MMG : FIRST QUARTER PRODUCTION REPORT FOR THE THREE MONTHS ENDED 31 MARCH 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

MMG LIMITED

五礦資源有限公司

(Incorporated in Hong Kong with limited liability)

(STOCK CODE: 1208)

FIRST QUARTER PRODUCTION REPORT

FOR THE THREE MONTHS ENDED 31 MARCH 2021

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited (Listing Rules) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (Board) of MMG Limited (Company or MMG) is pleased to provide the First Quarter Production Report for the three months ended 31 March 2021.

The report is annexed to this announcement.

By order of the Board

MMG Limited

GAO Xiaoyu

CEO and Executive Director

Hong Kong, 22 April 2021

As at the date of this announcement, the Board comprises eight directors, of which one is an executive director, namely Mr Gao Xiaoyu; four are non-executive directors, namely Mr Guo Wenqing (Chairman), Mr Jiao Jian, Mr Zhang Shuqiang and Mr Xu Jiqing;and three are independent non-executive directors, namely Dr Peter William Cassidy, Mr Leung Cheuk Yan and Mr Chan Ka Keung, Peter.

MMG First Quarter Production Report 2021

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2021 FIRST QUARTER PRODUCTION REPORT

FOR THE THREE MONTHS ENDED 31 MARCH 2021
	1Q21		1Q21	1Q21		YTD21	YTD21
		VS 1Q20	VS 4Q20		VS YTD20
Copper (cathode, tonnes)	12,490	-31%		-29%	12,490		-31%
Kinsevere
Total	12,490	-31%	-29%	12,490	-31%
Copper
(contained metal in concentrate, tonnes)	64,401		-12%		-32%		64,401		-12%
Las Bambas
Rosebery	437	14%	-1%		437		14%
Total	64,838	-12%	-32%	64,838	-12%
Total Copper	77,328	-16%	-32%	77,328	-16%
Zinc (contained metal in concentrate, tonnes)	49,049	38%	-6%	49,049		38%
Dugald River
Rosebery	19,350	11%	8%	19,350		11%
Total	68,399	29%	-3%	68,399	29%
Lead (contained metal in concentrate, tonnes)	5,675	33%	-25%	5,675		33%
Dugald River
Rosebery	6,751	19%	10%	6,751		19%
Total	12,426	25%	-10%	12,426	25%
Molybdenum (contained metal
in concentrate, tonnes)	1,123		804%		-15%		1,123		804%
Las Bambas
Total	1,123	804%	-15%	1,123	804%

KEY POINTS

• Total recordable Injury Frequency (TRIF) for the first quarter 2021 was 0.79 per million hours worked. This represents an improvement on the full year 2020 TRIF of 1.38.
• COVID-19remains a significant health risk and priority for our employees and community. While the situation in Australia is stable, DRC and Peru are experiencing high levels of community transmission. Operations continue with strict health and hygiene controls in place.
• Total copper production of 77,328 tonnes was in line with plan despite being below prior periods. This was primarily due to lower ore grades reflecting the current phase of the Las Bambas mine plan and the processing of stockpiled ore at Kinsevere.

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• Higher production rates for both Las Bambas and Kinsevere are expected in the second half of 2021 and full year copper production guidance is maintained at between 360,000 and 390,000 tonnes.
• Total zinc production of 68,399 tonnes was 29% above the prior corresponding period as both Dugald River and Rosebery benefited from higher ore grades and strong operational performance.
• Full year zinc production guidance is maintained at between 240,000 to 260,000 tonnes.
• Fewer road disruptions allowed Las Bambas to reduce inventory on site from around 65,000 tonnes of copper in concentrate to around 37,000 tonnes over the quarter.
• Work continues to complete Government permitting and community discussions in advance of commencing development of the Chalcobamba pit at Las Bambas. Significant development of the pit is still expected to commence in the second quarter of 2021.
• Positive results continue to be achieved at drilling programs around existing operating hubs.
• MMG's positive outlook is underpinned by strong fundamentals for our core commodities and organic growth across the portfolio, with strong medium-term outlook for Las Bambas and Dugald River, anticipated approval of the next phase of development at Kinsevere, and the potential for mine life extension at Rosebery.

COMMODITY PRICES, MARKETING AND SALES

	COMMODITY PRICES, MARKETING AND SALES
	QUARTER-AVERAGE				QUARTER CLOSE
	1Q21	4Q20	1Q20	1Q21	4Q20	1Q20
Metal Price	3.86	3.25		2.56		4.01	3.51	2.18
Copper (US$/lb)
Gold (US$/oz)	1,796	1,875		1,583		1,688	1,891	1,607
Lead (US$/lb)	0.92	0.86		0.84		0.89	0.89	0.78
Molybdenum (US$/lb)	11.32	9.01		9.64		11.05	10.03	8.43
Silver (US$/oz)	26.26	24.39		16.90		24.00	26.49	13.93
Zinc (US$/lb)	1.25	1.19		0.97		1.27	1.24	0.85

Sources: zinc, lead and copper: LME cash settlement price; Molybdenum: Platts; gold and silver: LBMA.

Commodities continued to perform strongly in Q1 2021 with the expectation that stimulus measures by governments around the world as well as the transition towards electrification and renewable energy will drive base metal demand over the coming years.

The copper price reached 9-year highs during the quarter, with China's stimulus expected to spur demand over 2021, while economies outside of China begin to recover with the roll-out of COVID-19 vaccines and the US dollar remaining under pressure.

The spot copper concentrate market remained tight, with treatment charges continuing to fall during the quarter. Spot market prices trended below US$30/3.00 cents compared to the annual TC/RC benchmark price of US$59.5/5.95 cents, showing that appetite from Chinese smelters is strong.

Investor sentiment for zinc and lead is also positive, with rising infrastructure spending and manufacturing activity expected to lead to stronger zinc and lead consumption.

Spot zinc and lead concentrate treatment charges continued their downward trajectory during the March quarter, with new COVID related lockdowns in South America early in the quarter re-enforcing the concentrate supply risks. The supply of domestic concentrate in China has also reduced with several major zinc/lead mines in Inner Mongolia

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reportedly shut as part of China's efforts to reduce energy usage and carbon emissions. The reduction in availability of domestic concentrate in a climate of metal price strength has combined to increase the competition among Chinese smelters for imported concentrates. As a result, spot zinc and lead concentrate treatment charges have traded below US$70/dmt and US$90/dmt respectively.

Reflecting the current market tightness which is expected to continue over the coming year, it was reported that Teck Resources settled 2021 annual zinc concentrate benchmark treatment charges with Korea Zinc and Glencore at US$159/dmt, with no price participation. This is a significant reduction from the 2020 annual zinc concentrate benchmark of US$299.75/dmt.

PROVISIONAL PRICING

The following table provides a summary of the metal that was sold but which remains provisionally priced at the end of July 2021 and the month that final average pricing is expected to occur at the time of final invoicing.

		OPEN PRICING AT 1 APRIL 2021
		APR-21	MAY-21	JUN-21	JUL-21	TOTAL
	Copper (tonnes)	161	16,307	36,729	34,729		87,452
	Gold (ounces)	7,710	1,703	1,626	586		11,624
	Molybdenum (pounds)	378	137				515
	Silver (ounces)	495,007	325,180	123,836	36,257		980,280
	Zinc (tonnes)	14,438					14,438

OPERATIONS

LAS BAMBAS

		LAS BAMBAS
	1Q21		1Q21	1Q21		YTD21	YTD21
		vs 1Q20	vs 4Q20		VS YTD20
Copper (tonnes)	64,401		-12%	-32%		64,401	-12%
Molybdenum (tonnes)	1,123		804%	-15%		1,123	804%

First quarter operational performance

Copper production of 64,401 tonnes was in line with plan but below prior periods largely due to lower ore grade from mining in the current phase of the Ferrobamba pit (0.6% vs. 0.8% in the pcp), processing of some stockpiled ore, and lower mill recovery (84.5% vs. 87.8% in the pcp) due to the less favourable ore characteristics. Sequential improvement in copper production is expected for the remainder of 2021, initially from increased mining volumes and higher grades from the Ferrobamba pit in the second quarter, followed by the contribution of higher-grade ores from the Chalcobamba pit in the second half of 2021.

Increased Molybdenum production against the prior year comparative period reflected the successful continuation of the ramp-up of the Molybdenum plant following de-bottlenecking works which completed in June 2020.

Peru is currently impacted by a significant "2nd wave" of COVID-19 infections peaking at similar levels of community transmission as mid-2020. Las Bambas continues to provide support to regional communities and maintain strict health protocols for employees and contractors.

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Onsite workforce levels at Las Bambas are now approximately 90% of normal, with expanded COVID safe accommodation options available at site and in local communities. These measures enabled ongoing stable operations with mill throughput levels in line with the level achieved in the second half of 2020.

Community and Transport Logistics Update

Fewer road disruptions in the March quarter allowed transport operations to run at capacity for longer periods, resulting in inventory levels on site reducing from around 65,000 tonnes of copper in concentrate to around 37,000 tonnes over the quarter. This stockpiled inventory was worth approximately US$330 million at quarter end and all steps will be taken to clear these stocks as soon as possible over the second quarter of 2021.

Peru has experienced a period of high political instability since late 2020, with the impeachment of the incumbent President and the resignation of his replacement in November 2020. With national elections now underway, this instability is anticipated to continue with the outcome of the election not known until June 2021.

Outlook

In line with prior guidance, full year production for 2021 is still expected to be between 310,000 and 330,000 tonnes of copper in copper concentrate and C1 cost guidance remains at US$1.10-1.20/lb.

Formal permitting of the Chalcobamba pit continues to be delayed by COVID-19 impacts and the general political situation in Peru. It is now expected this will be received during the second quarter of 2021, with the Company also continuing to take steps to progress community engagement in the area. This is with an expectation of commencing significant development of the pit during the second quarter, to be followed by mining of first ore shortly thereafter. Following the development of Chalcobamba, investment in mine fleet and the third ball mill, it is expected that production will increase to an average of 400,000 tonnes over the subsequent four-year period (2022-2025).

KINSEVERE

			KINSEVERE
	1Q21		1Q21	1Q21		YTD21	YTD21
		vs 1Q20	vs 4Q20		VS YTD20
Copper Cathode (tonnes)	12,490		-31%	-29%		12,490	-31%

First quarter performance

Kinsevere produced 12,490 tonnes of copper cathode in the first quarter of 2021, in line with plan and 31% lower than the prior corresponding period.

As previously advised, mining activity was temporarily suspended at Kinsevere, with feed to the mill during the quarter coming largely from existing ore stockpiles and third parties. The planned lower grade nature of stockpiled ore was the key reason for lower production volumes. Mill throughput was 2% below the prior corresponding period, mainly due to the processing of uncrushed scats to supplement feed grade.

Outlook

In line with prior guidance, copper cathode production for 2021 is expected to be in the range of 50,000 to 60,000 tonnes, with C1 costs between US$2.15 and US$2.25/lb. This reflects a mine plan that assumes the Company will ramp up mining activity of the remaining oxide reserves over the remainder of 2021 and 2022 and proceed with a transition to the mining and processing of sulphide ores in future years. This next phase of Kinsevere development will extend Kinsevere's mine life, see a return to higher copper production volumes in future years and add cobalt production to MMG's portfolio. A decision to proceed with this project remains subject to MMG Board approval. Due to ongoing project optimisation work and local regulatory considerations, a decision on this is now expected during the second quarter of 2021.

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MMG will continue to invest in regional exploration programs focusing on proving up discoveries within a 50- kilometre radius of the Kinsevere mine.

DUGALD RIVER

			DUGALD RIVER
	1Q21		1Q21	1Q21		YTD21	YTD21
		vs 1Q20	vs 4Q20		VS YTD20
Contained metal in concentrate
Zinc (tonnes)	49,049		38%		-6%		49,049	38%
Lead (tonnes)	5,675		33%		-25%		5,675	33%

First quarter performance

Dugald River produced 49,049 tonnes of zinc in zinc concentrate for the first quarter, 38% higher than the prior corresponding period, due to higher ore milled (13%), higher zinc feed grade (15%) and higher recovery (6%). The higher grades are due to improvements in mining performance and better extraction methods to reduce waste, as well as mine sequencing. This work to reduce waste, improve the stability of the underground environment and improve sequencing will continue into the second quarter as new sections of the mine are developed to ensure a steady feed of ore to the mill.

An ongoing focus on mill performance and processing circuit optimization resulted in another new record for recovery during the first quarter. This continued the trend of steady improvement in overall site performance since commissioning in mid-2018.

Outlook

In line with prior guidance, Dugald River is expected to produce between 180,000 and 190,000 tonnes of zinc in zinc concentrate during 2021. Anticipated C1 costs of US$0.70/lb - US$0.75/lb reflect the lower prevailing TC's in 2021, partially offset by the higher A$/US$ exchange rate.

Dugald River continues to target sustained delivery of annual mine capacity of two million tonnes and by 2022, zinc production approaching 200kt per annum.

ROSEBERY

			ROSEBERY
	1Q21		1Q21	1Q21		YTD21	YTD21
		vs 1Q20	vs 4Q20		VS YTD20
Contained metal in concentrate
Zinc (tonnes)	19,350		11%	8%		19,350	11%
Lead (tonnes)	6,751		19%	10%		6,751	19%
Copper (tonnes)	437		14%	-1%		437	14%

First quarter performance

Rosebery produced 19,350 tonnes of zinc in zinc concentrate and 6,751 tonnes of lead in lead concentrate during the first quarter of 2021. This represented an 11% and 19% improvement in zinc and lead production compared to the prior corresponding period, mainly due to higher milled ore grades following sequencing changes made towards the end of 2020 that temporarily transitioned mining activity to higher grade stopes. Production of copper, gold and silver was also higher by 14%, 31% and 23% respectively compared to the prior corresponding period.

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Outlook

In line with prior guidance, MMG expects to produce between 60,000 and 70,000 tonnes of zinc in zinc concentrate in 2021. C1 costs are estimated at US$0.00-0.10/lb, with this range remaining sensitive to by-product metal production and price. These ranges reflect the ability of the Company to continue efficiently operating the mine and maximizing output. This is despite longer term grade declines and higher costs associated with operating at depth.

Resource extension and near mine exploration drilling continued during the first quarter of 2021. Results continue to indicate further extensions to the resource and the Company will further pursue its investigation of options to extend the life of the mine, together with studies into sustainable longer-term tailings management options.

GEOSCIENCE AND DISCOVERY

Las Bambas

Drilling completed at Las Bambas during the first quarter of 2021 focused on the Chalcobamba Southwest Zone and continues to extend and confirm the previously reported, near surface skarn and porphyry copper mineralisation (Figure 1). These drill holes were performed as part of an on-going drilling program for hydrogeological, geotechnical and sterilisation purposes that intersected mineralisation. The current drill locations limit the ability to test all targets and the opportunity to confirm the true width of mineralisation. Drilling will continue from the current platforms until new drilling locations are permitted, which is anticipated by second quarter of 2021.

Figure 1. Outline of Las Bambas Mining Concessions highlighting the location of Reserves and Resources as well as the Chalcobamba

Southwest Zone exploration area.

Kinsevere

In the first quarter of 2021, exploration activities continue to focus on the development of the satellite copper oxide deposits and a prospect testing stage project within a roughly 50km radius of the Kinsevere Mine ("RAD50) that may be suitable for economic exploitation and processing at the Kinsevere plant, and one regional project at prospect testing stage.

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Exploration work to date consists of data analysis, interpretation, review and planning for the 2021 field season in the two projects at resource delineation stage including Sokoroshe II and Mwepu; and the two projects at prospect testing stage including Shandwe and Tshangalele.

The Sokoroshe II satellite orebody has combined Indicated and Inferred oxide and sulphide Mineral Resources of 3.2mt @1.9 % Cu and 0.46% Co. 2,500 metres of DD drilling has been planned to delineate the extension of the southern orebody. The southern orebody is cobalt rich and expected to be material to the overall Sokoroshe II Cu and Co Mineral Resource.

Figure 2. DRC Exploration Projects

Dugald River

The wet season limited field activity during the first quarter of 2021, with work focusing primarily on preparation for the 2021 drilling program. As previously disclosed, recent near mine drilling programs suggest parts of the zinc mineralized zones are wider than previously modelled. This remains subject to ongoing study but underpins a growing expectation that Dugald River's mine life could be extended, or production volumes increased over future years.

Rosebery

For the first quarter of 2021, in-mine drilling activities continued to focus on resource conversion and resource extension drilling. Resource conversion programs performed to expectation, targeting mineralisation in the U Lens and the JRS lens cluster (shown in Figure 3). Resource Extension programs are also displaying good success and are ongoing at the V South, H, and P Lenses. Drilling of the Y North Target ceased during the quarter, following thinner- than-expected mineralization intercepts. Additional Resource Extensions programs will commence in the V North and North Deeps targets in coming months. These programs are targeting additional mineral extensions down-dip and to the north of previously mined zones.

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Figure 3: Rosebery Mine - Looking West, showing Lens locations and significant intercepts. Assay information (where available) are shown as red

discs, otherwise significant intercepts are taken from descriptive logs (shown in orange).

CORPORATE UPDATE

2021 FINANCIAL RESULTS UPDATE

MMG announced its 2020 financial results on 4 March 2021. 2020 financial performance was impacted by lower zinc prices, the effects of COVID-19 and community disruptions on Las Bambas sales volumes. This was offset by improved Kinsevere output, record operational performance at Dugald River, higher copper and precious metal prices and lower financing costs. Net Cash Flow from Operating Activities increased by 19% to US$1,358.2 million, supporting a reduction in borrowings of US$453.3 million. Net loss after tax attributable to equity holders was US$64.7 million - an improvement on 2019.

LAS BAMBAS TAX UPDATE

On 19 February 2021, MMG announced that Minera Las Bambas S.A. (MLB) had received assessment notices in connection with audits undertaken in respect of the 2015 tax year (2015 Assessment) in the amount of approximately US$149 million and for the remainder of the 2014 tax year (2014 Supplementary Assessment) in the amount of US$13 million. The 2015 Assessment and the 2014 Supplementary Assessment are based upon the same interpretation of the Peruvian Income Tax Law (PITL) by SUNAT as the 2014 Initial Assessment (announced on 3 August 2020) in relation to tax withheld on fees paid by MLB under certain loans for part of the 2014 tax year, that MLB, MMG and MMG's ultimate controlling shareholder China Minmetals Corporation (CMC) are related to the Lenders because of certain alleged links between (a) MLB, MMG and CMC and the Chinese State on the one hand and (b) the Lenders and the Chinese State on the other hand.

MLB disagrees with this interpretation and the application of the PITL by SUNAT. MLB has appealed the 2014 Initial Assessment and the 2014 Supplementary Assessment, and intends to appeal the 2015 Assessment, and not to pay the assessed amounts to SUNAT pending resolution of the appeals. We note that appeals in the Peruvian Judiciary System can take many years to resolve.

Considering MLB's proposed appeals and the advice of the Group's tax and legal advisers, the Company does not intend to recognise a liability in its consolidated financial statements for any assessed amount.

-ENDS-

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CORPORATE DETAILS

MELBOURNE OFFICE

Level 23, 28 Freshwater Place Southbank

Victoria 3006, Australia

T [phone]

HONG KONG OFFICE

Unit 1208, 12/F, China Minmetals Tower

79 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong T [phone]

POSTAL ADDRESS

GPO Box 2982, Melbourne, Victoria, 3001, Australia

MMG LIMITED EXECUTIVE COMMITTEE

GAO Xiaoyu, Chief Executive Officer and Executive Director

Ross CARROLL, Chief Financial Officer

LI Liangang, Executive General Manager - Australia and Commercial

Troy HEY, Executive General Manager - Corporate Relations

WEI Jianxian, Executive General Manager - Americas

SHARE REGISTRAR

Computershare Hong Kong Investor Services Limited, 17th Floor, Hopewell Centre, 183 Queen's Road East, Hong Kong

IMPORTANT DATES

20 May 2021 - Annual General Meeting

For details please contact Corporate Affairs below.

INVESTOR AND MEDIA ENQUIRIES

Brent WALSH

Head of Corporate Development

T [phone]

E [e-mail]

Maggie QIN

Head of Corporate Affairs

T [phone]

E [e-mail]

Chinese Language:

Sandra GUAN

General Manager Stakeholder Relations

T [phone]

M [phone]

E [e-mail]

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APPENDIX - GUIDANCE

		2021 GUIDANCE SUMMARY
		2021 GUIDANCE	2020 ACTUAL
	Las Bambas	310,000 - 330,000 tonnes	311,020 tonnes
	Copper - production
	Copper - C1 costs	US$1.10 - US$1.20 / lb	US$1.00 / lb
	Dugald River	180,000 - 190,000 tonnes	177,704 tonnes
	Zinc - production
	Zinc - C1 costs	US$0.70 - US$0.75 / lb	US$0.70 / lb
	Kinsevere	50,000 - 60,000 tonnes	72,007 tonnes
	Copper - production
	Copper - C1 costs	US$2.15 - US$2.25 / lb	US$1.81 / lb
	Rosebery	60,000 - 70,000 tonnes	67,393 tonnes
	Zinc - production
	Zinc - C1 costs	US$0.00 - US$0.10 / lb	US$0.01/ lb

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APPENDIX - PRODUCTION RESULTS

						LAS BAMBAS
							QUARTER ENDED	YEAR-TO-DATE
			MAR 2020	JUN 2020		SEP 2020	DEC 2020		MAR 2021	MAR 2021	MAR 2020
Ore mined - copper		tonnes	9,600,874	10,734,366	17,547,304	20,117,301	13,850,211		13,850,211	9,600,874
Ore milled - copper		tonnes	9,898,899			12,643,970			12,206,629			9,898,899
9,815,438		12,826,088		12,206,629
Waste movement		tonnes	35,696,212	30,803,477			34,793,489				35,254,426	35,696,212
		36,191,289		35,254,426
COPPER
Ore mined - grade	%	0.87	0.70		0.68	0.71		0.57		0.57	0.87
Ore milled - grade	%	0.84	0.70	0.76	0.86	0.63		0.63	0.84
Recovery	%	87.8	85.6	87.9	86.5	84.5		84.5	87.8
Production
Copper concentrate		tonnes	199,411	179,692		244,328	269,420		196,436		196,436	199,411
Grade	%	36.77	32.49		34.42	35.35		32.78		32.78	36.77
Containing		tonnes	73,319	58,378		84,086	95,236		64,401		64,401	73,319
Sales
Total concentrate sold		tonnes	217,013	179,394		229,626	277,498		216,773		216,773	217,013
Payable metal in product sold tonnes	76,262	58,373		76,037	93,594		70,426		70,426	76,262

GOLD & SILVER

Payable metal in product sold - gold

Payable metal in product sold - silver

oz	24,654				15,455				13,520		24,654
		17,808
14,944	13,520
oz	1,146,899				964,886				877,350		1,146,899
729,607	1,251,480	877,350

MOLYBDENUM

Production

Molybdenum concentrate	tonnes	273	1,156	2,461	2,777	2,387		2,387	273
Grade	%	45.55	47.41	47.97	47.33	47.05		47.05	45.55
Contained metal produced	tonnes	124	548	1,180	1,315	1,123		1,123	124
Sales
Total product sold	tonnes	200	539	2,056	2,686	2,506		2,506	200
Payable metal in product sold tonnes	93	252	982	1,282	1,183		1,183	93

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								KINSEVERE
								QUARTER ENDED	YEAR-TO-DATE
					MAR 2020	JUN 2020		SEP 2020	DEC 2020		MAR 2021	MAR 2021	MAR 2020
	Ore mined - copper		tonnes	383,158	625,164	917,287	0	20,075		20,075	383,158
	Ore milled - copper		tonnes	565,148	628,813		613,888	641,004		552,631		552,631	565,148
	Waste movement		tonnes	2,355,250	3,480,273		2,937,685	0		0		0	2,355,250
	COPPER
	Ore mined - grade	%		2.87	2.66		2.28	0.00		3.81		3.81	2.87
	Ore milled - grade	%		3.35	3.15	3.03	2.82	2.37		2.37	3.35
	Recovery	%		94.0	95.5	95.8	96.4	95.5		95.5	94.0
	Production
	Contained metal produced -		tonnes		18,207	18,298		18,022	17,479		12,490		12,490	18,207
	cathode
	Sales
	Total product sold - cathode		tonnes	17,874	18,036		17,650	17,228		12,278		12,278	17,874
	Payable metal in product sold -		tonnes	17,874	18,036	17,650	17,228	12,278		12,278	17,874
	cathode

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										DUGALD RIVER
								QUARTER ENDED							YEAR-TO-DATE
					MAR 2020		JUN 2020	SEP 2020	DEC 2020	MAR 2021		MAR 2021	MAR 2020
	Ore mined		tonnes	462,570			483,165		541,796			495,458		449,772				449,772		462,570
	Ore milled		tonnes	443,378			504,255		481,540			529,499		501,149				501,149		443,378
	ZINC
	Ore mined - grade	%	9.97		10.28		10.91		11.00		11.65			11.65		9.97
	Ore milled - grade	%	9.56		10.00		10.89		11.23		11.02			11.02		9.56
	Recovery	%		83.8		86.6		87.9		88.2		88.8			88.8		83.8
	Production
	Zinc concentrate		tonnes	72,846			89,468		93,829			105,701		97,715				97,715		72,846
	Grade	%		48.74		48.81		49.11		49.62		50.20			50.20		48.74
	Containing		tonnes		35,505			43,672		46,081			52,446		49,049				49,049		35,505
	Sales
	Total product sold		tonnes	83,429			95,636		88,723			103,878		89,069				89,069		83,429
	Payable metal in		tonnes	33,881			39,036		36,469			43,187		37,355				37,355		33,881
	product sold
	LEAD
	Ore mined -	%		1.63		1.71		1.94		2.22		1.86			1.86		1.63
	grade
	Ore milled - grade	%		1.55		1.69		1.95		2.22		1.81			1.81		1.55
	Recovery	%		62.2		65.3		68.2		64.8		62.5			62.5		62.2
	Production
	Lead		tonnes	7,622			10,395		11,488			14,378		10,267				10,267		7,622
	concentrate
	Grade	%		56.11		53.58		55.72		52.86		55.28			55.28		56.11
	Containing		tonnes		4,277			5,569		6,401			7,601		5,675				5,675		4,277
	Sales
	Total product		tonnes	10,431			10,213		10,029			13,724		9,933			9,933		10,431
	sold
	Payable metal in		tonnes	5,735			5,234		5,366		6,966		5,091			5,091		5,735
	product sold
	SILVER
	Ore milled - grade		g/t	66.95		56.69		46.18		55.26		47.94			47.94		66.95
	Payable metal in		oz	343,156			372,328		361,338			506,364		371,518				371,518		343,156
	product sold

MMG First Quarter Production Report 2021

14

ROSEBERY

						QUARTER ENDED				YEAR-TO-DATE
				MAR		JUN		SEP 2020	DEC	MAR			MAR	MAR
				2020	2020		2020	2021	2021	2020
	Ore mined		tonnes	221,522		237,379		265,771		266,453		246,416			246,416		221,522
	Ore milled		tonnes	234,415		238,232		264,427		242,644		228,317			228,317		234,415
	ZINC
	Ore mined - grade	%	8.91		7.82		7.84		8.75		8.67			8.67		8.91
	Ore milled - grade	%	8.60		8.13		7.19		8.77		9.88			9.88		8.60
	Recovery	%	86.6		84.9		81.6		84.5		85.7			85.7		86.6
	Production
	Zinc concentrate		tonnes	32,363		30,277		28,845		33,578		36,629			36,629		32,363
	Grade	%	53.93		54.30		53.82		53.53		52.83			52.83		53.93
	Containing		tonnes	17,452		16,442			15,525		17,974		19,350			19,350		17,452
	Sales
	Total product sold		tonnes	31,744		35,796		29,771		36,801		29,798			29,798		31,744
	Payable metal in product		tonnes	14,817		16,644		13,661		17,048		13,619			13,619		14,817
	sold
	LEAD
	Ore mined - grade	%	3.31		3.19		3.54		3.12		3.12			3.12		3.31
	Ore milled - grade	%	3.20		3.23		3.27		3.46		3.68			3.68		3.20
	Recovery	%	75.5		66.6		73.4		73.1		80.3			80.3		75.5
	Production
	Lead concentrate		tonnes	9,155		8,613		10,148		10,145		11,515			11,515		9,155
	Grade	%	61.90		59.45		62.60		60.45		58.63			58.63		61.90
	Containing		tonnes	5,666		5,120			6,353		6,133		6,751			6,751		5,666
	Sales
	Total product sold		tonnes	5,912		11,260		8,441		12,227		6,606			6,606		5,912
	Payable metal in product		tonnes	3,426		6,498		4,812		7,050		3,828			3,828		3,426
	sold

MMG First Quarter Production Report 2021

15

ROSEBERY (continued)

					MAR		QUARTER ENDED	DEC		MAR	YEAR-TO-DATE
						JUN	SEP				MAR	MAR
				2020	2020	2020		2020	2021	2021	2020
	Ore mined		tonnes	221,522		237,379		265,771		266,453		246,416			246,416		221,522
	Ore milled		tonnes	234,415		238,232		264,427		242,644		228,317			228,317		234,415
	COPPER
	Ore mined - grade	%	0.24		0.20		0.24		0.31		0.34			0.34		0.24
	Ore milled - grade	%	0.25		0.23		0.22		0.28		0.34			0.34		0.25
	Recovery	%	64.6		63.4		61.1		64.1		56.9			56.9		64.6
	Production
	Copper concentrate		tonnes	2,143		2,019		2,085		2,576		2,580			2,580		2,143
	Grade	%	17.95		17.39		17.32		17.08		16.95			16.95		17.95
	Containing		tonnes		385		351		361		440			437			437		385
	Sales
	Total product sold		tonnes	1,557		3,367		1,932		2,405		2,799			2,799		1,557
	Payable metal in product		tonnes
	sold		271		584		316		391		460			460		271

OTHER METALS

Ore milled - gold

Ore milled - silver

Recovery - gold

Production

Gold doré

Containing - gold

Containing - silver

Sales

Gold doré sold

Payable metal in product sold - gold

Payable metal in product sold - silver

g/t	1.4	1.8	1.5	1.6	1.6	1.6	1.4
g/t	113.4	125.8	120.7	128.7	129.8	129.8	113.4
%	23.6	22.7	23.0	28.0	6.7	6.7	23.6
oz	3,026	4,837	4,664	5,484	4,433	4,433	3,026
oz	1,816	2,767	2,774	3,279	2,372	2,372	1,816
oz	993	1,428	1,775	1,941	1,218	1,218	993
oz	3,447		6,369		4,812		3,447
2,426	4,416	4,812
oz	5,980	11,604	9,949	8,943	8,145	8,145	5,980
oz	408,630	942,791	607,605	783,856	534,252	534,252	408,630