CMOC Group Limited (“CMOC” or the “Company”) announced its results for the first quarter ended March 31, 2026, delivering record quarterly revenue, attributable net profit and operating cash flow.

In the first quarter of 2026, the Company recorded revenue of RMB 66.40 billion, representing a year-on-year increase of 44.34%. Profit before tax rose 93.72% year-on-year to RMB 12.17 billion, while net profit attributable to shareholders increased 96.65% to RMB 7.76 billion. Net cash generated from operating activities surged 762.30% year-on-year to RMB 11.33 billion. Basic earnings per share reached RMB 0.36, up 100% from the same period last year. 

As of March 31, 2026, the Company’s total assets stood at RMB 223.69 billion, up 11.33% from the end of 2025, while equity attributable to shareholders of the listed company increased 8.16% to RMB 89.16 billion. Return on equity for the quarter was 9.06%, an increase of 3.57 percentage points year-on-year. 

The Company stated that the strong quarter was mainly attributable to higher prices of major products, steady enhancement in production and operating management capabilities, and growth in output and sales volumes across key products. It also noted that net cash generated from operating activities increased significantly, mainly due to a higher net inflow from the base metals trading business. 

Operationally, CMOC continued to advance its “dual-engine” copper-and-gold strategy, with both businesses serving as key growth drivers during the quarter. Copper production reached 187,880 tonnes, up 10.15% year-on-year, while cobalt production totaled 30,508 tonnes, up 0.31%. Gold output amounted to 43,027 ounces during the period following the completion of the acquisition of four gold mines in Brazil. Molybdenum output was 3,184 tonnes, tungsten output was 1,660 tonnes, niobium output was 2,670 tonnes, and phosphate fertilizer output totaled 299,392 tonnes. Total physical trading volume reached 1.1093 million tonnes. 

By segment, revenue from copper mining and processing reached RMB 15.80 billion, with a gross profit margin of 63.69%. Cobalt generated revenue of RMB 1.80 billion, with a gross profit margin of 86.27%. Gold contributed RMB 1.20 billion in revenue, with a gross profit margin of 45.63%. Tungsten revenue reached RMB 1.96 billion, with a gross profit margin of 70.93%.

During the reporting period, the Company also made solid progress on key strategic initiatives. On January 23, 2026, CMOC completed, through a controlled subsidiary, the acquisition of 100% interests in the Aurizona gold mine, the RDM gold mine and the Bahia complex from Equinox Gold Corp. The acquisition is expected to support the Company’s gold production targets and further strengthen its resource base. 

On January 26, 2026, CMOC Capital Limited, an indirectly controlled overseas subsidiary of the Company, completed the issuance of USD 1.2 billion zero-coupon convertible bonds due 2027, unconditionally and irrevocably guaranteed by the Company. The Company said the issuance would help improve liquidity, lower financing costs, and support its long-term development and expansion. 

In addition, TFM-1, the copper brand of CMOC’s subsidiary in the Democratic Republic of the Congo, obtained London Metal Exchange Grade A registration during the quarter, entering the global mainstream delivery system. The Company said the certification reflects internationally recognized standards in product quality, production stability, delivery capability and sustainability practices.