Q2 2022 PRODUCTION REPORT

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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