Core Viewpoint - Minmetals Resources has demonstrated strong operational performance in 2025, with multiple mines achieving record or near-record production levels, leading to significant increases in copper, zinc, and precious metal outputs [1] Group 1: Production Performance - The total copper production for the year increased by 27% to 506,900 tons, primarily driven by the strong operational performance of the flagship Las Bambas mine [1] - Zinc production rose by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] - The company achieved a total gold production of 118,100 ounces, reflecting a 22% year-on-year increase, and silver production reached 1,056,480 ounces, up 17% year-on-year [1] Group 2: Financial Impact - The significant production increases, combined with high commodity prices, resulted in substantial by-product revenues, effectively reducing the C1 costs across various mines [1] - The company's strategy focuses on maximizing the value of by-products, which has positively contributed to overall profitability [1]

Group 1 - The core viewpoint of the news is that Minmetals Resources (01208) has shown strong operational performance in 2025, with significant increases in copper, zinc, and precious metal production, contributing to enhanced profitability [1] - The total copper production for the year reached 506,900 tons, a 27% increase year-on-year, primarily driven by the strong performance of the flagship Las Bambas mine [1] - Zinc production increased by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] Group 2 - The total gold production for the year was 118,100 ounces, a 22% year-on-year increase, while silver production reached 1,056,480 ounces, up 17% year-on-year [1] - The company achieved significant by-product revenue, which effectively reduced the C1 costs across its mines, reflecting its strategic focus on maximizing by-product value [1] - In December 2025, the board approved the feasibility study for the Khoemacau expansion project, which is expected to increase the mine's annual capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [2]

Core Viewpoint - Minmetals Resources has demonstrated strong operational performance in 2025, with significant increases in copper, zinc, and precious metal production, contributing to enhanced profitability and lower C1 costs [1][2] Group 1: Production Performance - The total copper production for the year increased by 27% to 506,900 tons, primarily driven by the strong operational performance of the flagship Las Bambas mine [1] - Zinc production rose by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] - Gold production reached 118,100 ounces, a 22% year-on-year increase, while silver production totaled 1,056,480 ounces, up 17% year-on-year [1] Group 2: Strategic Developments - The board approved the feasibility study for the Khoemacau expansion project, which aims to increase the mine's annual capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [2] - Continuous exploration activities at the Khoemacau mine have identified further expansion potential, with the annual capacity expected to rise to 200,000 tons of copper concentrate [2] - The next phase of the expansion pre-feasibility study is planned to commence in 2026 [2]

Major Events - UBTECH (09880) plans to invest 300 million yuan to establish a partnership for investments in the smart robotics industry chain [1] - Tian Ge Interactive (01980) received a 1.41% discount from Sina Hong Kong for a partial tender offer to acquire 32.5 million shares, with trading resuming on January 22 [1] - Fosun Pharma (02196) received approval for the drug registration application of heavy tartrate norepinephrine injection [1] - Valiant (09887) received orphan drug designation (ODD) from the European Commission for Valiant™ for the treatment of extra-pulmonary neuroendocrine carcinoma [1] - GCL-Poly Energy (01050) secured orders for AI giant server enclosures, accelerating ASIC business production, and commenced construction of a new base in Thailand [1] - China Rare Earth Holdings (03788) plans to raise approximately 783 million HKD to support the development of the Mt Bundy gold mine project [1] - Nanshan Aluminum International (02610) plans to place 31 million shares, aiming to raise approximately 1.9868 billion HKD [1] - Qiming Medical-B (02500) reported a patent infringement lawsuit against Edwards by Cardiovalve Ltd. and MTH IP, L.P. regarding US Patent No. 385 [1] - Minmetals Resources (01208) expects total copper production of 506,900 tons in 2025, a year-on-year increase of 27% [1] - Prudential (02378) invested approximately 375 million USD to increase its stake in PAMB to 70% [1] - Nocoda Technology (00519) successfully implemented innovative smart handling robots in Hong Kong public housing estates [1] - Idali Holdings (00720) B-ON Global S.àr.l. plans to acquire 1.3 billion shares of the company, becoming the major shareholder [1] Bonds and Notes - China Shipbuilding Leasing (03877) subsidiary plans to issue 2.338 billion HKD convertible bonds [2] Buybacks/Reductions - China Communications Construction (01800) repurchased 1.06837 million HKD worth of 1.2588 million A-shares on January 22 [2] - Kuaishou-W (01024) spent approximately 29.9714 million HKD to repurchase 380,000 shares on January 22 [2] - Xiaomi Group-W (01810) repurchased shares worth 201 million HKD, acquiring 5.7138 million shares on January 22 [2] - Xiaomi Group-W (01810) plans to repurchase up to 2.5 billion HKD of Class B ordinary shares [2] - Sanhua Intelligent Control (02050) controlling shareholders, directors, and executives plan to collectively reduce their holdings by up to approximately 10.2037 million A-shares [2] Operating Performance - AsiaInfo Technologies (01675) expects to turn cash flow positive by 2025, driven by rapid growth in AI business [2] - Zhaoyi Innovation (03986) issued a profit warning, expecting a net profit of approximately 1.61 billion yuan in 2025, a year-on-year increase of about 46% [2] - MicroPort Medical (00853) issued a profit warning, expecting a net profit of no less than 20 million USD in 2025, turning profitable year-on-year [2]

Group 1 - The former head of the digital management department of China Minmetals Corporation, Chang Wei, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Minmetals Corporation, as well as the Baiyin Municipal Supervisory Committee of Gansu Province [1]

Core Insights - The overall operational performance of Minmetals Resources in 2025 is robust, with multiple mines achieving or nearing historical production highs [1] - The company’s total copper production increased by 27% year-on-year to 506,900 tons, primarily driven by strong performance at the flagship Las Bambas mine [1] - Zinc production rose by 6% to 232,100 tons, mainly due to record annual output from the Dugald River mine [1] - Precious metals production also performed well, with gold output reaching 118,100 ounces (up 22% year-on-year) and silver output at 10,564,800 ounces (up 17% year-on-year) [1] - The significant production of by-products has positively contributed to mine revenues and reduced C1 costs, reflecting the company's strategic focus on maximizing by-product value [1] Group 1: Las Bambas Mine - Las Bambas produced 410,800 tons of copper concentrate, marking the second-highest annual production record in the mine's history, exceeding the original production guidance [2] - This achievement was supported by record mining and processing volumes, along with a consistently high recovery rate [2] - Operational efficiency improved significantly through targeted efficiency enhancements, strategic equipment upgrades, and improved flotation reagent formulations [2] - The mine has achieved stable operations for two years and ten months under the "Corazón de Las Bambas" initiative [2] Group 2: Kinsevere and Khoemacau Mines - Kinsevere's electrolytic copper production reached 52,800 tons, an 18% increase from 2024, reflecting the ongoing ramp-up of the Kinsevere Expansion Project (KEP) [2] - The mine faced challenges due to unstable long-term power supply, prompting the implementation of measures to enhance equipment operation [2] - Khoemacau produced 42,100 tons of copper concentrate, slightly below the lower limit of production guidance due to temporary ore supply constraints from contractor transitions [2] - Improvements in mining area expansion and recovery rates have led to better operational performance by year-end [2] Group 3: Dugald River and Rosebery Mines - Dugald River achieved a record annual zinc production of 483,500 tons, reaching the upper limit of production guidance, with a significant milestone of processing volume exceeding 2 million tons [3] - The mine demonstrated operational resilience despite early-year weather disruptions, fully recovering production [3] - Rosebery produced 48,600 tons of zinc concentrate, successfully implementing a strategy to maximize total asset value, resulting in a zinc equivalent production of 140,000 tons [3] - The board approved the feasibility study for the Khoemacau expansion project, which aims to increase annual production capacity to 130,000 tons of copper concentrate and over 4 million ounces of silver [3] - Continuous exploration activities at Khoemacau have identified further expansion potential, with annual capacity expected to rise to 200,000 tons of copper concentrate [3]

Core Viewpoint - Minmetals Resources (01208) reported a strong operational performance in 2025, with multiple mines achieving record or near-record production levels, particularly in copper and precious metals, contributing positively to the company's overall profitability and cost management [1] Group 1: Copper Production - The total copper production for the year reached 506,900 tons, a 27% increase year-on-year, primarily driven by the strong operational performance of the flagship Las Bambas mine [1] - Las Bambas produced 410,800 tons of copper concentrate, marking the second-highest annual production record in the mine's history, exceeding the upper limit of the original production guidance [2] - Kinsevere achieved an electrolytic copper production of 52,800 tons, an 18% increase from 2024, reflecting the ongoing ramp-up of the Kinsevere Expansion Project (KEP) [2] Group 2: Zinc Production - The total zinc production reached 232,100 tons, a 6% increase year-on-year, with Dugald River achieving a record annual zinc production of 483,500 tons, meeting the upper limit of its production guidance [1][3] - Dugald River's milestone included a breakthrough in processing volume, surpassing 2 million tons for the first time [3] - Rosebery produced 48,600 tons of zinc concentrate, with a zinc equivalent production of 140,000 tons, benefiting from strong by-product revenues [3] Group 3: Precious Metals Production - The total gold production reached 118,100 ounces, a 22% increase year-on-year, while silver production totaled 10,564,800 ounces, a 17% increase [1] - The significant production of precious metals contributed positively to mine revenues and effectively reduced the C1 costs across various mines [1] Group 4: Strategic Developments - The board approved the feasibility study for the Khoemacau expansion project, which aims to increase the mine's annual capacity to 130,000 tons of copper concentrate and over 4 million ounces of associated silver [3] - Continuous exploration activities at Khoemacau have identified further expansion potential, with annual capacity expected to rise to 200,000 tons of copper concentrate [3]

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 第四季度生產報告 截至二零二五年十二月三十一日止三個月 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十二月三十一日止三個月 的第四季度生產報告。 隨文附奉該報告。 承董事會命 香港，二零二六年一月二十二日 於本公告發佈之日，董事會由七名董事組成，包括一名執行董事趙晶先生；兩名非執行董事張樹強先生及曹亮先生 （董事長）；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 二零二五年第四季度生產報告 2 / 21 二零二五年第四季度生 ...

澳大利亚锌矿（股权比例100%）：杜加尔河锌矿和罗斯伯里矿山贡献成熟稳定的现金流，并且副产品 收益可观。杜加尔河锌矿为世界前十大锌矿山，2017 年投产，矿山寿命长，并且持续优化电力和成本 结构；2024 年受益于量价齐升，实现EBITDA 同比大幅增加401%。罗斯伯里矿山为运营近90 年的多金 属矿山，年产锌精矿含锌约5-6 万吨，2024 年抵扣副产品后的C1 成本仅-0.1美元/磅，盈利能力仍然强 劲。 【投资建议】 机构：东方财富证券 研究员：李淼 【投资要点】 公司作为中国五矿旗下的核心国际矿业平台，目标打造一流的多元化铜生产商。公司全球资源布局立足 澳洲、深耕南美和非洲、拓展至北美，形成以铜、锌为核心，副产金、银贵金属的有色资产组合。公司 作为矿企属于周期性行业，业绩波动较大，2021 年EBITDA 和归母净利分别达到27.3 亿美元和6.7 亿美 元的历史峰值；近两年盈利可观，2024 年收购的科马考铜矿实现并表后EBITDA 达到20.5 亿美元，同 比增加40%。公司控股股东中国五矿为国际化的金属矿产企业集团，规划到2030 年矿产铜产量突破100 万吨，集团体内尚有2008 年收购的北 ...

Investment Rating - The report assigns an "Add" rating for the company, marking its first coverage [6]. Core Views - The company is positioned as a leading diversified copper producer under China Minmetals, aiming to achieve a copper production target of over 1 million tons by 2030 [6][21]. - The Las Bambas copper mine is identified as a "global resource flagship," with the "Heart of Bambas" strategy expected to stabilize its cash flow [6][5]. - The company is set to benefit from the integration of the Khoemacau copper mine and the expansion of the Kinsevere mine, which are anticipated to enhance copper production and profitability [6][5]. Summary by Sections Company Overview - The company operates as the core international mining platform of China Minmetals, focusing on a diversified portfolio of copper and zinc assets, with operations in Australia, South America, Africa, and North America [5][14]. - The company aims to leverage its expertise in both Chinese and international markets to diversify its resources and products [17]. Las Bambas Copper Mine - The Las Bambas mine, with a 62.5% ownership, is among the top ten copper mines globally, with significant copper reserves [5][18]. - The mine has faced community-related issues affecting production, but the implementation of the "Heart of Bambas" strategy is expected to restore stable cash flow [5][6]. Kinsevere Copper Mine - The Kinsevere mine, fully owned by the company, is transitioning from high-grade oxide ore to sulfide ore, with an expansion project expected to extend its operational life until 2035 [5][6]. Khoemacau Copper Mine - The Khoemacau mine, located in Botswana, is a large, long-life copper mine with significant production potential, aiming to increase its output from 50,000 tons to 130,000 tons by 2028/2029 [5][6]. Australian Zinc Mines - The Dugald River and Rosebery mines provide stable cash flow, with the Dugald River being one of the top ten zinc mines globally, expected to see a 401% increase in EBITDA in 2024 [5][6]. Financial Projections - The company forecasts revenues of $4.48 billion in 2024, growing to $7.91 billion by 2027, with net profits projected to rise from $162 million in 2024 to $1.17 billion in 2027 [7].