Casablanca – Managem, a pan-African mining group specializing in gold, base metals, and energy-transition minerals, with a growing focus on natural gas and responsible mining practices, posted a significant acceleration in its activity during the third quarter of 2025, supported primarily by the launch of production at two major mining projects: the Boto gold mine in Senegal and the Tizert copper mine in Morocco. These developments mark the completion of several years of investment and have already begun to reshape the Group’s quarterly and year-to-date performance indicators.

During the third quarter, Managem recorded a 41% increase in consolidated revenue compared with the same period in 2024. This surge came despite an 11% decline in the USD/MAD exchange rate, a factor that traditionally weighs on the Group’s earnings due to the international pricing of metals. Even with this unfavorable monetary context, the strong operational performance of new and existing assets allowed the Group to maintain upward momentum.

The most significant contribution of the period came from the Boto gold mine, which entered commercial production and achieved its first shipments during the quarter. The site’s transition from development to operation represents a major strategic milestone, confirming Managem’s ability to deliver large-scale projects in West Africa. The mine’s initial sales provided a substantial boost to overall activity, driving a large portion of the quarter’s revenue expansion.

The company also benefited from the resumption of copper exports from the Pumpi mine in the Democratic Republic of Congo. After a period of reduced activity, Pumpi returned to normalized operational levels, contributing additional volume at a time when global copper prices remained supportive. Metal price conditions in general were favorable throughout the quarter, with upward adjustments across several key commodities, reinforcing the Group’s revenue progression.

Looking beyond the third quarter alone, Managem reported a 14% increase in consolidated revenue at the end of September compared with the same period in 2024. The improvement reflects the positive trend that has prevailed since the beginning of the year, driven by stronger market conditions and the consolidation of production volumes across multiple assets. Nevertheless, the depreciation of the dollar against the dirham partially constrained performance, with a negative impact equivalent to several percentage points of potential growth.

Investments also continued to expand at a sustained pace. Over the first nine months of 2025, Managem recorded a 2% increase in capital expenditure compared with the same period of the previous year. Nearly 63% of total investment was directed toward completing the Boto and Tizert projects. By the end of the third quarter, both sites had reached operational status. While Boto had already initiated sales, the Tizert copper mine was entering its final ramp-up phase and is expected to begin commercial shipments in the fourth quarter.

In addition to these major developments, Managem continues to advance several strategic projects in Morocco. Among them is the cobalt sulfate project, which aims to position the Group as a key supplier for electric-vehicle battery production. The Tendrara gas project is also progressing steadily, with commissioning expected during the first half of 2026. These projects are aligned with the Group’s long-term strategy to strengthen its position in metals and energy resources that support global energy-transition demands.

While operational and commercial indicators have improved, the Group’s financial structure reflects the intensity of its investment cycle. By the end of September, Managem reported a 55% increase in net consolidated debt compared with the end of 2024. This rise is directly linked to the substantial capital commitments required to complete the construction of Boto and Tizert, as well as to fund ongoing and future strategic projects. According to the Group, this temporary increase remains consistent with its long-term growth ambitions and is expected to moderate as newly operational assets begin generating additional cash flow.

The commissioning of two major mining sites within the same year marks an important turning point for Managem. With Boto now producing gold and Tizert preparing to enter the commercial phase, the Group is transitioning into a period where output, volumes, and industrial capacity are set to expand appreciably. Combined with supportive metal markets and the gradual ramp-up of strategic Moroccan projects, 2025 is shaping up to be a year of significant operational consolidation.

Looking ahead, Managem intends to maintain its focus on developing projects that support Africa’s energy and industrial transition. The Group has emphasized its commitment to responsible mining standards across all of its operations, including environmental, social, and governance practices. With a diversified portfolio and a growing presence across several African countries, Managem aims to reinforce its role as a regional leader in both traditional and energy-transition minerals.