HKG: 1208

Chief Executive Officer: Andrew Michelmore

Executive General Manager, Exploration: Steve Ryan

Principal Geologist, Americas: Katherine Smuk

Headquartered in Melbourne and listed on the Hong Kong Stock Exchange, MMG Ltd. continues to advance its Izok Corridor and Hood zinc-copper projects in Nunavut and to complete early-stage exploration at its Nikolai nickel project in Alaska.

The Izok Corridor project includes the High Lake and Izok volcanogenic massive sulfide deposits.

Izok has a mineral resource of 15 million metric tons averaging 13 percent zinc and 2.3 percent copper.

The High Lake deposit, located north of Izok, hosts a resource of 14 million metric tons averaging 3.8 percent zinc and 2.5 percent copper.

MMG submitted a project description in 2012 to the Nunavut Impact Review Board to initiate the environmental review and permitting process for the project.

The proposed plan includes a mine and mill at Izok Lake, a mine at High Lake, and a port at Grays Bay on the Coronation Gulf from which mineral concentrates would be shipped seasonally, all connected by a 325-kilometer (202 miles) all-weather road.

The company has since advised Nunavut regulators that it is evaluating engineering alternatives aimed at improving project economics.

One hurdle to an economically viable project at Izok, according to the MMG, is the cost of building the road and other infrastructure.

The company says there would be many benefits for the improved regional infrastructure the company needs in the Kitikmeot: the mine project would add C$5.1 billion to the gross domestic product of Nunavut and C$2.5 billion to the GDP of Canada.

During its operations, the mine would bring C$391 million to Nunavut, equal to 18 percent of the territory's output in 2012, and C$1.5 billion in jobs.

It also would increase inbound cargo and full storage capacity, assist with Arctic sovereignty and safety and spill response.

MMG is continuing its feasibility study and exploration program in 2014 and expects to provide NIRB with an update in the fourth quarter 2014.

MMG USA Exploration LLC, a subsidiary of Australia-based MMG Ltd., invested more than US$2 million on nickel exploration at its Nikolai project in Alaska during 2013, a program the company followed up on during 2014.

MMG's Alaska portfolio includes three large blocks of state of Alaska mining claims that follow an arc south of the Alaska Range.

These claim groups include Amphitheater, which borders Pure Nickel's Man property to the south and west; Butte Creek, located about 40 miles (65 kilometers) southwest of Amphitheater; and Talkeetna, a block of claims roughly 30 miles (about 48 kilometers) further along this arc that coincides with the Wrangellia Terrane, a band of rocks known to host nickel-platinum group metal deposits that arcs from Southcentral Alaska through southern Yukon Territory and along the coast of British Columbia.

The 2013 work program at Talkeetna, located about 100 miles (160 kilometers) northwest of Anchorage involved an early-stage program of compiling geological information on the property, mapping and rock sampling.

In addition to a similar reconnaissance level mapping and sampling program, the company commissioned a 1,817-line-kilometer helicopter-borne versatile time-domain electromagnetic geophysical survey for Amphitheater, the claims bordering the Man nickel-PGM-copper property.

Bluff, a block of claims that blankets a roughly 13-mile by five-mile (21 kilometers by eight kilometers) section of mountains stretching southwest of the Denali Highway, was the target of drilling last year.

Beyond seeking nickel along the southern slopes of the Alaska Range, MMG carried out early-stage exploration on its Twenty Mile and Squaw Creek projects in the Rampart Mining District, some 100 miles (160 kilometers) northwest of Fairbanks.

The 2013 programs on these claims located north of the Yukon River included a 2,396-line-kilometer helicopter-borne VTEM survey, mapping and rock sampling.

MMG continues exploration, including additional geophysical surveys and drilling, at its Nikolai project in 2014.

Cash and short-term deposits: US$144.4 million (at June 30, 2014)

Working capital: US301.2 million (at June 30, 2014)

Market capitalization: HK$15.39 billion (at Sept. 26, 2014)

GPO Box 2982

Melbourne Victoria 3001 Australia

Tel: 61-3-9288-0888

Fax: 61-3-9288-0800

http://www.mmg.com