Acquisition of Khoemacau

Transaction accretive to MMG across a range of metrics CuEq production (ktpa)1 490 +30% 635 C1 cash cost (US$/lb CuEq)² -6% 2.06 1.93 MMG MMG Proforma (post-expansion) MMG MMG Proforma (post-expansion) EV/ Resource (US$/t CuEq)4 EV/EBITDA (x)³ 5.6x MMG 4.3x VS Implied acquisition multiple (post- expansion) 420 MMG VS 265 Implied acquisition multiple Notes: All financial metrics are shown on a 2023 real basis. MMG Proforma production based on MMG 2023 production guidance and Khoemacau post-expansion production (midpoint of 135-155ktpa CuEq). 2. MMG C1 costs based on MMG 2023 C1 cost guidance and production guidance for Las Bambas, Kinsevere, Dugald River and Rosebery. MMG Proforma C1 includes Khoemacau post-expansion C1 cost on a post by-product and pre silver stream basis. 3. MMG EBITDA based on MMG broker consensus estimates for 2023 and Khoemacau post-expansion Enterprise Value includes Expansion Growth Capex of -US$720m. 4. Khoemacau's implied acquisition multiple is based on Mineral Resources as published by Khoemacau and associated Copper Equivalent calculations based on MMG commodity price assumptions outlined in the 30 June 2022 Mineral Resources and Reserves Report. 10 M MMG

View entire presentation