Q3 2023 Production Report

KAZ MINERALS PRODUCTION AND SALES REPORT FOR nine MONTHS AND THE third QUARTER ENDED 30 September 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 301 kt of copper in the first nine months of 2023, an increase of 7% on the prior year comparative period, achieved due to the world-class ramp-up of the second concentrator at Aktogay.
• Zinc in concentrate output increased by 24% as extraction took place in higher metal content areas and raised recovery rates. Silver production rose by 11% as the Group processed higher grades while gold output fell by 7% due to an expected reduction in grades processed at Bozshakol and Bozymchak.
• The Group has now sold its accumulated finished goods inventories, built-up in 2022, with copper sales in the period to 30 September 2023 of 344 kt, 43 kt ahead of production. Sales volumes of all by-products were also ahead 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 delivered copper output of 301 kt in the first nine months of 2023, an increase of 7% on the prior year comparative period, benefiting from the world-class ramp-up of the second concentrator at Aktogay. In 2023, the Group has now cleared its stockpile of finished goods inventories, built-up in the prior year, with copper sales 43 kt ahead of production in 2023.”

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