Q4 2022 Production Report

KAZ MINERALS GROUP PRODUCTION AND SALES REPORT FOR twelve MONTHS AND THE fourth QUARTER ENDED 31 deceMBER 2022

^1. Payable metal in concentrate and copper cathode from Aktogay oxide ore
^2. Payable metal in concentrate
^3. Payable metal in concentrate, toll processed metal and copper cathode from Aktogay oxide ore
^4. Payable metal in concentrate and toll processed metal

Highlights

• Copper production¹ increased by 27% to 380 kt in 2022 (FY 2021: 299 kt). The world class ramp-up of the second sulphide concentrator at Aktogay, as well as higher output from Sulphide 1, resulted in a 64% increase in Aktogay copper output to 227 kt in 2022 (FY 2021: 138 kt).
• Copper production¹ in the fourth quarter fell by 10% to 98 kt (Q3 2022: 102 kt) as maintenance resulted in lower output from Sulphide 1 at Aktogay and the sulphide plant at Bozshakol.
• Gold production² of 171 koz increased by 2% compared with the prior year (FY 2021: 167 koz). Bozshakol output rose as the site achieved improved recoveries and processed higher gold grades.
• Copper sales³ were slightly higher than copper production in 2022, driven by the partial release of accumulated finished goods inventory which is expected to unwind fully during 2023.

Andrew Southam, Chief Executive Officer, said: “During 2022 KAZ Minerals achieved its highest ever copper output at 380 kt, a 27% increase on the prior year. The Group processed record volumes of ore in the year, driven by the world class ramp-up of the sulphide concentrator at Aktogay and excellent operational performance from the Group’s other assets.”

REGISTERED OFFICE

7^th Floor, 83 Victoria Street, London SW1H 0HW, United Kingdom.

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ANNOUNCEMENT