Voluntary Announcement - Las Bambas Update

December 3, 2021

MMG Limited (MMG or Company) refers to its update on 30 September 2021 and subsequent update in the Quarterly Production Report on 21 October 2021 regarding approximately 20 days of transport disruption by community blockades on public roads in the Chumbivilcas province of Peru, 200km from the Las Bambas operation.

The Company advises that the ongoing dialogue to establish commercial relationships with the Chumbivilcas community organisations has so far been unsuccessful, with community members re-establishing a road blockade in November 2021. A further meeting was held on 30 November 2021 between the Government and community, however, no resolution could be reached to remove the latest road blockade due to what the Company views as excessive commercial demands.

As a result of this ongoing blockade, and the restriction of inbound and outbound logistics, Las Bambas has been forced to progressively wind down mine operations and production will cease by mid-December due to a lack of key consumables.

Stockpiles on site have now increased to around 50,000 tonnes of copper in concentrate. Copper production to end November was around 278,000 tonnes with the length of the ongoing delay and production impacts for December remaining highly uncertain.

The current blockade by communities in the remote Chumbivilcas province, approximately 200km from Las Bambas operations, brings total days transport lost since the commencement of concentrate transport in early 2016 to 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 continues to limit Las Bambas’ operations, future investment and economic contribution to regional communities and the Peruvian economy.

By order of the Board
MMG Limited
Gao Xiaoyu
CEO and Executive Director

Hong Kong, 3 December 2021