KAZ Minerals : Investor Presentation September 2019

INVESTOR PRESENTATION

September 2019

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IMPORTANT NOTICE

DISCLAIMER

Certain statements included in this presentation contain forward-looking statements. All statements other than historical facts are forward-looking statements. Examples of forward-looking statements include those regarding the business, strategy and plans of KAZ Minerals PLC ('KAZ Minerals') and its current goals, assumptions and expectations relating to its future financial condition, performance and results, commodity demand and trends in commodity prices, growth opportunities, circumstances in the countries, sectors or markets in which it operates and any assumptions underlying or relating to any of the foregoing. Although KAZ Minerals believes that the expectations reflected in such forward-looking statements are reasonable and are made in good faith, no assurance can be given that such expectations will prove to be correct. By their nature, forward-looking statements involve known and unknown risks, assumptions and uncertainties and other factors which are unpredictable as they relate to events and depend on circumstances that will occur in the future which may cause actual results, performance or achievements of KAZ Minerals to be materially different from those expressed or implied in these forward-looking statements.

Principal risk factors that could cause KAZ Minerals' actual results, performance or achievements to differ materially from those in the forward-looking statements include (without limitation) health and safety, community and labour relations, employees, environmental compliance, business interruption, new project construction and commissioning, reserves and resources, political risk, legal and regulatory compliance, commodity prices, foreign exchange and inflation, exposure to China, acquisitions and divestments, liquidity and such other risk factors disclosed in KAZ Minerals' most recent Annual Report and Accounts. Forward-looking statements should therefore be construed in light of such risk factors. These forward-looking statements should not be construed as a profit forecast.

No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in KAZ Minerals, or any other entity, and shareholders are cautioned not to place undue reliance on the forward-looking statements. Except as required by the Listing Rules of the UK Listing Authority and applicable law, rule or regulation, KAZ Minerals undertakes no obligation to publicly update or change any forward-looking statements whether as a result of new information, future events or otherwise, to reflect events or new information occurring after the date of this presentation.

Neither this presentation, which includes the question and answer session, nor any part thereof may be recorded, transcribed, distributed, published or reproduced in any form, except as permitted by KAZ Minerals. By attending this presentation, whether in person or by webcast or call, you confirm your agreement to the foregoing and that, upon request, you will promptly return any records or transcript of the presentation without retaining any copies.

All financial definitions can be found in the glossary to the half-yearly results 2019 press release.

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1. Introduction to

KAZ Minerals

NEAR AND LONG TERM GROWTH IN COPPER

Proven track	Near term	Strong
record	growth	platform
>50% CAGR	Aktogay	Supports
copper production	expansion	Baimskaya	Long
2015-18	project	construction
term
			growth

• Achieved annual copper production guidance for 10 years

► Low cost producer		► Adds 80 ktpa from 2022-27	► Increased earnings and	► Strong NPV and
		cash flow	attractive IRR
► Bozshakol and Aktogay		► Low risk brownfield
		► Favourable long
	expansion	► Enables financing of longer
delivered on time and on
	term copper
		term growth
budget, ramped up		► Low capital intensity of
	fundamentals
successfully		$15,000/t
2015	2018	2021	2024	2027

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INDUSTRY LEADING COST POSITION

Net cash cost

USc/lb1

Diversified peer Copper peer

										174	185
									168
								158
					127	133	135
			117	119
	80	85
70
Peer	KAZ	Peer	Peer	Peer	Peer	Peer	Peer	Peer	Peer	Peer	Peer
1		2	3	4	5	6	7	8	9	10	11

1. Source: Company data, most recently reported financial period.

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