 and $1.40 per pound[12]. - Copper production increased by 27% to 506,899 tons, primarily due to the strong performance of the Las Bambas mine, while zinc production grew by 6% to 232,060 tons[27]. - The company aims to achieve copper and zinc production targets of 528,000 tons and 235,000 tons, respectively, for 2026[27]. - Khoemacau's copper production in 2025 reached 42,120 tons, a 36% increase from 2024, reflecting continuous production throughout the year[63]. - Dugald River's zinc production reached a record high of 183,463 tons in 2025, a 12% increase from 2024[67]. - Las Bambas achieved a record copper production of 410,834 tons, a 27% increase from the previous year[51]. - Kinsevere's copper production in 2025 is expected to reach 52,791 tons, an 18% increase from 2024, primarily due to the ramp-up of the Kinsevere Expansion Project (KEP) despite operational challenges[58]. Capital Expenditures and Investments - Capital expenditures for 2025 totaled $1,081.4 million, with significant investments in Las Bambas and Khoemacau projects[12]. - 2026 capital expenditures are projected to be between $1,600 million and $1,700 million, with substantial allocations for Las Bambas and Khoemacau[12]. - The company announced a share purchase agreement for nickel operations in Brazil, with confidence in completing the acquisition[18]. - The company announced the acquisition of 100% of a Brazilian nickel company from Anglo American for up to $500 million, marking its first investment in Brazil[85]. Market and Commodity Outlook - The company expects continued strong prices for gold and silver to enhance profitability across its operations[12]. - The outlook for commodities remains optimistic, driven by strong demand in energy transition applications and supply disruptions[22]. - The average LME cash price for copper increased by 9% to $9,939 per ton, while gold prices rose by 44% to $3,436 per ounce[43]. Financial Position and Liquidity - Total assets increased by $314.6 million to $15,300.5 million, while total liabilities decreased by $306.8 million to $(8,400.6) million[80]. - Total equity increased by $621.4 million to $6,899.9 million as of December 31, 2025[80]. - The leverage ratio improved to 0.33 from 0.41, reflecting a decrease in net debt from $4,442.4 million to $3,351.4 million[82]. - Available but undrawn debt financing amounted to $4,047.8 million as of December 31, 2025, up from $2,950.0 million in 2024[83]. - The company has utilized $494 million for offshore debt refinancing, which has helped reduce ongoing interest expenses and improve cash flow[89]. Exploration and Development - The company has completed 62,462 meters of exploration drilling at Las Bambas, focusing on the Chalcobamba and Sulfobamba deposits[100]. - Kinsevere's exploration activities resulted in a nearly doubled copper resource estimate for the Kimbwe-Kafubu area compared to 2024[101]. - Khoemacau's exploration drilling focused on the Kgwebe, Mawana fold belt, and Banana areas to enhance mineral resource growth, confirming the presence of copper mineralization along a 6 km soil anomaly trend[102]. - The company is actively managing financial risks, including commodity price, interest rate, foreign exchange, credit, and liquidity risks, through various hedging strategies[108]. Tax and Regulatory Matters - The tax audit concerning withholding tax for the years 2014 to 2017 resulted in a favorable ruling for the company, eliminating a potential liability of $557.0 million[131]. - The tax court confirmed the company's right to deduct expenses related to loans from Chinese banks, resulting in the cancellation of tax liabilities of $178 million for 2016 and $954 million for 2017[135]. - The company is currently facing audits from tax authorities in Australia, Peru, Botswana, Laos, and the Democratic Republic of the Congo[130]. Safety and Governance - The company recorded a total recordable injury frequency (TRIF) of 2.06 per million work hours for 2025, indicating a focus on safety[25]. - The company has joined the UN Global Compact, aligning its practices with leading standards in human rights, climate action, and governance[30]. - The company plans to continue its high standards of governance as a foundation for corporate success[145].