BOC International has issued a research report increasing the target price for MMG (01208) to HK$10.71 and reiterating a "Buy" rating. The report notes that MMG's first-quarter copper production in 2026 increased by 9% year-on-year, primarily driven by strong growth at the Kansanshi mine and steady growth at the Las Bambas mine. More importantly, gold and silver production rose by 24% and 27% year-on-year, respectively, with both the Las Bambas and Rosebery mines achieving robust growth. The significant increase in precious metals output also contributed to lower C1 costs at the related mines. Although the strong growth momentum in precious metals production may not be sustained throughout the full year, BOC International has raised its profit forecasts for 2026–2028 by 1%–2%.