MMG Limited (MMG) today announced the discovery of a significant new copper-silver deposit at its Khoemacau operation in Botswana. The Kgwebe deposit, located approximately six kilometres from the Zone 5 mineral deposit currently being mined, adds approximately 1.4 million tonnes of copper and 90 million ounces of silver to Khoemacau’s Mineral Resources.
MMG also announced a Maiden polymetallic Mineral Resource for High Lake East at the Izok Corridor Project in Nunavut, Canada. Together, these discoveries mark the first time MMG has reported two Maiden discoveries in a single year and reflect the Company’s sustained, multi-year investment in exploration and resource-to-reserve conversion drilling. These efforts continue to offset depletion and strengthen MMG’s Mineral Resources and Ore Reserves base.
Across the Group, Mineral Resources (contained metal) increased for copper (7 per cent), zinc (6 per cent), lead (3 per cent), molybdenum (4 per cent), silver (23 per cent) and gold (26 per cent), with no decreases recorded for any metal. Ore Reserves (contained metal) increased for copper (1 per cent), zinc (10 per cent), lead (4 per cent), molybdenum (17 per cent), silver (7 per cent) and gold (12 per cent), while cobalt decreased by 21 per cent.
“These results demonstrate the strength of MMG’s exploration program and our ability to create long-term value through discovery and resource growth. Our two new discoveries are significant achievements,” said MMG CEO Ivo Zhao. “Combined with ongoing resource-to-reserve conversion across our portfolio, these outcomes strengthen the future of our operations and reinforce our confidence in the quality and longevity of our asset base.”
Key contributors to this year’s result included:
- Khoemacau: In addition to the Kgwebe discovery, Reserve definition drilling supporting the 130kt Expansion Project added 240,000 tonnes of copper and 7 million ounces of silver to Mineral Resources.
- Las Bambas: Ore Reserves increased after depletion, adding 186,000 tonnes of copper, 11 million ounces of silver, 140,000 ounces of gold and 23,000 tonnes of molybdenum, driven by the planned relocation of the primary crusher at the Ferrobamba pit and increased metal price assumptions.
- Dugald River and Rosebery: Dugald River delivered a significant increase in Ore Reserves after depletion, adding 312,000 tonnes of zinc and 38,000 tonnes of lead. At Rosebery, the Hercules deposit was included in Mineral Resources for the first time since 2015, adding 260,000 tonnes of zinc, 94,000 tonnes of lead, 12,000 tonnes of copper, 13 million ounces of silver and 220,000 ounces of gold.
- Izok Corridor Project: Exploration drilling defined a Maiden Mineral Resource at High Lake East and, together with drilling at the High Lake AB zone, increased Mineral Resources by 92,000 tonnes of copper and 220,000 tonnes of zinc.
- Kinsevere: Kinsevere Hill added 34,000 tonnes of copper, partially offsetting reductions associated with the cessation of mining at the Sokoroshe open pit in 2024.
Read MMG’s 2026 MROR statement here.
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Felicity Watson
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felicity.watson@mmg.com
Notes
Mineral Resources can be defined as the concentration of material of economic interest in or on the earth’s crust where a Competent Person can demonstrate there are Reasonable Prospects of Eventual Economic Extraction, whereas Ore Reserves are the parts of a Measured and/or Indicated Mineral Resource that have been the subject of a Pre-feasibility Study or Feasibility Study.
MMG’s estimates of Mineral Resources and Ore Reserves are undertaken by a team of highly skilled technical personnel including geologists, mining engineers and metallurgists that qualify as ‘Competent Persons’ under the Joint Ore Reserves Committee Code (JORC) of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia.