Managem is the Casablanca-listed way to own Moroccan and pan-African mining. This is a research profile of the Al Mada-controlled group (ticker MNG): what it digs and where, who owns it, the record FY2025 that gold and two new projects produced, and the commodity and country factors that move the share price.
Why investors follow it: Managem is the only real listed pure-play on mining in Casablanca, so it is how a Moroccan portfolio takes direct exposure to gold, silver, copper and cobalt prices. That also makes it the most commodity-geared stock on the exchange, with earnings that can swing hard in either direction.
Managem is a diversified miner controlled by the royal holding Al Mada (about 81%), with a small free float near 10%. It runs mines across Morocco and several African countries, producing precious metals, base metals, cobalt and fluorine. FY2025, published in March 2026, was a record: revenue of about 13.7 billion MAD (up roughly 55%), EBITDA of about 6.0 billion MAD at a 44% margin, and net income group share of about 3.0 billion MAD, driven by strong gold and silver prices and by the Boto (Senegal) gold and Tizert (Morocco) copper projects starting sales in Q4.
Analysis basis: as of 23 July 2026. Sources: the FY2025 results release (late March 2026) and H1 2025 report as relayed by Moroccan financial media, Managem investor relations, and the AMMC reference document. Figures are reported values, not forecasts.
Résumé (FR) : Managem est le groupe minier marocain coté à Casablanca (MNG), contrôlé par le holding royal Al Mada (environ 81%), avec un flottant réduit d'environ 10%. Il exploite des mines d'or, d'argent, de cuivre, de cobalt et de fluorine au Maroc et dans plusieurs pays africains. L'exercice 2025 est un record : chiffre d'affaires d'environ 13,7 milliards de dirhams (environ +55%), EBITDA d'environ 6,0 milliards (marge 44%) et résultat net part du groupe d'environ 3,0 milliards, portés par des prix de l'or et de l'argent élevés et par la mise en production des projets Boto (Sénégal, or) et Tizert (Maroc, cuivre). Dividende proposé : 55 dirhams par action.
Managem is a Moroccan mining group with three product families: precious metals (gold and silver), base metals (copper, zinc and lead), and cobalt and its derivatives, plus fluorine. It runs on the order of a dozen operating mines spread across Morocco and several other African countries, which is what makes it useful to an investor: unlike a single-mine explorer, Managem offers a basket of metals and geographies inside one listed share. The stock trades on the Bourse de Casablanca as MNG, with the company reporting a share capital of about 1.19 billion MAD across roughly 11.9 million shares. Leadership sits with chairman and CEO Imad Toumi.
Because the portfolio matters more than any one asset, it is worth being precise about where Managem actually operates, since older summaries of the group have circulated some countries it is not in. The confirmed current footprint is Morocco (including the Bou Azzer cobalt mine, the Imiter silver mine, base-metal mines such as Draa Sfar, Bleida and Akka, and the new Tizert copper mine), Senegal (the new Boto gold mine), Guinea (the Tri-K gold mine), Sudan (gold, exposed to the country's conflict), the Democratic Republic of Congo (copper-cobalt), and Mali (a gold development project). It does not operate in Burkina Faso, and its Gabon gold activity was historical and ended years ago. Individual mine-level status should always be checked against the latest AMMC reference document, especially for Sudan given the war.
Control sits firmly with Al Mada, the Moroccan royal holding company, which holds roughly 81% of Managem (about 76% directly as of mid-2025). The pension fund CIMR holds around 8%, and the genuine free float is small, on the order of 10% (some data providers quote a broader figure near 18% using a looser definition). For an investor, the thin float has two consequences: the stock can be less liquid and more volatile than its size suggests, and minority holders have little influence over strategy, which is set by Al Mada. It also means Managem's capital-raising decisions, such as the rights issue underway in 2026, are effectively decided by the controlling shareholder.
The dominant driver is metal prices, and within that, gold and silver. Managem's FY2025 surge tracked a strong precious-metals market; in the first half the group itself pointed to gold up about 39% and silver up about 26% as the swing factor. Copper is a rising contributor as the Tizert mine ramps, and cobalt is a real but currently pressured line, hit in 2025 by export suspensions in the DRC and soft cobalt prices. The second driver is the dollar: metals sell in USD while part of the cost base is in dirhams, so USD/MAD moves flow into reported revenue, which is why the exchange rate sits in the stat bar above.
The third driver is project execution. New mines reaching commercial production is what re-rates a miner, and FY2025 is the textbook case: Boto in Senegal and Tizert in Morocco both delivered first sales in the fourth quarter and powered the record year, with Q1 2026 revenue then up about 147% year on year as the ramp continued. The fourth driver is country and security risk, which for Managem is unusually concrete: the war in Sudan, host-country export rules in the DRC, and instability in the Sahel around the Mali asset can all directly curtail output or sales in a way a purely Moroccan operator never faces.
Managem published FY2025 results in late March 2026, and they were a record. As reported by Moroccan financial media citing the release, consolidated revenue was about 13.69 billion MAD, up roughly 55%; EBITDA (EBE) was about 5.98 billion MAD, more than double the prior year, at a 44% margin; operating profit was about 3.99 billion MAD; and net income group share came in near 3.0 billion MAD, up about 2.38 billion. The Board proposed a dividend of 55 MAD per share. The step-change came from the combination of high precious-metal prices and the two new projects starting sales, which is exactly the pattern a miner is bought for: prices plus volume growth arriving together.
One number to keep in view is leverage. The build-out has been capital-intensive, and net consolidated debt stood at about 14.33 billion MAD at 30 June 2025, up meaningfully over the prior year. A precise year-end 2025 net-debt figure is not cleanly confirmed across sources, so it is left out here rather than guessed; the mid-year figure is the reliable one. When a new Managem filing lands, the lines worth opening the document for are the price-and-volume commentary by metal and the net-debt trajectory, since together they explain both the earnings and the balance-sheet risk. The primary filings are on the AMMC issuers space.
Managem's dividend has risen steadily with earnings. The figures below are per share, from the group's declared distributions; the FY2025 figure is a Board proposal.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2023 | 30.00 | declared distribution |
| FY2024 | 40.00 | declared distribution |
| FY2025 | 55.00 | proposed by the Board, subject to AGM approval |
Source: Managem declared dividends as reported by Moroccan financial media; the FY2025 figure is a proposal pending the AGM. Note that even at 55 MAD the cash yield is modest, because Managem is held for commodity-price leverage rather than for income.
The first and largest risk is the commodity cycle: earnings are highly geared to gold, silver, copper and cobalt prices, and a precious-metals reversal would compress that 44% margin quickly. The second is African security and political risk, which is concrete here: the civil war in Sudan threatens the Gabgaba gold operation, Sahel instability sits around the Mali project, and production disruptions in Guinea were flagged in 2025. The third is host-country regulation, illustrated by the DRC's cobalt export suspensions curtailing sales that year. The fourth is leverage and the capex cycle: net debt rose during a heavy build-out, so the group is sensitive to interest rates and project delays, and it is raising capital in 2026. Finally there are the ordinary energy-cost, environmental and social risks of mining, including the historical community tensions around Imiter.
Managem is the exchange's clearest commodity play, and FY2025 showed both sides of that in one year: strong metal prices and two new mines produced a record result, while the same portfolio carries Sudan-war, DRC-regulation and leverage risks that a domestic bank or telecom never touches. For a reader, the discipline is to treat Managem as a leveraged bet on metal prices plus execution, not as a stable compounder. Read each release for price-versus-volume by metal and for the net-debt path, keep the small free float in mind for liquidity, and remember that the dividend, though rising, is a by-product rather than the reason to hold the stock. None of this is a recommendation; it is how to read what the group discloses.
Company facts and figures are drawn from Managem's FY2025 results release (late March 2026) and H1 2025 report as reported by Moroccan financial media (Le Matin, Medias24, Boursenews, Financial Afrik) and the group's AMMC reference document; the reported ISIN is MA0000011058. Live metal prices and USD/MAD in the stat bar come from Dalil's market feed. The delayed MNG price comes from the Drahmi feed and may be up to about 90 minutes old.
Managem files market disclosures with the AMMC. Results are published semiannually (H1) and annually. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated, including the year-end 2025 net-debt figure and the earliest dividend years; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-23.