Core Viewpoint - Minmetals Resources (01208) announced the appointment of Mr. Qian Song as an executive director and Mr. Yue Wenjun as a non-executive director, effective from January 27, 2026 [1] Group 1 - Mr. Qian Song will serve as an executive director [1] - Mr. Yue Wenjun will be appointed as a non-executive director and will also be a member of the corporate governance, remuneration, nomination, and sustainability committee [1]

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） 董事名單與其角色和職能 自二零二六年一月二十七日起五礦資源有限公司董事會（董事會），成員載列如下： | 董事委員會 | 審核及風險管理 | 管治、薪酬、提名及 | | --- | --- | --- | | 董事 | 委員會 | 可持續發展委員會 | | 趙晶先生 | – | – | | 錢松先生 | – | – | | 張樹強先生 | M | – | | 曹亮先生 | M | M | | 岳文軍先生 | – | M | | Peter William Cassidy博士 | M | C | | 梁卓恩先生 | M | M | | 陳嘉強先生 | C | M | | 陳纓女士 | M | M | 附註： C - 有關委員會之主席。 M - 有關委員會之成員。 非執行董事： 張樹強先生 曹亮先生 （董事長） 岳文軍先生 獨立非執行董事： Peter William Cassidy 博士 梁卓恩先生 （首席獨立非執行董事） 陳嘉強先生 陳纓女士 董事會設立兩個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 ...

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。 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） 委任執行董事 及非執行董事 本公司董事會宣佈，自二零二六年一月二十七日起： (i) 錢先生獲委任為執行董事；及 (ii) 岳先生獲委任為非執行董事。 錢先生將繼續擔任本公司首席財務官及執行委員會成員。岳先生已獲委任為本公司管治、薪 酬、提名及可持續發展委員會成員。上述有關委員會的變動將於二零二六年一月二十七日起 生效。 委任執行董事 五礦資源有限公司（本公司）董事會（董事會）宣佈，錢松先生（錢先生）已獲委任為本公司 執行董事（執行董事），自二零二六年一月二十七日起生效。 錢先生，五十四歲，現任本公司首席財務官（首席財務官），並自二零二四年起擔任該職位。 彼於一九九三年加入中國五礦集團有限公司（中國五礦），於中國五礦累積豐富管理經驗，最 近曾擔任五礦創新投資有限公司首席財務官。於此之前，彼於二零一九年至二零二二 ...

Core Viewpoint - The company is undergoing a review of its projects and operations for the fiscal year ending 2025, revealing impairment indicators primarily related to the Kinsevere operation, which may negatively impact its unaudited profit for that year [1] Group 1: Impairment Indicators - The review indicates several impairment signs for the Kinsevere operation, including sales restrictions on cobalt in the Democratic Republic of Congo, leading to the cobalt processing plant being in maintenance mode [1] - Challenges related to electricity supply are affecting the daily operations and capacity enhancement of expansion projects [1] - Financial uncertainties, including additional tax rates and the deductibility of value-added tax, are also contributing to the impairment indicators [1] Group 2: Financial Impact - The board anticipates that the unaudited profit for the fiscal year 2025 may be negatively impacted by an impairment charge estimated between $280 million and $300 million before tax [1] - After accounting for the impairment, the company expects to achieve an unaudited net profit attributable to equity holders of approximately $500 million to $520 million for the year ending December 31, 2025 [1] - The impairment is characterized as an accounting adjustment and a non-cash item, thus not affecting the company's cash flow [1] Group 3: Operational Performance - The significant unaudited profit is attributed to the strong operational performance of the Las Bambas and Dugald River mines, along with the positive impact of rising copper and precious metal prices [2] - However, operational challenges and financial transactions, including power supply issues at the Kinsevere mine and ongoing cobalt export restrictions, have negatively impacted the company's performance [2] - The fiscal year 2025 is also expected to experience hedging losses, further complicating the financial outlook [2]

Core Viewpoint - The company, Minmetals Resources (01208.HK), is conducting a review of the recoverable amounts of its projects and operations as part of the preparation of its financial statements for the fiscal year ending 2025, indicating potential impairment issues related to its Kinsevere operations [1] Group 1: Impairment Indicators - The review has identified several impairment indicators for the Kinsevere operations, including sales restrictions on cobalt in the Democratic Republic of Congo, which have led to the cobalt processing plant being in a maintenance state [1] - Challenges related to electricity production are affecting the daily operations and capacity enhancement processes of expansion projects [1] - There are operational challenges related to capacity enhancement, as well as uncertainties in the fiscal regime, including additional tax rates and the deductibility of value-added tax [1] Group 2: Financial Impact - The board anticipates that the unaudited profit for the fiscal year 2025 may be negatively impacted by an impairment charge estimated to be between $280 million and $300 million before tax [1] - This impairment is specifically related to the operations of the Kinsevere mine and is sensitive to reasonable potential changes in underlying assumptions [1] - After accounting for the impairment, the company expects to record an unaudited net profit attributable to equity holders of approximately $500 million to $520 million for the year ending December 31, 2025 [1]

Core Viewpoint - The company is undergoing a review of the recoverable amounts of its projects and operations, indicating potential impairment related to the Kinsevere operation, which may negatively impact the unaudited profit for the fiscal year 2025 by approximately $280 million to $300 million before tax [1] Group 1: Financial Performance - The company expects to achieve an unaudited net profit attributable to equity holders of approximately $500 million to $520 million for the fiscal year ending December 31, 2025, after accounting for the impairment [1] - The significant profit is attributed to the strong operational performance of the Las Bambas and Dugald River mines, along with the positive impact of rising copper and precious metal prices [2] Group 2: Operational Challenges - The Kinsevere operation faces several impairment indicators, including sales restrictions on cobalt in the Democratic Republic of the Congo, which has led to the cobalt processing plant being in maintenance mode [1] - Power supply challenges are affecting the daily operations and capacity enhancement processes of the expansion project at Kinsevere [1] - Ongoing operational challenges and financial transactions, including hedging losses for the fiscal year 2025, are also negatively impacting the company's performance [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） （債券股份代號：5959） 根據上市規則第 13.09 條之公告 非現金減值導致盈利警告 本公告乃由五礦資源有限公司（本公司，連同其附屬公司，統稱本集團）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 條及證券及期貨條例（香港法例第 571 章）第 XIVA 部下的內幕消息條文（定義見上市規則）而作出。 本公司董事會（董事會）宣佈，就編製本公司截至二零二五年財政年度（二零二五財政年度） 財務報表的過程中，正在對各項項目及運營的可收回金額進行審查。該審查顯示 Kinsevere 運 營存在若干減值跡象，包括： 本公司仍在編製本集團二零二五財政年度的財務業績。本公告所載資料乃基於董事會初步評估， 該等資料尚未經本公司核數師審核或審閱，並可能須予調整及變更。本集團二零二五財政年度 之業績可能與本 ...

Group 1 - The core viewpoint of the report is that despite a modest increase in production for Minmetals Resources (01208) in 2026, the company's profitability is expected to grow rapidly, leading to a 10-11% upward revision in earnings forecasts for 2026-2027 and an increase in target price from HKD 10.25 to HKD 11.9, maintaining a "Buy" rating [1] Group 2 - The report indicates that Minmetals Resources is expected to see strong production growth in 2025, with total copper production and total zinc production increasing by 27% and 6% year-on-year, respectively [1] - For 2026, the company anticipates a more moderate production growth, with copper production expected to increase by 3% year-on-year, while zinc production is projected to decline by 3% [1] - Despite the anticipated modest production growth in 2026, the firm expects a 1.1 times year-on-year increase in earnings per share, driven by rising metal prices [1] - The recent surge in nickel prices has made the acquisition of Brazilian nickel assets more attractive [1]

Core Viewpoint - China International Capital Corporation (CICC) has released a report indicating that despite a modest increase in Minmetals Resources' (01208) production in 2026, the company's earnings are expected to grow rapidly, leading to a 10-11% upward revision of the earnings forecast for 2026-2027 and an increase in target price from HKD 10.25 to HKD 11.9, maintaining a "Buy" rating [1] Production Forecast - Minmetals Resources is projected to experience strong production growth in 2025, with total copper production and total zinc production expected to increase by 27% and 6% year-on-year, respectively [1] - For 2026, the company anticipates a more moderate production growth, with copper production expected to rise by 3% year-on-year, while zinc production is forecasted to decline by 3% [1] Earnings Expectations - Despite the anticipated modest production growth in 2026, CICC expects the company's earnings per share to increase by 1.1 times year-on-year, driven by strengthening metal prices [1] - The recent surge in nickel prices has also made the acquisition of Brazilian nickel assets more attractive for the company [1]

Core Viewpoint - Citigroup has raised the profit forecasts for China Molybdenum (01208) for 2025 to 2027 by 3%, 47.2%, and 5.6%, reaching $801 million, $1.721 billion, and $1.545 billion respectively, and significantly increased the target price from HKD 7.2 to HKD 12.5 while maintaining a "Buy" rating [1] Group 1 - The Las Bambas project reported a quarterly copper production decrease of 5% to 97,300 tons in Q4 last year, with a year-on-year decline of 8%, but an improvement is expected in Q1 2026 [1] - Management targets a copper production of 400,000 tons in 2026 under stable operating conditions, with a conservative lower estimate of 380,000 tons, and anticipates maintaining similar annual production levels in the coming years [1] - The C1 cost guidance for 2026 is set at $1.2 to $1.4 per pound, with potential reductions of $0.2 to $0.3 per pound if gold and silver prices remain high [1] Group 2 - The Kinsevere project achieved an electrolytic copper production of 12,600 tons in Q4 last year, reflecting a quarterly decline of 15% but a year-on-year increase of 21% [1] - Management expects the electrolytic copper production for this year to reach between 65,000 to 75,000 tons [1]