Q4 2023 Production Report

KAZ MINERALS PRODUCTION AND SALES REPORT FOR TWELVE MONTHS AND THE FOURTH QUARTER ENDED 31 December 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 achieved full year copper production of 403 kt in 2023, an increase of 6% on the prior year (FY 2022: 380 kt) and the highest in its history, driven by increased output from Aktogay following the world class ramp-up of the second sulphide concentrator during 2022. Continued operational improvements at Bozshakol also enabled the site to increase its copper output, despite the expected decline in grade.
• Management’s focus on maximising throughput delivered excellent results, with all concentrators at Aktogay, Bozshakol and Bozymchak operating in excess of design capacity throughout the year.
• Zinc in concentrate output rose by 9% as the East Region benefited from higher grades and improved recovery rates. Silver production increased by 6% as the Group processed higher grades, while gold output fell by 5% primarily due to an expected reduction in grades processed at Bozymchak.
• Copper sales volumes of 445 kt were 10% higher than production as the Group fully sold its accumulated finished goods inventories. Sales volumes of all by-products were also above production. The Group has benefited from improved rail logistics compared with the prior year and continued strong demand for its products from customers.

Andrew Southam, Chief Executive Officer, said: “KAZ Minerals delivered record copper output of 403 kt in 2023, an increase of 6% on the prior year, driven by increased output from Aktogay following the world class ramp-up of the second sulphide concentrator in 2022. Management’s continued focus on operational excellence resulted in all concentrators processing ore volumes in excess of design capacity during the year. The Group’s sales also benefited from a significant reduction in finished goods inventory carried forward from 2022.”

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