MMG 2026 Resource Report: Copper Up 1.4Mt, Zinc 0.68Mt, Silver 130Moz, Gold 1Moz; First Disclosure of Kgwêbe

On August 11, MMG, a subsidiary of China Minmetals, released its 2026 Mineral Resources and Ore Reserves Report. As of June 30, after deducting normal mine production consumption, MMG's resources of major metals including copper, zinc, silver, and gold all achieved net increases, and the report disclosed two significant resource discoveries during the year. According to the report, copper resources increased by 1.4 million tonnes, up 7% year-on-year; zinc resources increased by 0.68 million tonnes, up 6%; silver resources increased by 130 million ounces, up 23%; gold resources increased by 1 million ounces, up 26%. Molybdenum, lead, and cobalt resources increased by 15,000 tonnes, 48,000 tonnes, and 2,000 tonnes, respectively. In terms of reserves, copper reserves grew 1% to 6.254 million tonnes, zinc reserves grew 10% to 3.386 million tonnes, silver reserves grew 7% to 153 million ounces, gold reserves grew 12% to 1.3 million ounces, and molybdenum and lead reserves grew 17% and 4%, respectively.

The report disclosed for the first time exploration results from two new overseas deposits. In Botswana, a large copper-silver deposit named Kgwêbe was discovered at the Khoemacau mine, with preliminary estimates of approximately 1.4 million tonnes of copper and 90 million ounces of silver. In Nunavut, Canada, exploration at the Izok Corridor project successfully delineated the High Lake East deposit, with first-time reported mineral resources of approximately 120,000 tonnes of copper, 350,000 tonnes of zinc, 12,000 tonnes of lead, 110,000 ounces of gold, and 6.7 million ounces of silver.

MMG's global operating mines continue to conduct exploration at depth and along strike. At Las Bambas, mine planning optimization led to a net increase in copper reserves of approximately 186,000 tonnes, silver of about 11 million ounces, gold of about 140,000 ounces, and molybdenum of about 23,000 tonnes. At Dugald River, focused deep exploration added net zinc reserves of approximately 312,000 tonnes and lead of about 38,000 tonnes. At Rosebery, after three consecutive years of drilling, the Hercules deposit was re-included in mineral resources for the first time since 2015, adding approximately 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, contributing most of the mine's 2026 resource growth.