Katanga Mining Limited provided an update on its major projects and announced its 2019 fourth quarter production results at its 75%-owned subsidiary Kamoto Copper Company ("KCC"). Cobalt Projects Update: The cobalt debottlenecking projects (the "Cobalt Projects") continued to progress the final components of this project. The temporary repairs of cobalt dryer #1 was completed in Fourth Quarter 2019. Dryer #2 is undergoing modifications and is expected to be commissioned during First Quarter 2020, following which, dryer #1 will be taken off-line for modification which is planned to be completed at the end of First Quarter 2020. Ramp up to full drying capacity is targeted for mid-2020. The sulphuric acid, sulphur dioxide and steam turbine generator projects (the "Acid Plant"), continues to progress towards targeted commissioning during first half of 2020. As previously announced, KCC temporarily suspended the export and sale of cobalt due to the presence of uranium detected in the cobalt hydroxide at levels that exceed the acceptable limit allowed for export of the product through main African ports. The low levels of radioactivity detected in the uranium to date do not present a health and safety risk. On April 25, 2019, KCC resumed the export and sale of a limited quantity of cobalt that complies with both international and local Democratic Republic of Congo ("DRC") transport regulations with respect to the levels of uranium contained in the cobalt hydroxide (the "Applicable Regulations"). KCC, together with the Company and KCC's 25% shareholder, DRC state-owned La Generale des Carrieres et des Mines ("Gecamines"), has been working with the DRC government's Ministry of Mines and the Congolese Atomic Energy Agency on a long-term technical solution in the form of an ion exchange plant (the "IX Plant"). In line with a long-term solution and further technical development, Whole Ore Leach ("WOL") modeling has been completed which indicates that both current and 'elevated' Uranium levels may be successfully removed from the cobalt hydroxide product with KCC's Phosphoric acid addition capabilities. KCC is however continuing to evaluate the feasibility of an IX Plant.

The company announced production results for the fourth quarter and year ended Dec. 31, 2019. Copper cathode production increased to 65,402 tonnes in fourth quarter of 2019 from 59,424 tonnes in third quarter of 2019. Cobalt contained in hydroxide production increased to 6,173 tonnes in fourth quarter of 2019 from 4,763 tonnes in third quarter of 2019. Total ore mined decreased to 3,231,048 tonnes in fourth quarter of 2019 from 3,561,044 tonnes in Third Quarter 2019. Total waste mined decreased to 9,883,967 tonnes in fourth quarter of 2019 from 14,765,188 tonnes in third quarter of 2019. Total material milled and processed decreased to 2,346,569 tonnes in fourth quarter of 2019 from 2,467,572 tonnes in third quarter of 2019. Total concentrate produced increased to 57,444 tonnes in fourth quarter of 2019 from 52,725 tonnes in third quarter of 2019.

Total concentrate produced increased to 244,283 tonnes in 2019 from 205,583 tonnes in 2018. Total waste mined decreased to 48,569,399 tonnes in 2019 from 50,981,685 tonnes in 2018. Total ore mined increased to 11,558,652 tonnes in 2019 from 10,167,727 tonnes in 2018. Total material milled and processed increased to 10,095,656 tonnes in 2019 from 7,529,596 tonnes in 2018

The company provided production guidance for 2020. For 2020, the company expected copper of 270 kt and Cobalt of 29 kt.