Acquisition of Khoemacau

Disclaimer Disclaimer The information in this investor presentation (this "Presentation") is prepared by MMG Limited (HKEx stock code: 1208) ("MMG", together with its subsidiaries, the "MMG Group"). The sole purpose of this Presentation is for informational purposes only to provide summary information about the MMG Group and its proposed acquisition (the "Acquisition") of Cuprous Capital Ltd (the "Target"), the owner of the Khoemacau Copper Mine. It should not be used in whole or in part for any other purpose. Recipients of the information in this Presentation must not copy, reproduce, distribute or pass to any other person at any time the information in this Presentation. This Presentation and the information contained in it does not constitute an offer, solicitation, invitation or recommendation to subscribe for or purchase any securities, or other products or to provide any investment advice or service of any kind. This Presentation is solely intended for distribution to and use by professional investors. The information set out in this Presentation will not form the basis of any contract and should not be relied on in relation to any contract or commitment. This Presentation contains only summary information and does not purport to be comprehensive. This Presentation does not constitute disclosure by MMG Group required under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. All information contained in this Presentation has been provided to MMG and each of Macquarie Capital Limited and Citigroup Global Markets Asia Limited as advisors of MMG (collectively, the "Advisors") by third party sources. Such information has not been independently verified by MMG and/or the Advisors. Industry and market data In this Presentation, we rely on and refer to information and statistics and other industry data. We obtained this information and statistics from third-party sources, including reports by industry consultants and research firms. Neither MMG nor the Advisors has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. Forward looking statements This Presentation contains certain 'forward looking statements' and forecasts, which are based on information avail to MMG Group as at the date of this Presentation. Forward looking statements can generally be identified by the use of forward looking words such as, 'expect', 'anticipate', 'likely', 'intend', 'should', 'could', 'may', 'predict', 'plan', 'propose', 'will', 'believe', 'forecast', 'estimate', 'target' 'outlook', 'guidance' and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. The forward looking statements and forecasts contained in this Presentation are illustrative exercises made using the assumptions described herein and not guarantees or predictions of future performance. Such statements and information involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of MMG Group, and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct. A number of important factors could cause actual results or performance to differ materially from the forward looking statements, including (without limitation) geological and operational uncertainty inherent in any mining operation, future business decisions, the success or otherwise of the business strategies adopted by MMG Group and the implementation thereof, changes in the regulatory environment and markets in which MMG Group and the Khoemacau Mine operate, fluctuations in commodity prices, interest rates and changes in the availability and cost of capital, and changes in financial market and general economic conditions. Accordingly, there can be no assurance that actual outcomes will not differ materially from these forward looking statements and forecasts. Investors should consider the forward looking statements and forecasts contained in this Presentation in light of those disclosures and not place undue reliance on them. 2 Projections This Presentation contains projected financial information. Neither MMG nor the Target's independent auditors have studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this Presentation, certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of MMG's control. No representation or warranty, express or implied, is or will be given by MMG Group or the Advisors or their respective advisors, directors or employees, and no responsibility or liability or duty of care is or will be accepted by the same as to the fairness, accuracy, completeness or otherwise of this Presentation or the information or opinions contained herein or supplied herewith; or the reasonableness of any assumption contained herein. Neither MMG Group, the Advisors nor their respective advisors, directors or employees undertake to advise the recipient of any additional or updated information coming to any or all of their attention. Without prejudice to the foregoing, if the MMG Group or the Advisors or any of their respective advisors, directors or employees provide any further information, whether by way of update or otherwise, to the recipient after the date of this Presentation, the terms and conditions applying to this Presentation will apply to such further information.. To the extent permitted by law, none of MMG Group, the Advisors or their respective advisors, directors or employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement in or omission from this Presentation or in any other information. In no circumstances will MMG Group or any of its representatives, officers, subsidiaries, employees or advisors be responsible for any costs or expenses incurred by any recipient of the information in this Presentation in connection with the appraisal or investigation of the Target or arising out of the evaluation of information contained in this Presentation. Any decision to purchase securities of MMG in any public or private offering should be made solely on the basis of the prospectus to be prepared by MMG in relation to any such contemplated offering. This document contains no information or material which may result in it being deemed (i) to be a prospectus within the meaning of section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), or an advertisement or extract from or abridged version of a prospectus within the meaning of section 38B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance or an advertisement, invitation or document containing an advertisement or invitation falling within the meaning of section 103 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) or (ii) in Hong Kong to have effected an offer to the public without compliance with the laws of Hong Kong or being able to invoke any exemption available under the laws of Hong Kong, and is subject to material change without notice. The contents of this Presentation have not been reviewed or approved by any regulatory authority in Hong Kong. Recipients of information in this Presentation are advised to exercise caution. If you are in any doubt about any of the contents of this Presentation, you should obtain independent professional advice. This Presentation is not directed at, and is not intended for distribution to or use by, any person in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject MMG to any registration requirement within such jurisdiction or country. Neither MMG Group nor the Advisors accept any liability to any person in relation to the distribution or possession of the information in this Presentation in or from any jurisdiction. M MMG