Phase 3 copper concentrator feed grades to improve throughout 2025

The majority of the ore processed by the Phase 3 concentrator continues to be from underground development. The crews at the Kamoa and Kansoko underground mines are focused on underground development, opening up approximately 18 months of ore reserves prior to the commencement of primary mining. Opening up a large accessible underground reserve base provides operational flexibility for the underground mining crews, similar to that which has already been achieved at the Kakula Mine.

The flat-lying nature of the Kamoa and Kakula orebodies means that underground development can be carried out in ore, albeit at lower grades. Underground development of the Kamoa mines is expected to continue until Q4 2025, after which Phase 3 concentrator feed grades are expected to rise up to approximately 3% copper.

Kamoa-Kakula’s Project 95 is 25% complete and advancing on schedule

The “Project 95” initiative on Kamoa-Kakula’s Phase 1 and 2 concentrators is expected to increase concentrator recoveries to 95%, from the design recovery rate of 87%. The initiative, with a capital expenditure of approximately $180 million, is expected to increase annualized production by up to 30,000 tonnes of copper, at an industry-leading capital intensity of $6,000 per tonne of copper.

Kamoa-Kakula’s Project 95 is advancing well at 25% complete and is on schedule for completion in Q1 2026.