Managem: Revenue Up 14% by End of September

In the third quarter of 2025, Managem Group experienced significant growth, with a 41% increase in revenue compared to the same period last year, despite an 11% decline in the USD/MAD exchange rate. This performance was primarily driven by the commencement of commercial production at the Boto gold mine in Senegal, which made its first sale during the quarter. Additionally, the rise in average selling prices for all metals and the recovery of copper exports from the Pumpi mine in the Democratic Republic of Congo contributed to this growth. The Group's consolidated revenue reached 7,420 MDH, marking a 14% increase compared to the end of September 2024. This growth reflects a strong momentum since the beginning of the year, supported by a favorable pricing environment for metals and an increase in marketed volumes. However, the decline in the USD/MAD exchange rate partially limited this progress, resulting in an impact of nearly –240 MDH. By the end of September 2025, investments totaled 4,365 MDH, with nearly 63% allocated to completing the construction of the Boto and Tizert projects. Both sites are now operational and ramping up production, with commercial sales at Tizert expected to start in the fourth quarter. Meanwhile, the Group continues to develop its other strategic projects in Morocco, including the cobalt sulfate project and the Tendrara gas project, which is scheduled to come online in the first half of 2026. Consolidated net debt stood at 15,881 MDH, an increase of 55% compared to the end of 2024. This increase reflects the sustained investment efforts by the Group to complete ongoing projects and support the development of new strategic initiatives.