KAZ MINERALS LIMITED

6TH FLOOR

CARDINAL PLACE

100 VICTORIA STREET LONDON SW1E 5JL Tel: +44 (0) 20 7901 7800

16 Nov ember 2021

KAZ MINERALS GROUP PRODUCTION AND SALES REPORT

FOR NINE MONTHS AND THE THIRD QUARTER ENDED 30 SEPTEMBER 2021

9m

9m

2021

2020

Copper production1

kt

223.9

230.0

Aktogay

kt

102.3

99.3

Bozshakol

kt

81.6

90.7

East Region & Bozymchak

kt

40.0

40.0

Gold production2

koz

126.2

160.4

Silver production2

koz

2,513

2,642

Zinc in concentrate

kt

34.1

39.5

Copper sales3

kt

199.4

228.3

Gold sales4

koz

98.5

159.3

Silver sales4

koz

2,216

2,600

Zinc in concentrate sales

kt

33.2

38.9

Q3

Q2

Q3

2021

2021

2020

73.6

77.9

76.2

32.4

36.0

31.7

27.7

27.6

30.3

13.5

14.3

14.2

43.3

43.0

50.7

849

901

901

12.3

12.2

15.7

62.4

69.2

81.4

36.0

30.0

60.7

805

770

840

11.1

13.8

16.8

    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
  • Production highlights
    • Copper production of 223.9 kt in the nine month period to 30 September 2021 positions the Group to achieve its copper production target set at the start of the year of up to 295 kt. Copper production in the nine months decreased by 3% against the prior year period (9m 2020: 230.0 kt) as a 3% increase in ore processed was offset by lower grades processed.
      • Aktogay copper production increased by 3% to 102.3 kt (9m 2020: 99.3 kt) as sulphide ore processed rose by 6% and the plant achieved an improved recovery rate.
      • Bozshakol copper production fell by 10% to 81.6 kt (9m 2020: 90.7 kt) resulting from lower average grades and associated recovery rates, as expected.
      • East Region & Bozymchak copper production remained at 40.0 kt (9m 2020: 40.0 kt) as higher output from Bozymchak offset slightly lower grades at East Region.
    • Q3 2021 copper production decreased by 6% to 73.6 kt (Q2 2021: 77.9 kt) due to extended planned maintenance works at Aktogay and lower volumes of ore processed at East Region & Bozymchak.
    • Gold production of 126.2 koz in the year to 30 September fell by 21% (9m 2020: 160.4 koz) due to an expected reduction in grades and associated recovery rates at Bozshakol and East Region. Gold production for the full year is expected to be within the Group's 2021 target of 160-180 koz.
  • Sales summary
    • Group copper sales of 199.4 kt in the first nine months of 2021 were 11% below production as the Group continued to experience restrictions at the Kazakhstan-China border associated with enhanced Covid-
      1. measures, which has increased finished goods inventories. These restrictions have started to ease

during Q4 2021.

  • Sales of gold and silver were also below production levels in the period mainly due to border restrictions.
  • Sales of zinc in concentrate have remained in line with production in the first nine months of 2021 as a greater proportion of material is sold within Kazakhstan.

1

Andrew Southam, Chief Executive Officer, said: "KAZ Minerals has delivered strong copper production of 224 kt during the first nine months of 2021. Output was aided by higher throughput and favourable recovery rates at Aktogay which partially offset an expected reduction in grades at Bozshakol. Whilst Covid-19 restrictions at the China border have delayed some export sales, the Group continues to benefit from favourable copper market prices in 2021."

For further information please contact:

KAZ Minerals

Susanna Freeman

Company Secretary, London

Tel: +44 20 7901 7826

Maksut Zhapabayev

Corporate Communications, Almaty

Tel: +7 727 244 03 53

REGISTERED OFFICE

6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

NOTES TO EDITORS

KAZ Minerals Limited ("KAZ Minerals" or "the Group") is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan, Russia and Kyrgyzstan. It operates the Aktogay and Bozshakol open pit copper mines in the East Region and Pavlodar region of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. In 2020, total copper production was 306 kt with by-products of 196 koz of gold, 3,374 koz of silver and 50 kt of zinc in concentrate. The Group acquired the Baimskaya copper project in the Chukotka region of Russia in January 2019, one of the world's most significant undeveloped copper assets, with the potential to become a large scale, low cost, open pit copper mine.

The Group's major operations at Aktogay and Bozshakol have delivered industry leading production growth and transformed KAZ Minerals into a company dominated by world class, open pit copper mines. The Aktogay expansion project to double sulphide processing capacity at the mine was officially opened in October 2021, with first shipments to customers expected before the end of the year.

The Group has completed a Bankable Feasibility Study for the Baimskaya copper project and is progressing financing for the greenfield development, which has an expected capital construction cost of $8.5 billion. The Peschanka deposit within the Baimskaya licence area in Russia has JORC measured, indicated and inferred resources of 9.9 Mt of copper at an average grade of 0.39% and 16.6 Moz of gold at an average grade of 0.21 g/t.

KAZ Minerals employs around 16,000 people across Kazakhstan, Russia and Kyrgyzstan.

2

AKTOGAY

9m

9m

2021

2020

Ore extraction

kt

40,199

28,733

Oxide

kt

17,463

5,031

Sulphide

kt

22,736

23,702

Oxide

Oxide ore to leach pads

kt

17,463

5,150

Grade

%

0.32

0.29

Copper cathode

kt

18.3

16.7

Sulphide

Sulphide ore processed

kt

19,131

18,081

Average grade processed

%

0.53

0.56

Recovery rate

%

86.4

85.2

Copper in concentrate

kt

87.9

86.5

Copper production1

kt

84.0

82.6

Total copper production

kt

102.3

99.3

Gold production1, 2

koz

-

0.6

Silver production1

koz

411

358

Q3

Q2

Q3

2021

2021

2020

13,579

13,239

9,059

5,677

6,582

1,360

7,902

6,657

7,699

5,677

6,582

1,360

0.32

0.30

0.32

7.6

7.4

5.2

5,989

6,398

5,737

0.50

0.55

0.56

86.9

85.9

86.1

25.9

30.0

27.8

24.8

28.6

26.5

32.4

36.0

31.7

-

-

-

124

141

112

  1. Payable metal in concentrate.
  2. Minimal volume recovered from Aktogay material.

Ore extraction at Aktogay in Q3 2021 of 13,579 kt was consistent with the previous quarter (Q2 2021: 13,239 kt). Oxide ore mined in the first nine months of 2021 of 17,463 kt was significantly higher than the prior year (9m 2020: 5,031 kt) as oxide material has been continually mined to supply the heap leach pads, whilst in 2020 oxide ore mining was temporarily suspended as production focused on the re-irrigation of previously extracted material. Sulphide ore mined in Q3 2021 increased to 7,902 kt (Q2 2021: 6,657 kt), exceeding throughput at the sulphide concentrator, with approximately 3.5 Mt of lower grade ore being stockpiled during the year for future processing. Sulphide ore extraction in the first nine months of 2021 totalled 22,736 kt and was 4% lower than in the prior year comparative period (9m 2020: 23,702 kt) mainly due to reduced stripping of lower grade ore.

Sulphide ore processing volumes in Q3 2021 of 5,989 kt decreased by 6% from the previous quarter (Q2 2021: 6,398 kt) following extended planned maintenance works at the SAG mill. Nonetheless, sulphide ore throughput in the year to 30 September of 19,131 kt was 6% above the prior year comparative period (9m 2020: 18,081 kt) and the plant has been running ahead of design capacity in the year to date.

Copper production from sulphide ore in Q3 2021 of 24.8 kt reduced by 13% compared with the previous quarter (Q2 2021: 28.6 kt) due to the lower ore throughput combined with lower grade in the ore feed. In the nine months to 30 September 2021, copper production from sulphide ore was 84.0 kt, representing a 2% increase versus the prior year comparative period (9m 2020: 82.6 kt) due to higher throughput and an improved recovery rate.

Copper cathode production from oxide ore rose to 18.3 kt in the first nine months of 2021 (9m 2020: 16.7 kt) due to improved copper leaching rates and increased volumes of ore under irrigation.

Total copper production in Q3 2021 of 32.4 kt was 10% lower than the previous quarter (Q2 2021: 36.0 kt) as the decrease in production from sulphide ore more than offset the increase in production from oxide ore. In the nine months to 30 September 2021, total copper production of 102.3 kt was 3% higher than the equivalent period in 2020 (9m 2020: 99.3 kt), with higher output from both the sulphide and oxide operations.

3

BOZSHAKOL

9m

9m

2021

2020

Ore extraction

kt

21,999

22,257

Sulphide

kt

18,834

19,732

Clay

kt

3,165

2,525

Ore processed

kt

23,929

23,751

Copper

Average copper grade processed

%

0.47

0.50

Copper recovery rate

%

75.4

79.8

Copper in concentrate

kt

85.5

95.0

Copper production1

kt

81.6

90.7

Gold

Average gold grade processed

g/t

0.21

0.27

Gold recovery rate

%

54.9

61.5

Gold in concentrate

koz

90.7

128.7

Gold production1

koz

84.8

120.3

Silver production1

koz

554

700

1 Payable metal in concentrate.

Q3

Q2

Q3

2021

2021

2020

5,581

7,188

7,995

5,383

6,169

6,486

198

1,019

1,509

8,125

8,088

8,116

0.49

0.47

0.49

72.6

76.9

79.0

29.0

29.0

31.7

27.7

27.6

30.3

0.22

0.21

0.25

55.0

54.6

60.5

32.2

30.5

39.6

30.1

28.5

37.0

175

193

235

Ore mined in Q3 2021 of 5,581 kt decreased by 22% compared with the previous quarter (Q2 2021: 7,188 kt), as material which was stockpiled previously, in particular clay ore, was processed. Ore extraction of 21,999 kt in the first nine months of 2021 was consistent with the prior year comparative period (9m 2020: 22,257 kt), with lower sulphide ore mined and higher clay material extracted.

Ore processed in Q3 2021 of 8,125 kt was in line with the previous quarter (Q2 2021: 8,088 kt) and the prior year

comparative period (Q3 2020: 8,116 kt). Ore processed in first nine months of 2021 of 23,929 kt was in line with the prior year comparative period of 23,751 kt and during the year to date, Bozshakol has been operating above its combined sulphide and clay ore design capacity of 30 Mtpa.

Copper production in Q3 2021 of 27.7 kt was consistent with the previous quarter (Q2 2021: 27.6 kt). In the first nine

months of 2021, copper production decreased by 10% to 81.6 kt (9m 2020: 90.7 kt) due to an expected lower average grade and the processing of more oxidised material in the quarter from stockpiles, which contributed to a reduction in the recovery rate.

Gold production in Q3 2021 increased to 30.1 koz which was 6% higher than the previous quarter (Q2 2021: 28.5 koz) due to the higher grade processed and an increase in the recovery rate. Gold output of 84.8 koz in the nine months to 30 September 2021 was 30% below the prior year comparative period (9m 2020: 120.3 koz) due to an expected reduction in the average grade and recovery rate.

Silver production in Q3 2021 of 175 koz was 9% lower than the previous quarter (Q2 2021: 193 koz) resulting from the decreased grade and recovery rate at the sulphide plant. Silver production in first nine months fell by 14% to 554 koz (9m 2020: 700 koz) following a decline in silver grades, as expected.

4

EAST REGION & BOZYMCHAK

9m

9m

2021

2020

Ore extraction

kt

2,867

3,063

Ore processed

kt

2,803

2,761

Copper

Average grade processed

%

1.68

1.71

East Region

%

2.09

2.08

Bozymchak

%

0.72

0.75

Average recovery rate

%

89.6

89.7

East Region

%

89.9

89.9

Bozymchak

%

87.8

87.8

Copper in concentrate

kt

42.1

42.3

East Region

kt

36.7

37.2

Bozymchak

kt

5.4

5.1

Copper production1

kt

40.0

40.0

East Region

kt

34.9

35.2

Bozymchak

kt

5.1

4.8

Gold production1

koz

41.4

39.5

Silver production1

koz

1,548

1,584

Zinc in concentrate

kt

34.1

39.5

1 Payable metal in concentrate.

Q3

Q2

Q3

2021

2021

2020

955

936

997

951

1,000

976

1.68

1.67

1.73

2.09

2.04

2.09

0.72

0.74

0.75

88.8

90.0

89.1

88.9

90.3

89.4

87.9

88.1

87.4

14.2

15.0

15.1

12.4

13.1

13.3

1.8

1.9

1.8

13.5

14.3

14.2

11.8

12.5

12.6

1.7

1.8

1.6

13.2

14.5

13.7

550

567

554

12.3

12.2

15.7

Ore mined in Q3 2021 of 955 kt was consistent with the previous quarter (Q2 2021: 936 kt) while in the first nine

months of 2021, ore extraction of 2,867 kt was 6% lower than the prior year comparative period (9m 2020: 3,063 kt) as ore was stockpiled at Bozymchak.

Ore processed in Q3 2021 of 951 kt decreased by 5% compared with the previous quarter (Q2 2021: 1,000 kt), with the reduction mainly attributable to the Nikolayevsky concentrator in the East Region, where test work was performed to optimise the blend of ore from the Artemyevsky and Irtyshsky mines. In the first nine months of the year, ore processed totalled 2,803 kt, which was 2% higher than the first nine months of 2020 (9m 2020: 2,761 kt). Increased throughput at Bozymchak more than offset lower ore processed at the East Region concentrators in the first nine months of 2021.

Copper production in Q3 2021 fell by 6% to 13.5 kt (Q2 2021: 14.3 kt) driven by lower throughput and decreased average recovery rates in the East Region combined with a reduction in average grades at Bozymchak. Copper production of 40 kt in the first nine months of 2021 was unchanged from the prior year. Higher output from Bozymchak, which has operated above design capacity in 2021, fully offset lower output from the East Region.

Gold production in Q3 2021 of 13.2 koz represented a reduction of 9% (Q2 2021: 14.5 koz) due to a decrease in throughput and recovery rates, and lower grades processed at Bozymchak. In the nine months to 30 September 2021, gold production of 41.4 koz increased by 5% compared with the prior year comparative period (9m 2020: 39.5 koz) due to higher processing throughput and strong recoveries at Bozymchak, which more than offset lower output at the East Region, as expected.

Silver production in Q3 2021 of 550 koz was 3% below the previous quarter (Q2 2021: 567 koz) due to a fall in grades at Bozymchak and decreased recoveries at the East Region, as well as a reduction in total processing volumes. Silver output totalled 1,548 koz in the year to 30 September and was 2% lower than the prior year comparative period (9m 2020: 1,584 koz).

Zinc in concentrate output of 12.3 kt in Q3 2021 was in line with the previous quarter (Q2 2021: 12.2 kt). Zinc in concentrate production of 34.1 kt in the first nine months of 2021 was 14% below the prior year comparative period (9m 2020: 39.5 kt) due to a reduction in the average grades processed and decreased recovery rates at the Nikolayevsky concentrator. However, the reduction in grades has been lower than planned and full year zinc in concentrate production from the East Region is expected to be slightly ahead of the Group's 2021 target.

5

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KAZ Minerals plc published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 12:06:08 UTC.