COMPLETION OF BAIMSKAYA BANKABLE FEASIBILITY STUDY

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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Q2 2021 Production Report

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

		6m 2021	6m 2020	Q2 2021	Q1 2021	Q2 2020
Copper production¹	kt	150.3	153.8	77.9	72.4	78.9
Aktogay	kt	69.9	67.6	36.0	33.9	34.3
Bozshakol	kt	53.9	60.4	27.6	26.3	30.6
East Region & Bozymchak	kt	26.5	25.8	14.3	12.2	14.0
Gold production²	koz	82.9	109.7	43.0	39.9	54.3
Silver production²	koz	1,664	1,741	901	763	948
Zinc in concentrate	kt	21.8	23.8	12.2	9.6	14.8
Copper sales³	kt	137.0	146.9	69.2	67.8	77.9
Gold sales⁴	koz	62.5	98.6	30.0	32.5	44.2
Silver sales⁴	koz	1,411	1,759	770	641	913
Zinc in concentrate sales	kt	22.1	22.2	13.8	8.3	14.0

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.”

For further information please contact:

KAZ Minerals
Susanna Freeman Maksut Zhapabayev	Company Secretary, London Corporate Communications, Almaty	Tel: +44 20 7901 7826 Tel: +7 727 244 03 53

KAZ Minerals

Susanna Freeman

Maksut Zhapabayev

Company Secretary, London

Corporate Communications, Almaty

Tel: +44 20 7901 7826

Tel: +7 727 244 03 53

REGISTERED OFFICE

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

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Appointment of Independent Non-Executive Director

KAZ Minerals Limited is pleased to announce the appointment to the Board of Alun Bowen, as an independent non-executive Director and Chair of the Audit Committee with effect from 15 July 2021. Alun will also be a member of the Health, Safety and Sustainability Committee and the Projects Assurance Committee.

Alun has had a 37-year career with KPMG in London, Sydney, Cardiff, Hong Kong and Almaty, as an auditor and advisor. He held a number of senior positions including Senior Partner of KPMG in Wales, leader of KPMG’s Global Sustainability Practice and Managing Partner of KPMG in Kazakhstan and Central Asia.

After retiring from KPMG, Alun has held a number of non-executive directorships in the UK, Kazakhstan and Russia. He is a non-executive director and Chair of the Audit Committee of Severstal, Russia’s largest fully integrated steel producer. He is also a non-executive director and the Chair of the Audit and Risk Committee of Transport for Wales, and a member of its Major Projects Committee. Alun has previously been a non-executive director of Eurasian Bank, Kazakhstan, and Hodge Bank in the UK.

Alun is a Fellow of the Institute of Chartered Accountants in England and Wales and has a degree in Metallurgy and Materials Science from Trinity College, Cambridge.

Oleg Novachuk, Chair of KAZ Minerals, said: “We are delighted to welcome Alun Bowen to the Board of KAZ Minerals. Alun brings extensive experience of business in Kazakhstan and Russia which will support KAZ Minerals’ operations and future growth plans.”

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Offer Closed

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

16 June 2021

RECOMMENDED CASH ACQUISITION

of

KAZ MINERALS LIMITED
(previously named KAZ Minerals PLC)

by

NOVA RESOURCES B.V.

(a company indirectly owned by joint offerors (i) Oleg Novachuk and (ii) Vladimir Kim)

Offer Closed

On 9 April 2021, Nova Resources B.V. (“Bidco“) announced that its recommended increased cash offer for the entire issued and to be issued share capital of KAZ Minerals Limited (previously named KAZ Minerals PLC) (“KAZ Minerals“) (other than the KAZ Minerals Shares already owned or controlled by members of the Consortium) (the “Final Increased Offer“) had been declared unconditional in all respects. The full terms and conditions of the Final Increased Offer and the procedures for acceptance were set out in the original offer document dated 8 February 2021, as revised by the final increased offer document published on 26 March 2021 (the “Final Offer Document“). The definitions set out in the Final Offer Document have the same meanings in this announcement.

On 4 May 2021, Bidco announced that the Final Increased Offer would remain open for acceptances until 1.00 p.m. (London time) on 15 June 2021.

On 15 June 2021, Bidco completed the exercise of its rights pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act 2006 to acquire compulsorily the remaining KAZ Minerals Shares in respect of which the Final Increased Offer had not been accepted, on the same terms as the Final Increased Offer (the “Compulsory Acquisition“).

Closing of the Final Increased Offer

Bidco announces that it has acquired the entire issued share capital of KAZ Minerals.

The Final Increased Offer has therefore been closed to further acceptances with effect from 1.00 p.m. (London time) on 15 June 2021.

Pursuant to the Compulsory Acquisition, the consideration to which those KAZ Minerals Shareholders who did not accept the Final Increased Offer (“Non-Assenting Shareholders“) are entitled to, is held on trust on behalf of such Non-Assenting Shareholders by KAZ Minerals. Non-Assenting Shareholders are requested to apply in writing for such consideration, providing satisfactory evidence of your entitlement to such consideration, to Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZZ. If you are a KAZ Minerals Shareholder who did not accept the Final Increased Offer and have any questions in relation to how to claim your consideration following the completion of the Compulsory Acquisition, please contact Computershare by phone (between 8.30 a.m. to 5.30 p.m., Monday to Friday excluding public holidays in England and Wales) on 0370 797 1100 from within the UK or on + 44 (0) 370 707 1100 if calling from outside the UK. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate.

Further information

This announcement is for information purposes only and is not intended to and does not constitute or form part of, any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Final Increased Offer or otherwise nor shall there be any sale, issuance or transfer of securities of KAZ Minerals in any jurisdiction in contravention of applicable law.

Overseas Shareholders

This announcement has been prepared in accordance with English law, the Takeover Code, the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and there shall be no implication that there has been no change in the facts set forth in this announcement since such date.

The Final Increased Offer is subject to the applicable rules and regulations of the FCA, the London Stock Exchange and the Takeover Code.

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ACCELERATION OF SECOND COMPLETION OF THE ACQUISITION OF THE BAIMSKAYA COPPER PROJECT – KAZ MINERALS NOW 100% OWNER

In January 2019, the KAZ Minerals Group (“the Group”) acquired 75% of the Baimskaya copper project (“Baimskaya”) from Aristus Holdings Limited, with the remaining 25% interest in the asset to be transferred upon second completion. Following KAZ Minerals PLC delisting from the London Stock Exchange on 11 May 2021, second completion was triggered and the deferred cash consideration of $225 million has been paid to Aristus for the remaining 25% interest in the asset. The Group now holds 100% of the Baimskaya copper project.

Oleg Novachuk, Chair, said: “We are pleased that second completion of the Baimskaya acquisition has occurred and that KAZ Minerals is now the sole owner of one of the world’s largest copper development projects. Combined with our expansion project at Aktogay, we have an industry leading copper growth pipeline.”

For further information please contact:

KAZ Minerals PLC
Ed Jack Anna Mallere	Corporate Communications, London Corporate Communications, London	Tel: +44 20 7901 7882 Tel: +44 20 7901 7814
Maksut Zhapabayev	Corporate Communications, Almaty	Tel: +7 727 244 03 53
Brunswick Group
Carole Cable, Charlie Pretzlik		Tel: +44 20 7404 5959

REGISTERED OFFICE

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

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Result of General Meeting

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At the General Meeting of KAZ Minerals PLC (the ‘Company’) held today, all the resolutions put to shareholders were duly passed on a poll. The poll results showing the number of votes received for and against each resolution are shown below. Resolutions 1 and 2 were proposed as special resolutions and Resolutions 3 and 4 were proposed as ordinary resolutions. The poll results represent approximately 95.81% of the total number of 473,290,296 Ordinary Shares in issue which carry voting rights of one vote per share. The Company currently holds 7,433,681 Ordinary Shares in treasury which do not carry voting rights.

Andrew Southam, Chief Executive Officer, chaired the meeting and in line with the announcement released by the Company on 26 April 2021 and in accordance with the roadmap for easing the national lockdown restrictions announced on 22 February 2021 by the UK Government, he and another senior employee of the Company, each of whom being a shareholder or a proxy appointed by a shareholder of the Company, formed the quorum for the General Meeting and were the only two persons present throughout. Each of the resolutions set out in the notice of meeting was put to a vote on a poll and the meeting was then closed.

Resolution	For / Discretion	%	Against	%	Total	Vote Withheld*
1. To re-register the Company as a private limited company under the name of KAZ Minerals Limited	453,358,932	99.97%	119,724	0.03%	453,478,656	18,575
2. To adopt the amended articles of association in substitution for and to the exclusion of all existing articles of association of the Company	453,359,444	99.97%	119,212	0.03%	453,478,656	18,575
3. To give the Directors authority to authorise matters giving rise to an actual or potential conflict	453,362,002	99.97%	116,654	0.03%	453,478,656	18,575
4. To give the Directors the power to allot shares in the Company or to grant rights to subscribe for or to convert any security into such shares in the Company	453,323,099	99.97%	155,557	0.03%	453,478,656	18,575

*‘Vote Withheld’ is not a vote in law and is not counted in the calculation of the proportion of the votes ‘For’ and ‘Against’ a resolution.

Capitalised terms used in this announcement but not otherwise defined herein shall have the same meanings given in the Notice of General Meeting.

For further information please contact:

Susanna Freeman

Company Secretary

Tel: + 44 (0)20 7901 7800

CANCELLATION OF ADMISSION TO TRADING ON THE OFFICIAL LIST OF THE FCA, TRADING ON THE MAIN MARKET OF THE LONDON STOCK EXCHANGE AND ADMISSION TO TRADING AND LISTING ON THE KAZAKHSTAN STOCK EXCHANGE

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

11 May 2021

Cancellation Of Admission to trading on the official list Of The FCA, trading On the main market of the London Stock Exchange and admission to trading and listing on the Kazakhstan Stock Exchange

Further to the announcement dated 9 April 2021 made by the board of Nova Resources B.V. (“Bidco”) and the Independent Committee of KAZ Minerals PLC (“KAZ Minerals”) in relation to Bidco’s final cash offer going unconditional, KAZ Minerals announces that, following an application by KAZ Minerals:

the Financial Conduct Authority has cancelled the listing of KAZ Minerals Shares on the premium segment of the Official List;
the London Stock Exchange has cancelled trading in KAZ Minerals Shares on its main market for listed securities; and
the Kazakhstan Stock Exchange has cancelled the listing and trading of KAZ Minerals Shares on the Kazakhstan Stock Exchange.

Cancellation of: (i) the listing of the KAZ Minerals Shares on the premium segment of the Official List; and (ii) trading in KAZ Minerals Shares on the London Stock Exchange’s main market for listed securities, in each case will be effective from 8.00 a.m. (London time) on 11 May 2021. Cancellation of the listing of KAZ Minerals Shares on the Kazakhstan Stock Exchange will also be effective from the morning of 11 May 2021.

Unless otherwise stated, the terms used in this announcement have the same meanings as given to them in the Final Offer Document dated 26 March 2021.

For further information please contact:

KAZ Minerals PLC
Ed Jack	Senior Investor Relations Advisor	Tel: +44 20 7901 7882
Susanna Freeman	Company Secretary	Tel: +44 20 7901 7826
Brunswick Group
Carole Cable, Charlie Pretzlik		Tel: +44 20 7404 5959
Citigroup Global Markets Limited (Financial adviser and corporate broker to KAZ Minerals)
Robert Way, Tom Reid, David Fudge		Tel: +44 20 7986 4000
UBS AG London Branch (Financial adviser and corporate broker to KAZ Minerals)
Ian Hart, Jason Hutchings, David Roberts		Tel: +44 20 7567 8000

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Despatch of formal compulsory acquisition notices and closure of the Final Increased Offer

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

4 May 2021

RECOMMENDED CASH ACQUISITION

of

KAZ MINERALS PLC

by

NOVA RESOURCES B.V.

(a company indirectly owned by joint offerors (i) Oleg Novachuk and (ii) Vladimir Kim)

Despatch of formal compulsory acquisition notices and closure of the Final Increased Offer

1. Introduction

On 9 April 2021, Nova Resources B.V. (“Bidco“) announced that its recommended increased cash offer for the entire issued and to be issued share capital of KAZ Minerals PLC (“KAZ Minerals“) (other than the KAZ Minerals Shares already owned or controlled by members of the Consortium) (the “Final Increased Offer“) had been declared unconditional in all respects. The full terms and conditions of the Final Increased Offer were set out in the original offer document dated 8 February 2021, as revised by the final increased offer document published on 26 March 2021 (the “Final Offer Document“).

Bidco is pleased to announce that as at 3.00 p.m. (London time) on 30 April 2021, it had received valid acceptances of the Final Increased Offer, in respect of a total of 268,342,043 KAZ Minerals Shares, representing approximately 56.70 per cent. of the issued share capital of KAZ Minerals and approximately 93.43 per cent. of the issued share capital of KAZ Minerals Shares to which the Final Increased Offer relates.

2. Compulsory acquisition

Further to Bidco’s announcement on 26 April 2021 that it had received valid acceptances under the Final Increased Offer in respect of more than 90 per cent in value of the KAZ Minerals Shares to which the Final Increased Offer relates and the voting rights carried by those shares, Bidco is now pleased to announce today the despatch of formal compulsory acquisition notices under sections 979 and 980 of the Companies Act 2006 (the “Act“) (the “Compulsory Acquisition Notices“) to KAZ Minerals Shareholders who have not yet accepted the Final Increased Offer. These notices set out Bidco’s intention to apply the provisions of section 979 of the Act to acquire compulsorily any remaining KAZ Minerals Shares in respect of which the Final Increased Offer has not been accepted on the same terms as the Final Increased Offer.

If any of the KAZ Minerals Shareholders have not accepted the Final Increased Offer and have not applied to the court in respect of all their holding of KAZ Minerals Shares by 1.00 p.m. (London time) on 15 June 2021 (being six weeks from the date of the Compulsory Acquisition Notices), the KAZ Minerals Shares held by those KAZ Minerals Shareholders who have not accepted the Final Increased Offer will be acquired compulsorily by Bidco on the same terms as the Final Increased Offer. The consideration to which those KAZ Minerals Shareholders will be entitled will be held by KAZ Minerals as a trustee on their behalf and they will be requested to claim their consideration by writing to KAZ Minerals at the end of the six-week period.

3. Close of Final Increased Offer and procedure for acceptance

Bidco also announces that the closing date of the Final Increased Offer, which remains subject to the terms and conditions set out in the Final Offer Document and, in respect of KAZ Minerals Shares in certificated form, the Forms of Acceptance, is 15 June 2021 (being six weeks from the date of the Compulsory Acquisition Notices).

KAZ Minerals Shareholders who have not yet accepted the Final Increased Offer are urged to do so as soon as possible, as follows:

if you hold your KAZ Minerals Shares, or any of them, in certificated form (that is, not in CREST), you should complete, sign and return a Form of Acceptance (witnessed, where relevant) (together with your share certificate(s) and/or other document(s) of title) by post as soon as possible and in any event so as to be received by the Receiving Agent, Computershare; or
if you hold your KAZ Minerals Shares, or any of them, in uncertificated form (that is, in CREST) you should NOT complete, sign and return any Form of Acceptance but instead follow the procedure for Electronic Acceptance through CREST so that the TTE instruction settles as soon as possible. If you hold your KAZ Minerals Shares as a CREST sponsored member, acceptance of the Final Increased Offer should be referred to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction to Euroclear.

Full details of the procedure to accept the Final Increased Offer are set out in paragraph 14 of Part 2 of the Final Offer Document and, in respect of certificated KAZ Minerals Shares, in either of the Forms of Acceptance. The Final Offer Document is available, subject to certain restrictions to persons resident in a Restricted Jurisdiction, on Bidco’s website at http://www.novaresourcesbv.com/Announcements.html and on KAZ Minerals’ website at https://www.kazminerals.com/investors/announcement/details/.

KAZ Minerals Shareholders with any questions relating to the completion and return of any Form of Acceptance or the making of an Electronic Acceptance (as the case may be) should contact the Receiving Agent, Computershare, between 8.30 a.m. and 5.30 p.m. Monday to Friday (except UK public holidays) on (0) 370 707 1100 (if calling from within the UK) or +44 (0) 370 707 1100 (if calling from outside the UK). Calls to the helpline from outside the UK will be charged at applicable international rates. Different charges may apply to calls from mobile telephones. Calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Final Increased Offer nor give any financial, legal or tax advice.

4. Settlement of the Final Increased Offer

While the Final Increased Offer remains open for acceptances, settlement of consideration to which any accepting KAZ Minerals Shareholder (or the first-named shareholder in the case of joint holders) is entitled under the Final Increased Offer shall be effected within 14 calendar days of the date of receipt of such acceptance, which is valid and complete in all respects, in the manner described in paragraph 15 of Part 2 of the Final Offer Document.

Non-assenting KAZ Minerals Shareholders who do not accept the Final Increased Offer will not receive payment until after the compulsory acquisition has been implemented. Therefore accepting the Final Increased Offer should enable you to receive your payment more promptly than if the compulsory acquisition procedure is followed.

5. General

The percentages of KAZ Minerals Shares referred to in this announcement are based on a figure of 473,290,296 KAZ Minerals Shares in issue, excluding shares held in treasury, on 30 April 2021 (being the last Business Day prior to the date of this announcement).

The definitions set out in the Final Offer Document have the same meanings in this announcement.

Enquiries

Bidco / VTB Capital (Financial adviser to Bidco)
Alexander Metherell	+44 (0) 20 3334 8000
Giles Coffey
Elena Loseva

Hudson Sandler (Financial PR adviser to Bidco)
Charlie Jack	+44 (0) 20 7796 4133
Katerina Parker
Elfie Kent

Clifford Chance LLP is acting as legal adviser to Holdco and Bidco.

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Total Voting Rights

In conformity with 5.6.1R of the Disclosure Guidance and Transparency Rules (“the Rules”), the Company hereby notifies the market of the following:

At the date of this announcement, the total issued share capital of the Company comprises 480,723,977 ordinary shares.

The Company currently holds 7,433,681 ordinary shares in treasury and therefore the issued share capital of the Company which carries voting rights of one vote per share comprises 473,290,296 ordinary shares (excluding treasury shares).

The above figure of 473,290,296 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Rules.

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Q1 2021 Production Report

KAZ MINERALS GROUP Production Report for the first quarter Ended 31 march 2021

Highlights
- Group copper production¹ of 72.4 kt (Q4 2020: 75.7 kt), on track to achieve annual guidance of 275-295 kt
- Gold production² of 39.9 koz (Q4 2020: 35.9 koz) as Bozymchak contributed for the full quarter following the restart of operations in December 2020
- Net debt of $2,410 million (31 December 2020: $2,601 million) with $62 million of undrawn facilities and gross liquid funds of $1,298 million (31 December 2020: $1,299 million)
Covid-19 update
- Ensuring the safety, health and wellbeing of employees and contractors remains the Group’s priority
- Comprehensive measures, including testing and isolation, remain in place to protect staff and mitigate the risk of disruption to operations
- These measures ensured that there was no major impact to the Group’s operations in Q1 resulting from Covid-19, other than minor delays to shipments across the Kazakhstan-China border

Aktogay
- Q1 copper production¹ rose to 33.9 kt (Q4 2020: 31.9 kt) due to increased ore throughput and a higher average recovery rate
- Copper cathode production from oxide ore decreased to 3.3 kt (Q4 2020: 4.6 kt) due to lower ambient temperatures and maintenance
Bozshakol
- Copper production² reduced to 26.3 kt (Q4 2020: 31.3 kt) due to a lower ore throughput as a result of maintenance at the concentrators combined with lower average grades and recovery rate
- Gold production² of 26.2 koz (Q4 2020: 31.4 koz) impacted by reduced ore processed volumes and lower average
  grades and recovery rate
East Region and Bozymchak
- Copper production² of 12.2 kt (Q4 2020: 12.5 kt) as lower grade material was processed
- Gold production² of 13.7 koz (Q4 2020: 4.5 koz) following the restart of operations at the Bozymchak mine
- Silver production of 431 koz (Q4 2020: 362 koz) and zinc in concentrate output of 9.6 kt (Q4 2020: 10.2 kt)

Group production summary³		Q1 2021	Q4 2020	Q1 2020
Copper production¹	kt	72.4	75.7	74.9
Aktogay	kt	33.9	31.9	33.3
Bozshakol	kt	26.3	31.3	29.8
East Region & Bozymchak	kt	12.2	12.5	11.8
Gold production²	koz	39.9	35.9	55.4
Silver production²	koz	763	732	793
Zinc in concentrate	kt	9.6	10.2	9.0

¹ Payable metal in concentrate and copper cathode from Aktogay oxide ore.
² Payable metal in concentrate.
³ See appendix for metal production by asset.

Andrew Southam, Chief Executive Officer, said: “The Group has delivered another strong quarter, with copper production of 72 kt, and is on track to achieve the full year guidance for all metals.”

For further information please contact:

KAZ Minerals PLC
Ed Jack	Investor Relations, London	Tel: +44 20 7901 7882
Anna Mallere	Investor Relations, London	Tel: +44 20 7901 7814
Maksut Zhapabayev	Corporate Communications, Almaty	Tel: +7 727 244 03 53
Brunswick Group
Carole Cable, Charlie Pretzlik		Tel: +44 20 7404 5959

REGISTERED OFFICE

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

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