Q1 2023 Production Report

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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