Bank of America Securities issued a research report stating that MMG delivered robust first-quarter production with higher quality. During the period, sales volumes remained stable, prices were supportive, and cash costs were lower. Benefiting from stable output at Las Bambas and increased capacity at Kinsevere, copper production reached 128,700 tonnes, up 9% year-on-year and 6% quarter-on-quarter. Precious metal output also increased, with gold production rising 24% year-on-year to 32,177 ounces and silver production climbing 27% year-on-year to 2.89 million ounces. Based on a positive outlook for copper prices, the bank reiterated its "Buy" rating but lowered the target price from HK$13 to HK$12. Additionally, first-quarter by-product revenue effectively reduced the overall cash cost. Management indicated that if gold and silver prices remain high, there is potential to lower the C1 cash cost guidance. The bank raised its profit forecast for 2026–2027 by 2% and increased its capital expenditure estimate.