MMG (01208) announced that in the third quarter of 2025, their total copper production (including copper concentrate and electrolytic copper) was 127,000 tons, an 11% increase compared to the same period last year. Zinc production totaled 58,700 tons, representing a 26% year-on-year growth. The Las Bambas mine ranked as the fifth largest copper mine globally in the first half of the year. In Q3, the mine produced 102,900 tons of copper concentrate, up 14% from the same quarter in 2024, continuing the strong production momentum from Q2. Mining activities at the Chalcobamba and Ferrobamba pits remained stable without external disruptions, maintaining high levels of ore grade and recovery rates. The Kinsevere mine produced 14,800 tons of electrolytic copper, a 14% increase compared to 2024, primarily driven by the ongoing ramp-up of the sulfidic ore production line in the KinsevereExpansion Project (KEP). This quarter, operational continuity faced challenges due to power supply and stability issues; the mine is currently procuring more diesel generators to alleviate the electricity problems. Additionally, the mine is exploring solar and battery storage solutions to further address power shortages and frequent outages. The Khoemacau mine's production was 9,084 tons of copper concentrate, a 16% decrease from the previous year, mainly due to reduced mining volumes and ore grades impacted by contractor transitions. A ramp-up in capacity is expected to boost output in Q4. Ore grades and mining sequences are crucial factors; the mine is currently enhancing underground development and plans to intensify drilling to improve future grades. The Dugald River mine produced 48,100 tons of zinc concentrate, a 38% increase year-on-year, driven by significant enhancements in mining and recovery rates. The Rosebery mine's zinc concentrate production was 10,600 tons, down 8% due to lower grades related to mining sequences. With notable contributions from by-products such as gold, silver, and copper, zinc equivalent production reached 27,400 tons. In this quarter, MLB (Minera Las Bambas S.A.) shareholders MMG SAM (MMG South America Management Company Limited) distributed a second dividend, totaling $687 million (net of withholding taxes and related charges) to MMG and other joint venture partners. Of this amount, MMG received $429 million, which will be used to repay debt and reduce interest expenses. This move enhances MMG's financial flexibility and supports future capital management or growth projects. On October 8, 2025, MMG completed the issuance of a $500 million zero-coupon convertible bond maturing in 2030. After accounting for related fees, commissions, and expenses, the net proceeds were approximately $494 million. The initial conversion price of the bond is set at HK$8.40 per share, maturing on October 8, 2030. Upon adjustment, the bond can be converted into approximately 463 million shares of common stock, accounting for 3.67% of the expanded share capital post-conversion. The net proceeds from this bond issuance have been utilized for refinancing existing debt, thereby lowering borrowing costs and saving on interest expenses.