Acquisition of Khoemacau

2 Bottom-half C1 cost curve position Further upside from optimisation Leverage MMG's competitive advantage with China sourcing & Chinese technology deployment Solar power potential is an opportunity to reduce carbon footprint and costs Regional synergies with Kinsevere operations and existing Johannesburg office Potential for improved offtake terms once Trafigura contract expires in August 2024 Established MMG Value C1 cash cost curve position (US$/lb)¹ C1 cash cost (US$/lb) 700 1st quartile 2nd quartile 3rd quartile 4th quartile 600 500 400 300 Khoemacau: US$1.45-1.65/lb² Post-expansion 200 100 Optimisation process can be applied Greater financial resources to 0 fund drilling and mine optimisation activities 1,000 Notes: 1. Wood Mackenzie 2028 Copper Cost Curve. Costs are shown on a 2023 real basis. 2. Khoemacau C1 costs on a post by-product and pre silver stream basis. 17 2,000 3,000 Paid Metal (Mlbs) I 4,000 W MMG

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