MONGOL MINING2025中期报告

2 5 29 31 32333334353637 47 975 |www.mmc.mn MMCMMC Mongolian Mining CorporationMMC975OTCQXMOGLFUmnugobiUkhaa KhudagUHGBaruun NaranBN MMCMMC MMCErdene Mongol LLCEM50%EMBayan KhundiiBKHBayankhongor MMCMMC MMCMMC MMCMMC MMCMMC 514.83.0%471.93.7%454.353.458.18.9% 296.3288.62.6%4.2%237.9 52.88.0%29.515.9%24.846.9% 3.1%249.40.5%237.020254.928.0%3.5 37.940.66.6% WGC3,303.726.6%WGC2,42332.8%43.1%17.4% ETFs397.1 5.9 MSE16 25% Energy Resources LLCER GSGMGS-GM 2102744(Oyu Tolgoi)(Tavan Tolgoi)(Tsagaan Suvarga)(Asgat)4 (Law on the National Wealth Fund) GS-GM32.61,5201,435223,0001,0004,000GS-GM MSE 1-2 232 ZandanshatarGombojavOyun-ErdeneLuvsannamsraiZandanshatar Gombojav19 -351%-3 MSE¼MSEMSE UkhaaKhudag (UHG)(Umnugobi aimag)(Tsogttsetsii soum) 211 (i)(ii)(iii) (iv)(v) BKH 0.3477.0zadra650,000 BKH BKH JORCJORC 1.UHGJORC JORC UKHAA KHUDAG (UHG) 2,960UHGMV-011952UHG3020UHGJORC •1,645208,211116,709HQ-363.1 96.091,502122•43,656•Polaris Seismic International LtdPolarisVelseis Processing Pty LtdVelseis71•ALS JORC JORC1 UHGByambaa BarkhasBarkhasAusIMM31819815(Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORCBarkhas1UHG(AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORC 3D8916,9356,108 Lkhagva-Ochir SaidUHGUHGJORC (ii)Lkhagva-Ochir SaidSaidAusIMM31600517(Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves)JORC (iii)JORC25 BARUUN NARAN (BN) BNBaruun Naran LimitedQGXCoal Limited4,482MV-014493BN308,340MV-017336THG3020 Lkhagva-Ochir SaidJORC BNTHG235% •BN13536,87516,102HQ-39,640PQ-383.0122.611,133122•THG32THG9,9705,900HQ-33,610PQ-3460122•12,502 (BN)3,824(THG)•VelseisPolarisBN75 BNTHGJORCBNTsaikharKhudagTHG 161 BN8,335.4H3,766BNTHGTHG UKHAA KHUDAG (UHG) Glogex Consulting LLCGlogexUHGJORCJORCJORC •UHG •UHG •AMC Consultants Pty LtdAMCJohn LatillaJORC•JORC0B0AU (i)4(AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORCUHGNaranbaatar LundegAusIMM326646Glogex23JORCLundeg 43.64%2.68%UHGJORC (ii) BARUUN NARAN (BN) BNGlogexBNJORC •• •AMCJohn Latilla360•Norwest CorporationJohn Trygstad JORCBN51.8%2.62% 5(AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves)JORCUHGNaranbaatar LundegAusIMM326646Glogex23JORCLundeg (ii) KHUNDII MV-021444Khundii2,309EM3020EMKhundiiBKHDark HorseDH EMKhundiiDHBKHDHDHRPM GlobalRPMNI 43-101CIM 83181,04018 DHDH230 KHUNDII BKHNI 43-101O2 Mining Limited BKHBKHAGPMining Consultants Inc.National Instrument 43-101(NI 43-101)CIMBKHPaul Daigle(P. Geo.)CIM DH0.351.02DH Khundii20UlaanUN125,132236 100.16 BKH0.40Au6 1,816BKH0.63DH0.682.5%10% KhundiiBKH4.04.092.7%476 ALTAN NAR ULAAN ANCBMGCBMG500 Altan NarANEMMV-021547AN4,6693020ANKhundii16 UN(XV-016057)Khundii1,780EM33 RPM GlobalANANRPM0.78vii1.4AN EMUN354 AN5.61.518 9.KhundiiNI 43-101 (i)(ii)(iii)(iv)0.4•2,000•95%•200150•2.582.66(v)NI 43-101BayanKhundii Oyunbat Bat-OchirRPMBat-OchirCIM (iv)0.351.02RPM5%10%1,72390%87%30%NI43-101Bayan Khundii (i)NI 43-101O2 Mining LimitedJulienLawrence(ii)CIM(CIM Definition Standards (2014)CIM(CIM Best Practice Guidelines (2003)(iii)(iv)NSRNSR(v)1,816(vi)10%2.5% KHUKH TOLGOI URKHUT WHITE HILL (WH) MV-021014Khukh Tolgoi6,557.08UCC3020Khukh TolgoiBayankhongor MV-017579Urkhut5,300.54UCC3020UrkhutBayankhongor MV-017089White Hill2,931.07Universal Copper LLCUCC3020WHBayankhongor 7.51.06%0.072.740.14%79.2()17.6658.310.35.32.0%0.29.410.85%105.934.11.644.90.2%0.4% GMGMUHGTKH MSEGM38.4243.2230.4 UHGBN3 7.15.71.4UHGBN 4.2(i)1.5(ii)0.5(iii)0.3(iv)1.0(v)0.9 32.7UHG5.7 Tsagaan KhadTKHGS TerminalGSTUHGUHGTKHTKHGSTTKHGSTGMGSTGMTKH BN14.810.6 UHGBN2 7.36.11.2UHGBN4.30.05 122,999GS-GM4 14,7004 7.97.260.760.97 15122.652.23 ISO 45001:2018IMSISO 45001:2018IMSAFNOR GroupISO 45001 1.210.2 179,600 82.0123.297.090.250.137.4128.9174.2134.956.613.9 4.23.30.9346.6194.5 MSE 35.310.930.8 317.3283.8UHGBN220.363.5 4.74.2 7.89.9 20TKHGM8.912.0 14.715.7 UHGTKHGST7.37.7 BNUHGUHGTKHGMUHG-GS63.965.4 5%8%5%10%MSEMSE6.0%7.9% 15.2 UHGTKH2406.97.4 0.61.00.91.9 (i)(ii)(iii)(iv)(v) EBITDAEBITDA 23.212.7 62.9223.8 27.219.4 BKH0.3477.01.00.01 400.0(i)350.0(ii) EM50.0 5 1.55.1 8.44%220,000,00012.5%109.27%25,049,000 52.32.3 EBITDA94.1EBITDA270.1 5.215.8GMGM 23.3133.0 Mongolian Coal CorporationLimitedQuincunx (BVI) Ltd.Kerry Mining (Mongolia)LimitedBaruun NaranLimitedQGX Coal Ltd.BNBN5.06 15.640.7 BKH 10,000,00023,250,0003.2602,351,0005,279,500 81.850.350.020.0 1.(i)55.4(ii)56.5BKH28.6(iii)8.52.(i)343.5(ii)30.0(iii)256.6(iv)12.5 0.61.1 17.0%9.6% MNS 4969(Mining Skill)1,30312019,54175,73877 3,1052402,559 Universal Copper LLC 50.5% Mongolian MiningCorporation Pte. LtdTalst Investment LLCUCC50.5%20,500,000UCCUCC8,500,00012,000,0001224UCCUCC iOS 34.22.629.41.1 18,3471003614,700603,053594 125 16,899,00096.612.5 EnkhtuvshinG