Interim Report

2026 Half Year overview

MMG reported a net profit after tax of US$1,366.0 million for the 6 months to 30 June 2026, including a first-half profit of US$897.2 million attributable to equity holders of the company.

This is a record result and builds on the strong momentum established in 2025. Cashflow from Operations was US$2,233.9 million, with Cash and Earnings up 141 and 89 per cent respectively on the first half of 2025.

The financial results were primarily driven by solid operational execution across all sites and higher realised commodity prices, alongside robust operating cash generation and the successful launch of the approximately US$1.6 billion equity placement and Convertible Bonds issuance in June 2026.

Las Bambas

Las Bambas delivered a strong first-half performance, producing 210,195 tonnes of copper in copper concentrate. Revenue increased 65% to US$3,307.9 million and EBITDA increased 72% to US$2,251.1 million. The result was supported by stable operations, higher sales volume across all metals, including copper (+12%), gold (+21%), silver (+27%) and molybdenum (+40%), together with stronger realised metal prices.

Kinsevere

Kinsevere continued to realise the benefits of its sulphide expansion, with copper production increasing 33% to 33,800 tonnes. Revenue increased 70% to US$397.7 million and EBITDA increased 300% to US$121.5 million. The result reflects improved operating performance from the ongoing ramp-up of the sulphide operation, together with higher realised copper prices.

Khoemacau

Khoemacau produced 22,083 tonnes of copper in copper concentrate, broadly in line with the prior corresponding period, as higher copper grades from the Zone 5 orebody largely offset lower ore mined and milled volumes. Revenue increased 19% to US$238.8 million and EBITDA increased 35% to US$121.1 million, supported by higher realised copper and silver prices.

Dugald River

Dugald River delivered a strong operational and financial performance, producing 87,186 tonnes of zinc in zinc concentrate, up 3% year-on-year. Revenue increased 50% to US$340.3 million and EBITDA increased 92% to US$126.9 million. The result was driven by higher mill throughput, consistently strong zinc recoveries above 90%, stronger silver and zinc prices, and lower treatment charges.

Rosebery

Rosebery delivered a significant improvement in earnings. Revenue increased 73% to US$244.0 million and EBITDA increased 137% to US$130.1 million. Zinc production totalled 18,615 tonnes, while Zinc Equivalent Production reached 64,965 tonnes. The result was supported by stronger precious metal prices and continued execution of the operation’s multi-metal value optimisation strategy, resulting in higher by-product production and earnings contributions from silver and gold.