INVESTOR PRESENTATION

January 2021

IMPORTANT NOTICE

DISCLAIMER

This presentation includes certain 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, business interruption, new projects and commissioning, reserves and resources, political, legal and regulatory compliance, commodity price, 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 KAZ Minerals PLC half-yearly report for the period ended 30 June 2020.

11

1. Introduction to KAZ Minerals

LOW COST COPPER PRODUCER

RUSSIA

Large scale automated processing

Low strip ratios

Low power costs

Water availability

Skilled labour

CHINA

Transport infrastructure -

rail access to China via

land border

3

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KAZ Minerals plc published this content on 28 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2021 15:27:02 UTC.