Dugald River Project — Net Proceeds of ~US$92 Million of the Rights Issue Allocated Towards Funding the Project Share Market

Rights Issue Presentation 2 November 2016 Important notices and disclaimer

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In furnishing this presentation, the Company undertakes no obligation to provide any additional information or to update this document or any additional information or to correct any inaccuracies which may become apparent. The recipient acknowledges that neither it nor Macquarie intends that Macquarie or any member of the Macquarie group of companies acts or is responsible as a fiduciary to the recipient, its officers, employees, consultants, agents, security holders, creditors or any other person. Each of the recipient and Macquarie (on behalf of each other member of the Macquarie group, by accepting and providing this presentation respectively, expressly disclaims any fiduciary relationship and agrees that it is responsible for making its own independent judgments with respect to the Rights Issue, any other transaction and any other matters arising in connection with this presentation. 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Any decision to purchase securities of the Company in any public or private offering should be made solely on the basis of the prospectus to be prepared by the Company 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. This presentation may not be released or distributed in the United States or any other Restricted Territory. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia), any other Restricted Territory or any other jurisdiction and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto, nor does this presentation constitute a recommendation regarding the securities of the Company. No securities have been, nor will be, registered under the U.S. Securities Act of 1933 (the “US Securities Act”) or the applicable securities laws of the other Restricted Territories. Accordingly, unless an exemption under the relevant securities law is applicable, securities of the Company may not be offered, sold, taken up, exercised, renounced, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Territories or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. Securities may not be offered or sold in the United States absent registration or exemption from registration under the US Securities Act. There will be no public offering of the Company’s securities in the United States. By viewing the information contained in this presentation, you agree to the foregoing terms and represent that (a) you are not accessing this presentation from with the United States or another Restricted Territory and (b) you are a person who is permitted under applicable law and regulation to receive information of the kind contained in this presentation.

3 Contents

1. Overview of Rights Issue

2. MMG overview

3. Company highlights

4. Appendix

a) 3Q 2016 production report

b) 1H 2016 interim results

c) Mineral resources & ore reserves

4 1. Overview of Rights Issue MMG Limited

 An emerging copper major

 Operations in Peru, Africa, Asia and Australia – including the Tier 1 Las Bambas asset

 Industry leading ramp up at Las Bambas

 Headquartered in Melbourne, with dual listing structure on the Hong Kong Exchange and ASX

6 Overview of the Rights Issue

MMG has announced a fully underwritten Rights Issue to raise ~US$512 million

Rights Issue size . MMG Limited ("MMG") will offer 2,645 million New Shares at HK$1.50 per New Share to raise and structure approximately US$512 million via a fully underwritten Rights Issue . MMG will provisionally allot 1 New Share in Nil-paid form for every 2 Shares held by each Qualifying Shareholder on the Record Date . New Shares issued under the Rights Issue rank equally in all respects with existing MMG shares

Rights Issue Price . The Rights Issue will be made at a fixed price of HK$1.50 per share (“Rights Issue Price"): — 26.8% discount to last closing price of HK$2.05 per share1 — 19.6% discount to the Theoretical Ex-rights Price of HK$1.87 per share2

Use of funds . Net proceeds3 from the Rights Issue will be used to repay existing debt and support project development — ~US$412 million will be used to repay existing debt — ~US$92 million will be used to support project development

Major shareholder . MMG’s major shareholder, China Minmetals Corporation, has provided an irrevocable undertaking to take support up its New Shares in relation to its 73.7% interest in MMG

Underwriting . Macquarie Capital Limited will act as sole financial adviser and sole underwriter for the Rights Issue . Macquarie Capital Limited has entered into a sub-underwriting arrangement with Fosun Hani Securities Limited in respect of the underwritten shares

1. Based off closing share price of HK$2.05 per share on 1 November 2016 2. The Theoretical Ex-rights Price (“TERP”) is the theoretical price at which MMG shares should trade immediately after the last day of dealing in shares on a cum-rights basis. TERP is a theoretical calculation only and the actual price at which MMG shares trade immediately after the last day of dealing in shares on a cum-rights basis will depend on many factors and may not be equal to TERP 3. Net proceeds of US$504 million after factoring estimated transaction expenses 7 Rationale for the Rights Issue

The Rights Issue is a meaningful step to reduce gearing and fund growth

Reduce gearing and . MMG is seeking to reduce its gearing profile and aims to achieve this through: fund growth — Net proceeds of ~US$412 million of the Rights Issue used to repay existing debt — Increased operating cash flow given MMG's flagship asset, Las Bambas, has recently reached commercial production — Portfolio optimisation and selectively considering asset sales, including formally commencing sales processes for Golden Grove and Century — Continued focus on productivity and cost savings . MMG is actively progressing its growth pipeline through the development of its Dugald River project — Net proceeds of ~US$92 million of the Rights Issue allocated towards funding the project Share market . MMG believes that there are substantial benefits from its dual-listing structure and is seeking to continue to liquidity develop strong institutional and retail investor support on both the HKEx and ASX — the HKEx is an attractive market for major investors and to source Chinese capital — the ASX is an attractive market for natural resources companies . MMG is cognisant of the importance of share market liquidity allowing lower transaction costs and potentially better valuation outcomes . Qualifying Shareholders can take up their Nil-paid Rights and apply for excess applications . New shareholders can buy the Nil-paid Rights on-market or buy MMG shares on-market prior to the last day of dealing in shares on a cum-rights basis . Rights Issue represents a 50% increase in MMG's common shares on issue

8 Sources and uses of funds

The ~US$512 million Rights Issue will be used to repay existing debt and fund the development of the Dugald River project

Sources of funds US$ million

Gross proceeds from the Rights Issue1 512

Cost of issue2 (8)

Net Proceeds 504

Uses of funds US$ million

ICBC term & revolving facility: May 20173 300

CDB & BOC term facility: June 20174 112

Dugald River project development 92

Total Uses 504

1. 2,645 million New Shares at the Rights Issue Price of HK$1.50 per share 2. Underwriting commission, financial advisory fees, printing, registration, translation, legal and accounting charges and other related expenses 3. Term and revolving facility between Industrial and Commercial Bank of China Limited, MMG Limited and MMG Finance Limited, which matures in May 2017 4. Term debt facility between China Development Bank Corporation, Bank of China Limited (Sydney Branch), Album Resources Private Limited and MMG Management Pty Ltd, which matures in June 2017 9 Rights Issue timetable

Time / Date1

Announcement of Rights Issue 1 Nov 16

Last day of dealings in Shares on a cum-rights basis 8 Nov 16

Record Date 16 Nov 16

Despatch of the Prospectus 23 Nov 16

First day of dealings in Nil-Paid Rights 25 Nov 16

Last day of dealings in Nil-Paid Rights 2 Dec 16

Rights Issue expected to become unconditional 4:00pm, 13 Dec 16

Announcement of results of acceptances of and excess applications for Rights Issue 14 Dec 16

First day of dealings in fully-paid Rights Shares 16 Dec 16

Note: Timetable is subject to change. MMG reserves the right to alter the above dates at its discretion and without notice 1. Hong Kong standard time 10 Company highlights

1 Las Bambas is a transformational and world class copper asset

2 Dugald River is one of the largest and high grade zinc development projects globally

3 Access to long-term debt and majority shareholder support – core competitive advantages

4 A history of operational excellence – continue to raise the bar

5 Core commodities have attractive long-term outlook – copper and zinc

6 Leading international management team with sound corporate governance

11 2. MMG overview Overview of MMG

MMG is a mid-tier global resources company that mines, explores and develops base metals projects around the world

Overview Share price performance (year to date1) Rebased to MMG (HK$) . Founded in 2009, MMG is a diversified base metals company with five operating mines and one development project located 2.20 +51% across four continents +39% . Headquartered in Melbourne (Australia), with a primary listing 1.80 on the HKEx (1208 HK) and a secondary listing on the ASX (MMG ASX) +3% 1.40 . Primary exposure to copper and zinc, with smaller exposures to gold, silver, lead and molybdenum 1.00 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 . MMG’s flagship asset, the Las Bambas copper mine, reached commercial production on 1 July 2016 and is expected to be MMG (1208-HK) LME Copper (rebased) LME Zinc (rebased) world’s seventh largest copper mine by 2017 Shareholder base (prior to Rights Issue) Capitalisation summary (prior to Rights Issue)2

2.9% 7.9% Share Price HK$2.05 China Minmetals Corporation Shares Outstanding 5,290m Private investors 15.5% Market Capitalisation US$1,398m Institutional investors 73.7% Net Debt3 US$10,189m Corporate stakeholders Enterprise Value US$11,587m

1. Market data as at 31 October 2016 2. Based off closing share price of HK$2.05 per share and HKDUSD exchange rate of 0.1290 (as at 1 November 2016) 3. Assumes total borrowings (including prepayments) of US$10,405 million and cash and cash equivalents of US$216 million (as at 30 June 2016) 13 Overview of portfolio

We have a globally diversified portfolio of base metals producing and development projects

Las Bambas Copper Project

2 1 6 5

4 Dugald River Zinc Project

Asset Status Location Interest Commodities Produced

1 Las Bambas Production Peru 62.5% Copper, Gold, Silver, Molybdenum

2 Kinsevere Production DRC 100% Copper

3 Sepon Production Laos 90% Copper

4 Rosebery1 Production Australia 100% Zinc, Lead, Copper, Gold, Silver

5 Golden Grove1 Production Australia 100% Zinc, Lead, Copper, Gold, Silver

6 Dugald River Development Australia 100% Zinc, Lead, Silver

1. Golden Grove and Rosebery form part of MMG’s Australian Operations 14 Emerging copper major positioned for growth

With the support of its majority shareholder, MMG’s objective is to be valued as one of the world’s top, mid-tier miners by 2020

Overview 2016 copper production guidance1 Kt, Cu . Continue to squeeze efficiencies from operations and earn the right to grow 1,6002,400 1,4002,200 1,2002,000 . Maintain tight cost focus to deliver shareholder 1,000 800 returns 600 400 200 . Las Bambas – recently reached commercial 0

production with significant growth options

Teck

MMG

Lundin

First

Hudbay

Copper

Southern

Quantum Freeport . Dugald River – committed to developing project to McMoRan deliver high quality exposure to zinc at a time of Antofagasta shrinking global supply 2016 copper C1 cash cost guidance1, 2 US$/lb Cu . Will seek to improve share market liquidity and 1.50 reduce gearing 1.20 0.90 Well positioned to maximise potential investment . 0.60 opportunities in this industry down cycle 0.30 n/a n/a

0.00

Teck

Lundin

First

MMG

Hudbay

Copper

(current)

Southern

Quantum

Freeport

MMG

McMoRan

Antofagasta (steady state) (steady

1. Represents mid-point of 2016 peer company guidance. Low end of 2016 production guidance and high end of 2016 cost guidance for Sepon assumed 2. Cash costs shown including by-product credits. Southern Copper and Hudbay do not provide cash cost guidance. “MMG (current)” reflects mid-point of Las Bambas current H2 2016 cost guidance of US$1.00 – 1.10/lb. “MMG (steady state)” reflects mid-point of Las Bambas costs at steady state of US$0.80 – 0.90/lb 15 Our values: we mine for progress

We place safety at the centre of everything we do and we believe that nothing is so important that it cannot be done safely

Safety performance . Safety our first value – TRIF1 of 1.7 per million hours worked in 1H16 represents lowest half yearly TRIF 4.1 ever recorded

. Fatality of contracted driver engaged by Las Bambas 3.0 mine in Peru, following a road accident in July 2016

2.4 2.3 3 2.1 . MMG CEO is Chair of International Council on Mining and Metals (ICMM) – committed to ICMM 10 1.7 principles of Sustainable Development

. Global partnership with UNICEF for child rights/health, committed development partner with 2011 2012 2013 2014 2015 1H16 national governments 1,2 TRIF . US$63.5 million investment in social development programs in 2015 – focus on Lao PDR, DRC and Peru

1. Total Recordable Injury Frequency per million hours worked 2. Las Bambas safety data incorporated into MMG from January 2015 3. Mr Andrew Michelmore has advised of his intention to retire from his position as an Executive Director and Chief Executive Officer during the year 2017. No date for Mr Michelmore's retirement has yet been determined 16 3. Company highlights 1 Las Bambas – size, scale and life

Las Bambas is a transformational world class copper asset

Overview 2017 forecast production capability1 . Largest greenfield copper development in the past 10 years Escondida

. Targeting 2 million tonnes of copper in copper Grasberg concentrate production over first 5 years Morenci . Total project acquisition and construction cost of ~US$9.7 billion Buenavista (Cananea) . Ownership: 62.5% MMG (operator), 22.5% Guoxin, Cerro Verde 15.0% CITIC Metal

. 2016 production guidance: 250,000 – 300,000 tonnes Collahuasi copper in copper concentrate2 Las Bambas . Long life asset: initial 20+ year mine life producing copper, gold, silver and molybdenum Chuquicamata

. Over 2 billion tonnes in copper ore resources Antamina

. Exploration upside exists with only ~10% of the El Teniente tenement explored 0 250 500 750 1,000 1,250

Contained copper ‘000 tonnes Source: Wood Mackenzie Base Metals Markets Tool (Q3 2016) 1. Only includes mines producing copper as primary commodity 2. Production volumes include expected pre and post-commercial production volumes at Las Bambas 18 1 Las Bambas – successful development

Las Bambas reached 97% of design capacity in 6 months and MMG has already reached the lower end of its 2016 production guidance of 250,000 – 300,000 tonnes of copper in copper concentrate1

McNulty curve for plant ramp up2 1st year production for greenfield copper project3 (guidance vs actual) 110 300 Type 1 Guidance Outcome 100 Type 2 90 250 Type 3 Las Bambas reached lower end of 80 2016 guidance in mid October 2016 200

) kt 60 Type 4 150

50 Copper ( Copper 40 100

Design Performance (%) Performance Design 30

20 50 10

0 0 0 10 20 30 40 Time (months since commissioning)

MMG Values – We do what we say We take responsibility and follow through on our commitments

1. Production volumes include expected pre and post-commercial production volumes at Las Bambas 2. McNulty and MMG data 3. Large-scale greenfield copper development projects since 2013. Mid-point of guidance shown 19 1 Las Bambas – low cost position

Bottom quartile costs achieved within 6 months progressing towards steady state C1 cost target of US$0.80 – 0.90/lb1

Breakdown of 2H16 C1 cost guidance Transport – demonstrated capability yet logistics challenges remain

. Transport logistics chain identified as a key project risk2

. Transport capability delivered in line with rapid mine ramp up (740 tonnes per day of concentrate in January 2016, 3,000 tonnes per day in June 2016)

US$1.00 – 1.10/lb . All trucking operations suspended following a fatality on 21 July and trucking recommenced in late July 2016 with improved safety controls G&A . Regional unrest in communities along Las Bambas transport Transport corridor temporarily halted transport in October 2016

Maintenance — Concentrate trucking and shipping recommenced in late October 2016

Processing . Logistics slowdown and higher than anticipated production will result in closing inventory of ~150,000 tonnes copper in copper concentrate (FY16) Mining . Inventory build to be sold down during 2017 Cost to Freight TC/RC By-product C1 Cost Concentrate credits . Production guidance remains unchanged

1. C1 cost forecast range once at steady of production, not indicative for full year 2016 given commissioning and ramp up activities 2. Temporary disruptions to the logistics chain from time to time are expected 20 2 Dugald River – size, scale and life

At full production Dugald River will be one of the ten largest zinc mines globally

Overview 2019 forecast production capability1 . Wholly-owned zinc deposit located in Queensland Rampura-Agucha . Highest-grade zinc project currently being developed Red Dog . Expected to commence first production in 1H CY18 Mount Isa Pb/Zn . MMG announced optimised mine plan in June 2016 which supports throughput of 1.7 Mtpa McArthur River

. Large scale and long life – annual production of 170 kt San Cristobal Zn over estimated 25 year mine life

Cerro Lindo . Strong cash flow generation potential – steady state C1 costs of US$0.68 – 0.78/lb Dugald River . Remaining capex of US$600 – 620m from July 2015 Sindesar Khurd . Project is 28% complete (as at 30 September 16) with all major contractors mobilised on site and key Gamsberg milestones tracking in line with schedule Tara

0 100 200 300 400 500 600 Contained zinc ‘000 tonnes

Source: Wood Mackenzie Base Metals Markets Tool (Q3 2016) 1. Only includes mines producing zinc and lead as primary commodities 21 2 Dugald River – high grade zinc project

Dugald River is a large, long life and high grade zinc project

Grade (%) New Base Case Projects Restarted Base Case Projects

16 New Probable / Possible Projects Restarted Probable / Possible Projects

Dairi

Dugald River 12

10 Prairie Creek Balmat Restart

8 Tulsequah Gamsberg

Ozernoe 6 Citronen Mehdiabad Tala Hamza

Pilbara 4 Shalkiya Restart Rey De Plata Restart Scotia Restart Olympias

2 Patricia (Paguanta) Khnaiguiyah

Pine Point Restart Asmara Montana Tunnels Restart 0 0 5 10 15 20 25

Mine Life (years)

Source: Wood Mackenzie Note: Grade shown reflects average over life of mine and mine life reflects production profiles as per Wood Mackenzie estimates. Bubble size represents average annual zinc production. Dashed lines reflect restarted projects 22 3 Long term debt – competitive advantage

A core competitive advantage of MMG remains its access to long-term debt from Chinese banks and funding support from its majority shareholder (CMC1)

Amortisation schedule US$ million . MMG's capital structure has a number of competitive

advantages: 6,000 − Long dated, low cost debt sourced from Chinese government supported banks 5,000

− Debt servicing capacity benefits from attractive interest rates and long dated principal repayments in 4,000 existing facilities 3,000 − Support from majority shareholder, CMC, including loans and guarantees 2,000 . Capital markets flexibility through primary listing on HKEx and secondary listing on ASX 1,000 − HKEx is an attractive market for major investors and

to source Chinese investment 0 2016 2017 2018 - 2021 2022 - 2032 − ASX is an attractive market for natural resources Las Bambas Acquisition Facility, 7 yrs, not exceeding LIBOR +3.3% companies Las Bambas Project Facility, 18 yrs, not exceeding LIBOR +3.55% Dugald River, 13 yrs MMG Corporate Debt

1. China MinMetals Corporation 23 4 Operational excellence – maximise asset utilisation

Operating approach is based on improving output by maximising asset utilisation

Summary Kinsevere Asset Utilisation vs. MSPR 238 tpd 238 tpd . Squeeze the assets: operating approach targets 218 tpd 222 tpd consistent improvement in utilisation 145 tpd . Continue to raise the bar: improved Maximum Sustainable Production Rates (MSPR) each year

− MSPR represents the best 7 consecutive days of production 2012 2013 2014 2015 2016 H1 Actual Production Opportunity Loss . Kinsevere: Capturing high utilisation of the MSPR Nameplate (i.e. minimal opportunity loss)

− Aim to stretch MSPR further to make more tonnes Sepon Asset Utilisation vs. MSPR at high utilisation 271 tpd 277 tpd 277 tpd . Sepon: Heading towards tail end of copper resource 256 tpd 262 tpd but still operating above nameplate 216 tpd − Opportunity loss increases from lower grade ore feed, reduced operational performance on varying ore types, and planned outage (1H16)

2011 2012 2013 2014 2015 2016 H1 Actual Production Opportunity Loss Nameplate 24 5 Copper – long term outlook

Mt US$/lb

30 4.50

4.00 25 3.50

20 3.00

2.50 15 2.00

10 1.50

1.00 5 0.50

0 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Base Case Copper Supply Base Case + Probable Projects Copper Supply Primary Copper Demand Copper Real Price Forecast

Source: Wood Mackenzie Global Copper Long-term Outlook Q3 2016 25 5 Zinc – facing declining supply

Mt US$/lb

18 1.80

16 1.60

14 1.40

12 1.20

10 1.00

8 0.80

6 0.60

4 0.40

2 0.20

0 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Base Case Zinc Supply Base Case + Probable Projects Zinc Supply Primary Zinc Demand Zinc Real Price Forecast

Source: Wood Mackenzie Global Zinc Long-term Outlook Q3 2016 26 6 Executive team – global experience

Chief Executive Officer Chief Financial Officer Chief Operating Officer Mr Andrew Michelmore1 Mr Ross Carroll Mr Marcelo Bastos . 30+ years of metals and mining . 25+ years of experience in the Natural . 30+ years mining experience in iron ore, experience. Resources sectors gold, copper and nickel. . Chairman of ICMM, former Chairman of . CEO and MD Macmahon Holdings . CEO BHP Billiton Mitsubishi Alliance MCA and IZA . CFO Woodside Petroleum . President BHP Billiton Nickel West . CEO Zinifex Limited . Senior financial roles BHP Billiton . President BHP Billiton Cerro Matoso . CEO OZ Minerals Nickel . CEO EN+ Group . Senior operations roles Vale . CEO WMC Resources

EGM China & Strategy EGM Stakeholder Relations EGM Business Support Mr Xu Jiqing Mr Troy Hey Mr Greg Travers . Director of CMNH and Jiangxi . 20+ years of government, media, . Executive General Manager Tungsten community and investor relations Services and Strategic . Director Copper Partners . General Manager Media and Planning Myer Limited Investment and HNG Reputation Foster’s Group. . 7+ years BHP Billiton . Vice President and CFO of . Group Manager Public Affairs . 6+ years Pratt Group China Minmetals Non-Ferrous WMC Resources . 11+ years WMC Resources

1. Mr Andrew Michelmore has advised of his intention to retire from his position as an Executive Director and Chief Executive Officer during the year 2017. No date for Mr Michelmore's retirement has yet been determined 27 6 Board – sound corporate governance

Chairman Executive Director Executive Director Non-executive Director Mr Jiao Jian Mr Andrew Michelmore1 Mr Xu Jiqing Mr Gao Xiaoyu

Independent Independent Independent Independent Non-executive Director Non-executive Director Non-executive Director Non-executive Director Dr Peter Cassidy Ms Jennifer Seabrook Dr Pei Ker Wei Mr Leung Cheuk Yan

MMG maintained its 2016 production guidance of 415 – 477 kt of copper and 120 – 135 kt of zinc1

Key highlights 3Q 2016 production summary

. Las Bambas – achieved commercial production in July 3Q 16 vs 3Q 16 vs YTD 16 vs Tonnes 3Q 16 YTD 2016 and reached lower end of annual guidance (250 – 3Q 15 2Q 16 YTD 15 300 kt of copper1,2) in early October 2016 Copper Cathode − Recent conflict between Police and Pumamarca Kinsevere 19,869 (4%) (2%) 59,843 -% community resulted in fatality of community member Sepon 20,046 (17%) 14% 55,965 (19%) which temporarily halted transport and access to site Total 39,915 (11%) 5% 115,808 (10%) − Trucking and shipping recommenced in late October Copper1 Las Bambas 106,123 -% 22% 224,736 -% . Dugald River project – 28% complete (as at 30 September 16) with all major contractors mobilised on site and key Golden Grove 1,900 (73%) (29%) 8,093 (60%) milestones tracking in line with schedule Rosebery 405 (43%) (20%) 1,443 (37%) . Kinsevere – consistently strong with production remaining Total 108,428 1,304% 20% 234,272 953% well above nameplate capacity and record daily average Zinc1 production achieved for September Golden Grove 5,978 (59%) (29%) 24,169 (21%) . Sepon – production down 19% compared to first nine Rosebery 20,078 (11%) -% 60,023 (16%) months of 2015 as transition to lower grade and more Total 26,055 (30%) 9% 84,192 (18%) complex ores continues Lead1 . Australian operations – Rosebery performance in line with Golden Grove 512 (73%) (41%) 2,305 (51%) guidance whilst strategic reduction in throughput at Golden Rosebery 6,254 20% (7%) 18,902 18% Grove impacted production compared to prior periods Total 6,766 (5%) (11%) 21,207 3%

1. Represents contained metal in concentrate 2. Production volumes include expected pre and post-commercial production volumes at Las Bambas 31 B. 1H 2016 Interim Results 1H 2016 Interim Results – key takeaways

1H 2016 was pivotal for MMG Loans & borrowings

. Operations remained cash generative: EBITDA of . MMG has ongoing discussions with its external financiers in $134.3m (64% below 1H15) despite Cu, Zn price relation to waivers from compliance with and amendment of declines of 21%, 16% certain financial covenants which may be breached within the next twelve months based on internal projections . Cost control: Total production expense (continuing operating sites) down $63m (vs 1H15) . The Company has positive relationships with its external . Peak funding: Las Bambas project cost ~US$9.7bn. financiers, who waived the breach of certain financial Now accounted for as an operation and cash flows covenants at 30 June 2016 realised from 2H16 . Additionally, some of the external financiers have already . Underlying loss of US$93.0m: MMG board has agreed to waive compliance with certain financial covenants resolved not to pay a dividend as at 31 December 2016, and the Company is confident it will receive the remaining waivers for the potential breaches . Guidance for 2016 maintained: Expect to produce 415 – 477kt of copper and 120 – 135kt of zinc . These relationships are supported and enhanced by . Las Bambas delivered on time/budget: guarantees provided by CMC in respect of certain debt facilities and CMC’s own relationships with the Group’s − Guidance to produce 250 – 300kt of copper in 20161 external financiers − Largest copper greenfield in past 10 years, 6 months to ramp up (well ahead of industry benchmark) − Expected to produce ~2mt of copper in first 5 years . Dugald River: − Final funding approval to bring ~170kt of Zn into the market at a time of falling supply and increasing prices (Zn price +51% YTD2)

1. Production volumes include expected pre and post-commercial production volumes at Las Bambas 2. Refers to LME zinc price of US$2,419/t as at 31 October 2016 and US$1,600/t as at 31 December 2015 33 1H 2016 Interim Results – key takeaways

Shifting towards increased copper exposure Sales volume1 and commodity price performance Indexed, 2015=100 . Revenue decreased by US$527.7m due to Century mine closure, lower copper sales 1H15 1H16 and lower realised prices 100 . Las Bambas sales volumes will hit the P&L Zinc Sales Vol from 1 July 2016 as the project moved into 31 commercial production

EBITDA of US$134.3m million, down 64%, . 100 but demonstrating positive cash generation Zinc Price from all continuing operations 84 . Loss for the first half 2016 of US$93.0m . MMG Board has resolved not to pay a Copper Sales 100 dividend Vol 86

100 Copper Price 79

1. Payable metal in product sold 34 Condensed consolidated income statement

Six months ended 30 June 2016 2015 Variance US$ million %

Revenue 586.1 1,113.8 (47)

EBITDA 134.3 375.9 (64)

Depreciation and amortisation (201.3) (380.9) 47

Underlying EBIT (67.0) (5.0) (1,240)

Net Interest (47.1) (41.8) (13)

Income tax credit/(expense) 21.1 (1.2)

Underlying Loss for the period (93.0) (48.0) (94)

EBITDA margin 23% 34%

Net cash generated from operating activities 57.7 202.7 (72)

Loss per share attributable to the equity holders of the Company

Basic loss per share – Underlying US (1.75) cents US (0.87) cents (101)

Note: 1H 2016 results do not include Las Bambas. Revenue, earnings, depreciation & amortisation and interest expense began accruing from 1 July 2016 when Las Bambas reached commercial production. When considering the impact to profit and loss going forward, investors should consider MMG’s production and cost guidance as well as impact to depreciation & amortisation (Las Bambas carrying value of ~US$10bn has become depreciable) and net interest (~US$7bn acquisition / project facilities and ~US$2.2bn shareholder loan have started accruing interest) 35 Condensed consolidated cash flow statement

Half year ended 30 June 2016 2015 US$ million

Receipts from customers 686.1 1,161.6

Payments to suppliers (561.0) (865.2)

Payments for exploration expenditure (18.8) (17.9)

Income tax paid (48.6) (75.8)

Net cash generated from operating activities 57.7 202.7

Purchase of property, plant and equipment (375.6) (946.4)

Other investing activities (3.0) (19.2)

Net cash used in investing activities (378.6) (965.6)

Net cash generated from / (used in) financing activities (61.5) 1,125.0

Net increase / (decrease) in cash and cash equivalents (382.4) 362.1

Cash and cash equivalents at 1 January 598.3 251.2

Cash and cash equivalents at 30 June 215.9 613.3

36 Financial dashboard – 1H 2016

Revenue by commodity Revenue by customer location

11% 2% Zinc 16% Australia 19% Copper Europe 61% Gold Middle East 7% Silver Japan & Korea 3% Lead 43% Other Asia 8% 18% South America China 9% 2%

EBITDA by operating segment1 Operating expenses (sites)

15% People 14% Sepon External Services 30% 33% Kinsevere Energy 21% Las Bambas Consumables Royalties Australian Ops 25% Selling Expenses 8% 12% Other 29% 7% 3%

Source: MMG data 1. Continuing operating sites (excl Century) 37 Guidance for 2016

MMG re-affirms 2016 guidance

Las Bambas Rosebery

Copper – production1 250,000 – 300,000 tonnes Zinc – production 75,000 – 80,000 tonnes

Copper – C1 costs 2H16 US$1.00 – 1.10 / lb Zinc – C1 costs US$0.30 – 0.40 / lb

Copper – C1 costs2 US$0.80 – 0.90 / lb Lead – production 18,000 – 22,000 tonnes

Kinsevere Golden Grove

Copper – production 75,000 – 80,000 tonnes Copper – production 10,000 – 12,000 tonnes

Copper – C1 costs US$1.40 – 1.55 / lb Copper – C1 costs US$1.90 – 2.10 / lb

Zinc – production 45,000 – 55,000 tonnes Sepon Zinc – C1 costs US$0.30 – 0.45 / lb Copper – production 80,000 – 85,000 tonnes

Copper – C1 costs US$1.10 – 1.25 / lb

1. Production volumes include expected pre and post-commercial production volumes at Las Bambas 2. C1 cost forecast range once at steady of production, not indicative for full year 2016 given commissioning and ramp up activities 38 Sepon – transition to tail of proven Cu resources

Financials . Transition to lower grade and more complex ores US$ million 1H16 1H15 % . Production impacted by planned total concentrator shutdown Revenue 176.3 269.3 (35) . Focus on operational efficiencies and cost controls EBITDA1 61.2 154.9 (60) to offset higher mining and processing EBIT 1.7 94.3 (98) . Ore variability continues EBITDA margin (%) 35 58 . Milling grades converge towards reserve grade C1 costs – copper (US$ / lb) 1.38 1.07 . Expect production to be at the lower end of 80 – 85 kt guidance range and costs at the higher end of US$1.10 – 1.25/lb range in 2016 Copper cathode production kt

86 90 89 89 80 – 85 79 64

2010 2011 2012 2013 2014 2015 2016F

1. EBITDA includes revenue, operating expenses and other income and expense items 39 Kinsevere – sustained improvements

Financials . Production up 2% to 39,974 tonnes of copper cathode US$ million 1H16 1H15 % . Operational efficiencies, stable electricity, increases to mill throughput Revenue 192.3 222.7 (14)

. Lower copper prices marginally offset by EBITDA1 67.9 80.9 (16) 2% increase in copper sales volumes EBIT (23.2) (5.4) (330) . 10% of power sourced from diesel down from 29% in EBITDA margin (%) 35 36 1H15 C1 costs – copper (US$ / lb) 1.23 1.44 . C1 cost improvement driven by lower energy costs and operational restructuring

Copper cathode production Power utilisation kt 80 1% 10% 29% 29% 23% 40% 60 48% 54% 60%

80 40 99% 70 75 – 80 90% 62 71% 71% 77% 60% 52% 36 20 46% 40% 0 2012 2013 2014 2015 2016F 1H12 2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 Diesel Grid 1. EBITDA includes revenue, operating expenses and other income and expense items 40 Australian Operations – transition beyond Century

Financials . Production of 7,231 tonnes of copper in copper concentrate, US$ million 1H16 1H15 % down 50% on 1H15 Revenue 193.7 231.7 (16) . Reduced throughput at Golden Grove from 1.6 Mtpa to 1 Mtpa to preserve value of the resource while exploration continues EBITDA1 59.1 56.4 5

. Production of zinc in zinc concentrate down 11% on 1H15 due EBIT 10.2 7.3 40 to lower head feed grades at Rosebery EBITDA margin (%) 31 24 . Total production expenses down as result of reduced throughput, lower AUD, lower employee costs C1 costs – zinc (US$ / lb) 0.14 0.24

. Sale processes for Golden Grove and Century mine assets C1 costs – copper (US$ / lb) 2.24 2.07 commenced with significant interest shown for Golden Grove

Copper in copper concentrate production Zinc in zinc concentrate production kt kt

34 31 28 152 147 120 – 135 26 122 22 107 112

10 – 12

2011 2012 2013 2014 2015 2016F 2011 2012 2013 2014 2015 2016F

1. EBITDA includes revenue, operating expenses and other income and expense items 41 C. Mineral Resources & Ore Reserves Mineral Resources

Copper and zinc Mineral Resources of 16.1Mt and 13.1Mt respectively

Mineral Resources – Contained Metal (100% asset basis) As at 30 June 2016

Project Copper Zinc Lead Silver Gold Molybdenum Nickel

kt kt kt moz moz kt kt

Las Bambas 12,787 189 2.7 352.4

Kinsevere 1,439

Sepon 651 1.4

Dugald River 79 7,719 1,178 66

Rosebery 58 1,768 611 72 0.9

Golden Grove 380 1,156 89 28 0.6

Century

High Lake 347 536 50 37 0.6

Izok Lake 342 1,910 209 34 0.1

Avebury 259.9

Total 16,083 13,089 2,137 426 6.3 352.4 259.9

The information referred to in this presentation has been extracted from the report titled Mineral Resources and Ore Reserves Statement as at 30 June 2016 published on 18 October 2016 and is available to view on www.mmg.com. MMG confirms that it is not aware of any new information or data that materially affects the information included in the Mineral Resources and Ore Reserves Statement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Mineral Resources and Ore Reserves Statement continue to apply and have not materially changed. MMG confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the Mineral Resources and Ore Reserves Statement 43 Ore Reserves

Copper and zinc Ore Reserves of 8.8Mt and 3.4Mt respectively

Ore Reserves – Contained Metal (100% asset basis) As at 30 June 2016

Project Copper Zinc Lead Silver Gold Molybdenum

kt kt kt moz moz kt

Las Bambas 7,710 119 2.0 205.2

Kinsevere 577

Sepon 379

Dugald River 2,736 440 36 0.0

Rosebery 13 447 165 20 0.2

Golden Grove 82 222 29 8 0.3

Total 8,761 3,405 634 183 2.5 205.2