Q1 2022 Production Report

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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