Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Ying Chen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Ankündigung • Mar 03
MMG Limited, Annual General Meeting, May 28, 2026 MMG Limited, Annual General Meeting, May 28, 2026. Ankündigung • Jan 22
MMG Limited Provides Production Guidance for the Full Year 2025 MMG Limited provided production guidance for the full year 2025. For the year, the company expects Las Bambas is targeting 400,000 tonnes of copper production, with a guided range of 380,000 tonnes 400,000 tonnes. C1 Costs for 2026 are anticipated to range between USD 1.20/lb and USD 1.40/lb. Copper production at Kinsevere is expected to range between 65,000 tonnes and 75,000 tonnes, with a focus on stabilising operations and implementing a Battery Energy Storage System (BESS) to reduce the impacts from the frequent power trips. C1 costs for 2026 are guided at USD 2.50/lb USD 2.90/lb. Copper production at Khoemacau is expected to range between 48,000 tonnes and 53,000 tonnes in copper concentrate, supported by planned access to higher-grade zones in Zone 5 North and enhanced mine development. C1 costs for 2026 are expected to be USD 2.00/lb USD 2.30/lb. Zinc production at Dugald River is expected to range between 170,000 tonnes and 180,000 tonnes in zinc concentrate, slightly below the record production set in 2025 due to the mine's progression at depth and weather-related challenges. C1 costs for 2026 are projected at USD 0.80/lb USD 0.95/lb. Zinc production at Rosebery is expected to range between 45,000 tonnes and 55,000 tonnes in zinc concentrate, with zinc equivalent production expected at 125,000 tonnes 140,000 tonnes. The mine's C1 costs for 2026 are forecast to range from negative USD 0.60/lb to negative USD 0.10/lb. Ankündigung • Jun 06
MMG Limited to Report First Half, 2025 Results on Aug 12, 2025 MMG Limited announced that they will report first half, 2025 results on Aug 12, 2025 Ankündigung • Mar 28
MMG Limited to Report Fiscal Year 2024 Results on Apr 24, 2025 MMG Limited announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Apr 24, 2025 Ankündigung • Mar 04
MMG Limited, Annual General Meeting, May 22, 2025 MMG Limited, Annual General Meeting, May 22, 2025. Ankündigung • Jan 23
MMG Limited to Report Fiscal Year 2024 Results on Mar 04, 2025 MMG Limited announced that they will report fiscal year 2024 results on Mar 04, 2025 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$2.78, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 10% over the past three years. Reported Earnings • Sep 21
First half 2024 earnings released: EPS: US$0.002 (vs US$0.007 loss in 1H 2023) First half 2024 results: EPS: US$0.002 (up from US$0.007 loss in 1H 2023). Revenue: US$1.92b (up 1.2% from 1H 2023). Net income: US$21.1m (up US$79.9m from 1H 2023). Profit margin: 1.1% (up from net loss in 1H 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Ankündigung • Sep 13
MMG Limited to Report First Half, 2024 Results on Sep 19, 2024 MMG Limited announced that they will report first half, 2024 results on Sep 19, 2024 Ankündigung • Aug 23
MMG Limited Appoints Jing Zhao (Ivo) as Executive General Manager Americas, Effective 1 September 2024 The board of directors of MMG Limited (Company) refers to the announcement made on 31 May 2024 with regard to the resignation of Mr. Jianxian Wei as Executive General Manager Americas (EGM Americas) and the appointment of Mr. Jing Zhao (Ivo) (Mr. Zhao) to the position of Interim EMG Americas with effect from 1 June 2024. The Board announced that Mr. Zhao has been appointed as the EMG Americas with effect from 1 September 2024. Prior to his appointment as the EGM Americas, Mr. Zhao was the Vice President of Sustainability & Corporate Affairs at Minera Las Bambas S.A., a non-wholly owned subsidiary of the Company since 2022. Mr. Zhao was also the Deputy Director of the International Cooperation Division of China Minmetals Corporation from 2020 to 2021. He has nearly 20 years extensive practical experience in international management and is proficient in dealing with stakeholder relations in the mining industry. Mr. Zhao holds a Bachelor's Degree in Spanish Language from the Beijing Language Culture University and a Master's Degree in Business Administration from Université du Québec à Montréal. Reported Earnings • Aug 16
First half 2024 earnings released: EPS: US$0.002 (vs US$0.007 loss in 1H 2023) First half 2024 results: EPS: US$0.002 (up from US$0.007 loss in 1H 2023). Revenue: US$1.92b (up 1.2% from 1H 2023). Net income: US$21.1m (up US$79.9m from 1H 2023). Profit margin: 1.1% (up from net loss in 1H 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Ankündigung • Jul 24
MMG Limited Provides Production Guidance for the Full Year 2024 MMG Limited provided production guidance for the full year 2024. The previous production guidance for Las Bambas, set at 280,000 to 320,000 tonnes of copper in 2024, remains unchanged. Actual production is expected to be towards the higher end of this range. Kinsevere copper cathode production guidance for 2024 remains unchanged within the range of 39,000 to 44,000 tonnes. In line with prior guidance, Khoemacau copper production for the full year of 2024 is expected to be between 40,000 and 50,000 tonnes (30,500 40,500 tonnes from 23 March 2024). Rosebery's zinc production guidance for 2024 remains within 50,000 to 60,000 tonnes, with zinc equivalent production projected between 115,000 to 130,000 tonnes. New Risk • Jul 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 40% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Shareholders have been diluted in the past year (40% increase in shares outstanding). Ankündigung • Jun 13
MMG Limited to Report First Half, 2024 Results on Aug 13, 2024 MMG Limited announced that they will report first half, 2024 results on Aug 13, 2024 New Risk • Jun 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 40% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Shareholders have been diluted in the past year (40% increase in shares outstanding). Board Change • Apr 29
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Peter Chan was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: US$0.001 (vs US$0.02 in FY 2022) Full year 2023 results: EPS: US$0.001 (down from US$0.02 in FY 2022). Revenue: US$4.35b (up 34% from FY 2022). Net income: US$9.00m (down 95% from FY 2022). Profit margin: 0.2% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Production and reserves: Copper Production: 0.303 Mt (0.256 Mt in FY 2022) Proved and probable reserves (ore): 787.2 Mt (852.1 Mt in FY 2022) Number of mines: 3 (2 in FY 2022) Zinc Production: 0.203 Mt (0.225 Mt in FY 2022) Proved and probable reserves (ore): 24.5 Mt (27.5 Mt in FY 2022) Number of mines: 2 (2 in FY 2022) Lead Production: 39,054 t (38,946 t in FY 2022) Proved and probable reserves (ore): 24.5 Mt (27.5 Mt in FY 2022) Number of mines: 2 (2 in FY 2022) Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Ankündigung • Mar 06
MMG Limited, Annual General Meeting, May 23, 2024 MMG Limited, Annual General Meeting, May 23, 2024. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: US$0.001 (vs US$0.02 in FY 2022) Full year 2023 results: EPS: US$0.001 (down from US$0.02 in FY 2022). Revenue: US$4.34b (up 34% from FY 2022). Net income: US$9.00m (down 95% from FY 2022). Profit margin: 0.2% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.98, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 46% over the past three years. Ankündigung • Jan 08
MMG Limited to Report Fiscal Year 2023 Results on Mar 05, 2024 MMG Limited announced that they will report fiscal year 2023 results on Mar 05, 2024 Ankündigung • Oct 27
MMG Limited Provides Production Guidance for the Full Year 2023 MMG Limited provided production guidance for the full year 2023. The company's revised full-year copper production guidance is now anticipated to be in the range of 328,000 to 353,000 tonnes, at the higher end of the previous guidance, primarily due to the stability in operations at Las Bambas since March. The full-year zinc production guidance is now expected to be between 188,000 and 203,000 tonnes, at the lower end of the previous guidance. This is primarily due to challenges faced with mining at depth at Rosebery and its lower than planned milled ore grades resulting from the mining sequence. Ankündigung • Aug 19
MMG Limited Appoints Xu Jiqing as Chairman The board of directors of MMG Limited announced that the appointment of Mr. Xu Jiqing, currently a Non-executive Director, as the chairman of the Board with effect from 18 August 2023. Mr. Xu, aged 55, was re-designated from an Executive Director to a Non-executive Director of the Company in January 2020. Prior to his redesignation, he was an Executive Director and Executive General Manager of the Company from May 2013 to December 2019 with responsibility for various areas, most recently China Relations, Marketing and Supply. Mr. Xu was also a Non- executive Director of the Company from May 2009 to May 2013. He is a member of the Company's Audit and Risk Management Committee and the Governance, Remuneration, Nomination and Sustainability Committee. Mr. Xu was appointed as President of China Minmetals Non-ferrous Metals Company Limited (CMN) in January 2020. He has been a director of CMN since February 2016. Mr. Xu holds a Bachelor's degree in Accounting from the University of International Business and Economics in the People's Republic of China (PRC), and a Master's degree in Business Administration from Saint Mary's University in Canada. He is a qualified senior accountant in the PRC, a fellowship member of the Certified General Accountants Association of Canada and a chartered professional accountant member of the Chartered Professional Accountants of British Columbia, Canada. Mr. Xu has extensive experience in strategic planning, accounting, marketing and corporate financial and risk management. Mr. Xu joined the China Minmetals Corporation Group in 1991, holding a number of management roles from 1997 in various Finance departments. He was the Vice President and Chief Financial Officer of CMN between 2005 and 2013. Reported Earnings • Aug 17
First half 2023 earnings released: US$0.007 loss per share (vs US$0.009 profit in 1H 2022) First half 2023 results: US$0.007 loss per share (down from US$0.009 profit in 1H 2022). Revenue: US$1.90b (up 35% from 1H 2022). Net loss: US$58.8m (down 174% from profit in 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Ankündigung • Jul 14
MMG Limited Provides Exploration Update for the Las Bambas and Rosebery Mines The board of directors (Board) of MMG Limited provided the exploration update for the Las Bambas and Rosebery mines. The report is annexed to this announcement. By order of the Board. MMG Limited. MMG operates the Las Bambas copper mine in Peru and the Rosebery Mine in Tasmania, Australia. Las Bambas is a joint venture project between the operator MMG (62.5%), a wholly owned subsidiary of Guoxin International Investment Co. Ltd. (22.5%) and CITIC Metal Co. Ltd. (15.0%). Rosebery is 100% owned and operated by MMG Limited. MMG wishes to provide an update to the Hong Kong Stock Exchange on progress with exploration activities on both Las Bambas and Roseberry. This report of exploration results is voluntary and is made in accordance with the JORC Code (2012). The complete report including the "Table 1 Checklist of Assessment and Reporting Criteria" required by the JORC Code (2012) can be found on the MMG website at the following address. Ferrobamba Deeps, Las Bambas. Deep drilling below the current Ferrobamba pit has been successful at defining the depth extension and continuity of skarn and porphyry mineralisation beneath the 2022 Ore Reserve pit design. It is now recognised that potential for large tonnage 0.4% to 0.6% Cu, 200 to 500 ppm Mo, 2g/t to 4g/t Ag and 0.04g/t to 0.08g/t Au grade deposit may exist at Ferrobamba Deeps. The positive drill results received in the 2022 program are supporting ongoing studies and further drilling is planned for 2023 and 2024 to evaluate the mineralisation and determine potential mining methods including expansion of the open pit and /or an underground development. Mineralisation at Ferrobamba occurs in semicontinuous zones which are distributed around the central porphyry stocks. The Ferrobamba Deeps mineralisation, which has been intersected up to 700m below the Ore Reserve pit, has been divided into five zones. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 41% over the past three years. Ankündigung • Jun 16
MMG Limited to Report First Half, 2023 Results on Aug 15, 2023 MMG Limited announced that they will report first half, 2023 results on Aug 15, 2023 Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to HK$3.14, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 123% over the past three years. Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: US$0.02 (vs US$0.079 in FY 2021) Full year 2022 results: EPS: US$0.02 (down from US$0.079 in FY 2021). Revenue: US$3.25b (down 24% from FY 2021). Net income: US$172.4m (down 74% from FY 2021). Profit margin: 5.3% (down from 16% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 01
MMG Limited Provides Production Guidance for the Year 2023 MMG Limited provided production guidance for the year 2023. For the year 2023, Las Bambas copper production for 2023 is expected to be in the range of 265,000 and 305,000 tonnes. Kinsevere copper cathode production for 2023 is expected to be in the range of 40,000 and 48,000 tonnes. Dugald River zinc production for 2023 is expected to be in the range of 170,000 and 185,000 tonnes of zinc in zinc concentrate. Rosebery zinc production for 2023 is expected to be in the range of 55,000 and 65,000 tonnes of zinc in zinc concentrate. Ankündigung • Jan 20
MMG Limited to Report Fiscal Year 2022 Results on Mar 07, 2023 MMG Limited announced that they will report fiscal year 2022 results on Mar 07, 2023 Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 19% share price gain to HK$2.32, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 7.9% over the past three years. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Cheuk Yan Leung was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 16% share price gain to HK$1.95, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$1.68, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1.8% over the past three years. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: US$0.009 (vs US$0.049 in 1H 2021) First half 2022 results: EPS: US$0.009 (down from US$0.049 in 1H 2021). Revenue: US$1.41b (down 42% from 1H 2021). Net income: US$79.5m (down 80% from 1H 2021). Profit margin: 5.6% (down from 16% in 1H 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 29%, compared to a 2.8% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 29
Full year 2021 earnings released: EPS: US$0.079 (vs US$0.008 loss in FY 2020) Full year 2021 results: EPS: US$0.079 (up from US$0.008 loss in FY 2020). Revenue: US$4.26b (up 40% from FY 2020). Net income: US$667.1m (up US$731.8m from FY 2020). Profit margin: 16% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Production and reserves: Copper Production: 0.292 Mt (0.313 Mt in FY 2020) Proved and probable reserves (ore): 866.1 Mt (885 Mt in FY 2020) Number of mines: 2 (2 in FY 2020) Zinc Production: 0.25 Mt (0.245 Mt in FY 2020) Proved and probable reserves (ore): 30.1 Mt (32.6 Mt in FY 2020) Number of mines: 2 (2 in FY 2020) Lead Production: 45,414 t (47,119 t in FY 2020) Proved and probable reserves (ore): 30.1 Mt (32.6 Mt in FY 2020) Number of mines: 2 (2 in FY 2020) Over the next year, revenue is forecast to grow 8.5%, compared to a 23% growth forecast for the mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Cheuk Yan Leung was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 20% share price gain to HK$3.83, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 5.8% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 16% share price gain to HK$3.25, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 1.5% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 17% share price gain to HK$3.03, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 2.3% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 17% share price gain to HK$2.72, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$2.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 30% over the past three years. Board Change • Dec 04
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Jiaqiang Chen was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.