Q2 2023 Production Report

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.”

For further information please contact:

REGISTERED OFFICE

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

PLEASE FOLLOW THE LINK TO DOWNLOAD THE FULL ATTACHMENT