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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_CatalogueInvestmentsClassifiedAsInvestingActivities" xml:lang="en">Catalogue investments classified as investing activities.</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_DividendsReceivedFromUnconsolidatedCompaniesClassifiedAsInvestingActivities" xml:lang="en">Dividends Received From Unconsolidated Companies Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_DividendsReceivedFromUnconsolidatedCompaniesClassifiedAsInvestingActivities" xlink:to="lab_umg_DividendsReceivedFromUnconsolidatedCompaniesClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_DividendsReceivedFromUnconsolidatedCompaniesClassifiedAsInvestingActivities" xml:lang="en">Dividends received from unconsolidated companies classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" xlink:label="loc_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" xml:lang="en">Inflows Of Cash From Investing Activities Excluding Dividends Received</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" xml:lang="en">Divestitures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" xlink:to="lab_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_InflowsOfCashFromInvestingActivitiesExcludingDividendsReceived" xml:lang="en">Inflows of cash from investing activities, excluding dividends received.</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" xlink:label="loc_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" xml:lang="en">Other Intangible Assets Investments Classified As Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" xml:lang="en">Other Intangible Assets Investments Classified As Investing Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" xlink:to="lab_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_OtherIntangibleAssetsInvestmentsClassifiedAsInvestingActivities" xml:lang="en">Other intangible assets investments classified as investing activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:label="loc_ifrs-full_OutflowsOfCashFromInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_ifrs-full_OutflowsOfCashFromInvestingActivities" xml:lang="en">Outflows of cash from investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OutflowsOfCashFromInvestingActivities" xlink:to="lab_ifrs-full_OutflowsOfCashFromInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xml:lang="en">Purchase of financial instruments, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:label="loc_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xml:lang="en">Purchase of interests in investments accounted for using equity method</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en">Purchase of property, plant and equipment, classified as investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en">Cash flows from (used in) operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperations" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperations" xml:lang="en">Cash flows from (used in) operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperations" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperations" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xml:lang="en">Cash flows from (used in) operations before changes in working capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="lab_ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xml:lang="en">Income taxes paid (refund), classified as operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="lab_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en">Increase (decrease) in working capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="lab_ifrs-full_IncreaseDecreaseInWorkingCapital" />
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" xlink:label="loc_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" xml:lang="en">Royalty Advances Payments Net Of Recoupments Classified As Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" xml:lang="en">Royalty Advances Payments Net Of Recoupments Classified As Operating Activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" xlink:to="lab_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_RoyaltyAdvancesPaymentsNetOfRecoupmentsClassifiedAsOperatingActivities" xml:lang="en">Royalty advances payments net of recoupments classified as operating activities.</label>
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en">Increase (decrease) in cash and cash equivalents after effect of exchange rate changes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
<loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_NciOnAcquiredCatalogue" xlink:label="loc_umg_NciOnAcquiredCatalogue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_NciOnAcquiredCatalogue" xml:lang="en">NCI On Acquired Catalogue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_NciOnAcquiredCatalogue" xlink:to="lab_umg_NciOnAcquiredCatalogue" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_NciOnAcquiredCatalogue" xml:lang="en">NCI on acquired catalogue.</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_RecognitionOfPutOptionLiabilityOnNci" xlink:label="loc_umg_RecognitionOfPutOptionLiabilityOnNci" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_RecognitionOfPutOptionLiabilityOnNci" xml:lang="en">Recognition Of Put Option Liability On NCI</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_umg_RecognitionOfPutOptionLiabilityOnNci" xml:lang="en">Recognition Of Put Option Liability On NCI</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_RecognitionOfPutOptionLiabilityOnNci" xlink:to="lab_umg_RecognitionOfPutOptionLiabilityOnNci" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_RecognitionOfPutOptionLiabilityOnNci" xml:lang="en">Recognition of put option liability on NCI.</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_TotalChangesOverThePeriod" xlink:label="loc_umg_TotalChangesOverThePeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_TotalChangesOverThePeriod" xml:lang="en">Total Changes Over The Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_umg_TotalChangesOverThePeriod" xml:lang="en">Total Changes Over The Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_TotalChangesOverThePeriod" xlink:to="lab_umg_TotalChangesOverThePeriod" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_TotalChangesOverThePeriod" xml:lang="en">Total changes over the period.</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_DescriptionOfAccountingPolicyForPrepayments" xlink:label="loc_umg_DescriptionOfAccountingPolicyForPrepayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_DescriptionOfAccountingPolicyForPrepayments" xml:lang="en">Description Of Accounting Policy For Prepayments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_DescriptionOfAccountingPolicyForPrepayments" xlink:to="lab_umg_DescriptionOfAccountingPolicyForPrepayments" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_DescriptionOfAccountingPolicyForPrepayments" xml:lang="en">Description of accounting policy for prepayments [Text block].</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_DisclosureOfAdditionalPaidInCapital" xlink:label="loc_umg_DisclosureOfAdditionalPaidInCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_DisclosureOfAdditionalPaidInCapital" xml:lang="en">Disclosure Of Additional Paid In Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_DisclosureOfAdditionalPaidInCapital" xlink:to="lab_umg_DisclosureOfAdditionalPaidInCapital" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_DisclosureOfAdditionalPaidInCapital" xml:lang="en">Disclosure of additional paid in capital [Text block].</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_DisclosureOfAuditExemptions" xlink:label="loc_umg_DisclosureOfAuditExemptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_DisclosureOfAuditExemptions" xml:lang="en">Disclosure Of Audit Exemptions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_DisclosureOfAuditExemptions" xlink:to="lab_umg_DisclosureOfAuditExemptions" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_DisclosureOfAuditExemptions" xml:lang="en">Disclosure of audit exemptions [Text block].</label>
<loc xlink:type="locator" xlink:href="724500GJBUL3D9TW9Y18-2025-12-31.xsd#umg_DisclosureOfLitigation" xlink:label="loc_umg_DisclosureOfLitigation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_umg_DisclosureOfLitigation" xml:lang="en">Disclosure Of Litigation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_umg_DisclosureOfLitigation" xlink:to="lab_umg_DisclosureOfLitigation" />
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_umg_DisclosureOfLitigation" xml:lang="en">Disclosure of litigation [Text block].</label>
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