Core Viewpoint - MMG Limited is expected to experience strong earnings growth driven by rising metal prices, despite a forecasted mild output growth in 2026 for copper and a decline in zinc output [1][3]. Group 1: Output Performance - In 2025, MMG Limited's total copper output increased by 27% year-over-year (YoY) to 506.9k tonnes, primarily due to a 27% YoY growth at Las Bambas, reaching 410.8k tonnes, supported by improved milled ore grade and recovery rate [1]. - Zinc output grew by 6% YoY to 232k tonnes in 2025, with Dugald River's output rising 12% YoY to a record 183.5k tonnes, attributed to a 15% YoY increase in milled volume and enhanced efficiency [1]. Group 2: Future Guidance - For 2026, the company anticipates a 3% YoY growth in copper output, mainly from Kinsevere and Khoemacau, while projecting a 3% YoY decline in zinc output [2]. - The expected copper output at Las Bambas for 2026 is estimated to be 400k tonnes [2]. Group 3: Earnings Forecast - Despite no output growth in 2026, the company's earnings per share (EPS) is projected to increase by 1.1 times YoY, following a significant 3.7 times YoY increase in 2025, driven by rising metal prices [3]. - The average prices for copper, gold, and silver are expected to surge by 24% YoY, 40% YoY, and 100% YoY respectively in 2026, benefiting the company as gold and silver are by-products of its mining operations [3]. - The company is also expected to sell 20k tonnes of copper stockpiled at Las Bambas in 2026 and resume cobalt sales at Kinsevere [3]. Group 4: Valuation - The target price for MMG Limited has been raised from HK$10.25 to HK$11.90, reflecting increased earnings forecasts, with the new target price corresponding to a 9.9 times 2026 estimated price-to-earnings ratio [4].

Core Insights - Leviathan Metals Corp. outlines its key achievements in 2025 and plans for growth and exploration in 2026, including drilling activities in Botswana and Bosnia [1] Group 1: Acquisitions and Assets - The acquisition of Cura Exploration Botswana Corp. resulted in 100% ownership of a significant land position on the Kalahari Copper Belt, with the Central Project being a key asset located near MMG Limited's Khoemacau cluster [2] - The Central Project hosts a geological feature that has never been drill tested, providing an opportunity for a Tier 1 copper discovery in an under-explored mineral belt [3] - The acquisition also includes a uranium portfolio in Botswana, with the Serule project being a principal asset that has shown promising mineralization from previous drilling [4] - The acquisition of Foča Metals Corp. in Bosnia secured 100% ownership of the Foča Project, which is located in an underexplored area with historical drilling suggesting significant mineral potential [5] Group 2: Exploration Plans - Initial programs at the Foča Project are targeting near-surface deposits along key fault structures, with plans for induced polarization geophysics to identify drillable targets [6] - The exploration environment in Bosnia and Herzegovina is favorable due to low operational costs and a supportive government, positioning the Foča Project for potential significant discoveries [6] Group 3: Future Outlook - The company anticipates strong momentum in 2026, supported by a solid balance sheet, an exceptional property portfolio, and a team with expertise in Kalahari and Balkan mineral systems [7]

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