KAZ MINERALS PRODUCTION AND SALES REPORT FOR SIX MONTHS AND THE SECOND QUARTER ENDED 30 JUNE 2023

^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

• KAZ Minerals produced 200 kt of copper in H1 2023, an increase of 11% compared with H1 2022 due to the strong performance of the Aktogay sulphide plants which raised ore throughput and copper recoveries.
• Silver production in H1 2023 increased by 14%, benefiting from higher grades. Zinc in concentrate output increased by 24% due to higher grades and an improvement in the recovery rate, while gold output reduced by 8% due to expected lower grades at Bozshakol and Bozymchak.
• The Group has continued to make progress in the sale of its accumulated finished goods inventories, with copper sales in H1 2023 of 223 kt, 23kt above production. Sales volumes of all by-products were also in excess of production. The Group has benefited from improved rail logistics compared with the prior year and strong demand for its products from customers.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals produced 200 kt of copper in H1 2023, an increase of 11% compared with H1 2022 as Aktogay raised throughput and recoveries, supported by strong operational performances from Bozshakol, East Region and Bozymchak. Whilst the Group is experiencing high cost inflation, it has progressively reduced its finished goods inventories, benefiting from improved rail logistics and strong demand from customers in China.”

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KAZ MINERALS Group PRODUCTION AND SALES REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

^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

• KAZ Minerals produced 95 kt of copper in Q1 2023 as both sulphide concentrators at Aktogay performed well and Bozshakol achieved throughput in excess of design capacity.
• Copper sales of 108 kt were 13 kt higher than production as improved rail logistics enabled the Group to reduce its stockpile of finished goods inventories.
• By-product output reduced compared with the previous quarter as extraction in Q4 2022 in the East Region was from particularly high grade areas. Sales of by-products exceeded production, benefiting from the improved rail logistics.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals has made a strong start to 2023 with copper production of 95 kt. The Group’s operations performed well and improved logistics to market enabled high sales volumes as inventories were reduced.”

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

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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.

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KAZ MINERALS GROUP PRODUCTION AND SALES REPORT FOR SIX MONTHS AND THE SECOND QUARTER ENDED 30 jUNE 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 of 180 kt in H1 2022 increased by 20% (H1 2021: 150 kt) as the Group continued to benefit from the world class ramp-up of the second sulphide concentrator at Aktogay. Aktogay produced 104 kt of copper, a 49% increase compared with the 70 kt produced in the first half of 2021.
• Management has maintained its focus on maximising ore processed volumes, using a range of optimisation measures including artificial intelligence at the Aktogay and Bozshakol sulphide plants. The first sulphide concentrator at Aktogay achieved record volumes of ore processed in H1 2022 and Bozshakol continued to exceed design capacity at both the sulphide and clay plants.
• Gold production of 85 koz increased by 2% compared with the first six months of 2021 (H1 2021: 83 koz) due to higher output at Bozshakol where throughput and grades processed improved in the period.
• The Group achieved sales in excess of production volumes for all metals. Copper sales of 188 kt were 4% above production as logistics constraints eased and the Group sold inventory brought forward from the prior year. The volume of finished goods inventories is expected to further reduce by the end of 2022, but will only fully unwind in 2023.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals achieved a 20% increase in copper output in the first half of the year, with the ramp-up of the second sulphide concentrator at Aktogay continuing to surpass expectations. The Group has maintained its focus on optimising operational performance enabling the first concentrator at Aktogay and both Bozshakol plants to raise ore throughput levels further above their design capacity.”

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

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KAZ MINERALS GROUP Production and Sales report for THE first QUARTER ENDED 31 march 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 of 90 kt in Q1 2022 grew by 20% (Q4 2021: 75 kt) benefiting from an accelerated ramp-up of the Aktogay expansion. Aktogay produced 51 kt of copper, a 40% increase compared with the 36 kt produced in Q4 2021.
• Gold production of 43 koz increased by 5% (Q4 2021: 41 koz), due to higher output at Bozshakol and Bozymchak.
• Copper sales of 91 kt were slightly above production, as the logistics constraints experienced in Q4 2021 on shipments to China eased. Transit times on the Kazakhstan rail network have improved significantly and the border crossing to China is operating well. The Group expects to sell its finished goods inventories, brought forward from the prior year, by the end of 2022.
• Improvements in transit times also resulted in a significant increase in sales of all of the Group’s by-product metals, with sales increasing compared with the previous quarter by 31% for gold, 39% for silver and 55% for zinc in concentrate.

Andrew Southam, Chief Executive Officer, said: “In the first quarter of 2022 KAZ Minerals has delivered copper production growth of 20%, which is an outstanding achievement. The Group is benefiting from an accelerated ramp-up of the second sulphide concentrator at Aktogay and continued strong performance at the Group’s other operations. KAZ Minerals is on track to achieve its full year targets for all metals.”

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

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KAZ MINERALS GROUP Production and Sales report for twelve months and THE fourth QUARTER Ended 31 DECEMBER 2021

^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
  • KAZ Minerals achieved copper production of 299 kt in 2021, exceeding the production target set at the start of the year of 275-295 kt, due to Aktogay and Bozshakol operating above design capacity and an exceptional ramp-up at the Aktogay expansion.
  • The second sulphide concentrator at Aktogay was commissioned in October 2021 and has shipped its first copper concentrate to customers during the fourth quarter. The ramp-up has outperformed expectations, with the new concentrator achieving design capacity throughput for extended periods.
  • Copper production in the fourth quarter increased by 2% to 75 kt (Q3 2021: 74 kt) driven by an increase at Aktogay following the start-up of the second sulphide concentrator, which offset lower output from Bozshakol and East Region & Bozymchak, where grades fell.
  • Full year gold production of 167 koz was consistent with the Group’s target of 160-180 koz. KAZ Minerals exceeded its annual targets for the production of both silver and zinc in concentrate.
  • Copper sales of 253 kt in 2021 were 18% below production as the Group experienced congestion on the rail network during the second half of the year, including restrictions at the Kazakhstan-China border associated with enhanced Covid-19 measures. There has subsequently been a significant improvement in transit times with inventory levels reducing in January.
  • At the start of January there was unrest in Kazakhstan. None of the Group’s staff were harmed and there was no damage to Group property. There was minimal disruption to the Group’s operations, all of which are running at full capacity.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals’ operations continued to perform strongly in the fourth quarter, and supported by the exceptional ramp-up of the second concentrator at Aktogay, the Group met or exceeded its production targets for all metals. We have had a good start to 2022, with the second concentrator at Aktogay set to deliver further growth in the year.”

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6^th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

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KAZ MINERALS GROUP Production and Sales report for nine months and the third QUARTER Ended 30 September 2021

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

• Production highlights
  • Copper production of 223.9 kt in the nine month period to 30 September 2021 positions the Group to achieve its copper production target set at the start of the year of up to 295 kt. Copper production in the nine months decreased by 3% against the prior year period (9m 2020: 230.0 kt) as a 3% increase in ore processed was offset by lower grades processed.
    • Aktogay copper production increased by 3% to 102.3 kt (9m 2020: 99.3 kt) as sulphide ore processed rose by 6% and the plant achieved an improved recovery rate.
    • Bozshakol copper production fell by 10% to 81.6 kt (9m 2020: 90.7 kt) resulting from lower average grades and associated recovery rates, as expected.
    • East Region & Bozymchak copper production remained at 40.0 kt (9m 2020: 40.0 kt) as higher output from Bozymchak offset slightly lower grades at East Region.
  • Q3 2021 copper production decreased by 6% to 73.6 kt (Q2 2021: 77.9 kt) due to extended planned maintenance works at Aktogay and lower volumes of ore processed at East Region & Bozymchak.
  • Gold production of 126.2 koz in the year to 30 September fell by 21% (9m 2020: 160.4 koz) due to an expected reduction in grades and associated recovery rates at Bozshakol and East Region. Gold production for the full year is expected to be within the Group’s 2021 target of 160-180 koz.
• Sales summary
  • Group copper sales of 199.4 kt in the first nine months of 2021 were 11% below production as the Group continued to experience restrictions at the Kazakhstan-China border associated with enhanced Covid-19 measures, which has increased finished goods inventories. These restrictions have started to ease during Q4 2021.
  • Sales of gold and silver were also below production levels in the period mainly due to border restrictions.
  • Sales of zinc in concentrate have remained in line with production in the first nine months of 2021 as a greater proportion of material is sold within Kazakhstan.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals has delivered strong copper production of 224 kt during the first nine months of 2021. Output was aided by higher throughput and favourable recovery rates at Aktogay which partially offset an expected reduction in grades at Bozshakol. Whilst Covid-19 restrictions at the China border have delayed some export sales, the Group continues to benefit from favourable copper market prices in 2021.”

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6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

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KAZ Minerals Limited (“KAZ Minerals” or “the Group”) announces that the Aktogay expansion project has today been officially opened by the President of the Republic of Kazakhstan. The production of saleable material from the 25 Mtpa concentrator is expected to commence shortly, and the Group expects to begin shipments to customers of copper concentrate from the new plant during the fourth quarter of this year. Despite the challenges presented by the Covid-19 pandemic, the Aktogay expansion has been built on schedule and on budget, continuing the Group’s successful track record of project delivery.

The second concentrator doubles the sulphide ore processing capacity at Aktogay to 50 Mtpa and is expected to increase the Group’s copper production substantially, once it is fully ramped up. The expansion project represents an investment of approximately $1.2 billion and has resulted in a significant increase in the number of people employed at Aktogay.

Oleg Novachuk, Chair of KAZ Minerals, said: “I am delighted that KAZ Minerals has again demonstrated its project delivery capability with the successful construction of the Aktogay expansion. The new concentrator is a valuable addition to the Group’s portfolio, which is dominated by low cost, long life assets.”

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KAZ Minerals is pleased to announce that the Bankable Feasibility Study (“BFS”) for the Baimskaya copper project has been completed and approved by the KAZ Minerals Limited Board of Directors. This represents a significant project milestone enabling the Group to progress with the financing and construction of this world-class copper asset.

The Baimskaya copper project is the planned development of a globally significant copper resource with a forecast capital construction cost of $8.5 billion. The mine is expected to have a life of 20+ years and will start up by the end of 2027, with average annual copper production of 300 kt and gold production of 490 koz during the first ten full years of operation. Life of mine copper and gold processing grades are estimated at 0.47% and 0.27 g/t respectively, with elevated grades expected in the early years of production. The project has competitive net cash costs and is expected to be in the first quartile on the global cost curve. Historic data and drilling conducted during the BFS indicate the potential for the mine life to be extended.

The processing plant will have a total ore processing capacity of 70 Mtpa from two lines, building on the technologies used at the Group’s Aktogay and Bozshakol mines in Kazakhstan.

Pioneering works continue at the mine site and the required infrastructure is being progressed with the Russian government in accordance with the Complex Development Plan for the Chukotka region. A 428 km all-weather road will be constructed between the Baimskaya mine site and a new port will be built at Cape Nagloynyn for the shipment of copper concentrate to market via the Northern Sea Route. Carbon-free power will be supplied to the site from a nuclear facility to be constructed and operated by Rosatom, enabling the Group to produce very low-carbon copper.

Oleg Novachuk, Chair of KAZ Minerals, said: “The completion of the Baimskaya Bankable Feasibility Study marks an exciting milestone for KAZ Minerals as the Group progresses the development of one of the world’s largest copper resources. Copper is fundamental to a more sustainable future and Baimskaya will help meet the growing demand for this metal, as well as bringing a range of benefits to Russia and its Chukotka region.”

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KAZ MINERALS Production and Sales Report for six months and THE second QUARTER Ended 30 JUNE 2021

• Payable metal in concentrate and copper cathode from Aktogay oxide ore
• Payable metal in concentrate
• Payable metal in concentrate, toll processed metal and copper cathode from Aktogay oxide ore
• Payable metal in concentrate and toll processed metal

• Production highlights
  • H1 2021 copper production of 150.3 kt decreased by 2% (H1 2020: 153.8 kt) as higher production at Aktogay and East Region & Bozymchak was offset by lower production at Bozshakol.
    • Aktogay copper production increased by 3% to 69.9 kt (H1 2020: 67.6 kt) driven by higher ore throughput and a favourable recovery rate at the sulphide plant.
    • Bozshakol copper production fell by 11% to 53.9 kt (H1 2020: 60.4 kt) as higher ore throughput was offset by lower grade and recovery rate, as expected.
    • East Region & Bozymchak copper production of 26.5 kt rose by 3% (H1 2020: 25.8 kt) as an increase in throughput mitigated a decrease in average copper grades.
  • Q2 2021 copper production increased by 8% to 77.9 kt (Q1 2021: 72.4 kt) due to higher ore processed volumes at Bozshakol and East Region & Bozymchak and increased cathode output at Aktogay.
  • H1 2021 gold production of 82.9 koz fell by 24% (H1 2020: 109.7 koz) due to an expected reduction in grades at Bozshakol and East Region.
• Sales summary
  • H1 2021 Group copper sales of 137.0 kt were 9% below production as capacity limitations imposed at the Kazakhstan-China border associated with enhanced Covid-19 hygiene measures resulted in a build-up of finished goods inventory. Limitations on monthly shipments to China have continued in the second half of the year.
  • Rail capacity limitations have also resulted in lower sales of gold and silver in the first half of the year. Gold sales of 62.5 koz were 25% below production and silver sales of 1,411 koz were 15% below production.
  • Sales of zinc in concentrate have remained in line with production in H1 2021 as a greater proportion of material has been sold within Kazakhstan compared with H1 2020.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals has delivered a strong operational performance in the first half of 2021 with ore processing volumes rising across all business units leading to higher copper output at Aktogay and the East Region and Bozymchak. Copper production at Bozshakol reduced due to lower grades, in line with the mine plan. The Group has also benefited from increasing commodity prices, in particular for copper, over the first six months of the year.”

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6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

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