E - 2022 01 24 - 4QTR Production Report

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responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.
MMG LIMITED
五礦資源有限公司
(Incorporated in Hong Kong with limited liability)
(STOCK CODE: 1208)
FOURTH QUARTER PRODUCTION REPORT

FOR THE THREE MONTHS ENDED 31 DECEMBER 2021
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities of
The Stock Exchange of Hong Kong Limited (Listing Rules) and the Inside Information Provisions (as
defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of
the Laws of Hong Kong).
The board of directors (Board) of MMG Limited (Company or MMG) is pleased to provide the Fourth
Quarter Production Report for the three months ended 31 December 2021.
The report is annexed to this announcement.
By order of the Board

MMG Limited
LI Liangang
Interim CEO and Executive Director
Hong Kong, 24 January 2022
As at the date of this announcement, the Board comprises seven directors, of which one is an executive
director, namely Mr Li Liangang; three are non-executive directors, namely Mr Jiao Jian (Chairman), Mr
Zhang Shuqiang and Mr Xu Jiqing; and three are independent non-executive directors, namely Dr Peter
William Cassidy, Mr Leung Cheuk Yan and Mr Chan Ka Keung, Peter.
MMG Fourth Quarter Production Report 2021 1
2021 FOURTH QUARTER PRODUCTION REPORT

FOR THE THREE MONTHS ENDED 31 DECEMBER 2021
4Q21 4Q21 YTD21
4Q21 YTD21
VS 4Q20 VS 3Q21 VS YTD20
Copper (cathode, tonnes)
Kinsevere 11,223 -36% -4% 48,017 -33%
Total 11,223 -36% -4% 48,017 -33%
Copper (contained metal in concentrate, tonnes)
Las Bambas 65,349 -31% -18% 290,097 -7%

Rosebery 422 -4% 54% 1,567 2%
Total 65,771 -31% -18% 291,665 -7%
Zinc (contained metal in concentrate, tonnes)

Dugald River 42,869 -18% -11% 180,313 1%
Rosebery 18,529 3% 38% 69,454 3%
Total 61,397 -13% -1% 249,767 2%
Lead (contained metal in concentrate, tonnes)

Dugald River 4,919 -35% -10% 20,361 -15%
Rosebery 6,269 2% 21% 25,053 8%
Total 11,188 -19% 5% 45,414 -4%
Molybdenum (contained metal in concentrate, tonnes)
Las Bambas 924 -30% -33% 4,985 57%

Total 924 -30% -33% 4,985 57%
KEY POINTS
• Total Recordable Injury Frequency (TRIF) for the fourth quarter 2021 was 0.88 per million hours worked and 1.09 for
the full year 2021. This represents a 21% decrease on the full year 2020 TRIF of 1.38.
• Total copper production (copper cathode plus copper in concentrate) of 339,682 tonnes for the full year 2021 was
12% below 2020 due to lower ore grades and over 100 days of community roadblocks at Las Bambas as well as
lower ore grades at Kinsevere as the site prepares to transition to the mining and processing of the sulphide ore
body. Total zinc production of 249,767 tonnes in the full year 2021 was 2% above 2020, due to record production
at Dugald River and consistent mining and plant performance at Rosebery.
• Las Bambas' annual production in 2021 was 290,097 tonnes, 7% lower than 2020 due to lower average grades and
community roadblocks that led to a complete shutdown of the mine in December for around two weeks.
Roadblocks were removed after a joint meeting of community members, the Government and Las Bambas on 30
December 2021. The mine has since returned to full capacity in January 2022.
• Annual production at Kinsevere was 48,017 tonnes, 33% lower than 2020 due to the suspension of mining activity.
However, processing plant performance remained very strong with an increased average recovery rate for the year.
• Dugald River and Rosebery produced 180,313 tonnes and 69,454 tonnes of zinc respectively in 2021. On a zinc
equivalent basis, Dugald River’s production exceeded 200,000 tonnes for the second consecutive year and
Rosebery’s production of 157,482 tonnes was 11% higher than 2020.
• Dugald River has entered into a long-term solar offtake agreement with energy provider, APA Group. The solar
agreement will supply the Dugald River mine with renewable energy to reduce its carbon footprint and provide
immediate energy cost savings once supply commences in early 2023.
• Mr Li Liangang has been appointed as the Interim CEO of the Company and an Executive Director following the
resignation of Mr Geoffrey Gao on 5 January; Mr Jiao Jian (Jerry) has been appointed as the Chairman of the
Company following the departure of Mr Guo Wenqing who has resigned as the Chairman of the Company and as
a Non-executive Director.
2022 Outlook
• Subject to Government permits and approvals and community negotiations, development of the Chalcobamba pit
at Las Bambas is expected from mid-2022, followed by first production during the second half. Dependent on this
timing, Las Bambas production for 2022 is expected to be in the range of 300,000 to 320,000 tonnes of copper in
concentrate. C1 costs are expected to be in the range of US$1.30 to US$1.40/lb driven by a combination of
inflationary pressures and one-off factors. Higher production levels from 2023 onwards will partially mitigate this
C1 increase in subsequent years.
• Copper cathode production at Kinsevere for 2022 is expected to be in the range of 45,000 - 50,000 tonnes. Mining
of the remaining oxide reserves is expected to resume in April 2022, following the wet season. Early work for the
Kinsevere Expansion Project continues, pending anticipated company approval in Q1 2022. The Project will drive
higher copper production for future years and add meaningful cobalt production to MMG’s portfolio.
• Dugald River is expected to produce between 170,000 and 190,000 tonnes of zinc in zinc concentrate and Rosebery
is expected to produce between 55,000-65,000 tonnes of zinc in zinc concentrate in 2022.
• The recent level of COVID-19 infection from the Omicron variant is currently impacting the availability of employees
and contractors at all sites. While hospitalisation rates remain very low and hygiene, access and testing protocols
have been adapted to the high transmissibility of the variant, production impacts remain possible over the coming
weeks and months.
COMMODITY PRICES, MARKETING AND SALES

COMMODITY PRICES, MARKETING AND SALES
QUARTER-AVERAGE QUARTER CLOSE
Q4 2021 Q3 2021 Q4 2020 Q4 2021 Q3 2021 Q4 2020
Metal Price
Copper (US$/lb) 4.40 4.25 3.25 4.40 4.10 3.51
Gold (US$/oz) 1,795 1,789 1,875 1,820 1,736 1,891
Lead (US$/lb) 1.06 1.06 0.86 1.06 0.96 0.89
Molybdenum (US$/lb) 18.88 19.06 9.01 18.70 18.45 10.03
Silver (US$/oz) 23.33 24.36 24.39 23.09 21.53 26.49
Zinc (US$/lb) 1.53 1.36 1.19 1.65 1.37 1.24
Sources: zinc, lead, and copper: LME*1 cash settlement price; Molybdenum: Platts; gold and silver: LBMA.
Copper prices and copper concentrate market

LME daily official settlement prices peaked at US$10,652/t on 19 October 2021 and averaged US$9,699/t for the fourth
quarter of 2021 (+3.5% QoQ). Stronger prices were supported by a recovery in demand, particularly ex-China, along
with ongoing mine disruptions and a sharp decline in visible inventories.
In the copper concentrate market, Freeport McMoRan and Jiangxi Copper were widely reported to have settled
negotiations for 2022 treatment and refining charges (TC/RCs) at US$65/t & 6.5c/lb. Antofagasta and other major
Chinese buyers, including Tongling Nonferrous Metals, China Copper, and Jinchuan are reported to have followed this
settlement. These prices represent a 9% increase on 2021 levels and will be the first rise in benchmark TC/RCs for seven
years.
Zinc and lead prices and concentrate market

The LME zinc price increased by over 30% in 2021, making zinc the second-best performer among all LME metals for
the year. Several factors are underpinning the historically strong zinc price. Fundamentally, the zinc metal market was
in a supply deficit during 2021. Trafigura announced in December that they will close Nyrstar’s 160ktpa Auby zinc smelter
in France due to high power prices. This followed the announcement from Glencore in November that it was placing its
135ktpa Portovesme zinc smelter in Italy on indefinite care and maintenance also due to high power prices. These
smelter closure announcements sent the zinc price significantly higher during the December quarter on the expectation
that supply cutbacks would exacerbate the metal supply deficit.
Demand for zinc is strong and analysts forecast that demand will further accelerate during 2022 as economies recover.
Mine supply has also been impacted with Boliden suspending production at its Tara underground zinc mine in Ireland
(Europe’s largest zinc mine). Protests and blockades at Peruvian zinc mines continue to highlight further mine supply
risks in South America.
The LME lead price also performed strongly during 2021, closing up 20% over the year. The lead price continues to be
supported by the metal’s fundamentals especially as the December quarter is traditionally the seasonal period of peak
lead demand. A number of lead mines in Peru suspended their mine production during the December quarter due to
protestor blockades, raising further concerns on mine supply given Peru is the world’s 5th largest lead miner. Continued
lead concentrate supply tightness, curtailed lead smelter production (due to power supply issues in China), and falling
LME lead stocks are expected to continue to provide fundamental support to the lead price.
1
LME (London Metal Exchange) data is used in this report under licence from LME; LME has no involvement and accepts no responsibility to
any third party in connection with the data; and onward distribution of the data by third parties is not permitted.
The market for zinc and lead concentrates remained tight in the December quarter. Zinc treatment charges continued
to trade around the US$80/t level during the quarter, consistent levels for the entire 2021 and well below the annual
benchmark level of US$159/t. While the announced smelter closures in Europe have seen some concentrate released to
the market, the impacts of this have been offset by the mine supply issues in Europe and South America as mentioned
above. Strong zinc and lead metal demand and high metal prices will continue to encourage smelters to increase their
metal production thus maintaining the already strong concentrate demand.
Provisional Pricing
The following table provides a summary of the metal that was sold but which remains provisionally priced at the end of
December 2021 and the month that final average pricing is expected to occur at the time of final invoicing.
Payable Metal Quantity (Open QP)

Jan-22 Feb-22 Mar-22 Apr-22 Grand Total
Copper (tonnes) 19,665 17,279 23,494 60,439

Gold (ounces) 1,498 3,335 2,919 7,752
Lead (tonnes) 1,785 2,178 2,391 6,353
Molybdenum (pounds) 602 108 45 46 801
Silver (ounces) 191,265 317,388 401,406 910,059
Zinc (tonnes) 12,931 117 12,305 25,354
OPERATIONS
LAS BAMBAS
LAS BAMBAS
4Q21 4Q21 YTD21
4Q21 YTD21
vs 4Q20 vs 3Q21 VS YTD20
Copper (tonnes) 65,349 -31% -18% 290,097 -7%
Molybdenum (tonnes) 924 -30% -33% 4,985 57%
Fourth quarter and 2021 performance

Copper production of 65,349 tonnes in the fourth quarter 2021 was 31% lower than the prior-year comparative period,
with operations significantly impacted by community roadblocks. These roadblocks, a result of community negotiations
for business opportunities and additional contributions, restricted inbound and outbound logistics and people
movement, and ultimately forced a complete shutdown from mid-December (refer to previous HKEX announcements
on 16 December 2021 and 3 January 2022). Roadblocks were removed after a joint meeting of community members,
the Government and Las Bambas on 30 December 2021. The mine has since returned to full capacity in January 2022.
Due to the logistics shutdown, inventory levels on site increased to around 60,000 tonnes of copper metal (contained
in concentrate) as at 31 December 2021. Current logistics capacity should enable this stockpiled copper concentrate to
be drawn down and shipped in the first half of 2022, subject to there being no prolonged disruptions over this period.
Operational performance of the plant remained strong in 2021, with throughput 7% higher and recovery rates stable
year on year. Copper production (290,097 tonnes) was 7% below 2020 however, due to lower average mill feed grades
(0.69% vs. 0.79%), as permitting delays restricted planned access to higher grade Chalcobamba ores. Overall, 2021
production was significantly below plan following over 100 days of community roadblocks that restricted availability of
critical inputs periodically throughout the year.
Molybdenum production for 2021 was 57% higher than the prior year due to the positive impact from the plant
debottlenecking work that was completed in June 2020.
Full-year C1 costs of US$1.02/lb were at the low end of the guidance range, and broadly in line with 2020 levels. Stable
costs were a function of the ongoing deferral of planned project spending, including Chalcobamba development costs,
strong cost controls and higher by-product credits (particularly Molybdenum) offsetting cost pressures associated with
increased milling volumes, lower grades, higher social costs and consumables prices.
Community Update
Community blockades that impacted 2021 operations took place on a public road in the Chumbivilcas province, 200km
away from the Las Bambas operation. These blockades were in relation to demands for a large number of logistics
transport contracts, as well as demands for the Government classification of these communities as an area of direct
influence.
On 30 December 2021, a joint meeting, which was attended by Company representatives, officials from the national,
regional and local governments, elected and community representatives, was held in the Chumbivilcas province.
Following the meeting, agreements have been established to allow for ongoing government-led dialogue with the
communities. The mine then returned to capacity in January 2022 and concentrate transport was also restored to normal.
Planned dialogue continues throughout January with a number of communities along the logistics corridor. At a meeting
on 20 January 2022, agreement was reached with a number of communities in Chumbivilicas for integration into the Las
Bambas value chain and discussion continues to create zones of special interest for social development investment. The
most recent disruptions bring total days of transport lost since the commencement of concentrate transport in early
2016 to over 400 days. While MMG remains committed to pursuing constructive dialogue, the actions of external agents,
disproportionate demands on the Company and an inability to reach enduring agreements continue to limit Las Bambas’
operations, future investment and economic contribution to regional communities and the Peruvian economy.
Further information about Las Bambas’ concentrate logistics and its contribution to local development, as well as how
it is managing social and community engagement can be found at www.wemineforprogress.com.
2022 Outlook
Subject to Government permits and approvals and community negotiations, development of the Chalcobamba pit at
Las Bambas is expected from mid-2022, followed by first production during the second half. Las Bambas production for
2022 is expected to be in the range of 300,000 to 320,000 tonnes of copper in concentrate, subject to the timing of the
Chalcobamba approvals.
C1 unit cost guidance of US$1.30-1.40/lb for 2022 represents a significant increase on 2021. Higher cost guidance is
due to a number of factors including:
• Project development expenses that have been deferred from previous years, including pre-stripping at
Chalcobamba;
• the likelihood of an industry standard bonus payment linked to labour contract negotiations scheduled for the
first half of 2022;
• lower capitalised mining costs relative to 2021;
• increased material movement and consumables and energy usage as well as higher consumables and energy
prices;
• lower budgeted contribution from by-product credits; and
• higher TC/RCs and selling costs.
From 2023 onwards, Las Bambas is expected to benefit from the development of Chalcobamba, investment in the new
mine fleet and the third ball mill, resulting in higher production rates than the 2020 to 2022 period. This is expected to
partly offset the impact of the higher C1 costs expected in 2022.
KINSEVERE
KINSEVERE
4Q21 4Q21 YTD21
4Q21 YTD21
Copper Cathode (tonnes) 11,223 -36% -4% 48,017 -33%

Kinsevere produced 11,233 tonnes of copper cathode in the fourth quarter of 2021 and 48,017 tonnes for the full year.
As previously advised, mining activity at Kinsevere stopped in the fourth quarter of 2020 as the site continues to prepare
for the transition to mining and processing of the sulphide ore body. In the meantime, plant feed is reliant on medium
and low-grade ore stockpiles and supplemented by higher-grade third-party ores, with an average feed grade of 2.00%
in 2021 compared to 3.08% in 2020.
Despite the lower feed grades, processing plant performance remained very strong, with an average recovery rate of
96.6%, compared with 95.4% in 2020. The 2021-full-year C1 costs were US$1.95/lb, below the prior guidance range with
mining activity yet to resume.
2022 outlook
Copper cathode production for 2022 is expected to be in the range of 45,000-50,000 tonnes. Mining of the remaining
oxide reserves is expected to resume in April 2022 following the wet season. This will improve the average plant feed
grade, however, plant feed will continue to be supplemented by the lower grade remaining stockpiles and 3rd party
ores, particularly during the first quarter of 2022.
MMG maintains a positive outlook for the Kinsevere expansion project and is progressing the feasibility study for the
addition of sulphide ore and a cobalt processing circuit. An investment decision is expected in the first quarter of 2022.
The project is progressing with the team currently undertaking early site works and detailed engineering in anticipation
of project approval. The expansion will extend Kinsevere’s mine life, see a return to higher copper production volumes
in future years and add cobalt production to MMG’s portfolio.
Reflecting the resumption of mining activity during the year, 2022 C1 costs are expected to be between US$2.50 and
US$2.80/lb.
MMG will continue to invest in regional exploration programs focusing on proving up discoveries within a close
operating radius of the Kinsevere mine.
DUGALD RIVER
DUGALD RIVER
4Q21 4Q21 YTD21
4Q21 YTD21
Contained metal in concentrate
Zinc (tonnes) 42,869 -18% -11% 180,313 1%
Lead (tonnes) 4,919 -35% -10% 20,361 -15%

Dugald River produced 42,869 tonnes of zinc in zinc concentrate and 4,919 tonnes of lead in lead concentrate during
the fourth quarter of 2021. This is a reduction in metal production for both zinc and lead on the third quarter due to
lower milled throughput (-8%) from a planned shutdown in November. Full year zinc production of 180,313 tonnes was
a record and was 1% above the prior year. This is due to improved stope performance, with higher mined grade (11.0%
vs. 10.6%) and lower mined tonnes coupled with strong plant performance with improved recovery rates (87.9% vs.
86.8%) compared to 2020. On a zinc equivalent basis, production exceeded 200,000 tonnes for the second consecutive
year.
The 2021 full year C1 cost was US$0.67/lb, in line with guidance and lower than 2020. Lower costs were a reflection of
the significant reduction in 2021 treatment charges, higher production rates, cost control and higher lead prices.
2022 outlook
Preliminary production guidance for Dugald River in 2022 is between 170,000 and 190,000 tonnes of zinc in zinc
concentrate, which is a wider range than the prior-year guidance to reflect the current uncertainties associated with the
escalating COVID situation in Queensland and the potential impact this could have on staff availability. Reflecting the
wider production guidance range, C1 costs are expected to be in the range of US$0.70-0.80/lb. Cash production
expenses are expected to increase slightly due to higher prices for energy and consumables. C1 costs also remain
sensitive to zinc treatment charges and lead and silver by-product prices, and this may provide a tailwind to full year C1
costs if current levels continue to prevail.
Resource conversion and near-mine exploration drilling will continue to support the planned early-stage expansion
studies.
ROSEBERY
ROSEBERY
4Q21 4Q21 YTD21
4Q21 YTD21
Contained metal in concentrate
Zinc (tonnes) 18,529 3% 38% 69,454 3%
Lead (tonnes) 6,269 2% 21% 25,053 8%
Copper (tonnes) 422 -4% 54% 1,567 2%

Rosebery produced 18,529 tonnes of zinc in zinc concentrate and 6,269 tonnes of lead in lead concentrate during the
fourth quarter of 2021. This was a 38% and 21% improvement on the third quarter of 2021 respectively, reflecting higher
ore grades and a return to normal mining activity after a rockfall impacted the third quarter.
Full year zinc production of 69,454 tonnes was 3% above 2020 and at the upper end of 2021 guidance. On a zinc
equivalent basis, production was 157,482 tonnes, 11% higher than 2020. Declining ore grades were offset by higher
recoveries and increased mining and plant throughput.
Precious metal production for the year totaled 14,468 ounces of gold and 7,030 ounces of silver, both an increase on
2020 results and resulting in C1 costs of negative (US$0.34/lb).
2022 outlook
Rosebery is expected to produce between 55,000-65,000 tonnes of zinc in zinc concentrate in 2022 at a C1 cost of
US$0.00 to 0.15/lb. This guidance range reflects longer-term grade declines, lower by-product credits and higher costs
associated with operating at depth as well as increasing energy prices. Similar to Dugald River, full year C1 costs remain
highly sensitive to prevailing treatment charges and by-product prices.
Resource extension and near-mine exploration continue, with results indicating further extensions to the resource and
mine life. As a result, the Company is currently investigating the potential for short-term capacity increases at existing
tailings storage facilities while studying and permitting a proposed site for a new tailings storage facility to support an
extended life of mine.
GEOSCIENCE AND DISCOVERY

Las Bambas
Drilling continued during the fourth quarter of 2021 on near-surface, skarn and porphyry copper mineralisation at the
Chalcobamba Southwest Zone as well as along the southern margin of the Chalcobamba Deposit. Drilling was also
performed at both the Ferrobamba South, Ferrobamba Deeps and Chalcobamba Deeps targets. All core has been
logged and is in the process of being assayed. The analytical results for this drilling will be reported separately.
Chalcobamba Southwest Zone
Drilling continued at the Chalcobamba Southwest Zone, located immediately southwest of the current Chalcobamba
Ore Reserve pit (Figure 1). Two drill holes were completed for a total of 565 metres in the fourth quarter.
Chalcobamba South
Six drill holes were completed at Chalcobamba South for a total of 1,928 metres. This drilling is targeting the extension
of mineralization along the southern edge of the future Chalcobamba pit.
Chalcobamba Deeps
One drill hole was completed at Chalcobamba Deeps for a total of 258 metres. This drilling targets the extension of
mineralization below the currently defined open pit at Chalcobamba.
Ferrobamba South
Six drill holes (2,512 meters) were completed at the Ferrobamba East project targeting breccias associated with elevated
levels of gold, silver, copper, molybdenum, lead and zinc in surface rock and soil samples.
Ferrobamba Deeps
1,013 meters of drilling were completed on three drill holes at the Ferrobamba Deeps target. This drilling was designed
to test the depth projection of higher-grade mineralization currently being mined by the open pit. The targeted
mineralization could serve to deepen the open pit or provide future ore for UG mining activity. A Proof of Concept Study
for potential UG mining at Ferrobamba Deeps is underway and will be completed in the first half of 2022.
Figure 1. Outline of Las Bambas Mining Concessions highlighting the location of Reserves and Resources as well as the Chalcobamba
Southwest Zone, Chalcobamba South, Ferrobamba Deeps and Ferrobamba East and South exploration areas.
Kinsevere
In the fourth quarter of 2021, exploration activities continue to focus on the development of the satellite copper deposits
within a roughly 50km radius of the Kinsevere Mine (“RAD50) that may be suitable for economic exploitation and
processing at the Kinsevere plant. Exploration activities included resource delineation drilling at Sokoroshe 2 and Mwepu
projects, and prospect testing drilling at Shandwe and Tumbwe projects.
The drilling campaign commenced in late September 2021 in the four projects using two drilling contractors.
Figure 2: Location map for the 2021 DRC projects.
Sokoroshe II – PE538
The Sokoroshe satellite orebody has combined Indicated and Inferred oxide and sulphide Mineral Resources of 3.2
million tonnes @1.9% Cu and 0.46% Co. 2,450 meters of Diamond Drilling was completed in 2021 to delineate the
extension of the southern orebody which is offset from the main orebody by an East-North-East structure with a down
throw movement of the southern orebody. The southern orebody is cobalt-rich and expected to significantly increase
the overall Sokoroshe II Cu and Co resource.
All the completed holes show good preliminary copper and cobalt assay results from the handheld XRF machine and
assay results are pending.
Mwepu – PE1052
The 2021 exploration activities consisted of Scoping Study and drilling to improve the confidence level of the Indicated
Mineral Resources reported in 2020. 2,240 meters of Diamond Drilling was completed into infill zones of high-grade Cu
variability to upgrade the Inferred Mineral Resource to Indicated. Most holes intersected copper mineralisation. Full
assay results are pending.
Shandwe – PE7571
In 2020, initial drilling campaigned at Shandwe returned economic to sub-economic copper intercepts. In 2021, 3,200
meters of Reverse Circulation (RC) drilling was completed to determine the extension of mineralization and search for
thicker and high-grade zones. The drilling program is ongoing.
Dugald River
In-Mine Resource
In-mine drilling continued through the fourth quarter focused on resource delineation deeper in the mine into Panels
4D to 6D and 5B to 6B. Drilling target spacing aimed at conversion from Indicated to Measured Resource.
Near-mine Growth
Surface growth drilling continued in the fourth quarter of 2021. Drilling targeted the extension of the known zinc-lead-
silver (Zn-Pb-Ag) Dugald River lode and local copper mineralisation. Three drill holes tested the edges of the northern
and southern deep flank of the Inferred zine-lead-silver Resource. Four drill holes tested deep sections of the southern
flanks outside the Inferred Zn-Pb-Ag Resource. These holes served dual purposes; to fill data gaps in the Inferred
Resource and extend it, and to test the limestone lithology boundary for planned and future mine development.
Rosebery
In-mine drilling completed in the fourth quarter focused on resource conversion, resource delineation and resource
extension drilling. Significant intercepts and drill hole locations of returned assays are highlighted in Figure 3. Resource
extension programs in the J, K, U, V South and Northern Deeps; resource delineation for the U and Z Lenses; resource
conversion for the P Lens continues. The addition of a fifth diamond drill rig in November 2021 allowed greater flexibility
for target generation. Prospect testing from surface drilling targeting the Marionoak domain concluded for the year
with results to be compiled over the next quarter.
Figure 3: Rosebery Mine - Looking west showing locality of holes drilled during the quarter and significant intercepts (red discs) with
topography and mined development (blue).
CORPORATE UPDATE
CHANGE OF CEO AND CHAIRMAN
MMG’s Board announced that with effect from 5 January 2022:
(i) Mr Gao Xiaoyu (Geoffrey) resigned as the CEO of the Company and an Executive Director. Mr Gao will
return to a role with China Minmetals Corporation (CMC) in Beijing;
(ii) Mr Li Liangang has been appointed as the Interim CEO of the Company and an Executive Director. Mr Li
has served on the Executive Committee of the Company since January 2020 in his capacity as the Executive
General Manager - Commercial and more recently as Executive General Manager – Australia and
Commercial with responsibilities for the Dugald River and Rosebery operations and Australia support
functions and Supply and Marketing;
(iii) Mr Guo Wenqing has resigned as the Chairman of the Company and as a Non-executive Director, in order
to focus on his other duties as the President of CMC; and
(iv) Mr Jiao Jian (Jerry) has been appointed as the Chairman of the Company. Mr Jiao has been a Director since
2010, including stints as Executive Director and the CEO of the Company from February 2017 to July 2018,
and the Chairman of the Company from August 2014 to February 2017.
A permanent appointment to the CEO role will be determined in due course and the Company will make further
announcements in accordance with the Listing Rules.
SIGNING OF DEED OF RELEASE IN RELATION TO DISPOSAL OF THE CENTURY MINE AND PROFIT
IMPACT
On 25 November 2021, MMG announced the cancellation and return of the bank guarantee in relation to the disposal
by the Group of the Century Mine (Disposal) dated 28 February 2017. The value of the supported bank guarantees that
remained outstanding at the time of the announcement was A$181,291,150.06.
The followed a significant refinancing by New Century Resources that enabled it to replace the MMG supported bank
guarantees with alternate third-party financiers.
As a result of the cancellation and return of the bank guarantees, MMG will report a Net Profit After Tax benefit of
US$136.3 million in 2021.
RENEWABLE ENERGY TO CUT DUGALD RIVER EMISSIONS

On 1 November 2021, MMG advised that its Dugald River mine in Australia has entered into a long-term solar offtake
agreement with energy provider, APA Group.
The solar agreement will supply the Dugald River mine with renewable energy to reduce its carbon footprint and provide
immediate energy cost savings once operational in early 2023. The 44MW solar farm will be built and operated by APA
Group at Mica Creek in Mount Isa, Queensland.
The provision of renewable energy will provide both environmental and economic benefits, reducing energy-related
emissions by approximately 33 percent, and allowing the business to investigate options for future growth and asset
planning.
The new agreement further supports MMG’s commitment to supporting the global transition to a low carbon economy
with the Company’s key products, copper and zinc, playing a critical role in the development of sustainable technologies
such as solar panels, wind turbines, electric vehicles and batteries.
VOLUNTARY ANNOUNCEMENT LAS BAMBAS TAX UPDATE

On 16 October 2020, MMG announced that the Company’s subsidiary, Minera Las Bambas S.A. (MLB), received notice
from the Peru Tax Court of a judgment upholding the assessment by the National Superintendence of Tax
Administration of Peru (SUNAT) that approximately US$185 million of value-added tax (VAT), penalties and interest has
been assessed in respect of the 2011 and 2012 financial years when the Las Bambas mine was under the ownership of
Glencore plc. The Peru Tax Court has confirmed that US$170,660,389 is payable and subject to coercive enforcement
(Amount Payable).
SUNAT has collected the Amount Payable.
MLB has appealed the initial Tax Court decision to the judiciary. This appeal is ongoing, and it is noted that appeals in
the Peruvian Judiciary System may take several years to resolve.
The Amount Payable relates to the pre-closing period under the Share Purchase Agreement entered into with Glencore
plc in respect of the Las Bambas Project in July 2014 and the Company may seek reimbursement of some or all of the
amount from Glencore plc by way of indemnity or warranty claims under that agreement once the matter is finally
determined by the Peruvian judiciary.
-ENDS-
CORPORATE DETAILS
MELBOURNE OFFICE
Level 23, 28 Freshwater Place, Southbank
Victoria 3006, Australia
T +61 3 9288 0888
HONG KONG OFFICE

Unit 1208, 12/F, China Minmetals Tower
79 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong
T +852 2216 9688
POSTAL ADDRESS
GPO Box 2982, Melbourne, Victoria, 3001, Australia
MMG LIMITED EXECUTIVE COMMITTEE

LI Liangang, Interim Chief Executive Officer and Executive Director
Ross CARROLL, Chief Financial Officer
Troy HEY, Executive General Manager – Corporate Relations
WEI Jianxian, Executive General Manager – Americas
SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Hong
Kong
IMPORTANT DATE
24 March 2022– Annual Results Announcement
For details please contact Corporate Relations below.
INVESTOR AND MEDIA ENQUIRIES

Brent WALSH
Head of Corporate Development and Investor Relations
T +61 3 9284 4170
E InvestorRelations@mmg.com
Andrea ATELL
Head of Corporate Affairs
T +61 3 9288 0758
E CorporateAffairs@mmg.com
Chinese Language:
Sandra GUAN
General Manager Stakeholder Relations
T +61 3 9288 0443
E ChinaRelations@mmg.com
APPENDIX – GUIDANCE
2022 GUIDANCE SUMMARY
2022 GUIDANCE 2021 ACTUAL
Las Bambas
Copper – production 300,000-320,000 tonnes 290,097 tonnes

Copper – C1 costs US$1.30 - US$1.40 / lb US$1.02 / lb
Dugald River
Zinc – production 170,000 - 190,000 tonnes 180,313 tonnes

Zinc – C1 costs US$0.70 - US$0.80 / lb US$0.67 / lb
Kinsevere
Copper – production 45,000 - 50,000 tonnes 48,017 tonnes
Copper – C1 costs US$2.50 - US$2.80 / lb US$1.95 / lb
Rosebery
Zinc – production 55,000 - 65,000 tonnes 69,454 tonnes
Zinc – C1 costs US$0 - US$0.15 / lb US$-0.34 / lb
APPENDIX – PRODUCTION RESULTS

LAS BAMBAS
QUARTER ENDED FULL YEAR
DEC 2020 MAR 2021 JUN 2021 SEP 2021 DEC 2021 2021 2020
Ore mined - copper tonnes 20,117,301 13,850,211 19,476,861 15,615,355 10,936,374 59,878,802 57,999,845
Ore milled - copper tonnes 12,826,088 12,206,629 12,914,029 12,473,406 10,882,735 48,476,799 45,184,395
Waste movement tonnes 34,793,489 35,254,426 35,256,793 37,875,223 26,616,934 135,003,377 137,484,467
COPPER
Ore mined - grade % 0.71 0.57 0.63 0.66 0.67 0.63 0.73
Ore milled - grade % 0.86 0.63 0.72 0.74 0.68 0.69 0.79
Recovery % 86.5 84.5 87.0 88.5 87.2 86.9 87.0
Production
Copper concentrate tonnes 269,420 196,436 240,113 232,164 194,342 863,056 892,851
Grade % 35.4 32.8 33.4 34.5 33.6 33.6 34.8
Containing tonnes 95,236 64,401 80,241 80,106 65,349 290,097 311,020
Sales
Total concentrate sold tonnes 277,498 216,773 287,918 208,221 109,897 822,809 903,531
Payable metal in
93,594 70,426 95,055 70,175 36,643 272,299 304,266
product sold tonnes
GOLD & SILVER

Payable metal in
17,808 13,520 21,287 16,250 8,615 59,673 72,860
product sold - gold oz
Payable metal in
1,251,480 877,350 1,312,009 914,837 476,990 3,581,185 4,092,872
product sold - silver oz
MOLYBDENUM
Production
Molybdenum
concentrate tonnes 2,777 2,387 3,278 2,838 1,969 10,471 6,667
Grade % 47.3 47.1 47.9 48.2 46.9 47.6 47.5
Contained metal
produced tonnes 1,315 1,123 1,570 1,369 924 4,985 3,167
Sales
Total product sold tonnes 2,686 2,506 3,113 2,506 2,268 10,394 5,482
Payable metal in
product sold tonnes 1,282 1,183 1,469 1,190 1,093 4,935 2,609
KINSEVERE
Ore mined - copper tonnes 0 20,075 0 0 0 20,075 1,925,609
Ore milled - copper tonnes 641,004 552,631 624,463 619,922 651,501 2,448,517 2,448,852
Waste movement tonnes 0 0 0 0 0 0 8,773,208
COPPER
Ore mined - grade %

- 3.81 - - - 3.81 2.52
Ore milled - grade %

2.82 2.37 2.15 1.87 1.66 2.00 3.08
Recovery % 96.4 95.5 96.5 97.8 96.9 96.6 95.4
Production
Contained metal
tonnes 17,479 12,490 12,632 11,671 11,223 48,017 72,007
produced - cathode
Sales
Total product sold -
tonnes 17,228 12,278 12,389 11,555 11,104 47,325 70,787
cathode
Payable metal in
product sold - tonnes 17,228 12,278 12,389 11,555 11,104 47,325 70,787
cathode
DUGALD RIVER
Ore mined tonnes 495,458 449,772 434,985 508,561 469,544 1,862,862 1,982,988
Ore milled tonnes 529,499 501,149 399,805 515,799 474,948 1,891,701 1,958,672
ZINC
Ore mined - grade % 11.0 11.6 11.4 10.5 10.3 11.0 10.6
Ore milled - grade % 11.2 11.0 11.4 10.7 10.4 10.8 10.5
Recovery % 88.2 88.8 87.9 87.8 86.9 87.9 86.8
Production
Zinc concentrate tonnes 105,701 97,715 79,048 96,482 85,983 359,228 361,843
Grade % 49.6 50.2 50.6 50.1 49.9 50.2 49.1
Sales
Payable metal in product
tonnes 43,187 37,355 41,660 39,839 35,138 153,992 152,573
sold
LEAD
Ore mined - grade % 2.2 1.9 1.8 1.6 1.6 1.7 1.9
Ore milled - grade % 2.2 1.8 1.7 1.7 1.7 1.7 1.9
Recovery % 64.8 62.5 61.9 63.8 62.4 62.7 65.3
Production
Lead concentrate tonnes 14,378 10,267 7,675 9,603 9,609 37,155 43,882
Grade % 52.9 55.3 55.8 57.1 51.2 54.8 54.3
Sales
tonnes 6,966 5,091 5,318 5,639 2,940 18,988 23,301
sold
SILVER
Ore milled – grade g/t 55.3 47.9 31.9 33.6 41.7 39.1 56.0
oz 506,364 371,518 299,606 319,884 193,171 1,184,179 1,583,186
sold
ROSEBERY
Ore mined tonnes 266,453 246,416 259,574 234,426 263,752 1,004,168 991,124
Ore milled tonnes 242,644 228,317 286,028 243,039 265,103 1,022,487 979,718
ZINC
Ore mined - grade % 8.7 8.7 7.2 7.0 8.7 7.9 8.3
Ore milled - grade % 8.8 9.9 7.5 6.6 8.1 8.0 8.1
Recovery % 84.5 85.7 83.9 83.8 86.4 85.0 84.4
Production
Zinc concentrate tonnes 33,578 36,629 33,472 24,252 34,368 128,721 125,064
Grade % 53.5 52.8 54.1 55.5 53.9 54.0 53.9
Sales
Payable metal in product sold tonnes 17,048 13,619 15,566 15,698 13,323 58,206 62,170
LEAD
Ore mined - grade % 3.1 3.1 3.1 2.7 3.3 3.0 3.3
Ore milled - grade % 3.5 3.7 3.0 2.7 2.9 3.1 3.3
Recovery % 73.1 80.3 79.4 80.1 80.3 80.0 72.2
Production
Lead concentrate tonnes 10,145 11,515 11,120 8,445 9,989 41,068 38,061
Grade % 60.5 58.6 61.7 61.3 62.8 61.0 61.1
Sales
Payable metal in product sold tonnes 7,050 3,828 9,355 6,303 5,333 24,820 21,787
ROSEBERY (continued)
Ore mined tonnes 266,453 246,416 259,574 234,426 263,752 1,004,168 991,124
Ore milled tonnes 242,644 228,317 286,028 243,039 265,103 1,022,487 979,718
OTHER METALS
Ore milled - gold g/t 1.6

1.6 1.6 1.4 1.5 1.5 1.6
Ore milled - silver g/t

128.7 129.8 119.7 95.3 110.5 113.8 122.2
Ore milled - copper %
0.28 0.34 0.26 0.19 0.23 0.25 0.25
Production
Precious metals
tonnes 2,576 2,580 2,497 1,700 2,407 9,183 8,823
concentrate
Containing - copper tonnes 440 437 434 274 422 1,567 1,537
Containing - gold oz 4,929 4,241 5,211 3,634 4,844 17,930 20,079
Containing - silver oz 498,139 383,904 491,343 331,316 451,125 1,657,688 1,735,261
Gold doré oz 5,484 4,433 8,360 6,101 5,974 24,867 18,012

Containing - gold oz 3,279 2,372 4,864 3,647 3,585 14,468 10,636
Containing - silver oz 1,941 1,218 2,890 2,164 757 7,030 6,137
Sales
Precious metals
tonnes 2,405 2,799 3,263 1,771 2,087 9,921 9,261
concentrate sold
Gold doré sold oz

4,416 4,812 7,057 6,235 4,982 23,086 16,658
Payable metal in
oz 391 460 528 291 334 1,613 1,562
product sold - copper
Payable metal in
oz 8,943 8,145 11,775 8,787 8,830 37,537 36,476
product sold - gold
Payable metal in
oz 783,856 534,252 945,005 673,032 704,346 2,856,635 2,742,882
product sold - silver

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no

FOURTH QUARTER PRODUCTION REPORT

By order of the Board

Hong Kong, 24 January 2022

2021 FOURTH QUARTER PRODUCTION REPORT

Copper (contained metal in concentrate, tonnes)

Las Bambas 65,349 -31% -18% 290,097 -7%

Zinc (contained metal in concentrate, tonnes)

Lead (contained metal in concentrate, tonnes)

Molybdenum (contained metal in concentrate, tonnes)

Las Bambas 924 -30% -33% 4,985 57%

COMMODITY PRICES, MARKETING AND SALES

Copper prices and copper concentrate market

Zinc and lead prices and concentrate market

Payable Metal Quantity (Open QP)

Copper (tonnes) 19,665 17,279 23,494 60,439

Fourth quarter and 2021 performance

Copper Cathode (tonnes) 11,223 -36% -4% 48,017 -33%

Fourth quarter and 2021 performance

Fourth quarter and 2021 performance

Fourth quarter and 2021 performance

GEOSCIENCE AND DISCOVERY

Figure 2: Location map for the 2021 DRC projects.

RENEWABLE ENERGY TO CUT DUGALD RIVER EMISSIONS

VOLUNTARY ANNOUNCEMENT LAS BAMBAS TAX UPDATE

HONG KONG OFFICE

MMG LIMITED EXECUTIVE COMMITTEE

INVESTOR AND MEDIA ENQUIRIES

Copper – production 300,000-320,000 tonnes 290,097 tonnes

Zinc – production 170,000 - 190,000 tonnes 180,313 tonnes

APPENDIX – PRODUCTION RESULTS

Recovery % 86.5 84.5 87.0 88.5 87.2 86.9 87.0

Grade % 35.4 32.8 33.4 34.5 33.6 33.6 34.8

Containing tonnes 95,236 64,401 80,241 80,106 65,349 290,097 311,020

GOLD & SILVER

Ore mined - grade %

Ore milled - grade %

Ore milled - gold g/t 1.6

Ore milled - silver g/t

Gold doré oz 5,484 4,433 8,360 6,101 5,974 24,867 18,012

Gold doré sold oz

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