MMG Limited

MMLTF

Copper · Basic Materials

Price

$1.15

+0.12 (+11.65%)

Market Cap

$14.77B

Exchange

Other OTC

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 13, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+44.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.49B (2021) → 12.25B (2025)

MMG Limited is a global mining company that digs copper, zinc, and other metals out of the ground. Its main products are copper and zinc concentrates, which are sold to smelters and industrial buyers who turn them into materials used in construction, electronics, and electric vehicles. MMG is majority-owned by China Minmetals, a large Chinese state-owned enterprise, and operates major mines in Australia, Peru, the Democratic Republic of Congo, and Laos.

MMG makes money by selling mined metal concentrates, so its revenue rises and falls with commodity prices. The company is mid-sized by global mining standards, with a market cap near $14.8 billion, and its competitive position comes partly from owning large, long-life copper deposits like the Las Bambas mine in Peru, one of the world's biggest copper operations. The key growth driver is rising copper demand tied to the global energy transition, but the main risks include volatile metal prices, operational disruptions at Las Bambas, and geopolitical exposure across multiple developing countries.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+32.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+6.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

67.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$447M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

MMG Limited grew revenue 33% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

43.4%

Healthy — 43.4% gross margin

Operating Margin

37.1%

Excellent — 37.1% operating margin

ROCE

16.5%

Strong — 16.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+38.8%

Fast-growing sales (+38.8% YoY)

EPS YoY

+172.7%

Earnings growing fast (+172.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

499%

Turns 499% of profit into real cash

FCF Margin

23.5%

Converts sales into free cash efficiently (23.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.93

Moderate — manageable debt (0.93)

Interest Cover

9.64x

Comfortably covers interest (9.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

27.4x

Growth-priced — P/E 27.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+18.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.4 → 9.0)

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Dividends

Not applicable for this business.

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