# EDGAR Filing Document

**Accession Number:** 0002093018
**File Stem:** 0001575872-26-000392
**Filing Date:** 2026-6
**Character Count:** 3422343
**Document Hash:** 8dfd3c5c6bffa60b03fda424b5d806bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-26-000392.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001575872-26-000392

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 350

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CopperTech Metals Inc.
- **CENTRAL INDEX KEY:** 0002093018
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296438
- **FILM NUMBER:** 261057917

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 SOUTH DUPONT HIGHWAY
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 44 7860 413642

**MAIL ADDRESS:**
- **STREET 1:** 3500 SOUTH DUPONT HIGHWAY
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CopperTech Metals, Inc.
- **DATE OF NAME CHANGE:** 20251021

**As filed with the Securities and Exchange Commission on June 2, 2026.**

**Registration No. 333-**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM S-1<br> REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933**

**COPPERTECH METALS INC.<br> (Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **1000** | **39-5141463** |
| (State or other jurisdiction of<br> incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**80 Columbus Circle, #72B<br> New York, NY 10023**

(302) 446-5757

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

---

| | | |
|:---|:---|:---|
|  | ***Copies to:*** |  |
| Ryan J. Dzierniejko<br> Noel Hughes<br> Skadden, Arps, Slate, Meagher & Flom LLP<br> One Manhattan West<br> New York, NY 10001<br> (212) 735-3000 | Pushpender<br> 80 Columbus Circle, #72B<br> New York, NY 10023<br> (302) 446-5757 | Michael Benjamin<br> Erika L. Weinberg<br> Sandy Kugbei<br> Latham & Watkins LLP<br> 1271 Avenue of the Americas<br> New York, NY 10020<br> (212) 906-1200 |

---

**Approximate date of commencement of proposed sale to public: As soon as practicable after this registration statement is declared effective.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ◻

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ◻ <br> Non-accelerated filer ⌧ Smaller reporting company ◻ <br> Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ◻

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

**Subject to Completion, dated , 2026**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**

![](ctm005_s1img01.jpg)

**CopperTech Metals Inc.**

**Common Stock**

This is the initial public offering of shares of common stock of CopperTech Metals Inc. We are offering shares of our common stock.

Prior to this offering, there has been no public market for our common stock. We anticipate that the initial public offering price per share of common stock will be between $ and $. We have applied to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "CUX". There can be no assurance that the NYSE will approve our listing application. The closing of this offering is contingent upon the successful listing of our common stock on the NYSE.

Upon completion of this offering, Vedanta Resources Limited will indirectly hold through its affiliates approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full). As a result, we will be a "controlled company" as defined under the NYSE corporate governance requirements. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—We will be a 'controlled company' within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders."*

We will be treated as an "emerging growth company" as defined under the federal securities laws for certain purposes until we complete this offering. As such, in this prospectus we have taken advantage of certain reduced disclosure obligations that apply to emerging growth companies. See "*Risk Factors—Although we ceased to be an emerging growth company prior to this offering, we will continue to be treated as an emerging growth company for certain purposes through the completion of this offering and have decided to take advantage of certain reduced disclosure requirements in the registration statement of which this prospectus forms a part, which may make our common stock less attractive to investors*."

**Investing in our common stock involves risks. See "*Risk Factors*" beginning on page 30 to read about factors you should consider before buying our common stock.**

**Neither the Securities and Exchange Commission (the "SEC") nor any other regulatory body or state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per<br> Share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discounts and commissions<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to us | $| $|

---

(1) See "*Underwriting*" for a description of the compensation payable to the underwriters.

We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to an additional shares of common stock from us at the initial public offering price, less the underwriting discounts and commissions.

The underwriters expect to deliver the shares against payment in New York, New York, on, 2026.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Citigroup** |  | &nbsp;&nbsp;**Cantor** |
| **BMO Capital Markets** | **RBC Capital Markets** | &nbsp;&nbsp;**TD Securities** |
| **Stifel** |  | &nbsp;&nbsp;**William Blair** |
|  | **Needham & Company** |  |
|  | **Roth Capital Partners** |  |

---

**Prospectus dated , 2026.**

![](ctm005_s1img28.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| [About This Prospectus](#a_001) | [ii](#a_001) |
| [Prospectus Summary](#a_002) | [1](#a_002) |
| [The Offering](#a_003) | [24](#a_003) |
| [Summary Historical and Unaudited Pro Forma Condensed Consolidated Combined Financial Information](#a_004) | [27](#a_004) |
| [Risk Factors](#a_005) | [30](#a_005) |
| [Cautionary Note Regarding Forward-Looking Statements](#a_006) | [68](#a_006) |
| [Use of Proceeds](#a_007) | [70](#a_007) |
| [Dividend Policy](#a_008) | [71](#a_008) |
| [Capitalization](#a_009) | [72](#a_009) |
| [Dilution](#a_010) | [74](#a_010) |
| [Unaudited Pro Forma Condensed Consolidated Combined Financial Information](#a_011) | [76](#a_011) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_015) | [82](#a_015) |
| [Industry](#a_016) | [105](#a_016) |
| [Business](#a_017) | [112](#a_017) |
| [Mining Properties](#a_018) | [131](#a_018) |
| [Management](#a_019) | [148](#a_019) |
| [Executive and Director Compensation](#a_020) | [153](#a_020) |
| [Certain Relationships and Related Party Transactions](#a_021) | [157](#a_021) |
| [Principal Stockholders](#a_022) | [160](#a_022) |
| [Description of Capital Stock](#a_023) | [161](#a_023) |
| [Shares Eligible for Future Sale](#a_024) | [166](#a_024) |
| [U.S. Federal Income Tax Considerations for Non-U.S. Holders](#a_025) | [167](#a_025) |
| [Underwriting](#a_026) | [170](#a_026) |
| [Legal Matters](#a_027) | [176](#a_027) |
| [Experts](#a_028) | [176](#a_028) |
| [Change in Independent Registered Public Accounting Firm](#a_029) | [176](#a_029) |
| [Where You Can Find More Information](#a_030) | [176](#a_030) |
| [Index to Consolidated Financial Statements](#a_031) | [F-1](#a_031) |

---

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectus we have prepared or that has been prepared on our behalf or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of common stock offered by this prospectus, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of the date of this prospectus. Our business, financial condition and results of operations may have changed since that date.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of common stock and the distribution of this prospectus outside of the United States. See the section entitled "*Underwriting*."

i

**About This Prospectus**

**Basis of Presentation**

In connection with the consummation of this offering, we will effect certain reorganizational transactions, which we refer to collectively as the "Transactions," pursuant to which, among other things, (i) Konkola Copper Mines Plc ("Konkola Plc") will become an indirect subsidiary of CopperTech Metals Inc. ("CopperTech"), the issuer of this offering, (ii) certain loan receivables owed by Konkola Plc to our affiliates, Vedanta Resources Jersey II Limited ("VRJL II"), Vedanta Resources Holdings Limited ("VRHL") and Vedanta Resources Limited ("VRL"), will be contributed to Vedanta Resources Jersey Limited ("VRJL"), (iii) certain loan obligations to Konkola Plc to be funded by VRHL, in an aggregate amount of $670.0 million (the "Existing Vedanta Liabilities"), will be contributed to VRJL and (iv) VRJL will become a wholly owned subsidiary of CopperTech. For more information regarding the loan obligations of Konkola Plc to VRJL, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreements*" and "*Certain Relationships and Related Party Transactions—Lending Agreements*." For more information regarding the Transactions, see "*Prospectus Supplement—Summary of the Transactions*." Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the Transactions and this offering.

Following the consummation of the Transactions, we will be a holding company and our material assets will be our 79.42% indirect ownership interest in Konkola Plc and the Existing Vedanta Liabilities owed by Konkola Plc. The remaining 20.58% interest in Konkola Plc (the "Non-Controlling Interest") is held by ZCCM Investments Holdings Plc ("ZCCM"), a public company listed on the Lusaka Stock Exchange and of which the Government of the Republic of Zambia ("GRZ") is a shareholder. Both prior to and following this offering, all of our business operations have been and will be conducted through Konkola Plc and its direct and indirect wholly owned subsidiaries.

Except as otherwise presented, Mineral Reserves (as defined below) and Mineral Resources (as defined below) contained herein for the KCM Complex (as defined below) are shown on both a 100% basis as well as on a 79.42% basis to reflect CopperTech's ownership interest in Konkola Plc as of the date of this prospectus. References to "production" throughout this document refer to Integrated (as defined below) production activities (which excludes copper produced from third-party concentrate), unless otherwise noted.

Our fiscal year ends on March 31. References in this prospectus to a fiscal year relate to our fiscal year ended on March 31 of that calendar year. For example, references to "Fiscal 2026," "Fiscal 2025" and "Fiscal 2024" refer to our fiscal years ended on March 31, 2026, March 31, 2025 and March 31, 2024, respectively.

Information relating to the KCM Complex is derived from the technical report summaries, entitled "*S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment) Konkola Copper Mines Plc*" (the "Initial Assessment TRS") and "*S-K 1300 Technical Report Summary: KCM Integrated Operations (Preliminary Feasibility Study) Konkola Copper Mines Plc*" (the "Pre-Feasibility Study TRS," together with the Initial Assessment TRS, the "Technical Report Summaries"), each issued on June 2, 2026, with an effective date of April 1, 2026, prepared by AMC Consultants (UK) Limited ("AMC") and filed as exhibits to the registration statement of which this prospectus forms a part. AMC is the qualified person with respect to the KCM Complex (the "Qualified Person") under Subpart 1300 of Regulation S-K ("S-K 1300") and meets all requirements of a qualified person under S-K 1300. All scientific and technical information that has been reproduced, referenced or otherwise derived from the Technical Report Summaries, has been approved, confirmed for completeness and accuracy and reviewed by the Qualified Person.

As used in this prospectus, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;· "*ASCu*" refers to acid soluble copper content as a percentage;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Company*," "*we*," "*us*," "*our*,"
" *CopperTech*," "*Issuer*," "*Registrant"* and similar references, unless otherwise
indicated, refer: (i) prior to the consummation of the Transactions, to Konkola Plc and its consolidated subsidiaries; and (ii) following
the consummation of the Transactions, to CopperTech Metals Inc., the issuer of the common stock offered hereby, and its consolidated subsidiaries,
including Konkola Plc and its subsidiaries;

ii

&nbsp;&nbsp;&nbsp;&nbsp;· "*copper"* or "*Cu*" refers to a reddish-brown metallic element, with
atomic number 29, often in various mineral compounds when found in nature;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Copperbelt Province*" refers to a significant copper-producing region in Zambia;

&nbsp;&nbsp;&nbsp;&nbsp;· "*cut-off grade*" refers to the minimum grade of a mineral or other material needed to
be considered economically viable for extraction;

&nbsp;&nbsp;&nbsp;&nbsp;· "*economically viable* ", when used in the context of mineral reserve determination, refers
to that which the qualified person has determined, using a discounted cash flow analysis or other analytical determination, that extraction
of the mineral reserve is economically viable under reasonable investment and market assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;· "*ha*" refers to a hectare. One hectare is equivalent to 10,000 square meters;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Indicated Mineral Resource*" or "*Indicated*" refers to that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling.
The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying
factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral
resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may
only be converted to a probable mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Inferred Mineral Resource*" or "*Inferred*" refers to that part of
a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The
level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors
likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred
mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying
factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the
economic viability of a mining project, and may not be converted to a mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Integrated*" when used in the context of production refers to minerals sourced from
Konkola Plc operations and excludes minerals from third-party concentrate;

&nbsp;&nbsp;&nbsp;&nbsp;· "*KCM Complex*" refers to Konkola Plc's material mineral property consisting of
integrated mining operations conducted by Konkola Plc on the Konkola Complex, the Nchanga Complex and the Tailings Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· "*km*" refers to kilometers;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Konkola Complex*" refers to our mining operations at Konkola located near Chililabombwe,
which consist of an underground mine, a copper concentrator and a tailings storage facility;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Kt*" refers to thousands of metric tonnes, a unit of measurement commonly used in the
mining and metals industry to express mass. One Kt is equivalent to 1,000 metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Ktpa*" refers to thousands of metric tonnes per annum, a unit of measurement commonly
used in the mining and metals industry to express annual production or processing capacity. One Ktpa is equivalent to 1,000 metric tonnes
produced or processed in a year;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Kwacha*" refers to Zambian Kwacha;

iii

&nbsp;&nbsp;&nbsp;&nbsp;· "*LME Grade A*" refers to high-purity electrolytic copper cathode that meets the quality
specifications under the London Metal Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Lobito Corridor*" refers to that certain major transportation and logistics route in
southern Africa, extending from the inland mining regions of Zambia to the Port of Lobito on Angola's Atlantic coast, that facilitates
the movement of minerals and other resources by integrating rail, road and port infrastructure to provide an export pathway for landlocked
countries in the region;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Measured Mineral Resource*" or "*Measured*" refers to that part
of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling.
The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying
factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability
of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated
mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable
mineral reserve;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mineral Reserve*" refers to an estimate of tonnage and grade or quality of indicated
and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More
specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and
allowances for losses that may occur when the material is mined or extracted;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mineral Resource*" refers to a concentration or occurrence of materials of economic
interest in or on the earth's crust in such form, grade or quality and quantity that there are reasonable prospects for economic
extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade,
likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely
to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled;

&nbsp;&nbsp;&nbsp;&nbsp;· "*mL*" is meter level and refers to the vertical elevation with reference to the collar
position (surface location) of the production shaft named '4 Shaft' at Konkola;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mt*" refers to millions of metric tonnes, a unit of measurement commonly used in the
mining and metals industry to express mass. One Mt is equivalent to 1,000,000 metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Mtpa*" refers to millions of metric tonnes per annum, a unit of measurement commonly
used in the mining and metals industry to express annual production or processing capacity. One Mtpa is equivalent to 1,000,000 metric
tonnes produced or processed in a year;

&nbsp;&nbsp;&nbsp;&nbsp;· *"Nchanga Complex"* refers to our mining operations at Nchanga located near Chingola,
which consist of an open pit mine, an underground mine, copper concentrators, a smelter, a refinery and a Tailings Leach Plant;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Probable Mineral Reserves*" refers to the economically mineable part of an indicated
and, in some cases, a measured mineral resource;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Proven Mineral Reserves*" refers to the economically mineable part of a measured mineral
resource and can only result from conversion of a measured resource;

&nbsp;&nbsp;&nbsp;&nbsp;· "*t/m<sup>3</sup>*" refers to metric tonnes per cubic meter, which is the mass per unit
volume used for expressing bulk density of in situ or broken material such as rock;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Tailings Complex*" refers to our tailings dams located at Nchanga near Chingola, which
consist of Tailings Dam 03, Tailings Dam 04 and Tailings Dam 05;

iv

&nbsp;&nbsp;&nbsp;&nbsp;· "*Tailings Leach Plant"* or *"TLP"* refers to a hydrometallurgical plant
that processes tailings located at the Nchanga Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· "*TCu*" refers to the total copper content as a percentage in the sample or ore;

&nbsp;&nbsp;&nbsp;&nbsp;· "*tonnes*" refers to metric tonnes;

&nbsp;&nbsp;&nbsp;&nbsp;· "*U.S. dollars*," "*dollars*" or "*$*" and similar
references refer to United States dollars, the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· "*Vedanta*" refers to the Vedanta group of companies, which consists of Vedanta Resources
Limited and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRHL*" refers to Vedanta Resources Holdings Limited, a UK corporation;

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRJL*" refers to Vedanta Resources Jersey Limited, a Jersey corporation;

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRJL II*" refers to Vedanta Resources Jersey II Limited, a Jersey corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;· "*VRL*" refers to Vedanta Resources Limited, a UK corporation.

**Cautionary Note Regarding Presentation of Mineral Reserve and Mineral Resource Estimates**

This prospectus refers to estimated Mineral Reserves and Mineral Resources, including Inferred Mineral Resources and Indicated Mineral Resources. See the section entitled "*About This Prospectus—Basis of Presentation*" for the definition of those terms.

The Mineral Reserve estimates were prepared by the Qualified Person in accordance with Subpart 1300 of Regulation S-K, using geostatistical and/or classical methods, plus economic and mining parameters appropriate to the deposit.

The estimates include mining dilution and mining recovery. Mining dilution and recovery factors vary with specific Mineral Reserve sources and are influenced by several factors including deposit type, deposit shape and mining methods. The estimate of Mineral Reserves and Mineral Resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues.

**Market, Industry and Other Data**

This prospectus includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity and market size, are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our users, trade and business organizations and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research. We also refer to information and estimates compiled by Wood Mackenzie.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this prospectus is reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the nature of the data gathering process and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in the sections entitled "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. Accordingly, you are cautioned not to place undue reliance on such market and industry data or any other such estimates.

v

Non-GAAP financial measures, including Adjusted EBITDA, cash cost, all-in sustaining cost ("AISC") and realized copper price ("RCP"), are utilized by us to provide additional insights into our financial and operational performance that may not be apparent from GAAP measures alone. These supplemental measures can aid in the comparability of our performance across different reporting periods by eliminating the effects of certain items that can vary significantly from one period to another, such as non-operating items and other non-recurring or non-cash adjustments. Management finds these supplemental measures useful in assessing financial performance, operational efficiency, making strategic decisions and providing supplemental analysis of our ability to generate cash, service debt and fund investments.

However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for the GAAP financial measures. One key limitation is the lack of standardization, which means they may be defined and calculated differently by other companies, potentially leading to reduced comparability. Additionally, these measures may exclude costs that are necessary to understand our overall financial performance. For instance, Adjusted EBITDA adjusts net income for certain items, but it is important to recognize that we may incur similar expenses in the future.

Investors and analysts are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. These measures may not be indicative of future performance and may not be comparable to similarly titled measures used by other companies, thereby diminishing their utility. In summary, while non-GAAP measures can provide valuable additional context, they should be used in conjunction with the most directly comparable GAAP financial measures to ensure a balanced and comprehensive analysis of our financial results.

vi

**Prospectus Summary**

This summary highlights select information contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read the entire prospectus carefully, including "*Risk Factors,*" "*Cautionary Note Regarding Forward-Looking Statements,*" "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus before making an investment decision.

**Our Business**

CopperTech is a U.S. domiciled corporation that controls one of the world's most significant copper systems, anchored on the Zambian side of the prolific Central African Copperbelt, and positioned to capitalize on what we believe will be an unprecedented copper demand cycle. Driven by artificial intelligence infrastructure, data centers, grid modernization and electrification, we expect there to be greater demand for copper over the next 25 years than has been produced across all human history. Our mission, to Power the Copper Century, reflects our commitment to meeting America's and the world's rapidly growing need for critical minerals as this cycle accelerates.

CopperTech seeks to offer a rare combination of scale, grade and expected growth. Supported by existing infrastructure, a multi decade resource base and a technology led operating model, we believe that our pathway to significantly expand our production will enable us to be a reliable supplier of copper at scale at precisely the moment global markets need it most. We intend to deploy state of the art technologies in a disciplined and sustainable manner as we advance our Mineral Resource classifications and continue to explore within our substantial copper endowment.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc deployed over $3 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031), Konkola Plc intends to deploy an additional $2.7 billion in capital expenditures, including $0.5 billion in sustaining capital expenditures, into its operations with a goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. Konkola Plc expects to fund such expenditure through CopperTech's investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through its existing cash, together with the reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within our operational sites and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at the Nchanga Complex, one of our key operational sites, has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, optimizing processes to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, including an ongoing engagement with Palantir, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

The copper demand cycle we intend to capitalize on is expected to be fueled by a structural shift driven by greater needs from AI infrastructure (including data centers), economic growth of developing nations, energy transition and increased defense spending targets. According to Wood Mackenzie, these areas alone are expected to account for roughly 40% of the approximately 7.5 Mtpa of total copper demand growth expected by 2035. As an example, Microsoft's $500 million data center in Chicago is estimated to require approximately 2.2 Kt of copper, worth approximately $31 million at May 2026 spot prices. With respect to power demand, the International Energy Association notes that large hyperscale data centers are becoming increasingly common, with such data centers demanding power equal to or exceeding 100 MW, which is equivalent to the annual electricity consumption from around 350,000 to 400,000 electric cars, which we believe will result in an increase in copper demand.

At the same time, the supply of copper faces compounding constraints including an approximately 2% annual copper grade decline at existing mines globally (per Ernst & Young), operational disruptions, political instability, geological challenges and previous pandemic-related maintenance delays. The constrained supply is further exacerbated by an approximately 24-year development timeline for new copper mines. Further, a substantial portion of supply capacity remains concentrated in jurisdictions with operational or geopolitical risks – the U.S. net import reliance in 2024 was 45% of domestic copper consumption. With the Democratic Republic of the Congo ("DRC") accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, U.S. federal policy is increasingly prioritizing diversification and critical mineral security from Western-aligned nations through initiatives from various U.S. governmental agencies, including the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports, which we intend to utilize. See "*—Zambia—One of the World's Most Attractive Mining Jurisdictions*" and "*Risk Factors—Risks Related to Our Business—Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.*" for further information.

We believe Konkola Plc's strong operating history, combined with the Konkola Complex being one of the highest-grade copper and cobalt resources in the world, lay the framework for our Company to be a highly economic and strategic long-term supplier of critical minerals, including to Western-aligned end markets.

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed a provisional liquidator (the "Provisional Liquidator") to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third-party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively, under Vedanta's control. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework (the "Scheme of Arrangement"). This was memorialized by the new shareholders agreement entered into on November 6, 2023 between VRL, VRHL, ZCCM and Konkola Plc (the "KCM Shareholders Agreement"). The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Scheme Effective Date") (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and Vedanta's control and ownership of Konkola Plc was reinstated (the "Resumption of Control").

In connection with the Scheme of Arrangement, Konkola Plc entered into the following loan agreements with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;· A
$1.00 billion loan to fund Konkola Plc's capital expenditure (the "Capital Expenditures Support Loan Agreement"), to
be funded by semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreement*." As of March 31, 2026, VRHL had funded $330.0 million
under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded. On June 1, 2026, the obligation
to fund the remaining $670.0 million under the Capital Expenditures Support Loan Agreement was novated from VRHL to VRJL. See "*Certain Relationships and Related Party Transactions—Lending Agreements—Deed of Adherence.*" CopperTech shall, upon and
subject to the completion of this offering, contribute $670.0 million of the net proceeds to VRJL for the purpose of funding the outstanding
balance under the Capital Expenditures Support Loan Agreement, with such proceeds being applied towards the Konkola Deep Mine Project
at the Konkola Complex. See "*Summary of the Transactions*" and "*Use of Proceeds*."

&nbsp;&nbsp;&nbsp;&nbsp;· A $250.0 million loan to fund amounts payable to Konkola Plc's creditors (the "Creditor Settlement
Support Loan Agreement"). As of March 31, 2026, VRHL had funded the $250.0 million required under the Creditors Settlement
Support Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· A $20.0 million loan facility to fund community support and a once-off
$750,000 employee bonus (the "Community Support Loan Agreement" and, together with the Capital Expenditures Support Loan Agreement
and the Creditors Settlement Support Loan Agreement, each a "Scheme Loan Agreement" and collectively the "Scheme Loan
Agreements"). As of March 31, 2026, VRHL had funded the $20.75 million required under the Community Support Loan Agreement.

The loans to be contributed to VRJL pursuant to the Transactions will exclude; (a) the "Funded Scheme Loans" consisting of $330.0 million funded under the Capital Expenditures Support Loan Agreement, $250.0 million funded under the Creditor Settlement Support Loan Agreement and $20.0 million funded under the Community Support Loan Agreement and (b) the "Excluded Legacy Liabilities" consisting of $106.4 million in intercompany advances. VRHL and the relevant Vedanta affiliate lender will remain the lender of the Funded Scheme Loans and Excluded Legacy Liabilities, respectively.

As of the date of this prospectus, no principal or interest has been repaid by Konkola Plc under the Scheme Loan Agreements. Under the KCM Shareholders Agreement, repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall (as defined below), which may result in delayed repayments of the $670.0 million loan to be funded by VRJL to Konkola Plc pursuant to the Capital Expenditures Support Loan Agreement. Similarly, any loans made by CopperTech to Konkola Plc, including of the net proceeds, may be restricted or delayed. Each Scheme Loan Agreement matures in December 2028, subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity in accordance with the Konkola Waterfall. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

With Konkola Plc back under Vedanta control, we expect copper production to surpass pre-Fiscal 2019 levels. We have planned a $2.7 billion capital expenditure program over the next five fiscal years (Fiscal 2027–2031), including from the proceeds of this offering, of which $0.5 billion is sustaining capital expenditure, which is projected to drive average production to approximately 270 Ktpa (approximately 180 Ktpa Integrated and approximately 90 Ktpa from third-party sources) across Konkola Plc's remaining mine life from Fiscal 2030.

**Overview of Assets**

Konkola Plc owns and operates a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province, referred to herein as the "KCM Complex". The KCM Complex is primarily located near the Zambia-DRC border, with the majority of operations taking place at and between the Konkola Complex located near Chililabombwe, the Nchanga Complex located near Chingola, the Tailings Complex located near Chingola and the Nkana Refinery located near Kitwe. We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. Konkola Plc's operations are also supported by the Nampundwe mine, which produces pyrite that is used solely in connection with Konkola Plc's smelting operations. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from production centers to Western markets. Konkola Plc's key assets and properties are summarized below.

**Map of Konkola Plc's Operations at the KCM Complex.**

![](ctm005_s1img02.jpg)

**Konkola Complex**

The Konkola Complex is located in Chililabombwe approximately five km south of the Zambia-DRC border and is expected to be the most significant contributor to Konkola Plc's overall production profile over time. The Konkola Complex consists of an underground mine, concentrator and tailings storage facility. Since commencing operations in 1957, the Konkola Complex has extracted approximately 3.2 Mt of copper, as of March 31, 2026, which we believe demonstrates the long-term viability and production reliability of this asset. The Konkola Complex targets an orebody that potentially extends to depths exceeding 2,000 meters through vertical access shafts, and currently active mining activities occur at a depth of approximately 1,000 meters.

Ore is processed at the adjacent Konkola concentrator, which has a 6 Mtpa nameplate capacity and employs conventional milling and flotation to produce copper concentrate for the Nchanga smelter. Tailings from the concentrator are deposited in the Lubengele tailings storage facility at Konkola, which is undergoing drilling and test work to assess its potential for future inclusion as a Mineral Resource.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Konkola Complex was approximately 30 Kt. In Fiscal 2024, copper production at the Konkola Complex declined to approximately 16 Kt. As supported by the Initial Assessment TRS and the Pre-Feasibility Study TRS, we believe the Konkola Complex has the potential to produce at an annual rate of above 140 Ktpa of copper from Fiscal 2033 onwards. The increased production level at the Konkola Complex is expected to be enabled by 0.27 Mt Measured and Indicated Mineral Resource (exclusive of Mineral Reserves), 8.3 Mt Inferred Mineral Resource, and 29 Mt Proven and Probable Mineral Reserves (or 0.22 Mt Measured and Indicated Mineral Resource, 6.6 Mt Inferred Mineral Resource and 23 Mt Proven and Probable Mineral Reserve on a 79.42% ownership basis), with potential to support a mine life of approximately 45 years if all such Mineral Resources are ultimately converted into Mineral Reserves.

For two decades infrastructure, production and capital development has been taking place at the Konkola Complex, which we refer to as the "Konkola Deep Mine Project" or "KDMP". KDMP has provided critical infrastructure at the Konkola Complex, including underground development, dewatering systems, and the Konkola concentrator which was commissioned in 2008. KDMP also enabled access to the Konkola Complex orebodies at 1,000 meters in depth. The increased production levels at the Konkola Complex are contingent on further execution of KDMP, which requires the dewatering and extension of underground infrastructure allowing for access to deeper mineralization. In order to carry out the relevant upgrades and modifications, the Konkola Complex is expected to require total capital costs of $1.2 billion (out of a total of $2.7 billion in capital expenditures including $0.5 billion in sustaining capital expenditures across the KCM Complex) over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031). This results in capital intensity of $8,419 per tonne of incremental copper per annum (calculated as the first-four-year Konkola Complex capital divided by the increase in annual payable copper production from Fiscal 2026 to average production), versus an industry range of $7,650 to $31,000 per tonne of copper equivalent per annum, as calculated by Wood Mackenzie as of 2026.

**Nchanga Complex - Mines, Concentrators, Smelter and Tailings Leach Plant**

The Nchanga Complex is located in Chingola and includes an underground mine, open pit mines, concentrators, a tailings leach plant, a smelter and a refinery. The Nchanga Complex operations currently mine from one operational open pit alongside the underground mine, which itself remains operational at a depth of approximately 920 meters. Since commencing operations in 1937, the Nchanga Complex has extracted approximately 14.3 Mt of copper as of March 31, 2026.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Nchanga Complex was approximately 12 Kt. In Fiscal 2024, copper production at the Nchanga Complex had declined to approximately 1.2 Kt. Since April 2025, mining at the Nchanga Complex across the open pit and underground has been scaled back meaningfully due to declining available mining inventory, and open pit mining is only expected to continue until the end of 2027 with the Company expecting to resume resource extension drilling of the open pit mine in the first half of Fiscal 2027. Nonetheless, the Nchanga Complex houses infrastructure that is essential for Konkola Plc's operations, and we expect to continue upgrading and modifying such infrastructure to achieve our goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030.

As supported by the Initial Assessment TRS, the Nchanga Complex (comprising the Nchanga open pit and Nchanga underground operations) is expected to produce an average of approximately 21 Ktpa of copper over its remaining planned operational life through 2039. The current mine plans contemplate a 13-year mine life, exploiting an aggregate of 0.6 Mt Measured and Indicated Mineral Resource and 0.2 Mt Inferred Mineral Resource (or 0.5 Mt Measured and Indicated Mineral Resource and 0.2 Mt Inferred Mineral Resource on a 79.42% ownership basis) with additional infill and extension drilling having commenced in Fiscal 2026 at the upper orebody of the Nchanga Complex, and the COP E extension, potentially supporting a longer mine life to the extent additional viable orebodies are identified within the Nchanga Complex mining license area. The Nchanga Complex is expected to require total capital costs of approximately $355.0 million (out of a total $2.7 billion in capital expenditures including $0.5 billion in sustaining capital expenditures across the KCM Complex) through the end of fiscal year 2031.

The Nchanga Complex features three concentrators - Old East Mill, New East Mill and New West Mill, with nameplate capacities of 4.4 Mtpa, 6.5 Mtpa and 2.5 Mtpa, respectively. These concentrators process ore produced from the KCM Complex's open pit and underground operations into copper concentrate. A portion of the copper concentrate produced from the Nchanga concentrators is transported to the Nchanga smelter for further processing into copper anodes, while the remainder is sold to customers in end markets. The Nchanga smelter was commissioned with a nameplate capacity of approximately 312 Ktpa of copper anode. The Nchanga smelter utilizes direct-to-blister flash smelting technology to process concentrate into copper anodes. To operate within the optimized design specifications of the Nchanga smelter, Konkola Plc has historically purchased, and expects to continue to purchase, third-party copper concentrate to create a blended input to be processed at the smelter. Our broader mining operations plan assumes that we will purchase approximately 300 Ktpa of third-party copper concentrate feed annually from the local Zambian and DRC markets over the life of the mine. Konkola Plc's current supply agreements for third-party concentrate are short-term in nature, with no contracts extending beyond 2026, consistent with standard industry practice for concentrate trading in the Copperbelt region. The ability to secure an ongoing supply of third-party concentrate at the volumes assumed in the mine plan is subject to continued growth in the production of concentrate in the Copperbelt region and Konkola Plc's ability to offer competitive terms to concentrate sellers.

Konkola Plc's incremental operating margins derived from the processing of third-party concentrate are significantly lower than those derived from Integrated production, as any revenue generated is substantially offset by the cost of third-party concentrate, treatment charges and associated smelter operating expenses. As discussed in Section 19.3.2.1 of the Initial Assessment TRS and Section 19.2.4.1 of the Pre-Feasibility Study TRS, the removal of economic benefit derived from copper contained in third-party concentrates and associated costs would result in a post-tax net present value ("NPV") decrease of approximately 3% on a Measured, Indicated and Inferred basis, approximately 8% on a Measured & Indicated basis, and approximately 13% on a Mineral Reserve basis. Copper anodes produced at the Nchanga smelter are either sold as product or transported by road to the Nkana Refinery for further conversion into refined cathode. Importantly, the Nchanga smelter also includes cobalt recovery furnaces and sulfuric acid plants which respectively produce copper-cobalt alloy and sulfuric acid byproducts. The copper-cobalt alloy is sold to customers in the end-markets, and the sulfuric byproducts are an essential reagent for the TLP, which is a key input in Konkola Plc's tailings reclamation operations. See "*—Tailings Complex—TD03, TD04 and TD05*" for further information.

**Tailings Complex – TD03, TD04 and TD05**

The Tailings Complex consists of Tailings Dams 3, 4 and 5, referred to herein as "TD03", "TD04" and "TD05". TD03 and TD04 are historical tailings storage facilities that contain substantial inventories of low-grade oxide tailings generated from past sulfide flotation operations. TD05 is an active dam currently being used to store low-grade oxide tailings from the Nchanga Complex.

The Tailings Complex is located at the Nchanga Complex in Chingola. The TLP is a copper recycling hydrometallurgical plant with a design capacity of 18 Mtpa, and processes tailings into copper cathodes. In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production from the Tailings Complex was approximately 49 Kt. In Fiscal 2024, copper production from the Tailings Complex had declined to approximately 12 Kt.

In aggregate, the Tailings Complex contains approximately 448 Mt of tailings material at an average grade of approximately 0.55% TCu (approximately 2.46 Mt of contained copper), comprising approximately 25 Mt of Probable Mineral Reserves (TD03 and TD04) and approximately 423 Mt of Mineral Resources.

As supported by Tables 1.6 and 19.3 of the Pre-Feasibility Study TRS, the Tailings Complex is expected to produce an average of approximately 27 Ktpa of copper over its planned operational life through Fiscal 2029. The Tailings Complex currently produces copper from two sources: (1) the reclamation of existing tailings from the TD03 and TD04 tailings dams, which represents the Probable Mineral Reserves of the Tailings Complex and is expected to contribute approximately 77 kt of payable copper over the approximate three year reclamation period, equating to approximately 26 Ktpa and (2) the ongoing processing of fresh tailings produced continuously by the Nchanga concentrators and directed to the TLP as a routine operational input, which contributes approximately 10 Ktpa of additional payable copper. This fresh tailings stream is an established feature of TLP operations, is included in the Technical Report Summaries economic model and generates cashflow credited to TLP production, but is not classified as a Mineral Resource or Mineral Reserve as it arises from an ongoing processing operation rather than an in-situ mineral deposit. The existing tailings in TD03 and TD04 and the fresh tailings from the Nchanga concentrators are routed to the TLP at the Nchanga Complex for further copper extraction.

In early 2026, following the completion of our 2025 infill drilling campaign at TD05, we declared a new Mineral Resource at TD05, comprising approximately 198 Mt of Indicated Mineral Resources and approximately 225 Mt of Inferred Mineral Resources, representing 1.1 Mt of Indicated Mineral Resources and 1.2 Mt of Inferred Mineral Resources (approximately 0.9 Mt and 0.9 Mt, respectively, on a 79.42% ownership basis). As supported by the Initial Assessment TRS under the MII case, the reclamation of TD05 is expected to produce an average of approximately 103 Ktpa of payable copper (approximately 82 Ktpa on a 79.42% basis) over its planned operational life from the start of Fiscal 2028 through the end of Fiscal 2042, representing a meaningful incremental contribution to Konkola Plc's overall production profile, if achieved. Infill drilling is continuing at TD05.

To support this additional resource, we intend to construct a new tailings leach plant ("TLP 2") at the Nchanga Complex with a processing capacity of approximately 18 Mtpa. We anticipate that TLP 2 will require capital expenditure of approximately $741 million and approximately two years to complete. Given TLP 2 will be located at the Nchanga Complex together with our existing operations, the project is designed to leverage in-place utilities, water, power and permitting and tailings handling infrastructure, which we believe positions TLP 2 as a capital-efficient brownfield expansion relative to a greenfield development. The Indicated portion of the TD05 Mineral Resource will initially be processed through the existing Nchanga TLP. Subsequently, both the Indicated and Inferred TD05 Mineral Resources are expected to be processed through the Nchanga TLP and TLP 2 operating in parallel from approximately Fiscal 2030 onwards.

Our infill and extension drilling campaign is also continuing at the Lubengele tailings dam located within the Konkola Complex, where drilling and test work commenced in late 2025. This program is designed to further develop our Mineral Resource base, enhance long-term mine planning and maximize value generation from our existing tailings asset endowment.

**Additional Facilities and Infrastructure**

**Nkana Refinery**

The Nkana Refinery is located in Kitwe and is a large, conventional electro-refinery with a current nameplate capacity of 300 Ktpa LME Grade A refined cathode. The refinery is currently focused on producing starter sheets for the TLP electrowinning tankhouse, rather than the production of refined cathode for sale. Anodes are supplied by the Nchanga smelter to the Nkana Refinery and consumed in the stripper section to generate starter sheets, which are in turn sent to the TLP to be consumed in the process for making copper cathodes. Currently, we expect to evaluate utilization of the Nkana Refinery for cathode production when power supply improves, unlocking greater value for the facility.

**Nampundwe Mine**

The Nampundwe mine is located 50 km from Lusaka and has been operational for 112 years. The Nampundwe mine produces pyrite, a sulfur and iron compound that is a critical input for smelting operations. Pyrite is a key source of sulfur supply required for sulfuric acid production in the acid plant located at the Nchanga Complex, which is then further utilized as the key reagent in the TLP, and as a reactant in the smelting process. The Nampundwe mine produced approximately 28.3 Kt of pyrite in Fiscal 2026.

**Summary of Facilities**

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| | | | |
|:---|:---|:---|:---|
| **Facility** | **Nameplate**<br> **Capacity** | **Utilization as of<br> March 31, 2026** | **Product** |
| Konkola Concentrator | 6 Mtpa | 22% | Copper-cobalt concentrate |
| Nchanga Concentrators |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old East Mill | 4.4 Mtpa | 37% | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New East Mill | 6.5 Mtpa | 67% | Copper concentrate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New West Mill | 2.5 Mtpa | 86% | Copper concentrate |
| Nchanga Smelter | 312 Ktpa | 41% | Copper anodes <br> Copper-cobalt alloy <br>Sulfuric acid |
| Tailings Leach Plant | 18 Mtpa | 64% | LME Grade A copper cathode |
| Nkana Refinery | 300 Ktpa | 6% | LME Grade A copper cathode <br>Starter sheets for TLP |

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**Financial and Operating Performance**

In Fiscal 2026, Konkola Plc had net sales of $1.33 billion and net loss of $339.7 million, as compared to net sales of $398.0 million and net income of $922.5 million in Fiscal 2025. The net loss in Fiscal 2026 was primarily attributable to a one-time gain of $1.6 billion recognized in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852. An additional factor contributing to the decrease was the unfavorable foreign exchange movements. These effects were partially offset by lower interest expense, higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended March 31, 2026.

In Fiscal 2026, Konkola Plc produced approximately 129 Kt of copper (consisting of approximately 77 Kt Integrated production and 52 Kt third-party production) across the KCM Complex at an AISC of $4.71 per pound. In Fiscal 2025, Konkola Plc produced approximately 48 Kt of copper (consisting of approximately 30 Kt Integrated production and 18 Kt third-party production) across the KCM Complex at an AISC of $5.83 per pound. See "*—Summary Historical and Unaudited Pro Forma CONDENSED Consolidated COMBINED Financial Information*" for further information and "*—Reconciliation of Non-GAAP Accounting Standards Financial Measures*" for a reconciliation of Cost of Sales, the most directly comparable GAAP measure to AISC.

As supported by the Technical Report Summaries, as of April 1, 2026, we have approximately 1.0 Mt of Proven and Probable copper Mineral Reserves (or approximately 0.8 Mt of Proven and Probable copper Mineral Reserves on a 79.42% ownership basis) across the KCM Complex and, as of the same date, we have approximately 1.9 Mt of further Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) and approximately 9.7 Mt of Inferred Mineral Resources (or approximately 1.5 Mt of further Measured and Indicated Mineral Resources and 7.7 Mt of Inferred Mineral Resources on a 79.42% ownership basis). Over the remaining mine life from Fiscal 2030 across the KCM Complex, we expect an average production of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) and an average AISC of $2.38 per pound. The MII case (as defined below) includes Inferred Mineral Resources that are considered too speculative geologically to apply the modifying factors necessary to be categorized as Mineral Reserves, and there is no certainty that the Initial Assessment will be realized.

The tables below summarize certain forward-looking financial and operational information of Konkola Plc as outlined in the Technical Report Summaries. Information regarding our Mineral Resources, including Inferred Mineral Resources, is derived from the Initial Assessment TRS, whereas information regarding our Mineral Reserves is derived from the Pre-Feasibility Study TRS. For additional information on our Mineral Reserves and Mineral Resources, see "*Mining Properties*" and the Technical Report Summaries included as exhibits to the registration statement of which this prospectus forms a part.

**Summary of Economic Analysis contained in Technical Report Summaries**

The Initial Assessment TRS contains two cases, the "MII" case (referred to as the "Full Resource Case" in the Initial Assessment TRS), which includes Measured, Indicated and Inferred Mineral Resources, and the "M&I" case which includes Measured and Indicated Mineral Resources. The MII and M&I cases shown in the tables below are preliminary in nature, and the MII case includes Inferred Mineral Resources that are considered too speculative geologically to apply the modifying factors necessary to be categorized as Mineral Reserves. Approximately 59% of the Mineral Resources included in the economic analysis for the MII case of the Initial Assessment TRS are classified as Inferred Mineral Resources. The Pre-Feasibility Study TRS contains the Reserve case, which reflects only Proven and Probable Mineral Reserves derived from Measured and Indicated Mineral Resources by application of modifying factors. As such, the Reserve case is encompassed within the M&I case, and the M&I case is encompassed within the MII case. The Reserve case is not incremental to the M&I case and MII case. The three cases are nested rather than independent or additive scenarios. There is no certainty that the economic analysis contained in the Initial Assessment TRS or the Pre-Feasibility Study TRS will be realized. See "*Risk Factors—Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could result in project failure."* 

The tables below provide a summary of the economic analyses of the Reserve case and the MII case and M&I case, as set out in section 19 of the Initial Assessment TRS and Pre-Feasibility TRS, each prepared on a 100% basis reflecting the presentation in the Technical Report Summaries. The M&I case and MII case are presented in Tables 1.13 and 19.2 of the Initial Assessment TRS. The Reserve case is presented in Table 19.3 of the Pre-Feasibility Study TRS prepared by AMC with an effective date of April 1, 2026. For definitions of terms used in the tables below, refer to the relevant Technical Report Summary. The shareholder-level value corresponding to the Company's 79.42% ownership in Konkola Plc is adjusted for net debt, working capital, and other balance sheet items to arrive at equity value, and therefore cannot be derived by simply by applying the ownership percentage to the enterprise value.

Copper pricing used in each of the economic analyses has been based on P75 consensus pricing (ranging from $11,101/t to $12,793/t over the Mineral Reserve production period). Cobalt pricing used in each of the economic analyses has been based on P50 consensus pricing (ranging from $42,262/t to $52,465/t over the Mineral Reserve production period).

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| | | | |
|:---|:---|:---|:---|
|  | **Reserve**<br> **Case – 100% Basis** | | |
|  | | **Initial**<br> **Assessment**<br> **– 100% Basis**<br>**MII** | **Initial**<br> **Assessment**<br> **- 100% Basis**<br>**MI** |
| Mine Life | ~11 | ~45 | ~15 |
| KCM UG Ore mined | 29066 | 232775 | 29066 |
| KCM UG Ore head grade | 2.89% | 2.94% | 2.89% |
| KCM UG Ore Recovery | 89.2% | 86.5% | 89.2% |
| KCM Cu Payable | 734 | 5816 | 734 |
| NBU Ore mined (Open Pit and Underground) |  | 20861 |  |
| NBU head grade |  | 2.42% |  |
| NBU recovery |  | 53.9% |  |
| NBU Cu payable |  | 266 |  |
| Nchanga TLP Ore mined | 24522 | 473636 | 224607 |
| Nchanga TLP Ore head grade | 0.64% | 0.57% | 0.56% |
| Nchanga TLP Ore recovery | 48.5% | 66.8% | 56.7% |
| Nchanga TLP Cu Payable | 80 | 1798 | 713 |
| Third-party Concentrate | 3425 | 12833 | 3425 |
| Third-party Concentrate Grade | 33.1% | 33.2% | 33.1% |
| Third-party Metal Production | 1112 | 4180 | 1112 |
| Integrated Metal Production | 814 | 7880 | 1446 |
| Total Metal | 1925 | 12060 | 2558 |
| Growth Capital | 208 | 1626 | 342 |
| Capital Development | 569 | 3419 | 569 |
| Sustaining Capital | 461 | 2551 | 788 |
| Closure Costs<sup>(1)</sup> | 133 | 133 | 133 |
| C1 Cash Cost (unit)<sup>(2)</sup> | 2.46 | 1.87 | 2.10 |
| AISC (unit)<sup>(3)</sup> | 3.11 | 2.38 | 2.69 |
| NPV<sub>8%</sub> (pre-tax, real basis)<sup>(4)</sup> | 1998 | 12050 | 3418 |
| NPV<sub>8%</sub> (post-tax, real basis)<sup>(4)</sup> | 1588 | 8637 | 2640 |
| Payback Period<sup>(5)</sup> | 2.0 | 3.3 | 1.7 |

---

\* Copper pricing calculated based on P75 consensus pricing (ranging from $11,101/t to $12,793/t over the Mineral Reserve production period).

\*\* Cobalt pricing calculated based on P50 consensus pricing (ranging from $42,262/t to $52,465/t over the Mineral Reserve production period).

(1) Closure Costs are included within Sustaining Capital.

(2) C1 Cash Cost is a non-GAAP measure. For the definition of this measure and a reconciliation to the most
directly comparable financial measure calculated and presented in accordance with GAAP, please see "*—Non-GAAP Measures* "
below.

(3) AISC is a non-GAAP measure. For the definition of this measure and a reconciliation to the most directly
comparable financial measure calculated and presented in accordance with GAAP, please see "*—Non-GAAP Measures* "
below.

(4) NPV calculated using a real discount rate of 8.0% per annum applied to free cash flows in real U.S. dollar
terms, reflecting the project risk profile of an established Copperbelt operation. Pre-tax and post-tax NPVs are presented separately.

(5) Payback Period represents the cumulative time from April 1, 2026 to the point at which cumulative undiscounted
post-tax free cash flow equals total capital investment.

***Projected Overall Mining Schedule – Initial Assessment MII Case***

![](ctm005_s1img03.jpg)

Source: Figure 19.3 Projected overall mining schedule – MII Case, Initial Assessment, TRS; Table 19.3 MII Case production and cashflow schedule, Initial Assessment, TRS

***Projected Overall Mining Schedule – M&I Case***

![](ctm005_s1img04.jpg)

Source: Figure 19.4 Projected overall mining schedule – M&I Case, Pre-Feasibility Study TRS, Initial Assessment TRS, Table 19.4 M&I Case production and cashflow schedule, Initial Assessment, TRS

 ****

**Consolidated AISC for Life of Mine – Initial Assessment ($/lb Cu)**

![](ctm005_s1img05.jpg)

Source: Graph generated from AISC ($/lb) data in Table 19.3 (MII production and cashflow schedule), Initial Assessment TRS

**Our Competitive Strengths**

We believe that the following competitive strengths differentiate us and can contribute to our continued success.

**Robust Economics Driven by Large-Scale, High-Grade and Low-Cost Positions**

Our strong economics reflect the interplay of grade, scale and integration – capturing margin at each step of the mining process. Konkola Plc's average blended Mineral Resource copper grade of 1.68% (inclusive of Mineral Reserves) is approximately 2.5 times higher than the declining global average of 0.66% per Wood Mackenzie. We believe our strong endowment, as supported by our approximately 13.0 Mt (or approximately 10.3 Mt on a 79.42% ownership basis) of Mineral Resources, as well as our large operational scale, provides the opportunity to achieve an efficient unit intensity as fixed costs are spread over more tonnage and high capital productivity. Over the remaining mine life from Fiscal 2030 across the KCM Complex, we expect an average production of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) and an average AISC of $2.38 per pound. Furthermore, vertical integration – having mines, concentrator, on-site smelter and the TLP in one place – reduces logistics and third-party charges, stabilizes net realized pricing through minimized exposure to treatment and refining expense volatility, manages quality and shortens the cash-conversion cycle.

Our production growth plan is designed to leverage our favorable economics. Phased debottlenecking, recovery work and incremental throughput additions are expected to increase effective capacity in an efficient manner. We believe that higher volumes of concentrate feed will further improve smelter utilization and dilute fixed cost overheads, supporting expanded cash margins and returns. As such, we believe we have the foundation required to progressively entrench ourselves as a preferred long-term source of copper and cobalt for the U.S. market given our strong economic position and resulting ability to sustain strong margins through potential periods of commodity price volatility.

**Technology-Driven Operations Delivering Industry-Leading Efficiency**

We intend to continue building a digitized, AI-powered mining operation. We have a track record of using technology across our mining and plant operations. For example, we have established a strong digital foundation at the TLP, including the digitization of previously manual data, the deployment of enabling sensors and instrumentation and the establishment of real-time operational visibility. These capabilities provide the essential building blocks for advanced analytics and predictive applications, positioning us to progress from operational control to data-driven optimization. Through strategic collaborations with technology specialists, including Palantir, we anticipate that our technology will enable real-time optimization across the entire value chain – from predictive maintenance that reduces downtime, to AI-driven exploration to increase our Mineral Resources and Mineral Reserves, and autonomous systems that enhance safety while reducing labor costs. Our integrated sensor network will be designed to provide continuous monitoring of equipment performance, geological conditions and environmental parameters, enabling proactive decision-making not possible for many conventional miners. We believe this technology-led approach positions us to achieve lower operating costs and higher productivity compared to conventional operations.

 ****

**High Growth Critical Minerals Producer with Strategic Focus on Supplying U.S. and Western Markets**

We believe that Konkola Plc represents one of the few operations positioned to help meet U.S. demand for copper and cobalt over the long term. Despite both commodities being designated as critical minerals by the U.S. government in 2025, the U.S. continues to import approximately 45% of its copper and 75% of its cobalt, as per the U.S. Geological Survey. With the DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, the U.S. faces significant supply chain vulnerability. The Konkola Complex is one of the world's highest-grade copper assets, and as supported by the Technical Report Summaries, with the implementation of our planned infrastructure upgrades, we aim to achieve a remaining operational mine life average copper production level from Fiscal 2030 of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources). We intend to increase the volume of finished copper products sold into U.S. markets, including products derived from both our own Integrated production and purchased third-party concentrate. We believe this strategy will enhance our U.S. market presence and optimize the value realized across our processing and sales activities. We believe that these initiatives, coupled with our strong operating history will enable us to become a strategic, technology-led supplier of copper and cobalt.

Konkola Plc offers a differentiated source of supply for copper and copper-cobalt alloy that can support rapidly growing end-use demand across critical sectors such as AI infrastructure, data centers, grid modernization and electrification. Further, we believe that copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies, from renewable energy systems to electric vehicles. Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history. See "*—Industry*" below for further information.

Policy trends also have the potential to reinforce this structural shift. Effective August 1, 2025, the U.S. Government imposed a 50% tariff on semi-finished copper products and copper-intensive derivative products, while excluding raw forms such as ore and cathode. Effective April 6, 2026, the U.S. Government modified that tariff with a new tiered tariff of 50%, 25%, 15% or 10% applied to the entire value of the products. The U.S. Government will also require that a phased percentage of U.S.-produced copper materials and high-quality copper scrap be sold domestically beginning in 2027 at 25%, thereby underscoring the need to secure reliable upstream supply from mining operations. The U.S. International Development Finance Corporation has provided financial support for the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports. The Lobito Corridor is expected to be operational by approximately 2029, potentially enhancing logistics for copper exports to Western markets. Against this backdrop, we are actively seeking to secure long-term commercial relationships and offtake contracts with customers located in the U.S. and Western-aligned nations. These contracts have the potential to allow us to contribute directly to energy security, technological competitiveness and supply chain resilience in the U.S., which we believe is aligned with the objectives of policymakers to reduce dependence on DRC mining and Chinese mining and refining, to the extent paired with increased critical minerals processing/refining capacity in Western-aligned nations.

**Advanced, De-risked Platform Backed by Substantial Capital Investment to Date**

Unlike many potential sources of incremental copper around the world, the KCM Complex currently produces copper and benefits from approximately $3 billion of capital deployed by Konkola Plc into capital expenditures between 2004 to 2019, funded by a combination of cash generated from operations and from shareholder loans. We believe that this installed asset base, together with existing permits and established operating practices, enables a highly efficient restart-and-ramp-plan that is more capital efficient and significantly faster compared to a first-time greenfield build. From a timeline perspective, the average greenfield copper mine in tier-1 jurisdictions such as the U.S., Canada and Australia take 29 years, 27 years and 20 years, respectively to be built, whereas our full ramp up to peak production is expected to take only approximately 7-8 years.

 ****

**Zambia - One of the World's Most Attractive Mining Jurisdictions**

Konkola Plc's operations are located in Zambia, one of the world's most established copper mining jurisdictions. As of 2026, Zambia is the 7th largest producer of copper in the world and the second largest producer in Africa, with copper exports representing 15% of Zambia's gross domestic product and over 70% of its exports as of late 2025. In 2025, the Fraser Institute's Annual Survey of Mining Companies rated Zambia as 25th (out of 68 jurisdictions) on the Investment Attractiveness Index globally and is the third highest ranked African jurisdiction (out of 20 jurisdictions), which considers key investment attributes including geological attractiveness and government policies.

The GRZ has stated goals to position copper as a cornerstone of the nation's economic development and triple national copper production to 3 Mt annually by 2031 (Zambia currently projects 2026 production to reach 1 Mt) and to improve enabling infrastructure, including power permitting processes and logistics. We believe the development of the KCM Complex supports these goals, thereby aligning our interests with those of the GRZ. Furthermore, we expect that our long-standing community relationships, focus on safety, environmental performance and a robust existing workforce with a strong composition of local talent will support our license to operate during the production ramp-up period and beyond.

On January 23, 2026, Konkola Plc entered into a Memorandum of Understanding (the "MoU") with Africa Finance Corporation ("AFC"), a multilateral development finance institution. The MoU establishes a framework for collaboration and cooperation between Konkola Plc and AFC in connection with the Zambia Lobito Railway project (the "ZLR Project"). Under the terms of the MoU, Konkola Plc has expressed a non-binding interest in utilizing up to 180,000 tonnes per annum of freight capacity on the ZLR Project, subject to AFC's satisfactory due diligence and receipt of all necessary internal approvals. In turn, AFC will explore the possibility of providing financial and advisory support to Konkola Plc for the development and financing of its activities in Zambia, also subject to internal approvals, due diligence, and the negotiation of definitive agreements. The MoU will remain in effect for two years from the date of signature unless earlier terminated by either party upon 30 days' notice or by mutual agreement.

**Strong Historical Exploration Track Record and Resource Conversion**

We are exploring the extension of the expected mine life of the KCM Complex through continued exploration activities in what is a highly prolific zone for copper. Since the inception of the copper mines at Konkola and Nchanga, approximately 17.5 Mt of contained copper has been extracted. As supported by the Technical Report Summaries, this amount compares to total Mineral Resources as of April 1, 2026, of approximately 13.0 Mt (or approximately 10.3 Mt on a 79.42% ownership basis). We are currently executing an infill and extension drilling campaign to further develop our Mineral Resources, through the drilling of the COP E Extension and COP DF deposits at the Nchanga Complex, as well as TD05 at Nchanga and the Lubengele tailings dam at Konkola, the latter of which has not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Drilling at Lubengele tailings dam commenced in late 2025. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from the Lubengele tailings dam.

 ****

**Endorsed and Backed by Global Mining Leader**

Our current controlling stockholder, Vedanta, is a leading, diversified natural-resources group founded by Anil Agarwal that generated revenue of $18.2 billion in Fiscal 2025 and employs a global workforce in excess of 117,000 people. Vedanta has a track record of successfully operating and managing assets across a range of industries and geographies. The Vedanta group's portfolio spans base metals (zinc, lead, silver, aluminum, copper), oil and gas, iron ore, steel and power generation across India, Africa and other regions. In 2004, Vedanta obtained a 51.00% stake in Konkola Plc, before increasing its ownership to 79.42% in 2008.

**Our Business Strategy**

CopperTech is exploring a transformative growth strategy aimed at significantly further expanding copper production capacity across its mining and processing assets. We seek to deliver attractive, through-the-cycle returns to our stockholders through cash flow generation and growth of our copper mining operations. Below are the highlights of our growth strategy.

**Execute Plans to Become a Leading Global Copper Producer to Serve the High Growth U.S. Technology Sector**

We are growing our copper and cobalt mining business by executing and exploring development work at the KCM Complex, which we believe offers potential high returns. Central to this plan is the Konkola Deep Mine Project, which we expect to extend mining operations from the current depth of approximately 1 km to approximately 2 km, which we believe may unlock access to additional resource and expand our copper production capacity. Critically, the primary shaft required to reach this depth has already been installed as part of previously spent growth capital expenditures, so we consider the infrastructure foundation for this expansion to be in place. The project is anticipated to also involve expanded dewatering capabilities necessary to operate at greater depth. Beyond the Konkola Deep Mine Project, we are prioritizing process improvements and other capital expenditures by Konkola Plc which are expected to include exploration activities within the KCM Complex and in select international jurisdictions, infill drilling programs and AI-based geological surveys to identify additional resources and upgrade resource classifications. With our planned infrastructure upgrades, we expect to achieve a remaining operational mine life average copper production level from Fiscal 2030 of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources).

We believe there is also potential to grow production further, subject to additional geological engineering, permitting and completion of necessary studies. In carrying out our growth plans, we will continue to employ conventional and cutting-edge technologies to benefit from geological confidence in the resource base, access to existing infrastructure and support from local and regional authorities. In addition to pursuing growth in production at the KCM Complex, we also plan to undertake technical programs across the Konkola Plc portfolio to potentially upgrade Konkola Plc's Mineral Resources from Inferred to higher-confidence Mineral Resource classifications, delineate new Mineral Resources and continually assess optimization strategies to increase efficiency of operations. In addition, we may evaluate external growth opportunities from time to time.

To further support our growth potential, we are also exploring measures to ensure power security and supply, which we anticipate will further streamline production as power is one of our biggest production inputs.

**Employ a Disciplined Approach to Capital Allocation**

As we work to ramp up production at the KCM Complex to an average of approximately 270 Ktpa from Fiscal 2030, we are focused on driving operational self-reliance across our integrated mining, processing and smelting platform, while leveraging our high-grade resource base and vertical integration to position Konkola Plc as a cost leader, targeting a life-of-mine average AISC of $2.38 per pound of copper. Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on the receipt of cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall (as defined below) prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to pay dividends or other distributions.

 ****

**Building the "Modern Mine" Through Value-Added Strategic Collaborations to Maximize Artificial Intelligence and Technology – Partnering with Palantir**

We believe that our focus on strategic collaborations will accelerate operating performance, de-risk expansion and expand our resource base through the deployment of leading geophysical, analytic and AI technologies. We are partnering with Palantir to deploy Palantir's advanced software and AI platform at KCM to develop digital twins, which are virtual replicas of actual operations that can be used to run simulations on existing and possible upgraded systems and components. The collaboration aims to focus on AI-powered automation systems for mining operations, including dewatering advanced digital mapping and visualization of resource geology and mine infrastructure, real-time operational intelligence, and integrated decision support. Additionally, these technologies are anticipated to include AI-assisted tools to improve operating performance, by applying such tools in mine planning, maintenance scheduling, process control and exploration targeting. We intend to evaluate collaborations with equipment suppliers, digital and AI providers, mining and processing firms and consulting and engineering organizations with demonstrated capabilities in such specialized areas. These partnerships aim to create scalable improvements that enhance performance across our value chain to position us to serve as a strategic, technology-led supplier of critical minerals through AI-driven optimization and a comprehensive digital transformation of our operations. Our objective is to access and utilize proven and innovative technologies to enhance operational and financial performance while continuing to foster industry-leading safety standards, personnel management systems and IT systems.

**Copper Industry Overview**

Copper is an internationally traded commodity on the Commodity Exchange Inc. ("COMEX"), London Metal Exchange ("LME") and Shanghai Futures Exchange and is found in many mining jurisdictions around the world, including the Americas, Africa and Australia. After copper ore is mined, it is transformed through a series of processing steps into a highly versatile metal that ultimately serves as a foundational input into many end-use applications. Copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies and applications, from renewable energy systems to electric vehicles to high-capacity data centers. The global copper market is experiencing robust growth and, while traditional industrial applications continue to represent a substantial portion of copper consumption, the most dynamic growth segments are intrinsically linked to advancements in technology and AI. The four primary disrupting factors of copper demand – AI technological boom, global economic development, energy transition and increased defense spending targets – are alone expected to account for a combined 40% of copper demand growth expected by 2035, according to Wood Mackenzie.

Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history.

![](ctm005_s1img06.jpg)

 

*Source: Wood Mackenzie*

 

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| | |
|:---|:---|
| ![](ctm005_s1img07.jpg) | ![](ctm005_s1img08.jpg) |

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*Source: Wood Mackenzie*

According to Wood Mackenzie, global refined copper consumption in 2025 totaled 27.8 Mt (up from 26.8 Mt in 2024) and is expected to grow to 34.0 Mt by 2040. The majority of demand today remains linked to traditional end-use markets, including construction, infrastructure, transportation and defense. The global transition towards battery electric vehicles and sustainable or renewable energy sources, such as solar and wind power, has represented most of the growth in recent years and is expected to remain a key contributor going forward. However, consumption growth rates are expected to be even further enhanced by demand from AI, digital infrastructure and electrification initiatives. Global copper consumption grew at an annual growth rate of approximately 1.9% from 2015 to 2025 and is expected to grow at a compound annual growth rate of 2.2% from 2025 to 2035 due in large part to copper's numerous technology end-use applications.

The increasing computational requirements of AI, particularly for advanced machine learning models and extensive data analytics, necessitate a vast expansion of global data center infrastructure. These facilities are intensive consumers of copper, which is essential for high-speed data transmission networks, efficient power distribution within racks and across facilities and advanced liquid cooling systems. Copper's exceptional thermal conductivity is crucial for dissipating the significant heat generated by high-performance computing hardware, including graphics processing units and specialized AI accelerators. AI-optimized data centers require significant kilowatts per rack to handle intensive computational workloads, a substantial increase over traditional data centers, necessitating thicker copper wiring, more robust copper bus bars and significantly enhanced cooling systems. Every square meter in an AI-optimized facility contains significantly more copper than conventional data centers due to these enhanced power and cooling requirements. According to Wood Mackenzie, the increasing electricity requirements of AI alone is expected to drive copper demand for grid infrastructure to 1.1 Mtpa by 2030 and is a relatively insignificant cost item relative to the overall capital expenditure of data center developments, which can lead to substantial copper demand and price increases.

According to Wood Mackenzie, global refined copper production totaled 27.9 Mt in 2025 (an increase from 27.0 Mt in 2024) and is expected to rise to 34.2 Mt by 2040. However, sources of high-grade copper ore (particularly in open-pit operations) have become increasingly challenging to find in recent years. Accordingly, we expect steady industry cost inflation and a rising marginal cost as miners spend more capital to extract copper from lower-grade deposits. Additionally, required adherence to environmental, social and governance standards is seen as potentially delaying projects even beyond currently envisioned timelines. With timelines from discovery of new resources to first production typically taking in excess of 24 years, management expects the value of high-quality, large deposits that have already been identified and developed to continue to rise.

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|:---|:---|
| ![](ctm005_s1img09.jpg) | ![](ctm005_s1img10.jpg) |

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*Source: Wood Mackenzie*

Traditional copper mining regions, particularly in South America (e.g., Chile and Peru), are projected to remain dominant sources of copper supply going forward, presenting an opportunity for DRC and Zambia to increase production and, thereby, geographically diversify the global supply picture. In 2025, African supply represented 10.5% of global copper production. The United States is projected to remain a net importer of copper, thereby reinforcing the need to secure long-term supply from Western-aligned nations. U.S. demand for copper is expected to rise by 42.9% from 2.2 Mt in 2024 to 3.1 Mt by 2040, with imports continuing to constitute a significant portion of copper consumption. Currently, imports into the U.S. represent approximately 45% of refined copper consumption and are expected to increase to 70% of refined copper consumption by 2040, as per Wood Mackenzie.

As of March 31, 2026, COMEX copper prices were $5.61 per pound, up over 11% year-over-year and over 40% over the past five years. Pricing is expected to remain a function of supply-demand dynamics and, with a rising deficit expected over the mid-term and long-term, we believe that prices will continue to increase over the long-term. Furthermore, we believe prices will continue to be influenced by a complex interplay of global macroeconomic factors and geopolitical developments, including potential tariffs which can lead to wide variations in regional pricing levels.

Historical Copper Price LME & COMEX ($/lb)

![](ctm005_s1img11.jpg)

 

*Source: Factset*

**Summary of the Transactions**

We were incorporated in the State of Delaware on January 30, 2025, as Global Transition Resources Inc. On September 17, 2025, we changed our name to CopperTech Metals Inc. CopperTech is the issuer of the common stock offered by this prospectus.

Prior to the Transactions described below, (i) VRHL, a UK incorporated and tax resident company, was the sole stockholder of CopperTech and (ii) VRHL held 79.42% of the outstanding shares of Konkola Plc, with the remainder of the outstanding shares of Konkola Plc held by ZCCM.

The following diagram depicts our simplified ownership structure immediately prior to the Transactions:

![](ctm005_s1img12.jpg)

The following is a description of the Transactions to implement the internal reorganization prior to consummation of the offering:

&nbsp;&nbsp;&nbsp;&nbsp;· VRL, a U.K. company, the parent company of VRHL, will transfer its entire ownership interest in VRJL,
a Jersey private company and wholly owned subsidiary of VRL, to CopperTech, a wholly owned subsidiary of VRHL, for nominal cash consideration.
As a result of this transfer, VRJL will become a wholly owned subsidiary of CopperTech.

&nbsp;&nbsp;&nbsp;&nbsp;· As
a result of a series of separate transactions, the Existing Vedanta Liabilities with an aggregate amount of $1,964,000,000, consisting
of certain loan receivables owed by Konkola Plc to our affiliates, VRJL II, VRHL and VRL, and certain loan obligations to Konkola Plc
to be funded by VRHL, will be contributed to VRJL. VRJL has also assumed the obligation to lend the outstanding balance that has yet
to be funded under the Capital Expenditures Support Loan Agreement, being $670.0 million, to Konkola Plc (the "Outstanding Scheme
Loan"). CopperTech, as the sole stockholder of VRJL following the Transactions, intends to contribute $670.0 million of the net
proceeds of this offering to VRJL to fund the Outstanding Scheme Loan, with such net proceeds to be used for infrastructure and production
development at the Konkola Complex. See "*Use of Proceeds*." Such contribution is made in fulfilment of VRJL's
funding commitments pursuant to Section 15.1.2 of the KCM Shareholders Agreement as supplemented and amended by the Deed of Adherence,
Novation and Guarantee relating to the KCM Shareholders Agreement entered into June 1, 2026 between VRL, VRHL, VRJL, ZCCM, GRZ and Konkola
Plc ("Deed of Adherence"). In the event that VRJL fails to satisfy its funding obligations under the Capital Expenditures
Support Loan or pursuant to Section 15.1.2 of the KCM Shareholders Agreement, such funding default shall automatically trigger the deemed
transfer provisions set out in Section 15 of the KCM Shareholders Agreement, which, among other things, requires the defaulting party
to deliver written notice to the other parties, who may elect to treat such notice as an irrevocable offer to sell all of the defaulting
party's shares in and shareholder loans to Konkola Plc.

&nbsp;&nbsp;&nbsp;&nbsp;· VRHL will transfer its 79.42% ownership interest in Konkola Plc to VRJL. In consideration, VRJL will issue
an intercompany payable with an aggregate amount of approximately $266.0 million to VRHL.

&nbsp;&nbsp;&nbsp;&nbsp;· Subsequently, VRHL will contribute such intercompany receivable to
CopperTech in exchange for common stock of CopperTech. CopperTech will then contribute such intercompany receivable to VRJL in exchange
for common stock of VRJL. As a result, VRJL will hold a 79.42% ownership interest in Konkola Plc and CopperTech will be the sole stockholder
of VRJL and a wholly owned subsidiary of VRHL. The loans to be contributed to VRJL pursuant to the Transactions will exclude: (a) the
"Funded Scheme Loans" consisting of $330.0 million funded under the Capital Expenditures Support Loan Agreement, $250.0 million
funded under the Creditor Settlement Support Loan Agreement and $20.75 million funded under the Community Support Loan Agreement; and;
and (b) the "Excluded Legacy Liabilities" consisting of $106.4 million in intercompany advances. VRHL and the relevant Vedanta
affiliate will remain the lender of the Funded Scheme Loans and Excluded Legacy Liabilities, respectively.

Pursuant to the Deed of Adherence, VRHL provided an unconditional and irrevocable guarantee for the due and punctual performance of VRJL's funding obligations under both the Capital Expenditures Support Loan Agreement and Section 15.1.2 of the KCM Shareholders Agreement (the "VRHL Guarantee"). The VRHL Guarantee will become effective following the consummation of the Transactions and will remain in full force and effect for the entire period that VRJL remains a shareholder in Konkola Plc and until all guaranteed obligations have been fully and unconditionally discharged. Pursuant to the Deed of Adherence the Company is also required to contribute $670.0 million of the net proceeds of this offering to VRJL for the purpose of funding the outstanding balance that has yet to be funded under the Capital Expenditures Support Loan Agreement.

The following diagram depicts our simplified ownership structure immediately following the Transactions and this offering, assuming no exercise of the underwriters' option to purchase additional common stock:

![](ctm005_s1img13.jpg)

**Corporate Information**

Our principal executive office is located at 80 Columbus Circle, #72B New York, New York 10023 and our telephone number is (302) 446-5757. We intend for our headquarters to be located in the United States. Our website is https://coppertechmetals.com. The information contained on our website, any website mentioned in this prospectus or any website directly or indirectly linked to these websites is not part of, and is not incorporated by reference in, this prospectus.

**Our Stockholder**

We are owned by VRL, the parent company of the Vedanta group of companies, through its fully owned subsidiary, VRHL. VRL, is a global diversified natural resources company focused on mining, oil and gas and metals production, with major operations in India, Africa and Australia. Immediately prior to the completion of this offering, VRL beneficially owned 100.0% of our common stock and, upon completion of this offering, VRL will indirectly hold through its affiliates approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full).

Upon completion of this offering, we will be a "controlled company" under NYSE corporate governance standards and intend to rely on the corporate governance exemption related thereto. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—We will be a 'controlled company' within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders*."

**Risk Factors Summary**

Investing in our common stock involves risks. You should carefully consider the risks described in the section entitled "*Risk Factors*" before making a decision to invest in our common stock. If any of these risks actually occur, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our common stock would likely decline, and you could lose all or part of your investment. The following is a summary of some of the principal risks we face:

**Summary of Risks Relating to our Business**

&nbsp;&nbsp;&nbsp;&nbsp;· Failure to achieve production estimates, either at all, or on the expected timeframe, could have a material
adverse impact on our cash flows, profitability, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· The volume of materials that we recover may be materially lower than our Mineral Reserve and Mineral Resource
estimates, including due to an actual mine life that is materially shorter than our estimated mine life and various other factors. More
stringent regulations, market price fluctuations and changes in operating and capital costs may render certain Mineral Reserves and Mineral
Resources uneconomical to mine.

&nbsp;&nbsp;&nbsp;&nbsp;· Capital and operating cost estimates made in respect of our mines and development projects may be significantly
lower than actual capital and operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;· We may be adversely affected by the availability and cost of key inputs.

&nbsp;&nbsp;&nbsp;&nbsp;· We derive all of our revenue from operating assets located in Zambia. Unpredictable government or third-party
intervention in our operations in Zambia has had, and could in the future have, a material adverse effect on our business, results of
operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· All our revenue is derived from operations in Zambia which has underdeveloped physical, financial, political,
medical and institutional infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;· Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could
result in project failure.

&nbsp;&nbsp;&nbsp;&nbsp;· There are inherent uncertainties in valuing mining interests, including estimating Mineral Reserves and
Mineral Resources. Differences between our assumptions and market conditions during the operational phase of our assets may result in
the impairment of the book value of our mining interests, which could have a material adverse impact on our results of operations and
financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining is inherently dangerous and subject to conditions or events beyond our control, which could have
a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;· Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds
a special share in Konkola Plc, and whose interests may conflict with ours.

&nbsp;&nbsp;&nbsp;&nbsp;· Our business may be exposed to risks associated with a concentrated customer base.

&nbsp;&nbsp;&nbsp;&nbsp;· Potential developments in the United States, regulatory uncertainty, tariff threats and trade tensions
may affect our business, results of operations and political or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· The incorporation of AI into our operations is new and untested and may not be successful or yield the
anticipated benefits.

&nbsp;&nbsp;&nbsp;&nbsp;· Our holding company structure makes us dependent on the operations of our subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;· Fluctuations in the price of metals, in particular, copper, and energy sector commodities could have a
material adverse impact on our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· We are subject to taxation risk.

&nbsp;&nbsp;&nbsp;&nbsp;· We are subject to health, safety and environmental laws and regulations, and concessions, authorizations,
licenses and permits are subject to expiration, suspension, limitation on renewal and various other risks and uncertainties.

&nbsp;&nbsp;&nbsp;&nbsp;· We may not be able to replenish our Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· Our business is exposed to the cyclicality of global economic activity and we may not be able to adjust
production volume or costs in response to fluctuations in prices and demand for the metals we produce.

&nbsp;&nbsp;&nbsp;&nbsp;· Our operations may be negatively affected by global financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· We may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.

&nbsp;&nbsp;&nbsp;&nbsp;· Mining operations, development projects and exploration activities are subject to extensive regulations,
including environmental, health and safety and other regulations, as well as the need to manage relationships with local communities.

&nbsp;&nbsp;&nbsp;&nbsp;· Negative
publicity could adversely affect our reputation as well as our business, financial results, and stock price.

&nbsp;&nbsp;&nbsp;&nbsp;· We have identified material weaknesses in our internal control over financial reporting, and if we are
unable to remediate the material weaknesses, experience additional material weaknesses or if we fail to develop and maintain effective
internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws
and regulations could be impaired, which may adversely affect investor confidence in us and, as a result, the value of our common stock.

**Summary of Risks Relating to our Common Stock and the Offering**

&nbsp;&nbsp;&nbsp;&nbsp;· Following the completion of this offering, Vedanta will control a majority of the voting power of our
common stock, which will prevent you and other stockholders from influencing significant decisions.

&nbsp;&nbsp;&nbsp;&nbsp;· Following the completion of this offering, we will be a "controlled company" within the meaning
of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements
and such exemptions could have an adverse effect on our public stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;· We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.

&nbsp;&nbsp;&nbsp;&nbsp;· The market price of our common stock may be volatile, and your investment could suffer or decline in value.

&nbsp;&nbsp;&nbsp;&nbsp;· If securities analysts do not publish research or reports about our business or if they downgrade our
common stock or securities issued by other companies in our sector, the price and trading volume of our common stock could decline.

&nbsp;&nbsp;&nbsp;&nbsp;· The economic value of your investment may be diluted.

&nbsp;&nbsp;&nbsp;&nbsp;· Holders of our common stock may not receive any dividends.

&nbsp;&nbsp;&nbsp;&nbsp;· Although we ceased to be an emerging growth company prior to this offering, we will continue to be treated
as an emerging growth company for certain purposes through the completion of this offering and have decided to take advantage of certain
reduced disclosure requirements in the registration statement of which this prospectus forms a part, which may make our common stock less
attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;· There is currently substantial doubt about Konkola Plc's ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· The historical and pro forma financial information in this prospectus may make it difficult to accurately
predict our costs of operations in the future.

**The Offering**

 ● $ million for capital development and infrastructure requirements of the underground mine at the Konkola Complex; ● $ million for TLP upgrades, the construction of the new TLP 2 facility for processing TD05 tailings, smelter upgrades and the extension of mining operations at the Nchanga Complex; ● $ million for the utilities and infrastructure set up to enable the growth of the KCM Complex, including equipment replacement and ongoing maintenance; and ● for working capital and general corporate purposes.

 See the section entitled "*Use of Proceeds*."

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|:---|:---|
| **Dividend Policy** | We have never declared nor paid a dividend on our capital stock. We currently do not anticipate paying any cash dividends on our common stock for the foreseeable future. We intend to retain any earnings for use in our business. Any declaration and payment of future dividends or other distributions to holders of our common stock will be at the discretion of our board of directors in accordance with applicable law and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends or other distributions and other considerations that our board of directors deems relevant. See the section entitled "*Dividend Policy*." |
|  | Our ability to pay dividends on our common stock will depend on our receipt of loan repayments from Konkola Plc, cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities. Although VRJL will be entitled to receive repayments of the $670.0 million to be funded to Konkola Plc pursuant to the Capital Expenditures Support Loan Agreement, repayments will only commence once Konkola Plc has positive cash flows pursuant to the Konkola Waterfall. Similarly, repayments on any loans made by CopperTech to Konkola Plc, including of the net proceeds, will be limited by the requirements of the Konkola Waterfall. This may ultimately limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*". |
| **Controlled Company** | Upon completion of this offering, Vedanta will continue to beneficially own more than 50% of the voting power of our outstanding common stock. As a result, we intend to avail ourselves of the "controlled company" exemptions under the rules of NYSE, including exemptions from certain of the corporate governance listing requirements. See "*Management—Controlled Company Exemption*" and "*Certain Relationships and Related Party Transactions*." |
| **NYSE Listing** | We have applied to list our common stock on the NYSE under the symbol "CUX". There can be no assurance that the NYSE will approve our listing application. The closing of this offering is contingent upon the successful listing of our common stock on the NYSE. |
| **Risk Factors** | See the section entitled "*Risk Factors*" beginning on page 30 for a discussion of factors you should carefully consider before deciding to invest in our common stock. |

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The number of shares of common stock to be outstanding after this offering is based on shares of our common stock outstanding as of March 31, 2026, after giving effect to (i) the Transactions and (ii) the IPO Award Issuance (as defined below), and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;· shares of common stock issuable upon the IPO Award which will become fully vested on the completion of
this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;· shares of our common stock reserved for issuance under our equity incentive plan.

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;· the completion of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· a -for-one forward
stock split of our common stock, which will occur prior to the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;· the filing and effectiveness of our amended and restated certificate of incorporation and the adoption
of our amended and restated bylaws, each of which will occur immediately prior to the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;· an initial public offering price of $ per
share of common stock, which is the midpoint of the pricing range set forth on the cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;· no exercise of the underwriters' option to purchase up to additional
shares of common stock from us in this offering.

**Summary Historical and UNAUDITED Pro Forma CONDENSED Consolidated COMBINED Financial INFORMATION**

The following table presents summary historical consolidated financial information of Konkola Plc and its subsidiaries as of the dates or the periods indicated. The summary consolidated statements of operations and statements of cash flows for the years ended March 31, 2026 and 2025 and the consolidated balance sheet as of March 31, 2026 and 2025 are derived from the audited consolidated financial statements of Konkola Plc and related notes included elsewhere in this prospectus, which have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP").

Historically, our business has been operated through Konkola Plc, together with its subsidiaries. CopperTech was formed for the purpose of this offering and has engaged to date only in activities in contemplation of this offering. As such, the summary historical financial information of CopperTech has not been presented. Upon the completion of the Transactions, CopperTech will hold a 79.42% interest in Konkola Plc, and the financial results of Konkola Plc will be consolidated in our financial statements. For more information regarding the Transactions, see "*—Summary of the Transactions*." The historical consolidated financial information of Konkola Plc and its subsidiaries reflect the results of operations and the financial position of Konkola Plc as a whole, including the interests attributable to the non-controlling interest.

The summary unaudited pro forma condensed consolidated combined statement of operations for the year ended March 31, 2026 gives effect to the Transactions and this offering, as if they had occurred on April 1, 2025. The summary unaudited pro forma condensed consolidated combined balance sheet as of March 31, 2026 gives effect to the Transactions and this offering, as if they had occurred on March 31, 2026.

The summary of Konkola Plc's consolidated financial information and the pro forma financial information set forth herein should be read together with the consolidated financial statements and the related notes appearing elsewhere in this prospectus, as well as the section entitled "*Unaudited Pro Forma Condensed Consolidated Combined Financial Information*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*."

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

**Consolidated Statement of Operations Information**

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| | | | |
|:---|:---|:---|:---|
|  | **Historical Konkola<br> Copper Mines Plc** | **Historical Konkola<br> Copper Mines Plc** | **Pro Forma<br> CopperTech Metals Inc.** |
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Year Ended March 31,** |
|  | **2025** | **2026** | **2026** |
| **(in thousands, except for share and per share amounts)** |  |  |  |
| Net sales | 397986 | 1330105 |  |
| Cost of sales | (629755) | (1297576) |  |
| **Gross (loss) profit** | **(231769)** | **32529** |  |
| Selling and distribution expenses | 176 | 403 |  |
| General and administration expenses | 70435 | 78988 |  |
| **Operating loss** | **(302380)** | **(46862)** |  |
| Other income (expense) |  |  |  |
| Other income | 8210 | 8454 |  |
| Foreign exchange loss, net | (56053) | (240757) |  |
| Reorganization items, net | 1622423 | **-** |  |
| Interest income | 1559 | 3013 |  |
| Interest expenses | (370676) | (133159) |  |
| **Other income (expense), net** | **1205463** | **(362449)** |  |
| **Income (loss) before income tax benefit** | **903083** | **(409311)** |  |
| Income tax benefit | 19445 | 69650 |  |
| **Net income (loss)** | **922528** | **(339661)** |  |
| Net loss attributable to non-controlling interest | - | - |  |
| Net gain/ (loss) attributable to CopperTech and subsidiaries | 922528 | (339661) |  |
| **<u>Net (loss) income per share attributable to common stockholders:</u>** |  |  |  |
| Basic earnings/(loss) per share | 0.84 | (0.31) |  |
| Diluted earnings/(loss) per share | 0.84 | (0.31) |  |
| Weighted average number of common shares outstanding—basic and diluted | 1098677473 | 1098677473 |  |

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**Consolidated Balance Sheet Information**

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| | | |
|:---|:---|:---|
|  | **Historical<br> Konkola<br> Copper Mines Plc** | **Pro Forma<br> CopperTech<br> Metals Inc.<sup>(1)</sup>** |
| **(in thousands)** | | |
| **<u>Financial Position</u>** |  |  |
| Total current assets | 733114 |  |
| Total assets | 2033175 |  |
| Total current liabilities | 394287 |  |
| Total liabilities | 2584060 |  |
| Total shareholder's equity | (550885) |  |

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(1) Reflects the pro forma balance sheet data for CopperTech Metals Inc.
after giving effect to (i) the Transactions, (ii) the IPO Award and (iii) the issuance and sale by us of shares of common stock in this
offering at the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover
page of this prospectus).

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| | | |
|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**(in thousands)** | **2026** | **2025** |
| **<u>Cash Flow Summary</u>** |  |  |
| Net cash used in operating activities | (66302) | (266555) |
| Net cash used in investing activities | (96382) | (13206) |
| Net cash provided by financing activities | 253372 | 337772 |
| Effect of exchange rate changes on cash and cash equivalents | (377) | (152) |

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| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** |
| **<u>Production Metrics</u>** |  |  |
| Payable copper produced (*lb, in thousands*) | 284218 | 106604 |
| Payable copper sold (*lb, in thousands*) | 278721 | 102081 |

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**Non-GAAP Measures of Konkola Plc**

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| | | |
|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**(in thousands)** | **2026** | **2025** |
| **<u>Non-GAAP Measures</u>** |  |  |
| Adjusted EBITDA (*in thousands*)<sup>(1)</sup> | 52881 | (202791) |
| C1 Cash Cost $/ lb Cu<sup>(2)</sup> | 4.32 | 5.55 |
| AISC $/ lb Cu<sup>(2)</sup> | 4.71 | 5.83 |
| Realized copper price ("RCP") $/ lb Cu<sup>(2)</sup> | 4.77 | 3.90 |

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(1) We calculate Adjusted EBITDA as net (loss)/income before interest expense and income, income tax expense
(benefit), depreciation, as adjusted to exclude foreign exchange gain (loss) and other non-recurring items such as reorganization items.
See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures* "
for a reconciliation to Net (Loss) / Income.

(2) We calculate C1 of copper as cost of sales adjusted to include general and administrative expenses and
exclude royalties and depreciation as they are not direct production costs or cash costs. C1 is a non-GAAP measure based on production
volumes. We believe there is no directly comparable measure under GAAP but have included a reconciliation to Cost of Sales, a GAAP measure.
See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures*."

(3) We calculate AISC as cost of sales adjusted to include general and administrative expenses and sustaining
capital expenditures and exclude depreciation. AISC is a non-GAAP measure based on production and sales volumes. We believe there is no
directly comparable measure under GAAP but have included a reconciliation to Cost of Sales, a GAAP measure. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures*."

(4) We calculate RCP from sales, net of distribution costs. RCP is a non-GAAP measure based on sales volumes.
We believe there is no directly comparable measure under GAAP but have included a reconciliation to Net Sales, a GAAP measure. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures*."

**Risk Factors**

An investment in our common stock involves a high degree of risk. You should consider carefully the following risks, together with the financial and other information contained in this prospectus, before you decide to purchase our common stock. If any of the following risks or uncertainties actually occurs, our business, results of operations and financial condition could be materially and adversely affected. In that case, the market price of our common stock could decline and you may lose all or a part of your investment. The risks discussed below are not exhaustive; additional risks or uncertainties not currently known to us, or that we currently deem immaterial, may also have a material adverse effect on our business, results of operations and financial condition. We cannot assure you that any of the events discussed below will not occur.

**Risks Related to our Business**

**Failure to achieve production estimates, either at all, or on the expected timeframe, could have a material adverse impact on our cash flows, profitability, results of operations and financial condition.**

We have prepared estimates of our future copper and cobalt production. We cannot give any assurance that such estimates (or the underlying assumptions) will prove to be accurate or if the estimates will be achieved. Failure to achieve production estimates or product quality could have a material adverse impact on our future cash flows, profitability, results of operations and financial condition. Additionally, most of our estimated Mineral Resources are Inferred Mineral Resources, which do not currently, and may not ever, have economic viability. If our Inferred Mineral Resources are not converted to Mineral Reserves, the life of our mines would be decreased substantially which would materially impact our financial condition and results of operations. The realization of production estimates are dependent on, among other things, the accuracy of Mineral Reserve and Mineral Resource estimates, the accuracy of assumptions regarding ore grades and recovery rates, ground conditions (including hydrology), the physical characteristics of ores (including the prevalence of different ore types), the presence or absence of particular metallurgical characteristics, the availability of, and our ability to enter into agreements to purchase, third-party concentrate and the accuracy of the estimated rates and costs of mining, ore haulage and processing. Konkola Plc intends to deploy $2.7 billion in capital expenditures including $0.5 billion in sustaining capital expenditures at the KCM Complex to drive an increase in the production of copper to up to approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. Despite our investment and significant time and management attention spent on increasing production capacity, we may not achieve our intended increase or any increase at all. Actual production may vary from estimates for a variety of reasons, including the actual ore mined varying from estimates of grade or tonnage; dilution and metallurgical and other characteristics (whether based on representative samples of ore or not); short-term operating factors such as the need for sequential development of ore bodies, the processing of new or adjacent ore stopes from those planned and the absence of dewatering to facilitate secondary development; mine failures or slope failures; industrial accidents; natural phenomena such as inclement weather conditions, floods, droughts, rock slides and earthquakes; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; shortages of principal supplies needed for mining operations, including explosives, fuels, chemical reagents, water, equipment parts and lubricants; plant and equipment failure; the inability to process certain types of ores; skilled labor shortages or strikes; community opposition; and restrictions or regulations imposed by government agencies or other changes in the regulatory environment. Such occurrences could also result in damage to mineral properties or mines, interruptions in production, injury or death to persons, damage to our property or others' monetary losses and legal liabilities in addition to adversely affecting mineral production. These factors may cause our operations to become unprofitable, forcing us to cease production. Mineral Resources and Mineral Reserves are reported as general indicators of mine life, however, this should not be interpreted as assurances of mine life or of the profitability of current or future operations. See "*—We have completed conceptual studies to assess the economic potential of our Mineral Resources. Conceptual studies are not feasibility studies and are lower in confidence as compared to feasibility studies. The results of our conceptual studies may not accurately reflect actual capital requirements, operating costs or revenues from any potential future production*" and "*—Our goal to increase copper production from our mining assets is dependent on a number of factors, including substantial investment to establish necessary mining and processing systems*."

***The volume of materials that we recover may be materially lower than our Mineral Reserve and Mineral Resource estimates, including due to an actual mine life that is materially shorter than our estimated mine life and various other factors. More stringent regulations, market price fluctuations and changes in operating and capital costs may render certain Mineral Reserves and Mineral Resources uneconomical to mine.***

To extend the lives of our mines and projects, to strive to ensure the continued operation of the business and to realize our growth strategy, it is essential that we convert Mineral Resources into Mineral Reserves, continue to develop our resource base through the realization of identified mineralized potential and/or undertake successful exploration or acquire new resources.

The figures for Mineral Resources and Mineral Reserves estimated by us are estimates only and no assurance can be given that the anticipated tonnages and grades are accurate or will be achieved, that the indicated level of recovery will be realized or that the Mineral Resources and Mineral Reserves could be mined or processed profitably or at all. Actual Mineral Reserves, if any, may not conform to geological, metallurgical or other expectations, and the volume and grade of ore recovered may be below the estimated levels. There are numerous uncertainties inherent in estimating Mineral Resources and Mineral Reserves, including many factors beyond our control. Such estimation is a subjective process, and the accuracy of any Mineral Reserve and Mineral Resource estimate is a function of the quantity and quality of available data, the underlying assumptions and judgments used in engineering, geological, and economic interpretation. Data used in these estimates is based on historical figures that do not necessarily have strong or state of the art internal controls and may not be reflective of future mining conditions; any updates to data may result in downward revisions in our estimates of Mineral Resources or Mineral Reserves, including for many factors that are out of our control. Short-term operating factors relating to the Mineral Resources and Mineral Reserves, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that metal recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production. Lower market prices, increased production costs, the presence of deleterious elements, reduced recovery rates and other factors may result in revision of our Mineral Reserve and Mineral Resource estimates from time to time or may render our Mineral Reserves and Mineral Resources uneconomic to exploit. Resource and reserve data are not indicative of future results of operations. If our actual Mineral Resources and Mineral Reserves are less than current estimates or if we fail to develop our resource base through the realization of identified mineralized potential, our results of operations or financial condition may be materially and adversely affected.

Mineral Resources that are not Mineral Reserves do not have, and may not achieve, demonstrated economic viability. Due to the uncertainty which may be attached to Inferred Mineral Resources, there is no assurance that Inferred Mineral Resources will be upgraded to Measured or Indicated Mineral Resources as a result of continued exploration.

***Capital and operating cost estimates made in respect of our mines and development projects may be significantly lower than actual capital and operating costs.***

 ****

Capital and operating cost estimates are based on the interpretation of geological and hydrological data, feasibility studies, anticipated climatic conditions, market conditions for required products and services, and other factors and assumptions regarding foreign exchange currency rates. The accuracy of our capital and operating cost estimates could be affected by unanticipated changes in the grade and tonnage of ore to be mined and processed, inaccurate data on which engineering assumptions are made, delays in construction schedules, unanticipated transportation costs, the accuracy of major equipment and construction cost estimates, the accuracy of operating costs, any labor negotiations, changes in government regulation (including regulations regarding prices, cost of consumables, royalties, duties, taxes, permitting, operating conditions and restrictions on production quotas on exportation of minerals), raw material costs and title claims.

***We may be adversely affected by the availability and cost of key inputs.***

Our competitive position depends on our ability to control operating costs. The cost structure of our operations is based on the location, grade and nature of the ore body and the management skills at each site as well as the costs of key inputs such as electricity, fuel, sulfuric acid, concentrate, tires for mining equipment and other supplies. If any such supplies become unavailable or their cost increases significantly, the productivity and profitability of our mines would be impacted and operations at our mines could be bottlenecked, interrupted or halted, resulting in a significant adverse impact on our results of operations and financial condition. For example, our production is dependent on the availability of sulfuric acid, and the volume of sulfuric acid required is dependent on the input feed quality. Although we are capable of being our own primary source of sulfuric acid via the acid plant at our smelter operations, make up supplies are sometimes purchased from the local market as required. In the past we have occasionally been unable to procure a sufficient quantity of sulfuric acid due to limitations in availability in Zambia and increases in sulfur prices globally, and our operations may be similarly curtailed in the future.

Many of our costs are driven by supply and market demand. For example, the cost of local materials, such as explosives, fuel, chemicals/reagents and electricity, will vary based on demand. Wages can be affected by inflation, currency exchange rates, government policies, regulations and shortages of experienced human resources. The costs of fuel and other commodities are driven by global market supply and demand. Our main cost drivers include the cost of labor plus consumables such as electricity, fuel, chemicals/reagents and transportation. In recent years, the mining industry has been impacted by increased worldwide demand for critical resources such as input commodities, drilling equipment, tires and skilled labor, and these shortages may cause unanticipated cost increases and delays in delivery times, thereby impacting operating costs, capital expenditures and production schedules. The war in Ukraine and the sanctions imposed on Russia resulted in increased input costs, particularly for energy and ammonium nitrate, used in explosives by the mining industry, of which Russia was a significant global supplier. Similarly, the conflict in the Middle East and potential closure of the Strait of Hormuz could significantly increase global energy costs, particularly for oil and gas.

Concentrate availability, treatment charges and transportation costs are also a significant component of operating costs. The smelter's operations are critically dependent on a consistent and sufficient supply of third-party concentrate blended to meet specific feed chemistry requirements, including for a particular composition of chalcocite and chalcopyrite minerals. KCM's own concentrates carry elevated silica and magnesia content that exceed the Nchanga smelter's preferred operating parameters and the addition of chalcopyrite-dominant third-party concentrate with high iron and low silica content is a metallurgical design requirement necessary to achieve the chemical balance required for stable furnace operation and optimal copper recovery. A shortfall in third-party concentrate availability could prevent the smelter from meeting its minimum feed thresholds necessary to sustain operation, which could in turn lead to a complete shutdown of the smelter, resulting in production losses and a negative impact on our results of operations. In the past, the DRC government, one of our main suppliers of concentrate, has suspended all exports on concentrates to put pressure on mining companies to support policy changes and may continue to do so in the future. Concentrate treatment and refining charges and fuel prices have been volatile in recent years. Third-party concentrate used in our operations is primarily sourced from the Copperbelt region. Although the Copperbelt region represents one of the world's largest copper-producing areas and production is forecast to grow over the life of the mines at the Konkola Complex, a number of the largest upcoming Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity, which could have an overall effect of reducing the volume of concentrate available to third-party buyers. We do not currently have binding long-term supply contracts in place for third-party concentrate beyond 2026. Further, the expansion of mines in the region to include dedicated on-site smelting capacity may lead to a reduction of concentrate available to third-party buyers. Although the decrease in supply is expected to be partially offset by growing production from Zambian and DRC mines, our ability to procure the necessary volume and type of third-party concentrate, or at prices we consider to be economically viable, may become limited.

Our operations, by their nature, use large amounts of electricity and energy. Energy availability and prices can be affected by numerous factors beyond our control, including global and regional supply and demand, political and economic conditions, applicable regulatory regimes and policies (which may include sanctions and/or other constraints on trade), as well as adverse weather conditions (especially in Zambia which is reliant on hydro-electric generation). We have a 15-year power supply agreement with ZESCO that will expire in 2036 with variable pricing based on tariffs. Pursuant to this agreement, we may only source power from a supplier other than ZESCO to cover any shortfall in ZESCO's supply. As such, we are reliant on ZESCO's ability to provide uninterrupted and sufficient power. On February 29, 2024, Zambia's President declared a national emergency in response to a drought aggravated by El Niño – Southern Oscillation. As Zambia depends on hydro generation for most of its energy supply, the drought has had a significant impact on the country's power availability. Zambia's energy situation has remained challenging since the fourth quarter of 2024. ZESCO has maintained supply, but increased the price of electricity due to imported supply during the drought period. Previous loss of power has required Konkola Plc to obtain an alternative supply of power from other local energy companies, rely on diesel generators and import power from other sources through ZESCO. Total loss of power for extended periods of time could result in, among other impacts, mine flooding, loss of mine ventilation and loss of production. These increases in electricity and energy prices may have a material adverse impact on our liquidity, business, results of operations and financial condition.

We are also dependent on third parties for rail, truck and maritime services to transport our products, and contract disputes, demurrage charges, rail and port capacity issues, availability of vessels, weather and climate and other factors can have a material adverse impact on our ability to transport our products according to schedules and contractual commitments.

***We derive all of our revenue from operating assets located in Zambia. Unpredictable government or third-party intervention in our operations in Zambia has had, and could in the future have, a material adverse effect on our business, results of operations and financial condition.***

In Fiscal 2026 and Fiscal 2025, we derived all of our revenue from operations located in Zambia. Our operations in Zambia, whose government has a history of making significant and unpredictable changes in policies and laws, are vulnerable to disruption due to such government changes and hazards generally associated with the mining industry and open pit mining.

Further, our ownership interest in Konkola Plc is subject to third-party risk arising from ZCCM, the minority shareholder of Konkola Plc, of which the GRZ is a shareholder. See "*—Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds a special share in Konkola Plc, and whose interests may conflict with ours.*" Government or third-party intervention in our operations have in the past, and could in the future, result in a suspension of Konkola Plc's operations or a reduction in production and have a material adverse effect on our business, results of operations and financial condition.

For example, in 2019, Konkola Plc and ZCCM were involved in a shareholder dispute arising out of ZCCM's allegations that Konkola Plc was being managed in a manner detrimental to ZCCM's interests as a minority shareholder, was failing to meet obligations to suppliers and contractors, experiencing negative cash flow, had incurred substantial operational losses and had failed to develop certain mining areas as required under its mining licenses. ZCCM filed a petition in the High Court of Zambia seeking to wind up Konkola Plc, pursuant to which the High Court of Zambia granted an ex parte order placing Konkola Plc under provisional liquidation on May 21, 2019. The Provisional Liquidator was subsequently appointed and assumed immediate operational control, displacing Vedanta from the management of Konkola Plc. During the period in which Konkola Plc was under the control of the Provisional Liquidator, total copper production of Konkola Plc was reduced from previous levels and infrastructure at the KCM Complex was degraded. Between 2019 and 2022, Vedanta launched a series of challenges to ZCCM's bypassing of the mandatory arbitration provisions in the then-existing shareholders' agreement, and proceeding directly to court by instituting provisional liquidation and in March 2022, the Supreme Court of Zambia ruled that the provisional liquidation was not lawfully instituted. Consequently, Vedanta's legal ownership and beneficial ownership over Konkola Plc remained intact throughout the dispute. In 2022, following a review of the Konkola Plc matter, the GRZ determined that control should be returned to Vedanta as the legal majority owner of Konkola Plc and in November 2023, Vedanta and ZCCM entered into the Scheme of Arrangement and the KCM Shareholders Agreement. The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024, the Scheme Effective Date. Upon the Scheme Effective Date, the Provisional Liquidator was removed and VRHL's control and ownership of Konkola Plc was reinstated. Such government or third-party intervention could occur again and any such intervention in our operations could have a material adverse effect on our business, results of operations and financial condition.

***All our revenue is derived from operations in Zambia which has underdeveloped physical, financial, political, medical, and institutional infrastructure.***

All of our mining operations are currently conducted in Zambia and all of our revenue is generated in Zambia. While Zambia is generally regarded as politically stable, it experiences election-related political tensions, significant and unpredictable changes in government policies and laws, illegal mining activities, lack of law enforcement and labor unrest. As Zambia lacks physical and institutional infrastructure, our operations are subject to various increased economic, political and other risks, election or politically-related tensions, unrest, nationalization, expropriation, changing fiscal regimes and uncertain regulatory environments, changing tax and royalty regimes and challenges to or reviews of our legal and contractual rights. In the event of any challenges to or reviews of our legal and contractual rights, there are risks associated with litigation and we may not be able to enforce these contracts, maintain mining titles or actually claim any awards or damages obtained through international arbitration. For instance, in 2019, ZCCM filed a petition for the winding up of Konkola Plc resulting in the provisional liquidation of Konkola Plc, which was subsequently withdrawn in 2024.

HIV, malaria, and other diseases are serious threats to maintaining a skilled workforce. The per capita incidence of the HIV virus in Zambia is among the highest in the world. As such, HIV remains a major healthcare challenge faced by our Zambian operations. There can be no assurance that we will not lose members of our workforce or lose workforce man-hours to illnesses, which may have a material adverse effect on our operations.

***Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could result in project failure.***

Our mining operations are faced with risks associated with being able to accurately predict the quantity and quality of Mineral Resources or Mineral Reserves within the earth using statistical sampling techniques. Estimates of Mineral Resources or Mineral Reserves on our properties are made using samples obtained from appropriately placed trenches, test pits and underground workings and intelligently designed drilling. Data quality and age can negatively impact the accuracy of our estimates. For example, there is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, we may re-evaluate our Mineral Resources and Mineral Reserves from time to time and our Mineral Resources and Mineral Reserves may change depending on further geological interpretation, drilling results and metal prices. There may be unknown geological details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our properties. All of these factors could result in uncertainties that cannot be reasonably eliminated from the process of estimating potential Mineral Resources or Reserves, and may lead to Mineral Resources or Reserves being overstated or otherwise unreliable.

As described in the Initial Assessment TRS, a large proportion of our Mineral Resources is classified as Inferred. Although we are actively pursuing the conversion of our Mineral Resources into Mineral Reserves, the results of our drilling activities may not support such conversion. Further, we may never be successful at converting our Mineral Resources into Mineral Reserves. If we are unable to convert, or are delayed in converting, our Mineral Resources into Mineral Reserves, our exploitation plan may not lead to commercially viable operations in the future, which would materially adversely impact our results of operations and financial condition.

**There are inherent uncertainties in valuing mining interests, including estimating Mineral Reserves and Mineral Resources. Differences between our assumptions and market conditions during the operational phase of our assets may result in the impairment of the book value of our mining interests, which could have a material adverse impact on our results of operations and financial condition.**

Mining and mineral interests are our most significant assets and represent capital expenditures related to the acquisition of mineral rights, development of mining properties and related plant and equipment. The investments associated with mining properties include rights over producing properties as well as properties under development and properties at prospecting stage.

We review and evaluate our mining interests for impairment at least annually or when events or changes in circumstances indicate that relevant book values may not be recoverable. Future cash flows are estimated based on expected future production, commodity prices, exchange rates, operating costs and capital costs. There are numerous uncertainties inherent in estimating Mineral Reserves and Mineral Resources. Differences between management's assumptions and market conditions during the operational phase of our assets may have a material effect on our results of operations and financial condition.

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**Mining is inherently dangerous and subject to conditions or events beyond our control, which could have a material adverse effect on our business.**

Our business operations are subject to risks and hazards inherent in the mining industry that may result in damage to our property and reputation, interruptions to our operations and possible legal liability. These risks and hazards include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· environmental hazards;

&nbsp;&nbsp;&nbsp;&nbsp;· disposal of wastes and products occurring as a result of mineral exploration and production;

&nbsp;&nbsp;&nbsp;&nbsp;· physical climate change-related hazards;

&nbsp;&nbsp;&nbsp;&nbsp;· discharge of pollutants, noise or hazardous chemicals;

&nbsp;&nbsp;&nbsp;&nbsp;· industrial accidents, including those that result in fatalities;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of processing and mechanical equipment and other performance problems;

&nbsp;&nbsp;&nbsp;&nbsp;· operating equipment outside of its designed limitations;

&nbsp;&nbsp;&nbsp;&nbsp;· labor force disputes or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· security, environmental, or safety incidents, including as the result of the activities of illegal miners,
trespassers, squatters and other forms of encroachment;

&nbsp;&nbsp;&nbsp;&nbsp;· site / province / country access disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· seismic events;

&nbsp;&nbsp;&nbsp;&nbsp;· the unavailability of materials and equipment;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated transportation costs or disruption;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated variations in grade and other geological problems, water conditions, surface or underground
conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated changes in metallurgical and other processing problems;

&nbsp;&nbsp;&nbsp;&nbsp;· mechanical failure or breakdowns and aging infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of unproven or evolving technologies;

&nbsp;&nbsp;&nbsp;&nbsp;· encountering unanticipated ground or water conditions and unexpected or unusual rock formations;

&nbsp;&nbsp;&nbsp;&nbsp;· cave-ins, land slips, land slides, sinkholes, subsidence, pit wall failures, dam breaches, flooding, rock
bursts, explosions and fire;

&nbsp;&nbsp;&nbsp;&nbsp;· failure of mining pit slopes, leach facilities, water or solution dams, waste stockpiles and tailings
facility walls;

&nbsp;&nbsp;&nbsp;&nbsp;· safety-related stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;· periodic interruptions due to inclement or hazardous weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· force majeure factors, epidemics, pandemics, acts of God or unfavorable operating conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;· other conditions involved in the drilling, blasting, mining and processing of material, any of which could
result in damage to, or destruction of, mines and other producing facilities or equipment, damage to life or property, environmental damage
and possible legal liability.

Mining operations inherently involve significant operational risks that can endanger the safety and well-being of personnel working both inside and around the mines and plants. Employees are routinely exposed to hazardous conditions, including the risk of industrial accidents, equipment failures, rock falls, cave-ins, flooding, and exposure to hazardous substances. The unpredictable nature of underground environments, combined with the use of heavy machinery and explosives, increases the likelihood of serious injuries or fatalities. Despite our implementation of safety protocols and ongoing training, in recent years we have experienced fatal onsite accidents involving transport, falls, rock falls, and blasting, some of which have been, and are being, investigated by the Mine Safety Department, and may result in liabilities or enforcement actions. We may in the future continue to experience unforeseen incidents, which may lead to interruptions in operations, fines, liability, public scrutiny, and damage to our reputation.

Managing the volume of waste rock and tailings produced in our mining operations presents significant environmental, safety and engineering challenges and risks. We maintain large tailings storage facilities, which are effectively large dams that must be engineered, constructed and monitored to assure structural stability and avoid leakages or structural collapse. The failure of tailings dams or other impoundments can cause severe property damage, environmental damage and loss of life, any of which may result in litigation, remediation obligations or other adverse impacts on our operations. The importance of careful design, management and monitoring of large impoundments was emphasized in recent years by large-scale tailings dam failures at unaffiliated mines, which caused extensive property and environmental damage and resulted in the loss of life.

The Konkola Complex is internationally recognized as one of the wettest underground mines, with groundwater inflows averaging approximately 350,000 cubic meters per day. Safe and reliable access to the orebody is critically dependent on the continuous operation of a complex, multi-stage dewatering system, comprising underground pump stations and high-capacity surface discharge infrastructure. The scale and cost of dewatering present ongoing operational and financial risks, particularly in the event of equipment failure, power supply disruptions or lapses in maintenance. Furthermore, limitations in dewatering capacity may constrain access to deeper ore zones and impact the achievable mining rate. Dewatering at the Nchanga Complex underground mine and the Nampundwe mine are also subject to dewatering/flooding risks albeit to a lesser extent than Konkola.

With the Konkola Complex underground mine dewatering pumping rates peaking at approximately 360,000 cubic meters per day, and the Nchanga Complex underground mine peaking at around 75,000 cubic meters per day, the availability of power is essential to our dewatering processes and therefore to our overall operations. As we expand our operations at Konkola, we expect that the amount of dewatering needed will increase significantly, with certain scenarios currently predicting a need for peak pumping rates of approximately one million cubic meters per day, which will increase our need for power.

Any of the aforementioned risks or hazards could materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures and production commencement dates. Such risks could also result in damage to, or destruction of, mineral properties or processing facilities, environmental damage, interruptions to our operations, monetary losses and possible legal liability.

Our processing facilities are dependent on continuous mine feed to remain in operation. If our mines do not maintain material stockpiles of ore or materials in process, any significant disruption in mine feed or processing throughput, whether due to equipment failures, adverse weather conditions, supply interruptions, export or import restrictions, labor force disruptions or other causes, may have an immediate material adverse effect on our results of operations. A significant reduction in mine feed or processing throughput at a particular mine could cause the unit cost of production to increase to a point where we could determine that some or all of our Mineral Reserves are or could be uneconomic to exploit.

We periodically review mining schedules, production levels and asset lives in our life-of-mine planning for all of our operating and development properties. Significant changes in the life-of-mine plans can occur as a result of mining experience, new ore discoveries, changes in mining methods and rates, process changes, investment in new equipment and technology, previous metals price assumptions and other factors. Based on this analysis, we review our accounting estimates and, in the event of impairment, may be required to write down the carrying value of one or more mines. This complex process continues for the life of every mine.

As a result of the foregoing risks and, in particular, where a project is in a development stage, expenditures on any and all projects, actual production quantities and rates and cash costs may be materially and adversely affected and may differ materially from anticipated expenditures, production quantities and rates and costs. In addition, estimated production dates may be delayed materially, especially to the extent development projects are involved. Any such events can materially and adversely affect our cash flows, business, results of operations and financial condition.

**Our ownership of Konkola Plc is held jointly with ZCCM, an entity controlled by the GRZ, who also holds a special share in Konkola Plc, and whose interests may conflict with ours.**

We hold 79.42% of the aggregate issued share capital of Konkola Plc, which owns the KCM Complex, with the remaining 20.58% held by ZCCM, which is controlled by the GRZ. The GRZ also holds a special share in Konkola Plc, granting it significant consent rights over key corporate actions, including winding up, major asset disposals, changes to the nature of the business and changes in place of incorporation. These rights, embedded in both the KCM Shareholders Agreement and the Articles of Association of Konkola Plc (the "Konkola Plc Articles of Association"), may restrict our ability to implement significant transactions or strategic changes without GRZ approval.

Transfers of our shares in Konkola Plc, including any change of control (direct or indirect), are subject to preemptive rights in favor of ZCCM and other shareholders. Any transferee must agree to be bound by the KCM Shareholders Agreement, and ZCCM may have the right to acquire our shares in certain circumstances, including a change of control event or a material breach of obligations under the KCM Shareholders Agreement that has a material adverse impact on Konkola Plc or its subsidiaries' financial condition, assets, or ability to operate its business, or any other material breach.

In addition, Konkola Plc is subject to extensive reserved matters requiring approval from both ZCCM and us (or any future majority shareholder), including major acquisitions, disposals, borrowings, amendments to governance documents and related party transactions. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*—Our holding company structure makes us dependent on the operations of our subsidiaries*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*".

There can be no assurance that the interests of the GRZ or ZCCM will not conflict with ours. The governance and consent rights held by ZCCM and the GRZ may restrict our ability to manage our investment, pursue strategic transactions or access cash flows from Konkola Plc, which could adversely affect our business, financial condition and results of operations.

**Our business may be exposed to risks associated with a concentrated customer base.**

In Fiscal 2026, our top customer accounted for over 28 % of our revenue and in Fiscal 2025, our top customer accounted for over 38% of our revenues. There are inherent risks whenever a large percentage of total revenues are concentrated with a limited number of customers. Changes to or reductions in the buying patterns of these larger customers may expose our business and results of operations to greater volatility. The mix and type of customers, and sales to any single customer, may vary significantly from year to year and have a significant impact on our financial condition, results of operations and cash flows. If our top customer were to substantially reduce, delay or cancel their offtake agreement, we may not be able to replace the business, which may have a significant adverse impact on our results of operations and financial condition. The concentration of our customer base also increases our risks related to the financial condition of our customers, and the deterioration in financial condition of customers or the failure of customers to perform their obligations could have a material adverse effect on our results of operations and cash flows.

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**Potential developments in the United States, regulatory uncertainty, tariff threats and trade tensions may affect our business, results of operations and political or financial condition.**

Our business operations may be adversely affected by changes in regulatory policies. Imposing new tariffs on imports could significantly affect our cost structures and pricing strategies. The uncertainty surrounding potential tariff policies may complicate our supply chain and distribution planning while increasing costs for raw materials and goods. These events, should they materialize, may impact our profitability and competitive positioning in the market.

Additionally, changes in international trade policies and relationships may affect global commodity prices and market conditions and could have a material adverse impact on our business and results of operations. The adoption and expansion of trade restrictions, trade tensions, or other changes in governmental policies related to taxes, tariffs, trade agreements or any related policies may have consequences that are difficult to predict. These developments could adversely affect the demand for our products, costs, customers, suppliers and the U.S. economy and, consequently, could have a material adverse effect on our cash flows, competitive position, results of operations and financial condition.

In April 2025, the U.S. president announced reciprocal or baseline tariffs on imports from virtually all countries under the International Emergency Economic Powers Act ("IEEPA"). In February 2026, following months of litigation, the Supreme Court subsequently struck down the tariffs, ruling that the tariffs exceeded presidential authority under IEEPA. Shortly thereafter, the president imposed a global 10% tariff under Section 122 of the Trade Act of 1974 through July 24, 2026, and is exploring additional duties under Section 301 of the same statute apparently to replace the IEEPA tariff framework. The U.S. government appears to be moving to reimpose the IEEPA tariffs using different legal authorities.

Separately, in July 2025, the United States announced, citing national security concerns, an increase to 50% from the existing 25% tariff on copper under the Section 232 of the Trade Expansion Act of 1962, effective August 1, 2025. These Section 232 tariffs applied to the copper content of imports of semi-finished copper products and copper-intensive derivative products, with refined copper subsequently being excluded from the scope of such tariffs.

On April 2, 2026, the United States announced a new, tiered Section 232 tariff on imports of copper goods applying a 50%, 25%, or 10% rate to the entire value of the products, not just the value of the copper content. Under the prior framework, the Section 232 tariff applied to the copper content and the 10% Section 122 tariff applied to any non-copper content of copper products. Under the new framework, the applicable tiered tariff rate applies to the full customs value of the copper product, and the Section 122 tariff no longer applies. The U.S. Secretary of Commerce is expected to provide an update on domestic copper markets to determine whether to impose a proposed, phased universal import duty on refined copper (including cathodes) of 15% beginning in 2027 and 30% beginning in 2028.

These announcements have contributed to significant fluctuations in the price of copper during 2025. Negotiations with respect to tariffs are ongoing and policies regarding tariffs may continue to change. We and others in the mining sector may also be impacted by geopolitical tensions related to the United States' approach to strategic minerals, including the perception of how projects associated with particular geographies and value chains may contribute or hinder relevant national security or other interests. This may result in additional regulatory, policy or other impacts, including in indirect manners that can be difficult to monitor and mitigate.

Although we seek to minimize the effect of regulatory uncertainty, tariff threats and trade tensions on our operations, it may ultimately have a material adverse impact on our business, results of operations and financial condition.

**The incorporation of AI into our operations is new and untested and may not be successful or yield the anticipated benefits.**

We plan to incorporate machine learning and AI into our operations. AI methods are complex and rapidly evolving, and the introduction of AI into new or existing processes may lead to adverse business decisions or operating errors. Information and operational technology systems continue to evolve, and in order to remain competitive, we must implement new technologies in a timely, cost-effective and efficient manner. Our ability to implement new technologies, including AI, may affect our competitiveness and our results of operations.

We anticipate incorporating AI into our operations. At present, we are not using any AI technologies in our operations. As such, delays in the rollout of, deficiencies in the efficacy of or unanticipated costs of the technological developments may affect the accuracy of our capital and operating cost estimates and production estimates. Developing digitized, AI-powered mining operations involves relatively new, untested and evolving technology. The development and implementation of such technology may involve significant time and expense and the viability of the use of such technology in mining operations is uncertain. The likelihood of our ability to achieve lower operating costs and higher productivity from such technology must be considered in light of the expenses, difficulties, complications and delays we may encounter in connection with building digitized, AI-powered mining operations. There is a possibility that substantial effort, resources and management attention could be expended on our AI initiative with little to no productive results, resulting in inefficiency, delays and wasted effort.

**Our holding company structure makes us dependent on the operations of our subsidiaries.**

CopperTech has no business operations of its own. The only material asset of CopperTech is all of the outstanding capital stock of our subsidiaries. As such, we are dependent on the loan repayments, earnings and cash flow of, and dividends and distributions from, our operating subsidiaries to pay our expenses incidental to being a public holding company and to pay any cash dividend or distribution on our shares of common stock, in each case that may be authorized by our board of directors.

Pursuant to the KCM Shareholders Agreement and the Scheme of Arrangement, Konkola Plc must allocate available cash first to priority payments, including obligations to Zambia Electricity Supply Corporation Limited ("ZESCO"), interest and partial principal on shareholder loans and other specified liabilities before any distributions are made to stockholders. Although VRJL will be entitled to receive repayments of the $670.0 million to be funded to Konkola Plc pursuant to the Capital Expenditures Support Loan Agreement, repayments will only commence once Konkola Plc has positive cash flows pursuant to the Konkola Waterfall. Similarly, repayments on any loans made by CopperTech to Konkola Plc, including of the net proceeds, will be limited by the requirements of the Konkola Waterfall. Cash distributions to CopperTech are only permitted after all such obligations are satisfied and remain subject to the discretion of our board of directors, stockholder approvals and statutory solvency requirements.

As such, although we are not currently subject to external legal or contractual restrictions which prevent us from being able to declare and pay dividends in accordance with our dividend policy, we may be adversely affected if the Zambian government imposes legal restrictions or taxes on dividend distributions by our subsidiaries, and exchange rate fluctuations will affect the U.S. dollar value of any distributions our subsidiaries make with respect to our equity interests in those subsidiaries.

**Fluctuations in the price of metals, in particular, copper, and energy sector commodities could have a material adverse impact on our business, results of operations and financial condition.**

The profitability of our current operations is directly related and sensitive to the market prices of copper, and will in the future be sensitive to the market prices of cobalt, as well as other metals and energy sector commodities. The prices of these commodities are subject to fluctuation, sometimes widely, and are affected by numerous factors beyond our control, including global supply and demand, expectations with respect to the inflation rate, the exchange rates of the U.S. dollar to other currencies, interest rates, forward selling by producers, central bank sales and purchases, disruptions to the processing and marketing chain, global logistical disruptions, production disruptions and cost fluctuations in major producing regions, political and geopolitical uncertainty and conflicts, global trade disputes, financial conditions and economic, social and environmental factors. Since 2022, the ongoing war in Ukraine and the imposition of sanctions on Russia, a significant producer of copper, has impacted commodity prices, especially in the short term. Furthermore, Russia is a global supplier of oil and gas as well as key inputs such as ammonium nitrate, which is used in explosives by the mining industry. Sanctions imposed on Russian suppliers have resulted in increased operating costs in these areas.

Such prices have been subject to substantial variation, including on occasion rapid short-term changes due to speculative activities, national economic or security decisions or world events. Variation in copper or other metal prices has had and may have a material impact on our cash flows, business, financial condition and results of operations. For example, in 2025, environmental policy, geopolitical challenges and tariffs were significant factors in fluctuations in the price of copper.

Future production from our mining properties is dependent upon the prices of copper, cobalt and other metals being adequate to make such properties economically viable. A decline in the prices of copper, cobalt and other minerals or an increase in energy sector prices may significantly and adversely affect our business or cause our operations to become unprofitable, which may affect our exploration, development and mining activities or cause us to cease production.

**We are subject to taxation risk.**

In Zambia, where we conduct the majority of our operations, taxation laws are complex and subject to changes and revisions. In recent years, the GRZ has enacted a number of changes to the tax regime relating to mining companies. For example, the Property Transfer Tax (Amendment) Act No. 27 of 2024, which came into effect on January 1, 2025, imposes property transfer tax on transfers of mining and exploration licenses at 10% of realized value for mining licenses and mineral processing licenses, and 8% of realized value for the transfer of shares and exploration licenses. In August 2025, Zambia introduced a Minimum Alternative Tax ("MAT") under the Income Tax (Amendment) Act No. 10 of 2025, which levies a minimum 1% tax of any company's annual "turnover", including companies with substantial revenue but low or no taxable profits. The Minister of Finance is yet to promulgate regulations for the administration, assessment, collection and recovery of MAT under the Income Tax Act. As such, although the Income Tax Act establishes the broad framework for the charging of MAT, the precise definition of "turnover" for MAT purposes, the mechanics of the credit system and its interaction with other tax liabilities and procedures for assessment, collection and enforcement are yet to be promulgated. In 2023, the calculation of mineral royalty tax was revised under the mineral royalty tax regime, changing the calculation of mineral royalty tax to an incremental basis, with mineral royalty tax bands of 4% to 10%, dependent on copper prices. These developments, and future developments, could significantly increase our tax liabilities, and therefore have a material adverse effect on the results of our operations and financial condition.

Change may be made by the Zambian government to the existing taxation framework at any time. We have no control over these changes, and these changes may have a material adverse effect on our business, results of operations and financial condition. For example, in 2004, Konkola Plc entered into a development agreement with the GRZ, pursuant to which GRZ was contractually restricted from increasing corporate income tax rates, altering VAT provisions or introducing new taxes for 15 years (the "Development Agreement"). The Development Agreement was entered into in connection with the GRZ's initiative to promote and safeguard large-scale investments in the mining sector, during which time the GRZ entered into several development agreements with mining companies and investors. However, in 2008 the GRZ subsequently proceeded to amend and revise applicable tax laws, effectively overriding the stabilization provided under the Development Agreement. Currently, there are no tax stabilization measures in place, and further, past events have indicated that GRZ is unlikely to introduce any stabilization measures and the Zambian tax regime is subject to change at any time.

Additionally, as a Delaware corporation, we may be subject to U.S. federal income tax on income earned in Zambia under the U.S. "controlled foreign corporation," or "CFC," rules, as a result of our ownership interest in Konkola Plc. Under these rules, we will be required to recognize in income a pro rata share of Konkola Plc's "Subpart F income" and "net CFC tested income," even if Konkola Plc has made no distributions to us. Subpart F income generally includes dividends, interest, rents and royalties, gains from the sale of securities and income from certain transactions with related parties and is subject to tax at the 21% statutory rate before applying foreign tax credits. Net CFC tested income is, beginning January 1, 2026, generally all other income of a CFC. Under current law, we may deduct 40% of our pro rata share of Konkola Plc's net CFC tested income for an effective tax rate of 12.6% before applying foreign tax credits.

There may be uncertainty regarding our ability to claim as a foreign tax credit taxes with respect to tax paid to Zambian tax authorities in respect of Konkola Plc. The rules regarding foreign tax credits and the deductibility of foreign taxes are complex and the application of these rules depends on our particular facts and circumstance in any given taxable year.

The rules dealing with U.S. federal, state and local income taxation are constantly under review through the legislative process and by the Internal Revenue Service, the U.S. Department of the Treasury, and state and local tax authorities. Changes in U.S. tax laws or their interpretations (which may have retroactive application) could materially increase the amount of taxes we owe, thereby negatively affecting our cash flows from operations. We are currently unable to predict whether any changes to U.S. tax laws will occur and, if so, the ultimate effect on our business, financial condition, results of operations and cash flows.

We are also subject to routine tax audits by various tax authorities. Tax audits may result in additional tax, interest payments and penalties which would negatively affect our financial condition and operating results.

Accordingly, changes in taxation law or reviews and assessments could result in higher taxes being payable by us which could adversely affect profitability and cash flows.

**We are subject to health, safety and environmental laws and regulations, and concessions, authorizations, licenses and permits are subject to expiration, suspension, limitation on renewal and various other risks and uncertainties.**

We are subject to health, safety and environmental laws, regulations and permits. Failure to comply with these requirements may expose us to litigation, fines, penalties, injunctions or other sanctions, including the revocation of permits and suspension of operations.

We are required to obtain and maintain environmental licenses, permits and authorizations for our operations and projects and to carry out environmental and social impact assessments to obtain approval of our projects and permission to construct and continue operations. Any significant changes to existing operations are also subject to these requirements. Permits to operate may be temporarily suspended or revoked if there is evidence of serious violations of environmental laws and regulations or health and safety standards. The duration and success of our efforts to obtain and renew licenses or permits are contingent upon many variables not within our control, including the interpretation of applicable requirements implemented by the licensing and/or permitting authorities and, in some cases, input from outside stakeholders. Permit review and approval could also be delayed, adversely impacting project implementation, due to delays in review and development of permits from limited resources at the regulatory agencies. Furthermore, our licenses may be questioned, revoked, suspended or canceled arbitrarily by government authorities. The concessions we hold may be revoked without right to compensation if we are unable to meet the terms and conditions of the concessions.

We may not be able to obtain or renew licenses, including exploitation licenses, or permits that are necessary to our operations, or the cost to obtain or renew licenses or permits may exceed what we believe we can recover from the property. Furthermore, when we come to renew our licenses, we cannot be assured that the newly issued licenses will cover the same geographic area and we have in the past been subject to a reduction in licensed areas. Any unexpected delays or costs associated with the licensing or permitting process, or reductions in our licensed areas, could delay the development or impede the operation of a mine, which could adversely impact our operations and profitability.

We have been and may be held liable for damages, remediation costs or fines for certain material discharges into the environment, environmental damage caused by previous owners of properties used by us or for failure to comply with health, safety and environmental laws or regulations. There is also a risk that the cost of compliance with such laws and regulations may increase. Occurrence of any of these events could result in delay or cessation of the development of a project, increased costs of development or production and litigation or regulatory action, any of which could materially adversely affect our business, results of operations or financial condition.

In addition, mining is subject to potential risks and accidents that could result in serious injury or death to members of our human capital. The impact of such accidents and liabilities could affect the profitability of our operations, cause an interruption to operations, lead to a loss of licenses, affect our reputation and our ability to obtain further licenses, damage community relations and reduce our perceived appeal as an employer.

**We may not be able to replenish our Mineral Reserves.**

Given that mines have limited lives based on Proven and Probable Mineral Reserves, we must continually replace and expand our Mineral Resources and Mineral Reserves at our mines and discover, develop or acquire Mineral Reserves for production. Our ability to maintain or increase our annual production of copper and cobalt will depend in significant part on our ability to bring new mines into production and to expand Mineral Reserves and Mineral Resources of existing mines.

**Our business is exposed to the cyclicality of global economic activity and we may not be able to adjust production volume or costs in response to fluctuations in prices and demand for the metals we produce.**

Our business and results of operations are significantly affected by the market prices and demand for the metals we produce. Prices and demand for these metals have been subject to wide fluctuations which can occur over short periods of time, and can be caused by factors beyond our control, including the cyclicality of consumer and industrial consumption. We cannot predict whether, and to what extent, metal prices and demand will rise or fall. An increase in the production of these metals worldwide or changes in, among other things, technology, industrial processes or consumer habits, including increased demand for substitute materials, may decrease the demand for these metals. A fall in demand, resulting from economic downturns or other factors, could also decrease the volume of metals that we sell and materially adversely impact our results of operations and financial condition.

Future declines in metal prices could have an adverse impact on our results of operations and financial condition, and we may consider curtailing, modifying or discontinuing certain operations. In addition, we may not be able to adjust production volume in a timely or cost-efficient manner in response to sustained changes in metal prices. Lower utilization of capacity during periods of weak prices may expose us to higher unit production costs since a significant portion of its cost structure is fixed in the short-term due to the high capital intensity of mining operations. If prices drop significantly, our revenues could be significantly reduced. Low metal prices would affect our liquidity and ability to borrow. If these conditions persist for an extended period, we may have to look for other sources of cash flow or curtail, modify or discontinue higher cost production to maintain liquidity until metal prices recover. Conversely, during periods of high demand, our ability to rapidly increase production capacity is limited, which could prevent us from meeting demand for our products.

**Our operations may be negatively affected by global financial conditions.**

Global financial conditions continue to be characterized as volatile. In recent years, global markets have been adversely impacted by various credit crises, significant fluctuations in fuel and energy costs and metals prices, inflation, geopolitical conflict and health pandemics. Many industries, including the mining industry, have been impacted by these market conditions leading to increased economic uncertainty and diminished expectations for the global economy. These factors have increased the risk of disruption to global trade flows and supply chains. Further, global financial conditions remain subject to sudden and rapid destabilizations in response to future events, as government authorities may have limited resources to respond to future crises. Global economic uncertainty, disruptions to global trade flows and supply chains and continued or worsened slowdown in the financial markets or other economic conditions, including, but not limited to, tariffs, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect our operations, sales, growth and profitability. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical conflict or instability, changes to energy prices or sovereign defaults. If increased levels of volatility continue or in the event of a rapid destabilization of global economic conditions, it may result in a material adverse effect on commodity prices, demand for metals, including copper and cobalt, availability of credit, investor confidence and general financial market liquidity, all of which may have a material adverse impact on our business, our results of operations, financial condition and the market price of our securities.

**We and Konkola Plc may not be able to secure financing on favorable terms, or at all, to meet our future capital needs.**

Mining companies need significant amounts of ongoing capital to maintain and improve existing operations, invest in large scale capital projects with long lead times and manage uncertain development and permitting timelines and the volatility associated with fluctuating metals and input prices. From time to time, we may be required to obtain additional financing in order to fund the costs associated with the mining and processing of our resources, as well as the exploration of development opportunities and to meet expected future obligations. Metal prices, environmental rehabilitation and restitution, revenue and income taxes, transportation and other operating costs, working capital needs, capital expenditures and geological results may also impact the amount of additional financing that may be required.

Konkola Plc has been successful at financing its projects and operations over the years. However, the ability to continue exploration, assessment, development and operational activities will depend on the resource industry generally, which is cyclical in nature, and which may, in turn, affect our or Konkola Plc's ability to attract financing, including joint venture financing, debt or bank financing, equity financing or production financing arrangements. Failure to obtain, or difficulty or delay in obtaining, requisite financing could result in delay of certain projects or postponement of further exploration, assessment or development of certain properties or projects. Failure to obtain financing that is affordable and/or on favorable terms could have a material adverse effect on our business, results of operations and financial condition. In addition, an inability to secure necessary funding may negatively impact our commitments to community investment programs, potentially leading to reputational damage, erosion of stakeholder trust and adverse reactions from local communities and partners who rely on our continued support and engagement.

Financing through the issuance of common stock or other securities convertible or exchangeable into shares of common stock, if available, may dilute the participation of current stockholders in our share capital. There is no preemptive right for our stockholders in the issue of common stock or securities convertible or exchangeable into shares of common stock issued by us, which may result in the dilution of the stockholders' interest in us.

Debt financing, if available, may also involve certain restrictions on operating activities or include financial covenants or restrict our and/or Konkola Plc's ability to enter into additional financing arrangements. There is no guarantee that such equity or debt financing will be available to us or Konkola Plc, or that these financings would be obtained on terms favorable to us or Konkola Plc, which may adversely affect our business, financial position and may result in a delay or indefinite postponement of exploration, development or production or even loss of exploration rights. See "*Management's Discussion And Analysis Of Financial Condition And Results Of Operations—Indebtedness*."

**Mining operations, development projects and exploration activities are subject to extensive regulations, including environmental, health and safety and other regulations, as well as the need to manage relationships with local communities.**

Our mining, smelting and refining operations, development projects and exploration activities are subject to extensive laws and regulations, including laws and regulations governing exploration; development; production; exports; taxes; labor standards; mining royalties; price controls; waste disposal; the quality and quantity of effluent and emissions; protection and remediation of the environment; reclamation; historic and cultural resource preservation; rights of indigenous peoples and local communities; mine safety and occupational health; handling, storage and transportation of hazardous (including radioactive) substances and other matters. From time-to-time, laws are changed, and the trend is to introduce more stringent laws. The costs of discovering, evaluating, planning, designing, developing, constructing, operating and closing our mines and other facilities (including tailings dams) in compliance with such laws and regulations are significant and may increase in the future. Compliance with existing and new laws and regulations could result in delays; increase our costs of doing business; require significant capital investment; result in significant liabilities, fines or penalties; restrict our operations or result in our inability to proceed with the development of, or continue to operate, a mine. See "*Business—Regulatory Landscape*."

We have expended significant resources, both financial and managerial, to comply with governmental and environmental regulations, including permitting and compliance requirements, as part of our normal course of operating and development activities, and will continue to do so in the future. For example, a moratorium allowing us to address issues related to restoration orders issued by the Zambia Environmental Management Agency ("ZEMA") and liabilities under the Mines and Minerals (Environmental Protection Fund) Regulations ("EPF Regulations") ends in July 2026, following which we will be required to comply with any environmental requirements which may cause us to incur additional cost. In 2026, Konkola Plc requested an extension of the moratorium period to June 2028 and is in discussions with the GRZ on this matter. We cannot guarantee that the GRZ will grant our request. For further information, see "*Business—Legal Proceedings—Environment Compliance Liabilities*." The final arrangement, including the amount of liabilities that may become due, is subject to ongoing negotiations with regulators. We have also been subject to compliance audits that require us to invest significant capital expenditures in the amount of $28 million over the next five years, including for the rehabilitation and upgrading of ponds, improvement of pumping stations, streambed restoration, and other projects. Moreover, it is possible that future regulatory developments, such as increasingly stringent environmental protection laws, climate change policies, additional compliance audits regulations and enforcement policies, additional compliance audits and claims for damages to property and persons resulting from our operations, could result in additional substantial costs and liabilities, restrictions on or suspension of our activities or delays in the exploration of and development of our properties.

We are required to obtain governmental permits to develop our Mineral Reserves and for expansion or advanced exploration activities at our operating and exploration properties. Obtaining the necessary governmental permits is a complex and time-consuming process involving numerous agencies and other interested parties. To obtain permits for exploration or potential future development of mineral properties, environmental and other applicable regulations generally require a description of the existing environment, including, but not limited to, natural, archeological and socio-economic environments, at the project site and in the region; an interpretation of the nature and magnitude of potential environmental impacts that might result from such activities; and a description and evaluation of the effectiveness of the operational measures planned to mitigate the environmental impacts. We may require exploration permits to conduct future exploration activities. The costs associated with such permits may be material to our total exploration cost and there can be no certainty that these approvals will be granted in a timely manner, or at all. Governmental approvals, licenses and permits are subject to the discretion of the applicable governments or government officials and potentially consideration of other parties' interests or rights. In the context of environmental protection permitting, including the approval of reclamation plans, we must comply with accepted standards, existing laws and regulations that may entail greater costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority. No assurance can be given that we will be successful in obtaining or maintaining any or all of the various approvals, licenses and permits required to operate our businesses in full force and effect or without modification or revocation. The failure to obtain or renew certain permits, or the imposition of extensive or more stringent conditions upon certain permits, could have a material adverse effect on our business, results of operations and financial condition.

Our mining operations are subject to regular inspection, including compliance audits, by government officials. Such inspections and audits may from time-to-time lead to allegations or assertions that we are not or may not be operating in compliance with applicable permits and licenses. Failure to comply with applicable environmental, health and safety laws or permits and licenses, in relation to our mining operations and associated infrastructure, including laws relating to waste and waste disposal, can result in injunctions, damages, suspension or revocation of permits and imposition of penalties or fines in addition to reputational damage. There can be no assurance that we have been or will be at all times in complete compliance with such laws or permits, that our compliance will not be challenged or that the costs of complying with current and future environmental, health and safety laws and permits will not materially or adversely affect our future cash flow, results of operations and financial condition.

As a consequence of public concern about the perceived ill effects of mining and land development, particularly in developing countries, we face increasing public scrutiny of our activities. Criticism of our activities or negative publicity, whether accurate or not, could result in damage to our reputation or operational hurdles, which could have an adverse effect on us. The international standards on social responsibility, community relations and sustainability against which we currently benchmark our operations are becoming increasingly stringent and extensive over time, and adherence to them is increasingly scrutinized by regulatory authorities, citizens' groups and environmental groups, as well as by investors and financial institutions. In addition, we operate in a country where ownership of rights in respect of land and resources is uncertain and where disputes in relation to ownership or other community matters may arise. These disputes are not always predictable and may cause disruption to our development plans or operations. Our operations can also have an impact on indigenous peoples and local communities, including the need, from time-to-time, to relocate or resettle communities or infrastructure networks such as railways and utility services. Navigating such efforts can be difficult, and any efforts to mitigate such impacts may be perceived as insufficient or otherwise expose us to additional activism, from local communities or otherwise.

Our operations have and could in the future cause the release of hazardous materials into the environment and these releases, whether or not planned, could cause contamination. We have been and may be required to investigate and remediate contamination, including at properties we formerly operated, regardless of whether we caused the contamination or whether the activity causing the contamination was legal at the time it occurred. We also have been and could be subject to claims by government authorities, individuals, employees or third parties seeking damages for alleged illness, personal injury or property damage resulting from hazardous material contamination or exposure caused by our operations or sites. Furthermore, we have been required to establish financial provisions for environmental liabilities related to contamination caused by our operations and could be required to increase such provisions or to establish additional provisions in the future. We have been subject to environmental related litigation in the past, including proceedings relating to environmental contamination, and may continue to be in the future. Depending on the nature of any such contamination, claims or litigation, the amount or timing of such costs, the related impact on our business, financial condition or results of operations could be material.

For additional information on these matters, see "*Business—Regulatory Landscape.*"

**We face risks associated with encroachment on our licenses.**

Over the past decade, there have been numerous instances of encroachments on Konkola Plc's surface rights held in respect of its mining licenses, as well as the granting of overlapping or conflicting mining rights to third parties within Konkola Plc's existing license areas, which have culminated in operational challenges and posed a threat of possible loss of Mineral Resources to other companies or third parties. These encroachments and/or overlapping rights impact Konkola Plc's Konkola and Nchanga tenements, affecting both surface and in situ mineral assets. Potential encroachment disputes could impact our ability to carry out our production processes and call into question our future ability to carry out production. Konkola Plc has and will likely continue to be required to defend its exclusive mining rights derived from its licenses, including by defending any encroachment claims. The loss of licenses and access to disputed areas could disrupt production, reduce mineral output and result in financial losses.

**Illegal mining has in the past and, may in the future, occur on or adjacent to certain of our properties exposing such sites to security and other operational risks.**

Illegal miners have been active on, or adjacent to, some of our mining properties in recent years. Illegal mining, which involves trespass and occupation of exploration, development and operating properties present significant security, safety, legal and environmental risk, which could result in a security threat to human life, infrastructure and equipment, and lead to the loss of legal title, possession or use of our land tenure. Although Konkola Plc has increased the presence of security personnel and alerted law enforcement authorities as necessary, these efforts may not be effective. The illegal miners from time to time have clashed with security staff and law enforcement personnel who have attempted to move them away from the facilities. The environmental, social, legal, safety and health impacts of illegal mining are frequently attributed to formal large scale mining activity, which can negatively impact the reputation of the industry. The activities of the illegal miners could cause damage to our properties, lost copper production and Mineral Reserves, mine and development stoppages, or result in inappropriate or unlawful use of force for which we could potentially be held responsible, or otherwise adversely impact our financial condition, results of operations, or project development. Illegal mining activities also continue to evolve, with some illegal miners now adopting machinery to carry out their activities. This could prove to be more expensive and difficult to monitor, prevent and control. The presence of illegal miners could lead to exploration and project delays and disputes regarding the development or operation of commercial copper deposits.

**We face risks associated with our development projects.**

Our ability to maintain or increase our annual production of copper and other metals will be dependent, in significant part, on our ability to execute our plans within the anticipated timeframes with respect to increasing our production capacity, keeping operations in good order, bringing new mines into production and expanding existing operations, among other priorities. Our expansion plans involve considerable capital expenditure and are subject to the successful completion of construction and commissioning, the issuance of necessary permits and the receipt of adequate financing. Some of our plans are also dependent on our ability to cut our costs significantly to reach our target production rates. Such targets will also require us to avoid constraints on key drivers of production (e.g., dewatering, hoisting capacity, ventilation and congestion), and to have access to significant expansions in availability of power, compressed air, cooling water and ventilation. The actual operating results of our development projects and any other projects may differ materially from those anticipated.

Although we utilize the operating history of our existing mines to derive estimates of future operating costs and capital requirements, such estimates may differ materially from actual operating results at expanded existing mines or new mines. The economic feasibility analysis with respect to any individual project is based upon, among other things the interpretation of geological data obtained from drill holes and other sampling techniques, feasibility studies (which derive estimates of cash operating costs based upon anticipated tonnage and grades of ore to be mined and processed), precious and base metals price assumptions, the configuration of the ore body, expected recovery rates of metals from the ore, comparable facility and equipment costs, anticipated climatic conditions and estimates of labor, productivity, royalty, tax rates or other ownership burdens and other factors.

There is no assurance that any of our expansion or development plans will result in the intended increase in copper production capacity or profit. The realization of our targets is subject to a wide range of risks and uncertainties, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· availability of funds to finance construction and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;· ability of key contractors to perform services in the manner contracted for;

&nbsp;&nbsp;&nbsp;&nbsp;· availability of a sufficiently skilled workforce;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated changes in grade and tonnage of ore to be mined and processed;

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated adverse geotechnical conditions;

&nbsp;&nbsp;&nbsp;&nbsp;· inaccurate data on which engineering assumptions are made;

&nbsp;&nbsp;&nbsp;&nbsp;· costs of constructing and operating a mine in a specific environment;

&nbsp;&nbsp;&nbsp;&nbsp;· availability and costs of processing and refining facilities;

&nbsp;&nbsp;&nbsp;&nbsp;· availability of sufficient economic sources of power on an uninterrupted basis;

&nbsp;&nbsp;&nbsp;&nbsp;· adequacy of water supply on an uninterrupted basis;

&nbsp;&nbsp;&nbsp;&nbsp;· adequate access to the site, including competing land uses (such as agriculture and illegal mining);

&nbsp;&nbsp;&nbsp;&nbsp;· unanticipated transportation costs or disruption;

&nbsp;&nbsp;&nbsp;&nbsp;· government regulations (including regulations of prices, royalties, duties, taxes, permitting, restrictions
on production, quotas on exportation of minerals, as well as the costs of or operational restrictions for protection of the environment
and agricultural lands);

&nbsp;&nbsp;&nbsp;&nbsp;· failure to receive permits and delays in receiving permits;

&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations in commodity prices and exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;· demand for any additional copper or other materials produced (which may be reduced by better recycling
technologies); and

&nbsp;&nbsp;&nbsp;&nbsp;· accidents, labor actions and force majeure events.

It is not unusual for new mining operations to experience unexpected problems during the start-up phase, and delays can often occur at the start of production. In the past, we have adjusted estimates based on changes to assumptions and actual results. These and other factors may have the effect of increasing the expected capital expenditures for our development projects.

Even if we are successful in achieving any targeted increase in production, we may not have sufficient customers or offtake agreements in place to purchase the additional copper output. The absence of committed buyers could mean that the increase in production does not translate into greater revenues or profits, and we may be exposed to increased inventory costs, price volatility or the need to sell copper at unfavorable prices.

 ****

**Failure or the perceived failure to manage our relationships with the communities where we operate or that are near our operations could harm our business.**

Our relationships with the communities where we operate or that are adjacent to or near our operations are critical to the long-term success of our existing operations and the development of any future projects. There is ongoing and increasing stakeholder concern relating to the perceived effects of mining activities on the environment and on communities impacted by such activities, including regarding perceived or actual adverse impacts on the local communities and their relevant stakeholders, society as a whole, cultural heritage, human rights and the environment, among other things. Such scrutiny may result in activism from various parties, which may result in operational disruption, reputational damage, or other impacts to our business. Our efforts to manage such impacts and the profile of our business can be costly and may not have the desired effect.

Although we have established working relationships with several community leaders, community expectations are complex and involve multiple stakeholders with different interests. While we aim to consider the views and needs of all local communities and aim to resolve any disagreements with an amicable solution, this may not always be possible. Failure to manage relationships with local communities, governments and non-governmental organizations ("NGOs") may harm our reputation as well as our ability to bring development projects into production. The costs and management time required to comply with standards of social responsibility, community relations and sustainability, including costs related to the resettlement of communities or infrastructure, have increased substantially recently and are expected to further increase over time.

Certain NGOs, some of which oppose globalization and resource development, are often vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities. Adverse publicity generated by such NGOs or others related to extractive industries generally, or our operations specifically, could have an adverse effect on our reputation and financial condition and may impact the relationship with the communities in which we operate. They may install road blockades, apply for injunctions for work stoppages, make criminal complaints to local authorities or file lawsuits for damages. They may also file complaints with regulators regarding our, and our directors' and officers', regulatory filings. For example, in 2021, Zambian villagers, supported by NGOs, settled a lawsuit alleging water pollution claims from our mining operations in Nchanga. Such complaints, regardless of whether they have any substance or basis in fact or law, require resources and time to respond to and may have the effect of undermining the confidence of the public or a regulator in us or such directors or officers and may adversely affect the price of our securities or the prospects of obtaining the regulatory approvals necessary for the advancement of some or all of the exploration and development plans or operations.

In addition, our assets are generally long-lived and stakeholders' perceptions and expectations can change over the life of the mine. Changes in the aspirations and expectations of local communities where we operate, with respect to our employee health and safety performance and our contributions to infrastructure, community development, environmental management and other factors could affect our social license to operate and reputation, and could lead to delays and/or increased costs if expansions or new projects are blocked either temporarily or for extended periods.

Failure to effectively engage with communities on an ongoing basis, including the withdrawal of consent or support of communities or other stakeholders, could adversely impact our business, damage our reputation and result in the loss of rights to explore, operate or develop our projects.

**Negative publicity could adversely affect our reputation as well as our business, financial results, and stock price.**

Our business may be adversely affected by negative publicity regarding our operations, financial performance, development projects, industry practices, environmental performance, safety record, labor practices or other matters, whether or not such publicity is accurate. Media reports, social media commentary, activist campaigns and other forms of public scrutiny may adversely affect our reputation and relationships with regulators, investors, employees, local communities and other stakeholders. Failure to meet production guidance, reserve estimates, operating targets, cost expectations or market expectations could result in adverse publicity, loss of investor confidence and significant declines in the market price of our securities. Nonetheless, our actual operating results may differ materially from public expectations due to factors including ore grade variability, equipment failures, weather events, labor shortages, inflationary pressures and permitting delays. Any such variance may result in negative analyst coverage and reduced investor confidence. Further, allegations regarding environmental impacts, water use, tailings management, greenhouse gas emissions, human rights matters or other ESG-related issues could result in increased regulatory scrutiny, delays in permitting activities, litigation, protests or reputational harm.

Social media and other web-based information sharing applications have increased the speed at which negative publicity can be disseminated, and we are at a greater risk of losing control over how we are perceived by others. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Reputational loss may result in challenges in developing and maintaining community and stockholder relations, decreased investor confidence and an impediment to our overall ability to advance our projects. Any or all of the foregoing could materially adversely affect our business, operating results, financial condition and the market price of our common stock.

**Actual or potential epidemics, pandemics, outbreaks or other public health crises may have an adverse impact on our business.**

The spread of any disease, epidemic or pandemic, including HIV, malaria, Ebola and other diseases, could have a material adverse effect on the regional economies in which we operate, negatively impact stock markets, including the trading price of our shares of common stock, adversely impact our ability to raise capital and cause continued interest rate volatility and movements that could make obtaining financing or refinancing of our debt obligations more challenging or more expensive. Our operations are located in Zambia, in proximity to the border with the Democratic Republic of the Congo, a region that has experienced recurring Ebola outbreaks. The recent Ebola outbreak near the Zambia-DRC border heightens the risk of cross-border transmission to the communities in which we operate and to our workforce. Any confirmed or suspected cases of Ebola or other hemorrhagic fevers in or near our operating areas could result in mandatory quarantines, mine closures, evacuation of personnel, suspension of operations, and significant disruption to our supply chain and production schedules. Any of these developments, and others, could have a material adverse effect on our business and results of operations.

Travel restrictions implemented by governments, as well as quarantine, isolation and physical distancing requirements as a result of such epidemics or pandemics may have a negative impact on workforce mobility and, as a consequence, in some cases, on productivity. Further, the protective measures implemented by us may cause higher operating and capital costs related to containment efforts such as building quarantine rooms, enhanced screening and monitoring protocols, limitations on mobility of people, disruption to the supply chain and increase in demand for financial support and aid from host governments. The proximity of our operations to the DRC border means that any outbreak in that region could rapidly affect the availability of cross-border labor, contractors and service providers upon whom we rely. Potential higher operating costs, combined with a decrease in workforce productivity, lower production outputs and in some cases, temporary cessation of mining operations, could have a material adverse effect on our business, results of operations and financial condition.

Any future emergence and spread of similar pathogens could have a material adverse effect on global economic conditions which may adversely impact our business and results of operations and the operations of our suppliers, contractors and service providers, including smelter and refining service providers, and the demand for our production. In addition, public health crises in the regions in which we operate may generate negative publicity regarding the safety of our operations and our ability to protect our workforce, which could further harm our reputation and adversely affect investor confidence in our business.

**Our business could be adversely affected by the failure or unavailability of certain critical assets or infrastructure.**

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, railways, power sources and water supply are important determinants affecting capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could have a material adverse effect on our operations, business, results of operations and financial condition.

**Cyberattacks affecting us or our third-party providers, including unauthorized disclosure, destruction or modification of data, through cybersecurity breaches, computer viruses or otherwise, and actual or perceived failure to comply with new or existing laws, regulations and other requirements relating to the privacy, security and processing of Confidential Information may adversely affect our business, reputation and financial condition.**

We are reliant on the continuous and uninterrupted operations of our information technology ("IT") systems. We own and manage some of these IT systems but also rely on third parties for a range of IT systems and related products and services. Konkola Plc collects, maintains and processes data about customers, employees, business partners and others, including personally identifiable information, as well as proprietary information belonging to our business, such as trade secrets (collectively, "Confidential Information"). User access and security of all IT systems are critical elements to our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as preemptive expenses to mitigate the risks of failures. Any threat to the confidentiality, integrity and availability, access or system security of our IT systems and Confidential Information, including IT failures could result in disruption for personnel and could adversely affect our reputation, operations or financial performance.

We face numerous and evolving cybersecurity risks. Our IT systems could be compromised by unauthorized parties attempting to extract Confidential Information, corrupting information or disrupting business processes or by inadvertent or intentional actions by our employees or vendors, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware. Any adverse impact to the availability, integrity or confidentiality of our IT systems or Confidential Information, including a cyber security incident (including system-encrypting ransomware) resulting in a security breach or failure to identify a security threat, could disrupt business and could result in the loss of Confidential Information or other assets, as well as litigation (such as class actions), regulatory investigations and enforcement, violation of privacy and security laws and regulations, fines and penalties, and significant incident response, system restoration or remediation costs and future compliance costs.

We and certain of our third-party providers from time-to-time experience cyberattacks and other incidents, and we expect such attacks and incidents to continue in varying degrees. Although to date we have not experienced any material losses relating to cyberattacks, there can be no assurance that we will not incur such losses in the future. Remote and hybrid working arrangements at our company (and at many third-party providers) also increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many non-corporate and home networks. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT systems and Confidential Information. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats, including through increasingly sophisticated techniques and tools, such as artificial intelligence that circumvent security controls, evade detection and remove forensic evidence. As a result, cyber security and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be unable to detect, investigate, remediate or recover from future attacks or incidents or to avoid a material adverse impact to our IT systems, Confidential Information or business and we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities. Because we make extensive use of third-party suppliers and service providers, successful cyberattacks that disrupt or result in unauthorized access to third-party IT systems can materially impact our operations and financial results.

Legislation and regulatory requirements, as well as contractual commitments, affect how we must store, use, transfer and process the Confidential Information of our customers, stockholders, vendors and employees. The application and interpretation of such requirements are constantly evolving and are subject to change, creating a complex compliance environment. In some cases, these requirements may be either unclear in their interpretation and application or they may have inconsistent or conflicting requirements with each other. These laws, as well as other new or changing legislative, regulatory or contractual requirements concerning data privacy and protection, could require us to expend significant additional compliance costs, implement new processes or change our handling of information and business operations, and any failure or perceived failure to comply with such requirements can result in significant liability, legal claims or proceedings (including class actions), regulatory investigations or enforcement actions or harm to our reputation. In addition, we could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business.

Social media and other web-based information sharing applications may result in negative publicity and we are at a greater risk of losing control over how we are perceived by others. Damage to our reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Reputational loss may result in challenges in developing and maintaining community and stockholder relations, decreased investor confidence and an impediment to our overall ability to advance our projects. Any or all of the foregoing could materially adversely affect our business, operating results and financial condition.

We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

**We may be unable to compete successfully with other mining companies.**

The mining industry is competitive in all of its phases. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, metals. Many of these companies have greater financial resources and a longer operating history than us. We may also encounter increasing competition from other mining companies in our efforts to hire experienced mining professionals. In addition, competition for exploration resources at all levels is very intense. Increased competition could adversely affect our ability to attract necessary capital funding, to acquire it on acceptable terms, or to acquire suitable producing properties or prospects for mineral exploration in the future. Increases in metal prices, including copper, have in the past, and could in the future, encourage increases in mining exploration, development and construction activities, which could in turn result in increased demand for and cost of contract exploration, development and construction services and equipment. Increased demand for and cost of services and equipment could cause project costs to increase materially, resulting in delays if services or equipment cannot be obtained in a timely manner due to inadequate availability, and increased potential for scheduling difficulties and cost increases due to the need to coordinate the availability of services or equipment. Any of these outcomes could materially increase project exploration, development or construction costs, result in project delays, or both. As a result of this competition, we may be unable to maintain or acquire attractive mining properties or attract better or more qualified employees.

Certain directors also serve as directors and/or officers of other companies involved in natural resource exploration and development. There is a possibility that such other companies may compete with us for the acquisition of assets. Consequently, there exists the possibility for such directors to be in a position of conflict. If any such conflict of interest arises, then a director who has such a conflict must disclose it at a meeting of the directors and will be precluded from participation, discussion or decisions pertaining to the matter. In appropriate cases, we will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict of interest.

Global copper supply is facing increasing pressure due to declining ore grades, aging infrastructure and rising capital and operating costs. Brownfield expansions are becoming less cost-effective, while greenfield projects, though offering access to new resources, face long lead times, permitting challenges and geopolitical risks. Additionally, competition for recycled copper is intensifying due to national policies restricting scrap exports, limiting availability in key regions. If we are unsuccessful at leveraging advanced technologies, securing low-cost, high-grade deposits and/or navigating regulatory environments effectively, we may not be able to compete in a tightening supply landscape effectively.

**We depend on key management personnel and may not be able to attract and retain qualified personnel in the future.**

Our ability to manage our operations, exploration and development activities, and hence, our success depends in large part on our ability to retain current key management personnel and to attract and retain new personnel, including management, technical and unskilled workforce. The loss of the services of one or more key employees could have a material adverse effect on our ability to manage and expand our business. We currently do not have key person insurance on these individuals.

Our success will also depend to a significant degree upon the contributions of qualified technical personnel and our ability to attract and retain highly skilled personnel. Competition for such personnel is significant. Any inability to attract and retain these people could have a material adverse effect on our business and operations.

**Some of our employees are unionized and work stoppages by unionized employees could materially and adversely affect our business, results of operations and financial condition.**

Production at our mining operations is dependent upon the efforts of our employees and our operations would be adversely affected if we fail to maintain satisfactory labor relations. Factors such as work slowdowns or stoppages caused by the attempted unionization of operations and difficulties in recruiting qualified miners and hiring and training new miners could materially adversely affect our business. This would have a negative effect on our business and results of operations, which might result in us not meeting our business objective.

If we are unable to renew union agreements as they become subject to renegotiations from time to time, this could result in work stoppages and other labor disturbances that could have a material adverse effect on our liquidity, business, results of operations and financial condition.

Certain of our employees are employed under collective bargaining agreements. If unionized employees were to engage in a concerted strike or other work stoppage, or if other employees were to become unionized, we could experience a disruption of operations, higher labor costs or both. A lengthy strike or other labor disruption could have a material adverse effect on our liquidity, business, results of operations and financial condition.

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**Our business could be adversely affected by the performance of our counterparties and outside contractors we do not control.**

It is common industry practice for certain aspects of mining operations including, but not limited to, drilling, blasting and construction, to be conducted by one or more outside contractors. Deficient or negligent work, or work not completed in a timely manner, could have a material adverse effect on our business and operations. We are also subject to a number of risks associated with the use of such contractors, including, but not limited to: (a) us having reduced control over the aspects of the operations that are the responsibility of a contractor; (b) failure of the contractor to perform work properly or at a satisfactory level of quality and safety; (c) failure of a contractor to perform under its agreement(s), including, but not limited to, inability to meet the contractual timelines or to otherwise deliver in accordance with the terms of the contract; (d) inability to replace the contractor if the contractual relationship is terminated; (e) interruption of operations in the event the contractor ceases operations as a result of a contractual dispute with us or as a result of insolvency or other unforeseen events (including events of force majeure); (f) failure of the contractor to comply with applicable legal and regulatory requirements; and (g) inadequate contractor cybersecurity program or customer data management and privacy, exposing us to external attacks or leaking of our confidential information, any of which could have a material adverse effect on our business, results of operations and financial condition.

**Our directors and officers are or may become subject to conflicts of interest.**

Certain of our directors and officers are or may become associated with other mining and/or mineral exploration and development companies which may give rise to actual or potential conflicts of interest. Directors who have a material interest in any person who is a party to a material contract or a proposed material contract with us are required to disclose that interest and abstain from voting on any resolution to approve such a contract. In addition, directors and officers are required to act honestly and in good faith with a view to our best interests. Further, any failure of our directors or officers to address these conflicts in an appropriate manner or to allocate opportunities that they become aware of to us could have a material adverse effect on our prospects, business, results of operations and financial condition.

**Title claims may affect our existing operations as well as our development projects and future acquisitions.**

Title to our properties may be challenged or impugned, and title insurance is generally not available. Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other things, undetected defects. In addition, we may be unable to operate our properties as permitted or to enforce our rights with respect to our properties. This may affect our ability to acquire within a reasonable time frame effective mineral titles in the jurisdictions in which we operate and may affect the timetable and costs of development of mineral properties in these jurisdictions. The risk of unforeseen title claims could also affect existing operations as well as development projects and future acquisitions. These legal risks may affect our ability to expand or transfer existing operations or to develop new projects.

**We may fail to identify attractive acquisition candidates or joint ventures with strategic partners or may fail to successfully integrate acquired mineral properties or successfully manage joint ventures.**

As part of our development strategy, we may acquire additional mineral properties or enter into joint ventures with strategic partners. However, there can be no assurance that we will be able to identify attractive acquisition or joint venture candidates in the future or that we will succeed at effectively managing their integration or operation. In particular, significant and increasing competition exists for mineral acquisition opportunities throughout the world. We face strong competition from other mining companies in connection with the acquisition of properties producing, or capable of producing, metals as well as in entering into joint ventures with other parties. If the expected synergies from such transactions do not materialize or if we fail to integrate them successfully into our existing business or operate them successfully with our joint venture partners, or if there are unexpected liabilities, our results of operations could be adversely affected.

In connection with any future acquisitions or joint ventures, we may incur indebtedness or issue equity securities, resulting in increased interest expense or dilution of the percentage ownership of existing stockholders. Unprofitable acquisitions or joint ventures, or additional indebtedness or issuances of securities in connection with such acquisitions or joint ventures, may adversely affect the price of our common stock and negatively affect our results of operations.

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**Natural disasters, as well as geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack tailings failures, rock fragility and climate change may have an adverse effect on our business.**

We and the mining industry face continued geotechnical challenges, which could adversely impact our production and profitability. Unanticipated adverse geotechnical and hydrological conditions, such as landslides, droughts, pit wall failures, tailings dam failures, dry stack failures and rock fragility have occurred and may occur in the future, and such events may not be detected in advance. Geotechnical instabilities and adverse climatic conditions can be difficult to predict and are often affected by risks and hazards outside of our control, such as severe weather, including hurricanes, and considerable rainfall, which may lead to periodic floods, mudslides, wall instability and seismic activity, which may result in slippage of material. We have in the past experienced landslides leading to fatal mine collapse. There can be no assurance that future weather events will not adversely affect mining and exploration activities where we operate now and in the future. In particular, mining, drilling and exploration activities may be suspended due to poor ground conditions, ore haulage activities may be slowed or delayed as roads may be temporarily flooded, and deposits where the host rock is clayish in nature may have to be mined or processed at slower than anticipated rates and/or mixed with lower grade stockpile ore. Furthermore, the occurrence of physical climate change events may result in substantial costs to respond to the event and/or recover from the event, and to prevent recurrent damage, through either the modification of, or addition to, existing infrastructure at our operations. The scientific community has predicted an increase, over time, in the frequency and severity of extraordinary or catastrophic natural phenomena as a result of climate change, as well as chronic changes (such as changes in meteorological and hydrological patterns) that may result in similar risks. We can provide no assurance that we will be able to predict, respond to, measure, monitor or manage the risks posed as a result.

Geotechnical failures could result in limited or restricted access to mine sites, suspension of operations, government investigations, increased monitoring costs, remediation costs, loss of ore and other impacts, which could cause one or more of our projects to be less profitable than currently anticipated and could result in a material adverse effect on our results of operations and financial position.

Our mining and processing operations are, in some instances, energy intensive. Physical climate change events, and the trend toward more stringent regulations aimed at reducing the effects of climate change, could impact our decisions to pursue future opportunities, or maintain existing operations, which could have an adverse effect on our business and operations. We can provide no assurance that efforts to mitigate the risks of climate changes will be effective and that the physical risks of climate change will not have an adverse effect on our operations and profitability. In addition, as climate change is increasingly perceived as an international and community concern, stakeholders may increase demands for emissions reductions and call upon mining companies to better manage their consumption of climate-relevant resources. Such regulatory requirements may have an adverse impact on us.

**Our business may be adversely affected by increasing and dynamic environmental and social related regulations and investor expectations, including regulations and expectations pertaining to climate change.**

There is increasing and evolving scrutiny from regulatory authorities, metallurgical refineries, investors, customers, financial institutions, insurers, reinsurers, among others, regarding companies' management of various environmental and social matters, including associated operational parameters, programs and disclosures. We engage in various initiatives to manage such matters and address stakeholder expectations; however, such initiatives can be costly and may not have the desired effect. Many such initiatives leverage methodologies, standards, or data that are complex and continue to evolve. As with other companies, our approach to such matters also evolves, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder. Moreover, various stakeholders have different, and at times conflicting, expectations. Our operations and demand for at least certain of our products may also be impacted by provenance considerations, including customer concerns regarding conflict minerals given our proximity to the DRC. In addition, governments have introduced or are introducing climate change, natural capital, human rights and other legislation and treaties at the international, national, state/provincial and local levels. Regulation relating to such matters is becoming more stringent. If the current regulatory trend continues, this may result in increased costs at our operations.

In connection with our authorizations, licenses and permits, we may be subject to restrictions relating to our operations, resource use, protection of communities, protection of particular habitats or geographic areas, fauna and flora, biodiversity, climate change, among others, which may require us to limit or modify our mining plans, having an impact on our production volumes, costs and Mineral Reserves and Mineral Resources. Difficulties in obtaining or renewing permits may lead to construction delays, cost increases, and may adversely impact our production volumes. Social, environmental and health and safety regulations also impose standards, procedures, monitoring and operational controls on activities relating to mineral research, mining, beneficiation, pelletizing activities, railway and marine services, ports, de-characterization, decommissioning, mine closure activities, distribution and marketing of our products. Such regulations may give rise to significant costs and liabilities and may change over time. Litigation and legal and regulatory uncertainties relating to these, or other related matters may adversely affect our financial condition or cause harm to our reputation.

Environmental and health and safety regulations in many countries have become stricter in recent years, and it is possible that more regulation or more stringent enforcement of existing regulations will adversely affect us by imposing restrictions on our activities, products and assets, creating new requirements for the issuance or renewal of environmental licenses and labor authorizations, resulting in licensing and operation delays, raising our costs or requiring us to engage in expensive reclamation efforts. All these factors may affect our practices and result in costs or expense increase, require new capital expenditures, restrict or suspend operations, write down or write off assets or Mineral Reserves and Mineral Resources, result in loss of customers or contracts, regulatory or investor engagement or other adverse impacts to our business. Additionally, many of our suppliers, customers, and other stakeholders are subject to similar expectations, which may result in additional or augmented risks.

**We incur increased costs as a result of operating as a public company.**

We expect to apply for listing on the NYSE, and as a result, we incur significant legal, accounting and other expenses that we did not incur as a private company. As a public company listed on a stock exchange in the United States, we will be subject to the reporting requirements of the Securities Exchange Act of 1934 (the "Exchange Act"), the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules adopted, and to be adopted, by the SEC and NYSE. Our management and other personnel need to devote a substantial amount of time to these compliance initiatives and may not effectively or efficiently manage the transition into a public company. Moreover, we expect these rules and regulations to substantially increase our legal and financial compliance costs and to make some activities more time-consuming and costly. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be forced to accept reduced policy limits or incur substantially higher costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs it may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, its board committees or as executive officers.

Some members of our management team do not have experience managing a publicly traded company in the United States and complying with the increasingly complex laws pertaining to public companies in the United States. The additional demands associated with being a public company in the United States may disrupt regular operations of our business by diverting the attention of some of our senior management team away from revenue producing activities to management and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty in both retaining professionals and managing and growing our businesses. Our management team may not successfully or efficiently manage our transition to being a public company in the United States subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the continuous scrutiny of securities analysts and investors.

In addition, the public reporting obligations associated with being a public company in the United States may subject us to litigation as a result of increased scrutiny of our financial reporting. If we are involved in litigation regarding our public reporting obligations, this could subject us to substantial costs, divert resources and management attention from our business and seriously undermine our business. Failure to comply with existing and future rules and obligations of the NYSE may subject us, our subsidiaries and/or members of our management team to, among other things, delisting, litigation, investigations, expenses, fines and other applicable sanctions.

Any of these effects could harm our business, financial condition and results of operations.

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**Adverse outcomes in legal proceedings could subject us to substantial damages and adversely affect our results of operations and profitability.**

We are and may in the future be party to civil, environmental, tax, labor, criminal, regulatory and administrative or legal proceedings, as well as arbitration and administrative proceedings. We cannot guarantee that the outcome will be favorable to us and that we have adequately recorded provisions for any such proceedings.

Decisions contrary to our interests that involve substantial amounts, especially in cases in which we have not recorded provisions or in which the amounts provisioned are lower than final adjudicated amounts and in which may prevent our conduct of business, may have an adverse effect on our results of operations and business. In addition, government authorities may have understandings or interpretations different than ours in connection with the conduct of our business and may subject us to contingencies for other reasons that require us to spend significant amounts or lead to the loss of grants from government authorities.

Moreover, we may not have sufficient funds to post collateral or provide guarantees in judicial or administrative proceedings involving substantial amounts. Even if we do not post such collateral or provide guarantees, we will be liable for paying any amounts due pursuant to any unfavorable outcomes in legal proceedings. We cannot assure you that, if we cannot make such payments, our assets, including financial assets, will not be attached or that we will be able to obtain tax good-standing certificates, all of which may have a material adverse effect on our business, results of operations and financial condition. See "*Business—Legal Proceedings*."

**We have identified material weaknesses in our internal control over financial reporting, and if we are unable to remediate the material weaknesses, experience additional material weaknesses or if we fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which may adversely affect investor confidence in us and, as a result, the value of our common stock.**

As a private company, we designed our management processes and related internal controls to meet the requirements of our private owners and were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act. As we prepare to be effective as a SEC registrant, we are investing in our internal controls, specifically regarding the effective design and operation of internal control over financial reporting and the evaluation and management certification thereof in accordance with Sarbanes Oxley rules.

In conjunction with the preparation of our financial statements that are included in this prospectus, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim consolidated financial statements will not be prevented or detected on a timely basis.

The material weaknesses identified pertain to the following: (i) we did not maintain effective controls over the review and monitoring of certain accounting processes and related financial statement close procedures, including controls relating to the identification, evaluation and recording of certain accounting adjustments and underlying data used in the preparation of the consolidated financial statements and (ii) we did not design and maintain effective controls to ensure appropriate evaluation of accounting matters and timely identification of errors in previously issued financial statements. The material weaknesses resulted in errors in our consolidated balance sheets and statements of operations and related disclosures, necessitating the restatement of our consolidated financial statements for the years ended March 31, 2025 and March 31, 2024. For further details, refer to note 2 of the Consolidated Financial Statements of Konkola Plc*.*

We intend to remediate the material weaknesses through the development and implementation of processes and controls. We have added personnel and are establishing a dedicated technical accounting review function to assist with evaluating and documenting the design and operating effectiveness of our internal controls and assist with the remediation of deficiencies, including the implementation and expected implementation of new control procedures. This implementation includes training and awareness of control operation requirements for employees.

We will not be able to fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a sufficient period of time. Further, the measures we will take may not be sufficient to remediate the material weakness we have identified or avoid potential future material weaknesses. If the steps we take do not remediate the material weakness in a timely manner, we will be unable to conclude that we maintain effective internal control over financial reporting. Accordingly, there could continue to be a reasonable possibility that a material misstatement of our financial statements would not be prevented or detected. If we are unable to remedy these or any future material weakness, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired, which may adversely affect investor confidence in us and, as a result, the value of our common stock.

If we fail to maintain the adequacy of our internal control over financial reporting, when required, we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act. The process of designing and implementing internal control over financial reporting required to comply with the disclosure and attestation requirements of Section 404 of the Sarbanes-Oxley Act will be time-consuming and costly. However, if we fail to maintain an effective internal control environment, we could suffer material misstatements in our financial statements, fail to meet our reporting obligations or fail to prevent fraud, which would likely cause investors to lose confidence in our reported financial information. This could, in turn, limit our access to capital markets, harm our results of operations and lead to a decline in the trading price of our common stock.

**Disclosure controls and procedures over financial reporting may not prevent or detect all errors or acts of fraud.**

Disclosure controls and procedures, including internal controls over financial reporting, are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

These disclosure controls and procedures have inherent limitations, which include the possibility that judgments in decision-making can be faulty and result in errors or mistakes. Additionally, controls can be circumvented by any unauthorized override of the controls. Consequently, our business is exposed to risk from potential non-compliance with policies, employee misconduct, negligence and fraud, which could result in regulatory sanctions, civil claims and serious reputational or financial harm. In particular, it is not always possible to deter employee misconduct, and the precautions we take to prevent and detect this activity may not always be effective. Accordingly, because of the inherent limitations in the control system, misstatements due to error or fraud may occur and not be detected.

We may also acquire businesses with unknown liabilities, contingent liabilities, internal control deficiencies or other risks. Realization of any of these liabilities or deficiencies may increase our expenses, adversely affect our financial position or cause us to fail to meet our public financial reporting obligations (including as a result of difficulties in integrating different internal control systems with our existing internal control systems).

**We are subject to inflation risks, which might adversely affect our financial condition and results of operations.**

Since we are unable to control the market price at which we sell the minerals we produce (except to the extent that we enter into forward sales contracts), it is possible that significantly higher inflation in the future across all operations, without a concurrent devaluation of the local currency against the U.S. dollar or an increase in the price of such minerals, could have a material adverse effect upon our results of operations and financial condition. We are also subject to inflation risk in relation to production inputs. See "*—We may be adversely affected by the availability and cost of key inputs*."

**Our results of operations could be affected by currency fluctuations.**

We maintain accounts in currencies including the U.S. dollar and Kwacha. While this offering is being conducted in U.S. dollars, the Company conducts its business using both the aforementioned currencies depending on the location of the operations in question and the payment obligations involved. Accordingly, the results of the Company's operations are subject to currency exchange risks. The fluctuations in currency exchange rates may significantly impact the Company's financial position and results of operations in the future.

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**Our insurance does not cover all potential losses, liabilities and damage related to our business and certain risks are uninsured or uninsurable.**

The business of mining and mineral exploration is generally subject to a number of risks and hazards including: adverse environmental conditions; industrial accidents; contaminations; labor disputes; unusual or unexpected geological conditions; ground or slope failures; cave-ins; changes in the regulatory environment; and natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to, or destruction of, mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in mining, monetary losses and possible legal liability.

We maintain insurance against certain risks that are typical in the mining industry and in amounts that we believe to be reasonable, but which may not provide adequate coverage in certain circumstances. However, insurance against certain risks (including certain liabilities for environmental pollution or other hazards as a result of exploration and production) is not generally available to us or to other companies in the industry on acceptable terms. Furthermore, we may be unable to maintain or obtain insurance on commercially viable terms. The increasing focus on climate change and stricter regulatory requirements may further limit the availability of commercially-viable insurance terms. Losses resulting from such failure to obtain insurance may result in cost increases and decreased profitability.

**We could be adversely affected by violations of applicable anti-corruption laws and economic and trade sanctions, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition, and results of operations.**

We and certain of our subsidiaries and affiliated entities conduct business in countries where there is an increased risk of government corruption, solicitation and acceptance of bribes and private sector bribery and corruption. We are committed to doing business in accordance with all applicable laws and our codes of ethics, but there is a risk that we, our subsidiaries or their affiliated entities or we or their respective officers, directors, employees, agents or representatives may act in violation of its codes and applicable laws, including the Criminal Code of Canada, the Corruption of Foreign Public Officials Act (Canada), the UK Bribery Act 2010, the U.S. Foreign Corrupt Practices Act of 1977, the Criminal Justice (Corruption Offenses) Act 2018 of Ireland and the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Any such violations could result in substantial civil and criminal penalties and might materially adversely affect our business, reputation, results of operations or financial condition. There has been a general increase in the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment of companies convicted of violating these laws. The Company may be found liable for violations by not only its employees, but also by its third-party agents.

Our business is also subject to and must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council and other relevant sanctions authorities. These regulations may affect our ability to do business with certain countries, regions, governments or persons that are the subject or target of economic or trade sanctions.

Detecting, investigating and resolving actual or alleged violations of anti-corruption laws and economic and trade sanctions can require a significant diversion of time, resources and attention from senior management. In addition, noncompliance with anti-corruption, anti-bribery, anti-money laundering laws or economic and trade sanctions could subject us to whistleblower complaints, investigations, sanctions, settlements, prosecution, enforcement actions, fines, damages, other civil or criminal penalties or injunctions, suspension or debarment from contracting with certain persons, reputational harm, adverse media coverage and other collateral consequences. If any subpoenas or investigations are launched, or governmental or other sanctions are imposed, or if we do not prevail in any possible civil or criminal proceeding, our business, financial condition and results of operations could be harmed. In addition, responding to any action will likely result in a materially significant diversion of management's attention and resources and significant defense costs and other professional fees.

We are also at risk of material failures of our internal controls, theft and employee fraud, and from time to time in the past have suffered from breaches of our internal controls and instances of fraud, including misuse of corporate funds and assets, by certain of our officers, including managers, or employees. During the period when Konkola Plc was under the control of the Provisional Liquidator pursuant to the Scheme of Arrangement, we experienced a shortage of more than 15 Kt of copper on account of inaccurate reporting of inventory levels at our smelter furnaces, which was subsequently written off in Fiscal 2024. Despite monitoring compliance with our internal policies, we may nonetheless be unable to detect or prevent all instances of fraud, bribery and corruption involving our officers, employees, agents or representatives in the future, which could subject us to civil, administrative or criminal penalties as well as reputational damage. As such, there can be no assurance that we will not experience future instances of our local, regional and national officers, employees, agents or representatives not complying with our policies, making unintended accounting misstatements or breaches of local and national regulations and legislation or committing fraud, any of which could, individually or collectively, have a material adverse effect on our cash flows, financial condition and results of operations.

**Mineral exploration is speculative and uncertain and the development of mines may be unsuccessful.**

Since mines have limited lives based on Proven and Probable Mineral Reserves, we continually seek to replace and expand our Mineral Reserves. Mineral exploration, at both newly acquired properties and existing mining operations, is highly speculative in nature, involves many risks and frequently does not result in the discovery of mineable Mineral Reserves. There can be no assurance that our exploration efforts will result in the discovery of significant mineralization or that any mineralization discovered will result in an increase of our Proven or Probable Mineral Reserves. If Proven or Probable Mineral Reserves are developed, it may take a number of years and substantial expenditures from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change. No assurance can be given that our exploration programs will result in the replacement of current production with new mineral reserves or that our development program will be able to extend the life of our existing mines.

In the event that new Mineral Reserves are not developed, we will not be able to sustain any mine's current level of mineral reserves beyond the life of our existing Mineral Reserve estimates. The combination of these factors may cause us to expend significant resources (financial and otherwise) on a property without receiving a return on investment.

**We have completed conceptual studies to assess the economic potential of our Mineral Resources. Conceptual studies are not feasibility studies and are lower in confidence as compared to feasibility studies. The results of our conceptual studies may not accurately reflect actual capital requirements, operating costs or revenues from any potential future production.**

Many factors and contingencies are involved in the determination of the economic viability of a deposit, and conceptual studies, being early-stage studies into economic viability, are inherently based on a number of assumptions that are subject to uncertainty. For example, we conducted conceptual studies in October and November of 2025 to assess potential further production from the KCM Complex, including to carry out further resource definition at TD05 (as defined below) and the Lubengele tailings dam. These conceptual studies are contingent on several upgrades being made to our existing infrastructure, including to the Nchanga smelter and concentrator, as well as construction of a new tailings leach plant and increased requirements for power, dewatering, pastefill capacity and waste development. Such upgrades are very costly, and in the case of our most recent conceptual study, is estimated to cost over $3 billion. We have incurred and will incur further costs to classify mineral deposits as Mineral Resources and assess the viability of such increased production rates for existing Mineral Resources, which may never occur, including if such further study results indicate it would not be feasible to reach such a target, due to physical, financial or other constraints. Furthermore, conceptual studies do not include determinations as to Mineral Reserves, and the Mineral Resources addressed in the conceptual studies may never be converted into Mineral Reserves.

 ****

**Our goal to increase copper production from our mining assets is dependent on a number of factors, including substantial investment to establish necessary mining and processing systems, some of which may not come to fruition.**

Our ability to achieve our targeted increase in copper production from our mining assets is subject to a range of significant risks and uncertainties. Realizing this goal will require substantial and timely capital investment to establish, upgrade and maintain the mining and processing systems necessary to support higher production rates and operational reliability. If we are unable to secure and deploy the required capital, or if project execution is delayed or unsuccessful, our production targets and overall business performance could be materially and adversely affected. In order to achieve our targeted increase in copper production, we will need to expand and upgrade dewatering infrastructure, optimize mining methods, reduce operating costs significantly and implement a new paste fill backfill system to increase recovery and maintain geotechnical stability. We will also need to make significant upgrades to mine infrastructure, including concentrator circuits, ventilation, materials handling, surface facilities, and the construction of a new tailings leach plant which are required to support higher production rates. Any delays or failures in any of these projects would adversely impact our plans. Reliable power supply is essential. With current backup capacity insufficient for full operations during outages and projected power needs expected to rise with increased production targets, extended power disruptions could compromise critical systems and result in production losses. Any failure to address these factors in a timely and effective manner would materially and adversely affect our ability to achieve our production targets and the overall value of our mining assets.

Credit rating downgrading in Zambia or other countries in which we operate could reduce the trading price of our common stock.

We may be harmed by investors' perceptions of risks related to sovereign debt credit rating of Zambia and other countries in which we operate. Rating agencies regularly evaluate those countries and their sovereign credit ratings, which are based on a number of factors including macroeconomic trends, fiscal and budgetary conditions, indebtedness metrics and the perspective of changes in any of these factors.

**Risks Relating to our Common Stock and the Offering**

***Following the completion of this offering, Vedanta will control a majority of the voting power of our common stock, which will prevent you and other stockholders from influencing significant decisions.***

After giving effect to the sale of our common stock pursuant to this offering, Vedanta will control (directly or indirectly) % (or % if the underwriters exercise their option to purchase additional shares of common stock in full) of our aggregate voting power. For so long as Vedanta continues to control a majority of the voting power, it will generally be able to significantly influence the outcome of all corporate actions requiring approval of the general meeting.

So long as Vedanta continues to control a majority of the voting power of our shares, it will be able to influence the composition of our board of directors and thereby influence our policies and operations, including the appointment of management, future issuances of shares or other securities, the payment of dividends, if any, on shares, the incurrence or modification of debt by us, amendments to our amended and restated certificate of incorporation and the entering into extraordinary transactions, and its interests may not in all cases be aligned with our other stockholders' interests. In addition, Vedanta may have an interest in pursuing acquisitions, divestitures and other transactions that, in its judgment, could enhance its investment or improve its financial condition, even though such transactions might involve risks to our other stockholders.

As a result, Vedanta and its affiliates' interests may not be the same as, or may conflict with, the interests of our other stockholders or our interests. Investors in this offering will not be able to affect the outcome of a stockholder vote while Vedanta controls the majority of the voting power in the general meeting. Because Vedanta's interests may differ from those of our other stockholders, actions that Vedanta takes with respect to us, as our controlling stockholder, may not be favorable to us or to our other stockholders.

 ****

***Following the completion of this offering, we will be a "controlled company" within the meaning of the NYSE corporate governance rules. As a result, we will qualify for exemptions from certain U.S. corporate governance requirements and such exemptions could have an adverse effect on our public stockholders.***

We have applied to list our common stock on the NYSE. Upon the closing of this offering, Vedanta will continue to control a majority of our common stock. As a result, we will be a "controlled company" within the meaning of the NYSE corporate governance standards. The NYSE Listed Company Manual provides that a company of which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that our board of directors be composed of a majority of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;· that we have a compensation committee that is composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;· that we have a nominating and governance committee composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;· for an annual performance evaluation of the nominating and governance and compensation committees.

We have elected to rely on the "controlled company" exemption provided in the NYSE Listed Company Manual from the requirement to have a majority of independent directors, and we could elect to rely on other exemptions in the future. As a result, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE. Our status as a controlled company could cause our common stock to look less attractive to certain investors or otherwise harm the trading price of our common stock. See "*Management—Controlled Company Exemption*."

**We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.**

Our board of directors and executive management will have broad discretion over the application of the net proceeds that we receive from this offering. We may spend or invest these proceeds in ways with which our stockholders disagree or that do not yield a favorable return, if at all. We intend to use the net proceeds from this offering as described in the section entitled "*Use of Proceeds*." However, our use of these proceeds may differ substantially from our current plans. Failure by our management to apply these funds effectively could harm our business, financial condition and results of operations. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

**The market price of our common stock may be volatile, and your investment could suffer or decline in value.**

The price of our common stock is likely to be significantly affected by short-term changes in copper prices or in our financial condition or results of operations as reflected in our quarterly and annual reports. Other factors unrelated to our performance that may have an effect on the price of our common stock include the following: levels of supply and demand for our products and for a broad range of other industrial products; expectations with respect to the rate of inflation; the relative strength of certain currencies; interest rates; speculative activities; transportation restrictions; global or regional political or economic crises; government policy changes, including taxes and tariffs; trade disputes or the potential for trade disputes; the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not continue to follow our common stock; the lessening in trading volume and general market interest in our common stock may affect an investor's ability to trade significant numbers of common stock; and the size of our public float may limit the ability of some institutions to invest in our common stock. Even if an active, liquid and orderly trading market is sustained for our common stock, the market price of our common stock may be volatile and could decline significantly.

In addition, if our performance does not meet market expectations, the price of our common stock may decline. Fluctuations in the price of our common stock could contribute to the loss of all or part of your investment. The initial public offering price for the shares was determined by negotiations between us and the underwriters. You may not be able to resell your shares at or above the initial public offering price due to a number of factors included herein. Factors affecting the trading price of our common stock may also include:

&nbsp;&nbsp;&nbsp;&nbsp;· actual or anticipated fluctuations in our quarterly financial results or the quarterly financial results
of companies perceived to be similar to us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in the market's expectations about operating results;

&nbsp;&nbsp;&nbsp;&nbsp;· our operating results failing to meet market expectations in a particular period;

&nbsp;&nbsp;&nbsp;&nbsp;· guidance, if any, that we provide to the public, any changes in this guidance, or our failure to meet
this guidance;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in expectations as to our future financial performance, including financial estimates and investment
recommendations by securities analysts and investors;

&nbsp;&nbsp;&nbsp;&nbsp;· operating and stock price performance of other companies that investors deem comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in laws and regulations affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;· commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in our capital structure, such as future issuances of securities or the incurrence of debt;

&nbsp;&nbsp;&nbsp;&nbsp;· strategic actions by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;· any significant change in our board of directors or management;

&nbsp;&nbsp;&nbsp;&nbsp;· sales of substantial amounts of our common stock by our directors, executive officers or significant stockholders
or the perception that such sales could occur;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in business or regulatory conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;· general economic and political conditions such as recessions, interest rates, fuel prices, international
currency fluctuations and acts of war or terrorism.

Broad market and industry factors may depress the market price of our common stock irrespective of our operating performance. The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our common stock, may not be predictable. A loss of investor confidence in the market for companies engaging in the mining industry or the stocks of other companies which investors perceive to be similar to us could depress the price of our common stock regardless of our business, prospects, financial conditions or results of operations. A decline in the market price of our common stock also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future.

Moreover, in the past, following periods of volatility in the trading price of a company's securities, securities class action litigation has often been instituted against that company. If we were to be involved in any similar litigation, we could incur substantial costs and our management's attention and resources could be diverted, which would have a material adverse effect on us.

As a result of any of these factors, the market price of our common stock at any given point in time may not accurately reflect our long-term value. Securities class action litigation often has been brought against companies following periods of volatility in the market price of their securities. We may in the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert management's attention and resources.

**If securities analysts do not publish research or reports about our business or if they downgrade our common stock or securities issued by other companies in our sector, the price and trading volume of our common stock could decline.**

A trading market for our common stock on NYSE may not develop. Furthermore, any future trading market for our common stock may be affected in part by the research and reports that industry and financial analysts come to publish about us or our business after we become an independent listed company. We do not control these analysts. As a newly public company, we may be slow to attract research coverage. Furthermore, if one or more of the analysts downgrade our common stock or our industry and change their views regarding the shares of any of our competitors or other companies in our sector, or publish inaccurate or unfavorable research about our business, the market price of our common stock could decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share price or trading volume to decline.

**The economic value of your investment may be diluted.**

We may, from time to time, need additional funds to implement our growth strategy, acquire target companies or otherwise conduct our activities and we may issue additional common stock. Any additional funds obtained by such a capital increase may dilute your interest in our company or decrease the market price of our common stock.

**Holders of our common stock may not receive any dividends.**

We are not contractually obligated to pay regular cash dividends on our common stock following this offering. Any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, general and economic conditions, our results of operations and financial condition, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions and such other factors that our board may deem relevant. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc, which may in turn limit or delay our ability to declare and pay dividends. See "*—Risks Related to our Business—Our holding company structure makes us dependent on the operations of our subsidiaries*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

In addition, our ability to pay dividends is, and may be, limited by covenants of any future outstanding indebtedness we or our subsidiaries incur. Therefore, any return on investment in our common stock may be solely dependent upon the appreciation of the price of our common stock on the open market, which may not occur. See "*—Risks Related to our Business—Our holding company structure makes us dependent on the operations of our subsidiaries.*"

 **

***Although we ceased to be an emerging growth company prior to this offering, we will continue to be treated as an emerging growth company for certain purposes through the completion of this offering and have decided to take advantage of certain reduced disclosure requirements in the registration statement of which this prospectus forms a part, which may make our common stock less attractive to investors.***

 **

We ceased to be an emerging growth company, as defined in the Jumpstart our Business Startups Act ("JOBS Act"), as of March 31, 2026 because our annual gross revenues exceeded $1.235 billion in Fiscal 2026. However, because we will cease to be an emerging growth company on a date after we confidentially submit our draft registration statement related to this offering to the SEC, we will continue to be treated as an emerging growth company for certain purposes until the earlier of the date on which we complete this offering or March 31, 2027. As such, we have decided to take advantage of certain exemptions that allow us to comply with reduced disclosure obligations in the registration statement of which this prospectus forms a part that are not available to non-emerging growth companies. We cannot predict if investors will find our common stock less attractive because we have relied on these exemptions. If some investors find our common stock less attractive as a result, there may be less demand for our common stock, and the market price of our common stock may fall.

**There is currently substantial doubt about Konkola Plc's ability to continue as a going concern.**

On December 22, 2023, Konkola Plc and VRHL entered into the Capital Expenditures Support Loan Agreement, pursuant to which VRHL committed to providing a $1 billion capital expenditures support facility to Konkola Plc. As reflected in the consolidated financial statements of Konkola Plc, Konkola Plc reported operating losses of $46.9 million and $302.4 million for the years ended March 31, 2026 and March 31, 2025, respectively. Konkola Plc had deficit cashflows from operating activities of $66.3 million and $266.6 million for the years ended March 31, 2026 and March 31, 2025, respectively. Konkola Plc's cash and cash equivalents were $154.1 million as of March 31, 2026. These factors raise substantial doubt about Konkola Plc's ability to continue as a going concern.

On October 30, 2025, Konkola Plc received a letter of financial support from VRL, pursuant to which VRL agreed to provide necessary financial support to Konkola Plc for a minimum period of 12 months. During the period in which Konkola Plc was under the management of the Provisional Liquidator, total production of Konkola Plc (including Integrated and from third-party sources) declined to approximately 54 Ktpa in Fiscal 2024, resulting in operating losses and deficit cashflows. While we have already achieved a production run rate of 129 Ktpa of copper (including Integrated and from third party sources) from April 2025 through March 2026 under Vedanta's management and plan to expend $2.7 billion capital expenditures (which includes proceeds from this offering) to allow Konkola Plc to ramp-up its copper production and generate a positive cash flow, Konkola Plc may not be able to achieve our production goals or generate positive cash flow. Based upon Konkola Plc's current operating plan and assumptions, Konkola Plc expects that its existing cash balances and expected cash flows from operations, alongside the continuance of the financial support received from Vedanta will be sufficient to fund its operations for at least the next 12 months. Konkola Plc has based this estimate on assumptions that may prove to be wrong, and it could use capital resources sooner than it currently expects.

Konkola Plc or CopperTech may need to raise additional funds. There can be no assurance that Konkola Plc or CopperTech will be able to secure any needed funding, or that if such funding is available, the terms or conditions would be acceptable to Konkola Plc or CopperTech. If Konkola Plc or CopperTech is unable to obtain additional financing when it is needed, Konkola Plc will need to restructure its operations and possibly divest all or a portion of its business. Konkola Plc or CopperTech may seek additional capital through a combination of equity offerings and debt financings. Debt financing, if obtained, may involve agreements that include covenants limiting or restricting Konkola Plc or CopperTech's ability to take specific actions, such as incurring additional debt, and could increase Konkola Plc or CopperTech's expenses, require that Konkola Plc or CopperTech's assets secure such debt, or provide for high interest rates, discounted conversion prices, or other unfavorable terms. Equity financing, if obtained, could result in dilution to Konkola Plc or CopperTech's then-existing stockholders. If Konkola Plc or CopperTech are unsuccessful in securing additional funding, Konkola Plc may be required to cease operations which could result in Konkola Plc's stockholders, and by virtue of CopperTech's ownership interest in Konkola Plc being its only asset, CopperTech's stockholders, losing all or almost all of their investment.

**An active trading market for our common stock may not be sustained, and investors may not be able to resell our common stock at or above the price for which they purchased such common stock.**

Prior to this offering, there was no public market for our common stock. Although we have applied to list our common stock on NYSE under the trading symbol "CUX", an active trading market for our common stock may never develop or be sustained following this offering. The initial public offering price was determined by negotiations between us and the underwriters and may not be indicative of market prices of our common stock that will prevail in the open market after the offering. A public trading market having the desirable characteristics of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of our common stock. The market price of our common stock may decline below the initial public offering price, and you may not be able to sell your shares of our common stock at or above the price you paid in this offering, or at all. An inactive market may also impair our ability to raise capital to continue to fund operations by issuing additional shares of our common stock and may impair our ability to make acquisitions by using any such common stock as consideration.

**Substantial future sales of our common stock, or the perception that these sales could occur, may cause the price of our common stock to drop significantly, even if our business is performing well.**

A large volume of sales of common stock, or securities convertible into or exercisable or exchangeable for our common stock, into the public market, could decrease the prevailing market price of such securities and could impair our ability to raise additional capital through the sale of equity securities in the future. Even if a substantial number of sales of our common stock or warrants does not occur, the mere perception of the possibility of these sales could depress the market price of our common stock or warrants and have a negative effect on our ability to raise capital in the future.

Additionally, sales of a substantial number of our common stock in the public market could occur at any time after the expiration of the 180-day contractual lock-up period described in the "*Underwriting*" section of this prospectus (or earlier if such lock-up period is waived by the underwriters). These sales, or the market perception that the holders of a large number of shares of our common stock intend to sell our common stock, could significantly reduce the market price of our common stock and the market price could decline below the initial public offering price. We cannot predict the effect, if any, that future public sales of these shares of our common stock, or the availability of these common stock for sale will have on the market price of our common stock. If the market price of our common stock was to drop as a result, this might impede our ability to raise additional capital and might cause remaining stockholders to lose all or part of their investments.

Further, we cannot predict the size of future issuances of our common stock or other securities or the effect, if any, that future issuances and sales of our securities will have on the market price of our common stock. Sales of substantial amounts of our securities, or the perception that such sales could occur, may adversely affect prevailing market prices for our common stock.

**If you purchase common stock in this offering, you will suffer immediate and substantial dilution of your investment.**

The initial public offering price of our common stock is substantially higher than the pro forma net tangible book value per share of common stock. Therefore, if you purchase common stock in this offering, you will pay a price per share that substantially exceeds our pro forma net tangible book value per share after this offering. You will experience immediate dilution of $ per share, representing the difference between our pro forma net tangible book value per share after giving effect to this offering and the initial public offering price. See "*Dilution*" for more detail, including the calculation of the net tangible book value per share of common stock.

**We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.**

Our amended and restated certificate of incorporation will authorize us to issue one or more series of preferred stock. Our board of directors will have the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our common stock at a premium to the market price, and materially adversely affect the market price and the voting and other rights of the holders of our common stock.

**As a result of becoming a public company, we will be obligated to develop and maintain proper and effective internal control over financial reporting in order to comply with Section 404 of the Sarbanes-Oxley Act. We may not complete our analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our common stock.**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. We are in the very early stages of the costly and challenging process of compiling the system and processing documentation necessary to perform the evaluation needed to comply with Section 404 of the Sarbanes-Oxley Act. We may not be able to complete our evaluation, testing and any required remediation in the time required. If we are unable to assert that our internal control over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which would cause the price of our common stock to decline, and we may be subject to investigation or sanctions by the SEC.

We will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish an annual report by management on, among other things, the effectiveness of our internal control over financial reporting. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. We will also be required to disclose changes made in our internal control and procedures on a quarterly basis. However, our independent registered public accounting firm will not be required to report on the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act commencing with the filing of our second annual report on Form 10-K. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating.

Additionally, the existence of any material weakness or significant deficiency would require management to devote significant time and incur significant expense to remediate any such material weaknesses or significant deficiencies and management may not be able to remediate any such material weaknesses or significant deficiencies in a timely manner. The existence of any material weakness in our internal control over financial reporting could also result in errors in our financial statements that could require us to restate our financial statements, cause us to fail to meet our reporting obligations and cause stockholders to lose confidence in our reported financial information, all of which could materially and adversely affect our business and stock price. To comply with the requirements of being a public company, we may need to undertake various costly and time-consuming actions, such as implementing new internal controls and procedures and hiring additional accounting or internal audit staff, which may adversely affect our business, financial condition, results of operations, cash flows and prospects.

**The historical and pro forma financial information in this prospectus may make it difficult to accurately predict our costs of operations in the future.**

Our historical financial information reflect the Resumption of Control and does not reflect the Transactions and the costs we expect to incur as a public company or the resulting changes that will occur in our capital structure and operations. In preparing our pro forma financial information we have given effect to, among other items, the Transactions and this Offering. The estimates we used in our pro forma financial information may not be similar to our actual experience as a public company. See the sections entitled "*Summary Historical and Unaudited Pro Forma Condensed Consolidated Combined Financial Information"*, "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" "*Unaudited Pro Forma Condensed Consolidated Combined Financial Information"* and our consolidated financial statements included elsewhere in this prospectus.

**Certain provisions of Delaware law and anti-takeover provisions in our organizational documents could delay or prevent a change of control.**

Certain provisions of Delaware law and our amended and restated certificate of incorporation and amended and restated bylaws may have an anti-takeover effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. These provisions provide for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· the ability of our board of directors to issue one or more series of preferred stock without stockholder
approval;

&nbsp;&nbsp;&nbsp;&nbsp;· no cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date (as defined below), the removal of our directors either with or without
cause, will require the affirmative vote of holders of at least a majority of the total voting power of our then-outstanding capital
stock entitled to vote thereon;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date, our stockholders may not take action by consent without a meeting and
may only take action at a meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· vacancies on our board of directors will be able to be filled only by our board of directors and not by
stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· advance notice procedures apply for stockholders to nominate candidates for election as directors or to
bring matters before an annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· from and after the Trigger Date, stockholders will be unable to call a special meeting of stockholders;
and

&nbsp;&nbsp;&nbsp;&nbsp;· certain provisions of our amended and restated certificate of incorporation may be amended only by the
affirmative vote of holders of at least 66 and 2/3% of the total voting power of our then-outstanding capital stock entitled to vote thereon.

These anti-takeover provisions could make it more difficult for a third party to acquire us, even if the third party's offer may be considered beneficial by many of our stockholders. As a result, our stockholders may be limited in their ability to obtain a premium for their shares.

**Our amended and restated bylaws will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act of 1933, as amended (the "Securities Act"), which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us.**

Pursuant to our amended and restated bylaws to be effective in connection with the closing of this offering, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another state or federal court located within the State of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for (i) derivative action, suit or proceeding brought on behalf of our Company, (ii) action, suit or proceeding asserting a claim of breach of a duty (including any fiduciary duty) owed by any current or former director, officer or other employee or stockholder of the Company to the Company or to the Company's stockholders, (iii) action, suit or proceeding arising pursuant to any provision of the Delaware General Corporation Law ("DGCL") or our amended and restated certificate of incorporation or our amended and restated bylaws or as to which the DGCL confers jurisdiction to the Court of Chancery of the state of Delaware, (iv) action, suit or proceeding asserting a claim against our Company governed by the internal affairs doctrine or (v) any other action asserting an internal corporate claim, as defined in Section 115 of the DGCL. This provision would not apply to any action or proceeding asserting a claim under the Securities Act or the Exchange Act for which the federal courts have exclusive jurisdiction or any other claim for which the federal courts have exclusive jurisdiction.

Furthermore, our amended and restated bylaws will also provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, Exchange Act or any other claim for which federal courts of the United States have exclusive jurisdiction, against us or any director, officer, employee or agent of ours.

Our amended and restated bylaws will further provide that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice of and consented to the provisions of our amended and restated bylaws described above; however, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. See "*Description of Capital Stock—Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law—Exclusive Forum.*" The forum selection provisions in our amended and restated bylaws may have the effect of discouraging lawsuits against us or our directors and officers and may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us. If the enforceability of our forum selection provision were to be challenged, we may incur additional costs associated with resolving such a challenge. While we currently have no basis to expect any such challenge would be successful, if a court were to find our forum selection provision to be inapplicable or unenforceable, we may incur additional costs associated with having to litigate in other jurisdictions, which could have an adverse effect on our business, financial condition and results of operations and result in a diversion of the time and resources of our employees, management and board of directors.

 ****

**Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.**

Prevailing geopolitical and economic conditions from time to time may impact our ability to obtain equity or debt financing in the future on terms favorable to us or at all. Recent global economic and geopolitical events, such as the conflict in the Middle East, the broad introduction of U.S. tariffs, the war in Ukraine and sanctions on Russia, the renewed U.S.-China trade war, increasing energy costs coupled with supply concerns, increasing inflationary concerns, have created further uncertainty in global financial and equity markets. Any of these economic factors, as well as other related factors such as recession, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses and our operations could be adversely impacted.

Securities of mining companies have experienced and will experience substantial volatility, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include environmental policies, geopolitical disputes and related policies, macroeconomic developments both globally and in the countries where we conduct business and market perceptions of the attractiveness of particular industries. The prices of securities of publicly listed commodity producers are often directly or closely correlated to related commodity prices, and the price of our common stock may be significantly affected by, among other things, short-term movements in commodity prices generally, base or precious metal prices or other mineral or energy sector prices, currency exchange fluctuation and the political and economic environment in the countries in which we do business and globally. To the extent any geopolitical or similar tensions specifically impact Zambian or other African businesses, we may be impacted in ways that some of our competitors are not. Although receiving increased attention from the United States, Zambia has historically had significant economic ties with China. If relationships between Zambia and any significant copper consumers deteriorate, it may adversely impact our ability to sell our products or, in the case of the United States and other Western nations, execute on our strategy, either of which may also adversely impact our stock's performance.

**Cautionary Note Regarding Forward-Looking Statements**

This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, results of operations, prospects, the impact of potential acquisitions and dispositions, our strategy for growth and the use of proceeds of this offering. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;· production goals or operational objectives;

&nbsp;&nbsp;&nbsp;&nbsp;· development projects, including our ability to carry out such development projects on the contemplated
timeline, potential delays, increased costs or challenges in execution;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to replace mineral reserves or discover new resources;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to effectively integrate AI into our operations;

&nbsp;&nbsp;&nbsp;&nbsp;· changes in government policies, laws or taxation;

&nbsp;&nbsp;&nbsp;&nbsp;· challenges in obtaining, renewing or maintaining permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;· nationalization, expropriation or changes in fiscal regimes;

&nbsp;&nbsp;&nbsp;&nbsp;· regulatory compliance, and legal and regulatory uncertainties, such as litigation or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental and social regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;· trade restrictions or changes in trade policies;

&nbsp;&nbsp;&nbsp;&nbsp;· dependence on key inputs and potential supply shortages or cost increases, including increased competition
for resources and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;· infrastructure, water and power supply limitations and disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;· technical and operational risks in mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;· reliance on third-party contractors or service providers;

&nbsp;&nbsp;&nbsp;&nbsp;· concentration of smelters or off-takers;

&nbsp;&nbsp;&nbsp;&nbsp;· title disputes or encroachment issues;

&nbsp;&nbsp;&nbsp;&nbsp;· labor relations issues, such as unionization or work stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;· customer concentration or changes in demand;

&nbsp;&nbsp;&nbsp;&nbsp;· volatility in commodity prices and economic cycles;

&nbsp;&nbsp;&nbsp;&nbsp;· difficulty securing financing or managing costs, which may be due to inflation or currency fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental or safety incidents or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;· non-compliance with permits or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· community opposition or reputational risks;

&nbsp;&nbsp;&nbsp;&nbsp;· illegal mining activities;

&nbsp;&nbsp;&nbsp;&nbsp;· health crises affecting workforce availability; and

&nbsp;&nbsp;&nbsp;&nbsp;· other statements regarding our future operations, financial condition, prospects and business strategies.

The forward-looking statements in this prospectus are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business strategy, financial condition, results of operations, short-term and long-term business operations and objectives and financial needs. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of known and unknown risks, uncertainties and assumptions, including those described in the section entitled "*Risk Factors.*" Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this prospectus may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this prospectus, except as required by law.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by the cautionary statements contained in this section and elsewhere in this prospectus.

**Use of Proceeds**

We estimate, based upon an assumed initial public offering price of $ per share of common stock (which is the midpoint of the price range set forth on the cover page of this prospectus), that we will receive net proceeds from this offering of approximately $ million (or $ million if the underwriters exercise in full their option to purchase additional shares of common stock), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 share increase (decrease) in the number of shares offered by us in this offering would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the price per share for the offering remains at $, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

VRJL, which will be our wholly owned subsidiary following the Transactions, has assumed the obligation to loan the unfunded balance of $670.0 million under the Capital Expenditures Support Loan to Konkola Plc. As the sole stockholder of VRJL following the Transactions, we intend to contribute $670.0 million of the net proceeds of this offering to VRJL to loan the outstanding balance of the Capital Expenditures Support Loan to Konkola Plc. Such contribution will be used by Konkola Plc to meet capital development and infrastructure requirements of the Konkola Deep Mine Project at the Konkola Complex.

Any remaining net proceeds following the contribution to Konkola Plc under the Capital Expenditures Support Loan will also be utilized to further develop Konkola Plc's operations as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;· $ for capital
development and infrastructure requirements of the underground mine at the Konkola Complex

&nbsp;&nbsp;&nbsp;&nbsp;· $ for TLP
upgrades, the construction of the new TLP 2 facility for processing TD05 tailings, smelter upgrades and the extension of mining operations
at the Nchanga Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· $ for the utilities
and infrastructure set up to enable the growth of the KCM Complex, including equipment replacement and ongoing maintenance; and

&nbsp;&nbsp;&nbsp;&nbsp;· any remainder for working capital and general corporate purposes.

The expected use of net proceeds represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve and change. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including the factors described under "*Risk Factors*" in this prospectus, and the occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering in a manner other than as described above. As a result, our management will retain broad discretion over the allocation of such net proceeds.

Pending our use of the net proceeds from this offering, we intend to invest the net proceeds in a variety of capital preservation investments, including, but not limited to, short-term, investment-grade, interest-bearing instruments. No assurance can be given that we will invest the net proceeds from this offering in a manner that produces income or that does not result in a loss in value.

**Dividend Policy**

We have never declared nor paid a dividend on our capital stock. We currently do not anticipate paying any cash dividends on our common stock for the foreseeable future. We intend to retain any earnings for use in our business. Any declaration and payment of future dividends or other distributions to holders of our common stock will be at the discretion of our board of directors in accordance with applicable law and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends or other distributions and other considerations that our board of directors deems relevant.

Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on our receipt of loan repayments from Konkola Plc, cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities. Although VRJL will be entitled to receive repayments of the $670.0 million to be funded to Konkola Plc pursuant to the Capital Expenditures Support Loan Agreement, repayments will only commence once Konkola Plc has positive cash flows pursuant to the Konkola Waterfall. Similarly, repayments on any loans made by CopperTech to Konkola Plc, including of the net proceeds, will be limited by the requirements of the Konkola Waterfall. Cash distributions to CopperTech are only permitted after all such obligations are satisfied, which may limit or delay our ability to receive dividends or other distributions from Konkola Plc. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.*" Furthermore, our operating subsidiaries may be similarly impacted by, among other things, the terms of any preferred equity securities, contractual restrictions and provisions of applicable law and may issue in the future, debt agreements containing restrictive covenants.

Accordingly, you may need to sell your shares of our common stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. See "*Risk Factors—Risks Relating to our Common Stock and the Offering—An active trading market for our common stock may not be sustained, and investors may not be able to resell our common stock at or above the price for which they purchased such common stock.*"

**Capitalization**

The following table sets forth our cash and cash equivalents and capitalization as of March 31, 2026 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· on a historical basis for Konkola Plc; and

&nbsp;&nbsp;&nbsp;&nbsp;· on a pro forma basis for CopperTech Metals Inc., giving effect to the
Transactions, as if such Transactions had occurred on March 31, 2026 and our issuance, the issuance of shares of common stock pursuant
to the IPO Award, which will become fully vested on the completion of this offering and sale of shares of common stock at an assumed initial
public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus), after
deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The pro forma information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table, together with the information contained in this prospectus, including the sections entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations,*" "*Use of Proceeds*" and the historical financial statements and related notes included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** |
| <br>**(in thousands, except share and per share data)** | **Konkola Plc** <br> **Actual** | **CopperTech** <br> **Metals Inc.** <br> **Pro Forma** |
| **Cash and cash equivalents** | **154126** |  |
| **Indebtedness:** |  |  |
| Current portion of debt | 8468 |  |
| Indebtedness to related parties – noncurrent | 1079628 |  |
| Long-term debt less current portion of debt | 6926 |  |
| &nbsp;&nbsp;**Total Debt** | **1095022** |  |
| **Shareholders' equity:** |  |  |
| Common shares (Konkola Plc), $0.01 par value, 24,060,000,000 shares authorized, 1,098,677,473 shares issued and outstanding, actual; no shares authorized, issued and outstanding, pro forma | 10987 |  |
| Common stock (CopperTech Metals Inc.), $0.01 par value, no shares authorized, issued and outstanding, actual; 1,500,000,000 shares authorized, shares issued and outstanding |  |  |
| Non-redeemable Deferred shares (Konkola Plc), $0.99 par value; 60,000,000 shares authorized; 60,000,000 shares issued and outstanding, pro forma | 59400 |  |
| Special share (Konkola Plc), $1 par value; 1 share authorized; | 0 |  |
| Additional paid-in capital | 2089767 |  |
| Accumulated deficit | (2712904) |  |
| Accumulated other comprehensive income, net | 1865 |  |
| &nbsp;&nbsp;Non-controlling interests | - |  |
| &nbsp;&nbsp;**Total shareholders' equity** | **(550885)** |  |
| &nbsp;&nbsp;**Total capitalization** | **544137** |  |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) each of cash and cash equivalents, additional paid-in capital, total shareholders' equity and total capitalization on a pro forma basis by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 share increase (decrease) in the number of shares of common stock offered in this offering would increase (decrease) each of cash and cash equivalents, additional paid-in capital, total shareholders' equity and total capitalization on a pro forma basis by approximately $ million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

**Dilution**

If you invest in our common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma net tangible book value per share of our common stock after this offering. Net tangible book value per share is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of common stock outstanding.

Dilution is the amount by which the offering price paid by the purchasers of the common stock in this offering exceeds the pro forma net tangible book value per share of common stock after the offering. After giving effect to the Transactions, the IPO Award and the assumed sale of our common stock in the aggregate amount of $ in this offering at an assumed offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma net tangible book value as of March 31, 2026 would have been approximately $, or $ per share. This represents an immediate increase in pro forma net tangible book value per share of $ to existing stockholders and immediate decrease of $ per share in pro forma net tangible book value per share to new investors participating in this offering.

The following table illustrates this dilution on a per share basis:

---

| | |
|:---|:---|
| Assumed initial public offering price per share of our common stock | $|
| Pro forma net tangible book value per share of common stock as of March 31, 2026 (without giving effect to this offering) |  |
| Increase per share attributable to payments by new investors |  |
| Pro forma net tangible book value per share of common stock after this offering |  |
| Dilution per share of our common stock to new investors in this offering | $|

---

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering determined at pricing. Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, which is the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, our pro forma net tangible book value per share to new investors by $, and would increase or decrease, as applicable, dilution per share to new investors purchasing shares of common stock in this offering by $, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase or decrease of 1.0 million in the number of shares of our common stock offered by us would increase or decrease, as applicable, our pro forma net tangible book value by approximately $ per share and increase or decrease, as applicable, the dilution to new investors purchasing shares of common stock in this offering by $ per share, assuming the assumed initial public offering price remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters' option to purchase additional shares of our common stock from us is exercised in full, the pro forma net tangible book value per share of our common stock would be $ per share, and the dilution in net tangible book value per share to new investors purchasing shares of common stock in this offering would be $ per share.

The following table summarizes, as of , after giving effect to the Transactions and this offering, the difference between existing investors and new investors in this offering with respect to the aggregate number of shares of common stock purchased and the total consideration and average price per share of common stock paid to us (assuming that none of the shares of common stock sold in this offering are purchased by existing investors):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average<br> Price<br> Per Share** |
|  | **Number** | **Percent** | **Amount<br> (in millions)** | **Percent** | |
| Existing Investors |  |  |  |  |  |
| New Investors |  |  |  |  |  |
| Total |  |  |  |  |  |

---

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

The dilution information above is for illustrative purposes only. Our as adjusted net tangible book value following the consummation of this offering is subject to adjustment based on the actual initial public offering price of our shares and other terms of this offering determined at pricing.

**Unaudited Pro Forma CONDENSED Consolidated COMBINED Financial INFORMATION**

The following unaudited pro forma condensed consolidated combined financial information reflects the impact of the Transactions and this offering. CopperTech was formed on January 30, 2025. CopperTech currently has no assets or liabilities and has conducted no operations to date other than in connection with its incorporation and this offering. Following the completion of the Transactions, CopperTech will be a holding company whose sole asset will consist of its 79.42% equity interest in Konkola Plc.

The following unaudited pro forma condensed consolidated combined statement of operations for the year ended March 31, 2026 gives effect to the Transactions and this offering, as if they had occurred on April 1, 2025. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2026 gives effect to the Transactions and this offering as if they had occurred on March 31, 2026.

We have derived the unaudited pro forma condensed consolidated combined statements of operations and unaudited pro forma condensed consolidated combined balance sheet from the historical financial statements of CopperTech and the historical financial statements of Konkola Plc included elsewhere in this prospectus. The historical financial statements of CopperTech has been adjusted in this unaudited pro forma condensed consolidated combined financial information to give effect to events that are directly attributable to the Transactions and this offering, that are factually supportable and, with respect to the statements of operations, are expected to have a continuing impact on CopperTech. The unaudited pro forma condensed consolidated combined financial information reflects adjustments that are described in the accompanying notes and are based on available information and certain assumptions we believe are reasonable but are subject to change. The Transactions have been accounted for as common control Transactions, as the entities subject to the Transactions are under the control of the same stockholders both before and after the Transactions. The Transactions have been accounted for at historical cost as presented in the consolidated financial statements of VRL.

The pro forma adjustments are described in the notes to the unaudited pro forma condensed consolidated combined financial information and principally include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the Transactions, as described in the section entitled "*Prospectus Summary—Summary of the Transactions* "; and

&nbsp;&nbsp;&nbsp;&nbsp;· the issuance of shares of our common stock in this offering in exchange
for net proceeds of approximately $, based on an assumed initial public offering price of $
per share (the midpoint of the price range set forth on the cover page of this prospectus), after deducting the estimated underwriting
discounts and commissions but before estimated offering expenses payable by us.

Except as otherwise indicated, the unaudited pro forma condensed consolidated combined financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of common stock in the offering.

As a public company, we will be implementing additional procedures and processes for the purpose of addressing the standards and requirements applicable to public companies. We expect to incur additional annual expenses related to these additional procedures and processes including, among other things, additional directors' and officers' liability insurance, director fees, transfer agent fees, costs relating to additional accounting, legal and administrative personnel, increased auditing, tax and legal fees, stock exchange listing fees and other public company expenses. We have not included any pro forma adjustments relating to these costs in the information below.

The unaudited pro forma condensed consolidated combined financial information and related notes have been prepared by management in accordance with Article 11 of Regulation S-X and are provided for illustrative purposes only. The unaudited pro forma condensed consolidated combined financial information should not be relied upon as being indicative of our results of operations or financial condition had the Transactions or this offering occurred on the dates assumed. The unaudited pro forma condensed consolidated combined financial information also does not project our results of operations or financial position for any future period or date. The unaudited pro forma condensed consolidated combined statement of operations and balance sheet should be read in conjunction with the "*Risk Factors,*" "*Summary Historical and Unaudited Pro Forma Condensed Consolidated Combined Financial Information",* "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements and related notes included elsewhere in this prospectus.

**Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Historical** | **Historical** | | | **Pro Forma** | | **Pro Forma** |
| | **Konkola<br> Copper<br> Mines Plc** | **Vedanta<br> Resources<br> Jersey<br> Limited** |<br>**Transaction<br> Accounting<br> Adjustments** | <br>**Notes** | **CopperTech<br> Before the<br> Offering** |<br>**Offering<br> Adjustments** | **CopperTech<br> After the<br> Offering** |
| <br>**(in thousands, except share amounts)** | | | |  | | | |
| **ASSETS** |  |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |  |
| Cash and cash equivalents | 154126 | 1 | (0) | 2(d) | 154127 |  |  |
| Accounts receivable, net of allowance for credit losses | 353 |  |  |  | 353 |  |  |
| Inventories | 262773 |  |  |  | 262773 |  |  |
| Prepaid expenses and others | 315862 | 423 | - |  | 316285 |  |  |
| **Total current assets** | **733114** | **424** | **(0)** |  | **733538** |  |  |
| Property, plant, equipment and mine development, net of accumulated depreciation | 1041138 |  | 846849 | 2(a)(i) | 1887987 |  |  |
| Intangible assets, net |  |  | 133009 | 2(a)(i) | 133009 |  |  |
| Goodwill |  |  | 666326 | 2(a)(i) | 666326 |  |  |
| Other non-current assets | 258923 | - | - |  | 258923 |  |  |
| **Total assets** | **2033175** | **424** | **1646184** |  | **3679783** |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |
| Accounts payable & accrued liabilities | 276391 | 31 |  |  | 276422 |  |  |
| Advance from customers | 48399 |  |  |  | 48399 |  |  |
| Current portion of debt | 8468 |  |  |  | 8468 |  |  |
| Income taxes payable | 613 |  |  |  | 613 |  |  |
| Other current liabilities | 60416 | - | - |  | 60416 |  |  |
| **Total current liabilities** | **394287** | **31** | **-** |  | **394318** |  |  |
| Indebtedness to related parties – noncurrent | 1079628 |  | (462402) | 2(b) | 617226 |  |  |
| Long-term debt less current portion of debt | 6926 |  |  |  | 6926 |  |  |
| Asset retirement obligations | 29586 |  |  |  | 29586 |  |  |
| Long-term employee benefits | 18164 |  |  |  | 18164 |  |  |
| Deferred income taxes, net | - | - | 293957 | 2(a)(i) | 293957 |  |  |
| Non-current liabilities | 1055469 | - | (243554) | 2(b) | 811915 |  |  |
| **Total liabilities** | **2584060** | **31** | **(411999)** |  | **2172092** |  |  |
| **Shareholders' equity** |  |  |  |  |  |  |  |
| Common shares, $0.01 par value, 24,060,000,000 shares authorized, 1,098,677,473 shares issued and outstanding | 10987 |  | (10987) | 2(c) |  |  |  |
| Common shares, no par value, unlimited shares authorized, 2 shares issued and outstanding |  | 0 | (0) | 2(c) |  |  |  |
| Common stock, no par value, 2,500 shares authorized, 100 shares issued and outstanding |  |  |  |  |  |  |  |
| Common stock, $0.01 par value, 1,500,000,000 shares authorized, 100,000,000 shares issued and outstanding |  |  | 9700 | 2(b) | 9700 |  |  |
| Non-Redeemable Deferred shares, $0.99 par value; 60,000,000 shares authorized; 60,000,000 shares issued and outstanding | 59400 |  | (59400) | 2(c) |  |  |  |
| Special share, $1 par value; 1 share authorized | 0 | - | (0) | 2(c) | - |  |  |
| Additional paid-in capital | 2089767 | - | (66118) | 2(b), 2(c) & 2(d) | 2023649 |  |  |
| (Accumulated deficit)/ Retained earnings | (2712904) | 393 | 2020347 | 2(a) (ii), 2 (c) & 2 (d) | (692164) |  |  |
| Accumulated other comprehensive (loss) income, net | 1865 | - | - |  | 1865 |  |  |
| **Total equity attributable to Konkola Copper Mines Plc/ CopperTech and subsidiaries <sup>(1)</sup>** | **(550885)** | **393** | **1893542** |  | **1343050** |  |  |
| **Non-controlling interests** | - | - | 164641 | 2(a)(i) | 164641 |  |  |
| **Total shareholder's equity** | (550885) | 393 | 2058183 |  | 1507691 |  |  |
| **Total liabilities and shareholders' equity** | **2033175** | **424** | **1646184** |  | **3679783** |  |  |

---

(1) For historical amounts, represents total shareholders' equity attributable to Konkola Copper Mines
Plc. For Pro Forma amounts, represents total shareholders' equity attributable to CopperTech and subsidiaries.

**Unaudited Pro Forma Condensed Consolidated Combined Statements of Operations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** |
| | **Historical** | **Historical** | | | **Pro Forma** | | **Pro Forma** |
| <br>**(in thousands, except share and<br> per share amounts)** | **Konkola<br> Copper<br> Mines Plc** | **Vedanta<br> Resource<br> Jersey<br> Limited** |<br>**Transaction<br> Accounting<br> Adjustments** | <br>**Notes** | **CopperTech<br> Before the<br> Offering** |<br>**Offering<br> Adjustments** | **CopperTech<br> After the<br> Offering** |
| Net sales | 1330105 |  |  |  | 1330105 |  |  |
| Cost of sales | (1297576) | - | (100848) | 2(a)(ii) | (1398424) |  |  |
| **Gross gain/ (loss)** | **32529** | **-** | **(100848)** |  | **(68319)** |  |  |
| Selling and distribution expenses | 403 |  |  |  | 403 |  |  |
| General and administrative expenses | 78988 | 29 | - |  | 79017 |  |  |
| **Operating loss** | **(46862)** | **(29)** | **(100848)** |  | **(147739)** |  |  |
| **Other income (expense)** |  |  |  |  |  |  |  |
| Other income | 8454 | 99 |  |  | 8553 |  |  |
| Foreign exchange gain<br> (loss), net | (240757) | 0 |  |  | (240757) |  |  |
| Interest income | 3013 | - | - |  | 3013 |  |  |
| Interest expenses | (133159) | - | 105348 | 2(b) | (27811) |  |  |
| **Other income/ (expense), net** | **(362449)** | **99** | **105348** |  | **(257002)** |  |  |
| **Gain/ (loss) before income tax benefit** | **(409311)** | **70** | **(4500)** |  | **(404741)** |  |  |
| Income tax benefit | 69650 | - | 30254 | 2(a)(ii) | 99904 |  |  |
| **Net gain/ (loss)** | **(339661)** | **70** | **34755** |  | **(304836)** |  |  |
| **Net loss attributable to non-controlling interest** | **-** | **-** | **(84430)** | **2(a)(ii)** | **(84430)** |  |  |
| **Net gain/ (loss) attributable to CopperTech and subsidiaries** | **(339661)** | **70** | **119185** |  | **(220406)** |  |  |
| **Net gain/ (loss) per share attributable to common shareholders** |  |  |  |  |  |  |  |
| **Basic** | (0.31) | 35022.02 |  |  | (0.23) |  |  |
| **Diluted** | (0.31) | 35022.02 | - |  | (0.23) |  |  |
| **Weighted-average number of common shares outstanding** |  |  |  |  |  |  |  |
| **Basic** | 1098677473 | 2 | (128677475) | 2(b) & 2(c) | 970000000 |  |  |
| **Diluted** | 1098677473 | 2 | (998677475) | 2(b) & 2(c) | 970000000 |  |  |

---

**Equity Structure**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Number of<br> Issued Shares** | **Number of<br> Issued Shares** | **Par Value** |
| **Before Transactions** |  |  |  |  |
| CopperTech Metals Inc. |  |  | 100 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Share Capital** | **Number of<br> Issued Shares** | **Number of<br> Issued Shares** | **Par Value** | **Par Value** |
| **After Transactions** |  |  |  |  |  |  |
| CopperTech Metals Inc. |  | 9700001 |  | 970000100 |  | 0.01 |

---

**Notes to Unaudited Pro Forma Condensed Consolidated Combined Financial Statements**

**Note 1. Basis of Presentation and Description of the Transactions**

The unaudited pro forma condensed consolidated combined financial information was prepared in accordance with Article 11 of Regulation S-X, as amended, and present the pro forma financial condition and results of operations of the Company based upon the historical financial information after giving effect to the Transactions and related adjustments set forth in the notes to the unaudited pro forma condensed consolidated combined financial information.

The Transactions were completed on . The Transactions involve (a) the transfer of 100% of the equity interests in VRJL by VRL to CopperTech, resulting in VRJL becoming a wholly owned subsidiary of CopperTech, (b) the transfer of 79.42% of the equity interests in Konkola Plc by VRHL to VRJL, resulting in Konkola Plc becoming an indirect subsidiary of CopperTech, (c) the novation of the obligation to fund the remaining $670.0 million under the Capital Expenditures Support Loan from VRHL to VRJL and (d) the contribution by affiliates of Vedanta to VRJL of loans receivable having carrying value of $706.0 million (contracted value of $1,964.0 million) owed by Konkola Plc. The loans to be contributed to VRJL pursuant to the Transactions will exclude: (a) the Funded Scheme Loans and Excluded Legacy Liabilities, and VRHL and the relevant Vedanta affiliate lender will remain the lender of the Funded Scheme Loans and Excluded Legacy Liabilities, respectively. Following the completion of the Transactions, CopperTech, as a standalone entity, will be a holding company and its material assets will consist of 79.42% of the outstanding Common Shares of Konkola Plc and loan balances of approximately $1,964.0 million owing from Konkola Plc, which it will hold indirectly through its wholly owned subsidiary - VRJL. The Transactions have been accounted for as a common control transaction since the same controlling shareholders controlled all these entities before and after the Transactions. See "*Summary of the Transactions.*"

The unaudited pro forma condensed consolidated combined statement of operations for the year ended March 31, 2026 were prepared assuming the Transactions occurred on April 1, 2025. The unaudited pro forma condensed consolidated combined balance sheet as of March 31, 2026 was prepared as if the Transactions occurred on March 31, 2026.

**Note 2. Notes detailing adjustments to Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet and Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations Acquisition of Konkola Plc**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Acquisition of Konkola Plc** 

On July 31, 2024, VRL regained control of Konkola Plc. Upon the Resumption of Control, VRL applied the acquisition method at the consolidated level, establishing a new basis of accounting for Konkola Plc's assets and liabilities in VRL's consolidated financial statements. Upon the completion of the Transactions, Konkola Plc will become an indirect subsidiary of CopperTech. Konkola Plc becoming an indirect subsidiary of CopperTech has been assessed to be a common control transaction under ASC 805-50. Under ASC 805-50-30-5, the receiving entity recognizes the transferred assets and liabilities at the carrying amounts of the parent, VRL. Accordingly, historical amounts of Konkola Plc have been adjusted for fair value adjustments as on the date of resumption of control by the parent and subsequent adjustments for depreciation, amortization, etc. as the parent does not prepare US GAAP consolidated financial statements. Accordingly, the following adjustments have been accounted for in these unaudited pro forma condensed consolidated combined financial information:

&nbsp;&nbsp;&nbsp;&nbsp;**i)** The following table presents the reconciliation between the historical balance sheet of Konkola Plc (presented
elsewhere in this prospectus) and cumulative adjustments resulting from the Resumption of Control by VRL which resulted in recognition
of the assets and liabilities at fair value including the Non-controlling interest as at March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Historical** <br> **Konkola Plc<br> (I)** | **Cumulative adjustments resulting from Resumption of Control<br> (II)** | **Total** <br> **(III)= (I)+(II)** |
| Cash and cash equivalents | 154126 |  | 154126 |
| Accounts receivable, net of allowance for credit losses | 353 |  | 353 |
| Inventories | 262773 |  | 262773 |
| Prepaid expenses and others | 315862 |  | 315862 |
| Property, plant, equipment and mine development, net of accumulated depreciation | 1041138 | 846849 | 1887987 |
| Intangible assets, net |  | 133009 | 133009 |
| Goodwill | - | 666326 | 666326 |
| Other non-current assets | 258923 | - | 258923 |
| **Total Assets** | **2033175** | **1646184** | **3679359** |
| Accounts payable and accrued liabilities | 276391 |  | 276391 |
| Advance from customers | 48399 |  | 48399 |
| Current portion of debt | 8468 |  | 8468 |
| Income taxes payable | 613 |  | 613 |
| Other current liabilities | 60416 |  | 60416 |
| Indebtedness to related parties – noncurrent | 1079628 |  | 1079628 |
| Long-term debt less current portion of debt | 6926 |  | 6926 |
| Asset retirement obligations | 29586 |  | 29586 |
| Long-term employee benefits | 18164 |  | 18164 |
| Deferred income taxes |  | 293957 | 293957 |
| Non-current liabilities | 1055469 |  | 1055469 |
| Non-controlling interest |  | 164641 | 164641 |
| **Total Liabilities** | **2584060** | **458598** | **3042658** |

---

**ii) Depreciation & Amortization, Deferred Taxes and Non-Controlling Interest**

The following table presents the reconciliation between the depreciation & amortization considered for the purpose of preparing the historical statement of operations of Konkola Plc (presented elsewhere in this prospectus) with the value of incremental depreciation and amortization on the fair value adjustments resulting from the Resumption of Control by VRL for the year ended March 31, 2026. Related deferred tax and an incremental adjustment attributable to non-controlling interests presented separately:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Estimated Life<br> (Years)** | **Historical <br> Konkola Plc<br> (I)** | **Adjustments<br> resulting from<br> Resumption<br> of Control <br> (II)** | **Total<br> (III)=(I)+(II)** |
| **Depreciation & amortization on:** |  |  |  |  |
| Land and Building | 1–32 | 1851 | 2854 | 4705 |
| Plant and equipment | 1–40 | 67807 | 91520 | 159327 |
| Intangible assets- Mineral properties | 1–50 | 21250 | 6473 | 27723 |
| **Total Depreciation & amortization** |  | **90908** | **100848** | **191756** |
| Deferred taxes impact on consolidation adjustment <sup>(1)</sup> |  |  | **30254** |  |
| Impact on Non-controlling interests<sup>(2)</sup> |  |  | **(84430)** |  |

---

(1) Reflects the consequential impact on deferred tax liabilities on depreciation & amortization
 expense that relates to consolidation adjustment on property, plant and equipment and mine development for the year ended March 31,
 2026.

(2) Upon the completion of the Transactions, CopperTech will indirectly own a 79.42% interest in Konkola Plc,
with the remaining 20.58% in Konkola Plc held by ZCCM (the "Non-Controlling Interest"). The above amount reflects the consequential
impact of the loss for the year ended March 31, 2026 on Non-controlling interest.

(3) The accumulated deficit presented in the unaudited pro forma condensed
consolidated combined balance sheet includes the impact of depreciation & amortization on the above stated items for owner's
share for the period up to March 31, 2025 that amounts to $53.5 million along with corresponding deferred tax impact of $16.1 million,
and an incremental adjustment attributable to non-controlling interests of $85.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Issuance of common stocks by CopperTech** 

Reflects the adjustments on account of consummation of the Transactions:

(i) issuance of 265,479,197 number of common stock, $0.01 par value per share, aggregating to $2.7 million, with additional paid-in capital of $1,324.3 million by CopperTech to acquire Konkola Plc through VRJL.

(ii) issuance of 704,520,803 number of common stock, $0.01 par value per share, aggregating to $7.0 million, with additional paid-in capital of $699.0 million by CopperTech to acquire the loan receivables along with accrued interest from affiliates of Vedanta through VRJL having carrying value of $706.0 million (contracted value of $1,964.0 million) which is owed by Konkola Plc.

Accordingly, the loan receivables along with accrued interest in the books of VRJL and corresponding loan liability along with accrued interest payable in the books of Konkola Plc and related interest income and interest expense of $105.0 million have also been eliminated.

Reflects the elimination of Konkola Plc's and VRJL's common share capital, special share capital, pre-acquisition additional paid-in capital and accumulated deficit.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Elimination of share capital and other reserves** 

Reflects the elimination of Konkola Plc's common share capital of $11.0 million (1,098,677,473 shares), non-redeemable deferred shares of $59.4 million, special share capital of $0 million, pre-acquisition additional paid-in capital of $2,089.8 million, pre-acquisition debit balance of accumulated deficit of $1,959.1 million and VRJL's common share capital of $0 million (2 shares).

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Acquisition of Vedanta Resources Jersey Limited** 

The Transactions include the transfer of 100% of the equity interests in VRJL by VRL to CopperTech, for nominal cash consideration, resulting in VRJL becoming a wholly owned subsidiary of CopperTech. This transaction has been accounted for as an asset acquisition in accordance with the guidance in ASC 805-50-15-3. Accordingly, the assets acquired and liabilities assumed are recognized at historical carrying amounts and difference of $0.4 million, between the consideration paid and the historical carrying value of net assets is recognized as an adjustment to additional paid-in capital.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Transaction costs** 

No material transaction costs have been incurred or are expected to be incurred in connection with the Transactions. Accordingly, no adjustment for transaction expenses has been recorded in the accompanying unaudited pro forma condensed consolidated financial statements.

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

 

*References to "we," "us," and "our" in this Management's Discussion and Analysis of Financial Condition and Results of Operations refer to (i) prior to the consummation of the Transactions, to Konkola Plc and its consolidated subsidiaries; and (ii) following the consummation of the Transactions, to CopperTech.*

You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should read the sections entitled "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements*" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Certain total amounts may not sum due to rounding.

**Overview**

CopperTech is a U.S. domiciled corporation that controls one of the world's most significant copper systems, anchored on the Zambian side of the prolific Central African Copperbelt, and positioned to capitalize on what we believe will be an unprecedented copper demand cycle. Driven by artificial intelligence infrastructure, data centers, grid modernization and electrification, we expect there to be greater demand for copper over the next 25 years than has been produced across all human history. Our mission, to Power the Copper Century, reflects our commitment to meeting America's and the world's rapidly growing need for critical minerals as this cycle accelerates.

CopperTech seeks to offer a rare combination of scale, grade and expected growth. Supported by existing infrastructure, a multi decade resource base and a technology led operating model, we believe that our pathway to significantly expand our production will enable us to be a reliable supplier of copper at scale at precisely the moment global markets need it most. We intend to deploy state of the art technologies in a disciplined and sustainable manner as we advance our Mineral Resource classifications and continue to explore within our substantial copper endowment.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc has deployed over $3 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031), Konkola Plc intends to deploy an additional $2.7 billion in capital expenditures into operations, including $0.5 billion in sustaining capital expenditures, with a goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. Konkola Plc expects to fund such expenditure through CopperTech's investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through its existing cash, together with the reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within the KCM Complex and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at Nchanga has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, process optimization to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, including an ongoing engagement with Palantir, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

Konkola Plc owns a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province. Our only material mining property is the KCM Complex. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from our production centers to Western markets.

**Basis of Presentation**

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed the Provisional Liquidator to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework. This was memorialized by the KCM Shareholders Agreement. The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on the Scheme Effective Date, July 31, 2024 (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and VRHL's control and ownership of Konkola Plc was reinstated.

**Non-Controlling Interest**

Upon the completion of the Transactions, CopperTech will own a 79.42% interest in Konkola Plc, with the remaining 20.58% held by ZCCM as the Non-Controlling Interest. The consolidated financial statements of CopperTech's predecessor, Konkola Plc, for the years ended March 31, 2025 and March 31, 2026, together with the related discussion and analysis set forth below, reflect the results of operations and financial position of Konkola Plc as a whole, including the interests attributable to the Non-Controlling Interest. For impact of the Non-Controlling Interest to the consolidated financial information of CopperTech following the Transactions, see the section entitled "*Unaudited Pro Forma Condensed Consolidated Combined Financial Information .*"

**Business Segments**

The Company operates as a single reportable segment, which is consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM"), who is responsible for allocating resources and assessing performance. The CODM reviews financial information on a consolidated basis, and no discrete financial information is prepared or reviewed for separate business units, and the significant segment expense categories reviewed by the CODM are consistent with the expense categories presented in the consolidated statements of operations and consolidated statements of comprehensive income.

The Company's Chief Executive Officer and Chief Financial Officer are identified as its CODM under business segment reporting guidance. The CODM uses Adjusted EBITDA and EBITDA as the primary measures of segment performance.

Substantially, all of our long-lived assets and operating segment assets are located in Zambia. Our mining operations and related infrastructure are principally based in Zambia, and management evaluates the geographic concentration of assets based on the location of the underlying operations. Accordingly, no additional geographic disclosure of segment assets is considered necessary as substantially all segment assets are concentrated in a single geographic area.

The Company has disclosed entity-wide information, including revenue by product and geographic area in Note 17 to our consolidated financial statements. As the Company has only one reportable segment, no reconciliation to consolidated totals is necessary.

**Key Operational and Financial Highlights**

We use the following key business metrics and certain non-GAAP measures to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions. The following table presents a summary of our key financial and operational metrics for the years ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**($, in thousands, unless otherwise stated)** | **2026** | **2025** |
| Net sales | 1330105 | 397986 |
| Operating loss | (46862) | (302380) |
| Net (loss)/income | (339661) | 922528 |
| EBITDA<sup>(1)</sup> | (187876) | 1363579 |
| Adjusted EBITDA<sup>(1)</sup> | 52881 | (202791) |
| **Operating Metrics:** |  |  |
| Payable copper produced (*lb, in thousands*) | 284218 | 106604 |
| Payable copper sold (*lb, in thousands*) | 278721 | 102081 |
| C1 Cash Cost (measured in $/ lb Cu)<sup>(1)</sup> | 4.32 | 5.55 |
| AISC (measured in $/ lb Cu)<sup>(1)</sup> | 4.71 | 5.83 |
| RCP (measured in $/ lb Cu)<sup>(1)</sup> | 4.77 | 3.90 |

---

(1) EBITDA, Adjusted EBITDA, C1 Cash Cost, AISC and RCP are non-GAAP financial measures. For the definition
of these measures and a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP,
please see "*—Non-GAAP Measures*" below.

The principal factors in evaluating our financial condition and operating results for the year ended March 31, 2026, as compared to the year ended March 31, 2025, are:

&nbsp;&nbsp;&nbsp;&nbsp;· Net sales: For the year ended March 31, 2026, our net sales increased by $932.1 million, or 234%,
compared to the year ended March 31, 2025. The increase was primarily due to a 173% increase in copper volumes sold and a 22% higher
RCP during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Operating loss: For the year ended March 31, 2026, our operating loss decreased by $255.5 million,
or 85%, compared to the year ended March 31, 2025. The decrease was primarily due to higher net sales and lower cost of sales resulting
from improved production efficiencies during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Net (loss) / income: For the year ended March 31, 2026, our net income decreased by $1.3 billion,
or 137%, compared to the year ended March 31, 2025. The decrease was primarily attributable to a one-time gain of $1.6 billion recognized
in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the
Scheme of Arrangement, in accordance with ASC 852. An additional factor contributing to the decrease was the unfavorable foreign exchange
movements. These effects were partially offset by lower interest expense, higher net sales and lower cost of sales resulting from improved
production efficiencies during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· EBITDA: For the year ended March 31, 2026, our EBITDA decreased by $1.6 billion, or 114%, compared
to the year ended March 31, 2025. The decrease was primarily attributable to a one-time gain of $1.6 billion recognized in the prior
comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement,
in accordance with ASC 852. An additional factor contributing to the decrease was the unfavorable foreign exchange movements, which were
substantially offset by higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended
March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA: For the year ended March 31, 2026, our Adjusted EBITDA increased by $255.7 million,
or 126%, compared to the year ended March 31, 2025. The increase was primarily due to higher net sales and lower cost of sales resulting
from improved production efficiencies during the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· C1 Cash Cost: For the year ended March 31, 2026, our cash cost decreased by $1.23 per pound, or 22%,
compared to the year ended March 31, 2025. The decrease was primarily due to lower cost of sales resulting from improved production
efficiencies, partially offset by an increased share of third-party concentrate processing and higher LME copper prices, which led to
an increase in third-party concentrate costs. An additional factor contributing to the decrease was the comparatively modest increase
in general and administration expenses relative to the significant increase in payable copper produced.

&nbsp;&nbsp;&nbsp;&nbsp;· AISC: For the year ended March 31, 2026, our AISC decreased by $1.12 per pound, or 19%, compared
to the year ended March 31, 2025. The decrease was primarily due to lower C1 Cash Cost during the year ended March 31, 2026, partially
offset by higher royalties and sustaining capital expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· RCP: For the year ended March 31, 2026, our RCP increased by $0.87 per pound, or 22%, compared to
the year ended March 31, 2025. The increase was primarily driven by a higher average selling price of copper in Fiscal 2026 compared
to Fiscal 2025.

**Non-GAAP Measures**

**EBITDA and Adjusted EBITDA**

EBITDA and Adjusted EBITDA are non-GAAP financial measures used by management as a supplemental measure of the performance of our business.

We believe this additional information will assist analysts, investors and other stakeholders of the Company in better understanding our ability to generate liquidity from our business, by excluding other non-recurring items from the calculation as they are not indicative of the performance of our core mining business and do not necessarily reflect the underlying operating results for the periods presented.

We define EBITDA as net (loss)/income before interest expense and income, income tax expense (benefit), depreciation. We define Adjusted EBITDA as EBITDA adjusted to exclude foreign exchange gain (loss) and other non-recurring items such as reorganization items.

The following is a reconciliation of our net (loss)/income to EBITDA and Adjusted EBITDA:

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** |
| **($, in thousands, unless otherwise stated)** |  |  |
| Net (loss)/income | (339661) | 922528 |
| Interest expense and income | 130146 | 369117 |
| Income tax benefit | (69650) | (19445) |
| Depreciation | 91289 | 91379 |
| **EBITDA** | **(187876)** | **1363579** |
| Reorganization items, net<sup>(1)</sup> |  | (1622423) |
| Foreign exchange loss, net | 240757 | 56053 |
| Adjusted EBITDA | **52881** | **(202791)** |

---

(1) Represents gain on discounting of liabilities under the Scheme of Arrangement.

**C1 Cash Cost and AISC**

C1 Cash Cost and AISC are non-GAAP measures related to our copper mine operations. We believe that C1 Cash Cost and AISC enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. Management uses this to better evaluate the costs of copper production.

We define C1 Cash Cost as the sum of cost of sales, general and administrative expenses, adjusted to exclude royalties and depreciation. C1 Cash Cost is measured on a per pound of copper basis.

We define AISC as the sum of cost of sales, general and administrative expenses, royalties, sustaining capital expenditures, adjusted to exclude depreciation. AISC is measured on a per pound of copper basis.

The following is a reconciliation of our cost of sales to C1 Cash Cost and AISC:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** | **Years ended March 31,** |
|  | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
|  | **Integrated** | **Third-<br> party<br> sources** | **Total** | **Integrated** | **Third-<br> party<br> sources** | **Total** |
| **($, in thousands, unless otherwise stated)** |  |  |  |  |  |  |
| Cost of sales | 716695 | 580881 | 1297576 | 457869 | 171886 | 629755 |
| General and administrative expenses | 72821 | 6167 | 78988 | 64390 | 6045 | 70435 |
| Royalties | (56195) |  | (56195) | (17347) |  | (17347) |
| Depreciation | (79383) | (11906) | (91289) | (79743) | (11636) | (91379) |
| **Total C1 Cash Cost** | **653938** | **575142** | **1229080** | **425169** | **166295** | **591464** |
| Royalties | 56195 |  | 56195 | 17347 |  | 17347 |
| Sustaining capital expenditures | 53702 |  | 53702 | 13206 |  | 13206 |
| **AISC** | **763835** | **575142** | **1338977** | **455722** | **166295** | **622017** |
| Payable copper produced (lb in thousands) | 170008 | 114210 | 284218 | 67122 | 39482 | 106604 |
| C1 Cash Cost per pound ($/ lb Cu) | 3.85 | 5.04 | 4.32 | 6.33 | 4.21 | 5.55 |
| AISC per pound ($/ lb Cu) | 4.49 | 5.04 | 4.71 | 6.79 | 4.21 | 5.83 |

---

**RCP**

RCP is a non-GAAP measure calculated from net sales, net of distribution costs.

Management believes this provides investors and analysts with a more accurate measure with which to compare to market copper prices and to assess our copper sales performance. For those reasons, management believes that this measure provides a reflection of Konkola Plc's past performance and is an indicator of its expected performance in future periods.

Our RCP are typically lower than the LME benchmark price primarily due to standard commercial adjustments that are customary in the copper industry. These include refining charges applicable to anode sales, freight deduction from mine to the customer port, terminal handling charges, and payability adjustments on copper cobalt alloy and concentrate sales. These factors represent normal industry practices and are incorporated into our commercial terms based on product specifications, logistics, and prevailing market conditions.

The following is a reconciliation of Konkola Plc's net sales to RCP:

---

| | | |
|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**($, in thousands, unless stated otherwise)** | **2026** | **2025** |
| Net sales | 1330105 | 397986 |
| Distribution costs | (403) | (176) |
| **Total realized sales** | 1329702 | 397810 |
| Payable copper sold (lb in thousands) | 278721 | 102081 |
| **RCP ($/ lb Cu)** | 4.77 | 3.90 |

---

Non-GAAP financial measures, including Adjusted EBITDA, C1 Cash Cost, AISC and RCP are utilized by us to provide additional insights into our financial and operational performance that may not be apparent from GAAP measures alone. These supplemental measures can aid in the comparability of our performance across different reporting periods by eliminating the effects of certain items that can vary significantly from one period to another, such as non-operating items and other non-recurring or non-cash adjustments. Management finds these supplemental measures useful in assessing financial performance, operational efficiency, making strategic decisions and providing supplemental analysis of our ability to generate cash, service debt and fund investments.

However, these non-GAAP measures have limitations and should not be considered in isolation or as a substitute for the GAAP financial measures. One key limitation is the lack of standardization, which means they may be defined and calculated differently by other companies, potentially leading to reduced comparability. Additionally, these measures may exclude costs that are necessary to understand our overall financial performance. For instance, Adjusted EBITDA adjusts net income for certain items, but it is important to recognize that we may incur similar expenses in the future.

Investors and analysts are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. These measures may not be indicative of future performance and may not be comparable to similarly titled measures used by other companies, thereby diminishing their utility. In summary, while non-GAAP measures can provide valuable additional context, they should be used in conjunction with the most directly comparable GAAP financial measures to ensure a balanced and comprehensive analysis of our financial results.

**Key Factors Affecting our Performance**

Our financial performance is substantially derived from the sale of copper extracted from the KCM Complex. The key factors affecting our results of operations and financial performance are as follows:

**Production at existing operations**

The most significant factor affecting our results of operations is the quantity of metal produced at the KCM Complex. Copper production for the year ended March 31, 2026, was 166% or 81 Kt higher than the previous year, primarily driven by higher ore throughput and improved recovery efficiencies across operations.

Mined metal production for the year ended March 31, 2026 was 149% higher than the previous year, with 35 Kt produced by the Konkola Complex, 16 Kt produced by the Nchanga Complex and 31 Kt produced by the Tailings Complex. This increase in mined metal production was attributable to (i) higher ore production at the Konkola Complex of 781 Kt, supported by a 2.4% improvement in recovery efficiencies, (ii) increased ore production at the Nchanga Complex of 2,521 Kt, along with a 19.9% improvement in recovery efficiencies and (iii) higher feed volumes at the Tailings Complex of 5,148 Kt, coupled with a 2.2% improvement in recovery efficiencies.

The sustained improvement in output also reflects the benefits of the strategic investment program focused on asset reliability that has taken place during the course of Fiscal 2025 and 2026. These investments have resulted in increased plant availability, improved throughput stability and more predictable operating performance across all producing units.

Since the Resumption of Control on July 31, 2024, Vedanta has funded $330.0 million pursuant to the Capital Expenditures Support Loan Agreement. As of March 31, 2026, Vedanta has deployed $250.0 million to refurbish the assets at the KCM Complex and restore operations. Under Vedanta's management, Konkola Plc has achieved a production run rate of 129 Ktpa of copper (including Integrated and third-party sources) from April 2025 through March 2026. The operating loss for the year ended March 31, 2026 is characteristic of a business in its stabilization and ramp-up phase following the Resumption of Control and reflects planned transitional costs. With production volumes and Adjusted EBITDA on an upward trend, the Company anticipates a continued and progressive improvement in performance.

A summary of our operating performance for the years ended March 31, 2026 and 2025 is presented in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**Copper production** | **UOM** | **2026** | **2025** | **Change** | **% Change** |
| Total copper produced | *Kt* | 128.9 | 48.4 | 80.5 | 166% |
| Sales, excluding purchases | *Kt* | 126.4 | 46.3 | 80.1 | 173% |
| RCP | *$ per Kt, <br> in thousands* | 10518 | 8591 | 1927 | 22% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**Copper production by site** | **UOM** | **2026** | **2025** | **Change** | **% Change** |
| <u>Konkola Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 1300.2 | 518.9 | 781.3 | 151% |
| % Cu | *%Cu* | 3.0 | 3.0 |  | 0% |
| Recovery % TCu | *%* | 89.5 | 87.1 | 2.4 | 3% |
| Copper in Concentrates | *Kt* | 34.6 | 13.6 | 21.0 | 154% |
| <u>Nchanga Complex</u> |  |  |  |  |  |
| Total ore mined | *Kt* | 7786.8 | 5265.4 | 2521.4 | 48% |
| % Cu | *%Cu* | 0.8 | 0.9 | (0.1) | -11% |
| Recovery % TCu | *%* | 24.8 | 4.9 | 19.9 | 406% |
| Copper in Concentrates | *Kt* | 16.3 | 2.3 | 14.0 | 609% |
| <u>Tailings Complex</u> |  |  |  |  |  |
| Total Tailings treated | *Kt* | 11593.7 | 6445.4 | 5148.3 | 80% |
| Head grade (LOM Avg.) | *%Cu* | 0.4 | 0.4 |  | 0% |
| Recovery (LOM Avg.) | *%* | 72.8 | 70.6 | 2.2 | 3% |
| Primary copper | *Kt Cu* | 30.6 | 17.0 | 13.6 | 80% |

---

**Price of copper**

Global prices for copper are a key driver of our performance. Copper consumption is largely associated with industrial production and tends to follow economic cycles, with demand for copper products increasing during phases of economic growth, which often leads to higher prices, and vice versa. Changes in the price of copper affect our results of operations. The changes in these prices result from numerous factors that are beyond our control, including global supply and demand of copper, expectations with respect to the rate of inflation, the exchange rates of the United States dollar to other currencies, interest rates, forward selling by producers, central bank sales and purchases, production and cost levels in major producing regions, global or regional political, economic or financial situations and global or regional pandemics. To operate within the optimized design specifications of the Nchanga smelter, third-party copper concentrate is purchased from nearby mines to create a blended input to be processed. The pricing of third-party copper concentrate is linked to prevailing LME copper prices, subject to customary discounts such as payability terms, freight charges or credits, and treatment and refining charges. As a result, global copper prices affect not only Konkola Plc realized prices for finished copper, but also the cost of externally sourced concentrate. Accordingly, LME copper prices are largely naturally hedged, as changes in concentrate procurement costs are generally offset by corresponding movements in realized prices for finished copper, thereby preserving our margin. However, the availability of third-party concentrate is crucial for the optimal performance of our business. We have not historically experienced service disruptions and shutdowns due to lack of third-party concentrate, however we aim to maintain a diversified supplier base with key suppliers to ensure reliability of our supply.

Further, the increase in demand for electricity, the development of new energy sources and the rapid development of the electronics industry have resulted in the growth of demand for copper. Such growth coupled with the constrained supply of copper due to resource development, production costs and copper mine output has resulted in recent increases in copper prices. Copper prices are also influenced by international political and economic environment given copper's importance as an industrial raw material.

**Tariffs**

Effective April 6, 2026, the U.S. government has implemented under Section 232 a tiered tariff on semi-finished copper products and copper-intensive derivatives of 50%, 25%, 15% or 10% applied to the entire value of the products, citing national security concerns. While these tariffs currently exclude raw copper forms such as ores and cathodes, which are our primary products, there remains a risk that future policy changes could expand the scope of tariffs to include additional copper product categories, including cathodes. For example, the U.S. Secretary of Commerce is expected to provide an update on domestic copper markets to determine whether to impose a proposed, phased universal import duty on refined copper (including cathodes) of 15% beginning in 2027 and 30% beginning in 2028. In addition, the U.S. administration has mandated that a phased percentage of U.S.-produced copper materials and high-quality copper scrap be sold domestically beginning in 2027 at 25%, which could affect global market dynamics and pricing. We are actively monitoring these developments and evaluating opportunities to expand relationships with U.S. refiners and processors that may benefit from increased domestic supply requirements. However, any broadening of tariff coverage or further trade restrictions could adversely affect our ability to access key export markets, reduce our pricing competitiveness, and increase compliance costs, which may in turn negatively impact our revenues and profitability.

**Development projects and exploration**

We are currently implementing a phased expansion plan aimed at increasing our annual copper production to reach an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. We are in the process of installing a new pump station at the 1,390 meter level at the Konkola Complex, which is required to enable dewatering of the Bancroft Deeps sector. The pump station is expected to provide incremental dewatering capacity of approximately 90,000–140,000 m³/day above the current system capacity of approximately 360,000 m³/day, targeting a total system capacity of 450,000–500,000 m³/day. We have also commenced main level development at both the shallower and deeper levels of the Konkola underground mine, which is critical to accessing reserves therein and equipping pump stations necessary for managing the mine's significant groundwater inflows. The second concentrator stream at the Konkola concentrator is also being refurbished to restore the facility to its nameplate capacity, and rail rehabilitation works have been initiated, along with the procurement of locomotives to support the underground rail-based tramming system. Over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031), Konkola Plc intends to expend an additional $2.7 billion in investment into its operations including $0.5 billion in sustaining capital expenditures to enable its expansion plans.

We are continuing to carry out resource definition activities. To increase viability of our existing assets, we are carrying out infill and extension drilling at our COP E Extension and COP DF deposits at the Nchanga Complex, as well as TD05 at Nchanga and the Lubengele tailings dam at the Konkola Complex, with a view to generating Mineral Resource estimates and expanding the resource base of our operations.

**Zambia – Economy, effective tax rates and regulations**

Our operating and financial performance is closely influenced by the broader Zambian political, regulatory and economic environment. Mining is a central pillar of the Zambian economy, accounting for over 70% of national exports, over 44% of government revenues and approximately 15% of gross domestic product as of 2025. Zambia's overall political stability and consistent support for responsible mining development remain important drivers enabling long-term planning, capital deployment and project execution. The Government's 2030 copper growth objectives and ongoing transfer of major mining assets to private operators also contribute to an investment-supportive environment.

At the same time, our results are sensitive to material risks in the Zambian operating landscape, including potential changes to mining fiscal policy, regulatory requirements, and power availability. Our cost structure and production cadence may also be affected by the timing and effectiveness of infrastructure upgrades, such as the U.S.-backed $10 billion Lobito Corridor rail project, which is expected to enhance export logistics but remains subject to execution risks.

Together, these factors—supportive policy direction, sector concentration in the economy, and exposure to regulatory and infrastructure uncertainties—represent key drivers of variability in our operational and financial performance.

**Zambian Tax Regime**

Since January 1, 2019, Zambia's mining tax framework has undergone several reforms, including higher mineral royalties (non-deductible for tax) and VAT adjustments to encourage investment in mining equipment while restricting input claims on fuel, electricity, and consumables. Subsequent budgets introduced changes such as partial VAT claim reinstatements and suspension of export duties on precious metals during COVID-19 (2020).

The 2021 budget maintained most tax parameters, with temporary fuel duty suspensions having minimal impact. The 2022 budget reinstated corporate tax deductibility of mineral royalties and proposed a shift to an incremental royalty framework, which was implemented in the 2023 budget alongside revised royalty bands and reinstated taxes on fuel. The 2024 budget announced no major mining tax changes, reaffirming policy stability.

The 2025 and 2026 budget, presented on September 27, 2024 and September 26, 2025, respectively, continued this stance, emphasizing predictability to attract investment.

The adoption of a mineral royalty calculation on an incremental basis is considered a more equitable and market-responsive framework, designed to align fiscal policy with fluctuations in commodity prices, to which we are exposed. See "*Quantitative and Qualitative Disclosures About Market Risk.*"

**Key Components of Results of Operations**

**Net sales**

We primarily operate in the business of selling copper, mainly in the form of cathodes and anodes. We also realize revenues from cobalt contained in copper-cobalt alloy, copper concentrate and gold and silver contained in slime and other compounds. We recognize revenue when it transfers control of a product to the customer.

The following table presents information regarding net sales by product for the years ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Years Ended March 31,** | **Years Ended March 31,** |
| <br>**($, in thousands)** | **2026** | **2025** |
| Copper (cathodes and anodes) | 1315243 | 396944 |
| Precious metals in slime and others | 14862 | 1042 |
| **Total** | **1330105** | **397986** |

---

**Cost of sales**

Our cost of sales primarily includes depreciation on plant and other equipment, mines, land and buildings and expenses directly associated with mining, processing, and refining operations such as electricity and energy, labor, chemical consumption, mine development expenses, repair and maintenance, copper consumption, consumables, spares, mineral royalty tax and diesel, petrol and fuel expenses.

Many of our costs are driven by supply and market demand, including local materials such as explosives, fuel, chemicals/reagents and electricity, as well as labor, which is also affected by inflation, currency exchange rates, government policies and shortages of skilled human resources. In recent years, the mining industry has been impacted by increased worldwide demand for critical resources such as input commodities, drilling equipment, tires and skilled labor, and these shortages may cause unanticipated cost increases and delays in delivery times, thereby impacting operating costs, capital expenditures and production schedules.

Further, our operations rely heavily on electricity and energy, the availability and pricing of which are subject to global and regional supply-demand dynamics, regulatory regimes and adverse weather conditions, especially given Zambia's reliance on hydro-electric generation.

See *"Risk Factors—Risks Related to our Business—We may be adversely affected by the availability and cost of key inputs*.*"*

**Selling and distribution expenses**

Our selling and distribution expenses consist primarily of freight and discount.

**General and administration expenses**

Our general and administration expenses consist primarily of accounting, finance and administrative personnel costs, liquidation fees, insurance, rates and taxes and corporate social responsibility expenses.

**Other income**

Other income consists mainly of gains on the rental income, scrap sales, reversal of excess Current Expected Credit Loss provision and write back of liabilities.

**Foreign exchange gain (loss), net**

Foreign exchange gain (loss) consists primarily of foreign exchange gain (loss) on accounts receivable, accounts payable and cash and cash equivalents. See "*Quantitative and Qualitative Disclosures About Market Risk.*"

**Reorganization items, net**

Reorganization items, net represents gain recognized due to the accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852.

**Interest expenses**

Interest expense consists mainly of interest on debts, advances, prepayments, late payments to vendors, unwinding of discount on asset retirement obligation and accretion of discounted liabilities in accordance with ASC 852.

**Interest income**

Interest income consists mainly of interest on bank balances.

**Income tax benefit**

We account for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and deferred tax assets and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

**Consolidated Results of Operations**

**Comparison of the fiscal year ended March 31, 2026 to the fiscal year ended March 31, 2025**

The following tables set forth Konkola Plc's consolidated statements of operations data for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** | **Change** | **% Change** |
| **($, in thousands, except percentages)** |  |  |  |  |
| Net sales | 1330105 | 397986 | 932119 | 234% |
| Cost of sales | (1297576) | (629755) | (667821) | 106% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit/ (loss) | 32529 | (231769) | 264298 | -114% |
| Selling and distribution expenses | 403 | 176 | 227 | 129% |
| General and administration expenses | 78988 | 70435 | 8553 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (46862) | (302380) | 255518 | -85% |
| Other income | 8454 | 8210 | 244 | 3% |
| Foreign exchange loss, net | (240757) | (56053) | (184704) | 330% |
| Reorganization items, net |  | 1622423 | (1622423) | -100% |
| Interest income | 3013 | 1559 | 1454 | 93% |
| Interest expenses | (133159) | (370676) | 237517 | -64% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss)/ income before income tax benefit | (409311) | 903083 | (1312394) | -145% |
| Income tax benefit | 69650 | 19445 | 50205 | 258% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss)/ income | (339661) | 922528 | (1262189) | -137% |

---

**Net sales**

For the year ended March 31, 2026, our net sales increased by $932.1 million, or 234%, compared to the year ended March 31, 2025. The increase was primarily due to a 173% increase in copper volumes sold and a 22% higher RCP during the year ended March 31, 2026.

**Cost of sales**

For the year ended March 31, 2026, our cost of sales increased by $667.8 million, or 106%, compared to the year ended March 31, 2025. The increase was primarily due to a higher copper production of 81 Kt, including a higher proportion of third-party concentrate processing of 34 Kt during the year ended March 31, 2026. This was partially offset by lower cost of sales resulting from improved production efficiencies.

**Gross profit/ (loss)**

For the year ended March 31, 2026, our gross loss decreased by $264.3 million, or 114%, compared to the year ended March 31, 2025. The decrease was primarily due to higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended March 31, 2026, which was partially offset by a higher proportion of third-party concentrate processing of 34 Kt.

**General and administration expenses**

For the year ended March 31, 2026, our general and administrative expenses increased by $8.6 million, or 12%, compared to the year ended March 31, 2025. The increase was primarily due to higher corporate social responsibility expenses, safety and security expenses, rates and taxes and staff welfare expenses. These effects were partially offset by lower expenses related to provisional liquidation-related matters during the year ended March 31, 2026.

**Operating loss**

For the year ended March 31, 2026, our operating loss decreased by $255.5 million, or 85%, compared to the year ended March 31, 2025. The decrease was primarily due to higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended March 31, 2026.

 ****

**Foreign exchange loss, net**

For the year ended March 31, 2026, our foreign exchange loss increased by $184.7 million, or 330%, compared to the year ended March 31, 2025. This increase was primarily due to the appreciation of the Kwacha against the U.S. dollars and the resulting unfavorable impact on the translation of Kwacha denominated liabilities into U.S. dollars.

**Reorganization items, net**

For the year ended March 31, 2026, no reorganization items were recognized, as compared to a one-time gain of $1.6 billion in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852.

**Interest income**

For the year ended March 31, 2026, our interest income increased by $1.5 million, or 93%, compared to the year ended March 31, 2025. The increase was primarily due to a higher interest earned on call accounts, as such accounts were operational for the full twelve-month period in Fiscal 2026, compared to only a partial-year contribution in Fiscal 2025 following the activation of these accounts in August 2024.

**Interest expenses**

For the year ended March 31, 2026, our interest expenses, net decreased by $237.5 million, or 64%, compared to the year ended March 31, 2025. The decrease was primarily due to lower accretion expense on discounted Scheme of Arrangement-related liabilities (i.e., unwinding of discount) in Fiscal 2026 compared to Fiscal 2025, as well as a reduction in interest expense following the cessation of interest accrual after July 2024 on the Legacy Konkola Liabilities pursuant to the Scheme of Arrangement. These effects were partially offset by an increase in interest expense on Scheme Loan Agreements with Vedanta Resources Holdings Limited in Fiscal 2026.

**Income tax benefit**

For the year ended March 31, 2026, our income tax benefit increased by $50.2 million, or 258%, compared to the year ended March 31, 2025. The increase was primarily attributable to the recognition of deferred tax assets (net) of $69.7 million in Fiscal 2026, compared to the reversal of deferred tax liabilities (net) of $19.5 million in Fiscal 2025.

**Net (loss) / income**

For the year ended March 31, 2026, our net income decreased by $1.3 billion, or 137%, compared to the year ended March 31, 2025. The decrease was primarily attributable to a one-time gain of $1.6 billion recognized in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852, Reorganizations. An additional factor contributing to the decrease was the unfavorable foreign exchange movements. These effects were partially offset by lower interest expense, higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended March 31, 2026.

**Impact of Applying ASC 852, Reorganizations**

In accordance with Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") items directly attributable to the Scheme of Arrangement have been separately presented as reorganization-related items across the financial statements.

In line with ASC 852, pre-petition obligations amounting to $4,251.5 million as of March 31, 2026 represent obligations impacted by restructuring. These were presented as liabilities subject to compromise and were measured at the amounts expected to be allowed under the Scheme of Arrangement, even if the ultimate settlement may occur at lower values.

 ****

**Consolidated Balance Sheet Impact**

In connection with the Scheme, as per ASC 852 requirements, the Company recognized a present value adjustment of $2,875.7 million as of March 31, 2026 and $2,947.8 million as of March 31, 2025. Of this adjustment, $888.3 million as of March 31, 2026 and $959.2 million as of March 31, 2025 was recognized within "*Indebtedness to related parties—non-current*" and $1,987.4 million as of March 31, 2026 and $1,988.7 million as of March 31, 2025 within "*Non-current liabilities*." This adjustment reflects the discounting of expected future cash outflows relating to restructured obligations—including intercompany liabilities, GRZ borrowings and other long-term debts—settling over an estimated 15-year horizon. The obligations were discounted reflecting the time value of money and risk characteristics of the restructured debt.

**Consolidated Statement of Operations Impact**

The initial discounting of Scheme of Arrangement-related liabilities resulted in a gain of $1,622.4 million, recognized as "*Reorganization items, net*" for the year ended March 31, 2025. Subsequently, the accretion of such discounted liabilities (i.e., unwinding of discount) resulted in an expense of $72.1 million and $263.7 million, recognized within "*Interest expenses*" for the year ended March 31, 2026 and March 31, 2025, respectively. This treatment aligns with ASC 852 requirements, which mandate that gains, losses and adjustments arising directly from the reorganization process be presented separately from recurring operational results.

**Consolidated Statement of Shareholders' Equity Impact**

Consistent with the ASC 852 principles, residual impacts of debt forgiveness, capital re-designation and other adjustments that are not routed through profit or loss were recorded directly in equity. A total of $1,589.3 million was recognized within Additional Paid-in Capital on the Consolidated Statements of Shareholders' Equity.

**Liquidity and Capital Resources**

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations, debt service and other commitments with cash flows from operations and other sources of funding. Our principal sources of liquidity to date have included cash on hand, cash from operating activities and amounts available under shareholder loans from Vedanta.

Our ultimate success is dependent on our ability to obtain additional financing and generate sufficient cash flow to meet our obligations on a timely basis. Our business will require significant capital to sustain operations and significant investments to execute our long-term business plan. Absent generation of sufficient revenue from the execution of our long-term business plan, we will need to obtain debt or equity financing, especially if we experience downturns, production declines or other operating disruptions in our business that are more severe or longer than anticipated. Such additional debt or equity financing may not be available to us on favorable terms, if at all. If CopperTech raises additional capital through public or private equity or convertible debt offerings, the ownership interest of CopperTech's existing stockholders will be diluted, and the terms of such securities may include liquidation or other preferences that adversely affect the rights of holders of CopperTech's common stock. If we raise additional capital through debt financing, we may be subject to covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or paying dividends.

Our consolidated financial statements have been prepared on a going concern basis, which assumes we will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about our ability to continue as a going concern exists. We have incurred operating losses of $46.9 million and $302.4 million during the fiscal years ended March 31, 2026 and March 31, 2025, respectively. We have deficit cashflows from operating activities of $66.3 million and $266.6 million for the years ended March 31, 2026 and March 31, 2025 respectively. Our cash and cash equivalents was $154.1 million as of March 31, 2026.

Pursuant to the Scheme Loan Agreements, VRHL committed to providing a $1.0 billion loan pursuant to the Capital Expenditures Support Loan Agreement, a $250.0 million loan pursuant to the Creditor Settlement Support Loan Agreement and a $20.75 million loan pursuant to the Community Support Loan Agreement to Konkola Plc. Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of Secured Overnight Financing Rate ("SOFR") plus 7.00% and the cost of funding to VRHL, and matures in December 2028 provided that an automatic extension will be given should we have insufficient cash flow to repay such debt at maturity. Our ability to continue as a going concern is dependent upon loan facilities guaranteed by our ultimate parent company, VRL. In this regard, we received a letter of financial support from VRL, confirming that VRL will provide necessary financial support for a minimum period of 12 months from the date of financial closure of accounts of the Company for the year ended March 31, 2025. We expect to receive a similar letter of financial support from VRL for the year ended March 31, 2026.

During the period in which Konkola Plc was under the management of the Provisional Liquidator, production declined to its lowest level in Fiscal 2024 resulting in operating losses and deficit cashflows. Having already achieved a production run rate of 129 Ktpa of copper (including Integrated and third-party sources) from April 2025 through March 2026 under Vedanta's management, and with the planned $2.7 billion capital expenditures including $0.5 billion in sustaining capital expenditures (which includes proceeds from this offering) over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031) that is intended to allow Konkola Plc to ramp-up copper production, we anticipate that we will be able to generate positive cash flows over the long term. Based upon our current operating plan and assumptions, we expect that our existing cash balances and expected cash flows from operations, alongside the continuance of the financial support received from Vedanta will be sufficient to fund our operations for at least the next 12 months. We have based this estimate on assumptions that may prove to be wrong and we could expend our capital resources sooner than we currently expect.

**Cash flows**

---

| | | |
|:---|:---|:---|
|  | **Years Ended March 31,** | **Years Ended March 31,** |
|  | **2026** | **2025** |
| **($, in thousands)** |  |  |
| Net cash used in operating activities | (66302) | (266555) |
| Net cash used in investing activities | (96382) | (13206) |
| Net cash provided by financing activities | 253372 | 337772 |
| Effect of exchange rate changes on cash and cash equivalents | (377) | (152) |
| **Net increase in cash and cash equivalents** | **90311** | **57859** |

---

**Net cash used in operating activities**

Net cash used in operating activities during the year ended March 31, 2026, was $66.3 million, a $200.3 million decrease from $266.6 million during the year ended March 31, 2025. The decrease in operating cash outflows was primarily driven by a reduction in operating cash losses and favorable working capital movements, including other non-current assets, accounts payable and other current liabilities. These effects were partially offset by unfavorable movements in other non-current liabilities (including liabilities subject to compromise), prepaid expenses and inventory.

**Net cash used in investing activities**

Net cash used in investing activities during the year ended March 31, 2026, was $96.4 million, a $83.2 million increase from $13.2 million during the year ended March 31, 2025. The increase in investing activities cash outflows was primarily due to higher sustaining capital expenditures of $53.7 million in Fiscal 2026, compared to $13.2 million in Fiscal 2025. Additional factors contributing to the increase included growth capital expenditures of $8.1 million and capital development costs of $34.6 million incurred in Fiscal 2026, with no comparable capital expenditures incurred in Fiscal 2025.

 ****

**Net cash provided by financing activities**

Net cash provided by financing activities during the year ended March 31, 2026, was $253.4 million, a $84.4 million decrease from $337.8 million during the year ended March 31, 2025. The decrease in financing activities cash inflows was primarily due to lower proceeds from the issuance of long-term debt, which decreased by $55.7 million in Fiscal 2026 compared to Fiscal 2025. In addition, financing cash inflows were impacted by higher repayments of long-term debt in Fiscal 2026, including repayment under the Bridge Facility Loan Agreement to VRHL of $25.0 million and repayment of a note payable to First Capital Bank (Botswana) of $6.6 million, compared to $3.0 million in Fiscal 2025.

**Indebtedness**

The following table details our borrowings outstanding as of March 31, 2026 and the associated interest expense, including amortization of debt issuance and modification costs and debt discounts and the average effective interest rates for such borrowings for the fiscal year ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **($, in thousands, unless otherwise stated)** | **Principal<br> Balance (Gross<br> Value) as at<br> March 31, 2026** | **Discount on<br> present value<br> as at<br> March 31, 2026** | **Principal<br> Balance<br> (Present Value)<br> as at<br> March 31, 2026** | **Average<br> Effective<br> Interest Rate** | **Interest<br> Expense For<br> the Fiscal<br> Year ended<br> March 31, 2026** |
| **Debt not subject to compromise** |  |  |  |  |  |
| Scheme Loan Agreements with Vedanta Resources Holdings Limited | 600750 | Nil | 600750 | SOFR plus 7.00% | 48531 |
| Bridge Facility Loan Agreement with Vedanta Resources Holdings Limited | Nil | Nil | Nil | SOFR plus 7.00% | 807 |
| Note payable to First Capital Bank (Botswana) | 15394 | Nil | 15394 | 8.33% | 1237 |
| **Debt subject to compromise** |  |  |  |  |  |
| Loan Agreement with Vedanta Resources Jersey II Limited (the "Jersey II Loan") | 1038318 | (678255) | 360063 | 6.50%<sup>(1)</sup> | Nil |
| Loan Agreement with Vedanta Resources Plc | 273782 | (171443) | 102339 | 3-month LIBOR plus 4.75%<sup>(1)</sup> | <br>Nil |
| Loan Agreement with ZCCM Investments Holdings Plc | 10500 | (7358) | 3142 | 8.00%<sup>(1)</sup> | Nil |
| Note payable to the Government of the Republic of Zambia (the "Existing GRZ Liabilities") | 44578 | (31244) | 13334 | Nil | Nil |
| **Total debt** | **1983322** | **(888300)** | **1095022** |  | **50575** |

---

(1) Average Effective Interest Rate as applicable until July 31, 2024.

The following table details our non-current liabilities outstanding as of March 31, 2026 and the associated present value adjustment (i.e., discounting).

---

| | | | |
|:---|:---|:---|:---|
|  | **Balance (Gross<br> Value) As at<br> March 31, 2026** | **Discount on<br> present value As<br> at March 31, 2026** | **Balance (Present<br> Value) As at<br> March 31, 2026** |
| **($, in thousands, unless otherwise stated)** | | | |
| **Liabilities not subject to compromise** |  |  |  |
| Interest payable on Scheme Loan Agreements with Vedanta Resources Holdings Limited | 70737 | Nil | 70737 |
| Other dues and payable | 87779 | Nil | 87779 |
| **Liabilities subject to compromise** |  |  |  |
| Interest payable on Loan Agreement with Vedanta Resources Jersey II Limited (the "Jersey II Loan") | 503678 | (315404) | 188274 |
| Interest payable on Loan Agreement with Vedanta Resources Plc | 93407 | (58491) | 34916 |
| Dividend payable to Vedanta Resources Holdings Limited ("Other Existing Liabilities") | 39710 | (24866) | 14844 |
| Intercompany advances ("Other Existing Liabilities") | 105012 | (65759) | 39253 |
| Government dues ("Other Existing Liabilities") | 1975834 | (1407278) | 568556 |
| Other dues and payable ("Other Existing Liabilities") | 166722 | (115612) | 51110 |
| **Total non-current liabilities** | **3042879** | **(1987410)** | **1055469** |

---

The following table details our debt and non-current liabilities outstanding as of March 31, 2026 and the associated present value adjustment (i.e., discounting).

---

| | |
|:---|:---|
|  | **Balance As at<br> March 31, 2026** |
| **($, in thousands, unless otherwise stated)** | |
| Debt and non-current liabilities not subject to compromise | 774660 |
| Debt and non-current liabilities subject to compromise | 4251541 |
| **Total debt and non-current liabilities** | **5026201** |
| (Less): Discount on present value | (2875710) |
| **Total debt and non-current liabilities (Net of discount)** | **2150491** |

---

**Scheme Loan Agreements**

In connection with the Scheme of Arrangement, Konkola Plc entered into the Scheme Loan Agreements, pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc.

For the years ended March 31, 2025 and March 31, 2026, no principal or interest was repaid under the Scheme Loan Agreements. Repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall.

Subject to the terms of the KCM Shareholders Agreement, each Scheme Loan Agreement matures in December 2028 (and may be subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity). Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of SOFR plus 7.00% and the cost of funding to VRHL.

<u>Creditor Settlement Support Loan Agreement</u>

Pursuant to the Creditor Settlement Support Loan Agreement, the lender is required to loan $250.0 million to Konkola Plc to fund amounts payable to Konkola Plc's creditors. As of March 31, 2026, VRHL had funded the $250.0 million required under the Creditors Settlement Support Loan Agreement.

<u>Community Support Loan Agreement</u>

Pursuant to the Community Support Loan Agreement, the lender is required to loan $20.75 million to Konkola Plc to fund community support. As of March 31, 2026, VRHL had funded the $20.0 million required under the Community Support Loan Agreement.

<u>Capital Expenditures Support Loan Agreement and Deed of Adherence</u>

Pursuant to the Capital Expenditures Support Loan Agreement, the VRHL is required to loan $1.00 billion to Konkola Plc to support Konkola Plc's capital expenditures. As of March 31, 2026, VRHL had funded $330.0 million under the Capital Expenditures Support Loan Agreement, and there is a balance of $670.0 million to be funded.

Pursuant to the Deed of Adherence, VRHL will transfer its 79.42% interest in Konkola Plc to VRJL and novate certain of its shareholder loan obligations to VRJL, including the unfunded balance of $670.0 million under the Capital Expenditures Support Loan Agreement. CopperTech shall, upon and subject to the completion of this offering, contribute $670.0 million of the net proceeds to VRJL for the purpose of funding the outstanding balance under the Capital Expenditures Support Loan Agreement, with such proceeds being applied towards the Konkola Deep Mine Project at the Konkola Complex. Such contribution is also made in fulfilment of VRJL's funding commitments under Section 15.1.2 of the KCM Shareholders Agreement as supplemented and amended by the Deed of Adherence. In the event that VRJL fails to satisfy its funding obligations under the Capital Expenditures Support Loan, such funding default will automatically trigger the deemed provisions set out in Section 15 of the KCM Shareholders agreement, which, among other things, requires the defaulting party to deliver written notice to the other parties, who may elect to treat such notice as an irrevocable offer to sell all of the defaulting party's shares in and shareholder loans to Konkola Plc

Pursuant to the Deed of Adherence, VRJL is required fund the outstanding $670.0 million under the Capital Expenditures Support Loan Agreement in the following semi-annual instalments:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Expenditures Support Loan Agreement**  | **Capital Expenditures Support Loan Agreement**  | **Deed of Adherence** | **Deed of Adherence** |
| **Instalment Date** | **Cumulative Principal Amount previously Funded** | <br>**Instalment Date**<br>| **Cumulative Principal Amount to be Funded** |
| July 1, 2025 | $124000000 |  |  |
| January 1, 2026 | $330000000 |  |  |
|  |  | June 30, 2026 | $434000000 |
|  |  | December 31, 2026 | $537000000 |
|  |  | June 30, 2027 | $720000000 |
|  |  | December 31, 2027 | $902000000 |
|  |  | June 30, 2028 | $1000000000 |
|  |  | *—* | *—* |
|  |  | *—* | *—* |
|  |  | *—* | *—* |

---

**VRHL Guarantee**

On June 1, 2026, VRHL entered into the Deed of Adherence that amended and supplemented the Shareholders Agreement among VRL, ZCCM, Konkola Plc and GRZ, pursuant to which VRHL provided an unconditional and irrevocable guarantee for the due and punctual performance of VRJL's funding obligations under both the Capital Expenditures Support Loan Agreement and Section 15.1.2 of the KCM Shareholders Agreement. The VRHL Guarantee will become effective following the consummation of the Transactions and will remain in full force and effect for the entire period that VRJL remains a shareholder in Konkola Plc and until all guaranteed obligations have been fully and unconditionally discharged. Pursuant to the Deed of Adherence the Company is also required to contribute $670.0 million of the net proceeds of this offering to VRJL for the purpose of funding the outstanding balance that has yet to be funded under the Capital Expenditures Support Loan Agreement.

**Bridge Facility Loan Agreement**

On December 22, 2023, Konkola Plc entered into a Bridge Facility Loan Agreement with VRHL for a principal amount of $25.0 million that accrued interest at a rate of 7.00%. No principal or interest under this loan agreement was paid in the year ended March 31, 2025. The full principal and interest amounts were repaid on July 15, 2025.

**Term Loan Facility**

On September 19, 2024, Konkola Plc entered into a Term Loan Facility with First Capital Bank Limited for a principal amount of $20.0 million that accrued interest at a rate of 8.33%. The Term Loan Facility matures 36 months from the date of disbursement. Principal of $3.0 million and $6.3 million and interest of $0.8 million and $1.2 million were repaid in the years ended March 31, 2025 and March 31, 2026 respectively. As of March 31, 2026, $10.7 million (including the current portion of the debt of $6.9 million) remained outstanding.

On December 1, 2025, Konkola Plc entered into a Term Loan Facility with First Capital Bank Limited for a principal amount of $5.0 million that accrued interest at a rate of 8.33%. The Term Loan Facility matures 36 months from the date of disbursement. Principal of $0.3 million and interest of $0.04 million were repaid in the year ended March 31, 2026. As of March 31, 2026, $4.7 million (including the current portion of the debt of $1.6 million) remained outstanding.

**Legacy Konkola Liabilities**

Pursuant to the Scheme of Arrangement, Konkola Plc's shareholders were required to restructure the legacy debt previously provided to Konkola Plc. This was implemented through the execution of shareholder loan amendment agreements. Under these agreements, the relevant funding arrangements were amended to provide that all interest accrued prior to July 31, 2024 is capitalized into the principal amount of the respective loan and that no additional interest accrues from July 31, 2024. The agreements amended as part of this process are set out below and are collectively referred to as the "Legacy Konkola Liabilities":

&nbsp;&nbsp;&nbsp;&nbsp;· A loan agreement with VRJL II in connection with all amounts paid by VRJL II to the lenders under the
common terms agreement between Konkola Plc and The Standard Bank of South Africa Limited, dated October 31, 2012, for a principal
amount of $1.04 billion that accrued interest until July 31, 2024 at a rate of 6.50% (the "Jersey II Loan").

&nbsp;&nbsp;&nbsp;&nbsp;· A loan from Vedanta Resources Plc in connection with all amounts paid by Vedanta Resources Plc to the
lender under the loan consolidated and amendment agreement between Konkola Plc, Standard Bank Limited, South Africa and ICICI Bank Limited,
Bahrain, dated August 18, 2017, for a principal amount of $273.8 million that accrued interest until July 31, 2024 at a rate
of 3-month LIBOR plus 4.75% (the "Vedanta Resources Loan" and, together with the Jersey II Loan, the "Existing Vedanta
Liabilities"). Following the Transactions, VRJL will assume the outstanding balances of the Existing Vedanta Liabilities as lender,
as of the date of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· Loan agreements with ZCCM, dated November 15, 2022, for a principal amount of $10.0 million and November 10,
2020 for $0.5 million, that accrued interest until July 31, 2024 at a rate of 8.00% (the "Existing ZCCM-IH Liabilities").

&nbsp;&nbsp;&nbsp;&nbsp;· Note payable to GRZ with a principal amount of $44.6 million, which accrued no interest (the "Existing
GRZ Liabilities").

&nbsp;&nbsp;&nbsp;&nbsp;· Other non-current liabilities, including dividend payable to VRHL, certain intercompany advances, government
dues and other dues and payables ("Other Existing Liabilities").

**Konkola Waterfall**

Pursuant to the Scheme of Arrangement and the KCM Shareholders Agreement, repayments of all debt accrued by Konkola Plc owed to its Legacy Creditors, including the Legacy Konkola Liabilities, and the Scheme Loan Agreements are subject to the following free cash flow waterfall (the "Konkola Waterfall"):

&nbsp;&nbsp;&nbsp;&nbsp;· first, towards annual payments of an amount not exceeding $7.5 million towards each Option 2 Legacy Creditor
who elected not to receive an upfront partial payment and to be repaid in annual installments (the "Option 2 Payments") and
if, in any year, any Option 2 Payments are not made by Konkola Plc, then the unpaid amounts (all or in part, as applicable) (the
"Option 2 Accrued Payments") will accrue and form part of the annual payments payable in the subsequent year. As of the date
of this prospectus, the only remaining Option 2 Legacy Creditor is ZESCO <u>;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· second, once all Option 2 Accrued Payments have been made in full, towards 100% of all interest payable
under the Scheme Loan Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· third, towards 50% of the principal amount payable under the Scheme Loan Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;· fourth, on a pari passu and pro rata basis towards: (i) the remaining balance then due and payable under
the Scheme Loan Agreements including all accrued interest; and (ii) all remaining liabilities (the "Balance Liabilities").The
Balance Liabilities include the Existing Vedanta Liabilities, the Existing GRZ Liabilities, the Existing ZCCM-IH Liabilities, any remaining
debt owed to Option 2 Legacy Creditors after payment of the Option 2 Payments and Option 2 Accrued Payments and deferred creditor
liabilities. Balance Liabilities will be paid in the following proportions on a pari passu basis: (A) 70% towards the Existing Vedanta
Liabilities; and (B) 30% towards the Balance Liabilities less the Existing Vedanta Liabilities.

**Contractual Obligations and Commitments**

The following table provides a summary of our contractual obligations and commitments as of March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Less than<br> 1 year** | **1-3 years** | **3-5 years** | **More than<br> 5 years** | **Total** |
| **($, in thousands, unless otherwise stated)** | | | | | |
| Accounts payable and accrued expenses<sup>(1)</sup> | 276391 |  |  |  | 276391 |
| Debt obligations<sup>(2)</sup> | 8468 | 6926 |  | 1967928 | 1983322 |
| Asset retirement obligations<sup>(3)</sup> |  |  |  | 138387 | 138387 |
| Other liabilities<sup>(4)</sup> | 61029 | - |  | 3061043 | 3122072 |
| Total | 345888 | 6926 |  | 5167358 | 5520172 |

---

(1) Includes current accounts payable and accrued expenses.

(2) Includes long-term debt including current portion of debt, a majority of which is from related parties,
and are expected to be settled over a 15-year period. See "*-Konkola Waterfall*" for details relating to the period and
process of settlement of these liabilities.

(3) Includes $143.8 million in Environmental
Protection Fund liabilities attributable to Konkola Plc for future mining asset retirement obligations as of March 31, 2026. Konkola
Plc's Environmental Protection Fund liability has been determined pursuant to an independent third-party assessment conducted as
of December 31, 2025; however, government demands associated with such liabilities could differ from the third-party assessment. The
$143.8 million may be settled by Konkola Plc in the form of a cash payment of approximately $34.2 million to the MRC (of which $5.5 million
has been paid), and a bank guarantee for $109.6 million. Although the liability has been attributed to Konkola Plc, no payments or guarantees
were required to be made as of the date of this prospectus because Konkola Plc has been granted a two-year moratorium in connection with
the period of provisional liquidation. In 2026, Konkola Plc requested an extension of the moratorium period to June 2028 and is in discussions
with the GRZ on this matter. We cannot guarantee that the GRZ will grant Konkola Plc's request. Given the moratorium, of the total
$34.2 million cash payment required to be paid to the MRC, Konkola Plc has paid $5.5 million. In the event the remaining $28.7 million
cash contribution becomes due and payable following the moratorium and finalization of negotiations, the Company notes that that amount
has been included as a claim by MRC (as a creditor) under the Scheme of Arrangement, and the timing of such payment will be subject to
the Konkola Waterfall set out in the Scheme of Arrangement. For more information, see "*Industry-Zambian Regulations-Environmental Protection Fund*" and "*Business-Legal Proceedings-Environmental Compliance Liabilities*."

(4) Includes non-current account payables, accrued expenses, statutory liabilities, dividends payable, intercompany
advances, long-term employee benefits, income taxes payable and other payables. The amount expected to be settled following the 5 year
period represents expected outflows associated with long-term intercompany liabilities and other non-current liabilities restructured
as part of the Scheme of Arrangement, which are expected to be settled over a 15-year period. See "- *Konkola Waterfall* "
for details relating to the period and process of settlement of these liabilities.

**Capital Expenditures**

Our major capital expenditure related outflow is on mining development works at the Konkola Complex and Nchanga Complex. Konkola Plc spent $96.4 million during the year ended March 31, 2026 as a part of its development plans. Konkola Plc also intends to deploy an additional $2.7 billion (a portion of which will be funded by the proceeds of this offering) in capital expenditures, including $0.5 billion in sustaining capital expenditures, into Konkola Plc's operations, including by way of:

&nbsp;&nbsp;&nbsp;&nbsp;· funding the capital development and infrastructure requirements of the underground mine at the Konkola
Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· funding the extension of the mining operations, TLP upgrades, the construction of the new TLP 2 facility
for processing TD05 tailings and smelter upgrades at the Nchanga Complex;

&nbsp;&nbsp;&nbsp;&nbsp;· funding sustaining capital expenditure, including for the replacement of equipment across the KCM Complex
and ongoing maintenance; and

&nbsp;&nbsp;&nbsp;&nbsp;· working capital and general corporate purposes.

**Off-Balance Sheet Arrangements**

We have not entered into any material off-balance sheet arrangements such as guarantee contracts, contingent interests in assets transferred to unconsolidated entities, derivative financial obligations, or with respect to any obligations under a variable interest equity arrangement.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements and the related notes thereto included elsewhere in this prospectus are prepared in accordance with GAAP. The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected.

We believe that the following accounting policies involve a high degree of judgment and complexity. Accordingly, these are the policies we believe are the most critical to aid in fully understanding and evaluating our financial condition and results of our operations. See Note 2 to our consolidated financial statements included elsewhere in this prospectus for a description of our other significant accounting policies.

**Use of estimates**

The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The more significant areas requiring the use of management estimates include inventory valuation and determination of net realizable value, determination of estimated mineral reserves and life of mine, asset lives for depreciation, depletion and amortization; asset retirement obligations, valuation allowances for deferred taxes; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of financial instruments. Actual results could differ from those estimates.

**Revenue Recognition**

We account for a contract with a customer when there is a legally enforceable contract between Konkola Plc and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We recognize revenue in accordance with the five-step model prescribed under ASC 606, "Revenue from Contracts with Customers." Our revenues are measured based on consideration specified in the contract with each customer.

We primarily operate in the business of selling copper, mainly in the form of cathodes, anodes and cobalt. We recognize revenue when it transfers control of a product to the customer. Control usually transfers based on the contractual delivery terms, based on International Commercial Terms as commercially agreed upon with the buyer and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. We place a strong emphasis on maintaining long-term relationships with certain key customers. However, it is not solely dependent on these customers and continues to pursue opportunities to attract new business.

The majority of our sales allow for price adjustments based on the LME price at the end of the relevant quotational period stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for the goods is based on prevailing forward prices on a specified future period after shipment to the customer.

Payment terms for sales vary depending on the specific contract but are typically based on provisional pricing arrangements. Generally, 90–100% of the invoice amount is collected before or at the time of shipment. A final price adjustment is made upon settlement with the customer, typically within one to three months from the shipment date, based on the quoted monthly average copper settlement prices on the LME.

Additionally, product net sales are presented net of discounts, rebates, custom duties, treatment, freight and handling charges.

**Income Taxes**

We account for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and deferred income taxes and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

The current tax expense or benefit is determined based on the taxes payable or refundable for the current year, calculated using enacted tax rates in the jurisdiction where we operate.

Deferred income taxes and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred income taxes and liabilities are expected to be realized and settled as prescribed in ASC 740 – Income Taxes. As changes in tax laws or rates are enacted, deferred income taxes and liabilities are adjusted through the provision for income taxes. Deferred income taxes are reduced by any benefits that, in the opinion of management, are more likely not to be realized.

We recognize uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. Our policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.

**Chapter 11 Filing and Emergence from Bankruptcy**

Beginning on May 21, 2019 (the "Petition Date"), Konkola Plc applied ASC 852 in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the "Effective Date"), to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business.

Accordingly, gains on discounting of the liabilities under the Scheme of Arrangement are recorded as Reorganization items, net in the Consolidated Statements of Operations. In addition, prepetition obligations that may be impacted by the Chapter 11 process have been classified on Konkola Plc's consolidated balance sheet as of March 31, 2024 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts.

**Asset Retirement Obligations**

Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations in the timing or amount could increase the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation.

**Impairment of property, plant and equipment and mining assets**

We assess the carrying values of our property, plant and equipment and mining assets, whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. In evaluating such assets for recoverability, we use estimates of pre-tax undiscounted future cash flows expected to result from the use and eventual disposition of the asset. In estimating future cash flows, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other asset groups. If the carrying amount of an asset exceeds the estimated pre-tax undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds its fair value.

Estimates of future cash flows are derived from current business plans, which are developed using near-term copper price forecasts reflective of the current price environment and management's projections for long-term average copper prices. In addition to near and long-term copper price assumptions, other key assumptions include estimates of production plans, including mining, processing and smelting schedules; operating costs, capital costs and pricing inputs; commodity-based and other input costs; proven and probable mineral reserve estimates, including the timing and costs to develop and produce the mineral reserves; estimates of value beyond proven and probable mineral reserves; and the use of appropriate discount rates in the measurement of fair value. The estimates are most sensitive to changes in copper prices and operating costs. We believe our estimates and models used to determine future cash flows and fair value are consistent with those that a market participant would use.

The significant assumption in determining the future cash flows as at March 31, 2026 is a long-term average copper price of $5.10 per pound. The results of our impairment sensitivity analysis, which included a stress test using a long-term average copper price assumption of $4.08 per pound, showed projected discounted future cash flows in excess of the carrying amounts of property, plant and equipment and mining assets by margins of 4.2 times of such carrying amount.

There were no impairments of our property, plant and equipment and mining assets recorded for the years ended March 31, 2026 and 2025.

In addition to decreases in future copper price assumptions, other events that could result in future impairment of such assets include, but are not limited to, decreases in estimated recoverable proven and probable mineral reserves and any events that might otherwise have a material adverse effect on production levels or costs at the KCM Complex.

**Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. These risks include the following:

**Concentration Risk**

A material part of our business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on our operating results.

Our workforce is considered specialized, with skills critical to its operations. The loss of a significant portion of these employees could have a material adverse effect on our business and operating results.

In addition, a substantial number of employees are covered by collective bargaining agreements. While we maintain positive labor relations, disruptions related to labor negotiations or work stoppages could materially impact operations.

**Foreign Exchange Risk**

Our functional and reporting currency is the U.S. dollar. As most of our revenues are derived in U.S. dollars and the majority of our business is conducted in U.S. dollars, foreign exchange risk arises from transactions denominated in currencies other than the U.S. dollars. Commodity sales are denominated in U.S. dollars, the majority of borrowings are denominated in U.S. dollars, and the majority of operating expenses are denominated in U.S. dollars. Our primary foreign exchange exposures are to the Kwacha, and to the local currencies suppliers who provide various services and spares supply to us. Exposure to local currency is approximately 20%, meaning that approximately 20% of our key costs and expenditures are incurred in Kwacha. Our VAT receivables are in local currency and any depreciation in local currency impacts our position with reference to foreign exchange risk. Total VAT receivables as of March 31, 2026, was $448.9 million.

**Interest Rate Risk**

Rising interest rates can increase the cost of debt financing for mining companies, suppliers, and manufacturers, reducing profit margins. Conversely, falling rates can affect investment returns. SOFR is considered a safe and reliable benchmark for interest rates due secure, transparent, regulatory oversight, market acceptance and reliance in market condition. Interest under the Scheme Loan Agreements are based on SOFR.

As of March 31, 2026, Konkola Plc owed an aggregate of $600.7 million to VRHL under the Scheme Loan Agreements, each bearing interest at a variable rate equal to SOFR plus 7%. As a result, Konkola Plc's interest expense and liquidity position are exposed to fluctuations in SOFR. Using an illustrative SOFR of 4%, Konkola Plc's SOFR-based interest rate would be approximately 11%. A 100-basis-point increase in SOFR, to 5%, would raise this rate to 12% and increase Konkola Plc's annual interest expense by approximately $6.0 million. Conversely, a 100-basis-point decrease in SOFR, to 3%, would lower the rate to 10%, reducing annual interest expense by approximately $6.0 million. While such movements in benchmark interest rates directly affect Konkola Plc's borrowing costs, given its current variable-rate debt balance, we expect such changes to have a limited effect on its overall liquidity or financial position.

 ****

**Commodity Price Risk**

Commodity price risk in the copper industry refers to the potential for financial losses due to fluctuations in copper prices. It arises from the volatility inherent in commodity markets driven by factors such as supply and demand, geopolitical events, economic conditions and currency movements. Key commodities includes fuel, coke, chemicals, reagent, acid and solvent. To mitigate commodity price risk and ensure a stable supply of key inputs, we have historically opted to enter into long-term supply contracts rather than relying on spot purchases.

**Emerging Growth Company Status**

We will be treated as an emerging growth company ("EGC"), as defined in the JOBS Act for certain purposes until the earlier of the date on which we complete this offering or March 31, 2027. The JOBS Act allows EGCs to take advantage of an extended transition period for complying with new or revised accounting pronouncements applicable to public companies and delay adoption of such pronouncements until they are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards. We have elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. When we cease to be treated as an emerging growth company, we will no longer be able to benefit from these exemptions or the extended transition period for complying with new or revised accounting standards.

**Controls and Procedures**

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. We are currently in the process of reviewing, documenting and testing our internal control over financial reporting.

We have not performed an evaluation of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act, nor have we engaged an independent registered public accounting firm to perform an audit of our internal control over financial reporting as of any balance sheet date or for any period reported in our financial statements. Our management is not presently required to perform an annual assessment of the effectiveness of our internal control over financial reporting. This requirement will first apply to our first Annual Report on Form 10-K following this offering.

**Industry**

**Copper Industry Overview**

Copper is an internationally traded commodity on the COMEX, LME and Shanghai Futures Exchange and is found in many mining jurisdictions around the world, including the Americas, Africa and Australia. After copper ore is mined, it is transformed through a series of processing steps into a highly versatile metal that ultimately serves as a foundational input into many end-use applications. Copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies and applications, from renewable energy systems to electric vehicles to high-capacity data centers. The global copper market is experiencing robust growth and, while traditional industrial applications continue to represent a substantial portion of copper consumption, the most dynamic growth segments are intrinsically linked to advancements in technology and AI. The four primary disrupting factors of copper demand – AI technological boom, global economic development, energy transition and increased defense spending targets – are alone expected to account for a combined 40% of copper demand growth expected by 2035, according to Wood Mackenzie.

Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history.

![](ctm005_s1img14.jpg)

 

*Source: Wood Mackenzie*

 

 

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| ![](ctm005_s1img15.jpg) | ![](ctm005_s1img16.jpg) |

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*Source: Wood Mackenzie*

According to Wood Mackenzie, global refined copper consumption in 2025 totaled 27.8 Mt (up from 26.8 Mt in 2024) and is expected to grow to 34.0 Mt by 2040. The majority of demand today remains linked to traditional end-use markets, including construction, infrastructure, transportation and defense. The global transition towards battery electric vehicles and sustainable or renewable energy sources, such as solar and wind power, has represented most of the growth in recent years and is expected to remain a key contributor going forward. However, consumption growth rates are expected to be even further enhanced by demand from AI, digital infrastructure and electrification initiatives. Global copper consumption grew at an annual growth rate of approximately 1.9% from 2015 to 2025 and is expected to grow at a compound annual growth rate of 2.2% from 2025 to 2035 due in large part to copper's numerous technology end-use applications.

The increasing computational requirements of AI, particularly for advanced machine learning models and extensive data analytics, necessitate a vast expansion of global data center infrastructure. These facilities are intensive consumers of copper, which is essential for high-speed data transmission networks, efficient power distribution within racks and across facilities and advanced liquid cooling systems. Copper's exceptional thermal conductivity is crucial for dissipating the significant heat generated by high-performance computing hardware, including graphics processing units and specialized AI accelerators. AI-optimized data centers require significant kilowatts per rack to handle intensive computational workloads, a substantial increase over traditional data centers, necessitating thicker copper wiring, more robust copper bus bars and significantly enhanced cooling systems. Every square meter in an AI-optimized facility contains significantly more copper than conventional data centers due to these enhanced power and cooling requirements. According to Wood Mackenzie, the increasing electricity requirements of AI alone is expected to drive copper demand for grid infrastructure to 1.1 Mtpa by 2030 and is a relatively insignificant cost item relative to the overall capital expenditure of data center developments, which can lead to substantial copper demand and price increases.

According to Wood Mackenzie, global refined copper production totaled 27.9 Mt in 2025 (an increase from 27.0 Mt in 2024) and is expected to rise to 34.2 Mt by 2040. However, sources of high-grade copper ore (particularly in open-pit operations) have become increasingly challenging to find in recent years. Accordingly, we expect steady industry cost inflation and a rising marginal cost as miners spend more capital to extract copper from lower-grade deposits. Additionally, required adherence to environmental, social and governance standards is seen as potentially delaying projects even beyond currently envisioned timelines. With timelines from discovery of new resources to first production typically taking in excess of 24 years, management expects the value of high-quality, large deposits that have already been identified and developed to continue to rise.

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|:---|:---|
| ![](ctm005_s1img17.jpg) | ![](ctm005_s1img18.jpg) |

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*Source: Wood Mackenzie*

Traditional copper mining regions, particularly in South America (e.g., Chile and Peru), are projected to remain dominant sources of copper supply going forward, presenting an opportunity for DRC and Zambia to increase production and, thereby, geographically diversify the global supply picture. In 2025, African supply represented 10.5% of global copper production. The United States is projected to remain a net importer of copper, thereby reinforcing the need to secure long-term supply from Western-aligned nations. U.S. demand for copper is expected to rise by 42.9% from 2.2 Mt in 2024 to 3.1 Mt by 2040, with imports continuing to constitute a significant portion of copper consumption. Currently, imports into the U.S. represent approximately 45% of refined copper consumption and are expected to increase to 70% of refined copper consumption by 2040, as per Wood Mackenzie.

As of March 31, 2026, COMEX copper prices were $5.61 per pound, up over 11% year-over-year and over 40% over the past five years. Pricing is expected to remain a function of supply-demand dynamics and, with a rising deficit expected over the mid-term and long-term, we believe that prices will continue to increase over the long-term. Furthermore, we believe prices will continue to be influenced by a complex interplay of global macroeconomic factors and geopolitical developments, including potential tariffs which can lead to wide variations in regional pricing levels.

**Historical Copper Price LME & COMEX ($/lb)**

![](ctm005_s1img19.jpg)

 

*Source: Factset*

We are, and our future operations will be, subject to various stringent and complex international, federal, provincial and local laws and regulations governing our operations, including regulations related to mining; the emission and discharge of pollutants into the ground, air or water; the generation, storage, handling, use and transportation of hazardous and other materials; and the health and safety of our employees and workers, which are subject to change from time to time. These laws and regulations may, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· require the acquisition of various approvals and permits before mining or other regulated activities commence;

&nbsp;&nbsp;&nbsp;&nbsp;· enjoin some or all of the operations of facilities deemed not in compliance with permits or approvals;

&nbsp;&nbsp;&nbsp;&nbsp;· restrict the types, quantities and concentration of various substances that can be released into the environment
in connection with mining development, production and transportation activities;

&nbsp;&nbsp;&nbsp;&nbsp;· limit or prohibit mining activities in certain locations lying within protected or otherwise sensitive
areas; and

&nbsp;&nbsp;&nbsp;&nbsp;· require remedial measures to mitigate pollution from our operations.

These laws and regulations may also restrict the rate of production below the rate that would otherwise be possible. Compliance with these laws can be costly; the regulatory burden on the mining industry increases the cost of doing business in the industry and consequently affects profitability.

Moreover, public interest in climate change and the protection of the environment has increased in recent years. Mining in some areas has been opposed by activists, including environmental and local groups, and, in some cases, been restricted. Our operations could be adversely affected to the extent laws are enacted or other governmental action is taken that prohibits or restricts mining or imposes environmental requirements that result in increased costs to the mining industry in general, such as more stringent or costly waste handling, disposal or cleanup requirements.

The following is a summary of the more significant existing mining and environmental, health and safety laws, as amended from time to time, to which our business operations are or may be subject and for which compliance may have a material adverse impact on our capital expenditures, results of operations or financial position. Any failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of corrective or remedial obligations, the occurrence of delays or restrictions in permitting or performance of projects, and the issuance of orders enjoining performance of some or all of our operations.

**Zambian Regulations**

**Ownership of Mining Rights and Regulatory Framework**

Under Zambian law, all rights to minerals are vested in the President on behalf of the Republic of Zambia pursuant to the Minerals Regulation Commission Act of 2024 (the "MRC Act"). No person may engage in exploration, mining operations, or mineral processing activities except in accordance with the MRC Act. Violations of the MRC Act are criminal offenses punishable by fines and imprisonment.

The mining industry in Zambia is administered by the Ministry of Mines and Minerals Development through the MRC. The MRC is empowered to issue and revoke licenses, monitor compliance, and enforce health, safety, and environmental standards. The Mining Appeals Tribunal exercises appellate and supervisory jurisdiction over MRC decisions.

**Acquisition and Maintenance of Mining Rights**

Mining rights are acquired through formal application to the MRC with payment of prescribed fees. Licenses are granted on a first-come, first-served basis. A mining license grants exclusive rights to mine minerals within the designated license area.

Large-scale mining licenses have an initial term of 25 years from the date of issuance and may be renewed. Applications for renewal are required to be submitted at least one year before expiration. Renewal is granted at the MRC's discretion if the license holder has complied with all license conditions and applicable law. Our mining licenses in Zambia were renewed earlier this year for 25-year terms and will not be subject to further renewal until 2050.

Mining license holders are subject to statutory obligations and license conditions, including payment of mineral royalties as required by the MRC Act and the Income Tax Act, Chapter 323 of the Laws of Zambia.

**Risk of License Cancellation or Suspension**

The MRC Act confers upon mining license holders the legal right to conduct exploration and mining activities. Cancellation or suspension of a license may only occur on statutory grounds, including: (a) violation of license conditions, provisions of the MRC Act, or other applicable mining legislation; (b) failure to conduct mining operations in accordance with approved operational plans; (c) inadequate production, evidenced by gross sales proceeds in any three-year period being less than 50% of the applicable deemed turnover threshold for each year; or (d) fraud or material misrepresentation in obtaining the license. The MRC Act requires that license holders be given notice and an opportunity to cure defaults within a reasonable time period before cancellation or suspension may be effected. Where a default cannot be cured, the license holder must offer reasonable compensation to avoid cancellation or suspension.

Article 16 of the Constitution of Zambia generally prohibits compulsory acquisition of property without adequate compensation. However, this protection contains an exception for minerals and mining rights, which may be repossessed without compensation upon failure to comply with applicable law or license conditions, provided such repossession is conducted in accordance with statutory procedures. However, the Constitution further provides that the Government shall not compulsorily acquire an investment except under customary international law, which provides an additional layer of protection. Nevertheless, the risk of license forfeiture without compensation in the event of non-compliance remains a material risk to our operations.

**Surface Rights and Land Access**

Zambian law distinguishes between surface rights (governed by the Lands Act) and mining rights (governed by the MRC Act). All land is vested in the President in trust for the people of Zambia, and only leasehold interests of up to 99 years may be granted.

Where a mining right pre-dates the establishment of surface rights, the mining rights holder may apply for exclusive use of the related surface area. Where surface rights exist prior to the mining right, the mining rights holder may not exercise mining rights without the consent of the landowner, legal occupier, or appropriate authority. Consent from appropriate authorities is required for mining on protected or sensitive areas.

If a landowner unreasonably withholds consent, the dispute must be settled by arbitration. Surface rights holders are entitled to fair and reasonable compensation for disturbance of their rights, with disputes resolved through arbitration. However, compensation claims do not entitle surface rights holders to prevent exercise of mining rights pending resolution. Claims for compensation are barred if not made within three years from accrual.

**Mineral Processing Licenses**

We also hold mineral processing licenses, which grant rights to conduct mineral processing operations for a period of 25 years, subject to renewal in accordance with the MRC Act.

**Mineral Royalties and Taxation**

Holders of mining licenses must pay mineral royalties at rates prescribed by the MRC Act. For copper production, royalties are applied incrementally based on price ranges. The "norm value" for royalty calculation is determined by reference to the LME cash price, Fastmarkets Metal Bulletin prices, or other approved exchange markets, multiplied by the quantity of metal sold.

We are also subject to:

&nbsp;&nbsp;&nbsp;&nbsp;· import duties (up to 40%) and value-added tax (16%) on imported machinery and equipment, subject to possible
relief or deferrals at the discretion of the Zambia Revenue Authority;

&nbsp;&nbsp;&nbsp;&nbsp;· withholding tax on dividends paid by mining license holders (currently 0%), and withholding tax at 15%
(residents) or 20% (non-residents) on interest, royalties, management fees, consultancy fees and other payments, subject to applicable
tax treaty relief; and

&nbsp;&nbsp;&nbsp;&nbsp;· corporate income tax and other generally applicable taxes.

Zambian tax law is subject to changes.

**Environmental Regulation**

Our operations are subject to various environmental regulation under the Environmental Management Act (the "EMA"), the MRC Act, and associated regulations. Key requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Environmental Impact Statement

Projects likely to have significant environmental impact require submission of an environmental impact statement to ZEMA for review and approval. Additional environmental impact statements may be required for project modifications or expansions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Environmental Audits.

Audit reports on environmental impacts must be prepared within 15 months of commencing operations and at regular intervals thereafter as directed by the Director of Mines Safety. The Director may require modifications to operations based on audit findings.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Prevention and Protection Orders.

ZEMA may issue orders requiring specific actions to prevent environmental harm or enhance environmental protection.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Restoration and Compliance Orders.

Where environmental contamination occurs or license conditions are breached, ZEMA may issue restoration or compliance orders.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Cost Recovery.

If we fail to comply with an environmental order, ZEMA may take necessary measures and issue a cost order requiring us to reimburse ZEMA for expenses incurred. Such orders are enforceable as court judgments.

The EPF Regulations further regulate mine dumps, dumping procedures, closure of dumping sites, air quality and emissions, water standards, and handling of hazardous materials. The Director of Mines Safety may inspect operations to ensure compliance.

**Environmental Protection Fund**

The EPF Regulations require contributions to an Environmental Protection Fund to ensure proper execution of environmental obligations and protect the government against rehabilitation costs if we fail to perform. Contributions are calculated as a percentage of estimated mine closure costs based on our environmental performance category. We are currently classified in Category 3, requiring contributions equal to 20% of estimated closure costs; however, we are in continuing negotiations with the MSD to determine our classification. For more information on our current Environmental Protection Fund obligations, see "*—Legal Proceedings—Environmental Compliance Liabilities*."

The MRC Act imposes strict liability on mining license holders for any harm or damage caused by mining or mineral processing operations. Compensation obligations include costs of reinstatement, rehabilitation, clean-up, preventive measures, medical expenses, disability compensation, and compensation for loss of life. Claims may be brought for a reasonable period after affected persons could reasonably have learned of the harm, considering the time required for harm to manifest and to correlate harm with our operations.

Mine closure requires a certificate of abandonment specifying conditions for closure. However, liability for harm incurred before abandonment may continue after closure, and legal proceedings commenced before abandonment may continue thereafter.

**Proposed Legislative Changes**

In November 2022, the Ministry of Mines and Minerals Development unveiled the National Mineral Resources Development Policy 2022 (the "Policy"), which contemplates significant reforms to achieve an increase in Zambian copper production to 3 million tonnes annually by 2032. The Policy has led to enactment of the MRC Act (effective June 13, 2025) and the Geological and Minerals Development Act, and anticipates further regulatory changes affecting:

&nbsp;&nbsp;&nbsp;&nbsp;· licensing procedures, with emphasis on improved transparency, efficiency, and use of information technology;

&nbsp;&nbsp;&nbsp;&nbsp;· mining taxation, with the stated goal of establishing a more consultative, competitive, and sustainable
tax regime;

&nbsp;&nbsp;&nbsp;&nbsp;· large-scale exploration and mining, including strengthened enforcement mechanisms and increased oversight
of third-party agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· environmental management, with enhanced monitoring and evaluation systems; and

&nbsp;&nbsp;&nbsp;&nbsp;· regulatory structure, potentially including creation of a semi-independent mining regulator.

Legislative gaps have been identified that will require supplementary regulations and guidelines. The Ministry of Mines is developing additional regulations to implement both the MRC Act and the Policy. The Ministry has also developed a National Critical Minerals Strategy 2023-2030, currently under review, that may impose additional requirements.

The Geological and Minerals Development (Local Content) Regulations 2025 (the "Local Content Regulations") impose mandatory local procurement requirements. Mining companies or mining related companies are required to reserve a minimum percentage of annual procurement budgets for "core mining goods and services" for local companies with at least 25% Zambian ownership; starting at 20% (from July 1, 2026), with progressive increases of up to 40% over five years (i.e., by January 1, 2031).

Effective January 1, 2026, mining companies or mining related companies are required to exclusively engage local companies for all non-core mining goods and services critical to operations. Mining companies or mining related companies are also required to give employment preference to qualified Zambian citizens and implement training programs for skills transfer. Failure to comply with employment preferences is punishable by monetary fines for each day of non-compliance.

The Local Content Regulations have recently been enacted and have not yet been subject to practical implementation or judicial interpretation, creating uncertainty regarding their enforcement, the scope of compliance obligations, and ultimate potential sanctions for non-compliance.

**Business**

**Our Business**

CopperTech is a U.S. domiciled corporation that controls one of the world's most significant copper systems, anchored on the Zambian side of the prolific Central African Copperbelt, and positioned to capitalize on what we believe will be an unprecedented copper demand cycle. Driven by artificial intelligence infrastructure, data centers, grid modernization and electrification, we expect there to be greater demand for copper over the next 25 years than has been produced across all human history. Our mission, to Power the Copper Century, reflects our commitment to meeting America's and the world's rapidly growing need for critical minerals as this cycle accelerates.

CopperTech seeks to offer a rare combination of scale, grade and expected growth. Supported by existing infrastructure, a multi decade resource base and a technology led operating model, we believe that our pathway to significantly expand our production will enable us to be a reliable supplier of copper at scale at precisely the moment global markets need it most. We intend to deploy state of the art technologies in a disciplined and sustainable manner as we advance our Mineral Resource classifications and continue to explore within our substantial copper endowment.

Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia's Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc deployed over $3 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031), Konkola Plc intends to deploy an additional $2.7 billion in capital expenditures, including $0.5 billion in sustaining capital expenditures, into its operations with a goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. Konkola Plc expects to fund such expenditure through CopperTech's investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through its existing cash, together with the reinvestment of cash generated from its operations and additional financing, as required.

With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within our operational sites and in select international jurisdictions to support longer-term Mineral Resource development.

While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at the Nchanga Complex, one of our key operational sites, has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, optimizing processes to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, including an ongoing engagement with Palantir, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.

The copper demand cycle we intend to capitalize on is expected to be fueled by a structural shift driven by greater needs from AI infrastructure (including data centers), economic growth of developing nations, energy transition and increased defense spending targets. According to Wood Mackenzie, these areas alone are expected to account for roughly 40% of the approximately 7.5 Mtpa of total copper demand growth expected by 2035. As an example, Microsoft's $500 million data center in Chicago is estimated to require approximately 2.2 Kt of copper, worth approximately $31 million at May 2026 spot prices. With respect to power demand, the International Energy Association notes that large hyperscale data centers are becoming increasingly common, with such data centers demanding power equal to or exceeding 100 MW, which is equivalent to the annual electricity consumption from around 350,000 to 400,000 electric cars, which we believe will result in an increase in copper demand.

At the same time, the supply of copper faces compounding constraints including an approximately 2% annual copper grade decline at existing mines globally (per Ernst & Young), operational disruptions, political instability, geological challenges and previous pandemic-related maintenance delays. The constrained supply is further exacerbated by an approximately 24-year development timeline for new copper mines. Further, a substantial portion of supply capacity remains concentrated in jurisdictions with operational or geopolitical risks – the U.S. net import reliance in 2024 was 45% of domestic copper consumption. With the DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, U.S. federal policy is increasingly prioritizing diversification and critical mineral security from Western-aligned nations through initiatives from various U.S. governmental agencies, including the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports, which we intend to utilize. See "*—Zambia—One of the World's Most Attractive Mining Jurisdictions*" and "*Risk Factors—Risks Related to Our Business—Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.*" for further information.

We believe Konkola Plc's strong operating history, combined with the Konkola Complex being one of the highest-grade copper and cobalt resources in the world, lay the framework for our Company to be a highly economic and strategic long-term supplier of critical minerals, including to Western-aligned end markets.

**Scheme of Arrangement and Resumption of Control**

Beginning with Vedanta's acquisition of a controlling interest in Konkola Plc in 2004, Konkola Plc became a Vedanta-led operation in which ZCCM continued as a minority shareholder. After more than a decade of operating alongside ZCCM, the parties became involved in a shareholder dispute in 2019, resulting in ZCCM filing a petition in the High Court of Zambia seeking to wind up Konkola Plc. As a result of the winding-up petition, the High Court of Zambia appointed the Provisional Liquidator to oversee the operations of Konkola Plc. During this period from May 2019 to July 2024, Konkola Plc and the KCM Complex were under the control of the Provisional Liquidator, and copper production of Konkola Plc (including Integrated and from third-party sources) fell to a low of approximately 54 Ktpa in Fiscal 2024, as compared to copper production (including Integrated and from third-party sources) of approximately 180 Ktpa, 195 Ktpa and 177 Ktpa during Fiscal 2017, Fiscal 2018 and Fiscal 2019, respectively, under Vedanta's control. In 2023, Vedanta and ZCCM resolved the dispute through a scheme of arrangement under which Vedanta resumed operational control of Konkola Plc and committed to an investment program and revised cooperation framework (the "Scheme of Arrangement"). This was memorialized by the new shareholders agreement entered into on November 6, 2023 between VRL, VRHL, ZCCM and Konkola Plc (the "KCM Shareholders Agreement"). The Scheme of Arrangement with respect to legacy creditor claims was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Scheme Effective Date") (see "*Business—Legal Proceedings—Scheme of Arrangement*"). Upon the Scheme Effective Date, the Provisional Liquidator was removed and Vedanta's control and ownership of Konkola Plc was reinstated (the "Resumption of Control").

In connection with the Scheme of Arrangement, Konkola Plc entered into the following loan agreements with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;· A
 $1.00 billion loan to fund the Capital Expenditures Support Loan Agreement, to be funded
 by semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreement*." As of March 31, 2026, VRHL had funded $330.0 million under the
 Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be
 funded. On June 1, 2026, the obligation to fund the remaining $670.0 million under the Capital
 Expenditures Support Loan Agreement was novated from VRHL to VRJL. See "*Certain Relationships and Related Party Transactions—Lending Agreements—Deed of Adherence.* "
 CopperTech shall, upon and subject to the completion of this offering, contribute $670.0
 million of the net proceeds to VRJL for the purpose of funding the outstanding balance under
 the Capital Expenditures Support Loan Agreement, with such proceeds being applied towards
 the development of the Konkola Complex. See "*Summary of the Transactions* "
 and "*Use of Proceeds*."

&nbsp;&nbsp;&nbsp;&nbsp;· A $250.0 million loan to fund amounts payable
to Konkola Plc's creditors under the Creditor Settlement Support Loan Agreement. As of March 31, 2026, VRHL had funded the
$250.0 million required under the Creditors Settlement Support Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· A
$20.75 million loan facility to fund Community Support Loan Agreement and, together with the Capital Expenditures Support Loan Agreement
and the Creditors Settlement Support Loan Agreement, each a "Scheme Loan Agreement" and collectively the "Scheme Loan
Agreements"). As of March 31, 2026, VRHL had funded the $20.75 million required under the Community Support Loan Agreement.

The loans to be contributed to VRJL pursuant to the Transactions will exclude: (a) the "Funded Scheme Loans" consisting of $330.0 million funded under the Capital Expenditures Support Loan Agreement, $250.0 million funded under the Creditor Settlement Support Loan Agreement and $20.0 million funded under the Community Support Loan Agreement and (b) the "Excluded Legacy Liabilities" consisting of $106.4 million in intercompany advances. VRHL and the relevant Vedanta affiliate will remain the lender of the Funded Scheme Loans and Excluded Legacy Liabilities, respectively.

As of the date of this prospectus, no principal or interest has been repaid by Konkola Plc under the Scheme Loan Agreements. Under the KCM Shareholders Agreement, repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall (as defined below), which may result in delayed repayments of the $670.0 million loan to be funded by VRJL to Konkola Plc pursuant to the Capital Expenditures Support Loan Agreement. Similarly, any loans made by CopperTech to Konkola Plc, including of the net proceeds, may be restricted or delayed. Each Scheme Loan Agreement matures in December 2028, subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity in accordance with the Konkola Waterfall. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

With Konkola Plc back under Vedanta control, we expect copper production to surpass pre-Fiscal 2019 levels. We have planned a $2.7 billion capital expenditure program over the next five fiscal years (Fiscal 2027–2031), including from the proceeds of this offering, of which $0.5 billion is sustaining capital expenditure, which is projected to drive average production to approximately 270 Ktpa (approximately 180 Ktpa Integrated and approximately 90 Ktpa from third-party sources) across Konkola Plc's remaining mine life from Fiscal 2030.

**Overview of Assets**

Konkola Plc owns and operates a complex of integrated mines and concentrators, a smelter, refinery, tailings leach plant and associated infrastructure in Zambia's Copperbelt Province, the KCM Complex. The KCM Complex is primarily located near the Zambia-DRC border, with the majority of operations taking place at and between the Konkola Complex located near Chililabombwe, the Nchanga Complex located near Chingola, the Tailings Complex located near Chingola and the Nkana Refinery located near Kitwe. We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. Konkola Plc's operations are also supported by the Nampundwe mine, which produces pyrite that is used solely in connection with Konkola Plc's smelting operations. Konkola Plc's assets are well integrated into regional mining and export routes, including major highways that provide a stable link from production centers to Western markets. Konkola Plc's key assets and properties are summarized below.

 **

***Map of Konkola Plc's Operations at the KCM Complex.***

 **

![](ctm005_s1img20.jpg) 

***Konkola Complex***

The Konkola Complex is located in Chililabombwe approximately five km south of the Zambia-DRC border and is expected to be the most significant contributor to Konkola Plc's overall production profile over time. The Konkola Complex consists of an underground mine, concentrator and tailings storage facility. Since commencing operations in 1957, the Konkola Complex has extracted approximately 3.2 Mt of copper, as of March 31, 2026, which we believe demonstrates the long-term viability and production reliability of this asset. The Konkola Complex targets an orebody that potentially extends to depths exceeding 2,000 meters through vertical access shafts, and currently active mining activities occur at a depth of approximately 1,000 meters.

Ore is processed at the adjacent Konkola concentrator, which has a 6 Mtpa nameplate capacity and employs conventional milling and flotation to produce copper concentrate for the Nchanga smelter. Tailings from the concentrator are deposited in the Lubengele tailings storage facility at Konkola, which is undergoing drilling and test work to assess its potential for future inclusion as a Mineral Resource.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Konkola Complex was approximately 30 Kt. In Fiscal 2024, copper production at the Konkola Complex declined to approximately 16 Kt. As supported by the Initial Assessment TRS and the Pre-Feasibility Study TRS, we believe the Konkola Complex has the potential to produce at an annual rate of above 140 Ktpa of copper from Fiscal 2033 onwards. The increased production level at the Konkola Complex is expected to be enabled by 0.27 Mt Measured and Indicated Mineral Resource (exclusive of Mineral Reserves), 8.3 Mt Inferred Mineral Resource, and 29 Mt Proven and Probable Mineral Reserves (or 0.22 Mt Measured and Indicated Mineral Resource, 6.6 Mt Inferred Mineral Resource and 23 Mt Proven and Probable Mineral Reserve on a 79.42% ownership basis), with potential to support a mine life of approximately 45 years if all such Mineral Resources are ultimately converted into Mineral Reserves.

For two decades infrastructure, production and capital development has been taking place at the Konkola Complex, which we refer to as the "Konkola Deep Mine Project" or "KDMP". KDMP has provided critical infrastructure at the Konkola Complex, including underground development, dewatering systems, and the Konkola concentrator which was commissioned in 2008. KDMP also enabled access to the Konkola Complex orebodies at 1,000 meters in depth. The increased production levels at the Konkola Complex are contingent on further execution of KDMP, which requires the dewatering and extension of underground infrastructure allowing for access to deeper mineralization. In order to carry out the relevant upgrades and modifications, the Konkola Complex is expected to require total capital costs of $1.2 billion (out of a total of $2.7 billion in capital expenditures including $0.5 billion in sustaining capital expenditures across the KCM Complex) over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031). This results in capital intensity of $8,419 per tonne of incremental copper per annum (calculated as the first-four-year Konkola Complex capital divided by the increase in annual payable copper production from Fiscal 2026 to average production), versus an industry range of $7,650 to $31,000 per tonne of copper equivalent per annum, as calculated by Wood Mackenzie as of 2026.

 ****

***Nchanga Complex - Mines, Concentrators, Smelter and Tailings Leach Plant***

The Nchanga Complex is located in Chingola and includes an underground mine, open pit mines, concentrators, a tailings leach plant, a smelter and a refinery. The Nchanga Complex operations currently mine from one operational open pit alongside the underground mine, which itself remains operational at a depth of approximately 920 meters. Since commencing operations in 1937, the Nchanga Complex has extracted approximately 14.3 Mt of copper as of March 31, 2026.

In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production at the Nchanga Complex was approximately 12 Kt. In Fiscal 2024, copper production at the Nchanga Complex had declined to approximately 1.2 Kt. Since April 2025, mining at the Nchanga Complex across the open pit and underground has been scaled back meaningfully due to declining available mining inventory, and open pit mining is only expected to continue until the end of 2027 with the Company expecting to resume resource extension drilling of the open pit mine in the first half of Fiscal 2027. Nonetheless, the Nchanga Complex houses infrastructure that is essential for Konkola Plc's operations, and we expect to continue upgrading and modifying such infrastructure to achieve our goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030.

As supported by the Initial Assessment TRS, the Nchanga Complex (comprising the Nchanga open pit and Nchanga underground operations) is expected to produce an average of approximately 21 Ktpa of copper over its remaining planned operational life through 2039. The current mine plans contemplate a 13-year mine life, exploiting an aggregate of 0.6 Mt Measured and Indicated Mineral Resource and 0.2 Mt Inferred Mineral Resource (or 0.5 Mt Measured and Indicated Mineral Resource and 0.2 Mt Inferred Mineral Resource on a 79.42% ownership basis) with additional infill and extension drilling having commenced in Fiscal 2026 at the upper orebody of the Nchanga Complex, and the COP E extension, potentially supporting a longer mine life to the extent additional viable orebodies are identified within the Nchanga Complex mining license area. The Nchanga Complex is expected to require total capital costs of approximately $355.0 million (out of a total $2.7 billion in capital expenditures including $0.5 billion in sustaining capital expenditures across the KCM Complex) through the end of fiscal year 2031.

The Nchanga Complex features three concentrators - Old East Mill, New East Mill and New West Mill, with nameplate capacities of 4.4 Mtpa, 6.5 Mtpa and 2.5 Mtpa, respectively. These concentrators process ore produced from the KCM Complex's open pit and underground operations into copper concentrate. A portion of the copper concentrate produced from the Nchanga concentrators is transported to the Nchanga smelter for further processing into copper anodes, while the remainder is sold to customers in end markets. The Nchanga smelter was commissioned with a nameplate capacity of approximately 312 Ktpa of copper anode. The Nchanga smelter utilizes direct-to-blister flash smelting technology to process concentrate into copper anodes. To operate within the optimized design specifications of the Nchanga smelter, Konkola Plc has historically purchased, and expects to continue to purchase, third-party copper concentrate to create a blended input to be processed at the smelter. Our broader mining operations plan assumes that we will purchase approximately 300 Ktpa of third-party copper concentrate feed annually from the local Zambian and DRC markets over the life of the mine. Konkola Plc's current supply agreements for third-party concentrate are short-term in nature, with no contracts extending beyond 2026, consistent with standard industry practice for concentrate trading in the Copperbelt region. The ability to secure an ongoing supply of third-party concentrate at the volumes assumed in the mine plan is subject to continued growth in the production of concentrate in the Copperbelt region and Konkola Plc's ability to offer competitive terms to concentrate sellers.

Konkola Plc's incremental operating margins derived from the processing of third-party concentrate are significantly lower than those derived from Integrated production, as any revenue generated is substantially offset by the cost of third-party concentrate, treatment charges and associated smelter operating expenses. As discussed in Section 19.3.2.1 of the Initial Assessment TRS and Section 19.2.4.1 of the Pre-Feasibility Study TRS, the removal of economic benefit derived from copper contained in third-party concentrates and associated costs would result in a post-tax NPV decrease of approximately 3% on a Measured, Indicated and Inferred basis, approximately 8% on a Measured & Indicated basis, and approximately 13% on a Mineral Reserve basis. Copper anodes produced at the Nchanga smelter are either sold as product or transported by road to the Nkana Refinery for further conversion into refined cathode. Importantly, the Nchanga smelter also includes cobalt recovery furnaces and sulfuric acid plants which respectively produce copper-cobalt alloy and sulfuric acid byproducts. The copper-cobalt alloy is sold to customers in the end-markets, and the sulfuric byproducts are an essential reagent for the TLP, which is a key input in Konkola Plc's tailings reclamation operations. See "*—Tailings Complex—TD03, TD04 and TD05*" for further information.

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***Tailings Complex – TD03, TD04 and TD05***

The Tailings Complex consists of TD03, TD04 and TD05. TD03 and TD04 are historical tailings storage facilities that contain substantial inventories of low-grade oxide tailings generated from past sulfide flotation operations. TD05 is an active dam currently being used to store low-grade oxide tailings from the Nchanga Complex.

The Tailings Complex is located at the Nchanga Complex in Chingola. The TLP is a copper recycling hydrometallurgical plant with a design capacity of 18 Mtpa, and processes tailings into copper cathodes. In Fiscal 2019, prior to the appointment of the Provisional Liquidator, copper production from the Tailings Complex was approximately 49 Kt. In Fiscal 2024, copper production from the Tailings Complex had declined to approximately 12 Kt.

In aggregate, the Tailings Complex contains approximately 448 Mt of tailings material at an average grade of approximately 0.55% TCu (approximately 2.46 Mt of contained copper), comprising approximately 25 Mt of Probable Mineral Reserves (TD03 and TD04) and approximately 423 Mt of Mineral Resources.

As supported by Tables 1.6 and 19.3 of the Pre-Feasibility Study TRS, the Tailings Complex is expected to produce an average of approximately 27 Ktpa of copper over its planned operational life through Fiscal 2029. The Tailings Complex currently produces copper from two sources: (1) the reclamation of existing tailings from the TD03 and TD04 tailings dams, which represents the Probable Mineral Reserves of the Tailings Complex and is expected to contribute approximately 77 kt of payable copper over the approximate three year reclamation period, equating to approximately 26 Ktpa and (2) the ongoing processing of fresh tailings produced continuously by the Nchanga concentrators and directed to the TLP as a routine operational input, which contributes approximately 10 Ktpa of additional payable copper. This fresh tailings stream is an established feature of TLP operations, is included in the Technical Report Summaries economic model and generates cashflow credited to TLP production, but is not classified as a Mineral Resource or Mineral Reserve as it arises from an ongoing processing operation rather than an in-situ mineral deposit. The existing tailings in TD03 and TD04 and the fresh tailings from the Nchanga concentrators are routed to the TLP at the Nchanga Complex for further copper extraction.

In early 2026, following the completion of our 2025 infill drilling campaign at TD05, we declared a new Mineral Resource at TD05, comprising approximately 198 Mt of Indicated Mineral Resources and approximately 225 Mt of Inferred Mineral Resources, representing 1.1 Mt of Indicated Mineral Resources and 1.2 Mt of Inferred Mineral Resources (approximately 0.9 Mt and 0.9 Mt, respectively, on a 79.42% ownership basis). As supported by the Initial Assessment TRS under the MII case, the reclamation of TD05 is expected to produce an average of approximately 103 Ktpa of payable copper (approximately 82 Ktpa on a 79.42% basis) over its planned operational life from the start of Fiscal 2028 through the end of Fiscal 2042, representing a meaningful incremental contribution to Konkola Plc's overall production profile, if achieved. Infill drilling is continuing at TD05.

To support this additional resource, we intend to construct a new tailings leach plant, TLP 2, at the Nchanga Complex with a processing capacity of approximately 18 Mtpa. We anticipate that TLP 2 will require capital expenditure of approximately $741 million and approximately two years to complete. Given TLP 2 will be located at the Nchanga Complex together with our existing operations, the project is designed to leverage in-place utilities, water, power and permitting and tailings handling infrastructure, which we believe positions TLP 2 as a capital-efficient brownfield expansion relative to a greenfield development. The Indicated portion of the TD05 Mineral Resource will initially be processed through the existing Nchanga TLP. Subsequently, both the Indicated and Inferred TD05 Mineral Resources are expected to be processed through the Nchanga TLP and TLP 2 operating in parallel from approximately Fiscal 2030 onwards.

Our infill and extension drilling campaign is also continuing at the Lubengele tailings dam located within the Konkola Complex, where drilling and test work commenced in late 2025. This program is designed to further develop our Mineral Resource base, enhance long-term mine planning and maximize value generation from our existing tailings asset endowment.

 **

***Additional Facilities and Infrastructure***

 

***Nkana Refinery***

The Nkana Refinery is located in Kitwe and is a large, conventional electro-refinery with a current nameplate capacity of 300 Ktpa LME Grade A refined cathode. The refinery is currently focused on producing starter sheets for the TLP electrowinning tankhouse, rather than the production of refined cathode for sale. Anodes are supplied by the Nchanga smelter to the Nkana Refinery and consumed in the stripper section to generate starter sheets, which are in turn sent to the TLP to be consumed in the process for making copper cathodes. Currently, we expect to evaluate utilization of the Nkana Refinery for cathode production when power supply improves, unlocking greater value for the facility.

***Nampundwe Mine***

The Nampundwe mine is located 50 km from Lusaka and has been operational for 112 years. The Nampundwe mine produces pyrite, a sulfur and iron compound that is a critical input for smelting operations. Pyrite is a key source of sulfur supply required for sulfuric acid production in the acid plant located at the Nchanga Complex, which is then further utilized as the key reagent in the TLP, and as a reactant in the smelting process. The Nampundwe mine produced approximately 28.3 Kt of pyrite in Fiscal 2026.

***Summary of Facilities***

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| | | | |
|:---|:---|:---|:---|
| **Facility** | **Nameplate**<br> **Capacity** | **Utilization as of**<br> **March 31, 2026** | **Product** |
| Konkola Concentrator | 6 Mtpa | 22% | Copper-cobalt concentrate |
| Nchanga Concentrators |  |  |  |
| Old East Mill | 4.4 Mtpa | 37% | Copper concentrate |
| New East Mill | 6.5 Mtpa | 67% | Copper concentrate |
| New West Mill | 2.5 Mtpa | 86% | Copper concentrate |
| Nchanga Smelter | 312 Ktpa | 41% | Copper anodes <br>Copper-cobalt alloy <br>Sulfuric acid |
| Tailings Leach Plant | 18 Mtpa | 64% | LME Grade A copper cathode |
| Nkana Refinery | 300 Ktpa | 6% | LME Grade A copper cathode <br>Starter sheets for TLP |

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**Financial and Operating Performance**

In Fiscal 2026, Konkola Plc had net sales of $1.33 billion and net loss of $339.7 million, as compared to net sales of $398.0 million and net income of $922.5 million in Fiscal 2025. The net loss in Fiscal 2026 was primarily attributable to a one-time gain of $1.6 billion recognized in the prior comparable period in connection with the initial accounting for provisions and related debt modifications pursuant to the Scheme of Arrangement, in accordance with ASC 852. An additional factor contributing to the decrease was the unfavorable foreign exchange movements. These effects were partially offset by lower interest expense, higher net sales and lower cost of sales resulting from improved production efficiencies during the year ended March 31, 2026.

In Fiscal 2026, Konkola Plc produced approximately 129 Kt of copper (consisting of approximately 77 Kt Integrated production and 52 Kt third-party production) across the KCM Complex at an AISC of $4.71 per pound. In Fiscal 2025, Konkola Plc produced approximately 48 Kt of copper (consisting of approximately 30 Kt Integrated production and 18 Kt third-party production) across the KCM Complex at an AISC of $5.83 per pound. See "*—Summary Historical and Unaudited Pro Forma Condensed Consolidated Combined Financial Information"* for further information and "*—Reconciliation of Non-GAAP Accounting Standards Financial Measures*" for a reconciliation of Cost of Sales, the most directly comparable GAAP measure to AISC.

As supported by the Technical Report Summaries, as of April 1, 2026, we have approximately 1.0 Mt of Proven and Probable copper Mineral Reserves (or approximately 0.8 Mt of Proven and Probable copper Mineral Reserves on a 79.42% ownership basis) across the KCM Complex and, as of the same date, we have approximately 1.9 Mt of further Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) and approximately 9.7 Mt of Inferred Mineral Resources (or approximately 1.5 Mt of further Measured and Indicated Mineral Resources and 7.7 Mt of Inferred Mineral Resources on a 79.42% ownership basis). Over the remaining mine life from Fiscal 2030 across the KCM Complex, we expect an average production of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) and an average AISC of $2.38 per pound. The MII case includes Inferred Mineral Resources that are considered too speculative geologically to apply the modifying factors necessary to be categorized as Mineral Reserves, and there is no certainty that the Initial Assessment will be realized.

The tables below summarize certain forward-looking financial and operational information of Konkola Plc as outlined in the Technical Report Summaries. Information regarding our Mineral Resources, including Inferred Mineral Resources, is derived from the Initial Assessment TRS, whereas information regarding our Mineral Reserves is derived from the Pre-Feasibility Study TRS. For additional information on our Mineral Reserves and Mineral Resources, see "*Mining Properties*" and the Technical Report Summaries included as exhibits to the registration statement of which this prospectus forms a part.

**Summary of Economic Analysis contained in Technical Report Summaries** 

The Initial Assessment TRS contains two cases, the "MII" case (referred to as the "Full Resource Case" in the Initial Assessment TRS), which includes Measured, Indicated and Inferred Mineral Resources, and the "M&I" case which includes Measured and Indicated Mineral Resources. The MII and M&I cases shown in the tables below are preliminary in nature, and the MII case includes Inferred Mineral Resources that are considered too speculative geologically to apply the modifying factors necessary to be categorized as Mineral Reserves. Approximately 59% of the Mineral Resources included in the economic analysis for the MII case of the Initial Assessment TRS are classified as Inferred Mineral Resources. The Pre-Feasibility Study TRS contains the Reserve case, which reflects only Proven and Probable Mineral Reserves derived from Measured and Indicated Mineral Resources by application of modifying factors. As such, the Reserve case is encompassed within the M&I case, and the M&I case is encompassed within the MII case. The Reserve case is not incremental to the M&I case and MII case. The three cases are nested rather than independent or additive scenarios. There is no certainty that the economic analysis contained in the Initial Assessment TRS or the Pre-Feasibility Study TRS will be realized. See "*Risk Factors—Estimates of Mineral Reserves and Mineral Resources are subject to evaluation uncertainties that could result in project failure."* 

The tables below provide a summary of the economic analyses of the Reserve case and the MII case and M&I case, as set out in section 19 of the Initial Assessment TRS and Pre-Feasibility TRS, each prepared on a 100% basis reflecting the presentation in the Technical Report Summaries. The M&I case and MII case are presented in Tables 1.13 and 19.2 of the Initial Assessment TRS. The Reserve case is presented in Table 19.3 of the Pre-Feasibility Study TRS prepared by AMC with an effective date of April 1, 2026. For definitions of terms used in the tables below, refer to the relevant Technical Report Summary. The shareholder-level value corresponding to the Company's 79.42% ownership in Konkola Plc is adjusted for net debt, working capital, and other balance sheet items to arrive at equity value, and therefore cannot be derived by simply by applying the ownership percentage to the enterprise value.

Copper pricing used in each of the economic analyses has been based on P75 consensus pricing (ranging from $11,101/t to $12,793/t over the Mineral Reserve production period). Cobalt pricing used in each of the economic analyses has been based on P50 consensus pricing (ranging from $42,262/t to $52,465/t over the Mineral Reserve production period).

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| | | | |
|:---|:---|:---|:---|
|  | **Reserve**<br> **Case – 100% Basis** | **Initial**<br> **Assessment**<br> **– 100% Basis** | **Initial**<br> **Assessment**<br> **- 100% Basis** |
|  | | **MII** | **MI** |
| Mine Life | ~11 | ~45 | ~15 |
| KCM UG Ore mined | 29066 | 232775 | 29066 |
| KCM UG Ore head grade | 2.89% | 2.94% | 2.89% |
| KCM UG Ore Recovery | 89.2% | 86.5% | 89.2% |
| KCM Cu Payable | 734 | 5816 | 734 |
| NBU Ore mined (Open Pit and Underground) |  | 20861 |  |
| NBU head grade |  | 2.42% |  |
| NBU recovery |  | 53.9% |  |
| NBU Cu payable |  | 266 |  |
| Nchanga TLP Ore mined | 24522 | 473636 | 224607 |
| Nchanga TLP Ore head grade | 0.64% | 0.57% | 0.56% |
| Nchanga TLP Ore recovery | 48.5% | 66.8% | 56.7% |
| Nchanga TLP Cu Payable | 80 | 1798 | 713 |
| Third-party Concentrate | 3425 | 12833 | 3425 |
| Third-party Concentrate Grade | 33.1% | 33.2% | 33.1% |
| Third-party Metal Production | 1112 | 4180 | 1112 |
| Integrated Metal Production | 814 | 7880 | 1446 |
| Total Metal | 1925 | 12060 | 2558 |
| Growth Capital | 208 | 1626 | 342 |
| Capital Development | 569 | 3419 | 569 |
| Sustaining Capital | 461 | 2551 | 788 |
| Closure Costs<sup>(1)</sup> | 133 | 133 | 133 |
| C1 Cash Cost (unit)<sup>(2)</sup> | 2.46 | 1.87 | 2.10 |
| AISC (unit)<sup>(3)</sup> | 3.11 | 2.38 | 2.69 |
| NPV<sub>8%</sub> (pre-tax, real basis)<sup>(4)</sup> | 1998 | 12050 | 3418 |
| NPV<sub>8%</sub> (post-tax, real basis)<sup>(4)</sup> | 1588 | 8637 | 2640 |
| Payback Period<sup>(5)</sup> | 2.0 | 3.3 | 1.7 |

---

\* Copper pricing calculated based on P75 consensus pricing (ranging from $11,101/t to $12,793/t over the Mineral Reserve production period).

\*\* Cobalt pricing calculated based on P50 consensus pricing (ranging from $42,262/t to $52,465/t over the Mineral Reserve production period).

(1) Closure Costs are included within Sustaining Capital.

(2) C1 Cash Cost is a non-GAAP measure. For the definition of this measure and a reconciliation to the most
directly comparable financial measure calculated and presented in accordance with GAAP, please see "*—Non-GAAP Measures* "
below.

(3) AISC is a non-GAAP measure. For the definition of this measure and a reconciliation to the most directly
comparable financial measure calculated and presented in accordance with GAAP, please see "*—Non-GAAP Measures* "
below.

(4) NPV calculated using a real discount rate of 8.0% per annum applied to free cash flows in real U.S. dollar
terms, reflecting the project risk profile of an established Copperbelt operation. Pre-tax and post-tax NPVs are presented separately.

(5) Payback Period represents the cumulative time from April 1, 2026 to the point at which cumulative undiscounted
post-tax free cash flow equals total capital investment.

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***Projected Overall Mining Schedule – Initial Assessment MII Case***

![](ctm005_s1img21.jpg)

Source: Figure 19.3 Projected overall mining schedule – MII Case, Initial Assessment, TRS; Table 19.3 MII Case production and cashflow schedule, Initial Assessment, TRS

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***Projected Overall Mining Schedule – M&I Case***

![](ctm005_s1img22.jpg)

Source: Figure 19.4 Projected overall mining schedule – M&I Case, Pre-Feasibility Study TRS, Initial Assessment TRS, Table 19.4 M&I Case production and cashflow schedule, Initial Assessment, TRS

***Consolidated AISC for Life of Mine – Initial Assessment ($/lb Cu)***

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![](ctm005_s1img23.jpg)

Source: Graph generated from AISC ($/lb) data in Table 19.3 (MII production and cashflow schedule), Initial Assessment TRS

**Our Competitive Strengths**

We believe that the following competitive strengths differentiate us and can contribute to our continued success.

***Robust Economics Driven by Large-Scale, High-Grade and Low-Cost Positions***

Our strong economics reflect the interplay of grade, scale and integration – capturing margin at each step of the mining process. Konkola Plc's average blended Mineral Resource copper grade of 1.68% (inclusive of Mineral Reserves) is approximately 2.5 times higher than the declining global average of 0.66% per Wood Mackenzie. We believe our strong endowment, as supported by our approximately 13.0 Mt (or approximately 10.3 Mt on a 79.42% ownership basis) of Mineral Resources, as well as our large operational scale, provides the opportunity to achieve an efficient unit intensity as fixed costs are spread over more tonnage and high capital productivity. Over the remaining mine life from Fiscal 2030 across the KCM Complex, we expect an average production of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) and an average AISC of $2.38 per pound. Furthermore, vertical integration – having mines, concentrator, on-site smelter and the TLP in one place – reduces logistics and third-party charges, stabilizes net realized pricing through minimized exposure to treatment and refining expense volatility, manages quality and shortens the cash-conversion cycle.

Our production growth plan is designed to leverage our favorable economics. Phased debottlenecking, recovery work and incremental throughput additions are expected to increase effective capacity in an efficient manner. We believe that higher volumes of concentrate feed will further improve smelter utilization and dilute fixed cost overheads, supporting expanded cash margins and returns. As such, we believe we have the foundation required to progressively entrench ourselves as a preferred long-term source of copper and cobalt for the U.S. market given our strong economic position and resulting ability to sustain strong margins through potential periods of commodity price volatility.

***Technology-Driven Operations Delivering Industry-Leading Efficiency***

We intend to continue building a digitized, AI-powered mining operation. We have a track record of using technology across our mining and plant operations. For example, we have established a strong digital foundation at the TLP, including the digitization of previously manual data, the deployment of enabling sensors and instrumentation and the establishment of real-time operational visibility. These capabilities provide the essential building blocks for advanced analytics and predictive applications, positioning us to progress from operational control to data-driven optimization. Through strategic collaborations with technology specialists, including Palantir, we anticipate that our technology will enable real-time optimization across the entire value chain – from predictive maintenance that reduces downtime, to AI-driven exploration to increase our Mineral Resources and Mineral Reserves, and autonomous systems that enhance safety while reducing labor costs. Our integrated sensor network will be designed to provide continuous monitoring of equipment performance, geological conditions and environmental parameters, enabling proactive decision-making not possible for many conventional miners. We believe this technology-led approach positions us to achieve lower operating costs and higher productivity compared to conventional operations.

***High Growth Critical Minerals Producer with Strategic Focus on Supplying U.S. and Western Markets***

We believe that Konkola Plc represents one of the few operations positioned to help meet U.S. demand for copper and cobalt over the long term. Despite both commodities being designated as critical minerals by the U.S. government in 2025, the U.S. continues to import approximately 45% of its copper and 75% of its cobalt, as per the U.S. Geological Survey. With the DRC accounting for over 75% of the world's cobalt production and China producing more than 45% of the world's copper and refining over 70% of the world's cobalt, the U.S. faces significant supply chain vulnerability. The Konkola Complex is one of the world's highest-grade copper assets, and as supported by the Technical Report Summaries, with the implementation of our planned infrastructure upgrades, we aim to achieve a remaining operational mine life average copper production level from Fiscal 2030 of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources). We intend to increase the volume of finished copper products sold into U.S. markets, including products derived from both our own Integrated production and purchased third-party concentrate. We believe this strategy will enhance our U.S. market presence and optimize the value realized across our processing and sales activities. We believe that these initiatives, coupled with our strong operating history will enable us to become a strategic, technology-led supplier of copper and cobalt.

Konkola Plc offers a differentiated source of supply for copper and copper-cobalt alloy that can support rapidly growing end-use demand across critical sectors such as AI infrastructure, data centers, grid modernization and electrification. Further, we believe that copper is a cornerstone of industrialization and is currently at the forefront of a global shift towards a green economy. Its exceptional conductivity and recyclability make it an indispensable component in a wide array of modern technologies, from renewable energy systems to electric vehicles. Industry forecasts indicate that the next 25 years will require more copper than has been produced throughout human history. See "*—Industry*" below for further information.

Policy trends also have the potential to reinforce this structural shift. Effective August 1, 2025, the U.S. Government imposed a 50% tariff on semi-finished copper products and copper-intensive derivative products, while excluding raw forms such as ore and cathode. Effective April 6, 2026, the U.S. Government modified that tariff with a new tiered tariff of 50%, 25%, 15% or 10% applied to the entire value of the products. The U.S. Government will also require that a phased percentage of U.S.-produced copper materials and high-quality copper scrap be sold domestically beginning in 2027 at 25%, thereby underscoring the need to secure reliable upstream supply from mining operations. The U.S. International Development Finance Corporation has provided financial support for the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia's Copperbelt Province and Atlantic ports. The Lobito Corridor is expected to be operational by approximately 2029, potentially enhancing logistics for copper exports to Western markets. Against this backdrop, we are actively seeking to secure long-term commercial relationships and offtake contracts with customers located in the U.S. and Western-aligned nations. These contracts have the potential to allow us to contribute directly to energy security, technological competitiveness and supply chain resilience in the U.S., which we believe is aligned with the objectives of policymakers to reduce dependence on DRC mining and Chinese mining and refining, to the extent paired with increased critical minerals processing/refining capacity in Western-aligned nations.

***Advanced, De-risked Platform Backed by Substantial Capital Investment to Date***

Unlike many potential sources of incremental copper around the world, the KCM Complex currently produces copper and benefits from approximately $3 billion of capital deployed by Konkola Plc into capital expenditures between 2004 to 2019, funded by a combination of cash generated from operations and from shareholder loans. We believe that this installed asset base, together with existing permits and established operating practices, enables a highly efficient restart-and-ramp-plan that is more capital efficient and significantly faster compared to a first-time greenfield build. From a timeline perspective, the average greenfield copper mine in tier-1 jurisdictions such as the U.S., Canada and Australia take 29 years, 27 years and 20 years, respectively to be built, whereas our full ramp up to peak production is expected to take only approximately 7-8 years.

***Zambia - One of the World's Most Attractive Mining Jurisdictions***

Konkola Plc's operations are located in Zambia, one of the world's most established copper mining jurisdictions. As of 2026, Zambia is the 7th largest producer of copper in the world and the second largest producer in Africa, with copper exports representing 15% of Zambia's gross domestic product and over 70% of its exports as of late 2025. In 2025, the Fraser Institute's Annual Survey of Mining Companies rated Zambia as 25th (out of 68 jurisdictions) on the Investment Attractiveness Index globally and is the third highest ranked African jurisdiction (out of 20 jurisdictions), which considers key investment attributes including geological attractiveness and government policies.

The GRZ has stated goals to position copper as a cornerstone of the nation's economic development and triple national copper production to 3 Mt annually by 2031 (Zambia currently projects 2026 production to reach 1 Mt) and to improve enabling infrastructure, including power permitting processes and logistics. We believe the development of the KCM Complex supports these goals, thereby aligning our interests with those of the GRZ. Furthermore, we expect that our long-standing community relationships, focus on safety, environmental performance and a robust existing workforce with a strong composition of local talent will support our license to operate during the production ramp-up period and beyond.

On January 23, 2026, Konkola Plc entered into the MoU with AFC, a multilateral development finance institution. The MoU establishes a framework for collaboration and cooperation between Konkola Plc and AFC in connection with the ZLR Project. Under the terms of the MoU, Konkola Plc has expressed a non-binding interest in utilizing up to 180,000 tonnes per annum of freight capacity on the ZLR Project, subject to AFC's satisfactory due diligence and receipt of all necessary internal approvals. In turn, AFC will explore the possibility of providing financial and advisory support to Konkola Plc for the development and financing of its activities in Zambia, also subject to internal approvals, due diligence, and the negotiation of definitive agreements. The MoU will remain in effect for two years from the date of signature unless earlier terminated by either party upon 30 days' notice or by mutual agreement.

***Strong Historical Exploration Track Record and Resource Conversion***

We are exploring the extension of the expected mine life of the KCM Complex through continued exploration activities in what is a highly prolific zone for copper. Since the inception of the copper mines at Konkola and Nchanga, approximately 17.5 Mt of contained copper has been extracted. As supported by the Technical Report Summaries, this amount compares to total Mineral Resources as of April 1, 2026, of approximately 13.0 Mt (or approximately 10.3 Mt on a 79.42% ownership basis). We are currently executing an infill and extension drilling campaign to further develop our Mineral Resources, through the drilling of the COP E Extension and COP DF deposits at the Nchanga Complex, as well as TD05 at Nchanga and the Lubengele tailings dam at Konkola, the latter of which has not previously been included in our declared Mineral Resource base. This campaign is designed to enhance long-term mine planning and maximize value generation. Drilling at Lubengele tailings dam commenced in late 2025. We anticipate that upon completion of the required drilling and test work, our mineral reserve estimate may increase, further increasing our production potential; however, at present, we have not established any Mineral Resources or Mineral Reserves from the Lubengele tailings dam.

***Endorsed and Backed by Global Mining Leader***

Our current controlling stockholder, Vedanta, is a leading, diversified natural-resources group founded by Anil Agarwal that generated revenue of $18.2 billion in Fiscal 2025 and employs a global workforce in excess of 117,000 people. Vedanta has a track record of successfully operating and managing assets across a range of industries and geographies. The Vedanta group's portfolio spans base metals (zinc, lead, silver, aluminum, copper), oil and gas, iron ore, steel and power generation across India, Africa and other regions. In 2004, Vedanta obtained a 51.00% stake in Konkola Plc, before increasing its ownership to 79.42% in 2008.

**Our Business Strategy**

CopperTech is exploring a transformative growth strategy aimed at significantly further expanding copper production capacity across its mining and processing assets. We seek to deliver attractive, through-the-cycle returns to our stockholders through cash flow generation and growth of our copper mining operations. Below are the highlights of our growth strategy.

***Execute Plans to Become a Leading Global Copper Producer to Serve the High Growth U.S. Technology Sector***

We are growing our copper and cobalt mining business by executing and exploring development work at the KCM Complex, which we believe offers potential high returns. Central to this plan is the Konkola Deep Mine Project, which we expect to extend mining operations from the current depth of approximately 1 km to approximately 2 km, which we believe may unlock access to additional resource and expand our copper production capacity. Critically, the primary shaft required to reach this depth has already been installed as part of previously spent growth capital expenditures, so we consider the infrastructure foundation for this expansion to be in place. The project is anticipated to also involve expanded dewatering capabilities necessary to operate at greater depth. Beyond the Konkola Deep Mine Project, we are prioritizing process improvements and other capital expenditures by Konkola Plc which are expected to include exploration activities within the KCM Complex and in select international jurisdictions, infill drilling programs and AI-based geological surveys to identify additional resources and upgrade resource classifications. With our planned infrastructure upgrades, we expect to achieve a remaining operational mine life average copper production level from Fiscal 2030 of 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources).

We believe there is also potential to grow production further, subject to additional geological engineering, permitting and completion of necessary studies. In carrying out our growth plans, we will continue to employ conventional and cutting-edge technologies to benefit from geological confidence in the resource base, access to existing infrastructure and support from local and regional authorities. In addition to pursuing growth in production at the KCM Complex, we also plan to undertake technical programs across the Konkola Plc portfolio to potentially upgrade Konkola Plc's Mineral Resources from Inferred to higher-confidence Mineral Resource classifications, delineate new Mineral Resources and continually assess optimization strategies to increase efficiency of operations. In addition, we may evaluate external growth opportunities from time to time.

To further support our growth potential, we are also exploring measures to ensure power security and supply, which we anticipate will further streamline production as power is one of our biggest production inputs.

***Employ a Disciplined Approach to Capital Allocation***

As we work to ramp up production at the KCM Complex to an average of approximately 270 Ktpa from Fiscal 2030, we are focused on driving operational self-reliance across our integrated mining, processing and smelting platform, while leveraging our high-grade resource base and vertical integration to position Konkola Plc as a cost leader, targeting a life-of-mine average AISC of $2.38 per pound of copper. Although there are currently no restrictions in our debt agreements or capital structure that would prevent us from paying a dividend in the future as a holding company, our ability to pay dividends on our common stock will depend on the receipt of cash distributions and dividends from our direct and indirect operating subsidiaries. Pursuant to the KCM Shareholders Agreement, distributions from Konkola Plc are subject to the Konkola Waterfall prioritizing interest and partial principal on shareholder loans and other specified liabilities, which may limit or delay our ability to pay dividends or other distributions.

***Building the "Modern Mine" Through Value-Added Strategic Collaborations to Maximize Artificial Intelligence and Technology – Partnering with Palantir***

We believe that our focus on strategic collaborations will accelerate operating performance, de-risk expansion and expand our resource base through the deployment of leading geophysical, analytic and AI technologies. We are partnering with Palantir to deploy Palantir's advanced software and AI platform at KCM to develop digital twins, which are virtual replicas of actual operations that can be used to run simulations on existing and possible upgraded systems and components. The collaboration aims to focus on AI-powered automation systems for mining operations, including dewatering advanced digital mapping and visualization of resource geology and mine infrastructure, real-time operational intelligence, and integrated decision support. Additionally, these technologies are anticipated to include AI-assisted tools to improve operating performance, by applying such tools in mine planning, maintenance scheduling, process control and exploration targeting. We intend to evaluate collaborations with equipment suppliers, digital and AI providers, mining and processing firms and consulting and engineering organizations with demonstrated capabilities in such specialized areas. These partnerships aim to create scalable improvements that enhance performance across our value chain to position us to serve as a strategic, technology-led supplier of critical minerals through AI-driven optimization and a comprehensive digital transformation of our operations. Our objective is to access and utilize proven and innovative technologies to enhance operational and financial performance while continuing to foster industry-leading safety standards, personnel management systems and IT systems.

**Customer Base**

As of March 31, 2026, all of our mining operations were located in Zambia. All of our products are sold on auction basis with short-to-medium term offtake agreements of up to one year.

Our largest client for Fiscal 2026 represented 28 % of our revenue, and our largest client for Fiscal 2025 represented 38% of our revenue. Our second and third largest clients for Fiscal 2026 represented 20% and 19%, of our revenue, respectively, and for Fiscal 2025 15% and 12% of our revenue, respectively.

**Raw Materials and Suppliers**

**Raw Materials**

Our raw materials consist of explosives required for rock fragmentation, fuel, power, water, steel balls, reagents/chemicals required for processing plants (including, but not limited to, comminution, flocculant and collector, solvent extraction reagents, smelter reagents and sulfur to produce sulfuric acid), concentrate for processing and sulfuric acid for leaching processes and utilities. These raw materials are sourced from a wide range of suppliers and are readily available.

We procure our raw materials from a diverse network of key suppliers both in Zambia and internationally, ensuring multiple sourcing options for critical inputs. Our long-standing relationships with these suppliers, supported by both contractual agreements and operational collaboration, enable us to strive to secure favorable terms related to product availability, pricing and payment conditions.

To ensure quality and consistency, we establish supply agreements where appropriate. These agreements define specifications, scope of work, commercial terms, service levels, supply security, risk mitigation strategies, warranties and dispute resolution procedures. We actively manage and monitor these supplier relationships and contracts to optimize cost efficiency, enhance performance, reduce supply chain risks and strengthen overall supply resilience.

Our top 10 suppliers, with a spend of approximately $66 million, made up approximately 50% of the total amount of materials supplied to us, exclusive of concentrate purchases, for Fiscal 2026. These have been long-standing suppliers and are supplemented by additional backup suppliers in the event of emergencies. We aim to maintain a diversified supplier base with key suppliers to ensure reliability of our supply. We have not had any significant supply or service disruptions from these suppliers.

Utilities required for operation, including power and water, are provided through established regional infrastructure. Our operations primarily draw their power from ZESCO, a state-owned entity. Because the KCM Complex are among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 360,000 m<sup>3</sup>/day, and the Nchanga Complex underground mine peaking at around 75,000 m<sup>3</sup>/day, the availability of power is essential to our dewatering processes and therefore to our overall operations. As we expand our operations at Konkola, we expect that the amount of dewatering needed will increase significantly, which will increase our need for power. We also rely on third-party contractors for several activities, including execution of our mine plan and conducting ore and waste extraction in our operating business units. These contracts are usually executed for a period of three to five years, following a competitive process where several companies (including potential new suppliers) bid to win contracts.

Due to the nature of the mined ore at the Konkola Complex containing high amounts of silica and magnesia, the Nchanga smelter requires a combination of chalcopyrite and chalcocite concentrates containing low amounts of silica and magnesia and high amounts of iron to maintain the feed specifications. It is necessary to purchase from third parties the majority of the chalcopyrite concentrate that we use in our operations, as well as additional chalcocite concentrate. Our main suppliers for chalcopyrite and chalcocite concentrate are mines in the Zambian and DRC Copperbelt region, which we access through a combination of purchases from traders and directly from mining companies. Third-party concentrate is purchased on a metal-return basis, wherein Konkola Plc takes ownership of the concentrate. The proximity of these mines—the majority of which are within 200 to 500 km of the Nchanga smelter—enables road-based logistics at commercially viable freight rates. Consistent with industry practice for concentrate trading in the Copperbelt region, our current supply agreements for concentrate are short-term in nature, with no contracts extending beyond 2026. Our typical contracts for concentrate are for volumes ranging from approximately 10,000 to 60,000 dry mt per month per supplier and the duration of these contracts are typically one fiscal year or less. The Copperbelt region represents one of the world's largest copper producing areas and production is forecast to grow over the life of the mines at the Konkola Complex, however, a number of the largest mine expansions in the Copperbelt region are expected to be accompanied by dedicated on-site smelting infrastructure, which may decrease the amount of overall supply for concentrate in the Copperbelt region as companies move towards processing their own concentrate. However, we expect the continuous supply of concentrate to be supported by the forecasted growth of Zambian and DRC mines, the KCM Complex's proximity to such mines and the GRZ's continuing 10% export levy on copper concentrate.

Similarly, the Nchanga tailings leach plant requires sulfuric acid for its operations. Although most of our sulfuric acid is produced in-house as a byproduct of the smelting process, we need to purchase additional supplies of sulfuric acid from Zambian smelters. If we are not able to procure sufficient sulfuric acid for production, a bottleneck will occur and our production capabilities will be restricted.

**Competition**

The copper exploration, mining and metal production industry is competitive. Companies in this sector compete for access to high-grade mineral resources, skilled labor, technological innovation and favorable regulatory conditions. The competitive landscape includes both large, established producers and emerging firms seeking to develop new projects or improve operational efficiency.

As demand for copper continues to grow, driven by its critical role in electrification, renewable energy and infrastructure, companies are increasingly focused on expanding Mineral Reserves, optimizing production and meeting evolving environmental and social expectations. Competitive pressures are further heightened by challenges such as declining ore grades, logistical constraints and geopolitical uncertainties.

Success in this industry depends on the ability to operate efficiently, manage risks effectively, and adapt to changing market dynamics. We aim to balance cost with strategic growth to better position us to compete in this evolving environment.

**Seasonality**

Our operations are not generally subject to seasonality. Our mining properties are able to support year-round production. However, during Zambia's rainy season, which typically falls between November and April, adverse weather conditions may occasionally disrupt operations and reduce productivity at affected sites.

**Culture and Employees**

As of March 31, 2026, we had approximately 5,300 employees, of which labor unions represented approximately 79%%. In addition, we had a workforce of approximately 10,000 contractors.

We attempt to foster a culture rooted in zero harm, world-class safety standards and shared prosperity. Our people are our greatest asset, and we are committed to promoting their health, safety and well-being through robust systems, continuous improvement and a proactive safety ethos.

Our comprehensive Health & Safety Management System is designed to reduce the risk of hazards, prevent injury and promote a safe, inclusive and empowering workplace for employees and business partners alike.

We invest in:

&nbsp;&nbsp;&nbsp;&nbsp;· regular health surveillance, risk **-** based monitoring and training for employees and contractors,

&nbsp;&nbsp;&nbsp;&nbsp;· transparent communication and inclusive decision **-** making, encouraging voices to be heard in shaping
a safer workplace, and

&nbsp;&nbsp;&nbsp;&nbsp;· non **-** discriminatory policies intended to protect the rights and dignity of all employees and business
partner employees including those affected by high **-** risk diseases such as HIV/AIDS.

**Intellectual Property**

We rely on non-disclosure agreements, invention assignment agreements, intellectual property assignment agreements or license agreements with employees, independent contractors, consumers, software providers and other third parties, which protect and limit access to and use of our proprietary intellectual property. Although we rely, in part, upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees, as well as the functionality and frequent enhancements to our mines, are larger contributors to our success.

As of March 31, 2026, we did not own any patents, copyrights or trademarks.

**Environment**

In connection with the Resumption of Control over Konkola Plc in 2024, Konkola Plc was granted a moratorium allowing any issues relating to restoration orders under the EMA until July 2026. In 2026, Konkola Plc requested an extension of the moratorium period to June 2028 and is in discussions with the GRZ on this matter. We cannot guarantee that the GRZ will grant our request. Following the conclusion of such moratorium, we will be obligated to comply with all environmental requirements relating to our operations, including restoration orders, which may cause us to incur additional cost. Because the moratorium has not yet concluded, we are not certain as to the amount of any such additional cost which may be material. Furthermore, we have been subject to compliance audits that require us to invest significant capital expenditures in the amount of $28 million over the next five years, including rehabilitation and upgrading of ponds, improved pumping stations, streambed restoration, and other projects.

**Regulatory Landscape**

See the section entitled "*—Zambian Regulation*".

**Legal Proceedings**

We are subject to claims and lawsuits in the ordinary course of business, including claims under contract, surface and mining rights disputes, employment or labor matters, personal injury claims and other litigation, some of which include claims for substantial or unspecified damages. In addition, we operate in a highly regulated industry and we are regularly interfacing with regulators through inquiries, requests for comment, investigations, examinations and routine engagements by regulatory and other governmental agencies. The outcomes of the legal and regulatory matters discussed in this section are inherently uncertain and some of these matters may result in adverse judgments or awards, including penalties, injunctions or other relief, and we may also determine to settle a matter because of the uncertainty and risks of litigation. Litigation is inherently uncertain, and any judgment entered against us, or any adverse settlement, could materially and adversely impact our business, financial condition, results of operations and cash flows.

 ****

**Scheme of Arrangement**

On May 21, 2019, ZCCM petitioned the High Court of the Republic of Zambia to wind up Konkola Plc, alleging that mines held by Konkola Plc were being mismanaged by Vedanta, and contrary to the provisions of the KCM Shareholders Agreement dated November 5, 2004, among the GRZ, ZCCM, VRL, VRHL and Konkola Plc. At the same time that the winding up proceedings were commenced, ZCCM obtained an ex-parte order appointing the Provisional Liquidator over Konkola Plc. On June 28, 2024, Konkola Plc entered into the court-sanctioned Scheme of Arrangement with its Class 1 and Class 2 creditors. In connection with entry into the Scheme of Arrangement, the High Court ordered that Konkola Plc pay into an escrow account $225 million for creditor settlement, $20 million for a one off community support loan and $750,000 for a once-off employee bonus. The Class 1 and Class 2 creditors were classified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Class 1 creditors includes any Scheme of Arrangement creditors which, in aggregate with their affiliates,
hold admitted claims with a value less than $1 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Class 2 creditors includes any Scheme of Arrangement creditors which, in aggregate with their affiliates,
hold admitted claims with a value greater than or equal to $1 million.

On June 28, 2024, the Provisional Liquidator's appointment was vacated, and on July 25, 2024, ZCCM withdrew its winding up petition, which was subsequently granted by the High Court. The board of directors of Konkola Plc was then reinstated on July 31, 2024, and Konkola Plc was returned to being classified as a going concern, with management control returned to Vedanta.

**CEC Proceedings**

Copperbelt Energy Corporation PLC ("CEC") has since brought proceedings against Konkola Plc, arguing that it is a preferential creditor entitled to be paid in full before ordinary creditors pursuant to the Scheme of Arrangement. On October 9, 2025 the Court of Appeal of Zambia delivered its judgment, holding that CEC is a preferential creditor because its claim relates to sums that are to be treated as liquidation costs. The effect of this ruling is that the Scheme of Arrangement approved by the first instance court is varied such that CEC is to be treated as a preferential creditor, entitled to payment in full before any of Konkola Plc's ordinary creditors under the Scheme of Arrangement. Konkola Plc previously provided payment of approximately $10 million to CEC, representing approximately 35% of the debt outstanding to CEC. On 15 October 2025, Konkola Plc sought the Court of Appeal's permission to appeal the ruling to the Supreme Court of Zambia, which permission was granted on January 28, 2026. The Court of Appeal of Zambia ruled that the grounds of appeal advanced by Konkola Plc raise novel and important questions regarding the finality, enforceability and jurisdictional scope of court-sanctioned schemes of arrangement under Zambian law. The ruling further stayed all execution steps by CEC against Konkola Plc pending the final determination of the appeal before the Supreme Court of Zambia.

However, if the Supreme Court uphold the Court of Appeal's decision in favor of CEC, payments to creditors under the Scheme of Arrangement will be materially affected. The reclassification of CEC as a preferential creditor would reduce the funds available for distribution to other creditor classes, potentially requiring adjustments to payments already made and limiting the amounts that remaining creditors can recover. This prioritization may also give rise to further litigation relating to the Scheme of Arrangement or Konkola Plc will be required to pay full amount of the debt owing to CEC, in the sum of approximately $19 million.

**Environmental Compliance Liabilities**

Konkola Plc is subject to several ongoing compliance and prevention orders issued by ZEMA, which relate to, among other things: (a) rehabilitation and management of TD05; (b) desilting and ecological restoration of natural streams and construction of in-plant containment facilities; (c) control of emissions from the anode furnaces, including installation of an off-gas cleaning system (wet scrubber); (d) installation and maintenance of online monitoring systems for key process areas; and (e) measures to ensure dam stability and zero discharge from the pollution control dam area. These orders involve ongoing remediation and compliance activities.

Additionally, Konkola Plc is also subject to obligations under the EPF Regulations, including $143.8 million in EPF liabilities attributable to Konkola Plc for future mining asset retirement obligations as of March 31, 2026. Konkola Plc's EPF liability has been determined pursuant to an independent third-party assessment conducted as of December 31, 2025; however, government demands associated with such liabilities could differ from the third-party assessment. The $143.8 million may be settled by Konkola Plc in the form of a cash payment of approximately $34.2 million to the MRC (of which $5.5. million has been paid), and a bank guarantee for $109.6 million. Although the liability has been attributed to Konkola Plc, no payments or guarantees were required to be made as of the date of this prospectus because Konkola Plc has been granted a two-year moratorium until July 2026 in connection with the period of provisional liquidation. In 2026, Konkola Plc requested an extension of the moratorium period to June 2028 and is in discussions with the GRZ on this matter. Given the moratorium, of the total $34.2 million cash payment required to be paid to the MRC, Konkola Plc has paid $5.5 million. In the event the remaining $28.7 million cash contribution becomes due and payable following the moratorium and finalization of negotiations, the Company notes that that amount has been included as a claim by MRC (as a creditor) under the Scheme of Arrangement, and the timing of such payment will be subject to the Konkola Waterfall.

The Company has planned capital expenditures of approximately $28 million related to environmental compliance. These expenditures are expected to be allocated in three years (from Fiscal 2027 to Fiscal 2030) to the following key initiatives: (a) rehabilitation and upgrading of spillage ponds, containment vessels, pipelines, and pumping stations to prevent effluent discharge into Chingola stream and ensure proper solids handling; (b) construction of a new catchment pond and restoration works, including stream diversion, clean-up, stream bed reprofiling, erosion control, and ecological restoration; (c) installation of environmental control systems, including an off-gas cleaning system (wet scrubber) at the Nchanga smelter's anode furnaces; and (d) acid-proofing and civil works for the acid plant, as well as structural and maintenance works at the Nkana Refinery tank.

 ****

***Trafigura Proceedings***

On 23 September 2024 Trafigura PTE Ltd ("Trafigura") instituted London Court of International Arbitration proceedings against Konkola Plc seeking recovery of sums allegedly due under certain copper products and concentrate supply agreements. Trafigura claims in the region of $83 million, plus interest and costs. Konkola Plc denies the claims and the proceedings are pending.

**Mining Properties**

This prospectus refers to estimated Mineral Reserves and Mineral Resources, including Measured, Indicated and Inferred Mineral Resources. See "*About This Prospectus—Basis of Presentation*" for the definition of those terms. Konkola Plc's disclosure relating to Mineral Resources and Mineral Reserves is based on supporting documentation prepared by the Qualified Person. The Initial Assessment TRS and Pre-Feasibility Study TRS have been prepared by the Qualified Person, and are included as exhibits to the registration statement of which this prospectus forms a part.

**Mining Properties Summary Disclosure**

Konkola Plc owns and operates a complex of integrated mining and processing assets in the Zambian Copperbelt, a globally significant copper-producing region with extensive mineral endowment and established mining infrastructure. Konkola Plc's primary production complex, referred to herein as the "KCM Complex", consists of the following mine types and locations:

&nbsp;&nbsp;&nbsp;&nbsp;· Konkola Complex, an underground mine located near Chililabombwe approximately 20 km north of Chingola
and 5 km south of the Zambia–DRC border,

&nbsp;&nbsp;&nbsp;&nbsp;· the Nchanga Complex, both open pit and underground mines located within 4 km of the city of Chingola,
which is 50 km west of the major city of Kitwe and approximately 110 km northwest of Ndola, the capital of the Copperbelt Province
in Zambia, and

&nbsp;&nbsp;&nbsp;&nbsp;· the Tailings Complex, processed by the TLP, both located at the Nchanga Complex.

The KCM Complex is supported by the Nkana refinery, a large, conventional electro-refinery located near Kitwe, 54 km south of Chingola and 77 km south of Chililabombwe, currently used primarily to produce starter sheets for the Nchanga TLP.

The Nampundwe Mine, located approximately 50 kilometers west of Lusaka, in the Shibuyunji District of Central Province, Zambia, is an underground mine producing pyrite concentrate. This concentrate is used as a sulfur-bearing flux in the Nchanga smelter. There are no commercial offtake arrangements for the pyrite mined at Nampundwe and Konkola Plc does not directly derive any revenue from the pyrite mined at, and thus has not established any reserves for, Nampundwe. As defined by Subpart 1300 of Regulation S-K, the Nampundwe mine is an "exploration stage" property. In the event Nampundwe produces an insufficient amount of pyrite for the Company's production processes, the Company expects to purchase pyrite from third-party producers to facilitate its copper production.

Following the consummation of the Transactions, CopperTech will hold a 79.42% ownership interest in Konkola Plc.

The KCM Complex is our only material mining property and is a "production stage" property, as defined by Subpart 1300 of Regulation S-K.

The location of the KCM Complex, Nkana refinery and Nampundwe mine are provided in the figures below:

![](ctm005_s1img20.jpg)

**Annual Production for the Past Three Years<sup>(1)</sup> (metric tonnes per year)**

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| | | | |
|:---|:---|:---|:---|
| **Product** | **Fiscal 2026<br> Amount<br> (79.42%<br> basis)** | **Fiscal 2025<br> Amount<br> (79.42% basis)** | **Fiscal 2024<br> Amount<br> (79.42% basis)** |
| **Copper** |  |  |  |
| &nbsp;&nbsp;Konkola | 27502 | 10794 | 12941 |
| &nbsp;&nbsp;Nchanga | 12984 | 1789 | 927 |
| &nbsp;&nbsp;Tailings Dams 03 and 04 | 24283 | 13515 | 9359 |
| **Total** | **64769** | **26098** | **23226** |
| **Cobalt<sup>(2)</sup>** |  |  |  |
| &nbsp;&nbsp;Konkola | 151 | 105 | 159 |
| &nbsp;&nbsp;Nchanga | 17 | 30 | 15 |
| &nbsp;&nbsp;Tailings Dams 03 and 04 |  |  |  |
| **Total** | **168** | **134** | **175** |

---

(1) Past three years refers to Fiscal 2024, 2025 and 2026. Copper and cobalt amounts reported in the S-1 reflect
CopperTech's 79.42% interest in Konkola Plc. For further detail on Konkola Plc's mining properties, please refer to the Technical
Report Summaries.

(2) During Fiscal 2024, 2025 and 2026, all cobalt production was in the form of a copper—cobalt alloy,
for which Konkola Plc realized revenue solely on the copper content.

**License Details**

Konkola Plc holds exclusive rights to explore for, extract, process and sell copper ores and related products within the boundaries of its large-scale mining licenses ("LSMLs"). These rights are granted under the MRC Act and are administered by the Ministry of Mines and Minerals Development. The LSMLs provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, tailing storage facilities, waste management areas, and water abstraction systems.

Konkola Plc's rights under the LSMLs include:

&nbsp;&nbsp;&nbsp;&nbsp;· the exclusive right to access and extract copper-bearing ore within the defined license areas;

&nbsp;&nbsp;&nbsp;&nbsp;· the right to process ore and produce copper concentrates and copper products;

&nbsp;&nbsp;&nbsp;&nbsp;· the right to construct, operate and maintain infrastructure for mining, processing, tailings and logistics;
and

&nbsp;&nbsp;&nbsp;&nbsp;· the authority to sell and export copper products in line with national export guidelines.

These LSMLs are in good standing and provide the legal basis for mineral extraction, processing and associated infrastructure development across Konkola Plc's operations. As of March 31, 2026, there are no known encumbrances, material legal proceedings or compliance issues affecting the standing of these licenses. The primary conditions associated with these licenses relate to royalty payments and mine closure requirements. See "*Mining Properties Summary Disclosure—Royalty Payments*" and "*Business—Legal Proceedings—Environmental Compliance Liabilities.*"

A summary of Konkola Plc's LSMLs are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry date** |
| **Konkola Mine License** | 7076-HQ-LML | Covers underground copper extraction and operation of the concentrator at the Konkola Complex | 4054.0 | March 30, 2050 |
| **Nchanga License** | 7075-HQ-LML | Covers mining and tailings recovery operations at the Nchanga Complex | 10659.0 | March 30, 2050 |
| **Nchanga Tailings Leach Plant License** | 28174-HQ-MPL | Covers Nchanga TLP operations | 177.0 | December 16, 2045 |
| **Nchanga Old East Mill License** | 28173-HQ-MPL | Covers Nchanga concentrator operations | 27.0 | December 16, 2045 |
| **Nampundwe License** | 7074-HQ-LML | Covers Pyrite mining and concentrator operations | 962.5 | March 30, 2050 |
| **Nkana Refinery License** | 20945-HQ-MPL | Covers refining activities at the electrorefinery | 50.0 | April 18, 2050 |

---

Surface rights within the license areas are secured either directly through the mining licenses or through agreements with local authorities and landholders where required. As of April 1, 2026, all property rights are considered to be in good legal standing, with no known encumbrances, material legal proceedings or regulatory actions affecting Konkola Plc's ability to operate within its licensed areas.

**Surface and Access Rights**

Konkola Plc has secured surface rights through long-term leases with the Zambian government. These rights permit the construction of mining infrastructure, roads and processing facilities necessary for efficient operations. Additionally, water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities with the goal to ensure uninterrupted mining and exploration activities. These agreements outline, among other things, land-use policies, compensation frameworks and sustainability commitments.

In areas where project development has affected local landholders or settlements, resettlement action plans have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support Konkola Plc's social license to operate.

**Royalty Payments**

Konkola Plc is subject to the Zambian Mining Royalty Tax, which is levied on gross revenue from mineral sales. The royalty is applied on a sliding scale according to the prevailing copper price, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· 4.0% when the copper price is below $4,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 6.5% when the copper price is between $4,000 and $5,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 8.5% when the copper price is between $5,000 and $7,000 per tonne

&nbsp;&nbsp;&nbsp;&nbsp;· 10% when the copper price exceeds $7,000 per tonne

In addition to royalty payments, Konkola Plc is liable for corporate income tax of 30% and value-added tax of 16%, subject to applicable exemptions and offsets under Zambian tax legislation.

These fiscal obligations form part of the national revenue system and are not tied directly to community investment schemes. Community development initiatives are administered through separate corporate social responsibility frameworks.

**Mineralization**

The Zambian Copperbelt hosts one of the world's largest sediment-hosted stratiform copper provinces, accounting for nearly half of the Central African Copperbelt's Mineral Reserves. Mineralization occurs as a single or multiple mineralized units within the Neoproterozoic Katangan Supergroup, particularly the "Ore Shale Unit" of the Lower Roan Group. These deposits formed in a rift-related basin dominated by continental sandstones and marginal marine shales, later overlain by carbonates and evaporitic sequences.

Copper and cobalt mineralization is primarily stratiform, consisting of disseminated sulfides and sulfide-bearing quartz-carbonate veinlets. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulphur-rich reductants (such as organic matter and pyrite) within the Ore Shale Unit.

The Lufilian orogeny (~540–490 mega-annum) involved thermochemical reduction of sulfate and remobilization of earlier diagenetic sulfides with the concomitant formation of oxide copper minerals (malachite, azurite and chrysocolla). Additional supergene enrichment through meteoric water enhanced chalcocite-dominated mineralization. Resulting in a stratiform mineralization of mixed primary and secondary enrichment copper minerals.

Multiple deformational events resulted in regional scale folding, faulting, alteration, remobilization of copper and cobalt mineralization, leading to secondary enrichment and the formation of discrete deposits with varying ratios of dominant primary and secondary enrichment copper minerals.

The Konkola Complex underground mine is within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralization, creating localized enrichment and structural complexity. Konkola is a predominantly disseminated chalcopyrite and bornite, primary sulfides, hosted in the Ore Shale Unit with minimal oxide and supergene enrichment minerals. Konkola mineralization extends along both limbs and the hinge of a single large-scale fold, with an approximate length of 5 km and a variable thickness of 5 meters to 50 meters. Remaining mineralization is mostly sub-vertical in the limbs and shallow dipping through the hinge.

Nchanga deposits are separated due to structural folding and faulting. They are located within the hinges and / or along the limbs of broad fold structures and are a heterogeneous mix of oxide, supergene, and primary sulfide mineralization. Secondary and oxide copper minerals (malachite, chrysocolla) are present in larger amounts with less primary chalcopyrite and bornite than Konkola. Deposit size and orientation vary greatly, dip varies from 25 degrees to 70 degrees, mineralization strike ranges from 300 meters to 1.5 km, and mineralization thickness varies from 3 meters to 50 m, at depths of up to 600 meters.

 ****

**Equipment, Facilities and Infrastructure**

Material from the KCM Complex is processed at on-site facilities, which include concentrators at both the Konkola Complex and Nchanga Complex, the Nchanga smelter (which also uses the pyrite produced at Nampundwe, as well as third-party concentrate), the Nkana Refinery, and the TLP. The KCM Complex comprises a combination of legacy and modernized mining, processing, and support infrastructure, reflecting a long operational history and multiple phases of investment. Key mining infrastructure at Konkola underground mine includes shafts and underground workings dating from 1957 and 1963, with significant modernization through the commissioning of the No. 4 shaft. The Konkola concentrator and Nchanga smelter are relatively modern facilities, with the Konkola concentrator commissioned in 2008 and the Nchanga smelter commissioned in 2009, and have undergone periodic refurbishment and maintenance. The Nchanga concentrators and Nkana refinery are legacy assets, with core structures and equipment dating back several decades; while operational, these facilities are considered aged and require ongoing repair and maintenance. The Nchanga TLP, commissioned in the 2000s, has been refurbished as part of recent restart activities, though some equipment is now over 15 years old. Tailings storage facilities (TD03, TD04, TD05, Lubengele) and water supply infrastructure have been in continuous use for several decades, with ongoing statutory inspections and upgrades to maintain compliance and stability. Power supply infrastructure, including substations and transmission lines, has been established for over 20 years, with recent and planned upgrades to support operational requirements. Ancillary infrastructure such as workshops, warehouses, and administrative buildings includes both legacy structures and more recent additions or refurbishments. The on-site laboratory and QAQC equipment are aged, with maintenance and replacement required to ensure continued reliability.

**Mineral Resources and Mineral Reserves**

The following tables summarize Konkola Plc's Mineral Reserves and Mineral Resources as of April 1, 2026, based on CopperTech's 79.42% ownership of Konkola Plc following the completion of the Transactions. The operational and related financial information presented is sourced from the Technical Report Summaries and is included for the purpose of reporting in accordance with Subpart 1300 of Regulation S-K. The Pre-Feasibility Study TRS economic analysis is presented to demonstrate the economic viability of the Mineral Reserves and should not be used for other purposes. The Initial Assessment TRS economic analysis is preliminary in nature, includes Inferred Mineral Resources that do not have demonstrated economic viability, and there is no certainty that the results of the Initial Assessment TRS will be realized. The information presented originates from comprehensive techno-economic modelling, which is subject to change as assumptions and inputs are updated, and as a result, does not guarantee future operational or financial performance. The Mineral Reserve and Mineral Resource estimates presented herein are the first prepared in accordance with the requirements of subpart 1300 of Regulation S-K. As this is Konkola Plc's initial disclosure under subpart 1300 of Regulation S-K there is no Mineral Reserve or Mineral Resource information for prior dates under this standard. Konkola Plc's Mineral Reserves and Mineral Resources are on properties that are permitted, or are expected to be permitted, for mining under current regulatory requirements. Konkola Plc has not included estimates of Mineral Reserves for any property other than the KCM Complex. Konkola Plc's qualified person for the KCM Complex (including the Konkola Complex and Nchanga Complex) is AMC. AMC is not an employee, or affiliate of CopperTech and does not have an ownership, royalty or other interest in the KCM Complex.

**Summary Mineral Resources as of April 1, 2026<sup>(1)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Measured Mineral<br> Resources<br> Tonnage (Mt)** | **Measured Mineral<br> Resources<br> Tonnage (Mt)** | **Indicated Mineral<br> Resources<br> Tonnage (Mt)** | **Indicated Mineral<br> Resources<br> Tonnage (Mt)** | **Measured + Indicated<br> Mineral Resources<br> Tonnage (Mt)** | **Measured + Indicated<br> Mineral Resources<br> Tonnage (Mt)** | **Inferred Mineral<br> Resources<br> Tonnage (Mt)** | **Inferred Mineral<br> Resources<br> Tonnage (Mt)** |
|  | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** |
| Copper |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Complex<sup>(2)</sup> | 1.1 | 3.7 | 4.7 | 3.8 | 5.8 | 3.8 | 197 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga Complex<sup>(3)</sup> |  |  | 22 | 2.1 | 22 | 2.1 | 7.1 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailings Complex<sup>(4)</sup> |  |  | 157 | 0.6 | 157 | 0.6 | 179 | 0.5 |
| Total | 1.1 | 3.7 | 184 | 0.8 | 185 | 0.8 | 383 | 2.0 |
| Cobalt |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Complex<sup>(2)</sup> | 1.1 | 0.06 | 4.7 | 0.07 | 5.8 | 0.06 | 197 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga Complex<sup>(3)</sup> |  |  | 22 | 0.03 | 22 | 0.03 | 7.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailings Complex<sup>(4)</sup> |  |  | 157 | 0.02 | 157 | 0.02 | 179 | 0.02 |
| **Total** | 1.1 | 0.06 | 184 | 0.02 | 185 | 0.02 | 383 | 0.04 |

---

(1) Source: IA TRS (Exhibit 96.1), Table 1.2, and PFS TRS (Exhibit 96.2), Table 1.3. The copper price of $10,000/t
Cu used for Mineral Resource cut-off grade determination is based on the Qualified Person's assessment of long-term commodity pricing
informed by a three-year trailing average. The adopted price has been rounded conservatively below the trailing average and is supported
by P75 consensus forward price forecasts of $11,101/t to $12,793/t per IA TRS Section 16.1.6 / Table 16.1, S&P Global Capital IQ December
2025 forecast. Point of reference: in situ material.

(2) Source: PFS TRS (Exhibit 96.2), Table 1.3. Konkola Complex Mineral Resources are reported exclusive of
Konkola Mine Mineral Reserves. Cut-off grade: 1.1% TCu at $10,000/t Cu.

(3) Source: IA TRS (Exhibit 96.1), Table 1.2. The Nchanga Complex Mineral Resources comprise the COP DF open
pit and underground operation, and COP E Extension underground operation. No Mineral Reserves are declared at the Nchanga Complex. Cut-off
grades by deposit: COP DF open pit 0.5% TCu; COP DF underground 1.1% TCu; COP E Extension 0.9% TCu. Copper contained metal on a 79.42%
basis: COP DF (Measured + Indicated) 185 kt; COP E Extension (Measured + Indicated) 274 kt; COP E Extension (Inferred) 176 kt. Point of
reference: in situ material.

(4) Source: IA TRS (Exhibit 96.1), Table 1.2 (TD05), and PFS TRS (Exhibit 96.2), Table 1.3 (TD03 and TD04).
TD03 and TD04 contain no Mineral Resources exclusive of Mineral Reserves; all Tailings Complex Mineral Resources exclusive of Mineral
Reserves are sourced from TD05. No cut-off grade is applied to TD03 and TD04 as all material is planned to be recovered and processed
in full. Cobalt is present in situ at TD03, TD04, TD05, but is not recovered in the TLP electrowinning process; cobalt grades are reported
for geological completeness only and no cobalt revenue is attributed to the tailings leach plants in the economic analysis. Point of reference:
in situ material.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources reported exclusive of Mineral Reserves per S-K 1300 Item 1303(b)(3)(ii). Mineral Resources
that are not Mineral Reserves do not have demonstrated economic viability.

&nbsp;&nbsp;&nbsp;&nbsp;· Inferred Mineral Resources are considered too speculative geologically to apply the modifying factors
necessary to be categorized as Mineral Reserves. There is no certainty that any part of an Inferred Mineral Resource will be upgraded
to a higher confidence category or that Mineral Resources will be converted to Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnages and grades are rounded; contained metal is calculated from unrounded figures. Rounding may cause
apparent discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;· Grades for total TCu (%) and total TCo (%) are derived from a weighted average of grades and tonnages
from the respective sources.

**Summary Mineral Reserves as of April 1, 2026<sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proven Mineral<br> Reserves<br> Tonnage (Mt)** | **Proven Mineral<br> Reserves<br> Tonnage (Mt)** | **Probable Mineral<br> Reserves<br> Tonnage (Mt)** | **Probable Mineral<br> Reserves<br> Tonnage (Mt)** | **Total Mineral Reserves<br> Tonnage (Mt)** | **Total Mineral Reserves<br> Tonnage (Mt)** |
|  | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** | **Amount<br> (79.42%<br> basis)** | **Grade<br> (%)** |
| Copper |  |  |  |  |  |  |
| &nbsp;&nbsp;Konkola Complex<sup>(2)</sup> | 1.7 | 2.5 | 21 | 2.9 | 23 | 2.9 |
| &nbsp;&nbsp;Tailings Dams 03 and 04<sup>(3)</sup> |  |  | 20 | 0.6 | 20 | 0.6 |
| Total | **1.7** | **2.5** | **41** | **1.8** | **43** | **1.9** |
| Cobalt<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Complex<sup>(2)</sup> | 1.7 | 0.06 | 21 | 0.06 | 23 | 0.06 |
| **Total** | **1.7** | **0.06** | **21** | **0.06** | **23** | **0.06** |

---

(1) Source: PFS TRS (Exhibit 96.2), Table 1.2. Inferred Mineral Resources are not included in Mineral Reserves.
The copper price of $9,000/t Cu used for NSR cut-off grade determination is selected conservatively below the P75 consensus forward price
forecasts of $11,101/t to $12,793/t per PFS TRS Section 16.1. The cobalt price used for NSR cut-off determination is $28,000/t Co. Mineral
Reserves at the KCM Complex are declared at the Konkola Mine and at TD03 and TD04 within the Tailings Complex. No Mineral Reserves are
declared at the Nchanga Complex. Point of reference: ore delivered to processing plant (ROM stockpile).

(2) Source: PFS TRS (Exhibit 96.2), Table 1.2. Cut-off grade: NSR $50–125/t ROM, varying by mining area
and reflecting underground access cost and depth, based on a copper price of $9,000/t Cu and cobalt price of $28,000/t Co.

(3) Source: PFS TRS (Exhibit 96.2), Table 1.2 and Table 11.8. The TD03 and TD04 Mineral Resources have been
fully converted to Probable Mineral Reserves; no Mineral Resource remains at TD03 or TD04 exclusive of Mineral Reserves. Probable Mineral
Reserves on a 79.42% basis: TD03 2.3 Mt at 0.8% TCu (0.6% ASCu) containing approximately 17 kt of copper; TD04 17.2 Mt at 0.6%
TCu (0.4% ASCu) containing approximately 107 kt of copper. No cut-off grade is applied to TD03 and TD04 as all material is planned
to be recovered and processed in full.

(4) Cobalt is present in situ at TD03 and TD04 but is not recovered in the existing Nchanga TLP electrowinning
process under the Mineral Reserve scope. Accordingly, TD03 and TD04 are excluded from the cobalt Mineral Reserve disclosure, and no cobalt
revenue is attributed to these tailings dams in the economic analysis. Cobalt grades for TD03 and TD04 are reported in the underlying
technical report for geological completeness only. Mineral Reserves reported in accordance with S-K 1300 Item 1303(b)(2). Inferred Mineral
Resources are not included in Mineral Reserves and there is no certainty that Inferred Mineral Resources will be upgraded to higher confidence
categories or converted to Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnage and grade rounded; contained metal calculated from unrounded figures. Rounding may cause apparent
discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;· Grades for total TCu (%) and total TCo (%) are derived from a weighted average of grades and tonnages
from the respective sources.

**Individual Property Disclosure**

We consider the KCM Complex to be our only material mining property as defined by Regulation S-K Subpart 1300. The KCM Complex consists of the Konkola Complex, the Nchanga Complex and the Tailings Complex. In accordance with Subpart 1300 of Regulation S-K, the KCM Complex is a "production stage" property.

**Konkola Complex**

The Konkola Complex consists of an underground mine, accessed via three vertical shafts (1, 3 and 4 shafts), a concentrator with 6 Mtpa capacity facility which employs conventional crushing, milling and flotation to produce copper concentrate, and a tailings storage facility. Ore from the Konkola underground mine is processed into concentrate at the Konkola concentrator, which is then transported by road to the Nchanga smelter and processed into copper anodes. These copper anodes are then refined at the Nkana refinery to produce copper cathodes and starter sheets for the Nchanga TLP. The 200 Mt tailings storage facility at the Konkola Complex, Lubengele, currently stores tailings from the Konkola concentrator.

Mining operations at the Konkola Complex commenced in 1957. Konkola Plc has carried out extensive work on the property, the sinking of Shaft 4 at the Konkola underground mine and the commissioning of a new 6 Mtpa nameplate capacity concentrator.

For current production activities, see "*Mining Properties Summary Disclosure—Annual Production for the Past Three Years*."

The net book value of the Konkola Complex, inclusive of property, plant and equipment, as of March 31, 2026 was $846.0 million.

**Nchanga Complex**

The Nchanga Complex consists of an underground mine and open pit (surface) mines, as well as several essential processing facilities for our operations. Underground mining and open pit mining have been scaled back in recent years, however we intend to continue to undertake exploration activities to expand the resource and potential mine life of the Nchanga Complex. The processing facilities at the Nchanga Complex include including three concentrators – the Old East Mill, New East Mill and New West Mill with a combined nominal capacity of 13.4 Mtpa, a tailings leach plant which has achieved annual throughputs of up to 16 Mtpa, a smelter with original design 128 capacity of 312 ktpa and an on-site acid plant with leaching capacity of 1,850 tonnes per day.

Mining operations at the Nchanga Complex commenced in 1927. Konkola Plc has carried out extensive work on the property, including the commissioning of a new sulfur burning acid plant, the installation of direct-to-blister technology from Outotec, the expansion of the Nkana refinery to 300 ktpa and the commissioning of two concentrators at the Nchanga Complex.

For current production activities, see "*Mining Properties Summary Disclosure—Annual Production for the Past Three Years*."

The net book value of the Nchanga Complex, inclusive of property, plant and equipment, as of March 31, 2026 was $195.0 million.

**Tailings Complex**

The Tailings Complex consists of TD03, TD04 and TD05. TD03 and TD04 are historical tailings dams, constructed to store fine-grained tailings generated from decades of copper ore processing at the Nchanga concentrators. Over time, they have accumulated significant volumes of tailings containing residual copper. The tailings at TD03 and TD04 are located on the surface and are transported to the TLP for processing and extraction of associated materials.

TD05 is an active tailings dam containing flotation tailings material from the Nchanga concentrators and TLP, originally sourced from multiple Nchanga deposits. Recent infill and extension drilling activities have defined Mineral Resources at TD05.

**History**

Underground mining operations at KCM Complex commenced in 1957, with Nchanga open pit mining commencing in 1937, by Konkola Plc, initially accessed via vertical shafts and rail haulage levels. Over the decades, KCM Complex became one of the region's most significant copper producers, with its development closely tied to the broader evolution of Zambia's mining industry.

During the privatization of the Zambian mining sector completed in 2000, Anglo American reacquired a 51% interest in Konkola Plc, however, Anglo American subsequently withdrew as a shareholder in 2002, leaving ownership primarily with government-related investment vehicles, including ZCCM. In November 2004, Vedanta acquired a 51% equity interest in Konkola Plc and later increased its holding to approximately 79.4% in 2008, with the remaining interest held by ZCCM.

In 2019, the GRZ, through ZCCM, initiated provisional liquidation proceedings in the Zambia High Court, which resulted in the company being managed by the court-appointed Provisional Liquidator rather than Vedanta. This period of government-led control lasted until July 2024, when operations were officially handed back to Vedanta and the previous shareholding structure was restored. During the provisional liquidation, Konkola Plc's board was suspended, and the company operated outside of Vedanta's direct management, impacting investment, operational decision-making, and overall performance until the reinstatement of Vedanta's control and the board.

 ****

**Location**

The map below indicates the approximate location of the KCM Complex, including the Konkola Complex, Nchanga Complex and Tailings Complex.

![](ctm005_s1img25.jpg)

 

*Map: KCM Complex Mines and Infrastructure*

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

Nkana refinery and Nampundwe mine shown for completeness; these do not form part of the KCM Complex.

The location and size of the Konkola Complex, Nchanga Complex, Tailings Complex and Nkana Refinery, as well as each major facility within the KCM Complex, is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Site/Facility** | **Latitude<sup>(1)</sup>**  | **Longitude<sup>(1)</sup>**  | **Area (ha)** | **License No.(2)** |
| Konkola Mine (No. 4 Shaft) | 12.378820°S | 27.829329°E | 4054.0 | 7076—HQ—LML |
| Nchanga Underground (D Shaft) | 12.524812°S | 27.854832°E | 10659.0 | 7075—HQ—LML |
| Nchanga TLP | 12.532698°S | 27.847922°E | 177.0 | 28174—HQ—MPL |
| Nchanga East Mill (Concentrator) | 12.526696°S | 27.858325°E | 27.0 | 28173—HQ—MPL |

---

(1) Co-ordinates are shown in WGS84 decimal degrees

(2) For further information on these licenses, please refer to Mining Properties Summary Disclosure—License
Details —Surface and Access Rights, and —Royalty Payments.

 ****

**Access and Infrastructure**

The Konkola Complex is located near the town of Chililabombwe in Zambia's Copperbelt Province, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border. The mine is accessible via the T3 Highway, a sealed, all-weather road that connects Chingola to Chililabombwe, providing reliable year-round access for personnel, equipment, and product transport. The operation is also supported by proximity to well-established road networks, facilitating the transport of copper concentrates to domestic smelters and refined products to export markets via southern, eastern, or western routes (such as to Durban Port in South Africa, Dar es Salaam Port in Tanzania, or Walvis Bay Port in Namibia). Additionally, proximity to the Kasumbalesa Border Post facilitates imports from the DRC to Zambia, such as mineral ores and concentrates. The Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania to the port of Dar-es-salaam has also been used in the past to transfer final products, however the primary method for transportation is by road freight. Rail freight is not used for initial product transport in the local areas surrounding the KCM Complex because the existing railway infrastructure and rolling stock are in a deteriorated condition, making rail services non-operational and necessitating reliance on road transport for both inbound shipments and outbound product movement. Utilities, including power and water, are supplied through established regional infrastructure, and the site benefits from access to the Simon Mwansa Kapwepwe International Airport in Ndola, located approximately 130 km to the southeast, facilitating the movement of personnel and time-sensitive materials. Due to the history of mining in the region, there is also established access to personnel working in the mining sector.

The Nchanga Complex and Tailings Complex are strategically positioned approximately 20 km south of the Konkola Complex underground mine and benefits from the same location and infrastructure advantages as the Konkola Complex.

Due to the Konkola Complex being one of the wettest underground mines, the primary source of raw water is derived from underground dewatering activities and there is no need for above-ground water storage. The volume of water that inflows into underground mine operations at the Konkola Complex far exceeds required raw water for the KCM Complex.

Konkola Plc primarily draws power from the CEC, which owns and operates electricity transmission infrastructure in the Copperbelt region. The CEC primarily purchases electricity from ZESCO. Konkola Plc maintains an electricity supply plan with ZESCO for supply of electricity to 2035.

 ****

**Geology**

The majority of copper mineralization at Konkola is hosted within the ore shale unit (OSU), which is overlain by the hanging wall quartzite. The mineralization is predominantly composed of chalcopyrite and pyrite, with bornite becoming increasingly significant in structurally complex areas. Structural deformation, particularly thrust faulting, has resulted in zones of enhanced permeability, facilitating localized remobilization of copper and contributing to increased grade variability across the deposit. The influence of deep-seated hydrothermal fluids has led to minor silicification and sericite alteration of the host rocks, which in turn has implications for the metallurgical characteristics of the ore. The deposit is structurally controlled, being preserved within the Konkola Syncline—a broad, northwest-trending fold structure. Thrust faults and shear zones further segment the mineralization, creating areas of localized enrichment and adding to the overall structural complexity of the deposit. The geometry of the mineralization is characterized by moderate to steep dips, ranging from 45 to 70 degrees, which generally conform to the synclinal structure. At greater depths, the dip of the orebody increases sharply, necessitating the use of specialized mining techniques to ensure safe and efficient extraction. Hydrogeologically, Konkola is notable for having very wet underground mine conditions, with significant groundwater inflows encountered along faulted and fractured zones This results in an exceptionally high ore hoist-to-water pumping tonnage ratio of approximately 1:49, necessitating intensive dewatering measures to maintain safe and continuous mining operations. A comprehensive dewatering system has been implemented, featuring staged pumping stations at multiple levels (370 mL, 690 mL, and 950 mL), sumps and extensive water management infrastructure to handle inflows and ensure mine access and personnel safety. Infrastructure upgrades under way include the installation of a new pump station at the 1,390 mL level to facilitate deeper mining, alongside ongoing improvements to energy efficiency and alignment of processing capacity with production targets.

The Nchanga open pit, located approximately 15 km south of Konkola, is characterized by a heterogeneous geological setting with distinct oxide, supergene, and sulfide mineralization zones. The upper oxide zone comprises malachite, azurite and chrysocolla, which transitions downward into a chalcocite-rich supergene blanket, underlain by a primary sulfide zone dominated by chalcopyrite and bornite, with occasional native copper veins, especially near fault zones. The deposit is structurally complex, with large-scale faulting resulting in compartmentalized mineralization and variable ore styles. Mineralization generally dips shallowly (10–30°), but steeper dips (40–50°) occur near fault intersections. Seasonal rainfall poses significant hydrogeological challenges, necessitating robust surface water management to prevent water accumulation within the pit.

The Nchanga Complex underground mine deposit extends from the open pit and is hosted primarily within carbonaceous shales and siltstones, interbedded with dolomitic units. The mineralization style mirrors that of the open pit, with a progression from oxide minerals (malachite, azurite, chrysocolla) through a chalcocite-rich supergene blanket to a sulfide zone dominated by chalcopyrite and bornite, and occasional native copper in faulted areas. Structural complexity is pronounced, with thrust fault repetition creating stacked orebodies and intricate structural interactions. The mineralization exhibits moderate to steep dips (40–65°) due to thrust stacking and folding. Hydrogeologically, the underground mine experiences significant groundwater inflows, particularly along thrust planes, requiring continuous water management and staged pumping to maintain safe working conditions.

**Mining Rights**

Konkola Plc holds exclusive mineral rights for the KCM Complex, Nkana refinery and Nampundwe mine. For a summary of Konkola Plc's mineral rights, see "*Mining Properties Summary Disclosure—License Details*" and "*Mining Properties Summary Disclosure—Surface and Access Rights.*" All property rights are considered to be in good legal standing, with no known encumbrances, material legal proceedings or regulatory actions affecting Konkola Plc's ability to operate within its licensed areas.

**Exploration and Development**

Konkola Plc has introduced a phased infill and extension drilling program to aid geological understanding, grow known mineralization and support long-term mine planning at the Konkola Complex underground mine. The infill and extension drilling strategy includes four key phases: Phase 1 targets an upgrade to Measured classification for five years of production through 60-meter drill spacing using both underground and surface directional drilling; Phase 2 aims to delineate Indicated material for the subsequent ten years via a combination of surface directional and vertical drilling; Phase 3 involves infill drilling to upgrade confidence in Inferred Mineral Resources to Indicated Mineral Resources by reducing drillhole spacing; and Phase 4 focuses on expanding drilling at the lease boundary with deep surface holes averaging 1,500 meters. These programs are designed to address current limitations in drilling density, assay coverage and structural modeling, and are supported by recommendations to upgrade the on-site analytical laboratory. The goal is to de-risk geological understanding and enable resource upgrades, facilitating the conversion to Mineral Reserves, thereby underpinning the long-term viability and expansion of the Konkola operation.

Access, rock handling and ventilation systems have been progressively expanded to accommodate increasing mining depths and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems, declines and underground rail networks, with underground refuge chambers as additional safety facilities and surface infrastructure delivering power, ventilation and water reticulation.

On the surface, the Konkola Complex concentrator processes run-of-mine ore through crushing, milling, flotation and dewatering. The resulting concentrate is transported to the Nchanga smelter which produces saleable copper anodes, with some of the anodes being further processed to produce copper cathodes at the Nkana refinery through electrorefining. Infrastructure upgrades under way at Konkola include the refurbishment and optimization of the concentrator circuit to enhance throughput and metallurgical recovery, upgrades to tailings pumping in conjunction with the installation of a paste fill plant and distribution system to support changes in mining methods for improved resource recovery and the installation of a new pump station at the 1,390 mL level to facilitate dewatering of the orebody. Additional improvements are in progress to increase energy efficiency and align processing capacity with underground production targets. Furthermore, a portion of the tailings stream will be directed to the underground paste fill system, supporting improved performance of mining practices and reducing the requirement for surface tailings deposition.

Ongoing exploration activities at the Nchanga Complex focus on enhancing geological confidence and expanding the understanding of the Mineral Resource base. The primary initiatives include infill and extension drilling at the COP E Extension and COP DF deposits. These drilling programs are designed to validate existing geological data, investigate potential extensions of known mineralization and increase the confidence level for the proposed development of underground mining in these areas. The aim is to upgrade the classification of resources, which is essential for future mine planning and potential conversion of Mineral Resources to Mineral Reserves.

Ongoing drilling and exploration activities are also being undertaken at the TD05 tailings dam at the Nchanga Complex and the Lubengele tailings dam at the Konkola Complex, with a view to generating Mineral Resource estimates and expanding the resource base of Konkola Plc's operations. At TD05, drilling commenced in July 2025, employing a 125 meter by 125 meter drill spacing grid, with 245 HQ vertical drillholes for resource definition completed for a total of approximately 5,586 meters. A parallel and identical drilling and test work program commenced at the Lubengele tailings dam in late 2025. In early 2026 Mineral Resources were defined at TD05. Further technical assessments will need to be completed prior to further Mineral Resource conversion at TD05 and Lubengele tailings dam, which is estimated to be completed by the end of Fiscal 2027.

Konkola Plc's near-term capital expenditures of $2.7 billion, including $0.5 billion in sustaining capital expenditures, over the five-year period from Fiscal 2027 to Fiscal 2031 are as follows:

---

| | |
|:---|:---|
| **Site** | **Works** |
| Konkola Complex | Underground lateral and vertical capital development to access Mineral Reserves |
| Konkola Complex | Dewatering infrastructure, including the 1390 mL pump chamber |
| Konkola Complex | No. 4 Shaft deepening and equipping (1150 mL and 1350 mL levels) |
| Konkola Complex | Paste fill plant construction and commissioning (3.0 Mtpa capacity) |
| Konkola Complex | Ventilation upgrades and underground infrastructure |
| Konkola Complex | Concentrator Stream 2 refurbishment |
| Nchanga Complex | Existing Tailings Leach Plant upgrades (elevated temperature leaching and permanent cathode technology) |
| Nchanga Complex | Construction of new TLP 2 facility for processing TD05 tailings |
| Nchanga Complex | Smelter sustaining capital and refurbishment |
| KCM Complex | Sustaining capital (equipment replacement, ongoing maintenance), working capital and contingency |

---

 ****

**Mine Infrastructure and Equipment**

The Konkola Complex underground mine is a large-scale, mechanized operation supported by extensive infrastructure and modern mining equipment. Access to the orebody is provided by a network of vertical shafts (1 Shaft, 3 Shaft and 4 Shaft), declines, rail haulage levels and supported by extensive underground development. A comprehensive dewatering system is in place, featuring staged pumping stations at multiple levels (370 mL, 690 mL, 950 mL), with upgrades under way including the installation of a new pump station at 1,390 mL to enable deeper mining. The mine's ventilation system is robust, with plans for additional intake and return shafts to support increased production and ensure safe working conditions. For further information on condition of facilities at the Konkola Complex, see "*—Our Properties—Mining Properties Summary Disclosure—Equipment, Facilities and Infrastructure*" above. The Konkola Complex concentrator is a conventional sulfide flotation plant with a nameplate capacity of 6 million Mtpa of run-of-mine ore. The facility comprises two parallel comminution circuits (each with a SAG and ball mill), hydrocyclone clusters, and a multi-stage flotation circuit designed to recover copper from both sulfide and oxide minerals. The tailings storage facility at Chililabombwe, known as the Lubengele, is the primary deposition site for tailings generated by the Konkola concentrator. The facility is located just north of the town of Chililabombwe and is engineered to accommodate the high-volume slurry produced by ongoing mining and processing operations.

Processing infrastructure at the Nchanga Complex is substantial. The Nchanga Complex houses three sulfide concentrators—Old East Mill (4.4 Mtpa nominal capacity), New East Mill (6.5 Mtpa nominal capacity) and New West Mill (2.5 Mtpa nominal capacity), and have a combined nominal capacity of 13.4 Mtpa. Tailings from these concentrators, combined with reclaimed material from the tailings storage facilities, are processed at the Nchanga tailings leach plant at up to approximately 16.7 Mtpa under the MII case. The Nchanga TLP is a key facility that reprocesses both current tailings from the Nchanga concentrators and historic tailings, TD03 and TD04, using sulfuric acid leaching, solvent extraction and electrowinning to produce LME Grade A copper cathode. The Nchanga TLP has achieved throughputs of up to 16 Mtpa. The TLP is supported by an on-site acid plant with leaching capacity of approximately 1,850 tonnes per day. The Nchanga smelter is a flash furnace operation designed to process high-grade copper concentrates, producing copper anodes and cobalt alloy, with a nameplate capacity of 312 ktpa. The smelter is tightly integrated with the TLP and the Nkana refinery in Kitwe, which produces refined copper cathodes and starter sheets for the TLP electrowinning tankhouse.

The Nkana refinery located in Kitwe is a conventional electro-refinery with a nominal capacity of 300 Ktpa of LME Grade A refined copper. The refinery utilizes a starter sheet process, where thin sheets of refined copper are plated on titanium blanks and then grown to full weight in the commercial tankhouse sections. Anodes are consumed in two 11-day cycles, producing two refined cathodes per anode, with approximately 18% of the anode weight returned to the smelter as scrap. The refinery is arranged in 72 independently powered sections, with nine electrolyte circuits servicing eight sections each. Historically, the refinery has achieved over 95% current efficiency and produced more than 95% LME Grade A quality copper. In recent years, capacity has been significantly reduced due to maintenance challenges. The current focus of the refinery is to produce starter sheets for the TLP electrowinning tankhouse, with anode scrap returned to the smelter for remelting. Slimes generated during refining, containing precious metals, are collected and sold.

We plan to construct a second tailings leach plant, TLP 2, at the Nchanga site to process reclaimed material from TD05. The proposed facility is designed to operate in parallel with the existing Nchanga TLP, increasing combined tailings throughput from approximately 13 Mtpa in Fiscal 2027 to approximately 34 Mtpa from Fiscal 2031onwards. We anticipate that the construction of TLP 2 will require capital expenditure of approximately $750 million and will take approximately two years to complete.

**Mining Methods and Processing**

KCM operates an integrated processing and recovery system across three main sites: Konkola, Nchanga, and Kitwe. The overall processing strategy is designed to treat copper sulfide and mixed oxide-sulfide ores sourced from the Konkola Complex underground mine, as well as reclaimed tailings from TD03 and TD04. Commencing 2029, we will also be treating reclaimed tailings from TD05. Ore from the Konkola Complex is processed using conventional sulfide flotation at the Konkola concentrator to produce copper-cobalt concentrate. The Nchanga flash smelting furnace processes concentrate from the Konkola and Nchanga concentrators together with third-party concentrate purchased from other regional copper mines. KCM's own concentrates carry elevated silica and magnesia content that exceeds the flash smelting furnace's preferred feed blend parameters, and the addition of chalcopyrite-dominant third-party concentrate is necessary to achieve the chemical balance required for stable furnace operation. The smelting process generates sulfur dioxide off-gas from which sulfuric acid is produced at the on-site acid plant (capacity 1,850 tonnes per day). This acid is the essential reagent for the Nchanga TLP, which processes reclaimed tailings from TD03 and TD04 and current tailings from the Nchanga concentrators using sulfuric acid leaching, solvent extraction, and electrowinning to produce LME Grade A copper cathode. The smelter also produces cobalt alloy as a by-product for sale. Copper anodes produced at the Nchanga smelter are transported to the Nkana Refinery in Kitwe, which is currently focused on producing starter sheets for the TLP electrowinning tankhouse. The Nkana Refinery has a nameplate capacity of 300 Ktpa of LME Grade A refined cathode, and we expect to evaluate a strategic investment program to restore full cathode refining capacity when power supply conditions permit.

The mining and processing operations at the KCM Complex are summarized in the following graphic:

![](ctm005_s1img26.jpg)

 

*Source: AMC*

At the Konkola Complex underground mine, three principal mining methods are currently utilized: Longhole Open Stoping, Post Pillar Cut and Fill and a Hybrid Overcut and Bench method, also referred to as Modified Overcut and Bench. The selection of each mining method is determined by factors such as orebody dip, ore thickness, ground conditions and the availability of infrastructure.

Mining operations at the Nchanga Complex employ a combination of large-scale open pit and underground mining methods, supported by surface stockpiles and tailings reclamation infrastructure. Open pit mining is carried out using conventional truck-and-shovel techniques, incorporating benching, drilling, blasting, and staged pushbacks guided by Whittle-optimized pit designs to maximize resource extraction and operational efficiency.

**Summary of Mineral Resources and Mineral Reserves**

**KCM Complex Summary of Mineral Resources as of April 1, 2026 – 79.42% Basis<sup>(1)(7)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification / Asset<sup>(2)</sup>**  | **Ore (Mt)** | **TCu (%)** | **TCo (%)** | **Cut-off (TCu %)<sup>(3)</sup>** | **Cu (kt)<sup>(4)</sup>** | **Co (kt)<sup>(4)</sup>** | **Cu Metallurgical recovery<sup>(5)</sup>** | **Co Metallurgical recovery<sup>(6)</sup>** |
| **Measured** | **1.1** | **3.7** | **0.06** | **—** | **41** | **0.8** | **—** | **—** |
| &nbsp;&nbsp;Konkola | 1.1 | 3.7 | 0.06 | 1.1 | 41 | 0.8 | 87.5% | 18% |
| **Indicated** | **184** | **0.8** | **0.02** | **—** | **1503** | **44** | **—** | **—** |
| Konkola | 4.7 | 3.8 | 0.07 | 1.1 | 176 | 3 | 87.5% | 18% |
| Nchanga (COP D&F) | 12 | 1.6 | 0.05 | 0.50 / 1.1 | 185 | 6 | 52.9% | 18% |
| Nchanga (COP E Ext) | 10 | 2.6 |  | 0.9 | 274 |  | 52.9% |  |
| Tailings (TD05) | 157 | 0.55 | 0.02 | 0.0 | 866 | 35 | 56.7% |  |
| **Measured & Indicated** | **185** | **0.8** | **0.02** | **—** | **1544** | **45** | **—** | **—** |
| **Inferred<sup>(1)</sup>** | **383** | **2.0** | **0.04** | **—** | **7723** | **157** | **—** | **—** |
| Konkola | 197 | 3.4 | 0.06 | 1.1 | 6609 | 118 | 84.9% | 18% |
| Nchanga (COP E Ext) | 7.1 | 2.4 |  | 0.9 | 176 |  | 52.9% |  |
| Tailings (TD05) | 179 | 0.53 | 0.02 | 0.0 | 937 | 39 | 66.7% |  |
| **Total** | **568** | **1.6** | **0.04** | **—** | **9267** | **202** | **—** | **—** |

---

Note:

(1) Mineral Resources are reported exclusive of Mineral Reserves in accordance
with S-K 1300 Item 1303(b)(3)(ii), and do not have demonstrated economic viability. Point of reference: in situ material. Inferred Mineral
Resources are considered too speculative geologically to apply the modifying factors necessary for Mineral Reserve classification; there
is no certainty that all or any part of an Inferred Mineral Resource will be upgraded to a higher confidence category or converted to
Mineral Reserves. TD03 and TD04 Mineral Resources have been fully converted to Probable Mineral Reserves and accordingly contribute zero
to this table; on a 100% basis the underlying TD03 (2.84 Mt) and TD04 (22 Mt) inventories appear in the Mineral Reserves summary.

(2) Sources
 and basis of aggregation - Mineral Resources in this table are aggregated from the following
 tables in the Technical Report Summaries filed as Exhibits 96.1 and 96.2, each reported on
 a 100% basis and adjusted to CopperTech's 79.42% attributable interest: Konkola mine
 (exclusive of Mineral Reserves) — Pre-Feasibility Study TRS, Table 1.3; Nchanga (COP
 D&F) and Nchanga (COP E Ext) — Initial Assessment TRS, Table 1.2; and TD05 —
 Initial Assessment TRS, Table 1.2. Asset rows sum to the classification subtotals; tonnages
 and grades are rounded, contained metal is calculated from unrounded figures, and rounding
 may cause apparent discrepancies in totals.

(3) Cut-off
 grades shown for copper are applied at a long-term copper price of US$10,000/t Cu (NSR-equivalent
 for the Konkola underground mine), set intentionally conservative relative to the study price
 to support reasonable prospects for eventual economic extraction, at the in situ point of
 reference, as set out in the Initial Assessment TRS (Exhibit 96.1, Section 16.1.7). Where
 two values are shown for Nchanga COP D&F, they denote the open pit (0.50% TCu) and underground
 (1.1% TCu) cut-offs respectively. No cut-off is applied to TD05, as all material is processed
 in the planned mine schedule. No cut-off grade is applied to cobalt, which is recovered as
 a by-product of copper production.

(4) Copper
 metal (Cu, kt) is contained copper at the in situ point of reference, calculated as tonnes
 × total copper grade (TCu%). Cobalt metal (Co, kt) is contained cobalt at the in situ
 point of reference, calculated as tonnes x total cobalt grade (TCo%).

(5) Metallurgical
 recovery is reflective of multiple processing routes and an average over the life of mine.
 Copper metallurgical recovery for Konkola mine and Nchanga (COP D&F) and Nchanga (COP
 E Ext) is the combined concentrator and smelter recovery (concentrator x smelter). Copper
 metallurgical recovery for Tailings (TD05) is the recovery to cathode (tailings leach plant
 to cathode). Konkola mine is 87.5% in the M&I case (concentrator 89.2% × smelter
 98.1%) and 84.9% in the MII case (concentrator 86.5% × smelter 98.1%); TD05 is 56.7%
 in the M&I case and 66.7% in the MII case, recovered to cathode via the tailings leach
 plant (no smelter or refinery step); Nchanga (COP D&F) and Nchanga (COP E Ext) are 52.9%
 in the MII case (concentrator 53.9% x smelter 98.1%). For the quantity of payable metal recovered,
 see "Prospectus Summary—Summary of Economic Analysis contained in Technical Report
 Summaries."

(6) Cobalt
 metallurgical recovery shown applies to Konkola mine and Nchanga (COP D&F) sulphide feed.
 Both Konkola mine and Nchanga (COP D&F) are 18% in both the MII and M&I case (concentrator
 60% × smelter 30%). A dash (–) in the cobalt recovery column denotes deposits
 where cobalt is not recovered; total cobalt grades and contained cobalt for those deposits
 are reported for geological completeness, with no cobalt revenue attributed in the economic
 analysis.

(7) The
 economic analysis supporting the Mineral Resources applies five-year forward-looking P75
 consensus copper pricing of $11,101/t to $12,793/t over the production period; the $9,000/t
 cut-off price is conservatively below the economic analysis pricing (see further: Initial
 Assessment TRS Section 16.1.6).

**KCM Complex Summary of Mineral Reserves as of April 1, 2026 – 79.42% Basis<sup>(1)(7)</sup>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification / Asset<sup>(2)</sup>**  | **Ore (Mt)** | **TCu (%)** | **TCo (%)** | **Cut-off ($/t NSR)<sup>(3)</sup>** | **Cu (kt)<sup>(4)</sup>** | **Co (kt)** | **Cu Metallurgical recovery<sup>(5)</sup>** | **Co Metallurgical recovery<sup>(6)</sup>** |
| **Proven** | **1.7** | **2.5** | **0.06** | **—** | **43** | **1.1** | **—** | **—** |
| &nbsp;&nbsp;Konkola | 1.7 | 2.5 | 0.06 | $50–125 | 43 | 1.1 | 87.5% | 18.0% |
| **Probable** | **41** | **1.8** | **0.03** | **—** | **747** | **12** | **—** | **—** |
| &nbsp;&nbsp;Konkola | 21 | 2.9 | 0.06 | $50–125 | 623 | 12 | 87.5% | 18.0% |
| &nbsp;&nbsp;Tailings (TD03) | 2.3 | 0.8 | **—** |  | 17 | **—** | 48.5% | **—** |
| &nbsp;&nbsp;Tailings (TD04) | 17 | 0.6 | **—** |  | 107 | **—** | 48.5% | **—** |
| **Total** | **43** | **1.9** | **0.03** | **—** | **791** | **13** | **—** | **—** |

---

Note:

(1) Mineral
 Reserves are reported in accordance with S-K 1300 Item 1303(b)(2) and are derived from Mineral
 Resources by application of modifying factors. Inferred Mineral Resources are not included;
 Inferred material within mine designs is treated as zero-grade waste. Point of reference:
 ore delivered to the processing plant (ROM stockpile); tonnages and grades are diluted values.
 The Reserves comprise the Konkola Mine and TD03 and TD04; no Mineral Reserves are declared
 at the Nchanga Complex.

(2) Sources
 and basis of aggregation - Mineral Reserves in this table are aggregated from Table 1.2 of
 the Pre-Feasibility Study TRS filed as Exhibit 96.2, reported on a 100% basis and adjusted
 to CopperTech's 79.42% attributable interest. Asset rows sum to the classification subtotals;
 tonnages and grades are rounded, contained metal is calculated from unrounded figures, and
 rounding may cause apparent discrepancies in totals.

(3) Cut-off
grades shown for copper are the Konkola mine NSR cut-off of $50–125/t ROM, varying by mining area and reflecting underground access
cost and depth, determined using the Qualified Person's Hill of Value (HoV®) optimization at a copper price of $9,000/t based on
trailing three year prices and a cobalt price of $28,000/t based on trailing three year prices. Where "None" is shown for
TD03 and TD04, no cut-off has been applied as all material is processed in the planned mine schedule. No separate cobalt cut-off grade
is applied; cobalt is recovered as a by-product, with its value included in the NSR cut-off for the Konkola Mine.

(4) Copper
 metal (Cu, kt) is contained copper at the point of reference (ROM ore delivered to the processing
 plant), calculated as diluted tonnes × diluted total copper grade (TCu%). Metallurgical
 recovery (footnote 5) and payable copper are not applied to these figures; they are modifying
 factors used only in the economic analysis. The concentrate payable copper factor is 96.8%
 (Konkola mine), per Pre-Feasibility Study TRS Section 12.3. Contained copper therefore exceeds
 recovered and payable copper, and the product of tonnes × grade × recovery will
 not equal the contained metal shown. Recovered and payable copper are reported in the economic
 analysis (Pre-Feasibility Study TRS Section 19 and Table 19.3).

(5) Metallurgical
 recovery is reflective of multiple processing routes and an average over the life of mine.
 Copper metallurgical recovery for Konkola mine is the combined concentrator and smelter recovery
 (concentrator x smelter). Copper metallurgical recovery for Tailings (TD03) and Tailings
 (TD04) is the recovery to cathode (tailings leach plant to cathode). Konkola mine is 87.5%
 (concentrator 89.2% × smelter 98.1%); TD03 and TD04 are 48.5% total copper to cathode.

(6) Cobalt
 metallurgical recovery shown applies to Konkola sulphide feed only. Cobalt metallurgical
 recovery at the Konkola mine is 18% (concentrator 60% × smelter 30%). A dash (–)
 denotes TD03/TD04, where cobalt is not recovered and is not included in the Mineral Reserve.

(7) The
 economic analysis supporting the Mineral Reserves applies five-year forward-looking P75 consensus
 copper pricing of $11,101/t to $12,793/t over the production period; the $9,000/t cut-off
 price is conservatively below the economic analysis pricing (see further: Pre-Feasibility
 Study TRS Section 12 and Table 19.2).

As this is the first time that Mineral Resources and Mineral Reserves have been estimated for the KC Complex in accordance with subpart 1300 of Regulation S-K, there is no Mineral Resource or Mineral Reserve information for prior dates for comparison.

**Internal Controls Disclosure**

The analysis of Konkola Plc's Mineral Reserves and Mineral Resources for Konkola Complex underground mine and the Nchanga Complex (including TD03, TD04 and TD05) has been reviewed by AMC, designated as the Qualified Person in collaboration with its personnel. Konkola Plc's management teams periodically review its Mineral Reserves and Mineral Resources by performing subsurface resource definition drilling and sampling, and techno-economic analysis as part of its mine planning process. The modeling and analysis of Konkola Plc's Mineral Reserves and Mineral Resources has been developed by Konkola Plc's technical leaders, and experienced consultants and is reviewed by several levels of internal management. The development of such Mineral Reserves and Mineral Resources estimates, including related assumptions, was a collaborative effort between Konkola Plc and the Qualified Person. This section summarizes the internal control considerations for Konkola Plc's development of estimations, including assumptions, used in Mineral Reserves and Mineral Resources analysis and modeling.

When determining Mineral Reserves and Mineral Resources, as well as the differences between Mineral Reserves and Mineral Resources, the team developed specific criteria, each of which must be met to qualify as a Mineral Reserves and Mineral Resources, respectively. These criteria, such as demonstration of economic viability, legal right to mine and material quality, are specific and attainable. The Qualified Person and Konkola Plc's management agree on the reasonableness of the criteria for the purposes of estimating Mineral Reserves and Mineral Resources for Konkola Complex underground mine and the Nchanga Complex (including TD03, TD04 and TD05). Estimations using these criteria are either performed or reviewed and validated by the Qualified Person.

Estimations and assumptions were developed independently for each material property and are set out in Section 8 of the accompanying Technical Report Summaries. All estimates require a combination of historical data, key assumptions, parameters, subsurface exploration and material testing. Quality assurance and quality control procedures ("QA/QC Procedures") have been developed for each property, which were reviewed by the Qualified Person, to ensure the underlying data used as the primary input into the Mineral Resource and Mineral Reserve estimates is representative of the deposit and has sufficient precision and accuracy to be considered reliable. The Qualified Person is satisfied that the QA/QC Procedure deficiencies, individually and in the aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the Pre-Feasibility Study TRS level of confidence.

While the Mineral Reserve (Proven and Probable) and Mineral Resource (Measured, Indicated and Inferred) classification categories identify relative confidence of estimates, there is an inherent risk associated with such estimates. The risk stems from factors including geological complexity; the interpretation, interpolation and extrapolation of field and laboratory data; changes in operating approach; macroeconomic and market conditions and new data, among other factors. The capital, operating and economic analysis estimates rely on a range of assumptions and forecasts that are subject to change. Konkola Plc bases estimates on information known at the time of determination and regularly reevaluate the basis of the estimates and estimates themselves whenever new information indicates a material change in Mineral Reserves and/or Mineral Resources at any of Konkola Plc's properties.

**Management**

The following table provides information regarding our executive officers and our board of directors as of the date of this prospectus:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| **Executive Officers** |  |  |
| &nbsp;&nbsp;Deshnee Naidoo | 50 | Chief Executive Officer, President and Executive Director |
| &nbsp;&nbsp;Pushpender | 44 | Chief Financial Officer, Treasurer and Secretary |
| **Non-Employee Directors and Director Nominees** |  |  |
| &nbsp;&nbsp;Priya Agarwal Hebbar | 36 | Director and Chairperson |
| &nbsp;&nbsp;Thomas Albanese | 68 | Director and Vice Chairperson |
| &nbsp;&nbsp;Moses Banda | 70 | Director Nominee |
| &nbsp;&nbsp;Upendra Kumar Sinha | 74 | Director Nominee |
| &nbsp;&nbsp;Rishi Sethia | 53 | Director Nominee |

---

**Executive Officers**

Deshnee Naidoo has served as our Chief Executive Officer and President since 2026 and was appointed as the Executive Director to our board of directors in April 2026. Ms. Naidoo has served as Chief Executive Officer of VRL, an affiliate of the Company, since January 2025 and will resign from such position upon the effectiveness of the registration statement of which this prospectus forms a part. Previously, Ms. Naidoo served as Chief Executive Officer of Vale Base Metals in Canada from 2023 until March 2024. She joined Vale Base Metals in January 2021 and held roles including Executive Vice President and Chief Financial Officer, where she led the successful carve-out of the business from its parent company, Vale S.A. Between 2014 and 2020, Ms. Naidoo held senior leadership roles at Vedanta, including CEO of Vedanta Zinc International and Africa Base Metals. Ms. Naidoo holds a degree in Chemical Engineering from the University of KwaZulu-Natal, South Africa, and a certification in Finance and Administration from the Witwatersrand Business School. We believe that Ms. Naidoo's extensive global experience in the resources business, and her dedication to operational excellence and driving growth make her well-equipped to be a director of the board of the Company.

Pushpender has served as our Chief Financial Officer, Treasurer and Secretary since 2026. Mr. Pushpender served as the Chief Financial Officer and Executive Director of Vedanta Zinc International, an affiliate of the Company, from 2016 to 2025, and has served as interim Chief Financial Officer of Konkola Plc since December 2025 and will resign from such position upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Pushpender has held various roles within the Vedanta group since 2007, including Chief Financial Officer and Director of Vedanta Base Metals Limited from 2024 to 2025, Head of Finance, Commercial and Administration for Vedanta's Australian Operations from 2010 to 2015; Finance Controller for Talwandi Sabo Power from 2008 to 2010; and Finance and Treasury Controller for Vedanta Aluminum and Sterlite Energy from 2007 to 2008. Mr. Pushpender is a Chartered Accountant with memberships from the Institute of Chartered Accountants of India and the South African Institute of Chartered Accountants. He holds a Bachelor of Commerce degree from Maharaja Ganga Singh University, India. We believe Mr. Pushpender's strong financial expertise and leadership will support the Company's continued growth, enhance financial discipline and strengthen governance standards.

**Non-Employee Directors and Director Nominees**

Priya Agarwal Hebbar is Chairperson of our board of directors and was appointed as a non-employee director to our board of directors in January 2025. Ms. Agarwal has served as Chairperson of Hindustan Zinc Limited (NSE: HZNC.NS), India's only integrated zinc producer, since 2023 and as Non-Executive Director at Vedanta Limited, a leading global natural resources conglomerate, since 2017. Hindustan Zinc Limited and Vedanta Limited are affiliates of the Company. Ms. Agarwal currently leads the Anil Agarwal Foundation, and in 2010 she founded YODA, Maharashtra's largest animal welfare organization. Ms. Agarwal also leads The Animal Care Organization (TACO), India's first state-of-the-art animal welfare project under the Animal Assistance Foundation. Ms. Hebbar is the daughter of Anil Agarwal and holds a Bachelor's degree in Psychology and Business Management from the University of Warwick, UK. We believe that Ms. Agarwal's experience in strategic leadership and public relations and her ability to oversee and guide large-scale projects and initiatives make her well-equipped to be a director of the board of the Company.

Thomas Albanese is Vice Chairperson of our board of directors and was appointed as a non-employee director to our board of directors in October 2025. Mr. Albanese served as Chief Executive Officer and director of VRL (formerly Vedanta Resources Plc), an affiliate of the Company, and as Chief Executive Officer and director of Vedanta Limited (NSE: VEDL) between 2014 and 2017. Mr. Albanese also served as Chairman of Konkola Plc from 2014 to January 2018. Previously, he served as Chief Executive Officer of Rio Tinto plc and Rio Tinto Limited, the British and Australian parent companies of the leading diversified international mining group from 2007 to 2013. Mr. Albanese also serves as Co-Chairman of CIC, a private deep sea mineral project. Currently, Mr. Albanese also serves as Chairman of Franco-Nevada Corp (NYSE and TSX: FNV), a leading gold-focused royalty and streaming company, and a director on the Board of CoTec Holdings Corp (TSX-V: CTH and OTCQB: CTHCF), a resource extraction and processing company. Since 2023, he has served as Co-Chairman of the critical minerals vertical at SAFE, a Washington DC-based non-profit think tank focused on U.S. Energy and Mineral Security. Mr. Albanese holds a Master of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics from the University of Alaska Fairbanks. He was conferred with an Honorary Doctorate from the University of Alaska in 2012. On October 17, 2017, the SEC filed civil charges against Rio Tinto plc, Mr. Albanese, and the former chief financial officer of Rio Tinto plc, alleging violations of various U.S. federal securities laws in connection with conduct at Rio Tinto plc and its subsidiaries while Mr. Albanese was the chief executive officer. On November 20, 2023, final judgments were entered based on the consents of Rio Tinto plc, Rio Tinto Limited and Mr. Albanese, without admitting or denying the SEC's allegations. Mr. Albanese was permanently restrained and enjoined from violating Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder, and subject to a civil penalty of $50,000. We believe that Mr. Albanese's robust experience serving as an executive and on the boards of numerous publicly traded global mining and resources companies makes him well-equipped to be a director of the board of the Company.

Dr. Moses Banda will serve as a non-employee director upon the completion of this offering. Dr. Banda is a well-known Zambian economist with over 40 years of experience across academia and the public and private sectors. Dr. Banda has served as a director of Konkola Plc. since July 2024. Since December 2021, Dr. Banda has served as Vedanta's Country Director and official spokesperson in Zambia. Previously, Dr. Banda served as the Presidential Economic Advisor to the late Zambian President Levy Patrick Mwanawasa from 2002 to 2007 and as Permanent Secretary at the Ministry of Commerce, Trade and Industry. He holds a PhD in Natural Resources and Economics and a Bachelor of Arts degree in Public Administration and Economics. We believe that Dr. Banda's extensive experience as an economist, his advisory roles within the Zambian government and for other international organizations and his deep knowledge of the Zambian economic landscape make him well-equipped to be a director of the board of the Company.

Upendra Kumar Sinha will serve as a non-employee director upon the completion of this offering. Mr. Sinha has served as a director on the board of New Delhi Television Limited (NSE: NDTV) since 2023, a director on the board of Nippon Life India Asset Management Limited (NSE: NAM-INDIA) since 2023, a director on the board of SIS Limited (NSE: SIS) since 2022 and a director on the board of Havells (NSE: HAVELLS) since 2018. Prior to these directorships, Mr. Sinha served as a director on the board of Vedanta Limited, an affiliate of the Company, from 2018 to 2024. Mr. Sinha also served on the board of Max Healthcare Institute Limited (NSE: MAXHEALTH) from 2019 to 2021. He also served as the Chairman of Securities and Exchange Board of India (SEBI) between 2011 and 2017. He holds a bachelor's and master's degree in science from Patna University and a bachelor's degree in law from Patna University, Bihar. We believe that Mr. Sinha's extensive experience leading and overseeing major organizations makes him well-equipped to be a director of the board of the Company.

Rishi Sethia will serve as a non-employee director upon the completion of this offering. Mr. Sethia has served as a Senior Advisor/Consultant of Amaris Partners UK Ltd since 2022. He is also the founder, and has served as the Managing Director of, Euro Bridge Brands FZE since 2017. Previously, Mr. Sethia has held various senior executive positions, such as the Managing Director of Powerdeck International Limited, Senior Management – Security Printing Division of SICPA SA and the Senior Commercial Role at Newby Teas. Mr. Sethia also had extensive experience in the financial services industry, having served as Vice President and Head of India Desk of DLJ/Credit Suisse First Boston and the Vice President at Merrill Lynch. Mr. Sethia holds a bachelor's degree in International Business Administration (Finance & Trade) from European Business School. We believe that Mr. Sethia's global leadership experience in metals and mining, manufacturing, financial services and strategic advisory make him well-equipped to be a director of the board of the Company.

**Controlled Company Exemption**

Upon completion of this offering, Vedanta will hold approximately % of our outstanding common stock (or % if the underwriters exercise their option to purchase additional shares of common stock in full). As a result, we will be a "controlled company" as defined under the corporate governance rules of the NYSE and, therefore, will qualify for, and rely on, exemptions from certain corporate governance requirements of the NYSE. Accordingly, we will not be required to have a majority of independent directors on the board of directors as defined under the rules of the NYSE, and we will not be required to have a compensation committee or a nominating and corporate governance committee, in each case composed entirely of independent directors. We intend to take advantage of certain of these exemptions following the completion of this offering, including the exemption from the requirement to have a majority of independent directors. As a result, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

In the event that we cease to be a "controlled company," to the extent we have not done so already, we will be required to fully implement the corporate governance requirements of the NYSE within the applicable transition periods.

**Board of Directors**

Upon consummation of this offering, our board of directors will consist of 6 individuals, including our Chairperson and Vice Chairperson. Our amended and restated certificate of incorporation, which will be effective upon the consummation of this offering, will provide that our board of directors will be established from time to time by our board.

Our amended and restated certificate of incorporation will provide that any newly created directorship on our board of directors that results from an increase in the number of directors and any vacancy occurring in our board of directors may only be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director (and not by the stockholders).

**Lead Independent Director**

Our board of directors will adopt corporate governance guidelines that provide that the board of directors shall appoint an independent director to serve as our lead independent director. Our board of directors will appoint Mr. Sinha to serve as our lead independent director. As lead independent director, Mr. Sinha will have primary responsibilities to preside over all meetings.

**Director Independence**

Prior to the completion of this offering, our board of directors undertook a review of the independence of our directors and considered whether any director has a material relationship with us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities. Our board of directors has affirmatively determined that Dr. Banda, Mr. Sethia and Mr. Sinha each meet the definition of "independent director" under the rules of NYSE. In making these determinations, our board of directors considered the current and prior relationships that each director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our common stock by each director and the transactions involving them described in "*Certain Relationships and Related Party Transactions*." In addition to determining whether each director satisfies the director's independence requirements set forth in the listing requirements of NYSE, in the case of members of the audit committee, our board of directors made an affirmative determination that such members also satisfy separate independence requirements and current standards imposed by the SEC.

There are no familial relationships between any of our executive officers and directors.

**Committees of the Board of Directors**

In connection with the completion of this offering, our board of directors will have an audit committee, a compensation committee and a nominating and corporate governance committee, each of which will have the composition and responsibilities described below.

**Audit Committee**

Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· appointing, compensating, retaining, evaluating, terminating and overseeing our independent registered
public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;· discussing with our independent registered public accounting firm their independence from management;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing with our independent registered public accounting firm the scope and results of their audit;

&nbsp;&nbsp;&nbsp;&nbsp;· approving all audit and permissible non-audit services to be performed by our independent registered public
accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing the financial reporting process and discussing with management and our independent registered
public accounting firm the quarterly and annual financial statements that we file with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing our financial and accounting controls and compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing our policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing related party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· establishing procedures for the confidential, anonymous submission of concerns regarding questionable
accounting, internal controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;· internal audit; and

&nbsp;&nbsp;&nbsp;&nbsp;· risk.

Upon the completion of this offering, our audit committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sinha serving as chair. Rule 10A-3 under the Exchange Act and the rules of NYSE require that our audit committee have at least one independent member upon the listing of our shares of common stock, have a majority of independent members within 90 days of the date of this prospectus and be composed entirely of independent members within one year of the date of this prospectus. Our board of directors has affirmatively determined that Dr. Banda, Mr. Sethia and Mr. Sinha each meet the definition of "independent director" for purposes of serving on the audit committee under Rule 10A-3 under the Exchange Act and the rules of NYSE. Each member of our audit committee also meets the financial literacy requirements of NYSE. In addition, our board of directors has determined that Mr. Sinha will qualify as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors will adopt a written charter for the audit committee, which will be available on our principal corporate website at https://coppertechmetals.com substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

 ****

**Compensation Committee**

Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing, modifying and approving our overall compensation strategy and policies;

&nbsp;&nbsp;&nbsp;&nbsp;· reviewing and approving the terms of any employment agreements, severance arrangements, change in control
protections and any other compensatory arrangements for our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;· overseeing our stock and equity incentive plans; and

&nbsp;&nbsp;&nbsp;&nbsp;· appointing and overseeing any compensation consultants.

Upon the completion of this offering, our compensation committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sethia serving as chair. Our board of directors will adopt a written charter for the compensation committee, which will be available on our principal corporate website at https://coppertechmetals.com substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

**Nominating and Corporate Governance Committee**

Our nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· identifying individuals qualified to become members of our board of directors, consistent with criteria
approved by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;· evaluating the overall effectiveness of our board of directors and its committees; and

&nbsp;&nbsp;&nbsp;&nbsp;· developing and recommending to our board of directors a set of corporate governance principles, reviewing
and assessing these principles and their application and recommending to our board of directors any changes to such principles.

Upon the completion of this offering, our nominating, governance and regulatory committee will consist of Dr. Banda, Mr. Sethia and Mr. Sinha, with Mr. Sinha serving as chair. Our board of directors will adopt a written charter for the nominating, governance and regulatory committee, which will be available on our principal corporate website at https://coppertechmetals.com substantially concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

Our board of directors may, from time to time, establish other committees.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers have served as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity that has an executive officer serving as a member of our board of directors.

**Indemnification and Insurance**

We maintain a general liability insurance policy that covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities as directors or officers. Our amended and restated certificate of incorporation will include provisions limiting the liability of directors and officers and indemnifying them under certain circumstances. In addition, prior to the completion of this offering, we expect to enter into indemnification agreements with all of our directors and executive officers that provide them and certain of their affiliated parties with additional indemnification and related rights. See "*Description of Capital Stock—Limitation on Liability and Indemnification.*"

**Code of Conduct and Ethics**

Prior to the completion of this offering, we will adopt a written code of business conduct and ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the code will be posted on our principal corporate website at https://coppertechmetals.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference. In addition, we intend to post on our website all disclosures that are required by law or the rules of NYSE concerning any amendments to, or waivers from, any provision of the code.

**Executive and Director Compensation**

For Fiscal 2025 and Fiscal 2026, we had no executive officers.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an emerging growth company as defined in the JOBS Act, we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies.

**Employment Agreements**

We expect to enter into offer letters with each of Ms. Naidoo and Mr. Pushpender, our current executive officers who were appointed to their respective positions in Fiscal 2027, in connection with this offering. The offer letters will provide for a base salary (initially $630,000 for Ms. Naidoo and $450,000 for Mr. Pushpender) and eligibility to receive an annual performance bonus, with an initial target annual performance bonus equal to $787,500 for Ms. Naidoo and $330,000 for Mr. Pushpender. Ms. Naidoo's offer letter will also provide for a special annual payment equal to $100,000, payable in monthly installments, which is in lieu of any pension or perquisites she may be eligible to receive. Ms. Naidoo and Mr. Pushpender are expected to receive equity or equity-based awards under the Plan (as defined below). In addition, in the event Ms. Naidoo or Mr. Pushpender relocates from their current principal place of work, each may be eligible for cost of living and tax adjustments designed to ensure continued mobility in the performance of their respective roles and duties. The offer letters also contain restrictive covenants, including confidentiality, non-solicit and non-competition covenants.

**Outstanding Equity Awards at Fiscal Year*-*End**

The Company has not granted equity awards to any employee or other service provider of the Company and therefore no equity awards were outstanding as of March 31, 2026.

**CopperTech Metals Inc. 2026 Omnibus Incentive Plan**

**Introduction**

On June 2, 2026, our board of directors approved the CopperTech Metals Inc. 2026 Omnibus Incentive Plan (the "Plan"), which will become effective upon the completion of this offering. The purposes of the Plan will be to provide additional incentives to selected employees, directors, independent contractors and consultants of the Company or its affiliates, to strengthen their commitment, motivate them to faithfully and diligently perform their responsibilities and to attract and retain competent and dedicated persons who are essential to the success of our business and whose efforts will impact our long-term growth and profitability. To accomplish these purposes, the Plan will provide for the issuance of options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), stock bonuses, other stock-based awards and cash awards.

**Summary of Expected Plan Terms**

A total number of shares of our common stock equal to 2% of our outstanding shares of common stock as of the completion of this offering will be reserved and available for issuance under the Plan.

Shares subject to an award under the Plan that remain unissued upon the forfeiture, cancellation, termination or expiration of the award will again become available for grant under the Plan. Additionally, shares that are exchanged by a participant or withheld by us as full or partial payment in connection with any award under the Plan, as well as any shares exchanged by a participant or withheld by us to satisfy the tax withholding obligations related to any award, will also be available for subsequent awards under the Plan. To the extent an award is paid or settled in cash, the number of shares previously subject to the award will again be available for grants pursuant to the Plan. To the extent that an award can only be settled in cash, such award will not be counted against the total number of shares available for grant under the Plan.

We expect that the Plan will initially be administered by our board of directors, although in the future it may be administered by our compensation committee, once established, or any other committee of our board of directors. The plan administrator may interpret the Plan and may prescribe, amend and rescind rules and make all other determinations necessary or desirable for the administration of the Plan.

The Plan permits the plan administrator to select the officers, employees, non-employee directors, independent contractors and consultants of the Company or its affiliates who will receive awards, to determine the terms and conditions of those awards, including, but not limited to, the exercise price or other purchase price of an award, the number of our shares or cash or other property subject to an award, the term of an award and the vesting schedule applicable to an award, and to amend the terms and conditions of outstanding awards.

RSUs and restricted stock may be granted under the Plan. The plan administrator will determine the purchase price, vesting schedule and performance objectives, if any, applicable to the grant of RSUs and restricted stock. If the restrictions, performance objectives or other conditions determined by the plan administrator are not satisfied, the RSUs and restricted stock will be forfeited. Subject to the provisions of the Plan and the applicable individual award agreement, the plan administrator may provide for the lapse of restrictions in installments or the acceleration or waiver of restrictions (in whole or part) under certain circumstances as set forth in the applicable individual award agreement, including the attainment of certain performance goals, a participant's termination of employment or service or a participant's death or disability. The rights of RSU and restricted stockholders upon a termination of employment or service will be set forth in individual award agreements.

Unless the applicable award agreement provides otherwise, participants with restricted stock will generally have all of the rights of a stockholder during the restricted period, including the right to vote and receive dividends declared with respect to such restricted stock. Dividends declared during the restricted period with respect to such restricted stock may be paid or distributed when accrued, or may become payable if the underlying restricted stock vest. During the restricted period, participants with RSUs will generally not have any rights of a stockholder, but, if the applicable individual award agreement so provides, may be credited with dividend equivalent rights. Dividend equivalents may be paid or distributed when accrued, or may be paid at the time that our shares in respect of the related RSUs are delivered to the participant.

We may issue stock options under the Plan. Options granted under the Plan may be in the form of non-qualified options or "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code, as set forth in the applicable individual option award agreement. The exercise price of all options granted under the Plan will be determined by the plan administrator, but generally in no event may the exercise price be less than 100% of the fair market value of the related shares on the date of grant. The plan administrator may grant options with an exercise price less than fair market value to participants who are not subject to Section 409A of the Internal Revenue Code or who reside outside the United States. The maximum term of all stock options granted under the Plan will be determined by the plan administrator, but may not exceed ten years. Each stock option will vest and become exercisable (including in the event of the optionee's termination of employment or service) at such time and subject to such terms and conditions as determined by the plan administrator in the applicable individual option agreement.

SARs may be granted under the Plan either alone or in conjunction with all or part of any option granted under the Plan. A free-standing SAR granted under the Plan entitles its holder to receive, at the time of exercise, an amount per share equal to the excess of the fair market value (at the date of exercise) of a share over the base price of the free-standing SAR. A SAR granted in conjunction with all or part of an option under the Plan entitles its holder to receive, at the time of exercise of the SAR and surrender of the related option, an amount per share equal to the excess of the fair market value (at the date of exercise) of a share over the exercise price of the related option. Each SAR will be granted with a base price that is not less than 100% of the fair market value of the related shares on the date of grant, provided that the plan administrator may grant a SAR with a base price less than fair market value to participants who are not subject to Section 409A of the Internal Revenue Code or who reside outside the United States. The maximum term of all SARs granted under the Plan will be determined by the plan administrator, but may not exceed ten years. The plan administrator may determine to settle the exercise of a SAR in shares, cash, or any combination thereof.

Each free-standing SAR will vest and become exercisable (including in the event of the SAR holder's termination of employment or service) at such time and subject to such terms and conditions as determined by the plan administrator in the applicable individual free-standing SAR agreement. SARs granted in conjunction with all or part of an option will be exercisable at such times and subject to all of the terms and conditions applicable to the related option.

Other stock-based awards, valued in whole or in part by reference to, or otherwise based on, our shares (including dividend equivalents) may be granted under the Plan. Dividends or dividend equivalents awarded under the Plan may be paid or distributed when accrued, or may be subject to the same restrictions, conditions and risks of forfeiture as the underlying awards and only become payable if the underlying awards vest. The plan administrator will determine the terms and conditions of such other stock-based awards, including the number of shares to be granted pursuant to such other stock-based awards, the manner in which such other stock-based awards will be settled (e.g., in shares, cash or other property), and the conditions to the vesting and payment of such other share-based awards (including the achievement of performance objectives).

Bonuses payable in fully vested shares and awards that are payable solely in cash may also be granted under the Plan.

The plan administrator may grant equity-based awards and incentives under the Plan that are subject to the achievement of performance objectives selected by the plan administrator in its sole discretion.

In the event of a merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase, reorganization, corporate transaction or event, special or extraordinary dividend or other extraordinary distribution (whether in the form of shares, cash or other property), share split, reverse share split, subdivision or consolidation, combination, exchange of shares, or other change in corporate structure affecting our shares, an equitable substitution or proportionate adjustment shall be made, at the sole discretion of the plan administrator, in (i) the aggregate number of our shares reserved for issuance under the Plan, (ii) the kind and number of securities subject to, and the exercise price or base price of, any outstanding options and SARs granted under the Plan, (iii) the kind, number and purchase price of our shares, or the amount of cash or amount or type of property, subject to outstanding restricted shares, RSUs, stock bonuses and other stock-based awards granted under the Plan, or (iv) the performance goals and periods applicable to awards granted under the Plan. Equitable substitutions or adjustments other than those listed above may also be made as determined by the plan administrator. In addition, the plan administrator may terminate all outstanding awards for the payment of cash or in-kind consideration having an aggregate fair market value equal to the excess of the fair market value of shares, cash or other property covered by such awards over the aggregate exercise price or base price, if any, of such awards, but if the exercise price or base price of any outstanding award is equal to or greater than the fair market value of our shares, cash or other property covered by such award, the board of directors may cancel the award without the payment of any consideration to the participant.

Each participant will be required to make arrangements satisfactory to the plan administrator regarding payment of an amount up to the maximum statutory tax rates in the participant's applicable jurisdictions with respect to any award granted under the Plan, as determined by us. Whenever cash is to be paid pursuant to an award, we have the right, to the extent permitted by law, to deduct any such taxes from any payment of any kind otherwise due to the participant. Additionally, whenever shares or other property other than cash are to be delivered pursuant to an award, we may (i) require the participant to pay us an amount in cash, (ii) withhold from delivery of shares or other property, or (iii) accept delivery of already owned unrestricted shares, in each case in the sole discretion of the plan administrator. The shares withheld must have a value not exceeding the applicable taxes to be withheld and applied to the tax obligations, determined based on the greatest withholding rates that may be used without creating adverse accounting treatment with respect to such award. We may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy our withholding obligation with respect to any award.

The Plan provides the board of directors with authority to amend, alter or terminate the Plan, but generally such action may not impair the rights of any participant with respect to outstanding awards without the participant's consent. The plan administrator may amend an award, prospectively or retroactively, but generally such amendment may not impair the rights of any participant without the participant's consent. Stockholder approval of any such action will be obtained if required to comply with applicable law.

The Plan will terminate on the tenth anniversary of the effective date of the Plan (although awards granted before that time will remain outstanding in accordance with their terms).

We intend to file with the SEC a registration statement on Form S-8 covering the shares issuable under the Plan.

**Director Compensation**

None of our directors have received any compensation for their services as directors during Fiscal 2025 and Fiscal 2026. In connection with the completion of this offering, our non-employee directors will initially be eligible to receive an annual cash retainer fee equal to $75,000 and a meeting fee of $2,000 for every committee and board meeting they attend. Except as otherwise determined by our board of directors (or applicable committee thereof), each non-employee director will also receive an annual grant of restricted stock units with respect to a number of shares equal to $75,000. The first annual equity award is expected to be granted around the time of our first annual meeting of stockholders and will cliff vest on the first anniversary of the date of grant.

In connection with the completion of this offering, Thomas Albanese is expected to receive an award of fully vested shares having an aggregate value of up to $1,000,000 (based on the fair market value of a share on the date of grant) (the "IPO Award") for his services to the Company in connection with this offering. The exact number of shares to be issued pursuant to this award will be determined by our board of directors in its sole discretion, provided that the number shares subject to the award will not exceed $1,000,000, based on the fair market value of a share on the date of grant.

**Certain Relationships and Related Party Transactions**

In addition to the director and executive officer compensation arrangements discussed above under "*Executive and Director Compensation,*" the following is a description of transactions since April 1, 2023, to which we have been a party in which the amount involved exceeded or will exceed $120,000 and in which any of our directors, executive officers, beneficial holders of more than 5.0% of our common stock or their immediate family members or entities affiliated with them, had or will have a direct or indirect material interest.

**Agreements with Vedanta Related Persons**

Immediately following the Transactions and this offering, VRL will hold approximately % of our common stock through its affiliate (or approximately % if the underwriters exercise their option to purchase additional shares in full). We have arrangements with certain companies that VRL has controlling interests in, which are set forth below.

The terms of the transactions and agreements disclosed in this section were determined by and among affiliated entities and, consequently, are not the result of arm's length negotiations. These terms are not necessarily at least as favorable to the parties to these transactions and agreements as the terms that could have been obtained from unaffiliated third parties.

**The Transactions**

Immediately prior to the completion of this offering, Vedanta will complete a series of internal reorganization transactions pursuant to which, among other things, (1) CopperTech will issue 265,479,197 shares with additional paid-in capital of $2,654,791.97 to acquire Konkola Plc through VRJL and (2) CopperTech will issue 704,520,803 shares with additional paid in capital of $7,045,208.03 against the transfer of certain Existing Vedanta Liabilities, including accrued interest and related receivables through VRJL from VRL and VRJL II. See "*Prospectus Summary—Summary of the Transactions*."

As a result of the Transactions, VRJL will become a wholly owned subsidiary of CopperTech. Certain legacy shareholder loans and other obligations owed by Konkola Plc to affiliates of Vedanta of approximately $1,964,000,000 will be contributed to VRJL. The loans to be contributed to VRJL pursuant to the Transactions will exclude the Funded Scheme Loans and Excluded Legacy Liabilities. VRHL and the relevant Vedanta affiliate lender will remain the lender of the Funded Scheme Loans and Excluded Legacy Liabilities, respectively.

Further, VRJL will assume the obligation pursuant to Section 15.1.2 of the KCM Shareholders Agreement to lend the outstanding balance of $670.0 million principal amount to Konkola Plc, that has yet to be funded under the Capital Expenditures Support Loan Agreement. In the event that VRJL fails to satisfy its funding obligations under the Capital Expenditures Support Loan or pursuant to Section 15.1.2 of the KCM Shareholders Agreement, such funding default shall automatically trigger the deemed transfer provisions set out in Section 15 of the KCM Shareholders Agreement, which, among other things, requires the defaulting party to deliver written notice to the other parties, who may elect to treat such notice as an irrevocable offer to sell all of the defaulting party's shares in and shareholder loans to Konkola Plc. See "*Certain Relationships and Related Party Transactions—Lending Agreements—Deed of Adherence.*"

**Lending Agreements**

**Scheme Loan Agreements**

In connection with the Scheme of Arrangement, Konkola Plc entered into the Capital Expenditures Support Loan Agreement, the Creditor Settlement Support Loan Agreement and the Community Support Loan Agreement, referred to herein as the "Scheme Loan Agreements", with VRHL pursuant to which VRHL is required to loan an aggregate principal amount of up to $1.27 billion to Konkola Plc.

Pursuant to the Capital Expenditures Support Loan Agreement, the lender is required to loan $1.00 billion to Konkola Plc to fund Konkola Plc's capital expenditure to be funded by the following semi-annual instalments until January 31, 2030. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Scheme Loan Agreement.*" As of March 31, 2026, VRHL had funded $330.0 million under the Capital Expenditures Support Loan Agreement and there is a balance of $670.0 million to be funded. On June 1, 2026, the obligation to fund the remaining $670.0 million under the Capital Expenditures Support Loan Agreement was novated from VRHL to VRJL. See "*Certain Relationships and Related Party Transactions—Lending Agreements—Deed of Adherence.*" CopperTech shall, upon and subject to the completion of this offering, contribute $670.0 million of the net proceeds to VRJL for the purpose of funding the outstanding balance under the Capital Expenditures Support Loan Agreement, with such proceeds being applied towards the development of the Konkola Complex. See "*Summary of the Transactions*" and "*Use of Proceeds.*"

Pursuant to the Creditor Settlement Support Loan Agreement, the lender is required to loan $250 million to Konkola Plc to fund amounts payable to Konkola Plc's creditors. As of March 31, 2026, VRHL had fully funded the $250 million required by the Creditors Settlement Support Loan Agreement.

Pursuant to the Community Support Loan Agreement, the lender is required to loan $20.75 million to Konkola Plc to fund community support. As of March 31, 2026, VRHL had fully funded the $20.0 million required by the Community Support Loan Agreement.

For the years ended March 31, 2025 and March 31, 2026, no principal or interest was repaid under the Scheme Loan Agreements. Repayments under each Scheme Loan Agreement will commence once Konkola Plc has positive cash flows and will be paid in accordance with the Konkola Waterfall.

Subject to the terms of the KCM Shareholders Agreement, each Scheme Loan Agreement matures in December 2028 (and may be subject to automatic extension should Konkola Plc have insufficient cash flow to repay such debt at maturity). Each Scheme Loan Agreement bears interest at a variable interest rate equal to the lower of Secured Overnight Financing Rate plus 7.00% and the cost of funding to VRHL.

**Bridge Facility Loan Agreement**

On December 22, 2023, Konkola Plc entered into a Bridge Facility Loan Agreement with VRHL for a principal amount of $25.0 million that accrued interest at a rate of Secured Overnight Financing Rate ("SOFR") plus 7.00%. The full principal and interest amounts were repaid on July 15, 2025.

**Legacy Konkola Liabilities**

Pursuant to the Scheme of Arrangement, Konkola Plc's shareholders were required to restructure the legacy debt previously provided to Konkola Plc. This was implemented through the execution of the Legacy Konkola Liability agreements. Under the Legacy Konkola Liability agreements, the relevant funding arrangements were amended to provide that all interest accrued prior to July 31, 2024 is capitalized into the principal amount of the respective loan and that no additional interest accrues from July 31, 2024. The Legacy Konkola Liabilities consist of the Existing Vedanta Liabilities and the Existing ZCCM-IH Liabilities. Following the Transactions, VRJL will assume the outstanding balances of the Existing Vedanta Liabilities as lender, as of the date of the Transactions.

**Konkola Waterfall**

Pursuant to the Scheme of Arrangement and the KCM Shareholders Agreement, repayments of all debt accrued by Konkola Plc owed to its creditors prior to the Scheme of Arrangement (the "Legacy Creditors"), including the Legacy Konkola Liabilities, and the Scheme Loan Agreements are subject to the following free cash flow waterfall:

&nbsp;&nbsp;&nbsp;&nbsp;· first, towards annual payments of an amount not exceeding $7.5 million towards each Option 2 Legacy Creditor
who elected not to receive an upfront partial payment and to be repaid in annual installments (the "Option 2 Payments") and
if, in any year, any Option 2 Payments are not made by Konkola Plc, then the Option 2 Accrued Payments will accrue and form part of the
annual payments payable in the subsequent year. As of the date of this prospectus, the only remaining Option 2 Legacy Creditor is ZESCO <u>;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;· second, once all Option 2 Accrued Payments have been made in full, towards 100% of all interest payable
under the Scheme Loan Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· third, towards 50% of the principal amount payable under the Scheme Loan Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;· fourth, on a pari passu and pro rata basis towards: (i) the remaining balance then due and payable under
the Scheme Loan Agreements including all accrued interest; and (ii) all remaining Balance Liabilities. The Balance Liabilities include
the Existing Vedanta Liabilities, the Existing GRZ Liabilities, the Existing ZCCM-IH Liabilities, any remaining debt owed to Option 2
Legacy Creditors after payment of the Option 2 Payments and Option 2 Accrued Payments and deferred creditor liabilities. Balance
Liabilities will be paid in the following proportions on a pari passu basis: (A) 70% towards the Existing Vedanta Liabilities; and (B)
30% towards the Balance Liabilities less the Existing Vedanta Liabilities.

**KCM Shareholder's Agreement and Deed of Adherence**

On June 1, 2026, the GRZ, ZCCM, VRL, VRHL, VRJL and Konkola Plc entered into the Deed of Adherence, Novation and Guarantee relating to the KCM Shareholders Agreement, entered into on November 6, 2023 between VRL, VRHL, ZCCM and Konkola Plc. Pursuant to the Deed of Adherence, VRHL will transfer its 79.42% interest in Konkola Plc to VRJL and novate certain of its shareholder loan obligations to VRJL, including the unfunded balance of $670.0 million under the Capital Expenditures Support Loan Agreement. CopperTech shall, upon and subject to the completion of this offering, contribute $670.0 million of the net proceeds to VRJL for the purpose of funding the outstanding balance under the Capital Expenditures Support Loan Agreement, with such proceeds being applied towards the development of the Konkola Complex. Such contribution is also made in fulfilment of VRJL's funding commitments under Section 15.1.2 of the KCM Shareholders Agreement. In the event that VRJL fails to satisfy its funding obligations under the Capital Expenditures Support Loan, such funding default will automatically trigger the deemed provisions set out in Section 15 of the KCM Shareholders agreement, which, among other things, requires the defaulting party to deliver written notice to the other parties, who may elect to treat such notice as an irrevocable offer to sell all of the defaulting party's shares in and shareholder loans to Konkola Plc.

**VRHL Guarantee**

On June 1, 2026, VRHL entered into the Deed of Adherence that amended and supplemented the Shareholders Agreement among VRL, ZCCM, Konkola Plc and GRZ, pursuant to which VRHL provided an unconditional and irrevocable guarantee for the due and punctual performance of VRJL's funding obligations under both the Capital Expenditures Support Loan Agreement and Section 15.1.2 of the KCM Shareholders Agreement. The VRHL Guarantee will become effective following the consummation of the Transactions and will remain in full force and effect for the entire period that VRJL remains a shareholder in Konkola Plc and until all guaranteed obligations have been fully and unconditionally discharged. Pursuant to the Deed of Adherence the Company is also required to contribute $670.0 million of the net proceeds of this offering to VRJL for the purpose of funding the outstanding balance that has yet to be funded under the Capital Expenditures Support Loan Agreement.

**Financial Support Arrangements**

On October 30, 2025, Konkola Plc received a letter of financial support from VRL, pursuant to which VRL agreed to provide necessary financial support to Konkola Plc for a minimum period of 12 months.

**Information Technology Agreements**

Konkola Plc has entered into (i) a purchase agreement for certain software licenses dated December 24, 2024 and (ii) a services agreement for certain technology services dated July 22, 2025 (collectively, the "STL Agreements") with STL Digital Limited, an indirect wholly-owned subsidiary of VRL, for an aggregate of $1.2 million. For the year ended March 31, 2025, Konkola Plc did not pay any software licensing fees, and for the year ended March 31, 2026, Konkola Plc paid software licensing fees of $0.80 million, pursuant to the STL Agreements.

**Indemnification Agreements**

Our amended and restated certificate of incorporation and amended and restated bylaws, each as expected to be in effect upon the consummation of this offering, will provide that we shall indemnify each of our directors and officers to the fullest extent permitted by applicable law. For further information, see the section entitled "*Description of Capital Stock—Limitation on Liability and Indemnification.*" We intend to enter into customary indemnification agreements with each of our executive officers and directors that provide them with customary indemnification in connection with their service to us or on our behalf.

**Policies and Procedures for Related Party Transactions**

Prior to the completion of this offering, our board of directors will adopt a written policy for the review of any transaction, arrangement or relationship in which we are a participant, the amount involved exceeds $120,000 and one of our executive officers, directors, director nominees or beneficial holders of more than 5% of our common stock (or their immediate family members or affiliates) is implicated, each of whom we refer to as a "related person," or has a direct or indirect material interest.

If a related person proposes to enter into such a transaction, arrangement or relationship, which we refer to as a "related person transaction," the related person must report the proposed related person transaction to the chairperson of our audit committee. The policy calls for the proposed related person transaction to be reviewed and, if deemed appropriate, approved by the audit committee. In approving or rejecting such proposed transactions, the audit committee will be required to consider the relevant facts and circumstances available and deemed relevant to the audit committee, including the material terms of the transaction, risks, benefits, costs, availability of other comparable services or products and, if applicable, the impact on a director's independence. Our audit committee will approve only those transactions that, in light of known circumstances, are in, or are not inconsistent with, our best interests, as our audit committee determines in the good faith in the exercise of its discretion. In the event that any member of our audit committee is not a disinterested person with respect to the related person transaction under review, that member will be excluded from the review and approval or rejection of such related person transaction and another director may be designated to join the committee for purposes of such review. Whenever practicable, the reporting, review and approval will occur prior to entering into the transaction. If advance review and approval is not practicable, the audit committee will review and may, in its discretion, ratify the related person transaction retroactively.

**Principal Stockholders**

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of , 2026, after giving effect to the Transactions and sale of common stock offered by us in this offering, assuming no exercise of the underwriters' option to purchase additional common stock, by:

&nbsp;&nbsp;&nbsp;&nbsp;· each person known by us to beneficially own 5% or more of any class of our outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;· each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;· each of our directors and our director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;· all of our executive officers, directors and director nominees as a group.

The number of shares of our common stock beneficially owned and percentages of beneficial ownership set forth below are based on (i) the number of shares of our capital stock to be issued and outstanding after giving effect to the Transactions and (ii) an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

The amounts and percentages of shares beneficially owned are reported on the basis of SEC regulations governing the determination of beneficial ownership of securities. Under SEC rules, a person is deemed to be a "beneficial" owner of a security if that person has or shares voting power or investment power over such security, which includes the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. Unless otherwise indicated in the footnotes to the following table, and subject to community property laws where applicable, each person or entity included in the table below has sole voting and investment power with respect to the shares beneficially owned by them.

A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding and to be beneficially owned by such person for the purposes of computing the ownership and percentage ownership of such person, but are not deemed to be outstanding for purposes of computing the ownership or percentage ownership of any other person, except with respect to the ownership and percentage ownership of all directors, director nominees and executive officers as a group.

The percentage of beneficial ownership prior to this offering is based on shares of common stock outstanding as of . The percentage of beneficial ownership after this offering is based on shares of common stock, which is the number of shares of common stock outstanding as of plus the shares of common stock offered by us in this offering. We currently have one record holder of common stock, and such holder is not domiciled in the United States. All holders of our common stock will have the same voting rights upon the completion of this offering.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** | **Shares Beneficially Owned** |
|  | **Prior to this Offering** | **Prior to this Offering** | **After this Offering** | **After this Offering** |
|  | **Number of<br> Shares** | **%** | **Number of<br> Shares** | **%** |
| **Name of Beneficial Owner** |  |  |  |  |
| **5% or Greater Stockholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Holdings Limited<sup>(1)</sup> |  |  |  |  |
| **Named Executive Officers, Directors and Director Nominees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deshnee Naidoo |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pushpender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Priya Agarwal Hebbar |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomas Albanese |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Moses Banda |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upendra Kumar Sinha |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rishi Sethia |  |  |  |  |
| **Executive Officers, Directors and Director Nominees as a Group (7 persons)** |  |  |  |  |

---

\* Represents beneficial ownership of less than 1%.

(1) Represents shares of our common stock held by VRHL. VRHL is controlled by VRL, which is controlled by
Vedanta Incorporated. Vedanta Incorporated is controlled by the Anil Agarwal Discretionary Trust, of which Conclave PTC Limited is the
trustee. Conclave PTC Limited is controlled by Mr. Anil Agarwal. The address of Conclave PTC Limited is Ocean Center, East Bay Street,
Montagu Foreshore, Nassau, Bahamas.

**Description of Capital Stock**

The following is a description of our capital stock. The following description is intended as a summary only and is qualified in its entirety by reference to our amended and restated certificate of incorporation and amended and restated bylaws, each of which will be in effect at or prior to the completion of this offering, the forms of which are filed as exhibits to the registration statement of which this prospectus is a part, and applicable law.

**General**

Upon the completion of this offering, our authorized capital stock will consist of:

&nbsp;&nbsp;&nbsp;&nbsp;· 1,500,000,000 shares of common stock, par value $0.01 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;· 100,000,000 shares of preferred stock, par value $0.01 per share.

We are selling shares of common stock in this offering (shares if the underwriters exercise in full their option to purchase additional shares of our common stock).

**Common Stock**

We have one class of common stock.

 

*Voting Rights.* Holders of shares of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders.

 

*Dividend and Distribution Rights.* Holders of shares of our common stock are entitled to receive dividends or other distributions when, as and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends or other distributions and to any restrictions on the payment of dividends or other distributions imposed by the terms of any outstanding preferred stock.

 

*Liquidation Rights.* Upon our liquidation, dissolution or winding up, any business combination or a sale or disposition of all or substantially all of our assets, the assets legally available for distribution to our stockholders will be distributable ratably among the holders of our common stock, subject to prior satisfaction of all outstanding debts and other liabilities and the payment of liquidation preferences, if any, on any outstanding preferred stock.

 

*Other Matters.* All shares of our common stock that will be outstanding at the time of the consummation of the offering will be fully paid and non-assessable. The common stock will not be subject to further calls or assessments by us. Holders of shares of our common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences and privileges of our common stock will be subject to those of the holders of any shares of our preferred stock or any other series or class of stock we may authorize and issue in the future.

**Authorized but Unissued Preferred Stock**

No shares of preferred stock will be issued or outstanding immediately after the offering contemplated by this prospectus. Our amended and restated certificate of incorporation permit our board of directors to establish one or more series of preferred stock (including convertible preferred stock). Unless required by law or any stock exchange, the authorized shares of preferred stock will be available for issuance without further action by our stockholders. Our board of directors is able to determine, with respect to any series of preferred stock, the terms and rights of that series, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares of the series, which our board of directors may, except where otherwise provided
in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below
the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;· whether dividends, if any, will be cumulative or non-cumulative and the dividend rate of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the dates at which dividends, if any, will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;· the redemption or repurchase rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;· the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation,
dissolution or winding-up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the shares of the series will be convertible into shares of any other class or series, or any
other security, of us or any other entity, and, if so, the specification of the other class or series or other security, the conversion
price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible and all other terms
and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;· restrictions on the issuance of shares of the same series or of any other class or series; and

&nbsp;&nbsp;&nbsp;&nbsp;· the voting rights, if any, of the holders of the series.

We will be able to issue a series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium for their common stock over the market price of the common stock. In addition, the issuance of preferred stock may adversely affect the holders of our common stock by restricting dividends or other distributions on the common stock, diluting the voting power of the common stock or subordinating the liquidation rights of the common stock. The issuance of preferred stock could have the effect of delaying, deferring or preventing a change of control, or other corporate action. As a result of these or other factors, the issuance of preferred stock may have an adverse impact on the market price of our common stock.

**Anti-Takeover Effects of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and Certain Provisions of Delaware Law**

The provisions of the DGCL, our amended and restated certificate of incorporation and our amended and restated bylaws, which are summarized below, may have the effect of delaying, deferring or discouraging another person from acquiring control of our company. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

**Delaware Business Combination Statute**

We are subject to Section 203 of the DGCL, which regulates corporate acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the board of directors of the corporation had previously approved either the business combination or the
transaction that resulted in the stockholder becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;· upon completion of the transaction that resulted in the stockholder becoming an interested stockholder,
that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily
excluded shares; or

&nbsp;&nbsp;&nbsp;&nbsp;· following the transaction in which that person became an interested stockholder, the business combination
is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned
by the interested stockholder.

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.

Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests.

**Provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws**

**Undesignated Preferred Stock**

The ability to designate a series of our authorized "blank check" preferred stock will make it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to effect a change in control of our company. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.

**Special Stockholder Meetings**

Prior to the time when the Vedanta Group ceases to beneficially own more than 50% of the shares of our outstanding common stock (the "Trigger Date"), a special meeting may be called by an officer of the corporation at the request of our then-controlling stockholders, a resolution adopted by our board of directors or the chairperson of our board of directors. From and after the Trigger Date, our amended and restated bylaws will provide that, a special meeting of stockholders may only be called by a resolution adopted by our board of directors or by the chairperson of our board of directors. Following the Trigger Date, stockholders may not call a special meeting of stockholders, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our common stock to take any action, including the removal of directors. To the extent permitted under applicable law, we may conduct meetings solely by means of remote communications.

**Stockholder Action by Written Consent**

Prior to the Trigger Date, our amended and restated certificate of incorporation will permit stockholders to take action by written consent in lieu of an annual or special meeting. Our amended and restated certificate of incorporation provides that, from and after the Trigger Date, our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, following the Trigger Date, a holder controlling a majority of our common stock would not be able to amend our amended or restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws.

**Requirements for Advance Notification of Stockholder Proposals and Nominations**

Our amended and restated bylaws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

**No Cumulative Voting**

Under Delaware law, cumulative voting for the election of directors is not permitted unless a corporation's certificate of incorporation authorizes cumulative voting. Our amended and restated certificate of incorporation and our amended and restated bylaws will not provide for cumulative voting in the election of directors. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our board of directors to influence our board of directors' decision regarding a takeover.

 ****

**Election and Removal of Directors; Filling Vacancies**

Our board of directors will consist of a single class of directors. Our amended and restated certificate of incorporation will provide that our board of directors will initially be subject to year terms. Any director may be removed at any time, with or without cause and subject to the rights granted to one or more series of preferred stock then outstanding, by the holders of at least a majority of the total voting power of our outstanding shares of common stock entitled to vote on the election and removal of directors in the manner permitted by our amended and restated certificate of incorporation.

In addition, our amended and restated certificate of incorporation and our amended and restated bylaws will also provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on our board of directors that results from an increase in the number of directors may be filled by a majority of the board of directors then in office; provided that a quorum is present, and any vacancy occurring on our board of directors may be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director (and not by the stockholders).

**Amendment**

Any amendment of our amended and restated certificate of incorporation relating to authorized capital stock, the management of our business, our board of directors, stockholder action by written consent, calling special meetings of stockholders or the liability of our directors will require approval by holders of at least 66 and 2/3% of the voting power of our then-outstanding shares of common stock, voting together as a single class. Any amendment, alteration, rescission or repeal of our amended and restated bylaws will require approval by holders of a majority of the voting power of our then-outstanding shares of common stock, voting together as a single class.

**Exclusive Forum**

Any person or entity holding, purchasing or otherwise acquiring any interest in shares of our capital stock are deemed to have notice of and to have consented to these forum selection provisions.

These forum selection provisions may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the state of Delaware and limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder. While Delaware courts have determined that forum selection provisions are facially valid, it is possible that a court of law in another jurisdiction could rule that the forum selection provisions contained in our bylaws are inapplicable or unenforceable if they are challenged in a proceeding or otherwise. If a court were to find the forum selection provision in our bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions.

 ****

**Limitation on Liability and Indemnification**

Our amended and restated certificate of incorporation provides that no director or officer will be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director or officer, except as required by applicable law, as in effect from time to time. Currently, the DGCL requires that liability be imposed for the following:

&nbsp;&nbsp;&nbsp;&nbsp;· a director's or officer's breach of the director's or officer's duty of loyalty
to our company or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;· a director's or officer's act or omission not in good faith or which involved intentional
misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;· a director's unlawful payments of dividends or unlawful stock repurchases or redemptions as provided
in Section 174 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;· a director or officer for any transaction from which the director or officer derived an improper personal
benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;· an officer in any action by or in the right of our company.

As a result, neither we nor our stockholders have the right, through stockholders' derivative suits on our behalf, to recover monetary damages against a director or officer for breach of fiduciary duty as a director or officer, including breaches resulting from grossly negligent behavior, except in the situations described above.

Our amended and restated certificate of incorporation provides that, to the fullest extent permitted by law, we will indemnify any director or officer of our company against all damages, claims and liabilities arising out of the fact that the person is or was our director or officer, or served any other enterprise at our request as a director, officer, employee, agent or fiduciary. We will reimburse the expenses, including attorneys' fees, incurred by a person indemnified by this provision when we receive an undertaking to repay such amounts if it is ultimately determined that the person is not entitled to be indemnified by us. Amending this provision will not reduce our indemnification obligations relating to actions taken before an amendment.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to us, our directors, our officers or persons who control us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common stock will be Computershare Trust Company, N.A. The transfer agent's address is 150 Royall St, Canton MA 02021.

**Listing**

We have applied to list our common stock on the NYSE under the symbol "CUX".

**Shares Eligible for Future Sale**

Prior to this offering, there has been no public market for shares of our common stock. Future sales of shares of our common stock in the public market after this offering, and the availability of shares for future sale, could adversely affect the market prices prevailing from time to time. Furthermore, because only a limited number of shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our common stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon consummation of the offering, we will have outstanding shares of common stock (or shares of common stock if the underwriters exercise their option to purchase additional shares). Of these shares, shares of common stock sold in this offering will be freely tradable in the public market without restriction or further registration under the Securities Act, unless these shares are held by "affiliates," as that term is defined in Rule 144 under the Securities Act.

The remaining outstanding shares of our common stock will be deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below.

**Rule 144**

In general, under Rule 144 under the Securities Act, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of securities that does not exceed the greater of one percent of our common stock then outstanding or the average weekly trading volume of our common stock on NYSE during the four calendar weeks preceding such sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

**Registration Statement on Form S-8**

In connection with this offering, we intend to file a registration statement on Form S-8 under the Securities Act to register an aggregate of shares of common stock that we expect to reserve for issuance under the 2026 Omnibus Incentive Plan. The registration statement will become effective automatically upon filing with the SEC, and common stock covered by the registration statement will be eligible for resale in the public market immediately after the effective date of the registration statement, subject to the lock-up agreements described below under "*—Lock-Up Agreements*."

**Lock-Up Agreements**

In connection with this offering, we, our executive officers, our directors and holders of substantially all of our common stock will agree with the underwriters that they will not, subject to certain exceptions, dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus. See "*Underwriting.*"

**U.S. Federal Income Tax Considerations for Non-U.S. Holders**

The following discussion is a summary of the U.S. federal income tax considerations generally applicable to the ownership and disposition of our common stock by a Non-U.S. Holder (as defined below) that acquires our common stock and holds our common stock as a capital asset (generally, property held for investment). The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated or proposed thereunder, judicial decisions and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that affects the tax consequences described herein. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the ownership and disposition of our common stock.

Moreover, this discussion does not address all aspects of U.S. federal income tax consequences that may be applicable to a Non-U.S. Holder in light of its particular circumstances (including, for example the impact of the Medicare contribution tax on net investment income or alternative minimum tax) or subject to special rules (including, for example, banks and other financial institutions, insurance companies, brokers and dealers in securities or currencies, traders that have elected to mark securities to market, partnerships or other pass-through entities, corporations that accumulate earnings to avoid U.S. federal income tax, tax-exempt organizations, pension plans, persons that hold our shares as part of a straddle, hedge or other integrated investment, certain U.S. expatriates and foreign governments or agencies).

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created
or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;· a trust (1) the administration of which is subject to the primary supervision of a court within the United
States and for which one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) have
the authority to control all substantial decisions, or (2) that has in effect a valid election to be treated as a United States person
for U.S. federal income tax purposes.

**Distributions**

As described in the section entitled "*Dividend Policy,*" we do not anticipate declaring or paying dividends to holders of our common stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts of such distribution in excess of our current or accumulated earnings and profits will be treated, first, as a return of capital and be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock (but not below zero) and, thereafter, as capital gain, which is subject to the tax treatment described below under "*—Sale, Exchange or Other Taxable Disposition*." Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of the withholding rules discussed below, we or our paying agent may treat the entire distribution as a dividend.

Subject to the discussions in the immediately following paragraph on effectively connected income and below under "*—Foreign Account Tax Compliance Act ('FATCA')*," dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for such lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim such exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or other applicable documentation), certifying under penalties of perjury that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United States). Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular graduated rates that apply to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or a lower rate under an applicable income tax treaty) on its effectively connected earnings and profits, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale, Exchange or Other Taxable Disposition**

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale, exchange or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within
the United States (and, if required by an applicable income tax treaty, attributable to a permanent establishment or fixed base maintained
by the Non-U.S. Holder in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;· the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more
during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;· our common stock constitutes a U.S. real property interest by reason of our status as a U.S. real property
holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates that apply to U.S. persons. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax as discussed above under "*—Distributions*."

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or a lower rate under an applicable income tax treaty), which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though such individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our U.S. real property interests relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, 5% or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or such Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Foreign Account Tax Compliance Act**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

**Underwriting**

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are acting as joint book-running managers of the offering and as representatives of the underwriters named below. Subject to the terms and conditions stated in the underwriting agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, each underwriter named below has severally agreed to purchase, and we have agreed to sell to that underwriter, the number of shares of common stock set forth opposite the underwriter's name in the following table:

---

| | |
|:---|:---|
| **Underwriter** | **Number<br> of Shares** |
| Citigroup Global Markets Inc. |  |
| Cantor Fitzgerald & Co. |  |
| BMO Capital Markets Corp |  |
| RBC Capital Markets, LLC |  |
| TD Securities (USA) LLC |  |
| Stifel, Nicolaus & Company, Incorporated |  |
| William Blair & Company, L.L.C. |  |
| Needham & Company, LLC |  |
| Roth Capital Partners, LLC |  |
| Total Number of Shares |  |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the shares our common stock included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the shares of our common stock (other than those covered by the over-allotment option described below) if they purchase any of the shares. The underwriters may provide their services in this offering through or in conjunction with one or more of their respective affiliates.

Shares of our common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares of our common stock sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $ per share. After the initial public offering of the shares of our common stock, if all of the shares of our common stock are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. The representatives have advised us that the underwriters do not intend to make sales to discretionary accounts.

If the underwriters sell more shares of our common stock than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to additional shares of our common stock at the initial public offering price less the underwriting discounts and commissions. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional shares of our common stock approximately proportionate to that underwriter's initial purchase commitment set forth in the table above. Any shares of our common stock issued or sold under the option will be issued and sold on the same terms and conditions as the other shares of our common stock that are the subject of this offering.

We, our officers and directors and holders of substantially all of our common stock have agreed that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent of the representatives, dispose of or hedge any shares or any securities convertible into or exchangeable for our common stock. The representatives, in their sole discretion, may release any of the securities subject to these lock-up agreements at any time, which, in the case of officers and directors, shall be with notice.

Prior to this offering, there has been no public market for our common stock. Consequently, the initial public offering price for the shares of our common stock will be determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price will be our results of operations, our current financial condition, our future prospects, our markets, the economic conditions in and future prospects for the industry in which we compete, our management, and currently prevailing general conditions in the equity securities markets, including current market valuations of publicly traded companies considered comparable to our company. We cannot assure you, however, that the price at which the shares of our common stock will sell in the public market after this offering will not be lower than the initial public offering price or that an active trading market in the shares of our common stock will develop and continue after this offering.

We have applied to have our common stock listed on the New York Stock Exchange under the symbol "CUX."

We estimate that our total expenses for this offering will be approximately $. We have also agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

The following table shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

---

| | | |
|:---|:---|:---|
|  | **Paid by us** | **Paid by us** |
|  | **No Exercise** | **Full Exercise** |
| Per Share | $| $|
| Total | $| $|

---

In connection with the offering, the underwriters may purchase and sell shares of our common stock in the open market. Purchases and sales in the open market may include short sales, purchases to cover short positions, which may include purchases pursuant to the underwriters' over-allotment option, and stabilizing purchases.

&nbsp;&nbsp;&nbsp;&nbsp;· Short sales involve secondary market sales by the underwriters of a greater number of shares of our common
stock than they are required to purchase in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;· "Covered" short sales are sales of shares of our common stock in an amount up to the number
of shares of our common stock represented by the underwriters' over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· "Naked" short sales are sales of shares of our common stock in an amount in excess of the
number of shares of our common stock represented by the underwriters' over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· Covering transactions involve purchases of shares either pursuant to the underwriters' over-allotment
option or in the open market in order to cover short positions.

&nbsp;&nbsp;&nbsp;&nbsp;· To close a naked short position, the underwriters must purchase shares of our common stock in the open
market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of the shares of our common stock in the open market after pricing that could adversely affect investors who purchase in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;· To close a covered short position, the underwriters must purchase shares of our common stock in the open
market or must exercise the over-allotment option. In determining the source of shares of our common stock to close the covered short
position, the underwriters will consider, among other things, the price of shares of our common stock available for purchase in the open
market as compared to the price at which they may purchase shares of our common stock through the over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;· Stabilizing transactions involve bids to purchase shares so long as the stabilizing bids do not exceed
a specified maximum.

Purchases to cover short positions and stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the shares. They may also cause the price of the shares of our common stock to be higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise. The underwriters are not required to engage in any of these transactions and, if they do commence any, they may discontinue them at any time.

**Other Relationships**

The underwriters are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. The underwriters and their respective affiliates have in the past performed commercial banking, investment banking and advisory services for us from time to time for which they have received customary fees and reimbursement of expenses and may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

**Selling Restrictions**

**Notice to Prospective Investors in Canada**

The shares of common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions, and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Notice to Prospective Investors in the European Economic Area**

In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares of common stock have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of our common stock which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of common stock may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus
Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of shares of common stock shall require the Company or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Relevant State who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the Company and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any shares of common stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of our common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant State to qualified investors, in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

The Company, the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of common stock, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

The above selling restriction is in addition to any other selling restrictions set out below.

**Notice to Prospective Investors in the United Kingdom**

Each underwriter has represented and agreed that it has not made and will not make an offer of the shares of common stock which are the subject of this Prospectus to the public in the United Kingdom except that it may make an offer:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to
the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1
to the POATRs) in the United Kingdom, subject to obtaining the prior consent of the relevant underwriter or underwriters nominated by
the Company for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

For the purposes of this provision, the expression an "offer of shares of common stock to the public" in relation to any shares of common stock means the communication in any form and by any means of sufficient information on the terms of the offer and the shares of common stock to be offered so as to enable an investor to decide to buy or subscribe for the shares of common stock and the expression "POATRs" means the Public Offers and Admissions to Trading Regulations 2024.

**Notice to Prospective Investors in France**

Neither this prospectus nor any other offering material relating to the shares of our common stock described in this prospectus has been submitted to the clearance procedures of the Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the Autorité des Marchés Financiers. The shares of our common stock have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the shares of our common stock has been or will be:

&nbsp;&nbsp;&nbsp;&nbsp;(a) released, issued, distributed or caused to be released, issued or distributed to the public in France;
or

&nbsp;&nbsp;&nbsp;&nbsp;(b) used in connection with any offer for subscription or sale of the shares of our common stock to the public
in France.

Such offers, sales and distributions will be made in France only:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to qualified investors (investisseurs qualifiés) and/or to a restricted circle of investors (cercle
restreint d'investisseurs), in each case investing for their own account, all as defined in, and in accordance with articles L.411-2,
D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et financier;

&nbsp;&nbsp;&nbsp;&nbsp;(b) to investment services providers authorized to engage in portfolio management on behalf of third parties;
or

&nbsp;&nbsp;&nbsp;&nbsp;(c) in a transaction that, in accordance with article L.411-2-II-1°-or-2°-or 3° of the French
Code monétaire et financier and article 211-2 of the General Regulations (Règlement Général) of the Autorité
des Marchés Financiers, does not constitute a public offer (appel public à l'épargne).

The shares of our common stock may be resold directly or indirectly, only in compliance with articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code monétaire et financier.

**Notice to Prospective Investors in Hong Kong**

The shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "Ordinance") and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation or document relating to the shares of our common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares of our common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.

**Notice to Prospective Investors in Japan**

The shares of our common stock have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

**Notice to Prospective Investors in Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the shares of our common stock were not offered or sold or caused to be made the subject of an invitation for subscription or purchase and will not be offered or sold or caused to be made the subject of an invitation for subscription or purchase, and this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our common stock, has not been circulated or distributed, nor will it be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time ("SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an
accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and
each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each
term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described)
in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares of our common stock
pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;· to an institutional investor or to a relevant person, or to any person arising from an offer referred
to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;· where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;· where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;· as specified in Section 276(7) of the SFA.

**Legal Matters**

The validity of the shares of common stock offered hereby will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York. Latham & Watkins LLP, New York, New York, has acted as counsel for the underwriters in connection with certain legal matters related to this offering.

**Experts**

The consolidated financial statements of Konkola Copper Mines Plc and its subsidiaries as of March 31, 2026 and 2025, included in this prospectus and in this registration statement have been so included in reliance on the report of Manohar Chowdhry & Associates ("MCA"), an independent registered public accounting firm, included elsewhere herein and in the registration statement, and upon the authority of said firm as experts in auditing and accounting.

The financial statements of CopperTech Metals Inc., as of March 31, 2026 has been included in this prospectus and in the registration statement in reliance on the report of Manohar Chowdhry and Associates, an independent registered public accounting firm, included elsewhere herein and in the registration statement, and upon the authority of said firm as experts in auditing and accounting.

The technical information appearing in this prospectus concerning our mining operations was derived from the Initial Assessment TRS and the Pre-Feasibility Study TRS, each dated June 2, 2026, prepared by AMC Consultants (UK) Limited, an independent international mining consultancy.

**CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On June 2, 2026, the board of directors of CopperTech Metals Inc. approved the engagement of BDO India Services Private Limited ("BDO India") as the Company's independent registered public accounting firm for the fiscal year ending March 31, 2027 (subject to BDO India's normal client acceptance procedures), following the completion of the audit services provided by MCA in connection with the audits of the consolidated financial statements of Konkola Copper Mines Plc for the fiscal years ended March 31, 2025 and March 31, 2026, and the financial statements of CopperTech for the fiscal years ended March 31, 2025 and March 31, 2026.

MCA's audit reports on the consolidated financial statements of Konkola Copper Mines Plc for the fiscal years ended March 31, 2025 and March 31, 2026, and on the financial statements of the Company for the fiscal years ended March 31, 2025 and March 31, 2026, did not contain any adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles, except for the explanatory paragraphs relating to the restatement of Konkola Copper Mines Plc's financial statements for the fiscal year ended March 31, 2025.

During the two most recent fiscal years audited by MCA, there were (i**)** no disagreements between Konkola Copper Mines Plc, CopperTech and MCA on any matter of accounting principles, practices, financial statement disclosures, or auditing scope or procedures, which, if unresolved, would have been referenced in their audit reports, as required under Item 304(a)(1)(iv) of Regulation S-K and (ii) no "reportable events" as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

The Company has provided MCA with a copy of the foregoing disclosures and requested that MCA furnish a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements made herein. A copy of MCA's letter, dated June 2, 2026, is filed as Exhibit 16.1 to this registration statement.

During the fiscal years ended March 31, 2025 and March 31, 2026, and through the date of the engagement of BDO India, neither the Company nor anyone acting on its behalf consulted BDO India regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that BDO India concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K, or a reportable event, as described in Item 304(a)(1)(v) of Regulation S-K.

**Where You Can Find More Information**

We have filed with the SEC a registration statement on Form S-1, of which this prospectus is a part, with respect to the shares of common stock offered hereby. This prospectus does not contain all of the information included in the registration statement and the exhibits thereto. References in this prospectus to any of our contracts or other documents are not necessarily complete, and each such reference is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. For additional information about us and the shares of common stock offered hereby, you should refer to the registration statement and the exhibits thereto, which are available on the internet website maintained by the SEC at www.sec.gov.

Upon completion of this offering, we will become subject to the reporting and information requirements of the Exchange Act and, in accordance with the Exchange Act, we will file periodic and current reports, proxy statements and other information with the SEC. We expect to make these reports and other information filed with or furnished to the SEC available, free of charge, through our website at https://coppertechmetals.com as soon as reasonably practicable after the reports and other information are filed with or furnished to the SEC. Additionally, the SEC maintains an internet website that contains such reports and other information filed electronically with the SEC at www.sec.gov.

The information contained on, or that can be accessed through, the websites referenced in this prospectus is not part of, and is not incorporated into, this prospectus, and you should not rely on any such information in making an investment decision to purchase shares of our shares of common stock. We have included the website addresses referenced in this prospectus only as inactive textual references and do not intend them to be active links to such website addresses.

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| **Audited Financial Statement of CopperTech Metals Inc.** |  |
| [Report of Independent Registered Public Accounting Firm](#f_000) | [F-2](#f_000) |
| [Balance Sheet as of March 31, 2026](#f_001) | [F-4](#f_001) |
| [Notes to Balance Sheet](#f_002) | [F-5](#f_002) |
|  | **Page** |
| **Audited Consolidated Financial Statements of Konkola Copper Mines Plc** |  |
| [Report of Independent Registered Public Accounting Firm](#ya_001) | [F-6](#ya_001) |
| [Consolidated Balance Sheets as of March 31, 2026 and 2025](#b_010) | [F-8](#b_010) |
| [Consolidated Statements of Operations for the Years Ended March 31, 2026 and 2025](#f_004) | [F-9](#f_004) |
| [Consolidated Statements of Comprehensive Income for the Years Ended March 31, 2026 and 2025](#f_005) | [F-10](#f_005) |
| [Consolidated Statements of Cash Flows for the Years Ended March 31, 2026 and 2025](#f_006) | [F-11](#f_006) |
| [Consolidated Statements of Shareholders' Equity for the Years Ended March 31, 2026 and 2025](#f_007) | [F-13](#f_007) |
| [Notes to Consolidated Financial Statements](#f_008) | [F-14](#f_008) |

---

![](ctm005_s1img30.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the shareholders and the board of directors of CopperTech Metals Inc., Opinion on the Financial Statements** 

We have audited the accompanying balance sheets of CopperTech Metals Inc., (the "Company") as of March 31, 2026 and 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2026 and 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](ctm005_s1img31.jpg)

#27, Subramaniam Street, Abiramapuram, Chennai ● Bengaluru ● Gurugram ● Hyderabad ● Mumbai ● Coimbatore <br> Chennai - 600 018, Tamil Nadu Kochi ● Madurai ● Mangaluru ● Vijayawada ● Vizag <br> Tel: +91 44 42903333 / 42903300 Trichy ● Bargarh ● Bhubaneswar

![](ctm005_s1img33.jpg)

**Critical Audit Matters**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statement and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

---

| | |
|:---|:---|
| ![](ctm005_s1img32.jpg) | <br>![](ctm005_s1img31.jpg) |
| **Manohar Chowdhry & Associates** | <br>![](ctm005_s1img31.jpg) |
| Chartered Accountants | <br>![](ctm005_s1img31.jpg) |
|  | <br>![](ctm005_s1img31.jpg) |
| We have served as the Company's auditor since 2025. | <br>![](ctm005_s1img31.jpg) |
|  | <br>![](ctm005_s1img31.jpg) |
| Chennai, India | <br>![](ctm005_s1img31.jpg) |
| June 02, 2026 | <br>![](ctm005_s1img31.jpg) |
| UDIN: 26251661RVOHWE4275 | <br>![](ctm005_s1img31.jpg) |

---

**COPPERTECH METALS INC.**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| **Assets** | | |
| **Total assets** | | |
| **Liabilities** |  |  |
| Commitments and contingencies |  |  |
| **Shareholder's equity** |  |  |
| Common stock with no par value; 2,500 shares authorized, 100 shares issued and outstanding |  |  |
| **Total equity** |  |  |
| **Total liabilities and shareholder's equity** |  |  |

---

The accompanying Notes to Financial Statements are an integral part of these financial statements

**COPPERTECH METALS INC.**

**Notes to Financial Statements**

---

| | |
|:---|:---|
| **1** | **Overview** |

---

**General Information**

CopperTech Metals Inc. (the "Company") was incorporated under the laws of the State of Delaware on January 30, 2025. Pursuant to a reorganization into a holding company structure, the Company will be a holding company with its principal asset being a controlling ownership interest in Vedanta Resources Jersey Limited and its subsidiaries, involved in the sale of major products related to finished copper and copper-cobalt alloys.

---

| | |
|:---|:---|
| **2** | **Basis of Presentation** |

---

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles. Through March 31, 2026, the Company had not earned any revenue and had not incurred any expenses; therefore, the statements of operations, stockholder's equity and cash flows have been omitted. There have been no other transactions involving the Company as of March 31, 2026.

---

| | |
|:---|:---|
| **3** | **Stockholders' Equity** |

---

As of March 31, 2026 and 2025, the Company was authorized to issue 2,500 shares of common stock, no par value per share, and had issued 100 shares of common stock to Vedanta Resources Holdings Limited.

---

| | |
|:---|:---|
| **4** | **Subsequent Events** |

---

The Company has evaluated subsequent events through June 02, 2026, which is the date its financial statements were available to be issued.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the shareholders and the board of directors of Konkola Copper Mines PLC**

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated balance sheets of Konkola Copper Mines PLC and its subsidiaries (the "Company") as of March 31, 2026 and 2025, the related consolidated statements of operations, Comprehensive Income, changes in shareholders equity and cash flows, for each of the two years in the period ended March 31, 2026, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at March 31, 2026 and 2025, and the consolidated results of its operations and its cash flows for each of the two years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](ctm005_s1img31.jpg)

New No.27, Subramaniam Street, Chennai ● Bengaluru ● Mumbai ● Hyderabad ● Gurugram <br> Abiramapuram, Chennai - 600 018, Tamil Nadu Visakhapatnam ● Coimbatore ● Kochi ● Madurai ● Mangaluru <br> Tel: +91 44 42903333 \| Web : www.mca.co.in Tiruchirapalli ● Vijayawada

![](ctm005_s1img33.jpg)

**Critical Audit Matters**

The Critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| ***Revenue*** | ***Revenue*** |
| *Description of the Matter* | *As disclosed in Note 17 to the consolidated financial statements, the revenues recognized are USD 1,330 million and USD 398 million during the year ended March 31, 2026 and March 31, 2025 respectively. The Company's revenue comprises of various metals, with copper being the primary contributor. Revenue arises from the sale of copper cathodes and anodes under multiple customer contracts, that includes diverse pricing mechanisms, provisional pricing arrangements and delivery terms. These terms require significant judgment in assessing when control of the product transfers to the customer and in measuring revenue. Accordingly, due to the significant complexity and judgment involved, this matter has been designated as a Critical Audit Matter.* |
| *How We Addressed the Matter in Our Audit* | *Our audit procedures related to revenue recognition included, among others:*<br> *1. Evaluating management's application of ASC 606 to sales contracts, including the identification of performance obligations, pricing mechanisms, provisional pricing terms, and the delivery Conditions.*<br> *2. Inspecting supporting documentation, including bills of lading, invoices, and sales contracts for a sample of transactions, to test the accuracy of revenue measurement and the timing of revenue recognition.*<br> *3. Evaluating the reasonableness of management's estimates for provisional pricing adjustments.*<br> *4. Conducting inquiries with sales, logistics and revenue accounting personnel to understand the complete revenue recognition process and the steps involved in recognizing revenue.* <br> *5. Performing cutoff testing and analytical procedures to assess the timing and accuracy of revenue recognition, ensuring transactions were recorded in the appropriate period in accordance with U.S. GAAP (ASC 606).* |
| ***Inventories*** | ***Inventories*** |
| *Description of the Matter* | *As disclosed in note 5 to the consolidated financial statements, the Company's inventories balance was USD 263 million and USD 171 million as of March 31, 2026 and March 31, 2025. Inventories consist of finished goods, work-in-progress (WIP), and raw materials and consumables held for production and sale. Finished goods and WIP is accounted for using the average cost method and is stated at the lower of cost or net realizable value (NRV). The Company periodically assesses the NRV of these inventories and records valuation adjustments.*<br>*The Company's determination of the valuation of these inventories required a high degree of management judgment and subjectivity, which in turn led to especially challenging and subjective auditor judgment when performing audit procedures and evaluating the results of those procedures. Accordingly, due to the significant complexity and judgment involved, this matter has been designated as a Critical Audit Matter.* |
| *How We Addressed the Matter in Our Audit* | *Our audit procedures related to inventory valuation of Finished goods and WIP included, among others:*<br> *1. Evaluating management's methodology to determine the net realizable value of inventories.*<br> *2. Assessing the reasonableness of significant assumptions used by management in valuing inventories.*<br> *3. Evaluating management's calculation of the inventory NRV by testing the mathematical accuracy of the calculation.*<br> *4. Conducting inquiries with sales, production, and accounting personnel to corroborate management's assumptions and qualitative judgments used in determining the net realizable value of inventories.*<br> *5. Testing the completeness and accuracy of the inputs used in the Company's NRV analysis.* |

---

![](ctm005_s1img29.jpg)

---

| | |
|:---|:---|
| **Manohar Chowdhry & Associates**<br> Chartered Accountants<br>We have served as the Company's auditor since 2025.<br>Chennai, India<br> June 01, 2026<br> UDIN: 26251661TNFUMH7495<br>| ![](ctm005_s1img31.jpg) |

---

**KONKOLA COPPER MINES PLC** 

**(All amounts are in USD thousands, other than share data)**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **March 31** | **March 31** |
|  | **2026** | **2025** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 154126 | 63815 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for credit losses | 353 | 5282 |
| &nbsp;&nbsp;&nbsp;Inventories | 262773 | 171040 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and others | 315862 | 121595 |
| **Total current assets** | **733114** | **361732** |
| &nbsp;&nbsp;&nbsp;Property, plant, equipment and mine development, net | 1041138 | 1075510 |
| &nbsp;&nbsp;&nbsp;Other non current assets | 258923 | 181365 |
| **Total assets** | **2033175** | **1618607** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 276391 | 225902 |
| &nbsp;&nbsp;&nbsp;Advance from customers | 48399 | 25020 |
| &nbsp;&nbsp;&nbsp;Current portion of debt | 8468 | 6361 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 613 | 409 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 60416 | 5638 |
| **Total current liabilities** | **394287** | **263330** |
| &nbsp;&nbsp;&nbsp;Indebtedness to related parties – non current | 1079628 | 753751 |
| &nbsp;&nbsp;&nbsp;Long-term debt less current portion of debt | 6926 | 10661 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 29586 | 23763 |
| &nbsp;&nbsp;&nbsp;Long-term employee benefits | 18164 | 11917 |
| &nbsp;&nbsp;&nbsp;Deferred taxes, net |  | 69527 |
| &nbsp;&nbsp;&nbsp;Non-current liabilities | 1055469 | 698747 |
| **Total liabilities** | **2584060** | **1831696** |
| Commitments (Note 7) and Contingencies (Note 22) |  |  |
| **Shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, $0.01 par value; 24,060,000,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,098,677,473 shares (1,098,677,473 shares in March 2025) issued and outstanding | 10987 | 10987 |
| &nbsp;&nbsp;&nbsp;Non-Redeemable Deferred shares, $0.99 par value; 60,000,000 shares authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,000,000 shares (60,000,000 shares in March 2025) issued and outstanding | 59400 | 59400 |
| &nbsp;&nbsp;&nbsp;Special share, $1 par value; 1 share authorized; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 share (1 share in March 2025) issued and outstanding | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2089767 | 2089767 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2712904) | (2373243) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1865 | - |
| **Total shareholders' equity** | **(550885)** | **(213089)** |
| **Total liabilities and shareholders' equity** | **2033175** | **1618607** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC** 

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31** | **Year Ended**<br>**March 31** |
|  | **2026** | **2025** |
| Net sales | 1330105 | 397986 |
| Cost of sales | (1297576) | (629755) |
| **Gross Profit (loss)** | **32529** | **(231769)** |
| Selling and distribution expenses | 403 | 176 |
| General and administration expenses | 78988 | 70435 |
| **Operating loss** | **(46862)** | **(302380)** |
| **Other income (expense)** |  |  |
| Other income | 8454 | 8210 |
| Foreign exchange loss, net | (240757) | (56053) |
| Reorganization items, net |  | 1622423 |
| Interest income | 3013 | 1559 |
| Interest expenses | (133159) | (370676) |
| **Other (expense) income, net** | **(362449)** | **1205463** |
| **(Loss) income before income tax benefit** | **(409311)** | **903083** |
| Income tax benefit | 69650 | 19445 |
| **Net (loss) income** | **(339661)** | **922528** |
| **Net (loss) income per share attributable to common stockholders** |  |  |
| **Basic and Diluted** | **(0.31)** | **0.84** |
| **Weighted-average number of common shares outstanding (In thousands)** |  |  |
| **Basic and Diluted** | **1098677** | **1098677** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC** 

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Comprehensive Income**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**March 31** | **Year Ended**<br>**March 31** |
|  | **2026** | **2025** |
| **Net (loss) income** | **(339661)** | **922528** |
| **Other comprehensive income, net of tax:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service credits associated with post retirement benefits (net of tax of USD 0. 80 Mn and USD Nil for the years ended March 31, 2026 and March 31, 2025, respectively) | 1865 | **-** |
| **Total comprehensive (loss) income** | **(337796)** | **922528** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC** 

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> March 31** | **Year ended<br> March 31** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | **(339661)** | **922528** |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 91289 | 91379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss, net | 233478 | 49615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization items, net |  | (1622423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for obsolete and slow-moving inventory | 4674 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 216 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (69650) | (19445) |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (Increase) in Accounts receivable | 4713 | (149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in Inventory | (96407) | (57210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in Prepaid expenses and other | (153924) | 111279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) in Other non current assets | (77558) | (147897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Accounts payable | 34671 | 15820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in Liabilities subject to compromise |  | (408888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Advance from Customer | 23379 | 15240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Long-term employee benefits | 6247 | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in Other current liabilities | 156570 | (11588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Income tax payable | 204 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Non current liabilities | 109634 | 783127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Asset retirement obligations | 5823 | 2721 |
| **Net cash used in operating activities** | **(66302)** | **(266555)** |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases and construction of Property, plant, equipment and mine development (including capital advances) | (96382) | (13206) |
| **Net cash used in investing activities** | **(96382)** | **(13206)** |

---

**KONKOLA COPPER MINES PLC** 

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> March 31** | **Year ended <br> March 31** |
|  | **2026** | **2025** |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 285000 | 340746 |
| &nbsp;&nbsp;&nbsp;Repayments of long-term debt | (31628) | (2974) |
| **Net cash provided by financing activities** | **253372** | **337772** |
| Effect of exchange rate changes on cash and cash equivalents | (377) | (152) |
| **Net change in cash and cash equivalents** | **90311** | **57859** |
| Cash and cash equivalents, beginning of year | 63815 | 5956 |
| **Cash and cash equivalents, end of year** | **154126** | **63815** |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Income and mining taxes paid, net of refunds |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | (5398) | (805) |
| **Supplemental schedule of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in capital expenditure accrual | 1884 | 1511 |
| &nbsp;&nbsp;&nbsp;Borrowing costs capitalized | (1001) |  |
| &nbsp;&nbsp;&nbsp;Assets retirement costs capitalized | (2752) |  |
| **Reconciliation of cash and cash equivalents above to where reported on the consolidated balance sheet** |  |  |
| Cash and cash equivalents | 154126 | 63815 |
| **Total cash and cash equivalents as reported on the consolidated cash flow statement** | **154126** | **63815** |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Consolidated Statements of Changes in Shareholder's Equity**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | **Deferred Shares** | **Deferred Shares** | **Special Share** | **Special Share** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br> **Paid-in**<br>**Capital** | **Accumulated**<br>**Deficit** | **Accumulated**<br> **Other**<br> **comprehensive<br> (loss) income,** <br>**net** | **Total**<br> **Shareholders'**<br>**Equity** |
| **Balances, April 1, 2024** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **500465** | **(3295771)** | **-** | **(2724919)** |
| Extinguishment of debt due to related parties as per SOA |  |  |  |  |  |  | 1589302 |  |  | 1589302 |
| (Refer note 23) |  |  |  |  |  |  |  |  |  |  |
| Net income | - | - | - | - | - | - | - | 922528 | - | 922528 |
| **Balances, March 31, 2025** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **2089767** | **(2373243)** | **-** | **(213089)** |
| **Balances, April 1, 2025** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **2089767** | **(2373243**) | **-** | **(213089)** |
| Net loss |  |  |  |  |  |  |  | (339661) |  | (339661) |
| Other comprehensive income | - | - | - | - | - | - | - | - | 1865 | 1865 |
| **Balances, March 31, 2026** | **1098677473** | **10987** | **60000000** | **59400** | **1** | **0** | **2089767** | **(2712904)** | **1865** | **(550885)** |

---

**Deferred Shares**

In accordance with Article of Association, deferred shares have no voting rights or rights to dividends, but are entitled on a winding up to a return of 99 US cents per share once all of the common shares have received a distribution equal to their par value and any share premium created on their issue and which remains distributable to them.

**Special Share**

The special share can only be held by the Ministry of Finance on behalf of the Government of the Republic of Zambia. The special shareholder is entitled to certain rights including a requirement to obtain its written consent before any material change is undertaken in the nature of the Company's business and effecting of the voluntary winding up of the Company. In the event of a winding up of the Company, the special shareholder is entitled to repayment of the capital paid on the special share; such repayment is to be made before the repayment of capital to any other member. The Special share confers no other right to participate in the capital distribution or profits of the Company.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 1 – Description of the business:**

Konkola Copper Mines PLC and its subsidiaries (collectively, "the Company", "KCM", "we" or "us") is a limited company incorporated and domiciled in Zambia. The addresses of the Company's registered office and principal place of business are at Private Bag KCM (C) 2000, Stand M 1408, Fern Avenue, Chingola, Zambia. The Company's major products for sale are finished copper and copper-cobalt alloys. The Company is one of Zambia's largest integrated copper producers, with operations located in four of the country's mining towns on the Copperbelt and Central Provinces. The Copperbelt, is host to the Konkola Mine, the Nchanga Mine, Nchanga Smelter, Tail Leach Plant and Nkana Refinery. Nampundwe Pyrite Mine is in the Shibuyunji District of Central Province.

The principal activity of the Company and its wholly owned subsidiary KCM (Smelter Co) Limited is the mining, production and marketing of copper and cobalt. The Company also wholly owns Konkola Mineral Resources Limited ("KMRL") which is dormant with a carrying value of nil.

**Note 2 – Summary of significant accounting policies**

**Basis of presentation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). All amounts are presented in US Dollars (in thousands).

These consolidated financial statements cover the consolidated balance sheet as of March 31, 2026, and March 31, 2025, the consolidated statement of operations, comprehensive income, changes in shareholders' equity and cashflows for the years ended March 31, 2026 and March 31, 2025 and include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

**Consolidation**

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, SmelterCo and KMRL. All significant intercompany accounts and transactions have been eliminated in consolidation.

**Use of estimates**

The preparation of the Company's financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The significant areas requiring the use of management estimates include inventory valuation and determination of net realizable value, determination of estimated mineral reserves and life of mine, asset lives for depreciation, depletion and amortization; asset retirement obligations, valuation allowances for deferred taxes; reserves for contingencies and litigation; asset impairment, including estimates used to derive future cash flows associated with those assets; pension benefits; and valuation of financial instruments. Actual results could differ from those estimates.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Going concern**

The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, "Presentation of Financial Statements—Going Concern", which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern.

In May 2019, ZCCM Investments Holdings Plc ("ZCCM-IH") obtained an ex parte order from the High Court of Zambia appointing a provisional liquidator for the company. Legal proceedings were suspended in January 2023 to pursue an amicable settlement.

On November 6, 2023, a new shareholder agreement and Implementation Agreement were signed executed between Vedanta Resources Holdings Limited's ("VRHL") and ZCCM-IH, outlining terms for VRHL re-entry and investment. Ancillary agreements were finalized to launch a Creditor Scheme of Arrangement, which was sanctioned by the High Court on June 28, 2024. The provisional liquidator was removed, and KCM's Board was reinstated on July 31, 2024. Vedanta Resources Ltd. (VRL) regained control of KCM effective that date.

The Company's consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to continue as a going concern and contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company incurred operating losses of USD 46.86 Mn during the year ended March 31, 2026. The Company had deficit cashflows from operating activities of USD 66.30 Mn for the year ended March 31, 2026. The Company's cash and cash equivalents are USD 154.13 Mn as of March 31, 2026. The Company will require additional liquidity to continue its operations over the next 12 months from the date of issue of these financial statements.

Accordingly, substantial doubt about the Company's ability to continue as a going concern exists. Management has evaluated these conditions and concluded that its plans, as detailed below, are expected to alleviate substantial doubt about the Company's ability to continue as a going concern.

As part of the re-entry conditions, VRL committed to the following investments (structured as shareholder loans):

a) USD 1 Bn over five years for mine development and infrastructure;

b) USD 250 Mn toward the Scheme of Arrangement;

The Company's ability to continue as going concern is dependent upon loan facilities guaranteed by its VRL. In this regard, the Company has received a financial support letter dated June 01, 2026 from VRL. The Ultimate Parent Company has confirmed that it will provide necessary financial support for a minimum period of 12 months.

The Company estimates that its current cash and cash equivalents balance with working capital support from VRL is sufficient to support operations for a minimum period of 12 months following the date these consolidated financial statements were issued.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Concentration risk**

A material part of the Company's business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on the Company's operating results.

**Functional currency**

The functional currency for the Company is the US dollar. Monetary assets and liabilities denominated in the local currency are translated at current exchange rates, and non-monetary assets and liabilities are translated at historical exchange rates. Gains and losses resulting from the translation of such account balances and from foreign currency transactions are shown separately in Statement of operations. Certain expenses are incurred in local currency Kwacha (ZMW) exposes us to certain exchange rate fluctuation between ZMW and USD.

**Cash and cash equivalents**

Cash and cash equivalents is defined by the Company as cash on deposit with banks, including time deposits and other highly liquid investments with maturities of three months or less when purchased, excluding amounts restricted by certain contractual or other obligations.

**Inventory**

Inventory is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.

The Company principally produces copper and, in the production process, obtains several by-products, including Cobalt, Anode slimes, sulfuric acid and other metals.

Stores, spares and consumables represent maintenance materials, replacement parts, and other indirect consumables held for use in mining operations. Stores and spares are valued at weighted-average cost. The Company regularly reviews stores and spares for slow-moving and obsolete items and records an obsolescence reserve against carrying values where the recoverable amount is estimated to be below cost. Items identified as no longer usable are written off in the period in which the determination is made.

Ore & tailing material at stockpile represent ore that has been extracted from the mine and is available for further processing. Stockpile tonnages are estimated by surveying the number of tones added and removed, applying assay data for mineral content, and using estimated metallurgical recovery rates. Stockpile ore tonnages are verified by periodic physical surveys.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

Metal inventories, consisting of work-in-process and finished goods, are carried at the lower of weighted average cost or net realizable value (NRV). The costs of work-in-process and finished goods inventories primarily include power, labor, fuel, operating and repair materials, depreciation& amortization and other necessary costs related to the extraction and processing of ore. These processes include mining, milling, concentrating, smelting, refining and leaching.

Work-in-process inventories represent materials that are in the process of being converted into a saleable product. Conversion processes vary depending on the nature of the copper ore and the specific mining operation.

Finished goods include saleable products (e.g. copper anodes, copper cathodes, and other metallurgical products).

Please refer note 5, "Inventories," for further information.

**Property, plant and equipment**

Property, plant and equipment is recorded at acquisition cost, net of accumulated depreciation and impairment, if any. Cost includes major expenditures for improvements and replacements, which extend useful lives or increase capacity. Maintenance, repairs, normal development costs at existing mines, and gains or losses on assets retired or sold are reflected in earnings as incurred. Additionally, interest expense allocable to the cost of constructing new facilities is capitalized until assets are ready for their intended use.

Property, plant and equipment are depreciated on the straight-line method over their estimated useful lives, which range from 1 to 50 years, except for Mine Developments. Refer Mine Development policy below.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Mine development**

Mine development costs include costs incurred resulting from mine pre-production activities undertaken to gain access to proven and probable mineral reserves, and to develop and prepare underground mining areas for production including the development of declines, shafts, levels, drives, crosscuts and raises. Mine development costs also includes directly attributable costs such as contractor mining services, drilling and blasting, labour, consumables and ground support.

Mineral exploration costs, as well as drilling and other costs incurred for the purpose of converting mineral resources to proven and probable mineral reserves or identifying new mineral resources at development or production stage properties, are charged to expense as incurred. Mine development costs are capitalized beginning after proven and probable mineral reserves have been established and are capitalized as incurred until the commencement of production. During the production stage, mineral exploration costs, as well as drilling and other costs incurred to maintain production are included in production costs in the period in which they are incurred. Additionally, interest expense allocable to the cost of developing mines is capitalized until assets are ready for their intended use.

Mine development costs are carried at cost and amortized on a units-of-production method based on the estimated recoverable volume.

**Stripping (waste removal) costs**

Stripping costs (i.e., the costs of removing overburden and waste material to access mineral deposits) incurred during the production phase of an open-pit mine are considered variable production costs and are included as a component of inventory produced during the period in which stripping costs are incurred. Major development expenditures, including stripping costs to prepare unique and identifiable areas outside the current mining area for future production that are considered to be pre-production mine development, are capitalized and amortized using the units-of-production method based on estimated recoverable proven and probable mineral reserves for the ore body benefited. However, where a second or subsequent pit or major expansion is considered to be a continuation of existing mining activities, stripping costs are accounted for as a current production cost and a component of the associated inventory.

**Annual impairment and useful-life review**

The Company tests long-lived assets for impairment whenever indicators of impairment exist. In addition, the Company evaluates the useful lives of property, plant and equipment and mine development annually based on updated reserve and resource estimates, engineering-study results and operating plans. Changes in the remaining useful life of an asset are applied prospectively and are reflected in depreciation expense in future periods.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Mineral reserves**

The Company periodically re-evaluates estimates of its mineral reserves, which represent the Company's estimate as to the amount of unmined copper remaining in its existing mine locations that can be produced and sold at a profit. Such estimates are based on engineering evaluations derived from samples of drill holes and other openings, combined with assumptions about copper market prices and production costs at each of the respective mines. The estimates are prepared by, or under the supervision of, suitably qualified Competent Persons in accordance with an internationally recognized reporting code, and are subject to internal technical review. Once the Company determines through feasibility studies that proven and probable reserves exist and that drilling and other associated costs embody a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflow, then the costs are classified as mine development costs.

**Asset retirement obligations**

Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. These estimates are based in part on our inflation and credit rate assumptions. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations changes in the timing or amount could change the extent of reclamation and remediation work required to be performed by us. Any such increases in future costs could materially impact the amounts charged to operations for reclamation and remediation.

The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at fair value and is adjusted to its present value in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying value of the related long-lived assets and depreciated over the asset's useful life.

Asset retirement obligations are further discussed in note 11 "Asset Retirement Obligation" to the consolidated financial statements included herein.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Accounts receivables**

Accounts receivable are customer obligations due under normal trade terms, generally requiring payment within 0 to 90 days from the invoice date. Receivables are stated at the amounts billed and due from customers, less an allowance for credit losses that represents management's estimate of lifetime expected credit losses over the remaining contractual life of the receivables under ASC 326. No collateral or other security is required to support receivables, and none of the Company's contracts has a significant financing component.

The allowance is estimated using the Current Expected Credit Losses (CECL) model, which incorporates:

- Historical loss experience by aging bucket and customer segment;

- Current conditions, including portfolio seasoning and payment trends;

- Reasonable and supportable forecasts of future economic conditions over a 12-month forecast period; and

- Qualitative management overlays for model imprecision, emerging risks, and portfolio concentration.

A weighted reversion method is applied over a 12-month period to transition from forecasted loss rates to long-term historical loss experience. The allowance is evaluated and updated annually through the provision for credit losses.

**Revenue recognition**

The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. The Company recognizes revenue in accordance with the five-step model prescribed under ASC 606, "Revenue from Contracts with Customers". The Company's revenues are measured based on consideration specified in the contract with each customer. Disclosures regarding disaggregation of revenues and contract balances are disclosed within note 17 "Segment and related information".

The company primarily operates in the business of selling copper, mainly in the form of cathodes, anodes & cobalt. In addition to above, it also sells other metals such as gold, silver, and lead. The Company recognizes revenue when it transfers control of a product to the customer. Control usually transfers based on the contractual delivery terms, based on the INCOTERMS as commercially agreed upon with the buyer and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. The company places a strong emphasis on maintaining long-term relationships with certain key customers. However, it is not solely dependent on these customers and continues to pursue opportunities to attract new business.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

The majority of the Company's sales allow for price adjustments based on the London Metal Exchange (LME) price at the end of the relevant Quotational Period (QP) stipulated in the contract. These are referred to as provisional pricing arrangements and are such that the selling price for the goods is based on prevailing forward prices on a specified future period after shipment to the customer.

Payment terms for sales vary depending on the specific contract but are typically based on provisional pricing arrangements. Generally, 90–100% of the invoice amount is collected before or at the time of shipment. A final price adjustment is made upon settlement with the customer, typically within one to three month from the shipment date, based on the quoted monthly average copper settlement prices on the London Metal Exchange (LME).

Additionally, the product net sales are presented net of discounts, rebates, custom duties, treatment, freight and handling charges.

**Segment reporting**

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker ("CODM"), or group, in deciding how to allocate resources and assess performance.

Refer note 17, "Segment Reporting," for additional information on the Company's reportable segments.

**Cost of sales**

Our cost of sales primarily includes expenses directly associated with mining, processing, and refining operations. These comprise in-house and contracted mining services, labor and employee-related costs, consumables and spare parts, production overheads, and freight costs incurred in transporting copper concentrate and finished copper cathodes to customers. The cost of revenue also includes costs related to the reprocessing or rehandling of ore and materials, as well as refurbishment or repackaging costs, if applicable, for copper products returned or regraded for resale.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Employee benefits**

The Company has recognized the obligation for unpaid salaries, director fees, retirement benefits and long service leave entitlements as employee benefits. Employee benefit obligations are classified as either current or non-current liabilities in the accompanying consolidated balance sheets based on the timing of expected settlement. Termination benefits are recognized immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

(a) Defined contribution plans

The Company's contributions to defined contribution plans are recognized as employee compensation expense when the contributions are due, unless they can be capitalized as an asset. The Company has no further obligation under defined contribution plans beyond the contributions made under these plans. Contributions are recorded in the year in which they accrue and are included in the Consolidated Statements of Operations.

(b) Defined benefit plans

The Company records amounts relating to its defined benefit plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return, compensation increases and turnover rates. Actuarial gains and losses are recognized in income (expense), net in the period in which they occur. Current service costs are recorded in the period to which they relate. Prior service costs and credits resulting from changes in plan benefits are generally recognized in other comprehensive income and amortized in income (expense) over the average remaining service period of the employees expected to receive benefits. The Company reviews and adjusts its assumptions annually based on current rates and trends.

(c) Compensated absences

The Company recognizes its liabilities for compensated absences dependent on whether the obligation is attributable to employee services already rendered, relates to rights that vest or accumulate and payment is probable and estimable

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Income taxes**

The Company accounts for income taxes in accordance with the provisions of ASC 740 – Income Taxes. This includes both current taxes payable or refundable and Deferred income taxes and liabilities arising from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements.

The current tax expense or benefit is determined based on the taxes payable or refundable for the current year, calculated using enacted tax rates in the jurisdiction where the Company operates.

Deferred income taxes and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the Deferred income taxes and liabilities are expected to be realized and settled as prescribed in ASC 740 "Income taxes." As changes in tax laws or rates are enacted, Deferred income taxes and liabilities are adjusted through the provision for income taxes. Deferred income taxes are reduced by any benefits that, in the opinion of management, are more likely not to be realized. (Refer note 16)

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company's policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.

**Valuation of deferred taxes**

The Company's Deferred income taxes include certain future tax benefits. The Company reviews the likelihood that it will realize the benefit of its Deferred income taxes on a yearly basis or if events indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with all other available positive and negative evidence.

The Company assesses the realizability of Deferred income taxes (DTA) by considering both historical performance and future expectations of taxable income. While historical data, such as recent pretax losses, is taken into account, the primary focus is on projections of future taxable income, business plans, and other forward-looking factors. These projections help determine whether it is more likely than not that the Deferred income taxes will be realized.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Chapter 11 filing and emergence from bankruptcy**

Beginning on the Petition Date i.e. May 21, 2019, the Company applied Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the "Effective Date"), to distinguish transactions and events that were directly associated with the reorganization from the ongoing operations of the business.

Accordingly, gains on discounting of the liabilities under the scheme of arrangement were recorded as Reorganization items, net in the Consolidated Statements of Operations. In addition, prepetition obligations that were impacted by the Chapter 11 process were classified on the Consolidated Balance Sheets as of March 31, 2024 as liabilities subject to compromise. These liabilities were reported at the amounts in line with the Bankruptcy Court order, which may be settled for lesser amounts. Refer note 23.

**Contingencies**

Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Information regarding our contingencies is incorporated by reference in note 22, "Contingencies".

**Fair value measurements**

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described as follows:

---

| | |
|:---|:---|
| <u>Level 1</u>: | This level is defined as observable inputs, such as quoted prices in active markets for identical assets and liabilities. |
| <u>Level 2</u>: | This level is defined as observable inputs other than Level 1 prices for similar assets or liabilities, such as quoted prices in active markets, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| <u>Level 3</u>: | This level is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own valuation methodology and assumptions. |

---

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

***(Loss) earnings per common share***

The Company calculates basic (loss) earnings per common share by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the year. Since the Company has and no potentially dilutive securities outstanding, diluted (loss) earnings per common share is the same as basic (loss) earnings per common share.

***Subsequent events***

In preparing these financial statements, management has evaluated, for potential recognition or disclosure, significant events or transactions that occurred during the period subsequent to the most recent balance sheet presented herein, through the date these financial statements were issued. US GAAP requires assessment from the financial statement date through the date of issuance.

**Recently adopted accounting pronouncements** 

**Income taxes**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, under the ASU, public business entities must annually "(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate)." The ASU's amendments are effective for public business entities for annual periods beginning after December 15, 2024, whereas for non-public (i.e. private) business entities for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company adopted ASU 2023-09, effective January 1, 2025, on a retrospective basis and the adoption of this standard impacted certain income tax disclosures.

Refer note 16, Income taxes for further information and related disclosures.

**Recently issued accounting pronouncements not yet adopted** 

**Disaggregation of income statement expenses**

In November 2024, ASU 2024-03 was issued, requiring additional disclosures in the notes to the financial statements on the nature of certain expense captions presented on the face of the Consolidated Statement of Operations. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**KONKOLA COPPER MINES PLC**

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Induced conversions of convertible debt instruments**

In November 2024, ASU 2024-04 was issued, which enhances guidance in ASC Topic 470, "Debt," to improve consistency and relevance in accounting for induced conversions of convertible debt instruments. Specifically, ASU 2024-04 clarifies criteria for when settlements should be treated as induced conversions, requiring that inducement offers preserve the form and amount of consideration issuable under original conversion terms. ASU 2024-04 is effective for the Company's fiscal years and interim periods within those fiscal years beginning after December 15, 2025, with early adoption permitted, and may be applied prospectively or retrospectively. The Company is currently evaluating the impacts of the rules on its consolidated financial statements.

**Financial instruments: credit losses measurement for accounts receivable and contract assets**

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This provides amendments to the guidance on the measurement of credit losses for accounts receivable and contract assets. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2025, and for interim reporting periods within those annual reporting periods. Early adoption of the ASU is permitted. The Group is currently in the process of evaluating the impact that adoption of this standard will have on its consolidated financial statements.

**Codification improvement**

In December 2025, ASU 2025-12 was issued, which provide guidance to clarify, correct errors in or make other minor improvements to a broad range of topics in the Accounting Standards Codification (ASC) that is intended to make it easier to understand and apply, including ASC 260, Earnings Per Share, ASC 325, Investments – Other, and ASC 958, Not-for-Profit Entities.. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within those annual periods. The Company is currently evaluating the impacts of the guidance on its Consolidated Financial Statements.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 3 - Cash and cash equivalents**

The following table provides a reconciliation of total cash and cash equivalents presented in the consolidated statements of cash flows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** | **As at**<br> **March 31, 2025** |
| Balance with banks (including petty cash) | | 154,126 | | 63,815 |
| **Cash and cash equivalents** | | **154,126** | | **63,815** |

---

**Note 4 - Accounts receivable, net of allowance for credit losses**

The roll-forward of the allowance for credit losses on trade receivables is as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| Accounts receivable | 5967 | 11112 |
| Provision for credit losses | (5614) | (5830) |
| **Accounts receivable, net of allowance for credit losses** | **353** | **5282** |

---

The allowance at March 31, 2026 reflects approx. USD 0.22 Mn release from the amount at March 31, 2025, primarily driven by changes in customer payment behavior and portfolio composition.

In estimating the allowance at March 31, 2026, the Company used a loss forecast model incorporating multiple macroeconomic scenarios, weighted based on recent economic events, leading indicators, and views of internal and third-party economists. The key macroeconomic variables in the forecast were:

· Government Expenditure—projected to end 2026 at 12%,

· Real gross domestic product growth—projected at 6% in 2026.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

This model produces credit loss factors by applying probability of default and loss-given-default assumptions to estimated exposure at default for each scenario. Scenario-specific loss factors are aggregated using probability weights. Management applied qualitative overlays to reflect uncertainties related to borrower behavior, consumer price inflation, fiscal and monetary policy responses, model imprecision, and concentration risk.

Net charge-offs of principal are recorded against the allowance.

**Note 5 - Inventories**

The balances of inventories are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| Stores, spares and consumables | 47833 | 36133 |
| Ore & tailing material at stockpile | 15401 | 7091 |
| Work in process | 156087 | 102599 |
| Finished goods | 43452 | 25216 |
| **Inventories** | **262773** | **171040** |

---

The Company values inventories at the lower of cost or net realizable value. For the years ended March 31, 2026 and 2025, inventories amounting to USD 17.56 Mn and USD 120.00 Mn, respectively, were valued at net realizable value.

Inventories are stated net of allowances for obsolete and slow-moving items, which amounted to USD 41.92 Mn and USD 37.25 Mn as of March 31, 2026 and March 31, 2025, respectively. The resulting impact of the aforesaid allowances for obsolete and slow-moving items is amounting to USD 4.67 Mn and USD 0.50 Mn in the statement of operations during the year ended March 31, 2026 and March 31, 2025, respectively

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 6 - Prepaid expenses and others**

The balances of prepaid expenses and others are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| VAT receivable | 198454 | 50476 |
| Advance to vendors | 113674 | 64616 |
| Prepaid expenses and other receivables | 3734 | 6503 |
| **Prepaid expenses and others** | **315862** | **121595** |

---

VAT receivable represents net VAT paid on purchases that the Company is entitled to recover from the tax authorities. Prepayments are recognized as assets when paid and amortized over the period of benefit. Prepaid expenses and other receivables represents prepaid expenses and a receivable for the exploitation of surface mining rights as per the court order.

**Note 7 - Property, plant, equipment and mine development, net**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| Plant and other equipment | 2317304 | 2292885 |
| Mine development | 931279 | 907367 |
| Land and buildings | 103023 | 100363 |
| Construction in progress | 24489 | 18563 |
| **Total gross value** | **3376095** | **3319178** |
| Less: Accumulated depreciation/amortization | (2334957) | (2243668) |
| **Property, plant, equipment and mine development, net** | **1041138** | **1075510** |

---

Depreciation expense was approximately USD 91.29 Mn and USD 91.38 Mn for the years ended March 31, 2026 and 2025, respectively.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

There are land disputes in various courts and tribunals, arising from historical encroachments and cadastral irregularities over Company's mining rights. Management is actively pursuing resolution through the relevant legal forums, and the overall legal outlook remains favourable. The Company is additionally exploring arbitration as a supplementary avenue to assert its rights.

Construction in progress represents various infrastructure and operational projects related to the Company's buildings and facilities, including mine development, water recycling systems, civil works, and equipment installations. There was interest capitalized of USD 1 Mn and USD Nil on these projects for years ended March 31, 2026 and 2025, respectively .Management estimates the cost to complete these projects was approximately USD 426.05 Mn as of March 31, 2026.

Purchase commitments for future property and equipment acquisitions amounted to approximately USD 237.75 Mn at March 31, 2026.

**Note 8 - Other Non Current Assets**

The components of other non current assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| VAT receivable |  | 250438 |  | 172880 |
| Contribution to the EPF |  | 5485 |  | 5485 |
| Other receivables | | 3,000 | | 3,000 |
| **Other Non Current Assets** | | **258,923** | | **181,365** |

---

The VAT receivable is classified as non current due to expected delays in recovery, with management assessing recovery as probable based on its interactions with the Zambia Revenue Authority. No expected credit loss is recorded, as the amount is considered recoverable from the government authority. EPF contribution is refundable based on an annual reassessment of environmental liabilities, and due to the timing of the expected refund, they are classified as noncurrent. Other receivables represents a receivable for the exploitation of surface mining rights as per the court order.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 9 - Accounts payable and accrued expenses**

The components of Accounts payable and accrued expenses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** | **As at**<br> **March 31, 2025** |
| Accounts payable |  | 158657 |  | 55952 |
| Accrued expenses |  | 117734 |  | 169950 |
| **Accounts payable and accrued expenses** | | **276,391** | | **225,902** |

---

Wages, interest, utilities, taxes, and other operational costs that have been incurred but not yet invoiced or paid as of the reporting date form part of accrued expenses.

**Note 10- Long-term debt less current portion of debt**

**Long-term debt, other than related parties:**

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| 8.33% Note payable to bank, due through 2029 | 15394 | 17022 |
| **Long-term debt, other than related** | **15394** | **17022** |
| (Less): Current portion | (8468) | (6361) |
| **Long-term debt, other than related party debt less current portion** | **6926** | **10661** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Long-term debt, related parties (Refer note 21)**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| Secured Overnight Financing Rate (SOFR) plus 7.00% Note payable to Vedanta Resources Holdings Limited | 600750 | 345750 |
| 6.5% Note payable to Vedanta Resources (Jersey II) Limited (Refer note below) | 1038318 | 1038318 |
| 3-month LIBOR plus 4.75% Note payable to Vedanta Resources Plc (Refer note below) | 273782 | 273782 |
| Note payable to ZCCM Investments Holdings Plc (Refer note below) | 10500 | 10500 |
| Note payable to the Government of the Republic of Zambia (Refer note below) | 44578 | 44578 |
| **Long-term debt, related parties:** | **1967928** | **1712928** |
| (Less): Discount on present value | (888300) | (959177) |
| **Long-term debt, related parties less current portion** | **1079628** | **753751** |

---

Note - The above mentioned debts have become interest free debts in reference to the Court Order dated June 28, 2024 sanctioning the Scheme of Arrangement by the High Court of Zambia, all such borrowings have been restructured as interest-free loans effective August 1, 2024. Accordingly, no interest has been accrued on these borrowings subsequent to that date. The present value discount on these borrowings has been determined in accordance with ASC 852 – Reorganizations, reflecting the fair value of the liabilities as restructured under the Scheme.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Long-term debts**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** | **As at**<br> **March 31, 2025** |
| Long-term debt, other than related party |  | 6926 |  | 10661 |
| Long-term debt, related party | | 1,079,628 | | 753,751 |
| **Long-term debts** | | **1,086,554** | | **764,412** |

---

**Aggregate maturities of the outstanding borrowings as of March 31, 2026, are as follows:**

---

| | |
|:---|:---|
| **Years** | **Principal amount due** |
| 2027 | 8468 |
| 2028 | 5430 |
| 2029 | 1496 |
| 2030 |  |
| 2031 |  |
| Thereafter | 1967928 |
| **Total** | **1983322** |

---

**Note 11 - Asset retirement obligation**

The following table summarizes the asset retirement obligation activity for the years ended March 31, 2026 and March 31, 2025. Also, refer note 22 for descriptions & other details of asset retirement obligation.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** | **As at**<br> **March 31, 2025** |
| **Opening balance** |  | 23763 |  | 21042 |
| Additions |  | 2752 |  |  |
| Accretion expense | | 3,071 | | 2,721 |
| **Closing balance** | | **29,586** | | **23,763** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 12 - Non-current liabilities**

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| **Related party:** |  |  |
| Accrued expenses | 670325 | 625144 |
| Dividends payable | 50131 | 50131 |
| Intercompany advances | 105012 | 105012 |
| Other payables | 17270 | 16598 |
| **Other than related party:** |  |  |
| Account payables | 1083193 | 1070226 |
| Accrued expenses |  | 19848 |
| Statutory liabilities | 1115970 | 798170 |
| Other payables | 978 | 2285 |
| (Less): Discount on present value | (1987410) | (1988667) |
| **Non-current liabilities** | **1055469** | **698747** |

---

Non-current liabilities are comprised of liabilities which were restructured as part of the Scheme of Arrangement under ASC 852. At the time of restructuring, these liabilities were measured at net present value of expected future cash flows to settle the liabilities under the new terms.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 13 - Cost of Sales**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| Operating expenses |  | 1206668 |  | 538727 |
| Depreciation | | 90,908 | | 91,028 |
| **Cost of sales** | | **1,297,576** | | **629,755** |

---

Operating expenses majorly include mining, processing, refining, and freight costs, employee benefits, electricity and site restoration expenses.

**Note 14 (a) - Selling and distribution expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2026** | **Year ended**<br> **March 31, 2025** | **Year ended**<br> **March 31, 2025** |
| Freight |  | 230 |  | 176 |
| Discount | | 173 | | - |
| **Selling and distribution expenses** | | **403** | | **176** |

---

**Note 14(b) - General and administration expenses**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| Employee cost | 30739 | 31400 |
| Corporate social responsibility (CSR) | 18655 | 3624 |
| Insurance | 5522 | 5782 |
| Safety & security | 5853 | 2928 |
| Rates & taxes | 5667 | 4178 |
| Staff welfare expenses | 4120 | 2919 |
| Depreciation | 381 | 351 |
| Other administrative expenses | 8051 | 19253 |
| **General and administration expenses** | **78988** | **70435** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 15 - Employee benefit plans**

**(a) Defined contribution plans**

Defined contribution plans include contributions made towards the National Pension Scheme Authority (NAPSA), the National Health Insurance Management Authority (NHIMA), and the KCM Pension Scheme. During the years ended March 31, 2026 and March 31, 2025, the Company contributed USD 5.31 Mn and USD 13.06 Mn, respectively, towards these defined contribution plans. Of these contributions, USD 4.15 Mn and USD 3.28 Mn were recognized in the statements of operations within cost of sales, and USD 1.16 Mn and USD 9.78 Mn were recognized within general and administration expenses for the years ended March 31, 2026 and March 31, 2025, respectively.

**(b) Long-term employee benefits**

The Company has non-contributory post retirement, repatriation and medical benefit plans for certain employees as well as holiday leave benefits provided to unionized employees. The applicable plan design determines the manner in which benefits are calculated for any particular group of employees. Benefits are calculated based on one month's basic pay for each year of service. The plans are accounted for using the projected unit credit method.

The components of net periodic benefit costs calculated in accordance with ASC 715 "Compensation retirement benefits," using March 31 as a measurement date, consist of the following:

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| Service cost | 3579 | 2899 |
| Interest cost | 2922 | 2182 |
| Actuarial loss from changes in financial assumptions | 1725 | 1347 |
| Actuarial loss (gain) from changes experience items | 1133 | (733) |
| **Net periodic benefit cost** | **9359** | **5695** |

---

The following table shows the status of the obligation reconciled with the amount recognized in the Company's consolidated statements of financial position and statement of operations as of and for the year ended :

**Change in accumulated benefit obligation**

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| Accumulated benefit obligation, beginning of year | 11917 | 7449 |
| Service cost | 3579 | 2899 |
| Past Service cost | (2664) |  |
| Interest cost | 2922 | 2182 |
| Benefits paid | (448) | (1227) |
| Actuarial loss from changes in financial assumptions | 1725 | 1347 |
| Actuarial loss (gain) from changes experience items | 1133 | (733) |
| **Accumulated benefit obligation, end of the year** | **18164** | **11917** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

The charge for the year is included in cost of sales and general and administration expenses in the consolidated statement of operations, except for past service cost.

The following table summarizes the changes in accumulated other comprehensive income for the years ended March 31, related to the defined benefit obligation, net of tax:

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| Reconciliation of accumulated other comprehensive income: |  |  |
| Accumulated other comprehensive income at beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Prior service credits associated with post retirement benefits (net of tax of USD 0. 80 Mn and USD Nil for the years ended March 31, 2026 and March 31, 2025, respectively) | 1865 |  |
| **Accumulated other comprehensive income at end of year** | **1865** |  |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

Components of accumulated other comprehensive income (loss) (AOCI) are presented net of tax. The following table presents the changes in defined benefit obligations recognized in other comprehensive (loss) income:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> March 31, 2026** | **Year ended <br> March 31, 2025** |
| Prior service credits associated with post retirement benefits (net of tax of USD 0. 80 Mn and USD Nil for the years ended March 31, 2026 and March 31, 2025, respectively) | 1865 |  |
| **Total** | **1865** |  |

---

The scheduled maturities of the benefits expected to be paid in each of the next five years, and thereafter, are as follows:

---

| | |
|:---|:---|
| **Years** | **Expected Benefit**<br> **Payments** |
| 2027 | 3421 |
| 2028 | 3057 |
| 2029 | 2636 |
| 2030 | 1998 |
| 2031 | 1547 |
| 2032 to 2036 | 3776 |
| **Total** | **16435** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Assumptions used**

---

| | | |
|:---|:---|:---|
| Discount rate | 17.59% | 21.80% |
| Rate of increase in compensation | 4% | 5.00% |
| Average future working life | 13 years | 14 years |

---

Among the key assumptions used to estimate the pension benefit obligation is discount rate, which is applied to calculate the present value of expected future benefit payments for service to date. The discount rate is determined based on government bond yields with tenors that align with the expected duration of the pension liabilities. Because the Company does not maintain invested assets in plan assets to support its employees' defined benefits or to generate the assumed investment return, changes in the discount rate have a direct impact on the present value of the liabilities.

The method used to value the liabilities is the Projected Unit Credit method. This method sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Liabilities are split into an accrued (past service) component and a current service cost component where service is based on employment with the Company. The underlying principle is that the total liability should be recognized over the employment period of an individual employee. The accrued liability of the Retirement Benefits has been determined as the present value of expected future retirement benefits as at normal retirement age, based on service at the valuation date.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 16 - Income taxes**

(Loss) Income before income taxes, by tax jurisdiction for the years presented below consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Non-U.S. | (409311) | 903083 |
| **Total** | **(409311)** | **903083** |

---

The components of the income tax benefit consist of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> March 31, 2026** | **Year ended<br> March 31, 2025** |
| &nbsp;&nbsp;&nbsp;Current provision | 675 | 444 |
| &nbsp;&nbsp;&nbsp;Deferred tax benefit | (70325) | (19889) |
| **Income tax benefit** | **(69650)** | **(19445)** |

---

Reconciliation of the statutory income tax rate to the effective tax rate for the years ended March 31, 2026 and 2025, was retrospectively changed with the adoption of Accounting Standards Update 2023-09 and is presented below in both percentage points and dollar amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br> March 31, 2026** | **Year ended<br> March 31, 2026** | **Year ended<br> March 31, 2025** | **Year ended<br> March 31, 2025** |
|  | **Amount** | **Percent** | **Amount** | **Percent** |
| Computed income tax (benefit) expense at the statutory income tax rate in Zambia applicable to mining operations 30% (2025: 30%) | (122793) | 30.00% | 270925 | 30.00% |
| Increase (decrease) due to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Valuation allowance | 457 | -0.11% | 85161 | 9.43% |
| &nbsp;&nbsp;&nbsp;Reorganization items, net |  | 0.00% | (486727) | -53.90% |
| &nbsp;&nbsp;&nbsp;Non-taxable or non-deductible items | 53059 | -12.96% | 109281 | 12.10% |
| &nbsp;&nbsp;&nbsp;Other, net | (373) | 0.09% | 1915 | 0.21% |
| **Income tax benefit** | **(69650)** | **17.02%** | **(19445)** | **-2.15%** |

---

For the year ended March 31, 2026, the Company's effective income tax rate was 17.02% (March 31, 2025: -2.15%) compared to the Zambia Revenue Authority income tax rate of 30%. The decrease was primarily due to non-deductible items.

The effective tax rate for the year ended March 31, 2025 is lower than the statutory rate primarily due to reorganization gain which was offset by valuation allowance and non deductible items.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

Significant components of our Deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at**<br> **March 31, 2026** | **As at**<br> **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses | 630748 | 659748 |
| &nbsp;&nbsp;&nbsp;Inventories | 12578 | 11176 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 8876 | 7129 |
| &nbsp;&nbsp;&nbsp;Statutory liabilities | 1789 | 3824 |
| &nbsp;&nbsp;&nbsp;Interest on debt\* | 219404 | 212374 |
| &nbsp;&nbsp;&nbsp;Provisions and other | 72936 | 3786 |
| &nbsp;&nbsp;&nbsp;Total Deferred tax assets | 946331 | 898037 |
| Less: Valuation allowance | (660206) | (659748) |
| Net Deferred tax assets | 286125 | 238289 |
| &nbsp;&nbsp;&nbsp;**Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment \*\* | 286125 | 304160 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | - | 3656 |
| Total deferred tax liabilities | 286125 | 307816 |
| **Net Deferred tax** | **-** | **(69527)** |

---

\* A 30% cap on deductible interest on revenue and capital borrowings under Section 29 of the Income Tax Act of Zambia has been applied in determining taxable business income for the period ended March 31, 2026.

\*\* Capital allowances on mining equipment and related capital expenditures for the periods ended March 31, 2026 and March 31, 2025 have been claimed at a rate of 20%, when the assets are first put into use, in accordance with the Fifth Schedule of the Income Tax Act of Zambia.

In assessing the realizability of Deferred tax assets, the Company analyzes the likelihood that the tax benefit of some or all Deferred tax assets will not be realized. This analysis considers historical taxable income, projected reversal of deferred tax liabilities, projected taxable income, and tax planning strategies. Based upon this analysis, it is more likely than not that the tax benefit from all Deferred tax, net of valuation allowance, will be realized.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

The Company has evaluated its tax positions for the periods ended March 31, 2026 and March 31, 2025 and determined that there were no uncertain tax positions requiring recognition in the Consolidated Financial Statements. The tax year 2025-26 remain open to examination by the taxing authorities.

As of March 31, 2026 and March 31, 2025, the Company had net operating loss carry forwards for income tax purposes which are available to be carried forward for set off against future profits (subject to a maximum of 50% of income made during the charge year) from the same source for ten years from the year they were first incurred. These losses arose from the following financial years:

---

| | | |
|:---|:---|:---|
| **Particulars** | **As at<br> March 31, 2026** | **As at<br> March 31, 2025** |
| FY 2025-26 tax losses to expire in FY 2035-36 | 25377 | **-** |
| FY 2024-25 tax losses to expire in FY 2034-35 | 382092 | 382092 |
| FY 2023-24 tax losses to expire in FY 2033-34 | 327918 | 327918 |
| FY 2022-23 tax losses to expire in FY 2032-33 | 439288 | 439288 |
| FY 2021-22 tax losses to expire in FY 2031-32 | 224624 | 224624 |
| FY 2020-21 tax losses to expire in FY 2030-31 | 77907 | 77907 |
| FY 2019-20 tax losses to expire in FY 2029-30 | 249184 | 249184 |
| FY 2018-19 tax losses to expire in FY 2028-29 | 145567 | 145567 |
| FY 2017-18 tax losses to expire in FY 2027-28 | 59103 | 59103 |
| FY 2016-17 tax losses to expire in FY 2026-27 | 171427 | 171427 |
| FY 2015-16 tax losses to expire in FY 2025-26 | - | 122045 |
|  | **2102487** | **2199155** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 17 - Segment reporting**

The Company operates as a single reportable segment, which is consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM), who is responsible for allocating resources and assessing performance. The CODM reviews financial information including significant segment expense, capital expenditure and non-gaap measure as per the management presentation.

The Company's acting Chief Executive Officer (erstwhile "Chief Operating Officer") and Chief Financial Officer are identified as its Chief Operating Decision Maker (CODM) under business segment reporting guidance. The CODM uses Adjusted EBITDA and EBITDA as the primary measures of segment performance. The CODM does not review segment assets and segment expenses at any different category level then what is presented in Consolidated Balance Sheets, Consolidated Statement of Operations and Consolidated Statements of Comprehensive Income.

Substantially all of the Company's long-lived assets and operating segment assets are located in Zambia. The Company's mining operations and related infrastructure are principally based in Zambia, and management evaluates the geographic concentration of assets based on the location of the underlying operations. Accordingly, no additional geographic disclosure of segment assets is considered necessary as substantially all segment assets are concentrated in a single geographic area.

The Company has disclosed EBITDA, Adjusted EBITDA along with reconciliation to consolidated net (loss) income and entity-wide information, including revenue by product and geographic area in the below sections.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

The following table summarizes the computation of EBITDA and Adjusted EBITDA for the year ended March 31, 2026 and March 31, 2025 and also the reconciliation of the reported measure of EBITDA and Adjusted EBITDA to net (loss) income for the year ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Particulars** | **Year ended<br> March 31, 2026** | **Year ended<br> March 31, 2025** |
| **Operating Loss** | **(46862)** | **(302380)** |
| (+) Depreciation | 91289 | 91379 |
| (+) Other income | 8454 | 8210 |
| **Adjusted EBITDA** | **52881** | **(202791)** |
| (+) Foreign exchange loss, net | (240757) | (56053) |
| (+) Reorganization items, net |  | 1622423 |
| **EBITDA** | **(187876)** | **1363579** |
| (+)Income tax benefit | 69650 | 19445 |
| (+) Interest income | 3013 | 1559 |
| (-)Interest expenses | (133159) | (370676) |
| (-) Depreciation | (91289) | (91379) |
| **Net (loss) income** | **(339661)** | **922528** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Sales value:**

The following table presents information regarding the sales value of the Company's significant products for the years ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| Copper (cathodes & anodes) | 1315243 | 396944 |
| Precious metals in slime & others | 14862 | 1042 |
| **Total** | **1330105** | **397986** |

---

The following table presents information regarding the sales value by reporting segment of the Company's significant customers for the years ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**Particulars** | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| A | 375222 | 150553 |
| B | 268799 | 61428 |
| C | 247113 |  |
| Others | 438971 | 186005 |
| **Total** | **1330105** | **397986** |

---

The following table presents information regarding the sales value by reporting segment of the Company's significant customer locations for the years ended March 31, 2026 and March 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**Particulars** | **Year ended**<br>**March 31, 2026** | **Year ended**<br>**March 31, 2025** |
| Switzerland | 879269 | 354284 |
| Singapore | 247113 |  |
| Other foreign countries | 203723 | 43702 |
| **Total** | **1330105** | **397986** |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 18 - Fair value measurement**

ASC 820 "Fair value measurement and disclosures -Overall" establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under Subtopic 820-10 are described below:

Level 1 -Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 -Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs. (i.e., quoted prices for similar assets or liabilities).

Level 3 -Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheet as of March 31, 2026 and March 31, 2025:

The following are the details set forth the Company's assets and liabilities measured at fair value on a recurring (at least annually) and non recurring basis by level within the fair value hierarchy. As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at<br> March 31, 2026** | **As at<br> March 31, 2026** | **As at<br> March 31, 2025** | **As at<br> March 31, 2025** |
| <br>**Category** | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| **Liabilities:** | | | | |
| Current portion of debt - Level 2 <sup>(1)</sup> | 8468 | 8541 | 6361 | 7076 |
| **Current portion of debt** | **8468** | **8541** | **6361** | **7076** |
| Indebtedness to related parties – non current - Level 2 <sup>(1)</sup> | 600750 | 595742 | 345750 | 343913 |
| Indebtedness to related parties – non current - Level 3 <sup>(2)</sup> | 478878 | 514423 | 408001 | 443051 |
| Long-term debt, other than related parties - Level 2 <sup>(1)</sup> | 6926 | 6350 | 10661 | 9644 |
| **Long-term debt** | **1086554** | **1116515** | **764412** | **796608** |

---

**Note:**

(1) Long-term debt, including the current portion is carried at amortized cost and its estimated fair values have been determined by discounting the future cash flows using current interest rates at which similar loans with the same maturities would be made to borrowers with similar credit ratings and is classified as Level 2

(2) Long-term debt is carried at amortized cost and its estimated fair values have been determined by discounting the future cash flows using the existing risk free interest rate of US 10 years treasury bonds & Zambia country spread as per the Aswath Damodaran for the similar types of borrowing arrangements and is classified as Level 3

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 19 - Market risk**

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. These risks include the following:

**Concentration risk**

A material part of our business is dependent upon a relatively small number of customers, the loss of any one of whom may have a materially adverse effect on our operating results.

The following table summarizes the concentration of credit risk for the company's accounts receivables with specific customers above 10% of total balance:

**Accounts receivable**

---

| | | |
|:---|:---|:---|
|  | **As at<br> March 31, 2026** | **As at<br> March 31, 2025** |
| Customer 1 | 24% | 13% |
| Customer 2 | 17% | 0% |
| Customer 3 | 16% | 9% |
| Customer 4 | 10% | 15% |

---

Accounts receivables are stated at the amount the company expects to collect. The company generally does not require collateral or other security in support of accounts receivable. To reduce credit risk, the company perform ongoing credit evaluations of its customers financial condition.

**Interest rate risk**

Rising interest rates can increase the cost of debt financing for mining companies, suppliers, and manufacturers, reducing profit margins. Conversely, falling rates can affect investment returns. SOFR is considered a safe and reliable benchmark for interest rates due to Secure, transparent, regulatory oversight, market acceptance and reliance in market condition. Interest under the Scheme Loan Agreements are based on SOFR.

As of March 31, 2026, we had USD 600.8 Mn of outstanding debt under the Scheme Loan Agreements, each bearing interest at a variable rate equal to SOFR plus 7%. As a result, our interest expense and liquidity position are exposed to fluctuations in SOFR. Using an illustrative SOFR of 4%, our SOFR-based interest rate would be approximately 11%. A 100-basis-point increase in SOFR, to 5%, would raise this rate to 12% and increase our annual interest expense by approximately USD 6 Mn. Conversely, a 100-basis-point decrease in SOFR, to 3%, would lower the rate to 10%, reducing annual interest expense by approximately USD 6 Mn. While such movements in benchmark interest rates directly affect our borrowing costs, given our current variable-rate debt balance, we expect such changes to have a limited effect on our overall liquidity or financial position.

**Commodity price risk**

Commodity price risk in the copper industry refers to the potential for financial losses due to fluctuations in copper prices. It arises from the volatility inherent in commodity markets driven by factors such as supply and demand, geopolitical events, economic conditions and currency movements. Key commodity for the Company is copper.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Foreign exchange risk**

Our functional and reporting currency is the U.S. dollar. As most of our revenues are derived in U.S. dollars and the majority of our business is conducted in U.S. dollars, foreign exchange risk arises from transactions denominated in currencies other than the U.S. dollars. Commodity sales are denominated in U.S. dollars, the majority of borrowings are denominated in U.S. dollars, and the majority of operating expenses are denominated in U.S. dollars. Our primary foreign exchange exposures are to the Zambian Kwacha, and to the local currencies suppliers who provide various services and spares supply to us. Exposure to local currency is approximately 15-20%, meaning that approximately 15-20% of our key costs and expenditures are incurred in Zambian Kwacha. Our VAT receivables are in local currency and any depreciation in local currency impacts our position with reference to foreign exchange risk. Total VAT receivables as of March 31, 2026, was USD 448.39 Mn.

**Note 20 - Earnings per share**

---

| | | |
|:---|:---|:---|
|  | **As at<br> March 31, 2026** | **As at<br> March 31, 2025** |
| Net (loss) income | (339661) | 922528 |
| Net (loss) income attributable to common stockholders | (339661) | 922528 |
| (Shares in thousands) |  |  |
| Basic and diluted weighted-average shares of common stock outstanding | 1098677 | 1098677 |
| Net (loss) income per share attributable to common stockholders: |  |  |
| Basic and diluted | (0.31) | 0.84 |

---

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 21 - Related party transactions**

The information below sets out transactions and balances between the Company and various related parties:

**Holding companies**

Vedanta Incorporated (formerly known as Volcan Investments Limited)

Volcan Investments Cyprus Limited

**Intermediate holding company**

Vedanta Resources Ltd

**Immediate holding company**

Vedanta Resources Holdings Limited (VRHL)

The table below sets forth the major related parties and their relationships with the Company as of March 31, 2026 and March 31, 2025:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Vedanta Resources (Jersey II) Ltd | Fellow Subsidiary of Vedanta Resources Ltd |
| Hindustan Zinc Limited | Fellow subsidiary incorporated in India |
| Copper Mines of Tasmania Pty Limited | Fellow subsidiary incorporated in Australia |
| Fujairah Gold FZE | Fellow subsidiary incorporated in the<br> United Arab Emirates |
| Black Mountain Mining (Pty) Ltd | Fellow subsidiary incorporated in the South Africa |
| Lisheen Mining Ltd | Fellow subsidiary incorporated in Ireland |
| Skorpion Zinc (Pty) Ltd | Fellow subsidiary incorporated in Namibia |
| Sterlite Industries (India) Limited ZCCM Investments Holdings Plc | Fellow subsidiary incorporated in India Minority shareholder |
| Government of the Republic of Zambia (GRZ) | Entity having significant influence |

---

**Ultimate controlling party**

As of March 31, 2026, 79.42% of KCM's outstanding common shares were held by VRHL. VRHL in turn is a wholly owned and controlled subsidiary of Vedanta Resources Limited ('VRL'). Vedanta Incorporated ("Vedanta Inc") and its wholly owned subsidiary together hold 100 % of the share capital and 100 % of the voting rights of VRL. Vedanta Inc is 100 % beneficially owned and controlled by the Anil Agarwal Discretionary Trust ('Trust'). Vedanta Inc, Volcan Investments Cyprus Limited and other intermediate holding companies except VRL do not produce Group financial statement.

**(All amounts are in USD thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Due to related party - loans**

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| Vedanta Resources Holdings Limited | 600750 | 345750 |
| Vedanta Resources (Jersey II) Limited | 1038318 | 1038318 |
| Vedanta Resources ltd | 273782 | 273782 |
| ZCCM Investments Holdings Plc | 10500 | 10500 |
| Government of the Republic of Zambia | 44578 | 44578 |
| **Total** | **1967928** | **1712928** |

---

**Due to related party - others**

---

| | | |
|:---|:---|:---|
|  | **As at**<br>**March 31, 2026** | **As at**<br>**March 31, 2025** |
| Dividend payable - ZCCM | 10421 | 10421 |
| Dividend payable - Vedanta Resources Holdings Limited | 39710 | 39710 |
| Interest accrued - Vedanta Resources Holdings Limited | 70737 | 25555 |
| Interest accrued - Vedanta Resources (Jersey II) Limited | 503678 | 503677 |
| Interest accrued - Vedanta Resources ltd | 93407 | 93407 |
| Interest accrued - ZCCM | 2504 | 2504 |
| Sterlite Industries (India) Limited | 25665 | 24995 |
| Fujairah Gold FZE | 80018 | 80018 |
| Black Mountain Mining (Pty) Ltd | 1826 | 1826 |
| Vedanta Resources Ltd | 14772 | 14772 |
| **Total** | **842738** | **796885** |

---

---

| | |
|:---|:---|
| **Corporate guarantee by related party** |  |
| **Name of related party** | **Particulars** |
| Vedanta Resources Holdings Ltd | Corporate guarantee is provided for loan obtained from FCB |
| Vedanta Resources Holdings Ltd | Corporate guarantee is provided for overdraft facility obtained from FCB |

---

There were no related party purchases or sales during the years ended March 31, 2026 and March 31, 2025. The Company has various transactions and services received from GRZ in the ordinary course of business.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 22- Contingencies**

**Asset retirement obligations**

The Company is subject to extensive environmental laws and regulations. The Company has a legal obligation to restore and rehabilitate the environmental disturbances caused by the operation of three mines (Konkola, Nkana, Nampundwe) by 2072 and another mine (Nchanga) by 2038. The estimated cost as of March 31, 2026 was USD 143.85 Mn and March 31, 2025 was USD 128.96 Mn. These costs resulted in a recognized asset retirement obligation of USD 29.59 Mn and USD 23.76 Mn at March 31, 2026 and March 31, 2025 respectively, which was calculated as the net present value of estimated costs using discount rates range from 11.80% to 13.02% .

The above mentioned discount rate represents credit-adjusted risk-free rate comprises of the US Treasury Bond yield rates for the similar period of obligation and Zambia's sovereign credit spread rate. The entity-specific credit premium assessed at Nil which is supported by a parent corporate guarantee.

Rehabilitation cash flows are escalated at a long-term inflation rate of 2.6%, based on the US Consumer Price Index. The use of US rather than Zambian domestic inflation rates reflects three considerations: consistency with the USD-anchored discount rate, the substantially USD-denominated nature of the rehabilitation cost base, and the avoidance of distortion that Zambia's historically volatile domestic inflation would introduce over multi-decade forecast horizons.

Changes in the asset retirement obligations are remeasured each period due to updated cost estimates, changes to lives of operations, new disturbances and revisions to discount rates. Changes in the estimated obligation are shown as an interest expense in the consolidated statements of operations.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Litigation matters**

**A.** **Commercial matters:** 

---

| | |
|:---|:---|
| **1** | **Copperbelt Energy Corporation Plc vs KCM (In Liquidation), Vedanta Resources Holdings Ltd and Others (CEC v KCM) (Lusaka Supreme Court – 2019/HP/0761)** |

---

1.1 **Brief facts, defence and status:** 

This matter arises from the High Court-approved Scheme of Arrangement dated 28 June 2024. Copperbelt Energy Corporation Plc ("CEC") appealed against aspects of the Scheme, including debt classification, voting rights and treatment of its claim amounting to approximately USD 29.6 Mn.

KCM maintains that CEC was properly classified as a Class II creditor and is bound by the approved Scheme of Arrangement. As at March 31, 2026, CEC had filed claims of approximately USD 29.6 Mn under the Scheme, which KCM continues to defend as Class II claims subject to the approved claims adjudication process under the Scheme.

---

| | |
|:---|:---|
| **2** | **Foveros Mining Limited vs KCM Plc (2022/HK/528 – Kitwe High Court and Arbitration Proceedings)** |

---

2.1 **Brief facts, defence and status:** 

This matter arises from equipment financing arrangements between Foveros Mining Limited and Barloworld Equipment Limited relating to mining operations under a contract with KCM.

Following payment defaults, Barloworld obtained garnishee and assignment orders, resulting in KCM remitting amounts due to Foveros directly to Barloworld. After settlement of these arrangements with Barloworld, Foveros initiated arbitration against KCM for unpaid invoices, demobilization costs, equipment-related claims, damages, and other reliefs.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

The claim value reduced from USD 62 Mn to USD 18 Mn as at 31 March 2025. Subsequent to year end, this further reduced to USD 1.9 Mn following the Final Award on Liability by the Arbitral Tribunal.

KCM has since challenged the registration award before the High Court in that the claims were not submitted under the High Court-approved Scheme of Arrangement and are therefore barred under the Scheme process. KCM does not consider this to be a probable case.

---

| | |
|:---|:---|
| **3** | **Trafigura PTE Limited vs KCM Plc (London Court of International** |

---

3.1 **Brief facts, defence and status:** 

This matter concerns disputes arising from contracts for the sale of copper anodes and cathodes between Trafigura PTE Limited and KCM whereby Trafigura has taken KCM to the London Court of International Arbitration seeking approximately USD 82.81 Mn plus interest under copper sale contracts. The principal dispute between the parties relates to the applicability and effect of the High Court-approved Scheme of Arrangement dated 28 June 2024. Trafigura asserts its claims, governed by English law, fall outside the Scheme.

KCM maintains that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relevant contracts were entered into during the period of provision liquidation under the supervision
of the High Court of Zambia and that the contracts were executed and substantially performed in Zambia while KCM was under provisional
liquidation. Trafigura is bound by the High Court-approved Scheme of Arrangement notwithstanding the governing law provisions in the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trafigura did not submit or prove its claims under the Scheme process and tha accordingly, no amounts
are presently payable outside the approved Scheme process.

As at March 31, 2026, the arbitration proceedings remained ongoing and KCM continues to defend the matter.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**B.** **Labour matters** 

---

| | |
|:---|:---|
| **4** | **Various labour matters** |

---

4.1 **Brief facts, defence and status:** 

The Company is currently involved in approximately 47 labour-related matters before various courts and tribunals involving claims for unlawful or wrongful dismissal, pension entitlement disputes and personal representative claims.

Based on the current status of the matters and consultations with external counsel, Management believes the aggregate exposure does not exceed USD 5 Mn.

**Other matters**

Following the expiry of the 20-year Power Supply Agreement ("PSA") between KCM and Copperbelt Energy Corporation Plc ("CEC") on 31 March 2020, KCM transitioned its power supply to ZESCO, on the agreed condition that any wheeling charge payable to CEC for use of its transmission network would only be passed on to KCM upon KCM's prior acceptance of the applicable rate — a condition that has never been satisfied. Notwithstanding this, ZESCO has purported to pass wheeling charges on to KCM at rates KCM considers discriminatory and in contravention of Section 12(1)(b) of the Electricity Act, 2019, and in April 2022 entered into a Bulk Supply Agreement with CEC without KCM's knowledge or consent. KCM has consistently disputed each invoice within the prescribed timelines, preserving all of its rights and remedies, and based on the legal counsel's opinion the management is of the opinion that the Company has a meritorious defence to the disputed claims, including the right to commence arbitration within the applicable limitation period. Accordingly, KCM has no obligation in respect of the disputed sums and expressly reserves all its rights, remedies, and defences in this regard.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Note 23- Scheme of arrangement**

**Scheme of arrangement and reorganization**

On May 21, 2019 (the "Petition Date"), ZCCM Investments Holdings Plc ("ZCCM") filed a petition in the High Court of Zambia seeking to wind up Konkola Copper Mines Plc ("KCM") on just and equitable grounds. The petition was subsequently amended in June 2019 to include an additional ground alleging KCM's inability to pay its debts. On the same date, the High Court issued an ex-parte order appointing a Provisional Liquidator ("PL") to oversee the day-to-day operations of KCM.

Vedanta Resources Limited ("VRL"), through its wholly-owned subsidiary Vedanta Resources Holdings Limited ("VRHL"), which owns 79.42% of KCM's equity (with the remainder held by ZCCM and the Government of the Republic of Zambia ("GRZ")), contested the winding-up petition, asserting that the matter was a shareholder dispute subject to arbitration under the KCM Shareholders' Agreement.

In July 2019, VRHL and VRL initiated arbitration against ZCCM for breach of the Shareholders' Agreement. The High Court of South Africa granted injunctive relief requiring ZCCM to withdraw the winding-up petition and prohibiting further steps toward liquidation pending the conclusion of arbitration. In November 2020, the Court of Appeal of Zambia stayed the winding-up petition, holding that the dispute was arbitrable, and restricted the PL from selling KCM's assets beyond ordinary business operations.

On November 2023, VRHL, ZCCM, and KCM entered into a new Shareholder and Implementation Agreement setting forth terms for VRHL to regain control of KCM and resume full operations. Pursuant to Section 46 of the Corporate Insolvency Act No. 9 of 2017, a Creditor Scheme of Arrangement (the "Scheme") was sanctioned by the High Court of Zambia on June 28, 2024, and became effective on July 31, 2024 (the "Effective Date"). Upon effectiveness of the Scheme, the PL was removed, and the KCM Board was reinstated, restoring VRHL's control and ownership structure as it existed prior to the provisional liquidation.

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

**Other borrowings and guarantees**

In June 2019, KCM obtained an additional loan from ZCCM Investments Holdings Plc ("ZCCM-IH") of USD 10 Mn with a one-year tenure at an interest rate of 8% per annum. The balance outstanding principal from the afore-mentioned loan as of March 31, 2026, is USD 0.5 Mn (March 31, 2025: USD 0.5 Mn).

In February 2024, "ZCCM-IH", acting as guarantor, made a USD 10 Mn payment to Zanaco Bank to settle an encashed letter of credit facility. The resulting intercompany loan from ZCCM-IH accrues interest at 8% per annum.

Accordingly, the total outstanding principal of ZCCM-IH loan as of March 31, 2026 is USD 10.5 Mn (March 31, 2025: USD 10.5 Mn).

During FY2022, under the former Provisional Liquidator, the Ministry of Finance of the Government of the Republic of Zambia (GRZ) advanced ZMW 1,000 Mn (equivalent to USD 44.6 Mn) to KCM. The loan was received in two tranches of ZMW 750 Mn (USD 33.5 Mn) and ZMW 250 Mn (USD 11.1 Mn) on May 12, 2022, and June 1, 2022, respectively. Accordingly, the outstanding principal of GRZ loan as of March 31, 2026 is USD 44.6 Mn (March 31, 2025: USD 44.6 Mn).

**Provisions and liabilities subject to scheme**

As of March 31, 2026, the Company recognized a present value adjustment for future obligations of USD 2.88 Bn (March 31, 2025: USD 2.95 Bn). The adjustment represents expected outflows associated with long-term scheme-related obligations, including intercompany liabilities, GRZ borrowings, and other restructured debts, which are

expected to be settled over a 15-year period.

The provision is discounted to present value using a 13% discount rate, reflecting both the time value of money and the risk profile associated with these obligations. Management will continue to monitor forecasted future cash flows and changes in discount rates to reassess the carrying value of these liabilities.

In accordance with the principles of ASC 852, Reorganizations, and the Scheme of Arrangement sanctioned by the High Court of Zambia on June 28, 2024, the recognition of the provision and related debt modifications were accounted for as reorganization adjustments as follows:

**(All amounts are in thousands, other than share data)**

**Notes to Consolidated Financial Statements**

· Consolidated balance sheet:

Present value adjustment of USD 888.30 Mn has been recognized under Long-term debt less current portion of debt long-term liabilities and present value adjustment of USD 1.99 Bn has been recognized under Other non-current liabilities.

· Consolidated statements of operations:

The corresponding effect of the gains on discounting of the liabilities under the scheme of arrangement of USD 1.62 Bn has been recognized as "Reorganization items, net" for the year ended March 31, 2025.

· Consolidated statements of shareholders' equity:

Consistent with ASC 852 and Company's accounting policy, any residual impact of debt forgiveness, capital re-designation, or fresh-start-type adjustments not routed through profit or loss amounting to USD 1.58 Bn has been recorded directly in equity under Additional Paid-in Capital.

**Reorganization items, net**

Effective upon the sanction of the Scheme of Arrangement on June 28, 2024, the Company began to apply accounting treatment consistent with the principles of ASC 852, Reorganizations, distinguishing between transactions and events directly related to the Scheme from the ongoing operations of the business.

Liabilities impacted by the Scheme are classified as liabilities subject to compromise at the amounts expected to be allowed under the sanctioned Scheme, even if ultimately settled for lesser amounts through negotiations or restructuring adjustments.

**Post-scheme control and operations**

Post the Effective Date, the Provisional Liquidator was removed, and KCM's Board of Directors was reinstated as on July 31, 2024, restoring operational and management control to Vedanta Resources Holdings Ltd. The ownership structure of VRHL (79.42%) and ZCCM (20.58%) remained unchanged.

Following emergence from provisional liquidation, KCM resumed normal operations under the oversight of its reinstated Board, with financing arrangements and liabilities governed by the terms of the approved Scheme of Arrangement.

**Note 24- Comparative figures**

Previous year figures have been regrouped and/or reclassified, wherever considered necessary, to conform to the current year's presentation. Such regrouping and reclassification have no impact on the income (loss) or Shareholders' equity as previously reported by the Company.

**Shares**

**CopperTech Metals Inc.**

**Common Stock**

![](ctm005_s1img27.jpg)

**Preliminary Prospectus**

**, 2026**

**Citigroup**

**Cantor**

**BMO Capital Markets** 

**RBC Capital Markets** 

**TD Securities**

**Stifel**

**William Blair**

**Needham & Company**

**Roth Capital Partners**

**Part II**

**Information Not Required in Prospectus**

**Item 13. Other Expenses of Issuance and Distribution**

The following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with the offering and sale of shares of common stock being registered. All amounts shown are estimates except for the SEC registration fee, the Financial Industry Regulatory Authority, Inc. ("FINRA") filing fee and the exchange listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $\* |
| FINRA filing fee | \* |
| Exchange listing fee | \* |
| Printing and engraving expenses | \* |
| Legal fees and expenses | \* |
| Accounting fees and expenses | \* |
| Transfer agent and registrar fees and expenses | \* |
| Miscellaneous expenses | \* |
| Total | $\* |

---

\* To be provided by amendment

**Item 14. Indemnification of Directors and Officers**

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director or executive officer of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit or the executive officer in any action by or in the right of the corporation. Our amended and restated certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a corporation may indemnify any person who is or has been a director, officer, employee or agent of the corporation or who is or has been serving as director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise at the request of the corporation, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person who is a party or is threatened to be a party in connection with such threatened, pending or completed actions, suits or proceedings, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation—a "derivative action"), if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe their conduct was unlawful. A similar standard is applicable in the case of derivative actions, except that indemnification only extends to expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and the statute states that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper. Our amended and restated bylaws will contain such a provision.

We have in effect a directors and officers liability insurance policy indemnifying our directors and officers for certain liabilities incurred by them, including liabilities under the Securities Act and the Exchange Act. We pay the entire premium of this policy.

We intend to enter into new indemnification agreements with each of our directors and executive officers that will provide the maximum indemnity allowed to directors and officers by Section 145 of the DGCL and which allow for certain additional procedural protections.

Certain of our non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of our board of directors.

These indemnification provisions and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities (including reimbursement of expenses incurred) arising under the Securities Act.

The underwriting agreement, to be filed as Exhibit 1.1 to this registration statement, will provide for indemnification, under certain circumstances, by the underwriters of us and our officers and directors for certain liabilities arising under the Securities Act or otherwise.

**Item 15. Recent Sales of Unregistered Securities**

On January 30, 2025, the Registrant issued 100 shares of the Registrant's common stock, no par value, to VRHL for no consideration. The issuance of such shares of common stock was not registered under the Securities Act. The shares were offered and sold in a transaction by the issuer not involving any public offering exempt from registration under Section 4(a)(2) of the Securities Act.

In connection with the Transactions described herein that will be completed prior to the closing of this offering, the Registrant will issue 970 million shares of the Registrant's common stock, $0.01 par value, to VRHL in consideration for the assignment of certain loan note receivables. The shares will be offered and sold in a transaction by the issuer not involving any public offering exempt from registration under Section 4(a)(2) of the Securities Act.

**Item 16. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

The exhibit index attached hereto is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes thereto.

**Item 17. Undertakings**

The undersigned Registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned Registrant hereby undertakes that:

1. For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

2. For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**Index to Exhibits**

The following exhibits are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 1.1\* | Form of Underwriting Agreement |
| [3.1](ctm005_ex3-1.htm) | [Amended Certificate of Incorporation of CopperTech Metals Inc., as currently in effect](ctm005_ex3-1.htm) |
| [3.2](ctm005_ex3-2.htm) | [Form of Second Amended and Restated Certificate of Incorporation of CopperTech Metals Inc., to be effective upon consummation of this offering](ctm005_ex3-2.htm) |
| [3.3](ctm005_ex3-3.htm) | [Amended and Restated Bylaws of CopperTech Metals Inc., as currently in effect.](ctm005_ex3-3.htm) |
| [3.4](ctm005_ex3-4.htm) | [Form of Second Amended and Restated Bylaws of CopperTech Metals Inc., to be effective upon consummation of this offering](ctm005_ex3-4.htm) |
| [3.5](ctm005_ex3-5.htm) | [Konkola Copper Mines Plc Articles of Association as currently in effect](ctm005_ex3-5.htm) |
| [4.1](ctm005_ex4-1.htm) | [Community Support Loan Agreement dated as of December 22, 2023 by and among Konkola Plc and VRHL](ctm005_ex4-1.htm) |
| [4.2](ctm005_ex4-2.htm) | [Creditor Settlement Support Loan Agreement dated as of November 28, 2023 by and among Konkola Plc and VRHL](ctm005_ex4-2.htm) |
| [4.3](ctm005_ex4-3.htm) | [Capital Expenditures Support Loan Agreement dated as of December 22, 2023 by and among Konkola Plc and VRHL](ctm005_ex4-3.htm) |
| [4.4](ctm005_ex4-4.htm) | [Amended and Restated Capital Expenditures Support Loan Agreement dated as of June 1, 2026 by and among Konkola Plc, VRHL and VRJL](ctm005_ex4-4.htm) |
| [4.5](ctm005_ex4-5.htm) | [Deed of Adherence, Novation and Guarantee Relating to the 2023 Shareholders' Agreement in Respect of Konkola Coper Mines Plc, dated as of June 1, 2026 by and among GRZ, ZCCM, VRL, VRHL, Konkola Plc and VRJL](ctm005_ex4-5.htm) |
| 5.1\* | Form of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP |
| [10.1](ctm005_ex10-1.htm) | [Form of Indemnification Agreement](ctm005_ex10-1.htm) |
| [10.2†](ctm005_ex10-2.htm) | [Form of 2026 Omnibus Incentive Plan](ctm005_ex10-2.htm) |
| [10.3](ctm005_ex10-3.htm) | [KCM Shareholders Agreement dated as of November 6, 2023, by and among GRZ, ZCCM, VRL, VRHL and Konkola Plc](ctm005_ex10-3.htm) |
| [10.4†](ctm005_ex10-4.htm) | [Form of Offer Letter by and between Deshnee Naidoo, the Registrant's CEO, and the Registrant](ctm005_ex10-4.htm) |
| [10.5†](ctm005_ex10-5.htm) | [Form of Offer Letter by and between Pushpender, the Registrant's CFO, and the Registrant](ctm005_ex10-5.htm) |
| [16.1](ctm005_ex16-1.htm) | [Letter from Manohar Chowdhry & Associates to the Securities and Exchange Commission](ctm005_ex16-1.htm) |
| [21.1](ctm005_ex21-1.htm) | [List of Subsidiaries of CopperTech Metals Inc.](ctm005_ex21-1.htm) |
| [23.1](ctm005_ex23-1.htm) | [Consent of Manohar Chowdhry & Associates, Independent Registered Public Accounting Firm](ctm005_ex23-1.htm) |
| [23.2](ctm005_ex23-2.htm) | [Consent of AMC Consultants (UK) Limited](ctm005_ex23-2.htm) |
| 23.3\* | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1) |
| [24.1](#poa_001) | [Power of Attorney (included on the signature page to this registration statement)](#poa_001) |
| [96.1](ctm005_ex96-1.htm) | [Technical Report Summary - Initial Assessment](ctm005_ex96-1.htm) |
| [96.2](ctm005_ex96-2.htm) | [Technical Report Summary - Preliminary Feasibility Study](ctm005_ex96-2.htm) |
| [99.1](ctm005_ex99-1.htm) | [Consent of Moses Banda (Director Nominee)](ctm005_ex99-1.htm) |
| [99.2](ctm005_ex99-2.htm) | [Consent of Upendra Kumar Sinha (Director Nominee)](ctm005_ex99-2.htm) |
| [99.3](ctm005_ex99-3.htm) | [Consent of Rishi Sethia (Director Nominee)](ctm005_ex99-3.htm) |
| [107.1](ctm005_ex107-1.htm) | [Filing Fee Table](ctm005_ex107-1.htm) |

---

\* To be filed by amendment.

† Indicates a management contract or compensatory plan

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, state of New York, on June 2, 2026.

---

| | |
|:---|:---|
| **CopperTech Metals Inc.** | **CopperTech Metals Inc.** |
| By: | /s/ Deshnee Naidoo |
|  | Deshnee Naidoo |
|  | Chief Executive Officer |

---

We, the undersigned directors and officers of the Registrant, hereby severally constitute and appoint Deshnee Naidoo and Pushpender, and each of them singly, our true and lawful attorneys, with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below, the registration statement on Form S-1 filed herewith, and any and all pre-effective and post-effective amendments to said registration statement, and any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, in connection with the registration under the Securities Act of 1933, as amended, of equity securities of the Registrant, and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of us might or could do in person, and hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Deshnee Naidoo | Chief Executive Officer, President and Executive Director |  |
| Deshnee Naidoo | (Principal Executive Officer) | June 2, 2026 |
| /s/ Pushpender | Chief Financial Officer, Treasurer and Secretary |  |
| Pushpender | (Principal Financial Officer and Principal Accounting Officer) | June 2, 2026 |
| /s/ Priya Agarwal Hebbar | Director and Chairperson | June 2, 2026 |
| Priya Agarwal Hebbar |  |  |
| /s/ Thomas Albanese | Director and Vice Chairperson | June 2, 2026 |
| Thomas Albanese |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

STATE OF DELAWARE

CERTIFICATE OF INCORPORATION

A STOCK CORPORATION

The undersigned Incorporator, desiring to form a corporation under pursuant to the General Corporation Law of the State of Delaware, hereby certifies as follows:

1. The name of the Corporation is Global Transition Resources Inc.

2. The Registered Office of the corporation in the State of Delaware is located at 3500 South DuPont Highway (street), in the City of Dover, County of Kent Zip Code 19901. The name of the Registered Agent at such address upon whom process against this corporation may be served is Incorporating Services, Ltd.

3. The purpose of the corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of Delaware.

4. The total amount of stock this corporation is authorized to issue is 2,500 common shares (number of authorized shares) with a par value of $ no par value per share.

5. The name and mailing address of the incorporator are as follows:

Name Priya Agarwal Hebbar <br> Mailing Address 44 Hill Street, London <br> Zip Code W1J5NX

---

| | |
|:---|:---|
| By | ![](ctm005_ex3-1img01.jpg) |
|  | Incorporator |
| Name: | Priya Agarwal Hebbar |
|  | Print or Type |

---

---

| |
|:---|
| **State of Delaware** |
| **Secretary of State** |
| **Division of Corporations** |
| **Delivered 09:43 AM 01/30/2025** |
| **FILED 09:43 AM 01/30/2025** |
| **SR 20250315094 - File Number 10083726** |

---

---

| |
|:---|
| **State of Delaware** |
| **Secretary of State** |
| **Division of Corporations** |
| **Delivered 11:07 AM 09/17/2025** |
| **FILED 11:07 AM 09/17/2025** |
| **SR 20253996627 - File Number 10083726** |

---

**STATE OF DELAWARE**

**CERTIFICATE OF AMENDMENT**

**OF CERTIFICATE OF INCORPORATION**

The corporation organized and existing under the General Corporation Law of the State of Delaware, hereby certifies as follows:

1. The name of the corporation is global transition resources inc.

2. The Certificate of Incorporation of the corporation is hereby amended by changing the Article thereof numbered first so that, as amended, said Article shall be and read as follows:

FIRST: The name of the corporation is CopperTech Metals Inc.

3. That said amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.

---

| | |
|:---|:---|
| By: | /s/ Priya Agarwal Hebbar |
|  | Authorized Officer |
| Name: | Priya Agarwal Hebbar |
|  | Print or Type |

---

## Exhibit 3.2

**Exhibit 3.2**

**SECOND AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION**

**OF**

**COPPERTECH METALS INC.**

**Pursuant to Sections 228, 242 and 245<br> of the General Corporation Law of the State of Delaware**

CopperTech Metals Inc. (the "<u>Corporation</u>"), a corporation organized and existing under the General Corporation Law of the State of Delaware, as amended from time to time, (the "<u>DGCL</u>"), hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is CopperTech Metals Inc. The Corporation was originally incorporated under the name Global Transition Resources Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The original certificate of incorporation of the Corporation was filed with the office of the Secretary of State of the State of Delaware on January 30, 2025. On September 17, 2025, the Corporation filed a Certificate of Amendment of Certificate of Incorporation (the "<u>Amendment</u>") with the Secretary of State of the State of Delaware. The Amendment was duly adopted by the Board of Directors of the Corporation (the "<u>Board</u>") and by the sole stockholder of the Corporation in accordance with Section 242 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amended and Restated Certificate of Incorporation (the "<u>Amended and Restated Certificate of Incorporation</u>") was duly adopted in accordance with Sections 242 and 245 of the DGCL and has been duly approved by the written consent of the Corporation's sole stockholder in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The certificate of incorporation of the Corporation is hereby amended and restated to read in its entirety as follows:

<u>FIRST</u>: The name of the Corporation is CopperTech Metals Inc. (the "<u>Corporation</u>").

<u>SECOND</u>: The address of the registered office of the Corporation in the State of Delaware is 251 Little Falls Drive, Wilmington, Delaware 19808. The name of its registered agent at that address is Corporation Service Company.

<u>THIRD</u>: The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the DGCL as it now exists and may hereinafter be amended.

<u>FOURTH</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized Capital Stock</u>. The total number of shares of stock which the Corporation shall have authority to issue is 1,600,000,000 shares of capital stock, consisting of (i) 1,500,000,000 shares of common stock with a par value of $0.01 per share (the "<u>Common Stock</u>") and (ii) 100,000,000 shares of preferred stock with a par value of $0.01 per share (the "<u>Preferred Stock</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Common Stock</u>. The powers, preferences and rights, and the qualifications, limitations and restrictions, of the Common Stock are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Voting</u>. Except as otherwise expressly required by law or provided in this Amended Restated Certificate of Incorporation, and subject to any voting rights provided to holders of Preferred Stock at any time outstanding, the holders of any outstanding shares of Common Stock shall vote together as a class on all matters with respect to which stockholders are entitled to vote under applicable law, this Amended and Restated Certificate of Incorporation or the Amended and Restated Bylaws of the Corporation (the "<u>Bylaws</u>"), or upon which a vote of stockholders is otherwise duly called for by the Corporation. At each annual or special meeting of stockholders, each holder of record of shares of Common Stock on the relevant record date shall be entitled to cast one vote in person or by proxy for each share of the Common Stock standing in such holder's name on the stock transfer records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>No Cumulative Voting</u>. The holders of shares of Common Stock shall have no cumulative voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Plurality Voting</u>. The Bylaws shall set forth the vote required for the election of directors. If not set forth in the Bylaws, directors shall be elected by a plurality of the votes cast by the shares entitled to vote in such election<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Dividends</u>. Subject to the rights of the holders of Preferred Stock, and subject to any other provisions of this Amended and Restated Certificate of Incorporation, as it may be amended from time to time, holders of shares of Common Stock shall be entitled to receive such dividends and other distributions in cash, stock or property of the Corporation when, as and if declared thereon by the Board of Directors of the Corporation (the "<u>Board</u>") from time to time out of assets or funds of the Corporation legally available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Liquidation, Dissolution, etc.</u> In the event of any liquidation, dissolution or winding up (either voluntary or involuntary) of the Corporation, the holders of shares of Common Stock shall be entitled to receive the assets and funds of the Corporation available for distribution after payments to creditors and to the holders of any Preferred Stock of the Corporation that may at the time be outstanding, in proportion to the number of shares held by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Preferred Stock</u>. The shares of Preferred Stock may be divided and issued from time to time in one or more classes or series as may be designated by the Board, each such class or series to be distinctly titled and to consist of the number of shares designated by the Board. Subject to any limitations prescribed by applicable law or this Amended and Restated Certificate of Incorporation, the Board is hereby expressly vested with authority to fix by resolution the number of shares constituting such class or series, the powers, designations, preferences and relative, participating, optional or other special rights (if any), and the qualifications, limitations or restrictions thereof (if any), of the Preferred Stock and each class or series thereof that may be designated by the Board, including, but without limiting the generality of the foregoing, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the maximum number of shares to constitute such class or series, which may subsequently be increased or decreased (but not below the number of shares of that class or series then outstanding) by resolution of the Board, the distinctive designation thereof and the stated value thereof if different than the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether the shares of such class or series shall have voting powers, full or limited, or no voting powers and, if any, the terms of such voting powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the dividend rate (or method of determining such rate) payable to the holders of the shares of such class or series, any conditions upon which such dividends shall be paid and the date or dates upon which such dividends shall be payable, the preference or relation which such dividends shall bear to the dividends payable on any other class or classes or on any other series of capital stock and whether such dividend shall be cumulative or noncumulative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) whether the shares of such class or series shall be subject to redemption by the Corporation and, if made subject to redemption, the times, prices and other terms, limitations, restrictions or conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the relative amounts and the relative rights or preference, if any, of payment in respect of shares of such class or series, which the holders of shares of such class or series shall be entitled to receive upon the liquidation, dissolution or winding-up of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) whether or not the shares of such class or series shall be subject to the operation of a retirement or sinking fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption of the shares of such class or series for retirement or to other corporate purposes and the terms and provisions relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) whether or not the shares of such class or series shall be convertible or exchangeable, at any time or times at the option of the holder of holders thereof or at the option of the Corporation or upon the happening of a specified event or events, into shares of any other class or classes or any other series of the same or any other class or classes of stock of the Corporation, and the price or prices or rate or rates of exchange or conversion and any adjustments applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the limitations and restrictions, if any, to be effective while any shares of such class or series are outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition by the Corporation of, the Common Stock or any other class or classes of stock of the Corporation ranking junior to the shares of such class or series either as to dividends or upon liquidation, dissolution or winding-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the conditions or restrictions, if any, upon the creation of indebtedness of the Corporation or upon the issuance of any additional stock (including additional shares of such class or series or of any other class or series) ranking on a parity with or prior to the shares of such class or series as to dividends or distributions of assets upon liquidation, dissolution or winding-up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any other preference and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, as shall not be inconsistent with applicable law, this Article FOURTH or any resolution of the Board adopted pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Power to Sell and Purchase Shares</u>. Subject to the requirements of applicable law, the Corporation shall have the power to issue and sell all or any part of any shares of any class of stock herein or hereafter authorized to such persons, and for such consideration, as the Board shall from time to time, in its discretion, determine, whether or not greater consideration could be received upon the issue or sale of the same number of shares of another class, and as otherwise permitted by law. Subject to the requirements of applicable law, the Corporation shall have the power to purchase any shares of any class of stock herein or hereafter authorized from such persons, and for such consideration, as the Board shall from time to time, in its discretion, determine, whether or not less consideration could be paid upon the purchase of the same number of shares of another class, and as otherwise permitted by law.

<u>FIFTH</u>: The following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The business and affairs of the Corporation shall be managed by or under the direction of the Board, which may exercise all such powers of the Corporation and do all such lawful acts and things as are not by applicable law, this Amended and Restated Certificate of Incorporation or the Bylaws, as amended and restated to date, directed or required to be exercised or done by stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and except to the extent that the Bylaws shall so require, the election of directors need not be by written ballot. The Board shall consist of not less than one (1) and not more than ten (10) members, the exact number of which shall be fixed from time to time exclusively by resolution and adopted by the affirmative vote of a majority of the entire Board. Subject to the rights of the holders of any series of Preferred Stock then outstanding, the total number of directors shall be fixed exclusively by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A director shall hold office until the annual meeting for the year in which his or her term expires and until his or her successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to the terms of any one or more classes or series of Preferred Stock, any vacancy on the Board that results from an increase in the number of directors may be filled by a majority of the Board then in office; <u>provided</u> that a quorum is present, and any other vacancy occurring on the Board may be filled by a majority of the Board then in office, even if less than a quorum, or by a sole remaining director. Subject to the rights, if any, of the holders of shares of Preferred Stock then outstanding, any or all of the directors of the Corporation may be removed from office at any time by the affirmative vote of the holders of at least a majority of the voting power of the Corporation's then outstanding capital stock entitled to vote generally in the election of directors (the "<u>Voting Stock</u>"). Notwithstanding the foregoing, whenever the holders of any one or more classes or series of Preferred Stock issued by the Corporation shall have the right, voting separately by class or series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies and other features of such directorships shall be governed by the terms of this Amended and Restated Certificate of Incorporation applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Advance notice of stockholder nominations for election of directors of the Corporation and business other than nominations for election of directors of the Corporation shall be brought by stockholders before a meeting of stockholders shall be given in the manner provided by the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition to the powers and authority hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, subject, nevertheless, to the provisions of the DGCL, this Amended and Restated Certificate of Incorporation and any Bylaws adopted by the stockholders; <u>provided</u>, <u>however</u>, that no Bylaws hereafter adopted by the stockholders shall invalidate any prior act of the directors which would have been valid if such Bylaws had not been adopted.

<u>SIXTH</u>: No director or Officer (as defined below) shall be personally liable to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty as a director or Officer, except for liability of: (i) a director or Officer for any breach of director or Officer for any breach of the director's or Officer's duty of loyalty to the Corporation or its stockholders; (ii) a director or Officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; (iii) a director under Section 174 of the DGCL; or (iv) an Officer in any action by or in the right of the Corporation. No amendment, modification or repeal of this Article SIXTH shall adversely affect any right or protection of a director or Officer that exists at the time of such amendment, modification or repeal. All references in this Article SIXTH and SEVENTH to an "Officer" shall mean only a person who, at the time of an act or omission as to which liability is asserted, falls within the meaning of the term "officer," as defined in Section 102(b)(7) of the DGCL.

<u>SEVENTH</u>: The Corporation shall indemnify its directors and officers to the fullest extent authorized or permitted by applicable law, as now or hereafter in effect, and such right to indemnification shall continue as to a person who has ceased to be a director or officer of the Corporation and shall inure to the benefit of his or her heirs, executors and personal and legal representatives; provided, however, that, except for proceedings to enforce rights to indemnification, the Corporation shall not be obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors. The right to indemnification conferred by this Article SEVENTH shall include the right to be paid by the Corporation the expenses incurred in defending or otherwise participating in any proceeding in advance of its final disposition upon receipt by the Corporation of an undertaking by or on behalf of the director or officer receiving advancement to repay the amount advanced if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation under this Article SEVENTH.

The Corporation may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement of expenses to officers, employees and agents of the Corporation similar to those conferred in this Article SEVENTH to directors and officers of the Corporation.

The rights to indemnification and to the advancement of expenses conferred in this Article SEVENTH shall not be exclusive of any other right which any person may have or hereafter acquire under this Certificate of Incorporation, the Bylaws of the Corporation, any statute, agreement, vote of stockholders or disinterested directors or otherwise.

Any right to indemnification or to advancement of expenses arising under this Article SEVENTH shall not be eliminated or impaired by an amendment to, or repeal or elimination of, this Article SEVENTH after the occurrence of the act or omission that is the subject of any proceeding for which indemnification or advancement of expenses is sought.

<u>EIGHTH</u>: Subject to the terms of any series of Preferred Stock, (i) for so long as Vedanta Resources Limited or any of its affiliates or any successor in interest ("<u>Vedanta</u>") owns (directly or indirectly) more than fifty percent (50%) of the Voting Stock, any action that is required or permitted to be taken by the stockholders of the Corporation may be effected by consent in lieu of a meeting, and (ii) if Vedanta no longer beneficially owns (directly or indirectly) more than fifty percent (50%) of the Voting Stock, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of the stockholders of the Corporation and the ability of the stockholders to consent in writing to the taking of any action is hereby specifically denied. For purposes of this Amended and Restated Certification of Incorporation, reference to "affiliate" of any person or entity shall mean any other person or entity controlled by, controlling or under common control with such first person; where "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

<u>NINTH</u>: Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws may provide. The books and records of the Corporation may be kept (subject to any provision contained in the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws.

<u>TENTH</u>: Special meetings of stockholders may be held at such time and place, within or without the State of Delaware, or no place, solely by means of remote communication, as shall be stated in the notice of the meeting or in a waiver of notice thereof. Special meetings of the stockholders may be called only by (i) the Chairperson of the Board, (ii) so long as Vedanta owns (directly or indirectly) more than fifty percent (50%) of the Voting Stock, by the Secretary of the Corporation at the request of the holders of shares representing more than fifty percent (50%) of the Voting Stock or (iii) by resolution duly adopted by the affirmative vote of the majority of the members of the Board, and may not be called by any other person or persons. Any such resolution shall be sent to the Chairperson of the Board or the Chief Executive Officer and the Corporate Secretary and shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting is limited to the purposes stated in the notice.

<u>ELEVENTH</u>: In furtherance and not in limitation of the powers conferred upon it by the laws of the State of Delaware, the Board shall have the power to adopt, amend, alter or repeal the Bylaws. The affirmative vote of at least a majority of the entire Board shall be required to adopt, amend, alter or repeal the Bylaws. The Bylaws also may be adopted, amended, altered or repealed by the affirmative vote of the holders of a majority of the voting power of the shares entitled to vote at an election of directors.

<u>TWELFTH</u>: The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate of Incorporation in the manner now or hereafter prescribed in this Amended and Restated Certificate of Incorporation, the Bylaws or the DGCL, and all rights herein conferred upon stockholders are granted subject to such reservation; <u>provided</u>, <u>however</u>, that, notwithstanding any other provision of this Amended and Restated Certificate of Incorporation (and in addition to any other vote that may be required by law), the affirmative vote of the holders of at least two thirds (66⅔%) of the voting power of the shares entitled to vote at an election of directors shall be required to amend, alter, change or repeal, or to adopt any provision as part of this Amended and Restated Certificate of Incorporation inconsistent with the purpose and intent of Articles FOURTH, FIFTH, SIXTH, EIGHTH, TENTH, or this TWELFTH of this Amended and Restated Certificate of Incorporation.

[Signature Page Follows]

IN WITNESS WHEREOF, the Corporation has caused this Second Amended and Restated Certificate of Incorporation to be executed on its behalf this [·] day of [·], 2026.

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| | |
|:---|:---|
| COPPERTECH METALS INC. | COPPERTECH METALS INC. |
| By: |  |
| Name: | Deshnee Naidoo |
| Title: | Chief Executive Officer |

---

[Signature Page to Second Amended and Restated Certificate of Incorporation]

## Exhibit 3.3

**Exhibit 3.3**

BY – LAWS

of

COPPERTECH METALS INC.

ARTICLE I

<u>OFFICES</u>

SECTION 1. REGISTERED OFFICE. — The registered office shall be established and maintained at 3500 South DuPont Highway, Dover, Delaware 19901 in the County of Kent.

SECTION 2. OTHER OFFICES. — The corporation may have other offices, either within or without the State of Delaware, at such place or places as the Board of Directors may from time to time appoint or the business of the corporation may require.

ARTICLE II

<u>MEETING OF STOCKHOLDERS</u>

SECTION 1. ANNUAL MEETINGS. — Annual meetings of stockholders for the election of directors and for such other business as may be stated in the notice of the meeting, shall be held at such place, either within or without the State of Delaware, and at such time and date as the Board of Directors, by resolution, shall determine and as set forth in the notice of the meeting. In the event the Board of Directors fails to so determine the time, date and place of meeting, the annual meeting of stockholders shall be held at the registered office of the corporation in Delaware on January 1st of each year.

If the date of the annual meeting shall fall upon a legal holiday, the meeting shall be held on the next succeeding business day. At each annual meeting, the stockholders entitled to vote shall elect a Board of Directors and may transact such other corporate business as shall be stated in the notice of the meeting.

SECTION 2. OTHER MEETINGS. — Meetings of stockholders for any purpose other than the election of directors may be held at such time and place, within or without the State of Delaware, as shall be stated in the notice of the meeting.

SECTION 3. VOTING. — Each stockholder entitled to vote in accordance with the terms and provisions of the Certificate of Incorporation and these By-Laws shall be entitled to one vote, in person or by proxy, for each share of stock entitled to vote held by such stockholder, but no proxy shall be voted after three years from its date unless such proxy provides for a longer period. Upon the demand of any stockholder, the vote for directors and upon any question before the meeting shall be by ballot. All elections for directors shall be decided by plurality vote; all other questions shall be decided by majority vote except as otherwise provided by the Certificate of Incorporation or the laws of the State of Delaware.

SECTION 4. STOCKHOLDER LIST. — The officer who has charge of the stock ledger of the corporation shall at least 10 days before each meeting of stockholders prepare a complete alphabetical addressed list of the stockholders entitled to vote at the ensuing election, with the number of shares held by each. Said list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall be available for inspection at the meeting.

SECTION 5. QUORUM. — Except as otherwise required by law, by the Certificate of Incorporation or by these By-Laws, the presence, in person or by proxy, of stockholders holding a majority of the stock of the corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. In case a quorum shall not be present at any meeting, a majority in interest of the stockholders entitled to vote thereat, present in person or by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of stock entitled to vote shall be present. At any such adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted which might have been transacted at the meeting as originally noticed; but only those stockholders entitled to vote at the meeting as originally noticed shall be entitled to vote at any adjournment or adjournments thereof.

SECTION 6. SPECIAL MEETINGS. — Special meetings of the stockholders, for any purpose, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the president and shall be called by the president or secretary at the request in writing of a majority of the directors or stockholders entitled to vote. Such request shall state the purpose of the proposed meeting.

SECTION 7. NOTICE OF MEETINGS. — Written notice, stating the place, date and time of the meeting, and the general nature of the business to be considered, shall be given to each stockholder entitled to vote thereat at his address as it appears on the records of the corporation, not less than ten nor more than fifty days before the date of the meeting.

SECTION 8. BUSINESS TRANSACTED — No business other than that stated in the notice shall be transacted at any meeting without the unanimous consent of all the stockholders entitled to vote thereat.

SECTION 9. ACTION WITHOUT MEETING. — Except as otherwise provided by the Certificate of Incorporation, whenever the vote of stockholders at a meeting thereof is required or permitted to be taken in connection with any corporate action by any provisions of the statutes or the Certificate of Incorporation or of these By-Laws, the meeting and vote of stockholders may be dispensed with, if all the stockholders who would have been entitled by vote upon the action if such meeting were held, shall consent in writing to such corporate action being taken.

ARTICLE III

<u>DIRECTORS</u>

SECTION 1. NUMBER AND TERM. — The number of directors shall be three (3). The directors shall be elected at the annual meeting of the stockholders and each director shall be elected to serve until his successor shall be elected and shall qualify. The number of directors may not be less than three except that where all the shares of the corporation are owned beneficially and of record by either one or two stockholders, the number of directors may be less than three but not less than the number of stockholders.

SECTION 2. RESIGNATIONS. — Any director, member of a committee or other officer may resign at any time. Such resignation shall be made in writing, and shall take effect at the time specified therein, and if no time be specified, at the time of its receipt by the President or Secretary. The acceptance of a resignation shall not be necessary to make it effective.

SECTION 3. VACANCIES. — If the office of any director, member of a committee or other officer becomes vacant, the remaining directors in office, though less than a quorum by a majority vote, may appoint any qualified person to fill such vacancy, who shall hold office for the unexpired term and until his/her successor shall be duly chosen.

SECTION 4. REMOVAL. — Any director or directors may be removed either for or without cause at any time by the affirmative vote of the holders of a majority of all the shares of stock outstanding and entitled to vote, at a special meeting of the stockholders called for the purpose and the vacancies thus created may be filled, at the meeting held for the purpose of removal, by the affirmative vote of a majority in interest of the stockholders entitled to vote.

SECTION 5. INCREASE OF NUMBER. — The number of directors may be increased by amendment of these By-Laws by the affirmative vote of a majority of the directors, though less than a quorum, or, by the affirmative vote of a majority in interest of the stockholders, at the annual meeting or at a special meeting called for that purpose, and by like vote the additional directors may be chosen at such meeting to hold office until the next annual election and until their successors are elected and qualify.

SECTION 6. COMPENSATION. — Directors shall not receive any stated salary for their services as directors or as members of committees, but by resolution of the board a fixed fee and expenses of attendance may be allowed for attendance at each meeting. Nothing herein contained shall be construed to preclude any director from serving the corporation in any other capacity as an officer, agent or otherwise, and receiving compensation therefor.

SECTION 7. QUORUM. — Except as otherwise required by law, by the Certificate of Incorporation or by these By-Laws, the presence, in person or by proxy, of stockholders holding a majority of the stock of the corporation entitled to vote shall constitute a quorum at all meetings of the stockholders. In case a quorum shall not be present at any meeting, a majority in interest of the stockholders entitled to vote thereat, present in person or by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until the requisite amount of stock entitled to vote shall be present. At any such adjourned meeting at which the requisite amount of stock entitled to vote shall be represented, any business may be transacted which might have been transacted at the meeting as originally noticed; but only those stockholders entitled to vote at the meeting as originally noticed shall be entitled to vote at any adjournment or adjournments thereof.

SECTION 8. ACTION WITHOUT MEETING. — Any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken with out a meeting, if prior to such action a written consent thereto is signed by all members of the board, or of such committee as the case may be, and such written consent is filed with the minutes of proceedings of the board or committee.

ARTICLE IV

<u>OFFICERS</u>

SECTION 1. OFFICERS. — The officers of the corporation shall consist of a President, a Treasurer, and a Secretary, and shall be elected by the Board of Directors and shall hold office until their successors are elected and qualified. In addition, the Board of Directors may elect a Chairman, one or more Vice-Presidents and such Assistant Secretaries and Assistant Treasurers as it may deem proper. None of the officers of the corporation need be directors. The officers shall be elected at the first meeting of the Board of Directors after each annual meeting. More than two offices may be held by the same person.

SECTION 2. OTHER OFFICERS AND AGENTS. — The Board of Directors may appoint such officers and agents as it may deem advisable, who shall hold their offices for such terms and shall exercise such power and perform such duties as shall be determined from time to time by the Board of Directors.

SECTION 3. CHAIRMAN. — The Chairman of the Board of Directors if one be elected, shall preside at all meetings of the Board of Directors and he/she shall have and perform such other duties as from time to time may be assigned to him/her by the Board of Directors.

SECTION 4. PRESIDENT. — The President shall be the chief executive officer of the corporation and shall have the general powers and duties of supervision and management usually vested in the office of President of a corporation. He/She shall preside at all meetings of the stockholders if present thereat, and in the absence or non-election of the Chairman of the Board of Directors, at all meetings of the Board of Directors, and shall have general supervision, direction and control of the business of the corporation Except as the Board of Directors shall authorize the execution thereof in some other manner, he/she shall execute bonds, mortgages, and other contracts in behalf of the corporation, and shall cause the seal to be affixed to any instrument requiring it and when so affixed the seal shall be attested by the signature of the Secretary or the Treasurer or an Assistant Secretary or an Assistant Treasurer.

SECTION 5. VICE-PRESIDENT. — Each Vice-President shall have such powers and shall perform such duties as shall be assigned to him/her by the directors.

SECTION 6. TREASURER. — The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the corporation. He/She shall deposit all moneys and other valuables in the name and to the credit of the corporation in such depositories as may be designated by the Board of Directors.

The Treasurer shall disburse the funds of the corporation as may be ordered by the Board of Directors, or the President, taking proper vouchers for such disbursements. He/She shall render to the President and Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all his/her transactions as Treasurer and of the financial condition of the corporation. If required by the Board of Directors, he/she shall give the corporation a bond for the faithful discharge of his duties in such amount and with such surety as the board shall prescribe.

SECTION 7. SECRETARY. — The Secretary shall give, or cause to be given, notice of all meetings of stockholders and directors, and all other notices required by law or by these By-Laws, and in case of his/her absence or refusal or neglect so to do, any such notice may be given by any person thereunto directed by the President, or by the directors, or stockholders, upon whose requisition the meeting is called as provided in these By-Laws. He/She shall record all the proceedings of the meetings of the corporation and of directors in a book to be kept for that purpose. He/She shall keep in safe custody the seal of the corporation, and when authorized by the Board of Directors, affix the same to any instrument requiring it, and when so affixed, it shall be attested by his/her signature or by the signature of any assistant secretary.

SECTION 8. ASSISTANT TREASURERS & ASSISTANT SECRETARIES — Assistant Treasurers and Assistant Secretaries, if any, shall be elected and shall have such powers and shall perform such duties as shall be assigned to them, respectively, by the directors.

ARTICLE V

SECTION 1. CERTIFICATES OF STOCK. — Every holder of stock in the corporation shall be entitled to have a certificate, signed by, or in the name of the corporation by, the chairman or vice-chairman of the board of directors, or the president or a vice-president and the treasurer or an assistant treasurer, or the secretary of the corporation, certifying the number of shares owned by him/her in the corporation. If the corporation shall be authorized to issue more than one class of stock or more than one series of any class, the designations, preferences and relative , participating, optional or other special rights of each class of stock or. series thereof and the qualifications, limitations, or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate which the corporation shall issue to represent such class of series of stock, provided that, except as other wise provided in section 202 of the General Corporation Law of Delaware, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate which the corporation shall issue to represent such class or series of stock, a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Where a certificate is countersigned (1) by a transfer agent other than the corporation or its employee, or (2) by a registrar other than the corporation or its employee, the signatures of such officers may be facsimiles.

SECTION 2. LOST CERTIFICATES — New certificates of stock may be issued in the place of any certificate therefore issued by the corporation, alleged to have been lost or destroyed, and the directors may, in their discretion, require the owner of the lost or destroyed certificate or his legal representatives, to give the corporation a bond, in such sum as they may direct, not exceeding double the value of the stock, to indemnify the corporation against it on account of the alleged loss of any such new certificate.

SECTION 3. TRANSFER OF SHARES. — The shares of stock of the corporation shall be transferable only upon its books by the holders thereof in person or by their duly authorized attorneys or legal representatives, and upon such transfer the old certificates shall be surrendered to the corporation by the delivery thereof to the person in charge of the stock and transfer books and ledgers, or to such other persons as the directors may designate, by who they shall be cancelled, and new certificates shall thereupon be issued. A record shall be made of each transfer and whenever a transfer shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer.

SECTION 4. STOCKHOLDERS RECORD DATE. — In order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a record date, which shall not be more than sixty nor less than ten days before the day of such meeting, nor more than sixty days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

SECTION 5. DIVIDENDS. — Subject to the provisions of the Certificate of Incorporation the Board of Directors may, out of funds legally available therefor at any regular or special meeting, declare dividends upon the capital stock of the corporation as and when they deem expedient. Before declaring any dividends there may be set apart out of any funds of the corporation available for dividends, such sum or sums as the directors from time to time in their discretion deem proper working capital or as a reserve fund to meet contingencies or for equalizing dividends or for such other purposes as the directors shall deem conducive to the interests of the corporation.

SECTION 6. SEAL. — The corporate seal shall be circular in form and shall contain the name of the corporation, the year of its creation and the words "CORPORATE SEAL DELAWARE. " Said seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.

SECTION 7. FISCAL YEAR. — The fiscal year of the corporation shall be determined by resolution of the Board of Directors.

SECTION 8. CHECKS — All checks, drafts, or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the corporation shall be signed by the officer or officers, agent or agents of the corporation, and in such manner as shall be determined from time to time by resolution of the Board of Directors.

SECTION 9. NOTICE AND WAIVER OF NOTICE — Whenever any notice is required by these By-Laws to be given, personal notice is not meant unless expressly stated, and any notice so required shall be deemed to be sufficient if given by depositing the same in the United States mail, postage prepaid, addressed to the person entitled thereto at his address as it appears on the records of the corporation, and such notice shall be deemed to have been given on the day of such mailing. Stockholders not entitled to vote shall not be entitled to receive notice of any meetings except as otherwise provided by statute.

Whenever any notice whatever is required to be given under the provisions of any law, or under the provisions of the Certificate of Incorporation of the corporation or these By-Laws, a waiver thereof in writing signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed proper notice.

ARTICLE VI

<u>CLOSE CORPORATIONS: MANAGEMENT BY SHAREHOLDERS</u>

If the certificate of incorporation of the corporation states that the business and affairs of the corporation shall be managed by the shareholders of the corporation rather than by a board of directors, then, whenever the context so requires the shareholders of the corporation shall be deemed the directors of the corporation for purposes of applying any provision of these by-laws.

ARTICLE VII

<u>AMENDMENTS</u>

These By-Laws may be altered and repealed and By-Laws may be made at any annual meeting of the stockholders or at any special meeting thereof if notice thereof is contained in the notice of such special meeting by the affirmative vote of a majority of the stock issued and outstanding or entitled to vote thereat, or by the regular meeting of the Board of Directors, at any regular meeting of the Board of Directors, or at any special meeting of the Board of Directors, if notice thereof is contained in the notice of such special meeting.

## Exhibit 3.4

**Exhibit 3.4**

SECOND AMENDED AND RESTATED<br> BYLAWS

OF

COPPERTECH METALS INC.

A Delaware Corporation

Effective [**·**], 2026

i

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | Page |
| ARTICLE I | ARTICLE I | ARTICLE I |
| OFFICES | OFFICES | OFFICES |
| Section 1. | Registered Office | 1 |
| Section 2. | Other Offices | 1 |
| ARTICLE II | ARTICLE II | ARTICLE II |
| MEETINGS OF STOCKHOLDERS | MEETINGS OF STOCKHOLDERS | MEETINGS OF STOCKHOLDERS |
| Section 1. | Place of Meetings | 1 |
| Section 2. | Annual Meetings | 1 |
| Section 3. | Special Meetings | 1 |
| Section 4. | Nature of Business at Meetings of Stockholders | 2 |
| Section 5. | Notice | 3 |
| Section 6. | Nomination of Directors | 3 |
| Section 7. | Adjournments and Postponements | 6 |
| Section 8. | Quorum | 6 |
| Section 9. | Voting | 6 |
| Section 10. | Proxies | 7 |
| Section 11. | Consent of Stockholders in Lieu of Meeting | 7 |
| Section 12. | List of Stockholders Entitled to Vote | 8 |
| Section 13. | Record Date | 8 |
| Section 14. | Stock Ledger | 9 |
| Section 15. | Conduct of Meetings | 9 |
| Section 16. | Inspectors of Election | 10 |
| ARTICLE III | ARTICLE III | ARTICLE III |
| DIRECTORS | DIRECTORS | DIRECTORS |
| Section 1. | Election of Directors | 10 |
| Section 2. | Vacancies | 10 |
| Section 3. | Duties and Powers | 10 |
| Section 4. | Meetings | 10 |
| Section 5. | Organization | 11 |
| Section 6. | Resignations and Removals of Directors | 11 |
| Section 7. | Quorum | 11 |
| Section 8. | Actions of the Board by Written Consent | 11 |
| Section 9. | Meetings by Means of Conference Telephone | 12 |
| Section 10. | Committees | 12 |
| Section 11. | Subcommittees | 12 |
| Section 12. | Compensation | 12 |
| Section 13. | Lead Independent Director | 13 |
| Section 14. | Interested Directors | 13 |

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ii

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| | | |
|:---|:---|:---|
| ARTICLE IV | ARTICLE IV | ARTICLE IV |
| EMERGENCY BYLAW PROVISIONS | EMERGENCY BYLAW PROVISIONS | EMERGENCY BYLAW PROVISIONS |
| Section 1. | Emergency Provisions | 13 |
| Section 2. | Emergency Powers | 13 |
| Section 3. | Meetings of the Board of Directors and Committees | 13 |
| Section 4. | Quorum; Manner of Acting | 14 |
| Section 5. | Officers' Succession | 14 |
| Section 6. | Change of Office | 14 |
| Section 7. | Liability | 14 |
| Section 8. | Other Actions | 14 |
| Section 9. | Termination; Amendment | 15 |
| ARTICLE V | ARTICLE V | ARTICLE V |
| OFFICERS | OFFICERS | OFFICERS |
| Section 1. | General | 15 |
| Section 2. | Election | 15 |
| Section 3. | Voting Securities Owned by the Corporation | 15 |
| Section 4. | Chairperson and Vice Chairperson of the Board | 15 |
| Section 5. | President | 16 |
| Section 6. | Vice Presidents | 16 |
| Section 7. | Secretary | 16 |
| Section 8. | Treasurer | 16 |
| Section 9. | Assistant Secretaries | 17 |
| Section 10. | Assistant Treasurers | 17 |
| Section 11. | Other Officers | 17 |
| ARTICLE VI | ARTICLE VI | ARTICLE VI |
| STOCK | STOCK | STOCK |
| Section 1. | Uncertificated Shares; Certificates for Stock | 17 |
| Section 2. | Lost Certificates | 17 |
| Section 3. | Transfers | 18 |
| Section 4. | Dividend Record Date | 18 |
| Section 5. | Record Owners | 18 |
| Section 6. | Transfer and Registry Agents | 18 |
| ARTICLE VII | ARTICLE VII | ARTICLE VII |
| NOTICES | NOTICES | NOTICES |
| Section 1. | Notices | 19 |
| Section 2. | Waivers of Notice | 19 |

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iii

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| | | |
|:---|:---|:---|
| ARTICLE VIII | ARTICLE VIII | ARTICLE VIII |
| GENERAL PROVISIONS | GENERAL PROVISIONS | GENERAL PROVISIONS |
| Section 1. | Dividends | 20 |
| Section 2. | Disbursements | 20 |
| Section 3. | Fiscal Year | 20 |
| Section 4. | Corporate Seal | 20 |
| Section 5. | Construction; Definitions | 20 |
| ARTICLE IX | ARTICLE IX | ARTICLE IX |
| INDEMNIFICATION | INDEMNIFICATION | INDEMNIFICATION |
| Section 1. | Power to Indemnify in Actions, Suits or Proceedings Other Than Those by or in the Right of the Corporation | 21 |
| Section 2. | Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation | 21 |
| Section 3. | Authorization of Indemnification | 21 |
| Section 4. | Good Faith Defined | 22 |
| Section 5. | Indemnification by a Court | 22 |
| Section 6. | Expenses Payable in Advance | 22 |
| Section 7. | Non-exclusivity of Indemnification and Advancement of Expenses | 23 |
| Section 8. | Insurance | 23 |
| Section 9. | Certain Definitions | 23 |
| Section 10. | Survival of Indemnification and Advancement of Expenses | 24 |
| Section 11. | Limitation on Indemnification | 24 |
| Section 12. | Indemnification of Employees and Agents | 24 |
| ARTICLE X | ARTICLE X | ARTICLE X |
| FORUM FOR ADJUDICATION OF CERTAIN DISPUTES | FORUM FOR ADJUDICATION OF CERTAIN DISPUTES | FORUM FOR ADJUDICATION OF CERTAIN DISPUTES |
| Section 1. | Forum for Adjudication of Certain Disputes | 24 |
| ARTICLE XI | ARTICLE XI | ARTICLE XI |
| AMENDMENTS | AMENDMENTS | AMENDMENTS |
| Section 1. | Amendments | 25 |
| Section 2. | Entire Board | 25 |

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iv

SECOND AMENDED AND RESTATED BYLAWS

OF

COPPERTECH METALS INC.

(hereinafter called the "<u>Corporation</u>")

ARTICLE I<u><br>OFFICES</u>

Section 1. <u>Registered Office</u>. The registered office of the Corporation shall be 251 Little Falls Drive, in the City of Wilmington, New Castle County, State of Delaware, 19808.

Section 2. <u>Other Offices</u>. The Corporation may also have offices at such other places, both within and without the State of Delaware, as the Board of Directors of the Corporation (the "Board") may from time to time determine.

ARTICLE II<u><br>MEETINGS OF STOCKHOLDERS</u>

Section 1. <u>Place of Meetings</u>. Meetings of the stockholders for the election of directors or for any other purpose shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board. The Board may, in its sole discretion, determine that a meeting of the stockholders shall not be held at any place, but may instead be held solely by means of remote communication in the manner authorized by Section 211 of the General Corporation Law of the State of Delaware (the "DGCL").

Section 2. <u>Annual Meetings</u>. The Annual Meeting of Stockholders for the election of directors shall be held on such date and at such time as shall be designated from time to time by the Board. Any other proper business may be transacted at the Annual Meeting of Stockholders.

Section 3. <u>Special Meetings</u>. Unless otherwise required by law or by the certificate of incorporation of the Corporation, as amended and restated from time to time (the "<u>Certificate of Incorporation</u>"), Special Meetings of Stockholders, for any purpose or purposes, may be called by either (i) the Chairperson of the Board, (ii) so long as Vedanta Resources Limited or any of its affiliates or any successor in interest owns (directly or indirectly) more than fifty percent (50%) of the voting power of the issued and outstanding capital stock of the Corporation entitled to vote in the election of directors, by the Secretary of the Corporation at the request of the holders of shares representing more than fifty percent (50%) or (iii) by resolution duly adopted by the affirmative vote of the majority of the members of the Board. Such request shall state the purpose or purposes of the proposed meeting. At a Special Meeting of Stockholders, only such business shall be conducted as shall be specified in the notice of meeting (or any supplement thereto). For purposes of this Second Amended and Restated Bylaws, reference to "affiliate" of any person or entity shall mean any other person or entity controlled by, controlling or under common control with such first person; where "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

Section 4. <u>Nature of Business at Meetings of Stockholders</u>. Only such business (other than nominations for election to the Board, which must comply with the provisions of Section 6 of this Article II) may be transacted at an Annual Meeting of Stockholders as is either (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board (or any duly authorized committee thereof), (b) otherwise properly brought before the Annual Meeting of Stockholders by or at the direction of the Board (or any duly authorized committee thereof), or (c) otherwise properly brought before the Annual Meeting of Stockholders by any stockholder of the Corporation (i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 4 and on the record date for the determination of stockholders entitled to notice of and to vote at such Annual Meeting of Stockholders and (ii) who complies with the notice procedures set forth in this Section 4.

In addition to any other applicable requirements, for business to be properly brought before an Annual Meeting of Stockholders by a stockholder, such stockholder must have given timely notice thereof in proper written form to the Secretary of the Corporation.

To be timely, a stockholder's notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Corporation not less than ninety (90) days nor more than one hundred and twenty (120) days prior to the anniversary date of the immediately preceding Annual Meeting of Stockholders; provided, however, that in the event that the Annual Meeting of Stockholders is called for a date that is not within twenty-five (25) days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which such notice of the date of the Annual Meeting of Stockholders was mailed or such public disclosure of the date of the Annual Meeting of Stockholders was made, whichever first occurs. In no event shall the adjournment or postponement of an Annual Meeting of Stockholders, or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

To be in proper written form, a stockholder's notice to the Secretary must set forth the following information: (a) as to each matter such stockholder proposes to bring before the Annual Meeting of Stockholders, a brief description of the business desired to be brought before the Annual Meeting of Stockholders and the proposed text of any proposal regarding such business (including the text of any resolutions proposed for consideration and, if such business includes a proposal to amend these bylaws, the text of the proposed amendment), and the reasons for conducting such business at the Annual Meeting of Stockholders, and (b) as to the stockholder giving notice and the beneficial owner, if any, on whose behalf the proposal is being made, (i) the name and address of such person, (ii) (A) the class or series and number of all shares of stock of the Corporation which are owned beneficially or of record by such person and any affiliates or associates of such person, (B) the name of each nominee holder of shares of all stock of the Corporation owned beneficially but not of record by such person or any affiliates or associates of such person, and the number of such shares of stock of the Corporation held by each such nominee holder, (C) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any affiliates or associates of such person, with respect to stock of the Corporation and (D) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of shares of stock of the Corporation) has been made by or on behalf of such person, or any affiliates or associates of such person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any affiliates or associates of such person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any affiliates or associates of such person, with respect to stock of the Corporation, (iii) a description of all agreements, arrangements or understandings (whether written or oral) between or among such person, or any affiliates or associates of such person, and any other person or persons (including their names) in connection with or relating to (A) the Corporation or (B) the proposal, including any material interest in, or anticipated benefit from the proposal to such person, or any affiliates or associates of such person, (iv) a representation that the stockholder giving notice intends to appear in person or by proxy at the Annual Meeting of Stockholders to bring such business before the meeting, and (v) any other information relating to such person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such person with respect to the proposed business to be brought by such person before the Annual Meeting of Stockholders pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules and regulations promulgated thereunder.

A stockholder providing notice of business proposed to be brought before an Annual Meeting of Stockholders shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 4 shall be true and correct as of the record date for determining the stockholders entitled to receive notice of the Annual Meeting of Stockholders and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for determining the stockholders entitled to receive notice of the Annual Meeting of Stockholders.

No business shall be conducted at the Annual Meeting of Stockholders except business brought before the Annual Meeting of Stockholders in accordance with the procedures set forth in this Section 4; provided, however, that, once business has been properly brought before the Annual Meeting of Stockholders in accordance with such procedures, nothing in this Section 4 shall be deemed to preclude discussion by any stockholder of any such business. If the chairperson of an Annual Meeting of Stockholders determines that business was not properly brought before the Annual Meeting of Stockholders in accordance with the foregoing procedures, the chairperson shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.

Nothing contained in this Section 4 shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).

Section 5. <u>Notice</u>. Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given in accordance with Section 232 of the DGCL, and such notice shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at such meeting, if such date is different from the record date for determining stockholders entitled to notice of such meeting and, in the case of a Special Meeting of Stockholders, the purpose or purposes for which the meeting is called. Unless otherwise required by law, notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining stockholders entitled to notice of such meeting.

Section 6. <u>Nomination of Directors</u>. Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation, except as may be otherwise provided in the Certificate of Incorporation with respect to the right of holders of preferred stock of the Corporation to nominate and elect a specified number of directors in certain circumstances. Nominations of persons for election to the Board may be made at any Annual Meeting of Stockholders, or at any Special Meeting of Stockholders called for the purpose of electing directors, (a) by or at the direction of the Board (or any duly authorized committee thereof) or (b) by any stockholder of the Corporation (i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 6 and on the record date for the determination of stockholders entitled to notice of and to vote at such Annual or Special Meeting of Stockholders, (ii) who complies with the notice procedures set forth in this Section 6 and (iii) who complies with the requirements of Rule 14a-19 promulgated under the Securities Exchange Act of 1934, as amended.

In addition to any other applicable requirements, for a nomination to be made by a stockholder, such stockholder must have given timely notice thereof in proper written form to the Secretary of the Corporation.

To be timely, a stockholder's notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Corporation (a) in the case of an Annual Meeting of Stockholders, not less than ninety (90) days nor more than one hundred and twenty (120) days prior to the anniversary date of the immediately preceding Annual Meeting of Stockholders; provided, however, that in the event that the Annual Meeting of Stockholders is called for a date that is not within twenty-five (25) days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which such notice of the date of the Annual Meeting of Stockholders was mailed or such public disclosure of the date of the Annual Meeting of Stockholders was made, whichever first occurs; and (b) in the case of a Special Meeting of Stockholders called for the purpose of electing directors, not later than the close of business on the tenth (10th) day following the day on which notice of the date of the Special Meeting of Stockholders was mailed or public disclosure of the date of the Special Meeting of Stockholders was made, whichever first occurs. In no event shall the adjournment or postponement of an Annual Meeting of Stockholders or a Special Meeting of Stockholders called for the purpose of electing directors, or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

To be in proper written form, a stockholder's notice to the Secretary must set forth the following information: (a) as to each person whom the stockholder proposes to nominate for election as a director (i) the name, age, business address and residence address of such person, (ii) the principal occupation or employment of such person, (iii) (A) the class or series and number of all shares of stock of the Corporation which are owned beneficially or of record by such person and any affiliates or associates of such person, (B) the name of each nominee holder of shares of all stock of the Corporation owned beneficially but not of record by such person or any affiliates or associates of such person, and the number of such shares of stock of the Corporation held by each such nominee holder, (C) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any affiliates or associates of such person, with respect to stock of the Corporation and (D) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of shares of stock of the Corporation) has been made by or on behalf of such person, or any affiliates or associates of such person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any affiliates or associates of such person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any affiliates or associates of such person, with respect to stock of the Corporation, (iv) such person's written representation and agreement that such person (A) is not and will not become a party to any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question, (B) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Corporation that has not been disclosed to the Corporation in such representation and agreement and (C) in such person's individual capacity, would be in compliance, if elected as a director of the Corporation, and will comply with, all applicable publicly disclosed confidentiality, corporate governance, conflict of interest, Regulation FD, code of conduct and ethics, and stock ownership and trading policies and guidelines of the Corporation and (v) any other information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder; and (b) as to the stockholder giving the notice, and the beneficial owner, if any, on whose behalf the nomination is being made, (i) the name and record address of the stockholder giving the notice and the name and principal place of business of such beneficial owner; (ii) (A) the class or series and number of all shares of stock of the Corporation which are owned beneficially or of record by such person and any affiliates or associates of such person, (B) the name of each nominee holder of shares of the Corporation owned beneficially but not of record by such person or any affiliates or associates of such person, and the number of shares of stock of the Corporation held by each such nominee holder, (C) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any affiliates or associates of such person, with respect to stock of the Corporation and (D) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of shares of stock of the Corporation) has been made by or on behalf of such person, or any affiliates or associates of such person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any affiliates or associates of such person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any affiliates or associates of such person, with respect to stock of the Corporation; (iii) a description of (A) all agreements, arrangements or understandings (whether written or oral) between such person, or any affiliates or associates of such person, and any proposed nominee, or any affiliates or associates of such proposed nominee, (B) all agreements, arrangements or understandings (whether written or oral) between such person, or any affiliates or associates of such person, and any other person or persons (including their names) pursuant to which the nomination(s) are being made by such person, or otherwise relating to the Corporation or their ownership of capital stock of the Corporation, and (C) any material interest of such person, or any affiliates or associates of such person, in such nomination, including any anticipated benefit therefrom to such person, or any affiliates or associates of such person; (iv) a representation that the stockholder giving notice intends to appear in person or by proxy at the Annual Meeting of Stockholders or Special Meeting of Stockholders to nominate the persons named in its notice; and (v) any other information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Such notice must include all other information required by Rule 14a-19 under the Exchange Act and must be accompanied by a written consent of each proposed nominee to being named as a nominee in any proxy statement relating to the Annual or Special Meeting of Stockholders, as applicable, and to serve as a director if elected.

A stockholder providing notice of any nomination proposed to be made at an Annual or Special Meeting of Stockholders shall further update and supplement such notice, (i) if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 6 shall be true and correct as of the record date for determining the stockholders entitled to receive notice of the Annual or Special Meeting of Stockholders, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for determining the stockholders entitled to receive notice of such Annual or Special Meeting of Stockholders and (ii) to provide evidence that the stockholder providing notice of any nomination has solicited proxies from holders representing at least sixty-seven percent (67%) of the voting power of the shares entitled to vote in the election of directors, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the stockholder files a definitive proxy statement in connection with such Annual or Special Meeting of Stockholders.

No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 6. If the chairperson of the meeting determines that a nomination was not made in accordance with the foregoing procedures or that the solicitation in support of the nominees other than the Corporation's nominees was not conducted in compliance with Rule 14a-19 under the Exchange Act, the chairperson shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.

Section 7. <u>Adjournments and Postponements</u>. Any meeting of the stockholders may be adjourned or postponed from time to time by the chairperson of such meeting or by the Board, without the need for approval thereof by stockholders to reconvene or convene, respectively at the same or some other place. Notice need not be given of any such adjourned or postponed meeting (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication) if the time and place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned or postponed meeting are (i) with respect to an adjourned meeting, (a) announced at the meeting at which the adjournment is taken, (b) displayed during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication, or (c) set forth in the notice of meeting given in accordance with Section 4 of this Article II, or (ii) with respect to a postponed meeting, are publicly announced. At the adjourned or postponed meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment or postponement is for more than thirty (30) days, notice of the adjourned or postponed meeting in accordance with the requirements of Section 4 hereof shall be given to each stockholder of record entitled to vote at the meeting. If, after the adjournment or postponement, a new record date for stockholders entitled to vote is fixed for the adjourned or postponed meeting, the Board shall fix a new record date for notice of such adjourned or postponed meeting in accordance with Section 13 of this Article II, and shall give notice of the adjourned or postponed meeting to each stockholder of record entitled to vote at such adjourned or postponed meeting as of the record date fixed for notice of such adjourned or postponed meeting.

Section 8. <u>Quorum</u>. Unless otherwise required by the DGCL or the Certificate of Incorporation, the holders of a majority of the Corporation's capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, in the manner provided in Section 7 of this Article II, until a quorum shall be present or represented.

Section 9. <u>Voting</u>. Unless otherwise required by law, the Certificate of Incorporation or these Bylaws, or permitted by the rules and regulations of any securities exchange or quotation system on which the securities of the Corporation are listed or quoted for trading, any question brought before any meeting of the stockholders, other than the election of directors, shall be decided by the vote of the holders of a majority of the total number of votes of the Corporation's capital stock present at the meeting in person or represented by proxy and entitled to vote on such question, voting as a single class. Unless otherwise provided in the Certificate of Incorporation, and subject to Section 13(a) of this Article II, each stockholder represented at a meeting of the stockholders shall be entitled to cast one (1) vote for each share of the capital stock entitled to vote thereat held by such stockholder. Such votes may be cast in person or by proxy as provided in Section 10 of this Article II. The Board, in its discretion, or the chairperson of a meeting of the stockholders, in his or her discretion, may require that any votes cast at such meeting shall be cast by written ballot.

Section 10. <u>Proxies</u>. Each stockholder entitled to vote at a meeting of the stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder as proxy, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the Corporation generally. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or a new proxy bearing a later date. Without limiting the manner in which a stockholder may authorize another person or persons to act for such stockholder as proxy, the following shall constitute a valid means by which a stockholder may grant such authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A stockholder, or such stockholder's authorized officer, director, employee or agent, may execute a document, as such term is defined in Section 116(a) of the DGCL, authorizing another person or persons to act for such stockholder as proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A stockholder may authorize another person or persons to act for such stockholder as proxy by transmitting or authorizing the transmission of an electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission; <u>provided</u> that any such transmission must either set forth or be submitted with information from which it can be determined that the transmission was authorized by the stockholder. If it is determined that such transmissions are valid, the inspectors or, if there are no inspectors, such other persons making that determination shall specify the information on which they relied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The authorization of a person to act as proxy may be documented, signed and delivered in accordance with Section 116 of the DGCL; <u>provided</u> that such authorization shall set forth, or be delivered with information enabling the Corporation to determine, the identity of the stockholder granting such authorization.

Any copy, facsimile telecommunication or other reliable reproduction of the document (including any electronic transmission) authorizing another person or persons to act as proxy for a stockholder may be substituted or used in lieu of the original document for any and all purposes for which the original document could be used; <u>provided</u>, <u>however</u>, that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original document.

Section 11. <u>Consent of Stockholders in Lieu of Meeting</u>. Unless otherwise provided in the Certificate of Incorporation, any action required or permitted to be taken at any Annual or Special Meeting of Stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation in accordance with Section 228(d) of the DGCL. A consent must be set forth in writing or in an electronic transmission. No consent shall be effective to take the corporate action referred to therein unless consents signed by a sufficient number of holders to take action are delivered to the Corporation in the manner required by this Section 11 within sixty (60) days of the first date on which a consent is so delivered to the Corporation. Any person executing a consent may provide, whether through instruction to an agent or otherwise, that such a consent will be effective at a future time (including a time determined upon the happening of an event), no later than sixty (60) days after such instruction is given or such provision is made, if evidence of such instruction or provision is provided to the Corporation. If the person is not a stockholder of record when the consent is executed, the consent shall not be valid unless the person is a stockholder of record as of the record date for determining stockholders entitled to consent to the action. Unless otherwise provided, any such consent shall be revocable prior to its becoming effective. Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used; provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that consents signed by a sufficient number of holders to take the action were delivered to the Corporation as provided above in this Section 11.

Section 12. <u>List of Stockholders Entitled to Vote</u>. The Corporation shall prepare, not later than the tenth (10th) day before each meeting of the stockholders, a complete list of the stockholders entitled to vote at the meeting; provided, however, if the record date for determining the stockholders entitled to vote is less than ten (10) days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth (10th) day before the meeting date. Such list shall be arranged in alphabetical order, and show the address of each stockholder and the number of shares registered in the name of each stockholder; provided that the Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of ten (10) days ending on the day before the meeting date (i) on a reasonably accessible electronic network; provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of business of the Corporation. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation.

Section 13. <u>Record Date</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the Corporation may determine the stockholders entitled to notice of any meeting of the stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of and to vote at a meeting of the stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of the stockholders shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix, as the record date for stockholders entitled to notice of such adjourned meeting, the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting in accordance with the foregoing provisions of this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board. Any stockholder of record seeking to have the stockholders authorize or take corporate action by consent (so long as action by written consent of stockholders is permitted under the Certificate of Incorporation) shall, by written notice to the Secretary of the Corporation, request the Board to fix a record date. The Board shall promptly, but in all events within ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date. If no record date has been fixed by the Board within ten (10) days of the date on which such a request is received, the record date for determining stockholders entitled to consent to corporate action without a meeting, when no prior action by the Board is required by applicable law, shall be, so long as action by written consent of stockholders is permitted under the Certificate of Incorporation, the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with Section 228(d) of the DGCL. If no record date has been fixed by the Board and prior action by the Board is required by applicable law, the record date for determining stockholders entitled to consent to corporate action without a meeting shall be at the close of business on the date on which the Board adopts the resolution taking such prior action.

Section 14. <u>Stock Ledger</u> and Records. The stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by Section 12 of this Article II or the books and records of the Corporation, or to vote in person or by proxy at any meeting of stockholders. As used herein, the stock ledger of the Corporation shall refer to one (1) or more records administered by or on behalf of the Corporation in which the names of all of the Corporation's stockholders of record, the address and number of shares registered in the name of each such stockholder and all issuances and transfer of stock of the Corporation are recorded in accordance with Section 224 of the DGCL. Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method, or one (1) or more electronic networks or databases (including one (1) or more distributed electronic networks or databases); provided that the records so kept can be converted into clearly legible paper form within a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code.

Section 15. <u>Conduct of Meetings</u>. The Board of the Corporation may adopt by resolution such rules and regulations for the conduct of any meeting of the stockholders as it shall deem appropriate. Meetings of stockholders shall be presided over by the Chairperson of the Board, if one shall have been elected, or in the absence of the Chairperson of the Board or if one shall not have been elected, the Lead Independent Director (as defined herein), or in the Lead Independent Director's absence or if one shall not have been elected, the President. The Board shall have the authority to appoint a temporary chairperson to serve at any meeting of the stockholders if the Chairperson of the Board or the President is unable to do so for any reason. Except to the extent inconsistent with any rules and regulations adopted by the Board, the chairperson of any meeting of the stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairperson, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the chairperson of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (iii) rules and procedures for maintaining order at the meeting and the safety of those present; (iv) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairperson of the meeting shall determine; (v) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (vi) limitations on the time allotted to questions or comments by stockholders.

Section 16. <u>Inspectors of Election</u>. In advance of any meeting of the stockholders, the Board, by resolution, the Chairperson of the Board or the President shall appoint one (1) or more inspectors to act at the meeting and make a written report thereof. One (1) or more other persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of the stockholders, the chairperson of the meeting shall appoint one (1) or more inspectors to act at the meeting. Unless otherwise required by applicable law, inspectors may be officers, employees or agents of the Corporation. Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall have the duties prescribed by law and shall take charge of the polls and, when the vote is completed, shall execute and deliver to the Corporation a certificate of the result of the vote taken and of such other facts as may be required by applicable law.

ARTICLE III<u><br>DIRECTORS</u>

Section 1. <u>Election of Directors</u>. Except as provided in Section 2 of this Article III, directors shall be elected by a plurality of the votes cast at each Annual Meeting of Stockholders, and each director so elected shall hold office until the next Annual Meeting of Stockholders and until such director's successor is duly elected and qualified, or until such director's earlier death, resignation or removal. Directors need not be stockholders.

Section 2. <u>Vacancies</u>. Unless otherwise required by law or the Certificate of Incorporation, any vacancy on the Board of Directors that results from an increase in the number of directors may be filled by a majority of the Board of Directors then in office; <u>provided</u> that a quorum is present, and any other vacancy occurring on the Board of Directors may be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director. The directors so chosen shall, in the case of the Board, hold office until the next annual election and until their successors are duly elected and qualified, or until their earlier death, resignation or removal and, in the case of any committee of the Board, shall hold office until their successors are duly appointed by the Board or until their earlier death, resignation or removal. No decrease in the number of directors shall shorten the term of any incumbent director.

Section 3. <u>Duties and Powers</u>. The business and affairs of the Corporation shall be managed by or under the direction of the Board which may exercise all such powers of the Corporation except as may be otherwise provided in the DGCL, the Certificate of Incorporation, these Bylaws or required by the rules and regulations of any securities exchange or quotation system on which the securities of the Corporation are listed or quoted for trading.

Section 4. <u>Meetings</u>. The Board and any committee thereof may hold meetings, both regular and special, either within or without the State of Delaware. Regular meetings of the Board or any committee thereof may be held without notice at such time and at such place as may from time to time be determined by the Board or such committee, respectively. Special meetings of the Board may be called by the Chairperson of the Board, if there be one, the President, or by a majority of directors. Special meetings of any committee of the Board may be called by the chairperson of such committee, if there be one, the President or a majority of directors serving on such committee. Notice of any special meeting stating the place, date and hour of the meeting shall be given to each director (or, in the case of a committee, to each member of such committee) not less than twenty-four (24) hours before the date of the meeting, by telephone, or in the form of a writing or electronic transmission, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances.

Section 5. <u>Organization</u>. At each meeting of the Board or any committee thereof, the Chairperson of the Board or the chairperson of such committee, as the case may be, or, in his or her absence or if there be none, a director chosen by a majority of the directors present, shall act as chairperson of such meeting. Except as provided below, the Secretary of the Corporation shall act as secretary at each meeting of the Board and of each committee thereof. In case the Secretary shall be absent from any meeting of the Board or of any committee thereof, an Assistant Secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary and all the Assistant Secretaries, the chairperson of the meeting may appoint any person to act as secretary of the meeting. Notwithstanding the foregoing, the members of each committee of the Board may appoint any person to act as secretary of any meeting of such committee and the Secretary or any Assistant Secretary of the Corporation may, but need not if such committee so elects, serve in such capacity.

Section 6. <u>Resignations and Removals of Directors</u>. Any director of the Corporation may resign from the Board or any committee thereof at any time, by giving notice in writing or by electronic transmission to the Chairperson of the Board, if there be one, the President or the Secretary of the Corporation and, in the case of a committee, to the chairperson of such committee, if there be one. Such resignation shall take effect when delivered or, if such resignation specifies a later effective time or an effective time, determined upon the happening of an event or events, in which case, such resignation takes effect upon such effective time. Unless otherwise specified in such resignation, the acceptance of such resignation shall not be necessary to make it effective. A resignation which is conditioned upon the director failing to receive a specified vote for reelection as a director may provide that it is irrevocable. Except as otherwise required by applicable law and subject to the rights, if any, of the holders of shares of preferred stock then outstanding, any director or the entire Board may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least a majority in voting power of the issued and outstanding capital stock of the Corporation entitled to vote in the election of directors. Any director serving on a committee of the Board may be removed from such committee at any time by the Board.

Section 7. <u>Quorum</u>. Except as otherwise required by law, or the Certificate of Incorporation or the rules and regulations of any securities exchange or quotation system on which the securities of the Corporation are listed or quoted for trading, at all meetings of the Board or any committee thereof, a majority of the entire Board or a majority of the directors constituting such committee, as the case may be, shall constitute a quorum for the transaction of business and the vote of a majority of the directors or committee members, as applicable, present at any meeting at which there is a quorum shall be the act of the Board or such committee, as applicable. If a quorum shall not be present at any meeting of the Board or any committee thereof, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time and place of the adjourned meeting, until a quorum shall be present.

Section 8. <u>Actions of the Board by Written Consent</u>. Unless otherwise provided in the Certificate of Incorporation or these Bylaws, (a) any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting, if all the members of the Board or such committee, as the case may be, consent thereto in writing or by electronic transmission and (b) a consent may be documented, signed and delivered in any manner permitted by Section 116 of the DGCL. Any person, whether or not then a director, may provide, through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event) no later than sixty (60) days after such instruction is given or such provision is made and such consent shall be deemed to have been given at such effective time so long as such person is then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained.

Section 9. <u>Meetings by Means of Conference Telephone</u>. Unless otherwise provided in the Certificate of Incorporation or these Bylaws, members of the Board of the Corporation, or any committee thereof, may participate in a meeting of the Board or such committee by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section 9 shall constitute presence in person at such meeting.

Section 10. <u>Committees</u>. The Board may designate one (1) or more committees, each committee to consist of one (1) or more of the directors of the Corporation. Each member of a committee must meet the requirements for membership, if any, imposed by applicable law and the rules and regulations of any securities exchange or quotation system on which the securities of the Corporation are listed or quoted for trading. The Board may designate one (1) or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of any such committee. Subject to the rules and regulations of any securities exchange or quotation system on which the securities of the Corporation are listed or quoted for trading, in the absence or disqualification of a member of a committee, and in the absence of a designation by the Board of an alternate member to replace the absent or disqualified member, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another qualified member of the Board to act at the meeting in the place of any absent or disqualified member. Any such committee, to the extent permitted by law and provided in the resolution establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; <u>provided, however,</u> that no such committee shall have the power or authority to (i) approve, adopt or recommend to the stockholders any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any of these Bylaws. Each committee shall keep regular minutes and report to the Board when required. Notwithstanding anything to the contrary contained in this Article III, the resolution of the Board establishing any committee of the Board and/or the charter of any such committee may establish requirements or procedures relating to the governance and/or operation of such committee that are different from, or in addition to, those set forth in these Bylaws and, to the extent that there is any inconsistency between these Bylaws and any such resolution or charter, the terms of such resolution or charter shall be controlling.

Section 11. <u>Subcommittees</u>. Unless otherwise provided in the Certificate of Incorporation, these Bylaws, or the resolution of the Board designating a committee, such committee may create one (1) or more subcommittees, each subcommittee to consist of one (1) or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee. Except for references to committees and members of committees in Section 10 of this Article III, every reference in these Bylaws to a committee of the Board or a member of a committee shall be deemed to include a reference to a subcommittee or member of a subcommittee.

Section 12. <u>Compensation</u>. The directors may be paid their expenses, if any, of attendance at each meeting of the Board and may be paid a fixed sum for attendance at each meeting of the Board or a stated salary for service as director, payable in cash or securities. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for service as committee members.

Section 13. <u>Lead Independent Director</u>. The Board may, in its discretion, elect a lead independent director from among the members who are independent (such director, the "Lead Independent Director"). The Lead Independent Director shall preside at all meetings of the Board at which the Chairperson of the Board is not present, including executive sessions of the independent directors; serve as a liaison between the Chairperson of the Board and the independent directors; and exercise such other powers and duties as may from time to time be assigned by the Board or as prescribed by these Bylaws.

Section 14. <u>Interested Directors</u>. No contract or transaction between the Corporation and one (1) or more of its directors or officers, or between the Corporation and any other corporation, partnership, association or other organization in which one (1) or more of its directors or officers are directors or officers or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board or committee thereof which authorizes the contract or transaction, or solely because any such director's or officer's vote is counted for such purpose if: (i) the material facts as to the director's or officer's relationship or interest and as to the contract or transaction are disclosed or are known to the Board or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (ii) the material facts as to the director's or officer's relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board, a committee thereof or the stockholders. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board or of a committee which authorizes such contract or transaction.

ARTICLE IV<u><br>EMERGENCY BYLAW PROVISIONS</u>

Section 1. <u>Emergency Provisions</u>. Notwithstanding any different or conflicting provisions in the Certificate of Incorporation, these Bylaws or the DGCL, the provisions of this Article IV shall be operative only during any emergency resulting from an attack on the United States or on a locality in which the Corporation conducts its business or customarily holds meetings of the Board of Directors or the stockholders, or during any nuclear or atomic disaster, or during the existence of any catastrophe, including, but not limited to, an epidemic or pandemic, and a declaration of a national emergency by the United States government, or other similar emergency condition, and any other event or condition that constitutes an emergency under the DGCL, irrespective of whether a quorum of the Board of Directors or a standing committee of the Board of Directors can readily be convened for action.

Section 2. <u>Emergency Powers</u>. During any emergency, the Board of Directors (or, if a quorum cannot be readily convened for a meeting, a majority of the directors present) may, to the greatest extent permitted by Section 110 of the DGCL, take any action that it determines to be practical and necessary for the circumstances of such emergency, including the adoption of additional emergency bylaws.

Section 3. <u>Meetings of the Board of Directors and Committees</u>. A meeting of the Board of Directors, or a committee thereof, may be called at any time during an emergency by any officer or any director. The officer or director calling such meeting shall use reasonable efforts to give notice of any such meeting at least eight (8) hours prior to the time set for such meeting, unless such emergency requires a shorter notice period, but such notice need be given only to such of the directors as it may be reasonably practicable to reach at the time and by such means as may be reasonably available at the time, including publication, telephone, electronic communications or radio.

Section 4. <u>Quorum; Manner of Acting</u>. During an emergency, such number of directors (or a sole director) present, in person or by telephonic or electronic or remote communications, at any meeting of the Board of Directors or committee thereof shall constitute a quorum for such meeting. The vote of a majority of the directors present at any such meeting shall be the act of the Board of Directors or such committee, as applicable, notwithstanding any provision of the DGCL, the Certificate of Incorporation or these Bylaws to the contrary. If, during an emergency, the directors present at a meeting are fewer than the number required for a quorum as described in the first sentence of this Section 4, the officers of the Corporation or other persons present who have been designated on a list approved by the Board of Directors before such emergency, all in such order of priority and subject to such conditions and for such period of time as may be provided in the resolution approving such list, or, in the absence of such a resolution, the officers of the Corporation who are present, in order of rank and within the same rank in order of seniority, shall to the extent required to provide a quorum be deemed directors for such meeting.

Section 5. <u>Officers' Succession</u>. The Board of Directors, either before or during an emergency, may provide, and from time to time modify, lines of succession in the event that during an emergency any or all officers or agents of the Corporation shall for any reason be rendered incapable of discharging their duties. During any emergency, the directors present and voting may appoint such officers as shall be approved by a majority of such directors.

Section 6. <u>Change of Office</u>. The Board of Directors, either before or during an emergency, may, effective in the emergency, change the location of the Corporation's head office or designate several alternative head offices or regional offices, or authorize the officers to do so.

Section 7. <u>Liability</u>. No officer, director, or employee acting in accordance with any emergency bylaw provisions or emergency provisions of the DGCL shall be liable except for willful misconduct. No person shall be liable, and no meeting of stockholders shall be postponed or voided, for the failure to make a stock list available pursuant to Section 219 of the DGCL if it was not practicable to allow inspection during any emergency.

Section 8. <u>Other Actions</u>. During any emergency, the Board of Directors (or, if a quorum cannot be readily convened for a meeting, a majority of the directors present) may: (i) take any action that it determines to be practical and necessary to address the circumstances of such emergency condition with respect to a meeting of the stockholders, including, but not limited to, (A) to postpone any meeting of stockholders to a later time or date (with the record date for determining the stockholders entitled to notice of, and to vote at, such meeting applying to the postponed meeting irrespective of Section 213 of the DGCL), or make a change to hold the meeting solely by means of remote communication, and (B) to notify stockholders of any postponement or change of place of meeting or a change to hold the meeting solely by means of remote communication solely by a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14, or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder, and (ii) with respect to any dividend that has been declared and as to which the record date has not occurred, change the record date or payment date or both to a later date or dates. The payment date as so changed may not be more than sixty (60) days after the record date as so changed. Notice of the change must be given to stockholders as promptly as practicable, which notice may be given solely by a document publicly filed by the Corporation with the SEC pursuant to Section 13, 14, or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

Section 9. <u>Termination; Amendment</u>. To the extent not inconsistent with the provisions of this Article IV, these Bylaws shall remain in effect during any emergency, and upon its termination the foregoing emergency bylaw provisions shall cease to be operative. All emergency bylaw provisions may be terminated at any time by the consent or direction of a majority of a quorum of the Board of Directors and may be amended from time to time during the pendency of any emergency by a majority of the directors present and voting in favor of such amendment. Any repeal or modification of any of the provisions of this Article IV or the emergency provisions of the DGCL shall not adversely affect any right or protection under Section 7 of this Article IV in respect of any act or omission occurring prior to the time of such repeal or modification.

ARTICLE V<u><br>OFFICERS</u>

Section 1. <u>General</u>. The officers of the Corporation shall be chosen by the Board and shall be a President, a Secretary and a Treasurer. The Board, in its discretion, also may choose a Chairperson of the Board (who must be a director), a Vice Chairperson of the Board and one (1) or more Vice Presidents, Assistant Secretaries, Assistant Treasurers and other officers. Any number of offices may be held by the same person, unless otherwise prohibited by law, the Certificate of Incorporation or these Bylaws. The officers of the Corporation need not be stockholders of the Corporation nor, except in the case of the Chairperson of the Board, need such officers be directors of the Corporation.

Section 2. <u>Election</u>. The Board, at its first meeting held after each Annual Meeting of Stockholders (or, so long as action by written consent of stockholders is permitted under the Certificate of Incorporation, action by written consent of stockholders in lieu of the Annual Meeting of Stockholders), shall elect the officers of the Corporation who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board; and each officer of the Corporation shall hold office until such officer's successor is elected and qualified, or until such officer's earlier death, resignation or removal. Any officer elected by the Board may be removed at any time by the Board. Any vacancy occurring in any office of the Corporation shall be filled by the Board. The salaries of all officers of the Corporation shall be fixed by the Board.

Section 3. <u>Voting Securities Owned by the Corporation</u>. Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned by the Corporation may be executed in the name of and on behalf of the Corporation by the President or any Vice President or any other officer authorized to do so by the Board and any such officer may, in the name of and on behalf of the Corporation, take all such action as any such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation or other entity in which the Corporation may own securities and at any such meeting shall possess and may exercise any and all rights and power incident to the ownership of such securities and which, as the owner thereof, the Corporation might have exercised and possessed if present. The Board may, by resolution, from time to time confer like powers upon any other person or persons.

Section 4. <u>Chairperson and Vice Chairperson of the Board</u>. The Chairperson of the Board, if there be one, shall preside at all meetings of the stockholders and of the Board. Except where by law the signature of the President is required, the Chairperson of the Board shall possess the same power as the President to sign all contracts, certificates and other instruments of the Corporation which may be authorized by the Board. During the absence or disability of the President, the Chairperson of the Board shall exercise all the powers and discharge all the duties of the President. The Chairperson of the Board shall also perform such other duties and may exercise such other powers as may from time to time be assigned by these Bylaws or by the Board. The Vice Chairperson of the Board, if there be one, shall have such powers and perform such duties as may from time to time be assigned by these Bylaws or by the Board.

Section 5. <u>President</u>. The President shall, subject to the oversight and control of the Board and, if there be one, the Chairperson of the Board, have general supervision of the business of the Corporation and shall see that all orders and resolutions of the Board are carried into effect. The President shall execute all bonds, mortgages, contracts and other instruments of the Corporation requiring a seal, under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except that the other officers of the Corporation may sign and execute documents when so authorized by these Bylaws, the Board or the President. In the absence or disability of the Chairperson of the Board, or if there be none, the President shall preside at all meetings of the stockholders and, if the President is also a director, the Board. If there be no Chairperson of the Board, or if the Board shall otherwise designate, the President shall be the Chief Executive Officer of the Corporation. The President shall also perform such other duties and may exercise such other powers as may from time to time be assigned to such officer by these Bylaws or by the Board.

Section 6. <u>Vice Presidents</u>. At the request of the President or in the President's absence or in the event of the President's inability or refusal to act (and if there be no Chairperson of the Board), the Vice President, or the Vice Presidents if there are more than one (1) (in the order designated by the Board), shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. Each Vice President shall perform such other duties and have such other powers as the Board from time to time may prescribe. If there be no Chairperson of the Board and no Vice President, the Board shall designate the officer of the Corporation who, in the absence of the President or in the event of the inability or refusal of the President to act, shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President.

Section 7. <u>Secretary</u>. The Secretary shall attend all meetings of the Board and all meetings of the stockholders and record all the proceedings thereat in a book or books to be kept for that purpose; the Secretary shall also perform like duties for committees of the Board when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board, and shall perform such other duties as may be prescribed by the Board, the Chairperson of the Board or the President, under whose supervision the Secretary shall be. If the Secretary shall be unable or shall refuse to cause to be given notice of all meetings of the stockholders and special meetings of the Board, and if there be no Assistant Secretary, then either the Board or the President may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board may give general authority to any other officer to affix the seal of the Corporation and to attest to the affixing by such officer's signature. The Secretary shall see that all books, reports, statements, certificates and other documents and records required by law to be kept or filed are properly kept or filed, as the case may be.

Section 8. <u>Treasurer</u>. The Treasurer shall have the custody of the Corporation's funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board or the President taking proper vouchers for such disbursements, and shall render to the President and the Board, at its regular meetings, or when the Board so requires, an account of all transactions as Treasurer and of the financial condition of the Corporation. If required by the Board, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board for the faithful performance of the duties of the office of the Treasurer and for the restoration to the Corporation, in case of the Treasurer's death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in the Treasurer's possession or under the Treasurer's control belonging to the Corporation.

Section 9. <u>Assistant Secretaries</u>. Assistant Secretaries, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board, the President, any Vice President, if there be one, or the Secretary, and in the absence of the Secretary or in the event of the Secretary's inability or refusal to act, shall perform the duties of the Secretary, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Secretary.

Section 10. <u>Assistant Treasurers</u>. Assistant Treasurers, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board, the President, any Vice President, if there be one, or the Treasurer, and in the absence of the Treasurer or in the event of the Treasurer's inability or refusal to act, shall perform the duties of the Treasurer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Treasurer. If required by the Board, an Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board for the faithful performance of the duties of the office of Assistant Treasurer and for the restoration to the Corporation, in case of the Assistant Treasurer's death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in the Assistant Treasurer's possession or under the Assistant Treasurer's control belonging to the Corporation.

Section 11. <u>Other Officers</u>. Such other officers as the Board may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board. The Board may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.

ARTICLE VI<u><br>STOCK</u>

Section 1. <u>Uncertificated Shares; Certificates for Stock</u>. The shares of the Corporation shall be uncertificated; provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be represented by certificates. Except as otherwise required by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate representing the number of shares registered in certificate form signed by or in the name of the Corporation by any two officers of the Corporation authorized to sign stock certificates, including the Chief Executive Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary, and any other authorized officer. Any or all of the signatures on the certificate may be a facsimile or electronic signature. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

Section 2. <u>Lost Certificates</u>. The Board may direct a new certificate to be issued in place of any certificate theretofore issued by the Corporation or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or such owner's legal representative, to advertise the same in such manner as the Board shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate or the issuance of such new certificate or uncertificated shares.

Section 3. <u>Transfers</u>. Stock of the Corporation shall be transferable in the manner prescribed by applicable law and in these Bylaws. Transfers of stock shall be made on the books of the Corporation only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; <u>provided, however,</u> that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Corporation shall determine to waive such requirement. Every certificate exchanged, returned or surrendered to the Corporation shall be marked "Canceled," with the date of cancellation, by the Secretary or Assistant Secretary of the Corporation or the transfer agent thereof. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred.

Section 4. <u>Dividend Record Date</u>. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

Section 5. <u>Record Owners</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Section 6. <u>Transfer and Registry Agents</u>. The Corporation may from time to time maintain one (1) or more transfer offices or agencies and registry offices or agencies at such place or places as may be determined from time to time by the Board.

ARTICLE VII

 

<br> <u>NOTICES</u>

Section 1. <u>Notices</u>. Whenever written notice is required by law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given in writing directed to such director's, committee member's or stockholder's mailing address (or by electronic transmission directed to such director's, committee member's or stockholder's electronic mail address, as applicable) as it appears on the records of the Corporation and shall be given: (a) if mailed, when the notice is deposited in the United States mail, postage prepaid, (b) if delivered by courier service, the earlier of when the notice is received or left at such director's, committee member's or stockholder's address or (c) if given by electronic mail, when directed to such director's, committee member's or stockholder's electronic mail address unless such director, committee member or stockholder has notified the corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail or such notice is prohibited under applicable law, the Certificate of Incorporation or these Bylaws. Without limiting the manner by which notice otherwise may be given effectively to stockholders, but subject to Section 232(e) of the DGCL, any notice to stockholders given by the Corporation under applicable law, the Certificate of Incorporation or these Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic transmission to the Corporation. The Corporation may give notice by electronic mail in accordance with the first sentence of this Section 1 without obtaining the consent required by the second sentence of this Section 1. Notice given by electronic transmission, as described above, shall be deemed given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (ii) if by a posting on an electronic network, together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and (iii) if by any other form of electronic transmission, when directed to the stockholder. Notwithstanding the foregoing, a notice may not be given by an electronic transmission from and after the time that (i) the Corporation is unable to deliver by such electronic transmission two consecutive notices given by the Corporation and (ii) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or other action. An "electronic transmission" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

Section 2. <u>Waivers of Notice</u>. Whenever any notice is required, by applicable law, the Certificate of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof in writing, signed by the person or persons entitled to notice, or a waiver by electronic transmission by the person or persons entitled to notice, whether before or after the time stated therein, shall be deemed equivalent thereto. Attendance of a person at a meeting, present in person or represented by proxy, shall constitute a waiver of notice of such meeting, except where the person attends the meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any Annual or Special Meeting of Stockholders or any regular or special meeting of the directors or members of a committee of directors need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by law, the Certificate of Incorporation or these Bylaws.

ARTICLE VIII<u><br>GENERAL PROVISIONS</u>

Section 1. <u>Dividends</u>. Dividends upon the capital stock of the Corporation, subject to the requirements of the DGCL and the provisions of the Certificate of Incorporation, if any, may be declared by the Board at any regular or special meeting of the Board (or, so long as action by written consent of stockholders is permitted under the Certificate of Incorporation, any action by written consent in lieu thereof in accordance with Section 8 of Article III hereof), and may be paid in cash, in property, or in shares of the Corporation's capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for purchasing any of the shares of capital stock, warrants, rights, options, bonds, debentures, notes, scrip or other securities or evidences of indebtedness of the Corporation, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board may modify or abolish any such reserve.

Section 2. <u>Disbursements</u>. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other person or persons as the Board may from time to time designate.

Section 3. <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board.

Section 4. <u>Corporate Seal</u>. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile or other electronic means thereof to be impressed or affixed or reproduced or otherwise.

Section 5. <u>Construction; Definitions</u>. Unless the context requires otherwise, the general provisions, rules of construction and definition in the DGCL shall govern the construction of these Bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular number.

ARTICLE IX

 

<br> <u>INDEMNIFICATION</u>

Section 1. <u>Power to Indemnify in Actions, Suits or Proceedings Other Than Those by or in the Right of the Corporation</u>. Subject to Section 3 of this Article IX, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation), by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

Section 2. <u>Power to Indemnify in Actions, Suits or Proceedings by or in the Right of the Corporation</u>. Subject to Section 3 of this Article IX, the Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Section 3. <u>Authorization of Indemnification</u>. Any indemnification under this Article IX (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 1 or Section 2 of this Article IX, as the case may be. Such determination shall be made, with respect to a person who is a director or officer of the Corporation at the time of such determination, (i) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a committee of such directors designated by a majority vote of such directors, even though less than a quorum, or (iii) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion or (iv) by the stockholders. Such determination shall be made, with respect to former directors and officers, by any person or persons having the authority to act on the matter on behalf of the Corporation. To the extent, however, that a present or former director or officer of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith, without the necessity of authorization in the specific case.

Section 4. <u>Good Faith Defined</u>. For purposes of any determination under Section 3 of this Article IX, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person's conduct was unlawful, if such person's action is based on the records or books of account of the Corporation, or on information supplied to such person by the officers of the Corporation in the course of their duties, or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports made to the Corporation by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Corporation and such person exercised reasonable diligence in the performance of such person's duties. The provisions of this Section 4 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in Section 1 or Section 2 of this Article IX, as the case may be.

Section 5. <u>Indemnification by a Court</u>. Notwithstanding any contrary determination in the specific case under Section 3 of this Article IX, and notwithstanding the absence of any determination thereunder, any director or officer may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 1 or Section 2 of this Article IX. The basis of such indemnification by a court shall be a determination by such court that indemnification of the director or officer is proper in the circumstances because such person has met the applicable standard of conduct set forth in Section 1 or Section 2 of this Article IX, as the case may be. Neither a contrary determination in the specific case under Section 3 of this Article IX nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the director or officer seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Section 5 shall be given to the Corporation promptly upon the filing of such application. If successful, in whole or in part, the director or officer seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

Section 6. <u>Expenses Payable in Advance</u> . Expenses (including attorneys' fees) incurred by a director or officer of the Corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding and within thirty (30) days following receipt by the Corporation of (i) a written request therefor (together with documentation reasonably evidencing such expenses) and (ii) an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this Article IX; together with adequate security for such undertaking as may be reasonably requested by the Corporation. Such expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents of the Corporation or by persons serving at the request of the Corporation as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the Corporation deems appropriate.

Section 7. <u>Non-exclusivity of Indemnification and Advancement of Expenses</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the Certificate of Incorporation, these Bylaws, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office, it being the policy of the Corporation that indemnification of the persons specified in Section 1 and Section 2 of this Article IX shall be made to the fullest extent permitted by law. A right to indemnification or to advancement of expenses arising under a provision of the Certificate of Incorporation or these Bylaws shall not be eliminated or impaired by an amendment to or repeal or elimination of a provision of the Certificate of Incorporation or these Bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred. The provisions of this Article IX shall not be deemed to preclude the indemnification of any person who is not specified in Section 1 or Section 2 of this Article IX but whom the Corporation has the power or obligation to indemnify, under the provisions of the DGCL, or otherwise.

Section 8. <u>Insurance</u>. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power or the obligation to indemnify such person against such liability under the provisions of this Article IX. For purposes of this Section 8, insurance shall include any insurance provided directly or indirectly (including pursuant to any fronting or reinsurance arrangement) by or through a captive insurance company in accordance with the requirements of Section 145(g) of the DGCL.

Section 9. <u>Certain Definitions</u> . For purposes of this Article IX, references to "the Corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers, so that any person who is or was a director or officer of such constituent corporation, or is or was a director or officer of such constituent corporation serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article IX with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued. For purposes of this Article IX, references to "officers" shall mean only a person who at the time of such act or omission is deemed to have consented to service by the delivery of process to the registered agent of the Corporation pursuant to Section 3114(b) of Title 10 of the Delaware Code (treating residents of the State of Delaware as if they were nonresidents to apply Section 3114(b) of Title 10 of the Delaware Code to this sentence). For purposes of this Article IX, references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article IX.

Section 10. <u>Survival of Indemnification and Advancement of Expenses.</u> The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IX shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 11. <u>Limitation on Indemnification</u> Notwithstanding anything contained in this Article IX to the contrary, except for proceedings to enforce rights to indemnification (which shall be governed by Section 3 of this Article IX), the Corporation shall not be obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) or advance expenses in connection with a proceeding (or part thereof) initiated by such person unless such proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Corporation.

Section 12. <u>Indemnification of Employees and Agents</u> The Corporation may, to the extent authorized from time to time by the Board of Directors, provide rights to indemnification and to the advancement of expenses to officers, employees and agents of the Corporation similar to those conferred in this Article IX to directors and officers of the Corporation.

ARTICLE X<u><br>FORUM FOR ADJUDICATION OF CERTAIN DISPUTES</u>

Section 1. <u>Forum for Adjudication of Certain Disputes</u> Unless the Corporation consents in writing to the selection of an alternative forum (an "<u>Alternative Forum Consent</u>"), the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (i) derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a duty (including any fiduciary duty) owed by any current or former director, officer, stockholder, employee or agent of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation or any current or former director, officer, stockholder, employee or agent of the Corporation arising out of or relating to any provision of the DGCL, the Certificate of Incorporation or these Bylaws (each, as in effect from time to time), or (iv) any action asserting a claim against the Corporation or any current or former director, officer, stockholder, employee or agent of the Corporation governed by the internal affairs doctrine of the State of Delaware, or (v) other action asserting an internal corporate claim, as defined in Section 115 of the DGCL; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware, in each such case, unless the Court of Chancery of the State of Delaware (or such other state or federal court located within the State of Delaware, as applicable) has dismissed a prior action by the same plaintiff asserting the same claims because such court lacked personal jurisdiction over an indispensable party named as a defendant therein. Unless the Corporation gives an Alternative Forum Consent, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. Failure to enforce the foregoing provisions would cause the Corporation irreparable harm and the Corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Any person or entity purchasing, otherwise acquiring or holding any interest in shares of the Corporation's capital stock shall be deemed to have notice of, and have and consented to, the provisions of this Article X. The existence of any prior Alternative Forum Consent shall not act as a waiver of the Corporation's ongoing consent right as set forth above in this Article X with respect to any current or future actions or claims.

ARTICLE XI

<u><br> AMENDMENTS</u>

Section 1. <u>Amendments</u> These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the stockholders or by the Board; provided, however, that notice of such alteration, amendment, repeal or adoption of new Bylaws be contained in the notice of a meeting of the stockholders or Board, as the case may be, called for the purpose of acting upon any proposed alteration, amendment, repeal or adoption of new Bylaws. All such alterations, amendments, repeals or adoptions of new Bylaws must be approved by either the affirmative vote of the holders of a majority of the voting power of the shares entitled to vote at an election of directors or by the affirmative vote of a majority of the entire Board then in office. Any amendment to these Bylaws adopted by stockholders which specifies the votes that shall be necessary for the election of directors shall not be further amended or repealed by the Board.

Section 2. <u>Entire Board</u> As used in this Article XI and in these Bylaws generally, the term "<u>entire Board</u>" means the total number of directors which the Corporation would have if there were no vacancies.

\* \* \*

Adopted as of:   <br>Last Amended as of

## Exhibit 3.5

**Exhibit 3.5**

**REPUBLIC OF ZAMBIA**

**THE COMPANIES ACT**

**[NO. 10 OF 2017]**

**AMENDED ARTICLES OF**

**ASSOCIATION**

**OF**

**KONKOLA COPPER MINE PLC**

**(PUBLIC LIMITED COMPANY)**

**SCHEDULE 1**

**Articles of Association**

1. **INTERPRETATION** 

1.1 In these Regulations, unless expressly stated otherwise:

**"Act"** means the Zambian Companies Act, No. 10 of 2017 as from time to time amended and in effect. The expression shall include any and all regulations made thereunder;

**"Affiliate"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person in which the Company or a Shareholder (as the case may be) holds fifty per cent. (50%) or more
of the ordinary voting shares or which holds fifty per cent (50%) or more of the Company's or a Shareholder's (as the case may be) ordinary
voting shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Person which, directly or indirectly, is Controlled by or Controls, or is under Common Control with
the Company or a Shareholder (as the case may be); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Person or group of Persons being directors or executive officers of, or in the employment of, any
Person referred to in (a) or (b) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to the GRZ, a Zambian Government Authority or any Person who is Controlled by the GRZ;

**"Annual Revenue"** means the aggregate amount of gross revenue actually received by the KCM Group members during any Financial Year that directly results from the export, sale or exchange of product by the KCM Group members;

**"Applicable Laws"** means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances,
by-laws, decrees), subordinate legislation and common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principles, rules, guidance, policy statements, directions, codes or conditions issued by GRZ, which in
each case are binding or having the force of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) judgments, resolutions, decisions, orders, notices, or demands of any competent Government Authority,
which in each case are binding or having the force of law,

and in each case to the extent that they apply to the Person or circumstance in question in any jurisdiction;

**"Board"** means the board of directors of the Company from time to time;

**"Business"** means the business to be carried on by the KCM Group, namely that of exploration, appraisal, mining of ore and waste, treatment and/or smelting and refining of ore to produce products and the marketing and sale of products, construction and development of mining and related facilities, in each case whether within or outside Zambia, and such other activities, including related transport, trading of metals, borrowing, providing guarantees and granting security incidental and/or conducive to the foregoing which may be approved by the Directors of the Company or of its subsidiaries (as the case may be) from time to time in accordance with the Shareholders' Agreement and these Regulations and, if Regulation 3.4 applies, with the written consent of the Special Shareholder (not to be unreasonably withheld or delayed);

**"Business Day"** means a day on which commercial banks are generally open for business in Mumbai, London and Lusaka;

**"Chairperson"** means the non-executive chairperson from time to time of the Board;

**"Common Control"** means the circumstances where two (2) or more Persons are Controlled by the same Person or its Affiliates;

**"Company"** means Konkola Copper Mines plc, a company incorporated in Zambia (registered no. 119990043628), whose registered office is at Stand M/1408 Fern Avenue, Chingola, Zambia;

**"Control"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power (whether directly or indirectly and whether by the
ownership of share capital, the possession of voting
power, contract or otherwise, including where persons, pursuant to an agreement or understanding (whether formal or informal) actively
cooperate, through the acquisition by any of them of shares in the share capital of a person, to obtain or consolidate Control) to appoint
and/or remove all or such of the board of directors or other governing body of a Person as are able to cast a majority of the votes capable
of being cast by the members of that board or body or so many individuals who in relation to such Person perform a similar decision making
function as directors perform in respect of a company and as trustees perform in respect of a trust; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holding and/or the ownership of the beneficial interest in and/or the ability to exercise the voting
rights applicable to, shares or other securities in any Person which confer in aggregate on the holders (whether directly or by means
of holding such interests in one or more other persons (either directly or indirectly)) thereof more than fifty per cent (50%) of the
voting rights exercisable at general meetings of that Person,

and **"Controlled by"** shall be construed in accordance with this definition;

**"Deferred Shares"** means the deferred shares with a par value of ninety-nine US cents (US$0.99) each in the capital of the Company;

**"Director"** means a ZCCM-IH Director, a Vedanta Director, the GRZ Director or an Independent Director (as the case may be);

**"Encumbrance"** means a mortgage, charge, pledge, lien, option, restriction upon sale, right of first refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind or other type of preferential arrangement (inluding, without limitation, a title transfer or retention arrangement) having similar effect (other than those arising through operation of law);

**"Encumbrancee"** means any Person to whom an Encumbrance is granted;

**"Financial Year"** means the accounting period by reference to which the Company from time to time elects to satisfy the obligations required by law to prepare audited financial statements (which, as at the date of these Regulations, is the 12-calendar month period commencing on the first day of April in each calendar year);

**"Framework Commercial Agreements"** means the agreements regarding the supply of concentrate and offtake of metals of the KCM Group, to be entered into between any of Vedanta, VRHL, and any other Vedanta Affiliates which hold Ordinary Shares from time to time (or their Affiliates) and the Company and/or its subsidiaries;

**"Government Authority"** means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified Person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function;

**"GRZ"** means the Government of the Republic of Zambia;

**"GRZ Director"** means the director nominated for appointment to the Board by GRZ pursuant to Regulation 13.5 hereof;

**"Independent Director"** means a Director that for the purposes of Applicable Law constitutes an independent director of the Company (or the nearest equivalent thereof in the relevant jurisdiction, if any);

**"KCM Group"** means the Company and its subsidiaries from time to time;

**"Majority Shareholder"** means, at any time, if applicable, the Shareholder which holds at such time a majority of the issued Ordinary Shares;

**"Material Adverse Effect"** means a material adverse effect on the condition (financial or otherwise) of the Company, any of its subsidiaries or any of their respective assets (either individually or in the aggregate) or the occurrence of a matter which has or may have a material adverse effect on the KCM Group's present or future ability to operate its Business;

**"Material Contract"** means any contract which involves annual expenditure (whether by a single transaction or a series of related transactions during any one-year period) of more than one hundred million US dollars (US$100,000,000), but specifically excluding any marketing, supply of concentrate or offtake contracts entered into other than with Affiliates of VRHL outside of the Framework Commercial Agreements;

**"Minister"** means the Minister for Finance and National Planning of the Government of Zambia from time to time or any successor minister to the finance portfolio;

**"Ordinary Shares"** means ordinary shares with a par value of one US cent (US$0.01) each (excluding the Special Share) in the capital of the Company from time to time (in each case, having the rights and being subject to the restrictions set out in these Regulations);

**"Person"** means any individual, firm, company, trust, partnership, joint venture or other incorporated or unincorporated body, association or organization;

**"Prescribed Rate of Interest"** means the rate of interest prescribed by the Directors from time to time;

**"Regulation"** means all of the regulations set out in these Articles of Association;

**"Relevant Agreement"** means any agreement which is binding for the time being (in whole or in part) on all of the Shareholders and the Company, including the Shareholders' Agreement;

**"Seal"** means the common seal of the Company and includes any official seal of the Company;

**"Secretary"** means any person appointed by the Board pursuant to Regulation 20 to perform the duties of a secretary of the Company;

**"Share(s)"** means share(s) of any class (other than the Special Share) in the capital of the Company (howsoever designated) from time to time;

**"Shareholder"** means any holder of Ordinary Shares in the Company from time to time but shall, for the avoidance of doubt, exclude the Special Shareholder, and **"holder"** and **"holders"** shall be construed accordingly;

**"Shareholders' Agreement"** means the agreement dated 6 November 2023 and made between ZCCM-IH, Vedanta, VRHL, GRZ and the Company;

**"Special Share"** means the special share of one US dollar (US$1.00) in the share capital of the Company;

**"Special Shareholder"** means GRZ;

**"Standard Articles"** means the Standard Articles set out in the First Schedule to the Act;

**"US$", "US dollars"** or **"US cents"** means United States dollars or United States cents, the lawful currency of the United States of America;

**"Vedanta"** means Vedanta Resources Limited, a company incorporated in England and Wales (company registration number 4740415), whose registered office is at 13th Floor, One Angel Court, London EC2R 7HJ, England;

**"Vedanta Director"** means a Director nominated for appointment to the Board by VRHL pursuant to Regulation 13.3 hereof;

**"VRHL"** means Vedanta Resources Holdings Limited, a company incorporated in England and Wales (company registration number 4761147) whose registered office is at 13th Floor, One Angel Court, London EC2R 7HJ, England;

**"Zambia"** means the Republic of Zambia;

**"ZCCM-IH"** means ZCCM Investments Holdings plc, a company incorporated in Zambia (company registration number 119510000771), whose registered office is at ZCCM-IH Office Park, Stand No. 16806, Alick Nkhata Road, Massmedia Complex Area, Lusaka, Zambia; and

**"ZCCM-IH Director"** means a Director appointed to the Board by ZCCM-IH pursuant to Regulation 13.3 hereof.

1.2 Unless expressly stated otherwise, an expression, if used in a provision of these Regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 which address matters covered by specific provisions of the Act, has the same meaning as defined within
those corresponding provisions of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 which is not defined in these Regulations but is defined in the Shareholders' Agreement, has the same
meaning as in the Shareholders' Agreement.

1.3 The Standard Articles shall not apply as the Regulations of the Company.

1.4 Where an ordinary resolution of the Company is expressed to be required for any purpose, a special or
extraordinary resolution shall also be effective, and where an extraordinary resolution is expressed to be required for any purpose, a
special resolution shall also be effective. However, it shall not be a requirement to pass a special or an extraordinary resolution where
an ordinary resolution is required; or a special resolution where an extraordinary resolution is required and vice versa.

1.5 Subject to Regulation 10, where any provision of these Regulations authorises or empowers the Directors
collectively to take (or to authorise the Company to take) any actions, such actions shall be taken and/or such authority shall be conferred
by a resolution of the Board in accordance with Regulation 18.

2. **SHARE CAPITAL AND VARIATION OF RIGHTS** 

2.1 At the date of adoption of these Regulations the authorised share capital of the Company is three hundred
million and one US dollars (US$300,000,001) divided into twenty-four billion and sixty million (24,060,000,000) Ordinary Shares, sixty
million (60,000,000) Deferred Shares and one (1) Special Share. The Ordinary Shares, Deferred Shares and the Special Share shall entitle
the holders thereof to the respective rights and privileges and subject them to the respective restrictions and provisions contained in
these Regulations. All the Ordinary Shares, the Deferred Shares and the Special Share for the time being in issue shall constitute separate
classes of Shares respectively for the purposes of these Regulations and the Act but, except as otherwise provided by these Regulations,
shall rank *pari passu* in all respects.

2.2 Subject to the Act, Regulations 2.3 – 2.9, Regulation 7.5, Regulation 9, and Regulation 10.2, Shares may
be issued (or options or rights over Shares granted) by resolution of the Directors (and any such Share may be issued with such preferred,
deferred or other special rights or such restrictions, whether with regard to dividends, voting, return of capital or otherwise, as the
Directors by resolution, determine).

2.3 Subject to Regulation 7.5 and Regulation 10.2, Shares may only be issued if an offer has been made by
the Company in accordance with Regulations 2.4 – 2.9 to each Shareholder to allot to it (on the same terms in respect of which the issue
is proposed to be made to all other such Persons) a proportion of the Shares proposed to be issued which is as nearly as practicable equal
to the proportion of the Shares held by it and the period of acceptance of such offer specified in Regulation 2.7 has expired or the Company
has received notice of acceptance or refusal of the offer (as the case may be).

2.4 All new Shares proposed to be issued shall be offered to each Shareholder by a notice sent to each Shareholder
(the **"Offer Notice")** which shall state the number of Shares proposed to be allocated (the **"Offer Shares")** and the subscription price for each Offer Share (the **"Subscription Price")** which, in the absence of agreement between
the Shareholders to the contrary, shall be the value of the Company as a going concern (including goodwill) and as between a willing vendor
and a willing purchaser at the relevant time as agreed by the Shareholders (or, in default of such agreement, as determined by an independent
merchant bank) divided by the number of Ordinary Shares in issue immediately prior to the subscription being made.

2.5 The Offer Notice shall remain open for acceptance for a period which shall be specified therein but, in
any event, not longer than thirty (30) days and will be capable of acceptance by each Shareholder on the terms and in the manner described
in the Offer Notice (the **"Acceptance").** 

2.6 Following receipt by the Company of one or more Acceptances, within seven (7) days of receipt of the Subscription
Price, the Company will issue the Offer Shares to the Shareholder(s) so accepting the offer.

2.7 Upon receipt by the Company of a notification that the Offer Notice will not be accepted by a Shareholder
or the expiry of the period referred to in Regulation 2.5 without an Acceptance being received from such Shareholder, the Company shall
(within a period of thirty (30) days from the date of such receipt and/or expiry (as the case may be)) offer those Offer Shares for which
an Acceptance has not been received to the Shareholder or Shareholders who are considering or have accepted the Offer Notice or have delivered
an Acceptance *pro rata* to the Shares then held by such Shareholders (in the case of Shares for which an Acceptance has not been
received), on the terms *mutatis mutandis* on which the offer was made pursuant to Regulation 2.4.

2.8 Upon receipt by the Company of a notification that an offer made pursuant to Regulation 2.7 will not be
accepted by a Shareholder to whom it has been made or the expiry of the thirty (30) day period referred to in Regulation 2.7 without an
Acceptance having been received from such Shareholder (as the case may be), the Company shall (within a period of thirty (30) days from
the date of such receipt and/or expiry (as the case may be)) offer such Offer Shares for which Acceptances have not been received to any
Shareholder(s) *(pro rata* to the Shares then held by such Person(s)) which have accepted the offer made pursuant to Regulation 2.7
and, in the event such Offer Shares are not accepted by such Shareholder(s), to such other Persons as the Board thinks fit at the Subscription
Price and otherwise upon the terms set out in the Offer Notice and, if accepted, the Company may issue such Offer Shares so accepted to
such other Persons within a further period of thirty (30) days provided that each such Person has complied with the provisions of Regulation
2.9. 2.9 If any Shares are proposed to be issued in accordance with Regulation 2.8 to a Person who is not a party to the
Shareholders' Agreement, such Shares shall only be issued if, prior to the date of such issue such Person agrees to be bound by
all provisions of the Shareholders' Agreement by entering into a deed of adherence with all other Shareholders in each case in such
form as they may reasonably require.

2.10 Subject to the Act, any Shares may, with the sanction of a resolution, be issued on the terms that they
are, or at the option of the Company are, liable to be redeemed.

2.11 Subject to Regulation 10.2, the rights attached to any class of Shares (which term, in this Regulation
2.11 shall include the Deferred Shares) (unless otherwise provided by the terms of issue of the Shares of that class) may, whether or
not the Company is being wound-up, only be varied with the consent in writing of the holders of three-quarters of the issued Shares of
the relevant class, or with the sanction of a special resolution passed at a separate meeting of the holders of the Shares of the relevant
class provided that no variation may be made under this Regulation 2.11 to one (1) class which would affect the rights of another class,
without the sanction of a special resolution passed at a separate meeting of the holders of the Shares of that second class.

2.12 The provisions of the Act and these Regulations relating to general meetings apply to class meetings so
far as they are capable of application and with the necessary modifications to every such class meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where a class has only one (1) member, that member shall constitute a quorum for that meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, a quorum shall be constituted by two (2) Persons who, between them, ZCCM-IH and a person
who hold or represent by proxy, one-third of the issued Shares (including Deferred Shares) of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any holder of Shares (including Deferred Shares) of the class, present in person or by proxy, may demand
a poll.

2.13 The rights conferred upon the holders of the Shares (including Deferred Shares) of any class issued with
preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the Shares of that class, be deemed
to be varied by the creation or issue of further Shares ranking equally with the first-mentioned Shares.

2.14 The Company shall not be bound by or compelled in any way to recognise (whether or not it has notice of
the interest or rights concerned) any equitable, contingent, future or partial interest in any Share (including a Deferred Share) or unit
of a Share (including a Deferred Share) or (except as otherwise provided by these Regulations or by law) any other right in respect of
a Share (including a Deferred Share) except an absolute right of ownership in the registered holder.

2.15 A Person whose name is entered as a member in the register of members shall be entitled without payment
to receive a certificate in respect of the Share (including a Deferred Share) under the Seal in accordance with the Act but, in respect
of a Share or Shares (including a Deferred Share) held jointly by several Persons, the Company shall not be bound to issue more than one
(1) certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.1 Delivery of a certificate for a Share (including a Deferred Share) to one (1) of several joint holders
shall be sufficient delivery to all such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2 If a certificate for a Share (including a Deferred Share) is defaced, lost or destroyed, it may be renewed
on payment of the fee allowed by the Act, or such lesser sum, and on such terms (if any) as to evidence and the payment of costs to the
Company of investigating evidence as the Directors decide.

3. **SPECIAL SHARE AND DEFERRED SHARES** 

3.1 The Special Share may only be issued to, held by and transferred to the Minister or his successor acting
on behalf of GRZ in accordance with Zambian laws and regulations.

3.2 Notwithstanding any provisions in these Regulations to the contrary, the amendment, removal or alteration
of the effect of all or any of the following Regulations or, where specified, the relevant parts of the following Regulations shall to
the extent only that it constitutes a variation of the rights attaching to the Special Share, only be effective with the consent in writing
of the Special Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 the definitions of **"Business", "GRZ Director", "GRZ", "Special Share", "Special Shareholder"** and **"Zambia"** in Regulation 1.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 Regulation 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 Regulations 2.1 and 2.11 – 2.13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 this Regulation 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 Regulation 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6 Regulations 12.1, 12.2 and 12.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7 the words in brackets in Regulation 13.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 Regulation 13.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.9 Regulation 15.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.10 Regulation 17.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.11 Regulations 18.1 – 18.4.

3.3 The Special Shareholder shall be entitled to convene, receive notice of and to attend at any general meeting
of the Company or any meeting of any class of Shareholders of the Company (including a meeting of holders of Deferred Shares), and to
add items to the agenda thereof upon the giving of reasonable notice to the Secretary and to speak thereat, but the Special Share shall
carry no right, other than as specified in this Regulation, to vote at any such meeting.

3.4 The written consent of the Special Shareholder shall be required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 to effect the taking or the permitting of the taking of any step (other than for the purposes of a *bona fide* reconstruction) to have the Company voluntarily wound up by its members or voluntarily to take advantage of any provisions of
the Act or similar legislation in relation to winding up the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 for any material change in the nature of the Business, such consent not to be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 for the sale, transfer, lease, assignment or disposal (or any contract to do so) by the Company or any
of its subsidiaries, alone or when aggregated with any other disposal or disposals forming part of or connected with the same or a connected
transaction, of all or a substantial part of the undertaking, property and/or assets of the Company or any of its subsidiaries (taken
as a whole) (or any interest therein) or contract to do so, otherwise than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the normal course of Business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by way of Encumbrance given by the Company or any of its subsidiaries, such consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not to be withheld or delayed where the disposal is being made by an Encumbrancee under an Encumbrance
given by the Company or a subsidiary to lenders as security for loans taken out with the consent of the Shareholders if required in accordance
with Regulation 10.2 and the Shareholders' Agreement provided that thirty (30) days' notice has been provided to GRZ by the Encumbrancee
of its intention to exercise its right to sell; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not to be unreasonably withheld or delayed in the case of any other sale, transfer, lease, assignment
or disposal (or any contract to do so), where the consent of the Shareholders in terms of Regulation 10.2 and the Shareholders'
Agreement, if required, has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 to effect any abandonment of the assets of the Company and its subsidiaries (taken as a whole) or a substantial
part thereof or any cessation of carrying on of the trade (or a substantial part thereof) undertaken from time to time by the Company
and its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.5 for the passing of any member's resolution to change the locus of incorporation of the Company, such consent
not to be unreasonably withheld or delayed.

3.5 In a distribution of the capital in a winding up of the Company, the Special Shareholder shall be entitled
to repayment of the capital paid up on the Special Share in priority to any other repayment of capital to any other member. The Special
Share shall confer no other right to participate in the capital or profits of the Company.

3.6 The Special Shareholder may require the Company to redeem the Special Share at nominal value at any time
by written notice to the Company and delivery of the share certificate.

3.7 The rights attaching to the Deferred Shares shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.1 the Deferred Shares shall carry no rights to receive any of the capital or profits of the Company available
for distribution by way of dividend or otherwise other than on a winding up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.2 the Deferred Shares shall carry no right to attend or vote at meetings of the members of the Company except
at a separate class meeting of the holders of the Deferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7.3 whenever holders of Deferred Shares are entitled to vote on a resolution, on a show of hands each Person
present who is entitled to vote shall have one vote and on a poll every Person who is entitled to vote shall have votes in accordance
with Section 147 of the Act.

4. **CALLS ON PARTLY PAID SHARES** 

4.1 The Directors may make calls upon the members in respect of any money unpaid on the Shares of the members
(whether on account of the nominal value of the Shares or by way of premium) and not by the terms of issue of those Shares made payable
at fixed times, except that no call shall be payable earlier than one (1) month from the date fixed for the payment of the last preceding
call.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Each member shall, upon receiving at least fourteen (14) days' notice specifying the time or times and
place of payment, pay to the Company, at the time or times and place so specified the amount called on his Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 The Directors may revoke or postpone a call.

4.2 A call shall be deemed to have been made at the time when the resolution of the Directors authorising
the call was passed and may be required to be paid by instalments.

4.3 The joint holders of a Share are jointly and severally liable to pay all calls in respect of the Share.

4.4 If a sum called in respect of a Share is not paid before or on the day appointed for payment of the sum,
the Person from whom the sum is due shall pay interest on the sum from the day appointed for payment of the sum to the time of actual
payment at such rate not exceeding the Prescribed Rate of Interest, but the Directors may waive payment of that interest wholly or in
part.

4.5 Any sum that, by the terms of issue of a Share, becomes payable on allotment or at a fixed date, whether
on account of the nominal value of the Share or by way of premium, shall for the purposes of these Regulations be deemed to be a call
duly made and payable on the date on which by the terms of issue the sum becomes payable, and, in case of non-payment, all the relevant
provisions of these Regulations as to payment of interest and expenses, forfeiture or otherwise apply as if the sum had become payable
by virtue of a call duly made and notified.

4.6 The Directors may not, on the issue of Shares, differentiate between the holders as to the amount of calls
to be paid and the times of payment.

4.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 The Directors may accept from a member the whole or a part of the amount unpaid on a Share although no
part of that amount has been called up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 The Directors may authorise payment by the Company of interest upon the whole or any part of an amount
so accepted, until the amount becomes payable, at a rate agreed upon between the Directors and the member paying the sum subject to subRegulation
4.7.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 For the purposes of sub-Regulation 4.7.2, the rate of interest shall not be greater than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has, by resolution, fixed a rate, the rate so fixed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, the Prescribed Rate of Interest.

5. **LIEN** 

5.1 The Company has a first and paramount lien on every Share (not being a fully paid Share) for all money
(whether presently payable or not) called or payable at a fixed time in respect of that Share.

5.2 The Company also has a first and paramount lien on all Shares (other than fully paid Shares) registered
in the name of a sole holder for all money presently payable by him or his estate to the Company.

5.3 The Directors may at any time exempt a Share wholly or in part from the provisions of this Regulation
5. 5.4 The Company's lien (if any) on a Share extends to all dividends payable in respect of the Share.

6. **FORFEITURE OF SHARES** 

6.1 If a member fails to pay a call or instalment of a call on the day appointed for payment of the call or
instalment, the Directors may, at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice
on him requiring payment of so much of the call or instalments as is unpaid, together with any interest that has accrued.

6.2 The notice shall name a further day (not earlier than the expiration of fourteen (14) days from the date
of service of the notice) on or before which the payment required by the notice is to be made and shall state that, in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

6.3 If the requirements of a notice served under Regulations 6.1 - 6.2 are not complied with, any Share in respect of
which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited by a
resolution of the Directors to that effect.

6.4 Such a forfeiture shall include all dividends declared in respect of the forfeited Shares and not actually
paid before the forfeiture.

6.5 A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and, at any time before a sale or disposition, the forfeiture may be cancelled on such terms as the Directors think fit.

6.6 A Person whose Shares have been forfeited shall cease to be a member in respect of the forfeited Shares,
but shall remain liable to pay to the Company all money that, at the date of forfeiture, was payable by him to the Company in respect
of the Shares (including interest at the Prescribed Rate of Interest from the date of forfeiture on the money for the time being unpaid
if the Directors think fit to enforce payment of the interest), but such Person's liability shall cease if and when the Company receives
payment in full of all the money (including interest) so payable in respect of the Shares.

6.7 A statement in writing declaring that the Person making the statement is a Director or a secretary of
the Company, and that a Share in the Company has been duly forfeited on a date stated in the statement, shall be *prima facie* evidence
of the facts stated in the statement as against all Persons claiming to be entitled to the Share.

6.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1 The Company may receive the consideration (if any) given for a forfeited Share on any sale or disposition
of the Share and may execute a transfer of the Share in favour of the Person to whom the Share is sold or disposed of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2 Upon the execution of the transfer, the Company shall register the transferee as the holder of the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.3 The transferee shall not be bound to see to the application of any money paid as consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.4 The title of the transferee to the Share shall not be affected by any irregularity or invalidity in connection
with the forfeiture, sale, or disposal of the Share.

6.9 The consideration referred to in Regulation 6.8 shall be applied by the Company in payment of such part
of the amount in respect of which the lien exists as is presently payable, and the residue (if any) shall (subject to any like lien for
sums not presently payable that existed upon the Shares before the sale) be paid to the Person entitled to the Shares immediately before
the transfer.

6.10 The provisions of these Regulations as to forfeiture shall apply in the case of non-payment of any sum
that, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the nominal value of the Shares or by way
of premium, as if that sum had been payable by virtue of a call duly made and notified. For the avoidance of doubt, it is recorded that
each of the Shares held by VRHL, each of the Shares held by ZCCM-IH and the Special Share has been fully paid for and that the provisions
of this Regulation 6 shall not apply to the Shares held by VRHL, ZCCM-IH and/or the Special Share held by the GRZ.

7. **TRANSFER OF SHARES** 

7.1 Subject to these Regulations and the provisions of any Relevant Agreement, a member may transfer all or
any of its Shares by instrument, in writing, in a form prescribed for the purposes of Section 188 of the Act or in any other form that
the Directors approve.

7.2 An instrument of transfer referred to in the above paragraph shall be executed by or on behalf of both the transferor and the transferee.

7.3 The instrument of transfer shall be left for registration at the registered office of the Company, together with such
fee (if any) not exceeding the prescribed transfer fee payable as the Directors require, accompanied by the certificate of the Shares
to which it relates and such other information as the Directors properly require to show the right of the transferor to make the transfer,
and thereupon the Company shall, subject to the powers vested in the Directors by these Regulations, register the transferee as a Shareholder.

7.4 The Directors may decline to register a transfer of Shares, not being fully paid Shares, to a Person of
whom they do not approve and may also decline to register any transfer of Shares on which the Company has a lien. The Directors shall
decline to register the transfer of any Shares held by any Shareholder (or a successor in title thereto) unless the transfer is consistent
with the Shareholders' Agreement.

7.5 The Directors may refuse to register any transfer that is not accompanied by the appropriate Share certificate,
unless the Company has not yet issued the Share certificate or is bound to issue a renewal or copy of the Share certificate.

7.6 The Directors shall refuse to register any transfer of Shares which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1 not in compliance with the transfer provisions set out in Clause 14 of the Shareholders' Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 not expressly authorised (or is prohibited) by the terms of a Relevant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.3 a transfer of Ordinary Shares and is not accompanied by an instrument of transfer relating to an equal
proportion of the transferor's Deferred Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.4 a transfer of Deferred Shares which is not connected with a transfer of Ordinary Shares as referred to
in Regulation 7.6.3.

7.7 The registration of transfers may be suspended at such times and for such periods as the Directors from
time to time determine, provided that the periods do not exceed in the aggregate thirty (30) days in any year.

---

| | |
|:---|:---|
| 8 | **TRANSMISSION OF SHARES** |

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8.1 In the case of the death of a member, the survivor where the deceased was a joint holder, and the legal
personal representatives of the deceased where he was a sole holder, shall be the only Persons recognised by the Company as having any
title to his interest in the Shares, but this Regulation does not release the estate of a deceased joint holder from any liability in
respect of a Share that had been jointly held by him with other Persons.

8.2 Subject to any written law relating to bankruptcy, a Person becoming entitled to a Share in consequence
of the death or bankruptcy of a member may, upon such information being produced as is properly required by the Directors, elect either
to be registered himself as holder of the Share or to have some other Person nominated by him registered as the transferee of the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 If the Person becoming entitled elects to be registered himself; he shall deliver or send to the Company
a notice in writing signed by him stating that he so elects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 If he elects to have another Person registered, he shall execute a transfer of the Share to that other
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 All the limitations, restrictions and provisions of these Regulations relating to the right to transfer,
and the registration of the transfer of Shares are applicable to any such notice or transfer as if the death or bankruptcy of the member
had not occurred and the notice or transfer were a transfer signed by that member.

8.3 Where the registered holder of a Share dies or becomes bankrupt, his personal representatives or the trustee
of his estate, as the case may be, shall be, upon the production of such information as is properly required by the Directors, entitled
to the same dividends and other advantages, and to the same rights (whether in relation to meetings of the Company, or to voting or otherwise),
as the registered holder would have been entitled to if he had not died or become bankrupt.

8.4 Where two (2) or more Persons are jointly entitled to any Share in consequence of the death of the registered
holder, they shall, for the purposes of these Regulations, be deemed to be joint holders of the Shares.

9. **ALTERATION OF CAPITAL** 

9.1 Subject to Regulation 10.2, the Company may by special resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 increase its authorised Share capital by the creation of new Shares of such amount as is specified in
the resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 consolidate and divide all or any of its authorised Share capital into Shares of larger amount than its
existing Shares (which may include Deferred Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 subdivide all or any of its Shares (including Deferred Shares) into Shares (including Deferred Shares)
of smaller amount than is fixed by the certificate of Share capital, but so that in the subdivision the proportion between the amount
paid and the amount (if any) unpaid on each such Share (including a Deferred Share) of a smaller amount is the same as it was in the case
of the Share (including a Deferred Share) from which the Share (including a Deferred Share) of a smaller amount is derived; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 cancel Shares (including a Deferred Share) that, at the date of the passing of the resolution, have not
been taken or agreed to be taken by any Person or have been forfeited, and reduce its authorised Share capital by the amount of the Shares
(including Deferred Shares) so cancelled.

9.2 Subject to the Act and Regulation 10, the Company may, by special resolution, reduce its Share capital,
any capital redemption reserve fund, or any Share premium account.

10. **RESTRICTIONS ON THE COMPANY'S ACTIVITIES** 

10.1 At all times, the Company shall comply with the Governance Policies in all material respects.

10.2 For so long as ZCCM-IH holds more than five per cent of the Ordinary Shares then in issue, the Company
shall not (and each of VRHL and ZCCM-IH undertakes that it will do such acts and things, within its power, as may from time to time be
required to ensure that the Company shall not), and the Company undertakes, subject to Clause 8 of the Shareholder's Agreement,
that it will do such acts and things, within its power, as may from time to time be required to ensure that none of the other members
of the KCM Group shall, without the prior approval of the Majority Shareholder and ZCCM-IH in accordance with Regulation 10.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 consolidate, merge or amalgamate with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 acquire any subsidiary or otherwise acquire (whether by a single transaction or a series of related transactions)
any shares, securities or other interests in any company or business where in each case, the cost of such acquisition exceeds fifty million
US dollars (US$50,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 make any loan or advance or extend credit (including the giving of guarantees) where the aggregate outstanding
amount of such loan or credit (or liability in respect of such guarantee), otherwise than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the normal course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans made to employees under a collective bargaining agreement or in connection with an approved share
option scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) extensions of credit to suppliers or purchasers to finance such supplies or purchases in the ordinary
course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) loans, advances or extensions of credit to wholly owned subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) guarantees entered into on behalf of wholly owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4 secure or grant any Encumbrance over all or any of the undertaking, property or assets of the KCM Group
save for (i) Encumbrances arising by operation of law or (ii) Encumbrances arising in the ordinary course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5 suspend or curtail production or metal treatment (or agree to do so or make any proposal to do so), unless
such suspension or curtailment (or agreement or proposal to do so) is as a result of any Production Force Majeure Event, is as a result
of it not being commercially feasible to operate, or is otherwise in the ordinary course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.6 undertake any matters pertaining to the Company which in terms of the Act requires the approval of at
least 75% of the voting rights exercised on the relevant resolution by the Company's shareholders at a shareholders meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.7 undertake any disposal of any of the Company's assets having a value (whether by a single transaction
or a series of related transactions) in excess of fifty million US dollars (US$50,000,000) or by way of or pursuant to an Encumbrance
(other than any Encumbrance which did not require the consent of the Majority Shareholder and ZCCM-IH under Regulation 10.2.4 or any Encumbrance
granted in accordance with Regulation 10.2.4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.8 undertake any expansion of any material capital project which is not linked to the KCM mine plan where
such expansion would, in aggregate, have a value greater than one hundred and twenty-five million US dollars (US$125,000,000) (whether
through a single transaction or a series of related transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.9 discontinue or suspend any material business activities of the KCM Group (excluding those referred to
in Regulation 10.2.10), unless the discontinuation or suspension is as a result of it not being commercially feasible to operate. For
purposes of this Regulation 10.2.9, a business activity shall be considered to be material if its discontinuation and/or suspension, as
applicable, would cause a reduction of one hundred and fifty million US dollars (US$150,000,000) or more in the Annual Revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.10 permanently discontinue, or suspend for a period of 90 (ninety) days or longer, the following business
activities of the KCM Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) KDMP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nchanga Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TLP Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Smelter Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nkana Refinery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nampundwe Operation,

unless the discontinuation or suspension is as a result of it not being commercially feasible to operate any such mentioned business activity. Where the Company discontinues or suspends any of the abovementioned business activities for a period of more than sixty (60) days, but less than ninety (90) days, the Board will provide each Shareholder with written notification of such discontinuation or suspension, but no such discontinuation or suspension shall require the prior approval of the Majority Shareholder and ZCCM-IH. It is recorded and agreed that in the case of ZCCM-IH, such written notification will be required to be provided to the ZCCM-IH Approved Contact Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.11 undertake any action to deregister the Company or enter into any compromise between the Company and all
of its creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.12 enter into or terminate any Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.13 institute any legal proceedings and/or enter into any settlement of any claim by the Company, which is
outside the ordinary course of the Business or in respect of which the possible liability of the Company or the claim of the Company,
as the case may be, is in excess of fifty million US dollars (US$50,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.14 conclude and/or implement any trading or other non-financing related agreement, arrangement or transaction
(excluding, for the avoidance of doubt, the Shareholders' Agreement and the Transaction Documents, the arrangements and transactions
contemplated thereby, and any borrowing or financing from any Shareholder or any Affiliate of a Shareholder which is regulated for by
Clause 16 in the Shareholders' Agreement) between (on the one hand) the Company and (on the other hand): (i) any Shareholder (other
than ZCCM-IH), a holder of the Deferred Shares and/or Vedanta Director; (ii) any Affiliate of a Shareholder (other than an Affiliate of
ZCCM-IH) or any Affiliate of a holder of the Deferred Shares; (iii) any officer or director of any of the aforegoing entities or any spouse,
ascendant or descendant of any such officer or director (in each case, only where the Board or the CEO or CFO of the Company knows that
such Person is such an officer, director, spouse, ascendant or descendant, as applicable); or (iv) any created entity in which any of
the aforegoing has a financial interest (in each case, only where the Board or the CEO or CFO of the Company knows that such Person has
such a financial interest), other than transactions entered into pursuant to the Framework Commercial Agreements which transactions are
regulated for in Clause 12 of the Shareholders' Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.15 increase, or reduce the number of issued and/or authorised Shares and/or Special Shares of the Company,
including as part of the issue of Shares, the Special Share and/or any buy back of Shares and/or the Special Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.16 change the terms of any Share and/or Special Share in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.17 borrow any money from any third party, enter into any surety arrangement or guarantee in favour of any
third party or incur any third-party debt where the aggregate outstanding amount of such borrowing or debt, or the aggregate potential
liability under such surety or guarantee, will exceed one hundred million US dollars US$100,000,000) (whether by a single transaction
or a series of related transactions) other than, for the avoidance of doubt (i) with respect to a refinancing or Transfer of all or any
part of the New Vedanta Shareholder Loans which are regulated for by Regulation 10.2.20 and Clauses 11.2.20 and 14 of the Shareholders'
Agreement or (ii) any borrowing or financing from any Shareholder or any Affiliate of a Shareholder which is regulated for by Clause 16
of the Shareholders' Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.18 amend materially any Minimum Qualifications Specification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.19 amend these Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.20 refinance the New Vedanta Shareholder Loans, provided, for the avoidance of doubt, that neither a Transfer
of all or a portion of any of the New Vedanta Shareholder Loans to another Person, nor any advance or payment of any portion of any of
the New Vedanta Shareholder Loans by any Person (including after a Transfer of any or all of the New Vedanta Shareholder Loans to such
Person) to the KCM Group, shall constitute a refinancing of the New Vedanta Shareholder Loans and therefore the prior approval of the
Majority Shareholder and ZCCM-IH shall not be required for any such Transfer, advance or payment (on the basis that any such Transfer
is regulated by Clause 14 of the Shareholders' Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.21 apply for the listing of any shares or other securities of the Company on any stock exchange or for permission
for dealings in any shares or other securities of the Company in any securities market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.22 grant any share options or create any employee share scheme (with the inclusion of any profit-sharing
arrangements) in each case that are linked to the Shares, or approve or materially amend any such incentive scheme operated by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.23 appoint and dismiss the auditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.24 waive or terminate any Vedanta Shareholder Commitment Agreement, the Corporate Guarantee or the Existing
Shareholder Amendment Agreements, or amend any of the terms of such documents where such amendment is not for the benefit of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.25 the implementation of any of the above matters by any other member of the KCM Group (as if references
to the Company were to such other member of the KCM Group).

10.3 A Shareholder may give its approval under Regulation 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 by a vote in favour of a separate and specific shareholders' resolution on that matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 provided that such matter does not require (as a matter of law) a shareholders' resolution, and
that it has at least one appointed Director on the Board, by a vote in favour of a separate and specific directors' resolution on
that matter by all or a majority of the directors appointed by that Shareholder to the Board (excluding the vote of any Independent Director
appointed by that Shareholder).

10.4 If a proposal is made in respect of any matter contemplated by Regulation 10.2 but is not approved in
accordance with that Regulation, then that proposal shall not proceed.

10.5 Notwithstanding anything to the contrary contained in these Regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1 nothing in Regulation 10.2 shall apply to, or in any way prevent or restrict, any action taken by the
KCM Group which is specifically required under the Shareholders' Agreement or the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 in respect of an action referred to in Regulation 10.2.14 (other than those actions required to be taken
in the context of any of the Framework Commercial Agreements which shall be regulated for in Clause 12 of the Shareholders' Agreement),
each Shareholder undertakes not to unreasonably withhold or delay its consent, provided that it will not (in such circumstances only)
be an unreasonable delay not to provide a response within thirty (30) days of receipt of a request for consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.3 in respect of an action referred to in Regulation 10.2.20 **("Refinancing Request"),** each
Shareholder undertakes not to unreasonably withhold or delay its consent. ZCCM-IH shall be deemed to have consented to the Refinancing
Request if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Refinancing Request is sent, in accordance with the provisions of Clause 27.4 of the Shareholders'
Agreement, to the ZCCM-IH Approved Contact Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZCCM-IH has not notified the Company of its refusal to the Refinancing Request within a period of thirty
(30) days following transmission by the Company or the other Shareholder of the Refinancing Request **("Refinancing Consent Period"),** it being agreed that if ZCCM-IH raises, in good faith, any reasonable queries relating to the Refinancing Request then the Company
and the other Shareholder must within a period of five (5) days following receipt of such query(ies) from ZCCM-IH, engage in good faith
to resolve such query(ies) to the reasonable satisfaction of ZCCM-IH (acting reasonably) and the Refinancing Consent Period shall be extended
by such number of days exceeding such five (5) day period that it takes to respond to the said query(ies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.4 in respect of any other action referred to in Regulation 10.2 (other than: (i) the actions referred to
in Regulation 10.2.14 which are regulated in Regulation 10.5.2, and (ii) the actions referred to in Regulation 10.2.20 which are regulated
in Regulation 10.5.3), each Shareholder undertakes not to unreasonably withhold or delay its consent to the extent that its consent is
required for such action in terms of Regulation 10.2. ZCCM- IH shall be deemed to have consented to any such action if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the request for consent is sent, in accordance with the provisions of Clause 27.4 of the Shareholders'
Agreement, to the ZCCM-IH Approved Contact Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZCCM-IH has not notified the Company of its refusal to the request within a period of (i) thirty (30)
days with respect to any action referred to in Regulations 10.2.7, 10.2.10 and 10.2.11 or (ii) twenty-one (21) days with respect to the
remainder of the provisions under Regulation 10.2, following transmission by the Company or the other Shareholder of the request **("Consent Period").** It is agreed that if ZCCM-IH raises, in good faith, any reasonable queries relating to the request then the Company
and the other Shareholder must within a period of five (5) days following receipt of such query(ies) from ZCCM-IH, engage in good faith
to resolve such query(ies) to the reasonable satisfaction of ZCCM-IH (acting reasonably) and the Consent Period shall be extended by such
number of days exceeding such five (5) day period that it takes to respond to such query(ies), other than in relation to an action referred
to in Regulation 10.2.7, where such Consent Period shall be extended by a minimum of thirty (30) days unless such extension would materially
adversely impact any KCM Group member.

11. **GENERAL MEETINGS** 

11.1 A Director (including the GRZ Director) may, whenever such Director thinks fit, convene a general meeting.

11.2 Any one (1) Shareholder (which expression shall exclude a holder of a Deferred Share) may convene a general
meeting in the same manner, or as nearly as possible, as that in which such meetings may be convened by a Director.

11.3 A general meeting shall be held in Zambia or via a conference telephone or other electronic communications
equipment by means of which all persons participating in the meeting can hear each other or as otherwise unanimously agreed by the all
the members entitled to vote at a meeting, unless all the members entitled to vote at that meeting agree in writing to a meeting at a
place outside Zambia.

11.4 A notice of a general meeting shall be given twenty-one (21) days before the proposed date of the general
meeting and shall specify the place, the day and the hour of meeting and, except as provided by sub-Regulation 11.5, shall state the general
nature of the business to be transacted at the meeting.

11.5 It shall not be necessary for a notice of an annual general meeting to state that the business to be transacted
at the meeting includes the declaring of a dividend, the consideration of annual accounts and the reports of the Directors and auditors,
the election of Directors in the place of those retiring or the appointment and fixing of the remuneration of the auditors.

12. **PROCEEDINGS AT GENERAL MEETINGS** 

12.1 No business shall be transacted at any general meeting unless a quorum of members is present at the time
when the meeting proceeds to business. The quorum necessary for the transaction of business shall be a ZCCM-IH member and two (2) or more
members (including the Special Shareholder) holding a majority of the Shares then in issue.

12.2 For the purpose of determining whether a quorum is present, a Person attending as a proxy, or as representing
a body corporate or association that is a member, shall be deemed to be a member.

12.3 If a quorum is not present at the start of a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.1 the meeting shall stand adjourned for two (2) hours and, when reconvened, the quorum necessary for the
transaction of business shall be no fewer than two (2) members holding a majority of the Shares then in issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.2 if a quorum is not present at the start of a meeting reconvened pursuant to sub Regulation 12.3.1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the meeting was convened upon the requisition of members, the meeting shall be dissolved; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, the meeting shall stand adjourned to the same place and time two (2) weeks after the
date originally appointed for the meeting and if a quorum is not present at the adjourned meeting within two (2) hours after the time
appointed for the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any member holding more than twenty per cent. (20%) of the issued Ordinary Shares shall constitute a quorum;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the meeting shall be dissolved, if no members are present,

 

*provided that,* if a meeting is reconvened pursuant to sub-Regulation 12.3.2 above, notice of at least five (5) Business Days shall be given and, if a meeting is reconvened pursuant to sub-Regulations 12.3.1 or 12.3.2 above, no amendments shall be permitted to the agenda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.3 If the Directors have elected one (1) of their number as chairperson of their meetings, he shall preside
as Chairperson at every general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.4 Where a general meeting is held and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a chairperson has not been elected as provided by sub-Regulation 12.3.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Chairperson is not present within fifteen (15) minutes after the time appointed for the holding of
the meeting or is unwilling to act,

the members present shall elect one (1) of their number to be chairperson of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.5 The Chairperson may with the consent of any meeting at which a quorum is present, and shall if so directed
by the meeting, adjourn the meeting from time to time and from place to place, provided that no business shall be transacted at any adjourned
meeting other than the business left unfinished at the meeting from which the adjournment took place and provided further that no amendments
to the agenda will be permitted during such adjourned period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.6 When a meeting is adjourned for thirty (30) days or more, notice of the adjourned meeting shall be given
as in the case of an original meeting.

12.4 At any general meeting a resolution put to the vote of the meeting shall be decided on a poll unless all
the members present at the relevant meeting agree to decide such resolution by a show of hands.

12.5 In the case of an equality of votes, whether on a poll or a show of hands, the Chairperson of the meeting
at which the poll or show of hands takes place shall not have a casting vote in addition to the Chairperson's deliberative vote
(if any).

12.6 Subject to any rights or restrictions for the time being attached to any Share at meetings of members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.1 each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) registered member (other than the Special Shareholder and (save in the case of a separate meeting of holders
of the Deferred Shares), the holders of the Deferred Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Person on whom the ownership of a Share of such a registered member has devolved by the operation of Section
190 of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) proxy or attorney of a Person referred to in paragraph (a), if the Person is not present at the meeting,

shall be entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.2 on a poll, every Person present who is entitled to vote shall have votes in accordance with Sections 67
and 70 of the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.3 on a show of hands, each Person present who is entitled to vote shall have one vote.

12.7 In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy
or by attorney, shall be accepted to the exclusion of the votes of the other joint holders and, for this purpose, seniority shall be determined
by the order in which the names stand in the register of members.

12.8 If a member is of unsound mind or is a Person whose person or estate is liable to be dealt with in any
way under the law relating to mental health, his committee or trustee or such other Person as properly has the management of his estate
may exercise any rights of the member in relation to a general meeting as if the committee, trustee or other Person were the member.

12.9 A member shall not be entitled to vote at a general meeting unless all calls and other sums presently
payable by him in respect of Shares in the Company have been paid.

12.10 An objection may be raised to the qualification of a voter only at the meeting or adjourned meeting at
which the vote objected to is given or tendered. Any such objection shall be referred to the Chairperson of the meeting, whose decision
shall be final. A vote not disallowed pursuant to such an objection shall be valid for all purposes.

12.11 An instrument appointing a proxy shall be in writing under the hand of the appointer or of his attorney
duly authorised in writing or, if the appointer is a body corporate, either under seal or under the hand of an officer or attorney duly
authorised.

12.12 An instrument appointing a proxy may specify the manner in which the proxy is to vote in respect of a
particular resolution and, where an instrument of proxy so provides the proxy shall not be entitled to vote in the resolution except as
specified in the instrument.

12.13 An instrument appointing a proxy shall be deemed to confer authority to agree to decide a resolution by
a show of hands.

12.14 A proxy need not be a member of the Company.

12.15 An instrument appointing a proxy shall be in the following form or in as similar a form as the circumstances
allow:

____________________________________

(name of Company)

---

| |
|:---|
| I/we |
| of |

---

being a member/members of the above named Company, hereby appoint

of

or, in his absence,  

of

as

my/our proxy to vote for me/us on my/our behalf at the annual/extraordinary general meeting of the Company to be held on the [•] day of 20[•] and at any adjournment of that meeting:

---

| | |
|:---|:---|
| \*in favour of/ |  |
| against | resolution No |
| \*in favour of/ |  |
| against | resolution No |
| \*in favour of/ |  |
| against | resolution No |

---

Unless otherwise instructed, the proxy will vote as he thinks fit.

Signed   <br>Date  

\* Strike out whichever is not desired.

12.16 An instrument appointing a proxy shall not be treated as valid unless the instrument, and the power of
attorney or other authority (if any) under which the instrument is signed or a notarially certified copy of that power or authority,
is or are deposited, not less than forty-eight (48) hours before the time for holding the meeting or adjourned meeting at which the Person
named in the instrument proposes to vote, or, in the case of a poll, not less than twenty-four (24) hours before the time appointed for
the taking of the poll, at the registered office of the Company or at such other place in Zambia as is specified for that purpose in the
notice convening the meeting.

12.17 A vote given in accordance with the terms of an instrument of proxy or of a power of attorney shall be
valid notwithstanding the previous death or unsoundness of mind of the principal, the revocation of the instrument (or of the authority
under which the instrument was executed) or of the power, or the transfer of the Share in respect of which the instrument or power is
given, unless notice in writing of the death, unsoundness of mind, revocation or transfer has been received by the Company at the registered
office before the commencement of the meeting or adjourned meeting at which the instrument is used or the power is exercised.

13. **DIRECTORS** 

13.1 The Board shall comprise of no more than eleven (11) Directors (including the GRZ Director and the Independent
Directors) or such other number of Directors as may be permitted by these Regulations from time to time (of which one (1) Director at
any one time must be the GRZ Director) and which may, subject to Regulation 10.1, exercise all such powers of the Company that are required
by the Act, these Regulations and/or the Shareholders' Agreement to be exercised by the Company in general meetings.

13.2 All Directors shall be appointed by an ordinary resolution passed at a general meeting of the Shareholders,
provided that in respect of the appointment of the Independent Directors, their appointment shall be implemented in accordance with Regulation
13.4. 13.3 Subject to Regulations 13.7 and 13.8, in relation to the up to ten (10) Directors other than the GRZ Director,
each Shareholder shall be entitled (but not obliged), in each case by written notice to the Company, to nominate for appointment one (1)
Director to the Board for each complete ten per cent (10%) of the issued Ordinary Shares held by that Shareholder, provided that at least
one (1) such nominee of each Shareholder must be an Independent Director whose appointment shall be implemented in accordance with Regulation
13.4. Subject, in the case of the Independent Directors, to such Independent Directors first being approved by the Board in accordance
with Regulation 13.4, each Shareholder agrees to vote in favour of the adoption of an ordinary resolution approving the appointment of
all such person(s) nominated for appointment as Director. A Shareholder which appoints a Director to the Board in accordance with this
Regulation 13.3 may, in each case by written notice to the Company, remove and replace such Director at any time and from time to time,
and the procedure and voting requirements set out in this Regulation 13.3 shall apply *mutatis mutandis* to any such removal or replacement.

13.4 Independent Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1 As part of the Director(s) nominated for appointment by a Shareholder in accordance with Regulation 13.3,
at least one of those Directors so nominated by each Shareholder must at all times be an Independent Director. The Shareholders shall
ensure that at least one of the Independent Directors has mining industry experience and expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2 Prior in each case to the appointment of the Independent Directors (other than in respect of the appointment
of the initial Independent Directors which appointment shall be made in accordance with Step 2 under clause 4.2.11 of the Implementation
Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Shareholder shall (acting reasonably and subject to the provisions of Regulations 13.7 and 13.8)
provide to the existing Board the name of its proposed Independent Director(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Board shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consider, and if considered appropriate, approve the appointment of each such Independent Director, provided
that the Board shall be required to approve each Person nominated for appointment by each relevant Shareholder if: (A) such nominated
Person meets the criteria of what constitutes an Independent Director and (B) after such nominated Person is appointed as an Independent
Director, at least one of the Independent Directors has mining industry experience and expertise. If the Board does not approve a Person
nominated for appointment by the relevant Shareholder, then the Board shall notify the relevant Shareholder and the relevant Shareholder
shall be entitled to nominate any other Person as its Independent Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Independent Director is approved by the Board, proceed with the process of proposing the appointment
of such Independent Director by an ordinary resolution of the Shareholders, as soon as reasonably practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.3 An Independent Director may only be removed (other than in respect of a removal for Cause (as defined
in Regulation 14.4)) and replaced by the Shareholder who proposed such Independent Director for appointment and shall be replaced using
the same mechanics described above in this Regulation 13.4.

13.5 The Special Shareholder shall, by written notice to the Company, have the right to appoint, remove or
replace the GRZ Director.

13.6 Should any Shareholder's entitlement to nominate for appointment one or more Directors in terms
of Regulation 13.3 cease or reduce in accordance with Regulation 13.3, such Shareholder shall forthwith at its own expense procure the
removal of such number of its appointees to the Board (and any persons appointed as alternate directors to those appointees) as is necessary
to ensure that the correct number of appointees remain on the Board in terms of Regulation 13.3, and agrees to indemnify the Company accordingly.

13.7 GRZ and ZCCM-IH shall, on the exercise of their Director appointment right in terms of Regulations 13.3,
13.4 and 13.5 (as applicable), ensure that at least fifty-one per cent (51%) of Director appointees that they are entitled to, collectively,
are at all times a resident in Zambia for purposes of Section 91 of the Act (and any other statutory requirements for directors to be
Zambian residents).

13.8 VRHL will ensure that at least fifty-one per cent (51%) of the director appointees that they are entitled
to in terms of Regulations 13.3 and 13.4, collectively, are at all times a resident in Zambia for the purposes of Section 91 of the Act
(and any other statutory requirements for directors to be Zambian residents).

13.9 The GRZ Director (or his alternate) may not hold any executive office or the office of Chairperson.

13.10 Each such Director so appointed can be removed from office by the holder(s) who have nominated him for
appointment in the manner set out in Regulation 13.11.

13.11 Any nomination for appointment or removal of a Director shall be made by notice in writing served on the
Company and signed by the person having a right to nominate a Director for appointment. In the case of a corporation the notice may be
signed on its behalf by a director or the secretary of the corporation or by its duly appointed attorney or duly authorised representative.

13.12 The Directors shall not be subject to retirement by rotation.

13.13 Subject to the Act and Regulations 13.7 and 13.8, a Director shall not be required to be a citizen or
resident of any particular country or to hold any Shares by way of qualification. A Director who is not a member of the Company shall
nevertheless be entitled to attend and speak at meetings. A Director may be called upon, and shall forthwith comply in writing, to disclose
any information required to be disclosed by these Regulations.

13.14 The Company shall repay to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14.1 any Independent Director, all such reasonable travel expenses as he/she may incur in attending and returning
from meetings of the Directors or of any committee of the Directors in general meetings or otherwise in or about the business of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14.2 other than in respect of the Independent Directors (whose travel expenses are regulated for in Regulation
13.14.1), any Director all such reasonable local travel expenses as he/she may incur in attending and returning from meetings of the Directors
or of any committee of the Directors or general meetings or otherwise in or about the business of the Company. For the avoidance of doubt,
the Company shall not repay any Director (other than in respect of the Independent Directors (whose travel expense are regulated for in
Regulation 13.14.1)) any international travel expenses.

13.15 The Directors shall have power to pay and agree to pay pensions or other retirement, superannuation, death
or disability benefits to (or to any Person in respect of) any Director or ex-Director who may hold or have held any executive office
or any office or place of profit under the Company or any of its subsidiaries and for the purposes of providing such pensions or other
benefits to contribute to any scheme or fund or to pay instruments.

Unless otherwise decided by the Company by ordinary resolution, the Company shall pay to the directors (but not alternate directors) for their services as Directors such amount of aggregate fees as the Board decides. The aggregate fees shall be divided among the Directors equally, save where the Board unanimously agrees otherwise. A fee payable to a Director pursuant to this Regulation is distinct from any salary, remuneration or other amount payable to him pursuant to other provisions of these Regulations or otherwise and accrues from day to day.

14. **RETIREMENT OF DIRECTORS** 

14.1 A Director may be removed as a director of the Company by way of an ordinary resolution passed by the
Shareholders at any time if such Director commits any action or inaction constituting Cause (as defined in Regulation 14.4).

14.2 Subject to Regulation 13.4.3, a Director removed in accordance with Regulation 14.1 shall only be capable
of being replaced by a Director nominated by the relevant Shareholder whose nominated Director has been removed.

14.3 Any Director removed from the Board shall simultaneously also be removed from any Board committee and
shall, upon request by the Company, return to the Company all correspondence, documents, paper, memoranda, notes and/or records relating
to the KCM Group in their possession.

14.4 For purposes of these Regulations **"Cause"** shall mean in relation to a Director that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.1 if the relevant Director commits, or is reasonably believed by the Board to have committed or will commit,
any act of fraud, dishonesty (including theft, attempted theft, or the acceptance or offering of bribes), money laundering or any other
illicit activities under Zambian law or any other Applicable Laws (whether in relation to the Company or otherwise); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.2 if the relevant Director becomes prohibited and/or disqualified by any Applicable Laws (including the
Act) from being, or acting as, a director of the Company.

---

| | |
|:---|:---|
| 15 | **ALTERNATE DIRECTORS** |

---

15.1 In accordance with the Act, any Director (including the GRZ Director) may at any time by writing under
his hand and deposited at the registered office of the Company, or delivered at a meeting of the Directors, appoint any Person who is
not a Director to be his alternate Director and may in like manner at any time terminate such appointment. Such appointment, unless previously
approved by the Directors, shall have effect only upon and subject to being so approved.

15.2 The appointment of an alternate Director shall terminate on the happening of any event specified in Section
97(10) of the Act.

15.3 An alternate Director shall be entitled to receive notices of meetings of the Directors and shall be entitled
to attend and vote as a Director at any such meeting at which the Director for whom he is appointed an alternate would have been entitled
to vote but is not personally present and generally at such meeting to perform all the functions of a Director and for the purposes of
the proceedings at such meeting the provisions of these Regulations shall apply as if he (instead of the Director for whom he is appointed
an alternate) were a Director. If the Director for whom he is appointed an alternate is temporarily unable to act through ill-health or
disability, his signature to any resolution in writing of the Directors shall be as effective as the signature of the Director for whom
he is appointed an alternate. To such extent as the Directors may from time determine in relation to any committee of the Directors the
foregoing provisions of this paragraph shall also apply *mutatis mutandis* to any meeting of any such committee of which the Director
for whom he is appointed an alternate is a member.

15.4 An alternate Director shall be entitled to contract and be interested in and benefit from contracts or
arrangements or transactions and to be repaid expenses and to be indemnified to the same extent *mutatis mutandis* as if he were
a Director but he shall not be entitled to receive from the Company in respect of his appointment as alternate Director any remuneration
except only such part (if any) of the remuneration otherwise payable to the Director for whom he is appointed an alternate as such Director
may by notice in writing to the Company from time to time direct.

16. **BORROWING POWERS** 

Subject to Regulation 10.2, the Directors may exercise the powers of the Company to borrow money, to charge any property or business of the Company or all, or any of its uncalled capital and to issue debentures or give any other security for a debt, liability or obligation of the Company or of any other Person.

17. **DELEGATION OF DIRECTORS' POWERS** 

17.1 Subject to Regulation 17.2, the Board shall be entitled to delegate their powers to a committee or committees
having such powers and duties as may be delegated to them by the Board **("Committees").** 

17.2 **Initial Committees of the Board:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 <u>Organization and Function</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the overriding decision-making authority of the Board, the Board shall form four (4) standing
advisory sub-committees (each, a **"Standing Committee")** of the Board, being the audit and risk committee, the finance
committee, the technical committee and the corporate social investment committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Standing Committee shall be composed of at least four (4) individuals, provided that (i) at least
one (1) shall be appointed by the Board from the Independent Directors of the Company, (ii) at least two (2) shall be appointed by the
Board from any Directors of the Company nominated for appointment by VRHL, and (iii) at least one (1) shall be appointed by the Board
from any Directors of the Company nominated for appointment by ZCCM-IH. Each such individual appointed to each Standing Committee shall
be referred to as a **"Standing Committee Representative".** Any Standing Committee Representatives appointed by the Board
who were nominated for appointment to the Board of the Company by VRHL shall be referred to as the **"VRHL Committee Representatives"** and any Standing Committee Representatives appointed by the Board who were nominated for appointment to the Board of the Company by
ZCCM-IH shall be referred to as the **"ZCCM-IH Committee Representatives".** Each of the Standing Committee Representatives
may be represented by an alternate designated by such Standing Committee Representative at any meeting of the applicable Standing Committee.
Any alternate so acting shall be deemed to be a Standing Committee Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The role of each Standing Committee shall be advisory to the Board on all matters related to Operations,
including financial, technical and exploration and corporate social investment matters (as applicable). No Standing Committee will have
any authority over the conduct of Operations. The recommendations and advice of each Standing Committee are subject in all instances to
the determinations of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Standing Committee Representatives shall not receive any compensation from the KCM Group for service
on any Standing Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall, on an annual basis, elect the chairperson of each Standing Committee (each referred to
as the **"Standing Committee Chairperson")** from amongst the members of the applicable Standing Committee who are Independent
Directors. The Standing Committee Chairperson must be present at the annual general meeting of the Company and shall respond to questions
on the applicable Standing Committee's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 <u>Meetings of the Standing Committees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Standing Committee shall hold regular meetings at least once each Financial Quarter Period and otherwise
on five (5) Business Days' notice delivered to the Standing Committee Representatives of the applicable Standing Committee by the
company secretary of the Company, and such meetings may be held via telephone or by video conference so long as all participants are able
to hear and speak to each other. For each Standing Committee, the quorum shall be made up of a minimum of four (4) Standing Committee
Representatives which must include at least two (2) VRHL Committee Representatives, one (1) ZCCM-IH Committee Representative, and the
Independent Director appointed to such relevant Standing Committee. Subject to Regulation 17.2.2(c), under no circumstances will the Standing
Committee be entitled to transact any business whatsoever if a quorum is not present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any meeting of the Standing Committee, the Standing Committee Chairperson is not present within
thirty (30) minutes after the time appointed for holding it or is unwilling to act, the Standing Committee Representatives present shall
elect one of the Standing Committee Representatives present to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If within thirty (30) minutes from the time appointed for a Standing Committee meeting a quorum is not
present, the meeting shall stand adjourned to a date which shall not be earlier than two (2) Business Days and not later than seven (7)
Business Days after the date of the meeting at the same time and place (or such other place as the Standing Committee Representatives
present may appoint), and all the Standing Committee Representatives shall be notified in writing of the date, time and place of the adjourned
meeting. When reconvened, if at such adjourned meeting a quorum is not present within thirty (30) minutes from the time appointed for
the adjourned meeting, the Standing Committee Representatives then present shall constitute a quorum, provided that no changes to the
agenda will be permitted on reconvening a meeting pursuant to this Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.3 <u>Voting at Standing Committees</u> 

Recommendations provided to the Board by any Standing Committee shall only be made by the affirmative vote of the majority of its members present at the relevant meeting and voting on the relevant resolution(s). Each member shall have one (1) vote on any matter. Voting may also be taken by way of a written resolution. A written resolution shall have been adopted if supported by a majority of the members of the applicable Standing Committee (and if adopted it shall have the same effect as if it had been approved by voting at a meeting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.4 <u>Standing Committee Minutes</u> 

The company secretary of the Company shall take written minutes of all meetings of the Standing Committees and circulate them to the applicable Standing Committee Representatives as soon as reasonably possible for correctness. The applicable Standing Committee Chairperson shall sign the minutes (once corrected, if applicable) as a correct reflection of the proceedings at the meetings.

18. **PROCEEDINGS OF DIRECTORS** 

18.1 Subject to the provisions of these Regulations and the Shareholders' Agreement, the Directors may
regulate their proceedings as they think fit. A Director may, and the Secretary at the request of a Director shall, call a meeting of
the Directors. The GRZ Director may circulate or add items to any agenda of a meeting of the Directors subject to Regulation 18.5.

18.2 Without prejudice to Regulation 10, decisions of the Board shall only be made by the affirmative vote
of a majority of the Directors present at the relevant meeting and voting on the relevant resolution(s) (excluding the GRZ Director).
Each Vedanta Director and each ZCCM-IH Director shall have one (1) vote on any issue. The GRZ Director shall have no right to vote on
any issue.

18.3 In the case of an equality of votes, the Chairperson (as defined in Regulation 18.12) shall not have a
second or casting vote.

18.4 Without prejudice to the foregoing, all or any of the Directors or members of any committee of the Directors
may validly participate in a meeting of the Directors through the medium of conference telephone or similar form of communication equipment
provided that all the Directors participating in the meeting are able to hear and speak to each other throughout the meeting. A Director
so participating shall be deemed to be present in person at the meeting and shall accordingly be counted in a quorum and be entitled to
vote (save for the GRZ Director). All business transacted in such a manner by the Directors shall for the purposes of these Regulations
be deemed to be validly and effectively transacted at a meeting of the Directors notwithstanding that fewer than two (2) Directors are
physically present in the same place provided that decisions taken thereat are confirmed by fax or receipted e-mail within fortyeight
(48) hours of such a meeting. Such a meeting shall be deemed to take place where the largest group of those participating is assembled,
or, if there is no such group, where the Chairperson of the meeting then is.

18.5 Subject to Clause 8 of the Shareholders' Agreement, the quorum necessary for the transaction of
business of the Board shall be at least five (5) Directors consisting of at least three (3) Directors appointed by VRHL, at least one
(1) Director appointed by ZCCM-IH and the GRZ Director. A Person who holds office only as an alternate Director shall, if his appointer
is not present, be counted in the quorum. If within thirty (30) minutes from the time appointed for a Board meeting a quorum is not present,
the meeting shall stand adjourned to a date which shall not be earlier than two (2) Business Days and not later than seven (7) Business
Days after the date of the meeting at the same time and place (or such other place as the Directors present may appoint), and all the
Directors shall be notified in writing of the date, time and place of the adjourned meeting. When reconvened, if at such adjourned meeting
a quorum is not present within thirty (30) minutes from the time appointed for the adjourned meeting, the Directors then present shall
constitute a quorum, provided that, if a meeting is so reconvened, no changes to the agenda will be permitted on reconvening a meeting
pursuant to this Regulation 18.5. Under no circumstances will the Board be entitled to transact any business whatsoever if a quorum is
not present, other than to convene a general meeting of the Company.

18.6 All Board meetings shall take place either at the registered office of the Company or via a conference
telephone or other electronic communications equipment by means of which all persons participating in the meeting can hear each other
or as otherwise unanimously agreed by the Board.

18.7 In the event of a vacancy or vacancies in the office of a Director or offices of Directors, the remaining
Directors may act but, if the number of remaining Directors is not sufficient to constitute a quorum at a meeting of Directors, they may
act only for the purpose of increasing the number of Directors (if permitted to do so) to a number sufficient to constitute such a quorum
or of convening a general meeting of the Company.

18.8 A Director shall be counted in the quorum present at a meeting in relation to a resolution on which he
is not entitled to vote.

18.9 Where proposals are under consideration concerning the appointment of two (2) or more Directors to offices
or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered in
relation to each Director separately and (provided he is not for another reason precluded from voting) each of the Directors concerned
shall be entitled to vote and be counted in the quorum in respect of each resolution except that concerning his own appointment.

18.10 If a question arises at a meeting of Directors or of a committee of Directors as to the right of a Director
to vote, the question may, before the conclusion of the meeting, be referred to the chairperson of the meeting and his ruling in relation
to any Director other than himself shall be final and conclusive.

18.11 Subject to the Shareholders' Agreement, the provisions of Section 110(1)(b) of the Act (providing
that a Director who is materially interested in a contract or arrangement to be considered at a meeting of the Company or of the Directors
should not be counted in the quorum or vote on the matter) may be suspended or relaxed, whether generally or in respect of a particular
transaction, by a resolution of the Company.

18.12 VRHL shall have the right to appoint the chairperson of the Board and may at any time remove him from
that office. Unless he is unwilling to do so, the Director so appointed shall preside at every meeting of Directors at which he is present.
But if there is no Director holding that office, or if the Director holding it is unwilling to preside or is not present within thirty
(30) minutes after the time appointed for the meeting, the Directors present may appoint one of their number to be chairperson of the
meeting.

18.13 A resolution in writing signed by all the Directors entitled to receive notice of a meeting of Directors
or of a committee of Directors shall be as valid and effectual as if it had been passed at a meeting of Directors or (as the case may
be) a committee of Directors duly convened and held and may consist of several documents in the like form each signed by one or more Directors;
but a resolution signed by an alternate Director need not also be signed by his appointor and, if it is signed by a Director who has appointed
an alternate Director, it need not be signed by the alternate Director in that capacity.

18.14 Meetings of the Directors shall be held at least once every three (3) months of each Financial Year.

18.15 Unless all the Directors (whether or not present at the meeting) agree otherwise in writing, not less
than fourteen (14) Business Days prior written notice of each and any meeting of the Directors (or such shorter period as all the Directors
agree otherwise in writing) shall be given to the Directors accompanied by a written agenda, specifying the business of such meeting (unless
all the Directors, whether present at the meeting or not, agree otherwise in writing). No business shall be transacted at any meeting
of the Directors except for that business specified in the agenda for such meeting (unless all Directors, whether or not present at the
meeting, agree otherwise in writing).

18.16 A request for agenda items shall be made to each Director no less than seven (7) Business Days or such
other period as all the Directors may agree in writing before the notice convening the meeting is sent to each Director and any item requested
to be placed on the agenda by any Director shall be so placed.

18.17 The Secretary shall take written minutes of all meetings of the Board and circulate them to the Board
as soon as reasonably possible for correctness and the Chairperson shall sign the minutes (once corrected, if applicable) as a correct
reflection of the proceedings at the meetings.

19. **CHIEF EXECUTIVE OFFICER** 

Subject to the Shareholders' Agreement, the Board may, upon such terms and conditions and with such restrictions as they think fit, appoint or remove a Person as CEO who shall (subject to Regulation 17.1) have such responsibility as the Directors shall determine. The CEO may not also hold office as Chairman unless all of the Directors determine otherwise. If not a Director, the CEO shall be entitled to receive notice of, attend and be heard at. meetings of the Directors but shall not be entitled to vote. Subject to the direction of the Directors from time to time, the CEO shall be authorised to appoint a COO, a CFO and other senior management of the Company.

20. **SECRETARY** 

A secretary of the Company shall hold office on such terms and conditions, as to remuneration and otherwise, as the Directors determine.

21. **SEAL** 

21.1 The Directors shall provide for the safe custody of the Seal.

21.2 The Seal shall be used only by the authority of the Directors, or of a committee of the Directors authorised
by the Directors to authorise the use of the Seal, and every document to which the Seal is affixed shall be signed by a Director and be
countersigned by another Director, a secretary or another Person appointed by the Directors to countersign that document or a class of
documents in which that document is included.

22. **INFORMATION, RIGHT OF AUDIT AND INSPECTION INFORMATION** 

22.1 The Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.1 at all times, keep true, accurate and up to date books and records of all the affairs of the KCM Group
using accounting policies agreed, from time to time, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.2 supply, to each Director, such information relating to the KCM Group as such Director may, from time to
time, request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.3 upon reasonable notice and at all times subject to Clause 18 of the Shareholders' Agreement, provide
any Shareholder requesting the same in writing with such information relating to the KCM Group's financial and business affairs
as such Shareholder may reasonably request; provided that the Shareholder making such request holds not less than five per cent (5%) of
the Ordinary Shares in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.4 where it has not provided any such information as has been reasonably requested by a Shareholder pursuant
to Regulation 22.1.3 within fourteen (14) days (or such longer period as may be reasonably necessary in the circumstances not exceeding
ninety (90) days of such request), during normal working hours and upon reasonable notice, grant, to a reasonable number of the duly authorised
representatives of any Shareholder and at the cost of such Shareholder reasonable access (including copying facilities where applicable)
to inspect or audit the books, records, accounts, documents and premises of the KCM Group; provided that all costs of an inspection or
audit shall be for the account of the Shareholder initiating the audit or inspection unless in the course of the inspection or audit any
material matters are uncovered which require remedial action by the Board or any member of the KCM Group in which circumstances the inspecting
or auditing Shareholder shall be entitled to full reimbursement by the Company for its reasonable costs incurred in the course of the
inspection or audit in the event that the remedial action results in a financial benefit for the KCM Group in an amount not less than
five million US dollars (US$5,000,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.5 (without prejudice to the generality of the foregoing) keep the Directors fully and promptly informed
as to all material developments regarding the Company's and/or its subsidiaries' financial and business affairs and promptly notify the
Directors of any significant litigation, criminal proceedings or arbitration (whether threatened or commenced) affecting or likely to
affect the Company.

22.2 Without prejudice to Regulation 22.1, the Company, at its own cost, shall use its reasonable endeavours
to prepare and send (in the case of Regulations 22.2.1 to 22.2.3) or give notice (in the case of Regulations 22.2.6 and 22.2.7) to the
Directors, the Shareholders and GRZ:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.1 not later than three (3) Months following the end of each Financial Year, for each member of the KCM Group,
details of the production and inventory, operating costs and capital costs for that year with comparisons to budget and a quantitative
report on any material operational developments during such Financial Year including any technical problems or interruptions in operations.
To the extent that aforementioned details and/or the quantitative report is not available within the aforementioned (3) Month period,
then such details and/or the quantitative report (as the case may be) shall be sent as soon as reasonable possible once it is available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.2 not later than three (3) Months following the end of each Financial Year, a report on environmental, social
and labour matters with comparisons to the Environmental Management Plan and Social Management Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.3 promptly following the approval by the Directors, the audited consolidated and nonconsolidated accounts
of the KCM Group for the preceding Financial Year certified by the Auditors as representing a true and fair view (or such other view as
the Auditors are able to express) of the Company's and its subsidiaries' financial position. Any Persons who may be entitled to review
the audited accounts of any member of the KCM Group shall be permitted to discuss the same with the Auditors and shall also be entitled
to discuss with the Auditors (and request copies of) the Auditors' working papers to the extent that there is nothing under any Applicable
Law that restricts the Auditors from doing so. The Company undertakes in favour of each Shareholder and GRZ that when it (and will procure
that when any other member of the KCM Group) mandates the Auditors, it will use reasonable endeavours to ensure that there are no contractual
restrictions which would prevent any Persons who may be entitled to review the audited accounts from discussing same with the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.4 no later than thirty (30) days after the end of each Financial Quarter Period, the unaudited financial
statements for each member of the KCM Group, including a consolidated balance sheet, statement of income and cash-balance state for such
period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.5 no later than fifteen (15) days prior to the commencement of each Financial Year, the preliminary annual
operating budget for that particular Financial Year, forecasting the consolidated revenues, expenses and cash position on a Month-to-Month
basis for that Financial Year in respect of each member of the KCM Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.6 promptly upon becoming aware of the same, notice of any material event of default or repayment event relating
to it under any document evidencing indebtedness of any member of the KCM Group (or of any event which, with the giving of notice, lapse
of time or both or upon satisfaction of applicable condition(s) would be such a material event) and of any action taken or proposed to
be taken by it in connection therewith. For purposes of this Regulation 22.2.6, an event of default or repayment event shall be deemed
to be material if the indebtedness is in excess of thirty-five million US dollars (US$3 5,000,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2.7 promptly upon becoming aware of the same, details of any litigation or administrative or arbitration proceeding
(whether commenced, pending or threatened) before any competent authorities (including any material disputes with GRZ or any instrumentality
or political sub-division thereof) which has or is reasonably likely to have a Material Adverse Effect or materially adversely affects
the Company's or its subsidiaries' ability (as the case may be) to perform its obligations under the Act, the Large Scale Mining Licences
or these Regulations or to repay or service any indebtedness incurred by it when due.

22.3 Subject to the Act and this Regulation 22, the Directors shall determine whether and to what extent, and
at what time and places and under what conditions, the accounting records and other documents of the Company or any of them will be open
to inspection by members (other than Directors), and a member (other than a Director) shall not have the right to inspect any document
of the Company except as provided by law or authorised by the Directors or by a resolution of the Company.

23. **DIVIDENDS AND RESERVES** 

23.1 This Regulation 23 shall be subject to Clause 16.7 of the Shareholders' Agreement.

23.2 The Company by resolution may declare a dividend if, and only if, the Directors have recommended a dividend
to the Shareholders at a general meeting, and provided that the Directors are satisfied that the Company shall immediately after the distribution
of dividends, satisfy the solvency test contemplated in Section 3 of the Act.

23.3 A dividend shall not exceed the amount recommended by the Directors.

23.4 The Directors may authorise the payment by the Company to the members of such interim dividends as appear
to the Directors to be justified by the profits of the Company.

23.5 Interest shall not be payable by the Company in respect of any dividend.

23.6 A dividend shall not be paid except out of profits or retained earnings of the Company.

23.7 The Directors may, before recommending any dividend, set aside out of the profits of the Company such
sums as they think proper as reserves, to be applied at the discretion of the Directors, for any purpose for which the profits of the
Company may be properly applied. Pending any such application, the reserves may, at the discretion of the Directors, be used in the business
of the Company or be invested in such investments as the Directors think fit. The Directors may carry forward so much of the profits remaining
as they consider ought not to be distributed as dividends without transferring those profits to a reserve.

23.8 Subject to the rights of Persons (if any) entitled to Shares with special rights as to dividends, all
dividends shall be declared and paid according to the amounts paid or credited as paid on the Shares in respect of which the dividends
are paid. All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the Shares during any
portion or portions of the period in respect of which the dividend is paid, but, if any Share is issued on terms providing that it will
rank for dividend as from a particular date, that Share shall rank for dividend accordingly. An amount paid or credited as paid on a Share
in advance of a call shall not be taken for the purposes of this Regulation to be paid or credited as paid on the Share.

23.9 The Directors may deduct from any dividend payable to a member all sums of money (if any) presently payable
by him to the Company on account of calls or otherwise in relation to Shares.

23.10 If the Company declares a dividend it may, with the sanction of a resolution passed at a general meeting
direct the Directors to pay the dividend wholly or partly by the distribution of specific assets, including paid up shares in, or debentures
of, any other corporation, provided that no distinction shall be made between the Shareholders in this regard unless all Shareholders
agree in writing. Where a difficulty arises in relation to such a distribution, the Directors may settle the matter as they consider expedient
and in particular may issue fractional certificates and fix the value for distribution of the specific assets or any part of those assets,
and may determine that cash payments will be made to any members on the basis of the value so fixed in order to adjust the rights of all
Parties, and may vest any such specific assets in trustees as the Directors consider expedient, provided that no distinction shall be
made between the Shareholders in this regard unless all Shareholders agree in writing.

23.11 Any dividend, interest or other money payable in cash in respect of Shares shall be paid to or at the direction of the registered
holder or (in the case of joint holders) the holder first named in the register of members, by way of electronic funds transfer into a
bank account nominated and notified to the Company (or any employee, representative or agent of the Company as the Company may direct)
by that registered holder.

23.12 Any one of two or more joint holders may give effective receipts for any dividends, interests or other money payable in respect of the Shares held by them
 as joint holders.

![](ctm005_ex3-5img01.jpg)

24. **CAPITALISATION OF PROFITS** 

24.1 Subject to Regulation 24.2, the Company may resolve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.1 to capitalise any sum, being the whole or a part of the amount for the time being standing to the credit
of any reserve account or the profit and loss account or otherwise available for distribution to members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1.2 to apply the sum, in any of the ways mentioned in Regulation 24.3, for the benefit of members in the proportions
to which those members would have been entitled in a distribution of that sum by way of dividend.

24.2 The Company shall not pass a resolution under Regulation 24.1 unless it has been recommended by the Directors.

24.3 The ways in which a sum may be applied for the benefit of members under Regulation 24.1 shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.1 in paying up any amounts unpaid on Shares held by members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.2 in paying up in full unissued Shares or debentures to be issued to members as fully paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3.3 partly under sub-Regulation 24.3.1 and partly under sub-Regulation 24.3.2.

24.4 Subject to Regulation 24.2, the Directors shall do all things necessary to give effect to a resolution
made pursuant to Regulation 24.1 and, in particular, to the extent necessary to adjust the rights of the members among themselves, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4.1 issue fractional certificates or make cash payments in cases where Shares or debentures become issuable
in fractions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4.2 authorise any Person to make, on behalf of all the members entitled to any further Shares or debentures
upon the capitalisation, an agreement with the Company providing for the issue to them, credited as fully paid up, of any such further
Shares or debentures or for the paying up by the company on their behalf of the amounts or any part of the amounts remaining unpaid on
their existing Shares by the application of their respective proportions of the sum resolved to be capitalised, and any agreement made
under an authority referred to in Regulation 24.4.2 shall be effective and binding on all the members concerned.

25. **WINDING-UP** 

25.1 On a winding-up or other return of capital (other than a reduction in share capital or purchase by the
Company of any of its issued shares), the assets of the Company available to shareholders shall be applied (subject to the issue by the
Company of any other shares which may by their terms rank in priority to the Ordinary Shares or the Special Share in a winding- up or
other return of capital), in payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.1 firstly, to the holder of the Special Share of a sum equal to the amount paid up or credited as paid up
in respect of the nominal value of the Special Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.2 secondly, *pari passu inter se* to the holders of the Ordinary Shares of a sum equal to the amount
paid up or credited as paid up in respect of the nominal value of such Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.3 thirdly, *pari passu inter se* to the holders of the Ordinary Shares of a sum equal to the premium
paid to the Company on issue of such Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.4 fourthly, *pari passu inter se* to the holders of the Deferred Shares of a sum equal to the amount
paid up or credited as paid up in respect of the nominal value of such Deferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.5 fifthly, *pari passu inter se* to the holders of the Deferred Shares of a sum equal to the premium
paid to the Company on issue of such Deferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.6 sixthly, the balance, if any, *pari passu inter se* to the holders of the Ordinary Shares.

25.2 Without prejudice to any security over the Shares, if the Company is wound up, the liquidator may, with
the sanction of a special resolution, divide among the members in kind the whole or any part of the property of the Company and may for
that purpose set such value as he considers fair upon any property to be so divided and may determine how the division is to be carried
out as between the members or different classes of members.

25.3 Without prejudice to any security over the Shares, the liquidator may, with the sanction of a special
resolution, vest the whole or any part of any such property in trustees upon such trusts for the benefit of the contributories, as the
liquidator thinks fit, but so that no member is compelled to accept any Shares or other securities in respect of which there is any liability.

26. **INDEMNITY** 

Every officer, auditor or agent of the Company shall be indemnified out of the property of the Company against any liability incurred by him in his capacity as officer, auditor or agent in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted or in connection with any application in relation to any such proceedings in which relief is under the Act granted to him by the court.

---

| | |
|:---|:---|
| 27 | **SUPREMACY OF SHAREHOLDERS' AGREEMENT** |

---

In the event of any inconsistency or conflict between the provisions of the Shareholders' Agreement and these Regulations, the terms and conditions outlined in the Shareholders' Agreement shall take precedence and prevail, to the extent allowed by the Applicable Laws and regulations in Zambia.

![](ctm005_ex3-5img01.jpg)

## Exhibit 4.1

**Exhibit 4.1**

**Execution Version**

**WHITE & CASE**

**Dated ____________ 2023**

**Community Support Loan Agreement**

between

**Konkola Copper Mines plc**

as Borrower

**and**

**Vedanta Resources Holdings Limited**

as Lender

**White & Case SA**

**Katherine Towers, 1 st Floor**

**1 Park Lane, Wierda Valley**

**Sandton, Johannesburg, 2196**

**Republic of South Africa**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Definitions and interpretation | 1 |
| 2. | The Facility | 4 |
| 3. | Purpose | 4 |
| 4. | Signing Deliverables | 4 |
| 5. | Condition Precedent | 5 |
| 6. | Utilisation | 5 |
| 7. | Repayment | 6 |
| 8. | Interest | 6 |
| 9. | Withholding Tax | 7 |
| 10. | Warranties | 7 |
| 11. | Events of Default | 8 |
| 12. | Changes to the Parties | 9 |
| 13. | Notices | 9 |
| 14. | Partial Invalidity | 10 |
| 15. | Confidential information | 10 |
| 16. | Counterparts | 11 |
| 17. | Amendments and Waivers | 11 |
| 18. | Entire Agreement | 11 |
| 19. | No Implied Terms | 11 |
| 20. | Governing Law | 11 |
| 21. | Arbitration | 11 |

---

(i) **This Agreement** is made on _____________ 2023

**Between:**

**(1)** **Konkola Copper Mines PLC,** a company incorporated in Zambia (company registration number 119990043628), whose registered office is at
 Stand M/1408 Fern Avenue, Chingola, Zambia and which is in provisional liquidation, as borrower, (the **"Borrower");** and

**(2)** **Vedanta Resources Holdings Limited,** a company incorporated in England and Wales (registered number: 4761147), whose registered address
 is at 13<sup>th</sup> Floor, One Angel Court, London, EC2R 7HJ, England, as lender, (the **"Lender").** 

**WHEREAS:**

(A) the
 Parties will, contemporaneously herewith, enter into an implementation agreement with, *inter alios,* the Government of the
 Republic of Zambia **("GRZ")** and ZCCM Investments Holdings PLC **("ZCCM")** (the **"Implementation Agreement")** in terms of which, the parties thereto have agreed to effect and implement certain transactions which include
 the advance by the Lender of the Commitment in respect of the Community Support Commitment, the Once- Off Employee Bonus Amount,
 the Creditor Settlement Support Commitment and the Capital Expenditures Support Commitment; and

(B) the
 Parties wish to enter into this Agreement to set out the terms under which the Commitment in respect of the Community Support Commitment
 and the Once-Off Employee Bonus Amount will be advanced by the Lender to the Borrower.

**It is agreed as follows:**

**1.** **Definitions and Interpretation** 

**1.1** **Definitions** 

In this Agreement:

**"Agreement"** means this community support loan agreement and all annexures attached hereto.

**"Applicable Law"** means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation
 (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances, by-laws, decrees), subordinate
 legislation and common law;

(b) principles,
 rules, guidance, policy statements, directions, codes or conditions issued by GRZ, which in each case are binding or having the force
 of law; and

(c) judgments,
 resolutions, decisions, orders, notices or demands of any competent Government Authority, which in each case are binding or having
 the force of law,

and in each case to the extent that they apply to the person or circumstance in question in any jurisdiction.

**"Business Day"** means a day on which commercial banks are open for business in Mumbai, London, and Lusaka and (in relation to the fixing of an interest rate) a day which is a US Government Securities Business Day.

**"Commitment"** means the Community Support Commitment or the Once-Off Employee Bonus Amount.

**"Community Support Commitment"** means an amount equal to USD 20,000,000 (twenty million United States Dollars).

**"Community Support Facility"** means the community support facility made available under this Agreement as described in Clause 2(a) *(The Facilities).*

**"Community Support Loan"** means a loan made or to be made under the Community Support Facility or the principal amount outstanding for the time being of that loan.

**"Escrow Agreement"** means the escrow agreement entered into or to be entered into between, amongst others, the Borrower, the Lender and the Escrow Agent in December 2023.

**"Event** of **Default"** means any event or circumstance specified as such in Clause 11 *(Events of Default).*

**"Extended Long Stop Date"** has the meaning set forth in Clause 5.2 *(Condition Precedent).*

**"Facility"** means each of the Community Support Facility and the Once-Off Employee Bonus Facility and collectively, the **"Facilities".**

**"Government Authority"** means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function.

**"Interest Period"** shall mean with respect to any Loan a period of three Months commencing on and from the Utilisation Date.

**"Loan"** means a Community Support Loan or a Once-Off Employee Bonus Loan.

**"Margin"** means seven *per cent* (7.00%) per annum.

**"Once-Off Employee Bonus Amount"** means an amount to be determined in accordance with clause 1.2.70 of the Implementation Agreement.

**"Once-Off Employee Bonus Facility"** means the once-off employee bonus facility made available under this Agreement as described in Clause 2(b) *(The Facilities).*

**"Once-Off Employee Bonus Loan"** means a loan made or to be made under the Once-Off Employee Bonus Facility or the principal amount outstanding for the time being of that loan.

**"Outstandings"** means, at any time, the aggregate of all amounts of loan principal and accrued interest outstanding in respect of the Facilities.

**"Party"** means a party to this Agreement and collectively, the **"Parties".**

**"Quotation Day"** means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

**"Reference** Rate" means, in relation to a Loan, the applicable SOFR as at the Specified Time for such Interest Period and for a period equal in length to the Interest Period of such Loan and, if that rate is less than zero, then the Reference Rate shall be deemed to be zero.

**"Shareholders Agreement"** means the agreement titled *"2023 Shareholders Agreement relating to Konkola Copper Mines Plc"* concluded on or about 6 November 2023 between GRZ, ZCCM, Vedanta Resources Holdings Limited, the Lender and the Borrower (each as defined therein).

**"SOFR"** means, for any day, the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or any other person that takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person that takes over the publication of that rate).

**"Specified Time"** means 11:00 a.m., Lusaka time, on the Quotation Day.

**"Tax Authority"** means any Government Authority that is legally competent to impose and collect Tax in Zambia on behalf of GRZ including any applicable governmental authority, government department, statutory body, municipality, Town Council, Local Council, or any local, provincial or agency, body or official anywhere in Zambia.

**"Taxes"** means any form of income tax, withholding tax, value added tax, property transfer tax, mineral royalty, professional tax, custom duty, excise duty, other advance tax, other tax, other duty, tariff, levy, charge, fee, contribution, basis for assessing taxes (including the rates of, or periods for, depreciation of assets for tax assessment purposes) other withholding or impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority.

**"US Government Securities Business Day"** means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Saturday or a Sunday; and

(b) a
 day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed
 income departments of its members be closed for the entire day for the purposes of trading in US Government securities.

**"Utilisation"** means the utilisation of a Facility.

**"Utilisation Date"** means the date of a Utilisation, being the date upon which the relevant Loan is advanced to the Borrower as contemplated by the Escrow Agreement and/or the Implementation Agreement.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the **"Lender",** the **"Borrower"** or any **"Party"** shall be construed so as to include its successors in title,
 permitted assigns and permitted transferees to, or of, its rights and/or obligations under this Agreement;

(ii) "assets" includes
 present and future properties, revenues and rights of every description;

(iii) any **"rights"** in respect of an asset include all amounts and proceeds paid or payable, all rights to make any demand or claim, and all powers,
 remedies, causes of action, security, guarantees and indemnities, in each case, in respect of or derived from that asset;

(iv) **"include", "includes"** and **"including"** will be construed without limitation;

(v) a **"person"** includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint
 venture, consortium, partnership or other entity (whether or not having separate legal personality);

(vi) a **"regulation"** includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
 intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a provision of law is a reference
 to that provision as amended or re-enacted from time to time; and

(viii) a time of day is a reference to Lusaka time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause and Schedule headings
 are for ease of reference only.

(c) In this Agreement unless the context dictates otherwise,
 capitalised words which are used in this Agreement but not defined herein shall have the meaning given thereto in the Implementation
 Agreement.

**1.3** **Currency Symbols and Definitions** 

**"USD"** and **"United States Dollars"** denote the lawful currency of the United States of America.

**1.4** **Third Party Rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

**2.** **The Facility** 

Subject to the terms of this Agreement, the Implementation Agreement and the Shareholders Agreement, the Lender makes available to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a USD community support loan facility
 in an amount equal to the Community Support Commitment; and

(b) a USD employee bonus facility in an amount equal to
 the Once-Off Employee Bonus Amount.

**3.** **Purpose** 

**3.1** The Borrower shall apply the amounts borrowed by it
 under this Agreement in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Community Support Facility to
 support the Corporate and Social Responsibility Program; and

(b) the Once-Off Employee Bonus Facility to be paid to
 each person who is an employee of the KCM Group as at the Board Reinstatement Date, in accordance with the terms of the Implementation
 Agreement.

**3.2** The Lender is not bound to monitor
 or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **Signing Deliverables** 

**4.1** By entering into this Agreement,
 each Party confirms to the other Party, that the requirements as set out in Clauses 4.2 and 4.3 have been satisfied in form and substance
 acceptable to it on the date of this Agreement.

**4.2** The Borrower shall provide
 to the Lender a copy of the resolution of the board of directors of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the
 transactions contemplated by this Agreement and resolving that it execute this Agreement;

(b) authorising a specified person or persons to execute
 this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or
 persons on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under this Agreement.

**4.3** The Lender
 shall provide to the Borrower a copy of the resolution of the board of directors of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the
 transactions contemplated by this Agreement and resolving that it execute this Agreement;

(b) authorising a specified person or persons to execute
 this Agreement; and

(c) authorising a specified person or persons on its behalf,
 to sign and/or despatch all documents and notices to be signed and/or despatched by it under this Agreement.

**4.4** The conditions
 specified in this Clause 4 are inserted for the benefit of both Parties. Either Party may waive them, in whole or in part and with
 or without conditions, without prejudicing the Lender's right to require subsequent fulfilment of such conditions.

**5.** **Condition Precedent** 

**5.1** Save for Clause 1 *(Definitions and Interpretation),* Clause 4 *(Signing Deliverables),* this Clause 5 and Clauses 13 *(Notices)* to 21 *(Arbitration)* (inclusive) all of which will become effective immediately, this Agreement is subject to the fulfilment of the condition precedent
 (the **"Condition Precedent")** that on or before the Board Reinstatement Long Stop Date, Step 4 of the Implementation
 Agreement shall have been implemented (as set forth in clause 4.4 of the Implementation Agreement) and on such date, no Event of
 Default as set out in Clause 11.4 *(Expropriation)* has occurred and is continuing.

**5.2** If the Condition Precedent
 has not been satisfied to the Lender's satisfaction on or before the expiry of the Board Reinstatement Long Stop Date or such
 later date as agreed to in writing between the Parties (such date, the **"Extended Long Stop Date"),** then on or
 after thirty (30) days from the expiry of the Board Reinstatement Long Stop Date or the Extended Long Stop Date (as applicable),
 this Agreement may be cancelled and terminated at the election of either Party by written notice to the other, and in such event,
 no Party shall have any obligation or liability in relation to this Agreement whatsoever.

**5.3** It is agreed that in the
 event that the Implementation Agreement is terminated prior to the Utilisation of a Facility, this Agreement shall automatically
 terminate without any further action required from either Party.

**6.** **Utilisation** 

**6.1** A Facility in respect of
 an amount equal to the Community Support Commitment will be made available to the Borrower in full by the Escrow Agent releasing
 the funds to the Borrower, in accordance with the terms of the Escrow Agreement and the Implementation Agreement.

**6.2** A Facility in respect of
 an amount equal to the Once-Off Employee Bonus will be made available to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Escrow Agent releasing funds
 to the Borrower equal to USD 750,000 (seven hundred and fifty thousand United States Dollars), in accordance with the terms of the
 Escrow Agreement and the Implementation Agreement; and

(b) by the Lender paying to the Borrower funds equal to
 the balance of the Once-Off Employee Bonus Amount *less* the funds released by the Escrow Agent in accordance with Clause 6.2(a)
 above, in accordance with clause 4.5.2 of the Implementation Agreement.

**6.3** Each advance
 of funds, as contemplated in this Clause 6, shall be deemed to constitute a Utilisation of a Facility.

**7.** **Repayment** 

**7.1** The Borrower shall only
 repay the Outstandings in amounts and on the basis determined in accordance with clause 11.2 and/or clause 16.7 of the Shareholders
 Agreement.

**7.2** Subject at all times to
 the provisions of clause 11.2 and/or clause 16.7 of the Shareholders Agreement, and for the avoidance of doubt subject to the priority
 of payments contemplated by the Cashflow Waterfall (as defined in the Shareholders Agreement) as set out at clause 16.7.2 of the
 Shareholders Agreement, the Borrower shall repay all Outstandings in full on the date falling five (5) years from the date of this
 Agreement (the **"Final Maturity Date"),** *provided that* if there are insufficient funds available in accordance
 with the Cashflow Waterfall to repay all Outstandings in full as at the Final Maturity Date, the Final Maturity Date shall be automatically
 extended on each anniversary of the Final Maturity Date for one year until such time as the Borrower has repaid all Outstandings
 in full in accordance with the Cashflow Waterfall.

**8.** **Interest** 

**8.1** The Borrower shall pay
 accrued interest on each Loan in accordance with Clause 7 *(Repayment).* The rate of interest on the unpaid principal amount
 of the relevant Loan, together with accrued but unpaid interest, for the period from and including the Utilisation Date to but excluding
 the date of such Loan, together with accrued but unpaid interest, is repaid in full, shall be at a rate *per annum* for each
 Interest Period relating thereto equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reference Rate; *plus* 

(ii) the Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender's Cost of Funding.

**8.2** From the date
 falling 36 months after the relevant Utilisation Date, the interest rate calculated in accordance with Clause 8.1(a) above shall
 be reduced by zero point five *per cent.* (0.5%) *per annum,* such reduction to incrementally increase by zero point five *per cent.* (0.5%) *per annum* on each subsequent anniversary of the relevant Utilisation Date thereafter, until such time
 that the interest rate is equal to the lower of: (i) seven per cent. (7.0%); and (ii) the Lender's Cost of Funding at such
 point in time.

---

| | |
|:---|:---|
| **Period** | **Interest Rate** |
| Utilisation Date to the date falling 36 months after the<br> Utilisation Date | Sum of (i) the Reference Rale *plus* (ii) the Margin |
| 36 months to 48 months from the Utilisation Date | Sum of (i) the Reference Rale *plus* (ii) the Margin; *minus 0.5%* |
| 48 months to 60 months from the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.0% |
| 60 months to 72 months from the Utilisation Date *(and so on)* | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.5% *(and so on)* |

---

---

| | |
|:---|:---|
| **8.3** | The Lender shall annually share with ZCCM a calculation (subject to any confidentiality provisions, together with reasonable supporting evidence and documents) of its cost of funding in relation to financing its participation in each Loan and for such purposes its cost of funding shall be that which expresses as a percentage rate per annum, as the cost to the Lender of funding its participation in such Loan from where the Lender has or could have reasonably borrowed funds, or if not available, from whatever source it may reasonably specify, for a period equal in length to the relevant Interest Period (the **"Lender's Cost of Funding"),** |
| **8.4** | For the avoidance of doubt, accrued but unpaid interest shall not capitalise and/or be compounded and no premium, penalty or fee, shall apply in respect of any payment of principal or interest or other amount under this Agreement. |
| **9.** | **Withholding Tax** |
| **9.1** | The Borrower shall make all payments to be made by it without any deduction or withholding for or on account of any Taxes (a **"Tax Deduction")** *unless* a Tax Deduction is required by Applicable Law. If a Tax Deduction is required by Applicable Law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which after making any Tax Deduction, leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. |
| **10.** | **Warranties** |
|  | The Borrower makes the warranties set out in this Clause 10 to the Lender on the date of this Agreement. |
| **10.1** | **Status** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a limited liability corporation,
 duly incorporated and validly existing under its jurisdiction of incorporation.

(b) It has the power to own its assets and carry on its
 business as it is being conducted.

**10.2** **Binding Obligations** 

The obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations.

**10.3** **Power and Authority** 

It has the power to lawfully enter into, perform and deliver, and has taken all necessary action to authorise its performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

**10.4** **Authorisations** 

Solely in the event of a change of Applicable Law in Zambia that requires the Borrower to obtain further authorisations to enable it to enter into, exercise its rights and comply with its obligations in this Agreement and to make it admissible in Zambia, any such authorisations are in full force and effect.

**11.** **Events of Default** 

Each of the events or circumstances set out in this Clause 11 for so long as such event or circumstance is continuing (save for Clause 11.5 *(Acceleration))* is an Event of Default.

**11.1** **Non-Payment** 

The Borrower fails to pay any sum due under this Agreement when due and such failure was caused directly by either GRZ or ZCCM breaching any of the provisions of the Shareholders Agreement or the Implementation Agreement.

**11.2** **Insolvency** 

At any time after the completion of Step 5 of the Implementation Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower
 (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making payments on any of its debts; or (iii)
 by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding the
 Lender in its capacity as such) with a view to rescheduling any of its indebtedness.

(b) The value of the assets
 of the Borrower is less than its liabilities (taking into account contingent and prospective liabilities).

(c) A moratorium is declared in respect of any indebtedness
 of the Borrower.

**11.3** **Insolvency Proceedings** 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the suspension
 of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement,
 scheme of arrangement or otherwise) of the Borrower, save with the prior written consent of the Lender;

(b) a composition, compromise,
 assignment or arrangement with any creditor of the Borrower;

(c) the appointment of a liquidator,
 receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Borrower; or

(d) enforcement of any encumbrance
 over any assets of the Borrower, save with the prior written consent of the Lender,

or any analogous procedure or step is taken in any jurisdiction.

This Clause 11.3 shall not apply to any winding-up petition that is frivolous or vexatious and is discharged, stayed or dismissed within ten (10) days of commencement.

**11.4** **Expropriation** 

The authority or ability of the Borrower to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any of its assets.

**11.5** **Acceleration** 

On and at any time after the occurrence of an Event of Default that is continuing and following the expiration of any applicable grace period, the Lender may by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel all
 or any part of the Loans whereupon all or any such part of the Loans shall immediately be cancelled;

(b) declare that all or part
 of the Loans, together with accrued interest, and all other amounts accrued or outstanding under this Agreement be immediately due
 and payable, whereupon they shall become immediately due and payable;

(c) exercise any or all of
 its rights, remedies, powers or discretions under this Agreement; and/or

(d) declare that all or part
 of the Loans be payable on demand, whereupon such amount(s) shall immediately become payable on demand by the Lender.

**12.** **Changes to the Parties** 

Except as expressly permitted by and subject to the Shareholders Agreement, no Party may assign any or all of its rights and/or obligations under this Agreement to another person without the prior written consent of the other Party.

**13.** **Notices** 

**13.1** **Communications in Writing** 

Any notice or other communication under or in connection with this Agreement shall be in writing or sent by first class post pre-paid recorded delivery (or air mail if overseas) or by facsimile, or by email, to the Party due to receive the notice or communication.

**13.2** **Addresses** 

The physical address, fax number and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Borrower:

---

| | |
|:---|:---|
| Address : | Private Bag KCM (C) 2000, Stand M/1408, Fern Avenue, Chingola, Zambia |
| Attention : | Company Secretary |
| Fax number : | +260 2 351357 |
| E-mail : | <u>Maxwell.Mainsa@kcm.co.zm</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Lender:

---

| | |
|:---|:---|
| Address : | 13<sup>th</sup> Floor, One Angel Court, London EC2R 7HJ, England |
| Attention : | Deepak Kumar |
| Fax number : | +44 20 7629 7426 |
| Email : | <u>dk@vedantaresources.com</u> |

---

With a copy to:

Bowman Gilfillan Inc.

---

| | |
|:---|:---|
| Address : | PO Box 785812, Sandton, 2146, Johannesburg, South Africa |
| Attention : | Charles Young and Jason Wilkinson |
| Email : | <u>charles.young@bowmanslaw.com</u> and |
|  | <u>jason.wilkinson@bowmanslaw.com</u> |
| and |  |
| Mulenga Mundashi |  |
| Address : | Plot 11058 Zimbabwe House, Haile Selassie Avenue, |
|  | Long Acres, Lusaka, Zambia |
| Attention : | Michael M. Mundashi S.C. |
| Email : | <u>mmundashi@mmp.co.zm</u> |

---

or any substitute address or department or officer as the Party may notify to the other Party by not less than 5 (five) Business Days' notice.

**13.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication
 or document made or delivered by one person to another under or in connection with this Agreement will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if delivered
 personally, when left at the address referred to in Clause 13.2 above;

(ii) if by way of email, on
 the Business Day immediately following the day on which the relevant email was sent;

(iii) if by way of facsimile, on completion of its transmission;
 or

(iv) if by way of air mail, 10 (ten) Business Days after
 being posted;

and, if a particular department or officer is specified as part of its address details provided under Clause 13.2 *(Addresses),* if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication
 or document which becomes effective, in accordance with paragraph (a) above, after 5:00 p.m. in the place of receipt shall be deemed
 only to become effective on the following day.

**14.** **Partial Invalidity** 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**15.** **Confidential Information** 

The Parties agree to maintain the provisions of this Agreement, all information delivered under this Agreement and the details of their negotiations leading up to the conclusion of this Agreement as confidential, provided that this Clause shall not apply to any information that is in the public domain, other than through a breach of the provisions of this Clause.

**16.** **Counterparts** 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

**17.** **Amendments and Waivers** 

No amendment or waiver of this Agreement shall be of any force or effect unless in writing and signed by or on behalf of the Borrower and the Lender.

**18.** **Entire Agreement** 

This Agreement and the Shareholders Agreement constitute the sole record of the agreement between the Parties in regard to the subject matter thereof.

**19.** **No Implied Terms** 

No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in this Agreement in regard to the subject matter thereof.

**20.** **Governing Law** 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

**21.** **Arbitration** 

**21.1** In respect of any dispute
 or claim arising out of or in connection with this Agreement or its subject matter or formation, including any question regarding
 the existence, scope, breach, termination or validity of this Agreement (a **"Dispute"),** the Parties hereby consent
 to submit any Dispute to be resolved by arbitration in accordance with the UNCITRAL Arbitration Rules (the "Rules") as
 in force and effect at that time, save as modified by the provisions of this Clause 21. The tribunal shall consist of a sole arbitrator
 (the **"Tribunal")** and the appointing authority shall be the Secretary General of the Permanent Court of Arbitration
 at the Hague. The place of arbitration shall be Johannesburg and the language of the arbitration shall be English.

**21.2** The Tribunal shall be instructed
 time is of the essence in proceeding with its determination on any Dispute, and unless otherwise agreed by the Parties, the decision
 of the Tribunal shall be rendered within thirty (30) days of the conclusion of the final hearing of the Dispute. The decision of
 the Tribunal shall be in writing and reasons for the decision shall be given.

**21.3** An award in proceedings
 under the Rules shall be final and binding on the parties and judgement thereon may be entered in any court having jurisdiction for
 the purpose of enforcing the award. The Parties undertake to keep strictly confidential the content of the Arbitral Proceedings and
 any arbitral award made in such proceedings.

**21.4** Where a Dispute has been
 referred for settlement by arbitration in accordance with the Rules, then the Parties shall not be entitled to exercise any rights
 or election arising in consequence of any alleged default by a Party arising out of the subject matter of the Dispute until the relevant
 part of the Dispute has been resolved by an award of the Tribunal.

**This Agreement has been entered into on the date stated at the beginning of this Agreement**

**Signatures**

**The Borrower**

**Konkola Copper Mines PLC**

---

| | |
|:---|:---|
| **Signed** at![](ctm005_ex4-1img01.jpg) on this the |  |
| 22<sup>nd</sup> day of DECEMBER 2023 |  |
|  | ![](ctm005_ex4-1img02.jpg) |
|  | Signatory |

---

**The Lender**

**Vedanta Resources Holdings Limited**

---

| | |
|:---|:---|
| **Signed** at ![](ctm005_ex4-1img03.jpg)on this the |  |
| 22<sup>nd</sup> day of DECEMBER 2023 |  |
|  | ![](ctm005_ex4-1img04.jpg) |
|  | Signatory |

---

## Exhibit 4.2

**Exhibit 4.2**

**WHITE & CASE**

Dated 28 Nov 2023

**Creditor Settlement Support Loan Agreement**

between

**Konkola Copper Mines plc**

as Borrower

and

**Vedanta Resources Holdings Limited**

as Lender

White & Case SA

Katherine Towers, 1st Floor

I Park Lane, Wierda Valley

Sandton, Johannesburg, 2196

Republic of South Africa

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Definitions and Interpretation | 1 |
| 2. | The Facility | 4 |
| 3. | Purpose | 4 |
| 4. | Signing Deliverables | 4 |
| 5. | Condition Precedent | 4 |
| 6. | Utilisation | 5 |
| 7. | Repayment | 5 |
| 8. | Interest | 5 |
| 9. | Withholding Tax | 6 |
| 10. | Warranties | 6 |
| 11. | Events of Default | 7 |
| 12. | Changes to the Parties | 8 |
| 13. | Notices | 8 |
| 14. | Partial Invalidity | 9 |
| 15. | Confidential Information | 10 |
| 17. | Amendments and Waivers | 10 |
| 18. | Entire Agreement | 10 |
| 19. | No Implied Terms | 10 |
| 20. | Governing Law | 10 |
| 21. | Arbitration | 10 |

---

(i) **This Agreement** is made on __________ 2023

**Between:**

**(1)** **Konkola Copper Mines PLC,** a company incorporated in Zambia (company registration number 119990043628), whose registered office is at
 Stand M/1408 Fern Avenue, Chingola, Zambia and which is in provisional liquidation, as borrower, (the "**Borrower** ");
 and

**(2)** **Vedanta Resources Holdings Limited,** a company incorporated in England and Wales (registered number: 4761147), whose registered address
 is at 13<sup>th</sup> Floor, One Angel Court, London, EC2R 7HJ, England, as lender, (the "**Lender** ").

**WHEREAS:**

(A) the Parties,
 will, contemporaneously herewith, enter into an implementation agreement with, *inter alios,* the Government of the Republic
 of Zambia (**"GRZ**") and ZCGM Investments Holdings PLC ()"**ZCCM**") (the "**Implementation Agreement**") in terms of which, the parties thereto have agreed to effect and implement certain transactions which include
 the advance by the Lender of the Commitment in respect of the Creditor Settlement Support Commitment, the Community Support Commitment,
 the Capital Expenditures Support Commitment and the Once-Off Employee Bonus Amount; and

(B) the Parties wish to enter
 into this Agreement to set out the terms under which the Commitment will be advanced by the Lender to the Borrower.

**It is agreed as follows:**

**1.** **Definitions and Interpretation** 

**1.1** **Definitions** 

In this Agreement:

"**Agreement**" means this creditor settlement support loan agreement and all annexures attached hereto.

"**Applicable Law**" means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation
 (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances, by-laws, decrees), subordinate
 legislation and common law;

(b) principles, rules, guidance,
 policy statements, directions, codes or conditions issued by GRZ, which in each case are binding or having the force of law; and

(c) judgments, resolutions,
 decisions, orders, notices or demands of any competent Government Authority, which in each case are binding or having the force of
 law,

and in each case to the extent that they apply to the person or circumstance in question in any jurisdiction.

"**Business Day**" means a day on which commercial banks are open for business in Mumbai, London, and Lusaka and (in relation to the fixing, of ah interest rate) a day which is a US Government Securities Business Day.

"**Commitment**" means an amount equal to US'D 250,000,000 (two hundred and fifty million United States Dollars).

"**Escrow Agreement**" means the escrow agreement entered into between, amongst others, the Borrower, the Lender and the Escrow Agent dated__________________________.

"**Event of Default**" means any event or circumstance specified as such in Clause 11 (*Events of Default*).

"**Extended Long Stop Date**" has the meaning set forth in Clause 5.2 (*Condition Precedent*).

"**Facility**" means the creditor settlement support facility described in Clause 2 (*The Facility*).

"**Government Authority**" means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function.

"**Interest Period**" shall mean with respect to any Loan a period of three Months commencing on and from the Utilisation Date.

"**Loan**" means the loan advanced in respect of the Facility.

"**Margin**" means seven *per cent.* (7.00%) per annum.

"**Outstandings**" means, at any time, the aggregate of all amounts of loan principal and accrued interest outstanding in respect of the Facility.

"**Party**" means a party to this Agreement and collectively, the "**Parties**"

"**Quotation Day**" means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

"**Reference Rate**" means, in relation to the Loan, the applicable SOFR as at (he Specified Time for such Interest Period and for a period equal in length to the Interest Period of the Loan and, if that rate is less than zero, then the Reference Rate shall be deemed to be zero.

"**Shareholders Agreement**" means the agreement titled *"2023 Shareholders Agreement relating to Konkola Copper Mines Plc"* concluded on or about the date of this Agreement between. GRZ, ZCCM, Vedanta Resources Holdings Limited, the Lender and the Borrower (each as defined therein).

"**SOFR**" means; for any day, the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or any other person that takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person that takes over the publication of that rate).

"**Specified Time**" means 11:00 a.m., Lusaka time, on the Quotation Day.

"**Tax Authority**" means any Government Authority that is legally competent to impose and collect Tax in Zambia on behalf of GRZ including any applicable governmental authority, government department, statutory body, municipality, Town Council, Local. Council, or any local, provincial or agency, body or official anywhere in Zambia.

"**Taxes**" means any form of income tax, withholding tax, value added tax, property transfer tax, mineral royalty, professional tax, custom duty, excise duty, other advance tax, other tax, other duty, tariff, levy, charge, lee,, contribution, basis for assessing taxes (including the rates, of, or periods for, depreciation of assets for tax assessment purposes) other withholding or impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a. Tax Authority.

"**US Government Securities Business Day**" means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday
 or a Sunday; and

(b) a day on which the Securities
 Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members
 be closed for the entire day for the purposes of trading in US Government securities.

"**Utilisation"** means the utilisation of the Facility.

"**Utilisation Date**" means the date upon which the Facility is advanced to the Borrower as contemplated by the Escrow Agreement.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary
 indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "**Lender** ",
 the "**Borrower**" or any "**Party**" shall be construed so as to include its successors in title,
 permitted assigns and permitted transferees to, or of, its rights and/or obligations under this Agreement;

(ii) "**assets** "
 includes present and future properties, revenues and rights of every description;

(iii) any "**rights** "
 in respect of an asset include all amounts and proceeds paid or payable, all rights to make any demand or claim, and all powers,
 remedies, causes of action, security, guarantees and indemnities, in each case, in respect of or derived from that asset:

(iv) "**include** ",
 "**includes**" and "**including**" will be construed without limitation:

(v) a "**person** "
 includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture,
 consortium, partnership or other entity (whether or hot having separate legal personality);

(vi) a "**regulation** "
 includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental,
 intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

(vii) a provision of law is a
 reference to that provision as amended or re-enacted from time to time; and

(viii) a time of day is a reference
 to Lusaka time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause
 and Schedule headings are for ease of reference only.

(c) In this Agreement unless
 the context dictates otherwise, capitalised words which are used in this Agreement but not defined herein shall have the meaning
 given thereto in the Implementation Agreement.

**1.3** **Currency Symbols and Definitions** 

"**USD**" and "**United States Dollars**" denote the lawful currency of the United States of America.

**1.4** **Third Party Rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

**2.** **The Facility** 

Subject to the terms of this Agreement, the Implementation Agreement and the Shareholders Agreement, the Lender makes available to the Borrower a USD creditor settlement support loan in an amount equal to the Commitment.

**3.** **Purpose** 

**3.1** The Borrower shall apply
 all amounts borrowed by it under this Agreement towards discharging the amounts payable pursuant to the Proposed (Creditor Scheme
 of Arrangement.

**3.2** The Lender is not bound
 to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **Signing Deliverables** 

**4.1** By entering into this.
 Agreement, each Party confirms to the other Party, that the requirements as set out in Clauses 4.2 and 4.3 have been satisfied in
 form and substance acceptable to it on the date of this Agreement.

**4.2** The Borrower shall provide
 to the Lender a copy of the resolution of the board of directors of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the
 terms of, and the transactions contemplated by this Agreement, and resolving that it execute this Agreement;

(b) authorising a specified
 person or persons to execute this Agreement; and

(c) authorising a specified
 person or persons on its behalf, to sign and/or despatch all. documents and notices to be signed and/or despatched by it under this
 Agreement

**4.3** The Lender
 shall provide to the Borrower a copy of the resolution of the board of directors of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the
 terms of, and the transactions contemplated by this Agreement and resolving that it execute this Agreement:

(b) authorising a specified
 person or persons to execute this Agreement; and

(c) authorising a specified
 person or persons on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under this
 Agreement.

**4.4** The conditions
 specified in this Clause 4 are inserted for the benefit of both Parties. Either Party may waive them, in whole or in part and with
 or without conditions, without prejudicing the Lender's right to require subsequent fulfilment of such conditions.

**5.** **Condition Precedent** 

**5.1** Save
 for Clause 1 (*Definitions and Interpretation*) *,* Clause 4 (*Signing Deliverables*), this Clause 5 and Clauses 13 *(Notices) to* 21 *(Arbitration)* (inclusive) all of which will become effective immediately, this Agreement is subject to the
 fulfilment of the condition precedent (the "**Condition Precedent**") that on or before the Board Reinstatement Long
 Stop Date, Step 4 of the Implementation Agreement shall have been implemented (as set forth in clause 4.4 of the Implementation
 Agreement) and on such date, no Event of Default as set out in Clause 11.4 (*Expropriation*) has occurred and is
 continuing.

**5.2** If
 the Condition Precedent has not been satisfied to the Lender's satisfaction on or before the expiry of the Board Reinstatement
 Long Stop Date or such later date as agreed to: in writing between the Parties (such date, the "**Extended Long Stop Date** "),
 then on or after thirty (30) days from the expiry of the. Board Reinstatement Long Stop Date or the Extended Long Stop. Date (as
 applicable), this Agreement may be cancelled and terminated at the election of either Party by written notice to the other, and
 in such event, no Party shall have any obligation or liability in relation to this Agreement whatsoever.

**5.3** It is agreed
 that in the event that the Implementation Agreement is terminated prior to the Utilisation of the Facility, this Agreement shall
 automatically terminate without any further action required from either Party.

**6.** **Utilisation** 

The Facility will be made available to the Borrower in full by the Escrow Agent releasing the funds to the Borrower, in accordance with the terms of the Escrow Agreement and the Implementation Agreement. The advance of the funds, as contemplated in this Clause 6, shall be deemed to constitute a Utilisation of the Facility.

**7.** **Repayment** 

**7.1** The Borrower shall only
 repay the Outstandings in amounts and on the basis determined in accordance with clause 11.2 and/or clause 16.7 of the Shareholders
 Agreement.

**7.2** Subject at all times to
 the provisions of clause 11.2 and/or clause 16.7 of the Shareholders Agreement, and for the avoidance of doubt subject to the priority
 of payments contemplated by the Cashflow Waterfall (as defined in the Shareholders Agreement) as set out at clause 16.7.2 of the
 Shareholders Agreement, the Borrower shall repay all Outstandings in full on the date falling five (5) years from the date of this
 Agreement (the "**Final. Maturity Date**") *, provided that* if there are insufficient funds available in accordance
 with the Cashflow Waterfall to repay all Outstandings in full as at the Final Maturity Date, the Final Maturity Date shall be automatically
 extended on each anniversary of the Final Maturity Date for one year until such time as the Borrower has repaid all Outstandings
 in full in accordance with the Cashflow Waterfall.

**8.** **Interest** 

**8.1** The Borrower shall pay
 accrued interest on the Loan in accordance with Clause 7 (*Repayment*) *.* The rate of interest on the unpaid principal
 amount of the Loan, together with accrued but unpaid interest, for the period from and including the Utilisation Date to but excluding
 the date such Loan, together with accrued but unpaid interest, is repaid in full, shall, be at a rate *per annum* for each Interest
 Period relating thereto equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reference Rate; *plus* 

(ii) the Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender's Cost of Funding.

**8.2** From the date
 falling 36 months after the Utilisation Date, the interest rate calculated in accordance with Clause 8.1(a) above shall be reduced
 by zero point five *per cent.* (0.5%) *per annum,* such reduction to incrementally increase by zero point five *per cent.* (0.5%) *per annum* on each subsequent anniversary of the Utilisation Date thereafter, until such time that the interest rate
 is equal to the lower of: (i) seven per cent. (7.0%); and (ii) the Lender's Cost of Funding at such point in time.

---

| | |
|:---|:---|
| Period | Interest Rate |
| Utilisation Date to the date falling 36 months after the<br> Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin |
| 36 months to 48 months from the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 0.5% |
| 48 months to 60 months from the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.0% |
| 60 months to 72 months from the Utilisation Date *(and*<br> *so on)* | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.5% *(and so on)* |

---

**8.3** The
 Lender shall annually share with ZCCM a calculation (subject to any confidentiality provisions, together With reasonable supporting
 evidence and documents) of its cost of funding in relation to financing its participation in the Loan and for such purposes its cost
 of funding shall be that which expresses as a percentage rate *per annum,* as the cost to the Lender of funding its participation
 in the Loan from where the Lender has or could have reasonably borrowed funds, or if not available, from whatever source it may reasonably'
 specify, for a period equal in length to the relevant Interest Period (the "**Lender's Cost of Fundin** g").

**8.4** For the avoidance of doubt,
 accrued but unpaid interest shall not capitalise and/or be compounded and no premium, penalty or fee, shall apply in respect of
 any payment of principal or interest or other amount under this Agreement,

**9.** **Withholding Tax** 

**9.1** The Borrower shall make
 all payments to be made by it without any deduction or withholding for or on account of any Taxes (a "**Tax Deduction**") *unless* a Tax Deduction is required by Applicable Law. if a Tax Deduction is required by Applicable Law to be made by the Borrower,
 the amount of the payment due from the Borrower shall be increased to an amount which after making any Tax Deduction, leaves an amount
 equal to the payment which would have been due if no Tax Deduction had been required.

**10.** **Warranties** 

The Borrower makes the warranties set out in this Clause 10 to the Lender on the date of this Agreement.

**10.1** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a limited
 liability corporation, duly incorporated and validly existing under its jurisdiction of incorporation.

(b) It has the power to own its assets and carry on its
 business as it is being conducted.

**10.2** **Binding Obligations** 

The obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations.

**10.3** **Power and Authority** 

It has the power to lawfully enter into, perform and deliver, and has taken all necessary action to authorise its performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

**10.4** **Authorisations** 

Solely in the event of a change of Applicable Law in Zambia that requires the Borrower to obtain further authorisations to enable it to enter into, exercise its rights and comply with its obligations in this Agreement and to make it admissible in Zambia, any such authorisations are in full force and effect.

**11**. **Events of Default** 

Each of the events or circumstances set out in this Clause 11 for so long as such event or circumstance is continuing (save for Clause 11.5 *(Acceleration))* is an Event of Default.

**11.1** **Non-Payment** 

The Borrower fails to pay any sum due under this Agreement when due and such failure was caused directly by either GRZ or ZCCM breaching any of the provisions of the Shareholders Agreement or the Implementation Agreement.

**11.2** **Insolvency** 

At any time after the completion of Step 5 of the Implementation Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower
 (i) is unable or admits inability to pay its debts as they fall due: (ii) suspends making payments on any of its debts; or(iii) by
 reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding the Lender
 in its capacity as such) with a view to rescheduling any of its indebtedness.

(b) The value of the assets
 of the Borrower is less than its liabilities (taking into account contingent and prospective liabilities').

(c) A moratorium is declared in respect of any indebtedness
 of the Borrower.

**11.3** **Insolvency Proceedings** 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the suspension
 of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement,
 scheme of arrangement or otherwise) of the Borrower, save with the prior written consent of the Lender:

(b) a composition, compromise,
 assignment or arrangement with any creditor of the Borrower;

(c) the appointment of a liquidator,
 receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of the Borrower; or

(d) enforcement of any encumbrance
 over any assets of the Borrower, save with the prior written consent of the Lender,

or any analogous procedure or step is taken in any jurisdiction.

This Clause 11.3 shall not apply to any winding-up petition that is frivolous or vexatious and is discharged, stayed or dismissed within ten (10) days of commencement.

**11.4** **Expropriation** 

The authority or ability of the Borrower to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any of its assets.

**11.5** **Acceleration** 

On and at any time after the occurrence of an Event of Default that is continuing and following the expiration of any applicable grace period, the Lender may by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel all
 or any part of the Loan whereupon all or any such part of the Loan shall immediately be cancelled;

(b) declare that all or part
 of the Loan, together with accrued interest, and all other amounts accrued or outstanding under this Agreement be immediately due
 and payable, whereupon they shall become immediately due and payable;

(c) exercise any or all of
 its rights, remedies, powers or discretions under this Agreement; and/or

(d) declare that all or part
 of the Loan be payable on demand, whereupon such amount(s) shall immediately become payable on demand by the Lender.

**12.** **Changes to the Parties** 

Except as expressly permitted by and subject to the Shareholders Agreement, no Party may assign any or all of its rights and/or obligations under this Agreement to another person without the prior written consent of the other Party.

**13.** **Notices** 

**13.1** **Communications in Writing** 

Any notice or other communication under or in connection with this Agreement shall be in writing or sent by first class post pre-paid recorded delivery (or air mail if overseas) or by facsimile, or by email, to the Party due to receive the notice or communication.

**13.2** **Addresses** 

The physical address, fax number and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case
 of the Borrower:

---

| | |
|:---|:---|
| Address: | Private Bag KCM (C) 2000. Stand M/1408, Fern Avenue, Chingola, Zambia |
| Attention : | Company Secretary |
| Fax number : | +260 2 351357 |
| E-mail : | <u>MaxwelLMainsa@kcm.co.zm</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case
 of the Lender:

---

| | |
|:---|:---|
| Address : | 13th Floor, One Angel Court. London. EC2R 7HJ. England |
| Attention : | Deepak Kumar |
| Fax number : | +44 20 7629 7426 |
| Email : | <u>dk@vcdantaresources.com</u> |
| With a copy to: |  |
| Bowman Gilfillan Inc. |  |
| Address : | PO Box 785812, Sandton, 2146. Johannesburg, South Africa |
| Attention : | Charles Young and Jason Wilkinson |
| Email : | <u>charles.young@bowmanslaw.com</u> and<br> <u>jason.wilkinson@bowmanslaw.com</u> |
| and |  |
| Muienga Mundashi |  |
| Address : | Plot 11058 Zimbabwe House, Haile Selassie Avenue, Long Acres, Lusaka. Zambia |
| Attention : | Michael M. Mundashi S.C. |
| Email : | <u>mmundashi@mmp.co.zm</u> |

---

or any substitute address or department or officer as the Party may notify to the other Party by not less than 5 (five) Business Days' notice.

**13.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made
 or delivered by one person to another under or in connection with this Agreement will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if delivered
 personally, when left at the address referred to in Clause 13.2 above;

(ii) if by way of email, on
 the Business Day immediately following the day on which the relevant email was sent;

(iii) if by way of facsimile, on completion of its transmission;
 or

(iv) if by way of air mail, 10 (ten) Business Days after
 being posted;

and, if a particular department or officer is specified as part of its address details provided under Clause. 13.2 (*Addresses*)*,* if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication
 or document which becomes effective, in accordance with paragraph (a) above, after 5:00 p.m. in the place of receipt shall be deemed
 only to become effective on the following day.

**14.** **Partial Invalidity** 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**15.** **Confidential Information** 

The Parties agree to maintain the provisions of this Agreement, all information delivered under this Agreement and the details of their negotiations leading up to the conclusion of this Agreement as confidential, provided that this Clause shall not apply to any information that is in the public domain, other than through a breach of the provisions of this Clause.

**16.** **Counterparts** 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

**17.** **Amendments and Waivers** 

No amendment or waiver of this Agreement shall be of any force or effect unless in writing and signed by or on behalf of the Borrower and the Lender.

**18.** **Entire Agreement** 

This Agreement and the Shareholders Agreement constitute the sole record of the agreement between the Parties in regard to the subject matter thereof.

**19.** **No Implied Terms** 

No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in this Agreement in regard to the subject matter thereof.

**20.** **Governing Law** 

This. Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

**21.** **Arbitration** 

**21.1** In
 respect of any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation, including
 any question regarding the existence, scope, breach, termination or validity of this Agreement (a "**Dispute** "),
 the Parties hereby consent to submit any Dispute to be resolved by arbitration in accordance with the UNCITRAL Arbitration Rules
 (the "**Rules**") as in force and effect at. that time, save as modified by the provisions of this Clause 21. The
 tribunal shall consist of a sole arbitrator (the "**Tribunal**") and the appointing authority shall be the Secretary
 General of the Permanent Court of Arbitration at the Hague. The place of arbitration shall be Johannesburg and the language of the
 arbitration shall be English.

**21.2** The Tribunal shall be instructed
 time is of the essence in proceeding with its determination on any Dispute, and unless otherwise agreed by the Parties, the decision
 of the Tribunal shall be rendered within thirty (30) days of the conclusion of the final hearing of the Dispute. The decision of
 the Tribunal shall be in writing and reasons for the decision shall be given.

**21.3** An award in proceedings
 under the Rules shall be final and binding on the parties and judgement thereon may be entered in any court haying jurisdiction for
 the purpose of enforcing the award. The Parties undertake to keep strictly confidential the content of the Arbitral Proceedings and
 any arbitral award made in such proceedings.

**21.4** Where a Dispute has been referred for settlement by
 arbitration in accordance with the Rules, then the Parties shall not be entitled to exercise any rights or election arising in consequence
 of any alleged default by a Party arising out of the subject mailer of the Dispute until the relevant part of the Dispute has been
 resolved by an award of the Tribunal.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.**

**The Borrower**

**Konkola Copper Mines PLC**

---

| | |
|:---|:---|
| **Signed** at ![](ctm005_ex4-2img01.jpg)on this the |  |
| 6<sup>th</sup> day of DECEMBER 2023 |  |
|  | ![](ctm005_ex4-2img02.jpg) |
|  | Signatory |

---

**The Lender**

**Vedanta Resources Holdings Limited**

---

| | |
|:---|:---|
| **Signed** at ![](ctm005_ex4-2img03.jpg)on this the |  |
| 28<sup>th</sup> day of NOVEMBER 2023 |  |
|  | ![](ctm005_ex4-2img04.jpg) |
|  | Signatory |
|  | Authorised signatory obo URHL |

---

## Exhibit 4.3

**Exhibit 4.3**

**WHITE & CASE**

**Dated ________________ 2023**

**Capital Expenditures Support Loan Agreement**

between

**Konkola Copper Mines plc**

as Borrower

and

**Vedanta Resources Holdings Limited**

as Lender

**White & Case SA**

**Katherine Towers, 1st Floor**

**1 Park Lane, Wierda Valley**

**Sandton, Johannesburg, 2196**

**Republic of South Africa**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Definitions and Interpretation | 1 |
| 2. | The Facility | 4 |
| 3. | Purpose | 4 |
| 4. | Signing Deliverables | 4 |
| 5. | Condition Precedent. | 4 |
| 6. | Utilisation | 5 |
| 7. | Repayment | 5 |
| 8. | Interest | 5 |
| 9. | Withholding Tax | 6 |
| 10. | Warranties | 6 |
| 11. | Events of Default | 7 |
| 12. | Changes to the Parties.. | 8 |
| 11. | Notices | 8 |
| 14. | Partial Invalidity | 9 |
| 15. | Confidential Information | 10 |
| 16. | Counterparts | 10 |
| 17. | Amendments and Waivers | 10 |
| 18. | Entire Agreement | .10 |
| 19. | No Implied Terms | 10 |
| 20. | Governing Law | 10 |
| 21. | Arbitration | 10 |
| Schedule 1 | Form of Utilisation Request | 1 |

---

**This Agreement** is made on _____________ 2023

**Between:**

**(1)** **Konkola Copper Mines PLC,** a company incorporated in Zambia (company registration number 119990043628),
whose registered office is at Stand M/1408 Fern Avenue, Chingola, Zambia and which is in provisional liquidation, as borrower, (the **"Borrower");** and

**(2)** **Vedanta Resources Holdings Limited,** a company incorporated in England and Wales (registered number
4761147), whose registered address is at 13<sup>th</sup> Floor, One Angel Court, London, EC2R 7HJ, England, as lender, (the **"Lender").** 

**WHEREAS:**

(A) the Parties will, contemporaneously herewith, enter into an implementation agreement with, *inter alios,* the Government of the Republic of Zambia **("GRZ")** and ZCCM Investments Holdings PLC **("ZCCM")** (the **"Implementation Agreement")** in terms of which, the parties thereto have agreed to effect and implement certain transactions
which include the advance by the Lender of the Commitment in respect of the Capital Expenditures Support Commitment, the Community Support
Commitment, the Creditor Settlement Support Commitment and the Once-Off Employee Bonus Amount; and

(B) the Parties wish to enter into this Agreement to set out the terms under which the Commitment will be
advanced by the Lender to the Borrower.

**It is agreed as follows:**

**1.** **Definitions and Interpretation** 

**1.1** **Definitions** 

In this Agreement:

**"Agreement"** means this capital expenditures support loan agreement and all annexures attached hereto.

**"Applicable Law"** means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances,
by-laws, decrees), subordinate legislation and common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principles, rules, guidance, policy statements, directions, codes or conditions issued by GRZ, which in
each case are binding or having the force of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) judgments, resolutions, decisions, orders, notices or demands of any competent Government Authority, which
in each case are binding or having the force of law,

and in each case to the extent that they apply to the person or circumstance in question in any jurisdiction.

**"Business Day"** means a day on which commercial banks are open for business in Mumbai, London, and Lusaka and (in relation to the fixing of an interest rate) a day which is a US Government Securities Business Day.

**"Commitment"** means an amount equal to USD 1,000,000,000 (one billion United States Dollars).

**"Event of Default"** means any event or circumstance specified as such in Clause 11 *(Events of Default).*

**"Extended Long Stop Date"** has the meaning set forth in Clause 5.2 *(Condition Precedent).*

**"Facility"** means the capital expenditures support facility described in Clause 2 *(The Facility).*

**"Government Authority"** means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function.

**"Interest Period"** shall mean with respect to any Loan a period of three Months commencing on and from the Utilisation Date.

**"Loan"** means a loan advanced in respect of the Facility.

**"Margin"** means seven *per cent.* (7.00%) per annum.

**"Outstandings"** means, at any time, the aggregate of all amounts of loan principal and accrued interest outstanding in respect of the Facility.

**"Party"** means a party to this Agreement and collectively, the **"Parties".**

**"Quotation Day"** means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

**"Reference Rate"** means, in relation to a Loan, the applicable SOFR as at the Specified Time for such Interest Period and for a period equal in length to the Interest Period of the Loan and, if that rate is less than zero, then the Reference Rate shall be deemed to be zero.

**"Shareholders Agreement"** means the agreement titled *''2023 Shareholders Agreement relating to Konkola Copper Mines Plc"* concluded on or about 6 November 2023 between GRZ, ZCCM, Vedanta Resources Holdings Limited, the Lender and the Borrower (each as defined therein).

**"SOFR"** means, for any day, the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or any other person that takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person that takes over the publication of that rate).

**"Specified Time"** means 11:00 a.m., Lusaka time, on the Quotation Day.

**"Tax Authority"** means any Government Authority that is legally competent to impose and collect Tax in Zambia on behalf of GRZ including any applicable governmental authority, government department, statutory body, municipality, Town Council, Local Council, or any local, provincial or agency, body or official anywhere in Zambia.

**"Taxes"** means any form of income tax, withholding tax, value added tax, property transfer tax, mineral royalty, professional tax, custom duty, excise duty, other advance tax, other tax, other duty, tariff, levy, charge, fee, contribution, basis for assessing taxes (including the rates of, or periods for, depreciation of assets for tax assessment purposes) other withholding or impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority.

**"US Government Securities Business Day"** means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation)
recommends that the fixed income departments of its members be closed for the entire day for the purposes of trading in US Government
securities.

**"Utilisation"** means the utilisation of the Facility.

**"Utilisation Date"** means the date upon which the Facility is advanced to the Borrower as contemplated by the Shareholders Agreement.

**"Utilisation Request"** means a notice setting out the amount to be drawn down as required by the Borrower.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the **"Lender",** the **"Borrower"** or any **"Party"** shall
be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations
under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"assets"** includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any **"rights"** in respect of an asset include all amounts and proceeds paid or payable,
all rights to make any demand or claim, and all powers, remedies, causes of action, security, guarantees and indemnities, in each case,
in respect of or derived from that asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"include", "includes"** and **"including"** will be construed
without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a **"person"** includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a **"regulation"** includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory,
self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a provision of law is a reference to that provision as amended or re-enacted from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a time of day is a reference to Lusaka time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In this Agreement unless the context dictates otherwise, capitalised words which are used in this Agreement
but not defined herein shall have the meaning given thereto in the Implementation Agreement.

**1.3** **Currency Symbols and Definitions** 

**"USD"** and **"United States Dollars"** denote the lawful currency of the United States of America.

**1.4** **Third Party Rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

**2.** **The Facility** 

Subject to the terms of this Agreement, the Implementation Agreement and the Shareholders Agreement, the Lender makes available to the Borrower a USD capital expenditures support loan in an amount equal to the Commitment.

**3.** **Purpose** 

**3.1** The Borrower shall apply all amounts borrowed by it under this Agreement towards funding its capital expenditure
requirements.

**3.2** The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **Signing Deliverables** 

**4.1** By entering into this Agreement, each Party confirms to the other Party, that the requirements as set
out in Clauses 4.2 and 4.3 have been satisfied in form and substance acceptable to it on the date of this Agreement.

**4.2** The Borrower shall provide to the Lender a copy of the resolution of the board of directors of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices
to be signed and/or despatched by it under this Agreement.

**4.3** The Lender shall provide to the Borrower a copy of the resolution of the board of directors of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices
to be signed and/or despatched by it under this Agreement.

**4.4** The conditions specified in this Clause 4 are inserted for the benefit of both Parties. Either Party may
waive them, in whole or in part and with or without conditions, without prejudicing the Lender's right to require subsequent fulfilment
of such conditions.

**5.** **Condition Precedent** 

**5.1** Save for Clause 1 *(Definitions and Interpretation),* Clause 4 *(Signing Deliverables),* this
Clause 5 and Clauses 13 *(Notices)* to 21 *(Arbitration)* (inclusive) all of which will become effective immediately, this Agreement
is subject to the fulfilment of the condition precedent (the **"Condition Precedent")** that on or before the Board Reinstatement
Long Stop Date, Step 4 of the Implementation Agreement shall have been implemented (as set forth in clause 4.4 of the Implementation Agreement)
and on such date, no Event of Default as set out in Clause 11.4 *(Expropriation)* has occurred and is continuing.

**5.2** If the Condition Precedent has not been satisfied to the Lender's satisfaction on or before the
expiry of the Board Reinstatement Long Stop Date or such later date as agreed to in writing between the Parties (such date, the **"Extended Long Stop Date"),** then on or after thirty (30) days from the expiry of the Board Reinstatement Long Stop Date or the Extended
Long Stop Date (as applicable) this Agreement may be cancelled and terminated at the election of either Party by written notice to the
other, and in such event, no Party shall have any obligation or liability in relation to this Agreement whatsoever.

**5.3** It is agreed that in the event that the Implementation Agreement is terminated prior to the Utilisation
of the Facility, this Agreement shall automatically terminate without any further action required from either Party.

**6.** **Utilisation** 

The Facility will be made available to the Borrower by delivery to the Lender of a Utilisation Request, and the Lender undertakes to advance and pay to the Borrower, in aggregate (on a cumulative basis), at least the amounts set out in clause 15.1.2 of the Shareholders Agreement.

**7.** **Repayment** 

**7.1** The Borrower shall only repay the Outstandings in amounts and on the basis determined in accordance with
clause 11.2 and/or clause 16.7 of the Shareholders Agreement.

**7.2** Subject at all times to the provisions of clause 11.2 and/or clause 16.7 of the Shareholders Agreement,
and for the avoidance of doubt subject to the priority of payments contemplated by the Cashflow Waterfall (as defined in the Shareholders
Agreement) as set out at clause 16.7.2 of the Shareholders Agreement, the Borrower shall repay all Outstandings in full on the date falling
five (5) years from the date of this Agreement (the **"Final Maturity Date"),** *provided that* if there are insufficient
funds available in accordance with the Cashflow Waterfall to repay all Outstandings in full as at the Final Maturity Date, the Final Maturity
Date shall be automatically extended on each anniversary of the Final Maturity Date for one year until such time as the Borrower has repaid
all Outstandings in full in accordance with the Cashflow Waterfall.

**8.** **Interest** 

**8.1** The Borrower shall pay accrued interest on the Loan in accordance with Clause 7 *(Repayment).* The
rate of interest on the unpaid principal amount of the Loan, together with accrued but unpaid interest, for the period from and including
the Utilisation Date to but excluding the date of such Loan, together with accrued but unpaid interest, is repaid in full, shall be at
a rate *per annum* for each Interest Period relating thereto equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reference Rate; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender's Cost of Funding.

**8.2** From the date falling 36 months after the Utilisation Date, the interest rate calculated in accordance
with Clause 8.1(a) above shall be reduced by zero point five *per cent.* (0.5%) *per annum,* such reduction to incrementally
increase by zero point five *per cent.* (0.5%) *per annum* on each subsequent anniversary of the Utilisation Date thereafter,
until such time that the interest rate is equal to the lower of: (i) seven per cent. (7.0%); and (ii) the Lender's Cost of Funding
at such point in time.

---

| | |
|:---|:---|
| **Period** | **Interest Rate** |
| Utilisation Date to the date falling 36 months after the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin |
| 36 months to 48 months from the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 0.5% |
| 48 months to 60 months from the Utilisation Date | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.0% |
| 60 months to 72 months from the Utilisation Date *(and so on)* | Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.5% *(and so on)* |

---

**8.3** The Lender shall annually share with ZCCM a calculation (subject to any confidentiality provisions, together
with reasonable supporting evidence and documents) of its cost of funding in relation to financing its participation in the Loan and for
such purposes its cost of funding shall be that which expresses as a percentage rate *per annum,* as the cost to the Lender of funding
its participation in the Loan from where the Lender has or could have reasonably borrowed funds, or if not available, from whatever source
it may reasonably specify, for a period equal in length to the relevant Interest Period (the **"Lender's Cost of Funding").** 

**8.4** For the avoidance of doubt, accrued but unpaid interest shall not capitalise and/or be compounded and
no premium, penalty or fee, shall apply in respect of any payment of principal or interest or other amount under this Agreement.

**9.** **Withholding Tax** 

**9.1** The Borrower shall make all payments to be made by it without any deduction or withholding for or on account
of any Taxes (a **"Tax Deduction")** *unless* a Tax Deduction is required by Applicable Law. If a Tax Deduction is
required by Applicable Law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount
which after making any Tax Deduction, leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

**10.** **Warranties** 

The Borrower makes the warranties set out in this Clause 10 to the Lender on the date of this Agreement.

**10.1** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a limited liability corporation, duly incorporated and validly existing under its jurisdiction of
incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the power to own its assets and carry on its business as it is being conducted.

**10.2** **Binding Obligations** 

The obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations.

**10.3** **Power and Authority** 

It has the power to lawfully enter into, perform and deliver, and has taken all necessary action to authorise its performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

**10.4** **Authorisations** 

Solely in the event of a change of Applicable Law in Zambia that requires the Borrower to obtain further authorisations to enable it to enter into, exercise its rights and comply with its obligations in this Agreement and to make it admissible in Zambia, any such authorisations are in full force and effect.

**11.** **Events of Default** 

Each of the events or circumstances set out in this Clause 11 for so long as such event or circumstance is continuing (save for Clause 11.5 *(Acceleration))* is an Event of Default.

**11.1** **Non-Payment** 

The Borrower fails to pay any sum due under this Agreement when due and such failure was caused directly by either GRZ or ZCCM breaching any of the provisions of the Shareholders Agreement or the Implementation Agreement.

**11.2** **Insolvency** 

At any time after the completion of Step 5 of the Implementation Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower (i) is unable or admits inability to pay its debts as they fall due; (ii) suspends making
payments on any of its debts; or (iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more
of its creditors (excluding the Lender in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of the Borrower is less than its liabilities (taking into account contingent and
prospective liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of the Borrower.

**11.3** **Insolvency Proceedings** 

Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower, save with the prior written consent
of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a composition, compromise, assignment or arrangement with any creditor of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager
or other similar officer in respect of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforcement of any encumbrance over any assets of the Borrower, save with the prior written consent of
the Lender,

or any analogous procedure or step is taken in any jurisdiction.

This Clause 11.3 shall not apply to any winding-up petition that is frivolous or vexatious and is discharged, stayed or dismissed within ten (10) days of commencement.

**11.4** **Expropriation** 

The authority or ability of the Borrower to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any of its assets.

**11.5** **Acceleration** 

On and at any time after the occurrence of an Event of Default that is continuing and following the expiration of any applicable grace period, the Lender may by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel all or any part of the Loan whereupon all or any such part of the Loan shall immediately be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under this Agreement be immediately due and payable, whereupon they shall become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise any or all of its rights, remedies, powers or discretions under this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare that all or part of the Loan be payable on demand, whereupon such amount(s) shall immediately
become payable on demand by the Lender.

**12.** **Changes to the Parties** 

Except as expressly permitted by and subject to the Shareholders Agreement, no Party may assign any or all of its rights and/or obligations under this Agreement to another person without the prior written consent of the other Party.

**13.** **Notices** 

**13.1** **Communications in Writing** 

Any notice or other communication under or in connection with this Agreement shall be in writing or sent by first class post pre-paid recorded delivery (or air mail if overseas) or by facsimile, or by email, to the Party due to receive the notice or communication.

**13.2** **Addresses** 

The physical address, fax number and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Borrower:

---

| | |
|:---|:---|
| Address : | Private Bag KCM (C) 2000, Stand M/1408, Fern Avenue, Chingola, Zambia |
| Attention : | Company Secretary |
| Fax number : | +260 2 351357 |
| E-mail : | <u>Maxwell.Mainsa@kcm.co.zm</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Lender:

---

| | |
|:---|:---|
| Address : | 13<sup>th</sup> Floor, One Angel Court, London EC2R 7HJ, England |
| Attention : | Deepak Kumar |
| Fax number : | +44 20 7629 7426 |
| Email : | <u>dk@vedantaresources.com</u> |
| With a copy to: |  |
| Bowman Gilfillan Inc. |  |
| Address : | PO Box 785812, Sandton, 2146, Johannesburg, South Africa |
| Attention : | Charles Young and Jason Wilkinson |
| Email : | <u>charles.young@bowmanslaw.com</u> and<br> <u>iason.wilkinson@bowmanslaw.com</u> |
| and |  |
| Mulenga Mundashi |  |
| Address : | Plot 11058 Zimbabwe House, Haile Selassie Avenue, Long Acres, Lusaka, Zambia |
| Attention: | Michael M. Mundashi S.C. |
| Email : | <u>mmundashi@mmp.co.zm</u> |

---

or any substitute address or department or officer as the Party may notify to the other Party by not less than 5 (five) Business Days' notice.

**13.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with this
Agreement will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if delivered personally, when left at the address referred to in Clause 13.2 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of email, on the Business Day immediately following the day on which the relevant email was
sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if by way of facsimile, on completion of its transmission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if by way of air mail, 10 (ten) Business Days after being posted;

and, if a particular department or officer is specified as part of its address details provided under Clause 13.2 *(Addresses),* if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document which becomes effective, in accordance with paragraph (a) above, after 5:00
p.m. in the place of receipt shall be deemed only to become effective on the following day.

**14.** **Partial Invalidity** 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**15.** **Confidential Information** 

The Parties agree to maintain the provisions of this Agreement, all information delivered under this Agreement and the details of their negotiations leading up to the conclusion of this Agreement as confidential, provided that this Clause shall not apply to any information that is in the public domain, other than through a breach of the provisions of this Clause.

**16.** **Counterparts** 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

**17.** **Amendments and Waivers** 

No amendment or waiver of this Agreement shall be of any force or effect unless in writing and signed by or on behalf of the Borrower and the Lender.

**18.** **Entire Agreement** 

This Agreement and the Shareholders Agreement constitute the sole record of the agreement between the Parties in regard to the subject matter thereof.

**19.** **No Implied Terms** 

No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in this Agreement in regard to the subject matter thereof.

**20.** **Governing Law** 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

**21.** **Arbitration** 

**21.1** In respect of any dispute or claim
 arising out of or in connection with this Agreement or its subject matter or formation, including
 any question regarding the existence, scope, breach, termination or validity of this Agreement
 (a **"Dispute"),** the Parties hereby consent to submit any Dispute to be
 resolved by arbitration in accordance with the UNCITRAL Arbitration Rules (the "**Rules** ")
 as in force and effect at that time, save as modified by the provisions of this Clause **21**.
 The tribunal shall consist of a sole arbitrator (the **"Tribunal")** and the
 appointing authority shall be the Secretary General of the Permanent Court of Arbitration
 at the Hague. The place of arbitration shall be Johannesburg and the language of the arbitration
 shall be English.

**21.2** The Tribunal shall be instructed time is of the essence in proceeding with its determination on any Dispute,
and unless otherwise agreed by the Parties, the decision of the Tribunal shall be rendered within thirty (30) days of the conclusion of
the final hearing of the Dispute. The decision of the Tribunal shall be in writing and reasons for the decision shall be given.

**21.3** An award in proceedings under the Rules shall be final and binding on the parties and judgement thereon
may be entered in any court having jurisdiction for the purpose of enforcing the award. The Parties undertake to keep strictly confidential
the content of the Arbitral Proceedings and any arbitral award made in such proceedings.

**21.4** Where a Dispute has been referred for settlement by arbitration in accordance with the Rules, then the
Parties shall not be entitled to exercise any rights or election arising in consequence of any alleged default by a Party arising out
of the subject matter of the Dispute until the relevant part of the Dispute has been resolved by an award of the Tribunal.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.**

**Signatures**

**The Borrower**

**Konkola Copper Mines PLC**

---

| | |
|:---|:---|
| **Signed** at ![](ctm005_ex4-3img01.jpg) on this the |  |
| 22<sup>nd</sup> day of December 2023 |  |
|  | ![](ctm005_ex4-3img02.jpg) |
|  | Signatory |

---

**The Lender**

**Vedanta Resources Holdings Limited**

---

| | | |
|:---|:---|:---|
| **Signed** at ![](ctm005_ex4-3img03.jpg) on this the | } |  |
| 22 day of DEC 2023 | } |  |
|  | } | ![](ctm005_ex4-3img04.jpg) |
|  | } | Signatory |

---

**Schedule 1**

**Form of Utilisation Request**

---

| | |
|:---|:---|
| From: | Konkola Copper Mines PLC (the **"Borrower")** |

---

---

| | |
|:---|:---|
| To: | Vedanta Resources Holdings Limited (the **"Lender")** |

---

Dated:

To whom it may concern,

**KONKOLA COPPER MINES PLC - Capital Expenditures Support Loan Agreement**

**dated [•] (the "Loan Agreement")**

1. We refer to the Loan Agreement. This is a Utilisation Request. Terms defined in the Loan Agreement have
the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2. We wish to borrow a loan on the following terms:

(a) Proposed Utilisation Date: [•] (or, if that is not a Business Day, the next Business Day)

(b) Currency of Loan: [•]

(c) Amount: [•]

(d) Interest Period: [•]

3. We confirm that each condition specified in Clause 5 *(Condition Precedent)* of the Loan Agreement
is satisfied on the date of this Utilisation Request or will be satisfied on the proposed Utilisation Date.

4. This Utilisation Request and all non-contractual obligations arising in any way out of or in connection
with it is governed by English law.

5. This Utilisation Request is irrevocable.

Yours faithfully

__________________________

authorised signatory for

KONKOLA COPPER MINES PLC

## Exhibit 4.4

**Exhibit 4.4**

**CAPITAL EXPENDITURES SUPPORT LOAN AGREEMENT**

**oRIGINALLY Dated 22 December 2023 (AS AMENDED AND RESTATED by An amendmenT and restatement agreement dated 1 JUNE 2026)**

**between**

**KONKOLA COPPER MINES PLC**

**as Borrower**

**and**

**VEDANTA RESOURCES HOLDINGS LIMITED**

**as Original Lender**

**and**

**VEDANTA RESOURCES JERSEY LIMITED<br> as New Lender**

![](ctm005_ex4-4img01.jpg)

**Allen Overy Shearman Sterling LLP**

**Contents**

---

| | | |
|:---|:---|:---|
| **Clause** |  | **Page** |
| 1. | Definitions and Interpretation | 1 |
| 2. | The Facility | 5 |
| 3. | Purpose | 5 |
| 4. | Signing Deliverables | 5 |
| 5. | Condition Precedent | 6 |
| 6. | Utilisation | 6 |
| 7. | Repayment | 6 |
| 8. | Interest | 7 |
| 9. | Withholding Tax | 8 |
| 10. | Warranties | 8 |
| 11. | Events of Default | 9 |
| 12. | Changes to the Parties | 10 |
| 13. | Notices | 10 |
| 14. | Partial Invalidity | 11 |
| 15. | Confidential Information | 11 |
| 16. | Counterparts | 12 |
| 17. | Amendments and Waivers | 12 |
| 18. | Entire Agreement | 12 |
| 19. | No Implied Terms | 12 |
| 20. | Governing Law | 12 |
| 21. | Arbitration | 13 |

---

**Schedule Page**

1. Form of Utilisation Request 14

**Signatory Page**

Signatures 15

**This Agreement** originally dated 22 December 2023 and as amended and restated by an amendment and restatement agreement dated 1 June 2026

**Between**:

(1) **Konkola Copper Mines PLC**, a company incorporated
in Zambia (company registration number 119990043628), whose registered office is at Stand M/1408 Fern Avenue, Chingola, Zambia and which
is in provisional liquidation, as borrower, (the **Borrower**);

(2) **Vedanta Resources Holdings Limited**, a company incorporated
in England and Wales (registered number 4761147), whose registered address is at C/O Csc Cls (Uk) Limited 5 Churchill Place, 10th Floor,
London E14 5HU, United Kingdom, as the original lender, (the **Original Lender**); and

(3) **VEDANTA RESOURCES JERSEY LIMITED**, a company incorporated in Jersey (registered no. 103389) whose
registered office is at 44 Esplanade, St. Helier. Jersey JE4 9WG as the new lender (the **New Lender**, and together with the Original
Lender, the "**Lenders**" and each a "**Lender** ").

**WHEREAS**:

(A) the Borrower and the Original Lender entered into a capital expenditures support loan agreement dated
22 December 2023 with the Borrower (the **Original Agreement**) pursuant to which the Original Lender agreed to make available to the
Borrower a capital expenditures support loan in an aggregate amount equal to USD 1,000,000,000 (one billion United States Dollars);

(B) on or around the date of the Original Agreement, the Borrower and the Original Lender entered into an
implementation agreement with, *inter alios*, the Government of the Republic of Zambia (**GRZ**) and ZCCM Investments Holdings
PLC (**ZCCM**) (the **Implementation Agreement**) in terms of which, the parties thereto have agreed to effect and implement certain
transactions which include the advance by the Original Lender of the Original Lender Commitment in respect of the Capital Expenditures
Support Commitment, the Community Support Commitment, the Creditor Settlement Support Commitment and the Once-Off Employee Bonus Amount;

(C) as at the date of the Amendment Agreement, the Original Lender has advanced USD 330,000,000 (three hundred
and thirty million United States Dollars) to the Borrower under the Original Agreement and USD 670,000,000 (six hundred and seventy million
United States Dollars) of the Commitment remains undrawn; and

(D) the Parties wish to enter into this Agreement to set out the terms under which the Total Commitments will
be advanced by the Lenders to the Borrower following the Effective Date.

**It is agreed as follows**:

1. **Definitions and Interpretation** 

**1.1** **Definitions** 

In this Agreement:

**Agreement** means this capital expenditures support loan agreement and all annexures attached hereto as amended and restated pursuant to the Amendment Agreement.

**Amendment Agreement** means an amendment and restatement agreement dated [_____________] 2026 and entered into between the Borrower, the Original Lender and the New Lender.

**Applicable Law** means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances,
by-laws, decrees), subordinate legislation and common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principles, rules, guidance, policy statements, directions, codes or conditions issued by GRZ, which in
each case are binding or having the force of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) judgments, resolutions, decisions, orders, notices or demands of any competent Government Authority, which
in each case are binding or having the force of law,

and in each case to the extent that they apply to the person or circumstance in question in any jurisdiction.

**Business Day** means a day on which commercial banks are open for business in Mumbai, London, and Lusaka and (in relation to the fixing of an interest rate) a day which is a US Government Securities Business Day.

**Commitment** means the Original Lender Commitment and/or the New Lender Commitment (as applicable).

**Effective Date** means the date on which the New Lender becomes a shareholder of the Borrower being the date on which the name of the New Lender is entered in the Borrower's register of shareholders.

**Event of Default** means any event or circumstance specified as such in Clause 11 (*Events of Default*).

**Existing Loan** means the aggregate principal amount of USD 330,000,000 (three hundred and thirty million United States Dollars) advanced by the Original Lender to the Borrower prior to the date of the Amendment Agreement (and comprising one hundred per cent. (100%) of the Original Lender Commitments).

**Extended Long Stop Date** has the meaning set forth in Clause 5.2 (*Condition Precedent*).

**Facility** means the capital expenditures support facility described in Clause 2 (*The Facility*).

**Government Authority** means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), court, tribunal, commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function.

**Interest Period** shall mean with respect to any Loan a period of three (3) Months commencing on and from the relevant Utilisation Date.

**Loan** means a loan advanced in respect of the Facility.

**Majority Lenders** means, at any time, Lenders whose Pro Rata Shares aggregate more than 66⅔ per cent. of the Total Commitment (or, if the Total Commitment has been reduced to zero, aggregated more than 66⅔ per cent. of the Total Commitment immediately prior to that reduction).

**Margin** means seven per cent (7.00%) per annum.

**New Lender Commitment** means, in relation to the New Lender, an amount equal to USD 670,000,000 (six hundred and seventy million United States Dollars), being the amount of the Total Commitments less the aggregate principal amount of the Existing Loan.

**Original Lender Commitment** means, in relation to the Original Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the Effective Date, an amount equal to USD 1,000,000,000 (one billion United States Dollars);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on and from the Effective Date, an amount equal to USD 330,000,000 (three hundred and thirty million United
States Dollars), being the amount of the Existing Loan.

**Outstandings** means, at any time, the aggregate of all amounts of loan principal and accrued interest outstanding in respect of the Facility.

**Party** means a party to this Agreement and collectively, the **Parties**.

**Pro Rata Share** means, in relation to a Lender at any time, the proportion (expressed as a percentage) which its Commitment (whether drawn or undrawn) at that time bears to the Total Commitments.

**Quotation Day** means, in relation to any period for which an interest rate is to be determined, two (2) US Government Securities Business Days before the first (1<sup>st</sup>) day of that period (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

**Reference Rate** means, in relation to a Loan, the applicable SOFR as at the Specified Time for such Interest Period and for a period equal in length to the Interest Period of the Loan and, if that rate is less than zero, then the Reference Rate shall be deemed to be zero.

**Shareholders' Agreement** means the agreement titled "2023 Shareholders' Agreement relating to Konkola Copper Mines Plc" dated 6 November 2023 between, GRZ, ZCCM, Vedanta Resources Limited, the Original Lender and the Borrower.

**SOFR** means, for any day, the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or any other person that takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person that takes over the publication of that rate).

**Specified Time** means 11am, Lusaka time, on the Quotation Day.

**Tax Authority** means any Government Authority that is legally competent to impose and collect Tax in Zambia on behalf of GRZ including any applicable governmental authority, government department, statutory body, municipality, Town Council, Local Council, or any local, provincial or agency, body or official anywhere in Zambia.

**Taxes** means any form of income tax, withholding tax, value added tax, property transfer tax, mineral royalty, professional tax, custom duty, excise duty, other advance tax, other tax, other duty, tariff, levy, charge, fee, contribution, basis for assessing taxes (including the rates of, or periods for, depreciation of assets for tax assessment purposes) other withholding or impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority.

**Total Commitments** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the Effective Date, the Original Lender Commitment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on and from the Effective Date, the aggregate of the Original Lender Commitment and the New Lender Commitment,

in each case, being USD 1,000,000,000 (one billion United States Dollars).

**US Government Securities Business Day** means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation)
recommends that the fixed income departments of its members be closed for the entire day for the purposes of trading in US Government
securities.

**Utilisation** means the utilisation of the Facility.

**Utilisation Date** means the date upon which a Loan is advanced to the Borrower as contemplated by the Shareholders' Agreement.

**Utilisation Request** means a notice setting out the amount to be drawn down as required by the Borrower.

**1.2** **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, any reference in this Agreement to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a **Lender**, the **Borrower** or any **Party** shall be construed so as to include its successors
in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **assets** includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any **rights** in respect of an asset include all amounts and proceeds paid or payable, all rights
to make any demand or claim, and all powers, remedies, causes of action, security, guarantees and indemnities, in each case, in respect
of or derived from that asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **include**, **includes** and **including** will be construed without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a **person** includes any individual, firm, company, corporation, government, state or agency of a
state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a **regulation** includes any regulation, rule, official directive, request or guideline (whether or
not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory
or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a provision of law is a reference to that provision as amended or re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a time of day is a reference to Lusaka time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the **date of this Agreement** means 22 December 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section, Clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In this Agreement unless the context dictates otherwise, capitalised words which are used in this Agreement
but not defined herein shall have the meaning given thereto in the Implementation Agreement.

**1.3** **Currency Symbols and Definitions** 

**USD** and **United States Dollars** denote the lawful currency of the United States of America.

**1.4** **Third Party Rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Agreement.

**2.** **The Facility** 

Subject to the terms of this Agreement, the Implementation Agreement and the Shareholders' Agreement, each Lender makes available to the Borrower its applicable portion of a USD capital expenditures support loan in an aggregate amount equal to the Total Commitment, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Original Lender in an amount of the Original Lender Commitment (being the Existing Loan); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the New Lender in an amount of the New Lender Commitment.

**3.** **Purpose** 

3.1 The Borrower shall apply all amounts borrowed by it under this Agreement towards funding its capital expenditure
requirements.

3.2 The Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

**4.** **Signing Deliverables** 

4.1 By entering into this Agreement, the Borrower and the Original Lender confirms to the other, that the
requirements as set out in Clause 4.2 and Clause 4.3 have been satisfied in form and substance acceptable to it on the date of this Agreement.

4.2 The Borrower shall provide to the Original Lender a copy of the resolution of the board of directors of
the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices
to be signed and/or despatched by it under this Agreement.

4.3 The Original Lender shall provide to the Borrower a copy of the resolution of the board of directors of
the Original Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising a specified person or persons to execute this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons on its behalf, to sign and/or despatch all documents and notices
to be signed and/or despatched by it under this Agreement.

4.4 The conditions specified in this Clause 4 are inserted for the benefit of both the Borrower and the Original
Lender. Either of the Borrower or the Original Lender may waive them, in whole or in part and with or without conditions, without prejudicing
the Original Lender's right to require subsequent fulfilment of such conditions.

**5.** **Condition Precedent** 

5.1 Save for Clause 1 (*Definitions and Interpretation*), Clause 4 (*Signing Deliverables*), this
Clause 5 and Clause 13 (*Notices*) to Clause 21 (*Arbitration*) (inclusive) all of which will become effective immediately,
this Agreement is subject to the fulfilment of the condition precedent (the **Condition Precedent**) that on or before the Board Reinstatement
Long Stop Date, Step 4 of the Implementation Agreement shall have been implemented (as set forth in clause 4.4 of the Implementation Agreement)
and on such date, no Event of Default as set out in Clause 11.4 (*Expropriation*) has occurred and is continuing.

5.2 If the Condition Precedent has not been satisfied to the Original Lender's satisfaction on or before
the expiry of the Board Reinstatement Long Stop Date or such later date as agreed to in writing between the Parties (such date, the **Extended Long Stop Date**), then on or after thirty (30) days from the expiry of the Board Reinstatement Long Stop Date or the Extended Long
Stop Date (as applicable) this Agreement may be cancelled and terminated at the election of either the Borrower or the Original Lender
by written notice to the other, and in such event, neither the Borrower nor the Original Lender shall have any obligation or liability
in relation to this Agreement whatsoever.

5.3 It is agreed that in the event that the Implementation Agreement is terminated prior to the Utilisation
of the Facility, this Agreement shall automatically terminate without any further action required from either Party.

**6.** **Utilisation** 

The Facility will be made available to the Borrower as follows:

6.1 prior to the Effective Date, the Borrower shall deliver a Utilisation Request to the Original Lender,
and the Original Lender shall advance to the Borrower its Pro Rata Share of the amounts requested, provided that the aggregate amount
advanced (on a cumulative basis) is at least equal to the amounts specified in Clause 15.1.2 of the Shareholders' Agreement; and

6.2 following the Effective Date, the Borrower shall deliver a Utilisation Request to the New Lender, and
the New Lender shall advance to the Borrower the amounts requested, provided that the aggregate amount advanced (on a cumulative basis)
is at least equal to the amounts specified in Clause 15.1.2 of the Shareholders' Agreement.

**7.** **Repayment** 

7.1 The Borrower shall only repay the Outstandings in amounts and on the basis determined in accordance with
clause 11.2 and/or clause 16.7 of the Shareholders' Agreement. All amounts received by the Lenders in respect of principal and interest
under this Agreement shall be shared between the Lenders in proportion to their Pro Rata Shares.

7.2 Subject at all times to the provisions of clause 11.2 and/or clause 16.7 of the Shareholders' Agreement,
and for the avoidance of doubt subject to the priority of payments contemplated by the Cashflow Waterfall (as defined in the Shareholders'
Agreement) as set out at clause 16.7.2 of the Shareholders' Agreement, the Borrower shall repay all Outstandings in full on the
date falling five (5) years from the date of this Agreement (the **Final Maturity Date**), **provided that** if there are insufficient
funds available in accordance with the Cashflow Waterfall to repay all Outstandings in full as at the Final Maturity Date, the Final Maturity
Date shall be automatically extended on each anniversary of the Final Maturity Date for one (1) year until such time as the Borrower has
repaid all Outstandings in full in accordance with the Cashflow Waterfall.

**8.** **Interest** 

8.1 The Borrower shall pay accrued interest on the Loan in accordance with Clause 7 (*Repayment*). The
rate of interest on the unpaid principal amount of the Loan, together with accrued but unpaid interest, for the period from and including
the relevant Utilisation Date to but excluding the date on which such Loan, together with accrued but unpaid interest, is repaid in full,
shall be at a rate per annum for each Interest Period relating thereto equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reference Rate; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant Lender's Cost of Funding.

8.2 From the date falling thirty-six (36) months after the relevant Utilisation Date, the interest rate calculated
in accordance with paragraph (a) of Clause 8.1 shall be reduced by zero point five per cent (0.5%) per annum, such reduction to incrementally
increase by zero point five per cent (0.5%) per annum on each subsequent anniversary of the Utilisation Date thereafter, until such time
that the interest rate is equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) seven per cent (7.0%); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant Lender's Cost of Funding at such point in time,

as set out in the following table:

---

| | |
|:---|:---|
|  **Period** | &nbsp;&nbsp; **Interest Rate** |
|  Utilisation Date to the date falling 36 months after the Utilisation Date | &nbsp;&nbsp; Sum of (i) the Reference Rate *plus* (ii) the Margin |
|  36 months to 48 months from the Utilisation Date | &nbsp;&nbsp; Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 0.5% |
|  48 months to 60 months from the Utilisation Date | &nbsp;&nbsp; Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.0% |
|  60 months to 72 months from the Utilisation Date (and so on) | &nbsp;&nbsp; Sum of (i) the Reference Rate *plus* (ii) the Margin; *minus* 1.5% (and so on) |

---

8.3 Each Lender shall annually share with ZCCM a calculation (subject to any confidentiality provisions, together
with reasonable supporting evidence and documents) of its cost of funding in relation to financing its participation in the Loan and for
such purposes its cost of funding shall be that which expresses as a percentage rate per annum, as the cost to that Lender of funding
its participation in the Loan from where that Lender has or could have reasonably borrowed funds, or if not available, from whatever source
it may reasonably specify, for a period equal in length to the relevant Interest Period (in respect of each Lender, such Lender's
cost of funding shall be referred to as that **Lender's Cost of Funding**).

8.4 For the avoidance of doubt, accrued but unpaid interest shall not capitalise and/or be compounded and
no premium, penalty or fee, shall apply in respect of any payment of principal or interest or other amount under this Agreement.

**9.** **Withholding Tax** 

The Borrower shall make all payments to be made by it without any deduction or withholding for or on account of any Taxes (a **Tax Deduction**) unless a Tax Deduction is required by Applicable Law. If a Tax Deduction is required by Applicable Law to be made by the Borrower, the amount of the payment due from the Borrower to the relevant Lender shall be increased to an amount which after making any Tax Deduction, leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

**10.** **Warranties** 

The Borrower makes the warranties set out in this Clause 10 to the Original Lender on the date of this Agreement.

**10.1** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a limited liability corporation, duly incorporated and validly existing under its jurisdiction of
incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the power to own its assets and carry on its business as it is being conducted.

**10.2** **Binding Obligations** 

The obligations expressed to be assumed by it in this Agreement are legal, valid, binding and enforceable obligations.

**10.3** **Power and Authority** 

It has the power to lawfully enter into, perform and deliver, and has taken all necessary action to authorise its performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

**10.4** **Authorisations** 

Solely in the event of a change of Applicable Law in Zambia that requires the Borrower to obtain further authorisations to enable it to enter into, exercise its rights and comply with its obligations in this Agreement and to make it admissible in Zambia, any such authorisations are in full force and effect.

**11.** **Events of Default** 

Each of the events or circumstances set out in this Clause 11 for so long as such event or circumstance is continuing (save for Clause 11.5 (*Acceleration*)) is an Event of Default.

**11.1** **Non-Payment** 

The Borrower fails to pay any sum due under this Agreement when due and such failure was caused directly by either GRZ or ZCCM breaching any of the provisions of the Shareholders' Agreement or the Implementation Agreement.

**11.2** **Insolvency** 

At any time after the completion of Step 5 of the Implementation Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is unable or admits inability to pay its debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) suspends making payments on any of its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Lender in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of the Borrower is less than its liabilities (taking into account contingent and
prospective liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of the Borrower.

**11.3** **Insolvency Proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Borrower, save with the prior written consent
of the Majority Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any creditor of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager
or other similar officer in respect of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any encumbrance over any assets of the Borrower, save with the prior written consent of
the Majority Lenders,

or any analogous procedure or step is taken in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Clause 11.3 shall not apply to any winding-up petition that is frivolous or vexatious and is discharged,
stayed or dismissed within ten (10) days of commencement.

**11.4** **Expropriation** 

The authority or ability of the Borrower to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any of its assets.

**11.5** **Acceleration** 

On and at any time after the occurrence of an Event of Default that is continuing and following the expiration of any applicable grace period, the Majority Lenders may by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel all or any part of the Loan whereupon all or any such part of the Loan shall immediately be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or
outstanding under this Agreement be immediately due and payable, whereupon they shall become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise any or all of its rights, remedies, powers or discretions under this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare that all or part of the Loan be payable on demand, whereupon such amount(s) shall immediately
become payable on demand by the Majority Lenders.

**12.** **Changes to the Parties** 

Except as expressly permitted by and subject to the Shareholders' Agreement, no Party may assign any or all of its rights and/or obligations under this Agreement to another person without the prior written consent of the other Parties.

**13.** **Notices** 

**13.1** **Communications in Writing** 

Any notice or other communication under or in connection with this Agreement shall be in writing or sent by first class post pre-paid recorded delivery (or air mail if overseas) or by facsimile, or by email, to the Party due to receive the notice or communication.

**13.2** **Addresses** 

The physical address, fax number and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with this Agreement is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of the Borrower:

---

| | |
|:---|:---|
| Address: | Private Bag KCM (C) 2000, Stand M/1408, Fern Avenue, Chingola, Zambia |
| Attention: | Company Secretary |
| Fax number: | +260 2 351357 |
| E-mail: | <u>Maxwell.Mainsa@kcm.co.zm</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of the Original Lender:

---

| | |
|:---|:---|
| Address: | C/O Csc Cls (Uk) Limited 5 Churchill Place, 10th Floor, London E14 5HU, United Kingdom, |
| Attention: | Surneet Kaur |
| Fax number: | +91 98146 45865 |
| Email: | <u>surneet.kaur@vedanta.co.in</u> |

---

Mulenga Mundashi Legal Practitioners

Address: Plot 11058 Zimbabwe House, Haile Selassie Avenue, Long Acres, Lusaka, Zambia <br> Attention: Mike Chilufya and Bwalya Banda. <br> Email: <u>mike@mmp.co.zm</u> or <u>bwalyab@mmlp.co.zm</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the New Lender:

Address: 44 Esplanade, St. Helier, Jersey, JE4 9WG <br> Attention: Pushpender Singla and Manish Agarwal <br> Email: <u>psingla@vedantaresources.co.za</u> and <u>info@vedantaresources.com</u>

or any substitute address or department or officer as the Party may notify to the other Parties by not less than five (5) Business Days' notice.

**13.3** **Delivery** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document made or delivered by one person to another under or in connection with this
Agreement will only be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if delivered personally, when left at the address referred to in Clause 13.2 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if by way of email, on the Business Day immediately following the day on which the relevant email was
sent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if by way of facsimile, on completion of its transmission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if by way of air mail, ten (10) Business Days after being posted;

and, if a particular department or officer is specified as part of its address details provided under Clause 13.2 above, if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document which becomes effective, in accordance with paragraph (a) above, after 5pm
in the place of receipt shall be deemed only to become effective on the following day.

**14.** **Partial Invalidity** 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

**15.** **Confidential Information** 

The Parties agree to maintain the provisions of this Agreement, all information delivered under this Agreement and the details of their negotiations leading up to the conclusion of this Agreement as confidential, provided that this Clause shall not apply to any information that is in the public domain, other than through a breach of the provisions of this Clause.

**16.** **Counterparts** 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

**17.** **Amendments and Waivers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b), No amendment or waiver of this Agreement shall be of any force or effect unless
in writing and signed by or on behalf of the Borrower and the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a), no amendment, waiver or consent shall be made or given in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any reduction in the Margin or any change to the basis of calculation of interest or the amount of any
payment under this Agreement which reduces the amount payable to any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any extension of the date for, or reduction in the amount of, any payment of principal, interest or other
amount payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change to the definition of "Majority Lenders" or "Pro Rata Share"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any change to this Clause 17,

unless such amendment, waiver or consent is in writing and signed by or on behalf of the Borrower and all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall be entitled to one vote, and decisions of the Majority Lenders shall be binding on all
Lenders. For the purposes of calculating the Majority Lenders, each Lender's vote shall be weighted in proportion to its Pro Rata
Share.

**18.** **Entire Agreement** 

This Agreement and the Shareholders' Agreement constitute the sole record of the agreement between the Parties in regard to the subject matter thereof.

**19.** **No Implied Terms** 

No Party shall be bound by any express or implied term, representation, warranty, promise or the like, not recorded in this Agreement in regard to the subject matter thereof.

**20.** **Governing Law** 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

**21.** **Arbitration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of any dispute or claim arising out of or in connection with this Agreement or its subject
matter or formation, including any question regarding the existence, scope, breach, termination or validity of this Agreement (a **Dispute**),
the Parties hereby consent to submit any Dispute to be resolved by arbitration in accordance with the UNCITRAL Arbitration Rules (the **Rules**) as in force and effect at that time, save as modified by the provisions of this Clause 21. The tribunal shall consist of
a sole arbitrator (the **Tribunal**) and the appointing authority shall be the Secretary General of the Permanent Court of Arbitration
at the Hague. The place of arbitration shall be Johannesburg and the language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tribunal shall be instructed time is of the essence in proceeding with its determination on any Dispute,
and unless otherwise agreed by the Parties, the decision of the Tribunal shall be rendered within thirty (30) days of the conclusion of
the final hearing of the Dispute. The decision of the Tribunal shall be in writing and reasons for the decision shall be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An award in proceedings under the Rules shall be final and binding on the parties and judgement thereon
may be entered in any court having jurisdiction for the purpose of enforcing the award. The Parties undertake to keep strictly confidential
the content of the Arbitral Proceedings and any arbitral award made in such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where a Dispute has been referred for settlement by arbitration in accordance with the Rules, then the
Parties shall not be entitled to exercise any rights or election arising in consequence of any alleged default by a Party arising out
of the subject matter of the Dispute until the relevant part of the Dispute has been resolved by an award of the Tribunal.

**This Agreement** has been entered into on the date stated at the beginning of this Agreement.

**Schedule 1**

**Form of Utilisation Request**

---

| | |
|:---|:---|
| From: | Konkola Copper Mines PLC (the **Borrower**) |
| To: | Vedanta Resources Jersey Limited (the **New Lender**) |
| Copy: | Vedanta Resources Holdings Limited (the **Original Lender**) |
| Dated: |  |

---

To whom it may concern,

**KONKOLA COPPER MINES PLC – Capital Expenditures Support Loan Agreement originally dated 22 December 2023 (**the **Loan Agreement)**

1. We
 refer to the Loan Agreement. This is a Utilisation Request. Terms defined in the Loan Agreement have the same
 meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2. We
 wish to borrow a loan on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proposed
 Utilisation Date: [ ● ]
 (or, if that is not a Business Day, the next Business Day)

(b) Proposed
 Lender: New
 Lender

(c) Currency
 of Loan: USD

(d) Amount: [ ● ]

(i) Interest
 Period: three
 (3) months from the date of the Proposed Utilisation Date

3. We
 confirm that each condition specified in Clause 5 (*Condition Precedent*) of the Loan Agreement is satisfied on the date of
 this Utilisation Request or will be satisfied on the Proposed Utilisation Date.

4. This
 Utilisation Request and all non-contractual obligations arising in any way out of or in connection with it is governed by English
 law.

5. This
 Utilisation Request is irrevocable.

Yours faithfully

---

| |
|:---|
| authorised signatory for |
| **KONKOLA COPPER MINES PLC** |

---

**Signatures**

[*Original signature pages not restated*]

## Exhibit 4.5

**Exhibit 4.5**

Execution Version

THE GOVERNMENT OF THE REPUBLIC OF ZAMBIA

<br> ZCCM INVESTMENTS HOLDINGS PLC

<br> VEDANTA RESOURCES LIMITED

<br> VEDANTA RESOURCES HOLDINGS LIMITED

<br> VEDANTA RESOURCES JERSEY LIMITED

<br> KONKOLA COPPER MINES PLC

<br> DEED OF ADHERENCE, NOVATION AND GUARANTEE RELATING TO THE

2023 SHAREHOLDERS' AGREEMENT IN RESPECT OF KONKOLA COPPER MINES PLC

**THIS DEED** is dated 1 JUNE 2026

**BETWEEN:**

**(1)** **THE GOVERNMENT OF THE REPUBLIC OF ZAMBIA** acting through the Minister of Finance and National Planning
(" **GRZ** ");

**(2)** **ZCCM INVESTMENTS HOLDINGS PLC** a company incorporated in Zambia (company registration number 119540000771),
whose registered office is at ZCCM-IH Office Park, Stand No. 16806, Alick Nkhata Road, Massmedia Complex Area, Lusaka, Zambia ()"**ZCCM-IH**") **;** 

**(3)** **VEDANTA RESOURCES LIMITED,** a company incorporated in England and Wales (company registration number
4740415), whose registered office is at c/o CSC CLS (UK) Limited 5 Churchill Place, 10<sup>th</sup> Floor, London, United Kingdom, E14
5HU ()"**Vedanta** ");

**(4)** **VEDANTA RESOURCES HOLDINGS LIMITED,** a company incorporated in England and Wales (company registration
number 4761147), whose registered office is at c/o CSC CLS (UK) Limited 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU
(" **VRHL** ");

**(5)** **KONKOLA COPPER MINES PLC,** a company incorporated in Zambia (company registration number 119990043628),
whose registered office is at Stand M/1498 Fern Avenue, Chingola, Zambia (the "**Company** ");

**(6)** **VEDANTA RESOURCES JERSEY LIMITED,** a company incorporated in Jersey (company registration number
103389), whose registered office is at 44 Esplanade, St Helier, Jersey, JE4 9WG (the "**New Shareholder** ");

each of the Persons referred to in (1) to (6) collectively being, the **"Parties"** and each a **"Party"**.

**WHEREAS**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) There is in issue one billion, ninety-eight million, six hundred and seventy-seven thousand, four hundred
and seventy-three (1,098,677,473) Ordinary Shares, sixty million (60,000,000) Deferred Shares and the Special Share in the Company. VRHL
by way of the Subscription Agreement, originally subscribed for Ordinary Shares comprising fifty-one per cent (51%) of the issued Ordinary
Shares in the Company. On or about 9 April 2008, following the exercise of VRHL's call option under a Call Option Deed dated 5 November
2004, VRHL acquired further Ordinary Shares and forty-eight million (48,000,000) Deferred Shares in the Company, thereby increasing its
shareholding to seventy-nine point four per cent (79.4%) of the Ordinary Shares in the Company. ZCCM-IH holds twenty point six per cent
(20.6%) of the Ordinary Shares in the Company and twelve million (12,000,000) Deferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) GRZ is the legal and beneficial owner of the Special Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) As at the Transfer Date, the New Shareholder shall be a directly wholly-owned subsidiary of CopperTech
Metals Inc. ()"**CTM**") and an indirectly wholly-owned subsidiary of VRHL, and thereby an Affiliate of VRHL as at the date
of this Deed. As at the date of this Deed, CTM is the ultimate holding entity through which the Vedanta Group proposes to undertake certain
listing, financing, capital raising and related transactions linked directly or indirectly to the Company and the KCM Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Vedanta Group including, among others, Vedanta, VRHL, CTM and the New Shareholder propose to undertake
an internal corporate reorganisation whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pursuant to a transfer agreement dated
 on or around the date of this Deed, VRHL has agreed to Transfer the Vedanta Shares to the
 New Shareholder (the "**Share Reorganisation** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to a series of intra-group transactions, the New Shareholder shall by executing the relevant
transfer instruments set out in Schedule 2, become a party to certain of the Vedanta Shareholder Commitment Agreements and Existing Vedanta
Liabilities, the particulars and outstanding amounts of which are included in the information set out in Schedule 4, the sole effect of
which shall be to transfer the benefit and burden of the said loans and obligations under such agreements (other than the Funded Scheme
Loans and the Excluded Existing Vedanta Liabilities) to the New Shareholder by substituting the New Shareholder as a party in place of
the existing Vedanta Group party, without varying or otherwise affecting the terms, rights, protections or obligations applicable to the
Company under such Additional Agreement, which shall, save for the change in party to the New Shareholder (and save as pursuant to the
CESLA Amendment and Restatement Agreement in respect of the Capital Expenditure Support Loan Agreement), continue in full force and effect
on the same terms and conditions as are currently in effect prior to such transfer (the "**Vedanta Shareholder Loans Reorganisation** "),

(the Share Reorganisation and the Vedanta Shareholder Loans Reorganisation, collectively the "**Intra-Group Transaction**"), in furtherance of a broader restructuring, listing and financing transaction pursuant involving CTM, which will impact the Vedanta Shares and certain shareholder funding arrangements relating to the Company, and pursuant to which CTM shall become the ultimate holding entity through which the Vedanta Group proposes to undertake certain capital raising, debt financings and related transactions connected (direly and indirectly) to the business, operations, mineral resources, reserves, assets and future cashflows of the Company and the KCM Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) VRHL has proposed, following the completion of the arrangements described in Recital (D), to conduct
an initial public offering of less than fifty percent (50%) the common stock of CTM on the New York Stock Exchange (the "**Proposed IPO** "), which requires the consent of ZCCM-IH pursuant to clause 18 of the Shareholders' Agreement.The Parties acknowledge that
the Company and the KCM Group constitute material strategic and economic assets underpinning the Proposed IPO and that the Intra-Group
Transaction must preserve and promote the long-term economic interests of the Company, ZCCM-IH and the Republic of Zambia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Parties acknowledge and agree that the consent contemplated under this Deed is granted by ZCCM-IH
and GRZ in reliance upon the representations, warranties, guarantees, funding commitments, disclosures and undertakings made by VRHL and
the New Shareholder pursuant to this Deed in connection with the Intra-Group Transaction and the Proposed IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) The Parties have entered into this Deed (which supplements and amends the Shareholders' Agreement),
among other things, for the purpose of: (1) regulating the exercise of the Parties' rights and obligations in relation to the Shareholders'
Agreement and other Relevant Agreements in respect of the Intra-Group Transaction pursuant to Clause 14.2.2 and Clause 14.5.1(a) of the
Shareholders' Agreement; and (2) implementing certain transactions between them in respect of the Company.

**NOW IT IS HEREBY AGREED** as follows:

1. **DEFINITIONS AND INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. In this Deed (including in the Recitals), the following words and expressions shall have the following
meanings:

"**Additional Agreements**" means the agreements set out in Schedule 1 to this Deed (which excludes the Community Support Loan Agreement and Creditor Settlement Support Loan Agreement, such agreements relating to Excluded Existing Vedanta Advance Liabilities and the Framework Commercial Agreements);

"**Additional Agreement Party**" means in relation to each Additional Agreement, each party thereto (other than VRHL or any Affiliate of VRHL), as specified in Schedule 1 to this Deed;

**"Amended and Restated Capital Expenditures Support Loan Agreement"** means the amended and restated Capital Expenditures Support Loan Agreement as amended by the CESLA Amendment and Restatement Deed;

**"Beneficiary"** means: (a) in relation to the Shareholders' Agreement, any one of the Continuing Parties; (b) in relation to each Additional Agreement, each Additional Agreement Party; and (c) in relation to any of the foregoing agreements, any other person or persons who (after the Transfer Date) adheres or otherwise becomes party to such agreement (not being an Affiliate of VRHL) and "**Beneficiaries**" shall mean each Beneficiary in relation to both the Shareholders' Agreement and all the Additional Agreements);

**"Capital Expenditures Support Loan Agreement"** means the capital expenditures support loan agreement between the Company and VRHL dated 22 December 2023;

**"CESLA Amendment and Restatement Agreement"** means the amendment and restatement deed which amends and restates, and partially novates the Capital Expenditures Support Loan Agreement, in the form set out in Part A of Schedule 2 and to be entered into by and between the New Shareholder, VRHL and the Company on or about the date of this Deed;

**"Committed IPO Proceeds"** has the meaning given to it in clause 7.1. ;

**"Community Support Loan Agreement"** means the community support loan agreement between the Company and VRHL dated 22 December 2023;

**"Continuing Parties"** means collectively, Vedanta, ZCCM-IH, the Company and GRZ and **"Continuing Party"** means any of them;

**"Creditor Settlement Support Loan Agreement"** means the creditor support settlement loan agreement between the Company and VRHL dated 06 December 2023;

**"Deed"** means this Deed;

**"Execution Document"** has the meaning given to it in clause 5.3.

"**Excluded Existing Vedanta Liabilities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the advances extended by Sterlite Copper (a unit of Vedanta Limited) and Fujairah Gold FZC to the KCM
Group for copper offtake; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) intercompany advance extended by Black Mountain Mining (Proprietary) Limited to the KCM Group,

all as admitted under the Scheme of Arrangement and confirmed by the scheme administrator, HLB Advisory and Accounting pursuant to their letter addressed to the Company and dated 30 August 2024;

"**Existing Vedanta Liabilities**" has the meaning given to it in the Shareholders' Agreement;

"**Existing Vedanta Party Secured Payment Obligations**" has the meaning given to it in the Shareholders' Agreement;

"**Existing Vedanta Party Unsecured Loans**" shall have the meaning given to it in the Shareholders' Agreement;

"**Framework Commercial Agreements"** shall mean collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Framework Sale Agreement Copper Cathode dated on or about 10 January 2024 and made among the Company,
Vedanta and VRHL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Framework Sale Agreement Copper Anode dated on or about 10 January 2024 and made among the Company, Vedanta and VRHL;

**"Funded Scheme Loans"** means the portions of each of the New Vedanta Shareholder Loans funded by VRHL to the Company prior to the Transfer Date, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) $330,000,000 (three hundred and thirty million United States Dollars) funded under the Capital Expenditures Support Loan Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) $250,000,000 (two hundred and fifty million United States Dollars) funded under the Creditor Settlement Support Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) $20,000,000 (twenty million United States Dollars) 'Community Support Commitment' and $750,000 (seven hundred and fifty thousand United States Dollars) 'Once-off Employee Bonus' funded under the Community Support Loan Agreement;

**"Guarantee"** means the guarantee and indemnity provided by the Guarantor under clause 6 of this Deed to guarantee the performance by the New Shareholder of its obligations under each Relevant Agreement;

**"Guaranteed Obligations**" means all present and future liabilities and obligations at any time (whether in respect of payments or otherwise, whether actual or contingent, whether owed jointly or severally and whether owed as principal or surety or in any other capacity) owing or incurred by the New Shareholder to any Beneficiary under or in relation to any Relevant Agreement;

"**Guarantor**" means VRHL;

"**Implementation Agreement**" means the implementation agreement dated 6 November 2023 between, amongst others, the Continuing Parties, as amended from time to time;

"**Intra-Group Transaction**" has the meaning given to it in Recital D;

"**KDMP CAPEX Milestone**" has the meaning given to it in clause 7.5.

"**Loss**" or "**Losses**" includes, in respect of any matter, all demands, claims, actions, proceedings, damages, payments, fines, penalties, losses, costs (including reasonable legal costs), expenses (including tax), disbursements or other liabilities in any case of any nature whatsoever, but excluding any special, punitive, or indirect consequential damages;

"**New Vedanta Shareholder Loans**" means collectively, the Capital Expenditures Support Loan, the Community Support Loan and the Creditor Settlement Support Loan;

"**Notice of Dispute**" has the meaning given to it in clause 10.2.

"**NYSE**" means the New York Stock Exchange;

"**Proposed IPO**" has the meaning given to it in Recital (E);

"**Relevant Agreements**" means the Shareholders' Agreement and the Additional Agreements;

"**Rules**" has the meaning given to it in clause 11.1. ;

"**Settlement Agreement**" means the global settlement agreement dated on or about 4 January 2024 and entered into between, amongst others, GRZ, ZCCM-IH, Vedanta, VRHL and the Company that resolves and/or settles litigation and disputes between the parties thereto that arose prior to the entering into of such agreement;

"**Shareholders' Agreement**" means the shareholders agreement in respect of the Company executed on 6 November 2023 by the Continuing Parties and VRHL;

"**Share Reorganisation**" has the meaning give to it in Recital (D);

"**Tribunal**" has the meaning given to it in clause 11.1. ;

**"Transfer Date"** means the date on which the New Shareholder becomes a shareholder of the Company, being the date on which the name of the New Shareholder is entered in the Company's register of shareholders;

**"Vedanta Group"** means Vedanta and its Affiliates from time to time, and "**member of Vedanta Group**" shall be construed accordingly;

**"Vedanta Shares"** means all shares in the capital of the Company held by VRHL as at the date of this Deed, comprising: (a) eight hundred seventy-two million, five hundred sixty-nine thousand, six hundred forty-nine (872,569,649) Ordinary Shares, representing seventy-nine point four percent (79.4%) of the issued Ordinary Shares in the Company; and (b) forty-eight million (48,000,000) Deferred Shares, representing eighty percent (80%) of the issued Deferred Shares in the Company; and

**"Vedanta Intragroup Balances**" means the balances as at the Transfer Date between the Company, VRHL and its relevant Affiliates under the Additional Agreements, Existing Vedanta Liabilities and New Vedanta Shareholder Loans, as set out in Schedule 4;

**"Vedanta Shareholder Loans Reorganisation**" has the meaning given to it in Recital (D);

**"Vedanta Shares Transfer Instrument"** means the instrument of transfer of the Vedanta Shares from VRHL to VRJL, in the form set out in Schedule 3;

"**Vedanta Shareholder Loans Transfer Instruments**" means the transfer instrument(s) in relation to each Additional Agreement, as identified in Schedule 1 to this Agreement, and entered into by the New Shareholder (and each other relevant Party hereto) pursuant to which the New Shareholder agrees to be bound by, observe, perform and comply with all rights, obligations, terms and provisions of each such Additional Agreement as if it had been an original party thereto in place of VRHL from the date of execution of each such agreement; and

"**Zambian Law Governed Agreements Transfer Instrument**" means the transfer instrument(s) in relation to the Implementation Agreement and Settlement Agreement, in the form set out in Part B of Schedule 2 and entered into by the New Shareholder (and each other relevant party thereto) pursuant to which the New Shareholder agrees to be bound by, observe, perform and comply with all rights, obligations, terms and provisions of the Implementation Agreement and the Settlement Agreement as if it had been an original party thereto in place of VRHL from the date of execution of each such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Unless expressly defined under this Deed or the context expressly requires otherwise, words and expressions
used in this Deed shall have the meaning given to them in the Shareholders' Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Save where specifically required or indicated otherwise in this Deed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1. a reference to one gender includes all genders, a reference to an individual includes undertakings and
vice versa, words in the singular include the plural and vice versa, and a reference to the whole includes a reference to any part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2. references to any document (including this Deed) are references to that document as amended, consolidated,
supplemented, novated or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3. references to the word "**include**" or "**including**" (or any similar term)
are not to be construed as implying any limitation and general words introduced by the word "**other**" (or any similar term)
shall not be given a restrictive meaning by reason of the fact that they are preceded by words indicating a particular class of acts,
matters or things;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4. references to a "**person**" shall include any individual, firm, company, unincorporated
association, trust, government, state or agency of state, association, joint venture or partnership, in each case whether or not having
a separate legal personality and references to a "**company**" shall include any company, corporation or other body corporate
wherever and however incorporated or established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5. references to any "**matter**" are references to any fact, matter, event or circumstance
(including any omission to act).

2. **Supplement to the Shareholders' Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. This Deed is a supplemental deed to the Shareholders' Agreement which shall supplement and amend the Shareholders'
Agreement, and with effect from the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. this Deed shall constitute a Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. the Shareholders' Agreement, together with this Deed, shall, with effect on and from the date hereof,
be read and construed as one document and references in the Shareholders' Agreement to "this Agreement" shall from the Transfer
Date (but not for any purposes prior to the Transfer Date) incorporate references to this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Except as supplemented and/or amended by the terms of this Deed, the terms of the Shareholders' Agreement
shall remain in full force and effect.

**3.** **Novation of Shareholders' Agreement from VRHL to the New Shareholder** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Subject to compliance with the terms and conditions of this Deed, the Continuing Parties hereby agree
to the Intra-Group Transaction, with the transfer of the Vedanta Shares from VRHL to the New Shareholder to take place as at the Transfer
Date on the terms of the Vedanta Shares Transfer Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The New Shareholder agrees and undertakes to VRHL, the Continuing Parties and to any other person or persons
who may become party to the Shareholders' Agreement from time to time, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. from and including the Transfer Date, the New Shareholder shall be bound by and comply in all respects
with the Shareholders' Agreement and assume the benefits of the Shareholders' Agreement and shall observe, perform, be bound by
and comply with all the provisions of the Shareholders' Agreement as though the New Shareholder had executed the Shareholders' Agreement
(and was named as a party to the Shareholders' Agreement in respect of the Vedanta Shares) at (and at all times from) the date of its
execution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. the New Shareholder assumes legal responsibility for the discharge of any of the obligations and liabilities
of VRHL under the Shareholders' Agreement arising prior to the Transfer Date and in respect of which performance remains outstanding (whether
in whole or in part) as at the Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Continuing Parties agree and undertake with each other and VRHL, that from and including the Transfer
Date, except as otherwise provided for under this Deed (and in particular without prejudice to its obligations under clauses 6 and 7 of
this Deed) and the Shareholders' Agreement, VRHL is irrevocably and unconditionally released from all its future obligations under the
Shareholders' Agreement, except for any obligations that are expressly stated to continue without limit in time and without prejudice
to any liabilities, claims and demands of or made against VRHL in respect of any breach, non-observance or non-performance by VRHL of
its obligations under the Shareholders' Agreement occurring prior to the Transfer Date, which shall continue to be the responsibility
of VRHL.

4. **Relevant Agreement Adherence Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Subject to clause 4.2. , the New Shareholder (and each other relevant Party hereto) undertakes that it
(and in the case of any Affiliate of VRHL that is not a Party, VRHL shall procure that such Affiliate) shall enter into the transfer instrument
specified in Schedule 1 in relation to each Additional Agreement, such that from and including the Transfer Date the New Shareholder shall
be bound by and comply in all respects with each Additional Agreement and agrees from such date to observe, perform, be bound by and comply
with all the provisions of each such Additional Agreement as though it had executed and was named as a party thereto in place of VRHL
at (and at all times from) the date of execution of such Additional Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. With respect to the Vedanta Shareholder Loans Transfer Instruments, the New Shareholder and VRHL undertake:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as is reasonably practicable and in any event within ten (10) days of the date of this Deed, to
provide draft copies of the Vedanta Shareholder Loans Transfer Instruments to ZCCM-IH and to take into account any reasonable comments
provided by ZCCM-IH in finalising such drafts for execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the sole effect of each Vedanta Shareholder Loans Transfer Instrument shall be to transfer the benefit,
rights, entitlements and burden of the said obligations under the Additional Agreement(s) to which it relates to the New Shareholder,
without varying, amending or otherwise affecting the terms, rights, protections or obligations of the Company under such Additional Agreement,
and which shall, save for the substitution of the New Shareholder in place of VRHL (or such other relevant transferring Vedanta Group
member) and any other amendments intended to give effect to such substitution, continue in full force and effect on the same terms and
conditions as immediately prior to such transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to deliver to the Continuing Parties, true, complete and duly executed copies of the Vedanta Shareholder
Loans Transfer Instruments not later than the following day after they are executed, provided that in each case, they must be executed
and become effective by way of the occurrence of the Transfer Date not later than the earlier to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 25 June 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date falling one day prior to the date on which the listing of CTM takes place pursuant to the Proposed
IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The Continuing Parties hereby acknowledge and agree that, notwithstanding the requirements of clause 14.5.1(a)
of the Shareholders' Agreement, the Funded Scheme Loans and Excluded Existing Vedanta Liabilities shall not be transferred by the relevant
Vedanta Group lender to the New Shareholder, and in that regard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) VRHL shall remain a party to the Community Support Loan Agreement and Creditor Settlement Support Loan
Agreement, which shall not be transferred by VRHL to the New Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) VRHL shall, with respect to the Capital Expenditures Support Loan Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) remain a party to the extent of the amount advanced to the Company thereunder as at the date of this Deed
(being $330,000,000.00); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to all other outstanding obligations (including as at the date of this Deed, $670,000,000.00,
being the amount that remains unfunded), shall be transferred to the New Shareholder,

in each case as reflected in the terms of the Amended and Restated Expenditures Support Loan Agreement (with effect from the Transfer Date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Excluded Existing Vedanta Liabilities shall not be transferred to or assumed by the New Shareholder
and shall remain obligations of the KCM Group owed to the original lenders, being Sterlite Copper (a unit of Vedanta Limited), Fujairah
Gold FZC and Black Mountain Mining (Proprietary) Limited.

5. **Representations and Warranties of the New Shareholder** 

The New Shareholder represents and warrants to the Continuing Parties, that as at the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. it is a company duly incorporated and validly existing in all respects under the laws of its jurisdiction
of incorporation, with full power and authority to own its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. no action has been taken or threatened (whether by it or a third party) for or with a view to (and is
likely to result in) its liquidation, receivership or analogous process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. the execution by it of this Deed and each document required under this Deed to be executed by it (each
an "**Execution Document**") has been validly authorized and the obligations expressed as being assumed by it under this
Deed and Execution Document constitute its valid, legal and binding obligations, enforceable against it in accordance with their respective
terms except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium and other laws relating
to or affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. it has the authority to execute, deliver and perform this Deed, each Execution Document and each other
document or agreement delivered hereunder or thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. the execution and delivery by it of this Deed, each Execution Document and the fulfilment and compliance
with the terms of this Deed and each Execution Document by it does not and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1. conflict with or result in a breach of the terms, conditions or provisions of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2. constitute a default under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3. give any third party any right to modify or terminate any obligation under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4. require any consent, approval exemption or other action by or notice to any court or administrative or
governmental body or regulatory authority pursuant to; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5. result in the creation or enforcement of any Encumbrance under,

its constitutional documents or any law, statute rule or regulation to which it is subject or any agreement, instrument, order judgment or decree to which it or any of its Affiliates is subject.

6. **Guarantee and Indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. The Guarantor irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1. guarantees to the Beneficiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the due and punctual performance by the New Shareholder of the Guaranteed Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) compliance by the New Shareholder with each Relevant Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. undertakes with the Beneficiaries that whenever the New Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) does not pay any amount (including for the avoidance of doubt US$670,000,000.00, being the amount remaining
unfunded under the Capital Expenditures Support Loan Agreement as at the date of this Deed) when due under or in connection with the Guaranteed
Obligations, it shall immediately on demand pay that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fails to perform any other obligations under any Relevant Agreements, it shall immediately on demand perform
(or procure performance of) and satisfy (or procure the satisfaction of) that obligation,

so that the same benefits are conferred on each of the Beneficiaries as they would have received if such obligation had been performed and satisfied by the New Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The Guarantor as a separate and independent obligation and liability from its respective obligations and liabilities in clause 6.1,
undertakes to indemnify and hold each of the Beneficiaries harmless from and against any Loss suffered or incurred by it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. as a result of the non-performance by the New Shareholder of any of its obligations under any Relevant Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. if any obligation guaranteed by it (or purported to be guaranteed by it) under this clause 6 is or becomes
unenforceable, invalid or illegal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Each of the Guarantors' obligations under this Guarantee are principal obligations and are not ancillary
or collateral to any other right or obligation under this Deed, the Shareholders' Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. This Guarantee is a continuing guarantee and shall remain in full force and effect and will extend to
all of the obligations of the New Shareholder under each Relevant Agreements and is in addition to, and without prejudice to, and not
in substitution for, any rights or security which the Beneficiaries may have for the performance and observance of the Guaranteed Obligations
by the New Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. The Guarantor shall be entitled to raise any equivalent rights in defence of liability in relation to
any claim or demand by the Beneficiary against it under this Deed as the New Shareholder has or would have against the Beneficiary under
the Relevant Agreements (save as to unenforceability, invalidity or illegality of the Relevant Agreements other than where any such unenforceability
or invalidity arises as a result of a breach by the Beneficiary under the Relevant Agreement) or would have been entitled to raise were
it not for the unenforceability, invalidity or illegality of the Relevant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. If any discharge or arrangement (whether in respect of the Guaranteed Obligations or any security to those
Guaranteed Obligations or otherwise) is made by the Beneficiaries in whole or in part on the basis of any payment, security or other disposition
which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
the Guarantors under this Guarantee will continue or be reinstated as if the discharge, release or arrangement had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. The obligations of the Guarantor under this Guarantee will not be affected by an act, omission, matter
or thing which, but for this clause 6.8, would reduce, release or prejudice any of its obligations under this Guarantee (without limitation
and whether or not known to it or the Beneficiaries) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1. any time, waiver, forbearance or consent granted to, or composition with, the New Shareholder or any other
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2. the release of any other person under the terms of any composition or arrangement with any creditor of
the New Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.3. the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, the New Shareholder or other person or any non-presentation or non-observance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.4. any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of the New Shareholder or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.5. any unenforceability, illegality or invalidity of any obligation of any person under the Relevant Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.6. any insolvency or similar proceedings of the New Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.7. any incapacity or lack of power, authority or legal personality of the New Shareholder or change in control,
ownership or status of the New Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.8. any amendment to the Relevant Agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.9. any other act, event or omission which might operate to discharge, impair or otherwise affect any of the
obligations of the Guarantors or any of the rights, powers and remedies conferred on the Beneficiaries under the Relevant Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. Until the Guaranteed Obligations have been irrevocably paid in full and unless the Beneficiaries otherwise
direct, each of the Guarantors will not exercise any rights (its "**rights of recourse**") which it may have by reason of
performance by it of its obligations under this Guarantee or by reason of any amount being payable, or liability arising, under this Guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.1. to be indemnified by the New Shareholder or otherwise claim from the New Shareholder any sums which may
be owing to it from New Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.2. to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Beneficiaries under the Relevant Agreements or of any other guarantee or security taken pursuant to, or in connection with, the
Guaranteed Obligations by the Beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.3. to bring legal or other proceedings for an order requiring the New Shareholder to make any payment or
perform any obligation in respect of which VRHL (as applicable) has given a guarantee, undertaking or indemnity under this Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.4. to exercise any right of set-off or counterclaim against the New Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.5. to claim or prove as a creditor of the New Shareholder or any other person or its estate in competition
with the Beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold
that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Beneficiaries
under or in connection with the Relevant Agreements to be repaid in full on trust for the Beneficiaries and shall promptly pay or transfer
the same to the Beneficiaries for application in accordance with the terms of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. Without prejudice to the generality of clause 6.9, each of the Guarantors expressly confirms that it intends
that this Guarantee shall extend from time to time to all of the obligations of the New Shareholder notwithstanding any (however fundamental)
variation, increase, extension or addition of or to the Relevant Agreements or any facility or amount made available under any of the
Relevant Agreements and any other variation or extension of the purposes for which any such facility or amount might be made available
from time to time; and any fees, costs or expenses associated with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12. The Guarantor represents and warrants to the Beneficiaries, and acknowledges that the Beneficiaries accepts
this Guarantee in reliance of, that as of the date of this Guarantee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.1. it is a limited liability corporation, duly incorporated and validly existing under the laws of the jurisdiction
of its incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.2. it has the power to own its assets and to carry on its business as it is being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.3. it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its
entry into, performance and delivery of, this Guarantee to which it is a party and the transactions contemplated by the Guarantee to which
it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.4. the obligations expressed to be assumed by it in this Guarantee are legal, valid, binding and enforceable
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.5. the entry into and performance by it of this Guarantee and the performance of its obligations under, and
the transactions contemplated by, this Guarantee do not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.5.1. any applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.5.2. its constitutional documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12.5.3. any document which is binding upon it or any of its assets or constitute a default or termination event
(however described) under any such document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13. The Parties agree that, in respect of any failure by the New Shareholder to pay any amount when due under
or in connection with the Guaranteed Obligations, the aggregate amount recoverable from the Guarantor under this Guarantee in respect
of such payment obligation shall not exceed the relevant amount due and payable by the New Shareholder pursuant to the terms of the Relevant
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. No provision of this Guarantee may be amended, modified or waived, otherwise than by the express written
agreement of the New Shareholder, the Guarantors and each of the Beneficiaries.

7. **Utilisation of Proposed IPO Proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. VRHL, irrevocably and unconditionally, guarantees to the Beneficiaries to procure and ensure that CTM,
being a subsidiary of the Guarantor, shall upon and subject only to the completion of the Proposed IPO, contribute the sum of US$670,000,000
(six hundred and seventy million United States Dollars) from the net proceeds of the Proposed IPO (the "**Committed IPO Proceeds** ")
to the New Shareholder, in the amounts prescribed and not later than [three (3)] Business Days prior to the date of each KDMP Capex Milestone
set out in clause 7.3. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. VRHL, irrevocably and unconditionally, guarantees to the Beneficiaries to procure that the New Shareholder
shall, and the New Shareholder shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1. pay to the Company by way of loan pursuant to the Amended and Restated Capital Expenditures Support Loan
Agreement, the amounts prescribed and not later than the date of each KDMP Capex Milestone set out in clause 7.3. below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2. procure that the Company shall timely issue such Utilisation Requests (as defined in the Amended and Restated
Capital Expenditures Support Loan Agreement) to the New Shareholder as may be required in order to facilitate timely payment of each amount
contemplated by clause 7.2.1 above and clause 7.3. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. VRHL, the New Shareholder and ZCCM-IH shall procure that the Company shall, and the Company shall, apply
all such funds received from CTM (via the New Shareholder pursuant to the Amended and Restated Capital Expenditures Support Loan Agreement)
as capital expenditure in respect of KDMP (the Konkola Deep Mining Project).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. The KDMP Capex Milestones have been prescribed on the basis of the draft KDMP Capex proposal submitted
by the Company to ZCCM-IH and VRHL for approval on 6 May 2026. ZCCM-IH agrees to use all reasonable endeavours to review and approve (with
any requirements for changes or amendments only in respect of matters that do not affect the dates or amounts prescribed in the KDMP Capex
Milestones) a final draft of the KDMP Capex Approval not later than 15 June 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. For purposes of this clause 7, each "**KDMP Capex Milestone**" shall be as follows (on
a cumulative basis):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by 30 June 2026, USD 104,000,000 (one hundred and four million United States Dollars);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by 31 December 2026, USD 207,000,000 (two hundred and seven million United States Dollars);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by 30 June 2027, USD 390,000,000 (three hundred and ninety million United States Dollars);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by 31 December 2027, USD 572,000,000 (five hundred and seventy-two million United States Dollars);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by 30 June 2028, USD 670,000,000 (six hundred and seventy million United States Dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. To ensure alignment of the KDMP Capex Milestone with the funding timelines under the Shareholders'
Agreement, the Parties hereby agree that clause 15.1.2 (d) of the Shareholders' Agreement shall be amended to state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) by the date falling 24 months following the Funding Assessment Period Commencement Date: USD537,000,000;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. Save as amended by clause 7.5 above, clause 15 of the Shareholders' Agreement shall remain in full
force and effect and shall continue to operate in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. In the event that the Proposed IPO does not complete in sufficient time to enable the funding of the first
KDMP Capex Milestone in accordance with clause 7.4 (a) (that is by 30 June 2026) from the Committed IPO Proceeds, the New Shareholder
shall fund such first KDMP Capex Milestone in accordance with clause 7.4(a), and the Committed IPO Proceeds shall be reduced by an amount
equal to the amount so funded by the New Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. Each of VRHL and the New Shareholder represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9.1. all disclosures, projections, technical reports, public statements and regulatory filings relating to
the Company and the KCM Group in connection with the Proposed IPO are accurate, complete, not misleading and prepared in compliance with
all applicable stock exchange rules and securities regulatory requirements and all Applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9.2. the Proposed IPO shall be undertaken in compliance with all applicable stock exchange rules and securities
regulatory requirements and all Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. VRHL and the New Shareholder, shall procure and ensure that CTM, makes full and proper disclosure of the
following matters in any registration statement and prospectus (and other associated statements and materials) in connection with the
Proposed IPO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.1. that CTM, shall upon and subject to the completion of the Proposed IPO, contribute the sum of US$670,000,000
(six hundred and seventy million United States Dollars) from the net proceeds of the Proposed IPO to the New Shareholder, for the purpose
of funding the outstanding balance that will become due and payable under the Amended and Restated Capital Expenditures Support Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.2. that the proceeds to be contributed by CTM as per clause 7.10.1 above shall be used for the development
of the KDMP, on and subject to the terms and conditions in the Amended and Restated Capital Expenditures Support Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.3. that such contribution is made in fulfilment of the New Shareholder's funding commitments pursuant to
clause 15.1.2 of the Shareholders' Agreement. In the event that the New Shareholder fails to satisfy its funding obligations under
the Amended and Restated Capital Expenditures Support Loan or pursuant to clause 15.1.2 of the Shareholders' Agreement, such funding
default shall automatically trigger the deemed transfer provisions set out in clause 15 of the Shareholders' Agreement, which, among
other things, requires the defaulting party to deliver written notice to the other parties, who may elect to treat such notice as an irrevocable
offer to sell all of the defaulting party's shares in and shareholder loans to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10.4. that VRHL entered into an agreement with the Continuing Parties, to provide an unconditional and irrevocable
guarantee for the due and punctual performance of the New Shareholder's funding obligations under both the Amended and Restated
Capital Expenditures Support Loan and clause 15.1.2 of the Shareholders' Agreement. The Guarantee shall remain in full force and
effect for the entire period that the New Shareholder remains a shareholder in Company and until, in so far as the Guarantee relates to
a payment obligation, shall remain in force until all guaranteed obligations have been fully and unconditionally discharged.

**8.** **Notice details** 

For purposes of notice or other communication under or in connection with Clause 27 of the Shareholders' Agreement, each other Relevant Agreement and this Deed, the New Shareholder's address is as follows:

Vedanta Resources Jersey Limited

44 Esplanade, St Helier,

Jersey, JE4 9WG

Email: kieran.oshea@cscglobal.com and info@vedantaresources.com

9. **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Parties expressly acknowledge and agree that clauses 18 (*Confidentiality*), 20 (*No Assignment*),
21 (*Waiver, Remedies and Amendments)*, 22 (*Invalidity)*, 23 (*No Partnership of Agency)*, 27 (*Notices*) and 32
(*Waiver of Sovereign Immunity)* of the Shareholders' Agreement shall apply to and shall be deemed to have been incorporated
by reference into this Deed, *mutatis mutandis* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Each of VRHL and the New Shareholder shall procure, and shall use all reasonable endeavours to procure,
that any necessary third party shall, promptly execute and deliver such documents and perform such acts as may reasonably be required
for the purpose of giving full effect to this Deed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. The Company and the GRZ shall not bear any costs and expenses in connection with the negotiation, preparation,
execution, registration and performance of this Deed (and any documents referred to in it). Each of ZCCM-IH and each Vedanta Party shall
bear and pay its own costs and expenses incurred in connection with the negotiation, preparation, execution, registration and performance
of this Deed (and any documents referred to in it).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. This Deed may be executed in any number of counterparts, in wet ink or electronically, each of which when
executed and delivered is an original, but all the counterparts together constitute the same document. For the purposes of satisfying
the authentication or similar requirements prescribed under Zambian law, the Parties hereby agree that the final execution of this Deed
within Zambia shall be effected by KCM, ZCCM-IH or GRZ, whereupon this Deed shall be deemed to have been duly executed from within Zambia.

**10.** **Amicable Settlement of Disputes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Any Dispute shall be resolved in accordance with this Clause 10 and Clause 11 of this Deed. The dispute
resolution methods specified herein are exclusive, and the Parties agree not to submit Disputes to any other forum, court or tribunal.
The provisions of Clause 11 shall not apply to any Dispute until a period of thirty (30) days, or any longer period agreed between the
Parties, shall have elapsed following service of a Notice of Dispute, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. A Party may serve on any other Party a notice ()"**Notice of Dispute**") stating the existence
of a Dispute and describing its nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. Following service of a Notice of Dispute, the Parties shall attempt in good faith to settle such Dispute
amicably. If the Parties agree, the Chartered Institute of Arbitrators Zambia Branch may be requested to nominate a mediator to assist
in attempting to settle the Dispute amicably. If a period of thirty (30) days, or any longer period agreed between the Parties, shall
have elapsed following service of a Notice of Dispute, the provisions of Clause 11 shall apply to such Dispute.

**11.** **Arbitration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Subject to the provisions of Clause 10 above, the Parties hereby consent to submit any Dispute for final
resolution by arbitration in accordance with the UNCITRAL Arbitration Rules (the "Rules") as in force and effect on the date
of service of Notice of Dispute under Clause 10 above, save as modified by the provisions of this Clause 11. The tribunal shall consist
of a sole arbitrator (the "Tribunal") and the appointing authority shall be the Secretary General of the Permanent Court of
Arbitration at the Hague. The place of arbitration shall be Johannesburg, South Africa and the language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The Tribunal shall be instructed that time is of the essence in proceeding with its determination on any
Dispute, and unless otherwise agreed by the Parties, the decision of the Tribunal shall be rendered within thirty (30) days of the conclusion
of the final hearing of the Dispute. The decision of the Tribunal shall be in writing and reasons for the decision shall be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. An award in proceedings under the Rules shall be final and binding on the Parties and judgement thereon
may be entered in any court having jurisdiction for the purpose of enforcing the award. The Parties undertake to keep strictly confidential
the content of the arbitral proceedings and any arbitral award made in such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Where a Dispute has been referred for settlement by arbitration in accordance with the Rules, then the
Parties shall not be entitled to exercise any rights or election arising in consequence of any alleged default by a Party arising out
of the subject matter of the Dispute until the relevant part of the Dispute has been resolved by an award of the Tribunal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. Nothing in this Deed shall prevent a Party from seeking interim, conservatory or injunctive relief from
any court of competent jurisdiction for purposes of preventing asset dissipation, value leakage or any breach of this Deed pending final
determination of any Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. Subject to clause 11.5, unless the Deed has already been repudiated or terminated, the Parties shall continue
to observe and perform all the obligations contained in, and may exercise their rights under, this Deed notwithstanding the reference
of any Dispute to arbitration.

**12.** **Governing Law** 

This Deed shall be governed by and construed in accordance with the laws of Zambia which the Parties acknowledge and agree is supplemented, so far as they are relevant, by the rules of international law.

**IN WITNESS WHEREOF** this Deed has been executed as a Deed by the parties hereto and is intended to be and is hereby delivered by it as a Deed on the date specified above.

Execution Version

**SCHEDULE 1**

**Additional Agreements**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| &nbsp;&nbsp;**Agreement** | &nbsp;&nbsp;**Transfer Instrument** | &nbsp;&nbsp;**Schedule/Clause reference** |
| 1. | &nbsp;&nbsp;Capital Expenditures Support Loan Agreement | &nbsp;&nbsp;CESLA Amendment and Restatement Agreement | &nbsp;&nbsp;Schedule 2 Part A |
| 2. | &nbsp;&nbsp;Existing Vedanta Party Secured Payment Obligations being a reimbursement receivable owed to Vedanta for certain guarantees honoured by Vedanta on behalf of the Company in an aggregate amount of USD 366,960,380 (comprising of a principal amount of USD 274 million, together with all accrued and unpaid interest in an amount of USD 93 million thereon) | &nbsp;&nbsp;Vedanta Shareholder Loans Transfer Instruments | &nbsp;&nbsp;Clause 4.2 |
| 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Existing Vedanta Party Unsecured Loans (together with applicable Existing Shareholder Amendment Agreements) comprising of the following:<br> (a) receivables owed by the Company to Vedanta in the amount of USD 15 million, together with all accrued and unpaid interest thereon; and<br>(b) the dividend declared but unpaid and consequently owed by the Company to VRHL in the amount of USD 40 million | &nbsp;&nbsp;Vedanta Shareholder Loans Transfer Instruments | &nbsp;&nbsp;Clause 4.2 |
| 4. | &nbsp;&nbsp;The Amended and Restated Consolidated Shareholder Loan Agreement originally entered into on 21 November 2013 and 15 October 2014 and consolidated into a single agreement on 18 August 2017 and as amended and restated on 22 December 2023 between the Company and Vedanta Resources Jersey II Limited relating to the aggregate amount of USD 1,541,995,891 (made up of a principal sum of USD 1,038 million, together with all accrued and unpaid interest in an amount of USD 504 million thereon) | &nbsp;&nbsp;Vedanta Shareholder Loans Transfer Instruments | &nbsp;&nbsp;Clause 4.2 |
| 5. | &nbsp;&nbsp;Settlement Agreement | &nbsp;&nbsp;Zambian Law Governed Agreements Transfer Instrument | &nbsp;&nbsp;Schedule 2 Part B |
| 6. | &nbsp;&nbsp;Implementation Agreement | &nbsp;&nbsp;Zambian Law Governed Agreements Transfer Instrument | &nbsp;&nbsp;Schedule 2 Part B |

---

**SCHEDULE 2**

**Forms of Transfer Instrument**

**Part A – CESLA Amendment and Restatement Agreement**

**Part B – Zambian Law Governed Agreements Transfer Instrument**

**SCHEDULE 3**

**Vedanta Shares Transfer Instrument**

**SCHEDULE 4**

**Vedanta Intragroup Balances<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Current Lender: legal entity** | **Category** | **Purpose** | **Terms** | **Amount ($m) as on 31st Dec 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**New Lender: Legal Entity** |
| VRL II | Existing Vedanta Party Unsecured Loan | General Corporate Purposes & Interest thereon | Nil Interest<br> Repayment as per waterfall | 1542.00 | VRL |
| VRL | Existing Vedanta Party Secured Payment Obligations | Guarantees honoured by VRL for the Company on liquidation and interest thereon | Nil Interest<br> Repayment as per waterfall | &nbsp;&nbsp;&nbsp;&nbsp;367.19 | VRL |
| VRL | Existing Vedanta Liabilities | Other Payables | Nil Interest<br> Repayment as per waterfall | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.77 | VRL |
| VRHL | Existing Vedanta Liabilities | Dividend Payable | Nil Interest<br> Repayment as per waterfall | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.71 | VRL |
| **Total - Loans that will be transferred to new Lender (VRL)** | **Total - Loans that will be transferred to new Lender (VRL)** |  |  | **1963.67** |  |
| VRHL | New Vedanta Shareholder Loans/Funded Scheme<br> Loans | Principal loan under Capital Expenditures Support Loan | Interest - SOFR+7% Repayment as per Cashflow Waterfall | &nbsp;&nbsp;&nbsp;&nbsp;330.00 | VRHL- Original Lender |
| VRHL | New Vedanta Shareholder Loans/Funded Scheme<br> Loans | Principal loan under Creditor Settlement Support Loan Agreement | Interest - SOFR+7% Repayment as per Cashflow Waterfall | &nbsp;&nbsp;&nbsp;&nbsp;250.00 | VRHL- Original Lender |
| VRHL | New Vedanta Shareholder Loans/Funded Scheme<br> Loans | Principal loan under Community Support Loan Agreement | Interest - SOFR+7% Repayment as per Cashflow Waterfall | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.75 | VRHL- Original Lender |
| VRHL | New Vedanta Shareholder Loans/Funded Scheme<br> Loans | Interest on Community Expenditures Support Loan, Creditor Support Loan, Communitysupport Loan | Interest - SOFR+7% Repayment as per Cashflow Waterfall | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.18 | VRHL- Original Lender |
| VEDL(Fujairah, Sterlite& BMM) | Existing Vedanta Advance Liabilities | Advances for copper offtake & intercompany charges | Nil Interest<br> Repayment as per waterfall | &nbsp;&nbsp;&nbsp;&nbsp;106.84 | Original lenders being:<br> •Sterlite Copper (a unit of Vedanta Limited):<br> • Fujairah Gold FZC; and<br> • Black Mountain Mining (Proprietary) Limited |
| **Total - Loans that will NOT be transferred** | **Total - Loans that will NOT be transferred** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**761.76** |  |
| VRHL | Unfunded portion of Capital Expenditure Support Loan | Principal loan under Capital Expenditures Support Loan | Interest - SOFR+7%<br> Repayment as per Cashflow Waterfall | &nbsp;&nbsp;&nbsp;&nbsp;670.00 | VRL |

---

________________________________

<sup>1</sup> **Note to MMLP:** the balances need to be set out as against the relevant contracts (with the contract particulars).

**EXECUTION PAGES**

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| | |
|:---|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |  |
| **THE GOVERNMENT OF THE REPUBLIC OF**) |  |
| **ZAMBIA**) |  |
| by its duly authorised representative) |  |
| ![](ctm005_ex4-5img01.jpg) | Felix Nkulukusa |
| Signature of Authorised Representative | Name of Authorised Representative |
| Date: 1<sup>st</sup> June 2026 |  |
| Time: 19:30 hours |  |
| Place: Lusaka |  |

---

---

| | |
|:---|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |  |
| **VEDANTA RESOURCES LIMITED**) |  |
| by its duly authorised representative) |  |
| ![](ctm005_ex4-5img02.jpg) | ![](ctm005_ex4-5img03.jpg) |
| Signature of Authorised Representative | Name of Authorised Representative |
| Date: 1 JUNE 2026 |  |
| Time: 13:51 HRS. |  |
| Place: LUSAKA |  |

---

---

| |
|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |
| **VEDANTA RESOURCES HOLDINGS LIMITED**) |
| by its duly authorised representative) |

---

---

| | |
|:---|:---|
| ![](ctm005_ex4-5img02.jpg) | ![](ctm005_ex4-5img03.jpg) |
| Signature of Authorised Representative | Name of Authorised Representative |
| Date: 1 JUNE 2026 |  |
| Time: 13:51 HRS. |  |
| Place: LUSAKA |  |

---

---

| |
|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |
| **ZCCM INVESTMENTS HOLDINGS PLC**) |
| by its duly authorised representative) |

---

---

| | |
|:---|:---|
| ![](ctm005_ex4-5img04.jpg) | ![](ctm005_ex4-5img05.jpg) |
| Signature of Director | Name of Director |
| Date: 1 JUNE 2026 |  |
| Time: 13:58 |  |
| Place: LUSAKA |  |

---

![](ctm005_ex4-5img06.jpg)

---

| |
|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |
| **KONKOLA COPPER MINES PLC**) |
| by its duly authorised representative) |

---

---

| | |
|:---|:---|
| ![](ctm005_ex4-5img02.jpg) | ![](ctm005_ex4-5img03.jpg) |
| Signature of Director | Name of Director |
| Date: 1 JUNE 2026 |  |
| Time: 13:51 HRS |  |
| Place: LUSAKA |  |

---

![](ctm005_ex4-5img07.jpg)

---

| |
|:---|
| **EXECUTED** and **DELIVERED** as a deed by the said) |
| **VEDANTA RESOURCES JERSEY LIMITED**) |
| by its duly authorised representative) |

---

---

| | |
|:---|:---|
| ![](ctm005_ex4-5img02.jpg) | ![](ctm005_ex4-5img03.jpg) |
| Signature of Authorised Representative | Name of Authorised Representative |
| Date: 1 JUNE 2026 |  |
| Time: 13:51 HRS |  |
| Place: LUSAKA |  |

---

## Exhibit 10.1

**Exhibit 10.1**

**COPPERTECH METALS INC.**

**A Delaware Corporation**

**INDEMNIFICATION AGREEMENT**

This INDEMNIFICATION AGREEMENT (this "***Agreement***") is made and effective as of [ ], 2026, by and between CopperTech Metals Inc., a Delaware corporation (the "***Company***"), and [_________] ("***Indemnitee***").

WHEREAS, it is essential to the Company to retain and attract the most capable persons available as directors and officers;

WHEREAS, Indemnitee is a director, officer, employee or agent of the Company, or serves at the request of the Company as a director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity of a Subsidiary (as defined below) of the Company or another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise;

WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other proceedings with claims being asserted against directors, officers, employees and agents of public companies;

WHEREAS, the Company's Second Amended and Restated Certificate of Incorporation (the "***Certificate of Incorporation***") and Second Amended and Restated Bylaws (the "***Bylaws***") require the Company to indemnify, and the Bylaws may further require the advancement of expenses by the Company to, the Company's directors and officers to the extent and subject to the conditions provided therein;

WHEREAS, Indemnitee serves as a director, officer, employee and/or agent of the Company, in part, in reliance on such provisions in the Certificate of Incorporation and Bylaws;

WHEREAS, the Company has determined that its inability to retain and attract the most capable persons available for the aforementioned positions would be detrimental to the interests of the Company and that the Company therefore should provide such persons with assurances that they will be entitled in the future to indemnification and the advancement of expenses and, to the extent applicable, coverage by directors' and officers' liability insurance; and

WHEREAS, in recognition of Indemnitee's need for substantial protection against personal liability, and in order to enhance the likelihood of Indemnitee's continued service to the Company, and in part to provide Indemnitee with specific contractual assurance that the rights to indemnification and advancement of expenses set forth in the Certificate of Incorporation and Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to or recission of the applicable provisions of the Certificate of Incorporation or Bylaws, any change in the composition of the Board of Directors, or any Change in Control (each, as defined below)), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of expenses to, Indemnitee to the fullest extent (whether partial or complete) permitted by applicable law, on the terms and conditions set forth in this Agreement, and, to the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers, and to the extent Indemnitee is a director or officer, the Company wishes to provide Indemnitee with assurance of the continued coverage of Indemnitee under such liability insurance policy.

NOW, THEREFORE, in consideration of the foregoing, the covenants and agreements contained in this Agreement, and of Indemnitee's willingness to serve (or continue to serve) as a director, officer, employee and/or agent of the Company or to serve, at the request of the Company, as a director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity of a Subsidiary of the Company or another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise, and intending to be legally bound hereby, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Certain Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Board of Directors***" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A "***Change in Control***" shall be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any "person"
 (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a Principal Stockholder (or any group of Principal
 Stockholders), is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
 of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company's
 then outstanding Voting Securities, excluding any person who becomes such a beneficial owner in connection with a transaction described
 in clause (I) of paragraph (iii) below;

(ii) the following individuals
 cease for any reason to constitute a majority of the number of directors then serving on the Board of Directors: individuals who,
 on the date hereof, constitute the Board of Directors and any new director (other than a director whose initial assumption of office
 is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to
 the election of directors of the Company) whose appointment or election by the Board of Directors or nomination for election by the
 Company's stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office
 who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved
 or recommended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there is consummated
 a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other entity, other than
 (I) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior to such merger
 or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
 entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee
 benefit plan of the Company or any Subsidiary, more than fifty percent (50%) of the combined voting power of the securities of the
 Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) immediately
 following which the individuals who comprise the Board of Directors immediately prior thereto constitute at least a majority of the
 Board of Directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such
 merger or consolidation is then a subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement
 a recapitalization of the Company (or similar transaction) in which no person is or becomes the beneficial owner, directly or indirectly,
 of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly
 from the Company or its affiliates) representing fifty percent (50%) or more of the combined voting power of the Company's
 then outstanding securities; or

(iv) the stockholders of the
 Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or
 disposition by the Company of all or substantially all of the Company's assets, other than (A) a sale or disposition by the
 Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting
 power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in
 substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition
 of all or substantially all of the Company's assets immediately following which the individuals who comprise the Board of Directors
 immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or
 disposed or, if such entity is a subsidiary, the ultimate parent thereof.

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred as a result of any transaction or series of integrated transactions following which any Principal Stockholder (or any group of Principal Stockholders) possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the Company (or any successor thereto), whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the Board of Directors or the board of directors or similar body governing the affairs of any successor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Claim***" shall mean any threatened, asserted, pending, or completed civil, criminal, administrative, investigative, or other action, suit, or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, any appeal of any kind from any of the foregoing, any inquiry or investigation, whether instituted by the Company, any governmental agency or any other party, that Indemnitee in good faith believes could lead to the institution of any action, suit, or proceeding, whether civil, criminal, administrative, investigative, or other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Continuing Directors***" shall mean any individuals who, at the beginning of any period of two (2) consecutive years, constitute the Board of Directors and any new director whose appointment by the Board of Directors, or nomination for election by the Company's stockholders, was approved by a vote of at least two-thirds (2/3) of the directors then in office who either were directors at the beginning of such two-year period or whose appointment or nomination for election by stockholders was previously so approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***DGCL***" shall mean the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***ERISA***" shall mean the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Exchange Act***" shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "***Expenses***" shall mean all direct and indirect costs, expenses, and other monetary obligations (including, without limitation, attorneys' fees and disbursements, experts' fees, court costs, retainers, appeal bond premiums, arbitration costs, arbitrators' fees, transcript fees, duplicating, printing, and binding costs, as well as telecommunications, postage, and courier charges) paid or incurred by or on behalf of Indemnitee in connection with investigating, prosecuting, defending, being a witness in, or participating in (including on appeal), or preparing to investigate, prosecute, defend, be a witness in, or participate in, any Claim arising out of, relating to, or resulting from any Indemnifiable Event, and shall include (without limitation) all of the foregoing, including attorneys' fees and disbursements, incurred by or on behalf of Indemnitee in connection with enforcing Indemnitee's rights under this Agreement, including preparing and submitting any notices, requests or supporting statements for indemnification, advancement or reimbursement, or any other right provided to Indemnitee by this Agreement (including, without limitation, all such fees or expenses incurred in connection with legal proceedings contemplated by <u>Section 2(d)</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Indemnifiable Amounts***" shall mean (i) any and all liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes, and amounts paid in settlement (including all interest, assessments, penalties and other charges paid or payable in connection with or in respect of such liabilities, Expenses, damages, judgments, fines, penalties, ERISA excise taxes, or amounts paid in settlement) incurred by or on behalf of Indemnitee in connection with any Claim arising out of, relating to, or resulting from an Indemnifiable Event, and (ii) any liability that an Indemnitee incurs that arises out of, relates to or results from Indemnitee's acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration, or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liability is in the form of an excise tax assessed by the United States Internal Revenue Service, a penalty assessed by the Department of Labor, restitution to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust, or other funding mechanism, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "***Indemnifiable Event***" shall mean any event or occurrence, whether occurring before, on, or after the date of this Agreement, arising out of, relating to, or resulting from the fact that Indemnitee (i) is or was a director, officer, employee, agent or fiduciary of the Company, or is or was serving at the request of the Company as a director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity, of a Subsidiary of the Company or another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise, or (ii) by reason of any act or omission by Indemnitee in any such capacity (in each case, regardless of whether or not Indemnitee is acting or serving in any such capacity, or has such status, at the time any Claim is brought or any Indemnifiable Amount is incurred). The term "Company," where the context requires when used in this Agreement, shall be construed to include each such Subsidiary or other corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise referred to in the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "***Independent Legal Counsel***" shall mean an attorney or firm of attorneys, selected pursuant to and in accordance with the provisions of <u>Section 3</u>, who is experienced in matters of Delaware corporate law and who, at the time of any determination, shall not have performed services for the Company (or any of its Subsidiaries) or Indemnitee within the preceding three-year period (other than with respect to matters concerning the rights of Indemnitee or any other director, officer, employee or agent of the Company or its Subsidiaries under (i) this Agreement or any similar indemnification agreements, (ii) the Certificate of Incorporation or Bylaws, each as amended and then in effect, and (iii) the DGCL and any other applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "***Jointly Indemnifiable Claim***" shall mean any Claim for which Indemnitee may be entitled to indemnification from the Company pursuant to this Agreement and from an Other Indemnifying Entity (as defined below) pursuant to applicable law, any indemnification agreement, or the certificate of incorporation, bylaws, partnership agreement, limited liability company agreement, or comparable organizational documents of such Other Indemnifying Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***Other Indemnifying Entity***" shall mean any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise (other than the Company or any of its wholly owned Subsidiaries), but excluding any insurer under any insurance policy maintained by the Company, from which Indemnitee may be entitled to indemnification and/or advancement of Expenses with respect to any Indemnifiable Amounts for which, in whole or in part, the Company may also have an indemnification or advancement obligation to Indemnitee pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Person***" shall mean any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "***Principal Stockholder***" means Vedanta Resources Holdings Limited, together with any of their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "***Reviewing Party***" shall mean, with respect to any Claim for which Indemnitee is seeking indemnification, (i) the Board of Directors, (ii) any duly appointed committee of the Board of Directors which has been authorized by the Board of Directors to make determinations as to indemnification hereunder and whose members are not a party to, or otherwise involved in (including as a witness), the particular Claim for which Indemnitee is seeking indemnification, (iii) Independent Legal Counsel or (iv) the Company's stockholders if so directed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "***Subsidiary***" shall mean, with respect to any Person who is not an individual, any corporation, partnership, limited liability company or other entity of which such Person owns, directly or indirectly, a majority of the Voting Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "***Voting Securities***" shall mean, with respect to any Person, any securities of such Person that are entitled to vote generally in the election of directors (or members of a comparable governing body) of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Basic Indemnification Arrangement; Advancement of Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that Indemnitee was, is or becomes subject to, a party to, or a witness or other participant in, or is threatened to be made subject to, a party to, or a witness or other participant in, a Claim by reason of, or arising out of, relating to, or resulting from, in whole or part, an Indemnifiable Event, subject to <u>Section 2(d)</u>, the Company shall indemnify Indemnitee, or shall cause Indemnitee to be indemnified, for all Indemnifiable Amounts incurred in connection with such Claim, to the fullest extent authorized or permitted by applicable law in effect on the date hereof; *provided*, *however*, that, to the extent that any change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change; *provided*, *further*, that no change in applicable law after the date hereof shall have the effect of reducing the benefits available to Indemnitee hereunder based on applicable law as in effect on the date hereof or as such benefits may be expanded or otherwise improved as a result of any other changes to applicable law that become effective after the date hereof but prior to such change. Payments of Indemnifiable Amounts shall be made as soon as practicable following a determination pursuant to <u>Section 2(d)</u>, but in any event no later than thirty (30) days after written demand for indemnification is delivered to the Company, unless (and to the extent) a determination is made pursuant to <u>Section 2(d)</u> that Indemnitee is not entitled to indemnification hereunder for such Indemnifiable Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If so requested in writing by Indemnitee, the Company shall advance or reimburse Indemnitee, or cause Indemnitee to be advanced or reimbursed (as soon as reasonably practicable, but in any event no later than thirty (30) days following the Company's receipt of such written request), any and all Expenses incurred by Indemnitee (an "***Expense Advance***"). Indemnitee's written request for an Expense Advance shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law are not required to be included with the invoice. The Company shall, in accordance with such written request (but without duplication), pay, or cause to be paid, such Expenses on behalf of Indemnitee, unless Indemnitee shall have elected to pay such Expenses and be reimbursed by the Company for such Expenses, in which case, the Company shall reimburse, or cause to be reimbursed, Indemnitee for such Expenses. Indemnitee hereby undertakes to repay any and all amounts advanced or reimbursed by the Company as Expense Advances (without interest) if and to the extent it is ultimately determined in accordance with <u>Section 2(d)</u> that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect thereof. No other form of undertaking shall be required of Indemnitee other than execution of this Agreement. If Indemnitee commences legal proceedings within ninety (90) days after any determination that Indemnitee is not entitled to be indemnified hereunder in the Court of Chancery of the State of Delaware to secure a determination that Indemnitee is entitled to be indemnified pursuant to this Agreement, then Indemnitee shall not be required to reimburse the Company for any Expense Advance unless and until a final, non-appealable, judicial determination is made that Indemnitee is not entitled to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless (i) the Company has joined in, or the Board of Directors has authorized or consented to, the initiation of such Claim or (ii) the Claim is brought by Indemnitee to enforce Indemnitee's rights under this Agreement (including an action pursued by Indemnitee to secure a determination that Indemnitee is entitled to be indemnified pursuant to the terms of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, (i) the obligations of the Company under <u>Section 2(a)</u> shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel is the Reviewing Party pursuant to <u>Section 3</u> hereof) that Indemnitee is not entitled to be indemnified under applicable law, in whole or in part, and (ii) the obligation of the Company to make an Expense Advance pursuant to <u>Section 2(b)</u> shall be subject to the requirement that, if, when, and to the extent that the Reviewing Party ultimately determines that Indemnitee is not entitled to be indemnified under applicable law, in whole or in part, the Company shall be entitled to be reimbursed by Indemnitee pursuant to the undertaking set forth in <u>Section 2(b)</u> hereof; *provided*, *however*, that, if the Reviewing Party determines that Indemnitee is not entitled to be indemnified, in whole or in part, under applicable law, Indemnitee shall have the right to commence an action in the Court of Chancery of the State of Delaware to secure a determination as to whether Indemnitee is entitled to be indemnified under the terms of this Agreement or any provision of the Certificate of Incorporation or Bylaws now or hereafter in effect in connection with any Claims arising out of, relating to, or resulting from any Indemnifiable Event, or challenging any determination by the Reviewing Party (or any aspect thereof) in respect of Indemnitee's right to indemnification hereunder, including the legal or factual bases therefor, in which case, any determination made by the Reviewing Party that Indemnitee is not entitled to be indemnified hereunder, in whole or in part, shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final, non-appealable, judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). If there has not been a Change in Control, the Reviewing Party shall be, or shall be designated by, the Board of Directors, and if there has been a Change in Control (other than a transaction that would fall within the definition of Change in Control, except for the fact that it has been approved by a majority of Continuing Directors), the Reviewing Party shall be the Independent Legal Counsel referred to in <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If there has been no determination by the Reviewing Party within thirty (30) days after a written demand for indemnification has been delivered to the Company (the "***Determination Period***"), Indemnitee shall have the right to commence an action in the Court of Chancery of the State of Delaware seeking a determination of Indemnitee's right to indemnification hereunder; *provided*, *however*, that the Determination Period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Reviewing Party in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto. The Determination Period will not apply (i) if the Reviewing Party is the Company's stockholders and (A) within fifteen (15) days after receipt by the Company of such written demand for indemnification, the Board of Directors has resolved to submit such determination to the Company's stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after receipt by the Company of such written demand for indemnification for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) the Reviewing Party is the Independent Legal Counsel. The Company hereby consents to service of process and to appear in any such action brought by Indemnitee pursuant to this <u>Section 2(e)</u>. Subject to the foregoing, any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Change in Control**. The Company agrees that, if there is a Change in Control (other than a Change in Control, immediately following consummation of which, a majority of the directors then in office shall be Continuing Directors), then, with respect to all determinations and other matters relating to the rights of Indemnitee to indemnification and Expense Advances under this Agreement or under any provision of the Certificate of Incorporation or Bylaws now or hereafter in effect with respect to any Claims arising out of, relating to, or resulting from Indemnifiable Events, the Company shall seek legal advice only from Independent Legal Counsel selected by the Company and approved by Indemnitee (which approval shall not be unreasonably withheld, delayed or conditioned). Such Independent Legal Counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent Indemnitee is entitled to be indemnified under applicable law with respect to Indemnifiable Amounts arising out of such Claims. The Company agrees to pay, and be solely responsible for, all fees and disbursements of the Independent Legal Counsel in connection with the above and to reimburse and indemnify such Independent Legal Counsel against any and all expenses (including attorneys' fees), claims, liabilities, and damages arising out of, relating to, or resulting from this Agreement or its engagement or services pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Additional Expenses**. The Company shall indemnify Indemnitee, or cause Indemnitee to be indemnified, against any and all Expenses (including all attorneys' fees and disbursements) incurred by Indemnitee in connection with any action brought by Indemnitee pursuant to <u>Section 2(d)</u> hereof seeking a determination as to (a) Indemnitee's right to indemnification or an Expense Advance pursuant to this Agreement or any provision of the Certificate of Incorporation or Bylaws now or hereafter in effect with respect to any Claims arising out of, relating to, or resulting from Indemnifiable Events and (b) recovery under any directors' and officers' liability insurance policies or other applicable insurance policies maintained by the Company, regardless of whether Indemnitee is determined to be entitled to such indemnification, Expense Advance, or insurance recovery, as the case may be, and, if requested in writing by Indemnitee, the Company shall advance such Expenses to Indemnitee, subject to and in accordance with <u>Section 2(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity.** If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not for the entire amount thereof, the Company shall indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise (including dismissal without prejudice) in defense of any or all Claims arising out of, relating to, or resulting from any Indemnifiable Event, or in defense of any issue or matter therein, Indemnitee shall be indemnified against all Expenses and other Indemnifiable Amounts incurred in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Burden of Proof**. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the Reviewing Party, or the court, or other finder of fact or appropriate Person shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company to establish by clear and convincing evidence that Indemnitee is not so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Reliance as Safe Harbor**. For all purposes of this Agreement, and without creating any presumption as to a lack of good faith, Indemnitee shall be deemed to have acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company or any of its Subsidiaries, including its financial statements, or upon information, opinions, reports, or statements furnished to Indemnitee by the Board of Directors, officers or employees of the Company or any of its Subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person (including legal counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company or any of its Subsidiaries. In addition, the knowledge and actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for all purposes of determining Indemnitee's right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **No Other Presumptions**. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court or other tribunal has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee pursuant to <u>Section 2(d)</u> to secure a judicial determination that Indemnitee is entitled to indemnification under this Agreement shall be a defense to Indemnitee's claim seeking such determination or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Non-exclusivity.** The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the DGCL or any other applicable law, the Certificate of Incorporation, the Bylaws, the DGCL, any other applicable law, or otherwise. To the extent that there is a conflict or inconsistency between the terms of this Agreement, on the one hand, and the Certificate of Incorporation or Bylaws, on the other hand, it is the intent of the parties hereto that Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Certificate of Incorporation or Bylaws. No amendment or alteration of the Certificate of Incorporation or Bylaws or any other agreement or instrument shall adversely affect the rights provided to Indemnitee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Liability Insurance**. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, for the duration of Indemnitee's service as a director and/or officer of the Company, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer, as applicable. To the extent Indemnitee is a director or officer of the Company and the Company has such insurance, in effect at the time the Company receives from Indemnitee any notice of the commencement of any Claim arising out of, relating to, or resulting from an Indemnifiable Event for which Indemnitee is entitled to be indemnified hereunder, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in the applicable policy. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, to the extent Indemnitee is a director or officer of the Company, on behalf of Indemnitee, all amounts payable with respect to Indemnitee arising out of, resulting from or relating to such Claim in accordance with the terms of such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Amendments**. No supplement, modification, or amendment of this Agreement shall be binding on any party hereto unless executed in writing by or on behalf of each of the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be binding on any party hereto, unless set forth in a writing executed by such party, nor shall any waiver be deemed or constitute a waiver of any other provisions hereof (whether or not similar), nor shall any such waiver constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Subrogation**. In the event of any payment by or on behalf of the Company under this Agreement, except to the extent otherwise provided in <u>Section 14</u>, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents and take all other actions reasonably requested to secure such rights and to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse Indemnitee for all Expenses incurred by Indemnitee in connection with such subrogation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **No Duplication of Payments**. Except to the extent otherwise provided in <u>Section 14</u>, the Company shall not be liable under this Agreement to make any payment to or on behalf of Indemnitee in connection with any Indemnifiable Amounts incurred by Indemnitee to the extent Indemnitee has otherwise received payment (under any insurance policy or any provision of the Certificate of Incorporation or Bylaws or otherwise) in respect of such Indemnifiable Amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Jointly Indemnifiable Claims**. Given that certain Jointly Indemnifiable Claims may arise out of, relate to, or result from Indemnitee's status as both a director or officer of the Company and as a director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity of one or more Other Indemnifying Entities, or Indemnitee's service in such capacities, the Company acknowledges and agrees that the Company shall be fully and primarily responsible for the payment to Indemnitee in respect of all Indemnifiable Amounts and advancement of Expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with the terms of this Agreement, irrespective of any right of recovery Indemnitee may have from such Other Indemnifying Entities. To the extent not in contravention of any insurance policy or policies providing liability or other insurance for the Company or any director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity, of a Subsidiary of the Company, the Company waives any right of contribution or subrogation against such Other Indemnifying Entities for the Indemnifiable Amounts and advancement of Expenses it is primarily responsible for, and no right of recovery Indemnitee may have from such Other Indemnifying Entities shall reduce or otherwise alter the rights of Indemnitee or the obligations of the Company hereunder. In the event that any of the Other Indemnifying Entities shall make any payment to Indemnitee in respect of any Indemnifiable Amounts or advancement of Expenses with respect to any Jointly Indemnifiable Claim, the Other Indemnifying Entity making such payment shall be subrogated to the extent of such payment to all rights of recovery of Indemnitee against the Company, and Indemnitee shall execute all documents and take all other actions reasonably requested to secure such rights and to enable each of the Other Indemnifying Entities effectively to bring suit to enforce such rights. Each of the Other Indemnifying Entities shall be third-party beneficiaries with respect to this <u>Section 14</u>, entitled to enforce this <u>Section 14</u> against the Company as though each such Other Indemnifying Entity were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Company in writing as soon as practicable of any Claim arising out of, relating to, or resulting from an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, and amount of monetary damages sought in connection with, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder, except to the extent of any final, non-appealable, award in respect of a Claim for which Indemnitee's failure to provide the Company with such timely notice deprived the Company of a reasonable opportunity to participate at its expense in the defense of such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall be entitled to participate in the defense of any Claim arising out of, relating to, or resulting from an Indemnifiable Event, or to assume the defense thereof, with counsel chosen by the Company; *provided* that, if Indemnitee believes, after consultation with counsel selected by Indemnitee, that in the event that (i) the use of the counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named parties in any such Claim (including any impleaded parties) include the Company or any Subsidiary of the Company, on the one hand, and Indemnitee, on the other hand, and Indemnitee concludes, after consultation with counsel selected by Indemnitee, that there may be one or more legal defenses available to Indemnitee that are different from or in addition to those available to the Company or any Subsidiary of the Company, or (iii) representation of Indemnitee by such counsel chosen by the Company would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to retain separate counsel reasonably satisfactory to the Company (but not more than one law firm, plus, if applicable, one local counsel in any given jurisdiction in respect of any particular Claim) at the Company's expense. The Company shall not be liable to Indemnitee under this Agreement for any Indemnifiable Amounts comprised of amounts paid in settlement of any Claim effected without the Company's prior written consent. The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any Claim arising out of, relating to, or resulting from an Indemnifiable Event to which Indemnitee is a party unless such settlement involves solely the payment of money (payment of which Indemnitee has no liability) and includes a complete and unconditional release of Indemnitee from all liability for all Claims arising out of, relating to, or resulting from, or based on the same underlying facts, events and circumstances that are the subject matter of such Claim. Neither the Company nor Indemnitee shall unreasonably withhold, condition, or delay its consent to any proposed settlement; *provided* that Indemnitee may withhold consent to any settlement that does not provide for such complete and unconditional release of Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Binding Effect.** This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns (including any direct or indirect successor to the Company by purchase, merger, consolidation or otherwise to all or substantially all of the businesses or assets of the Company and its Subsidiaries), heirs, executors, and personal and legal representatives. This Agreement shall continue in effect with respect to all Indemnifiable Events that occur for so long as Indemnitee continues to serve as a director, officer, employee or agent of the Company or to serve, at the request of the Company, as a director, officer, employee, manager, member, partner, tax matters partner, partnership representative, trustee, agent, fiduciary, or similar capacity, of a Subsidiary of the Company or another corporation, limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise, or by reason of any act or omission by Indemnitee in any such capacity (in each case, regardless of whether or not Indemnitee is acting or serving in any such capacity, or has such status, at the time any Claim is brought or any Indemnifiable Amount is incurred). The Company shall take all actions necessary to require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or substantially all of the businesses or assets of the Company and its Subsidiaries to assume and agree in writing to perform the Company's obligations under this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every other respect and of all of the other provisions hereof shall not be in any way impaired as a result thereof, and shall remain enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Notices**. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to Indemnitee's address or electronic mail address as shown on the signature page of this Agreement or in the Company's records, as may be updated in accordance with the provisions hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company, to the attention of the Chief Executive Officer of the Company at 80 Columbus Circle, #72B New York, NY 10023, or at such other current address as the Company shall have furnished to Indemnitee.

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient's next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Execution; Counterparts**. This Agreement may be executed electronically (including by DocuSign), by pdf signature and may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought need be produced to evidence the existence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Governing Law; Submission to Jurisdiction**. This Agreement and all claims arising out of, relating to or resulting from this Agreement, or the parties' rights and obligations hereunder, or either party's compliance with the terms hereof, shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of laws. Each of the parties hereby agrees that any and all disputes, claims and actions arising out of, relating to or resulting from this Agreement, or the parties' rights and obligations hereunder, or either party's compliance with the terms hereof, shall be resolved by, and brought in, the Court of Chancery of the State of Delaware, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of such court over any such dispute, claim and action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute, claim or action brought in the Court of Chancery of the State of Delaware or any defense of inconvenient forum for the maintenance of such dispute, claim or action. Each of the parties hereto agrees that a judgment in any action brought in the Court of Chancery of the State of Delaware may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Waiver of Jury Trial**. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (A) ARISING UNDER, RELATING TO OR RESULTING FROM THIS AGREEMENT OR (B) THE PARTIES' PERFORMANCE OF THEIR OBLIGATIONS HEREUNDER AND COMPLIANCE WITH THE TERMS HEREOF, IN EACH CASE, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY THE COURT OF CHANCERY OF THE STATE OF DELAWARE WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH SUCH COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

(*signature page follows*)

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

---

| |
|:---|
| **COMPANY:** |
| **COPPERTECH METALS INC.** |
| a Delaware corporation |
| By |
| Name: |
| Title: |
| [Indemnitee] |
| [Address] |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.2

**Exhibit 10.2** 

**COPPERTECH METALS INC.**<br> 2026 OMNIBUS INCENTIVE PLAN**

**Section 1. Purpose of Plan.**

The name of the Plan is the CopperTech Metals Inc. 2026 Omnibus Incentive Plan. The purposes of the Plan are to provide an additional incentive to selected employees of the Company or its Affiliates whose contributions are essential to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to the Company and its Affiliates, motivate such persons to faithfully and diligently perform their responsibilities, and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates. To accomplish such purposes, the Plan provides that the Company may grant Options or Other Stock-Based Awards or any combination of the foregoing.

**Section 2. Definitions.**

For purposes of the Plan, the following terms shall be defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Administrator</u>" means the Board, or, if and to the extent the Board does not administer the Plan, the Committee, which shall administer the Plan in accordance with Section 3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Award</u>" means any Option, Stock or Other Stock-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Award Agreement</u>" means any written or electronic agreement, contract or other instrument or document evidencing an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan. Each Participant who is granted an Award shall enter into an Award Agreement with the Company containing such terms and conditions as the Administrator shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Base Price</u>" has the meaning set forth in Section 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Beneficial Owner</u>" (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Cash Award</u>" means an Award granted pursuant to Section 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Cause</u>" means (a) if the Participant is a party to an employment agreement or offer letter with any member of the Group in which "Cause" is defined, the occurrence of any circumstances defined as "Cause" in such employment agreement or offer letter, or (b) if the Participant is not a party to an employment agreement or offer letter with any member of the Group in which "Cause" is defined, (i) the Participant's indictment for, or conviction or entry of a plea of guilty or nolo contendere to (A) any felony or (B) any crime (whether or not a felony) involving moral turpitude, fraud, theft, breach of trust or other similar acts, whether under a law of the United States or any state thereof or any similar non-U.S. law to which the Participant may be subject, (ii) the Participant's being or having been engaged in conduct constituting a breach of fiduciary duty, willful misconduct or gross negligence relating to any member of the Group or the performance of the Participant's duties, which, if capable of being cured, is not cured to the reasonable satisfaction of the Company within thirty (30) days after the Participant receives from any member of the Group written notice of such willful misconduct or gross negligence, (iii) the Participant's willful failure to (A) follow a reasonable and lawful directive of any member of the Group at which the Participant is employed or provides services, or of the Board, which is not cured to the reasonable satisfaction of the Company within thirty (30) days after the Participant receives from any member of the Group written notice of such failure or refusal or (B) comply with any written rules, regulations, policies or procedures of the member of the Group at which the Participant is employed or to which the Participant provides services which, if not complied with, would reasonably be expected to have a material adverse effect on the business or financial condition of the Company, (iv) the Participant's material violation of the Participant's employment agreement, offer letter, or similar agreement with any member of the Group or any non-disclosure, non-solicitation or non-competition covenant in any other agreement to which the Participant is subject or (v) the Participant's willful and continued failure to perform the Participant's duties to any member of the Group. However, if within sixty (60) days following the termination of employment, the Company first discovers facts that would have established "Cause" for termination, and those facts were not known by the Company at the time of the termination, then the Administrator may provide the Participant with written notice, including the facts establishing that the purported "Cause" was not known at the time of the termination, in which case the Participant's termination of employment will be considered a for "Cause" termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Certificate of Incorporation</u>" means the certificate of incorporation of the Company, as may be amended, modified or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Change in Capitalization</u>" means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event; (ii) special or extraordinary dividend or other extraordinary distribution (whether in the form of cash, Common Stock, or other property), stock split, reverse stock split, subdivision or consolidation; (iii) combination or exchange of shares; or (iv) other change in corporate structure, which, in any such case, the Administrator determines, in its sole discretion, affects the Common Stock such that an adjustment pursuant to Section 5 hereof is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Change in Control</u>" means an event set forth in any one of the following paragraphs shall have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Person (or any group of Persons acting together which would constitute a "group" for purposes of Section 13(d) of the Exchange Act), excluding any Principal Stockholder (or any group of Principal Stockholders), is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (I) of paragraph (3) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the following individuals cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) there is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other entity, other than (I) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary, more than fifty percent (50%) of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is then a subsidiary, the ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (A) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company's assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

Notwithstanding the foregoing, (i) a Change in Control shall not be deemed to have occurred as a result of any transaction or series of integrated transactions following which any Principal Stockholder (or any group of Principal Stockholders) possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the Company (or any successor thereto), whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the Board or the board of directors or similar body governing the affairs of any successor to the Company and (ii) for each Award that constitutes deferred compensation under Section 409A of the Code, and to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Committee</u>" means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of (i) a "non-employee director" within the meaning of Rule 16b-3 and (ii) any other qualifications required by the applicable stock exchange on which the Common Stock is traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Company</u>" means CopperTech Metals Inc., a Delaware corporation (or any successor company, except as the term "<u>Company</u>" is used in the definition of "Change in Control" above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Disability</u>" means (a) if the Participant is a party to an employment agreement or offer letter with any member of the Group in which "Disability" is defined, the occurrence of any circumstances defined as "Disability" in such employment agreement or offer letter, or (b) if the Participant is not a party to an employment agreement or offer letter with any member of the Group in which "Disability" is defined, "Disability" means that the Participant, as determined by the Administrator in its sole discretion, is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company or an Affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Effective Date</u>" has the meaning set forth in Section 20 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Eligible Recipient</u>" means an employee of the Company or any Affiliate of the Company who has been selected as an eligible participant by the Administrator; <u>provided</u>, <u>however</u>, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option means an employee of the Company or any Affiliate of the Company with respect to whom the Company is an "eligible issuer of service recipient stock" within the meaning of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Exercise Price</u>" means, with respect to any Option, the per share price at which a holder of such Option may purchase the Shares issuable upon the exercise of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Fair Market Value</u>" of Common Stock or another security as of a particular date shall mean the fair market value as determined by the Administrator in its sole discretion; <u>provided</u>, <u>however</u>, that except as otherwise determined by the Administrator, (i) if the Common Stock or other security is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on the last preceding trading day on which there was a sale of such share of Common Stock or other security on such exchange, or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average of the closing bid and asked prices for such share of Common Stock or other security in such over-the-counter market for the last preceding date on which there was a sale of such share of Common Stock or other security in such market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Group</u>" means the Company, the Company's direct and indirect wholly-owned subsidiaries and any Affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>ISO</u>" means an Option intended to be and designated as an "incentive stock option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>"Nonqualified Stock Option</u>" means an Option that is not designated as an ISO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Option</u>" means an option to purchase Shares granted pursuant to Section 7 hereof. The term "<u>Option</u>" as used in the Plan includes the terms "<u>ISO</u>" and "Performance Share Unit."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Other Stock-Based Award</u>" means an Award granted pursuant to Section 10 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Participant</u>" means any Eligible Recipient selected by the Administrator, pursuant to the Administrator's authority provided for in Section 3 hereof, to receive grants of Awards, and, upon such Eligible Recipient's death, such Eligible Recipient's successors, heirs, executors and administrators, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Performance Goals</u>" means performance goals based on criteria selected by the Administrator in its sole discretion. The Administrator shall have the authority to make equitable adjustments to the Performance Goals as may be determined by the Administrator, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Person</u>" has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Plan</u>" means this Acrisure Holdings, Inc. 2026 Omnibus Incentive Plan, as may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Principal Stockholder</u>" means Vedanta Resources Holdings Limited, together with any of their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Related Right</u>" has the meaning set forth in Section 8(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>Rule 16b-3</u>" has the meaning set forth in Section 3(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Share</u>" means a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Subsidiary</u>" means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Transfer</u>" has the meaning set forth in Section 18 hereof.

**Section 3. Administration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of Rule 16b-3 under the Exchange Act ("<u>Rule 16b-3</u>"), to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of the Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to select those Eligible Recipients who shall be Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to determine whether and to what extent Awards are to be granted hereunder to Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to determine the number of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited to, (i) the restrictions applicable to Awards and the conditions under which restrictions applicable to such Awards shall lapse, (ii) the Performance Goals and periods applicable to Awards, (iii) the Exercise Price of each Option and the Base Price of each Stock Appreciation Right, (iv) the vesting schedule applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating or waiving the vesting schedule or other conditions of such Awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to determine the Fair Market Value in accordance with the terms of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant's employment or service for purposes of Awards granted under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to prescribe, amend and rescind rules and regulations relating to sub-plans or addendums established for the purpose of satisfying applicable foreign laws or qualifying for favorable tax treatment under applicable foreign laws, which rules and regulations may be set forth in an appendix or appendices to the Plan or the applicable Award Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, but subject to Section 5 hereof, the Company may not, without first obtaining the approval of the Company's stockholders, (i) amend the terms of outstanding Options or Stock Appreciation Rights to reduce the Exercise Price or Base Price, as applicable, of such Options or Stock Appreciation Rights, (ii) cancel outstanding Options or Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights with an Exercise Price or Base Price, as applicable, that is less than the Exercise Price or Base Price of the original Options or Stock Appreciation Rights or (iii) cancel outstanding Options or Stock Appreciation Rights with an Exercise Price or Base Price, as applicable, that is above the current per share stock price, in exchange for cash, property or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons, including the Company and the Participants. The provisions and administration of each Award need not be the same with respect to each Participant. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, consistent with the Certificate of Incorporation and to the maximum extent permitted by applicable law (as it now exists or may hereafter be amended), be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Administrator may, in its sole discretion, delegate its authority, in whole or in part, under this Section 3 (including, but not limited to, its authority to grant Awards under the Plan, other than its authority to grant Awards under the Plan to any Participant who is subject to reporting under Section 16 of the Exchange Act) to one or more officers of the Company, subject to the requirements of applicable law or any stock exchange on which the Shares are traded.

**Section 4. Shares Reserved for Issuance; Certain Limitations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The maximum number of shares of Common Stock reserved for issuance under the Plan shall be [·]<sup>1</sup> Shares (subject to adjustment as provided in Section 5 hereof). All the Shares reserved for issuance under the Plan pursuant to this Section 4(a) as of the Effective Date (subject to adjustment as provided in Section 5 hereof) may be granted as ISOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the Participant, the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan. Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with the exercise of any Option or Stock Appreciation Right under the Plan or the payment of any purchase price with respect to any other Award under the Plan, as well as any Shares exchanged by a Participant or withheld by any member of the Group to satisfy the tax withholding obligations related to any Award under the Plan, shall again be available for subsequent Awards under the Plan. In addition, (i) to the extent an Award is denominated in Shares, but paid or settled in cash, the number of Shares with respect to which such payment or settlement is made shall again be available for grants of Awards pursuant to the Plan and (ii) Shares underlying Awards that can only be settled in cash shall not be counted against the aggregate number of Shares available for Awards under the Plan.

<sup>1</sup> To represent 2% of the outstanding shares at the time of the IPO.

**Section 5. Equitable Adjustments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any Change in Capitalization (including a Change in Control), an equitable substitution or proportionate adjustment shall be made, in each case, in the manner determined by the Administrator, in its sole discretion, in (i) the aggregate number of Shares reserved for issuance under the Plan pursuant to Section 4(a) hereof, (ii) the kind and number of securities subject to, and the Exercise Price or Base Price of, any outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of Shares, or the amount of cash or amount or type of other property, subject to outstanding Restricted Stock, Restricted Stock Units, Stock Bonuses and Other Stock-Based Awards granted under the Plan or (iv) the Performance Goals and performance periods applicable to any Awards granted under the Plan; <u>provided</u>, <u>however</u>, that any fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made in the manner determined by the Administrator, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing, in connection with a Change in Capitalization (including a Change in Control), the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section 409A of the Code, for the cancellation of any outstanding Award in exchange for payment in cash or other property having an aggregate Fair Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award, reduced by the aggregate Exercise Price or Base Price thereof, if any; <u>provided</u>, <u>however</u>, that if the Exercise Price or Base Price of any outstanding Award is equal to or greater than the Fair Market Value of the Shares, cash or other property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The determinations made by the Administrator pursuant to this Section 5 shall be final, binding and conclusive.

**Section 6. Eligibility.**

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

**Section 7. Options.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has no such designation, the Option shall be by default a Nonqualified Stock Option). More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant, but, except as provided in the applicable Award Agreement, and subject to Section 7(f) hereof, in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value of the related Shares on the date of grant. Notwithstanding the foregoing, the Administrator may grant Options with an Exercise Price less than Fair Market Value to Participants who are not subject to Section 409A of the Code or who reside outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Term</u>. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten (10) years after the date such Option is granted. Each Option's term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exercisability</u>. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Method of Exercise</u>. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant that have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>ISOs</u>. The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms, conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the Plan. At the discretion of the Administrator, ISOs may be granted only to an employee of the Company, its "parent corporation" (as such term is defined in Section 424(e) of the Code) or "subsidiary corporation" (as such term is defined in Section 424(f) of the Code). All of the Shares reserved for issuance under the Plan as of the Effective Date pursuant to Section 4(a) hereof (subject to adjustment as provided in Section 5 hereof) may be granted as ISOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ISO Grants to 10% Stockholders</u>. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, its "parent corporation" (as such term is defined in Section 424(e) of the Code) or "subsidiary corporation" (as such term is defined in Section 424(f) of the Code), the term of the ISO shall not exceed five (5) years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value of the Shares on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>$100,000 Per Year Limitation For ISOs</u>. To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Disqualifying Dispositions</u>. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date the Participant makes a "disqualifying disposition" of any Share acquired pursuant to the exercise of such ISO. A "disqualifying disposition" is any disposition (including any sale) of such Shares before the later of (i) two years after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>No Liability</u>. Neither the Company nor the Administrator will be liable to a Participant, or to any other party, if an ISO fails or ceases to qualify as an "incentive stock option" under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Rights as Stockholder</u>. Except as provided in the applicable Award Agreement, a Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 17 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Termination of Employment or Service</u>. In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Options, such Options shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Other Change in Employment or Service Status</u>. An Option shall be affected, both with regard to vesting schedule and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

**Section 8. Stock Appreciation Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Stock Appreciation Rights may be granted either alone ("<u>Free Standing Rights</u>") or in conjunction with all or part of any Option granted under the Plan ("<u>Related Rights</u>"). Related Rights may be granted either at or after the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the Base Price, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Base Price</u>. Except as provided in the applicable Award Agreement, each Stock Appreciation Right shall be granted with a base price that is not less than one hundred percent (100%) of the Fair Market Value of the related Shares on the date of grant (such amount, the "<u>Base Price</u>"). Notwithstanding the foregoing, the Administrator may grant Stock Appreciation Rights with Base Price less than Fair Market Value to Participants who are not subject to Section 409A of the Code or who reside outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Rights as Stockholder</u>. Except as provided in the applicable Award Agreement, a Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder with respect to the Shares, if any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise thereof and has satisfied the requirements of Section 17 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exercisability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Consideration Upon Exercise.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (i) the excess of the Fair Market Value of a share of Common Stock as of the date of exercise over the Base Price per share specified in the Free Standing Right, multiplied by (ii) the number of Shares in respect of which the Free Standing Right is being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (i) the excess of the Fair Market Value of a share of Common Stock as of the date of exercise over the Exercise Price specified in the related Option, multiplied by (ii) the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination of Employment or Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Term</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other Change in Employment or Service Status</u>. Stock Appreciation Rights shall be affected, both with regard to vesting schedule and termination, by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

**Section 9. Restricted Stock and Restricted Stock Units.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Restricted Stock and Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time prior to which Restricted Stock or Restricted Stock Units become vested and free of restrictions on Transfer (the "<u>Restricted Period</u>"); the Performance Goals (if any); and all other conditions of the Restricted Stock and Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit the Participant's Restricted Stock or Restricted Stock Units, in accordance with the terms of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rights as Stockholder</u>. Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect to shares of Restricted Stock during the Restricted Period, including the right to vote such shares and to receive any dividends declared with respect to such shares. Any dividends declared during the Restricted Period with respect to shares of Restricted Stock shall, to the extent set forth in an Award Agreement, be payable either currently, at the time (and to the extent) that the underlying shares of Restricted Stock vest, or in the form of additional shares of Restricted Stock that are subject to the same vesting and other terms and conditions as the underlying shares of Restricted Stock. Except as provided in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to shares of Common Stock subject to Restricted Stock Units during the Restricted Period; <u>provided</u>, <u>however</u>, that, subject to Section 409A of the Code, an amount equal to any dividends declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock Units may, to the extent set forth in an Award Agreement, be provided to the Participant either currently, at the time (and to the extent) that the Shares in respect of the related Restricted Stock Units are delivered to the Participant, or in the form of additional Restricted Stock Units that are subject to the same vesting and other terms and conditions as the related Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination of Employment or Service</u>. The rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service with the Company and all Affiliates thereof for any reason during the Restricted Period shall be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Form of Settlement</u>. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in connection with the Award.

**Section 10. Other Stock-Based Awards.**

Other forms of Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including but not limited to dividend equivalents, may be granted either alone or in addition to other Awards (other than, in the case of dividend equivalents, in connection with Options or Stock Appreciation Rights) under the Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the individuals to whom and the time or times at which such Other Stock-Based Awards shall be granted, the number of Shares to be granted pursuant to such Other Stock-Based Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in Shares, cash or other property), or the conditions to the vesting and/or payment or settlement of such Other Stock-Based Awards (which may include, but not be limited to, achievement of performance criteria) and all other terms and conditions of such Other Stock-Based Awards.

**Section 11. Stock Bonuses.**

In the event that the Administrator grants a Stock Bonus, the Shares constituting such Stock Bonus shall, as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such Stock Bonus is payable.

**Section 12. Cash Awards.**

The Administrator may grant Awards that are payable solely in cash, as deemed by the Administrator to be consistent with the purposes of the Plan, and such Cash Awards shall be subject to the terms, conditions, restrictions and limitations determined by the Administrator, in its sole discretion, from time to time. Cash Awards may be granted with value and payment contingent upon the achievement of Performance Goals.

**Section 13. Change in Control Provisions.**

Except as provided in the applicable Award Agreement, in the event that a Change in Control occurs and an outstanding Award is not assumed or substituted in connection therewith, then: (i) any unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable and (ii) the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall lapse and such Awards shall be deemed fully vested, and any performance conditions imposed with respect to such Awards shall be deemed to be achieved at the greater of target and actual performance levels as of the date of the Change of Control. In the event that a Change of Control occurs and an Award is assumed or substituted in connection therewith, such Award shall remain outstanding and shall continue to vest following such Change of Control in accordance with its terms, subject to adjustment in accordance with Section 5 hereof. For purposes of this Section 13, an outstanding Award shall be considered to be assumed or substituted for if, following the Change in Control, the Award remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change in Control except that, if the Award related to Shares, the Award may instead confer the right to receive common equity of the acquiring entity (or cash or such other security or entity as may be determined by the Administrator, in its sole discretion, pursuant to Section 5 hereof).

**Section 14. Voting Proxy**

The Company reserves the right to require the Participant, to the fullest extent permitted by applicable law, to appoint such Person as shall be determined by the Administrator in its sole discretion as the Participant's proxy with respect to all applicable unvested Awards of which the Participant may be the record holder of from time to time to (A) attend all meetings of the holders of the shares of Common Stock, with full power to vote and act for the Participant with respect to such Awards in the same manner and extent that the Participant might were the Participant personally present at such meetings, and (B) execute and deliver, on behalf of the Participant, any written consent in lieu of a meeting of the holders of the shares of Common Stock in the same manner and extent that the Participant might but for the proxy granted pursuant to this sentence.

**Section 15. Amendment and Termination.**

The Administrator may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would impair the rights of a Participant under any outstanding Award without such Participant's consent. Unless the Board determines otherwise, the Board shall obtain approval of the Company's stockholders for any amendment to the Plan that would require such approval in order to satisfy any rules of the stock exchange on which the Common Stock is traded or other applicable law. The Administrator may amend the terms of any outstanding Award, prospectively or retroactively, but, subject to Section 5 hereof and the immediately preceding sentence, no such amendment shall impair the rights of any Participant without the Participant's consent; <u>provided that</u> the Administrator may amend the terms of any such Award to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Award to any applicable law, government regulation or stock exchange listing requirement relating to such Award (including, but not limited to, Section 409A of the Code), and by accepting an Award under this Plan, the Participant thereby agrees to any amendment made pursuant to this Section 15 to such Award (as determined by the Administrator) without further consideration or action.

**Section 16. Unfunded Status of Plan.**

The Plan is intended to constitute an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.

**Section 17. Withholding Taxes.**

Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, an amount in respect of such taxes up to the maximum statutory rates in the Participant's applicable jurisdiction with respect to the Award, as determined by the Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable withholding tax requirements related thereto as determined by the Company. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations as determined by the Company; <u>provided</u>, <u>that</u>, with the approval of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have the Company withhold from such delivery Shares or other property, as applicable, or (ii) by delivering already owned unrestricted shares of Common Stock, in each case, having a value not exceeding the applicable taxes to be withheld and applied to the tax obligations as determined by the Company. Such withheld Shares or other property or already owned and unrestricted shares of Common Stock shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any fractional share amounts resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Award as determined by the Company.

**Section 18. Transfer of Awards.**

Except as set forth in an Award Agreement or with the prior written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator, Awards may not be sold, assigned, mortgaged, hypothecated, transferred, charged, pledged, encumbered, gifted, transferred in trust (voting or other) or otherwise disposed of in any manner (each, a "<u>Transfer</u>"), other than by will or by the laws of descent and distribution. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of any Shares or other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option or Stock Appreciation Right may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant's guardian or legal representative.

**Section 19. Continued Employment or Service.**

Neither the adoption of the Plan nor the grant of an Award hereunder shall confer upon any Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.

**Section 20. Effective Date.**

The Plan was adopted by the Board on June 2, 2026, and shall become effective without further action on the date of the consummation of the Company's initial public offering pursuant to the Company's registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission on June 2, 2026, as may be amended (the "<u>Effective Date</u>").

**Section 21. Term of Plan.**

No Award shall be granted pursuant to the Plan on or after the tenth (10<sup>th</sup>) anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

**Section 22. Securities Matters and Regulations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, the receipt of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator and the listing requirements of any securities exchange on which the Shares are traded. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Stock, no such Award shall be granted or payment made or Common Stock issued, in whole or in part, unless such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Common Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.

**Section 23. Notification of Election Under Section 83(b) of the Code.**

If any Participant shall, in connection with the acquisition of Shares under the Plan, make the election permitted under Section 83(b) of the Code, such Participant shall notify the Company of such election, and shall deliver a copy of such election to the Company, in each case, within ten (10) days after filing notice of the election with the Internal Revenue Service.

**Section 24. No Fractional Shares.**

No fractional Shares shall be issued or delivered pursuant to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.

**Section 25. Beneficiary.**

A Participant may file with the Company a written designation of a beneficiary on such form as may be prescribed by the Company and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant's estate shall be deemed to be the Participant's beneficiary.

**Section 26. Paperless Administration.**

In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted through the use of such an automated system.

**Section 27. Severability.**

If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan.

**Section 28. Clawback.**

Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to or in connection with any such law, government regulation or stock exchange listing requirement).

**Section 29. Section 409A of the Code.**

The Plan as well as payments and benefits under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a "separation from service" from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in the Plan that are due within the "short term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date that is six (6) months following such separation from service (or upon the Participant's death, if earlier). Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Administrator shall have the sole authority to make any accelerated distributions permissible under Treas. Reg. Section 1.409A-3(j)(4) to Participants with respect to any deferred amounts, <u>provided that</u> such distributions meets the requirements of Treas. Reg. Section 1.409A-3(j)(4). The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A of the Code.

**Section 30. Governing Law.**

The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law of such state.

**Section 31. Titles and Headings.**

The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

**Section 32. Successors.**

The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

**Section 33. Relationship to Other Benefits.**

No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

## Exhibit 10.3

Exhibit 10.3

 ****

The Government of the Republic of Zambia

ZCCM Investments Holdings plc

Vedanta Resources LIMITED

Vedanta Resources Holdings Limited

Konkola Copper Mines plc

2023 Shareholders' Agreement relating to<br> Konkola Copper Mines plc

**CONTENTS**

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| | | |
|:---|:---|:---|
| **Clause** |  | **Page** |
| 1. | Definitions and Interpretation | 4 |
| 2. | Conditions Precedent | 21 |
| 3. | Duration | 22 |
| 4. | The Company | 22 |
| 5. | Share Capital | 22 |
| 6. | The Board and the Management of the Company | 23 |
| 7. | Technical partner | 29 |
| 8. | Directors Interest | 30 |
| 9. | Agreement to Perform | 31 |
| 10. | Information, Right of Audit and Inspection Information | 33 |
| 11. | Restrictions on the Company's Activities | 35 |
| 12. | Amendments to the Framework Commerical Agreements | 39 |
| 13. | Issue of Shares | 40 |
| 14. | Transfer of Shares and Pre-emptive Rights | 41 |
| 15. | Deemed Transfer of Shares | 48 |
| 16. | Financing the Company | 55 |
| 17. | Further Undertakings by the Company | 60 |
| 18. | Confidentiality | 60 |
| 19. | Representations and Warranties | 60 |
| 20. | No Assignment | 61 |
| 21. | Waivers, Remedies and Amendments | 61 |
| 22. | Invalidity | 62 |
| 23. | No Partnership or Agency | 62 |
| 24. | Announcements | 62 |
| 25. | Costs | 62 |

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**CONTENTS**

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| | | |
|:---|:---|:---|
| **Clause** |  | **Page** |
| 26. | Conflict or Inconsistency | 62 |
| 27. | Notices | 63 |
| 28. | Amicable Settlement of Disputes | 65 |
| 29. | Sole Expert | 65 |
| 30. | Arbitration | 65 |
| 31. | Performance to Continue | 66 |
| 32. | Waiver of Sovereign Immunity | 66 |
| 33. | Governing Law | 66 |
| 34. | Entire Agreement | 66 |
| 35. | Counterparts | 66 |

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| | | |
|:---|:---|:---|
| Schedule 1 | SOLE EXPERT | 73.0 |
| Schedule 2 | FAIR MARKET VALUE PRICE | 77.0 |
| Schedule 3 | ZCCM-IH's APPROVED CONTACT PERSONS | 79.0 |
| Schedule 4 | MINIMUM CEO QUALIFICATION SPECIFICATION | 80.0 |
| Schedule 5 | MINIMUM CFO QUALIFICATION SPECIFICATION | 81.0 |
| Schedule 6 | MINIMUM COO QUALIFICATION SPECIFICATION | 82.0 |

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**THIS AGREEMENT** is made on **<u>6<sup>th</sup> Nov 2023</u>**

**BETWEEN:**

**(1)** **THE GOVERNMENT OF THE REPUBLIC OF ZAMBIA** acting through the Minister of Finance and National Planning
(" **GRZ** ");

**(2)** **ZCCM INVESTMENTS HOLDINGS PLC**, a company incorporated in Zambia (company registration number 119540000771),
whose registered office is at ZCCM-IH Office Park, Stand No. 16806, Alick Nkhata Road, Massmedia Complex Area, Lusaka, Zambia ()"**ZCCM-IH** ");

**(3)** **VEDANTA RESOURCES LIMITED**, a company incorporated in England and Wales (company registration number 4740415),
whose registered office is at 13<sup>th</sup> Floor, One Angel Court, London EC2R 7HJ, England ()"**Vedanta** ");

**(4)** **VEDANTA RESOURCES HOLDINGS LIMITED**, a company incorporated in England and Wales (company registration
number 4761147), whose registered office is at 13<sup>th</sup> Floor, One Angel Court, London EC2R 7HJ, England ()"**VRHL** ");
and

**(5)** **KONKOLA COPPER MINES PLC,** a company incorporated in Zambia (company registration number 119990043628),
whose registered office is at Stand M/1408 Fern Avenue, Chingola, Zambia and which is in provisional liquidation (the "**Company** "),

(each of the Persons referred to in (1) to (5) collectively being, the "**Parties**").

**WHEREAS:**

(A) There is in issue one billion, ninety-eight million, six hundred and seventy-seven thousand, four hundred
and seventy-three (1,098,677,473) Ordinary Shares, sixty million (60,000,000) Deferred Shares and the Special Share in the Company. VRHL
by way of the Subscription Agreement, originally subscribed for Ordinary Shares comprising fifty-one per cent (51%) of the issued Ordinary
Shares in the Company. On or about 9 April 2008, following the exercise of VRHL's call option under a Call Option Deed dated 5 November
2004, VRHL acquired further Ordinary Shares and forty-eight million (48,000,000) Deferred Shares in the Company, thereby increasing its
shareholding to seventy-nine point four per cent (79.4%) of the Ordinary Shares in the Company. ZCCM-IH holds twenty point six per cent
(20.6%) of the Ordinary Shares in the Company and twelve million (12,000,000) Deferred Shares.

(B) GRZ is the legal and beneficial owner of the Special Share.

(C) Prior to the effective date of the Termination Agreement (as such term is defined in Clause 1.1 below),
the relationship between GRZ, ZCCM-IH, Vedanta, VRHL and the Company is governed by the 2004 SHA.

(D) GRZ, ZCCM-IH, Vedanta, VRHL and the Company now wish to cancel the 2004 SHA pursuant to the Termination
Agreement and replace the 2004 SHA with this Agreement to regulate their relationship *inter se* and as between the Shareholders
and the Company, on the terms and conditions set out herein.

(E) The Parties recognise the need for and have a mutual desire to contribute towards the economic development
of the Copperbelt Province and to benefit the people of the Republic of Zambia, specifically through investment and development through
the sustainable operations and activities of the Company.

(F) The Parties wish to agree certain matters in relation to the Company.

**NOW IT IS HEREBY AGREED** as follows:

1. Definitions and Interpretation

1.1 In this Agreement, the following words and expressions shall have the following meanings:

"**2004 SHA**" means the previous shareholders' agreement entered into between Vedanta, VRHL, GRZ, ZCCM-IH, Zambian Copper Investments Limited, ZCI Holdings S.A. and the Company dated 5 November 2004, and which governed the relationship of the Parties prior to the entering into of this Agreement;

"**Acceptance**" has the meaning given in Clause 13.4;

"**Accrued Payment**" has the meaning given to it in Clause 16.7.2(a);

"**Act**" means the Zambian Companies Act, No. 10 of 2017 as from time to time amended and in effect. The expression shall include any and all regulations made thereunder;

"**Affiliate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person in which the Company or a Shareholder (as the case may be) holds fifty per cent (50%)
or more of the ordinary voting shares or which holds fifty per cent (50%) or more of the Company's or a Shareholder's (as the
case may be) ordinary voting shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Person which, directly or indirectly, is Controlled by or Controls, or is under Common Control with
the Company or a Shareholder (as the case may be); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Person or group of Persons being directors or executive officers of, or in the employment of, any
Person referred to in (a) or (b) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to the GRZ, a Zambian Government Authority or any Person who is Controlled by the GRZ,

provided that paragraphs (c) and (d) shall not apply to the term "**Affiliate**" when used in Clause 14;

"**Agreement**" means this 2023 shareholders' agreement, including all schedules and annexes, as varied and amended from time to time;

"**Annual Revenue**" means the aggregate amount of gross revenue actually received by the KCM Group members during any Financial Year that directly results from the export, sale or exchange of product by the KCM Group members;

"**Applicable Laws**" means any and all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) legislation (including statutes, statutory instruments, treaties, regulations, orders, directives, ordinances,
by-laws, decrees), subordinate legislation and common law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) principles, rules, guidance, policy statements, directions, codes or conditions issued by GRZ, which in
each case are binding or having the force of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) judgments, resolutions, decisions, orders, notices or demands of any competent Government Authority, which
in each case are binding or having the force of law,

and in each case to the extent that they apply to the Person or circumstance in question in any jurisdiction;

"**Applicable Margin**" means, with respect to any New Vedanta Shareholder Loan, seven *per cent.* (7.00%) *per annum*;

"**Approved CEO**" has the meaning given in Clause 6.13.1(b);

"**Approved Technical Partners**" means SRK, Worley Parson, Hatch, Golders Canada, Tata Consulting Engineers Ltd (TCE), Australian Mining Engineering Consultants and Snowden Mining Industry Consultants Pty Ltd;

"**Articles**" means the Articles of Association of the Company, as amended from time to time;

"**Asking Price**" has the meaning given in Clause 14.3.1;

"**Auditors**" means the Company's auditors (being a firm of chartered accountants of recognised international standing) from time to time;

"**Board**" means the board of directors of the Company or, where the context so requires, of any of its subsidiaries;

**"Board Reinstatement Date**" means the date on which Step 5 is fully implemented in accordance with clause 4.5 of the Implementation Agreement;

"**Board Reinstatement Longstop Date**" has the meaning given in the Implementation Agreement;

"**Business**" means the business to be carried on by the KCM Group, namely that of exploration, appraisal, mining of ore and waste, treatment and/or smelting and refining of ore to produce products and the marketing and sale of products, construction and development of mining and related facilities, in each case whether within or outside Zambia, and such other activities, including related transport, trading of metals, borrowing, providing guarantees and granting security incidental and/or conducive to the foregoing which may be approved by the Board from time to time in accordance with the terms of this Agreement and the Articles;

"**Business Day**" means a day on which commercial banks are generally open for business in Mumbai, London and Lusaka;

"**Buying Shareholder**" has the meaning given in Clause 14.3.2;

"**Capital Expenditures Support Commitment**" means Vedanta's commitment to provide an amount equal to USD1,000,000,000 (one billion United States dollars) by way of the Capital Expenditures Support Loan towards the development of the KDMP and other mine, plant and infrastructure development, on and subject to the terms and conditions in the Capital Expenditures Support Loan Agreement;

"**Capital Expenditures Support Loan**" means a USD term loan facility in an aggregate amount equal to the Capital Expenditures Support Commitment;

"**Capital Expenditures Support Loan Agreement**" means the loan agreement concluded or to be concluded between VRHL and the Company in terms of which VRHL or any of its Affiliates makes available the Capital Expenditures Support Commitment to the Company;

"**Cashflow Waterfall**" has the meaning given to it in Clause 16.7.2;

"**Cause**" has the meaning given in Clause 6.7.4;

"**CEO**" means the chief executive officer of the Company from time to time;

"**CEO Shortlist**" has the meaning given in Clause 6.13.1(a);

"**CFO**" means the chief financial officer of the Company from time to time;

"**Chairperson**" means the non-executive chairperson from time to time of the Board;

"**Chililabombwe Large Scale Mining License**" means the Large Scale Mining License No. 7076 held by the KCM Group with expiry date 31 March 2025;

"**Chingola Large Scale Mining License**" means the Large Scale Mining License No. 7075 held by the KCM Group, with expiry date 31 March 2025;

"**Committee**" means a committee constituted in accordance with the Articles;

"**Common Control**" means the circumstances where two (2) or more Persons are Controlled by the same Person or its Affiliates;

"**Common Terms Agreement**" means the common terms agreement between, amongst others, the Company as borrower, The Standard Bank of South Africa Limited (as mandated lead arranger, facility agent and security trustee) originally dated 31 October 2012 and amended and restated from time to time, including on or about 10 November 2015 pursuant to which the lenders advanced term loan facilities in the aggregate amount of US$820,000,000 (eight hundred and twenty million United States dollars);

"**Community Support Commitment**" means Vedanta's commitment to provide an amount equal to USD20,000,000 (twenty million United States dollars) by way of the Community Support Loan to support the Corporate and Social Responsibility Program for a period of one year after the Effective Date, on and subject to the terms and conditions of the Community Support Loan Agreement;

**"Community Support Loan**" means a USD term loan facility in an aggregate amount equal to the Community Support Commitment;

"**Community Support Loan Agreement**" means the loan agreement concluded or to be concluded between VRHL and the Company in terms of which VRHL or any of its Affiliates makes available the Community Support Commitment to the Company;

"**Community Trust**" has the meaning given in Clause 17;

"**Condition Precedent**" has the meaning given in Clause 2.1;

"**Confirmation**" has the meaning given in paragraph 4 of Schedule 1;

"**Consent Period**" has the meaning given in Clause 11.5.4(b);

"**Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power (whether directly or indirectly and whether by the ownership of share capital, the possession
of voting power, contract or otherwise, including where persons, pursuant to an agreement or understanding (whether formal or informal)
actively co-operate, through the acquisition by any of them of shares in the share capital of a person, to obtain or consolidate Control)
to appoint and/or remove all or such of the board of directors or other governing body of a Person as are able to cast a majority of the
votes capable of being cast by the members of that board or body or so many individuals who in relation to such Person perform a similar
decision making function as directors perform in respect of a company and as trustees perform in respect of a trust; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the holding and/or the ownership of the beneficial interest in and/or the ability to exercise the voting
rights applicable to, shares or other securities in any Person which confer in aggregate on the holders (whether directly or by means
of holding such interests in one or more other persons (either directly or indirectly)) thereof more than fifty per cent (50%)
of the voting rights exercisable at general meetings of that Person,

and "**Controlled by**" shall be construed in accordance with this definition;

"**COO**" means the chief operations officer of the Company from time to time;

"**Copperbelt Province**" means the Copperbelt Province of Zambia, which is bordered by Central Province in the south, North-Western Province in the west while in the north there is an international boundary between Zambia and the Democratic Republic of Congo;

"**Corporate and Social Responsibility Program**" means the corporate and social responsibility program of the KCM Group, as adopted and amended from time to time;

"**Corporate Guarantee**" means the corporate guarantee to be provided by Vedanta to the Company;

"**Creditor Settlement Support Commitment**" means Vedanta's commitment to provide an amount equal to USD250,000,000 (two hundred and fifty million United States Dollars) by way of the Creditor Settlement Support Loan, on and subject to the terms and conditions of the Creditor Settlement Support Loan Agreement;

"**Creditor Settlement Support Loan**" means a USD term loan facility in an aggregate amount equal to the Creditor Settlement Support Commitment;

"**Creditor Settlement Support Loan Agreement**" means the loan agreement concluded or to be concluded between VRHL and the Company in terms of which VRHL or any of its Affiliates makes available the Creditor Settlement Support Commitment to the Company;

"**DCF**" means a valuation method which estimates the present value of an investment based on expected future cash flows;

"**Debt Finance**" has the meaning given in Clause 16.6.1;

"**Deemed Non-Transferor**" has the meaning given in Clause 15.2;

"**Deemed Offer Notice**" has the meaning in Clause 15.2;

"**Deemed Offer Notice Period**" has the meaning in Clause 15.6.1;

"**Deemed Offer Purchase Notice**" has the meaning given in Clause 15.6.1;

"**Deemed Offer Sale Equity**" has the meaning given in Clause 15.2;

"**Deemed Transferor**" has the meaning given in Clause 15.1;

"**Deferred Creditors**" means all third party creditors (including, for the avoidance of doubt, Copperbelt Energy Corporation plc) who, in terms of the Proposed Creditor Scheme of Arrangement, will have amounts owing to them by the KCM Group deferred. Deferred Creditors shall specifically exclude:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Vedanta Parties and their Affiliates, in respect of the Existing Vedanta Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZESCO Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the GRZ;

"**Deferred Creditor Liabilities**" means all amounts deferred under the Proposed Creditor Scheme of Arrangement which are owing to the Deferred Creditors;

"**Deferred Shares**" means the deferred shares with a par value of ninety-nine US cents (US$0.99) each in the capital of the Company (in each case having the rights and being subject to restrictions set out in the Articles);

"**Director**" means a ZCCM-IH Director, Vedanta Director, the GRZ Director or an Independent Director (as the case may be);

"**Dispute**" means any dispute, disagreement, controversy, claim or difference of whatsoever nature arising under, out of, in connection with or relating (in any manner whatsoever) to this Agreement or the existence, interpretation or performance of this Agreement or the breach, termination or validity thereof;

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with the Vedanta Shareholder Commitments, provided that
the Disruption Event is not caused by an act or omission on the part of the KCM Group (only in so far as it occurs after the Board Reinstatement
Date), the Vedanta Parties or any of their Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of VRHL, Vedanta or any of their Affiliates, preventing it from performing its payment obligations
regarding the Vedanta Shareholder Commitments and which is not caused by the KCM Group (only in so far as it occurs after the Board Reinstatement
Date), the Vedanta Parties or any of their Affiliates;

"**Effective Date**" means the date on which the Condition Precedent is fulfilled or waived, as the case may be;

"**Encumber**" means to grant an Encumbrance;

"**Encumbrance**" means a mortgage, charge, pledge, lien, option, restriction upon sale, right of first refusal, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind or other type of preferential arrangement (including, without limitation, a title transfer or retention arrangement) having similar effect (other than those arising through operation of law);

"**Encumbrancee**" means any Person to whom an Encumbrance is granted pursuant to Clauses 9.2 and/or 14;

"**Environmental Management Plan**" means the environmental management plan of the KCM Group, as amended from time to time;

"**Existing GRZ Liabilities**" means, collectively, all amounts owing as at the Effective Date by the KCM Group to any Government Authority (excluding, for the avoidance of doubt: (i) any penalties accruing on such amounts (other than penalties accruing on the NAPSA Liability Amount), on or after 20 May 2019 up to (and including) the Effective Date and (ii) an amount equal to 50% of the aggregate amount payable to the Deferred Creditors which is deferred in terms of the Proposed Creditor Scheme of Arrangement, all of which amounts GRZ shall procure are written off in aggregate by the relevant Government Authorities), including the Tax Liability Amount, the NAPSA Liability Amount and the WCF Liability Amount;

"**Existing Shareholder Amendment Agreements**" means all written amendment agreements, as applicable, to the Existing Vedanta Party Unsecured Loans and the Existing ZCCM-IH Unsecured Loan concluded, to the satisfaction of Vedanta and ZCCM-IH, each acting reasonably, in terms of which, amongst other things, accrued interest prior to the Effective Date is capitalised to the principal amount of the relevant loan and no further interest accrues from the Effective Date;

"**Existing Vedanta Liabilities**" means, collectively, all amounts owing (including all interest and capital payable in relation to such amount) as at the Effective Date by the KCM Group to any Vedanta Party or any Vedanta Party's Affiliates, including the Existing Vedanta Party Secured Payment Obligations and the Existing Vedanta Party Unsecured Loans (excluding an amount equal to 50% of the aggregate amount payable to the Deferred Creditors which is deferred in terms of the Proposed Creditor Scheme of Arrangement, which amount Vedanta and VRHL shall procure are written off in aggregate by one or more of the relevant Vedanta Parties or their Affiliates (as applicable));

"**Existing Vedanta Party Secured Payment Obligations**" means all amounts paid by Vedanta to the lenders under the Common Terms Agreement pursuant to the demand guarantee concluded between Vedanta and The Standard Bank of South Africa Limited dated 29 May 2014 (in each case excluding all accrued interest on such amount on or after the Effective Date, which interest amounts shall be written off in accordance with Clause 16.8);

"**Existing Vedanta Party Unsecured Loans**" means the Vedanta Resources Jersey loan provided by Vedanta Resources Jersey to the Company in accordance with the loan consolidation and amendment agreement dated 18 August 2017 (excluding all accrued interest on such amount on or after the Effective Date, which interest amounts shall be written off in accordance with the relevant Existing Shareholder Amendment Agreement);

"**Existing ZCCM-IH Liabilities**" means, collectively, all amounts owing (including all interest and capital payable in relation to such amount) as at the Effective Date by the KCM Group to ZCCM-IH or any of ZCCM-IH's Affiliates, including the Existing ZCCM-IH Unsecured Loan;

"**Existing ZCCM-IH Unsecured Loan**" means the loan provided by ZCCM-IH to the Company (excluding all accrued interest on such amount on or after the Effective Date, which interest amounts shall be written off in accordance with the relevant Existing Shareholder Amendment Agreement);

"**Expert Proceedings**" has the meaning given in paragraph 9 of Schedule 1;

"**Fair Market Value Expert**" means the Person to be appointed to undertake the determination of the Fair Market Value Price in accordance with Clause 15.11.1;

"**Fair Market Value Price**" means the fair market value price payable for the Deemed Offer Sale Equity, as calculated in accordance with Schedule 2;

"**Financial Quarter Period**" means each period of three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commencing on 1 April and ending on 30 June;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commencing on 1 July and ending on 30 September;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commencing on 1 October and ending on 31 December; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commencing on 1 January and ending on 31 March;

"**Financial Year**" means the accounting period by reference to which the Company from time to time elects to satisfy the obligations required by law to prepare audited financial statements (which, as at the Signature Date, is the 12-calendar month period commencing on the first day of April in each calendar year);

"**Force Majeure**" means any act of war (whether declared or undeclared), invasion, armed conflict, act of foreign enemy, act of terrorism, martial law, military or usurped power, insurrection, revolution, civil disturbances, blockades, riot, embargoes, strikes, lock-outs and other labour conflicts, sabotage, criminal damage, land disputes, epidemics, plague, volcanic eruptions, earthquakes, subsidence, heave, landslip, collapse, rock falls, storms, cyclones, floods (including flooding of underground mine works), explosions (including nuclear explosions), fires, lightning, methane and other underground gases and the explosion thereof, radioactive or chemical contamination or ionising radiation (unless the source or cause of the contamination, radiation or other hazardous thing is brought or has been brought onto or near its operations by the Company and was not essential for the construction or operation of the facilities), non-availability of electrical power, gas, water or other utilities (other than due to the negligence or default of the Company), restrictions imposed by any Government Authority which has jurisdiction either over the operations of the Company or over any Party or destruction of, damage to or unavailability of materials, equipment or supplies, and any other event which the Company could not reasonably be expected to prevent or control;

"**Framework Commercial Agreements**" means the agreements regarding the supply of concentrate and offtake of metals of the KCM Group, to be entered into between any of the Vedanta Parties (or their Affiliates) and the Company and/or its subsidiaries;

"**Framework Consent Period**" has the meaning given in Clause 12.1.3(b)(ii);

"**Framework Period**" has the meaning given in Clause 12.1.1;

"**Free Cashflow**" means, in respect of any Financial Quarter Period, the consolidated accumulated cash generated by the KCM Group, from operating profit and capital investment activities, after provision for actual and anticipated working capital, capital expenditure (whether sustaining capital expenditure, or growth and expansion capital expenditure) and actual and anticipated Taxes;

"**Funding Assessment Period Commencement Date**" means the first day of the sixth month immediately following the month in which the Effective Date occurs;

"**Funding Period Expiry Date**" means the date on which the New Vedanta Shareholder Loans are fully advanced to and received by the Company;

"**Funding Suspension Period**" has the meaning given in Clause 15.9;

"**Governance Policies**" means the policies applicable to the governance of the KCM Group, which policies will be adopted by the Board and amended by the Board from time to time;

"**Government Authority**" means any domestic or foreign federal, provincial, regional, state, municipal or other government, governmental department, agency, authority or body (whether administrative legislative, executive or otherwise), commission or commissioner, bureau, minister or ministry, board or agency, or other regulatory authority having jurisdiction with respect to any specified Person, including any securities regulatory authorities or stock exchange, or any quasi-governmental or private body exercising regulatory or other governmental or quasi-government authority or function;

"**GRZ Action**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any change in Applicable Law, or any unlawful action whatsoever on the part of GRZ or any Government Authority,
which results in (i) depriving VRHL (or any VRHL Affiliates, which at such time is a Shareholder Party) of any of the rights and benefits
of or relating to their Shares or Shareholder Loans, or (ii) depriving Vedanta, VRHL or any of their Affiliates of any of the rights and
benefits held by Vedanta, VRHL or any of their Affiliates under this Agreement or the Transaction Documents if the Loss resulting from
such deprivation exceeds an aggregate amount of fifty million US dollars (USD50,000,000), or (iii) depriving any KCM Group member of any
of its properties, licenses, assets or rights which results in, or is reasonably likely to result in, a Material Adverse Effect, or (iv)
terminating, suspending or materially reducing or adversely impacting the area covered by, or adversely amending the terms or conditions
of, any of the Large Scale Mining Licenses held by any of the KCM Group members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unlawfully placing the Company and/or any material subsidiary(ies) of the Company into administration
or business rescue proceedings or provisional liquidation or liquidation or to have any provisional liquidator, liquidator, receiver,
manager or administrative receiver or business rescue administrator appointed unlawfully by or in relation to the Company and/or any material
subsidiary(ies) of the Company;

"**GRZ Director**" means the director nominated for appointment to the Board by GRZ pursuant to Clause 6.8 and the Articles;

"**GRZ Loan Agreement**" has the meaning given in Clause 16.4.2(b);

"**ICC Centre**" has the meaning given in paragraph 2 of Schedule 1;

"**Implementation Agreement**" means the implementation agreement entered into on or about the Signature Date between the Parties, KMRL and SmelterCo, which regulates, amongst other things, the steps to be taken pursuant to which the Provisional Liquidator is removed and the Winding-up Petition is withdrawn;

"**Independent Director**" means a Director that for the purposes of Applicable Law constitutes an independent director of the Company (or the nearest equivalent thereof in the relevant jurisdiction, if any);

"**Insolvency Act**" means the Zambian Corporate Insolvency Act, No. 9 of 2017 as from time to time amended and in effect. The expression shall include any and all regulations made thereunder;

"**Interest Period**" shall mean with respect to any New Vedanta Shareholder Loan a period of three Months commencing on and from the utilisation date of the relevant New Vedanta Shareholder Loan;

"**KCM Group**" means the Company and its subsidiaries from time to time;

"**KMRL**" means Konkola Mineral Resources Limited, a company incorporated in Zambia (company registration number 12020010056), whose registered office is at 2 Oppenheimer, Nchanga South, Copperbelt Province;

"**Konkola Deep Mine Project**" means the infrastructure and production development project to be undertaken at the Konkola Mine, and "**KDMP**" shall mean the same;

"**Large Scale Mining Licences**" means, collectively, the Chililabombwe Large Scale Mining License, the Chingola Large Scale Mining License and the Nampundwe Large Scale Mining License held by the KCM Group, pursuant to the Mines and Minerals Act, together with all other material mining, mineral and/or processing related licenses held by the Company and any of its subsidiaries;

"**Loss**" means any loss of whatever description, including, but not limited to, damages, dues, penalties, fines, costs, reasonable amounts paid in settlement, actual liabilities incurred, Taxes, compensation (including compensation paid or payable to any employee expenses and fees (including reasonable fees and expenses of attorneys, counsel, accountants, consultants and experts arising out of actions, applications, suits, proceedings, hearings, investigations, charges, complaints, claims, demands, interdicts, judgements, orders (including for specific performance), decrees, directives, rulings, liens and obligations), but excluding any indirect or consequential damages;

"**Majority Shareholder**" means, at any time, if applicable, the Shareholder which holds at such time a majority of the issued Ordinary Shares;

"**Matched Loan Amount**" has the meaning given in Clause 16.4.2(a);

"**Match Notice**" has the meaning given in Clause 16.4.2(a);

"**Material Adverse Effect**" means a material adverse effect on the condition (financial or otherwise) of the Company, any of its subsidiaries or any of their respective assets (either individually or in the aggregate) or the occurrence of a matter which has or may have a material adverse effect on the KCM Group's present or future ability to operate its Business;

"**Material Contract**" means any contract which involves annual expenditure (whether by a single transaction or a series of related transactions during any one-year period) of more than one hundred million US dollars (US$100,000,000), but specifically excluding any marketing, supply of concentrate or offtake contracts entered into other than with Affiliates of VRHL outside of the Framework Commercial Agreements;

"**Mines and Minerals Act**" means the Zambian Mines and Minerals Development Act, No. 11 of 2015 as from time to time amended and in effect. The expression shall include any and all regulations made thereunder;

"**Minimum CEO Qualification Specification**" means the minimum qualification requirements for the position of CEO as set out in paragraph 7 of Schedule 4 attached hereto and as may be amended from time to time in accordance with Clause 11.2;

"**Minimum CFO Qualification Specification**" means the minimum qualification requirements for the position of CFO as set out in paragraph 7 of Schedule 5 attached hereto and as may be amended from time to time in accordance with Clause 11.2;

"**Minimum COO Qualification Specification**" means the minimum qualification requirements for the position of COO as set out in paragraph 8 of Schedule 6 attached hereto and as may be amended from time to time in accordance with Clause 11.2;

"**Minimum Qualification Specification**" means collectively the Minimum CEO Qualification Specification, the Minimum CFO Qualification Specification and the Minimum COO Qualification Specification, and any one of them as the context may require;

"**Month**" means a calendar month and "**Monthly**" shall be construed accordingly;

"**Nampundwe Operation**" means the mining and concentrator operations conducted at Nampundwe;

"**Nampundwe Large Scale Mining License**" means the Large Scale Mining License No.7074 held by the KCM Group, with expiry date 31 March 2025;

"**NAPSA**" means the National Pension Scheme Authority, a statutory body of Zambia;

"**NAPSA Liability Amount**" means the KCM Group's aggregate liability to NAPSA as at the Effective Date;

"**Nchanga Operation**" means the mining and processing operations conducted at Nchanga (Copperbelt Province);

"**New Vedanta Shareholder Loans**" means the Capital Expenditures Support Loan, the Community Support Loan and the Creditor Settlement Support Loan;

"**Nkana Refinery**" means the refinery operations at Nkana;

"**Notice of Dispute**" has the meaning given in Clause 28.2;

"**Notice to Appoint**" has the meaning given in paragraph 1 of Schedule 1;

"**Notification**" has the meaning given in Clause 14.3.2;

"**Offer Notice**" has the meaning given in Clause 13.3;

"**Offer Shares**" has the meaning given in Clause 13.3;

"**Operations**" means any undertakings, activities and/or operations engaged in by the KCM Group, including the construction, development, financing, operation and management of the mines of the KCM Group;

"**Operative Provisions**" has the meaning given in Clause 2.1;

"**Ordinary Shares**" means ordinary shares with a par value of one US cent (US$0.01) each (excluding the Special Share) in the capital of the Company from time to time (in each case having the rights and being subject to the restrictions set out in the Articles);

"**Original Transferee**" has the meaning given in Clause 14.2.3(a);

"**Original Transferor**" has the meaning given in Clause 14.2.3(a);

"**Party**" or "**Parties**" means the Shareholder Parties from time to time, the Company, Vedanta and GRZ;

"**Person**" means any individual, firm, company, trust, partnership, joint venture or other incorporated or unincorporated body, association or organization;

"**Placement Agency**" has the meaning given in Clause 6.13.1(a);

"**Production Force Majeure Event**" means any event or circumstance which is reasonably outside of the control of the KCM Group members, including any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acts of God (including, but not limited to, any epidemic, pandemic, plague, subsidence, heave, landslip,
collapse, rock falls, flood (including flooding of underground mine works), storm, lightning, earthquake, tsunami, cyclone, volcanic eruption,
fire, sinkhole, drought or any other adverse weather condition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) explosion (including nuclear explosion), methane and other underground gases and the explosion thereof,
radioactive or chemical contamination or ionising radiation (unless the source or cause of the contamination, radiation or other hazardous
thing is brought or has been brought onto or near the KCM Group's operations by the KCM Group members and was not essential for
the construction or operation of the Business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) non-availability of electrical power, gas, water or other utilities (other than due to the negligence
or default of the KCM Group members);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) martial law, military or usurped power, armed conflict, act of foreign enemy, invasion, act of war or
conditions arising out of or attributable to war or similar conflict, whether declared or undeclared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) blockades, embargoes, strikes, lock-outs and other labour conflicts, sabotage, criminal damage or land
disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) riot, civil disturbances, civil strife, insurrection, revolution, rebellion or acts of terrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) GRZ Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ZCCM-IH Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) restrictions imposed by any Government Authority which has jurisdiction either over the operations of
the KCM Group; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) destruction of, damage to or unavailability of materials, equipment or supplies,

but in each instance, specifically excluding any Production Force Majeure Event which is caused by or arising as a result of a breach by VRHL to comply with its funding obligations in terms of the Capital Expenditures Support Commitment in circumstances where such funding obligations have not been suspended or terminated in accordance with the provisions of this Agreement;

"**Proposed Creditor Scheme of Arrangement**" has the meaning given to it in the Implementation Agreement;

"**Provisional Liquidator**" means the provisional liquidator of the Company as at the Signature Date and any subsequent provisional liquidator of the Company appointed at any time prior to the Board Reinstatement Date, if applicable;

"**Purchaser**" has the meaning given in Clause 14.3.1;

"**Quotation Day**" means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days);

"**Reference Rate**" means, in relation to any New Vedanta Shareholder Loan, the applicable SOFR as at the Specified Time for such Interest Period and for a period equal in length to the Interest Period of that New Vedanta Shareholder Loan and, if that rate is less than zero, then the Reference Rate shall be deemed to be zero;

"**Refinancing Consent Period**" has the meaning given in Clause 11.5.3(b);

"**Request for Proposal**" has the meaning given in paragraph 2 of Schedule 1;

"**Rules**" has the meaning given in Clause 30.1;

"**Sale Equity**" has the meaning given in Clause 14.3.1;

"**Sale Notice**" has the meaning given in Clause 14.3.1;

"**Sanctioned Jurisdiction**" means any country, territory or region that is subject to or the target of comprehensive (i.e., country-wide or territory-wide) Sanctions (which as of the date of this Agreement includes Iran, Cuba, North Korea, Syria, Russia and the territories of Crimea, Donetsk and Luhansk in the Ukraine), as may be the case from time to time;

"**Sanctioned Person**" means (a) any Person listed in any sanctions related list of designated Persons maintained by any Government Authority having jurisdiction over any of the Parties, (b) any Person named on the list of Specially Designated Nationals maintained by the Office of Foreign Assets Control in the United States of America, (c) any Person named in the Consolidated List of Financial Sanctions Targets and the Investments Ban List maintained and published by His Majesty's Treasury in the United Kingdom, (d) any Person named in any other list similar to that of (a) – (c), maintained and published, or a public announcement of a Sanctions designate made, by any of the authorities mentioned in the definition of "Sanctions" in Clause 1.1, (e) any Person that is, or is Controlled by a Person that is, the subject of any asset-freeze Sanctions, (f) any Person that is, or is Controlled by a Person that is, located, organised or resident in, or otherwise subject to Sanctions that apply to, a Sanctioned Jurisdiction, (g) any other Person with which United States persons are prohibited from dealing under any applicable Sanctions, and in each case with respect to a Person that is a body corporate or partnership, includes any of their directors, senior executives, officers and/or employees, or (h) any Person engaged in or undertaking any activity in a Sanctioned Jurisdiction, any activity with a Sanctioned Person as set out in (a) – (g) above, or any activity that violates applicable Sanctions;

"**Sanctions**" means economic or financial sanctions, measures or trade embargoes imposed, administered or enforced from time to time by any Government Authority having jurisdiction over any of the Parties, the United Nations Security Council, the U.S. Departments of State or Commerce and the Office of Foreign Assets Control in the United States of America, the European Union, His Majesty's Treasury in the United Kingdom or any other applicable sanctions authority;

"**Secondary Sale**" has the meaning given in Clause 14.3.4;

"**Secondary Sale Equity**" has the meaning given in Clause 14.3.4;

"**Secondary Sale Notice**" has the meaning given in Clause 14.3.4;

"**Selling Shareholder**" has the meaning given in Clause 14.3.1;

"**Settlement Agreement**" means the global settlement agreement entered into between, amongst others, GRZ, ZCCM-IH, Vedanta, VRHL and the Company on or about the Signature Date that resolves and/or settles litigation and disputes between the parties thereto that arose prior to the entering into of such agreement;

"**Shareholder**" means any holder of Ordinary Shares in the Company from time to time but shall, for the avoidance of doubt, exclude the Special Shareholder;

"**Shareholder Dispute Matter**" has the meaning given in Clause 8.1;

"**Shareholder Loans**" means any claims which a Shareholder and/or its Affiliates has against the Company or any of its subsidiaries for the payment of any amount in respect of any monies lent to the Company or such subsidiary (as applicable) by that Shareholder and/or its Affiliates, including interest thereon or in respect thereof, which shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of VRHL: the Existing Vedanta Party Unsecured Loans, the Existing Vedanta Party Secured Payment
Obligations and the New Vedanta Shareholder Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of ZCCM-IH: the Existing ZCCM-IH Unsecured Loan;

"**Shareholder Party**" means a Party which is a Shareholder;

"**Shares**" means shares of any class (other than the Special Share) in the capital of the Company (however designated) from time to time;

"**Signature Date**" means the date on which this Agreement is signed by the last-signing of the Parties;

"**SmelterCo**" means KCM (SmelterCo) Limited, a company incorporated in Zambia (company registration number 120000044055), whose registered office is at Stand M/1408 Fern Avenue, Chingola, Zambia;

"**Smelter Operation**" means the smelting operations for the treatment of concentrate;

"**Social Management Plan**" means the social management plan of the KCM Group, as amended from time to time;

"**SOFR**" means, for any day, the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or any other person that takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person that takes over the publication of that rate);

"**Sole Expert**" means a person appointed in accordance with the provisions of Schedule 1;

"**Special Share**" means the special share of one US dollar (US$1.00) in the share capital of the Company;

"**Special Shareholder**" means GRZ;

"**Specified Time**" means 11:00 a.m., Lusaka time, on the Quotation Day;

"**Standing Committee**" has the meaning given in Clause 6.25.1(a);

"**Standing Committee Chairperson**" has the meaning given in Clause 6.25.1(e);

"**Standing Committee Representative**" has the meaning given in Clause 6.25.1(b);

"**Step**" has the meaning given in the Implementation Agreement;

"**Subscription Agreement**" means the agreement dated 19 August 2004 and made between the Company, ZCI Holdings, ZCCM-IH, GRZ and Vedanta;

"**Subscription Price**" has the meaning given in Clause 13.3;

"**Suspended Provisions**" has the meaning given in Clause 2.1;

"**Tax Authority**" means any Government Authority that is legally competent to impose and collect Tax in Zambia on behalf of GRZ including any applicable governmental authority, government department, statutory body, municipality, Town Council, Local Council, or any local or provincial agency, body or official anywhere in Zambia;

"**Tax Deduction**" has the meaning given in Clause 16.2;

"**Taxes**" means any form of income tax, withholding tax, value added tax, property transfer tax, mineral royalty, professional tax, custom duty, excise duty, other advance tax, other tax, other duty, tariff, levy, charge, fee, contribution, basis for assessing taxes (including the rates of, or periods for, depreciation of assets for tax assessment purposes) other withholding or impost of whatever nature (including any related fine, penalty, surcharge or interest) imposed, collected or assessed by, or payable to, a Tax Authority, and "**Tax**" shall have a corresponding meaning;

"**Tax Liability Amount**" means the KCM Group's aggregate liability to the Tax Authorities as at the Effective Date (excluding, for the avoidance of doubt, any penalties accruing on such amounts on or after 20 May 2019 up to (and including) the Effective Date, which amounts GRZ shall procure are written off by the Tax Authorities in accordance with clause 6.4.1 of the Implementation Agreement);

"**Technical Partner**" means the Person appointed from time to time by the Company to, *inter alia*, work with the KCM Group to improve mine design and planning with a view to optimising mining operations;

"**Termination Agreement**" means a termination agreement to be entered into between, *inter alios*, the parties to the 2004 SHA that, *inter alia*, terminates, amongst others, the 2004 SHA;

"**TLP Operation**" means tailings leach plant processing operations through which ore is processed to produce copper cathode;

"**Transaction Documents**" means the Implementation Agreement, the Settlement Agreement, the Capital Expenditures Support Loan Agreement, the Community Support Loan Agreement, the Creditor Support Loan Agreement, the Termination Agreement, the Existing Shareholder Amendment Agreements, the Corporate Guarantee and the Trust Deed;

"**Transfer**" means any sale, transfer (whether voluntary or otherwise) or other disposition of Ordinary Shares, Deferred Shares and/or Shareholder Loans (if any), or any interest (legal or equitable) therein or any attempt so to do by any Shareholder Party or a permitted Encumbrancee of a Shareholder Party, including the creation of an Encumbrance (other than in accordance with the provisions of this Agreement) over any of its Ordinary Shares, Deferred Shares and/or Shareholder Loans, as applicable;

"**Transfer Acceptance**" has the meaning given in Clause 14.3.2(c);

"**Transferee**" has the meaning given in Clause 14.1.2;

"**Transferor**" has the meaning given in Clause 14.1.2;

"**Tribunal**" has the meaning given in Clause 30.1;

"**Trust Deed**" means the trust deed of the Community Trust which regulates the creation and administration of such Community Trust;

"**US$**", "**US dollars**" or "**US cents**" means United States dollars or United States cents, the lawful currency of the United States of America;

"**US Government Securities Business Day**" shall mean any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation)
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities;

"**Vedanta Director**" means a Director nominated for appointment to the Board by VRHL pursuant to Clause 6.3 and the Articles;

"**Vedanta Party**" means collectively Vedanta, VRHL, and any other Vedanta Affiliates which hold Ordinary Shares from time to time;

"**Vedanta Resources Jersey**" means Vedanta Resources Jersey II Ltd, a company incorporated in Jersey (registered number 105124), with its registered office at 47 Esplanade, St. Helier, Jersey JE1 OBD;

"**Vedanta's Cost of Funding**" has the meaning given in Clause 16.2;

"**Vedanta Shareholder Commitment Agreements**" means, collectively, the Capital Expenditures Support Loan Agreement, the Creditor Settlement Support Loan Agreement and the Community Support Loan Agreement;

"**Vedanta Shareholder Commitments**" means, collectively, the Capital Expenditures Support Commitment, the Community Support Commitment and the Creditor Settlement Support Commitment;

"**VRHL Committee Representative**" has the meaning given in Clause 6.25.1(b);

"**VRHL Non-Controlling Shares**" has the meaning given in Clause 14.5.1(b)(i);

"**WCF**" means the Workers' Compensation Fund Control Board, a statutory body in Zambia;

"**WCF Liability Amount**" means the KCM Group's aggregate liability to WCF as at the Effective Date (excluding, for the avoidance of doubt, any penalties accruing on such amounts on or after 20 May 2019 up to (and including) the Effective Date, which amounts GRZ shall procure are written off by WCF in accordance with clause 6.4.1 of the Implementation Agreement);

"**Winding-up Petition**" has the meaning given in the Implementation Agreement;

"**Zambia**" means the Republic of Zambia;

"**ZCCM-IH Action**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it occurs at any time prior to the fifth anniversary of the Effective Date, the placing of any KCM
Group member into administration or business rescue proceedings or provisional liquidation or liquidation or to have any provisional liquidator,
liquidator, receiver, manager or administrative receiver or business rescue practitioner appointed by or in relation to any member of
the KCM Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it occurs at any time after the fifth anniversary of the Effective Date, the placing of the Company
and/or any material subsidiary(ies) of the Company into administration or business rescue proceedings or provisional liquidation or liquidation
or to have any provisional liquidator, liquidator, receiver, manager or administrative receiver or business rescue practitioner appointed
by or in relation to the Company and/or any material subsidiary(ies) of the Company, in each case except where both (i) such placing or
appointment is done in good faith and on reasonable grounds taking into account the best interest of the KCM Group and (ii) the Company
or material subsidiary (as applicable) is insolvent in terms of Section 2 of the Insolvency Act such that it is legally entitled to be
placed into administration or liquidation (as applicable) on such grounds (and not for the avoidance of doubt, on just and equitable or
other grounds);

"**ZCCM-IH Approved Contact Persons**" means the person set out in column 1 of the table in Schedule 3 and whose email addresses are set out in column 2 of the said table. It is recorded and agreed that ZCCM-IH will be entitled to amend such list of persons and/or the applicable email addresses from time to time upon at least three (3) Business Days' written notice to the Company and VRHL;

"**ZCCM-IH Committee Representative**" has the meaning given in Clause 6.25.1(b);

"**ZCCM-IH Director**" means a Director nominated for appointment to the Board by ZCCM-IH pursuant to Clause 6.3 and the Articles;

"**ZCCM-IH Non-Controlling Equivalent Proportion of Shares**" has the meaning given in Clause 14.5.1(b)(ii);

"**ZESCO**" means ZESCO Limited, a public company incorporated in Zambia (registration number 119690005492), with its registered office at Great East Road, Stand No. 6949, Lusaka, Zambia;

"**ZESCO Debt**" means all amounts owing as at the Effective Date to ZESCO by the KCM Group; and

"**ZESCO Payment**" has the meaning given to it in Clause 16.7.2(a).

1.2 In this Agreement, references to statutes shall include any statute, by-law, regulation or delegated legislation
modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted or extended by the same or pursuant to
which the same is made.

1.3 The headings in this Agreement are inserted for convenience only and shall be ignored in construing this
Agreement. All singulars shall include plurals, and each gender shall include the other gender. The Schedules hereto form part of this
Agreement. In case of any ambiguity or inconsistency between the provisions of the main body of this Agreement and the provisions of the
Schedules or any of them, the provisions of the main body of this Agreement shall prevail. References in this Agreement to Clauses, Sub-Clauses and
Schedules are (unless the contrary is stated) references to Clauses, Sub-Clauses and Schedules of this Agreement.

1.4 Where any provision of this Agreement imposes or gives rise to a joint obligation, duty or liability on
two or more Shareholder Parties, such Shareholder Parties shall only be severally liable under or pursuant to such provision(s) (not jointly
and severally).

1.5 Where any provision of this Agreement confers any right or imposes or gives rise to an obligation, duty
or liability on either Vedanta or VRHL, both Vedanta Parties shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1 entitled to the benefit of or to exercise such right under or pursuant to such provision(s), provided
that only one of the Vedanta Parties shall at any one time be entitled to the benefit of or to exercise such right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2 jointly and severally liable to discharge such obligation, duty or liability under or pursuant to such
provision(s), provided that to the extent that an obligation of a Vedanta Party hereunder is assumed and performed in full by one of the
Vedanta Parties, the other Vedanta Party shall be released from any liability in respect thereof.

1.6 The word "**subsidiary**" shall have the same meaning in this Agreement as its definition
in Section 3 of the Act.

2. Conditions Precedent

2.1 This Clause 2, together with Clauses 1, 5 and 18 to 35 (inclusive), shall be of immediate force and effect
on the Signature Date (collectively, the "**Operative Provisions** "). Except for the Operative Provisions, all of the other
provisions of this Agreement (collectively the "**Suspended Provisions** "), shall be subject to, and will take effect
and become operative only upon, the implementation in full, on or before the Board Reinstatement Longstop Date, of Step 5 under clause
4.5 of the Implementation Agreement ()"**Condition Precedent** ").

2.2 If the Condition Precedent is fulfilled or waived on or before the Board Reinstatement Longstop Date,
then all of the Suspended Provisions shall also take effect and become operative, the whole of this Agreement shall accordingly become
unconditional.

2.3 Should the Condition Precedent be neither timeously fulfilled or waived, as the case may be, on or prior
to the Board Reinstatement Longstop Date, then the Suspended Provisions shall not take effect and this Agreement shall terminate automatically
without any further action required by any of the Parties. In the event that this Agreement automatically terminates in accordance with
this Clause 2.3, each of the Parties shall be relieved of their respective duties and obligations arising in terms of this Agreement from
and after the date of such termination, and such termination shall be without liability to the Parties; provided that no such termination
shall relieve any Party from liability (including any liability for damages) for any breach of this Agreement or other liability arising
prior to termination hereof.

2.4 The Condition Precedent is for the benefit of Vedanta, ZCCM-IH and GRZ and may accordingly only be waived,
in whole or in part, by Vedanta, ZCCM-IH and GRZ, in writing before the time specified for the fulfilment or waiver of such Condition
Precedent.

2.5 Each Party will use their reasonable endeavours to procure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 the fulfilment of the Condition Precedent as soon as reasonably practicable following the Signature Date,
but in any event by the Board Reinstatement Longstop Date, and they shall co-operate in good faith with each other in all respects to
that end; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 that all shares held by Milingo Lungu (being the former provisional liquidator of the Company) in KMRL
and SmelterCo are duly transferred back to the Company for zero consideration and in this regard, without limitation: (a) the share registers
of KMRL and SmelterCo are updated to record such transfer; and (b) KMRL and SmelterCo cancel any share certificate evidencing shares in
such subsidiaries held by Milingo Lungu and issue the Company with a new share certificate in respect of such shares transferred to the
Company.

3. Duration

3.1 This Agreement shall remain in force and effect until the earlier of: (i) the date of termination of this
Agreement by the mutual written consent of the Shareholder Parties, or (ii) the date upon which the Company is duly deregistered or wound
up in accordance with the provisions of the Act, whereupon in each case this Agreement shall terminate and be of no further force and
effect; provided that Clauses 1.4 and the rights and obligations of the Parties pursuant to Clauses 3.1, 3.2, 18, 24, 27, 28,
30, 32 and 33 shall remain in full force and effect notwithstanding such termination.

3.2 Termination of this Agreement shall be without prejudice to any right or remedy which may have accrued
to any Party prior to the date thereof.

4. The Company

4.1 The primary object of the KCM Group shall be to carry out the Business. The Company acknowledges the policy
objective of benefitting the people of Zambia, and in particular the people of the Copperbelt Province, and in support of that policy
objective the Company shall carry out the Business in accordance with all Applicable Laws.

4.2 Any failure on the part of the Company to comply with the provisions of Clause 4.1 shall not be a ground
for termination, a deemed transfer of Shares under Clause 15 of this Agreement or give any Party any claim for damages insofar as such
failure arises from a Force Majeure, if the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 has taken all appropriate precautions, due care and reasonable alternative measures with the objective
of avoiding such failure and of carrying out of its obligations under this Clause 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 has given notice to the other Parties of the occurrence of Force Majeure on becoming aware of such an
event,

it being recorded and agreed that for the avoidance of doubt, the provisions of Clause 4.2 shall be without prejudice to any rights that the GRZ may have in terms of Applicable Law (and not, for the avoidance of doubt, under or in terms of the Agreement or any Transaction Documents) against the Company for a failure to comply with Applicable Laws.

4.3 The Company shall take all reasonable measures to overcome the Force Majeure and to carry out the Business
in accordance with all Applicable Laws with the minimum of delay and shall give notice to the other Parties on the restoration of normal
conditions.

5. Share Capital

As at the Signature Date:

5.1 the authorised share capital of the Company consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 24 060 000 000 Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 60 000 000 Deferred Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 1 Special Share; and

5.2 the issued share capital of the Company is held as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Deferred Shares** | **Deferred Shares** | **Special Share** | **Special Share** |
| **Shareholder** | **Ordinary**<br> **Shares** | **Percentage** | **Deferred Shares** | **Percentage** | **Special**<br> **Share** | **Percentage** |
| &nbsp;&nbsp;VRHL | 872 569 649 | 79.4% | 48 000 000 | 80% | Nil | Nil |
| &nbsp;&nbsp;ZCCM-IH | 226 107 824 | 20.6% | 12 000 000 | 20% | Nil | Nil |
| &nbsp;&nbsp;GRZ | Nil | Nil | Nil | Nil | 1 | 100% |
| &nbsp;&nbsp;**Total** | 1 098 677 653 | **100%** | 60 000 000 | **100**% | **1** | **100%** |

---

6. The Board and the Management of the Company

6.1 The Company shall be managed by the Board which shall comprise no more than eleven (11) Directors
(including the GRZ Director and the Independent Directors) or such other number of Directors as may be permitted by the Articles from
time to time (of which one (1) Director at any one time must be the GRZ Director) and which may, subject to Clause 11.1, exercise
all such powers of the Company that are required by the Act, the Articles and/or this Agreement to be exercised by the Company in general
meetings.

6.2 All Directors shall be appointed by an ordinary resolution passed at a general meeting of the Shareholders,
provided that in respect of the appointment of the Independent Directors, their appointment shall be implemented in accordance with the
relevant provisions of Clause 6.6.

6.3 Subject to Clauses 6.9 and 6.10, in relation to the up to ten (10) Directors other than the GRZ Director,
each Shareholder shall be entitled (but not obliged), in each case by written notice to the Company, to nominate for appointment one (1)
director to the Board for each complete 10% of the issued Ordinary Shares held by that Shareholder, provided that at least one (1) such
nominee of each Shareholder must be an Independent Director whose appointment shall be implemented in accordance with the relevant provisions
of Clause 6.6. Subject, in the case of the Independent Directors, to such Independent Directors first being approved by the Board in accordance
with Clause 6.6, each Shareholder agrees to vote in favour of the adoption of an ordinary resolution approving the appointment of all
such person(s) nominated for appointment as Director. As at the Effective Date, VRHL is entitled to nominate for appointment seven (7)
directors and ZCCM-IH is entitled to nominate for appointment two (2) directors. A Shareholder which appoints a Director to the Board
in accordance with this Clause 6.3 may, in each case by written notice to the Company, remove and replace such Director at any time and
from time to time, and the procedure and voting requirements set out in this Clause 6.3 shall apply *mutatis mutandis* to any such
removal or replacement.

6.4 Each Director can, with the approval of the Board, appoint a person who is not a Director to serve as
an alternate director. Each alternate director appointed by any Director under this Clause 6.4 shall be entitled to act as a Director
in the absence of the Director for whom he or she is an alternate director.

6.5 Should any Party's entitlement to nominate for appointment one or more Directors in terms of Clause
6.3 cease or reduce in accordance with Clause 6.3, such Party shall forthwith at its own expense procure the removal of such number of
its appointees to the Board (and any persons appointed as alternate directors to those appointees) as is necessary to ensure that the
correct number of appointees remain on the Board in terms of Clause 6.3, and agrees to indemnify the Company accordingly.

6.6 Independent Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 As part of the Director(s) nominated for appointment by a Shareholder in accordance with Clause 6.3, at
least one of those Directors so nominated by each Shareholder must at all times be an Independent Director. The Shareholders shall ensure
that at least one of the Independent Directors has mining industry experience and expertise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 Prior in each case to the appointment of the Independent Directors (other than in respect of the appointment
of the initial Independent Directors which appointment shall be made in accordance with Step 2 under clause 4.2.11 of the Implementation
Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Shareholder shall (acting reasonably and subject to the provisions of Clauses 6.9 and 6.10) provide
to the existing Board the name of its proposed Independent Director(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Board shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consider, and if considered appropriate, approve the appointment of each such Independent Director, provided
that the Board shall be required to approve each Person nominated for appointment by each relevant Shareholder if: (A) such nominated
Person meets the criteria of what constitutes an Independent Director and (B) after such nominated Person is appointed as an Independent
Director, at least one of the Independent Directors has mining industry experience and expertise. If the Board does not approve a Person
nominated for appointment by the relevant Shareholder, then the Board shall notify the relevant Shareholder and the relevant Shareholder
shall be entitled to nominate any other Person as its Independent Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Independent Director is approved by the Board, proceed with the process of proposing the appointment
of such Independent Director by an ordinary resolution of the Shareholders, as soon as reasonably practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 An Independent Director may only be removed (other than in respect of a removal for Cause (as defined
in Clause 6.7.4)) and replaced by the Shareholder who proposed such Independent Director for appointment and shall be replaced by such
Shareholder using the same mechanics described above in this Clause 6.6.

6.7 Vacation of office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1 A Director may be removed as a director of the Company by way of an ordinary resolution passed by the
Shareholders at any time if such Director commits any action or inaction constituting Cause (as defined in Clause 6.7.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2 Subject to Clause 6.6.3, a Director removed in accordance with Clause 6.7.1 shall only be capable of being
replaced by a Director nominated by the relevant Shareholder whose nominated Director has been removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.3 Any Director removed from the Board shall simultaneously also be removed from any Board committee and
shall, upon request by the Company, return to the Company all correspondence, documents, paper, memoranda, notes and/or records relating
to the KCM Group in their possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.4 For purposes of this Agreement "**Cause**" shall mean in relation to a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the relevant Director commits, or is reasonably believed by the Board to have committed or will commit,
any act of fraud, dishonesty (including theft, attempted theft, or the acceptance or offering of bribes), money laundering or any other
illicit activities under Zambian law or any other Applicable Laws (whether in relation to the Company or otherwise); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the relevant Director becomes prohibited and/or disqualified by any Applicable Laws (including the
Act) from being, or acting as, a director of the Company.

6.8 The Special Shareholder shall, by written notice to the Company, have the right to appoint, remove or
replace the GRZ Director.

6.9 GRZ and ZCCM-IH shall, on the exercise of their Director appointment right in terms of Clauses 6.3, 6.6
and 6.8 (as applicable), ensure that at least fifty-one per cent (51%) of director appointees that they are entitled to, collectively,
are at all times a resident in Zambia for the purposes of Section 91 of the Act (and any other statutory requirements for directors
to be Zambian residents).

6.10 VRHL will ensure that at least fifty-one per cent (51%) of the director appointees that they are entitled
to in terms of Clauses 6.3 and 6.6, collectively, are at all times a resident in Zambia for the purposes of Section 91 of the Act (and
any other statutory requirements for directors to be Zambian residents).

6.11 The GRZ Director (or his or her alternate) may not hold any executive office or the office of Chairperson.

6.12 VRHL shall have the right to appoint the Chairperson.

6.13 Appointment of CEO, COO and CFO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13.1 Prior in each case to the appointment of the CEO (other than in respect of the appointment of the initial
CEO which appointment process is dealt with in Clause 6.13.3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board shall procure that an independent reputable international labour placement agency ()"**Placement Agency**") undertakes a process for purposes of identifying potential candidates who meet the Minimum CEO Qualification Specification
for appointment as CEO (each such list provided by such Placement Agency hereinafter referred to as a "**CEO Shortlist** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Board shall, following receipt of each CEO Shortlist, confirm in writing to each Shareholder the person
from such CEO Shortlist that the Board wishes to appoint as the CEO (the "**Approved CEO**") and proceed with the appointment
of the Approved CEO as soon as reasonably practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13.2 Other than in respect of the initial CFO and COO whose appointment process is dealt with in Clause 6.13.3,
the CFO and COO shall be appointed by the CEO in conjunction with the Company's human resources function. It is recorded and agreed
that a pre-requisite for such appointment will be that the relevant appointee should meet the applicable Minimum Qualification Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13.3 On or as soon as reasonably practicable following the Effective Date, the CEO, CFO and COO shall be appointed
from the list of names which has been provided by VRHL to the Secretary to the Treasurer of Zambia on or prior to the Signature Date.

6.14 Subject to Clause 8, the quorum necessary for the transaction of the business of the Board shall be at
least five (5) Directors consisting of at least three (3) Directors appointed by VRHL, at least one (1) Director appointed by ZCCM-IH,
and the GRZ Director. Subject to Clause 6.16, under no circumstances will the Board be entitled to transact any business whatsoever if
a quorum is not present other than to convene a general meeting of the Shareholders.

6.15 If at any meeting of the Board at which a quorum is present in accordance with Clause 6.14, the Chairperson
is not present within thirty (30) minutes after the time appointed for holding it or is unwilling to act, the Directors present shall
elect one of the Directors to chair the meeting.

6.16 If within thirty (30) minutes from the time appointed for a Board meeting a quorum is not present, the
meeting shall stand adjourned to a date which shall not be earlier than two (2) Business Days and not later than seven (7) Business Days
after the date of the meeting) at the same time and place (or such other place as the Directors present may appoint), and all the Directors
shall be notified in writing of the date, time and place of the adjourned meeting. When reconvened, if at such adjourned meeting a quorum
is not present within thirty (30) minutes from the time appointed for the adjourned meeting, the Directors then present shall constitute
a quorum, provided that no changes to the agenda will be permitted on reconvening a meeting pursuant to this Clause 6.16.

6.17 All Board meetings shall take place either at the registered office of the Company or via a conference
telephone or other electronic communications equipment by means of which all persons participating in the meeting can hear each other
or as otherwise unanimously agreed by the Board.

6.18 Subject always to Clause 6.14, 6.16 and 6.19, each Director shall have one vote and decisions of
the Board shall only be made by the affirmative vote of a majority of Directors present at the relevant meeting and voting on the relevant
resolution(s).

6.19 The GRZ Director shall have no right to vote on any issue.

6.20 The Chairperson shall not have a second or casting vote at any meeting of the Board.

6.21 The Company shall, and each of the Shareholder Parties shall, exercise its powers in relation to the Company
so as to ensure that the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21.1 convene and hold a quorate meeting of the Board at least once every three (3) Months of each Financial
Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21.2 give to the Directors not less than fourteen (14) Business Days' prior written notice
of each and any meeting of the Board (or such shorter period as all the Directors agree otherwise in writing). Every such notice shall
be accompanied by a written agenda, specifying the business of such meeting (unless all the Directors, whether present at the meeting
or not, agree otherwise in writing). No business shall be transacted at any meeting of the Board except for that business specified in
the agenda for such meeting unless all of the Directors, whether or not present at the meeting, agree otherwise in writing. A request
for agenda items shall be made to each Director no less than seven (7) clear Business Days or such other period as all the Directors
may agree in writing before the notice convening the Board meeting is sent to each Director and any item requested to be placed on the
agenda by any Director shall be so placed.

6.22 The company secretary shall take written minutes of all meetings of the Board and circulate them to the
Board as soon as reasonably possible for correctness and the Chairperson shall sign the minutes (once corrected, if applicable) as a correct
reflection of the proceedings at the meetings.

6.23 The Company shall repay to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23.1 any Independent Director, all such reasonable travel expenses as he/she may incur in attending and returning
from meetings of the Directors or of any committee of the Directors in general meetings or otherwise in or about the business of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23.2 other than in respect of the Independent Directors (whose travel expenses are regulated for in Clause
6.23.1), any Director all such reasonable local travel expenses as he/she may incur in attending and returning from meetings of the Directors
or of any committee of the Directors or general meetings or otherwise in or about the business of the Company. For the avoidance of doubt,
the Company shall not repay any Director (other than in respect of the Independent Directors (whose travel expense are regulated for in
Clause 6.23.1)) any international travel expenses.

6.24 Subject to Clause 6.25, the Board shall be entitled to delegate their powers to a committee or committees
having such powers and duties as may be delegated to them by the Board ()"**Committees** ").

6.25 **Initial Committees of the Board:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25.1 <u>Organization and Function</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the overriding decision-making authority of the Board, the Board shall form four (4) standing
advisory sub-committees (each, a "**Standing Committee**") of the Board, being the audit and risk committee, the finance
committee, the technical committee and the corporate social investment committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Standing Committee shall be composed of at least four (4) individuals, provided that (i) at least
one (1) shall be appointed by the Board from the Independent Directors of the Company, (ii) at least two (2) shall be appointed by the
Board from any Directors of the Company nominated for appointment by VRHL, and (iii) at least one (1) shall be appointed by the Board
from any Directors of the Company nominated for appointment by ZCCM-IH. Each such individual appointed to each Standing Committee shall
be referred to as a "**Standing Committee Representative** ". Any Standing Committee Representatives appointed by the Board
who were nominated for appointment to the Board of the Company by VRHL shall be referred to as the "**VRHL Committee Representatives** "
and any Standing Committee Representatives appointed by the Board who were nominated for appointment to the Board of the Company by ZCCM-IH
shall be referred to as the "**ZCCM-IH Committee Representatives** ". Each of the Standing Committee Representatives may
be represented by an alternate designated by such Standing Committee Representative at any meeting of the applicable Standing Committee.
Any alternate so acting shall be deemed to be a Standing Committee Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The role of each Standing Committee shall be advisory to the Board on all matters related to Operations,
including financial, technical and exploration and corporate social investment matters (as applicable). No Standing Committee will have
any authority over the conduct of Operations. The recommendations and advice of each Standing Committee are subject in all instances to
the determinations of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Standing Committee Representatives shall not receive any compensation from the KCM Group for service
on any Standing Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall, on an annual basis, elect the chairperson of each Standing Committee (each referred to
as the "**Standing Committee Chairperson**") from amongst the members of the applicable Standing Committee who are Independent
Directors. The Standing Committee Chairperson must be present at the annual general meeting of the Company and shall respond to questions
on the applicable Standing Committee's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25.2 <u>Meetings of the Standing Committees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Standing Committee shall hold regular meetings at least once each Financial Quarter Period and otherwise
on five (5) Business Days' notice delivered to the Standing Committee Representatives of the applicable Standing Committee by the
company secretary of the Company, and such meetings may be held via telephone or by video conference so long as all participants are able
to hear and speak to each other. For each Standing Committee, the quorum shall be made up of a minimum of four (4) Standing Committee
Representatives which must include at least two (2) VRHL Committee Representatives, one (1) ZCCM-IH Committee Representative, and the
Independent Director appointed to such relevant Standing Committee. Subject to Clause 6.25.2(c), under no circumstances will the Standing
Committee be entitled to transact any business whatsoever if a quorum is not present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any meeting of the Standing Committee, the Standing Committee Chairperson is not present within
thirty (30) minutes after the time appointed for holding it or is unwilling to act, the Standing Committee Representatives present shall
elect one of the Standing Committee Representatives present to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If within thirty (30) minutes from the time appointed for a Standing Committee meeting a quorum is not
present, the meeting shall stand adjourned to a date which shall not be earlier than two (2) Business Days and not later than seven (7)
Business Days after the date of the meeting) at the same time and place (or such other place as the Standing Committee Representatives
present may appoint), and all the Standing Committee Representatives shall be notified in writing of the date, time and place of the adjourned
meeting. When reconvened, if at such adjourned meeting a quorum is not present within thirty (30) minutes from the time appointed for
the adjourned meeting, the Standing Committee Representatives then present shall constitute a quorum, provided that no changes to the
agenda will be permitted on reconvening a meeting pursuant to this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25.3 <u>Voting at Standing Committees</u> 

Recommendations provided to the Board by any Standing Committee shall only be made by the affirmative vote of the majority of its members present at the relevant meeting and voting on the relevant resolution(s). Each member shall have one vote on any matter. Voting may also be taken by way of a written resolution. A written resolution shall have been adopted if supported by a majority of the members of the applicable Standing Committee (and if adopted it shall have the same effect as if it had been approved by voting at a meeting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25.4 <u>Standing Committee Minutes</u> 

The company secretary of the Company shall take written minutes of all meetings of the Standing Committees and circulate them to the applicable Standing Committee Representatives as soon as reasonably possible for correctness. The applicable Standing Committee Chairperson shall sign the minutes (once corrected, if applicable) as a correct reflection of the proceedings at the meetings.

7. Technical partner

7.1 The Company shall appoint a Technical Partner in accordance with Step 9 under clause 4.9 of the Implementation
Agreement, and shall endeavour to ensure that a Technical Partner is appointed until at least the Funding Period Expiry Date.

7.2 Prior to the Funding Period Expiry Date, the Company shall be entitled to appoint any Person as its Technical
Partner, remove any Technical Partner, and/or replace any such Technical Partner with any other Person, provided that if the Technical
Partner to be appointed is not an Approved Technical Partner, the prior written consent of the Shareholders shall be required before such
Technical Partner is appointed (such consent not to be unreasonably withheld or delayed).

7.3 Any changes to the Approved Technical Partner list shall not be made without the prior written consent
of the Shareholder Parties (such consent not to be unreasonably withheld or delayed).

7.4 Following the Funding Period Expiry Date, the Board shall be entitled to appoint and/or remove the Technical
Partner and replace such removed Technical Partner with any other Person (the "**Replacement Technical Partner** "), provided
that such Replacement Technical Partner is, in the Board's discretion (acting reasonably), an appropriate appointee for an operation
of the KCM Group's size and nature.

7.5 Any report prepared by the Technical Partner appointed in accordance with Clause 7.1 and delivered to
the Board may be shared by any Vedanta Director or ZCCM-IH Director with VRHL or ZCCM-IH, respectively, subject to the relevant Shareholder
complying with Clause 18.

8. DIRECTORS INTEREST

8.1 A Director (other than an Independent Director) shall be excluded from voting on any resolution of the
Board (whether at meetings of the Directors or otherwise) in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 any proposed or actual legal proceeding by the Shareholder who nominated him/her for appointment to the
Board (and/or such Shareholder's Affiliate) against any member of the KCM Group or *vice versa*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under any agreement which requires the approval of the Shareholders under Clause 11.2.14; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the possible Loss of any member of the KCM Group or the claim of the relevant member of the KCM
Group, as the case may be, in terms of the relevant legal proceeding brought by or against such Shareholder, is in excess of fifty million
US dollars (USD50,000,000); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 any matter relating to the determination of a dispute under, or the exercising of the Company's
rights under, any such agreement referred to in Clause 8.1.1(a) in circumstances where any member of the KCM Group is in dispute with
the Shareholder who nominated him/her for appointment to the Board (and/or such Shareholder's Affiliate) under such agreement,

(each being a "**Shareholder Dispute Matter**").

8.2 It is agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 if the Shareholder Dispute Matter is against or pursued by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) VRHL or any of its Affiliates, then the quorum necessary for any resolutions to be passed by the Board
in relation to the Shareholder Dispute Matter shall consist of at least one (1) Director nominated for appointment by ZCCM-IH, the GRZ
Director, at least one (1) Independent Director nominated for appointment by ZCCM-IH, and at least one (1) Independent Director nominated
for appointment by VRHL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZCCM-IH or any of its Affiliates, then the quorum necessary for any resolutions to be passed by the Board
in relation to the Shareholder Dispute Matter shall consist of at least one (1) Director nominated for appointment by VRHL, the GRZ Director,
at least one (1) Independent Director nominated for appointment by ZCCM-IH, and at least one (1) Independent Director nominated for appointment
by VRHL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 where a Director who is excluded in accordance with the provisions of Clause 8.1 from voting on any resolutions
in respect of any Shareholder Dispute Matter, is provided with any information relating to such Shareholder Dispute Matter, such Director
shall ensure and preserve the privilege and confidential status of any such information shared with him/her, to the extent consistent
with his/her fiduciary and legal duties provided that notwithstanding anything to the contrary contained herein, such Director shall not
be entitled to provide any form of feedback in respect of the Shareholder Dispute Matter to the Shareholder who nominated him/her for
appointment to the Board (and/or such Shareholder's Affiliate).

8.3 If, within thirty (30) minutes from the time appointed for a Board meeting pursuant to Clause 8, a quorum
as set out in Clause 8.2.1 is not present, the meeting shall stand adjourned to a date which shall not be earlier than two (2) Business
Days and not later than seven (7) Business Days after the date of the meeting at the same time and place (or such other place as the Directors
present may appoint), and the relevant Directors shall be notified in writing of the date, time and place of the adjourned meeting. Where
a meeting has been reconvened for two (2) times and either or both of the Independent Directors is or are not present at the third reconvened
meeting, within thirty (30) minutes from the time appointed for the meeting, then the Directors present shall constitute a quorum.

8.4 Without prejudice to Clause 11, any decisions, actions or negotiations to be taken or conducted by any
member of the KCM Group in relation to a Shareholder Dispute Matter shall: (i) notwithstanding the provisions of Clause 11, not constitute
a reserved matter; (ii) be delegated to those Directors that are entitled, in accordance with Clause 8.2, to count in the quorum for purposes
of such Shareholder Dispute Matter, and that delegation shall be on terms which give those Directors, acting on a majority basis, full
authority on behalf of the relevant KCM Group member to take such decisions and actions and conduct such negotiations as they shall (acting
in good faith to promote the best interests of the relevant KCM Group member having regard to (and complying with) their fiduciary duties)
think fit. For the avoidance of doubt, notwithstanding anything to the contrary in this Clause 8, each KCM Group member shall be required
to follow any dispute resolution processes that are required to be followed in relation to the relevant Shareholder Dispute Matter, including
any mediation, arbitration or other processes set out in any relevant agreement(s) that are relevant to such Shareholder Dispute Matter.
This Clause 8.4 does not entitle the Company to circumvent such dispute resolution processes.

9. Agreement to Perform

9.1 Each of the Shareholder Parties undertakes (as a separate undertaking to each of the other Shareholder
Parties) that, at all times, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 exercise its respective powers and votes as a Shareholder of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 procure that any and all Directors appointed by it exercise their respective powers and votes as a Director
(subject always to the fiduciary and legal duties of such Directors), to ensure that (to
the extent that the same is within such powers and voting rights) each and all of the provisions of this Agreement are fully complied
with by the KCM Group and that the rights of the Company are enforced and the remedies of the Company are pursued insofar as the Shareholder
Parties consider such actions to be in the best interests of the relevant member of the KCM Group.

9.2 Each of the Shareholder Parties undertakes (as a separate undertaking to each of the other Shareholder
Parties) that it will not create or permit the creation of any Encumbrance over any Shares held by it or to be held by it and warrants
and represents (as a separate warranty and representation to each of the other Shareholder Parties) that it has not created or permitted
the creation of any such Encumbrance, provided always that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 such restrictions in this Clause 9.2 shall not apply to (and any Shareholder Party shall be entitled
without the prior consent of any other Party to create or grant) any Encumbrance created or granted (i) with the prior written consent
of the other Shareholder (such consent not to be unreasonably withheld or delayed), (ii) in accordance with Clause 14.4, (iii) in connection
with any member of the KCM Group borrowing any money, entering into any financing facility (or other similar arrangement), entering into
or granting any surety arrangement, indemnity or guarantee (or similar arrangement), or incurring any debt, in each case for the sole
benefit of any member of the KCM Group or (iv) in connection with any Vedanta Party or any of their Affiliates borrowing any money, entering
into any financing facility (or other similar arrangement), entering into or granting any surety arrangement, indemnity, or guarantee
(or similar arrangement), or incurring any third party debt, in each case for the sole purpose of providing the New Vedanta Shareholder
Loans or any other funding to any member of the KCM Group or otherwise for the sole benefit of any member of the KCM Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 it shall be a condition of any Encumbrance to be created or granted in terms of Clause 9.2.1(iii) and
(iv) that the relevant Encumbrancee shall have first agreed, in writing, that in the case of an exercise by any Shareholder of its deemed
offer rights under Clause 15 of this Agreement, that such Encumbrancee may be required, against receipt of payment, to release its Encumbrance
and sell and deliver the Shares over which it holds its Encumbrance to or on behalf of such Shareholder in accordance with Clause 15 in
(and only in) the event that (i) such Shareholder delivers its Deemed Offer Purchase Notice within four (4) Months from the establishment
of the price payable for the relevant Deemed Offer Sale Equity in accordance with Clause 15 and (ii) the sale and purchase of such Shares
is completed on the date falling three (3) Months following the expiry of the relevant Deemed Offer Notice Period. In the event that the
relevant Shareholder fails to deliver its Deemed Offer Purchase Notice within the time period referred to in (i) above, or fails to complete
the relevant sale of the Shares within the time period referred to in (ii) above, the condition of the Encumbrance referred to in this
Clause 9.2.2 shall lapse and shall cease to be binding on the Encumbrancee.

9.3 Vedanta undertakes to procure that VRHL performs in all respects its obligations as a Shareholder Party
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Each of GRZ and ZCCM-IH undertakes that it shall not, and GRZ shall procure that no Government Authorities
of the Republic of Zambia shall, at any time take any GRZ Action or ZCCM-IH Action. In relation to any breach or potential breach of this
Clause 9.4 by GRZ and/or ZCCM-IH, the VRHL Parties and the Company shall be entitled, in addition to exercising their rights under Clause
15, to any and all available remedies and forms of relief, including damages, injunctive relief, specific performance and any other equitable
relief.

10. Information, Right of Audit and Inspection Information

10.1 The Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 at all times, keep true, accurate and up to date books and records of all the affairs of the KCM Group
using accounting policies agreed, from time to time, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 supply, to each Director, such information relating to the KCM Group as such Director may, from time to
time, request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 upon reasonable notice and at all times subject to Clause 18, provide any Shareholder Party requesting
the same in writing with such information relating to the KCM Group's financial and business affairs as such Shareholder Party may
reasonably request; provided that the Shareholder Party making such request holds not less than five per cent (5%) of the Ordinary
Shares in issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 where it has not provided any such information as has been reasonably requested by a Shareholder Party
pursuant to Clause 10.1.3 within fourteen (14) days (or such longer period as may be reasonably necessary in the circumstances
not exceeding ninety (90) days of such request), during normal working hours and upon reasonable notice, grant, to a reasonable number
of the duly authorised representatives of any Shareholder Party and at the cost of such Shareholder Party reasonable access (including
copying facilities where applicable) to inspect or audit the books, records, accounts, documents and premises of the KCM Group; provided
that all costs of an inspection or audit shall be for the account of the Shareholder Party initiating the audit or inspection unless in
the course of the inspection or audit any material matters are uncovered which require remedial action by the Board or any member of the
KCM Group in which circumstances the inspecting or auditing Shareholder Party shall be entitled to full reimbursement by the Company for
its reasonable costs incurred in the course of the inspection or audit in the event that the remedial action results in a financial benefit
for the KCM Group in an amount not less than five million US dollars (US$5,000,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 (without prejudice to the generality of the foregoing) keep the Directors fully and promptly informed
as to all material developments regarding the Company's and/or its subsidiaries' financial and business affairs and promptly
notify the Directors of any significant litigation, criminal proceedings or arbitration (whether threatened or commenced) affecting or
likely to affect the Company.

10.2 Without prejudice to Clause 10.1, the Company, at its own cost, shall use its reasonable endeavours
to prepare and send (in the case of Clauses 10.2.1 to 10.2.3) or give notice (in the case of Clauses 10.2.6 and 10.2.7) to the
Directors, the Shareholders and GRZ:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 not later than three (3) Months following the end of each Financial Year, for each member of the KCM Group,
details of the production and inventory, operating costs and capital costs for that year with comparisons to budget and a quantitative
report on any material operational developments during such Financial Year including any technical problems or interruptions in operations.
To the extent that aforementioned details and/or the quantitative report is not available within the aforementioned (3) Month period,
then such details and/or the quantitative report (as the case may be) shall be sent as soon as reasonable possible once it is available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 not later than three (3) Months following the end of each Financial Year, a report on environmental, social
and labour matters with comparisons to the Environmental Management Plan and Social Management Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 promptly following the approval by the Directors, the audited consolidated and non-consolidated accounts
of the KCM Group for the preceding Financial Year certified by the Auditors as representing a true and fair view (or such other view as
the Auditors are able to express) of the Company's and its subsidiaries' financial position. Any Persons who may be entitled
to review the audited accounts of the any member of the KCM Group shall be permitted to discuss the same with the Auditors and shall also
be entitled to discuss with the Auditors (and request copies of) the Auditors' working papers to the extent that there is nothing
under any Applicable Law that restricts the Auditors from doing so. The Company undertakes in favour of each Shareholder and GRZ that
when it (and will procure than when any other member of the KCM Group) mandates the Auditors, it will use reasonable endeavours to ensure
that there are no contractual restrictions which would prevent any Persons who may be entitled to review the audited accounts from discussing
same with the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4 no later than thirty (30) days after the end of each Financial Quarter Period, the unaudited financial
statements for each member of the KCM Group, including a consolidated balance sheet, statement of income and cash-balance state for such
period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5 no later than fifteen (15) days prior to the commencement of each Financial Year, the preliminary annual
operating budget for that particular Financial Year, forecasting the consolidated revenues, expenses and cash position on a Month-to-Month
basis for that Financial Year in respect of each member of the KCM Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.6 promptly upon becoming aware of the same, notice of any material event of default or repayment event relating
to it under any document evidencing indebtedness of any member of the KCM Group (or of any event which, with the giving of notice, lapse
of time or both or upon satisfaction of applicable condition(s) would be such a material event) and of any action taken or proposed to
be taken by it in connection therewith. For purposes of this Clause 10.2.6, an event of default or repayment event shall be deemed to
be material if the indebtedness is in excess of thirty-five million US dollars (US$35,000,000); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.7 promptly upon becoming aware of the same, details of any litigation or administrative or arbitration proceeding
(whether commenced, pending or threatened) before any competent authorities (including any material disputes with GRZ or any instrumentality
or political sub-division thereof) which has or is reasonably likely to have a Material Adverse Effect or materially adversely affects
the Company's or its subsidiaries' ability (as the case may be) to perform its obligations under the Act, the Large Scale
Mining Licences or this Agreement or to repay or service any indebtedness incurred by it when due.

11. Restrictions on the Company's Activities

11.1 At all times the Company shall comply with the Governance Policies in all material respects.

11.2 For so long as ZCCM-IH holds more than five per cent of the Ordinary Shares then in issue, the Company
shall not (and each of VRHL and ZCCM-IH undertakes that it will do such acts and things, within its power, as may from time to time be
required to ensure that the Company shall not), and the Company undertakes, subject to Clause 8, that it will do such acts and things,
within its power, as may from time to time be required to ensure that none of the other members of the KCM Group shall not, without the
prior approval of the Majority Shareholder and ZCCM-IH in accordance with clause 11.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 consolidate, merge or amalgamate with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 acquire any subsidiary or otherwise acquire (whether by a single transaction or a series of related transactions)
any shares, securities or other interests in any company or business where in each case, the cost of such acquisition exceeds fifty million
US dollars (US$50,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 make any loan or advance or extend credit (including the giving of guarantees) where the aggregate outstanding
amount of such loan or credit (or liability in respect of such guarantee), otherwise than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the normal course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) loans made to employees under a collective bargaining agreement or in connection with an approved share
option scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) extensions of credit to suppliers or purchasers to finance such supplies or purchases in the ordinary
course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) loans, advances or extensions of credit to wholly owned subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) guarantees entered into on behalf of wholly owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 secure or grant any Encumbrance over all or any of the undertaking, property or assets of the KCM Group
save for (i) Encumbrances arising by operation of law or (ii) Encumbrances arising in the ordinary course of the Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 suspend or curtail production or metal treatment (or agree to do so or make any proposal to do so), unless
such suspension or curtailment (or agreement or proposal to do so) is as a result of any Production Force Majeure Event, is as a result
of it not being commercially feasible to operate, or is otherwise in the ordinary course of Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 undertake any matters pertaining to the Company which in terms of the Act requires the approval of at
least 75% of the voting rights exercised on the relevant resolution by the Company's shareholders at a shareholders meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7 undertake any disposal of any of the Company's assets having a value (whether by a single transaction
or a series of related transactions) in excess of fifty million US dollars (US$50,000,000) or by way of or pursuant to an Encumbrance
(other than any Encumbrance which did not require the consent of the Majority Shareholder and ZCCM-IH under Clause 11.2.4 or any Encumbrance
granted in accordance with Clause 11.2.4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8 undertake any expansion of any material capital project which is not linked to the KCM mine plan where
such expansion would, in aggregate, have a value greater than one hundred and twenty-five million US dollars (US$125,000,000) (whether
through a single transaction or a series of related transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.9 discontinue or suspend any material business activities of the KCM Group (excluding those referred to
in Clause 11.2.10), unless the discontinuation or suspension is as a result of it not being commercially feasible to operate. For purposes
of this Clause 11.2.9, a business activity shall be considered to be material if its discontinuation and/or suspension, as applicable,
would cause a reduction of one hundred and fifty million US dollars (US$150,000,000) or more in the Annual Revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.10 permanently discontinue, or suspend for a period of 90 (ninety) days or longer, the following business
activities of the KCM Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) KDMP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nchanga Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TLP Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Smelter Operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nkana Refinery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nampundwe Operation,

unless the discontinuation or suspension is as a result of it not being commercially feasible to operate any such mentioned business activity. Where the Company discontinues or suspends any of the abovementioned business activities for a period of more than sixty (60) days, but less than ninety (90) days, the Board will provide each Shareholder with written notification of such discontinuation or suspension, but no such discontinuation or suspension shall require the prior approval of the Majority Shareholder and ZCCM-IH. It is recorded and agreed that in the case of ZCCM-IH, such written notification will be required to be provided to the ZCCM-IH Approved Contact Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.11 undertake any action to deregister the Company or enter into any compromise between the Company and all
of its creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.12 enter into or terminate any Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.13 institute any legal proceedings and/or enter into any settlement of any claim by the Company, which is
outside the ordinary course of the Business or in respect of which the possible liability of the Company or the claim of the Company,
as the case may be, is in excess of fifty million US dollars (US$50,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.14 conclude and/or implement any trading or other non-financing related agreement, arrangement or transaction
(excluding, for the avoidance of doubt, this Agreement and the Transaction Documents, the arrangements and transactions contemplated thereby,
and any borrowing or financing from any Shareholder or any Affiliate of a Shareholder which is regulated for by Clause 16) between (on
the one hand) the Company and (on the other hand): (i) any Shareholder (other than ZCCM-IH), a holder of the Deferred Shares and/or Vedanta
Director; (ii) any Affiliate of a Shareholder (other than an Affiliate of ZCCM-IH) or any Affiliate of a holder of the Deferred Shares;
(iii) any officer or director of any of the aforegoing entities or any spouse, ascendant or descendant of any such officer or director
(in each case, only where the Board or the CEO or CFO of the Company knows that such Person is such an officer, director, spouse, ascendant
or descendant, as applicable); or (iv) any created entity in which any of the aforegoing has a financial interest (in each case, only
where the Board or the CEO or CFO of the Company knows that such Person has such a financial interest), other than transactions entered
into pursuant to the Framework Commercial Agreements which transactions are regulated for in Clause 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.15 increase, or reduce the number of issued and/or authorised Shares and/or Special Shares of the Company,
including as part of the issue of Shares, the Special Share and/or any buy back of Shares and/or the Special Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.16 change the terms of any Share and/or Special Share in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.17 borrow any money from any third party, enter into any surety arrangement or guarantee in favour of any
third party or incur any third party debt where the aggregate outstanding amount of such borrowing or debt, or the aggregate potential
liability under such surety or guarantee, will exceed one hundred million US dollars (US$100,000,000) (whether by a single transaction
or a series of related transactions), other than, for the avoidance of doubt (i) with respect to a refinancing or Transfer of all or any
part of the New Vedanta Shareholder Loans which are regulated for by Clause 11.2.20 and Clause 14 or (ii) any borrowing or financing from
any Shareholder or any Affiliate of a Shareholder which is regulated for by Clause 16;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.18 amend materially any Minimum Qualifications Specification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.19 amend the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.20 refinance the New Vedanta Shareholder Loans, provided, for the avoidance of doubt, that neither a Transfer
of all or a portion of any of the New Vedanta Shareholder Loans to another Person, nor any advance or payment of any portion of any of
the New Vedanta Shareholder Loans by any Person (including after a Transfer of any or all of the New Vedanta Shareholder Loans to such
Person) to the KCM Group, shall constitute a refinancing of the New Vedanta Shareholder Loans and therefore the prior approval of the
Majority Shareholder and ZCCM-IH shall not be required for any such Transfer, advance or payment (on the basis that any such Transfer
is regulated by Clause 14);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.21 apply for the listing of any shares or other securities of the Company on any stock exchange or for permission
for dealings in any shares or other securities of the Company in any securities market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.22 grant any share options or create any employee share scheme (with the inclusion of any profit-sharing
arrangements) in each case that are linked to the Shares, or approve or materially amend any such incentive scheme operated by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.23 appoint and dismiss the auditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.24 waive or terminate any Vedanta Shareholder Commitment Agreement, the Corporate Guarantee or the Existing
Shareholder Amendment Agreements, or amend any of the terms of such documents where such amendment is not for the benefit of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.25 the implementation of any of the above matters by any other member of the KCM Group (as if references
to the Company were to such other member of the KCM Group).

11.3 A Shareholder may give its approval under Clause 11.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2 by a vote in favour of a separate and specific shareholders' resolution on that matter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.3 provided that such matter does not require (as a matter of law) a shareholders' resolution, and
that it has at least one appointed Director on the Board, by a vote in favour of a separate and specific directors' resolution on
that matter by all or a majority of the directors appointed by that Shareholder to the Board (excluding the vote of any Independent Director
appointed by that Shareholder).

11.4 If a proposal is made in respect of any matter contemplated by Clause 11.2 but is not approved in accordance
with that Clause, then that proposal shall not proceed.

11.5 Notwithstanding anything to the contrary contained in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 nothing in Clause 11.2 shall apply to, or in any way prevent or restrict, any action taken by the KCM
Group which is specifically required under this Agreement or the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 in respect of an action referred to in Clause 11.2.14 (other than those actions required to be taken in
the context of any of the Framework Commercial Agreements which shall be regulated for in Clause 12), each Shareholder Party undertakes
not to unreasonably withhold or delay its consent, provided that it will not (in such circumstances only) be an unreasonable delay not
to provide a response within thirty (30) days of receipt of a request for consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 in respect of an action referred to in Clause 11.2.20 ()"**Refinancing Request** "), each
Shareholder Party undertakes not to unreasonably withhold or delay its consent. ZCCM-IH shall be deemed to have consented to the Refinancing
Request if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Refinancing Request is sent, in accordance with the provisions of Clause 27.4, to the ZCCM-IH Approved
Contact Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZCCM-IH has not notified the Company of its refusal to the Refinancing Request within a period of thirty
(30) days following transmission by the Company or the other Shareholder Party of the Refinancing Request ()"**Refinancing Consent Period** "), it being agreed that if ZCCM-IH raises, in good faith, any reasonable queries relating to the Refinancing Request
then the Company and the other Shareholder Party must within a period of five (5) days following receipt of such query(ies) from ZCCM-IH,
engage in good faith to resolve such query(ies) to the reasonable satisfaction of ZCCM-IH (acting reasonably) and the Refinancing Consent
Period shall be extended by such number of days exceeding such five (5) day period that it takes to respond to the said query(ies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.4 in respect of any other action referred to in Clause 11.2 (other than: (i) the actions referred to in
Clause 11.2.14 which are regulated in Clause 11.5.2, and (ii) the actions referred to in Clause 11.2.20 which are regulated in Clause
11.5.3), each Shareholder Party undertakes not to unreasonably withhold or delay its consent to the extent that its consent is required
for such action in terms of Clause 11.2. ZCCM-IH shall be deemed to have consented to any such action if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the request for consent is sent, in accordance with the provisions of Clause 27.4, to the ZCCM-IH Approved
Contact Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ZCCM-IH has not notified the Company of its refusal to the request within a period of (i) thirty (30)
days with respect to any action referred to in Clauses 11.2.5, 11.2.7, 11.2.10 and 11.2.11 or (ii) twenty-one (21) days with respect to
the remainder of the provisions under Clause 11.2, following transmission by the Company or the other Shareholder Party of the request
(" **Consent Period** "). It is agreed that if ZCCM-IH raises, in good faith, any reasonable queries relating to the request
then the Company and the other Shareholder Party must within a period of five (5) days following receipt of such query(ies) from ZCCM-IH,
engage in good faith to resolve such query(ies) to the reasonable satisfaction of ZCCM-IH (acting reasonably) and the Consent Period shall
be extended by such number of days exceeding such five (5) day period that it takes to respond to such query(ies), other than in relation
to an action referred to in Clause 11.2.7, where such Consent Period shall be extended by a minimum of thirty (30) days unless such extension
would materially adversely impact any KCM Group member.

12. Amendments to the framework commerical agreementS

12.1 It is recorded and acknowledged that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 the Shareholder Parties have approved the Framework Commercial Agreements and that such framework agreements
will be valid and binding on the KCM Group for a period of ten (10) years from the Effective Date ()"**Framework Period** "),
whereafter the Framework Commercial Agreements shall cease to be of any force and effect, unless the prior written consent of each Shareholder
Party has been obtained for extending the Framework Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 during the Framework Period, any amendment to the Framework Commercial Agreements will require the consent
of each Shareholder Party, provided that if an index or market linked mechanism or provision is contained in any Framework Commercial
Agreement (or in any deal confirmation entered into under or in relation to the Framework Commercial Agreement) then any pricing or other
change which occurs in terms of such mechanism or provision will not require the consent of any Shareholder Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 where any consent is required to be provided by a Shareholder Party at any point in time under or for
purposes of this Clause 12, then –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Shareholder Party undertakes not to unreasonably withhold or delay its consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Shareholder Party is ZCCM-IH, its consent shall be deemed to have been obtained if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the request is sent, in accordance with the provisions of Clause 27.4, to the ZCCM-IH Approved Contact
Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ZCCM-IH has not notified the Company of its refusal to the request within a period of fourteen (14) days
following transmission by the Company or the other Shareholder Party of the request ()"**Framework Consent Period** "), it
being agreed that if ZCCM-IH raises, in good faith, any reasonable queries relating to the request then the Company and the other Shareholder
Party must within a period of five (5) days following receipt of such query(ies) from ZCCM-IH, engage in good faith to resolve such query(ies)
to the reasonable satisfaction of ZCCM-IH (acting reasonably), and the Framework Consent Period shall be extended by such number of days
exceeding such five (5) day period that it takes to respond to the said query(ies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company and/or VRHL has, during the Framework Consent Period, followed up with the ZCCM-IH Approved
Contact Persons on the consent request at least every five (5) days.

13. Issue of Shares

13.1 The Shareholder Parties shall procure that Shares shall only be issued in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 the Act and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 Clause 11.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 this Clause 13.

13.2 Subject to Clause 11.2, Shares may only be issued if an offer has been made by the Company in accordance
with Clause 13.3 to each Shareholder to allot to it (on the same terms in respect of which the issue is proposed to be made to all
other such Persons) a proportion of the Shares proposed to be issued which is as nearly as practicable equal to the proportion of the
Shares held by it and the period of acceptance of such offer specified in Clause 13.3 has expired or the Company has received notice
of acceptance or refusal of the offer (as the case may be).

13.3 All new Shares proposed to be issued shall be offered to each Shareholder by a notice sent to each Shareholder
(the "**Offer Notice**") which shall state the number of Shares proposed to be allocated (the "**Offer Shares** ")
and the subscription price for each Offer Share (the "**Subscription Price**") which, in the absence of agreement between
the Shareholders to the contrary, shall be the value of the Company as a going concern (including goodwill) and as between a willing vendor
and a willing purchaser at the relevant time as agreed by the Shareholder Parties (or, in default of such agreement, as determined by
an independent merchant bank) divided by the number of Ordinary Shares in issue immediately prior to the subscription being made.

13.4 The Offer Notice shall remain open for acceptance for a period which shall be specified therein but, in
any event, not longer than thirty (30) days and will be capable of acceptance by each Shareholder on the terms and in the manner
described in the Offer Notice (the "**Acceptance** ").

13.5 Following receipt by the Company of one or more Acceptances, within seven (7) days of receipt of
the Subscription Price, the Company will issue the Offer Shares to the Shareholder(s) so accepting the offer.

13.6 Upon receipt by the Company of a notification that the Offer Notice will not be accepted by a Shareholder
or the expiry of the period referred to in Clause 13.4 without an Acceptance being received from such Shareholder, the Company shall
(within a period of thirty (30) days from the date of such receipt and/or expiry (as the case may be)) offer those Offer Shares for
which an Acceptance has not been received to the Shareholder or Shareholders who are considering or have accepted the Offer Notice or
have delivered an Acceptance *pro rata* to the Shares then held by such Shareholders (in the case of Shares for which an Acceptance
has not been received), on the terms *mutatis mutandis* on which the offer was made pursuant to Clause 13.3.

13.7 Upon receipt by the Company of a notification that an offer made pursuant to Clause 13.6 will not
be accepted by a Shareholder to whom it has been made or the expiry of the thirty (30) day period referred to in Clause 13.6
without an Acceptance having been received from such Shareholder (as the case may be), the Company shall (within a period of thirty (30) days
from the date of such receipt and/or expiry (as the case may be)) offer such Offer Shares for which Acceptances have not been received
to any Shareholder(s) (pro rata to the Shares then held by such Person(s)) which have accepted the offer made pursuant to Clause 13.6
and, in the event such Offer Shares are not accepted by such Shareholder(s), to such other Persons as the Board thinks fit at the Subscription
Price and otherwise upon the terms set out in the Offer Notice and, if accepted, the Company may issue such Offer Shares so accepted to
such other Persons within a further period of thirty (30) days provided that each such Person has complied with the provisions of
Clause 13.8.

13.8 If any Shares are proposed to be issued in accordance with Clause 13.7 to a Person who is not a Party,
such Shares shall only be issued if, prior to the date of such issue such Person agrees to be bound by all provisions of this Agreement
by entering into a deed of adherence with all other Shareholder Parties in each case in such form as they may reasonably require.

14. Transfer of Shares and Pre-emptive Rights

14.1 **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.1 Each Shareholder Party undertakes that it will not, at any time, make or purport to make any Transfer
except in accordance with this Clause 14, Clause 15 or otherwise with the prior written agreement of each of the other Shareholder
Parties and in accordance with the Articles. Any purported Transfer in contravention of the provisions of this Agreement shall be void.
The Directors shall not give effect to any Transfer unless the provisions of this Agreement have been duly complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.2 Subject to clause 14.5, a Shareholder Party (the "**Transferor**") may make a Transfer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one of its Affiliates (excluding for this purpose those persons described in paragraph (c) and (d)
of the definition of "**Affiliate**" in Clause 1) in accordance with Clause 14.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a third-party purchaser in accordance with Clause 14.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an Encumbrancee (pursuant to Clause 9.2) in accordance with Clause 14.4,

and, for the purposes of this Clause 14, the transferee in each case shall be referred to as the "**Transferee**"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) pursuant to Clause 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.3 Under no circumstances shall any Shareholder transfer any of its Sale Equity to any Person who is a Sanctioned
Person.

14.2 **Transfers to Affiliates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 For the purposes of any Transfer by a Transferor to an Affiliate pursuant to this Clause 14.2, the
other Shareholder Parties hereby waive any pre-emption rights they may have over the relevant Shares and/or Shareholder Loans, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 It shall be a condition precedent to a Transfer to an Affiliate, that the Affiliate's obligations under
this Agreement and under any other agreement referred to in this Agreement (after or simultaneously with entry into a deed of adherence
and/or deed of novation by the Affiliate pursuant to Clause 14.5.1(a)) be guaranteed, in form and content reasonably satisfactory
to the other Shareholder Parties, by the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 If, at any time after a Transfer to an Affiliate of the Transferor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Affiliate (who for the purposes of this sub-clause shall be known as the "**Original Transferee** ")
or any subsequent Transferee which was an Affiliate thereof and which holds Shares has ceased to be an Affiliate of the Transferor (who
for the purposes of this sub-clause shall be known as the "**Original Transferor**") or any subsequent Transferor (in circumstances
where the Original Transferee has made a subsequent Transfer to an Affiliate thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Original Transferor no longer has Control of the Affiliate to whom such Ordinary Shares have been
Transferred and are then held; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any subsequent Transferee which was an Affiliate thereof has become or passed into the Control of a Sanctioned
Party,

such Shareholder Party shall be entitled to notify the Original Transferor accordingly. The Original Transferor (together with each subsequent Transferor which is or has been a Shareholder Party) shall procure that each holder of Shares to which this Clause 14.2.3 applies will (and if a Shareholder Party, such holder shall), within seven (7) Business Days of such notice to the Original Transferor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer back all of the Shares then held by such holder to the Original Transferor or to the immediately
preceding subsequent Transferor (so long as the immediately preceding subsequent Transferor is an Affiliate of the Original Transferor)
or to an Affiliate of the Original Transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) procure the execution by any new holder that is not already bound by the provisions of this Agreement
and (to the extent that the Transferor is a party to the same) the agreements referred to in this Agreement of such Shares of a deed of
adherence and/or deed of novation pursuant to Clause 14.5.1(a).

If the Original Transferee or any subsequent Transferee fails to transfer the said Shares within such seven (7) Business Day period, then any Director shall be entitled to execute on behalf of the Original Transferee or any subsequent Transferee a transfer of the said Shares back to the Original Transferor or to the immediately preceding subsequent Transferor (so long as the immediately preceding subsequent Transferor is an Affiliate of the Original Transferor).

14.3 **Transfers to Third Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1 A Shareholder Party who wishes to Transfer its Shares and/or Shareholder Loans (if any) pursuant to Clause 14.1.2(b)
(the "**Selling Shareholder**") shall serve notice on the Company (the "**Sale Notice**") stating the number
of Shares and/or the amount of Shareholder Loans (if any) held by it which it is proposing to Transfer (the "**Sale** **Equity** "),
its asking price for the Sale Equity which it is proposing to Transfer (the "**Asking Price**") and the identity of any bona
fide third party purchaser of the relevant Sale Equity (the "**Purchaser** ").
The Selling Shareholder may serve a Sale Notice in respect of all or part of its Shares and/or Shareholder Loans .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2 The Sale Notice shall make the Company the agent of the Selling Shareholder for the sale of the Sale Equity
to the other Shareholder Parties, and the Company shall provide notification (the "**Notification**") to the other Shareholder
Parties (each a "**Buying Shareholder**") within seven (7) days of receiving the Sale Notice which notification shall
include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Asking Price and full details of the identity of the Purchaser who has offered to buy the Sale Equity
at the Asking Price (and, in the case of a Purchaser which is a corporate entity, details of the ultimate controllers of that party (to
the extent that such information is known to the Selling Shareholder) and whether the Asking Price is fully funded);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the Sale Equity is to be sold free from Encumbrances save for any Encumbrance permitted under Clause 9.2;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any acceptance of the offer to sell the Sale Equity made by the Company as agent for the Selling
Shareholder (the "**Transfer Acceptance**") must be received by the Company in writing within thirty (30) days from the date
of the Notification and must (subject to Clause 14.3.8) be in proportion to the number of Ordinary Shares held by the respective
Buying Shareholders who may also indicate whether or not they wish to purchase any Sale Equity over and above their pro rata entitlement
if the offer is not accepted by other Buying Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3 In the event that Transfer Acceptances are received in respect of all the Sale Equity, the Sale Equity
shall (subject to Clause 14.3.8) be allocated to Buying Shareholders who have delivered Transfer Acceptances in proportion to the
number of Ordinary Shares held by them at the date of such Transfer Acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4 In the event that Transfer Acceptances are not received in respect of all of the Sale Equity, a further
notice (the "**Secondary Sale Notice**") shall be issued and the Sale Equity in respect of which Transfer Acceptances have
not been received (the "**Secondary Sale Equity**") shall be re-offered on the same terms as the Sale Equity (the "**Secondary Sale**") to those Buying Shareholders who delivered Transfer Acceptances in respect of the Sale Equity and who indicated therein
their wish to purchase additional Sale Equity. Any acceptance of any such re-offering may be in respect of all (or some only) of the Secondary
Sale Equity and must be made within ten (10) Business Days of receipt of the Secondary Sale Notice and once made shall be irrevocable.
Clauses 14.3.3, 14.3.5, 14.3.6 and 14.3.7 shall apply *mutatis mutandis* in respect of the Secondary Sale and the Secondary
Sale Equity, provided always that no Buying Shareholder shall be allocated more Secondary Sale Equity than the Secondary Sale Equity which
such Buying Shareholder has accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.5 Within seven (7) Business Days of receipt of any Transfer Acceptance, the Company shall notify
the Selling Shareholder and the Buying Shareholder(s) of such Transfer Acceptance(s) and shall state a place and time, between seven (7)
and fourteen (14) Business Days later, on which a sum of money equal to the Asking Price is to be paid in full to the Selling
Shareholder and the sale and purchase of the Sale Equity is to be completed. If any regulatory approval is required for the sale of the
Sale Equity, then payment in respect of the sale concerned shall be made within fourteen (14) Business Days after the receipt
of all such regulatory approvals for the sale against delivery of the Sale Equity, and the Selling Shareholder and the Buying Shareholder(s)
shall use reasonable endeavours to procure that all such regulatory approvals are obtained as soon as possible. If any requisite regulatory
approval is not obtained within one hundred and eighty (180) days of the date of acceptance of the offer, then the Sale Equity may be
disposed of in accordance with Clause 14.3.6. If any regulatory approval is conditional and the Selling Shareholder and the Buying
Shareholder(s) of the Sale Equity do not, within fourteen (14) Business Days, accept the conditions imposed in writing, the provisions
of Clause 14.3.6 shall likewise apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.6 If (i) the Buying Shareholder(s) do(es) not agree to purchase all of the Sale Equity (including the Secondary
Sale Equity) or (ii) the purchase of all of the Sale Equity (including the Secondary Sale Equity) is not completed in accordance with
the terms of Clause 14.3.5 or (iii) after the expiry of the relevant offer period not all of the Sale Equity has been taken up by
the remaining Shareholders (individually or collectively), then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall notify that fact to the Selling Shareholder within seven (7) Business Days of the
date on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any occurrence contemplated in Clause 14.3.6 materializes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale and purchase of the Sale Equity (including the Secondary Sale Equity) should have been completed,

whichever first occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Selling Shareholder may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) withdraw the Sale Notice and cancel the Company's authority to sell the Sale Equity by delivering to the
Company a written notice to this effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) before the expiration of sixty (60) Business Days after receiving the notification referred to in
Clause 14.3.6(a) elect by notice in writing to the Company to transfer the Sale Equity to the Purchaser at the Asking Price and otherwise
on terms not more favourable to the Purchaser than those offered to the Buying Shareholder(s) provided that: (i) the sale is implemented
within a further sixty (60) days from the sixty (60) day period contemplated in this Clause, subject to Clause 14.3.5; and (ii) the Purchaser
must agree to discharge in advance of the transfer, in full, any outstanding obligations of the Selling Shareholder towards the Company
or the Buying Shareholder(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.7 If the Selling Shareholder does not transfer the Sale Equity in accordance with this Clause 14.3
and the provisions in the Articles for formalities of transfer, the Board may authorise any Director to transfer the Sale Equity on the
Selling Shareholder's behalf to the Buying Shareholder(s) or the Purchaser (as the case may be) against receipt by the Company of the
Asking Price for the Sale Equity. The Company shall hold the Asking Price in trust for the Selling Shareholder without any obligation
to pay interest. The Company's receipt of the Asking Price shall be a good discharge to the Buying Shareholder(s) or the Purchaser (as
the case may be). The Directors shall then authorise registration of the transfer once appropriate property transfer tax has been paid.
The Selling Shareholder shall surrender its share certificates relating to the Sale Equity to the Company. On surrender, it shall be entitled
to the Asking Price for the Sale Equity and its obligations in respect of the Sale Equity shall be thereupon discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.8 The rights set out in this Clause 14.3 shall not be exercisable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shareholders other than the Transferor can demonstrate that the Purchaser will, notwithstanding
compliance with Clause 14.5.1(a), be unlikely to be able to comply with its obligations under this Agreement and (to the extent that
the Transferor is a party to the same) the agreements referred to in this Agreement, in each case as they fall due, provided always that
such Shareholders shall not be able so to demonstrate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in cases where both the Transferor and the Purchaser have equivalent credit ratings (or the Purchaser's
credit rating is higher) as at the date of the Sale Notice by an internationally recognised credit rating agency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in all other cases, where the Transferor and/or the Purchaser provide(s) adequate credit support to mitigate
any creditworthiness concerns such other Shareholders may have (acting reasonably),

provided always that any Dispute arising in connection with this Clause 14.3.8(a) shall be determined by a Sole Expert pursuant to Clause 29; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any Shareholder Party who is not a Selling Shareholder and who (together with all of its Affiliates)
holds less than five per cent (5%) in number of the Ordinary Shares in issue immediately prior to the date of service of the
Sale Notice served pursuant to Clause 14.3.1 and where this Clause 14.3.8 applies to exclude any Shareholder from the operation
of Clause 14.3, the provisions of Clause 14.3 shall be modified *mutatis mutandis* (including without limitation such that
pro rata entitlements to Shares shall be calculated without reference to the Shares held by Shareholder Parties to which this Clause 14.3.8(b)
applies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.9 In the event that Vedanta wishes to Transfer more than fifty percent (50%) of the issued shares in VRHL
to a person other than an Affiliate of Vedanta ()"**VRHL Purchaser** "), then that shall also be deemed to have triggered
a proposed Transfer of all of VRHL's Shares and Shareholder Loans (including, without limitation Shareholder Loans held by any VRHL
Affiliate) to ZCCM-IH, and the provisions of Clauses 14.3.1 to 14.3.7 shall apply *mutatis mutandis* in respect of such Sale Equity
following VRHL delivering a Sale Notice to the Company in relation to such Transfer. The price payable for such Sale Equity in such circumstances
shall be a reasonable amount which is calculated with reference to and taking into account (i) the value of the KCM Group relative to
the value of VRHL, in each case as attributed by the VRHL Purchaser, (ii) the price at which Vedanta is proposing to sell its interest
in VRHL to the VRHL Purchaser and (iii) the percentage of shares in VRHL being Transferred. The Shareholder Parties shall use their reasonable
endeavours to agree such price as soon as reasonably possible after the date of the relevant Sale Notice, but in any event not later than
ten (10) Business Days from the date of such Sale Notice. If: (i) the Shareholder Parties fail to agree such price within such time period;
or (ii) ZCCM-IH challenges the allocation of the VRHL Purchaser's offer price in respect of KCM Group, then such price and/or the
dispute on the allocation shall be determined by the Sole Expert. Each of Vedanta and VRHL undertake to provide ZCCM-IH with all reasonable
supporting evidence and documents reflecting the price payable by the VRHL Purchaser for the interest in VRHL.

14.4 **Transfers to Encumbrancees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.1 No Shareholder Party shall Encumber its Shares pursuant to Clause 9.2 unless it has used its reasonable
endeavours to ensure that the Encumbrancee undertakes upon enforcement of the Encumbrance to observe and comply with this Agreement and
(to the extent that the Transferor is a party to the same), the agreements referred to in this Agreement, provided always that such Encumbrancee
shall (subject to Clause 9.2.2) be liable hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.2 Without prejudice to Clauses 14.4.1 and 15.1.5, a Transfer to or by a permitted Encumbrancee (pursuant
to Clause 9.2) of a Shareholder Party pursuant to, or under a power of sale contained in, the terms of the Encumbrance shall not
be subject to the provisions of Clause 14.3 but the provisions of Clause 14.5.1(a) shall apply.

14.5 **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.1 Notwithstanding the foregoing provisions of this Clause 14, but subject to Clause 14.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Transfer of Shares may be made unless the Transferor and the Transferee enter into a deed of adherence
and/or deed of novation with the other Shareholder Parties in such form as the other Shareholder Parties may reasonably require, with
the effect that the Transferee shall be bound by and shall comply with all the provisions of this Agreement and (to the extent that the
Transferor is a party to the same), the agreements referred to in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other than in relation to a Transfer to its Affiliates, (i) no Share of any class held by any Shareholder
may be Transferred unless where applicable, a proportionate portion of such Shareholder's Shareholder Loans are Transferred simultaneously
and (ii) no Shareholder Loan may be Transferred unless where applicable, a proportionate portion of such Shareholder's Shares are
Transferred simultaneously *,* provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) VRHL (and its Affiliates) shall be entitled subject to Clause 14.1 to Transfer any portion of its or their
(as applicable) Shares that do not result in VRHL and its Affiliates collectively holding less than 50.1% of the entire issued Ordinary
Shares (the "**VRHL Non-Controlling Shares** "), without being required to dispose of its proportionate Shareholder Loans;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ZCCM-IH shall be entitled subject to Clause 14.1 to Transfer up to the same proportion of its Shares as
the proportion that the Ordinary Shares forming part of the VRHL Non-Controlling Shares constitute of VRHL's entire holding of Ordinary
Shares (the "**ZCCM-IH Non-Controlling Equivalent Proportion of Shares** "), without being required to dispose of its proportionate
Shareholder Loans. By way of an example, if the VRHL Non-Controlling Shares constitute at a particular time 36.9% of VRHL's entire
Ordinary Share shareholding (being equal to 29.3% of the total number of issued Ordinary Shares as at the Signature Date), then ZCCM-IH
shall be entitled at such time to transfer up to 36.9% of its Ordinary Shares (being equal to 7.5% of the total number of issued Ordinary
Shares as at the Signature Date), without being required to dispose of its proportionate Shareholder Loans. Notwithstanding anything in
this Clause 14.5.1(b)(ii), ZCCM-IH may only transfer, in total, without being required to dispose of its proportionate Shareholder Loans,
that number of Shares that constituted the ZCCM-IH Non-Controlling Equivalent Proportion of Shares at the time of ZCCM-IH's first
transfer of Shares in accordance with this Clause 14.5.1(b)(ii), and should the VRHL Non-Controlling Shares reduce, then the total number
of Shares that ZCCM-IH may transfer in accordance with this Clause 14.5.1(b)(ii) shall reduce proportionately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.2 The Shareholder Parties shall procure that the Company shall not approve or register any Transfer of any
Shares unless all the applicable conditions contained in this Clause 14 have been complied with or it is a Transfer of Shares to
which Clause 15 applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.3 A purported Transfer of Shares not in accordance with the terms of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Act and the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Clause 14 or Clause 15,

shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.4 Following a Transfer of Shares, the Shareholder Party transferring such Shares shall continue to observe
and perform any obligations and liabilities which have accrued prior to the completion of the said Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.5 The Parties agree to amend this Agreement to reflect any restrictions on Transfer reasonably required
by prospective third-party lenders to the Company; provided that no such amendment shall be made if or to the extent it requires or would
require GRZ to maintain any interest in ZCCM-IH or would otherwise prevent the sale by GRZ of its shares in ZCCM-IH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.6 It shall be a condition to the transfer of any Ordinary Shares pursuant to Clause 14 or Clause 15
that an equal proportion of the transferor's Deferred Shares is also transferred to the transferee of the Ordinary Shares on the same
terms. Deferred Shares shall not otherwise be transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5.7 The Shareholder Parties acknowledge that ZCCM-IH may in the future wish to diversify further the ownership
of the Company through a further privatisation of ZCCM-IH's Shares and that ZCCM-IH may, in that regard, request the other Shareholder
Parties to waive any pre-emption rights they may have in respect of such Shares. The other Shareholder Parties undertake to consider such
request in good faith promptly when made but shall not be under any obligation to accede to such request.

15. Deemed Transfer of Shares

15.1 The provisions of Clause 15.2 shall apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 a Shareholder Party or a Person having Control of a Shareholder Party becomes unable to pay its debts
within the meaning of Section 57 of the Insolvency Act or makes a composition or arrangement with its creditors or puts a proposal
to its creditors for a voluntary arrangement for a composition of its debts or a scheme of arrangement (other than for the purposes of
a *bona fide* reconstruction, restructuring, amalgamation, merger or consolidation) or (unless the same can be contested *bona fide)* on the presentation of a petition that the Shareholder Party or the Person having Control of a Shareholder Party be put into
liquidation or administration or the Shareholder Party or the Person having Control of a Shareholder Party passes a resolution putting
the Shareholder Party or the Person having Control of a Shareholder Party into voluntary liquidation (other than for the purposes of a *bona fide* amalgamation, merger, consolidation, restructuring or reconstruction) or if the Shareholder Party or the Person having
Control of a Shareholder Party suffers the appointment of a provisional liquidator, a receiver, a manager or an administrative receiver
or on the occurrence of an event which would result in the crystallisation of any material floating charge over the Shareholder Party
or the Person having Control of a Shareholder Party's business, undertaking, property or assets or any part thereof or the Shareholder
Party or the Person having Control of a Shareholder Party is dissolved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 in the case of VRHL, VRHL and/or its Affiliates have not advanced and paid to the Company, in aggregate
(on a cumulative basis), at least the following amounts in terms of the Capital Expenditures Support Commitment by the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the date falling 6 months following the Funding Assessment Period Commencement Date: USD124,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the date falling 12 months following the Funding Assessment Period Commencement Date: USD330,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the date falling 18 months following the Funding Assessment Period Commencement Date: USD428,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by the date falling 24 months following the Funding Assessment Period Commencement Date: USD600,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by the date falling 30 months following the Funding Assessment Period Commencement Date: USD645,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by the date falling 36 months following the Funding Assessment Period Commencement Date: USD740,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by the date falling 42 months following the Funding Assessment Period Commencement Date: USD785,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by the date falling 48 months following the Funding Assessment Period Commencement Date: USD870,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the date falling 54 months following the Funding Assessment Period Commencement Date: USD923,000,000;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) by the date falling 60 months following the Funding Assessment Period Commencement Date: USD1,000,000,000,

and in each case, if applicable, VRHL fails to remedy such breach, if capable of remedy, within ninety (90) days following the due date for payment arising as set out in this Clause 15.1.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) VRHL and its Affiliates will not be in breach for purposes of Clause 15.1.2 if VRHL's failure to
comply with any such payment obligations is as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any changes, after the Signature Date, in Applicable Law in Zambia or in any jurisdiction in or from which
VRHL (or any relevant VRHL Affiliate to whom such payment obligation has been delegated) is making the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any principles, rules, guidance, policy statements, directions, codes, conditions or other restrictions
issued or imposed by any Government Authority in Zambia or in any jurisdiction in or from which VRHL (or any relevant VRHL Affiliate to
whom such payment obligation has been delegated) is making the payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action or inaction by any financial institution which is involved in the process of holding or transferring
any of the funds forming part of the Capital Expenditures Support Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any breach by the Escrow Agent (as defined in the Implementation Agreement) of its obligations under the
Escrow Agreement (as defined in the Implementation Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Disruption Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any of its payment obligations being suspended or terminated for any reason in accordance with the provisions
of this Agreement or any of the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any act of war (whether declared or undeclared), invasion, armed conflict, act of foreign enemy, act of
terrorism, martial law, military or usurped power, insurrection, revolution, civil disturbances, blockades, riot, embargoes, strikes,
lock-outs and other labour conflicts, sabotage, criminal damage, epidemics, plague, natural disasters and other natural events, non-availability
of electrical power, gas, water or other utilities, and any other jurisdictional, regional or global event or crises,

and the Vedanta Parties will use (and will procure, to the extent applicable, that any relevant VRHL Affiliate to whom such payment obligation has been delegated uses) their best endeavours to resolve any non-compliance with such payment obligations as a result of any of the factors referred to in Clause 15.1.2(k) as soon as practicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) this Clause 15.1.2 shall lapse and cease to have any force on the date on which an aggregate amount of
USD1,270,000,000 has been paid by or on behalf of VRHL to the Company in terms of the Creditor Settlement Support Commitment, Capital
Expenditures Support Commitment and the Community Support Commitment, after which time Clause 15.2 shall no longer be applicable and the
deemed offer provisions under Clause 15 shall lapse and not apply with respect to this Clause 15.1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 a Shareholder Party (subject to Clause 15.3) commits (other than in the circumstances contemplated
in Clauses 15.1.2) either: (i) a breach of any obligation owed by it pursuant to this Agreement which has a Material Adverse Effect; or
(ii) any other material breach, and in either case fails to remedy such breach, if capable of remedy, within thirty (30) days after
the date of a notice from the other Shareholder Parties, specifying the nature of the breach and requiring it to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.4 in the case of ZCCM-IH, either ZCCM-IH commits a ZCCM-IH Action or GRZ commits a GRZ Action and ZCCM-IH
and GRZ fail to remedy such breach, if capable of remedy, within thirty (30) days after the date of a notice from the other Shareholder
Parties, specifying the nature of the breach and requiring it to be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.5 a Shareholder Party Transfers (or, where applicable, an Affiliate of such Shareholder Party Transfers)
or purports to Transfer any Ordinary Shares and/or Shareholder Loans held by it other than as provided in this Agreement or the Articles
and fails to remedy such breach, if capable of remedy, within thirty (30) days after the date of a notice from the other Shareholder
Parties, specifying the nature of the breach and requiring it to be remedied,

(such Shareholder Party for the purpose of Clause 15 being hereinafter called the "**Deemed Transferor**") provided always that (i) a default, breach or failure by a Shareholder Party caused by (a) a default, breach or failure by another Shareholder Party in discharging any obligations to it under this Agreement or any of the Transaction Documents or (b) any step or condition to the performance of any obligation under this Agreement or any of the Transaction Documents not being met or fulfilled, will not constitute a default, breach or failure by the relevant Shareholder Party for the purpose of Clause 15.1, and (ii) a default, breach or failure by Vedanta and/or VRHL resulting from any ZCCM-IH Action or any GRZ Action will not constitute a default, breach or failure by Vedanta and/or VRHL for the purpose of Clause 15.1.

15.2 If any of the events in Clause 15.1 occurs, then within ten (10) Business Days of a Shareholder
Party becoming aware of the occurrence of such event referred to in Clause 15.1, such Shareholder Party must notify the Company and
the other Shareholder Parties (other than Affiliates of the Deemed Transferor), in writing ()"**Deemed Offer Notice** "),
of the occurrence of the relevant event. The Shareholder Parties who are not the subject of the events in Clause 15.1 (collectively,
the "**Deemed Non-Transferors**") shall (acting unanimously) and subject to Clause 15.8, be entitled, at their discretion
(and without prejudice to any other right or remedy which the Deemed Non-Transferors and/or the Company might have) to treat the Deemed
Offer Notice as the deemed service by the Deemed Transferor (and each of its Affiliates) of an irrevocable offer to sell, with effect
on the Business Day prior to the occurrence of the relevant event, all of the Shares and Shareholder Loans held by the Deemed Transferor
(and each of its Affiliates) ()"**Deemed Offer Sale Equity**") to the Deemed Non-Transferors *pro rata* to the Deemed
Non-Transferors' holding of Ordinary Shares in the Company (or as they may direct), free from Encumbrances (other than those arising under
this Agreement or consented to in accordance with Clause 9.2).

15.3 The price payable to the Deemed Transferor for the Deemed Offer Sale Equity shall be calculated and determined
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.1 if the relevant trigger event in Clause 15.1 occurs at any time prior to (or including) the fifth anniversary
of the Effective Date, an aggregate amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 50% of the face value of (including all interest and capital payable under) (i) the Existing Vedanta Party
Unsecured Loans and Existing Vedanta Party Secured Payment Obligations (if the Deemed Transferor is VRHL) or (ii) the Existing ZCCM-IH
Unsecured Loan (if the Deemed Transferor is ZCCM-IH), as at the Effective Date; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 100% of the face value of (including all interest and capital payable under) all Shareholder Loans advanced
to the Company or any of its subsidiaries at any time on or following the Board Reinstatement Date by the Deemed Transferor and/or its
Affiliates (including, if the Deemed Transferor is ZCCM-IH, amounts advanced pursuant to the GRZ's matching right under Clause 16.4),
as at the date on which the sale and transfer of the Deemed Offer Sale Equity to the Deemed Non-Transferors is completed in accordance
with Clause 15.6; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an amount equal to: (i) irrespective of whether the Deemed Transferor is VRHL or ZCCM-IH, 50% of the aggregate
face value of (including all interest and capital payable under) the Existing Vedanta Party Unsecured Loans and Existing Vedanta Party
Secured Payment Obligations *divided by* USD1,275,000,000 *multiplied by* (ii) the amount referred to in 15.3.1(b) above for
the relevant Deemed Transferor; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount referred to in this Clause 15.3.1(c) shall not under any circumstances exceed the amount referred
to in 15.3.1(b) above for the relevant Deemed Transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notwithstanding anything to the contrary contained herein, where the Deemed Transferor is ZCCM-IH, then
the amount referred to in this Clause 15.3.1(c) in respect of its Deemed Offer Sale Equity shall be calculated using the same percentage
ratio that is applicable to VRHL's Deemed Offer Sale Equity for purposes of this Clause 15.3.1(c). By way of example, if in terms
of this Clause 15.3.1(c), VRHL is entitled to earn-back USD0.66 of the remaining 50% of the Existing Vedanta Party Unsecured Loans and
Existing Vedanta Party Secured Payment Obligations for every USD1.00 of Shareholder Loan advanced by it and/or its Affiliates to the Company
or any of its subsidiaries at any time on or following the Board Reinstatement Date, then ZCCM-IH will be entitled to earn-back the same
USD0.66 of the remaining 50% of the aggregate of its Existing ZCCM-IH Unsecured Loan for every USD1.00 of Shareholder Loans advanced by
VRHL and/or its Affiliates to the Company or any of its subsidiaries at any time on or following the Board Reinstatement Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3.2 if the relevant trigger event in Clause 15.1 occurs at any time after the fifth anniversary of the Effective
Date, an aggregate amount equal to the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the face value of (including all interest and capital payable under) all of the Shareholder Loans advanced
to the Company or any of its subsidiaries at any time on or following the Board Reinstatement Date by the Deemed Transferor and/or its
Affiliates (including, for the avoidance of doubt, the full amount of the Community Support Loan and the Creditor Settlement Support Loan,
in the event that the Deemed Transferor is VRHL) as at the date on which the sale and transfer of the Deemed Offer Sale Equity to the
Deemed Non-Transferors is completed in accordance with Clause15.6; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fair Market Value Price.

15.4 In the event that a Shareholder Party considers that it has not committed a breach of an obligation owed
by it as a Shareholder Party which has a Material Adverse Effect or, as the case may be, any other material breach as the same is contemplated
in Clause 15.1.3, such Shareholder Party shall be entitled to submit the matter for determination to a Sole Expert.

15.5 Within thirty (30) Business Days of the timeous delivery of the Deemed Offer Notice referred to in
Clause 15.2, the Deemed Non-Transferors may notify the Deemed Transferor, in writing, that the Deemed Non-Transferors may wish to exercise
their rights pursuant to Clause 15.2 in accordance with Clause 15.6. The Deemed Non-Transferors shall, at the same time give a copy
of such notice to the Company.

15.6 -52-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.1 Subject to Clause 15.8 below, if the Deemed Non-Transferors wish to purchase the Deemed Offer Sale Equity
held by the Deemed Transferor at the purchase price referred to in Clause 15.3, the Deemed Non-Transferors shall exercise their rights
by notifying the Deemed Transferor accordingly in writing ()"**Deemed Offer Purchase Notice**") within three (3) Months
from the establishment of the price payable for the Deemed Offer Sale Equity (or in instances where ZCCM-IH is the Deemed Non-Transferor,
within five (5) Months from the establishment of the price payable for the Deemed Offer Sale Equity) (as applicable, the "**Deemed Offer Notice Period** "). If the Deemed Non-Transferors do not so notify the Deemed Transferor before the expiry of the Deemed
Offer Notice Period, the rights of the Deemed Non-Transferors in respect of that event (but not in respect of any future event) pursuant
to Clause 15.2 shall lapse (but without prejudice to any other rights which the Deemed Non-Transferors may have), provided that the
failure by any such Deemed Non-Transferor to notify the Deemed Transferor is not as a result of any act or omission of such Deemed Transferor.
The sale and purchase of the Deemed Offer Sale Equity held by the Deemed Transferor shall be completed within five (5) Months following
the expiry of the Deemed Offer Notice Period and the Company shall approve and register such Transfer. If the sale of the Deemed Offer
Sale Equity has not been duly completed prior to the end of such time period, the rights of the Deemed Non-Transferors in respect of such
sale shall lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.2 Each Shareholder Party agrees that it shall not take or omit to take any action to frustrate any sale
under this Clause 15 and to the extent that any Shareholder Party breaches any such obligation then the time periods imposed in this Clause
15.6.1 for the exercise by a Deemed Non-Transferor of its deemed offer rights and/or the the completion of the sale and purchase of the
Deemed Offer Sale Equity shall be extended for a reasonable period(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.3 If any regulatory approval is required for the sale of the Deemed Offer Sale Equity, then the Parties
shall all use reasonable endeavours to procure, to the extent that it is within their power to do so, that all such regulatory approvals
are obtained as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.4 On the date on which the sale and purchase of the Deemed Offer Sale Equity is completed in accordance
with Clause 15.6.1, the purchase price for the Deemed Offer Sale Equity shall be payable by the Deemed Non-Transferors to the Deemed Transferor
by way of direct electronic funds transfer to a bank account notified in writing by the Deemed Transferor, against delivery of the Deemed
Offer Sale Equity in question in the manner contemplated in Clause 15.6.5 below. It is agreed that if VRHL, as Deemed Transferor, fails
to notify ZCCM-IH, as Deemed Non-Transferor, of its nominated bank account, ZCCM-IH shall be entitled to make payment of the purchase
price for the Deemed Offer Sale Equity into the bank account that KCM makes payment of any amount advanced to it by VRHL pursuant to the
Vedanta Shareholder Commitment Agreements. Each of the Vedanta Parties hereby acknowledge and agree (and it is recorded and acknowledged
by the Vedanta Parties that Vedanta Resources Jersey has acknowledged and agreed in the relevant Existing Shareholder Amendment Agreement)
that where the Deemed Transferor is VRHL then the payment of the purchase price for the Deemed Offer Sale Equity in accordance with the
provisions of this Clause 15 shall constitute a discharge of the amount payable to it for its respective portion of Shareholder Loan due
and owing to them (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.5 The Shares shall be delivered in transferable form, and the Shareholder Loans (if any) ceded, by the Deemed
Transferor to the Deemed Non-Transferor against payment of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6.6 If, for any reason, the Deemed Transferor fails to execute and deliver the requisite stock transfer form
or deed of novation, the Deemed Non-Transferors are hereby authorised to appoint any Director to execute, on behalf of the Deemed Transferor,
such stock transfer form or deed of novation (as applicable) and any other documentation which may be necessary or desirable to effect
the Transfer to the Deemed Non-Transferors (or as they may direct) of the Deemed Offer Sale Equity held by the Deemed Transferor in accordance
with the provisions of this Clause 15 and, on behalf of the Deemed Transferor, to give a valid receipt for the payment of the purchase
price.

15.7 The Deemed Transferor undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.1 provide all such valid title warranties as may be expected for an acquisition of the Deemed Offer Sale
Equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7.2 upon payment of the purchase price for the Deemed Offer Sale Equity, release all claims it, or any of
its Affiliates, may have in the Deemed Offer Sale Equity (excluding, for the avoidance of doubt, any claims under or in relation to contracts
between the Deemed Transferor or any of its Affiliates (on the one hand) and the Company (on the other hand)) against the Company and
provide all applicable release documentation.

15.8 Notwithstanding anything to the contrary contained herein, any Deemed Non-Transferor shall be entitled
to nominate any third party ()"**Nominee Third Party**") to acquire, in its stead, the Deemed Offer Sale Equity. The Nominee
Third Party (or potential Nominee Third Parties who are conducting due diligence) shall be entitled, subject first to entering into confidentiality
undertakings in a form acceptable to the Company (acting reasonably), to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have access to all appropriate documents and information (acting reasonably) of the KCM Group, necessary
for it to make an informed decision as to whether to purchase such Deemed Offer Sale Equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interview the CEO (and any other senior executive of the KCM Group), without the written approval of the
Company.

15.9 In the event that any Deemed Non-Transferors notify the Deemed Transferor in terms of Clause 15.5 that
they may wish to exercise their rights pursuant to Clause 15.2, then VRHL's obligations to advance any further amounts to the
Company under the Capital Expenditures Support Loan shall be suspended ()"**Funding Suspension Period**") until such time
that either (i) the process in Clause 15.6 has been completed and the sale and purchase of the Deemed Offer Sale Equity held by the Deemed
Transferor has been duly implemented or (ii) the rights of the Deemed Non-Transferors in respect of such sale have lapsed under this Agreement.
In such circumstances, and notwithstanding that the Parties acknowledge and agree that the suspension of funding may have a material impact
on the KCM Group's Operations, (a) the Company shall maintain its assets responsibly and comply with Applicable Law, and shall not
put any mine into care and maintenance if the mine is not at such time already in care and maintenance and (b) the trigger event in Clause
15.1.2 will be suspended, shall cease to be binding on the Parties and shall be incapable of being exercised.

15.10 For the avoidance of doubt, ownership of, and risk and benefit (including the Deemed Transferor's
rights to receive dividends and other payments under Clause 16) in and relating to the Deemed Offer Sale Equity, including the Deemed
Transferor's rights under Clause 6, will continue to be held by the Deemed Transferor until the sale and purchase of the Deemed
Offer Sale Equity is duly completed in accordance with this Clause 15.

15.11 **Fair Market Value Determination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.1 The Company and the Shareholder Parties shall use their reasonable endeavours to have engaged a Fair Market
Value Expert prior to the fifth anniversary of the Effective Date, such agreement to be in a form acceptable to the Shareholder Parties,
each acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.2 If the relevant trigger event in Clause 15.1 occurs at any time after the fifth anniversary of the Effective
Date, the Shareholder Parties shall use their reasonable endeavours to agree the Fair Market Value Price as soon as reasonably possible
after the date of the Deemed Offer Notice, but in any event not later than ten (10) Business Days from the date of the Deemed Offer Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shareholder Parties fail to agree the Fair Market Value Price in accordance with Clause 15.11.2, then
the Fair Market Value Price shall be determined by the Fair Market Value Expert in accordance with Schedule 2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fair Market Value Expert relinquishes, resigns or abandons their appointment or ceases to exist or
the Fair Market Value Expert's appointment is otherwise terminated, then the Fair Market Value Price shall be determined by the
Sole Expert using the fair market value parameters set out in Schedule 2.

16. Financing the Company

16.1 Interest on the New Vedanta Shareholder Loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 Subject to Clause 16.1.2, the rate of interest on the unpaid principal amount of the New Vedanta Shareholder
Loans, together with accrued but unpaid interest, for the period from and including the date of such loan to but excluding the date such
loan, together with accrued but unpaid interest, is repaid in full, shall be at a rate *per annum* for each Interest Period relating
thereto equal to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Reference Rate; *plus* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Applicable Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vedanta's Cost of Funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 From the date falling 36 months after the Board Reinstatement Date, the interest rate calculated in accordance
with Clause 16.1.1 above shall be reduced by zero point five *per cent.* (0.50%) *per annum*, such reduction to incrementally
increase by zero point five *per cent.* (0.5%) *per annum* on each subsequent anniversary of the Board Reinstatement Date thereafter,
until such time that the interest rate is equal to the lower of: (i) seven *per cent* (7%); and (ii) Vedanta's Cost of Funding
at such point in time *provided that* the interest rate shall at no point in time be higher than Vedanta's Cost of Funding.

16.2 Payment of the New Vedanta Shareholder Loans

The Company shall make all payments to be made by it in relation to the New Vedanta Shareholder Loans without any deduction or withholding for or on account of Tax (a "**Tax Deduction**"), unless a Tax Deduction is required by Applicable Law. If a Tax Deduction is required by Applicable Law to be made by the Company, the amount of the payment due from the Company shall be increased to an amount which after making any Tax Deduction, leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.

16.3 Vedanta's Cost of Funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.1 Vedanta shall annually share with ZCCM-IH a calculation (subject to any confidentiality provisions, together
with reasonable supporting evidence and documents) of its cost of funding in relation to financing its participation in any New Vedanta
Shareholder Loans and for such purposes its cost of funding shall be that which expresses as a percentage rate *per annum*, as the
cost to Vedanta of funding its participation in the relevant New Vedanta Shareholder Loan from where Vedanta has or could have borrowed
funds, or if not available, from whatever source it may reasonably specify, for a period equal in length to the relevant Interest Period
(" **Vedanta's Cost of Funding** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3.2 ZCCM-IH shall have the right to take reasonable steps to independently verify, at its own expense, the
calculation. In the event that ZCCM-IH does not agree with the calculation as provided by Vedanta, ZCCM-IH shall be required to deliver
to Vedanta a notice setting out the items of Vedanta's calculation that it does not agree with (the "**Dispute Notice** ").
If ZCCM-IH and Vedanta fail to agree the calculation of Vedanta's Cost of Funding within 15 Business Days following delivery by
ZCCM-IH of the Dispute Notice, the dispute shall be referred to the Sole Expert.

16.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.1 It is agreed that the GRZ has the right to match (whether wholly or partially) the New Vedanta Shareholder
Loans on the same terms and conditions as the New Vedanta Shareholder Loans. For the avoidance of doubt, this shall include the terms
relating to the applicable interest rate and no security over any assets of the KCM Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4.2 In the event that the GRZ wishes to match the whole or part of the New Vedanta Shareholder Loans:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will serve a notice on the Company and the relevant Vedanta Party ()"**Match Notice** ")
stating the amount of the New Vedanta Shareholder Loans that it wishes to fund as at the relevant particular point in time ()"**Matched Loan Amount** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as reasonably practicable following the date of the Match Notice, the Company shall share with
the GRZ a draft loan agreement with the same terms and condition applicable to the New Vedanta Shareholder Loans at the date of the Match
Notice ()"**GRZ Loan Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as reasonably practicable following receipt by the GRZ of the GRZ Loan Agreement, the Company
and the GRZ shall use reasonable endeavours to finalise the terms of, and execute and implement, the GRZ Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as reasonably practical following the execution of the GRZ Loan Agreement, the GRZ shall make
payment of the Matched Loan Amount to the Company, which amount the Company shall use to settle the equivalent portion of the amount owing
to the relevant Vedanta Party pursuant to the relevant New Vedanta Shareholder Loans.

16.5 General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.1 Subject to Clauses 11, 16.6 and the provisions of the Vedanta Shareholder Commitment Agreements, the Board
shall be responsible for the raising of all finance (and any refinancing thereof) necessary to implement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Environmental Management Plan and the Social Management Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the carrying out of the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.2 Without derogating from the generality of the foregoing and/or the further provisions of this Clause 16,
the Board shall investigate and determine the feasibility of funding the Company's requirements to the maximum extent reasonably
possible in the circumstances, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the first instance, from its own internal resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, from third party or external sources based on the Company's own creditworthiness and on
terms commercially acceptable to the Board, subject insofar as applicable at the time to the approval of any third party financiers of
the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, from the Shareholders (whether by way of loans or, subject to Clause 11.2, subscription), *pro rata* in proportion to their respective shareholding interests in the Company from time to time.

16.6 General Provisions Applicable to all Debt Finance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.1 Any debt finance determined upon by the Board from time to time for the purpose of financing or refinancing
the Business (in each case, "**Debt Finance**") shall be provided on the terms set out in this Clause 16.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.2 All Debt Finance shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtained from independent third parties or provided by or on behalf of a Shareholder or an Affiliate of
a Shareholder, provided always that no Shareholder or Affiliate of a Shareholder shall be under any obligation to provide or procure the
provision of any Debt Finance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided on the basis that it is without recourse to the Shares held by ZCCM-IH or VRHL (or any of their
respective Affiliates) from time to time and shall not oblige ZCCM-IH or VRHL (or any of their Affiliates) to guarantee or provide any
security for the indebtedness of the Company (unless ZCCM-IH or VRHL, as applicable, consents otherwise); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of Debt Finance provided by independent third parties, provided on the basis that no Shareholder
or any Affiliate of any Shareholder shall be required to pay any fee or other payment to any other Shareholder or any Affiliate of any
other Shareholder in consideration of the provision of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Debt Finance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any guarantees or other support given in respect of any Debt Finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.3 In respect of any Debt Finance provided by a Shareholder Party or any one of its Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Debt Finance shall be provided, other than in respect of the New Vedanta Shareholder Loans, on terms
that it will be subordinated in point of payment of principal and interest to third party lenders, including third party financial institution
and non-operational creditors and on the terms that it will only be repayable in terms of Clause 16.7 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other than in respect of (i) the New Vedanta Shareholder Loans which interest in respect thereof is regulated
in terms of the Vedanta Shareholder Commitment Agreements, and (ii) interest accrued in terms of the Existing Vedanta Liabilities and
the Existing ZCCM-IH Liabilities up to and including the Effective Date, the interest payable and related terms in respect of such Debt
Finance shall be agreed to between the relevant Party and KCM, and consented to by (i) ZCCM-IH, where the Debt Finance is provided by
a Vedanta Party or any of their Affiliates or (ii) the Majority Shareholder, where the Debt Finance is provided by ZCCM-IH, the GRZ or
any of their respective Affiliates, each such consent not to be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by Applicable Law. If a Tax Deduction is required by Applicable Law to be made by the Company, the amount of the payment due
from the Company shall be increased to an amount which after making any Tax Deduction, leaves an amount equal to the payment which would
have been due if no Tax Deduction had been required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a Party disputes the compliance of any Debt Finance provided under this Clause 16.6.3, it may refer
the issue to a Sole Expert in accordance with Schedule 1 for a determination.

16.7 **Free Cashflow** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.1 The Parties shall, acting together in good faith and as soon as reasonably practicable following the Effective
Date, agree to the amount as at the Effective Date of each of the Existing Vedanta Liabilities, Existing GRZ Liabilities, Existing ZCCM-IH
Liabilities and ZESCO Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.2 For as long as any amounts remain outstanding in terms of the New Vedanta Shareholder Loans, Existing
Vedanta Liabilities, Existing GRZ Liabilities, Existing ZCCM-IH Liabilities, ZESCO Debt and Deferred Creditor Liabilities, Free Cashflow
for each Financial Quarter Period shall be allocated by the Board in the following order of priority (the "**Cashflow Waterfall** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) firstly, towards an annual payment to ZESCO of an amount equal to $7.5 million ()"**ZESCO Payment** ")
on the basis that if, in any year, the ZESCO Payment is not made by KCM then the unpaid ZESCO Payment(s) (all or in part, as applicable)
(together being the "**Accrued Payment(s)**") will be capitalised onto and form part of the ZESCO Payments payable in the
subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly (and once all Accrued Payments have been settled), towards 100% of all interest and 50% of all
capital then due and payable under the New Vedanta Shareholder Loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly towards, and in each case on a *pari passu* and *pro rata* basis amongst:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the remaining balance then due and payable under the New Vedanta Shareholder Loans (including all accrued
interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of the following liabilities as at the Effective Date (after deduction of the Accrued Payments), which
shall be paid in the following proportions on a *pari passu* and *pro rata* basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Existing Vedanta Liabilities: 70%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) Existing GRZ Liabilities, (ii) Existing ZCCM-IH Liabilities, (iii) the remaining ZESCO Debt after
payment of the ZESCO Payment(s) and Accrued Payments, as applicable, and paid out in accordance with the Cashflow Waterfall above, and
(iv) Deferred Creditor Liabilities: 30%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.3 Following the entire cascade set out above in this Clause 16.7 being repaid, the Board may, in its sole
discretion, recommend to the Shareholders in general meeting, a distribution of any or all of the Free Cashflow.

16.8 **Existing Vedanta Party Secured Payment Obligations** 

Following the Effective Date, the Parties agree that no further interest shall be calculated, accrued, or be due or payable in respect of the Existing Vedanta Party Secured Payment Obligations and all interest accrued in respect of the Existing Vedanta Party Secured Payment Obligations prior to the Effective Date is capitalised to the principal amount of that loan.

17. FURTHER UNDERTAKINGS BY THE COMPANY

The Company shall establish a community trust ("**Community Trust**") for purposes of implementing the Corporate and Social Responsibility Program and the Parties will each use their reasonable endeavours to ensure that the Company shall annually pay an amount equal to at least USD$20,000,000 to the trust to enable it to implement the Corporate and Social Responsibility Program.

18. Confidentiality

18.1 During the term of this Agreement and following its termination or expiry each of the Shareholder Parties
agrees to treat as confidential all documents and other information, including (without limitation) all information and data stored in
electronic or any other mechanically processable or retrievable form and all humanly readable manifestations or copies of such information
and data from time to time, which it may obtain or is acquired from third parties and which in any way relates to the Company, the Business
and/or the customers, business or affairs of another of the Shareholder Parties, unless disclosure is expressly permitted by agreement
between all the Shareholder Parties.

18.2 Clause 18.1 shall not apply in respect of any document and/or information which is disclosed by a
Shareholder Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 to its employees, servants, professional advisers or consultants for the purposes of or related to the
Business or its investment in the Company or to its Affiliates and/or any bank or other financial institution from which the Company or
such Shareholder Party is seeking to obtain finance provided in each case that such Persons undertake to keep such information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 as required by law or any legal proceedings or any regulatory authority or stock exchange on which the
shares of the Company or any Shareholder Party (or any of their Affiliates) are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.3 to any proposed assignee of a Shareholder Party (subject to the consent of the other Shareholder Parties,
not to be unreasonably withheld or delayed) who shall be under a similar obligation of confidentiality; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.4 where information is in the public domain other than through a breach of this Agreement.

18.3 None of the Parties shall be liable in an action initiated by one Party against any other Party for special,
punitive, indirect or consequential damages for breach of this Clause.

19. Representations and Warranties

Each Shareholder Party and Vedanta represents and warrants to the other Shareholder Parties and the Company, and the Company warrants to each Shareholder Party and Vedanta, that as at the Signature Date:

19.1 it is a company duly incorporated and validly existing in all respects under the laws of the jurisdiction
of its incorporation, with full power and authority to own its assets and to carry on its business as it is now being conducted;

19.2 except for the winding up order issued by the High Court of Zambia on 21 May 2019 in relation to the Company,
no action has been taken or threatened (whether by it or any third party) for or with a view to (and is likely to result in) its liquidation,
receivership or analogous process;

19.3 the execution by it of this Agreement has been validly authorised and the obligations expressed as being
assumed by it under this Agreement constitute its valid, legal and binding obligations, enforceable against it in accordance with their
respective terms except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, moratorium and other laws
relating to or affecting creditors' rights generally;

19.4 it has the authority to execute, deliver and perform this Agreement and each other document or agreement
delivered hereunder or thereunder; and

19.5 the execution and delivery by it of this Agreement and the fulfilment and compliance with the terms of
this Agreement by it does not and shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.1 conflict with or result in a breach of the terms, conditions or provisions of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.2 constitute a default under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.3 give any third party any right to modify or terminate any obligation under;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.4 require any consent, approval, exemption or other action by or notice to any court or administrative or
governmental body or regulatory authority pursuant to; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5.5 result in the creation or enforcement of any Encumbrance under,

its constitutional documents or any law, statute, rule or regulation to which it is subject or any agreement, instrument, order, judgment or decree to which it or any of its Affiliates is subject.

20. No Assignment

Except in connection with a Transfer made pursuant to and in accordance with this Agreement or by agreement between all Parties; none of the Parties may assign all or any of its rights and/or obligations under this Agreement without the prior written consent of the other Parties (such consent not to be unreasonably withheld or delayed).

21. Waivers, Remedies and Amendments

21.1 Except as otherwise expressly provided, no failure or delay by any of the Parties in exercising any right,
power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise by any of the Parties
of any right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

21.2 The rights and remedies herein provided are cumulative and are not exclusive of any rights and remedies
provided by Applicable Law.

21.3 No provision of this Agreement may be amended, modified and/or waived, otherwise than by the express written
agreement of the Parties nor may any breach of any provision of this Agreement be waived or discharged except with the express written
consent of the Parties not in breach.

22. Invalidity

If any provision of this Agreement is or becomes ineffective for reasons beyond the control of the Parties:

22.1 the effectiveness of the remaining provisions of this Agreement shall not, in any way, be impaired or
affected thereby; and

22.2 the Parties shall use reasonable efforts to agree upon a new provision which shall, as nearly as possible,
have the same commercial effect as the ineffective provision.

23. No Partnership or Agency

Nothing in this Agreement shall be deemed to constitute a partnership between the Shareholder Parties nor, save as expressly set out herein, constitute any Party the agent of another Party for any purpose.

24. Announcements

24.1 Unless otherwise agreed in writing, no public announcement in respect of, or in connection with, the subject
matter of this Agreement shall be made or issued by or on behalf of any of the Parties, without prior consultation with the other Parties.

24.2 Clause 24.1 does not apply to a public announcement, communication or circular which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.1 reasonably necessary to ensure the performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.2 required by law or a regulation of a stock exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2.3 approved by the Board and issued in connection with the Business,

if a Party required to make or send it has, if practicable, first consulted and taken into account any reasonable requirements of the other Parties.

25. Costs

Except as expressly provided in this Agreement, each of the Parties shall pay its own costs, charges and expenses connected with the preparation and implementation of this Agreement.

26. Conflict or Inconsistency

26.1 If there is any conflict or inconsistency between the provisions of this Agreement and the Articles, the
provisions of this Agreement shall prevail. In such circumstances each of the Parties shall exercise all voting and other rights and powers
available to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.1 so as to give effect to the provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1.2 so as to procure that the Articles are promptly amended to such extent as may be necessary to remove such
conflict or inconsistency.

26.2 If any provision of this Agreement is or becomes (whether or not pursuant to any judgment or otherwise)
invalid, illegal or unenforceable in any respect under the law of any jurisdiction, the validity, legality and enforceability under the
law of that jurisdiction of any other provision shall not be affected or impaired in any way thereby.

26.3 If any such provision shall be held to be void but would be valid if deleted in part or modified in application,
the Parties shall agree to any deletion or modification as may be necessary to make it valid and enforceable, provided that such deletion
or modification does not materially alter any right or obligation of any Party.

26.4 Nothing in this Agreement shall operate unlawfully to fetter the statutory powers conferred by the Act.

27. Notices

27.1 A notice or other communication under or in connection with this Agreement shall be in writing and shall
be delivered personally or sent by first class post pre-paid recorded delivery (or air mail if overseas) or by fax, or by email, to the
Party due to receive the notice or communication, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.1 If to GRZ:

The Government of the Republic of Zambia

C/o The Ministry of Finance and National Planning

PO Box 50062

Ridgeway 15101

Chimanga Road

Lusaka

Zambia

Attention: The Secretary to the Treasury

Fax: +260 1253494

Email: felix.nkulukusa@mof.gov.zm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.2 If to ZCCM-IH:

ZCCM Investments Holdings plc

ZCCM-IH Office Park,

Stand No. 16806, Alick Nkhata Road,

Massmedia Complex Area

Lusaka

Zambia

Attention: Company Secretary

Fax: +260 1 220727 / 221057

Email: Charles.Mjumphi@ZCCM-IH.COM.ZM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.3 If to Vedanta or VRHL:

Vedanta Resources Limited

13<sup>th</sup> Floor

One Angel Court

London EC2R 7HJ

England

Attention: Deepak Kumar

Fax: +44 20 7629 7426

Email: dk@vedantaresources.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1.4 If to the Company:

Konkola Copper Mines plc

Private Bag KCM (C) 2000

Stand M/1408, Fern Avenue

Chingola

Zambia

Attention: Company Secretary

Fax: +260 2 351357

Email: Maxwell.Mainsa@kcm.co.zm

27.2 In the absence of evidence of earlier receipt, a notice or other communication is deemed given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.1 if delivered personally, when left at the address referred to in Clause 27.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.2 if sent by air mail, ten (10) Business Days after posting it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.3 if sent by email, on the Business Day immediately following the day on which the relevant email was sent
(provided that notice shall not be deemed to have been given when confirmation has been generated that the relevant email has not been
sent or received); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2.4 if sent by fax, on completion of its transmission,

provided always that a notice or other communication enclosing or otherwise in respect of a board meeting or written resolution relating to any of the matters set out in Clause 11.2 shall be deemed received by the relevant Shareholder only on actual receipt thereof.

27.3 The Parties record that whilst they may correspond via email during the currency of this Agreement, no
formal notice required in terms of this Agreement, nor any amendment of or variation to this Agreement may be given or concluded via email.

27.4 Without derogating from the generality of the provisions above, where any notice, document request and/or
follow-ups is required to be delivered to the ZCCM-IH Approved Contact Persons, it will be given in writing and it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4.1 be required to be sent by email to at least 4 of the ZCCM-IH Approved Contact Persons, of which one of
them must be the chief executive officer of ZCCM-IH and one of them must be the chief legal officer of ZCCM-IH; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4.2 if sent by email during business hours (being between 9h00 and 18h00 (Zambian time)), be presumed to have
been received on the date of successful transmission of the email. Any email sent after business hours or on a day which is not a Business
Day will be deemed to have been received on the following Business Day. An email shall not be deemed to have been successfully transmitted
when confirmation has been generated that the relevant email has not been sent or received.

28. Amicable Settlement of Disputes

28.1 Any Dispute shall be revolved in accordance with this Clause 28, Clause 29 and Clause 30, as the case
may be. The dispute resolution methods specified herein are exclusive, and the Parties agree not to submit Disputes to any other forum,
court or tribunal. The provisions of Clause 30 shall not apply to any Dispute until a period of thirty (30) days, or any longer period
agreed between the Parties, shall have elapsed following service of a Notice of Dispute, as described below.

28.2 A Party may serve on any other Party a notice ()"**Notice of Dispute**") stating the existence
of a Dispute and describing its nature.

28.3 Following service of a Notice of Dispute the Parties shall attempt in good faith to settle such Dispute
amicably. If the Parties agree, the Zambia Association of Arbitrators may be requested to nominate a mediator to assist in attempting
to settle the Dispute amicably. If a period of thirty (30) days, or any longer period agreed between the Parties, shall have elapsed following
service of a Notice of Dispute, the provisions of Clause 30 shall apply to such Dispute.

29. Sole Expert

Where so provided by under this Agreement, any Dispute shall be referred to a Sole Expert for determination in accordance with the provisions set out in Schedule 1 hereto.

30. Arbitration

30.1 Subject to the provisions of Clauses 28 and 29 above, the Parties hereby consent to submit any Dispute
for final resolution by arbitration in accordance with the UNCITRAL Arbitration Rules (the "**Rules**") as in force and effect
on the date of service of Notice of Dispute under Clause 28 above, save as modified by the provisions of this Clause 30. The
tribunal shall consist of a sole arbitrator (the "**Tribunal**") and the appointing authority shall be the Secretary General
of the Permanent Court of Arbitration at the Hague. The place of arbitration shall be Johannesburg, South Africa and the language of the
arbitration shall be English.

30.2 The Tribunal shall be instructed that time is of the essence in proceeding with its determination on any
Dispute, and unless otherwise agreed by the Parties, the decision of the Tribunal shall be rendered within thirty (30) days of the
conclusion of the final hearing of the Dispute. The decision of the Tribunal shall be in writing and reasons for the decision shall be
given.

30.3 An award in proceedings under the Rules shall be final and binding on the parties and judgement thereon
may be entered in any court having jurisdiction for the purpose of enforcing the award. The Shareholder Parties undertake to keep strictly
confidential the content of the Arbitral Proceedings and any arbitral award made in such proceedings.

30.4 Where a Dispute has been referred for settlement by arbitration in accordance with the Rules, then the
Parties shall not be entitled to exercise any rights or election arising in consequence of any alleged default by a Party arising out
of the subject matter of the Dispute until the relevant part of the Dispute has been resolved by an award of the Tribunal.

31. Performance to Continue

Unless the Agreement has already been repudiated or terminated, the Parties shall continue to observe and perform all the obligations contained in, and may exercise their rights under, this Agreement notwithstanding the reference of any Dispute to the Sole Expert or to arbitration. No Party shall be entitled to exercise any rights or election arising in consequence of any alleged default by another Party arising out of the subject matter of the Dispute until the Dispute has been resolved by the Sole Expert or by arbitration or by agreement of the Parties as the case may be.

32. WAIVER OF SOVEREIGN IMMUNITY

The GRZ waives its sovereign immunity with respect to any award, decision or other act of an arbitral tribunal acting pursuant to Clause 30 hereof, as well as from recognition of any such award, decision or act of such tribunal in any other country or jurisdiction. The GRZ also agrees that it will not raise, claim or cause to be pleaded any such immunity at or in respect of any such action or proceeding. For greater certainty, this waiver applies to state immunity from jurisdiction of a court to recognize the arbitral award as creating a debt binding on the GRZ, but does not constitute a waiver of state immunity from execution of that debt against property in which the Republic of Zambia may have a legal interest. The Provisions of the State Proceedings Act Chapter 71 of the Laws of Zambia shall apply to this Clause 32.

33. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of Zambia which the Parties acknowledge and agree is supplemented, so far as they are relevant, by the rules of international law.

34. Entire Agreement

34.1 This Agreement and any document referred to in this Agreement constitute the entire agreement, and supersede
any previous agreements, between the Parties relating to the subject matter of this Agreement.

34.2 If a provision of the Agreement is inconsistent with a provision of the Articles, this Agreement prevails.

34.3 No Party shall be bound by any express or implied term, representation, warranty, promise or the like,
not recorded in this Agreement.

35. Counterparts

35.1 This Agreement may be executed in any number of counterparts each of which when executed and delivered
is an original, but all the counterparts together constitute the same document.

35.2 The Parties agree that for the purposes of determining the place of execution of this Agreement in order
to satisfy the authentication or similar requirement under Zambian law, this Agreement shall be deemed to have been executed from within
Zambia.

[*Signature pages follow*]

**IN WITNESS WHEREOF** the parties hereto have caused this Agreement to be executed by their duly authorized representatives on the day and year first before written

---

| | | |
|:---|:---|:---|
| Signed by | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img02.jpg) |
| on behalf of **The Government of the Republic of Zambia** | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img02.jpg) |
|  | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img02.jpg) |
| Date: <u>6-11-23</u> Place: <u>LUSAKA</u> | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img02.jpg) |

---

---

| | | |
|:---|:---|:---|
| Signed by | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img03.jpg) |
| on behalf of **ZCCM Investments Holdings plc** | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img03.jpg) |
|  | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img03.jpg) |
| Date: <u>6/11/23</u> Place: <u>Lusaka</u> | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img03.jpg) |

---

---

| | | |
|:---|:---|:---|
| Signed by | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
| on behalf of **Vedanta Resources Limited** | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
|  | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
| Date: <u>6<sup>th</sup> Nov 23</u> Place: <u>Lusaka</u> | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |

---

---

| | | |
|:---|:---|:---|
| Signed by | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
| on behalf of **Vedanta Resources Holdings Limited** | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
|  | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |
| Date: <u>6<sup>th</sup> Nov 23</u> Place: <u>Lusaka</u> | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img04.jpg) |

---

---

| | | |
|:---|:---|:---|
| Signed by | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img05.jpg) |
| on behalf of **Konkola Copper Mines plc** | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img05.jpg) |
|  | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img05.jpg) |
| Date: <u>06-11-2023</u> Place: <u>LUSAKA</u> | ![](ctm005_ex10-3img01.jpg) | ![](ctm005_ex10-3img05.jpg) |

---

**Schedule 1 Sole Expert**

1. The Party wishing the appointment to be made shall serve written notice to that effect on the other Party
(" **Notice to Appoint**") and with such Notice to Appoint shall give details of the matter which it is proposed shall be
resolved by the Sole Expert.

2. If, within ten (10) Business Days from the service of the Notice to Appoint, the Parties have failed
to agree upon the selection of a Sole Expert, either Party may then submit a request in writing ()"**Request for Proposal** ")
to the ICC International Centre for Expertise (the "**ICC Centre**") for the proposal of a Sole Expert as quickly as possible.
The Request for Proposal shall set out the names, description and addresses of the Parties, shall attach a copy of this Agreement, shall
set out any relevant indications concerning the choice of the Sole Expert (including a reference to the provisions of this Schedule 1)
and shall set out a descriptive summary of the Sole Expert's brief. The Parties agree to accept the expert proposed by the ICC Centre
as the Sole Expert selected under this Schedule 1.

3. Upon a Sole Expert being selected under the foregoing provisions of this Schedule 1, the Parties or either
of them shall forthwith notify the Sole Expert of his selection and request him to confirm within five (5) Business Days after such
notification whether or not he is willing and able to (and does in fact) accept appointment as Sole Expert and to confirm that the requirements
of paragraphs 7.2, 7.3 and 7.4 are all satisfied in his case.

4. If the Sole Expert is either unwilling or unable to accept such appointment or has not given the confirmation
in response to the request to be made under paragraph 4 (the "**Confirmation**") within the said period of five (5)
Business Days, then (unless the Parties are able to agree upon the selection of another Sole Expert) either Party may submit a Request
for Proposal in the manner provided in paragraph 2 to the ICC Centre which shall be requested to make a proposal or (as the case may be)
a further proposal and the process shall be repeated until a Sole Expert is selected who accepts appointment.

5. The Parties shall co-operate with each other to ensure that the terms of the contract of appointment of
the Sole Expert are agreed with him as soon as possible. If the Parties and the Sole Expert cannot within five (5) Business Days
of the giving of the Confirmation agree on the amount of remuneration to be paid to the Sole Expert or any other terms of his contract
of appointment, then (unless the Parties are able to agree upon the selection of another Sole Expert) either Party may submit a Request
for Proposal or (as the case may be) a further Request for Proposal in the manner provided in paragraph 2 to the ICC Centre which
shall be requested to make a proposal or (as the case may be) a further proposal and the process shall be repeated until a Sole Expert
is selected who accepts appointment and whose terms of contract of appointment are agreed.

6. The appointment of the Sole Expert shall be deemed to have been made upon his signing the contract of
appointment.

7. The Parties shall select or (if applicable) the ICC Centre shall propose a Sole Expert meeting the following
criteria:

7.1 the Sole Expert shall be a person reasonably qualified by education, experience and training to determine
the Dispute to be referred to him;

7.2 neither the Sole Expert nor (if he is an individual) any member of his immediate family nor (in other
cases) any partner in or director of the Sole Expert shall be (or within ten (10) years before his appointment have been) a director,
office holder or an employee of or directly or indirectly retained as a consultant or an adviser to either Party or an Affiliate of either
Party;

7.3 the Sole Expert shall be independent of the Parties and shall have no interest or duty which conflicts
or may conflict with his function as Sole Expert; and

7.4 the Sole Expert shall not be a citizen or a national of nor a permanent resident in Zambia or India.

8. If, in respect of any particular Dispute, the ICC Centre informs the Parties or any of them that it is
unable to propose an expert as the Sole Expert to determine that Dispute, then such Dispute shall be referred to arbitration in accordance
with Clause 30.

9. The terms of appointment of the Sole Expert shall contain confirmation from the Sole Expert as to the
matters required by paragraph 7, shall require the Sole Expert to comply with the obligations set out in paragraphs 10 and 11,
and shall contain at least the following provisions regarding the procedure to be followed in the proceedings before the Sole Expert (the
" **Expert Proceedings** "):

9.1 the Sole Expert shall not later than fourteen (14) Business Days after his appointment call
the Parties to a meeting at which he shall raise any matters requiring clarification (whether arising out of his contract of appointment
or otherwise) and give directions as to the procedural rules to be applicable in the Expert Proceedings which rules shall comply with
the terms of this paragraph 8. Such directions may thereafter be given from time to time by the Sole Expert as he shall consider
necessary. The Parties agree to comply with such directions made by the Sole Expert, and with any request the Sole Expert may make in
accordance with this Agreement or with such directions;

9.2 the Parties shall be entitled to supply data, information and documentation and to make submissions (written
and/or oral as the Sole Expert may direct) to the Sole Expert up to fifteen (15) Business Days after his appointment (and the
Sole Expert shall, subject to paragraphs 9.5 and 8.7(c), ignore all data, information, documentation and submissions supplied and
made after such fifteen (15) Business Days unless the same are furnished in response to a specific request from him or are made
in response, in accordance with paragraph 9.5, to data, information, documentation or submissions by the other Party);

9.3 the Sole Expert shall be entitled to obtain such independent professional and/or technical advice as he
may reasonably require and to obtain any secretarial assistance as is reasonably necessary;

9.4 the Sole Expert shall be entitled to request from the Parties (and the Parties shall supply to the Sole
Expert) all documents and other information which the Sole Expert shall reasonably consider to be related to the Dispute and necessary
for resolution thereof, provided that neither Party shall be obliged to provide the Sole Expert with any document or information which
he would in an action in the High Court be entitled to refuse to disclose on grounds of legal professional privilege;

9.5 copies of all data, information, documentation and submissions supplied or made by any Party to the Sole
Expert shall be provided simultaneously to the other Party, and any data, information or submissions supplied or made orally by one Party
to the Sole Expert shall be supplied or made in the presence of the other Party. The other Party shall, notwithstanding the limitations
in paragraph 9.2, have the right for the period of ten (10) Business Days from receipt of such data, information, documentation
or submissions to comment in writing on it to the Sole Expert and copies of any such comments shall be promptly supplied to the other
Party;

9.6 no meeting between the Sole Expert and the Parties or either of them shall take place unless both Parties
are given a reasonable opportunity to attend any such meeting;

9.7 if, without showing sufficient cause, a Party fails to comply with any rule, request, direction or timetable
deadline applicable to the Expert Proceedings, or in any other way fails to comply with a requirement relating to the Expert Proceedings,
the Sole Expert shall nevertheless be obliged to proceed and to issue his determination in accordance with paragraphs 9.10 and 9.11,
and in so doing may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) continue the Expert Proceedings in the absence of that Party or of the document, information or submission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) draw such inferences from that failure to comply or produce as may, in the opinion of the Sole Expert,
be justified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make his determination on the basis of the information before him attaching such weight as he thinks fit
to any evidence submitted to him outside any period he may have requested or directed or as required by the rules applicable in the Expert
Proceedings;

9.8 the Sole Expert shall have the power to open up, review and revise any certificate, opinion, decision,
instruction, direction, valuation, requisition or notice issued, given or made under this Agreement and to determine all matters referred
to him in accordance with the terms of his appointment;

9.9 the Sole Expert may conduct the Expert Proceedings at one or more locations in any country as may appear
to the Sole Expert to be reasonable;

9.10 not more than ten (10) Business Days after expiry of the period provided under paragraph 9.5,
the Sole Expert shall furnish the Parties with a draft of his proposed determination of the Dispute (including a draft of the reasons
required by paragraph 9.11 below) in respect of which both Parties shall be entitled to make representations to the Sole Expert for
the period of five (5) Business Days after receipt of the said draft; and

9.11 the Sole Expert shall issue his determination of the Dispute in writing within ten (10) Business Days
after expiry of the period under paragraph 9.10 and shall give full written reasons for that determination.

10. The Sole Expert shall act impartially in carrying out his duties and shall do so in accordance with any
relevant terms of this Agreement and shall make his determination in accordance with the applicable law in relation to this Agreement.

11. All data, information or documentation disclosed or delivered to the Sole Expert in connection with his
appointment as Sole Expert shall be treated as confidential and the Sole Expert shall not disclose to any person or company any such data,
information or documentation. All such data, information and documentation shall remain the property of the Party disclosing or delivering
the same and shall (together with all copies thereof) be returned to that Party on completion of the Sole Expert's work or his discharge
from office under paragraph 12. Provided that the Sole Expert may disclose such information to employees of the Sole Expert or his
firm or company or Affiliates (if any) of the Sole Expert or his or its professional advisers if such employees or Affiliates or professional
advisers have prior to such disclosure entered into specific undertakings to maintain the confidentiality of such information data and
documentation.

12. Without prejudice to the Parties' obligation to comply with any request made by the Sole Expert under
paragraph 9.4 above, the Parties shall not be entitled to, or to apply for, discovery of documents in the Expert Proceedings.

13. If the Sole Expert:

13.1 relinquishes, resigns or abandons his appointment or dies or becomes incapacitated before the issue of
his determination on costs under paragraph 15.2; or

13.2 shall not have issued his determination within the time limit set out in paragraph 9.11,

then, at the request of either Party, a replacement Sole Expert shall be appointed in accordance with the provisions of paragraphs 2 to 5 and on such appointment being made (as defined in paragraph 6) the appointment of the Sole Expert shall cease unless prior to the date of appointment of the replacement Sole Expert the Sole Expert shall have rendered his determination thereunder in which case such determination shall be binding on the Parties and the proposed appointment of the replacement Sole Expert shall be withdrawn.

14. The Sole Expert shall act as an expert and not as an arbitrator and the laws relating to arbitration shall
not apply to the Sole Expert or his determination or the Expert Proceedings or the procedure by which he reaches his determination.

15. Any determination of the Sole Expert shall be final and binding upon the Parties save in the event of
fraud or manifest error.

15.1 Whilst the Expert Proceedings are in progress:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Party shall bear the costs of providing all data, information, documentation and submissions supplied
or made by it and the costs of all lawyers, advisers, witnesses, employees and other Persons retained by it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Party shall comply with its obligations as to payment of the Sole Expert set out in his contract
of appointment.

15.2 The costs referred to in paragraph 15.1 and the costs and expenses of the Sole Expert and any independent
advisers to the Sole Expert retained in connection with a determination hereunder and any costs of his appointment if he is proposed by
the ICC Centre shall be borne as may be determined by the Sole Expert. The Sole Expert shall issue his determination on the question of
how the said costs are to be borne within five (5) Business Days of the issue of his determination of the Dispute under paragraph 9.11.
In reaching that determination the Sole Expert shall be guided by the principle that the unsuccessful Party should pay the costs of the
successful Party, and shall take into account the relative extent of success or lack thereof by each Party.

16. The amount (if any) which is required by a determination of the Sole Expert under this Schedule 1
(including, without limitation, any costs under paragraph 15.2) to be paid by one Party to the other Party shall be paid within ten (10)
Business Days of the issue of the determination and, if not paid within that time, interest on that amount will accrue and be payable
at the rate of three (3) month SOFR plus two per cent (2%) per annum (to be compounded on the first day of each calendar month
of non-payment).

**Schedule 2 Fair Market Value Price**

1.1 For the purposes of this Agreement, the Fair Market Value Price in respect
of any Shares to be transferred as part of any Deemed Offer Sale Equity shall be determined in accordance with the following provisions:

FMVP = <u>ST</u> x EQV <br> ASC

Where:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;FMVP | the Fair Market Value Price payable for the relevant Shares forming part of the Deemed Offer Sale Equity; |
| ST | the aggregate number of Shares forming part of the Deemed Offer Sale Equity to be transferred; |
| ASC | the aggregate number of issued Shares of the Company at the relevant time; |
| IVC | the enterprise value of the KCM Group as a going concern and as between a willing vendor and a willing purchaser at the relevant time as agreed between the Shareholder Parties or (in default of such agreement between the Shareholder Parties) as determined by the Fair Market Value Expert or Sole Expert (as applicable), as calculated in accordance with paragraphs 1.2 to 1.4 (both inclusive) below; |
| Net Debt | Total short-term and long-term debt, including Shareholder Loans, less cash and cash equivalents; and |
| EQV | IVC less Net Debt (for the avoidance of doubt the Net Debt will be determined including the Shareholder Loans). |

---

1.2 In determining IVC, the Shareholder Parties (or the Fair Market Value Expert or Sole Expert, as the case
may be) shall calculate and determine IVC and FMVP on the basis of the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 the Shares in issue of the Company shall be valued equally and no deduction or increase shall be made
for the fact that the Shares in question constitute a majority or minority voting interest in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 a DCF is to be undertaken on the life of mine as per the then existing mine plan relating to the KCM Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 the DCF is to be discounted at an appropriate weighted average cost of capital relevant to an asset of
this nature and taking into consideration the jurisdiction of the mine as determined by the Fair Market Value Expert or Sole Expert (as
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4 all mineral resources and mineral reserves on a mineral property should be considered in the valuation
of each relevant mineral asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5 price projections for copper and, if applicable, other commodities, shall be based on the latest report
published by Consensus Economics (or such other publication agreed in writing between the Shareholder Parties from time to time, each
acting reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6 discounted cash flow valuation should be used for all mineral reserves and all measured and indicated
resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7 the earnings multiples of similar companies should be taken into account for the valuation of inferred
minerals resources and exploration assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8 all relevant exchange rates should be based on the most recent consensus forecasts published by Consensus
Economics (or such other publication agreed in writing between the Shareholder Parties from time to time, each acting reasonably).

1.3 The Fair Market Value Price may be zero (0) but shall never be negative.

1.4 For the avoidance of doubt, the Shareholder Parties, or the Fair Market Value Expert or Sole Expert, as
the case may be, shall not use any valuation methodology or principles that are inconsistent with those set out above but shall otherwise
use internationally recognised best practice principles.

**Schedule 3 ZCCM -IH's APPROVED CONTACT PERSONS**

---

| | |
|:---|:---|
| **ZCCM-IA Approved Contact Persons** | **Email address** |
| ZCCM-IH's chief executive officer | Ndoba.Vibetti@ZCCM-IH.COM.ZM |
| ZCCM-IH's chief financial officer | Chilandu.sakala@ZCCM-IH.COM.ZM |
| ZCCM-IH's chief investment officer | Brian.Musonda@zccm-ih.com.zm |
| ZCCM-IH's chief legal officer | lombe.mbalashi@ZCCM-IH.COM.ZM |
| ZCCM-IH's company secretary | Charles.mjumphi@ZCCM-IH.COM.ZM |
| ZCCM-IH's advisor | Willie.Hattingh@rmb.co.za, with a copy to: DLRMBProjectChronos@rmb.co.za |

---

**Schedule 4 MINIMUM CEO QUALIFICATION SPECIFICATION** 

**Schedule 5 MINIMUM CFO QUALIFICATION SPECIFICATION** 

**Schedule 6 MINIMUM COO QUALIFICATION SPECIFICATION**

## Exhibit 10.4

**Exhibit 10.4**

![](ctm005_ex10-4img01.jpg)

**OFFER AND TERMS OF EMPLOYMENT**

Dear Deshnee,

We are pleased to offer you the position of Chief Executive Officer with CopperTech Metals Inc., a corporation organized and existing under the laws of the State of Delaware (the "**Company**"). This letter will outline the principal terms and conditions of this offer and your employment should you accept.

Your employment will commence on , 2026. You will report directly to the Board of Directors of the Company unless and until otherwise advised.

Although your initial work location will be remote, the Company reserves the right to designate a principal corporate office or alternative work location in the future which will be your principal working location. This role may require periodic travel to operational facilities, customer locations, and corporate offices in furtherance of Company business, and your willingness and ability to travel both domestically and internationally is a material requirement of this position.

**1. Compensation**

<u>Base Salary</u>

Your annualized base salary will be **USD $630,000 per annum,** payable in accordance with the Company's regular payroll practices and subject to applicable federal, state, and local withholdings.

<u>Special Allowance</u>

You will be paid an all-inclusive annual amount of **USD $100,000 per annum** as special allowance, subject to such deductions as required by law. Special Allowance is in lieu of any pension or perquisites as may be applicable from time to time and shall be payable in equal monthly announcements. For the avoidance of doubt, any payments made under this clause shall not form part of any bonus calculation.

<u>Annual Performance Bonus</u> 

You will be eligible to participate in the Company's annual incentive plan, with a target bonus opportunity of up to **USD $787,500 per annum**, subject to achievement of individual and Company performance objectives and approval by the Board of Directors or its Compensation Committee. The Bonus plan may be modified or discontinued at the Company's discretion.

<u>Annual Long-Term Incentive Plan</u>

You may be eligible to receive share-based incentive under the Company's Long-term incentive plan, subject to the Board of Directors or its Compensation Committee approval. The terms of such incentive plan, including eligibility and vesting schedule shall be determined by the Board in its discretion and set forth in a separate plan summary document. Long Term Incentive Plan ("LTIP") is a conditional pshare/cash plan for rewarding talent on a pre-determined vesting criterion linked with Business Performance and Employee's Individual Performance subject to continued employment with the organization for a specified tenure. LTIP is implemented periodically, at the sole discretion of management, in which some select employees are eligible for grant of stock options/cash units based on individual performance and potential. Subsequent coverage is purely at the discretion of the management.

![](ctm005_ex10-4img01.jpg)

All salary and compensation payments are subject to applicable taxes and other statutory deductions prior to payment.

<u>Benefits</u>

You will be eligible to participate in the Company's health and welfare benefit programs, including major medical and other benefits on the first day of the following month of joining provided your enrolment forms are received for such benefits within 30 days of your hire date. You will be required to provide appropriate documentation for any dependent coverage you choose, e.g., birth certificate, marriage certificate, or adoption certificate. All medical and welfare benefits are subject to the terms, exclusions, and eligibility requirements of such benefit plans.

<u>Paid Time Off and Holidays</u>

You are eligible to accrue [on a quarterly basis] Paid Time Off of 25 days annually, in accordance with Company policy. In addition, you will be paid for public holidays pursuant to the annual Company holiday schedule. This Paid Time Off allotment can be used for Vacation time, Sick time, and Personal time off within a calendar year.

**2**. **Taxation & Withholding**

Your compensation shall be subject to applicable taxes and statutory withholdings in such jurisdictions as may be relevant based on the location of your services, in accordance with applicable laws. Due to the international nature of your role, your compensation may be subject to taxation in more than one jurisdiction.

The Company shall make such withholdings and statutory deductions as it determines are required under applicable law. You acknowledge and agree that you remain responsible for the timely filing and payment of any personal taxes arising in any jurisdiction, including those resulting from your residency or work patterns.

You agree to provide accurate and timely information regarding your work locations and periods of presence to enable appropriate tax treatment. The Company reserves the right to implement such payroll, withholding, or reporting arrangements as it deems necessary to ensure compliance with applicable requirements.

**3. At-Will Employment**

Your employment with the Company is at-will as per the applicable State law. This means that either you or the Company may terminate the employment relationship at any time, with or without cause, for any legal reason, and with or without notice.

![](ctm005_ex10-4img01.jpg)

The Company will provide, and requests that you provide, 4 (four) weeks' written notice of resignation or termination without cause. The Company may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;· Place
 you on paid garden leave during any notice period;

&nbsp;&nbsp;&nbsp;&nbsp;· Relieve
 you of duties; or

&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 pay in lieu of notice.

Nothing in this Offer Letter alters the at-will nature of your employment. Any change to the at-will status must be set forth in a written agreement signed by the Board of Directors.

**4. Termination for Cause**

Your employment is and at all times will be At-Will, and as such the Company may terminate your employment immediately for "Cause," at any time without assigning any reason or advance notice of severance, or any severance compensation, including if you commit any act of disobedience, dishonesty, harassment, insubordination, incivility, insobriety, or any act or omission or conduct constituting a crime, or violation of any law (excluding minor traffic offenses), whether during the course of your employment or otherwise, which in the opinion of the Company is detrimental to its interests or reputation.

Termination for Cause may result in forfeiture of unvested equity or incentive compensation, subject to applicable plan terms.

**5. Compensation Recovery**

The Company reserves the right to adopt policies providing for the cancellation or forfeiture of unvested incentive-based compensation, including bonuses or equity-based awards, in certain circumstances.

You acknowledge and agree that any incentive-based compensation may be subject to cancellation, or forfeiture in accordance with such policies and applicable law. Such circumstances may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· material
 misconduct or any breach by you of Company policies;

&nbsp;&nbsp;&nbsp;&nbsp;· fraud,
 dishonesty, or violation of applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;· material
 financial restatement or correction of financial results due to your intentional or negligent
 acts or omissions; or

&nbsp;&nbsp;&nbsp;&nbsp;· other
 circumstances determined by the Board of Directors in accordance with Company policy.

Any such compensation recovery shall be implemented in accordance with the Company's applicable policies as may be adopted or amended from time to time.

**6. Confidentiality and Intellectual Property**

Your employment is contingent upon execution of the Company's Confidentiality and Proprietary Information Agreement. All intellectual property developed during your employment is and shall remain the exclusive property of the Company.

**7. Company Policies and Compliance**

Your employment is contingent and subject to your strict compliance with all Company policies, rules and regulations as now or hereinafter promulgated and provided to you, and with all applicable federal, state, and local laws. Upon a public listing, you will also be subject to insider trading policies, blackout periods, and other governance policies adopted by the Company.

**8. Governing Law**

This Offer Letter and your employment shall be governed by [the applicable state law]. The applicable law governing your employment may change at the discretion of the Company and you will be provided with written notice in advance of any such change.

**9. Entire Agreement**

This Offer Letter and the accompanying Annexure supersedes all prior discussions or representations, whether written or oral, concerning the position, job duties and requirements, and terms your employment. Any modification of the terms of employment set forth herein must be in writing and signed by an authorized officer of the Company.

This offer is contingent upon:

&nbsp;&nbsp;&nbsp;&nbsp;· Execution
 of required agreements with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Board
 or Compensation Committee approval.

By signing this offer of employment, you confirm that you have read, understood, and agree to the terms of your employment set forth herein and in the accompanying Annexure, which is incorporated by reference and forms a part of this offer.

Please indicate your formal acceptance of the terms of this offer of employment with Company by signing and returning a copy of this offer to me no later than [Offer Expiry Date].

Sincerely,

[Name]

[Title]

[Company Name], Inc.

**ANNEXURE**

**Employment Terms & Policies (United States – Exempt Employee)**

This Annexure contains terms governing your employment with the Company and forms a part of and is incorporated into the Offer Letter and Terms of Employment Letter, and your acceptance of the Company's offer of employment shall constitute your agreement with the terms in this Annexure. Nothing in this Annexure alters the at-will nature of your employment.

**1. Position Classification**

You acknowledge that your position is classified as **exempt** under applicable federal and state wage and hour laws. As an exempt employee, you are not eligible for overtime compensation, and your work schedule shall be consistent with the business needs and requirements of your position.

**2. Paid Time Off (PTO) Guidelines**

2.1 Other than for PTO time for illness, usage for Personal or Vacation time requires prior approval of your immediate manager, and is subject to business needs. Normally no more than two weeks may be taken consecutively unless specific permission is obtained in advance from your immediate manager.

2.2 PTO entitlement for each calendar year must be taken in that year and cannot be carried forward. Any outstanding entitlement at the end of the year shall be forfeited, unless otherwise provided by applicable state law. You will not be entitled to payment in lieu of PTO not taken during a calendar year.

2.3 You will receive payment for all accrued and unused PTO for the concerned year upon your separation from the Company. There will be no entitlement to payment in lieu of PTO that is not accrued in connection with your separation from the Company.

**3. Absence**

3.1 In the event of you being absent from work, you should arrange that your immediate manager is notified at the earliest opportunity on the first day of absence in accordance with Company Policy.

3.2 If your absence is due to sickness, and it exceeds seven calendar days, the company may require you to obtain a medical certificate from your doctor and ensure that it is sent to your immediate manager. A further certificate is required in respect of any further period of incapacity of seven days.

**4. Confidentiality**

4.1 During and after your employment with the Company or any of its affiliates, you shall not disclose, use, copy, or remove any Confidential Information of the Company except as necessary in the proper performance of your duties.

4.2 "Confidential Information" includes in the broadest sense trade secrets, financial data, business strategies, pricing, actual and potential customer and supplier information, proprietary systems, employee lists and information, all information which the Company considers confidential or which has been disclosed to you as such, and all non-public information concerning the Company or its affiliates.

4.3 These obligations of Confidentiality survive termination of employment.

4.4 The Company's policies of Confidentiality shall prohibit you from reporting possible violations of law to governmental agencies or making disclosures protected by whistleblower laws.

4.5 Nothing in this Agreement shall prohibit or restrict you from: (i) voluntarily communicating with an attorney retained by you, (ii) voluntarily communicating or filing a charge or complaint with any law enforcement, government agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission, a Federal, State or local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency, (iii) recovering an SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, (iv) disclosing any Confidential Information to a court or other administrative or legislative body in response to a subpoena, court order or written request (with advance notice to the Company prior to any such disclosure to the extent legally permitted), (v) filing or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which you are entitled; or (vii) making truthful statements or disclosures about unlawful acts in the workplace, including, but not limited to, sexual harassment.

Pursuant to 18 U.S.C. § 1833(b), you shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State or local government official, either directly or indirectly, or to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you (x) file any document containing the trade secret under seal and (y) do not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

**5. Intellectual Property**

5.1 To the fullest extent permitted by applicable law, all inventions, discoveries, works of authorship, developments, improvements, processes, designs, data, and other intellectual property, regardless of form, created or delivered during your employment and relating to the Company's business shall be and remain the exclusive property of the Company.

![](ctm005_ex10-4img01.jpg)

**6. Compliance with Laws and Public Company Policies**

6.1 You agree to and shall comply with all applicable federal, state, and local laws and regulations, including but not limited to all securities laws, insider trading laws, anti-corruption laws, and stock exchange listing requirements applicable to the Company.

6.2 You agree to comply with all Company policies, as now or hereafter modified, revised or promulgated, including the Code of Business Conduct and Ethics and other governance policies adopted by the Board of Directors.

6.3 Violation of applicable laws or Company policies may result in disciplinary action, up to and including termination of employment.

**7. Restrictive Covenants**

You hereby represent and agree that you are not, and will not be, in breach of any restrictive covenant obligations to any prior employer upon and after commencing employment with the Company or any of its affiliates, including, without limitation, any non-competition, non-solicitation, confidential information and non-disparagement obligations. You agree that you shall not breach any such restrictive covenant obligations to any prior employer in connection with your employment with the Company or any of its affiliates. Further, to the extent permitted by applicable law:

7.1 **Non-Solicitation of Customers**

During your employment with the Company and for three (3) months following your separation from the Company for any reason, you shall not, directly or indirectly, solicit business from, harm the goodwill of, or in any way interfere with the relationship of, any customer, supplier, client, distributor, vendor, investor or other business relationship of the Company, in each case, with whom you first had direct or actual contact or about whom you received or had access to Confidential Information during the twelve (12)-month period immediately preceding such action.

7.2 **Non-Solicitation of Employees**

During your employment with the Company and for three (3) months following your separation of employment from the Company for any reason, you shall not, directly or indirectly, solicit, entice, induce, or attempt to solicit, entice, or induce, any employee at a management level or above with whom you worked or about whom you obtained Confidential Information, in each case, during the twelve (12) month period immediately preceding such action, to terminate their employment or otherwise interfere with their employment relationship with the Company; *provided*, *however*, that, following the separation of your employment from the Company, the foregoing will not preclude you from initiating or directing, on your own behalf or for a third party, a general employment solicitation that is not directed or targeted primarily at the foregoing employees.

![](ctm005_ex10-4img01.jpg)

7.3 **Non-Compete (Where Lawful and Enforceable)**

During your employment with the Company and for three (3) months following your separation of employment from the Company for any reason, you shall not, whether for your own account or for any other person or entity, operate, manage, control, participate in, serve as an officer or director, or be employed or engaged in, an executive, management or supervisory role by, or provide strategic or operational advice to, a Competitive Business, in each case to the extent such role, services or activities are the same as or substantially similar to those performed by you for the Company at any time during the twelve (12) month period preceding such separation; provided, however, that nothing in this provision shall restrict you from providing advice or services to a Competitive Business if: (i) such service relationship is restricted solely to one or more distinct portions of the operations and businesses of such Competitive Business, (ii) such distinct portions do not engage in activities competitive with the Company, and (iii) you undertake not to, and do not, have any discussions with, or participate in, the governance, management or operations of such person or entity or any business segments thereof that engage in activities competitive with the Company. Nothing herein shall prohibit you from being a passive owner of not more than 5% of the outstanding stock of any class of a corporation which is publicly traded.

"Competitive Business" shall mean any person or entity that is engaged in any business that is the same as, or substantially similar to, the business conducted by the Company as of the date of separation of your employment, including the business of metals and mining operations (the "Business")

7.4 **No Holding Out**

Following your separation of employment from the Company, you shall not represent yourself as being employed or otherwise connected with the Company.

7.5 Each restriction is separate and severable and shall be enforced to the maximum extent permitted by applicable law.

**8. Data Protection and Privacy**

8.1 You agree and shall comply with all applicable federal, state, and local privacy, data protection, cybersecurity, and data breach notification laws, as well as all Company policies and procedures regarding data protection and privacy.

![](ctm005_ex10-4img01.jpg)

8.2 You agree and shall access, use, process, store, and disclose Company data and personal information solely for legitimate business purposes and in accordance with Company policies. All such information which you obtain in the course of your employment, in whatever form–which includes but not limited to business plans, projects, estimates, costing, pricing, customers, formulae, methods of doing business, technology, and product/technical data–shall always be kept confidential, and you shall not divulge the same in any manner which violates Company policy or law, or or use it for your benefit or for the benefit of any other person.

8.3 You agree and shall implement and follow reasonable administrative, technical, and physical safeguards to protect Company information from unauthorized access, disclosure, alteration, or destruction.

8.4 To agree and shall report any actual or suspected data security incident immediately in accordance with Company information security policies.

**9. Amendments**

The Company reserves the right to amend, modify, supplement, or discontinue its policies and procedures from time to time to ensure legal compliance and operational effectiveness, subject to applicable law.

Employee initials

## Exhibit 10.5

**Exhibit 10.5**

![](ctm005_ex10-5img01.jpg)

**OFFER AND TERMS OF EMPLOYMENT**

Dear Pushpender,

We are pleased to offer you the position of Chief Financial Officer with CopperTech Metals Inc., a corporation organized and existing under the laws of the State of Delaware (the "**Company**"). This letter will outline the principal terms and conditions of this offer and your employment should you accept.

Your employment will commence on , 2026. You will report directly to the Chief Executive Officer of the Company unless and until otherwise advised.

Although your initial work location will be remote, the Company reserves the right to designate a principal corporate office or alternative work location in the future which will be your principal working location. This role may require periodic travel to operational facilities, customer locations, and corporate offices in furtherance of Company business, and your willingness and ability to travel both domestically and internationally is a material requirement of this position.

**1. Compensation**

<u>Base Salary</u>

Your annualized base salary will be **USD $450,000 per annum,** payable in accordance with the Company's regular payroll practices and subject to applicable federal, state, and local withholdings.

<u>Annual Performance Bonus</u> 

You will be eligible to participate in the Company's annual incentive plan, with a target bonus opportunity of up to **USD $330,000 per annum**, subject to achievement of individual and Company performance objectives and approval by the Board of Directors or its Compensation Committee. The Bonus plan may be modified or discontinued at the Company's discretion.

<u>Annual Long-Term Incentive Plan</u>

You may be eligible to receive share-based incentive under the Company's Long-term incentive plan, subject to the Board of Directors or its Compensation Committee approval. The terms of such incentive plan, including eligibility and vesting schedule shall be determined by the Board in its discretion and set forth in a separate plan summary document. Long Term Incentive Plan ("LTIP") is a conditional share/cash plan for rewarding talent on a pre-determined vesting criterion linked with Business Performance and Employee's Individual Performance subject to continued employment with the organization for a specified tenure. LTIP is implemented periodically, at the sole discretion of management, in which some select employees are eligible for grant of stock options/cash units based on individual performance and potential. Subsequent coverage is purely at the discretion of the management.

All salary and compensation payments are subject to applicable taxes and other statutory deductions prior to payment.

![](ctm005_ex10-5img01.jpg)

<u>Benefits</u>

You will be eligible to participate in the Company's health and welfare benefit programs, including major medical and other benefits on the first day of the following month of joining provided your enrolment forms are received for such benefits within 30 days of your hire date. You will be required to provide appropriate documentation for any dependent coverage you choose, e.g., birth certificate, marriage certificate, or adoption certificate. All medical and welfare benefits are subject to the terms, exclusions, and eligibility requirements of such benefit plans.

<u>Paid Time Off and Holidays</u>

You are eligible to accrue [on a quarterly basis] Paid Time Off of 25 days annually, in accordance with Company policy. In addition, you will be paid for public holidays pursuant to the annual Company holiday schedule. This Paid Time Off allotment can be used for Vacation time, Sick time, and Personal time off within a calendar year.

**2. At-Will Employment**

Your employment with the Company is at-will as per the applicable State law. This means that either you or the Company may terminate the employment relationship at any time, with or without cause, for any legal reason, and with or without notice.

The Company will provide, and requests that you provide, 4 (four) weeks' written notice of resignation or termination without cause. The Company may, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;· Place
 you on paid garden leave during any notice period;

&nbsp;&nbsp;&nbsp;&nbsp;· Relieve
 you of duties; or

&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 pay in lieu of notice.

Nothing in this Offer Letter alters the at-will nature of your employment. Any change to the at-will status must be set forth in a written agreement signed by the Board of Directors.

**3**. **Taxation & Withholding**

Your compensation shall be subject to applicable taxes and statutory withholdings in such jurisdictions as may be relevant based on the location of your services, in accordance with applicable laws. Due to the international nature of your role, your compensation may be subject to taxation in more than one jurisdiction.

The Company shall make such withholdings and statutory deductions as it determines are required under applicable law. You acknowledge and agree that you remain responsible for the timely filing and payment of any personal taxes arising in any jurisdiction, including those resulting from your residency or work patterns.

You agree to provide accurate and timely information regarding your work locations and periods of presence to enable appropriate tax treatment. The Company reserves the right to implement such payroll, withholding, or reporting arrangements as it deems necessary to ensure compliance with applicable requirements.

**4. Termination for Cause**

Your employment is and at all times will be At-Will, and as such the Company may terminate your employment immediately for "Cause," at any time without assigning any reason or advance notice of severance, or any severance compensation, including if you commit any act of disobedience, dishonesty, harassment, insubordination, incivility, insobriety, or any act or omission or conduct constituting a crime, or violation of any law (excluding minor traffic offenses), whether during the course of your employment or otherwise, which in the opinion of the Company is detrimental to its interests or reputation.

Termination for Cause may result in forfeiture of unvested equity or incentive compensation, subject to applicable plan terms.

**5. Compensation Recovery**

The Company reserves the right to adopt policies providing for the cancellation or forfeiture of unvested incentive-based compensation, including bonuses or equity-based awards, in certain circumstances.

You acknowledge and agree that any incentive-based compensation may be subject to cancellation, or forfeiture in accordance with such policies and applicable law. Such circumstances may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· material
 misconduct or any breach by you of Company policies;

&nbsp;&nbsp;&nbsp;&nbsp;· fraud,
 dishonesty, or violation of applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;· material
 financial restatement or correction of financial results due to your intentional or negligent
 acts or omissions; or

&nbsp;&nbsp;&nbsp;&nbsp;· other
 circumstances determined by the Board of Directors in accordance with Company policy.

Any such compensation recovery shall be implemented in accordance with the Company's applicable policies as may be adopted or amended from time to time.

**6. Confidentiality and Intellectual Property**

Your employment is contingent upon execution of the Company's Confidentiality and Proprietary Information Agreement. All intellectual property developed during your employment is and shall remain the exclusive property of the Company.

**7. Company Policies and Compliance**

Your employment is contingent and subject to your strict compliance with all Company policies, rules and regulations as now or hereinafter promulgated and provided to you, and with all applicable federal, state, and local laws. Upon a public listing, you will also be subject to insider trading policies, blackout periods, and other governance policies adopted by the Company.

**8. Governing Law**

This Offer Letter and your employment shall be governed by the applicable state law. The applicable law governing your employment may change at the discretion of the Company and you will be provided with written notice in advance of any such change.

**9. Entire Agreement**

This Offer Letter and the accompanying Annexure supersedes all prior discussions or representations, whether written or oral, concerning the position, job duties and requirements, and terms your employment. Any modification of the terms of employment set forth herein must be in writing and signed by an authorized officer of the Company.

This offer is contingent upon:

&nbsp;&nbsp;&nbsp;&nbsp;· Execution
 of required agreements with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Board
 or Compensation Committee approval.

By signing this offer of employment, you confirm that you have read, understood, and agree to the terms of your employment set forth herein and in the accompanying Annexure, which is incorporated by reference and forms a part of this offer.

Please indicate your formal acceptance of the terms of this offer of employment with Company by signing and returning a copy of this offer to me no later than [Offer Expiry Date].

Sincerely,

[Name]

[Title]

[Company Name], Inc.

**ANNEXURE**

**Employment Terms & Policies (United States – Exempt Employee)**

This Annexure contains terms governing your employment with the Company and forms a part of and is incorporated into the Offer Letter and Terms of Employment Letter, and your acceptance of the Company's offer of employment shall constitute your agreement with the terms in this Annexure. Nothing in this Annexure alters the at-will nature of your employment.

**1. Position Classification**

You acknowledge that your position is classified as **exempt** under applicable federal and state wage and hour laws. As an exempt employee, you are not eligible for overtime compensation, and your work schedule shall be consistent with the business needs and requirements of your position.

**2. Paid Time Off (PTO) Guidelines**

2.1 Other than for PTO time for illness, usage for Personal or Vacation time requires prior approval of your immediate manager and is subject to business needs. Normally no more than two weeks may be taken consecutively unless specific permission is obtained in advance from your immediate manager.

2.2 PTO entitlement for each calendar year must be taken in that year and cannot be carried forward. Any outstanding entitlement at the end of the year shall be forfeited, unless otherwise provided by applicable state law. You will not be entitled to payment in lieu of PTO not taken during a calendar year.

2.3 You will receive payment for all accrued and unused PTO for the concerned year upon your separation from the Company. There will be no entitlement to payment in lieu of PTO that is not accrued in connection with your separation from the Company.

**3. Absence**

3.1 In the event of you being absent from work, you should arrange that your immediate manager is notified at the earliest opportunity on the first day of absence in accordance with Company Policy.

3.2 If your absence is due to sickness, and it exceeds seven calendar days, the company may require you to obtain a medical certificate from your doctor and ensure that it is sent to your immediate manager. A further certificate is required in respect of any further period of incapacity of seven days.

**4. Confidentiality**

4.1 During and after your employment with the Company or any of its affiliates, you shall not disclose, use, copy, or remove any Confidential Information of the Company except as necessary in the proper performance of your duties.

4.2 "Confidential Information" includes in the broadest sense trade secrets, financial data, business strategies, pricing, actual and potential customer and supplier information, proprietary systems, employee lists and information, all information which the Company considers confidential or which has been disclosed to you as such, and all non-public information concerning the Company or its affiliates.

4.3 These obligations of Confidentiality survive termination of employment.

4.4 The Company's policies of Confidentiality shall prohibit you from reporting possible violations of law to governmental agencies or making disclosures protected by whistleblower laws.

4.5 Nothing in this Agreement shall prohibit or restrict you from: (i) voluntarily communicating with an attorney retained by you, (ii) voluntarily communicating or filing a charge or complaint with any law enforcement, government agency, including the Securities and Exchange Commission ("<u>SEC</u>"), the Equal Employment Opportunity Commission, a Federal, State or local commission on human rights, or any self-regulatory organization regarding possible violations of law, in each case without advance notice to the Company, or otherwise initiating, testifying, assisting, complying with a subpoena from, or participating in any manner with an investigation conducted by such government agency, (iii) recovering an SEC whistleblower award as provided under Section 21F of the Securities Exchange Act of 1934, (iv) disclosing any Confidential Information to a court or other administrative or legislative body in response to a subpoena, court order or written request (with advance notice to the Company prior to any such disclosure to the extent legally permitted), (v) filing or disclosing any facts necessary to receive unemployment insurance, Medicaid or other public benefits to which you are entitled; or (vii) making truthful statements or disclosures about unlawful acts in the workplace, including, but not limited to, sexual harassment.

Pursuant to 18 U.S.C. § 1833(b), you shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State or local government official, either directly or indirectly, or to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you (x) file any document containing the trade secret under seal and (y) do not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

**5. Intellectual Property**

5.1 To the fullest extent permitted by applicable law, all inventions, discoveries, works of authorship, developments, improvements, processes, designs, data, and other intellectual property, regardless of form, created or delivered during your employment and relating to the Company's business shall be and remain the exclusive property of the Company.

**6. Compliance with Laws and Public Company Policies**

6.1 You agree to and shall comply with all applicable federal, state, and local laws and regulations, including but not limited to all securities laws, insider trading laws, anti-corruption laws, and stock exchange listing requirements applicable to the Company.

6.2 You agree to comply with all Company policies, as now or hereafter modified, revised or promulgated, including the Code of Business Conduct and Ethics and other governance policies adopted by the Board of Directors.

6.3 Violation of applicable laws or Company policies may result in disciplinary action, up to and including termination of employment.

**7. Restrictive Covenants**

You hereby represent and agree that you are not, and will not be, in breach of any restrictive covenant obligations to any prior employer upon and after commencing employment with the Company or any of its affiliates, including, without limitation, any non-competition, non-solicitation, confidential information and non-disparagement obligations. You agree that you shall not breach any such restrictive covenant obligations to any prior employer in connection with your employment with the Company or any of its affiliates. Further, to the extent permitted by applicable law:

7.1 **Non-Solicitation of Customers**

During your employment with the Company and for three (3) months following your separation from the Company for any reason, you shall not, directly or indirectly, solicit business from, harm the goodwill of, or in any way interfere with the relationship of, any customer, supplier, client, distributor, vendor, investor or other business relationship of the Company, in each case, with whom you first had direct or actual contact or about whom you received or had access to Confidential Information during the twelve (12)-month period immediately preceding such action.

7.2 **Non-Solicitation of Employees**

During your employment with the Company and for three (3) months following your separation of employment from the Company for any reason, you shall not, directly or indirectly, solicit, entice, induce, or attempt to solicit, entice, or induce, any employee at a management level or above with whom you worked or about whom you obtained Confidential Information, in each case, during the twelve (12) month period immediately preceding such action, to terminate their employment or otherwise interfere with their employment relationship with the Company; *provided*, *however*, that, following the separation of your employment from the Company, the foregoing will not preclude you from initiating or directing, on your own behalf or for a third party, a general employment solicitation that is not directed or targeted primarily at the foregoing employees.

![](ctm005_ex10-5img01.jpg)

7.3 **Non-Compete (Where Lawful and Enforceable)**

During your employment with the Company and for three (3) months following your separation of employment from the Company for any reason, you shall not, whether for your own account or for any other person or entity, operate, manage, control, participate in, serve as an officer or director, or be employed or engaged in, an executive, management or supervisory role by, or provide strategic or operational advice to, a Competitive Business, in each case to the extent such role, services or activities are the same as or substantially similar to those performed by you for the Company at any time during the twelve (12) month period preceding such separation; provided, however, that nothing in this provision shall restrict you from providing advice or services to a Competitive Business if: (i) such service relationship is restricted solely to one or more distinct portions of the operations and businesses of such Competitive Business, (ii) such distinct portions do not engage in activities competitive with the Company, and (iii) you undertake not to, and do not, have any discussions with, or participate in, the governance, management or operations of such person or entity or any business segments thereof that engage in activities competitive with the Company. Nothing herein shall prohibit you from being a passive owner of not more than 5% of the outstanding stock of any class of a corporation which is publicly traded.

"Competitive Business" shall mean any person or entity that is engaged in any business that is the same as, or substantially similar to, the business conducted by the Company as of the date of separation of your employment, including the business of metals and mining operations (the "Business")

7.4 **No Holding Out**

Following your separation of employment from the Company, you shall not represent yourself as being employed or otherwise connected with the Company.

7.5 Each restriction is separate and severable and shall be enforced to the maximum extent permitted by applicable law.

**8. Data Protection and Privacy**

8.1 You agree and shall comply with all applicable federal, state, and local privacy, data protection, cybersecurity, and data breach notification laws, as well as all Company policies and procedures regarding data protection and privacy.

![](ctm005_ex10-5img01.jpg)

8.2 You agree and shall access, use, process, store, and disclose Company data and personal information solely for legitimate business purposes and in accordance with Company policies. All such information which you obtain in the course of your employment, in whatever form–which includes but not limited to business plans, projects, estimates, costing, pricing, customers, formulae, methods of doing business, technology, and product/technical data–shall always be kept confidential, and you shall not divulge the same in any manner which violates Company policy or law, or or use it for your benefit or for the benefit of any other person.

8.3 You agree and shall implement and follow reasonable administrative, technical, and physical safeguards to protect Company information from unauthorized access, disclosure, alteration, or destruction.

8.4 To agree and shall report any actual or suspected data security incident immediately in accordance with Company information security policies.

**9. Amendments**

The Company reserves the right to amend, modify, supplement, or discontinue its policies and procedures from time to time to ensure legal compliance and operational effectiveness, subject to applicable law.

Employee initials

## Exhibit 16.1

**Exhibit 16.1**

![](ctm005_ex16-1img01.jpg)

June 02, 2026

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

**Commissioners:**

We have read CopperTech Metals Inc's statements included under the title Change in Independent Registered Public Accounting Firm included in registration statement of the Form S-1 filed on June 02, 2026 and we agree with such statements insofar as they relate to our firm.

Very truly yours,

![](ctm005_ex16-1img03.jpg)

**Manohar Chowdhry & Associates**

Chartered Accountants

Chennai, India

![](ctm005_ex16-1img02.jpg)

#27, Subramaniam Street, Abiramapuram, Chennai ● Bengaluru ● Gurugram ● Hyderabad ● Mumbai ● Coimbatore <br> Chennai - 600 018, Tamil Nadu Kochi ● Madurai ● Mangaluru ● Vijayawada ● Vizag <br> Tel: +91 44 42903333 / 42903300 Trichy ● Bargarh ● Bhubaneswar

## Exhibit 21.1

**Exhibit 21.1**

**<u>Subsidiaries of CopperTech Metals Inc.</u>**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction of Incorporation or Organization** |
| Vedanta Resources Jersey Limited | Jersey |
| Konkola Copper Mines Plc | Zambia |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in this Registration Statement on Form S-1 of our report dated June 02, 2026 with respect to the financial statements of CopperTech Metals Inc, included herein and to the reference to our firm under the caption "Experts" in the prospectus.

![](ctm005_ex23-1img02.jpg)

**Manohar Chowdhry & Associates**

Chartered Accountants

Chennai, India

June 02, 2026

![](ctm005_ex23-1img03.jpg)

New No.27, Subramaniam Street, Chennai ● Bengaluru ● Mumbai ● Hyderabad ● Gurugram <br> Abiramapuram, Chennai - 600 018, Tamil Nadu Visakhapatnam ● Coimbatore ● Kochi ● Madurai ● Mangaluru <br> Tel: +91 44 42903333 \| Web : www.mca.co.in Tiruchirapalli ● Vijayawada

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in this Registration Statement on Form S-1 of our report dated June 01, 2026 relating to the consolidated financial statements of Konkola Copper Mines Plc included herein and to the reference to our firm under the caption "Experts" in the prospectus.

![](ctm005_ex23-1img02.jpg)

**Manohar Chowdhry & Associates**

Chartered Accountants

Chennai, India

June 01, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**Consent of Qualified Person**

AMC Consultants (UK) Limited ("AMC"), in connection with CopperTech Metals Inc.'s (the "Company") Registration Statement on Form S-1 (along with any amendments or supplements and/or exhibits thereto, the "Registration Statement"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;· the filing and use of the technical report titled "S-K 1300 TRS - Technical Report Summary" for Konkola Copper Mines
 Plc, dated as of June 2, 2026 (the "Technical Report"), that was prepared in accordance with Subpart 1300 of
 Regulation S-K promulgated by the U.S. Securities and Exchange Commission as an exhibit to and referenced in the Registration
 Statement;

&nbsp;&nbsp;&nbsp;&nbsp;· the use of and references to our name, including our status as a "qualified person" (as defined in Subpart 1300 of
Regulation S-K promulgated by the Securities and Exchange Commission) in connection with the Registration Statement and Technical
Report; and

&nbsp;&nbsp;&nbsp;&nbsp;· any extracts from or summary of the Technical Report and the use of any information derived, summarized, quoted or referenced from
the Technical Report we provided to the Company, that we prepared or supervised the preparation of, and/or that was reviewed and approved
by us, that is included or incorporated by reference in the Registration Statement.

AMC is responsible for authoring, and this consent pertains to, the Technical Report. AMC certifies that it has read the Registration Statement and that the Registration Statement fairly and accurately represent the information in the Technical Report.

---

| |
|:---|
| /s/ Derek du Preez |
| Name: Derek du Preez |
| Title: Chief Operating Officer |
| Date: June 2, 2026 |

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## Exhibit 96.1

**Exhibit 96.1**

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| | |
|:---|:---|
| **AMC Consultants (UK) Limited**<br> Registered in England and Wales No. 3688365<br>Office 336a, Davidson House, Forbury Square<br> Reading RG1 3EU<br> United Kingdom | ![](ctm005_ex96-1img001.jpg) |

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T +44 1628 778 256 <br> E unitedkingdom@amcconsultants.com

amcconsultants.com

**Report**

**S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment)**

Konkola Copper Mines Plc

AMC Project 0424076

2 June 2026

mine smarter

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**QUALIFIED PERSON — DATE AND SIGNATURE PAGE**

This Technical Report Summary has been prepared by AMC Consultants (UK) Limited, acting as the Qualified Person for all sections of this report. In accordance with Instruction 5 to Item 601(b)(96) of Regulation S-K, AMC Consultants (UK) Limited is an entity that satisfies the requirements of a qualified person under § 229.1300(b) and assumes responsibility for the Technical Report Summary as a whole.

AMC Consultants (UK) Limited confirms that it has the relevant experience, competence, and professional qualifications required to prepare and take responsibility for all sections of this TRS. The individual professionals within AMC who contributed to this report possess qualifications and experience appropriate to the subject matter of their contributions and are members of recognised professional organizations.

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| | |
|:---|:---|
| **Qualified Person:** | **Sections Responsible:** |
| &nbsp;&nbsp; AMC Consultants (UK) Limited<br> Registered in England and Wales No. 3688365<br> Office 336a, Davidson House, Forbury Square<br> Reading RG1 3EU, United Kingdom | All sections (Sections 1 through 25) |

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| | |
|:---|:---|
| **Signature:** | **Date:** |
| Karl van Olden | 2 June 2026 |
| &nbsp;&nbsp; *Authorized Signatory*<br> *AMC Consultants (UK) Limited* | |

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| | |
|:---|:---|
| **Effective Date of TRS:** | 1 April 2026 |
| &nbsp;&nbsp;**Date of Report:** | 2 June 2026 |
| **AMC Project Number:** | 0424076 |

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Note: Pursuant to Instruction 5 to Item 601(b)(96), where an entity rather than an individual serves as the qualified person, the entity assumes responsibility for the Technical Report Summary. The authorized signatory executes this page on behalf of AMC Consultants (UK) Limited in its capacity as Qualified Person.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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 <br> **CAUTIONARY STATEMENT - INITIAL ASSESSMENT**<br>This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.<br>

 <br> **INFERRED MINERAL RESOURCE PROPORTION**<br>Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). At Konkola Mine, approximately 87% of Mineral Resources are classified as Inferred (249 Mt of 288 Mt). Inferred Mineral Resources have a lower level of confidence and cannot be converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Resources could be upgraded with continued exploration.<br>

 <br> **IMPORTANT NOTICE - INITIAL ASSESSMENT**<br>This Technical Report Summary has been prepared as an INITIAL ASSESSMENT in accordance with Subpart 1300 of Regulation S-K (17 CFR Part 229, Subpart 1300). This document presents economic analysis for the full KCM Operations based on all Mineral Resources, with the Measured and Indicated Case (M&I Case) providing results excluding Inferred Mineral Resources. A separate Preliminary Feasibility Study Technical Report Summary has been prepared for the Mineral Reserve portion only, demonstrating economic viability based exclusively on Mineral Reserves.<br>

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**Contents**

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | Executive summary | Executive summary | Executive summary | 19 |
|  | 1.1 | Introduction | Introduction | 19 |
|  | 1.2 | Property description and ownership | Property description and ownership | 19 |
|  | 1.3 | Mineral rights | Mineral rights | 20 |
|  | 1.4 | Geology and mineralisation | Geology and mineralisation | 21 |
|  |  | 1.4.1 | Regional geological setting | 21 |
|  |  | 1.4.2 | Mineralisation characteristics | 21 |
|  |  | 1.4.3 | Structural and hydrothermal influences | 21 |
|  | 1.5 | Exploration and drilling status | Exploration and drilling status | 21 |
|  |  | 1.5.1 | Konkola | 21 |
|  |  | 1.5.2 | Nchanga | 22 |
|  |  | 1.5.3 | Tailings dams | 22 |
|  | 1.6 | Mineral Resource estimate | Mineral Resource estimate | 23 |
|  | 1.7 | Mineral Reserve estimate | Mineral Reserve estimate | 24 |
|  | 1.8 | Development and operational status | Development and operational status | 24 |
|  |  | 1.8.1 | Konkola | 25 |
|  |  | 1.8.2 | Nchanga | 25 |
|  | 1.9 | Mining methods | Mining methods | 26 |
|  | 1.10 | Processing and recovery methods | Processing and recovery methods | 26 |
|  | 1.11 | Infrastructure | Infrastructure | 28 |
|  | 1.12 | Economic analysis summary - dual presentation | Economic analysis summary - dual presentation | 29 |
|  |  | 1.12.1 | Key assumptions | 30 |
|  |  | 1.12.2 | Production plan | 30 |
|  |  | 1.12.3 | Capital and operating costs | 33 |
|  |  |  | Economic results | 37 |
|  | 1.13 | Sensitivity analysis | Sensitivity analysis | 38 |
|  | 1.14 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 40 |
|  | 1.15 | Qualified Person's conclusions | Qualified Person's conclusions | 41 |
|  |  | 1.15.1 | Initial Assessment status | 41 |
|  |  | 1.15.2 | Economic assessment | 41 |
|  |  | 1.15.3 | The QP recommends | 41 |
| 2 | Introduction | Introduction | Introduction | 42 |
|  | 2.1 | Registrant for whom the TRS was prepared | Registrant for whom the TRS was prepared | 42 |
|  | 2.2 | Terms of reference and purpose | Terms of reference and purpose | 42 |
|  | 2.3 | Units of measure | Units of measure | 42 |
|  | 2.4 | Defined terms and abbreviations | Defined terms and abbreviations | 43 |
|  | 2.5 | Sources of information | Sources of information | 45 |
|  | 2.6 | Personal inspection of the property | Personal inspection of the property | 45 |
|  | 2.7 | Summary of previously filed technical report | Summary of previously filed technical report | 46 |
|  | 2.8 | Qualified Persons | Qualified Persons | 46 |
|  | 2.9 | Reliance on the registrant | Reliance on the registrant | 46 |
| 3 | Property description | Property description | Property description | 47 |
|  | 3.1 | Property description | Property description | 47 |
|  | 3.2 | Project location | Project location | 48 |
|  | 3.3 | Ownership | Ownership | 51 |
|  | 3.4 | Mineral rights | Mineral rights | 51 |
|  | 3.5 | Description of property rights | Description of property rights | 52 |
|  | 3.6 | Infrastructure and access | Infrastructure and access | 52 |
|  | 3.7 | Royalty payments and fiscal obligations | Royalty payments and fiscal obligations | 53 |
|  | 3.8 | Significant encumbrances to the property | Significant encumbrances to the property | 53 |
|  |  | 3.8.1 | Environmental compliance obligations | 53 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|  |  | 3.8.2 | Permit conditions | 54.0 |
|  |  | 3.8.3 | Social and land use obligations | 54.0 |
|  | 3.9 | Significant factors and risks affecting access | Significant factors and risks affecting access | 54.0 |
|  |  | 3.9.1 | Operational risks | 54.0 |
|  |  | 3.9.2 | Regulatory and social risks | 55.0 |
|  | 3.10 | Adjacent properties | Adjacent properties | 55.0 |
| 4.0 | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | 57.0 |
|  | 4.1 | Topography and land description | Topography and land description | 57.0 |
|  |  | 4.1.1 | Flora and fauna | 57.0 |
|  | 4.2 | Access to the property | Access to the property | 57.0 |
|  |  | 4.2.1 | Regional access | 57.0 |
|  |  | 4.2.2 | Inter-site access and product transport routes | 58.0 |
|  | 4.3 | Climate description | Climate description | 59.0 |
|  | 4.4 | Availability of required infrastructure | Availability of required infrastructure | 60.0 |
|  |  | 4.4.1 | Power | 60.0 |
|  |  | 4.4.2 | Water | 60.0 |
|  |  | 4.4.3 | Supplies | 60.0 |
|  |  | 4.4.4 | Personnel | 60.0 |
| 5.0 | History | History | History | 61.0 |
|  | 5.1 | Early exploration and discovery (pre-1950) | Early exploration and discovery (pre-1950) | 61.0 |
|  |  | 5.1.1 | Nchanga | 61.0 |
|  |  | 5.1.2 | Konkola | 61.0 |
|  | 5.2 | Systematic development and state ownership (1950s–1999) | Systematic development and state ownership (1950s–1999) | 61.0 |
|  |  | 5.2.1 | Expansion under colonial and early independence era (1950s–1969) | 61.0 |
|  |  | 5.2.2 | Nationalisation and ZCCM era (1969–1999) | 62.0 |
|  | 5.3 | Privatisation and Anglo American Corporation (2000–2002) | Privatisation and Anglo American Corporation (2000–2002) | 62.0 |
|  | 5.4 | Vedanta Resources (2004–2019) | Vedanta Resources (2004–2019) | 62.0 |
|  | 5.5 | Provisional liquidation (2019–2024) | Provisional liquidation (2019–2024) | 63.0 |
|  |  | 5.5.1 | Production curtailment | 63.0 |
|  |  | 5.5.2 | Exploration and development activity | 64.0 |
|  |  | 5.5.3 | Infrastructure condition | 64.0 |
|  |  | 5.5.4 | Resolution and resumption of control | 64.0 |
|  | 5.6 | Production history | Production history | 64.0 |
|  | 5.7 | Key development milestones | Key development milestones | 66.0 |
| 6.0 | Geological setting and mineralisation | Geological setting and mineralisation | Geological setting and mineralisation | 67.0 |
|  | 6.1 | Regional geology | Regional geology | 67.0 |
|  |  | 6.1.1 | Lithostratigraphy of the Central African Copperbelt | 68.0 |
|  |  | 6.1.2 | Mineralisation genesis | 69.0 |
|  |  | 6.1.3 | Structural and tectonic evolution | 70.0 |
|  | 6.2 | Konkola local geology | Konkola local geology | 70.0 |
|  |  | 6.2.1 | Mineralisation | 72.0 |
|  |  | 6.2.2 | Major structural controls on mineralisation | 75.0 |
|  | 6.3 | Nchanga local geology | Nchanga local geology | 76.0 |
|  |  | 6.3.1 | Mineralisation | 76.0 |
|  |  | 6.3.2 | Major structural controls on mineralisation | 76.0 |
|  | 6.4 | Summary of geological characteristics | Summary of geological characteristics | 77.0 |
| 7.0 | Exploration | Exploration | Exploration | 78.0 |
|  | 7.1 | Exploration history – Konkola and Nchanga | Exploration history – Konkola and Nchanga | 78.0 |
|  | 7.2 | Drilling methods | Drilling methods | 79.0 |
|  | 7.3 | Core recovery | Core recovery | 79.0 |
|  | 7.4 | Core logging | Core logging | 80.0 |
|  | 7.5 | Sample selection | Sample selection | 80.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|  | 7.6 | QAQC program | QAQC program | QAQC program | 80.0 |
|  | 7.7 | Konkola Mine | Konkola Mine | Konkola Mine | 81.0 |
|  |  | 7.7.1 | Drillhole locations | Drillhole locations | 81.0 |
|  |  | 7.7.2 | Hydrogeology | Hydrogeology | 82.0 |
|  |  | 7.7.3 | Exploration program summary | Exploration program summary | 82.0 |
|  | 7.8 | Nchanga Business Unit | Nchanga Business Unit | Nchanga Business Unit | 82.0 |
|  |  | 7.8.1 | Drillhole locations | Drillhole locations | 82.0 |
|  |  | 7.8.2 | Hydrogeology | Hydrogeology | 85.0 |
|  |  | 7.8.3 | Future drilling program summary | Future drilling program summary | 85.0 |
|  | 7.9 | Geotechnical data, testing, and analysis | Geotechnical data, testing, and analysis | Geotechnical data, testing, and analysis | 86.0 |
|  |  | 7.9.1 | Konkola | Konkola | 86.0 |
|  |  |  | 7.9.1.1 | Geotechnical drilling | 86.0 |
|  |  |  | 7.9.1.2 | Geotechnical testing | 86.0 |
|  |  |  | 7.9.1.3 | Seismicity | 86.0 |
|  |  |  | 7.9.1.4 | In situ stress | 87.0 |
|  |  |  | 7.9.1.5 | Groundwater | 87.0 |
|  |  | 7.9.2 | Nchanga | Nchanga | 88.0 |
| 8.0 | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | 89.0 |
|  | 8.1 | Hard rock samples | Hard rock samples | Hard rock samples | 89.0 |
|  |  | 8.1.1 | Sample preparation and analysis | Sample preparation and analysis | 89.0 |
|  |  | 8.1.2 | Sample preparation method | Sample preparation method | 89.0 |
|  |  | 8.1.3 | Analytical method | Analytical method | 89.0 |
|  |  | 8.1.4 | Bulk density measurement | Bulk density measurement | 89.0 |
|  | 8.2 | Tailings samples | Tailings samples | Tailings samples | 90.0 |
|  |  | 8.2.1 | TD03 and TD04 | TD03 and TD04 | 90.0 |
|  |  |  | 8.2.1.1 | Sample preparation and analysis | 90.0 |
|  |  |  | 8.2.1.2 | Sample preparation method | 90.0 |
|  |  |  | 8.2.1.3 | Analytical method | 90.0 |
|  |  |  | 8.2.1.4 | Bulk density measurement | 90.0 |
|  |  | 8.2.2 | TD05 | TD05 | 91.0 |
|  |  |  | 8.2.2.1 | Sample preparation and analysis | 91.0 |
|  |  |  | 8.2.2.2 | Sample preparation method | 91.0 |
|  |  |  | 8.2.2.3 | Analytical method | 91.0 |
|  |  |  | 8.2.2.4 | Bulk density measurement | 91.0 |
|  | 8.3 | Quality assurance quality control program | Quality assurance quality control program | Quality assurance quality control program | 93.0 |
|  | 8.4 | Sample security | Sample security | Sample security | 93.0 |
|  | 8.5 | Quality assurance quality control – Konkola | Quality assurance quality control – Konkola | Quality assurance quality control – Konkola | 94.0 |
|  |  | 8.5.1 | Konkola | Konkola | 94.0 |
|  |  |  | 8.5.1.1 | CRM | 94.0 |
|  |  |  | 8.5.1.2 | Repeats | 98.0 |
|  |  |  | 8.5.1.3 | Blanks | 99.0 |
|  | 8.6 | Quality assurance quality control - Nchanga | Quality assurance quality control - Nchanga | Quality assurance quality control - Nchanga | 99.0 |
|  |  | 8.6.1 | Chingola Open Pit C and E Extension (COP E Ext) | Chingola Open Pit C and E Extension (COP E Ext) | 100.0 |
|  |  |  | 8.6.1.1 | CRM | 100.0 |
|  |  |  | 8.6.1.2 | Repeats | 101.0 |
|  |  | 8.6.2 | TD03 and TD04 | TD03 and TD04 | 102.0 |
|  |  | 8.6.3 | TD05 | TD05 | 102.0 |
|  |  | 8.6.4 | QAQC conclusion | QAQC conclusion | 108.0 |
|  | 8.7 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 109.0 |
|  |  | 8.7.1 | Historical data | Historical data | 109.0 |
|  |  | 8.7.2 | Sample security | Sample security | 109.0 |
|  |  | 8.7.3 | QP's opinion on sample preparation, security and analytical procedures | QP's opinion on sample preparation, security and analytical procedures | 109.0 |
|  | 8.8 | QAQC recommendations | QAQC recommendations | QAQC recommendations | 111.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|:---|:---|:---|
| 9.0 | Data verification | Data verification | Data verification | Data verification | 112.0 |
|  | 9.1 | Historic data | Historic data | Historic data | 112.0 |
|  | 9.2 | Modern data | Modern data | Modern data | 112.0 |
|  |  | 9.2.1 | Database | Database | 112.0 |
|  |  | 9.2.2 | Exported data validation | Exported data validation | 112.0 |
|  |  | 9.2.3 | Data verification | Data verification | 113.0 |
|  |  | 9.2.4 | Database security | Database security | 113.0 |
|  | 9.3 | Data verification limitations - Konkola | Data verification limitations - Konkola | Data verification limitations - Konkola | 113.0 |
|  | 9.4 | Data verification limitations - Nchanga | Data verification limitations - Nchanga | Data verification limitations - Nchanga | 114.0 |
|  | 9.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 115.0 |
|  |  | 9.5.1 | Historical data | Historical data | 115.0 |
|  |  | 9.5.2 | Modern data | Modern data | 115.0 |
|  |  | 9.5.3 | Assessment of identified verification limitations | Assessment of identified verification limitations | 115.0 |
|  |  | 9.5.4 | Data adequacy conclusion | Data adequacy conclusion | 116.0 |
| 10.0 | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | 117.0 |
|  | 10.1 | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | 117.0 |
|  | 10.2 | Testing laboratories | Testing laboratories | Testing laboratories | 118.0 |
|  | 10.3 | Test sample representativity | Test sample representativity | Test sample representativity | 118.0 |
|  | 10.4 | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | 119.0 |
|  |  | 10.4.1 | Konkola concentrator | Konkola concentrator | 119.0 |
|  |  | 10.4.2 | Nchanga TLP | Nchanga TLP | 119.0 |
|  |  | 10.4.3 | Nchanga TLP and Elevated Temperature Leach Technology | Nchanga TLP and Elevated Temperature Leach Technology | 121.0 |
|  |  | 10.4.4 | TD05 metallurgical test work | TD05 metallurgical test work | 121.0 |
|  | 10.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 123.0 |
| 11.0 | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | 124.0 |
|  | 11.1 | Introduction | Introduction | Introduction | 124.0 |
|  | 11.2 | KCM Integrated Operations - Mineral Resources | KCM Integrated Operations - Mineral Resources | KCM Integrated Operations - Mineral Resources | 125.0 |
|  |  | 11.2.1 | Mineral Resource uncertainty | Mineral Resource uncertainty | 126.0 |
|  |  | 11.2.2 | Cut-off grade derivation | Cut-off grade derivation | 127.0 |
|  | 11.3 | Konkola | Konkola | Konkola | 128.0 |
|  |  | 11.3.1 | Data | Data | 129.0 |
|  |  | 11.3.2 | Geological interpretation | Geological interpretation | 130.0 |
|  |  |  | 11.3.2.1 | Estimation domains | 132.0 |
|  |  |  | 11.3.2.2 | Definition of hangingwall and footwall surfaces | 132.0 |
|  |  | 11.3.3 | Statistics and compositing | Statistics and compositing | 139.0 |
|  |  |  | 11.3.3.1 | Variography | 141.0 |
|  |  | 11.3.4 | Block model and estimation parameters | Block model and estimation parameters | 142.0 |
|  |  |  | 11.3.4.1 | Estimation parameters | 143.0 |
|  |  |  | 11.3.4.2 | Bulk density | 143.0 |
|  |  | 11.3.5 | Block model validation | Block model validation | 144.0 |
|  |  |  | 11.3.5.1 | Swath plots | 144.0 |
|  |  |  | 11.3.5.2 | Visual validation | 146.0 |
|  |  |  | 11.3.5.3 | Statistical validation | 147.0 |
|  |  | 11.3.6 | Classification criteria | Classification criteria | 149.0 |
|  |  | 11.3.7 | Mineral Resource uncertainty | Mineral Resource uncertainty | 150.0 |
|  |  | 11.3.8 | Mineral Resource Estimate | Mineral Resource Estimate | 150.0 |
|  | 11.4 | Nchanga assets | Nchanga assets | Nchanga assets | 151.0 |
|  |  | 11.4.1 | Chingola open pit D and F (COP DF) | Chingola open pit D and F (COP DF) | 151.0 |
|  |  |  | 11.4.1.1 | Data | 151.0 |
|  |  |  | 11.4.1.2 | Geological interpretation and generation of 3D representation | 152.0 |
|  |  |  | 11.4.1.3 | Statistics and compositing | 152.0 |
|  |  |  | 11.4.1.4 | Block model and estimation parameters | 153.0 |
|  |  |  | 11.4.1.5 | Bulk density | 154.0 |

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|  |  |  | 11.4.1.6 | Estimation validation | 154.0 |
|  |  |  | 11.4.1.7 | Classification criteria | 155.0 |
|  |  |  | 11.4.1.8 | Mineral Resource uncertainty | 156.0 |
|  |  |  | 11.4.1.9 | Mineral Resource estimate | 156.0 |
|  |  | 11.4.2 | Chingola Open Pit C and E Extension (COP E Ext) | Chingola Open Pit C and E Extension (COP E Ext) | 157.0 |
|  |  |  | 11.4.2.1 | Data | 157.0 |
|  |  |  | 11.4.2.2 | Geological interpretation and generation of 3D representation | 158.0 |
|  |  |  | 11.4.2.3 | Statistics and compositing | 160.0 |
|  |  |  | 11.4.2.4 | Block model and estimation parameters | 161.0 |
|  |  |  | 11.4.2.5 | Bulk density | 162.0 |
|  |  |  | 11.4.2.6 | Estimation validation | 162.0 |
|  |  |  | 11.4.2.7 | Classification criteria | 163.0 |
|  |  |  | 11.4.2.8 | Mineral Resource uncertainty | 165.0 |
|  |  |  | 11.4.2.9 | Mineral Resource estimate | 165.0 |
|  |  | 11.4.3 | Tailings dams TD03 and TD04 | Tailings dams TD03 and TD04 | 166.0 |
|  |  |  | 11.4.3.1 | Data | 166.0 |
|  |  |  | 11.4.3.2 | Generation of volume / tonnage and grade | 166.0 |
|  |  |  | 11.4.3.3 | Mining, processing, and recovery | 167.0 |
|  |  |  | 11.4.3.4 | Classification criteria | 167.0 |
|  |  |  | 11.4.3.5 | Mineral Resource uncertainty | 168.0 |
|  |  |  | 11.4.3.6 | Mineral Resource estimate | 168.0 |
|  |  | 11.4.4 | Tailings dam TD05 (Muntimpa) | Tailings dam TD05 (Muntimpa) | 168.0 |
|  |  |  | 11.4.4.1 | Data | 169.0 |
|  |  |  | 11.4.4.2 | Generation of volume / tonnage | 170.0 |
|  |  |  | 11.4.4.3 | Statistics and compositing | 170.0 |
|  |  |  | 11.4.4.4 | Block model and estimation parameters | 173.0 |
|  |  |  | 11.4.4.5 | Bulk density | 174.0 |
|  |  |  | 11.4.4.6 | Estimation validation | 174.0 |
|  |  |  | 11.4.4.7 | Classification criteria | 176.0 |
|  |  |  | 11.4.4.8 | Mineral Resource uncertainty | 178.0 |
|  |  |  | 11.4.4.9 | Mineral Resource estimate | 178.0 |
|  | 11.5 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 179.0 |
| 12.0 | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | 180.0 |
| 13.0 | Mining methods | Mining methods | Mining methods | Mining methods | 181.0 |
|  | 13.1 | Introduction | Introduction | Introduction | 181.0 |
|  | 13.2 | Konkola Mine | Konkola Mine | Konkola Mine | 183.0 |
|  |  | 13.2.1 | Konkola Mine - Geotechnical considerations | Konkola Mine - Geotechnical considerations | 183.0 |
|  |  |  | 13.2.1.1 | Geotechnical domains | 183.0 |
|  |  |  | 13.2.1.2 | Structural geology summary | 192.0 |
|  |  | 13.2.2 | Geotechnical considerations for mining | Geotechnical considerations for mining | 195.0 |
|  |  |  | 13.2.2.1 | Stope stability and design | 195.0 |
|  |  |  | 13.2.2.2 | Stope dilution estimation | 195.0 |
|  |  |  | 13.2.2.3 | Infrastructure placement | 195.0 |
|  |  |  | 13.2.2.4 | Crown pillar and subsidence risk | 195.0 |
|  |  | 13.2.3 | Ground support and numerical modelling | Ground support and numerical modelling | 195.0 |
|  |  | 13.2.4 | Hydrogeology | Hydrogeology | 196.0 |
|  |  |  | 13.2.4.1 | Hydrology summary | 196.0 |
|  |  |  | 13.2.4.2 | Aquifer parameters and testing | 196.0 |
|  |  |  | 13.2.4.3 | Dewatering volumes and rates | 197.0 |
|  |  |  | 13.2.4.4 | Chingola dolomite | 197.0 |
|  |  |  | 13.2.4.5 | Recharge | 198.0 |
|  |  |  | 13.2.4.6 | Dewatering system and boreholes | 198.0 |
|  |  |  | 13.2.4.7 | Water balance and groundwater model status | 199.0 |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | 13.2.4.8 | Water quality | 200.0 |
|  |  |  | 13.2.4.9 | Mine schedule and dewatering plan | 200.0 |
|  |  |  | 13.2.4.10 | Future dewatering rates | 202.0 |
|  |  |  | 13.2.4.11 | Pumping infrastructure – Konkola Mine | 203.0 |
|  |  |  | 13.2.4.12 | Konkola Mine water management infrastructure | 204.0 |
|  |  |  | 13.2.4.13 | Upgrade of existing pumping infrastructure | 204.0 |
|  |  |  | 13.2.4.14 | Risks | 205.0 |
|  |  | 13.2.5 | Existing mining – Konkola Mine | Existing mining – Konkola Mine | 206.0 |
|  |  | 13.2.6 | Planned mining methods - Konkola Mine | Planned mining methods - Konkola Mine | 206.0 |
|  |  | 13.2.7 | Mining unit dimensions | Mining unit dimensions | 208.0 |
|  |  | 13.2.8 | Mining dilution and recovery factors | Mining dilution and recovery factors | 209.0 |
|  |  | 13.2.9 | Mine design | Mine design | 209.0 |
|  |  | 13.2.10 | Mining operations | Mining operations | 212.0 |
|  |  | 13.2.11 | Backfill – Konkola Mine | Backfill – Konkola Mine | 213.0 |
|  |  |  | 13.2.11.1 | Paste fill geomechanics and fill strength | 214.0 |
|  |  |  | 13.2.11.2 | Paste fill placement and retention | 215.0 |
|  |  | 13.2.12 | Ventilation – Konkola Mine | Ventilation – Konkola Mine | 216.0 |
|  | 13.3 | Nchanga Operations | Nchanga Operations | Nchanga Operations | 217.0 |
|  |  | 13.3.1 | COP D and F surface pit | COP D and F surface pit | 218.0 |
|  |  |  | 13.3.1.1 | Geotechnical considerations | 218.0 |
|  |  |  | 13.3.1.2 | Geotechnical considerations Nchanga open pits | 219.0 |
|  |  | 13.3.2 | Planned underground mining – Nchanga | Planned underground mining – Nchanga | 223.0 |
|  |  |  | 13.3.2.1 | Mining dilution and recovery factors | 224.0 |
|  | 13.4 | Tailings reclamation | Tailings reclamation | Tailings reclamation | 224.0 |
|  |  | 13.4.1 | Sources of production TD03, TD04, TD05 | Sources of production TD03, TD04, TD05 | 224.0 |
|  |  | 13.4.2 | Tailings dam inventory | Tailings dam inventory | 225.0 |
|  |  | 13.4.3 | Processing methodology and plant design | Processing methodology and plant design | 226.0 |
|  |  | 13.4.4 | Production schedule | Production schedule | 226.0 |
|  |  | 13.4.5 | Materials handling, slurry pumping | Materials handling, slurry pumping | 227.0 |
|  | 13.5 | Konkola Mine – conceptual mining plan | Konkola Mine – conceptual mining plan | Konkola Mine – conceptual mining plan | 227.0 |
|  |  | 13.5.1 | Near-term production (Measured and Indicated Resources) | Near-term production (Measured and Indicated Resources) | 227.0 |
|  |  | 13.5.2 | Full Resource Case | Full Resource Case | 227.0 |
|  | 13.6 | Mining personnel | Mining personnel | Mining personnel | 229.0 |
|  | 13.7 | Full resource scenario | Full resource scenario | Full resource scenario | 229.0 |
|  |  | 13.7.1 | Full Resource Case scenario assumptions | Full Resource Case scenario assumptions | 230.0 |
|  |  | 13.7.2 | Conceptual production profile | Conceptual production profile | 231.0 |
|  |  | 13.7.3 | Inferred Mineral Resource cautionary statement | Inferred Mineral Resource cautionary statement | 231.0 |
| 14.0 | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | 232.0 |
|  | 14.1 | Konkola concentrator | Konkola concentrator | Konkola concentrator | 234.0 |
|  |  | 14.1.1 | Konkola process description | Konkola process description | 234.0 |
|  |  |  | 14.1.1.1 | Historical performance | 235.0 |
|  |  |  | 14.1.1.2 | Restart performance | 235.0 |
|  |  | 14.1.2 | Plant design and equipment | Plant design and equipment | 238.0 |
|  |  | 14.1.3 | Plant operations | Plant operations | 238.0 |
|  |  | 14.1.4 | Konkola LOMP production schedule | Konkola LOMP production schedule | 240.0 |
|  | 14.2 | Nchanga concentrators | Nchanga concentrators | Nchanga concentrators | 242.0 |
|  |  | 14.2.1 | Historical performance | Historical performance | 242.0 |
|  |  | 14.2.2 | Nchanga LOM production | Nchanga LOM production | 245.0 |
|  | 14.3 | Nchanga TLP | Nchanga TLP | Nchanga TLP | 246.0 |
|  |  | 14.3.1 | Historical performance | Historical performance | 247.0 |
|  |  | 14.3.2 | Restart performance | Restart performance | 249.0 |
|  |  |  | 14.3.2.1 | Plant design and equipment | 250.0 |
|  |  |  | 14.3.2.2 | Combined TLP and TLP 2 production schedule | 250.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 14.4 | Nchanga smelter | Nchanga smelter | Nchanga smelter | 251.0 |
|  |  | 14.4.1 | Recent smelter performance | Recent smelter performance | 253.0 |
|  |  | 14.4.2 | Smelter condition | Smelter condition | 255.0 |
|  |  | 14.4.3 | Concentrate blending and third-party feed requirements | Concentrate blending and third-party feed requirements | 256.0 |
|  |  |  | 14.4.3.1 | Sources of third-party concentrate | 257.0 |
|  |  |  | 14.4.3.2 | Availability of third-party concentrate | 257.0 |
|  |  |  | 14.4.3.3 | Existing contracts and commercial terms | 258.0 |
|  |  |  | 14.4.3.4 | Alternatives to third-party concentrate procurement | 259.0 |
|  |  |  | 14.4.3.5 | Assessment of supply certainty | 260.0 |
|  |  | 14.4.4 | Nkana refinery | Nkana refinery | 261.0 |
|  |  |  | 14.4.4.1 | Mode of operation, general condition | 261.0 |
|  |  |  | 14.4.4.2 | Production | 262.0 |
|  | 14.5 | Proposed processing methods | Proposed processing methods | Proposed processing methods | 262.0 |
|  |  | 14.5.1 | Process description | Process description | 263.0 |
|  |  | 14.5.2 | Design parameters | Design parameters | 263.0 |
|  |  | 14.5.3 | TD06 tailings storage facility | TD06 tailings storage facility | 263.0 |
|  | 14.6 | Proposed flow sheet | Proposed flow sheet | Proposed flow sheet | 263.0 |
|  | 14.7 | Plant design and equipment | Plant design and equipment | Plant design and equipment | 264.0 |
|  | 14.8 | Plant operations | Plant operations | Plant operations | 264.0 |
| 15.0 | Infrastructure | Infrastructure | Infrastructure | Infrastructure | 265.0 |
|  | 15.1 | Roads | Roads | Roads | 265.0 |
|  | 15.2 | Rail | Rail | Rail | 266.0 |
|  | 15.3 | Port facilities | Port facilities | Port facilities | 267.0 |
|  | 15.4 | Water dams | Water dams | Water dams | 267.0 |
|  | 15.5 | Dumps | Dumps | Dumps | 268.0 |
|  | 15.6 | Licensing and permitting | Licensing and permitting | Licensing and permitting | 268.0 |
|  | 15.7 | Konkola operation waste dumps | Konkola operation waste dumps | Konkola operation waste dumps | 268.0 |
|  | 15.8 | Nchanga Operation waste dumps | Nchanga Operation waste dumps | Nchanga Operation waste dumps | 269.0 |
|  | 15.9 | Tailings disposal | Tailings disposal | Tailings disposal | 270.0 |
|  |  | 15.9.1 | Tailings deposition locations | Tailings deposition locations | 270.0 |
|  |  | 15.9.2 | LOM capacity and expansion opportunities | LOM capacity and expansion opportunities | 273.0 |
|  |  | 15.9.3 | Licensing and permitting | Licensing and permitting | 275.0 |
|  |  | 15.9.4 | Stability and TSF management processes | Stability and TSF management processes | 275.0 |
|  | 15.10 | Power | Power | Power | 276.0 |
|  |  | 15.10.1 | Existing operating power supply capacity and expansion | Existing operating power supply capacity and expansion | 276.0 |
|  |  | 15.10.2 | Emergency power supply and expansion | Emergency power supply and expansion | 277.0 |
|  | 15.11 | Water | Water | Water | 277.0 |
|  |  | 15.11.1 | Raw water | Raw water | 277.0 |
|  |  | 15.11.2 | Konkola Operations raw water balance | Konkola Operations raw water balance | 277.0 |
|  |  | 15.11.3 | Nchanga Operations raw water balance | Nchanga Operations raw water balance | 278.0 |
|  |  | 15.11.4 | Potable water (domestic water) | Potable water (domestic water) | 278.0 |
|  | 15.12 | Pipelines | Pipelines | Pipelines | 278.0 |
|  | 15.13 | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | 278.0 |
|  |  | 15.13.1 | Internal rail network | Internal rail network | 279.0 |
|  |  | 15.13.2 | Office building | Office building | 279.0 |
|  |  | 15.13.3 | Change houses and other buildings | Change houses and other buildings | 280.0 |
|  |  | 15.13.4 | Infrastructure related to life of mine expansions | Infrastructure related to life of mine expansions | 280.0 |
| 16.0 | Market studies and contracts | Market studies and contracts | Market studies and contracts | Market studies and contracts | 281.0 |
|  | 16.1 | Market information | Market information | Market information | 281.0 |
|  |  | 16.1.1 | Market for KCM's products | Market for KCM's products | 281.0 |
|  |  | 16.1.2 | Copper demand | Copper demand | 281.0 |
|  |  | 16.1.3 | Copper supply | Copper supply | 282.0 |
|  |  | 16.1.4 | Cobalt demand | Cobalt demand | 283.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|:---|:---|
|  |  | 16.1.5 | Cobalt supply | 283.0 |
|  |  | 16.1.6 | Study price and sales terms | 283.0 |
|  |  | 16.1.7 | Copper pricing for NSR cut-off grade estimation | 284.0 |
|  | 16.2 | Contracts and status | Contracts and status | 285.0 |
|  |  | 16.2.1 | Forward sales and hedging | 285.0 |
|  |  | 16.2.2 | Site development contracts | 285.0 |
|  |  | 16.2.3 | Operating contracts | 287.0 |
|  |  | 16.2.4 | Other agreements and contracts | 288.0 |
| 17.0 | Environmental studies, permitting, and plans | Environmental studies, permitting, and plans | Environmental studies, permitting, and plans | 288.0 |
|  | 17.1 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 288.0 |
|  | 17.2 | Permitting requirements | Permitting requirements | 289.0 |
|  | 17.3 | Rehabilitation, closure, and post closure planning | Rehabilitation, closure, and post closure planning | 289.0 |
| 18.0 | Capital and operating costs | Capital and operating costs | Capital and operating costs | 290.0 |
|  | 18.1 | Konkola Mine operating cost estimate | Konkola Mine operating cost estimate | 290.0 |
|  | 18.2 | Nchanga Business Unit operating cost estimate | Nchanga Business Unit operating cost estimate | 291.0 |
|  | 18.3 | Operating cost summary - KCM Integrated Operations | Operating cost summary - KCM Integrated Operations | 292.0 |
|  | 18.4 | Konkola Mine capital cost estimate | Konkola Mine capital cost estimate | 292.0 |
|  | 18.5 | Nchanga Business Unit capital cost estimate | Nchanga Business Unit capital cost estimate | 293.0 |
|  | 18.6 | Nchanga TLP and tailings facilities capital cost estimate | Nchanga TLP and tailings facilities capital cost estimate | 294.0 |
|  |  | 18.6.1 | TLP capacity expansion (TLP 2) | 294.0 |
|  |  | 18.6.2 | Elevated Temperature Leach (ETL) upgrade | 294.0 |
|  |  | 18.6.3 | TD5 reclamation infrastructure (Phase 1) | 295.0 |
|  | 18.7 | Capital cost summary — KCM Integrated Operations | Capital cost summary — KCM Integrated Operations | 295.0 |
|  | 18.8 | Cost estimate accuracy | Cost estimate accuracy | 295.0 |
| 19.0 | Economic analysis | Economic analysis | Economic analysis | 297.0 |
|  | 19.1 | Full Resource Case (Including Inferred) | Full Resource Case (Including Inferred) | 297.0 |
|  | 19.2 | Measured and Indicated Resource Case | Measured and Indicated Resource Case | 298.0 |
|  | 19.3 | Key assumptions | Key assumptions | 299.0 |
|  |  | 19.3.1 | Byproducts | 299.0 |
|  |  | 19.3.2 | Third-party concentrate: basis for inclusion in economic analysis | 299.0 |
|  |  |  | Third-party concentrate sensitivity (partial and adjusted scenarios) | 300.0 |
|  |  | 19.3.3 | Royalties and taxation | 301.0 |
|  | 19.4 | Production plans | Production plans | 302.0 |
|  | 19.5 | Economic results - dual presentation | Economic results - dual presentation | 304.0 |
|  | 19.6 | Sensitivity analysis | Sensitivity analysis | 312.0 |
| 20.0 | Adjacent properties | Adjacent properties | Adjacent properties | 314.0 |
|  | 20.1 | Chililabombwe area | Chililabombwe area | 314.0 |
|  |  | 20.1.1 | Lubambe Copper Mine | 315.0 |
|  |  | 20.1.2 | Mingomba Project | 316.0 |
|  | 20.2 | Chingola area | Chingola area | 316.0 |
|  |  | 20.2.1 | Mimbula Copper Project | 316.0 |
|  | 20.3 | Kitwe area | Kitwe area | 316.0 |
|  |  | 20.3.1 | Mopani Copper Mines | 316.0 |
|  | 20.4 | Qualified Person's statement on adjacent properties | Qualified Person's statement on adjacent properties | 316.0 |
| 21.0 | Other relevant data and information | Other relevant data and information | Other relevant data and information | 317.0 |
|  | 21.1 | Konkola Deeps production expansion project | Konkola Deeps production expansion project | 317.0 |
|  |  | 21.1.1 | Project outlook | 317.0 |
|  |  | 21.1.2 | Strategic opportunities | 317.0 |
|  |  | 21.1.3 | Recommended approach | 318.0 |
|  | 21.2 | Nchanga LP and Smelter expansion studies | Nchanga LP and Smelter expansion studies | 318.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|:---|:---|
|  |  | 21.2.1 | Project outlook | 318.0 |
|  |  | 21.2.2 | Recommended approach | 318.0 |
| 22.0 | Qualified Person's interpretation and conclusions | Qualified Person's interpretation and conclusions | Qualified Person's interpretation and conclusions | 319.0 |
|  | 22.1 | Mineral Resource data | Mineral Resource data | 319.0 |
|  | 22.2 | Mineral Resources | Mineral Resources | 319.0 |
|  | 22.3 | Initial Assessment conclusions | Initial Assessment conclusions | 319.0 |
|  | 22.4 | Project economics | Project economics | 319.0 |
|  | 22.5 | Effective date and subsequent events | Effective date and subsequent events | 319.0 |
| 23.0 | Recommendations | Recommendations | Recommendations | 320.0 |
|  | 23.1 | Mineral Resource and geological recommendations | Mineral Resource and geological recommendations | 320.0 |
|  |  | 23.1.1 | Konkola resource infill and extension drilling | 320.0 |
|  |  | 23.1.2 | Nchanga | 320.0 |
|  |  | 23.1.3 | QAQC and data management | 321.0 |
|  | 23.2 | Mining recommendations | Mining recommendations | 321.0 |
|  |  | 23.2.1 | Konkola Mine | 321.0 |
|  |  | 23.2.2 | TD03/TD04 tailings reclamation | 321.0 |
|  |  | 23.2.3 | Nchanga Underground projects | 321.0 |
|  | 23.3 | Processing and metallurgical recommendations | Processing and metallurgical recommendations | 321.0 |
|  |  | 23.3.1 | Konkola Concentrator | 321.0 |
|  |  | 23.3.2 | Nchanga TLP | 322.0 |
|  |  | 23.3.3 | TLP 2 / TD05 prefeasibility study | 322.0 |
|  | 23.4 | Infrastructure recommendations | Infrastructure recommendations | 322.0 |
|  | 23.5 | Economic and commercial recommendations | Economic and commercial recommendations | 322.0 |
|  | 23.6 | Summary of recommended work program | Summary of recommended work program | 323.0 |
| 24.0 | References | References | References | 324.0 |
|  | 24.1 | Unit of measurement and abbreviations | Unit of measurement and abbreviations | 325.0 |
|  |  | 24.1.1 | Units of measurement | 325.0 |
|  |  | 24.1.2 | Abbreviations | 326.0 |
| 25.0 | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | 327.0 |
|  | 25.1 | Legal matters | Legal matters | 327.0 |
|  | 25.2 | Environmental and community matters | Environmental and community matters | 327.0 |
|  | 25.3 | Tailings storage facilities | Tailings storage facilities | 327.0 |
|  | 25.4 | Macroeconomic assumptions | Macroeconomic assumptions | 328.0 |
|  |  | 25.4.1 | Market information | 328.0 |
|  | 25.5 | Community accommodations | Community accommodations | 328.0 |
|  | 25.6 | Governmental factors | Governmental factors | 328.0 |
|  | 25.7 | Historical production and operating data | Historical production and operating data | 328.0 |
|  | 25.8 | Contractor and business partner information | Contractor and business partner information | 329.0 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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**Tables**

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| | | |
|:---|:---|:---|
| Table 1.1 | Operations and processing infrastructure licenses | 20 |
| Table 1.2 | KCM Mineral Resources – 1 April 2026 | 23 |
| Table 1.3 | Capital cost summary | 34 |
| Table 1.4 | Capital cost by operation – Full Resource Case (Including Inferred) | 34 |
| Table 1.5 | Capital cost by operation – M&I Case (Excluding Inferred) | 34 |
| Table 1.6 | Capital cost estimate accuracy | 35 |
| Table 1.7 | Average LOM unit operating cost by operation – Full Resource Case | 35 |
| Table 1.8 | Average unit operating cost summary – dual presentation | 35 |
| Table 1.9 | Total LOM operating costs by operation – dual presentation | 36 |
| Table 1.10 | Konkola Mine operating cost breakdown – Full Resource Case | 36 |
| Table 1.11 | Konkola Mine operating costs – first five years | 36 |
| Table 1.12 | C1 cash cost and AISC by operation – dual presentation | 37 |
| Table 1.13 | Summarised economic results | 38 |
| Table 1.14 | Sensitivity analysis results – Full Resource Case | 39 |
| Table 1.15 | Sensitivity analysis results – M&I Case | 40 |
| Table 2.1 | Defined terms and abbreviations | 43 |
| Table 3.1 | Material property classification | 47 |
| Table 3.2 | Component assets within KCM Integrated Operations | 47 |
| Table 3.3 | KCM Integrated Operations — facility coordinates (WGS84 datum) | 50 |
| Table 3.4 | KCM mineral rights and tenure details | 52 |
| Table 3.5 | Summary of adjacent properties | 56 |
| Table 4.1 | Inter-site distances and access routes | 58 |
| Table 5.1 | Principal capital investments by Vedanta Resources (2004–2019) | 63 |
| Table 5.2 | Cumulative copper production by operation | 65 |
| Table 5.3 | Key development milestones | 66 |
| Table 6.1 | KCM deposit mineralisation extent | 77 |
| Table 6.2 | Summary of geological characteristics of KCM operations | 77 |
| Table 7.1 | Exploration drill program – Konkola Mine | 82 |
| Table 7.2 | Exploration drill program – Nchanga Business Unit | 85 |
| Table 7.3 | Elastic rock properties | 86 |
| Table 7.4 | Local geology and hydrogeological units | 88 |
| Table 8.1 | List of corrected outcomes for 16 GBM911-16 CRMs | 95 |
| Table 8.2 | CRM sample submission – COP CE Ext | 100 |
| Table 8.3 | QAQC sample submission rate TCu% - TD05 | 102 |
| Table 8.4 | CRM source - TD05 | 103 |
| Table 8.5 | QP assessment of QAQC results by deposit | 110 |
| Table 8.6 | QAQC recommendations | 111 |
| Table 9.1 | QP assessment of data verification limitations — Konkola | 114 |
| Table 10.1 | Historical, restart, and planned Nchanga TLP recoveries | 120 |
| Table 10.2 | Recovery downstream efficiency factors | 122 |
| Table 11.1 | KCM Mineral Resources – 1 April 2026 | 125 |
| Table 11.2 | Cut-off grade input assumptions by asset | 128 |
| Table 11.3 | Top-caps - Konkola | 139 |
| Table 11.4 | Descriptive statistics pre- and post-compositing – Konkola | 140 |
| Table 11.5 | Variogram models - Konkola | 142 |
| Table 11.6 | Block model origin and extents | 142 |
| Table 11.7 | Lithology codes in block model - Konkola | 143 |
| Table 11.8 | Bulk density by lithology - Konkola | 144 |
| Table 11.9 | Statistical comparison of composite and estimated values for TCu% - Konkola | 148 |
| Table 11.10 | Mineral Resource Konkola Mine – 1 April 2026 | 150 |
| Table 11.11 | Descriptive statistics for COP DF composited samples | 153 |
| Table 11.12 | Variogram models – COP DF | 153 |
| Table 11.13 | Block model origin and extents – COP DF | 153 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|
| Table 11.14 | Estimation parameters – COP DF | 154 |
| Table 11.15 | Mineral Resource COP DF– 1 April 2026 | 157 |
| Table 11.16 | Statistics by mineralisation zone for composite data – COP E Ext | 160 |
| Table 11.17 | Block model origin and extents – COP E Ext | 161 |
| Table 11.18 | Estimation parameters – COP E Ext | 162 |
| Table 11.19 | Bulk density by lithology – COP E Ext | 162 |
| Table 11.20 | Drillhole versus block model mean grades – COP E Ext | 163 |
| Table 11.21 | Mineral Resource COP E Extension – 1 April 2026 | 165 |
| Table 11.22 | Summary statistics total copper tailings dam samples | 166 |
| Table 11.23 | Summary statistics acid soluble copper tailings dam samples | 167 |
| Table 11.24 | Mineral Resource TD03 and TD04– 1 April 2026 | 168 |
| Table 11.25 | Top-caps – TD05 | 172 |
| Table 11.26 | Variogram models – TD05 | 173 |
| Table 11.27 | Search orientation and ranges – TD05 | 173 |
| Table 11.28 | Mineral Resource TD05 – 1 April 2026 | 178 |
| Table 13.1 | KCM production scenarios – M&I Case and Full Resource Case | 181 |
| Table 13.2 | KCM LOM mining areas | 182 |
| Table 13.3 | KCM Shaft 3 summary of rock mass properties | 185 |
| Table 13.4 | KCM Shaft 4 summary of rock mass properties | 187 |
| Table 13.5 | Summary of water capture extrapolated over time | 200 |
| Table 13.6 | Indicative future mine inflow rates for the next 7-year mine plan | 202 |
| Table 13.7 | Mining methods currently employed by mining area at Konkola Mine | 206 |
| Table 13.8 | Konkola Mine mining methods | 207 |
| Table 13.9 | Typical stope dimensions | 208 |
| Table 13.10 | Mining dilution and recovery factors | 209 |
| Table 13.11 | Key development designs | 210 |
| Table 13.12 | Materials handling locations | 213 |
| Table 13.13 | Backfill infrastructure and strategic recommendations | 213 |
| Table 13.14 | Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing | 215 |
| Table 13.15 | Machine types, counts, and utilisation factors | 216 |
| Table 13.16 | Summary of primary ventilation airflows | 217 |
| Table 13.17 | NOP Cut II design parameters | 221 |
| Table 13.18 | Nchanga underground mining methods | 223 |
| Table 13.19 | Schedule modifying factors | 224 |
| Table 13.20 | Available inventory from TD03, TD04 and TD05 for the Nchanga TLP from 1 April 2026 | 225 |
| Table 13.21 | Konkola Mine production scenarios | 228 |
| Table 13.22 | KCM Mineral Resources by asset – 1 April 2026 | 230 |
| Table 13.23 | Conceptual production profile – Full Resource scenario | 231 |
| Table 14.1 | Konkola concentrator major equipment | 238 |
| Table 14.2 | Capacity criteria | 239 |
| Table 14.3 | Comminution criteria | 239 |
| Table 14.4 | Flotation criteria | 240 |
| Table 14.5 | Konkola concentrator key assumptions | 241 |
| Table 14.6 | Nchanga concentrator capacities | 242 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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|:---|:---|:---|
| Table 14.7 | Nchanga TLP highest annual performance | 248 |
| Table 14.8 | Copper production estimate | 248 |
| Table 14.9 | Nchanga TLP major unit processes | 250 |
| Table 14.10 | Nchanga smelter – basic design production parameters | 252 |
| Table 14.11 | Nchanga smelter – historical production | 253 |
| Table 14.12 | Nchanga smelter production – October 2024 | 255 |
| Table 14.13 | Smelter rebuild CAPEX – by section | 256 |
| Table 14.14 | Example monthly concentrate blend plan – June 2025 | 256 |
| Table 14.15 | Concentrate blending plan – FY25/26 business plan | 259 |
| Table 14.16 | Nkana Refinery production – 2024-2025 | 262 |
| Table 14.17 | TLP 2 design parameters | 263 |
| Table 15.1 | Operational TSF conditions, TD05 (Muntimpa) and Lubengele | 274 |
| Table 16.1 | Five-year copper forward prices (real US$2025) | 284 |
| Table 16.2 | Five-year copper trailing prices | 284 |
| Table 16.3 | Copper payability terms for Konkola and Nchanga Copper Concentrate | 284 |
| Table 16.4 | Major development contracts | 285 |
| Table 16.5 | Example of long-term contract components | 287 |
| Table 16.6 | Royalty charge relation to copper price | 288 |
| Table 18.1 | Konkola Mine cost build-up | 290 |
| Table 18.2 | Average LOM operating cost by operation | 292 |
| Table 18.3 | Capital expenditure plan - Konkola Mine | 293 |
| Table 18.4 | Capital expenditure plan - Nchanga Business Unit | 293 |
| Table 18.5 | Capital expenditure plan - TLP and Tailings Reclamation | 295 |
| Table 18.6 | Capital expenditure plan - KCM Integrated Operations | 295 |
| Table 18.7 | Capital allocation by operation — Full Resource Case | 296 |
| Table 18.8 | KCM Integrated Operations capital expenditure schedule | 296 |
| Table 18.9 | KCM cost estimation accuracy | 296 |
| Table 19.1 | Byproducts: Type, Quantity and Price Assumption | 299 |
| Table 19.2 | Economic results – KCM Integrated Operations | 304 |
| Table 19.3 | Full Resource Case production and cashflow schedule | 307 |
| Table 19.4 | M&I Case production and cashflow schedule | 311 |
| Table 19.5 | Sensitivity analysis results – Full Resource Case | 312 |
| Table 19.6 | Sensitivity analysis results – M&I Case | 313 |
| Table 20.1 | Summary of adjacent properties | 314 |
| Table 23.1 | Recommended work program | 323 |
| Table 24.1 | TRS data and information sources | 324 |

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**Figures**

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| Figure 1.1 | KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates) | 30 |
| Figure 1.2 | KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates) | 31 |
| Figure 1.3 | Total Copper Sold – Full Resource Case | 31 |
| Figure 1.4 | Total Copper Sold – M&I Case | 32 |
| Figure 1.5 | KCM Production Profile – Full Resource Case | 32 |
| Figure 1.6 | KCM Production Profile – M&I Case | 33 |
| Figure 1.7 | Sensitivity analysis graph – Full Resource Case | 39 |
| Figure 1.8 | Sensitivity analysis graph – M&I Case | 39 |
| Figure 3.1 | Map of Zambia showing the Copperbelt Region | 48 |
| Figure 3.2 | Property location map – KCM Integrated Operations | 49 |
| Figure 3.3 | Geographic location of Konkola Mines in Zambia | 50 |
| Figure 4.1 | Inter site logistics map | 59 |
| Figure 5.1 | KCM historical production FY06-FY24 | 65 |
| Figure 6.1 | Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa | 67 |
| Figure 6.2 | Schematic cross section of the Lufilian fold belt | 68 |
| Figure 6.3 | Simplified Katanga Supergroup stratigraphy | 69 |
| Figure 6.4 | Geological map of the greater Konkola area | 70 |
| Figure 6.5 | Stratigraphic column of the Konkola Geology | 72 |
| Figure 7.1 | Recovery of tailings material and in core tray at TD05 | 80 |
| Figure 7.2 | Drillhole location plan - Konkola | 81 |
| Figure 7.3 | Drillhole location plan – COP DF | 83 |
| Figure 7.4 | Drillhole location plan – COP E Extension | 84 |
| Figure 7.5 | Drillhole location plan – TD05 | 85 |
| Figure 7.6 | Seismic system schematics at Konkola | 87 |
| Figure 7.7 | Location of three main aquifers in the Konkola Mine, section looking north | 88 |
| Figure 8.1 | Dry bulk density TD05 | 92 |
| Figure 8.2 | Water content calculated from the bulk density samples TD05 | 92 |
| Figure 8.3 | Reference core and tailings sample storage in secure core yard | 94 |
| Figure 8.4 | Location plan of holes drilled from 2016 to 2023 - Konkola | 96 |
| Figure 8.5 | Shewhart plots for CRMs A, B, C, and D - Konkola | 97 |
| Figure 8.6 | Shewhart plots for CRMs E, F, and G - Konkola | 97 |
| Figure 8.7 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data | 98 |
| Figure 8.8 | Blank samples plot showing 0.5% TCu upper limit | 99 |
| Figure 8.9 | HARD plot for repeat samples below 1.0% TCu | 101 |
| Figure 8.10 | HARD plot for repeat samples between 0.5% TCu and 3.0% TCu | 102 |
| Figure 8.11 | Sequence of CRM submission – TD05 | 103 |
| Figure 8.12 | Shewhart plot for % TCu for all CRMs – TD05 | 103 |
| Figure 8.13 | Shewhart plot for 1.68% TCu CRM – TD05 | 104 |
| Figure 8.14 | Blank samples plot showing 0.1% TCu upper limit | 105 |
| Figure 8.15 | Comparison of TCu% in blank sample and TCu% of preceding sample | 106 |
| Figure 8.16 | Pulp repeat precision analysis TCu% – TD05 | 107 |
| Figure 8.17 | Pulp repeat precision analysis ASCu% – TD05 | 108 |
| Figure 10.1 | Nchanga TLP copper production and recoveries - Restart and FY25-26 plan | 119 |
| Figure 10.2 | Nchanga TLP copper recoveries | 120 |
| Figure 11.1 | Plan location of the KCM Mineral Deposits | 124 |
| Figure 11.2 | Plan view of mining areas - Konkola | 129 |
| Figure 11.3 | Drillhole location plan - Konkola | 130 |
| Figure 11.4 | Plan view comparing differences in 2016 and 2024 interpretation - Konkola | 131 |
| Figure 11.5 | Plan view of historic mapping from 1850L - Konkola | 132 |

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| Figure 11.6 | Contact analysis between non-mineralised and mineralised material - Konkola | 133 |
| Figure 11.7 | Isometric of hangingwall and footwall constraining surfaces - Konkola | 134 |
| Figure 11.8 | Plan view of along strike grade continuity - Konkola | 135 |
| Figure 11.9 | Box and whisker plot comparing TCu% across seven grade domains - Konkola | 135 |
| Figure 11.10 | Q-Q plots comparing TCu% across seven grade domains - Konkola | 136 |
| Figure 11.11 | Plan view of block model and composites flagged by domain - Konkola | 137 |
| Figure 11.12 | Top-capping analysis - Konkola | 138 |
| Figure 11.13 | Experimental semi-variogram model for TCu% - Domain 5 - Konkola | 141 |
| Figure 11.14 | Swath plots Measured and Indicated TCu% Domain 1 - Konkola | 145 |
| Figure 11.15 | Swath plots Measured and Indicated TCu% Domain 2 - Konkola | 146 |
| Figure 11.16 | Cross sections comparing composite intervals and block model grades - Konkola | 147 |
| Figure 11.17 | Plan view of the Mineral Resource classification - Konkola | 148 |
| Figure 11.18 | Isometric of the average distance to sample support – Konkola | 149 |
| Figure 11.19 | Drillhole location plan – COP DF | 152 |
| Figure 11.20 | Swath plots – COP DF | 155 |
| Figure 11.21 | Drillhole location plan – COP E Ext | 158 |
| Figure 11.22 | Plan view of drillhole intersections and interpreted mineralisation Zones TCu% - COP E Ext | 159 |
| Figure 11.23 | Plan view of drillhole intersections and interpreted mineralisation Zones ASCu% - COP E Ext | 160 |
| Figure 11.24 | Histogram composite samples TCu% and ASCu% - Zone A COP E Ext | 161 |
| Figure 11.25 | Swath plots – COP E Ext | 163 |
| Figure 11.26 | Plan view of the Mineral Resource classification – COP E Ext | 164 |
| Figure 11.27 | Drillhole location plan – TD05 | 169 |
| Figure 11.28 | Histogram of vertical thickness from drilling - TD05 | 170 |
| Figure 11.29 | Histogram composite samples TCu% - TD05 | 171 |
| Figure 11.30 | Histogram composite samples ASCu% - TD05 | 171 |
| Figure 11.31 | Correlation between TCu% and ASCu%- TD05 | 172 |
| Figure 11.32 | Cross section of TCu% grades in drillholes and estimated block model – TD05 | 174 |
| Figure 11.33 | Statistical comparison of drillholes and block model – Indicated only – TD05 | 175 |
| Figure 11.34 | Swath plot TCu% in 124 m slices – TD05 | 175 |
| Figure 11.35 | Swath plot ASCu% in 124 m slices – TD05 | 176 |
| Figure 11.36 | Plan view of the Mineral Resource classification – TD05 | 177 |
| Figure 13.1 | Location of KCM's Konkola and Nchanga Mining operations | 182 |
| Figure 13.2 | Plan view map of the Konkola mine showing the geotechnical domains | 184 |
| Figure 13.3 | Location of regional faults within the Konkola mine area | 193 |
| Figure 13.4 | Location of modelled faults within mine workings | 194 |
| Figure 13.5 | Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left) | 197 |
| Figure 13.6 | Subsidence area shown on InSAR ascending image | 198 |
| Figure 13.7 | Conceptual water balance | 199 |
| Figure 13.8 | Currently inferred phreatic surface based on measurements from shut in holes | 201 |
| Figure 13.9 | Rotated section showing the planned footwall dewatering drilling | 202 |
| Figure 13.10 | Konkola Mine dewatered, developed, and mined | 203 |

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| Figure 13.11 | Dewatering schematic, with required upgrades shown in red | 205 |
| Figure 13.12 | Final mine outline map - plan view showing mining zone boundaries and key infrastructure | 208 |
| Figure 13.13 | Plan view of a loading level | 210 |
| Figure 13.14 | Isometric view of the loading system (LHOS) | 211 |
| Figure 13.15 | Isometric view of the loading system (panel stoping) | 212 |
| Figure 13.16 | Target paste design strength – 2 Exposures | 214 |
| Figure 13.17 | Target paste design strength – 1 Exposure | 215 |
| Figure 13.18 | Paste fill arched shotcrete barricades | 216 |
| Figure 13.19 | Ventilation compared to production | 217 |
| Figure 13.20 | NBU active production zones | 218 |
| Figure 13.21 | Aerial photo and locations of open pits at Nchanga | 220 |
| Figure 13.22 | NOP Cut II geotechnical domains | 221 |
| Figure 13.23 | COP DF geotechnical zones | 222 |
| Figure 13.24 | Nchanga Underground mining operations (NUG) | 223 |
| Figure 13.25 | Nchanga site layout | 225 |
| Figure 13.26 | Konkola Mine development schedule | 228 |
| Figure 13.27 | Total project ore mining schedule | 229 |
| Figure 14.1 | KCM total flowsheet | 233 |
| Figure 14.2 | Konkola concentrator flowsheet | 234 |
| Figure 14.3 | Konkola historical ore treatment | 235 |
| Figure 14.4 | Konkola daily ore received since restart | 236 |
| Figure 14.5 | Konkola ore processed since restart | 236 |
| Figure 14.6 | Konkola recoveries since restart | 236 |
| Figure 14.7 | Konkola concentrate produced since restart | 237 |
| Figure 14.8 | Concentrate production and grade - Restart and FY25-26 plan | 237 |
| Figure 14.9 | Copper production and recoveries - Restart and FY25-26 plan | 238 |
| Figure 14.10 | Konkola LOM ore feed | 240 |
| Figure 14.11 | Konkola concentrate production | 241 |
| Figure 14.12 | Total copper metal in Konkola concentrate | 241 |
| Figure 14.13 | Nchanga business unit material flows | 242 |
| Figure 14.14 | Old East Mill historical actual vs budget ore milled (t) | 242 |
| Figure 14.15 | New East Mill historical actual vs budget ore milled (t) | 243 |
| Figure 14.16 | New West Mill historical actual vs budget ore milled (t) | 243 |
| Figure 14.17 | Old East Mill concentrate tonnes and grades | 244 |
| Figure 14.18 | New East Mill concentrate tonnes and grades | 244 |
| Figure 14.19 | New West Mill concentrate tonnes and grades | 244 |
| Figure 14.20 | Total LOM ore feed to the Nchanga concentrators | 245 |
| Figure 14.21 | Nchanga LOM high-grade concentrate production and grade | 245 |
| Figure 14.22 | Nchanga LOM low-grade concentrate production and grade | 245 |
| Figure 14.23 | Nchanga TLP flowsheet | 246 |
| Figure 14.24 | Historical Nchanga TLP throughput | 247 |
| Figure 14.25 | Nchanga TLP historical recoveries | 248 |
| Figure 14.26 | Nchanga TLP copper recovery since restart | 249 |

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| Figure 14.27 | Nchanga TLP throughput since restart | 249 |
| Figure 14.28 | Combined Nchanga TLP and TLP 2 LOMP feed schedule | 250 |
| Figure 14.29 | Combined Nchanga TLP and TLP 2 LOMP cathode production and total copper recovery | 251 |
| Figure 14.30 | Nchanga smelter block flow diagram – design rates shown | 252 |
| Figure 14.31 | Smelter downtime - FY22, FY23, FY24 | 254 |
| Figure 14.32 | Nkana refinery – process flowsheet | 261 |
| Figure 14.33 | Proposed TLP 2 flowsheet | 264 |
| Figure 15.1 | Map showing main roads connecting towns of Chingola and Chililabombwe | 266 |
| Figure 15.2 | Map showing rail infrastructure of Zambia Railways Limited | 267 |
| Figure 15.3 | Map showing waste dump locations at KCM | 269 |
| Figure 15.4 | Map showing locations of various waste dumps at Nchanga Mines | 270 |
| Figure 15.5 | Map showing locations of all TSFs of Konkola and Nchanga Operations | 271 |
| Figure 15.6 | Map showing detail view of TD05 Muntimpa TSF | 272 |
| Figure 15.7 | Map showing detail view of Lubengele TSF | 273 |
| Figure 18.1 | Konkola Mine operating cost profile for LOM schedule | 291 |
| Figure 18.2 | Konkola LOM split by activity | 291 |
| Figure 19.1 | KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates) | 302 |
| Figure 19.2 | KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates) | 303 |
| Figure 19.3 | Projected overall mining schedule – Full Resource Case | 303 |
| Figure 19.4 | Projected overall mining schedule – M&I Case | 303 |
| Figure 19.5 | Full Resource Case cashflow | 306 |
| Figure 19.6 | M&I Case cashflow | 306 |
| Figure 19.7 | Sensitivity analysis graph – Full Resource Case | 312 |
| Figure 19.8 | Sensitivity analysis graph – M&I Case | 313 |
| Figure 20.1 | Konkola deposit and surrounding properties | 315 |

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1 Executive summary

 <br> **CAUTIONARY STATEMENT**<br>This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is no certainty that this Initial Assessment will be realised or that Inferred Mineral Resources will be converted to higher confidence categories. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. A companion Preliminary Feasibility Study Technical Report Summary presents economic analysis based exclusively on Measured and Indicated Mineral Resources.<br>

1.1 Introduction

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Initial Assessment (IA) Technical Report Summary (TRS) for the Konkola Copper Mines Plc (KCM) Integrated Operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This IA TRS presents a comprehensive Life-of-Mine (LOM) Plan that includes mining from all KCM operations:

· Konkola Mine.

· Nchanga Business Unit – COP DF open pit and underground, COP E Extension underground, and Nchanga
Underground.

· Reclamation of TD03 and TD04, processed through the Nchanga Tailings Leach Plant (TLP).

· Proposed reclamation of TD05 tailings. For the M&I Case, TD05 will be processed through the existing
Nchanga TLP, which will be retrofitted with Elevated Temperature Leach (ETL). For the Full Resource Case, a new proposed TLP (TLP 2) will
be constructed and designed with ETL, and TD05 will be processed through both plants at higher rates.

The technical contents of this report adhere to S-K 1300 requirements for reporting Mineral Resources. The M&I Case (Measured and Indicated, excluding Inferred) is presented for comparison purposes in accordance with Item 1302(d)(4)(ii)(C); formal declaration of Mineral Reserves is provided in the separate PFS Technical Report Summary. The effective date of this report is 1 April 2026.

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$).

1.2 Property description and ownership

The KCM Integrated Operations constitutes a single material property comprising an integrated copper production complex from ore extraction through to refined copper metal. Konkola Copper Mines Plc (KCM) is an integrated copper mining, processing, and refining operation located in the Copperbelt Province of the Republic of Zambia.

KCM was privatised in March 2000 when assets were acquired from the state-owned Zambia Consolidated Copper Mines Limited (ZCCM). Following the exit of Anglo American in September 2002, Vedanta Resources assumed operational control from November 2004, investing in smelter construction, the Konkola Concentrator, Nchanga Concentrators, and the Konkola Mine, Konkola Deep Mining Project (No. 4 Shaft, 6 Mtpa hoisting capacity). KCM's integrated metal production peaked at 160,000 tonnes per annum in FY 2013. In 2019, Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) commenced provisional liquidation proceedings, and operations were managed by a provisional liquidator until July 2024, when they were returned to Vedanta with shareholding restored to pre-liquidation status. Further details are provided in Section 5.

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The properties covered by this IA TRS comprise the full KCM operations:

· Konkola Mine: Located near Chililabombwe, Republic of Zambia, approximately 20 kilometers (km) north of
Chingola and 5 km south of the Democratic Republic of the Congo border.

· Nchanga Business Unit: Located near Chingola, comprising multiple open pit and underground operations
including COP DF, COP E Extension and Nchanga Underground (UOB / LOB).

· Tailings Recovery Operations: TD03, TD04, TD05, and Kakosa tailings, processed through the Nchanga TLP.

· Processing Infrastructure: Konkola Concentrator, Nchanga Concentrators, Nchanga Smelter, Nkana Refinery,
and Nchanga TLP. In the Full Resource Case an additional TLP (TLP 2) is proposed. The proposed TLP 2 will incorporate elevated temperature
leaching and increase the total tailings complex throughput rate by 17.6Mtpa.

KCM is a subsidiary of CopperTech Metals Inc. (the registrant). Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a subsidiary of KCM. As of the effective date of this report, Vedanta Resources holds 79.4% of KCM's issued share capital, with ZCCM-IH holding 20.6%. Further details on the registrant are provided in Section 2.1 and on operational history, including ownership transitions, in Section 3.3.

For the Full Resource Case, the Konkola Mine and adjacent mineral processing facilities contribute approximately 74% of total payable copper production (5,816 kt of 7,880kt), the Nchanga Business Unit contributes approximately 3% (266 kt), and the Nchanga TLP contributes approximately 23% (1,798 kt).

For the M&I Case, the Konkola Mine contributes approximately 57% of payable copper (734 kt of 1,446 kt) and the Nchanga TLP contributes approximately 43% (713 kt).

1.3 Mineral rights

KCM's mineral rights are governed by the Republic of Zambia's Minerals Regulation Commission Act (2024) and operate under Large-Scale Mining Licenses (LSMLs). The key licenses relevant to this IA are shown in Table 1.1.

Table 1.1 Operations and processing infrastructure licenses

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| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry** |
| Konkola Mine | 7076-HQ-LML | Mining and concentrator operations | 4054 | 30 Mar 2050 |
| Nchanga Mine | 7075-HQ-LML | Nchanga mining and tailings operations | 10659 | 30 Mar 2050 |
| Nchanga TLP | 28174-HQ-MPL | Nchanga TLP operations | 177 | 16 Dec 2045 |
| Nkana Refinery | 20945-HQ-MPL | Refining activities at Kitwe | 50 | 18 Apr 2050 |

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As of the effective date of this report, and to the Qualified Person's knowledge, there are no material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations. Standard regulatory and environmental obligations applicable to mining operations in Zambia are described in Section 3.

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1.4 Geology and mineralisation

1.4.1 Regional geological setting

KCM's mining assets are located within the Central African Copperbelt, one of the most prolific sediment-hosted copper provinces globally. The deposits occur within the Neoproterozoic Katanga Supergroup, a sequence of sedimentary rocks that host significant copper-cobalt mineralisation across the Republic of Zambia and the Democratic Republic of the Congo (DRC).

The Lufilian Arc, a major structural feature, has influenced the deformation and mineralisation of KCM's deposits. The copper deposits are primarily stratiform, sediment-hosted, and are controlled by structural folding, thrust faulting, and lithological variations.

1.4.2 Mineralisation characteristics

The Konkola deposit is a sediment-hosted stratiform copper system, primarily situated within the Lower Roan Subgroup of the Katangan Supergroup. This geological sequence comprises sandstones, siltstones, and dolomites deposited in a shallow marine to fluvial environment, later subjected to regional deformation during the Lufilian Orogeny. The mineralisation is controlled by both stratigraphy and structure, with mineralisation occurring as laterally continuous, fine grained disseminations and bedding-parallel sulfide veinlets, locally enhanced by folding and faulting.

The mineralisation style varies across different mining areas. The Konkola Mine includes copper sulfides (chalcopyrite, bornite, and chalcocite) occurring as disseminations and veinlets within carbonaceous shales and dolomitic siltstones. The mineralisation of the various Nchanga deposits is described in more detail in Section 1.5.2 below.

1.4.3 Structural and hydrothermal influences

The Copperbelt deposits, including those at Konkola and Nchanga, exhibit complex structural features that have significantly influenced both the preservation and distribution of copper mineralisation. These structures have not only enhanced mineralisation grades in localised zones but also facilitated the continuation of mineralisation at considerable depth.

1.5 Exploration and drilling status

There is no active exploration being undertaken at either Konkola or Nchanga assets. All drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

1.5.1 Konkola

Current drilling and interpretation provide a solid basis for Mineral Resource estimation, but limitations persist due to:

· Sparse drilling in transition zones and extensions of mineralisation.

· Gaps in assay coverage.

· Delays in assay turnaround due to on-site laboratory constraints.

· Inconsistent quality assurance / quality control (QAQC) procedures in historical (pre-2016) data.

· Limited structural, geometallurgical and hydrogeological modelling.

To address these gaps and enable Resource upgrade and potential future Reserve conversion, an upgrade to the on-site analytical laboratory is recommended.

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A phased drilling and data acquisition program is proposed to progressively upgrade the resource classification, de-risk geological understanding, and support long-term mine planning:

· Phase 1: Achieve a Measured classification for five years of production through a 60-meter (m) drill spacing
using underground and surface directional drilling.

· Phase 2: Target Indicated material for the next ten years of production through a combination of surface
directional and vertical drilling.

· Phase 3: Infill drill to enhance confidence in the Inferred Mineral Resource by reducing the drillhole
spacing.

· Phase 4: Undertake resource extension drilling at the lease boundary, consisting of a small number of
surfaces drillholes with an average depth of 1,500 m.

1.5.2 Nchanga

Drilling at Nchanga has historically focused on delineating both near-surface oxide mineralisation for open pit mining and deeper sulfide zones for underground extraction. The Nchanga Underground and open pit deposits have benefited from extensive historical drilling. Modern drilling efforts have been limited in recent years due to operational constraints.

Recent technical reviews have identified key opportunities to enhance resource definition at Nchanga:

· Infill drilling to improve confidence in remnant underground ore zones, particularly where block cave
depletion and historic mining have left isolated pods of mineralisation.

· Drilling of open pit extensions at the margins of existing pit shells to define additional near-surface
oxide and supergene resources.

· Structural re-interpretation of fault zones and controls on high-grade shoots within the underground footprint.

Future geological development programs for Nchanga are proposed to:

· Investigate COP E Ext and COP DF for potential extensions and to increase geological confidence for proposed
development of underground mining.

· Collate the geological information and understanding for all current and past operating assets into a
single digital geological project. This will allow for the creation of a digital asset wide geological interpretation for the first time.
With the goal being to identify areas where mineralisation might have been overlooked both as extensions to known mineralisation and between
known mineralisation.

1.5.3 Tailings dams

Lubengele (Konkola): Auger drilling and test work commenced at Lubengele in late-2025 at a 250 m by 250 m drill spacing pattern, with the objective of supporting an initial Mineral Resource estimate at Indicated classification on completion of the drilling and metallurgical test work programme in 2026. Lubengele is not currently included in the Mineral Resource estimate and is not relied upon in the economic evaluation presented in this Initial Assessment.

TD05 (Nchanga): TD05 has been included in the Mineral Resource estimate for the first time as part of this Initial Assessment, based on the 2025/26 auger drilling and characterisation campaign described in Section 7.7. Approximately 53% of the TD05 Mineral Resource (by contained copper) is classified as Inferred, with the balance classified as Indicated. The Indicated portion is included in the M&I Case mine plan and processed via the existing Nchanga TLP; the Inferred portion is included in the Full Resource Case only and processed via the proposed TLP 2 facility (refer Section 14.5). Additional drilling and bulk density sampling at TD05 may be undertaken in future reporting periods to support a potential upgrade of the Inferred portion to Indicated classification.

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1.6 Mineral Resource estimate

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). At Konkola Mine, approximately 87% of Resources are classified as Inferred (249 Mt of 288 Mt). Inferred Mineral Resources have a lower level of confidence and cannot be converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Resources could be upgraded with continued exploration.

A Mineral Resource is an estimate of the in situ concentration of solid material of economic interest, which serves as the point of reference for the Mineral Resource estimate. The Mineral Resource classification criteria and cut-off grade (COG) on an asset-by-asset basis. The Mineral Resource estimate as of 1 April 2026 for all KCM operations is summarised in Table 1.2 below.

Table 1.2 KCM Mineral Resources – 1 April 2026

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| <br>**Asset** | <br>**Classification** | **Cut-off**<br>**TCu (%)** | **Tonnes**<br>**Mt** | **Total**<br> **copper**<br>**TCu (%)** | **Copper**<br>**Cu (kt)** | **Total**<br> **cobalt**<br>**TCo (%)** | **Cobalt**<br>**Co (kt)** |
|  | Measured | 1.1 | 4.1 | 3.5 | 140 | 0.08 | 3 |
|  | Indicated | 1.1 | 35 | 3.7 | 1289 | 0.07 | 24 |
| Konkola Mine | **Measured + Indicated** | **1.1** | **39** | **3.7** | **1430** | **0.07** | **27** |
|  | Inferred | 1.1 | 249 | 3.4 | 8353 | 0.06 | 150 |
|  | **Total** | **-** | **288** | **3.4** | **9783** | **0.06** | **177** |
|  | Indicated OP | 0.50 | 2.2 | 1.4 | 31 | 0.12 | 3 |
|  | Indicated UG | 1.1 | 13 | 1.6 | 202 | 0.04 | 5 |
| COP DF | **Measured + Indicated** | **-** | **15** | **1.6** | **233** | **0.05** | **8** |
|  | Inferred |  |  |  |  |  |  |
|  | **Total** |  | **15** | **1.6** | **233** | **0.05** | **8** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.9 | 13 | 2.6 | 345 |  |  |
| COP E Ext | **Measured + Indicated** | **0.9** | **13** | **2.6** | **345** | **-** | **-** |
|  | Inferred | 0.9 | 9 | 2.4 | 221 |  |  |
|  | **Total** | **-** | **23** | **2.5** | **566** | **-** | **-** |
| TD03 | Indicated | 0.0 | 3 | 0.8 | 21 | 0.01 | 1 |
| TD04 | Indicated | 0.0 | 22 | 0.6 | 134 | 0.03 | 6 |
| TD05 | Measured |  |  |  |  |  |  |
|  | Indicated | 0.0 | 198 | 0.6 | 1091 | 0.02 | 44 |
|  | **Measured + Indicated** | **0.0** | **198** | **0.6** | **1091** | **0.02** | **44** |
|  | Inferred | 0.0 | 225 | 0.5 | 1180 | 0.02 | 49 |
|  | **Total** | **-** | **423** | **0.5** | **2272** | **0.02** | **93** |
|  | Measured |  | 4.1 | 3.5 | 140 | 0.08 | 3 |
|  | Indicated |  | 286 | 1.1 | 3114 | 0.03 | 83 |
| Total KCM | **Measured + Indicated** | **-** | **290** | **1.1** | **3255** | **0.03** | **86** |
|  | Inferred |  | 483 | 2.0 | 9755 | 0.04 | 199 |
|  | **Total** | **-** | **773** | **1.7** | **13009** | **0.04** | **284** |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources are reported with an effective date of 1 April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;· Classification in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). Inferred Mineral
Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty that
Inferred Mineral Resources will be converted to higher confidence categories with additional exploration.

&nbsp;&nbsp;&nbsp;&nbsp;· Cut-off grades are applied on an asset-by-asset basis as set out in the individual deposit resource tables
in Sections 11.3 to 11.4.

&nbsp;&nbsp;&nbsp;&nbsp;· Cobalt grades for TD03, TD04 and TD05 are reported for geological completeness. Cobalt is not recovered
in the TLP electrowinning process and no cobalt revenue is attributed to TD03, TD04 or TD05 in the economic analysis.

&nbsp;&nbsp;&nbsp;&nbsp;· Point of reference: In situ material.

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical recovery — Konkola Mine: Concentrator 86.5% Cu
(Full Resource Case life-of-mine average; M&I Case 89.2%), 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate payable Cu 96.8%.

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical recovery (LOM Average) – Nchanga: Concentrator
53.9% Cu (varies by deposit); Smelter 98.1% Cu.

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical recovery — Nchanga TLP processing routes: Recovery assumptions vary by deposit and
processing route. TD03 and TD04 — existing Nchanga TLP, ambient leach: 74.8% ASCu recovery, equivalent to approximately 48.5% TCu
recovery to cathode. TD05 — processed through the existing Nchanga TLP (retrofitted with elevated temperature leach) under both
the M&I Case and the Full Resource Case; under the Full Resource Case, the additional TD05 throughput required to process the larger
Mineral Resource scope is also processed through the proposed TLP 2 facility (refer Section 14.5), with both plants operating in parallel
and using elevated temperature leach. TCu recovery to cathode is determined by feed grade per Section 10.4.4.5 and capped at 82% for TCu
grades above 1.5%. Case-level blended TCu recoveries to cathode are reported in Table 1.13 and Table 19.2 (66.8% Full Resource Case; 56.7%
M&I Case) and reflect the deposit mix, feed scheduling, and the timing of the elevated temperature leach upgrade.

&nbsp;&nbsp;&nbsp;&nbsp;· Processing route — M&I Case: Konkola / Nchanga Concentrator → Nchanga Smelter → Nkana
Refinery; TD03 / TD04 / TD05 via the existing Nchanga TLP.

&nbsp;&nbsp;&nbsp;&nbsp;· Processing route — Full Resource Case: as for the M&I Case, with the existing Nchanga TLP retrofitted
with Elevated Temperature Leach (ETL); the larger TD05 throughput required under the Full Resource Case is processed across two facilities
in parallel — the existing Nchanga TLP and a new proposed TLP 2 facility, also designed with ETL (refer Section 14.5).

&nbsp;&nbsp;&nbsp;&nbsp;· Tonnage and grade are rounded; this may result in minor computational discrepancies.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral Resources are 100% attributable to KCM.

The Mineral Resource classification incorporates distance to drillhole support based on a drillhole spacing study, base of mining depletion, geological and grade continuity, estimation confidence and knowledge of the Konkola mineralisation from 67 years of mining.

The total Measured and Indicated Mineral Resource is concentrated within areas of high drilling density and well-established geological control, particularly in the central and upper portions of the Konkola deposit. Inferred material is more prevalent at depth and along strike extensions, where drilling density remains limited.

1.7 Mineral Reserve estimate

No Mineral Reserves are declared in this Initial Assessment. Mineral Reserves for the KCM Integrated Operations have been separately estimated and declared in the companion Preliminary Feasibility Study Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2026). The reader is directed to the PFS TRS for the Mineral Reserve estimate, supporting mine plan, modifying factors, and economic analysis.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

1.8 Development and operational status

KCM is a brownfield operation with over 95 years of continuous mining history. The Konkola Mine, Nchanga smelter, Nkana refinery, and associated processing infrastructure are established, operational facilities. KCM's integrated metal production peaked at 160,000 tonnes per annum in FY2013 and subsequently declined to approximately 55,000 tonnes per annum during the provisional liquidation period (2019-2024). Following the return of operational control to Vedanta in July 2024, KCM has commenced a restart and ramp-up of operations.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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1.8.1 Konkola

Konkola is an established underground copper mining operation located near Chililabombwe, Republic of Zambia. Development activities are centered on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via vertical shafts and underground declines. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods. Paste fill is not currently used at the operation, however it is a critical component for future extraction of flatly dipping areas of the orebody, where panel stoping is planned. Paste fill will enable secondary stope extraction and assist with regional geotechnical stability.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally, with an ore hoist-to-water pumping ratio of approximately 1:49. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety. The mine's ventilation systems have been progressively expanded to address increasing depth and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems and declines, supported by underground refuge chambers and surface infrastructure.

AMC's LOM hydrological analysis identified significant water recirculation at Konkola, estimated at 25-50% based on hydrological interpretation and incorporating previous studies (Dr Kawawa Banda et al, "Seepage Estimation Using Discharge Measurements in the Upper Kafue River, Zambia", 2017; and Konkola Surface Exclusion Plan, 2025). A scoping study evaluated piping discharge water to the Kafue River using large-diameter HDPE pipes to minimise recirculation. The estimated capital cost is $20 million (M), with a projected payback period of 2-3 months based on current dewatering system power consumption. Reducing recirculation could yield substantial operating and capital cost savings.

Surface facilities include the Konkola concentrator, where run-of-mine (ROM) ore is processed through crushing, milling, flotation, and dewatering. The produced concentrate is transported to the Nchanga smelter, with final copper production completed at the Nkana refinery via electrorefining.

Planned infrastructure upgrades at Konkola include:

· Refurbishment and optimisation of the concentrator circuit to improve throughput and metallurgical recovery.

· Upgrades to tailings pumping coupled with a paste fill plant and distribution system to facilitate a change
in mining method required to optimise resource recovery.

· Installation of a new pump station at 1,390 mL required for dewatering of the orebody, which is necessary
to facilitate mining.

· Improvements to energy efficiency and alignment of processing capacity with underground production targets.

Additionally, portions of the tailings stream are to be directed to the underground paste fill system, supporting sustainable mining and reduced surface deposition requirements.

1.8.2 Nchanga

Nchanga, located near Chingola, comprises both open pit and underground mining operations. The open pits historically targeted extensive near-surface oxide and supergene-enriched copper mineralisation, while the underground operation focused on deeper sulfide zones, including the Nchanga Block Cave.

The open pit operations have been significantly scaled back, with current activity centered on reclamation, small-scale remnant extraction, and waste management. However, opportunities remain to extend pit limits or exploit satellite pods through selective mining, subject to further study and economic assessment.

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| Konkola Copper Mines Plc | 0424076 |

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The Nchanga Underground operation is largely centered on remnant mining and the final stages of block caving. Production has declined as ore flow from the block cave reduces, but pockets of recoverable mineralisation remain accessible via selective stoping or slusher-based extraction methods.

Surface processing at Nchanga includes:

· The Nchanga concentrators, which historically processed both open pit and underground ore.

· The Nchanga TLP, which reprocesses material from TD03 and TD04 and, going forward, the Measured and Indicated
portion of the TD05 Mineral Resource, recovering copper through acid leaching, solvent extraction, and electrowinning.

· The Nchanga smelter, which processes concentrate from both Konkola and historical Nchanga sources.

Planned and ongoing initiatives at Nchanga include:

· Optimisation of the existing Nchanga TLP, including the proposed Elevated Temperature Leach (ETL) upgrade
to improve copper recovery from refractory acid-soluble copper minerals (M&I Case and Full Resource Case; refer Section 18.6.2).

· Construction and commissioning of the proposed TLP 2 facility under the Full Resource Case, designed to
provide additional tailings processing capacity to enable the larger TD05 throughput required under the Full Resource Case. TLP 2 will
utilise elevated-temperature leaching, solvent extraction, and electrowinning to produce LME Grade A copper cathode, operating in parallel
with the existing Nchanga TLP (refer Section 14.5 and Section 18.6.1).

· Commissioning of TD06 as a new active tailings storage facility, enabling cessation of fresh tailings
deposition at TD05 to support reclamation operations.

· Continued monitoring and maintenance of operational TSFs (TD05 and Lubengele) consistent with Zambian
regulatory and ICMM tailings management requirements.

· Evaluation of open pit expansion and underground remnant extraction options.

· Refurbishment of selected processing circuits to maintain operational integrity.

1.9 Mining methods

KCM's mining operations utilise a range of underground and surface mining methods, selected in accordance with orebody geometry and existing infrastructure.

The Konkola Mine targets the Kirilabombwe orebody to depths exceeding 2,000 m. Mining is conducted through mechanised longitudinal longhole open stoping (LHOS), accessed via vertical shafts and decline infrastructure. A redesign of the Konkola Deeps mine plan has changed the mining method in flatly dipping areas from post pillar cut-and-fill to panel stoping with paste fill, reducing development requirements by approximately 200 km and US$1 billion (B) over the LOM. Construction of a new pump station at 1,390 mL is critical for dewatering to access deeper mineralisation.

The Nchanga Business Unit comprises open pit and underground operations. Open pit mining uses conventional truck-and-shovel methods. Underground mining includes an active block cave with production forecast to decline over the next two years, after which remnant ore will be recovered using selective open stoping.

The Nchanga TLP recovers copper from historical tailings at TD03 and TD04, with opportunities identified to assess potential recovery from TD05 and Lubengele tailings facilities.

1.10 Processing and recovery methods

KCM's processing infrastructure comprises the Konkola concentrator, Nchanga concentrators, Nchanga TLP, Nchanga flash smelter, and Nkana refinery. These assets are operationally integrated and cannot be economically separated.

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| Konkola Copper Mines Plc | 0424076 |

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Key processing parameters:

· Konkola Concentrator Recovery: 86.5% copper recovery to concentrate for the Full Resource Case, 89.2%
for the M&I Case

· Concentrate Grade: Approximately 33% copper

· Smelter copper recovery: 98.1%

· Concentrate Payable Cu: 96.8%

· Nchanga TLP recovery (TCu to cathode):

TLP 1 only, conventional ambient leach (historical): 44.7%

TLP 1 with Elevated Temperature Leach retrofit, M&I Case: 56.7%

TLP 1 with Elevated Temperature Leach retrofit, Full Resource Case: 59.3%

TLP 2 with Elevated Temperature Leach (new build), Full Resource Case: 73.9%

Case-level blended TLP recovery: 56.7% (M&I Case); 66.8% (Full Resource Case combining TLP 1 and TLP 2 operations in parallel)

Sulfide ores from Konkola and Nchanga are processed via conventional flotation to produce copper concentrates grading approximately 33% Cu. Concentrates are processed in the Nchanga flash smelter to produce copper anodes, which are refined at the Nkana refinery to produce LME Grade A copper cathode.

The Nchanga TLP processes oxide tailings from TD03, TD04, and Nchanga concentrator tailings through sulfuric acid leaching, solvent extraction, and electrowinning to produce copper cathode. The Nchanga TLP has demonstrated capacity of 50,000 tpd with estimated copper production of 118 tpd.

TD05 has been classified as a Mineral Resource and is included in both the M&I Case and the Full Resource Case. Under the M&I Case, TD05 is processed through the existing Nchanga TLP (retrofitted with elevated temperature leach). Under the Full Resource Case, the larger TD05 throughput is processed across the existing Nchanga TLP and the proposed TLP 2 facility operating in parallel, both using elevated temperature leach.

The LOM Full Resource plan assumes purchase of 300,000–315,000 tpa of third-party concentrate from regional Zambian and DRC Copperbelt mines to supplement KCM's own internal feed. This is a process requirement of the Nchanga Flash Smelting Furnace, which requires a specific Fe / SiO₂ ratio in the feed blend that cannot be achieved using KCM's own concentrates alone, as both the Konkola and Nchanga concentrators produce high-silica concentrate (typically 20–22% SiO₂ against a preferred limit of less than 15% SiO₂). Third-party concentrate is purchased on a metal-return basis, KCM takes ownership of the concentrate and bears the associated price risk, and is not a toll processing arrangement.

Third-party concentrate has been sourced historically from large-scale open pit and underground copper producers in the Zambian and DRC Copperbelt, providing a diverse regional supply base within 200 to 500 kilometres of the Nchanga Smelter. The Copperbelt region produced approximately 4.3 million tonnes of copper in 2025 and is expected to grow further through 2030, providing a substantial regional concentrate supply base. However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers such as KCM. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga Flash Smelting Furnace (FSF) and its anticipated withdrawal from the regional market represents a material change in the third-party concentrate supply landscape over the LOM. While growing overall Copperbelt production from mines without access to proprietary smelting capacity is expected to partially offset this reduction, the absence of binding long-term supply contracts beyond FY2026 is identified as an essential risk requiring resolution. A structural factor supporting supply continuity is the Zambian government's 10% export levy on copper concentrate, which creates a material economic incentive for Zambian producers to supply domestic smelters rather than export, and the comparatively high logistics cost of shipping DRC-origin concentrate to overseas smelters relative to regional Copperbelt facilities effectively anchors domestically produced concentrate within the Zambian processing value chain. The QPs consider that there is a reasonable basis to expect that third-party concentrate will remain available at the volumes assumed in the LOM plan, given the scale of regional Copperbelt production and the structural inability of many smaller producers to develop proprietary smelting capacity. However, the absence of binding supply contracts beyond 2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. Further detail on sourcing, availability, contract terms, alternatives, and the basis for this assessment is provided in Section 14.4.3.

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The sensitivity of project economics to this dependency has been assessed by modelling the removal of third-party concentrate from the LOM plan entirely, as set out in Section 19.3.2. The post-tax NPV₈% impact comprises two components: the direct smelter contribution, and the incremental acid procurement cost arising from reduced smelter throughput (calculated as the delta between the US$175/t external market price and the US$130/t internal transfer price).

For the M&I Case, the direct smelter contribution accounts for approximately US$140M, or 5% of the base case NPV₈% of US$2,640M, with a further US$70M (3%) from incremental acid procurement. The combined reduction of US$210M reduces the M&I Case post-tax NPV₈% to US$2,430M.

For the Full Resource Case, the direct smelter contribution accounts for approximately US$196M, or 2% of the base case post-tax NPV₈% of US$8,637M, with a further US$100M (1%) from incremental acid procurement. The combined reduction of US$296M (3%) reduces the Full Resource Case post-tax NPV₈% to US$8,341M.

The KCM Integrated Operations remain economic in both cases on the basis of KCM's own Mineral Resource production. The uninterrupted sourcing of third-party concentrate is nonetheless identified as an essential operational and commercial requirement throughout the life-of-mine.

1.11 Infrastructure

KCM's integrated operations span three principal sites connected by established road infrastructure across the Copperbelt Province. Run-of-mine ore from the Konkola Mine at Chililabombwe is processed through the on-site Konkola Concentrator. Copper concentrate is transported approximately 20 km by road to the Nchanga Flash Smelter at Chingola, with blister copper then transported approximately 55 km to the Nkana Refinery at Kitwe for electrorefining to LME Grade A cathode. All inter-site routes utilise high-quality tarmac roads capable of supporting loads up to 50 tonnes.

Power is supplied under a long-term agreement with Copperbelt Energy Corporation (CEC), providing 200 MW capacity to all KCM sites. This agreement has been in place for over 20 years. Water supply for processing operations is sourced primarily from the Kafue River system and from dewatering operations at the Konkola Mine, which pumps approximately 350,000 m³/day. The Konkola Mine operates a comprehensive staged dewatering system including pumping stations, sumps, and water management infrastructure critical to maintaining mine access and safety.

Export logistics for refined copper cathode rely on road freight to rail transfer points and onward transport to regional ports, including Dar-es-Salaam (Tanzania), Walvis Bay (Namibia), and Durban (South Africa). Further details on infrastructure and logistics are provided in Sections 4.

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1.12 Economic analysis summary - dual presentation

In accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K, the economic analysis is presented with equal prominence for both the Full Resource Case (including Inferred Resources) and the Measured and Indicated Case (excluding Inferred Resources).

**CAUTIONARY STATEMENT REGARDING INITIAL ASSESSMENT**

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

**INFERRED MINERAL RESOURCE PROPORTION**

Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). At Konkola Mine, approximately 87% of Resources are classified as Inferred (249 Mt of 288 Mt). Inferred Mineral Resources have a lower level of geological confidence and are considered too speculative to have economic considerations applied that would enable them to be categorised as Mineral Reserves at this time. There is no certainty that Inferred Mineral Resources will be converted to higher confidence categories, although this is expected to be achievable with continued systematic exploration.

**IMPORTANT DISCLOSURE**

The economic results INCLUDING Inferred Resources are preliminary and speculative. The economic results EXCLUDING Inferred Resources represent the M&I Case and demonstrate the economic viability of the project based on Measured and Indicated Mineral Resources only.

This IA is based on a comprehensive LOM Plan that includes mining from:

· Konkola Mine – Measured, Indicated, and Inferred Mineral Resources (operating).

· Nchanga Indicated and Inferred Resources:

— COP DF open pit mine (operating in 2026).

— Nchanga COP E Underground (planned).

— Nchanga COP DF Underground (planned).

· Reclamation of TD03, TD04, and TD5, processed through the Nchanga TLP (operating) and the proposed Nchanga
TLP 2 plant (proposed for construction).

The IA is a preliminary technical and economic study of the economic potential of all parts of the KCM operations including Konkola Mine, Nchanga Tailings Recovery, and Nchanga mining operations. The confidence in the overall LOM scenario is at an IA level of confidence.

The IA of the Nchanga deposits and the Inferred Mineral Resource component of the Konkola Mine is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves and as such, these Mineral Resources have not been demonstrated to have economic viability. There is no certainty that the IA will be realised.

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| Konkola Copper Mines Plc | 0424076 |

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1.12.1 Key assumptions

· Copper Price: P75 consensus pricing as per Table 16.1 (ranging from US$11,101/t to US$12,793/t over the
LOM assessment period).

· Cobalt Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the LOM assessment period).

· Discount Rate: 8% real, pre-tax.

1.12.2 Production plan

· The basis of the economic model is the mining, processing, and smelting schedule as presented in this
report which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade, and recoveries.

· The Full Resource Case comprises production from Measured, Indicated, and Inferred Resources.

· The M&I Case comprises production from Measured and Indicated Mineral Resources at Konkola Mine and
Indicated Mineral Resources in TD03, TD04 and TD05.

The smelter feed profiles for both scenarios are shown in Figure 1.1 and Figure 1.2. Both cases assume third-party concentrate purchases to maintain smelter throughput at approximately 850 ktpa.

Figure 1.1 KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates)

![](ctm005_ex96-1img002.jpg)

Source: AMC, 2026.

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Figure 1.2 KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates)

![](ctm005_ex96-1img003.jpg)

Source: AMC, 2026.

The total copper sold from the KCM operations across the life of operations, including copper anodes from the smelter, copper in cobalt alloy, and copper cathodes produced by the Nchanga TLP, is shown in Figure 1.3 and Figure 1.4.

Figure 1.3 Total Copper Sold – Full Resource Case

![](ctm005_ex96-1img004.jpg)

Source: AMC, 2026.

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Figure 1.4 Total Copper Sold – M&I Case

![](ctm005_ex96-1img005.jpg)

Source: AMC, 2026.

The production profiles for both scenarios are shown in Figure 1.5 and Figure 1.6. The Full Resource Case recovers a total of 7,880kt (7.9 Mt) of payable copper over approximately 45 years from KCM's own ore (Konkola Mine, Nchanga Business Unit, and Nchanga TLP), and the M&I Case recovers a total of 1,446 kt (1.45 Mt) of payable copper over approximately 15 years. These figures exclude copper produced from third-party concentrates processed through the Nchanga Smelter, which generates additional copper anodes that are reported separately in Table 1.3.

Figure 1.5 KCM Production Profile – Full Resource Case

![](ctm005_ex96-1img006.jpg)

Source: AMC, 2026.

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Figure 1.6 KCM Production Profile – M&I Case

![](ctm005_ex96-1img007.jpg)

Source: AMC, 2026.

1.12.3 Capital and operating costs

Capital and operating costs for mining, processing, administration, and other costs to support the LOM for both Konkola Mine and Nchanga Operations are described in detail in Section 18 of this report. The capital and operating costs for Konkola Mine have been developed to PFS level of accuracy (±25%). The unit operating cost estimates have been applied across the life of the operations.

The capital and operating costs for Nchanga mining operations (COP DF, COP E Extension, and Nchanga Underground) are based on historical operating data and benchmarked estimates and are defined to a lesser degree of confidence than Konkola Mine. These costs meet the requirements of an Initial Assessment but have not been developed to PFS-level confidence. Nchanga mining operations are included in the Full Resource Case only and are not part of the M&I Case.

The capital and operating costs for the existing Nchanga TLP base operations (conventional ambient leach, as currently operated) are developed to PFS level of accuracy (±25%) and are presented in a separate Preliminary Feasibility Study (PFS) Technical Report Summary. The capital and operating costs for the proposed elevated temperature leach retrofit of the existing Nchanga TLP and for the proposed TLP 2 facility are developed at Initial Assessment level, based on vendor concept design (Nerin) and AMC's concept-level cost estimates, and meet the requirements of an Initial Assessment but have not been developed to PFS-level confidence.

Total capital expenditure for the Full Resource Case is US$7,595M over the approximately 45-year LOM, compared to US$1,699M for the M&I Case over approximately 15 years. Capital costs comprise growth capital for processing improvements and infrastructure upgrades, development capital for underground access and production development, and sustaining capital for ongoing operations including the Nchanga Smelter and Refinery. A summary of the capital cost estimates for both cases is presented in Table 1.3.

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Table 1.3 Capital cost summary

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| | | |
|:---|:---|:---|
| **Capital Category** | **Full Resource Case (US$M)** | **M&I Case (US$M)** |
| Growth Capital | 1626 | 342 |
| Capital Development | 3419 | 569 |
| Sustaining Capital | 2551 | 788 |
| **Total Capital** | **7595** | **1699** |

---

Note: Nchanga Business Unit includes COP DF open pit, COP E Extension, and Nchanga Underground. Nchanga TLP Operations includes the proposed new TLP 2 facility under Growth capital for the Full Resource Case only; the M&I Case includes only the existing Nchanga TLP and its proposed elevated temperature leach retrofit. Totals may not sum due to rounding.

Table 1.4 presents the capital cost breakdown by operation for the Full Resource Case. The majority of capital expenditure (US$4,954M) is attributable to Konkola Mine, comprising KDMP development capital, growth capital for dewatering and processing infrastructure, and sustaining capital over the extended LOM. Nchanga Business Unit capital of US$823M includes development of the COP E, and COP DF underground operations.

Table 1.4 Capital cost by operation – Full Resource Case (Including Inferred)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Growth (US$M)** | **Development<br> (US$M)** | **Sustaining (US$M)** | **Total (US$M)** |
| Konkola Mine | 455 | 2887 | 1612 | **4954** |
| Nchanga Business Unit | 247 | 532 | 44 | **823** |
| Nchanga TLP Operations | 924 |  | 496 | **1420** |
| Nchanga Smelter & Refinery |  |  | 399 | **399** |
| **Total** | **1626** | **3419** | **2551** | **7595** |

---

Note: Nchanga Business Unit includes COP DF open pit, COP E Extension, and Nchanga Underground. Nchanga TLP Operations includes the proposed new TLP 2 facility under Growth capital. Totals may not sum due to rounding.

Table 1.5 presents the capital cost breakdown for the M&I Case. This case is based exclusively on Measured and Indicated Resources.

Table 1.5 Capital cost by operation – M&I Case (Excluding Inferred)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Growth (US$M)** | **Development<br> (US$M)** | **Sustaining (US$M)** | **Total (US$M)** |
| Konkola Mine | 189 | 569 | 302 | 1060 |
| Nchanga Business Unit |  |  | 7 | 7 |
| Nchanga TLP Operations | 154 |  | 337 | 490 |
| Nchanga Smelter & Refinery |  |  | 142 | 142 |
| **Total** | **342** | **569** | **788** | **1699** |

---

Note: Konkola Mine M&I Case capital cost estimates are at PFS-level accuracy (±25%) with contingency of 10–15% depending on cost category, consistent with the separate PFS TRS (Table 18.1). Nchanga Business Unit includes Sustaining capital for the three Nchanga concentrator mills. Nchanga TLP Operations includes Growth capital for the proposed Elevated Temperature Leach (ETL) retrofit of the existing Nchanga TLP and Sustaining capital for the existing TLP. The M&I Case excludes the proposed TLP 2 facility and Nchanga Business Unit mining capital, which are included in the Full Resource Case only.

The accuracy of the capital and operating cost estimates varies by component, reflecting the different levels of study applied across the KCM operations. Table 1.6 summarises the cost estimate accuracy by component.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.6 Capital cost estimate accuracy

---

| | | |
|:---|:---|:---|
| **Cost Component** | **Accuracy Range** | **Study Level** |
| Konkola Mine – Existing Operations | ±25% | PFS |
| Konkola Mine – KDMP Expansion | ±25% | PFS |
| Nchanga TLP – Existing Operations | ±25% | PFS |
| Nchanga Smelter & Refinery | ±25% | PFS |
| Nchanga TLP – ETL Retrofit | ±25–35% | IA |
| Nchanga TLP 2 | ±35–50% | IA |
| Nchanga COP DF Open Pit | ±35% | IA |
| Nchanga COP E, DF Underground | ±35–50% | IA |

---

Note: Accuracy ranges from ±25% for PFS-level estimates (Konkola Mine, existing Nchanga TLP, and Nchanga Smelter & Refinery) to ±25–50% for Initial Assessment-level estimates covering future TLP infrastructure (the proposed ETL retrofit and TLP 2 facility) and the Nchanga Business Unit mining operations. PFS-level estimates are supported by engineered designs and vendor quotations; IA-level estimates are based on benchmarked operating data, vendor concept design (Nerin), and AMC's concept-level cost estimates. Refer to Section 18 for detailed cost estimation methodology.

The average LOM unit operating costs by operation for the Full Resource Case are summarised in Table 1.7. Operating costs include mining, processing, and general and administrative (G&A) costs. Konkola Mine has the highest total unit operating cost at US$94.3/t ore, reflecting deep-level underground mining requirements, while Nchanga TLP Operations has the lowest at US$15.1/t due to the nature of tailings reprocessing.

Table 1.7 Average LOM unit operating cost by operation – Full Resource Case

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Mining (US$/t)** | **Processing (US$/t)** | **G&A (US$/t)** | **Total (US$/t)** |
| Konkola Mine | 74.0 | 15.1 | 5.1 | 94.3 |
| Nchanga (OP + UG Combined) | 56.0 | 18.2 | 4.0 | 78.1 |
| Nchanga TLP Operations | 0.8 | 14.4 | 0.9 | 16.1 |

---

Note: Note: Full Resource Case includes Measured, Indicated, and Inferred Mineral Resources processed over the approximately 45-year LOM. Nchanga (OP + UG Combined) comprises COP DF open pit, COP E Extension, and Nchanga Underground operations; operating costs are at Initial Assessment-level confidence. Nchanga TLP Operations processing cost includes the operating cost of the proposed elevated temperature leach (ETL) retrofit of the existing Nchanga TLP and the proposed TLP 2 facility (Initial Assessment-level confidence; refer Section 14.5). Konkola Mine and existing Nchanga TLP operating costs are at PFS-level confidence and are presented in a separate Pre-Feasibility Study (PFS) Technical Report Summary.

Table 1.8 presents the average unit operating costs for both the Full Resource Case and the M&I Case. The lower unit cost for Konkola Mine in the Full Resource Case (US$94.3/t vs US$125.2/t) reflects economies of scale over the longer LOM period with higher sustained production rates. Nchanga Operations are included in the Full Resource Case only and are not part of the M&I Case.

Table 1.8 Average unit operating cost summary – dual presentation

---

| | | | |
|:---|:---|:---|:---|
| **Operation** | **Unit** | **Full Resource Case** | **M&I Case** |
| Konkola Mine | US$/t ore | 94.3 | 125.2 |
| Nchanga Operations | US$/t ore | 78.1 |  |
| Nchanga TLP Operations | US$/t ore | 16.1 | 16.7 |

---

Note: Operating costs include mining, processing, and site administration costs. Nchanga Operations refers to Nchanga Business Unit mining (COP DF open pit, COP E Extension, and Nchanga Underground) and is included in the Full Resource Case only. Nchanga TLP Operations unit cost includes the operating cost of the proposed elevated temperature leach (ETL) retrofit of the existing Nchanga TLP under both cases and the proposed TLP 2 facility under the Full Resource Case only. The Konkola Mine M&I Case unit operating cost ($125.2/t) is higher than the Full Resource Case ($94.3/t) due to shorter LOM (15 vs 45 years) and lower sustained production rates, reducing the dilution of fixed costs over total ore tonnage.

Table 1.9 presents total LOM operating costs for both scenarios. Total operating costs for the Full Resource Case are US$31,378M over the approximately 45-year LOM, compared to US$7,355M for the M&I Case over approximately 15 years.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.9 Total LOM operating costs by operation – dual presentation

---

| | | |
|:---|:---|:---|
| **Operation** | **Full Resource Case (US$M)** | **M&I Case (US$M)** |
| Konkola Mine | 21948 | 3639 |
| Nchanga Business Unit (NBU) | 1630 | 11 |
| Nchanga TLP Operations | 7800 | 3705 |
| **Total Operating Costs by Operation** | **31378** | **7355** |
| Ore Processed (kt) | 727273 | 253673 |
| **Weighted Average Unit Cost (US$/t)** | 43.14 | 28.99 |

---

Note: Nchanga TLP operating costs include the operating cost of the proposed elevated temperature leach (ETL) retrofit of the existing Nchanga TLP under both cases and the proposed TLP 2 facility under the Full Resource Case only. Nchanga Business Unit operating costs under the M&I Case relate to sustaining costs for the three Nchanga concentrator mills supporting smelter feed; NBU mining operations are included in the Full Resource Case only. Ore processed includes all sources feeding into the respective processing facilities. Weighted average unit cost is calculated across all operations.

Konkola Mine is the primary cost centre for both scenarios. Table 1.10 presents the detailed operating cost breakdown by major category for the Full Resource Case LOM. Production stoping (30%) and power costs (23%) together account for over half of total Konkola operating expenditure.

Table 1.10 Konkola Mine operating cost breakdown – Full Resource Case

---

| | | | |
|:---|:---|:---|:---|
| **Cost category** | **LOM total (US$M)** | **% of total** | **Unit Cost (US$/t)** |
| Production Stoping | 6477 | 30% | 27.8 |
| Operating Development | 2819 | 13% | 12.1 |
| Backfill Operations | 366 | 2% | 1.6 |
| Power Costs | 5057 | 23% | 21.7 |
| KCM Labour (direct) | 1344 | 6% | 5.8 |
| G&A | 1195 | 5% | 5.1 |
| Mine Services | 313 | 1% | 1.3 |
| Tramming | 852 | 4% | 3.7 |
| Mining Opex Subtotal | 18423 | 84% | 79.1 |
| Processing Costs | 3524 | 16% | 15.1 |
| **Total Konkola Mine Operating Costs** | **21948** | **100%** | **94.3** |
| Ore Processed (Mt) | 232.8 |  |  |

---

Note: LOM Total is over the approximately 45-year Full Resource Case life. Unit costs calculated on 232.8 Mt total ore processed. Operating development includes underground drives within production zones. Power costs include electricity supply to all underground and surface operations. Processing costs include concentrator reagents, grinding media, and plant labour.

Table 1.11 presents the Konkola Mine operating cost profile for the first five fiscal years. Unit operating costs decline from US$177.7/t in FY2026/27 to US$106.0/t in FY2030/31 as production ramps up from 1,669 kt to 4,189 kt per annum, reflecting the significant operating leverage inherent in the underground mining operation.

Table 1.11 Konkola Mine operating costs – first five years

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** | **FY2030/31** | **LOM total** |
| Ore Processed (kt) | 1669 | 2180 | 2639 | 3400 | 4189 | 232775 |
| Operating Costs (US$M) | 296.7 | 327.0 | 353.6 | 396.4 | 443.8 | 21948 |
| Unit Cost (US$/t) | 177.7 | 150.0 | 134.0 | 116.6 | 106.0 | 94.3 |

---

Note: Higher unit costs in early years reflect fixed cost absorption at lower production rates during the KDMP development ramp-up period. LOM average unit cost of US$94.3/t assumes sustained production rates of approximately 6 Mtpa at steady state.

Table 1.12 presents the C1 cash cost and all-in sustaining cost (AISC) for each operation under both scenarios. C1 cash cost includes all direct mining, processing, and site G&A costs, net of by-product credits. AISC additionally includes sustaining capital and royalties.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.12 C1 cash cost and AISC by operation – dual presentation

---

| | | |
|:---|:---|:---|
| **Cost metric** | **Full Resource Case** | **M&I Case** |
| **KCM Underground** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 22951 | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 1.79 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$M) | 29287 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$/lb Cu) | 2.28 | 2.98 |
| **Nchanga Business Unit (NBU)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 1683 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 2.87 |  |
| **Nchanga TLP Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$M) | 7800 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost (US$/lb Cu) | 1.97 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$M) | 9793 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC (US$/lb Cu) | 2.47 | 2.87 |

---

Note:

· C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A
costs, and smelter and refinery costs net of by-product credits. AISC includes C1 plus sustaining capital and royalties. Full definitions
and reconciliation provided in Section 18.

· Segment totals for the Full Resource Case reconcile to Consolidated C1 within rounding. The M&I Case
segment totals exceed Consolidated C1 by approximately US$0.9 billion because third-party concentrate processed through the Nchanga Smelter
contributes a larger share of M&I integrated metal production; smelter costs allocated to segments on throughput basis therefore exceed
the smelter cost netted at the integrated metal level applied at Consolidated.

1.12.3.1 Economic results

The before-tax economic analysis is based on the project financial model developed to estimate annual cash flows and sensitivities for the KCM Operations that include Konkola Mine, Nchanga Underground operations, Nchanga open pits, Nchanga TLP used to process tailings from TD03, TD04, TD05, and Nchanga Smelter. The economic results are presented (Table 1.13) as a side-by-side comparison between the Full Resource Case and the Measured and Indicated Resource Case. The Nchanga TLP is part of the Nchanga Operations but has been separated out in the table below for clarity.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.13 Summarised economic results

---

| | | |
|:---|:---|:---|
| **Item** | **Full Resource Case**<br> **(Including Inferred)** | **M&I Case**<br> **(Excluding Inferred)** |
| **Production** | | |
| Konkola Ore Mined | 232775 | 29066 |
| Konkola Underground Head Grade | 2.94 | 2.89 |
| Konkola Underground Recovery | 86.5 | 89.2 |
| NBU Ore Mined | 20861 | 0 |
| NBU Head Grade | 2.42 | 0 |
| NBU Recovery | 53.9 | 0 |
| Nchanga TLP Ore Mined | 473636 | 224607 |
| Nchanga TLP Head Grade | 0.57 | 0.56 |
| Nchanga TLP Recovery (Total Cu Recovery) | 66.8 | 56.7 |
| Total Integrated Copper Production<sup>(1)</sup> | 7880 | 1446 |
| Mine Life | ~45 | ~15 |
| **Economic Metrics** |  |  |
| Net Revenue | 88194 | 16724 |
| Total Operating Costs<sup>(2)</sup> | 33276 | 8002 |
| Total Capital Expenditure | 7595 | 1699 |
| C1 Cash Cost<sup>(3)</sup> | 1.87 | 2.10 |
| All-in Sustaining Cost<sup>(3)</sup> | 2.38 | 2.69 |
| Free Cash Flow (post-tax) | 29072 | 4296 |
| NPV₈% (post-tax, real) | 8637 | 2640 |
| IRR (post-tax) | 65 | N/A |
| Payback Period | ~3.3 | ~1.7 |

---

Notes:

---

| | |
|:---|:---|
| 1 | Integrated Metal Production is KCM's own payable copper (Konkola Mine + NBU + Nchanga TLP). Excludes copper from third-party concentrate processed at the Nchanga Smelter and Nkana Refinery. Refer to Table 19.3 (Full Resource Case production and cashflow schedule) and Table 19.4 (M&I Case production and cashflow schedule) for full breakdown. |

---

---

| | |
|:---|:---|
| 2 | Total Operating Costs comprises mining operating costs, smelter and refinery operating costs net of by-product credits, and treatment and refining charges (TC/RC). Refer to Table 1.9 for the full operating cost build. |

---

---

| | |
|:---|:---|
| 3 | C1 Cash Cost and AISC are non-GAAP measures calculated on KCM's own payable copper production (Integrated Metal Production basis). Refer to Figure 18.1**.** and Section 18. |

---

---

| | |
|:---|:---|
| 4 | IRR is not reported for the M&I Case. KCM is a brownfield producing operation, with capital distributed across the mine plan rather than concentrated in an initial construction phase. The modest Year 1 negative pre-tax free cash flow reflects incremental investment timing rather than a greenfield-type construction outflow, and a conventional IRR does not produce a meaningful measure of economic viability. |

---

The Full Resource Case (Including Inferred) represents the full potential of the KCM operations but is preliminary and speculative in nature, as described in the cautionary statement at the front of this report. The M&I Case (Excluding Inferred) demonstrates economic viability based on Measured and Indicated Resources only; a separate Preliminary Feasibility Study Technical Report Summary has been prepared on the basis of the M&I Case mine plan and technical parameters. An 8% annual discount rate has been applied to the cashflows in the Full Resource Case to yield a post-tax NPV of US$8.6B (US$12.1B pre-tax), while the M&I Case yields US$2.6B post-tax (US$3.4B pre-tax).

1.13 Sensitivity analysis

A sensitivity analysis on the NPV₈% was undertaken for both the Full Resource Case and M&I Case, testing copper price, cobalt price, operating costs, and capital costs. The results are shown in Figure 1.7, Figure 1.8,

Table 1.14, and Table 1.15. In both cases, the project is most sensitive to changes in copper price and operating costs.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 1.7 Sensitivity analysis graph – Full Resource Case

![](ctm005_ex96-1img008.jpg)

Source: AMC, 2026.

Sensitivity analysis on the NPV₈% for the Full Resource Case (Including Inferred) is summarised below.

Table 1.14 Sensitivity analysis results – Full Resource Case

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | 80% | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 4344 | 6491 | 8637 | 10784 | 12930 |
| Co Price (NPV US$M) | 8587 | 8612 | 8637 | 8662 | 8687 |
| OPEX (NPV US$M) | 10355 | 9496 | 8637 | 7778 | 6919 |
| CAPEX (NPV US$M) | 9240 | 8938 | 8637 | 8336 | 8034 |

---

The post-tax NPV₈% sensitivity analysis for the M&I Case (Excluding Inferred) is shown below.

Figure 1.8 Sensitivity analysis graph – M&I Case

![](ctm005_ex96-1img009.jpg)

Source: AMC, 2026.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 1.15 Sensitivity analysis results – M&I Case

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 1385 | 2013 | 2640 | 3268 | 3895 |
| Co Price (NPV US$M) | 2630 | 2635 | 2640 | 2645 | 2650 |
| OPEX (NPV US$M) | 3254 | 2947 | 2640 | 2333 | 2026 |
| CAPEX (NPV US$M) | 2807 | 2724 | 2640 | 2556 | 2473 |

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1.14 Environmental studies, permitting, and social or community impact

KCM operates under valid Large-Scale Mining Licenses issued by the Zambian Ministry of Mines. Key permits include environmental authorisations under the Zambia Environmental Management Agency (ZEMA), water abstraction permits for dewatering operations, and tailings storage facility (TSF) operating permits. All required permits for current operations are in place. The Konkola license (7076-HQ-LML) expires 30 March 2050, and the Nchanga TLP license (28174-HQ-MPL) expires 16 December 2045. No new permits are required for the activities contemplated in this Initial Assessment.

Environmental management at KCM is governed by the Environmental Management Act (EMA) of 2011 and its subsidiary regulations. Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. The outstanding balance has been filed as a claim under the Creditors' Scheme of Arrangement by the Mines Safety Department (MSD), which falls under the Government of the Republic of Zambia (GRZ), and will be settled in accordance with the waterfall mechanism provided thereunder. In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024), during which no payments in respect of such liabilities are required. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment. Estimated closure costs of US$133M for the Full Resource Case and US$133M for the M&I Case have been included in the economic analysis (Section 19) and are based on preliminary closure planning, which may be refined in subsequent studies.

Tailings storage facilities are managed in accordance with the Global Industry Standard on Tailings Management (GISTM), with quarterly independent assessments conducted on all operational TSFs. Two operational TSFs (TD05 Muntimpa and Lubengele) are subject to ongoing stability monitoring and statutory compliance inspections. Further details on TSF conditions and management are provided in Section 15.9.

KCM's operations are located within established Copperbelt mining towns (Chililabombwe, Chingola, and Kitwe) with long-standing community relationships. Community development, resettlement programs, and stakeholder engagement activities are managed by KCM as described in Section 17. The Qualified Persons (QPs) have relied on the Registrant for information regarding environmental and community matters as disclosed in Section 25.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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1.15 Qualified Person's conclusions

1.15.1 Initial Assessment status

This Initial Assessment is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). At Konkola Mine, approximately 87% of Mineral Resources are classified as Inferred (249 Mt of 288 Mt). The QP considers that significant additional drilling and technical studies are required to upgrade Inferred Resources to higher confidence categories. There is no certainty that Inferred Mineral Resources will be converted to higher confidence categories, although this is expected to be achievable with continued systematic exploration.

1.15.2 Economic assessment

The Full Resource Case (Including Inferred) returns a post-tax NPV₈% of US$8,637M (US$12,050M pre-tax) over an approximately 45-year mine life. The M&I Case (Excluding Inferred) returns a post-tax NPV₈% of US$2,640M (US$3,418M pre-tax) over an approximately 15-year mine life, demonstrating that the Measured and Indicated Mineral Resource portion of the KCM operations has a positive economic outcome independent of Inferred Resources. The Full Resource Case includes Inferred Mineral Resources that do not have demonstrated economic viability; there is no certainty that the cash flows presented for the Full Resource Case will be realised. The economic results for both cases are presented with equal prominence in Section 19 of this report.

Realisation of the value indicated by the Full Resource Case is dependent on adequate and timely investment of capital and the successful upgrade of Inferred Resources to higher confidence categories through continued drilling programs.

1.15.3 The QP recommends

· A phased resource infill and extension drilling program at Konkola Mine (estimated cost US$11.5M over
18 months) to increase geological confidence and support the conversion of Inferred Resources to Indicated and Measured categories, enabling
future Mineral Reserve estimation.

· Completion of the Lubengele (Konkola) auger drilling program currently underway to generate a first-time
Mineral Resource estimate (estimated cost US$0.5M).

· Completion of prefeasibility-level studies for the COP E Extension and COP DF underground projects at
Nchanga, based on current drilling results and Mineral Resources, to advance these toward Mineral Reserve estimation. The Nchanga resource
estimates should be updated to incorporate revised geological interpretations and modern estimation techniques (estimated cost US$1.5M).

· Completion of a prefeasibility-level study for the proposed TLP 2 facility and TD05 reclamation, based
on the TD05 Mineral Resource estimate and the conceptual TLP 2 design presented in this Initial Assessment, to advance the Measured and
Indicated portion of the TD05 Mineral Resource toward Mineral Reserve estimation (estimated cost US$1.5M).

· Supporting technical studies, including mining studies for Konkola Mine, processing and metallurgical
studies, and infrastructure studies (combined estimated cost US$3.5M).

· Updating of QAQC standard operating procedures and generation of master QAQC and Mineral Resource statement
reports, in preparation for external audit of Mineral Resource estimates (estimated cost US$0.3M).

· Completion of a Feasibility Study on the KCM Integrated Operations to support future investment and funding
processes (estimated cost US$1.0M).

The total recommended work program is estimated at US$20M over 18-24 months. A detailed summary of the recommended work program is presented in Section 23 (Table 23.1). There is no assurance that these recommendations will result in expanded Mineral Resources or Mineral Reserves.

amcconsultants.com 41

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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2 Introduction

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Initial Assessment (IA) Technical Report Summary (TRS) for the Konkola Copper Mines Plc (KCM) Integrated Operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC). This IA TRS presents a comprehensive Life-of-Mine (LOM) Plan for all KCM operations, including Konkola Mine, Nchanga Business Unit, and Tailings Reprocessing Operations. The technical contents of this report adhere to S-K 1300 requirements for reporting Mineral Resources.

In accordance with Item 1302(d)(4)(ii)(C), economic results are presented with equal prominence for both the Full Resource Case (Including Inferred) and the M&I Case (Excluding Inferred). A separate Preliminary Feasibility Study (PFS) Technical Report Summary has been prepared which presents the Reserve Case economic analysis and supports the Mineral Reserve estimate declared therein. The effective date of this report is 1 April 2026.

2.1 Registrant for whom the TRS was prepared

This TRS has been prepared for the registrant, CopperTech Metals Inc., and its subsidiary, KCM. KCM is the operator of the Konkola and Nchanga copper mining operations located in the Copperbelt Province of Zambia. KCM and its subsidiary company Konkola Mineral Resources Limited (KMRL) are the legal holders of the mineral rights associated with the Konkola and Nchanga license areas and operate under large-scale mining licenses.

2.2 Terms of reference and purpose

This report has been prepared in accordance with S-K 1300 of the U.S. SEC and provides a Technical Report Summary for the KCM Integrated Operations, comprising:

· Konkola Mine and Konkola Concentrator

· Nchanga Underground and Open Pit operations

· Nchanga Concentrators

· Nchanga Tailings Leach Plant (TLP), including the proposed new TLP 2 facility under the Full Resource
Case

· Nchanga Smelter and Nkana Refinery

· Nchanga Tailings Dams TD03, TD04, and TD05

The purpose of this report is to present Mineral Resource estimates, the proposed development and operating plans for those Mineral Resources, and associated technical assessments, including risk factors and economic considerations. The report constitutes an Initial Assessment for the KCM Integrated Operations, incorporating mine planning, extraction rates, and economic analysis for both the Full Resource Case and M&I Case.

This report was prepared by AMC, an independent mining consultancy, on behalf of Vedanta Resources Limited (Vedanta), the parent company of KCM. AMC has no material interest in KCM or its affiliates.

2.3 Units of measure

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$). The exchange rate used for financial modelling and conversions is the FY2025/26 average exchange rate (12 months ended 31 March 2026) of ZMW 22.40 to US$1.00, unless stated otherwise.

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Grades are reported as total copper (TCu) in percent (%), total cobalt (TCo) in percent (%), and acid soluble copper (ASCu) in percent (%). Tonnages are reported as dry metric tonnes (t) unless otherwise explicitly stated.

The unit mL refers to meter level and is the vertical elevation with reference to the collar position of 4 Shaft at Konkola.

2.4 Defined terms and abbreviations

Table 2.1 defines the principal facility names, abbreviations, and technical terms used throughout this TRS. Each term is defined at first use in the body of the report; the standardised form shown in Table 2.1 is used thereafter.

Table 2.1 Defined terms and abbreviations

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| | | |
|:---|:---|:---|
| **Defined term** | **Abbreviation** | **Description** |
| KCM Integrated Operations |  | The integrated mining, processing, smelting, and refining operations of Konkola Copper Mines Plc, comprising the Konkola Mine and Konkola Concentrator, Nchanga Business Unit (open pit and underground), Nchanga Concentrators, Nchanga Tailings Dams TD03, TD04, and TD05, the existing Nchanga TLP (including the proposed Elevated Temperature Leach retrofit under the M&I Case and the Full Resource Case), the proposed Nchanga TLP 2 facility (under the Full Resource Case), the Nchanga Smelter, and the Nkana Refinery, as described in Section 1.2. |
| Konkola Mine |  | The underground copper mine at Chililabombwe, Copperbelt Province, Zambia, operated by KCM. Includes all underground workings accessed via No. 1, No. 3, and No. 4 Shafts. |
| Konkola Deep Mining Project | KDMP | The development project providing deep-level access to the Konkola orebody via No. 4 Shaft and associated underground infrastructure. |
| Konkola Concentrator |  | The sulfide flotation concentrator located at the Konkola Mine site, processing run-of-mine ore from the Konkola Mine. |
| Tailings Dam 03 | TD03 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Tailings Dam 04 | TD04 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Tailings Dam 05 | TD05 | The current tailings storage facility at the Nchanga site, from which tailings are proposed to be reclaimed for processing through the Nchanga TLP under both the M&I and Full Resource Cases, and through the proposed TLP 2 facility under the Full Resource Case (both using Elevated Temperature Leach). |
| Nchanga TLP | Nchanga TLP | The acid leach and solvent extraction–electrowinning (SX-EW) facility at Nchanga that processes reclaimed tailings from TD03, TD04, and TD05 and current Nchanga Concentrators tailings. The existing TLP is to be retrofitted with Elevated Temperature Leach (ETL) under the M&I Case and the Full Resource Case. |
| Nchanga TLP 2 | TLP 2 | A proposed new tailings leach plant facility to be constructed at the Nchanga site under the Full Resource Case, designed with Elevated Temperature Leach (ETL) technology to provide additional tailings processing capacity in parallel with the existing Nchanga TLP. Refer Section 14.5. |
| Elevated Temperature Leach | ETL | A hydrometallurgical leaching process operated at elevated temperature (approximately 80°C) using sulfuric acid, which achieves higher copper extraction from refractory tailings material than conventional ambient-temperature leach. ETL is applied as a retrofit upgrade to the existing Nchanga TLP under the M&I Case and the Full Resource Case, and is incorporated in the design of the proposed TLP 2 facility under the Full Resource Case. |

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| | | |
|:---|:---|:---|
| **Defined term** | **Abbreviation** | **Description** |
| Nchanga Smelter |  | The Outotec flash smelting facility at Nchanga, Chingola, with a nameplate capacity of approximately 850 ktpa of concentrate feed, producing approximately 312 ktpa of copper. Includes the sulfuric acid plant. |
| Nkana Refinery |  | The electrolytic copper refinery at Kitwe, producing LME Grade A copper cathode from Nchanga Smelter anode. |
| Nchanga Concentrators |  | The three concentrating mills at the Nchanga site: Old East Mill (OEM), Nchanga East Mill (NEM), and North West Mill (NWM). Used to process Nchanga Business Unit ore under the Full Resource Case. Not operated under the M&I Case or Reserve Case (no NBU ore feed in either case). |
| Nchanga Business Unit | NBU | The Nchanga mining and processing operations at Chingola, including underground and open pit mines. |
| Nampundwe Mine |  | The underground pyrite mine located approximately 50 km west of Lusaka, supplying pyrite flux to the Nchanga Smelter. The pyrite is processed at the smelter to produce sulfuric acid, which is consumed in the Nchanga TLP leach operations. |
| Initial Assessment | IA | A preliminary economic assessment, as defined under S-K 1300 §1302(d)(4)(ii), of the economic potential of Mineral Resources that may include Inferred Mineral Resources. An Initial Assessment is preliminary in nature; there is no certainty that the results of the Initial Assessment will be realised. |
| Pre-Feasibility Study | PFS | A study at PFS-level accuracy (±25%) supporting the declaration of Mineral Reserves. A separate Pre-Feasibility Study Technical Report Summary has been prepared for the Reserve Case at the KCM Integrated Operations. |
| Full Resource Case | FRC | The Initial Assessment economic case that includes all Measured, Indicated, and Inferred Mineral Resources at the KCM Integrated Operations. The Full Resource Case incorporates the existing Nchanga TLP (retrofitted with Elevated Temperature Leach) and the proposed new TLP 2 facility (also designed with ETL), operating in parallel. |
| M&I Case | M&I | The Initial Assessment economic case that includes only Measured and Indicated Mineral Resources at the KCM Integrated Operations. Inferred Mineral Resources are excluded. The M&I Case includes the existing Nchanga TLP retrofitted with Elevated Temperature Leach (ETL) but does not include the proposed TLP 2 facility or Nchanga Business Unit mining operations. |
| Reserve Case |  | The Pre-Feasibility Study economic case that includes only Mineral Reserves at the KCM Integrated Operations (Konkola Mine and the TD03/TD04 portions of the Tailings Complex). The Reserve Case uses the existing Nchanga TLP with conventional ambient-temperature leach and is presented in a separate Pre-Feasibility Study Technical Report Summary. |
| Solvent Extraction–Electrowinning | SX-EW | The hydrometallurgical process used at the Nchanga TLP and the proposed TLP 2 to extract copper from sulfuric acid leach solution and produce copper cathode directly, bypassing the smelter and refinery. |
| Total Copper grade | TCu | The total copper content of an ore, concentrate, or tailings sample, expressed as a percentage by mass. |
| Acid-Soluble Copper grade | ASCu | The portion of total copper in an ore or tailings sample that is soluble in sulfuric acid; the copper fraction recoverable in leach operations. |
| Acid-Insoluble Copper grade | AICu | The portion of total copper in an ore or tailings sample that is not soluble in sulfuric acid; this copper fraction is not directly recoverable in leach operations. |
| London Metal Exchange Grade A | LME Grade A | The minimum copper purity standard (99.9935% Cu) traded on the London Metal Exchange. Achieved at the KCM Integrated Operations by both the Nkana Refinery (from Nchanga Smelter anodes) and the Nchanga TLP / proposed TLP 2 (via SX-EW directly). |
| Run-of-Mine | ROM | Ore as mined, before processing through the concentrator. |
| Longitudinal longhole open stoping | LHOS | The primary underground mining method applied at Konkola Mine. |

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| **Defined term** | **Abbreviation** | **Description** |
| Post pillar cut and fill | PPCF | A secondary mining method historically applied at Konkola Mine for flatly dipping sections; replaced by panel stoping with paste fill in the PFS mine plan. |
| Ore Shale Unit | OSU | The principal mineralised horizon at Konkola, a carbonaceous and dolomitic shale unit within the Lower Roan Group. |
| S-K 1300 |  | Regulation S-K, subpart 1300, of the U.S. Securities and Exchange Commission, governing disclosure of mining-related information. |
| Qualified Person | QP | As defined in S-K 1300 §1300(a). |
| Fiscal year | FY | The financial year of Konkola Copper Mines Plc, running from 1 April to 31 March of the following calendar year. References to a fiscal year, e.g. FY2026/27, denote the period from 1 April 2026 to 31 March 2027. All production schedules, financial projections, and operational data presented in this TRS are reported on this fiscal year basis unless otherwise stated. |

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2.5 Sources of information

This report is based on data and information provided by KCM as outlined in Section 25 of this report, supplemented by AMC's independent analysis, site inspections, historical reports, and public domain references. Sources include:

· KCM geological models, drillhole databases, and quality assurance / quality control (QAQC) records.

· Processing plant flow sheets, production records, and metallurgical test work.

· Cost models, operating assumptions, and infrastructure documentation.

· Site visits, interviews with KCM technical teams, and historical technical studies.

Data verification steps were conducted in accordance with S-K 1300, and the Qualified Persons (QPs) have reviewed all relevant datasets for consistency and completeness.

2.6 Personal inspection of the property

In accordance with Item 1302(b)(2)(iii) of Regulation S-K, AMC Consultants (UK) Limited confirms that personal inspections of the KCM operations were conducted by the technical professionals responsible for the preparation of this Technical Report Summary.

AMC personnel conducted site inspections at the Konkola and Nchanga operations on the following occasions:

· November 2024: Initial site inspection covering Konkola Mine workings (including active development headings,
shaft systems, and ore passes), the Konkola Concentrator, surface infrastructure, and the Nchanga Smelter and Refinery. The inspection
included review of core storage facilities, geological logging practices, and sample preparation procedures at the on-site laboratory.

· February 2025: Follow-up inspection focused on underground mining operations at Konkola, including observation
of longhole open stoping and panel stoping methods, rail haulage and tramming systems, dewatering infrastructure, and ventilation circuits.
Processing operations at the Nchanga TLP and tailings reclamation activities at TD03 and TD04 were also inspected. Meetings were held
with KCM operational and technical teams to verify production data, cost assumptions, and contractor arrangements.

· April 2025: This inspection covered the Konkola Concentrator refurbishment progress, paste fill plant
site, Nchanga Smelter operations, and the Lubengele tailings storage facility. Updated geological models and mine plans were reviewed
with KCM's geology and mine planning teams, and datasets used in the preparation of this TRS were verified against site records.

· July 2025: Follow-up inspection focused on geological data collection and collation for Mineral Resource
estimation, incorporating audit and review of inputs for Konkola and Nchanga hard rock assets. Including an inspection of the core storage
facilities and Konkola on-site laboratory. Review of geological logging practices, sample preparation procedures and QAQC procedures.
Inspection of ongoing core drilling at TD05 tailings storage facility.

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IBIS Environmental personnel conducted site inspections during 2024 and 2025 in support of the environmental and social assessments presented in Sections 3.8.1 and 17 of this report, including baseline environmental monitoring, stakeholder engagement activities, and assessment of tailings storage facility conditions.

All inspections occurred during active operational periods. Observations made during site visits were cross-referenced with geological models, mine plans, production records, and historical datasets to validate the assumptions used in Mineral Resource estimation, mine planning, cost estimation, and economic analysis. The AMC professionals who conducted the site inspections are the same individuals responsible for the technical content of this TRS and who contributed to the conclusions and recommendations presented herein.

The Qualified Person is satisfied that the site inspections were of sufficient scope, frequency, and duration to support the conclusions presented in this report.

2.7 Summary of previously filed technical report

This report updates and supersedes any previous technical reports prepared for KCM in the United States of America or other jurisdictions, based on earlier geological models and classification criteria relying primarily on variogram ranges. The current assessment includes revised drillhole data, updated estimation methods, and a stricter classification framework as applied by AMC in line with current industry practice.

2.8 Qualified Persons

AMC is an independent third-party consulting firm comprising mining experts, including professional geologists and mining engineers. In accordance with S-K Item 1302(b)(1)(ii), AMC signs this TRS as a firm.

The AMC personnel who prepared this report are specialists in geology, Mineral Resource estimation, underground mining, geotechnical engineering, mineral processing, and mineral economics. All contributing personnel have more than five years of relevant experience in sediment-hosted copper deposits and underground mining operations and are members in good standing of recognised professional organisations including the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG).

AMC takes responsibility for all sections of this Report.

2.9 Reliance on the registrant

AMC have relied on information and assurance provided by KCM and several specialists employed by KCM. The detail of this reliance is provided in Section 25 of this document.

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3 Property description

3.1 Property description

This Initial Assessment has been prepared in accordance with Item 1302(d) of Regulation S-K and covers the KCM Integrated Operations, a single integrated mining complex comprising the Konkola Mine and Concentrator near Chililabombwe, the Nchanga Business Unit (NBU) operations near Chingola (including the Chingola Open Pit DF, Nchanga Underground, and the planned COP E Extension, and COP DF Underground), the Nchanga TLP and associated TD03 and TD04 tailings recovery operations, the Nchanga Smelter, and the Nkana Refinery in Kitwe. The Nampundwe Pyrite Mine in Shibuyunji District, which supplies pyrite flux to the Nchanga Smelter, is a supporting asset within the KCM license portfolio but is not a copper-producing operation.

The scope of this Initial Assessment differs from the companion PFS Technical Report Summary in that it includes the full Mineral Resource base across all KCM operations, including Inferred Mineral Resources that are too speculative geologically to have the economic considerations applied to them that would enable classification as Mineral Reserves. The PFS is limited to the Mineral Reserve at Konkola Mine and the TD03/TD04 tailings recovery operations. The Nchanga Business Unit mining operations (COP DF open pit, COP DF Underground, COP E Extension, and Nchanga Underground) are assessed in this Initial Assessment only and are not part of the PFS.

Per Item 1301 of Regulation S-K, the KCM Integrated Operations is classified as a single material property (Table 3.1). The integrated nature of operations — with Konkola concentrate processed through the Nchanga Smelter and refined at the Nkana Refinery — means that these assets cannot be economically or operationally separated. Per Item 1304, material properties receive individual detailed disclosures throughout this report. The component assets comprising the KCM Integrated Operations are summarised in Table 3.2.

Table 3.1 Material property classification

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|:---|:---|:---|
| **Property** | **Classification** | **Justification** |
| KCM Integrated Operations | MATERIAL | Single integrated mining complex: Konkola Mine + Nchanga Operations + TD03/TD04/TD05 + Nchanga TLP + Smelter + Refinery. Common ownership, interdependent operations, integrated value chain from ore to refined copper. |

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Table 3.2 Component assets within KCM Integrated Operations

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|:---|:---|:---|
| **Component** | **Status** | **Notes** |
| Konkola Mine | Operating | Primary production center; 51% of of M&I Case payable copper; 74% of Full Resource Case copper |
| TD03/TD04 Tailings Recovery | Operating | Measured and Indicated Mineral Resource material processed through the existing Nchanga TLP over an approximate three-year reclamation period, contributing approximately 80 kt of payable copper. The corresponding Mineral Reserves are declared in the companion Pre-Feasibility Study Technical Report Summary |
| TD05 Tailings Recovery | Planned | Reclamation under the M&I Case (existing TLP only, retrofitted with ETL) and the Full Resource Case (existing TLP plus proposed TLP 2, both with ETL); refer Section 14.5 |
| Nchanga COP DF Open Pit | Operating | Limited remaining life; Full Resource Case only |
| Nchanga COP DF Underground | Planned | IA-level confidence; Inferred Resources only |
| Nchanga COP E Extension | Planned | IA-level confidence; Inferred Resources only |
| Nchanga Underground (UOB / LOB) | Operating | Limited remaining mine life; Full Resource Case only |
| Nampundwe Mine | Supporting | Pyrite source supplying flux to the Nchanga Smelter; smelter acid production supplies the Nchanga TLP and (under FRC) TLP 2 leach operations. No direct copper production |

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3.2 Project location

The KCM Integrated Operations are located in the Copperbelt Province of the Republic of Zambia<br> (Figure 3.1), within a region that has historically been the backbone of Zambia's economy and remains a globally significant copper-producing district. The Konkola Mine is situated at Chililabombwe, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border, at latitude 12.375°S and longitude 27.831°E. The Nchanga Complex, including open pit and underground mines, concentrators, Nchanga TLP, and smelter, is located approximately 4 km from the town of Chingola at latitude 12.513°S and longitude 27.858°E. The Nkana Refinery is located in Kitwe at latitude 12.809°S and longitude 28.252°E. The Nampundwe Pyrite Mine is located in the Shibuyunji District of Central Province, approximately 320 km south of the Copperbelt operations, at latitude 15.492°S and longitude 27.910°E.

Geographic coordinates for all major facilities are presented in Table 3.3 and shown on the property location maps (Figure 3.2 and Figure 3.3).

Figure 3.1 Map of Zambia showing the Copperbelt Region

![](ctm005_ex96-1img010.jpg)

Source: Post-Mining Restoration in Zambia Screening native tree species for phytoremediation potential. 2021. ResearchGate. Retrieved from https://www.researchgate.net/figure/Map-of-Zambia-The-Copperbelt-region-is-marked-in-the-stripped-grey-and-the-sampled-areas_fig1_341293959. Accessed: 24 Mar 2025.

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Figure 3.2 Property location map – KCM Integrated Operations

![](ctm005_ex96-1img011.jpg)

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

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Figure 3.3 Geographic location of Konkola Mines in Zambia

![](ctm005_ex96-1img012.jpg)

Note: Map showing the location of Konkola Mines, Zambia.

Source: Google Earth Pro., 2025. Available at: https://earth.google.com. Accessed 10 March 2025.

Table 3.3 KCM Integrated Operations — facility coordinates (WGS84 datum)

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| | | | |
|:---|:---|:---|:---|
| **Site / facility** | **Latitude** | **Longitude** | **License No.** |
| **Konkola Complex — Chililabombwe** |  |  |  |
| Konkola Mine (No. 4 Shaft) | 12.378820°S | 27.829329°E | 7076-HQ-LML |
| Konkola Mine (No. 1 Shaft) | 12.380048°S | 27.829103°E | 7076-HQ-LML |
| Konkola Mine (No. 3 Shaft) | 12.359064°S | 27.818375°E | 7076-HQ-LML |
| Konkola Concentrator | 12.375666°S | 27.829844°E | 7076-HQ-LML |
| **Nchanga Complex — Chingola** |  |  |  |
| Nchanga Underground (D Shaft) | 12.524812°S | 27.854832°E | 7075-HQ-LML |
| Chingola Open Pit DF (COP DF) | 12.555909°S | 27.815651°E | 7075-HQ-LML |
| Chingola Open Pit E Extension | 12.542381°S, | 27.814069°E | 7075-HQ-LML |
| Nchanga East Mill (Concentrator) | 12.526696°S | 27.858325°E | 28173-HQ-MPL |
| Nchanga West Mill (Concentrator) | 12.525773°S | 27.857918°E | 28173-HQ-MPL |
| Nchanga Smelter | 12.530508°S | 27.855137°E | 7075-HQ-LML |
| Nchanga TLP | 12.532698°S | 27.847922°E | 28174-HQ-MPL |
| **Tailings storage facility Facilities — Chingola** |  |  |  |
| TD03 — centroid | 12.502871°S | 27.794465°E | 7075-HQ-LML |
| TD04 — centroid | 12.513000°S | 27.797564°E | 7075-HQ-LML |
| TD05 — centroid | 12.618307 S | 27.885647 E | 7075-HQ-LML |
| **Nkana Refinery — Kitwe** |  |  |  |
| Nkana Refinery (Electrorefinery) | 12.657859°S | 28.082655°E | 20945-HQ-MPL |
| **Nampundwe Mine — Shibuyunji District** |  |  |  |
| Nampundwe Pyrite Mine | 15.492062°S | 27.909868°E | 7074-HQ-LML |

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Notes: All coordinates in WGS84 decimal degrees. Complex-level coordinates represent the approximate centroid of each operational area. Areas sourced from Large-Scale Mining License schedules.

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3.3 Ownership

KCM is an indirect subsidiary of CopperTech Metals Inc. (the Registrant). CopperTech holds its interest in KCM through Vedanta Resources (Jersey) Limited (VRJL). As of the effective date of this report, VRJL holds 79.42% of KCM's issued share capital, with Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) holding 20.58%. The Government of the Republic of Zambia holds one special share in KCM.

Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a wholly owned subsidiary of KCM. A complete schedule of mining licenses, mineral processing licenses, and associated areas is provided in Table 3.4.

In May 2019, ZCCM-IH petitioned the High Court of Zambia seeking to wind up KCM, and a provisional liquidator was appointed to oversee operations. On 6 November 2023, the parties entered into the KCM Shareholders Agreement, establishing the terms for the resumption of operational control by VRJL. The Scheme of Arrangement was sanctioned by the High Court on 28 June 2024 and became effective on 31 July 2024, at which point the provisional liquidator was removed and the board of directors of KCM was reinstated. In connection with the Scheme of Arrangement, VRJL entered into loan agreements with KCM for an aggregate principal amount of up to US$1.27 billion (B) to fund capital expenditure, creditor settlement, and community support. Further details on the Scheme of Arrangement and KCM Shareholders Agreement are provided in the Registrant's Registration Statement on Form S-1.

3.4 Mineral rights

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024). The company operates under Large-Scale Mining Licenses (LSMLs) and Mineral Processing Licenses (MPLs) issued by the Ministry of Mines and Minerals Development (MMMD). These licenses grant KCM exclusive rights to explore, mine, and process copper within its designated areas. The key licenses relevant to current operations and processing infrastructure are shown in Table 3.4.

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Table 3.4 KCM mineral rights and tenure details

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|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area<br> (ha)** | **Expiry date** |
| Konkola Mine License | 7076-HQ-LML | Covers mining and concentrator operations at the Konkola Mine site in Chililabombwe | 4054.0 | 30 March 2050 |
| Nchanga License | 7075-HQ-LML | Covers Nchanga mining and tailings recovery operations in Chingola | 10659.0 | 30 March 2050 |
| Nchanga TLP License | 28174-HQ-MPL | Covers Nchanga TLP in Chingola | 177.0 | 16 December 2045 |
| Nchanga Old East Mill License | 28173-HQ-MPL | Covers all Nchanga concentrator operations in Chingola | 27.0 | 16 December 2045 |
| Nampundwe License | 7074-HQ-LML | Covers Pyrite mining and concentrator operations at Nampundwe located approximately 50 km west of Lusaka | 962.4528 | 30 March 2050 |
| Nkana Refinery License | 20945-HQ-MPL | Covers refining activities at the Nkana smelter and electro refinery in Kitwe | 50.0176 | 18 April 2050 |

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Note: All licenses are held in the name of Konkola Copper Mines Plc and are associated with relevant surface rights and environmental approvals. As of the effective date of this report, there are no known encumbrances, material legal proceedings, material permit conditions, or compliance issues affecting the standing of these licenses.

3.5 Description of property rights

KCM holds exclusive rights to explore for, extract, process, and sell copper ores and related products within the boundaries of its mining licenses. These rights are granted under the Mines and Minerals Development Act (2015) of Zambia and are administered by the Ministry of Mines and Minerals Development. The licenses provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, tailings storage facilities, waste management areas, and water abstraction systems.

Surface rights within the license areas are secured either directly through the mining licenses or through long-term leases with the Zambian Government. These rights permit the construction of mining infrastructure, roads, and processing facilities. Water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities to ensure uninterrupted mining and exploration activities. These agreements outline land-use policies, compensation frameworks, and sustainability commitments. In areas where project development has affected local landholders or settlements, resettlement action plans (RAPs) have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support KCM's social licence to operate.

As of the effective date of this report, all property rights are considered to be in good legal standing.

3.6 Infrastructure and access

The KCM Copperbelt operations are located within the towns of Chililabombwe, Chingola, and Kitwe in the Copperbelt Province of Zambia. The primary regional access route is the T3 Highway (Chingola-Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes. The T3 Highway connects the Konkola and Nchanga operations and provides onward access to the Kasumbalesa Border Post, which serves as a key point for copper product exports and equipment imports.

Air transport is supported by the Simon Mwansa Kapwepwe International Airport in Ndola, approximately 130 km south-east of the Konkola Mine. The regional rail network connects to major southern and eastern African ports including Durban and Richards Bay (South Africa), Dar es Salaam (Tanzania), and Beira and Nacala (Mozambique), supporting export logistics for copper products and the import of equipment and bulk reagents.

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| Konkola Copper Mines Plc | 0424076 |

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Utilities required for operations, including power and water, are provided through established regional infrastructure. Power is supplied via the national grid through ZESCO Limited, Zambia's state-owned electricity utility. Detailed descriptions of infrastructure, topography, climate, and access conditions are presented in Section 4.

3.7 Royalty payments and fiscal obligations

Zambia's Minerals Regulation Commission Act (2024) mandates royalty payments based on copper production revenue at the following sliding scale rates:

· 4.0% for copper prices below US$4,000/t

· 6.5% for copper prices between US$4,000/t and US$5,000/t

· 8.5% for copper prices between US$5,000/t and US$7,000/t

· 10.0% for copper prices above US$7,000/t

KCM is additionally subject to a 30% corporate income tax and a 16% value-added tax (VAT) on applicable transactions. These fiscal obligations form part of the national revenue system and are not tied to community investment schemes. Community development initiatives are administered through separate corporate social responsibility (CSR) frameworks.

3.8 Significant encumbrances to the property

To the Qualified Person's knowledge, as of the effective date of this report, there are no material encumbrances to the KCM mining licenses or property rights that would prevent KCM from conducting mining operations. KCM is subject to standard regulatory, environmental, and social obligations that are typical for mining operations in Zambia, as described below.

3.8.1 Environmental compliance obligations

Based on the 2020 Environmental Protection Fund (EPF) audit report, Konkola Copper Mines Plc (KCM)'s total EPF liability across all locations was US$129 million (M). As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058.

KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. Following the introduction of the Creditors' Scheme of Arrangement, the Mines Safety Department (MSD) successfully filed a claim for US$6,572,376 under the Scheme. As MSD falls under the Government of the Republic of Zambia (GRZ), settlement of this claim will be governed by the waterfall mechanism provided under the approved Scheme of Arrangement and will be affected in accordance with the structure set out therein.

In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). During this moratorium period, no payments in respect of such liabilities are required to be made.

KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment.

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| Konkola Copper Mines Plc | 0424076 |

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The recognised asset retirement obligation as of 31 March 2026 is US$66.6M.

Environmental compliance is governed by permits issued under the Environmental Management Act, including conditions related to tailings management, water quality, air emissions, and waste handling. KCM is subject to compliance and prevention orders issued by ZEMA requiring, among other things, rehabilitation of TD05, desilting and ecological restoration of natural streams, installation of off-gas cleaning systems at the Nchanga Smelter anode furnaces, and measures to ensure dam stability and zero discharge from pollution control dam areas. KCM has planned capital expenditures of approximately US$28 million over the next five years to address these compliance requirements. Total closure costs are estimated at US$133 million (Section 18). Updated closure plans have been prepared in line with IFC Environmental and Social Performance Standards. Detailed rehabilitation, closure, and post-closure planning is presented in Section 17.3.

3.8.2 Permit conditions

Mining and processing operations are subject to conditions outlined in licenses and permits issued by ZEMA and other regulatory authorities. These conditions address land disturbance, air and water discharge limits, hazardous materials management, and occupational health and safety standards. Non-compliance may result in fines, suspension of activities, or legal enforcement actions.

3.8.3 Social and land use obligations

KCM engages with local communities and traditional authorities on matters relating to land access, displacement, and environmental impacts. Where resettlement is required, KCM implements RAPs that include compensation mechanisms, livelihood restoration, and post-resettlement monitoring. These obligations are considered an integral part of maintaining the company's social licence to operate.

3.9 Significant factors and risks affecting access

3.9.1 Operational risks

KCM's operations at Konkola are exposed to a range of technical, environmental, and infrastructure-related risks that may affect the consistency of production and cost management. The principal operational risks are:

**Geological complexity:** The Konkola deposit is characterised by folded and faulted stratigraphy, variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These geological features complicate stope layout, sequencing, and dilution control, particularly in areas where the mineralisation is pinched or offset. Variability in lithological contacts and the presence of soft interbedded units also pose geotechnical challenges for ground support and hangingwall stability. Ongoing reconciliation between modelled and actual mineralisation geometry is required to maintain operational efficiency and accurate resource and production forecasting.

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**Dewatering requirements:** Konkola is one of the wettest underground mines globally, with groundwater inflows averaging approximately 350,000 m³/day, resulting in a hoisted ore-to-water ratio of approximately 1:49. Effective mine access and safety are contingent on continuous operation of multi-stage dewatering infrastructure, including underground pump chambers and high-capacity surface discharge systems. The scale and cost of dewatering represent a persistent operational and financial risk, particularly if equipment reliability, power supply, or maintenance programs are compromised. Dewatering limitations may also restrict access to deeper sections of the deposit and influence the achievable mining rate.

**Power supply reliability:** The operation is reliant on grid-connected hydroelectric power supplied by ZESCO, which is subject to seasonal variability due to rainfall-dependent reservoir levels. Periodic national power shortages and scheduled load-shedding events can disrupt production and impact critical systems such as dewatering, hoisting, ventilation, and ore processing. As the mine cannot operate without constant dewatering, interruptions to power supply present a significant operational risk. Existing backup capacity is limited and not sufficient to maintain full dewatering or production rates during extended outages.

3.9.2 Regulatory and social risks

KCM's ability to maintain uninterrupted access to its mining tenements and sustain long-term operations is subject to regulatory stability, community engagement, and ongoing compliance with environmental and licence obligations. While Zambia has an established mining regulatory framework and a supportive investment environment, the regulatory environment continues to evolve in response to economic pressures, global commodity prices, and stakeholder expectations.

**Government policy:** Zambia's mining sector has experienced policy and fiscal shifts over the past decade, including changes to royalty structures, VAT rules, and corporate tax rates. These adjustments have sometimes occurred with limited notice, affecting financial models and operational planning. Future policy reforms — particularly around beneficiation, local content requirements, or energy use — could introduce new compliance requirements.

**Community relations:** KCM operates in proximity to densely populated communities, some of which are directly affected by land access, water usage, or environmental outcomes from mining operations. While community engagement frameworks are in place, there remains a risk that local concerns regarding resettlement, employment, or environmental impacts could escalate, particularly in areas earmarked for expansion or infrastructure upgrades. Proactive engagement, grievance resolution mechanisms, and ongoing social investment are necessary to maintain trust and operational continuity.

**Licence renewals and regulatory compliance:** Retention of mineral rights is subject to compliance with licence conditions, including reporting obligations, environmental monitoring, and demonstration of continued exploration or development activity. Failure to meet these obligations may lead to penalties, delays in licence renewal, or revocation. Sustained compliance is critical to maintaining the right to operate.

**Artisanal mining:** Artisanal and small-scale mining activity along the Zambian Copperbelt is commonplace and may impact licensing and mining rights, surface access, and community relations in areas adjacent to KCM's operations.

3.10 Adjacent properties

The following section describes properties adjacent to or in the immediate vicinity of the KCM license areas. The descriptions are based on publicly available information disclosed by the respective owners and operators. The Qualified Person has not verified the information presented and it is not necessarily indicative of the mineralisation, geological characteristics, or economic potential of the KCM properties that are the subject of this TRS.

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Table 3.5 Summary of adjacent properties

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|:---|:---|:---|:---|:---|:---|
| **Property** | **Owner / Operator** | **Location** | **Commodity** | **Status** | **Adjacent KCM**<br> **License** |
| Mimbula Project | Moxico Resources | Chingola | Cu | Operating (OP) | 7075-HQ-LML |
| Mopani Nkana Complex | ZCCM-IH | Kitwe | Cu, Co | Operating (UG) | 20945-HQ-MPL |
| Lubambe Mine | EMR Capital / ZCCM-IH | Chililabombwe | Cu | Operating (UG) | 7076-HQ-LML |
| Mingomba Project | KoBold Metals / ZCCM-IH | Chililabombwe | Cu | Exploration | 7076-HQ-LML |

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Note: UG = underground, OP = open pit. Ownership and status based on publicly available information as of March 2026.

These neighbouring operations are hosted within the same regional geological setting, notably the Lower Roan Subgroup of the Katangan Supergroup. While they share regional structural and stratigraphic continuity with the KCM deposits, each project is independently operated, and there are no current joint ventures or cooperative development agreements in place.

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4 Accessibility, climate, local resources, infrastructure, and physiography

4.1 Topography and land description

KCM operations (including Nchanga and Konkola) are located on the Copperbelt and Central Provinces which are in North-Central Zambia and Central Zambia respectively. The Copperbelt Province is 13.06°S and 27.55°E and is host to the Konkola operations in the town of Chililabombwe and the Nchanga Mine in the town of Chingola. The Central Province which is home to the Nampundwe Mine is in the district of Shibuyunji, which lies between 15°S and 26°E.

The town of Chililabombwe lies at an elevation of 1,360 meters (m) on the Central African Plateau. It is a low-lying land which extends to the border with the DRC. The topography between the hills is gently undulating with deeply weathered red lateritic soils. The top-soils are generally sandy but with a heavier textured subsoil. Most of these lateritic soils are leached because of the high rainfall and hence tend to be acidic and relatively infertile. The town has a population of ~100,000 people.

The town of Chingola lies at an elevation of 1,363 m and has a topography that is generally hilly with steep slopes along the Kafue River. The soils are sandy in some areas and loamy in others. It has a population of ~157,000 people making it the third most populated town on the Copperbelt Province.

Shibuyunji District is located at an elevation of 1,202 m along the Great West Road. Its topography is generally flat and swampy with fertile soils conducive for farming. The district is bound by the Kafue River on one side and has a population of ~177,000 people.

4.1.1 Flora and fauna

Miombo woodland is principally the vegetation type found in the Copperbelt region. The common tree species found in this vegetation type are Brachystegia, Isoberliriia, and Julbernardia. The natural vegetation patterns of the region have, however, been extensively disturbed by human activities that include mining activities, wood harvesting for fuel (charcoal production), subsistence / shifting agriculture and plantations among other activities.

The vegetation within the KCM Nchanga Mining License Area has equally been significantly disturbed through mining, charcoal production, subsistence agriculture and other human activities. The diversity of wildlife species within the Nchanga mining license area is poor mainly because of mining operations, human settlements, agriculture and other human activities that have resulted in loss of wildlife habitat and subsequent loss in species diversity.

4.2 Access to the property

4.2.1 Regional access

The KCM Copperbelt operations are located within the towns of Chililabombwe, Chingola, and Kitwe in the Copperbelt Province of Zambia. The Nampundwe pyrite mine is located in the Shibuyunji District of Central Province, approximately 50 km west of Lusaka.

The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes with maximum transport dimensions of 12 m length, 5 m width, and 4.5 m height. The T3 Highway connects the Konkola and Nchanga operations and provides onward access to the Kasumbalesa Border Post to the north, which serves as a key point for imports from the DRC and copper product exports. Local roads connecting to the Nkana Refinery in Kitwe are a mix of sealed and gravel surfaces maintained by the municipal authority.

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Air access is provided by Simon Mwansa Kapwepwe International Airport in Ndola, situated approximately 65 km from Kitwe, 120 km from Chingola, and 150 km from Chililabombwe. The airport provides scheduled passenger and cargo flights, facilitating personnel movement and time-sensitive materials logistics.

4.2.2 Inter-site access and product transport routes

The KCM Integrated Operations require the routine transport of intermediate products between sites. Copper concentrate produced at the Konkola Concentrator is transported by road to the Nchanga Smelter in Chingola. Copper anodes produced by the smelter are transported by road to the Nkana Refinery in Kitwe for electrorefining to copper cathode. Pyrite concentrate from the Nampundwe Mine is transported by road to the Nchanga Smelter for use in concentrate blending. Table 4.1 summarises the inter-site distances and access routes.

Table 4.1 Inter-site distances and access routes

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| | | | |
|:---|:---|:---|:---|
| **Route** | **Distance¹** | **Road type** | **Product / purpose** |
| Konkola → Nchanga (Chililabombwe → Chingola) | ~25 km | Sealed (T3 Highway) | Copper concentrate (Konkola Concentrator to Nchanga Smelter) |
| Nchanga → Nkana Refinery (Chingola → Kitwe) | ~55 km | Sealed (regional road) | Copper anodes (Nchanga Smelter to Nkana Refinery for electrorefining) |
| Konkola → Nkana Refinery (Chililabombwe → Kitwe) | ~80 km | Sealed (via Chingola) | Personnel; combined route for concentrate and anode transport |
| Nampundwe → Nchanga (Shibuyunji → Chingola) | ~350 km | Sealed (T2/T3 via Kapiri Mposhi) | Pyrite concentrate (Nampundwe Mine to Nchanga Smelter for blending) |
| Nchanga → Kasumbalesa Border Post (Chingola → DRC border) | ~40 km | Sealed (T3 Highway) | Copper product export; equipment and reagent imports from DRC |
| Kitwe → Simon Mwansa Kapwepwe Airport (Ndola) | ~65 km | Sealed | Personnel, time-sensitive materials |

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Note: ¹Road distances are approximate road distances between town centers. Facility gate-to-gate distances may vary.

All inter-site product transport is by road. The local railway infrastructure in the Copperbelt is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track in the Chililabombwe–Chingola corridor (refer to Section 15.2). Road freight is the primary logistics mode for both inter-site intermediate product movement and final product export.

The T3 Highway provides reliable year-round access between the Konkola and Nchanga operations. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

Detailed descriptions of road, rail, and port infrastructure are provided in Section 15. Export logistics, including routes to the ports of Dar es Salaam (Tanzania), Durban (South Africa), and Walvis Bay (Namibia), are described in Section 15.3.

Figure 4.1 illustrates the principal inter-site product transport routes connecting the KCM Integrated Operations, including the movement of copper concentrate, copper anodes, and pyrite concentrate between facilities.

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| Konkola Copper Mines Plc | 0424076 |

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Figure 4.1 Inter site logistics map

![](ctm005_ex96-1img013.jpg)

Notes: Schematic representation; facilities not to geographic scale. All inter-site product transport is by road. Local rail infrastructure is not currently operational for product haulage (refer Section 4).

Source: AMC, 2026. Adapted from KCM operational data.

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4.3 Climate description

The KCM operations are situated within a subtropical climate zone characterised by distinct wet and dry seasons. The wet season extends from approximately November to April, with the dry season from May to October. Mean annual rainfall across the Copperbelt region is approximately 1,200 mm, with the majority falling between December and March.

At the Konkola and Nchanga operations in the northern Copperbelt, average temperatures range from approximately 17°C in the cool dry season (June–August) to 27°C during the hot wet season (October-December). Conditions at the Nkana Refinery in Kitwe are broadly comparable given its proximity within the Copperbelt Province. The Nampundwe Mine, located approximately 320 km to the south in the Shibuyunji District, experiences a similar seasonal pattern but with marginally lower annual rainfall and slightly higher dry-season temperatures.

Increased rainfall during the wet season can affect surface transport between sites, tailings deposition rates, and water management at the TD03 and TD04 tailings storage facilities. However, all KCM operations, including Konkola Mine mining, the Nchanga open pit and concentrators, and the Nkana Refinery, operate on a year-round basis. There is no seasonal restriction to the operating season.

4.4 Availability of required infrastructure

The mine site is within the districts of Chingola, Chililabombwe, Kitwe, and Shibuyunji, infrastructure availability is detailed below. Utilities required for operation, including power and water, are provided through established regional infrastructure. Access to tailings and backfill facilities, as well as haul and access roads linking to the processing and smelting operations, is also in place.

4.4.1 Power

The mining area of interest have access to grid power. Copperbelt towns get their power through Copperbelt Energy Corporation (CEC) under a long-term power supply agreement. All infrastructure is well established and has been providing 200 megawatts (MW) for over 20 years.

4.4.2 Water

The Kafue River system passes through all Copperbelt towns and remains a source of water for all mining operations associated with KCM. Part of Kafue recharge water comes from the Konkola Mine which pumps approximately 350,000 m³/day. Even in drought seasons, the Kafue River still maintains a reasonable recharge to adequately cater for KCM mining and processing requirements.

4.4.3 Supplies

The Copperbelt regions have historically housed mining houses since 1925. Over the years other support industries have been established to supply consumables such as Mill Balls, Bolts and Nuts, Rubber and other mining consumables. Further, a number of companies have come up to supply valves, fuels and other materials requirement to support the LOM plan. Other supplies coming from overseas are transported through available international roads while some are air freighted through available airports.

4.4.4 Personnel

Surrounding areas have colleges that have consistently trained human resources for the mining industry. Of interest are institutions such as: The University of Zambia, The Copperbelt University, Northern Technical College all located within 500 km radius. KCM runs the Kitwe Trades School.

Over the years, Zambia has produced mining personnel with relevant experience. KCM has retained significant human capital in all fields in Sustainability, Human Capital Management, Metallurgy, Mining, Maintenance, Electrical to support the LOM plan. There is a clear succession plan in place and training is provided to ensure sustained performance.

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| 5 | History |

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The KCM Integrated Operations encompass three mining license areas in Zambia: the Nchanga Large-scale Mining License (7075-HQ-LML) in Chingola, the Konkola Large-scale Mining License (7076-HQ-LML) in Chililabombwe, and the Nampundwe Large-scale Mining License (7074-HQ-LML) in Nampundwe. The mining history of these properties spans over nine decades and is closely tied to the broader development of the Zambian Copperbelt as one of the world's major copper-producing regions.

This section describes the type, amount, quality, and general results of exploration, development, and mining undertaken by previous owners. A detailed exploration history, including drilling campaigns and geological modelling, is presented in Section 7. Production history is discussed in Section 5.6.

5.1 Early exploration and discovery (pre-1950)

Copper prospecting in the Zambian Copperbelt intensified during the 1920s and 1930s under British colonial interests. In 1923, exclusive prospecting concessions were granted to the Anglo American Corporation (Anglo) for the Rhokana Concession and to Roan Selection Trust (RST) for the Rhodesia Congo Border Concession. Anglo operated the Nchanga and Konkola deposits; RST operated mines at Roan Antelope (Luanshya), Mufulira, and Chambishi.

5.1.1 Nchanga

Exploration at Nchanga commenced in 1923 with surface reconnaissance, geological mapping, and trenching that identified copper anomalies within the Lower Roan Group sediments. Development of the underground mine began in 1927. Initial underground mining commenced in 1931 but was suspended shortly thereafter due to catastrophic flooding and depressed copper prices. The mine was rehabilitated and underground mining recommenced in 1937 under Nchanga Consolidated Copper Mines Limited (NCCM). The town of Chingola was founded in 1943 to service the expanding Nchanga operations.

5.1.2 Konkola

Early exploration at Konkola (then known as Bancroft) was limited to surface mapping, trenching, and basic geochemical sampling. These activities identified copper anomalies within sedimentary formations and led to the recognition of the Ore Shale Unit (OSU) as the primary host of copper mineralisation. Shaft sinking commenced with No. 1 Shaft in 1953, with ore production beginning from the No. 1 and No. 2 Shafts in 1957. The mine was operated by Anglo under the Bancroft name until Zambia's independence in 1964, after which the town was renamed Chililabombwe.

5.2 Systematic development and state ownership (1950s–1999)

5.2.1 Expansion under colonial and early independence era (1950s–1969)

From the 1950s onwards, exploration at both Nchanga and Konkola transitioned towards systematic diamond drilling aimed at confirming the continuity and thickness of the mineralised horizons. Early drilling programs used spacings of 200–300 m, which were progressively reduced as the deposits became better defined. These programs confirmed the stratiform nature of the mineralisation and identified key structural controls including faults, folds, and lithological variations.

At Nchanga, open pit mining commenced in 1955 from the Nchanga Open Pit (NOP), targeting extensive near-surface oxide and supergene-enriched copper mineralisation. Subsequently, additional satellite open pits were developed around the Chingola arc, making the Nchanga complex one of the largest open pit copper operations in Africa. Underground mining continued in parallel, targeting deeper sulfide zones including what later became the Nchanga block cave.

At Konkola, the No. 3 Shaft commenced production in 1963, accessing the Kirila Bombwe North ore body. Infrastructure expansion included rail links integrated into the colonial network connecting the Copperbelt to southern export ports. By the late 1960s, Zambian national copper production had reached approximately 769,000 tonnes per annum, with the Nchanga and Konkola operations contributing materially to this total.

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5.2.2 Nationalisation and ZCCM era (1969–1999)

Following the Matero Reforms of August 1969, the Government of the Republic of Zambia (GRZ) acquired a 51% interest in the two major foreign mining corporations. Anglo's Zambian operations were reorganised as Nchanga Consolidated Copper Mines (NCCM), encompassing the Nchanga, Nkana, and Konkola Mines. RST's operations became Roan Consolidated Mines (RCM). In 1973, the GRZ redeemed all outstanding bonds and assumed full management control. In 1982, NCCM and RCM merged to form Zambia Consolidated Copper Mines Limited (ZCCM), a state-controlled parastatal.

During the ZCCM era, capital investment in exploration and development was severely constrained. No new mines were opened after 1979. The mining operations were used to fund social services and employment programs, reducing the capital available for reinvestment in geological exploration, equipment maintenance, and mine development. National copper production declined from a peak of approximately 750,000 tonnes in 1973 to approximately 250,000 tonnes in 2000. Throughout this period, limited exploration drilling was undertaken at the KCM properties and little investment was made in processing infrastructure or shaft deepening.

5.3 Privatisation and Anglo American Corporation (2000–2002)

The privatisation of ZCCM's operating divisions commenced in the late 1990s under the Mines and Minerals Act of 1995. KCM was formed in March 2000 to acquire the assets of the Konkola Mine, Nchanga Mine, and Nampundwe Mine from ZCCM. KCM was initially 65% owned by ZCI Holdings SA (a wholly owned subsidiary of Zambia Copper Investment Limited, itself 50.9% owned by Anglo), 20% by ZCCM, and 7.5% each by the International Finance Corporation (IFC) and CDC Financial Services (Mauritius) Limited. Anglo was the largest individual shareholder with an effective 33% interest.

During this short ownership period, Anglo initiated planning for the Konkola Deep Mining Project (KDMP), which envisaged deepening the Konkola Mine to access higher-grade ore below existing workings. However, depressed copper prices and the capital requirements of the project led Anglo to withdraw its investment in KCM on 16 September 2002. IFC and CDC exited at the same time. Following these departures, KCM was restructured with approximately 42% held by ZCCM-IH and approximately 58% by ZCI Holdings SA, with GRZ holding one special share.

5.4 Vedanta Resources (2004–2019)

Following a search for a strategic equity partner, Vedanta Resources (Vedanta) took over management of KCM in November 2004. Vedanta's shareholding subsequently increased to 79.4%, with ZCCM-IH retaining 20.6%. In 2003, prior to Vedanta's operational takeover, KCM had acquired the Nkana metallurgical complex ("SmelterCo") comprising a smelter, refinery, and associated sulfuric acid plants and infrastructure in Kitwe.

Vedanta undertook significant capital investment in both development and processing infrastructure.

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Table 5.1 Principal capital investments by Vedanta Resources (2004–2019)

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|:---|:---|
| **Investment** | **Description** |
| Nchanga Smelter | New flash furnace smelter commissioned in 2008 incorporating Outotec technology, with nominal capacity of 312,000 tpa of copper. Replaced the former Nkana smelter as the primary smelting facility. Integrated sulfuric acid plant producing approximately 1,850 tpd of sulfuric acid for leaching operations at the Nchanga TLP. |
| Konkola No. 4 Shaft | Sinking commenced in June 2006 as part of the KDMP. Designed with 6 Mtpa hoisting capacity to access the deeper Kirila Bombwe South ore body. The shaft provides access to mineralisation at approximately 1,000 m depth, with the ore body traced to below 1,800 m. |
| Konkola Concentrator | New 6 Mtpa nameplate capacity concentrator commissioned in 2008 at the Konkola site, employing conventional milling and flotation to produce copper concentrate for the Nchanga Smelter. |
| Nchanga Concentrators | Upgrades to the three existing concentrators (Old East Mill, New East Mill, and New West Mill), with a combined capacity of 13 Mtpa. |
| KDMP (partial) | Partial development of the Konkola Deep Mining Project, including No. 4 Shaft sinking and initial underground infrastructure development. The full KDMP, requiring dewatering and extension of underground infrastructure to access deeper mineralisation, was not completed. |

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Source: KCM, 2026.

Vedanta also invested in brownfield exploration studies for several satellite deposits within the existing license areas, including Kakosa North and South, Chingola Open Pit 'E' Extension (COP E Extension), Chingola Open Pit D and F (COP DF) underground, and the Upper Ore Body. Extension and infill drilling of known mineralisation was undertaken throughout this period, focused on geological development below and along strike of mineralisation in and around active mining areas. None of the brownfield projects had advanced to construction by the time of provisional liquidation in 2019.

Exploration during the Vedanta period (2004-2019) is described in detail in Section 7.1. The key exploration activities included higher-density infill and extension diamond drilling programs at Konkola and Nchanga, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These programs allowed the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories.

Integrated metal production reached a high of approximately 160,000 tonnes of copper in Financial Year (FY) 2013, reflecting the benefit of the Vedanta-era capital investments. However, production subsequently declined to approximately 90,000 tonnes in FY 2019, driven by mining challenges at Konkola (including water management), declining open pit inventory at Nchanga, and reduced smelter feed.

5.5 Provisional liquidation (2019–2024)

In May 2019, ZCCM-IH filed a winding-up petition in the High Court of Zambia, resulting from a shareholder dispute with Vedanta. The High Court appointed a provisional liquidator ("the Provisional Liquidator") to oversee KCM's operations. During this period, KCM's board was suspended and the company operated outside of Vedanta's direct management.

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5.5.1 Production curtailment

Under the Provisional Liquidator's control, total copper production declined significantly, falling from approximately 90,000 tonnes in FY 2019 to a low of approximately 54,000 tonnes in FY 2024. The principal factors contributing to the production decline were:

· Reduced capital investment in mine development, equipment replacement, and infrastructure maintenance,
resulting in declining ore production from both Konkola Mine and the Nchanga open pit and underground operations.

· Less concentrate delivered to the Nchanga Smelter, leading to the smelter operating at less than 50% of
its nominal capacity.

· Minimal acid production from the smelter, restricting feed to the Nchanga TLP and curtailing cathode output
from Nchanga TLP operations.

· Failure to pay third-party concentrate suppliers on time, further reducing smelter utilisation of available
concentrate.

· A four-month care and maintenance period during FY 2025, prior to the resumption of normal operations.

5.5.2 Exploration and development activity

No exploration, infill, or extension drilling was undertaken by KCM during the provisional liquidation period. Geological and structural mapping was continued at Konkola to refine lithological contacts, structural deformation, and alteration patterns. The mapping program focused on surface and underground geological observations, detailed core logging, and high-resolution core photography to document lithological variations and structural controls on mineralisation.

Capital development expenditure was minimal. Net cash used in investing activities during FY 2024 (under the Provisional Liquidator) was approximately US$28M, declining to approximately US$13M in FY 2025 due to care and maintenance activities.

5.5.3 Infrastructure condition

During the provisional liquidation, limited investment in equipment maintenance and infrastructure refurbishment resulted in deterioration of key mining and processing assets. Underground mining equipment at Konkola experienced reduced availability, and the Nchanga processing circuits operated below designed capacity. The condition of the Nkana Refinery tank house and the Nchanga Smelter required substantial refurbishment upon resumption of control.

5.5.4 Resolution and resumption of control

In 2023, Vedanta and ZCCM-IH resolved the shareholder dispute through a scheme of arrangement under which Vedanta committed to a revised investment program. The scheme was sanctioned by the High Court of Zambia on 28 June 2024 and became effective on 31 July 2024 (the "Scheme Effective Date"). On that date, the Provisional Liquidator was removed and Vedanta's control and ownership of KCM was reinstated, with shareholding restored to 79.4% Vedanta (through VRHL) and 20.6% ZCCM-IH. The board was reconstituted.

Since the resumption of control, Vedanta has deployed approximately US$125M to refurbish assets across the integrated operations and restore production. Under Vedanta's management from 31 July 2024 through 31 December 2025, KCM has achieved a production run rate of approximately 140,000 tonnes per annum of copper.

5.6 Production history

Mining and metal production from the KCM properties is summarised below. Production data prior to FY 2006 is limited due to the transition from ZCCM records. Detailed exploration history from the pre-1950s through the current period is discussed in Section 7.1.

Cumulative copper production from the KCM properties since commencement of operations is substantial.

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Table 5.2 Cumulative copper production by operation

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| | | |
|:---|:---|:---|
| **Operation** | **First Production** | **Cumulative Cu Extracted** |
| Konkola Complex | 1957 | ~3.2 Mt |
| Nchanga Complex | 1937 (UG); 1955 (OP) | ~14.3 Mt |

---

Source: KCM historical operational records; first production dates corroborated by KCM corporate website (kcm.co.zm) and publicly available Zambian Copperbelt mining history sources. Cumulative extraction includes all production since commencement.

KCM integrated metal production was highest in FY 2013 at approximately 160,000 tonnes of copper. Production continued on a downward trajectory to approximately 90,000 tonnes in FY 2019, at which point provisional liquidation commenced. During the provisional liquidation period (FY 2020–FY 2024), metal production averaged approximately 55,000 tonnes per annum and reached a low of approximately 54,000 tonnes in FY 2024. Production has remained below historic levels during the restart period.

A summary of KCM's historical production from FY 2006 to FY 2024 is shown in Figure 5.1.

Figure 5.1 KCM historical production FY06-FY24

![](ctm005_ex96-1img014.jpg)

Source: KCM, 2025.

Due to mining challenges during the provisional liquidation, less concentrate was delivered to the smelter, leading to the smelter operating at less than 50% capacity. This led to minimal acid production, restricting Nchanga TLP production. The smelter did not adequately utilise available concentrate in the country due to failure to pay concentrate suppliers on time.

KCM has demonstrated production capability of 160,000 tonnes per annum with all operations running optimally. The installed smelting and refining capacity is 300,000 tonnes per annum. KCM has installed capacity to produce in excess of 200,000 tonnes per annum of copper in concentrates at Konkola and 100,000 tonnes of copper cathodes from the tailings leach facility at Nchanga. With planned investment in mining and processing facilities, KCM is positioned to produce over 300,000 tonnes per annum of finished copper.

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5.7 Key development milestones

Table 5.3 summarises the principal development milestones for the KCM Integrated Operations.

Table 5.3 Key development milestones

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| | | |
|:---|:---|:---|
| **Year** | **Operation** | **Milestone** |
| 1923 | Nchanga | Exploration commenced; surface reconnaissance and geological mapping. |
| 1927 | Nchanga | Underground mine development commenced. |
| 1931 | Nchanga | Initial underground mining commenced; suspended due to flooding and low copper prices. |
| 1937 | Nchanga | Underground mining recommenced under NCCM. |
| 1943 | Nchanga | Town of Chingola founded to service Nchanga operations. |
| 1953 | Konkola | No. 1 Shaft sinking commenced (Bancroft Mine). |
| 1955 | Nchanga | Open pit mining commenced from the Nchanga Open Pit. |
| 1957 | Konkola | First ore production from No. 1 and No. 2 Shafts. |
| 1963 | Konkola | No. 3 Shaft commenced production. |
| 1969 | All | GRZ acquired 51% interest in mining companies (Matero Reforms). Anglo operations reorganised as NCCM. |
| 1982 | All | NCCM and RCM merged to form ZCCM. |
| 2000 | All | KCM formed; acquired Konkola, Nchanga, and Nampundwe assets from ZCCM. Anglo American as strategic partner. |
| 2002 | All | Anglo American, IFC, and CDC withdrew from KCM. |
| 2003 | Nkana | KCM acquired Nkana metallurgical complex (SmelterCo) comprising smelter, refinery, and sulfuric acid plants. |
| 2004 | All | Vedanta assumed management of KCM (November). |
| 2006 | Konkola | Sinking of No. 4 Shaft commenced (KDMP). |
| 2008 | Nchanga | New Nchanga Smelter commissioned (Outotec technology, 312,000 tpa copper capacity). |
| 2008 | Konkola | New 6 Mtpa Konkola concentrator commissioned. |
| 2019 | All | Provisional liquidation commenced (May). Production decline accelerated. |
| 2024 | All | Scheme of arrangement sanctioned (June). Provisional Liquidator removed; Vedanta control restored (July). |

---

Source: KCM, 2025; public sources. Nampundwe development milestones are not available in sufficient detail for inclusion*.*

 

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6 Geological setting and mineralisation

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces. The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup.

6.1 Regional geology

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces, Figure 6.1. The Central African Copperbelt forms part of the Lufilian Arc, a large Neoproterozoic fold-and-thrust belt that developed due to the collision between the Congo and Kalahari cratons during the Pan-African Orogeny (~650-500 Ma). This collision shaped the arcuate Copperbelt structure, characterised by large-scale recumbent folding, thrust faulting, and shear zones, which significantly influenced copper mineralisation distribution. The Copperbelt comprises Neoproterozoic-age sedimentary sequences that were initially deposited in an ancient rift environment and later subjected to regional tectonic deformation, further impacting the structural and mineralisation framework of the region.

Figure 6.1 Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa

![](ctm005_ex96-1img015.jpg)

Source: Wendorff, M., 2011. Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup, a thick succession of marine sedimentary sequences that unconformably overlie the older Basement Complex, which consists of metamorphic and igneous rocks such as schists, gneisses, and granitic intrusions. These basement rocks form the structural foundation for the overlying stratigraphic sequences and influence local deposit geometry. The Katanga Supergroup is subdivided into several formations, with the most economically significant being the Lower Roan Subgroup, which hosts the bulk of copper mineralisation within sandstones, siltstones, and carbonate-rich rocks. The overlying Mwashia and Kundelungu Groups contain additional sedimentary sequences that play roles in fluid migration and structural modification of mineral deposits.

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The geological evolution of the Central African Copperbelt is defined by key processes that influenced mineralisation:

· Initial rift-related deposition (880-750 Ma): The formation of the Katanga Supergroup occurred within
a rift basin, leading to the accumulation of thick siliciclastic and carbonate sediments that laid the foundation for later mineralisation.

· Main phase of basin subsidence (750-650 Ma): Continued deposition of marine sediments, including black
shales, carbonates, and siltstones, established the stratigraphic framework that would later host copper deposits.

· Orogenic compression and mineral remobilisation (~650-500 Ma): The Lufilian Orogeny deformed the Katanga
rocks, inducing folding, thrusting, and faulting that created structural traps, facilitating fluid migration and concentrating copper-cobalt
mineralisation.

The copper deposits of the Zambian Copperbelt are classified as sediment-hosted stratiform copper deposits, with mineralisation occurring as disseminated sulfides within shales, siltstones, and dolomitic horizons. These deposits formed through the interaction of metal-bearing hydrothermal fluids with sulfur-rich reductants, leading to the precipitation of copper sulfides (Figure 6.2). The complex structural modifications from the Lufilian Orogeny played a crucial role in shaping the distribution and quality of mineralisation zones, making structural controls a key factor in the localisation of mineralisation.

Figure 6.2 Schematic cross section of the Lufilian fold belt

![](ctm005_ex96-1img016.jpg)

Source: Selley, D., Broughton, D., Scott, R., Hitzman, M., Bull, S., Large, R., McGoldrick, P., Croaker, M., & Pollington, N. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists, 100th Anniversary Volume, pp. 000-000.

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6.1.1 Lithostratigraphy of the Central African Copperbelt

The Katanga Supergroup is subdivided into three major stratigraphic groups that play a crucial role in copper mineralisation.

Roan Group (dominant copper host) consisting of:

· Lower Roan Subgroup (Mindola and Kitwe Formations) in Zambia, has a mixed upper and a predominantly siliciclastic
lower. With:

— Basal conglomerate arkoses of coarse clastic sediments of alluvial fans deposited in an intra-cratonic rift basin forming a porous and permeable unit that later acted as a conduit for mineralising fluids.

— Quartzite and feldspathic sandstones from braided streams, interbedded with conglomerates.

Organically rich finely laminated dolomitic shales, dolomites and siltstones. This unit contains the Ore Shale Unit (OSU), which hosts the stratiform copper-cobalt mineralisation found in the Konkola area. The high organic content created a reducing environment, leading to sulfide precipitation and the formation of extensive copper-rich zones.

· Upper Roan Subgroup overlies the Lower Roan, in Zambia it is a predominantly carbonate unit. Consisting
of thick often massive and recrystallised carbonate sequences, with interbedded shales and siltstones. With the change between the two
formations marked by the presence of a conglomerate breccia.

Nguba Group (overlying marine sequences) composed of carbonates, black shales, and calcareous siltstones, deposited in a deeper marine setting. Acting as a regional aquitard, restricted hydrothermal fluid flow and impacting mineralisation patterns. Some zones within the Nguba Group contain secondary copper enrichment, where remobilised fluids have introduced additional mineralisation.

Kundelungu Group (late-stage overlying sequences) consisting of thick quartzites, sandstones, and glaciogenic diamictites, representing deposition in a post-orogenic setting. These units do not host significant copper mineralisation but provide structural control by acting as competent layers that influence the development of folds and thrust faults.

Figure 6.3 illustrates a simplified stratigraphic column of the Kataga Supergroup and geological units containing copper mineralisation.

Figure 6.3 Simplified Katanga Supergroup stratigraphy

![](ctm005_ex96-1img017.jpg)

Source: Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

6.1.2 Mineralisation genesis

Copper deposits of the Zambian Copperbelt are sediment-hosted stratiform deposits, formed through the interplay of sedimentation, basin evolution, and hydrothermal fluid migration. During Neoproterozoic rifting, metal-bearing basinal brines circulated through permeable Roan Group sediments. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulfur-rich reductants (such as organic matter and pyrite) within the OSU. Near-surface oxidation led to the formation of oxide copper minerals (malachite, azurite, and chrysocolla). Supergene enrichment enhanced chalcocite-dominated mineralisation, improving mineralisation grades.

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6.1.3 Structural and tectonic evolution

The Central African Copperbelt has experienced multiple deformational events. Key structural features include:

· The Lufilian Orogeny (~650-500 Ma) - deforming the Copperbelt with crustal shortening and folding that
led to the formation of broad northwest-trending synclines and anticlines.

· Compression resulted in the development of thrust faults, which served as secondary pathways for fluid
movement and mineralisation deposition.

· The Konkola Syncline preserves high-grade copper mineralisation by trapping mineralisation within fold
closures.

· Thrust faults and shear zones have segmented the mineralised horizons, resulting in localised enrichment
zones and structural complexity.

· The Nguba Group functions as a major aquitard, restricting hydrothermal fluid flow and impacting mineralisation
deposition.

Primary mineralisation is hosted within the OSU. Regional-scale shear zones and low-angle thrust faults have influenced the redistribution of mineralisation, creating high-grade copper zones. Reactivated fault structures have remobilised copper-cobalt mineralisation, leading to the formation of secondary enrichment zones.

6.2 Konkola local geology

The geological map of the greater Konkola areas is shown in Figure 6.4. The Konkola deposit (shown in grey) is adjacent to the Kirilabombwe anticline.

Figure 6.4 Geological map of the greater Konkola area

![](ctm005_ex96-1img018.jpg)

Source: KCM, 2026.

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Konkola mineralisation is hosted within the Lower Roan Subgroup, see the stratigraphic column in Figure 6.5. Key geological units include:

Lower Roan Subgroup consisting of:

· Multiple coarse-grained conglomerates and sandstones at the base of the sequence.

· Footwall Quartzite (FWQ) a thick, well-cemented quartzite, forming a structurally competent horizon beneath
the main mineralised zones.

· Ore Shale Unit (OSU), the primary copper-bearing unit, composed of carbonaceous shales and interbedded
siltstones. The mineralised OSU is characterised by fine-grained sulfide dissemination and bedding-parallel veinlets, with mineral deposition
controlled by sedimentary permeability, organic matter content, and structural influences. Key geological features include:

— Primary host rock: Carbonaceous black shale interbedded with dolomite and siltstone.

— Structural complexity: Folding and thrust faulting create zones of enhanced mineralisation.

— Hydrothermal alteration: Carbonate veining, and minor sericite alteration.

· Hangingwall Quartzite (HWQ), a sequence of arkosic and cherty sandstones above the OSU, influencing groundwater
movement and structural stability.

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Figure 6.5 Stratigraphic column of the Konkola Geology

![](ctm005_ex96-1img019.jpg)

Source: KCM, 2026.

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6.2.1 Mineralisation

The Konkola deposit is classified as a sediment hosted stratiform copper deposit, formed in low-energy, reducing sedimentary environments. Mineralisation is primarily hosted within fine-grained sedimentary units, where copper sulfides precipitated under anoxic conditions. The deposit exhibits two distinct styles of mineralisation, influenced by lithological and structural controls: shale-hosted and sandstone-hosted copper mineralisation.

Shale-hosted fine grained copper mineralisation occurs within carbonaceous siltstones and shales of the OSU, forming laterally extensive, stratiform deposits. Copper deposition took place in multiple phases, beginning with primary hypogene sulfide mineralisation, followed by supergene enrichment, which enhanced mineralisation grades near the surface. Structural remobilisation further concentrated copper within fold hinges and fault intersections, creating localised high-grade zones.

In contrast, sandstone-hosted copper mineralisation is found in porous quarzitic sandstones of the FWQ, where mineralising fluids migrated into high-permeability zones, leading to structurally controlled, localised mineralisation deposition. Although less laterally extensive than shale-hosted mineralisation, these zones often contain higher-grade copper concentrations.

The dominant economic minerals at Konkola include chalcopyrite, bornite, and chalcocite. These primary copper sulfide minerals define the economic potential of the deposit, with bornite and chalcocite typically associated with higher copper grades, while chalcopyrite remains the most widespread. Cobalt is present often occurring as the copper cobalt sulfide (CuCo<sub>2</sub>S<sub>4</sub>) carrollite.

The mineralogy of the KCM operation varies significantly across different mining areas, reflecting differences in host rock composition, structural complexity, hydrothermal alteration, and secondary enrichment processes.

6.2.1.1 Primary sulfide mineralisation

The primary (hypogene) mineralisation at Konkola is characterised by the deposition of copper-bearing sulfide minerals within the OSU under reducing conditions during the initial formation of the deposit. This mineralisation style represents the earliest stage of copper enrichment and is largely controlled by the chemical composition of the host rock, basin-scale fluid migration, and diagenetic processes. Unlike secondary mineralisation, which results from later enrichment or oxidation, primary mineralisation is associated with the original precipitation of copper sulfides from hydrothermal fluids during the deposit's formation.

The distribution of chalcopyrite, bornite, and pyrite varies according to temperature, fluid composition, and permeability at the time of deposition. Chalcopyrite-dominant zones represent the earliest sulfide mineralisation, forming as a stable copper-iron sulfide under moderate-temperature conditions. Bornite-rich zones indicate higher copper enrichment, often associated with hydrothermal upgrading, while pyrite-dominant areas suggest less copper availability during early diagenesis.

In addition to its layer-parallel stratiform distribution, primary mineralisation at Konkola has also been affected by later structural reworking. In some areas, copper sulfides have been remobilised along shear zones and fault intersections, locally increasing mineralisation grades. These structural features, combined with hydrothermal alteration, have influenced the spatial variability of primary mineralisation and its transition into enriched secondary mineralisation zones. Key sources of copper from primary mineralisation are summarised below:

· Chalcopyrite (CuFeS₂):

— The most abundant copper-bearing sulfide at Konkola, particularly in deeper, unaltered hypogene zones.

— Typically forms as fine-grained disseminations within the shale matrix or as vein-hosted mineralisation along bedding planes and fractures.

— Chalcopyrite is the primary mineral in lower-grade areas but can be locally enriched where it has been altered by later hydrothermal or supergene processes.

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· Bornite (Cu₅FeS₄):

— Occurs in regions of increased thermal alteration, often in association with chalcopyrite.

— Found in higher-grade copper zones, where it partially replaces chalcopyrite, increasing the copper-to-iron ratio in the ore.

— Bornite is particularly notable in areas affected by hydrothermal fluid influx, where its formation is linked to sulfidation reactions and temperature variations.

· Pyrite (FeS₂):

— Widespread across the OSU, with higher concentrations in lower-grade areas where it formed as an early diagenetic phase before copper mineralisation.

— Acts as an indicator of reducing conditions, which were crucial for the precipitation of copper sulfides.

— While not an economic source of copper, pyrite plays a role in buffering sulfur activity within the mineralising system and influencing later enrichment processes.

6.2.1.2 Supergene enrichment and secondary mineralisation

The process of supergene enrichment enhances copper grades at Konkola by transforming primary sulfides into secondary, more copper-rich minerals. This enrichment occurs when meteoric water infiltrates the deposit, dissolving copper from upper oxidised zones and redepositing it at deeper levels where chemical conditions shift from oxidising to reducing. This results in the conversion of chalcopyrite and bornite into higher-grade chalcocite and covellite, which has greater copper content per unit mass.

At Konkola, supergene enrichment is particularly evident in structurally favorable zones, such as areas with increased fracture permeability, shear zones, and fold hinges. These geological features provide pathways for descending copper-rich solutions and serve as natural deposition sites where secondary sulfides precipitate. As a result, supergene-enriched horizons often exhibit higher copper grades than the original primary sulfide mineralisation, making them economically significant for mining.

Secondary mineralisation, a broader term that encompasses supergene enrichment, refers to all mineral changes that occur after the initial formation of the deposit. This includes both sulfide transformations and the development of oxidised copper minerals. In the near-surface portions of the Konkola deposit, prolonged exposure to oxygen and acidic groundwater has altered sulfides into secondary copper oxides and carbonates, such as malachite, azurite, and chrysocolla.

· Chalcocite (Cu₂S) and Covellite (CuS): Formed due to the leaching of primary sulfides and redeposition
in enrichment blankets.

· Malachite (Cu₂(CO₃)(OH)₂) and Azurite (Cu₃(CO₃)₂(OH)₂): Common
in weathered zones, particularly in the Nchanga Open Pit and Kakosa deposits.

· Chrysocolla and Cuprite: Found in oxidised portions, particularly along structural conduits where groundwater
movement has promoted oxidation.

These oxidised minerals mark the transition from the weathered surface layers down to the enriched sulfide zone.

While secondary sulfide mineralisation generally improves copper recovery through flotation due to the higher copper-to-iron ratio of minerals like chalcocite and digenite, oxide mineralisation poses different processing challenges. Copper oxides are less responsive to flotation and require acid leaching methods for effective recovery. The extent of oxidation and supergene enrichment at Konkola influences metallurgical performance, with some areas containing both highly reactive secondary sulfides and less flotation-efficient oxidised copper zones.

The structural complexity of the Konkola deposit has a significant impact on the distribution of supergene enrichment and secondary mineralisation. Fault networks and shear zones have facilitated the downward migration of copper-bearing fluids, leading to localised zones of high-grade enrichment. At the same time, impermeable lithological boundaries, such as certain carbonate-rich layers, have acted as barriers, influencing where secondary mineralisation is concentrated.

Together, these processes have resulted in a vertically zoned deposit, with near-surface oxidised minerals transitioning into secondary sulfide-rich enrichment zones, which in turn grade into the deeper primary hypogene sulfides. Understanding the interplay between these mineralisation styles is critical for mine planning and processing, as different zones require distinct extraction strategies to optimise recovery.

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6.2.1.3 Hydrothermal alteration

Hydrothermal alteration plays a role in modifying and upgrading mineralisation, particularly near shear zones and fault-controlled structural corridors. These alterations have influenced both the primary and secondary mineralisation processes, affecting mineral assemblages, metal mobility, and grade distribution.

These alteration zones often mark fluid pathways that controlled sulfide precipitation and redistribution, making them critical for targeting high-grade mineralisation shoots.

The primary hydrothermal alteration phases linked to mineralisation in the Konkola region include:

· Silicification:

— Quartz veining and silica flooding occur in and around ore-bearing units, enhancing rock competency but reducing permeability.

— This process often preserves sulfide mineralisation and is commonly associated with chalcopyrite-rich zones in the OSU.

· Sericite-carbonate replacement:

— Fine-grained sericite (white mica) and carbonate minerals replace original feldspar and clay-rich components within shale and sandstone units.

— This alteration is associated with early-stage copper precipitation, often forming a chalcopyrite-pyrite assemblage, later overprinted by more copper-rich phases such as bornite and chalcocite.

· Chloritic overprinting:

— Localised along shear zones and fault boundaries, chlorite alteration is indicative of hydrothermal fluid interaction and mechanical deformation.

— This alteration style is frequently linked to structural remobilisation of copper, where early-deposited chalcopyrite is upgraded to bornite and chalcocite, enhancing mineralisation grades in these zones.

6.2.1.4 Variability in mineralisation across mining areas

The mineralisation styles in the OSU vary significantly depending on lithology, alteration intensity, and structural influences thus there are distinct differences existing between mineralisation in the different mining areas.

Konkola retains a predominantly primary sulfide assemblage, with disseminated chalcopyrite and bornite hosted in the OSU. Minimal supergene alteration has occurred due to limited fluid penetration and deep burial, preserving the hypogene mineralisation style.

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6.2.2 Major structural controls on mineralisation

The dominant structural feature shaping mineralisation at Konkola is the Konkola Syncline, a large-scale fold that has helped preserve mineralised horizons by shielding them from erosion and oxidation. The syncline geometry has also acted as a mineralisation trap, concentrating copper-bearing fluids along the fold axis.

In addition to folding, thrust faulting has played a role in mineralisation. Several major fault systems cut across the deposit, creating structural traps where mineralising fluids were focused along shear zones, fault intersections, and competency contrasts between rock units. These faults have led to:

· Thickening of mineralised zones, particularly in areas where repeated thrusting has stacked ore-bearing
units.

· Structural reworking of sulfides, with some areas experiencing remobilisation, resulting in localised
grade increases.

· Formation of high-grade lenses, particularly where faults intersect with lithological permeability contrasts,
enhancing fluid-rock interaction.

6.3 Nchanga local geology

The Nchanga mining complex is situated at the northwestern edge of the Kafue Anticline with mineralisation primarily hosted within the Lower Roan Subgroup, and specifically the Upper Ore Body (UOB), and the Lower Ore Body (LOB).The Nchanga mining complex spans a broader range of geological variability than at Konkola including the COP DF, COP E Extension, and underground deposits in both the UOB and LOB.

As at Konkola, the mineralisation at Nchanga is hosted within the Lower Roan Subgroup, with the enrichment of Arkosic sediments following the intrusion of the Neoproterozoic Nchanga basement granite. The emplacement and subsequent cooling of the Nchanga granite led to copper and cobalt enriched fluid migration across several horizons within the Lower Roan Subgroup, notably the UOB and LOB.

6.3.1 Mineralisation

Mineralisation at Nchanga comprises a sediment hosted stratiform copper deposit, formed in a low-energy, reducing sedimentary environment. Whilst the deposit genesis is similar to Konkola, the mineralisation displays a heterogeneous mix of oxide, supergene, and primary sulfide mineralisation due to prolonged weathering and groundwater interaction. Copper occurs in oxidised forms (malachite, chrysocolla) at the surface, while supergene sulfides (chalcocite, covellite) dominate in the enrichment zone, transitioning into primary chalcopyrite and bornite at greater depth.

The COP DF deposit area is situated at the lower south-eastern edge of the Nchanga asset, approximately 22 km directly south of Konkola with high copper concentrations present in the OSU.

The Nchanga COP E deposit area is located to the immediate north of COP DF, and some 22 km south of Konkola. The mineralisation appears to be an extension of the Konkola deposit with mineralisation occurring in carbonaceous shales.

6.3.2 Major structural controls on mineralisation

The Nchanga COP DF deposit exhibits high copper concentrations in the OSU and is situated within a fault-bounded basin, with thrust faulting and folding enhancing the preservation of mineralisation in trap sites. Mineralisation displays a steep dip of 50-70° with the structural complexity increasing with depth.

The Nchanga COP E deposit follows the regional synclinal trend, with localised structural disturbances which influence the geometry and thickness of mineralisation. The mineralisation sees dips varying between 45-70°, becoming shallower (30-40°) where the syncline starts to flatten out.

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6.4 Summary of geological characteristics

The geographic extents of the Konkola and Nchanga deposits reported as Mineral Resources are summarised in Table 6.1.

Table 6.1 KCM deposit mineralisation extent

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|:---|:---|:---|:---|:---|
| **Deposit** | **Length<br> (km)** | **Width<br> (m)** | **Depth<br> (m)** | **Mineralisation** |
| Konkola | ~ 5 | 5 – 50 | > 1,000 | Chalcopyrite, bornite |
| COP DF | ~ 1.5 | 3 - 50 | 300 - 600 | Malachite, chrysocolla, cuprite, bornite, and chalcopyrite |
| COP E Extension | ~0.8 | 3 - 50 | ~300 |  |

---

Table 6.2 summarises the variable geological conditions across Konkola and Nchanga assets.

Table 6.2 Summary of geological characteristics of KCM operations

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| | |
|:---|:---|
| &nbsp;&nbsp;**Operation** | &nbsp;&nbsp;**Geological characteristics** |
| &nbsp;&nbsp;Konkola | &nbsp;&nbsp; · Location: Centrally located in the Konkola mining district, approximately 15 km north of Nchanga.<br> · Host lithology: The OSU hosts the majority of copper mineralisation, overlain by the Hangingwall Quartzite. Dominated by chalcopyrite-pyrite mineralisation, with bornite becoming more prominent in structurally complex zones. Structural deformation, particularly thrust faulting, has created zones of higher permeability, allowing for localised remobilisation of copper and increased grade variability. Deep-seated hydrothermal fluids have contributed to minor silicification and sericite alteration, modifying the host rock and influencing metallurgical properties.<br> · Structural controls: The deposit is preserved within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralisation, creating localised enrichment and structural complexity.<br> · Deposit geometry and dip: The mineralisation is moderately to steeply dipping (45-70°), conforming to the synclinal structure. The dip increases sharply at depth, requiring specialised mining techniques.<br> · Hydrogeology: Konkola is among the wettest underground mines, with high groundwater inflows along faulted and fractured zones, necessitating intensive dewatering measures. |
| &nbsp;&nbsp;COP DF | &nbsp;&nbsp; · Location: Lower south-eastern edge of the Nchanga asset, approximately 22 km directly south of Konkola.<br> · Host lithology: Similar to the main Konkola deposit, with high copper concentrations in the OSU.<br> · Structural controls: Situated in a fault-bounded basin, with thrust faulting and folding enhancing preservation of mineralisation.<br> · Deposit geometry and dip: The mineralisation maintains a steep dip (50-70°), with structural complexity increasing significantly at depth.<br> · Hydrogeology: High groundwater management requirements due to fault connectivity and potential hydraulic connections to nearby mining areas, requiring continuous high-capacity dewatering. |
| &nbsp;&nbsp;COP E Extension | &nbsp;&nbsp; · Location: Lower south-eastern edge of the Nchanga asset immediately north of COP DF, approximately 22 km directly south of Konkola.<br> · Host lithology: Extension of the Konkola deposit, with continuous mineralisation in carbonaceous shales.<br> · Structural controls: The deposit follows the regional synclinal trend, with localised structural disturbances influencing mineralisation geometry and thickness.<br> · Deposit geometry and dip: The dip varies between 45-70°, with localised shallower zones (30-40°) where the syncline flattens.<br> · Hydrogeology: Similar dewatering challenges as Konkola Deep, requiring intensive pumping infrastructure and hydrogeological monitoring. |

---

The mineralisation styles in the OSU vary significantly depending on lithology, alteration intensity, and structural influences thus there are distinct differences existing between mineralisation in the different mining areas.

· Konkola: Retains a predominantly primary sulfide assemblage, with disseminated chalcopyrite and bornite
hosted in the OSU. Minimal supergene alteration has occurred due to limited fluid penetration and deep burial, preserving the hypogene
mineralisation style.

· Kakosa South and Fitwaola (see Figure 11.1): Higher carbonate content has resulted in localised alteration
differences, affecting both rock strength and processing requirements. Sulfide mineralisation is more dispersed, with some areas exhibiting
lower supergene influence due to carbonate buffering effects, which limited acid-driven leaching.

· Nchanga: Mineralisation displays a heterogeneous mix of oxide, supergene, and primary sulfide mineralisation
due to prolonged weathering and groundwater interaction. Copper occurs in oxidised forms (malachite, chrysocolla) at the surface, while
supergene sulfides (chalcocite, covellite) dominate in the enrichment zone, transitioning into primary chalcopyrite and bornite at greater
depth.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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7 Exploration

Exploration at KCM has been ongoing since discovery. The drilling database contains both historical and modern data from diamond core drilling. Modern drilling programs have focused on resource definition and upgrading classification.

There is no active exploration being undertaken at either Konkola or Nchanga assets. All exploration described below is historic and conducted by previous asset owners. All proposed drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

7.1 Exploration history – Konkola and Nchanga

The exploration history of both Konkola and Nchanga spans over a century and includes:

· Multiple phases of geophysical surveys, geological mapping, hydrogeochemical sampling, and diamond drilling.

· Surface mapping and trenching, which provided the first indications of copper anomalies.

· Geochemical sampling, used to establish baseline geochemical signatures.

· Diamond drilling campaigns (1950s–1980s), which confirmed the stratiform nature of the OSU and outlined
the structural framework of the deposit.

· Higher-density drilling programs (1990s–2000s), improving confidence in grade continuity and allowing
for systematic Mineral Resource classification.

· Geostatistical modelling, integrating conditional simulation and variography techniques to refine resource
estimates.

· Recommencement of infill and extension drilling at Konkola and select Nchanga assets in late 2025. Drilling
at Nchanga TD05 to commence the process to incorporate the tailings dam into the resource base.

**Early exploration (pre-1950s):** Initial Surface Reconnaissance: The earliest exploration efforts at Konkola were limited to surface mapping, trenching, and basic geochemical sampling. These activities aimed to identify copper anomalies and determine potential mineralised zones. Mapping efforts focused on understanding lithological and structural features; while trenching and shallow sampling confirmed the presence of copper within sedimentary formations. Although these early techniques were rudimentary, they led to the identification of the OSU, which was later recognised as the primary host of copper mineralisation at Konkola.

**Systematic diamond drilling phase (1950s–1980s):** From the 1950s onwards, exploration transitioned towards systematic diamond drilling, aimed at confirming the continuity and thickness of the OSU. Early drilling programs initially used wider spacing of 200–300 m, which was progressively reduced as the deposit was better defined. These programs provided critical insights into the stratiform nature of the deposit, confirming that copper mineralisation was laterally extensive and relatively continuous over several kilometres. Through this phase, key structural controls on mineralisation were identified, including faults, folds, and lithological variations, which were recognised as significant influences on grade distribution.

**Advancements in geological modelling (1990s–2004):** The 1990s marked a significant shift in geological strategy, coinciding with the privatisation of Zambian mining assets, which increased investment in geological studies. Higher-density infill and extension diamond drilling programs were undertaken, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These advancements allowed for the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories, reducing uncertainty and improving the reliability of resource estimates.

In November 2004 KCM commenced management of the Konkola and Nchanga assets. From this time focus has been on production, then the development of smaller brownfields assets within and around the existing mining areas these include COP E Extension, COP DF underground, Kakosa North and South, Upper Ore Body and tailings dams.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Recent production from the 2006 onwards is discussed in Section 5.6.

**Drilling (2004 to 2019):** Extension and infill drilling of known mineralisation was undertaken prior to provisional liquidation through ZCCM-IH in May 2019. The geological development focused on infill drilling below and along strike of mineralisation in and around active mining areas.

**Mapping for structural controls (2019 to 2024)**: No exploration, infill and extension drilling has been undertaken by KCM. Geological and structural mapping has been undertaken at Konkola to refine lithological contacts, structural deformation, and alteration patterns to update the geological interpretation. The mapping program has focused on surface and underground geological observations, detailed core logging and high-resolution core photography to documenting lithological variations and structural controls on mineralisation.

**Drilling (late 2025 and ongoing):** Infill drilling has commenced at Konkola underground and Nchanga COP E Extension and Upper Orebody. Drilling and test work commenced at TD05 and Lubengele. With TD05 progressing to an initial Mineral Resource estimation.

7.2 Drilling methods

Collection and collation of drillhole data for Konkola and Nchanga is the same.

Infill and extension drillholes are drilled using pneumatic or electric hydraulic diamond coring underground drill rigs. Drill rod sizes include BQ, NQ, HQ, and PQ diameter depending on length and purpose of hole (dewatering or resource infill) which are specified by site geologists / hydrogeologists. Diamond drilling is outsourced to specialist drilling companies.

All drilled core is cleaned, measured and placed in appropriately labelled core boxes and transported from underground to the surface core yard facilities. The contractor performs all the work necessary to complete or abandon each hole in the manner specified by KCM.

Drilling at TD03 and TD04 tailings dams in September 2000, was done by 50 mm portable mechanised auger. Holes were drilled to the rock or soil below the tailings and terminated.

The 2025 drilling at TD05 tailings dam is by HQ core drilling using an Atlas Copco CS15 H121 drill rig. Holes were generally drilled into the underlying laterite basement then terminated.

7.3 Core recovery

A minimum core recovery of 90% is expected in the hard rock mineralisation. Core recovery is measured and checked during core logging.

Tailings drilling in 2025 produced 90% core recovery across the program due to water content of the tailing's material.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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Figure 7.1 Recovery of tailings material and in core tray at TD05

![](ctm005_ex96-1img020.jpg)

Source: ABGM 2026 and AMC 2026.

7.4 Core logging

Core logging procedure includes recording information such as lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. The logging is done manually on paper log template. Drill logs are then checked and verified by the supervising geologist and approved. The logs are then entered into Excel spread sheets and are again checked for transcription errors.

7.5 Sample selection

After logging the drillhole, the geologist prepares a sampling sheet. The entire mineralisation unit is sampled, including some portion of the footwall and hangingwall so as to have a clear definition of the mineralisation boundary. The sample interval is a maximum of 1 m in mineralisation, and 0.5 m in the immediate footwall and hangingwall formations.

Generally, for infill and extension drilling whole core is submitted for sample preparation and analysis. From mid-2025, for example sections, half core is being submitted so as to retain material in the core tray for audit purposes.

For tailings sample analysis the whole sample interval was used in the analysis

7.6 QAQC program

As part of QAQC, blank and certified reference material (CRM) samples are inserted consecutively for every five primary samples for small batches <20 samples or every ten primary samples for batches >30 samples. As a general guide, a minimum of three and a maximum of five CRM samples are used per batch. CRMs are used for counterchecking the accuracy of analytical method applied. Repeats are also used as part of QAQC and are prepared by retrieving coarse rejects and pulp samples from the laboratory and re-submitting them for assaying. At least 20% of combined course and pulps samples are submitted to the laboratory. Repeat samples are aimed at checking reproducibility or precision of the laboratory. Repeat samples are repacked and assigned different sample numbers prior to resubmission to the laboratory for re-assay. CRMs are inserted after every tenth sample in all the drillholes within the mineralisation.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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After logging the core, the core is sampled as per sampling procedure and is dispatched to the analytical laboratory for assaying.

7.7 Konkola Mine

7.7.1 Drillhole locations

Drillhole location plan for Konkola, showing 4,245 drillholes, see Figure 7.1. Drillholes pre- 2016 are black. Drillholes from 2016 onwards are shown in red. Further detail is provided in context in Section 11.3.

Figure 7.2 Drillhole location plan - Konkola

![](ctm005_ex96-1img021.jpg)

Source: AMC, 2026.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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7.7.2 Hydrogeology

At Konkola the following testing and monitoring has been established:

· Piezometer Installation: Monitoring wells have been established to measure groundwater levels and flow
rates.

· Pump Testing: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates into
mine workings.

· Hydrogeological Modelling: A numerical groundwater flow model is under development to predict future dewatering
requirements and optimise water management strategies.

· Water Quality Assessments: Routine sampling of mine water is conducted to monitor contamination risks
and compliance with environmental standards.

See Section 13.2.4 for hydrogeological information in the context of the mining method and mine plan.

7.7.3 Exploration program summary

The planned drilling programs are designed as a phased approach with each phase targeting varying Resource classifications ranging from Measured, Indicated, and Inferred. The exploration program at Konkola Mine is summarised in Table 7.1.

Table 7.1 Exploration drill program – Konkola Mine

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| | | | | |
|:---|:---|:---|:---|:---|
| **Phase** | **Objective** | **Drill spacing** | **Meters** | **Target classification** |
| Phase 1 | 5-year production confidence | 60 m | TBD | Measured |
| Phase 2 | 10-year production confidence | 120 m | TBD | Indicated |
| Phase 3 | Inferred upgrade | 200 m | TBD | Indicated |
| Phase 4 | Boundary extension | Exploratory | TBD | Inferred |

---

7.8 Nchanga Business Unit

7.8.1 Drillhole locations

Drillhole location plan for COP DF showing 445 drillholes is shown in Figure 7.2.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 7.3 Drillhole location plan – COP DF

![](ctm005_ex96-1img022.jpg)

Source: AMC, 2026.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Drillhole location plan for COP E showing 283 drillholes is shown in Figure 7.4. The drillholes in green have not been used in the resource estimation for more detail see Section 11.6.3.1.

Figure 7.4 Drillhole location plan – COP E Extension

![](ctm005_ex96-1img023.jpg)

Source: AMC, 2026.

Figure 7.5 shows the drillhole location plan for 2025 for TD05. This includes sample locations for the 14 HQ metallurgical test work drillhole (teal diamonds), the 245 HQ vertical drillholes (green circles) and 29 HQ shallow drillholes for bulk density sampling and measurement (blue squares).

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 7.5 Drillhole location plan – TD05

![](ctm005_ex96-1img024.jpg)

Source: ABGM 2026

7.8.2 Hydrogeology

Nchanga COP E Ext and COP DF are in proximity to historic large open pits as such they have undergone long term dewatering. The level of study for Nchanga COP E Ext and COP DF is at an early stage, and the status of existing groundwater conditions will be assessed as part of the project development.

7.8.3 Future drilling program summary

The planned drilling programs at Nchanga are designed to upgrade the current Inferred Mineral Resources to Indicated classification and support future prefeasibility studies for underground development. The drilling program for Nchanga Business Unit assets is summarised in Table 7.2.

Table 7.2 Exploration drill program – Nchanga Business Unit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset** | **Objective** | **Current**<br> **classification** | **Drill spacing** | **Target**<br> **classification** |
| COP DF | Resource upgrade and extension | Indicated + Inferred | 60-80 m | Indicated |
| COP DF Underground | Define underground potential | Inferred | 80-100 m | Indicated |
| COP E Extension | Infill and upgrade | Inferred | 80-100 m | Indicated |

---

Notes:

· COP DF and COP E Extension are currently classified as Inferred Mineral Resources and require infill drilling
to support future Mineral Reserve estimation.

· Drill spacing targets are based on achieving Indicated Mineral Resource classification per S-K 1300 requirements.

· Detailed drilling programs and budgets are provided in Section 23 (Recommendations).

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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7.9 Geotechnical data, testing, and analysis

7.9.1 Konkola

7.9.1.1 Geotechnical drilling

Geotechnical drilling and logging are done specifically for geotechnical rock mass classification purposes. AMC has identified gaps in the available geotechnical data across KCM. To allow rock mass characterisation across the project, a geotechnical data collection program has been recommended to support the KDMP mine expansion project and the associated LOM studies required by KCM. AMC has designed a conceptual but executable resource definition (or drill out) program for the KDMP mining area (AMC Konkola KDMP Exploration Strategy report, Jan 2025).

7.9.1.2 Geotechnical testing

Elastic rock properties using in numerical modelling in 2012 are listed in Table 7.3. Any new data collected for rock properties should be used to revise the previous work. Previous rock property testing for Konkola provided by Itasca 1997 was utilised for numerical modelling in Section 13.2.3.

Table 7.3 Elastic rock properties

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rock unit** | **Rock Mass<br> Modulus (MPa)** | **Rock Mass<br> Modulus (MPa)** | **Poisson's Ratio** | **Poisson's Ratio** | **UCS (MPa)** | **UCS (MPa)** | **Cohesion (MPa)** | **Cohesion (MPa)** | **Friction angle<br> (°)** | **Friction angle<br> (°)** |
| Quartzite |  | 17800 |  | 0.2 |  | 150 |  | 5.3 |  | 48.0 |
| Ore Shale |  | 13300 |  | 0.2 |  | 150 |  | 4.0 |  | 37.5 |
| Conglomerate |  | 31600 |  | 0.2 |  | 170 |  | 7.0 |  | 52.6 |
| Unit 'A' |  | 168 |  | 0.3 |  | 5 |  | 2.4 |  | 3.0 |

---

Source: AMC, 2026.

Geotechnical sampling and testing are recommended to be performed with future resource definition programs.

7.9.1.3 Seismicity

KCM has experienced seismicity, with the first recorded event on 8 January 1995. This prompted the purchase of a seismic monitoring system. Four events have since been recorded with Richter magnitudes greater than 6. The source of the earthquakes was found to be well outside the mine region. Mine scale seismic events have been recorded with local magnitudes up to 2.1 since November 1996. The most recent 2.1 event was in June 2020.

The Mine at No 1 Shaft and No 3 Shaft has previously identified a number of high stress pockets with seismic events recorded at No 1 Shaft. Seismic damage was predominantly observed in drives and included falls of ground, rock burst, fracturing and onion skin like unravelling.

Previous observations have noted that the intensity of ground damage from high stress conditions and seismic events reduces the further away the excavation is from the OSU and footwall (KCM, 2000).

Regions of the mine with relatively strong rock mass are likely to be associated with the seismicity. It is expected that seismicity will become more common as the mine develops deeper, particularly in this area.

Seismic monitoring continued during the KCM provisional liquidation proceedings period to allow a baseline prior to the mine restart. AMC recommends ongoing assessment of the seismic data in the future to understand the events and source in relation to rock mass, faults or dewatering. Figure 7.5 presents a schematic diagram of the Konkola IMS seismic system. The IMS system, commissioned in 2012 comprises of 12 sensors (triaxial and uniaxial 4.5 Hz geophones) and allows real time monitoring.

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| Konkola Copper Mines Plc | 0424076 |

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Figure 7.6 Seismic system schematics at Konkola

![](ctm005_ex96-1img025.jpg)

Source: GCMP, 2022b.

7.9.1.4 In situ stress

Previous modelling indicated that stress on closure pillars was likely to significantly increase with vertical depth. An updated LOM will require a detailed review of the expected damage to closure pillars and ability to recover these.

Since the pause in production, AMC recommends that the underground operations undertake a review of development performance for general convergence and damage in drives due to the orientation of drives, and standoff distance of the drives from stoping areas, including stress mapping guidance. Horizontal stress is noted as sub-parallel to the foliation and mineralisation and is the dominant influence on damage to development within pillars and the footwall.

AMC recommends that in situ stress testing is undertaken at the lowest level in the future to confirm the orientation of the stress field at depth which is based on the current limited testing. In situ stress has critical implications (safety, production reliability, etc.) that higher induced stress will cause at these mining depths.

7.9.1.5 Groundwater

The stratigraphic units of the local area are detailed below in Table 7.4, including the average thickness of each unit and their hydrogeological significance (aquifer or aquiclude). The general strike orientation of the units is from south to north, with a dip towards the west at an angle of approximately 40° (GCMP, 2020).

Groundwater inflows are collected and used to characterise the rock mass generally as damp, dripping or wet conditions. The hydrogeological information is presented in the KCM mine designs and used in geotechnical stability analysis (GCMP, 2022).

Figure 7.6 shows the three main aquifers in the Konkola mine sequence. The base of the hangingwall aquifer 2024 modelled structure is ~40 m in the hangingwall of the OSU and indicated to have very high flow rates ~2,000 mL/s. The footwall aquifer contains slightly cemented sands and is described as damp and the FWQ and LPC aquifer has a minimum distance of approximately 100 m from the mine workings and characterised as dripping ground water conditions.

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Table 7.4 Local geology and hydrogeological units

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| | | |
|:---|:---|:---|
| **Stratigraphy** | **Thickness (m)** | **Hydrogeological unit** |
| Upper Roan Dolomite | >400 | Aquifer |
| Shale with Grit | 70 | Aquiclude |
| Chingola Dolomite | 15 | Aquifer |
| Dolomitic Schist | 20 | Minor aquifer |
| Upper Banded Shale | 18 | Aquiclude |
| Feldspathic Quartzite | 18 | Aquiclude |
| Upper Banded Sandstone | 15 | Aquifer |
| Pink Quartzite | 5 | Aquiclude |
| Lower Banded Sandstone | 10 | Aquifer |
| Lower Banded Shale | 10 | Aquiclude |
| Arkose | 15 | Minor aquifer |
| Basement | >400 | Impermeable |

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Figure 7.7 Location of three main aquifers in the Konkola Mine, section looking north

![](ctm005_ex96-1img026.jpg)

Source: KCM, 2026.

7.9.2 Nchanga

Nchanga COP E Ext and COP DF are early-stage projects geotechnical conditions will be assessed as part of the project development.

Recent drilling incorporates the collection of geotechnical logging for all drillholes. Laboratory test work and analysis will be undertaken as part of future prefeasibility-level studies.

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8 Sample preparation, analyses, and security

Sample preparation and analysis procedures at KCM follow industry-standard protocols. QAQC protocols include the use of certified reference materials (CRMs), blanks, and duplicate samples.

8.1 Hard rock samples

8.1.1 Sample preparation and analysis

Sample preparation and analysis for:

· Konkola is undertaken at the KCM laboratory at Konkola (Konkola analytical laboratory).

· Nchanga is undertaken at the KCM laboratory at Nchanga (Nchanga analytical laboratory).

Sample preparation methods, analytical methods and laboratory quality control is the same at both laboratories and is applied uniformly across all assets.

Future drilling analysis is planned to be analyzed by in internationally recognised external laboratory.

8.1.2 Sample preparation method

Sample preparation method entailed:

· Drying the received samples at a temperature of 110° Celsius plus or minus 5 degrees (110+/-5°C)
for a period up to 4 hours.

· Primary particle size reduction by crushing the samples from 150 mm to 12.7 mm.

· Secondary particle size reduction by crushing the entire primary crusher product of 12.7 mm or less to
than 4 mm.

· Repeated riffling of the secondary crusher product until a final portion measuring about 250 g to 300
g is obtained.

· The final riffle product is then pulverised to pulp of 90 percent passing 75 micron sieve (200 mesh),
packed into envelops as laboratory samples, and finally submitted to main laboratory for analysis.

· Coarse rejects and pulps are reclaimed where the coarse rejects are stored until it is confirmed they
are not required to metallurgical test work. The pulp rejects are retained.

8.1.3 Analytical method

The analytical method for each sample is a partial digestion via nitric and sulfuric acid for soluble copper, and complete digestion for total copper and total cobalt, with an Atomic Absorption Spectrometry (AAS) finish.

If total copper is greater than 10% Cu, the sample(s) are re-analyzed by using the electro-gravimetric method.

8.1.4 Bulk density measurement

Bulk density measurements are done at KCM site mineralogy laboratory using the Archimedes method.

Samples are selected from the hangingwall and footwall formations and mineralised material. For mineralised material the sample is selected from HQ or a larger size drillhole. The core samples are cut using core cutting machine. One half of the sample is sent to the analytical laboratory for assaying, the other half is sent to the mineralogy laboratory for bulk density measurement. The samples used in the bulk density measurement range from 50 to 70 mm. Cracked and poor-quality samples are excluded.

The samples are cleaned, dried at 105°C for 12 hours, cooled, weighted in air, dipped in wax, which is allowed to set, weighed in air, then immersed in water and weighted.

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Bulk density is calculated using the following equation:

![](ctm005_ex96-1img060.jpg)

Where:

W1=weight of sample in air

Wa=weight of wax in air, that is =W2-W1

W2=weight of sample with wax in air

W3=weight of total sample in water after waxing

p=density of wax used

1=density of water

8.2 Tailings samples

8.2.1 TD03 and TD04

8.2.1.1 Sample preparation and analysis

One and a half metre samples were riffle split using a Jones riffle splitter to 1/8th portion weighted and adjacent samples composited to a 3 m sample length downhole. Rock/soil samples were not included in the composite.

Samples were submitted to AHK for preparation and analysed for total copper and total cobalt and acid soluble copper, where the total copper is greater than 0.5% TCu.

8.2.1.2 Sample preparation method

Sample preparation method entailed:

● Drying the samples at 105(+/-5°)C °C for a period ranging from four hours to more than 24 hours, due to the significant moisture content.

● Sample is split to <1 kg.

● Pulverize to 85% passing 75 micron sieve (200 mesh).

● Splitting of wither a 50 g or 40 g aliquot for analysis.

● Storage of rejects.

8.2.1.3 Analytical method

The analytical method for:

● A 40 g sample for TCu% and TCo% is a 4-acid digest (DIG42S), with and AAS finish.

● A 50 g sample ASCu% and ASCo% is sulfuric acid leach (DIG72C), with an AAS finish

8.2.1.4 Bulk density measurement

Small trenches about 0.5 m deep were dug to collect samples for bulk density determination. Bulk density values were obtained from column settling tests range from 1.1 t/m<sup>3</sup> to 1.3 t/m<sup>3</sup>.

These values align with bulk density for surficial samples and are not representative of aged/compacted tailings.

An historic dry bulk density value of 1.55 t/m<sup>3</sup> was used for tonnage derivation.

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8.2.2 TD05

8.2.2.1 Sample preparation and analysis

Sample preparation and analysis for TD05 tailings samples is undertaken at Société Générale de Surveillance SA (SGS), Kalulushi, Zambia.

SGS Kalulushi is an ISO/IEC 17025:2017 accredited laboratory for copper and base metals analysis through to 1 April 2028. It was accredited by the Southern African Development Community Accreditation Service (SADCAS) in December 2024.

8.2.2.2 Sample preparation method

Core samples were split longitudinally and sampled at intervals of approximately 1 m, depending on the drill run length and recovery.

Sample preparation method entailed:

· Drying the samples at 105(+/-5°)C °C for a period ranging from four hours to more than 24 hours,
due to the significant moisture content.

· Sample is split to <1 kg.

· Pulverize to 85% passing 75 micron sieve (200 mesh).

· Splitting of wither a 50 g or 40 g aliquot for analysis.

· Storage of rejects.

8.2.2.3 Analytical method

The analytical method for:

· A 40 g sample for TCu% and TCo% is a 4-acid digest (DIG42S), with and AAS finish.

· A 50 g sample ASCu% and ASCo% is sulfuric acid leach (DIG72C), with an AAS finish

8.2.2.4 Bulk density measurement

Bulk density measurements reported in the AHK 2025 metallurgical test report work did not document a method description. The masses of the three samples were all 100 g. This indicates that a settling column/sedimentation test was used to measure wet bulk density. This method is representative of early or beached wet bulk density.

The three wet bulk density results reported are 1.33, 1.56, and 1.57 t/m<sup>3</sup> respectively. For an arithmetic mean of 1.49 t/m<sup>3</sup>.

In addition, samples were collected for bulk density measurement from 1 m deep shallow drillholes. Allowing for the measurement of the in situ volume and the wet and dry sample weights.

A total of 29 diamond holes were drilled and measured for moisture, with a wet and dry density calculated using the volumetric method at the Nchanga laboratory. The arithmetic mean of the dry bulk density is 1.16 t/m<sup>3</sup>. The distribution of dry bulk density values is shown in Figure 8.1.

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Figure 8.1 Dry bulk density TD05

![](ctm005_ex96-1img027.jpg)

Source: ABGM 2026

The average bulk density from the shallow holes is representative of loose, slime dominant or upstream ponded tailings but not typical of beach material (moderately drained 1.5 to 1.7 t/m<sup>3</sup>) or aged/compacted tailings (1.7 to 1.9 t/m<sup>3</sup>).

The arithmetic mean derived from the 29 shallow samples is likely conservative. TD05 will require the application of a variable dry bulk density as it is still being built and wet in significant areas. The full profile of the tailings dam both laterally and at depth is not represented in the data. Application of higher value dry bulk density is not appropriate until further data has been collected.

The water content calculated from the shallow bulk density samples is illustrated in Figure 8.4. This is not expected to be representative of the entire tailings dam.

Figure 8.2 Water content calculated from the bulk density samples TD05

![](ctm005_ex96-1img028.jpg)

Source: ABGM 2026

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8.3 Quality assurance quality control program

QAQC is undertaken on TCu% and ASCu% analysis and is done via the submission of repeat samples and the submission of CRM's and blanks.

Repeats consist of fine rejects of samples within potentially economic mineralisation grade ranges. Samples for which laboratory assay results have been received, are repacked and assigned different sample numbers then resubmitted to the laboratory for re assay. The assay results of these samples are then compared to the original assays. Samples are submitted at a 1 in 10 ratio.

If the original and repeat assay differ by less than 10% precision is regarded acceptable, and the original assay results are cleared for use in resource estimation.

CRMs are inserted after every tenth sample in all the drillholes within the mineralisation. The analytical results of the CRMs are then plotted against the original CRMs grades. A +/- 2SD error difference from the CRM grade is considered an acceptable range, especially when dealing with relatively high-grade, i.e. grades above 2% TCu. With grade lower than TCu 2%, a +/- 3SD error difference is considered acceptable.

Additional quality controls include:

· Blind checks: For every 10 samples, one sample is randomly picked and inserted as a blind check by the
sample preparers to measure reproducibility of the analysis.

· Independent checks: Periodic insertion of previously analysed samples as independent checks to measure
reproducibility between analysis.

· The use of internal laboratory CRMs within each batch.

8.4 Sample security

Sample security is achieved by the monitored sample-tracking approach using both excel and hard copy records which indicates sample position at each stage from receipt to disposal. This also involves capturing of all details of both the team member submitting the samples and every analytical staff member handling the samples.

Before disposal, the analyzed batches are stored for retention, in a restricted-access sample storage room, to allow for any queries from the KCM department submitting the samples. Actual disposal is done by the KCM sample owner. This is to ensure accountability for samples falls with the sample owner.

Reference core and plastic sleeved tailings samples, are stored in core trays in a secure core yard, Figure 8.3

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Figure 8.3 Reference core and tailings sample storage in secure core yard

![](ctm005_ex96-1img029.jpg)

Source: AGBM 2026

8.5 Quality assurance quality control – Konkola

8.5.1 Konkola

During the audit of the 2020 Mineral Resource, KCM provided the auditor with a cumulative database of the all the QAQC work undertaken at Konkola mine. In order to ascertain the quality of the post 2016 data, the auditor segmented the data to conduct separate analyses for the old and new data.

For the post 2016 data the following observations have been made:

· The repeats showed 54% of TCu samples and 23% of the of ASCu being within 10% deviation. This observation
was deemed to be far short of the expectations for the assays to be included in the Mineral Resource work.

· The analysis of CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) showed consistently lower than expected results.
This is a concern and might indicate high-grade copper assays may be underestimated, that is a negative bias.

QAQC assessment undertaken in 2024, discussed below, incorporates the post 2016 drilling. The exercise covered analysis of the CRM for accuracy, repeats for precision and blanks for contamination.

8.5.1.1 CRM

For CRMs specific tasks include:

· QAQC records validation: To ensure all results are recorded in the database and the QC results on all
the drillhole assay certificates for holes drilled after 2016 were examined.

· CRM validation: Konkola Mine utilises a range of CRMs sourced from Geostats Pty Ltd to monitor the accuracy
of the laboratory. Each CRM has a unique product ID associated with specific grade values and standard deviations.

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To guarantee reliable performance analysis, the CRM results database was meticulously checked to verify that all CRM laboratory results were correctly linked to their corresponding certified values. It was discovered that the certified values for 16 analyses of GBM911-16 were initially assigned incorrectly in the database. After the corrections, 12 out of the 16 results have passed. With the remaining four values being outside +/-2SD.

Table 8.1 shows a list of the corrected CRM values in comparison to the incorrect entry.

Table 8.1 List of corrected outcomes for 16 GBM911-16 CRMs

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Original** | **Corrected** | **Corrected** |
| <br>**BHID** | <br>**Sample ID** | <br>**CRM** | <br>**Laboratory<br> (TCu%)** | **Certified**<br> **(TCu%)** | **Certified<br> CRM** | **Status** |
| BV1611 | MX9864 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1612 | MY33 | GBM911-16 | 2.42 | 3.44 Fail | 2.48 | Pass |
| BV1614 | MX9864 | GBM911-16 | 2.40 | 3.44 Fail | 2.48 | Pass |
| BV1615 | MY112 | GBM911-16 | 2.55 | 3.44 Fail | 2.48 | Pass |
| BV1616 | MY318 | GBM911-16 | 2.32 | 3.44 Fail | 2.48 | Pass |
| BV1619 | MY380 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1623 | MY433 | GBM911-16 | 2.57 | 3.44 Fail | 2.48 | Pass |
| BV1631 | MY1077 | GBM911-16 | 2.24 | 3.44 Fail | 2.48 | Fail |
| BV1631 | MY1093 | GBM911-16 | 2.35 | 3.44 Fail | 2.48 | Pass |
| BV1633 | MY1199 | GBM911-16 | 2.92 | 3.44 Fail | 2.48 | Fail |
| BV1635 | MY1242 | GBM911-16 | 2.33 | 3.44 Fail | 2.48 | Pass |
| BV1635 | MY1257 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1636 | MY1311 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1363 | GBM911-16 | 2.59 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1389 | GBM911-16 | 2.75 | 3.44 Fail | 2.48 | Fail |
| BV1638 | MY1400 | GBM911-16 | 2.74 | 3.44 Fail | 2.48 | Fail |

---

Note: +/- 1 SD is between 2.39 to 2.56% TCu, +/- 2 SD is between 2.30 to 2.65% TCu.

Source: KCM 2026.

The rectified drillholes that passed the QAQC test were then plotted together with the failed drillholes and those without CRMs as shown in Figure 8.1. Also included are holes drilled up to November 2023.

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Figure 8.4 Location plan of holes drilled from 2016 to 2023 - Konkola

![](ctm005_ex96-1img030.jpg)

Source: AMC, 2026.

The analysis conducted on the entire database showed that majority of the CRM results from the laboratory were within the acceptable range of +/-2 standard deviations (SD) of the CRM mean as shown in Figure 8.2. However, Standard A showed a number of CRM values outside the 2SD. Another observation was that the majority of the laboratory results outside 2SD plotted below the mean value indicating a conservative negative bias. Figure 8.2 shows the results for standards A, B, C, and D from the analytical laboratory. Results for standard E, F, and G are presented as Figure 8.3.

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Figure 8.5 Shewhart plots for CRMs A, B, C, and D - Konkola

![](ctm005_ex96-1img031.jpg)

Source: AMC, 2026.

Figure 8.6 Shewhart plots for CRMs E, F, and G - Konkola

![](ctm005_ex96-1img032.jpg)

Source: AMC, 2026.

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8.5.1.2 Repeats

Repeat samples at Konkola mine are utilised to evaluate the laboratories precision. Samples submitted for re-assaying have been selected randomly without regard to the mineralisation or grade of the original sample. Therefore, the duplicate dataset comprises samples that are below the cut-off and outside the areas of mineralisation. The sample statistics indicate the below cut-off assay values account for 35% of the entire dataset.

The repeatability analysis has shown that precision is very poor in the dataset with grades below cut-off. This is due to laboratory precision decreasing significantly for values proximal to the detection limit. Samples with values below cut-off are not regarded for most of downstream processes and have minimal impact on geostatistical modelling and grade estimation.

Therefore, the inclusion of original sample assay values that are significantly below cut-off grade impact the overall outlook of the level of precision of the data. Based on this observation, only samples with TCu% grades above cut-off of 1.5% were considered for precision analysis.

The relative paired difference (RPD) plot method was used to assess the precision for both unfiltered (no cut-off) and filtered (above cut-off) dataset.

The RPD plots for TCu% show that approximately 55% of the unfiltered sample results are within 10% of the half relative difference whereas the filtered (above cut-off) dataset showed that approximately 76% of repeats fall within 10% of the half relative difference as shown in Figure 8.4. At 1.5% TCu cut-off 75% of data passing 10% RPD is lower than ideal for an operating mine, 85 to 90% of the data at 10% RPD would be a good result.

Figure 8.7 RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data

![](ctm005_ex96-1img033.jpg)

Source: AMC, 2026.

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8.5.1.3 Blanks

Blanks are comprised of local material. Analysis shows that blank sample analytical results are generally below the 0.5% TCu threshold which is used to define blank material. The variations observed are the result of using locally sourced non-mineralised material such as FWQ, AGSST, and PC. Figure 8.5 shows the blank sample plot, with the 0.5% TCu threshold line. Where four results are in excess of 0.5% TCu.

The majority of the analyses of the blank samples indicate that there is no to little likelihood of contamination of the mineralised samples having occurred during sample preparation. It is not clear whether the assay results greater than 0.15% TCu were due to contamination or low-grade mineralisation within the blank sample itself but the number of these anomalous samples is small.

Figure 8.8 Blank samples plot showing 0.5% TCu upper limit

![](ctm005_ex96-1img034.jpg)

Source: AMC, 2026.

8.6 Quality assurance quality control - Nchanga

QAQC for the various Nchanga deposits is incomplete. The older generation of drillholes date back 50 years and the analytical data was not subject to modern QAQC. Much of the older generation of drilling is in areas where mining is complete. There is no or very limited QAQC data for:

· Nchanga Open Pit (NOP)

· Chingola Open Pit D and F (COP DF)

· Tailings dams TD03 and TD04

There is modern QAQC data for recent drilling for:

· Chingola Open Pit C and E Extension (COP E Ext)

· Stockpile 16

· TD05

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8.6.1 Chingola Open Pit C and E Extension (COP E Ext)

For the Chingola Open Pit C and E Extension (COP E Ext) QAQC is available for the 2011 to 2013 drillholes only. QAQC includes:

· CRM insertion at a rate of 1:10.

· Submission of selected pulp samples to the independent umpire laboratories Alfred H Knight (AHK), Kitwe,
Zambia and SGS.

No blanks were submitted.

8.6.1.1 CRM

Eleven CRMs were submitted for analysis. The number of submissions for each CRM is shown in<br> Table 8.2.

Shewhart plots for each CRM standardised to zero were generated. The following observations were made:

· CRM 0.75% TCu - most of the analyses fall within the 2SD but there are more samples with a negative difference
outside the 2SD plots than there are positive difference, this might indicate bias. The plot does not include 8 or 6% of the samples which
have more than 20% deviation.

· CRM 1.08% TCu – except for 3 or 7% of the samples with deviations above 20%, the analyses show reasonable
precision.

· CRM 1.47% TCu - has two significant outliers but generally show relatively reasonable precision.

· CRM 1.54% TCu and 1.68% TCu shows the difference between the reported values and the CRM plotting within
the 2SD with both positive and negative difference, on average the precision is reasonable.

· CRM 2.14% TCu - one sample is significantly outside 2SD has more positive difference on average. This
could be an indication of a slight bias in the data, generally the deviations are very small and contained within 1SD.

· CRM 2.19% TCu, 2.62% TCu, 2.94% TCu, and 3.18% TCu - there are more positive deviations than they are
negative ones, indications of possible bias in the sample analyses in those ranges, but the deviations are very small and contained within
1SD.

· CRM 3.44% TCu – all the samples show positive deviations, but the deviations are very small and
are contained within 1SD.

Table 8.2 CRM sample submission – COP CE Ext

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| | |
|:---|:---|
| **CRM value (TCu%)** | **Number of samples submitted** |
| 0.75 | 134 |
| 1.08 | 41 |
| 1.47 | 48 |
| 1.54 | 57 |
| 1.65 | 11 |
| 2.14 | 45 |
| 2.19 | 4 |
| 2.62 | 48 |
| 2.94 | 67 |
| 3.18 | 77 |
| 3.44 | 11 |

---

Source: KCM 2026.

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8.6.1.2 Repeats

HARD plots, Figure 8.6 and Figure 8.7, were used to assess the precision of repeat sample analysis of the combined independent laboratories AHK and SGS.

Samples below 1% TCu have a poor HARD with approximately 28% of samples achieving a HARD of 10%. For TCu repeats these values should be in excess of 90%. This indicates the poor repeatability. There is no indication as to whether the analysis of the results omits samples within 15 times the detection limit which is accepted practice to remove variability introduced from the increase in error as approaching the detection limit.

For samples between 0.5% and 3.0% TCu the approximately 90% of samples achieves a HARD of 10%, this is considered reasonable reproducibility.

Figure 8.9 HARD plot for repeat samples below 1.0% TCu

![](ctm005_ex96-1img035.jpg)

Source: KCM, 2026.

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Figure 8.10 HARD plot for repeat samples between 0.5% TCu and 3.0% TCu

![](ctm005_ex96-1img036.jpg)

Source: KCM, 2026.

8.6.2 TD03 and TD04

There is no available record or QAQC undertaken during the September 2000 drilling at TD03 and TD04.

8.6.3 TD05

There are 6,040 sample intervals for TD05. Laboratory repeats, CRMs and blanks were submitted as part of the sample stream. No coarse repeats of inter laboratory duplicates were submitted as part of the QAQC program.

Table 8.3 QAQC sample submission rate TCu% - TD05

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Precision** | **Accuracy** | **Accuracy** |
| | <br>**Total samples** | **Laboratory repeats<br> (pulp)** | **CRM** | **Coarse Blanks** |
| Number of samples | 6040 | 232 | 316 | 205 |
| Proposed |  | 1:30 | 1:20 | 1:30 |
| **Actual** | **-** | **1:26** | **1:19** | **1:29** |

---

Source: AMC, 2026.

8.6.3.1 CRM

Six CRMs were supplied by Geostats (Pty) Ltd, and submitted as blind CMRs to the laboratory. The CRMs were certified for TCu% and not ASCu%, TCo% or ASCo%. The CRM material is not matrix matched, meaning the composition of the source material is different to the regional Copperbelt mineralisation.

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Table 8.4 CRM source - TD05

---

| | | | |
|:---|:---|:---|:---|
| **CRM label** | **Material description<sup>#</sup>** | **Accepted Value TCu %** | **2x Standard Deviations (%)** |
| GBM324-9 | Composite Eastern Goldfields ore | 0.4303 | 0.0464 |
| GBM998-4 | Copper / gold ore oxide ex Pilbara | 0.7529 | 0.0622 |
| GBM907-14 | Low grade copper / zinc sulfide ore | 0.8126 | 0.0756 |
| GBM910-16 | Copper ore sulfide | 1.0069 | 0.0736 |
| GBM907-13 | Low grade copper / zinc sulfide ore | 1.6853 | 0.1228 |
| GBM911-16 | Copper / gold sulfide ore | 2.4774 | 0.1742 |

---

Note: <sup>#</sup> CRM material description is as per the CRM certificate.

Source: ABGM, 2026.

The sequence of CRM use is shown in Figure 8.11. Figure 8.12 shows all CRM results in the Shewhart plot.

Figure 8.11 Sequence of CRM submission – TD05

![](ctm005_ex96-1img037.jpg)

Source: ABGM, 2026.

Figure 8.12 Shewhart plot for % TCu for all CRMs – TD05

![](ctm005_ex96-1img038.jpg)

Source: ABGM, 2026.

Most CRMs exhibited a small negative bias. The two high-grade CRM samples GBM907-13 and GBM911-16 having a strong negative bias with multiple CRM's falling outside 3SD. Additionally GBM907-14 at 0.81% TCu performs poorly with a negative bias and results outside 3SD. The source material for both GBM907-14 and GBM907-13 are listed as 'low grade copper / zinc sulfide ore', which might be sufficiently different to Copperbelt mineralisation to mean they are not suitable for use as a CRM.

The laboratory was informed and the negative bias and failing standards.

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This was investigated on a batch-by-batch basis.

The laboratory CRMs were assessed, they performed strongly as did the repeats. Despite the apparent negative bias, the cumulative sum of deviation from the mean of assays mostly suggested good internal stability of the analytical equipment, i.e. the absence of significant relative drift.

A comparison of Figure 8.11 to Figure 8.12 shows the alignment of the failing CRMs with the use of the high-grade standards, particularly towards the end of the drilling program. Three batches that had underreporting for GBM907-13 toward the end of the program were re-assayed.

They returned good results see Figure 8.13.

Figure 8.13 Shewhart plot for 1.68% TCu CRM – TD05

![](ctm005_ex96-1img039.jpg)

Source: ABGM, 2026.

The decision was made that as the overall sample pool being analysed is lower grade tailings material which performed well and that the low-grade bias is dominantly in the CRMs values well above the tailings grades that these results would be accepted.

Noting two of the three poorly performing CRMs have a source matrix stated as 'low grade copper / zinc sulfide ore', so might not be suitable for inclusion as a CRM for comparison to Copperbelt mineralisation.

The submission of the higher-grade CRMs would generally not have occurred with tailings material as they are well outside the expected grade range of the tailings. Additionally in both instances, the initial program and re-assay program, the laboratory knew what type and grade of material to expect. Hence it has been postulated as a possible laboratory calibration issue.

As the CRMs were not certified for ASCu% no assessment of their performance against the CRMs was performed.

8.6.3.2 Blanks

KCM submitted coarse footwall quartzite material from the Konkola mine as blank QC samples.

Five time the detection limit of 0.01% TCu, that is 0.05% TCu, is used as the minimum warning threshold and ten times the detection limit is used as the failure threshold.

A large number of samples reported TCu values on the warning threshold but since the source of the blank samples are locally source is barren waste material this is not unexpected. Comparing each blank sample result with its preceding sample result to inspect for carry over contamination shows no indication of the previous sample being of high-grade and thus carry over contamination in the blank.

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Figure 8.14 Blank samples plot showing 0.1% TCu upper limit

![](ctm005_ex96-1img040.jpg)

Source: ABGM 2026

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Figure 8.15 Comparison of TCu% in blank sample and TCu% of preceding sample

![](ctm005_ex96-1img041.jpg)

Source: ABGM, 2026.

8.6.3.3 Repeats

Approximately 1:25 samples were selected for pulp repeat analysis. This repeat was part of the routine samples' submission. Testing for accuracy of the analytical measurement. Figure 8.16 and Figure 8.17 show the results of the pulp repeat analysis for TCu% and ASCu% respectively.

The repeats demonstrate good results for both TCu% and ASCu%.

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Figure 8.16 Pulp repeat precision analysis TCu% – TD05

![](ctm005_ex96-1img042.jpg)

Source: ABGM, 2026.

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Figure 8.17 Pulp repeat precision analysis ASCu% – TD05

![](ctm005_ex96-1img043.jpg)

Source: ABGM, 2026.

8.6.4 QAQC conclusion

In drilling completed since the 2000's some QAQC has been completed. Blanks have not always been submitted. The CRM results range from good, reasonable with slight negative bias, to poor. Similarly, the pulp repeats (same laboratory and second laboratory) results are mixed with both good and poor results.

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Results whether good or poor are consistent within each drilling program. This indicates the internal laboratory standards and potentially age of equipment is key to improved laboratory performance. Batch-by-batch analysis of the QAQC on receipt of the data will provide the laboratory with real-time performance feedback.

Recent analysis completed at external laboratory's is a good quality.

8.7 Qualified Person's opinion

8.7.1 Historical data

There is limited, if any, sample preparation or analytical QAQC data for the historical samples. The QP notes that there has been no twin hole drilling to confirm the accuracy of the historical data. However, historical and modern / recent drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

8.7.2 Sample security

The QP is of the opinion that sample security on receipt of samples by the site laboratory is acceptable, with samples located in a monitored environment and restricted access storage post sample preparation.

8.7.3 QP's opinion on sample preparation, security and analytical procedures

Modern and recent sample preparation, security, and analytical procedures applied are appropriate for the style of mineralisation and the analytes of interest (TCu, ASCu, TCo). The partial acid digestion for soluble copper and complete digestion for total copper with AAS finish is an industry-standard method for sediment-hosted copper deposits. The Archimedes method for bulk density measurement for hard rock samples is appropriate.

Tailings bulk density measurements require additional test work for compacted material. This might lead to an increase in dry bulk density for compacted tailings.

8.7.3.1 Laboratory condition and umpire laboratory

A site visit to the KCM analytical laboratory showed that the laboratory, due to age and use, requires physical maintenance and the replacement of old sample preparation and analytical equipment. Where there is doubt as to the condition of any of the site sample preparation and laboratory analytical equipment, an external third-party laboratory should be used.

Where there is a question about the performance of the QAQC for sample batches from the site laboratory, an umpire laboratory must be used. The QP recommends that external umpire laboratories (such as AHK or SGS) be used for independent verification of assay results on a routine basis, particularly for batches where internal QAQC results fall outside acceptable deviation limits.

The QP recommends that the internal laboratory be used for grade control and close spaced infill drilling samples only and that an external laboratory is used for all new exploration and resource infill drilling until the refurbishment of the site laboratory.

This layered approach provides additional confidence in the reliability of assay data used in the geological and resource models.

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8.7.3.2 QAQC program

It is the QP's opinion that the current QAQC program is reasonable. However, the following modifications should be implemented:

· The inclusion and reporting of additional checks such as regular submission of coarse rejects, analytical
duplicates in addition to repeats, sample sizing checks.

· Focus repeat submission on potentially economic mineralisation.

· Submission rates be fixed at between 1 in 10 and 1 in 20 depending on the QAQC sample type.

· The use of an external or third-party laboratory for analytical repeats and coarse rejects should be undertaken
quarterly.

· Live batch-by-batch QAQC review for each data collection/drilling program ongoing during the life of the
program.

8.7.3.3 Assessment of QAQC results

The QP has reviewed the available QAQC data for each deposit. For deposits with modern QAQC programs, standards plotting outside ±2SD and repeat precision below target thresholds were noted, which compromises the demonstrated accuracy and precision of the assays to varying degrees. For several Nchanga deposits, QAQC data is absent or incomplete. However, the QP is of the opinion that although these deficiencies add a degree of uncertainty, they would not significantly affect the outcome of the grade estimation for the purposes of this IA. See Table 8.5 for the QP opinion of the QAQC results for each deposit.

Table 8.5 QP assessment of QAQC results by deposit

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| | | | | |
|:---|:---|:---|:---|:---|
| **Deposit** | **CRM Accuracy** | **Repeat Precision** | **Blank** | **QP Opinion** |
| Konkola | Moderate - negative bias at high grades (Std A) | Moderate result above 1.5% TCu cut-off. Sub economic poor performance | Acceptable | Adequate for IA. Negative CRM implies potential understatement rather than overstatement of grade. Repeat precision below ideal target. |
| COP E Extension | Limited data reasonable results. Slight positive bias at lower grades. | Reasonable for samples between 0.5–3.0% TCu with 90% at HARD 10%. | Absent | Aequate for IA. CRM accuracy reasonable above 0.75% TCu. Repeat precision adequate for grades of interest (0.5–3.0% TCu) but poor for low grade. No blank data. QAQC absent for pre-2011 drillholes. Supports Inferred classification only. |
| COP DF | Absent | Absent | Absent | Adequate for IA. Higher data uncertainty than deposits with modern QAQC. Absence does not preclude Inferred reporting given consistency between historical predictions and production outcomes at COP DF. Full modern QAQC required before DFS. |
| TD03 / TD04 | Absent | Absent | Absent | Adequate for IA. No QAQC program. Uncertainty mitigated by the semi-homogeneous nature of tailings material and ongoing TLP production reconciliation providing independent grade validation. |
| TD05 | Negative bias in high grade CRMs. | Good | Acceptable | Adequate for IA. High-grade CRMs used in the QAQC program are not representative of the material in the TD05 tailings dam. There is no impact on the Mineral Resoruce classification. |

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Source: AMC, 2026.

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8.7.3.4 Implication for Mineral Resource confidence

The QP has considered the cumulative effect of the identified QAQC deficiencies on the reliability of the assay data used in the Mineral Resource estimates. The QP's opinion is that the data is adequate for the purposes of this IA for the following reasons:

· The negative CRM bias observed at Konkola (the principal deposit) is conservative: it implies potential
understatement of TCu grade at higher ranges rather than overstatement. This does not create a risk of resource overestimation.

· Repeat precision, while below ideal, is within acceptable bounds when filtered for samples above the 1.5%
TCu cut-off grade that is applied in the resource model. Below-cut-off samples, which dominate the poor precision statistics, have minimal
influence on grade estimation for the declared resource.

· The high-grade CRMs used in the QAQC program are not representative of the material in the TD05 tailings
dam. There is no impact on the grade estimation or Mineral Resource classification.

· The geographic intermingling of historical and modern drilling, with consistent grade ranges across both
datasets, provides indirect validation of the historical data despite the absence of formal QAQC records for older samples.

· Production reconciliation at Konkola, where the mine has operated continuously since 1957, provides over
six decades of independent grade confirmation in mined areas. This operational validation carries significant weight in assessing the
reliability of the underlying assay data.

The QP is satisfied that the QAQC deficiencies, individually and in aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the IA level of confidence.

8.8 QAQC recommendations

The QP recommends the following actions to improve assay data confidence.

Table 8.6 QAQC recommendations

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| | | |
|:---|:---|:---|
| **#** | **Recommendation** | **Priority / timing** |
| 1 | Implement live batch-by-batch QAQC analysis with real-time performance feedback to KCM. CRM, blank, and pulp repeat results to be reviewed before each batch is accepted / finalised. | Immediate. Implement for all current and future drilling programs. |
| 2 | Failed batches to be re-assayed. Where continuing to fail, sent to an umpire laboratory for re-assay. | Implement within 3 months. Required for DFS data confidence. |
| 3 | Submit blanks for all drilling programs. Use certified blank material rather than locally sourced non-mineralised rock to eliminate ambiguity in blank results. | Immediate. Implement for all current and future drilling programs. |
| 4 | Establish routine umpire laboratory program with AHK or SGS for independent duplicate pulp and coarse reject assays on a minimum 1:25 basis. Duplicates should focus on economic grade ranges, with limited low-grade material | Implement within 3 months. Required for DFS data confidence. |
| 5 | Complete laboratory equipment upgrade program at KCM. Replace ageing sample preparation and analytical equipment identified during AMC site visit. Equipment condition directly correlates with precision performance. | Phased program; priority items before DFS drilling commences. |
| 6 | Include twin hole drilling in the KDMP resource definition program (Section 23) to provide independent confirmation of historical data accuracy in areas where pre-2016 drilling is the sole data source. | Include in DFS drill program design. |
| 7 | Investigate and characterise the negative CRM bias at Konkola (Standard A). Determine whether bias is systematic (method-related) or episodic (equipment/operator-related) and implement corrective measures to eliminate the bias source in future analytical work. | Before DFS resource estimation. Priority investigation. |

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Source: AMC, 2026.

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9 Data verification

9.1 Historic data

The bulk of the data informing the current Mineral Resource estimates for most of the KCM assets is historical and was collected over a period spanning 50 years that the assets have been in operation.

Prior to the privatisation of the Zambian Copperbelt mines, all the data for the operations of all the mines on the Zambian Copperbelt was maintained centrally in a Borehole Master File database. On privatisation in the early 1990s, each of the new operators was able to extract from the repository the data pertaining to their operations.

The data verification undertaken for each of the KCM assets includes:

· Comparison of the modern database entries for the collar, assay and survey records against printouts from
the Borehole Master File downloads.

· Plotting plans and sections using data from the modern database and comparing the position of the drillhole
and geology with the drillhole and geology position on the historic manually generated plans and sections.

A significant portion of the historic drill data relates to areas that have since been mined out.

9.2 Modern data

9.2.1 Database

After drillhole logging the drill log spread sheets are sent to the database administrator who imports the data into the AcQuire Database. The database has validations switched on for lithological and assay type names, project codes, sample depths, i.e. the 'from' and 'to' depths of the samples, etc. Any errors associated with these fields and others are highlighted at import stage. Records with errors are not written to the database. A check report is run, with the database administrator sending import errors back to the originator geologist for correction. Once all errors are corrected, verification is done by the originator's supervisor and the data is again sent to the database administrator for importation into the Acquire database. The check import method is run again, and if no further errors are detected, the entry method is changed to, insert, update or merge depending on the data type. The data is written into the database.

Consistency checks are done by extracting the newly imported data from the database, importing it into the mining software, e.g. Datamine®, de-surveying and displaying it in graphic windows for spatial and orientation visual validations.

9.2.2 Exported data validation

After data is exported from the database and imported to mining software the following validations are carried out to ensure data integrity:

· Check for missing data in collar file, survey file, geology file and assay file.

· Check survey data for bearing beyond 360° and inclination beyond ±90°.

· Check for data duplication.

· Check for outliers in terms of spatial location.

· Check for overlapping sample intervals.

· Missing intervals.

· Consistency in geological logging.

· Check that drillhole length is not less than the sampling length.

· Visual inspection of plotted drillhole trace.

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During validation, some drillholes were found to have missing assay values. A thorough check found that those missing values were also missing on the actual log sheets. Further analysis reviewed that the missing values were outside the 1% TCu and did not affect the downstream process. The checks also found several samples with very high-grades and physical checks were conducted which verified that there were no typographic errors and the high-grades in the database were as per the values provided on the laboratory certificates.

9.2.3 Data verification

Data validation has been undertaken on data provided. This included drillhole collar surveys, downhole geological logging observations, sample selection and preparation, sample analysis, analytical results, and other test data.

Random checking has been undertaken of the geological database against the drillhole log sheets. Analytical results in the database were reviewed against the laboratory output MS Excel files checking for importation and transcription errors.

Verification included reviewing adherence to the: geological logging procedures, and the sample selection and preparation procedures.

9.2.4 Database security

Database backup is done on a weekly basis. This is managed by the MS server support team Server Consultants.

Database changes are only done on request by the data originator after discussing them with their supervisor, highlighting the changes that have been made which the data originator would like to have effect in the database, the changes are sent to the Database administrator together with the instructions for the changes. Once the changes are discussed and it's agreed to update the records concerned, the update is made in the database and the instructions are filed on the Geology server for possible future reference. For some records like lithological name and assay values, the old record is maintained in columns, Formation_C, TCu1, ASCu1, TCo1, and ASCo1, while the updated record is maintained in Columns Formation, TCu, ASCu, TCo, and ASCo.

Corruption due to typographic error is avoided mainly by restricting the number of users that can write to the database. Most users are only assigned copy rights and usually work with extracted data. Currently only the database administrator has access to import data. Manual inputting of data into the database is avoided. The preference is to import data in CSV format as an output of Excel spread sheets. The Excel spreadsheets have gone a rigorous verification process as described below.

9.3 Data verification limitations - Konkola

During the data verification process, several limitations and challenges were identified:

· CRM Supply Shortages: Some assay batches lacked sufficient CRMs, limiting the ability to systematically
validate analytical accuracy.

· Quartz Blank Contamination: Independent audits identified trace mineralisation in quartz blanks, raising
concerns about their effectiveness in detecting contamination.

· Historical Data Gaps: Some older drillhole records lack complete metadata, particularly in relation to
core recovery rates and downhole surveys.

· Inconsistent Twin Drilling Data: While some historical twin drilling has been conducted, the coverage
is limited, reducing the ability to fully validate historical datasets.

· Incomplete Sample Disposal Records: Records on sample reject and pulp retention times were found to be
inconsistent, creating gaps in long-term data verification.

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These limitations impact the ability to fully assess data reliability across all historical and current Konkola drilling programs. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this IA, as set out in Table 9.1 below.

Table 9.1 QP assessment of data verification limitations — Konkola

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| | | |
|:---|:---|:---|
| **Limitation** | **QP assessment** | **Impact on data adequacy for IA** |
| CRM supply shortages: some assay batches lacked sufficient CRMs | CRM insertion rate target is 1:10. Shortages reduce the proportion of batches with independent accuracy checks. The 2024 QAQC reassessment (Section 8.5) reviewed the full CRM database and corrected identified errors. | Low. Shortages are episodic and do not invalidate the batches where CRMs were inserted. The negative CRM bias identified at Konkola is conservative. Does not compromise the IA resource estimates. |
| Quartz blank contamination: trace mineralisation identified in quartz blanks | The blank material is locally sourced non-mineralised rock (FWQ, AGSST, PC). It is unclear whether elevated results reflect contamination or inherent low-grade mineralisation in the blank material itself. | Low. At Konkola, blank results are generally below the 0.08% TCu threshold (Section 8.5.1.3). |
| Historical data gaps: some older drillhole records lack complete metadata (core recovery, downhole surveys) | Older drillholes from the Borehole Master File era may lack core recovery and survey data. These drillholes are geographically intermingled with modern drilling that does have complete metadata. | Low. |
| Inconsistent twin drilling data: limited coverage reduces ability to fully validate historical datasets | Some historical twin drilling has been conducted but coverage is limited. No systematic twin hole program has been implemented. Modern drilling in the same areas as historical holes provides indirect validation. | Low to moderate. The absence of a systematic twin hole program is a recognised gap. Grade consistency between historical and modern drillhole results located in nearby comfort. Twin hole drilling is recommended in the KDMP program (Section 23). |
| Incomplete sample disposal records: inconsistent reject and pulp retention records | Records on sample reject and pulp retention times are inconsistent. | Low. Sample disposal records do not affect the quality of the assay data already in the database. The limitation relates to the ability to perform retrospective verification, which is relevant only if re-assay is required. |

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Source: AMC, 2026.

9.4 Data verification limitations - Nchanga

During the data verification process for the Nchanga deposits, several limitations and challenges were identified:

· Absence of QAQC for historical data: No formal QAQC data exists for the COP DF and TD03/TD04 drilling
databases, which predate modern QAQC practices. The older generation of Nchanga drillholes spans up to 50 years of drilling history conducted
in the absence of standardised analytical quality controls. This introduces a degree of uncertainty regarding the accuracy and precision
of the underlying assay data for these deposits. The impact is assessed as low to moderate - COP DF has been subject to active mining
without systematic grade discrepancies between predictions and production outcomes, and TD03/TD04 grade uncertainty is partially mitigated
by the semi-homogeneous nature of tailings material and ongoing TLP production reconciliation. Refer to Table 8.6 for deposit-level QP
assessments.

· Limited blank and repeat submission Nchanga deposits: Blank submissions are absent for COP E Extension.
COP E Extension has repeat submissions to umpire laboratories but no blanks. The absence of blanks prevents contamination assessment for
these deposits. Impact is assessed as low for COP E Extension given the grade ranges involved.

· CRM supply shortages: There is a low impact to COP E Extension where assay batches lack sufficient CRMs,
limiting the ability to systematically validate analytical accuracy across all drilling phases.

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· Historical data gaps: Some older Nchanga drillhole records lack complete metadata, particularly in relation
to core recovery rates and downhole surveys. This is most significant for COP DF and the pre-2011 portion of the COP E Extension database
where modern logging standards were not applied. Impact is low — missing metadata affects individual intercept confidence but does
not introduce systematic bias. Areas with sparse or incomplete data are classified at lower confidence (Inferred) in the resource model.

· Incomplete pulp and reject sample disposal records: Records on sample reject and pulp retention times
are inconsistent across Nchanga drilling programs, creating gaps in long-term data verification. Impact is low — sample disposal
records do not affect the quality of assay data already in the database. The limitation relates to the ability to perform retrospective
re-assay verification only.

· Drillhole orientation errors: Drillhole orientation (strike) required correction in a number of drillholes
in the Upper Orebody (UOB). Errors were identified during the data verification process, checked against hard copy geological logs, and
corrected prior to resource estimation. The QP is satisfied that the corrected orientation data is reliable for the purposes of the resource
estimates presented in this IA.

These limitations impact the ability to fully assess data reliability across all Nchanga drilling programs. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this IA. The cumulative effect of these limitations on the Mineral Resource estimates, is set out in Table 8.5 and Table 8.6 of Section 8.

9.5 Qualified Person's opinion

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP has reviewed the data verification procedures applied to both the historical and modern drilling databases across the KCM Integrated Operations. The verification scope included collar, assay, and survey records for the Konkola deposit, the Nchanga deposits (COP DF, COP E Extension, TD03, TD04 and TD05). The QP's assessment of data adequacy for the purposes of this IA TRS is set out below.

9.5.1 Historical data

The historical data has been verified by comparison of the modern AcQuire database entries against the Borehole Master File (original logs), and by plotting plans and sections from the database against historically hand generated hard-copy plans and sections. These verification methods are appropriate for validation of historic data and are consistent with industry practice for long-operating Copperbelt mines where centralised data repositories (Borehole Master File) were maintained prior to individual mine privatisation.

A significant portion of the historical data relates to areas that have since been mined out, which reduces the reliance on historical data for the resource estimates in this IA.

9.5.2 Modern data

The modern data management procedures are described in Section 9.2. The QP considers these procedures to be appropriate and consistent with good industry practice

9.5.3 Assessment of identified verification limitations

The data verification process identified five limitations for the Konkola dataset (Section 9.3) and six limitations for the Nchanga dataset (Section 9.4). The QP has assessed the Konkola limitations individually in Table 9.1. For the Nchanga deposits, the QP's deposit-level assessment of the cumulative effect of data and QAQC limitations is set out in Table 8.5 and Table 8.6.

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The Konkola verification limitations are individually and collectively of low to moderate materiality, as documented in Table 9.1. The Nchanga limitations vary by deposit - COP E Extension carries moderate data uncertainty primarily attributable to partial QAQC coverage and blank material quality respectively; COP DF and TD03/TD04 carry higher data uncertainty due to the complete absence of modern QAQC, mitigated in each case by production reconciliation evidence and the nature of the mineralisation; and TD05 carries low data uncertainty given comprehensive modern QAQC coverage, the high-grade CRM bias identified being unrepresentative of the low-grade tailings material.

9.5.4 Data adequacy conclusion

The QP is of the opinion that the data verification procedures applied to the KCM drilling databases are adequate for the purposes of this IA TRS. The historical data verification (and the modern data verification (AcQuire database validation controls, two-stage import process, nine-point exported data validation, and random checking against log sheets and laboratory certificates) together provide reasonable assurance that the data used in the Mineral Resource estimates is reliable.

The identified verification limitations are individually and collectively of low to moderate materiality. None of the limitations introduce a systematic bias or error source that would materially affect the Mineral Resource estimates at the IA level of confidence. The only area of moderate concern relates to the QAQC deficiencies discussed in Section 8, which are addressed in the QP's opinion in Section 8.7. Those deficiencies add a degree of analytical uncertainty but as discussed in that section, do not compromise the reliability of the data being used as an input into the grade estimation.

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10 Mineral processing and metallurgical testing

Metallurgical testing has been conducted to support process flowsheet design. Key recovery parameters:

· Konkola Concentrator: 86.5% copper recovery (Full Resource Case life-of-mine average); 89.2% (M&I
Case life-of-mine average)

· Nchanga Concentrators: 53.9% copper recovery (Full Resource Case life-of-mine average, varying by deposit
and ore type)

· Existing Nchanga TLP (conventional ambient leach, TD03/TD04 historical baseline): 74.8% acid-soluble copper
(ASCu) recovery, equivalent to approximately 48.5% TCu recovery to cathode

· Nchanga Elevated Temperature Leach (ETL): incremental ~23% recovery of acid-insoluble copper (AICu) above
conventional ambient-temperature leach baseline; total leach recovery (TCu) varies by feed grade per Section 10.4.4.5

· Existing Nchanga TLP with ETL retrofit: approximately 56.7% TCu recovery to cathode (life-of-mine average),
operating in both the M&I and Full Resource Cases. Recovery is driven by combined ASCu and AICu leaching.

· Proposed TLP 2 (Elevated Temperature Leach, Full Resource Case only): approximately 73.9% TCu recovery
to cathode, equivalent to 78.3% acid-soluble copper (ASCu) recovery (Nerin Concept Design; refer Section 14.5).

· Under the Full Resource Case, the two facilities operate in parallel to process the larger TD05 throughput
including the Inferred portion. The resulting Full Resource Case life-of-mine blended TCu recovery across the Nchanga TLP operation is
approximately 66.8%.

· Smelter: 98.1% copper recovery

· Concentrate Payable Cu: 96.8%

The primary processing method employed at the KCM concentrators at both Konkola and Nchanga is conventional froth flotation, a technique for the beneficiation of mixed sulfide and oxide copper ores. The current processing circuits consist of grinding, sulfide flotation in roughing, scavenging and cleaner configuration stages to recover primary copper sulfides. Tails from the sulfide flotation circuit containing unrecovered sulfides and oxide copper species undergo controlled potential sulfidation (CPS) with sodium hydrosulfide (NaHS), and are subsequently floated in an oxide rougher, scavenger with regrind, and cleaner flotation circuit to recover a portion of the oxide copper species. The processing circuit is described in detail in Section 14.1.

This two-stage approach has been validated through extensive operational performance at the site, with the sulfidation step tailored to optimise recovery from the mineral assemblage present within the Konkola deposit, which includes chalcopyrite, bornite, chalcocite, malachite, and azurite.

No novel or experimental processing routes have been introduced. The employed methodology is widely used within the copper industry, particularly for base metal operations processing transition ores with a blend of sulfide and oxide minerals. As such, no additional metallurgical test work has been deemed necessary to validate the general applicability of the process.

10.1 Testing nature, extent, and analytical procedures

KCM is an active operating mine with multiple process streams at the Konkola Concentrator. The current metallurgical performance inputs used in the production plan are derived from ongoing plant data obtained since operations resumed in August 2024 and historical metallurgical performance. As such, past test work has been superseded by current performance data, which reflects actual operating conditions and ore variability encountered during production.

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10.2 Testing laboratories

All metallurgical and analytical testing is conducted on site:

· Konkola analyses are undertaken at the KCM laboratory at Konkola (Konkola analytical laboratory).

· Nchanga analyses are undertaken at the KCM laboratory at Nchanga (Nchanga analytical laboratory).

The laboratory is a wholly owned facility of KCM and is independent of external influence. It operates under internationally recognised quality assurance standards and is certified to BSI ISO9001:2015.

The laboratory performs routine process monitoring, metallurgical accounting, and quality control testing, which directly informs plant adjustments and long-term production planning.

10.3 Test sample representativity

Test samples are collected for confirmation of metallurgical performance and for testing of potential changes in reagents and operating conditions.

Samples used for metallurgical tracking and process control are considered indicative of the ore being processed. Sampling is ongoing and responsive to mining progression. As new zones are accessed within the deposit, representative samples are taken and metallurgically assessed to ensure processing parameters are continuously optimised for maximum recovery and concentrate quality. This practice ensures metallurgical performance remains reliable over the life of the mine.

Despite strong internal QAQC protocols, several limitations were identified during independent reviews. These include occasional shortages of CRMs, trace mineralisation detected in quartz blanks, inconsistent sample disposal records, and limited twin-drilling coverage for validation. In particular, the quality of some assay batches was previously impacted by equipment ageing, although this is being addressed through a phased equipment upgrade program.

To ensure precision and mitigate data bias, QAQC reviews conducted in 2024 included reassessment of CRM results and corrections to historical data mismatches. Additional confirmation steps involved reanalysis of failed batches and implementation of stricter reference standard controls.

Where further validation is required, external umpire laboratories are recommended for independent verification of assay results, especially where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and metallurgical models.

Monthly Mineralogical Composite Reports, issued for October 2024, January 2025 and February 2025, further reinforce the robustness of the metallurgical data. These reports are prepared by the ISO-certified Konkola Analytical Services Department and follow a standardised methodology (Ref. KCM / MD / SIQ / MM01) to quantify copper and cobalt minerals in flotation feeds, tailings, and concentrates. The repeatability of analytical methods and the monthly reconciliation of flotation performance with mineralogical observations provide internal validation of laboratory and plant data. Trends in acid-soluble copper, mineral liberation, and gangue composition across months offer critical insight into both ore variability and plant response. Each report is signed by project mineralogists and approved by the Head Mineralogist, strengthening confidence in the internal QA process.

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10.4 Testing results, assumptions, and deleterious elements

10.4.1 Konkola concentrator

Konkola Concentrator is operational and will continue to be in operation for the mine life. The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. This real-time data supersedes earlier bench-scale test work. While historical metallurgical testing was performed during earlier phases and feasibility assessment, the operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Total copper recovery is closely related to the acid soluble copper content (ASCu). The recommended total copper recoveries are given by:

 

*TCu(%) = -95.824 x ASCu(%)/TCu(%) + 99.146*

The concentrate produced from the Konkola ore body is relatively free of deleterious elements and is a suitable feed for the Nchanga smelter. The main controls required are for silica and MgO content. Main gangue minerals in concentrate are argillite and quartz / feldspars. Gangue minerals comprise approximately 1/3rd of the concentrate mass. High silica and MgO are deleterious to smelter operation. The preferred contents are <15% and <1.5% respectively. Typical Konkola concentrate has 20-22% silica and 2.5 to 3% MgO. This is controlled by blending at the smelter.

10.4.2 Nchanga TLP

The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. The operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.1 shows copper production and recovery performance since the restart and the FY25-26 plan.

Figure 10.1 Nchanga TLP copper production and recoveries - Restart and FY25-26 plan

![](ctm005_ex96-1img044.jpg)

Source: KCM, 2025.

Nchanga TLP copper recoveries are shown in Figure 10.2 below.

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Figure 10.2 Nchanga TLP copper recoveries

![](ctm005_ex96-1img045.jpg)

Source: KCM, 2026.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints.

This data provides the basis for estimation of the long-term recovery performance of the Nchanga TLP. Collation of recovery data is given in Table 10.1.

Table 10.1 Historical, restart, and planned Nchanga TLP recoveries

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| **Recovery data** | **ASCu recovery<br> (%)** | **Note** |
| Historical average 2010 to 2024 | 70.62 | 14 yr period. |
| Historical average excluding 2020 to 2024 data | 74.75 | 10 yr period. Excludes 4 yr period of operating and financial constraint. |
| Restart period August 2024 to January 2025 | 69.05 | 6 months. |
| Last 3 months of restart | 76.51 | Excludes first 3 months of restart. |
| Plan FY25-26 | 71.05 | Plan ramps up from 69.7% recovery to 74.8% recovery. |
| Plan FY25-26 Q4 | 74.82 | 3 months of plan. |
| Actual FY25-26 Q3 | 74.00 | 3 months of actual operating performance. |
| Actual FY25-26 Q4 | 74.60 | 3 months of actual operating performance; 0.3 percentage points below plan. |

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The final period of the FY25-26 plan coincides with a relatively consistent 10-year period of operational performance. A recovery of 74.8% ASCu is suitable for long-term planning of the Nchanga TLP 1 performance. Q3 and Q4 FY25-26 actual ASCu recoveries of 74.00% and 74.60% respectively have now confirmed this assumption, with Q4 falling 0.3 percentage points below the Q4 plan of 74.82% and both quarters consistent with the 74.75% historical average from the 10-year period excluding 2020–2024.

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10.4.3 Nchanga TLP and Elevated Temperature Leach Technology

To process the larger tailings throughput required under the Full Resource Case, a second tailings leach plant (TLP 2) with integrated Elevated Temperature Leach (ETL) technology is proposed. The Full Resource Case assumes a TLP 2 throughput rate of 17.7 Mtpa, operating in parallel with the existing Nchanga TLP.

TLP 2 is designed with higher wash and leach efficiency than the existing Nchanga TLP, combined with elevated temperature leach conditions. Based on Nerin Concept Design, TLP 2 is expected to achieve TCu recovery to cathode of approximately 73.9% (78.3% ASCu recovery).

Under both the M&I Case and the Full Resource Case, the existing Nchanga TLP is retrofitted with ETL. The addition of ETL to the existing Nchanga TLP is expected to increase TCu recovery from the historical conventional leach baseline of approximately 48.5% (pre-ETL, reflecting the blended TD03/TD04 feed under ambient leach) to 56.7% under the M&I Case and 59.3% under the Full Resource Case. The difference between the two cases reflects the different feed mix. The Full Resource Case processes additional TD05 material at higher average grade, on which ETL achieves greater recovery uplift. The ratio of ASCu to AICu in the feed material is a key determinant of TCu recovery.

The overall case-level blended TCu recovery from the Nchanga TLP operations is approximately:

· M&I Case: 56.7% (existing Nchanga TLP with ETL retrofit, processing TD03, TD04, and the M&I portion
of TD05)

· Full Resource Case: 66.8% (existing Nchanga TLP with ETL retrofit, operating in parallel with TLP 2; processing
the larger TD05 throughput across both facilities)

10.4.4 TD05 metallurgical test work

The metallurgical test work program was undertaken in late-2025 by AHK to evaluate the copper recovery potential for TD05 tailings material, via TLP and the proposed ETL plant.

The 2025 program supplements a detailed study undertaken in 2021 which was focused on the use of ETL.

The 2025 drilling program and sample collection is described in Section 8.

10.4.4.1 Test work program

The test work program comprised:

· Particle size analysis: full particle size distribution (PSD) characterisation across low-grade, medium-grade,
and high-grade composite samples at 212 µm, 106 µm, 75 µm, 53 µm, and 45 µm screen sizes.

· Density determinations: true density (specific gravity) and wet bulk density on each composite.

· Mineralogical characterisation: Modal mineralogy quantifying copper-bearing phases and gangue assemblage.

· Leach test work: bottle roll leach tests under elevated temperature conditions (80°C), characterising
acid soluble copper recovery and gangue acid consumption.

10.4.4.2 Material characterization

The AHK characterisation identified a predominantly oxide copper mineralogy comprising chrysocolla, malachite, pseudomalachite, and minor chalcocite, hosted within a gangue assemblage dominated by cupriferous mica and silicate gangue. The dominantly oxide nature of the copper mineralogy supports the application of an acid leach process route.

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The material is fine-grained, typical of flotation tailings, and does not require additional comminution prior to leaching. Bulk density and true density were measured on each composite to information for the reclamation materials handling engineering calculations.

10.4.4.3 Leach recovery — process basis

The TD05 leach circuit recovery is modelled as a function of total copper grade (TCu) using a fitted regression on the combined 2021 and 2025 test work datasets. The fitted relationship is:

 

*TCu Recovery (leach circuit only) = c - b / e^(a × TCu)*

where:

a = 339.235

b = 0.846

c = 0.824

TCu is expressed as a decimal fraction

A maximum recovery cap of 82% is applied at TCu grades greater than 1.5%

This relationship represents recovery through the leach process only (acid leach of acid soluble copper into pregnant leach solution, PLS). It excludes downstream losses associated with washing, solvent extraction (SX), and electrowinning (EW). Application of the relationship to forecast cathode production therefore requires multiplication by the combined wash, SX, and EW efficiency factor.

The fitted relationship is consistent with the AHK leach efficiency results obtained across the low, medium, and high composites tested.

10.4.4.4 Wash, solvent extraction, and electrowinning efficiency

The downstream recovery efficiency factors for TLP 2, from leached solution to LME Grade A copper cathode, as adopted in the Nerin Concept Design, are summarised in Table 10.2.

Table 10.2 Recovery downstream efficiency factors

---

| | |
|:---|:---|
| **Stage** | **Efficiency** |
| Wash circuit | 98.50% |
| Solvent extraction | 99.50% |
| Electrowinning current efficiency | 91.00% |
| Combined wash + SX + EW factor | 89.2% |

---

10.4.4.5 Recovery to cathode

Combining the leach recovery relationship with the downstream factor yields the recovery to cathode:

*TCu Recovery to cathode (%) = [c - b / e^(a × TCu)] × 0.87*

 

Application of this relationship to the TD05 Mineral Resource head grade and to the life-of-mine production schedule is set out in Section 14.

10.4.4.6 Acid consumption

Total acid consumption (TAC) was measured during the leach tests across all three composites. Average TAC for the composite sample is materially higher than the gangue acid consumption observed at the existing Nchanga TLP feed and reflects the elevated temperature leach conditions and the carbonate-bearing gangue of TD05 material. Acid supply is identified as a key project sensitivity.

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10.5 Qualified Person's opinion

In the opinion of the QP, the data provided is adequate for the purpose used in the TRS and procedures used are part of conventional industry practice.

In the opinion of the QP, the metallurgical data available for TD05 is sufficient for IA-level disclosure but is not yet at PFS confidence. The following points are noted:

· **Test work result consistency:** While the 2025 AHK test work results fall within the results of the
2021 ETL test work there are some inconsistencies that need investigation to be understood.

· **Temperature consistency:** The 2025 AHK tests were conducted at 80°C, while the 2021 ETL tests
operated at temperatures up to 70°C. While the QP is satisfied with the concordance between the two datasets within the scatter of
the data, the recovery relationship is sensitive to operating temperature, and any commercial operation should validate the recovery basis
under intended steady-state plant conditions.

· **Leach-only basis of the fitted relationship:** The recovery relationship reflects the leach circuit
only. Misapplication of the relationship without applying the downstream wash / solvent extraction / electrowinning factor (89.2% combined;
refer Table 10.2) would materially overstate the recovery to cathode.

· **Recovery cap:** The 82% recovery cap applied at TCu > 1.5% is a reasonable upper bound based on
the asymptote of the fitted curve and is appropriate given the limited test data at higher grades.

Recommendations for advancement to Mineral Reserve: To support a future PFS or FS for the New TLP project, the QP recommends: (i) further investigation of full leach results for the AHK2025 test work to resolve identified inconsistencies, (ii) variability test work across the depth and spatial extent of TD05 to characterise grade and recovery domains, (iii) pilot-scale or demonstration-scale leach testing at intended plant operating temperature to validate residence time and reagent consumption assumptions, and (iv) confirmation of acid supply availability and pricing assumptions consistent with the project's commissioning timeline, and (v) refinement of the elevated temperature leach (ETL) operating cost estimate (currently at IA Concept confidence) through detailed engineering of the steam plant, coal supply contracts, and integrated thermal management.

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11 Mineral Resource estimates

 <br> **INFERRED MINERAL RESOURCE DISCLOSURE**<br>Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). Inferred Mineral Resources have a lower level of confidence and are considered too speculative geologically to be categorised as Mineral Reserves at this time. Inferred Mineral Resources are included in the Full Resource Case economic analysis presented in Section 19 only; the Measured and Indicated Case (M&I Case) economic analysis excludes all Inferred Mineral Resources. It is reasonably expected, though not certain, that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured classification with continued drilling and exploration.<br>

11.1 Introduction

Figure 11.1 shows the location of KCM mining rights and Konkola and Nchanga assets.

Figure 11.1 Plan location of the KCM Mineral Deposits

![](ctm005_ex96-1img046.jpg)

Source: AMC, 2026.

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The Mineral Resource classification criteria and cut-off grade on an asset-by-asset basis are based on combinations of the:

· Geological and grade continuity.

· Drill data density.

· Data quality.

· Estimation quality.

· Historical mining.

· Mining method.

· Potential for the mining method to transition from surface to underground.

· Depth of mineralisation to surface.

11.2 KCM Integrated Operations - Mineral Resources

Per Item 1304 of Regulation S-K 1300, each material property is presented with individual disclosures.

A Mineral Resource is an estimate of the in situ concentration of solid material of economic interest, which serves as the point of reference for the Mineral Resource estimate. The Mineral Resource classification criteria and cut-off grade (COG) are determined on an asset-by-asset basis, as set out in Sections 11.3 and 11.4 below. The Mineral Resource estimate as of 1 April 2026 for all KCM operations is summarised in Table 11.1 below.

Table 11.1 KCM Mineral Resources – 1 April 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Cut-off** | **Tonnes** | **Total<br> copper** | **Copper** | **Total<br> cobalt** | **Cobalt** |
| <br>**Asset** | <br>**Classification** | **TCu (%)** | **Mt** | **TCu (%)** | **Cu (kt)** | **TCo (%)** | **Co (kt)** |
|  | Measured | 1.1 | 4 | 3.5 | 140 | 0.08 | 3 |
|  | Indicated | 1.1 | 35 | 3.7 | 1289 | 0.07 | 24 |
| Konkola Mine | **Measured + Indicated** | **1.1** | **39** | **3.7** | **1430** | **0.07** | **27** |
|  | Inferred | 1.1 | 249 | 3.4 | 8353 | 0.06 | 150 |
|  | **Total** |  | **288** | **3.4** | **9783** | **0.06** | **177** |
|  | Indicated OP | 0.50 | 2.2 | 1.4 | 31 | 0.12 | 3 |
|  | Indicated UG | 1.1 | 13 | 1.6 | 202 | 0.04 | 5 |
| COP DF | **Measured + Indicated** | **-** | **15** | **1.6** | **233** | **0.05** | **8** |
|  | Inferred |  |  |  |  |  |  |
|  | **Total** |  | **15** | **1.6** | **233** | **0.05** | **8** |
|  | Measured |  |  |  |  |  |  |
|  | Indicated | 0.9 | 13 | 2.6 | 345 |  |  |
| COP E Ext | **Measured + Indicated** | **0.9** | **13** | **2.6** | **345** | **-** | **-** |
|  | Inferred | 0.9 | 9 | 2.4 | 221 |  |  |
|  | **Total** |  | **23** | **2.5** | **566** |  |  |
| TD03 | Indicated | 0.0 | 3 | 0.8 | 21 | 0.01 | 1 |
| TD04 | Indicated | 0.0 | 22 | 0.6 | 134 | 0.03 | 6 |
| TD05 | Measured |  |  |  |  |  |  |
|  | Indicated | 0.0 | 198 | 0.6 | 1091 | 0.02 | 44 |
|  | **Measured + Indicated** | **0.0** | **198** | **0.6** | **1091** | **0.02** | **44** |
|  | Inferred | 0.0 | 225 | 0.5 | 1180 | 0.02 | 49 |
|  | **Total** |  | **423** | **0.5** | **2272** | **0.02** | **93** |
|  | Measured |  | 4 | 3.5 | 140 | 0.08 | 3 |
|  | Indicated |  | 285 | 1.1 | 3114 | 0.03 | 83 |
| Total KCM | **Measured + Indicated** | **-** | **289** | **1.1** | **3255** | **0.03** | **86** |
|  | Inferred |  | 483 | 2.0 | 9755 | 0.04 | 199 |
|  | **Total** |  | **773** | **1.7** | **13009** | **0.04** | **284** |

---

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). Inferred Mineral
Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty that
Inferred Mineral Resources will be converted to higher confidence categories with additional exploration.

· Cut-off grades are applied on an asset-by-asset basis as set out in the individual deposit resource tables
in Sections 11.3 to 11.4.

· Cobalt grades for TD03, TD04 and TD05 are reported for geological completeness. Cobalt is not recovered
in the TLP electrowinning process and no cobalt revenue is attributed to TD03, TD04 or TD05 in the economic analysis.

· Point of reference: In situ material.

· Metallurgical recovery — Konkola Mine: Concentrator 86.5% Cu
(Full Resource Case life-of-mine average; M&I Case 89.2%), 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate Payable Cu 96.8%.

· Metallurgical recovery (LOM Average) — Nchanga Business Unit (Full Resource Case only): Concentrator
53.9% Cu (varies by deposit); Smelter 98.1% Cu; Concentrate Payable Cu 96.8%.

· Metallurgical recovery — Nchanga TLP processing routes: Recovery assumptions vary by deposit and
processing route. TD03 and TD04 — existing Nchanga TLP, ambient leach: 74.8% ASCu recovery, equivalent to approximately 48.5% TCu
recovery to cathode. TD05 — processed through the existing Nchanga TLP (retrofitted with elevated temperature leach) under both
the M&I Case and the Full Resource Case; under the Full Resource Case, the additional TD05 throughput required to process the larger
Mineral Resource scope is also processed through the proposed TLP 2 facility (refer Section 14.5), with both plants operating in parallel
and using elevated temperature leach. TCu recovery to cathode is determined by feed grade per Section 10.4.4.5 and capped at 82% for TCu
grades above 1.5%. Case-level blended TCu recoveries to cathode are reported in Table 1.13 and Table 19.2 (66.8% Full Resource Case; 56.7%
M&I Case) and reflect the deposit mix, feed scheduling, and the timing of the elevated temperature leach upgrade.

· Processing route: Konkola / Nchanga Concentrator → Nchanga Smelter → Nkana Refinery; TD03 /
TD04 via existing Nchanga TLP (conventional ambient leach); TD05 via existing Nchanga TLP retrofitted with Elevated Temperature Leach
(ETL) under both the M&I Case and the Full Resource Case, with additional TD05 throughput under the Full Resource Case via the proposed
TLP 2 facility operating in parallel (refer Section 14.5). Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

11.2.1 Mineral Resource uncertainty

Mineral Resource estimates may be materially affected by the following risk factors:

· **Data quality:** Limited QAQC data exists for historical drillholes. Modern and historical drilling
are intermingled geographically, and at no time have recent drillholes provided results outside the range indicated by historical drilling.
As mining progresses, reliance on historical data diminishes. The QP recommends implementation of comprehensive QAQC protocols on all
future drillholes (Section 23).

· **Geological variability:** The Konkola deposit is characterised by folded and faulted stratigraphy,
variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These features
affect estimation confidence in areas of structural complexity, particularly where drillhole spacing is wide. The geological model accounts
for known structural controls, but unidentified faults or changes in mineralisation geometry between drillholes may affect local block
grade estimates.

· **Metallurgical recovery:** Recovery assumptions are based on historical plant performance and limited
variability test work. Variations in ore type, oxidation state (reflected in the ASCu ratio), and feed blend may affect achieved recoveries
relative to the assumptions applied.

· **Economic assumptions:** The Mineral Resource is constrained by a 1.1% TCu cut-off grade reflecting
reasonable prospects for eventual economic extraction. Changes to metal prices, exchange rates, mining costs, or processing costs could
materially affect the quantity of material reported above cut-off.

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The QP considers that these risk factors are consistent with a deposit of this geological type and at this stage of exploration maturity, and do not represent unusual or atypical uncertainty relative to comparable sediment-hosted copper deposits on the Zambian Copperbelt. The most significant pathway to reducing uncertainty is the infill drilling program recommended in Section 23, which would support progressive conversion of Inferred Resources to higher confidence categories.

11.2.2 Cut-off grade derivation

Cut-off grades for all sulfide and mixed sulfide and oxide copper mineralisation are derived using a Net Smelter Return (NSR) breakeven method, in which the NSR per tonne of minable material at a given grade equals the total operating cost. The general expression is:

 

*COG (%TCu) = (Cm + Cp + CG&A - CCo) ÷ NSR₁%*

Where:

 

*NSR₁% (US$/t ore per 1%TCu) = PCu × (Rconc × Rsmelt × Rpay) ÷ 100*

And the variables are defined as:

---

| | | |
|:---|:---|:---|
| **Symbol** | **Description** | **Unit** |
| Cm | Mine operating cost | US$/t ore |
| Cp | Processing cost | US$/t ore |
| CG&A | Site general and administration cost | US$/t ore |
| CCo | Cobalt by-product credit, recognised at low payability rates per Section 16.1.6 | US$/t ore |
| PCu | Copper price used for cut-off grade estimation | US$/t Cu |
| Rconc | Concentrator metallurgical recovery | % |
| Rsmelt | Smelter recovery | % |
| Rpay | Refinery copper payability | % |

---

Smelter treatment and refining charges and freight (Table 16.3) are applied where relevant and act to reduce the effective NSR, offset partially by the integrated smelter economics for KCM's own concentrates. The copper price used for all cut-off grade derivations is US$10,000/t Cu (Section 16.1.7).

The key input assumptions by asset are summarised in the table below. Operating costs used for cut-off grade derivation are concept-level estimates prepared at the time of resource estimation, prior to and independent of the mine study. The LOM average costs in Table 18.2 reflect a mix of PFS-level and IA-level modelling across a 45-year production schedule including ramp-up periods and serve a different purpose. Deriving resource cut-off grades from concept-level cost proxies ahead of the formal mine study is consistent with standard industry practice under S-K 1300. Metallurgical recoveries are as reported in the individual deposit resource tables in Sections 11.3 to 11.4.

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Table 11.2 Cut-off grade input assumptions by asset

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Mining<br> method** | **Cm + Cp + CG&A – Cco<br> (US$/t ore, net of cobalt<br> by-product credit)<sup>1</sup>** | **Rconc<br> (%)** | **Rsmelt<br> (%)** | **Rpay<br> (%)** | **PCu<br> (US$/t)** | **Resulting<br> COG** |
| Konkola Mine | Underground | 90.1 | 89 | 98.1 | 96.8 | 10000 | 1.1% TCu |
| COP DF | Open pit | 26.0<sup>2</sup> | 61 | 98.1 | 96.8 | 10000 | 0.5% TCu |
| COP DF | Underground | 55.0 | 53 | 98.1 | 96.8 | 10000 | 1.1% TCu |
| COP E Extension | Underground | 48.0<sup>3</sup> | 56 | 98.1 | 96.8 | 10000 | 0.9% TCu |
| TD03 / TD04 / TD05 | Tailings reclamation | 14.3<sup>4</sup> | -<sup>6</sup> | -<sup>6</sup> | -<sup>6</sup> |  | None applied<sup>6</sup> |

---

Notes:

1 Operating costs shown are net of the cobalt by-product credit (CCo), applied at low payability rates per Section 16.1.6. The column heading represents the net value (Cm + Cp + CG&A - CCo) used as the numerator in the cut-off grade derivation.

---

| | |
|:---|:---|
| 2 | COP DF Open Pit: operating cost of US$26/t reflects the lower mining cost applicable to the shallow open pit geometry at concept-level resource estimation, net of cobalt by-product credit per Note 1. |

---

---

| | |
|:---|:---|
| 3 | COP E Extension: no cobalt credit applied; cobalt is not estimated for this deposit (refer Section 11.4.2.9). Operating cost of US$51/t reflects concept-level resource estimation inputs. |

---

4 TD03, TD04 and TD05 are tailings deposits processed entirely through the Nchanga TLP. All material is required to be processed; no grade-based cut-off is applied. See Section 11.4.3.

11.3 Konkola

Mineralisation at Konkola is predominately hosted in the shale formation (OSU) with some mineralisation extending to the adjacent hangingwall and footwall formations. The Konkola deposit is one of the largest in the region with Mineral Resource copper grades averaging above 3% TCu.

The Konkola deposit consists of seven mining areas. These include: Konkola East, Konkola Flats, Konkola Extension, Bancroft North, Bancroft Central, Bancroft Deeps, Bancroft South (see Figure 11.2). These mining areas will be referred to as collectively as Konkola.

The Konkola resource model was generated by AMC in 2024, incorporating an additional 251 drillholes not in the preceding resource model.

There has been no additional drilling until surface drilling commenced in late 2025. With 1,579 m drilled from a proposed 58,881 m drilling program, as at end March 2026. Insufficient analytical results were returned as of 15 January 2026 to justify a re-estimation of the resource model. An updated resource model will be undertaken on completion of the drilling program.

The 2024 resource model has since been depleted for production.

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Figure 11.2 Plan view of mining areas - Konkola

![](ctm005_ex96-1img047.jpg)

Source: AMC, 2026.

Datamine StudioRM<sup>®</sup> and Surpac<sup>®</sup> mining software was used to visualize and undertake the grade estimation. Supervisor<sup>®</sup> software was used for geostatistical assessment.

11.3.1 Data

The Konkola geological database contains 4,245 drillholes. The database is comprised of four files, collar, survey, geology, and assay. In 2024 an additional 251 drillhole have been incorporated.

The assay file contains a column called "Asscode" that separates waste from mineralisation using a geological cut-off grade of 1% TCu. Samples with grades below 1% TCu are coded 0 and those above 1% TCu are coded 1. Internal dilution was considered i.e., samples within the mineralisation below cut-off grade were coded as 1 based on the criteria that they were not more than 2 m thickness.

Drillholes are shown in plan view in Figure 11.3. Drillholes from 2016 onwards are shown in red and are present along the strike length of the mineralisation.

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Figure 11.3 Drillhole location plan - Konkola

![](ctm005_ex96-1img048.jpg)

Source: AMC, 2026.

11.3.2 Geological interpretation

Between 2021 to 2024, the Konkola geology team completed a campaign to improve the structural understanding using underground geological mapping to refine the geological interpretation.

Prior to this, the 2016 geological models captured geological structures like faults with a displacement greater than 20 m. Other structures, such as stope scale faults, were not captured. Structures with less than 20 m displacement have been observed to be critical in the mine performance with respect to short-term mine planning.

Geological mapping and drillhole data were both used in the 2024 interpretation update. The lithological and mineralisation wireframes updated are the bottom of HWA, HWQ, OSU, FWS, PC, AGS, and FWQ including the grade wireframes (AFW and AHW) modelled at 1.0% TCu geological cut-off.

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With more drilling and geological mapping information acquired, several other fault structures have been defined and added to the geological models that where not present in the 2016 model as shown in Figure 11.4.

Figure 11.4 Plan view comparing differences in 2016 and 2024 interpretation - Konkola

![](ctm005_ex96-1img049.jpg)

Source: AMC, 2026.

Steps used to update the geological interpretation:

· **Geological mapping:** Detailed structural mapping was carried out of all current faces and data plotted
directly into MicroStation software (.dgn format).

· **Review of old plans:** geological level plans from upper levels were reviewed to confirm the continuity
of the faults that have been added to the updated geological interpretation. Where these were confirmed, they were included via scanning
and digitising of the geology. Figure 11.5 shows an example of historic geological mapping from the top levels.

· **Drillhole logging:** data collected from new drillholes was used for interpretation of fault kinematics.

· **Geological interpretation:** Surpac® version 6.6 was used to update the 2016 geological interpretations
surfaces. The 2016 surfaces for each formation were imported into Surpac® and sectioned at either 20 m or 40 m spacings.
The strings were updated to honour current mapping and new drillholes. The grade shells (AFW and AHW) interpretation was also updated.

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Figure 11.5 Plan view of historic mapping from 1850L - Konkola

![](ctm005_ex96-1img050.jpg)

Source: AMC, 2026.

11.3.2.1 Estimation domains

Grade estimation domains were established in two steps: defining the hangingwall and footwall surfaces and then defining zones of grades continuity along strike (geostatistical stationarity).

11.3.2.2 Definition of hangingwall and footwall surfaces

The hangingwall and footwall surfaces were defined using a 1% TCu cut-off. Whilst the OSU is typically the host for mineralisation, in some location's mineralisation is observed extending into the hangingwall and footwall of the OSU. In other instances, the OSU is not mineralised for its entire thickness.

The hangingwall and footwall surfaces were interpreted on section and digitised. The resulting strings were then explicitly modelled to generate the AFW and AHW wireframe surfaces.

Contact analysis of sample intervals on either side of the interpreted boundary illustrates that the contact between the mineralised and non-mineralised sections of the drillhole is a sharp boundary (Figure 11.6). Within the domain, sample grades are typically greater than 1% TCu, and outside of the wireframes, the sample grades drop to 0.3% TCu.

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Figure 11.6 Contact analysis between non-mineralised and mineralised material - Konkola

![](ctm005_ex96-1img051.jpg)

Source: AMC, 2026.

The hangingwall and footwall surfaces shown in Figure 11.7 were used in Datamine® to apply domain codes to the sample intervals. All compositing, exploratory data analysis, and estimations are constrained within this boundary.

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Figure 11.7 Isometric of hangingwall and footwall constraining surfaces - Konkola

![](ctm005_ex96-1img052.jpg)

Source: AMC, 2026.

Note: Hangingwall surface in red overlaying the footwall surface in green.

**Along strike continuity**

As shown in Figure 11.8, visual analysis of the copper grades illustrates the existence of multiple distinct grade populations along strike within the mineralised zone defined by the hangingwall and footwall surfaces. These grade domains are believed to be structurally related features, with both sin and post-mineralisation relationships.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.8 Plan view of along strike grade continuity - Konkola

![](ctm005_ex96-1img053.jpg)

Source: AMC, 2026.

Both box and whisker plots (Figure 11.9) and Q-Q plots (Figure 11.10) support the existence of the lateral grade domains and provide evidence that the domains should be estimated separately to ensure the stationarity needed for ordinary kriging.

Figure 11.9 Box and whisker plot comparing TCu% across seven grade domains - Konkola

![](ctm005_ex96-1img054.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.10 Q-Q plots comparing TCu% across seven grade domains - Konkola

![](ctm005_ex96-1img055.jpg)

Source: AMC, 2026.

Domains four and five have been split into two separate domains using the fold axis as the domain boundary. These domains share the same grade populations. They have been separated to allow the application of the two structural orientations resulting from the fold hinge.

During grade estimation, some domain boundaries were used to provide hard constraints, while others were used to apply soft constraints, as follows:

· Z1/Z2, Z2/Z3, Z4/Z5 = Soft boundary (allow data sharing 50 m inside adjacent zones).

· Z3/Z4, Z5/Z6, Z6/Z7 = Hard boundary (no data sharing allowed between adjacent zones).

All compositing, exploratory data analysis, and estimation were conducted using these domains as individual estimation domains (Figure 11.11).

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.11 Plan view of block model and composites flagged by domain - Konkola

![](ctm005_ex96-1img056.jpg)

Source: AMC, 2026.

Top-capping analysis of grade was investigated using Supervisor® software. On a domain-by-domain basis, data distributions were considered on the raw composite data to ensure outliers were appropriately controlled during the compositing and estimation process. Top-caps were applied where breaks in the grade distributions were observed (Figure 11.12). The top-caps applied to the composites for the Konkola estimate are outlined as Table 11.3.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.12 Top-capping analysis - Konkola

![](ctm005_ex96-1img057.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.3 Top-caps - Konkola

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Capping value** | **Number of samples cut** | **Percentile** |
|  | 1 | 17.00 | 5 | 99.90 |
|  | 2 | 10.00 | 6 | 99.90 |
|  | 3 | 15.00 | 7 | 99.90 |
| TCu (%) | 4 | 15.00 | 4 | 100 |
|  | 5 | 11.00 | 8 | 99.80 |
|  | 6 | 8.00 | 7 | 99.50 |
|  | 7 | 6.00 | 5 | 99.50 |
|  | 1 | 8.50 | 6 | 99.90 |
|  | 2 | 7.00 | 3 | 99.90 |
|  | 3 | 9.00 | 7 | 99.90 |
| ASCu (%) | 4 | 6.50 | 5 | 99.90 |
|  | 5 | 7.00 | 4 | 99.90 |
|  | 6 | 3.00 | 5 | 99.60 |
|  | 7 | 2.70 | 5 | 99.50 |
|  | 1 | 0.85 | 5 | 99.90 |
|  | 2 | 0.60 | 3 | 99.90 |
|  | 3 | 0.45 | 3 | 100 |
| TCo (%) | 4 | 0.85 | 2 | 100 |
|  | 5 | 0.73 | 2 | 99.90 |
|  | 6 | 0.74 | 0 | 100 |
|  | 7 | 0.50 | 2 | 99.80 |

---

Source: AMC, 2026.

11.3.3 Statistics and compositing

The Konkola deposit's sample lengths range from 0.10 m to a maximum of 15.0 m, with a mean of 0.60 m. A composite length sensitivity analysis was completed. The study compares the composites' coefficient of variation (CoV) at various composite lengths.

The results show a decrease in CoV, for both TCu% and ASCu%, at both 1 m and 2 m sample lengths. Due to the laminated and stratiform nature of the mineralisation, which at times can exhibit narrow features, a 1 m composite length was selected.

Descriptive statistics for copper, acid copper and cobalt before and after compositing are presented in Table 11.4.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

Table 11.4 Descriptive statistics pre- and post-compositing – Konkola

**Total Copper**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
| <br>Type | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 60579 | 36815 | 13117 | 8653 | 7090 | 4571 | 15748 | 9497 | 13968 | 8298 | 6045 | 3391 | 2443 | 1292 | 2143 | 1098 |
| Min | 0.01 | 0.01 | 0.01 | 0.15 | 0.02 | 0.20 | 0.01 | 0.06 | 0.01 | 0.01 | 0.01 | 0.11 | 0.03 | 0.84 | 0.03 | 0.64 |
| Max | 49.06 | 27.88 | 30.65 | 26.43 | 18.95 | 14.13 | 30.60 | 27.88 | 23.50 | 21.93 | 41.13 | 19.08 | 49.06 | 22.66 | 10.05 | 8.88 |
| Avg | 3.99 | 4.09 | 4.00 | 4.13 | 3.57 | 3.65 | 5.05 | 5.19 | 3.39 | 3.45 | 3.75 | 3.76 | 2.76 | 2.74 | 3.44 | 3.49 |
| SD | 2.22 | 1.97 | 2.37 | 2.08 | 1.78 | 1.50 | 2.49 | 2.13 | 1.77 | 1.64 | 1.92 | 1.53 | 1.55 | 1.17 | 1.35 | 1.08 |
| CV | 0.56 | 0.48 | 0.59 | 0.50 | 0.50 | 0.41 | 0.49 | 0.41 | 0.52 | 0.47 | 0.51 | 0.41 | 0.56 | 0.43 | 0.39 | 0.31 |

---

**Acid Soluble Copper**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
| <br>Type | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 60437 | 36726 | 13075 | 8626 | 7079 | 4559 | 15731 | 9488 | 13920 | 8264 | 6043 | 3391 | 2429 | 1285 | 2135 | 1098 |
| Min | 0 | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.009 | 0.01 | 0.01 | 0.01 |
| Max | 21.82 | 12.859 | 21.4 | 12.859 | 13.91 | 7.537 | 14 | 12.825 | 12.83 | 12.81 | 18.4 | 7.865 | 21.82 | 8.855 | 5.62 | 5.356 |
| Avg | 0.441 | 0.446 | 0.62 | 0.61 | 0.316 | 0.31 | 0.448 | 0.468 | 0.333 | 0.34 | 0.561 | 0.539 | 0.302 | 0.285 | 0.245 | 0.227 |
| SD | 1.02 | 0.915 | 1.278 | 1.093 | 0.822 | 0.721 | 1.128 | 1.071 | 0.717 | 0.647 | 1.073 | 0.884 | 0.693 | 0.489 | 0.51 | 0.443 |
| CV | 2.311 | 2.051 | 2.06 | 1.793 | 2.603 | 2.323 | 2.519 | 2.288 | 2.155 | 1.902 | 1.914 | 1.638 | 2.291 | 1.717 | 2.079 | 1.955 |

---

**Total Cobalt**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **All** | **All** | **Domain 1** | **Domain 1** | **Domain 2** | **Domain 2** | **Domain 3** | **Domain 3** | **Domain 4** | **Domain 4** | **Domain 5** | **Domain 5** | **Domain 6** | **Domain 6** | **Domain 7** | **Domain 7** |
|  | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** | **Raw** | **Comp** |
| Samp | 59009 | 36084 | 12838 | 8470 | 7009 | 4522 | 15418 | 9323 | 13832 | 8236 | 5841 | 3309 | 2379 | 1265 | 1670 | 946 |
| Min | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 |
| Max | 1.49 | 1.02 | 0.99 | 0.96 | 0.99 | 0.92 | 0.88 | 0.55 | 1.49 | 1.02 | 0.90 | 0.85 | 0.84 | 0.74 | 0.76 | 0.57 |
| Avg | 0.08 | 0.08 | 0.12 | 0.12 | 0.07 | 0.06 | 0.04 | 0.04 | 0.08 | 0.08 | 0.08 | 0.08 | 0.12 | 0.12 | 0.07 | 0.07 |
| SD | 0.10 | 0.09 | 0.14 | 0.12 | 0.08 | 0.07 | 0.04 | 0.04 | 0.09 | 0.08 | 0.10 | 0.09 | 0.10 | 0.10 | 0.09 | 0.08 |
| CV | 1.31 | 1.17 | 1.20 | 1.03 | 1.18 | 1.03 | 1.20 | 1.04 | 1.13 | 0.99 | 1.28 | 1.14 | 0.88 | 0.80 | 1.23 | 1.09 |

---

Source: AMC, 2026.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

11.3.3.1 Variography

Nugget effect was interpreted using downhole variograms for each domain and element of interest. Experimental downhole variograms were generated using 1 m composite lengths. Downhole variogram models were then generated to estimate the vertical intercepts of the model, which was set as the nugget effect for each variogram.

Directional variograms were generated for copper, acid-soluble copper and cobalt within each domain using top-cap 1 m composites. Within Supervisor®, directions were established for horizontal, across-strike and dip-plane orientations using directional continuity maps. Semi variogram models were generated for the major, semi major and minor orientations, using a range of angular tolerances and lag distanced to best interpret the experimental semi-variogram, as demonstrated in Figure 11.14.

Figure 11.13 Experimental semi-variogram model for TCu% - Domain 5 - Konkola

![](ctm005_ex96-1img061.jpg)

Source: AMC, 2026.

The resulting semi-variogram models were set to the Datamine® software orientation and exported as Datamine® variogram control files. Table 11.5 outlined the variogram parameters used in the estimation of the Konkola resource estimate. The author notes the maximum range of continuity for the copper domains is 60 to 725 m.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.5 Variogram models - Konkola

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 2** | **Structure 2** | **Structure 2** | **Structure 2** |
| <br>**Element** | <br>**Domain** | <br>**Nugget** | **Sill** | **Major (m)** | **Semi<br> Major (m)** | **Minor (m)** | **Sill** | **Major (m)** | **Semi<br> Major (m)** | **Minor (m)** |
|  | 1 | 0.15 | 0.64 | 15.0 | 10.0 | 8.0 | 0.21 | 150.0 | 50.0 | 15.0 |
|  | 2 | 0.20 | 0.64 | 20.0 | 10.0 | 4.0 | 0.18 | 150.0 | 120.0 | 8.0 |
|  | 3 | 0.10 | 0.74 | 20.0 | 17.0 | 3.0 | 0.16 | 300.0 | 150.0 | 8.0 |
| TCu | 4 | 0.10 | 0.53 | 40.0 | 35.0 | 10.0 | 0.37 | 220.0 | 180.0 | 25.0 |
|  | 5 | 0.20 | 0.40 | 43.0 | 25.0 | 5.0 | 0.40 | 500.0 | 300.0 | 10.0 |
|  | 6 | 0.10 | 0.33 | 25.0 | 25.0 | 4.0 | 0.57 | 725.0 | 650.0 | 20.0 |
|  | 7 | 0.20 | 0.54 | 11.0 | 18.0 | 2.0 | 0.26 | 60.0 | 50.0 | 15.0 |
|  | 1 | 0.15 | 0.66 | 25.0 | 10.0 | 15.0 | 0.19 | 200.0 | 40.0 | 25.0 |
|  | 2 | 0.15 | 0.67 | 10.0 | 10.0 | 6.0 | 0.18 | 100.0 | 70.0 | 15.0 |
|  | 3 | 0.15 | 0.55 | 60.0 | 60.0 | 10.0 | 0.30 | 325.0 | 200.0 | 15.0 |
| ASCu | 4 | 0.15 | 0.61 | 45.0 | 15.0 | 5.0 | 0.24 | 165.0 | 100.0 | 15.0 |
|  | 5 | 0.20 | 0.44 | 22.0 | 20.0 | 5.0 | 0.36 | 300.0 | 125.0 | 18.0 |
|  | 6 | 0.10 | 0.59 | 20.0 | 15.0 | 4.0 | 0.31 | 225.0 | 150.0 | 20.0 |
|  | 7 | 0.15 | 0.44 | 17.0 | 15.0 | 7.0 | 0.41 | 45.0 | 45.0 | 20.0 |
|  | 1 | 0.20 | 0.62 | 15.0 | 10.0 | 15.0 | 0.18 | 90.0 | 40.0 | 20.0 |
|  | 2 | 0.20 | 0.46 | 25.0 | 10.0 | 4.0 | 0.35 | 150.0 | 140.0 | 8.0 |
|  | 3 | 0.10 | 0.60 | 22.0 | 30.0 | 10.0 | 0.30 | 260.0 | 360.0 | 15.0 |
| TCo | 4 | 0.20 | 0.50 | 10.0 | 20.0 | 5.0 | 0.30 | 150.0 | 150.0 | 30.0 |
|  | 5 | 0.20 | 0.35 | 80.0 | 25.0 | 3.0 | 0.45 | 190.0 | 230.0 | 6.0 |
|  | 6 | 0.20 | 0.52 | 9.0 | 20.0 | 2.0 | 0.29 | 110.0 | 50.0 | 7.0 |
|  | 7 | 0.10 | 0.57 | 35.0 | 35.0 | 3.0 | 0.33 | 150.0 | 150.0 | 12.0 |

---

11.3.4 Block model and estimation parameters

The block model has an origin of easting 1,900 m, northing 31,500 m, and vertical -700 m. The parent block dimensions are 20 m in the easting and northing and directions and 2 m in the vertical, see Table 11.6. The thin vertical cell is to allow for the preservation of the laminated nature of the mineralisation.

Table 11.6 Block model origin and extents

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block<br> size (m)** | **Number of<br> parent blocks** | **Model extent<br> (m)** | **Minimum sub<br> block size (m)** |
| Easting (m) | 1900 | 20 | 350 | 8900 | 5 |
| Northing (m) | 31500 | 20 | 475 | 41000 | 5 |
| Rl (m) | -700 | 2 | 2200 | 3700 | 1 |

---

The primary surfaces used in the initial stages of the block model generation are those of the hangingwall and footwall of the mineralisation (AHW and AFW) and the hangingwall and footwall of the OSU. These surfaces were assigned to the block model with an "Asscode" of 1 within the mineralisation surfaces and a "rock code" of 20. These two units were assigned to the block model using a sub-blocking technique to preserve the volume of the estimated units. The minimum sub-block sizes 5 m in the easting and northing and 1 m in the vertical direction.

The remainder of the stratigraphic sequence was applied to the model at a parent block level (no sub-blocking) using the stratigraphic sequence outlined in Table 11.7. The use of the parent blocks to flag the remaining stratigraphic sequence was to reduce the overall size of the model.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.7 Lithology codes in block model - Konkola

---

| | | |
|:---|:---|:---|
| **Description** | **Code** | **ROCK** |
| Dolomite | DOL |  |
| Shale with Grit | SWG | 8 |
| Hangingwall aquifer | HWA | 9 |
| Hangingwall quartzite | HWQ | 10 |
| Ore Shale Unit | OSU | 20 |
| Footwall conglomerate | FWC |  |
| Footwall sandstone | FWS | 30 |
| Pours Conglomerate | PC | 40 |
| Argillaceous Sandstone | AGS | 50 |
| Footwall Quartzite | FWQ | 60 |
| Basal Conglomerate | BC | 70 |

---

The model is also flagged with:

· Mined – 0 = Mined, 1 = In situ

· Dwater – 0 = not dewatered, 1 = dewatered

· Ozone – 111 = ore

· Topo – Proportion of block above topography

· Class – Resource classification (1=Measured, 2=Indicated, and 3=Inferred)

11.3.4.1 Estimation parameters

Grade estimated into the blocks was interpolated using Ordinary Kriging. During estimation, dynamic anisotropy was implemented which makes use of the orientation of the geology represented by the wireframe triangles or strings and allows the interpolation of the local strike and dip into each of the blocks in the model. These angles are then used to orientate the search ellipsoid to the individual block strike and dip during the kriging estimation process.

The estimation was done in three stages with the condition that only a maximum of three samples could be selected from each drillhole.

· Pass 1: Blocks estimated within the first search volume (SVOL1) with minimum and maximum number of samples
of nine and 12.

· Pass 2: The blocks not estimated within the first search (SVOL1) were estimated using second search volume
(SVOL2) twice the search radius while maintaining the same number of samples as used in pass 1.

· Pass 3: Blocks still un-estimated after the second search (SVOL2), were then estimated using a third search
(SVOL3) with the minimum number of samples.

The kriged estimate utilises a locally varying anisotropic (LVA) search within Datamine®. The process assigns the geological trend of the footwall surface to the Datamine® model. During the estimation, the search ellipse defined by the variograms is rotated to conform with the structural trend of the project. The use of LVA is a common technique for ensuring the geological trend is honored in dipping stratiform deposits.

11.3.4.2 Bulk density

The bulk density values assigned are from the historical and current studies. Table 11.8 shows the bulk density value and the rock code assigned to each lithology assigned in the block model.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.8 Bulk density by lithology - Konkola

---

| | | |
|:---|:---|:---|
| **Lithology** | **Bulk density (t/m<sup>3</sup>)** | **Rock code** |
| HWA | 2.58 | 9 |
| HWQ | 2.61 | 10 |
| OSU | 2.68 | 20 |
| FWS | 2.56 | 30 |
| PC | 2.56 | 40 |
| AGS | 2.56 | 50 |
| FWQ | 2.56 | 60 |
| BC | 2.56 | 70 |

---

11.3.5 Block model validation

Three separate methods have been applied to validate the block model, they are swath plots, visual validation and statistical analysis.

11.3.5.1 Swath plots

Swather plots have been conducted domain-by-domain comparing the trends of the modelled estimates and input composites. A good correlation between input composites and estimated values is observed in the Measured and Indicated, as shown in Figure 11.15 and Figure 11.16.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.14 Swath plots Measured and Indicated TCu% Domain 1 - Konkola

![](ctm005_ex96-1img058.jpg)

Source: AMC, 2026.

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| | |
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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.15 Swath plots Measured and Indicated TCu% Domain 2 - Konkola

![](ctm005_ex96-1img059.jpg)

Source: AMC, 2026.

The correlation in the Inferred areas of the resource is far less robust, indicating the drillhole spacing used for the Inferred material is inappropriate for the classification. This observation is consistent with the variography, which illustrates materials are classified as Inferred outside the variogram ranges, which indicates there is no correlation between sample pairs.

11.3.5.2 Visual validation

Estimated block grades were validated visually by comparing them to sample data. Visual inspection assisted in validating the grade variations observed in the samples (high- and low-grades). A good correlation between input composites and estimated block values is shown in Figure 11.18.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 11.16 Cross sections comparing composite intervals and block model grades - Konkola

![](ctm005_ex96-1img062.jpg)

Source: AMC, 2026.

11.3.5.3 Statistical validation

The statistics of the capped composites were compared to OK estimates in the block model. As observed in Table 11.9. The mean of the composites compared well with the estimates within all zones having an OK / DH (%) difference of not more than 10% which is acceptable. Zone 1 gave the highest percent difference due to the low-grade samples towards the south end of Zone 1 that lowered the grade of the estimates. Zone 1 gave the highest per cent difference due to the low-grade samples towards the south end of Zone 1, which lowered the grade of the estimates. However, these low-grade samples could not be analysed separately as the sample size would not have been enough for statistical and geostatistical work.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 11.9 Statistical comparison of composite and estimated values for TCu% - Konkola

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **Composite (DH)** | **OK** | **OK** | **OK** | **OK** | **OK** | **OK/DH** |
| <br>**Domain** | **Nsam** | **Min** | **Max** | **Mean** | **SD** | **Nblocks** | **Min** | **Max** | **Mean** | **SD** | **(%) Diff** |
| 1 | 9010 | 0.15 | 17 | 4.1 | 2.04 | 181432 | 1.38 | 9.5 | 3.67 | 1.21 | -10 |
| 2 | 4571 | 0.2 | 10 | 3.65 | 1.49 | 88942 | 1.54 | 6.42 | 3.48 | 0.68 | -5 |
| 3 | 9492 | 0.06 | 15 | 5.18 | 2.11 | 177402 | 1.53 | 9.76 | 4.69 | 1.11 | -9 |
| 4 | 8241 | 0.01 | 15 | 3.44 | 1.61 | 423032 | 1.09 | 11.04 | 3.44 | 1.1 | 0 |
| 5 | 3376 | 0.11 | 11 | 3.76 | 1.48 | 132776 | 1.67 | 7.14 | 4.03 | 0.93 | 7 |
| 6 | 1292 | 0.84 | 8 | 2.72 | 1.01 | 43105 | 1.48 | 4.36 | 2.57 | 0.5 | -6 |
| 7 | 1098 | 0.64 | 6 | 3.48 | 1.06 | 66236 | 1.84 | 5.04 | 3.62 | 0.54 | 4 |

---

Figure 11.17 Plan view of the Mineral Resource classification - Konkola

![](ctm005_ex96-1img063.jpg)

Source: AMC, 2026.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

---

11.3.6 Classification criteria

The Konkola is an established operation with a history of production since 1957. The economic outcomes described within the report underpin support for the eventual economic extraction.

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density and spacing

· Data quality

· Estimation quality

· Mining and production history

A drillhole spacing study developed at site in 2019 is the basis for the general classification outlines. This is a conditional simulation technique to determine the optimal drilling spacing for Measured and Indicated. The study concluded that a drillhole spacing of 50 m by 25 m can be used for Measured classification and 150 m by 200 m can be used for an Indicated classification.

Parent blocks with an average distance of 50 m to a drillhole are classified as Measured and those with an average of 150 m to a drillhole are classified as Indicated. Resources with an average distance of more than 150 m and above the shaft bottom are classified as Inferred.

Where parent blocks are than 150 m below the base of mining in mineralisation (in ore development) and classified as Inferred the classification has been upgraded to Indicated. This gives in ore development the same weight as a drillhole.

It is noted that the average distance to sample support for the Inferred Resources varies from several hundred meters to approximately 1,700 m (Figure 11.20). Analysis of the ranges of the variograms shows a maximum range of 750 m, outside which correlation between sample points cannot be demonstrated.

A geological cut-off grade for the Mineral Resource of 1.1% TCu has been derived using a metal price of US$10,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

Figure 11.18 Isometric of the average distance to sample support – Konkola

![](ctm005_ex96-1img064.jpg)

Source: AMC, 2026.

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| Konkola Copper Mines Plc | 0424076 |

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11.3.7 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The Konkola Mineral Resource is classified as a Measured, Indicated, and Inferred Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

The classification of Inferred, with the wide drill data spacing, is supported via a good understanding of the geological and grade continuity observed from drilling and the extensive mining history.

The upgrade in the classification of the Mineral Resource from Inferred through to Measured represents an increased understanding of the items that materially impact geological variability. This results in minimisation of uncertainty and reduced risk.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for Konkola this will come from the planned resource infill and extension drilling programs, for more detail see Section 23.

11.3.8 Mineral Resource Estimate

The Mineral Resource estimate (using a 1.1% TCu cut-off grade) for the Konkola Mine is shown in<br> Table 11.10. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence. The 2024 Mineral Resource has been depleted for production to the effective date of 1 April 2026.

Table 11.10 Mineral Resource Konkola Mine – 1 April 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes<br> (Mt)** | **TCu%** | **ASCu%** | **Cu (kt)** | **TCo%** | **Co (kt)** |
| Measured | 1.1 | 4.1 | 3.46 | 0.80 | 140 | 0.08 | 3 |
| Indicated | 1.1 | 34.6 | 3.72 | 0.46 | 1289 | 0.07 | 24 |
| **Measured + Indicated** |  | **38.7** | **3.70** | **0.50** | **1430** | **0.07** | **27** |
| Inferred | 1.1 | 249.4 | 3.35 | 0.65 | 8353 | 0.06 | 150 |
| **Total** |  | **288.0** | **3.40** | **0.63** | **9783** | **0.06** | **177** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Approximately 86% of Konkola Mineral Resources are classified as Inferred (249 Mt of 288 Mt). Inferred
Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty
that Inferred Mineral Resources will be converted to higher confidence categories with additional exploration.

· A geological cut-off grade of 1.1% TCu has been derived using a metal price of US$10,000/t Cu, in conjunction
with typical historic mining modifying factors and concept-level mine designs.

· Point of reference: In situ material.

· Metallurgical recovery — Konkola Mine: Concentrator 86.5% Cu
(Full Resource Case life-of-mine average; M&I Case 89.2%), 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate Payable Cu 96.8%.

· Processing route: Konkola Concentrator → Nchanga Smelter → Nkana Refinery.

· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

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11.4 Nchanga assets

Mineralisation at Nchanga is predominately hosted within two major units, the UOB and the LOB. While there has been significant historic and recent open pit mining there has been less recent underground mining. Many of the assets at Nchanga have downdip extensions and are being assessed in studies for transition to underground mining.

The UOB mineralisation is a stratiform type of mineralisation whose main host rock is the TFQ with some of the mineralisation extending into adjacent UBS formation on the hangingwall and BSSU on the footwall.

The UOB contains both copper and cobalt mineralisation for which the grades have been interpreted and estimated separately.

Mineralisation of the LOB is not continuous and occurs in isolated locations throughout the mining license separated by barren gaps and basement highs. Each isolated LOB deposit has been interpreted and estimated separately. Unlike the UOB, the LOB has very low cobalt grades and in some assets, cobalt is not estimated. LOB is key unit of interest at COP DF and COP E Ext.

Nchanga assets also include tailings dams TD03, TD04, and TD05.

11.4.1 Chingola open pit D and F (COP DF)

Both COP D and COP F are tabular and with dips ranging from 35° to 40°, with the majority of the mineralisation occurring in the ARK.

Mining at Chingola open pit D (COP D) and Chingola open pit F (COP F) commenced in 2004. Mining has been via open pit with the transition to underground mining part of recent mining studies. Open pit mining is ongoing.

The COP DF resource block model was last updated in 2014, subsequent updates are due to depletion from production.

11.4.1.1 Data

There are 455 drillholes in the COP DF geological database. Most of the holes were drilled in the 1980's. Between 2007 and 2010, 138 holes were drilled. There is no QAQC data for either generation of drillholes.

The drillhole spacing varies from 50 m by 50 m, to 30 m by 30 m, to closer spacing of 15 m by 15 m, see the drillhole location plan in Figure 11.21.

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Figure 11.19 Drillhole location plan – COP DF

![](ctm005_ex96-1img065.jpg)

Source: AMC, 2026.

11.4.1.2 Geological interpretation and generation of 3D representation

COP F is comprised of mixed oxide and sulfide copper minerals extending to a depth of approximately 100 m before transitioning to dominantly sulfide minerals. COP D oriented east-west is the dominant mineralisation thicker with more grade and containing mixed oxides and sulfides at depth.

Wireframes of the 3D geological interpretation were constructed from 60 m space cross section strings, where the strings were snapped to the drillholes. The mineralisation interpretation was defined based on a minimum geological cut-off of 0.5% TCu. Internal waste less than 5 m vertical thickness was included in the mineralisation interpretation.

Strings were wireframed to form a solid which was used for sample selection and generation of the block model.

11.4.1.3 Statistics and compositing

Drillhole intervals within the 3D geological interpretation wireframes were composited to 2.5 m, see Table 11.11.

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Table 11.11 Descriptive statistics for COP DF composited samples

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project area** | **Variable** | **TCu%** | **ASCu%** | **TCo%** | **ASCo%** |
|  | Count | 2901 | 2842 | 2725 | 2390 |
|  | Minimum | 0.06 | 0.00 | 0.00 | 0.00 |
|  | Maximum | 6.95 | 4.45 | 2.29 | 0.52 |
| COP D | Mean | 1.37 | 0.44 | 0.06 | 0.01 |
|  | Std. Dev. | 0.93 | 0.57 | 0.11 | 0.03 |
|  | Coeff. Var. | 0.67 | 1.30 | 1.95 | 2.25 |
|  | Count | 897 | 876 | 715 | 685 |
|  | Minimum | 0.00 | 0.00 | 0.00 | 0.00 |
| COP F | Maximum | 17.06 | 9.21 | 0.40 | 0.34 |
|  | Mean | 2.21 | 0.65 | 0.04 | 0.01 |
|  | Std. Dev. | 2.31 | 1.00 | 0.05 | 0.02 |
|  | Coeff. Var. | 1.04 | 1.54 | 1.12 | 1.74 |

---

COP F sample interval mean value is higher than for COP D for TCu%. The COP D coefficient of variation (standard deviation divided by the mean) indicates stronger grade continuity for COP D than COP F which has a coefficient of variation of 1.04. The coefficient of variation for COP D cobalt at around two indicates less continuity and more complexity in the estimation.

Omi-directional variograms were generated using the 2.5 m composites. Variogram models are shown in Table 11.12.

Table 11.12 Variogram models – COP DF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** |
| <br>**Location** | <br>**Element** | <br>**Nugget** | **Sill** | **Major (m)** | **Semi<br> Major (m)** | **Minor (m)** | **Rotation<br> Angle Z** | **Rotation<br> Angle Y** |
|  | TCu% | 0.5168 | 0.3636 | 71.8 | 71.8 | 7.5 | 258 | 45 |
| COP D | ASCu% | 0.0237 | 0.0234 | 78.4 | 78.4 | 7.5 | 258 | 45 |
|  | TCo% | 0.0029 | 0.0014 | 102.0 | 102.0 | 7.5 | 258 | 45 |
|  | ASCo% | 0.0002 | 0.0004 | 164.0 | 164.0 | 7.5 | 258 | 45 |
|  | TCu% | 1.6860 | 3.8980 | 136.8 | 136.8 | 7.5 | 258 | 45 |
| COP F | ASCu% | 0.5403 | 0.3746 | 133.6 | 133.6 | 7.5 | 258 | 45 |
|  | TCo% | 0.0001 | 0.0014 | 208.1 | 208.1 | 7.5 | 258 | 45 |
|  | ASCo% | 0.0000 | 0.0000 | 85.4 | 85.4 | 7.5 | 258 | 45 |

---

11.4.1.4 Block model and estimation parameters

The parent block dimensions are 30 m in the easting and northing directions and 5 m in the vertical direction (Table 11.13). The narrow vertical dimension is to allow for the preservation of the laminated nature of the mineralisation.

Table 11.13 Block model origin and extents – COP DF

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block<br> size (m)** | **Number of<br> parent blocks** | **Model extent<br> (m)** | **Minimum sub<br> block size (m)** |
| Easting (m) | 4110 | 30 | 136 | 4080 | NA |
| Northing (m) | 13980 | 30 | 135 | 4050 | NA |
| Rl (m) | -392 | 5 | 165 | 825 | NA |

---

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Wireframes for each lithology were filled with blocks. This also included the Upper Banded Shale to define the upper hangingwall and below the basement surface to the bottom of the block model. Block models for each lithology were stamped with the lithology code and combined into one block model. Mineralisation is represented by the 0.5% TCu wireframe which was filled with blocks and added over the lithological block models.

The grades for TCu%, ASCu%, TCo%, and ASCo% were estimated into the block model using ordinary kriging. Three search passes were used for all grade variables. Estimation parameters are shown in Table 11.14. the second and third passes were only applied to block cells not estimated by earlier search passes.

Table 11.14 Estimation parameters – COP DF

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Search Ellipse (m)** | **Search Ellipse (m)** | **Search Ellipse (m)** | **Rotation** | **Rotation** | **Rotation** | **Number of samples** | **Number of samples** |
| <br>**Search** | **X** | **Y** | **Z** | **Z Axis** | **Y Axis** | **X Axis** | **Min** | **Max** |
| 1 | 100 | 100 | 7.5 | 258 | 45 |  | 5 | 10 NA |
| 2 | 200 | 200 | 15 | 258 | 45 |  | 5 | 10 NA |
| 3 | 500 | 500 | 37.5 | 258 | 45 |  | 3 | 5 NA |

---

Note: Order of rotation is Z, Y.

Approximately 80% of the block grades were estimated during the first search pass and 20% during the second search pass.

11.4.1.5 Bulk density

There are no bulk density measurements. The historical bulk density of 2.58 t/m<sup>3</sup> was used for mineralisation and 2.5 t/m<sup>3</sup> for waste.

11.4.1.6 Estimation validation

Estimation validation was undertaken by visual comparison of drillholes to the estimated block model and by swath (moving average) plots. Swath plots were generated full depth for 16 sections perpendicular to strike and on a bench-by-bench basis.

Swath plots were generated perpendicular to mineralisation over 1,300 m, with overlapping plots due to changes in the orientation of mineralisation. The weighted mean of the drillhole composites and the estimated block grades for TCu%, ASCu%, and TCo% were allocated in 100 m swathes / windows along 16 section lines.

The review indicates that there is very close correspondence between the means of the estimates and the composites in areas of dense drilling data compared to areas of limited drilling.

Swath plots for 15 m high benches were also generated and reviewed graphically. Again, there is a close correspondence between weighted average composite grade and weighted average estimated block grade in areas with more data, that is the area above 1,250 masl which is largely mined out.

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Figure 11.20 Swath plots – COP DF

![](ctm005_ex96-1img066.jpg)

Source: AMC, 2026.

11.4.1.7 Classification criteria

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density

· Data quality

· Estimation quality

· Proximity of mineralisation to surface

There is adequate drillhole coverage in the eastern side of the deposits which corresponded to the sub-outcrop positions prior to the commencement of mining. QAQC for data from the 1980's is not available however there is good correlation and consistency in the copper grade distribution within the mineralisation to imply reliability in the data.

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Blocks estimated within the first ordinary kriging search pass (search ellipse 100 m × 100 m × 7.5 m; refer Table 11.13) are classified as Indicated, reflecting adequate drillhole coverage and positive estimation validation in areas proximal to sampling. Approximately 80% of block grades were estimated during the first search pass. Blocks requiring the second search pass (200 m × 200 m × 15 m) are also classified as Indicated where geological and grade continuity can be demonstrated. Blocks estimated only within the third search pass (500 m × 500 m × 37.5 m), reflecting wide drill spacing and lower estimation confidence, are classified as Inferred. Resource classification upgrades are achieved through infill drilling to reduce drillhole spacing to within the first search pass criteria.

Current mining has been largely open pit. Studies are ongoing for the transition to underground mining.

For the component to be mined underground a geological cut-off grade for the Mineral Resource of 1.1% TCu has been derived, using a metal price of US$10,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs.

For the component to be mined via open pit a geological cut-off grade for the Mineral Resource of 0.5% TCu has been derived, using a metal price of US$10,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

11.4.1.8 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The COP DF Mineral Resource is classified as an Indicated Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

The upgrade in the classification of the Mineral Resource from Inferred through to Measured represents an increased understanding of the items that materially impact geological variability. This results in minimisation of uncertainty and reduced risk.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for COP DF this will come from proposed infill drilling programs.

11.4.1.9 Mineral Resource estimate

The Mineral Resource estimate for COP DF is shown in Table 11.15. COP DF contains both open pit and underground mining potential. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence.

Cut-off grades are based on mining method:

· Open pit: 0.50% TCu (reflecting lower mining costs)

· Underground: 1.10% TCu

Cut-off grades were derived using a metal price of US$10,000/t Cu in conjunction with typical mining modifying factors and concept-level mine designs. See Section 13.2 for details.

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| Konkola Copper Mines Plc | 0424076 |

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Table 11.15 Mineral Resource COP DF– 1 April 2026

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes<br> (Mt)** | **TCu%** | **ASCu%** | **Cu (kt)** | **TCo%** | **Co (kt)** |
| Measured |  |  |  |  |  |  |  |
| Indicated - Open Pit | 0.50 | 2.2 | 1.40 | 0.27 | 31 | 0.12 | 3 |
| Indicated - Underground | 1.10 | 12.8 | 1.58 | 0.17 | 202 | 0.04 | 5 |
| **Measured + Indicated** | **-** | **14.9** | **1.56** | **0.18** | **233** | **0.05** | **8** |
| Inferred |  |  |  |  |  |  |  |
| **Total** | **-** | **14.9** | **1.56** | **0.18** | **233** | **0.05** | **8** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Geological cut-off grades of 0.50% TCu (open pit) and 1.10% TCu (underground) have been derived using
a metal price of US$10,000/t Cu, in conjunction with typical historic mining modifying factors and concept-level mine designs.

· Point of reference: In situ material.

· Metallurgical recovery – Open Pit: Concentrator 61% Cu, 54% Co; Smelter 98.1% Cu, 30% Co; Concentrate
Payable Cu 96.8%.

· Metallurgical recovery – Underground: Concentrator 53% Cu, 23% Co; Smelter 98.1% Cu, 30% Co; Concentrate
Payable Cu 96.8%.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

11.4.2 Chingola Open Pit C and E Extension (COP E Ext)

Chingola Open Pit C and E Extension (COP E Ext) has not been developed; there has been no mining.

COP E Ext resource model was last updated in 2014.

Drilling commenced in late 2025. With 2,726 m drilled from a proposed 7,300 m drilling program, as at end March 2026. There had been insufficient analytical results returned to justify an update in the Mineral Resource estimation as of 15 January 2026. An updated Mineral Resource will be undertaken on completion of the drilling program.

11.4.2.1 Data

There are 283 drillholes in the COP E Ext database of which 210 are historical and 73 were drilled in 2011 to 2013. See Section 8.8.1 for the QAQC for the CRMs and repeats for the 2011 to 2013 drillholes. No blanks samples were submitted.

The drillhole spacing ranges from 30 m to 120 m. With more density drilled areas averaging 50 m.

Data verification identified two types of anomalous data:

· Drillholes the stratigraphic sequence inverted.

· Drillholes with stratigraphic sequence inconsistent with the surrounding drillholes.

Drillholes unable to be understood in the context of the geology were removed from the database. Drillholes removed from the database are shown in green in Figure 11.26 COP E Ext drillhole location plan.

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Figure 11.21 Drillhole location plan – COP E Ext

![](ctm005_ex96-1img067.jpg)

Source: AMC, 2026.

11.4.2.2 Geological interpretation and generation of 3D representation

Wireframes of the 3D geological interpretation were constructed from digitised cross section strings, where the strings were snapped to the drillholes.

The Pink Quartzite (PQ) from between the Banded Sandstone Lower (BSSL) and Banded Sandstone Upper (BSSU) largely is absent. As such the three units have been combined into one unit the Banded Sandstone (BSS).

The LOB mineralisation was interpreted as ten discrete zones, labelled A to J, of mineralisation at a 0.5% TCu geological cut-off.

Zone A represents a large proportion of the mineralisation. Spatially Zone A is associated with the sediments of the Arkose formation infilling the basement trough. Zone C is associated with a basement high, where the Arkose formation is comparatively thinner and consequently the mineralisation is thinner. Zones F to J are based on one drillhole intersection each.

Figure 11.27 shows a plan view of the drillhole intersections colored by grade with the ten mineralised Zones outlines as dotted lines. This shows a core of TCu% grade greater than 1.5% TCu in Zone A with a halo of lower grade intersections. The ASCu% intersections are lower grade indicating the mineralisation in the LOB is more sulfide rich, see Figure 11.28.

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Figure 11.22 Plan view of drillhole intersections and interpreted mineralisation Zones TCu% - COP E Ext

![](ctm005_ex96-1img068.jpg)

Note: Drillholes colored by TCu%.

Source: AMC, 2026.

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Figure 11.23 Plan view of drillhole intersections and interpreted mineralisation Zones ASCu% - COP E Ext

![](ctm005_ex96-1img069.jpg)

Note: Drillholes colored by ASCu%.

Source: AMC, 2026.

11.4.2.3 Statistics and compositing

Sample intervals are composited to 2.5 m with a minimum length of 1.25 m. Composited statistics by mineralised Zone is shown in Table 11.16 and the histogram for Zone A composites for TCu% and ASCu% is shown in Figure 11.29.

Table 11.16 Statistics by mineralisation zone for composite data – COP E Ext

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **% TCu** | **% TCu** | **% TCu** | **% TCu** | **% TCu** | **% AsCu** | **% AsCu** | **% AsCu** | **% AsCu** | **% AsCu** |
| <br>**W/F** |<br>**No <br> drillholes** |<br>**No<br> samples** | **Min** | **Max** | **Mean** | **Stand<br> Dev** | **CoV** | **Min** | **Max** | **Mean** | **Stand<br> Dev** | **CoV** |
| A | 24 | 319 | 0.18 | 14.8 | **2.35** | 1.96 | 0.83 | 0.01 | 8.32 | **0.46** | 0.93 | 2.04 |
| B | 4 | 50 | 0.18 | 9.21 | **2.32** | 1.74 | 0.75 | 0.03 | 3.28 | **0.22** | 0.53 | 2.43 |
| C | 4 | 17 | 0.58 | 4.31 | **1.56** | 1.01 | 0.65 | 0.14 | 4.15 | **1.11** | 1.13 | 1.02 |
| D | 5 | 43 | 0.25 | 14.7 | **4.12** | 3.47 | 0.84 | 0.05 | 7.55 | **1.23** | 1.4 | 1.14 |
| E | 3 | 6 | 0.44 | 6.83 | **2.94** | 2.6 | 0.89 | 0.29 | 5.29 | **2.46** | 2.18 | 0.89 |
| F | 1 | 2 | 0.93 | 1.47 | **1.2** | 0.27 | 0.22 | 0.68 | 1.38 | **1.03** | 0.35 | 0.34 |
| G | 1 | 2 | 0.42 | 5.12 | **2.77** | 2.35 | 0.85 | 0.21 | 4.51 | **2.36** | 2.15 | 0.91 |
| H | 1 | 3 | 0.85 | 6.34 | **4.26** | 2.43 | 0.57 | 0.32 | 3.87 | **2.62** | 1.63 | 0.62 |
| I | 1 | 2 | 1.36 | 2.05 | **1.7** | 0.34 | 0.2 | 0.58 | 0.92 | **0.75** | 0.17 | 0.22 |
| J | 1 | 4 | 0.36 | 2.86 | **1.43** | 0.92 | 0.65 | 0.06 | 0.46 | **0.25** | 0.15 | 0.61 |

---

Source: KCM, 2026.

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Figure 11.24 Histogram composite samples TCu% and ASCu% - Zone A COP E Ext

![](ctm005_ex96-1img070.jpg)

Source: KCM, 2026.

The TCu% histogram shows multiple copper populations.

Semi-variogram modelling was generated in Isatis software. The semi-variograms generated were derived from 2.5 m composites from Zone A. The other zones did not have enough samples to generate variograms.

11.4.2.4 Block model and estimation parameters

The parent block dimensions are 25 m by 25 m in the easting and northing directions and 5 m in the vertical direction (Table 11.17), which is approximately half the drill spacing.

Table 11.17 Block model origin and extents – COP E Ext

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Direction** | **Origin (m)** | **Parent block<br> size (m)** | **Number of<br> parent blocks** | **Model extent<br> (m)** | **Minimum sub<br> block size (m)** |
| Easting (m) | 5500 | 25 | 80 | 2000 | NA |
| Northing (m) | 17000 | 25 | 82 | 2050 | NA |
| Rl (m) | 650 | 5 | 150 | 750 | NA |

---

Wireframes for each lithology were filled with blocks.

The grades for TCu% and ASCu% were estimated into the block model using ordinary kriging for Zones A to E. Three search passes were used for all grade variables. Estimation parameters are shown in<br> Table 11.18. The second and third passes were only applied to block cells not estimated by earlier search passes.

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Table 11.18 Estimation parameters – COP E Ext

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| | | | |
|:---|:---|:---|:---|
| | **Search ellipse (m)** | **Search ellipse (m)** | **Search ellipse (m)** |
| <br>**Search** | **X** | **Y** | **Z** |
| 1 | 150 | 210 | 15 |
| 2 | 300 | 420 | 30 |
| 3 | 750 | 1050 | 75 |

---

Note: No rotation was applied. Minimum and maximum sample count constraints were applied per standard ordinary kriging practice.

Zones F to J were each assigned the average composite grade for TCu% and ASCu% from the drillholes passing through each zone.

11.4.2.5 Bulk density

Bulk density measurements were collected from 432 samples of core drilled from 2011 to 2013. Small pieces of core of approximately 4 cm x 4 cm x 4 cm were weighted at the Nchanga analytical laboratory.

Bulk density was reported by lithology, see Table 11.19. Bulk density was assigned based on the mean value for each lithology.

Table 11.19 Bulk density by lithology – COP E Ext

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lithology** | **No. of samples** | **Minimum** | **Maximum** | **Mean** | **Standard<br> Deviation** | **Coefficient of<br> Variation** |
| UHW | 111 | 1.86 | 3.30 | **2.46** | 0.26 | 0.11 |
| UBS | 34 | 2.28 | 3.15 | **2.50** | 0.15 | 0.069 |
| TFQ | 40 | 2.06 | 2.88 | **2.39** | 0.15 | 0.06 |
| BSS | 138 | 1.84 | 2.83 | **2.40** | 0.19 | 0.08 |
| LBS | 52 | 1.98 | 3.20 | **2.37** | 0.21 | 0.09 |
| ARK | 38 | 2.02 | 2.91 | **2.59** | 0.14 | 0.05 |
| BAS | 11 | 2.46 | 2.97 | **2.77** | 0.15 | 0.06 |

---

Source: KCM, 2026.

11.4.2.6 Estimation validation

Estimation validation was undertaken by visual comparison of drillholes versus the grade estimation, and by swath (moving average) plots.

Visual inspection between individual drillholes and the block grade estimate show a reasonable correlation for both TCu% and ASCu% grades.

Swath plots spaced approximately every 90 m in Zone A. Swath plots for Zone A for TCu% and ASCu% are shown in Figure 11.30. Mean grades of the drillhole data and block model were also compared, Table 11.20.

The average TCu% composite versus block estimate is between 1% and 0.5% TCu difference. This is an average 15% difference in TCu%. Generally, the composite sample grade is lower than the block model grade. Some of the higher-grade composites have been smeared. The same relationship is shown in the ASCu% estimation.

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Figure 11.25 Swath plots – COP E Ext

![](ctm005_ex96-1img071.jpg)

Source: KCM, 2026.

The mean grades of the drillhole data versus block model show the block model grades are slightly higher with less variation than that represented in the drillhole data.

Table 11.20 Drillhole versus block model mean grades – COP E Ext

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Data** | **Data** | **Data** | **Data** | **Block estimates** | **Block estimates** | **Block estimates** | **Block estimates** | **Block estimates** |
| <br>**Field** | **Minimum** | **Maximum** | **Mean** | **Stand.<br> Dev.** | **Minimum** | **Maximum** | **Mean** | **Stand. <br> Dev.** | **% <br> difference** |
| % TCu | 0.18 | 14.80 | 2.56 | 2.20 | 0.93 | 8.47 | 2.61 | 1.19 | 2.0% |
| % AsCu | 0.04 | 8.32 | 0.56 | 1.08 | 0.07 | 2.81 | 0.57 | 0.43 | 1.8% |

---

11.4.2.7 Classification criteria

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density

· Data quality

· Estimation quality

· Proximity of mineralisation to surface

QAQC for data from the 1980's is not available the QAQC for the 2011 to 2013 drilling is reasonable. Historic drillholes that do not align geologically have been removed from the interpretation and estimation.

A cut-off grade for the Mineral Resource of 1.10% TCu has been derived, using a metal price of US$10,000/t Cu, in conjunction with typical historic mining modifying factors and concept level mine designs. For further information see Section 13 to Section 19.

Zones E to J are not considered to have potential for eventual economic extraction due to their relative size and the spatial location in relation to Zones A to D and were not included in the Mineral Resource estimate.

The well-informed portion of Zone A is classified as Indicated. The peripheral edges of Zone A and surrounding Zone B, C, and D are classified as Inferred, see Figure 11.31.

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Figure 11.26 Plan view of the Mineral Resource classification – COP E Ext

![](ctm005_ex96-1img072.jpg)

Source: KCM, 2026.

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Ordinary kriging was used to estimate Zones A to E using three search passes (refer Table 11.17). Blocks within Zone A estimated during the first search pass (search ellipse 150 m × 210 m × 15 m) are classified as Indicated, reflecting adequate drillhole coverage and reasonable estimation validation with a mean grade difference of approximately 2% between composites and block model estimates (refer Table 11.19). Blocks within Zone A estimated only in the second or third search passes (extending to 300 m × 420 m × 30 m and 750 m × 1,050 m × 75 m respectively), and all blocks within Zones B to E, are classified as Inferred, reflecting wider drill spacing and lower estimation confidence. Zones F to J were assigned the average composite grade from passing drillholes rather than by kriging interpolation, reflecting insufficient data density for geostatistical estimation; these zones are accordingly classified as Inferred. Zones E to J have been excluded from the Mineral Resource estimate due to insufficient potential for economic extraction relative to their spatial position. Resource classification upgrades are achievable through infill drilling within Zones B to D to within the first search pass criteria.

Studies are ongoing to assess future mining methods.

11.4.2.8 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The COP E Extension mineral Resource is classified into an Indicated and Inferred Mineral Resources.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

The classification of Inferred, with the wide drill data spacing, is supported via a good understanding of the geological and grade continuity observed from drilling and the extensive mining history.

The upgrade in the classification of the Mineral Resource from Inferred through to Measured represents an increased understanding of the items that materially impact geological variability. This results in minimisation of uncertainty and reduced risk.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing, for COP E Extension this will come from the resource infill and extension drilling programs.

11.4.2.9 Mineral Resource estimate

The Mineral Resource estimate (using a 0.9% TCu cut-off grade) for COP E Ext is shown in Table 11.21. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence.

Table 11.21 Mineral Resource COP E Extension – 1 April 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off<br> TCu%** | **Tonnes**<br> **(Mt)** | **TCu %** | **ASCu %** | **Cu (kt)** | **TCo %** | **Co (kt)** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 0.9 | 13.1 | 2.63 | 0.51 | 345 |  |  |
| **Measured + Indicated** | 0.9 | 13.1 | 2.63 | 0.51 | 345 |  |  |
| Inferred | 0.9 | 9.4 | 2.35 | 0.51 | 221 |  |  |
| **Total** |  | **22.5** | **2.51** | **0.51** | **566** |  |  |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Approximately 42% of COP E Extension Mineral Resources are classified as Inferred (9.4 Mt of 22.5 Mt).
Inferred Mineral Resources are considered too geologically speculative to have modifying factors applied to them that would enable them
to be classified as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted
to Measured or Indicated Mineral Resources with additional exploration.

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· A geological cut-off grade of 0.9% TCu has been derived using a metal price of US$10,000/t Cu, in conjunction
with typical historic mining modifying factors and concept-level mine designs.

· Point of reference: In situ material.

· Metallurgical recovery: Concentrator 56% Cu; Smelter 98.1% Cu; Concentrate Payable Cu 96.8%.

· Processing route: Nchanga Concentrator → Nchanga Smelter → Nkana Refinery.

· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

11.4.3 Tailings dams TD03 and TD04

Flotation tailings from Nchanga concentrators have been treated in a copper solvent extraction–electrowinning tailings leach plant (TLP) since 1974.

The tailings dams were originally identified as having a large resource of oxide copper mineralisation that has the potential to provide material that could be used to partially neutralise excess acid from sulfur dioxide capture at the smelter. With the sulfuric acid produced from smelting off-gas capture being consumed by the TLP leach circuits, improving site-wide acid balance.

A modern expansion of the TLP was commissioned in 2012.

TD03 and TD04 contain tailings material from the Nchanga concentrators that was originally sourced from multiple Nchanga deposits.

11.4.3.1 Data

In September 2000, 1,645.5 m representing 78 drillholes were drilled at TD03 and 1,090.5 m representing 64 drillholes were drilled at TD04.

The drilling method, sample preparation and analysis, and QAQC are reported in Sections 7.2, 8.2 and 8.6.2 respectively.

Pulp rejects were composited into a four-drillhole grid pattern for leach tests. KCM Nchanga analytical laboratory completed the leach tests at 25°C to determine gangue acid consumption (GAC).

11.4.3.2 Generation of volume / tonnage and grade

Histograms of the 3 m samples indicate a largely normal grade distribution with a small higher-grade tail for the total copper mineralisation within TD03.

Table 11.22 Summary statistics total copper tailings dam samples

---

| | | |
|:---|:---|:---|
| **Total copper (%)** | **TD03** | **TD04** |
| Number of Samples | 538 | 394 |
| Minimum | 0.06 | 0.07 |
| Maximum | 1.27 | 1.61 |
| Mean | 0.71 | 0.62 |
| Median | 0.71 | 0.61 |
| Mode | 0.73 | 0.57 |
| Standard Deviation | 0.16 | 0.17 |
| Variance | 0.026 | 0.028 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.0137 | 0.017 |

---

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Table 11.23 Summary statistics acid soluble copper tailings dam samples

---

| | | |
|:---|:---|:---|
| **Acid soluble copper (%)** | **TD03** | **TD04** |
| Number of Samples | 509 | 344 |
| Minimum | 0.23 | 0.16 |
| Maximum | 1.06 | 1.49 |
| Mean | 0.52 | 0.44 |
| Median | 0.51 | 0.40 |
| Mode | 0.49 | 0.42 |
| Standard Deviation | 0.15 | 0.19 |
| Variance | 0.02 | 0.04 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.013 | 0.019 |

---

TD03 and TD04 dam surface profiles were digitised from the Nchanga topographic survey and updated with the drillhole collar spot heights. The pre dam surface topographic profile was used as the based and three-dimensional shells of the volume were created.

Small trenched were dug at both TD03 and TD04 to collect samples for bulk density determination. Samples represented the upper unconsolidated material only. Values measured range from 1.1 to 1.3 t/m<sup>3</sup>. This value is lower than anticipated, with a historical value of 1.55 t/m<sup>3</sup> used to convert the tailings dam volume to a mass.

11.4.3.3 Mining, processing, and recovery

Mining of TD03 is generally via hydraulic mining. Current mining is of the coarser beached tailings material is by excavator.

Recovery of tailings at the Nchanga TLP in 2024 was 78.3% from acid soluble copper. Combined with the low recovery from non-acid soluble copper this equates to 37% recovery for total copper.

An elevated temperature leach upgrade for the Nchanga TLP is proposed. This will increase the acid soluble recover by approximately 20%. With the total copper recovery proposed to increase to 67%.

Noting the Nchanga TLP treats all tails from Nchanga concentrate and not just material from the tailings dams.

11.4.3.4 Classification criteria

Material within TD03 and TD04 has been classified as Indicated on the basis of systematic drilling on a nominal 150 m × 150 m grid using 50 mm auger drillholes sampled on 1.5 m intervals, analytical data quality (538 samples for TD03 and 394 samples for TD04 for total copper; refer Table 11.21 and Table 11.22), gangue acid consumption sampling on an effective 300 m × 300 m grid, metallurgical test work on samples from both deposits, and reconciliation against ongoing Nchanga TLP production from TD03. The dam surface profiles were digitised from topographic survey data updated with drillhole collar spot heights and three-dimensional shells created from pre-dam topographic profiles, supporting confidence in the tonnage estimate. All material within the defined tailings dam boundaries is classified as Indicated; no Inferred classification has been applied, reflecting the relatively homogeneous grade distribution and adequate drill coverage across both deposits.

No cut-off grade has been applied as all material will be required to be processed.

TD03 is being processed through the Nchanga TLP. The processing and economic outcomes described within the report underpin support for the eventual economic extraction of the tailing's material.

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11.4.3.5 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The TD03 and TD04 Mineral Resources are classified as an Indicated Mineral Resources.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

11.4.3.6 Mineral Resource estimate

TD03 is currently in production, with tailings recovered by hydro sluicing and excavator. The Mineral Resource estimates for TD03 and TD04 are tabulated in Table 11.24.

Table 11.24 Mineral Resource TD03 and TD04– 1 April 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Classification** | **Cut-off** <br> **TCu (%)** | **Tonnes**<br> **(Mt)** | **TCu%** | **ASCu%** | **Cu (kt)** | **TCo%** | **Co (kt)** |
| TD03 | Indicated | 0.0 | 3 | 0.75 | 0.60 | 21 | 0.01 | 1 |
| TD04 | Indicated | 0.0 | 22 | 0.62 | 0.42 | 134 | 0.03 | 6 |
| **Total** | **Indicated** |  | **25** | **0.63** | **0.44** | **156** | **0.03** | **6** |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· No cut-off grade has been applied; as TD03 and TD04 are existing tailings storage facilities being reclaimed
in their entirety, conventional cut-off grade methodology is not applicable.

· TD03 ASCu% reflects the remaining inventory as at 1 April 2026 following reclamation of higher-grade ASCu
material since 2021; refer to Table 13.20.

· Point of reference: In situ material.

· Metallurgical recovery: TD03 and TD04 are processed through the existing Nchanga TLP under ambient (conventional)
leach conditions during the approximate three-year reclamation period prior to the proposed Elevated Temperature Leach retrofit. Acid
soluble copper (ASCu) recovery is 74.8%, derived from the 10-year historical average TLP performance (2010–2019, excluding the 2020–2024
period of operating and financial constraint) and consistent with FY2025/26 actual performance (refer to Table 10.2 and Section 10.4.2).
Total copper (TCu) recovery to cathode is approximately 48.5% (refer to Section 10.4.2 for the recovery basis).

· Cobalt is present in situ but is not recovered in the TLP electrowinning process. Cobalt grades are reported
for geological completeness; no cobalt revenue is attributed to TD03 or TD04 in the economic analysis.

· Processing route: Nchanga TLP → Copper cathode.

· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

11.4.4 Tailings dam TD05 (Muntimpa)

Flotation tailings from Nchanga concentrators have been treated in a copper solvent extraction–electrowinning tailings leach plant (TLP) since 1974.

The tailings dams were originally identified as having a large resource of oxide copper mineralisation that has the potential to provide material that could be used to partially neutralise excess acid from sulfur dioxide capture at the smelter. With the sulfuric acid produced from smelting off-gas capture being consumed by the TLP leach circuits, improving site-wide acid balance.

A modern expansion of the TLP was commissioned in 2012.

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TD05 tailings dam contains tailings material from the Nchanga concentrators and TLP, which was originally sourced from across multiple Nchanga deposits. Deposition of tailings in TD05 tailings dam commenced 1980, prior to the 2012 modern expansion of the TLP. From the 1980's to the mid 2000's the annual average tailings grade was around 1% TCu. Mid-2000's onward the annual average tailings grade reduced to range from approximately 0.5% to 0.7% TCu, post the introduction of the updated TLP circuit. TD05 is an active tailings dam, with the ongoing receipt of tailings from Nchanga TLP.

It is proposed that copper form the tailings material at TD05 can be treated via the TLP and proposed ETL.

The license boundary hosting TD05 (7075-HQ-LML) is shown in yellow in Figure 11.27. In the lower left (west) TD05 crosses the license boundary onto the adjacent license.

11.4.4.1 Data

There are 245 drillholes in the TD05 geological database. All holes were drilled in 2025. The drilling method, sample preparation and analysis, and QAQC are reported in Sections 7.2, 8.2 and 8.6.3 respectively.

Figure 11.27 shows the drilling at TD05 coloured by drill program type. Pattern drilling is nominally spaced at 125 m by 125 m in easting and northing respectively. Drilling locations were largely determined by the current location of tailings placement, and compaction and potential for liquefaction ensuring personal and equipment safe operations.

Figure 11.27 Drillhole location plan – TD05

![](ctm005_ex96-1img073.jpg)

Note: Image as at October 2024, the pooled water in the south has been largely pumped to the northeast discharge area.

Source: ABGM, 2026.

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11.4.4.2 Generation of volume / tonnage

A natural pre-depositional 1970's topographic surface has been used to make a digital basement file. This data is without the survey method or source of data.

A LiDAR generated topographic surface has been used to create an upper limit and surface for TD05.

A discrepancy between the location of the original surface and the points of intersection between the tailings and the basement material from the drillhole data has been identified. An updated basement surface was generated in Datamine StudioRM using the contact points in the drillholes where drilling coverage was good, and using the original surface points where drilling was sparse

A closed solid, created from LiDAR generated topographic surface and the updated basement surface has been generated.

The final TD05 solid wireframe has a volume of 372,167,733 m<sup>3</sup> and an average vertical thickness of 26 m, ranging from 0 m to a maximum of 67 m, see Figure 11.28.

Figure 11.28 Histogram of vertical thickness from drilling -TD05

![](ctm005_ex96-1img074.jpg)

Source: ABGM, 2026.

A loss factor of 5% has been used in estimating the Mineral Resource tonnage due to the requirement to undertaken validation on the position of the natural surface/base of tailings dam and the as yet unknown requirement to leave material in proximity to dam walls due to the dam not being as aged or compacted as TD03 and TD04.

11.4.4.3 Statistics and compositing

The majority of raw sample intervals are 1 m in length. Samples were composited to 2 m, with residuals excluded. Statistical results indicate no bias in excluding residuals, see Figure 11.29 and Figure 11.30 for TCu% and ASCu% respectively.

Figure 11.31 show a moderately strong relationship between TCu% and ASCu% copper. The more samples demonstrating the same relationship in the scatterplot, the hotter the colours.

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Figure 11.29 Histogram composite samples TCu% - TD05

![](ctm005_ex96-1img075.jpg)

Source: ABGM, 2026.

Figure 11.30 Histogram composite samples ASCu% - TD05

![](ctm005_ex96-1img076.jpg)

Source: ABGM, 2026.

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Figure 11.31 Correlation between TCu% and ASCu%- TD05

![](ctm005_ex96-1img077.jpg)

Note: In the right-hand scatterplot the more samples stacked on each other, the hotter the colour.

Source: ABGM, 2026.

Historic annual average tailings grade data indicate TCu% grades have at times been in excess of 1% TCu during the early stages of dam building. The composited drillhole data for TCu% and ASCu% exhibit a very small high-grade tail, see Figure 11.29 and Figure 11.30 respectively. A top-capping assessment was completed, with top-caps applied to both TCu% and ASCu%, see Table 11.25. This resulted in four TCu% and five ASCu% samples being capped at 0.94% TCU and 0.59% ASCu.

Table 11.25 Top-caps – TD05

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Variable** | **Statistic** | **Raw** | **Capped** | **Change %** | **Nominal** |
|  | Maximum | 1.06 | **0.94** | -10.98 |  |
|  | Arithmetic mean | 0.55 | 0.55 | -0.02 |  |
|  | Standard deviation | 0.53 | 0.53 | -0.01 |  |
| TCu | CoV | 0.14 | 0.14 | -0.23 |  |
|  | Uncapped samples | 2755 | 2751 | -0.21 |  |
|  | Top-cap value percentile |  |  |  | 99.85 |
|  | Samples capped |  |  |  | **4** |
|  | Maximum | 0.73 | **0.59** | -19.62 |  |
|  | Arithmetic mean | 0.31 | 0.31 | -0.04 |  |
|  | Standard deviation | 0.08 | 0.08 | -0.59 |  |
| ASCu | CoV | 0.26 | 0.26 | -0.55 |  |
|  | Uncapped samples | 2755 | 2750 | -0.18 |  |
|  | Top-cap value percentile |  |  |  | 99.82 |
|  | Samples capped |  |  |  | **5** |

---

Source: ABGM, 2026.

Variography was completed in Datamine StudioRM. A lag of 125 m was used in the major and semi-major directions, and 2 m in the minor. Because of the layered delta like nature of deposition and expected continuity, the variograms had no dip and the major direction had an azimuth of 0°/180° (north-south).

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The experimental variograms displayed zonal anisotropy in the minor (vertical) direction. The last structure was given an exaggerated range to optimize the fit, with the search ellipsoids' dimensions in the minor direction set to the preceding structure's range.

Table 11.26 Variogram models – TD05

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 1** | **Structure 2** | **Structure 2** | **Structure 2** | **Structure 2** | **Structure 3** | **Structure 3** | **Structure 3** | **Structure 3** |
| <br>**Element** |<br>**Nugget** | **Sill** | **Major** <br> **(m)** | **Semi<br> Major** <br> **(m)** | **Minor** <br> **(m)** | **Sill** | **Major** <br> **(m)** | **Semi<br> Major** <br> **(m)** | **Minor** <br> **(m)** | **Sill** | **Major** <br> **(m)** | **Semi<br> Major** <br> **(m)** | **Minor** <br> **(m)** |
| TCu | 0.00183 | 0.00165 | 134.9 | 159.9 | 5 | 0.00742 | 135 | 160 | 28 | 0.00745 | 1260 | 950 | 300 |
| ASCu | 0.000744 | 0.00355 | 130 | 130 | 17.5 | 0.00239 | 1600 | 1000 | 130 |  |  |  |  |

---

Source: ABGM 2026

11.4.4.4 Block model and estimation parameters

Search ranges are aligned with the variogram model orientations and ranges, Table 11.27. A maximum of three samples were allowed from any one drillhole. No octant searching was used.

Two search passes were used. The second search pass was twice the range of the first search pass. The first passed estimated grade to 99.6% of blocks.

Table 11.27 Search orientation and ranges – TD05

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Search pass 1** | **Search pass 1** | **Search pass 2** | **Search pass 2** |
| <br>**Variable** |<br>**Major<br> Azimuth: 0°<br> Dip: 0°<br> (m)** |<br>**Semi-major<br> Azimuth: 90°<br> Dip: 0°<br> (m)** |<br>**Minor<br> Azimuth: 0°<br> Dip: 90°<br> (m)** | **Minimum <br> samples** | **Maximum <br> samples** | **Minimum <br> samples** | **Maximum <br> samples** |
| TCu | 1260 | 950 | 28 | 5 | 15 | 5 | 20 |
| ASCu | 1600 | 1000 | 17.5 | 5 | 15 | 5 | 20 |
| TCo | 1000 | 1500 | 30 | 5 | 15 | 5 | 20 |
| ASCo | 1000 | 1500 | 30 | 5 | 15 | 5 | 20 |

---

Note: Seach pass two was twice the dimensions of search pass one.

Source: ABGM 2026

The block model was constructed with orthogonal parent block dimensions of 50 m in easting, 50 m northing and 2 m vertical direction, with subcelling to better fill the solids edges and upper surface. The small vertical parent block dimension better reflects the lateral deposition of the tailings.

TCu% and ASCu% were estimated with ordinary kriging (OK). TCo% and ASCo% were estimated with inverse distance weighting to the power of four, equivalent to the nearest neighbour estimation method.

Estimation was by parent block estimation, with discretization set to 10 by 10, in easting and northing respectively.

In areas with no or limited drilling negative kriging efficiency was produced indicating that the estimation in these areas should not be relied on. This is due to sparse widely spaced data. In these areas the grade estimation was manually reset to sample composite mean of 0.548% TCu and 0.31% ASCu. These areas are all within the Inferred classification.

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11.4.4.5 Bulk density

TD05 is an active dam with additional tailings being added daily. Annual statements of material incorporated into TD05 since construction provide an indication of the quantum of material present. Both wet and dry bulk density test work was completed in late 2025. The dry samples are not representative of compacted aged tailings as they were collected from the top of the dam within 1 m of surface. The wet samples are useful for processing and materials handling purposes but not the estimation of tonnage. Additional density samples are required to be collected from within the tailings profile at depth.

The rounded arithmetic average of dry bulk density test work for the late 2025 dry bulk density samples is 1.2 t/m<sup>3</sup>, which has been used to covert volume to dry bulk tonnage.

For further information on bulk density see Section 8.2.2.4.

11.4.4.6 Estimation validation

Multiple validation methods were used including: visual inspection, statistical comparison, and swath/moving average plots.

The block model volume and solid volume have a 0.0006% difference in volume, indicating the solid has been optimally filled.

Ideally parent blocks would be closer in size to the drill spacing of 125 m by 125 m, to reduce potential for conditional bias, that is the over estimation and smoothing of both low and high-grade end members. As all material is proposed to be processed via the TLP and ETL the Mineral Resource will not be subject to cut-off grade optimisation or selectivity analysis consideration of conditional bias is less important.

Cobalt is not recovered in the TLP electrowinning process, it is included for completeness.

Figure 11.32 shows a cross section of the drillholes and grade estimation coloured for TCu%, with the drillholes at approximately 125 m spacing.

Figure 11.32 Cross section of TCu% grades in drillholes and estimated block model – TD05

![](ctm005_ex96-1img078.jpg)

Source: ABGM 2026, modified AMC 2026.

A statistical comparison of the Indicated only material is shown in Figure 11.33. The estimation shows grade smoothing with an over estimation of lower grade and under estimation of higher grade TCu. The mean values compare well. ASCu% drillholes and block model exhibit similar a statistical comparison.

Swath plots illustrated the expected smoothing, but major biases were not apparent. Swath plots for TCu% and ASCu% are shown in Figure 11.34 and Figure 11.35.

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Figure 11.33 Statistical comparison of drillholes and block model – Indicated only – TD05

![](ctm005_ex96-1img079.jpg)

Source: ABGM 2026.

Figure 11.34 Swath plot TCu% in 124 m slices – TD05

![](ctm005_ex96-1img080.jpg)

Source: ABGM 2026.

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Figure 11.35 Swath plot ASCu% in 124 m slices – TD05

![](ctm005_ex96-1img081.jpg)

Source: ABGM 2026.

11.4.4.7 Classification criteria

Material within TD05 has been classified as Indicated and Inferred. No cut-off grade has been applied as all material will be required to be processed. Material located outside of the current mining license (7075-HQ-LML), approximately 1 Mt, is excluded from the Mineral Resource, see Figure 11.27 for location of this material.

The Indicated classification is based on systematic drilling on a nominal 150 m by 150 m grid in easting and northing, with drillholes sampled on 2 m sample intervals. The natural surface/base of the tailings dam is historic data at a low resolution. The base surface has been updated with the 2025 drill results. The historic surface requires follow-up, potentially using seismic to provide a more detailed surface. Analytical QAQC results although identifying a bias in the high-grade CRM samples, which was investigated and understood, are of reasonable quality. A volume was derived and grade estimated using standard techniques. Note the use of a 5% loss on tonnage to allow for investigations of the buttress thickness and natural surface/basement of tailings. The dry bulk density used aligns with the results of the test work completed. The bulk density applied is lower than that used in TD03 and TD04 where the material is more aged and compacted. Dry bulk density samples for TD05 are not considered to be representative of the variety of material from compacted to recent in the dam. Bulk density requires further work.

TD05 is to be processed through the Nchanga TLP and planned ETL. The processing and economic outcomes described within the report underpin support for the eventual economic extraction of the tailing's material.

The application of the classification is shown in plan view in Figure 11.36 which also shows a blue areas that contains approximately 1 Mt of material comprised of dominantly buttress material that is located on the adjacent lease to the west. As this material is not on the Nchanga license 7075-HQ-LML it is not part of the reported Mineral Resource for TD05.

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Figure 11.36 Plan view of the Mineral Resource classification – TD05

![](ctm005_ex96-1img082.jpg)

Source: AMC 2026.

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11.4.4.8 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.

The TD05 Mineral Resource is classified as an Indicated and Inferred Mineral Resource.

Mineral Resource estimates may be materially affected by the quality of data, natural geological variability of mineralisation, metallurgical recovery, and the accuracy of the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining and processing costs.

The classification of Inferred, with the wide drill data spacing, is supported via a good understanding of the geological and grade continuity observed from drilling and the extensive mining history.

The upgrade in the classification of the Mineral Resource from Inferred through to Measured represents an increased understanding of the items that materially impact geological variability. This results in minimisation of uncertainty and reduced risk.

Resource classification upgrades are achieved through increasing geological understanding by:

· Reducing drillhole spacing within the existing deposit extent.

· Increasing the understanding of bulk density.

· Increasing the understanding of the buttress dimensions and natural floor surface location.

For TD05, this will be achieved through the planned infill drilling programs (refer Section 23) and test work, which are intended to upgrade Inferred Mineral Resources to Indicated classification.

It is not anticipated that the license status of this small area in the west of TD05 would not, over the medium term, materially impact the likelihood of TD05 progressing to a Mineral Reserve.

11.4.4.9 Mineral Resource estimate

TD05 is an active tailings dam receiving tailings from the Nchanga TLP. The Mineral Resource estimate for TD05 is shown in Table 11.28.

Table 11.28 Mineral Resource TD05 – 1 April 2026

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cut-off** <br> **TCu%** | **Tonnes <br> (Mt)** | **TCu %** | **ASCu %** | **Cu (kt)** | **TCo %** | **Co (kt)** |
| Measured |  |  |  |  |  |  |  |
| Indicated | 0.0 | 198 | 0.55 | 0.31 | 1091 | 0.02 | 44 |
| **Measured + Indicated** | 0.0 | 198 | 0.55 | 0.31 | 1091 | 0.02 | 44 |
| Inferred | 0.0 | 225 | 0.53 | 0.3 | 1180 | 0.02 | 49 |
| **Total** |  | **423** | **0.54** | **0.3** | **2272** | **0.02** | **93** |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· No Mineral Reserves are declared as part of this Initial Assessment. Mineral Resources are reported in
their entirety.

· Classification in accordance with S-K 1300.

· Approximately 53% of the TD05 Mineral Resources are classified as Inferred (225 Mt of 423 Mt). Inferred
Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty
that Inferred Mineral Resources will be converted to higher confidence categories with additional exploration.

· No cut-off grade has been applied; as TD05 is an existing tailings storage facility being reclaimed in
its entirety, conventional cut-off grade methodology is not applicable.

· Point of reference: In situ material.

· Metallurgical recovery — Nchanga TLP processing routes: Recovery assumptions vary by deposit and
processing route. TD03 and TD04 — existing Nchanga TLP, ambient leach: 74.8% ASCu recovery, equivalent to approximately 48.5% TCu
recovery to cathode. TD05 — processed through the existing Nchanga TLP (retrofitted with elevated temperature leach) under both
the M&I Case and the Full Resource Case; under the Full Resource Case, the additional TD05 throughput required to process the larger
Mineral Resource scope is also processed through the proposed TLP 2 facility (refer Section 14.5), with both plants operating in parallel
and using elevated temperature leach. TCu recovery to cathode is determined by feed grade per Section 10.4.4.5 and capped at 82% for TCu
grades above 1.5%. Case-level blended TCu recoveries to cathode are reported in Table 1.13 and Table 19.2 (66.8% Full Resource Case; 56.7%
M&I Case) and reflect the deposit mix, feed scheduling, and the timing of the elevated temperature leach upgrade.

· Cobalt is present in situ but is not recovered in the TLP electrowinning process. Cobalt grades are reported
for geological completeness; no cobalt revenue is attributed to TD05 in the economic analysis.

· Processing route: Nchanga TLP → Copper cathode.

· Tonnage and grade are rounded; this may result in minor computational discrepancies.

· Mineral Resources are 100% attributable to KCM.

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11.5 Qualified Person's opinion

It is the QP's opinion that the Konkola Mineral Resource block models are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to Measured, Indicated, and Inferred confidence levels.

The Nchanga assets COP DF and COP E Extension informing data has been collected at different historic times, much in the absence of rigorous QAQC, and as a result not all input data is of the same quality. However, mining and processing has successfully been undertaken at both COP DF and COP E Extension in areas based on historic data. This does not wholly negate future uncertainty and additional drilling via select twin holes would be useful to verify some areas with older data. The grade estimation block models although created using all available data should be updated to include lithological interpretations (where absent) and consider the use of new estimation techniques. It is the QP's opinion that while there is room for improvement the resource estimations for the Nchanga assets COP DF and COP E Extension are representative of the informing data and are of a suitable quality for use as the primary input for reporting the Mineral Resource estimation to Indicated, and Inferred confidence levels.

It is the QP's opinion that the TD03, TD04 and TD05 tonnage and grade are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to an Indicated and Inferred confidence level.

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12 Mineral Reserve estimates

No Mineral Reserves are declared in this Initial Assessment.

This Initial Assessment has been prepared to evaluate the economic potential of the KCM Mineral Resource base, including Inferred Mineral Resources, in accordance with Item 1302(d)(4)(ii) of Regulation S-K, Subpart 1300. An Initial Assessment is preliminary in nature and does not support the determination of Mineral Reserves.

Mineral Reserves for the KCM Integrated Operations have been separately estimated and declared in the companion Preliminary Feasibility Study Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2026), which demonstrates economic viability based exclusively on Measured and Indicated Mineral Resources after the application of modifying factors. The reader is directed to the PFS TRS for the Mineral Reserve estimate, supporting mine plan, modifying factors, and economic analysis.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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13 Mining methods

**Cautionary Statement Regarding Forward-Looking Information**

This section contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements in this section include, but are not limited to, statements regarding: planned mining methods and their expected performance; anticipated production rates, mine life, and development schedules; projected mining dilution and recovery factors; planned underground development, paste fill infrastructure, and ventilation systems; equipment fleet requirements and workforce plans; expected dewatering rates, pump infrastructure upgrades, and groundwater management; and geotechnical assumptions underpinning mine design.

Actual results may differ materially from those expressed or implied by such forward-looking statements due to risks and uncertainties including, but not limited to: variations in actual geotechnical conditions from those modelled; changes in groundwater inflow rates or failure to achieve projected dewatering capacity; delays in commissioning of the paste fill plant, 1390 mL pump station, or ventilation shaft upgrades; contractor performance and equipment productivity below plan; unforeseen geological structures or ground conditions; changes in commodity prices affecting cut-off grades; and regulatory, labour, or supply chain disruptions. See Section 2 for a comprehensive discussion of risk factors.

13.1 Introduction

KCM operates a range of mining areas across the Zambian Copperbelt. Mining methods are selected and adapted to suit the geological setting, orebody geometry, ground conditions, and infrastructure at each deposit. KCM's assets include the Konkola Mine and Nchanga mining complex (Figure 13.1).

This Initial Assessment presents a conceptual mining approach for the KCM Integrated Operations based on the full Mineral Resource inventory. The Mineral Resource base of 318.3 Mt @ 3.11% TCu supports a potential mine life of approximately 45 years, subject to conversion of Inferred Resources to higher confidence categories through continued exploration.

Production schedules for the near-term are based on the M&I Case mine plan, with longer-term production contingent on Resource conversion and infrastructure development. The two production scenarios considered in this Initial Assessment are summarised in Table 13.1.

Table 13.1 KCM production scenarios – M&I Case and Full Resource Case

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Scenario** | **Basis** | **Mined ore**<br> **(Mt)** | **Mined**<br> **grade (%)** | **TLP**<br> **feed**<br> **(Mt)** | **TLP**<br> **grade**<br> **(%)** | **Total**<br> **(Mt)** | **Integrated<br> Cu (kt)** | **Mine**<br> **life** |
| M&I Case | Measured and Indicated Resources | 29.1 | 2.89% | 224.6 | 0.56% | 253.7 | 1446 | ~15 years |
| Full Resource Case | Measured, Indicated and Inferred Resources | 253.6 | 2.90% | 473.6 | 0.57% | 727.3 | 7880 | ~45 years |

---

Note: Mined ore comprises KCM and NBU mining production (Konkola Mine plus, in the Full Resource Case, COP DF Open Pit, COP E Extension, and Nchanga Underground). TLP feed comprises reclaimed tailings from TD03, TD04, and (in both cases) the M&I portion of TD05; the Full Resource Case additionally includes the Inferred portion of TD05. Integrated Cu represents total payable copper production across all sources (mining and TLP), as reported in Table 1.13. Grades are LOM weighted averages.

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Figure 13.1 Location of KCM's Konkola and Nchanga Mining operations

![](ctm005_ex96-1img083.jpg)

Source: AMC, 2026.

As part of the KCM operations, Table 13.2 identifies the KCM operations that have been included as part of the LOM assessment.

Table 13.2 KCM LOM mining areas

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|:---|:---|
| **Mining Zone** | **Orebody** |
| Konkola Mine (Konkola Mine) | Konkola East<br> Konkola Flats<br> Konkola Extension<br> Bancroft North<br> Bancroft Central<br> Bancroft South<br> Bancroft Deeps |
| Nchanga Business Unit (NBU) | COP DF open pit (OP)<br> COP DF underground (UG)<br> COP E Ext UG<br> Nchanga UG TFQ – New West Mill<br> Nchanga UG BSS – New East Mill<br> Nchanga UG BSS – New West Mill<br> Recovery Blocks<br> Block A<br> Block K<br> Chingola B<br> Tailings reclamation (TD03, TD04, TD05) |

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13.2 Konkola Mine

The Konkola Mine is one of the deepest and most geotechnically complex underground mines in the region. Mining methods include longitudinal LHOS and panel stoping with paste fill. The operation is characterised by exceptionally high groundwater inflows (approximately 350,000 m³/day).

13.2.1 Konkola Mine - Geotechnical considerations

Two classification systems were used to assess the rock mass conditions and to develop design parameters:

· Q-system (Barton et al., 1974): Applied to assess rock mass conditions in development. This system incorporates
RQD, joint characteristics, water inflow, and stress reduction to classify rock mass quality to enable ground support type recommendations.

· Modified Q' system (Matthews et al., 1981; Potvin, 1988): Used for evaluating stope stability. This
system omits water and stress terms to focus on joint-controlled stability some 10 m either side of the orebody in the hangingwall and
footwall, for an assessment of stable stope dimension and an estimate for the potential of unplanned overbreak (ELOS).

13.2.1.1 Geotechnical domains

The orientation of the orebody and associated mining areas are aligned with the dip of mineralisation and ground conditions. The orebody dips between 35° and 70°, with an average thickness of 9 m. Konkola East and Flats orebody dips are relatively shallow with ground conditions ranging from fair to good, with localised poor-quality zones typically associated with weaker lithologies such as Unit A. The overall rock mass is competent with manageable stress levels. Ground support requirements are largely influenced by lithological variability and structural intersections. Stope stability will be influenced by the span of the relatively shallow dipping hangingwall.

The orebody steepens from Konkola Extension through the Bancroft zones. The deeper areas show greater variability in rock mass quality, ranging from very poor, particularly near faulted zones, to good. Increased stress magnitudes, rock mass relaxation, and plastic strain zones are evident at depth, especially in the hangingwall where structures intersect weaker units (e.g., Unit A and ore shale). These zones are more prone to deformation and overbreak, necessitating more robust support designs, particularly in development headings and stope hangingwalls.

Primary lithology units include:

· **Hangingwall quartzite**: Generally competent; sequence of siltstones, sandstones, and shales, with
interbedded dolomite and gabbro intrusions, localised weak zones at the contact with the ore shale, occasionally where Unit A is present.

· **Ore Shale Units A–E**: Variable siltstone unit with five subunits (A to E), with mechanical
behaviour closely tied to dip and composition. Unit A is the weakest unit, clay-altered, that behaves like a shear surface, correlating
with poor ground and higher dilution potential. Thickness increases with orebody dip; Units B–E show improved rock strength, with
Unit B being the most massive and competent. Unit D is gradational with carbonate bands, while Unit E marks the orebody top and progressively
thickens.

· **Footwall quartzite**: Generally competent quartzite; supports much of the mine's infrastructure
and comprises conglomerates, sandstones, and aquifer-hosting formations local weakness at lithological contacts.

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The mining areas and geotechnical domains are presented in the following zones outlined in Table 13.3 and Table 13.4. Figure 13.2 shows the locations of the geotechnical domains in relation to mine infrastructure. These were assessed independently from available geotechnical mapping data to determine ground conditions and support requirements.

Figure 13.2 Plan view map of the Konkola mine showing the geotechnical domains

![](ctm005_ex96-1img084.jpg)

Source: AMC, 2026.

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Table 13.3 KCM Shaft 3 summary of rock mass properties

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | &nbsp;&nbsp; **Zone** <br> **(mW)** | &nbsp;&nbsp; **Rock mass** <br> **properties** | &nbsp;&nbsp; **Hangingwall**<br> **quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RQD | 52 | 81.2 | 0 | 68 | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RMR | 67.5 | 58 | 4 | 59 | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q | 13.6 | 5.0 | 0.02 | 5.6 | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q' | - | - | - | - | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Ground water | Flowing | Flowing | Flowing | Flowing | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Stress state | Low | Low | Low | Low | &nbsp;&nbsp; Shallow dip (below 30°) uphole (panel) LHOS<br> Steep dip (above 45°) LHOS |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RQD | 80 | 24 | 0 | 31 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RMR | 60 | 57.5 | 4 | 50 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q | 6.20 | 4.80 | 0.02 | 2.12 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q' | 32.5 | 5.2 | 2.1 | 4.0 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Stress state | Low | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Fair | Fair | Poor | Poor |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RQD | 62 | 21 | 0 | 65 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RMR | 67.5 | 60 | 4 | 50 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q | 13.9 | 6.2 | 0 | 2.1 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q' | - | - | - | - |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Stress state | Low | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | poor |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RQD | 72 | 43 | 0 | 60.5 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RMR | 69 | 64 | 12 | 65.5 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q | 16.4 | 9.6 | 0 | 11.2 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q' | 11.5 | 2.7 | 0 | 3.8 - 10.6 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Ground water | Flowing | wet | wet | wet |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Stress state | Low | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Poor to good |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RQD | 61 | 43 | 0 | 51 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RMR | 64.5 | 56 | 12 | 64 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q | 10.1 | 4 | 0 | 9.6 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q' | 8.4 | 2.3 | 0 | 3.2 – 8.4 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Stress state | Low | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RQD | 61 | 43 | 0 | 51 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RMR | 64.5 | 56 | 12 | 64 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q | 10.1 | 4 | 0 | 9.6 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q' | - | - | - | - |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Stress state | Low | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | &nbsp;&nbsp; **Zone** <br> **(mW)** | &nbsp;&nbsp; **Rock mass** <br> **properties** | &nbsp;&nbsp; **Hangingwall**<br> **quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining <br> method** |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RQD | 68 | 47.5 | 21 | 56 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RMR | 67.5 | 56.5 | 5 | 64 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q | 13.9 | 4.3 | 0 | 9.6 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q' | 11.1 | 3.5 | 0 | 2.4 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Ground water | Damp / wet | Damp | Damp | Damp | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Stress state | Moderate to high | Moderate to high | Moderate to high | Moderate to high | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RQD | 86.5 | 66.5 | 0 | 72.5 |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RMR | 60 | 57.5 | 7.5 | 54.5 |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q | 6.2 | 4.8 | 0 | 3.4 |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q' | - | - | - | - |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Ground water | Damp / wet | Damp | Damp | Damp |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Stress state | Low | Low to moderate | Low | Low |  |
| &nbsp;&nbsp; KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Fair | Fair | Very poor | Poor |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RQD | 62 | 73.2 | 0 | 63 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RMR | 60 | 60 | 9.5 | 62.5 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q | 6.2 | 6.2 | 0 | 8.1 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q' | 11.1 | 3.8 | 0 | 14.6 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Ground water | Damp | Damp | Damp | Damp | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) uphole (panel) LHOS |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Fair | Very poor | Fair |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RQD | 45 | 57 | 0.2 | - |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RMR | 59 | 53 | 9.5 | 62 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q | 5.6 | 2.9 | 0 | 7.7 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q' | - | - | - | - |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Ground water | Wet / flowing | wet | wet | Wet |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Stress state | Low to moderate | Low | Low | Low |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Poor | Very poor | Fair |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RQD | 50 | 85.5 | 0 | 70 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RMR | 53.5 | 47.5 | 12 | 64 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q | 3.1 | 1.6 | 0 | 9.6 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q' | - | - | - | - |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Ground water | Flowing | wet | wet | Wet |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Stress state | Low To moderate | Moderate to high | Moderate to high | Low to moderate |  |
| &nbsp;&nbsp; KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Poor | Poor | Very poor | Fair |  |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 13.4 KCM Shaft 4 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass** <br> **properties** | **Hangingwall** <br> **Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining** <br> **method** |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RMR | 69 | 55.5 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q | 16.4 | 3.8 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Ground water | Damp | Damp | Dry | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Rockmass characterisation | Good | Poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RMR | 69 | 60 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q | 16.4 | 6.2 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Ground water | Damp / wet | Damp / wet | Dry | Damp / wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RQD | 87 | - | 20 | 75 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RMR | 76 | 59 | 17.5 | 63.5 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q | 34.8 | 5.6 | 0.1 | 9.1 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Joint Orientation | Very favourable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Ground water | Damp | Damp | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Stress state | Medium | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RMR | 76 | 57.5 | 17.5 | 60 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q | 34.8 | 4.8 | 0.1 | 6.2 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 150 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Joint Orientation | Very favourable | Fair | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Ground water | Damp | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Stress state | High | Medium | Medium | Low to moderate | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RQD | 70 | 60 | 10 | 65 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Intact rock strength (MPa) | 150 | 100 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Ground water | Dry | Dry | Dry | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Stress state | High | Medium | High | - | LHOS |
| BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |

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amcconsultants.com 187

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass** <br> **properties** | **Hangingwall** <br> **Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining** <br> **method** |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RQD | 100 | 100 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RMR | 85 | 79 | 30 | 68 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q | 91.5 | 48 | 0.2 | 14.7 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q' | - | - | - | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Joint Orientation | Favourable | Very favourable | Very favourable | Fair / Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Rockmass characterisation | Very good | Very good | Very poor | Good | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RQD | 87 | 90 | 0 | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RMR | 74.5 | 56 | 23 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q | 29.6 | 4 | 0.4 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q' | - | - | - | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Intact rock strength (MPa) | 150 | 100 | 0 | 150 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Joint Orientation | Unfavourable | Fair / Very unfavourable | Fair | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Stress state | Medium | High | Medium | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RQD | 100 | 82.5 | 0 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RMR | 67 | 55.5 | 16 | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q | 13.2 | 3.8 | 0.1 | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q' | - | - | - | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Intact rock strength (MPa) | 150 | 87.5 | 0 | 125 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Joint Orientation | Fair | Fair / Very unfavourable | Very unfavourable | Fair | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Ground water | Wet | Damp / wet | Damp | Flowing | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Rockmass characterisation | Good | Poor | Very poor | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RQD | 100 | 100 | 10 | 70 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RMR | 67 | 61 | 17.5 | 63 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q | 13.2 | 6.9 | 0.1 | 8.6 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q' | - | 19 | - | - | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Intact rock strength (MPa) | 150 | >200 | 150 | 100 | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Joint Orientation | Fair | Unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Ground water | Wet | Wet | Damp / wet | Damp / wet / drip / flow | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |

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amcconsultants.com 188

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass** <br> **properties** | **Hangingwall** <br> **Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining** <br> **method** |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RQD | - | - | - | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RMR | 66.5 | 65.5 | 23.5 | 61.5 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q | 12.5 | 11.2 | 0.1 | 7.3 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q' | - | >424 | - | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Intact rock strength (MPa) | 200 | 150 | 3 | 143 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / Unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Joint Orientation | Favourable | Very favourable | Very unfavourable | Fair / unfavourable | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass** <br> **properties** | **Hangingwall** <br> **Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining** <br> **method** |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RQD | 70 | 80 | 12.5 | 80 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q' | - | - | 0 | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Intact rock strength (MPa) | 150 | 150 | 2 | 129 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Ground water | Dry | Dry | Dry | Wet | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Stress state | High | High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RQD | 69.5 | 66 | 0 | 75 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RMR | 73 | 66.5 | 24 | 56 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q | 25 | 12.5 | 0.1 | 4 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Intact rock strength (MPa) | 220 | 200 | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Joint Orientation | Fair | Very unfavourable | - | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Stress state | - | Medium / High | High | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RQD | 69.5 | 85 | - | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RMR | 73 | 6.5 | 24 | 50 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q | 25 | 6.5 | 0.1 | 2 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Intact rock strength (MPa) | 220 | 150 | 2 | 175 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Joint Orientation | Fair | Fair / Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Rockmass characterisation | Good | Fair | Very poor | Poor | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RQD | 90 | 85 | 0 | 70 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RMR | 63 | 58 | 24 | 60 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q | 8.6 | 5 | 0.1 | 6 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Intact rock strength (Mpa) | 150 | - | 2 | 150 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Ground water | Dry / damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RQD | 90 | 82.5 | 0 | 82.5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RMR | 63 | 64.5 | 24 | 58 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q | 8.6 | 10 | 0.1 | 5 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q' | - | - | - | - | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Intact rock strength (Mpa) | 150 | 150 | 2 | 160 | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |

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| **Area** | **Zone** | **Rock mass** <br> **properties** | **Hangingwall** <br> **Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining** <br> **method** |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RQD | 25 | - | - | - | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RMR | 59.5 | 56 | 28 | 68 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q | 5.9 | 4 | 0.2 | 14.7 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q' | - | - | - | - | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Intact rock strength (Mpa) | 150 | 150 | 2.5 | >200 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Joint Orientation | Fair / unfavourable | Fair / unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Ground water | Dry / damp | Damp / wet | Dry | Wet | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Rockmass characterisation | Fair | Fair | Very poor | Good | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RQD | 78 | 100 | 35 | - | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RMR | 66.5 | 65.5 | 28.5 | 61.5 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q | 12.5 | 11.2 | 0.2 | 7.3 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q' | - | >424 | - | - | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Intact rock strength (Mpa) | 200 | 150 | 3 | 193 | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Stress state | High | High | Low | Low to moderate | LHOS |
| BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RQD | 85 | 100 | 35 | 90 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RMR | 52.5 | 65.5 | 23.5 | 56 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q | 2.8 | 11 | 0.1 | 4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q' | - | - | - | - | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Intact rock strength (Mpa) | 150 | 150 | 3 | 152 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Joint Orientation | Fair / Unfavourable | Very unfavourable | Very unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Stress state | High | High | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Rockmass characterisation | Poor | Good | Very poor | Fair | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RQD | 85 | 80 | 38 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RMR | 85 | 74.5 | 39 | 69.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q | 91.5 | 29.6 | 0.7 | 17.3 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q' | - | - | - | - | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Intact rock strength (Mpa) | >200 | >250 | 50 | 200 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Joint Orientation | Very unfavourable | Very unfavourable | Very unfavourable | Very unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Stress state | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Rockmass characterisation | Very good | Good | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RQD | 100 | 85 | 33 | 80 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RMR | 57.5 | 41 | 7 | 69 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q | 4.8 | 0.8 | 0.02 | 16.4 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q' | - | - | - | - | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Intact rock strength (Mpa) | 200 | 40-150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Rockmass characterisation | Fair | Very poor | Very poor | Good | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RQD | 24 | 65 | 33 | 57.5 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RMR | 67 | 66 | 7 | 52 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q | 13.2 | 11.9 | 0.02 | 2.6 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q' | - | - | - | - | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Intact rock strength (Mpa) | 150 | 150 | 5 | 150 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Stress state | Low | High | Medium | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Rockmass characterisation | Good | Good | Very poor | Poor | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RQD | 60 | 70 | 12.5 | 60 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | RMR | 65 | 47 | 3.5 | 45 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q | 10.7 | 1.5 | 0.01 | 1.2 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Q' | - | - | - | - | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Intact rock strength (Mpa) | 150 | 100 | 0 - 5 | 130 | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Unfavourable | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Stress state | Medium | Medium | Low | Medium | LHOS |
| BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 600 mS – 1,000 mS | Rockmass characterisation | Good | Poor | Very poor | Poor | LHOS |

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13.2.1.2 Structural geology summary

The structural framework of Konkola Mine is influenced by major regional faults, a fault series local to the mine working, and the associated minor structural features, including bedding planes and joint sets. These structures influence rock mass behaviour, stress redistribution, and excavation stability.

**Major structures**

The two principal fault systems that dominate the regional setting are the Lubengele Fault to north of Shaft 3 and Luansobe Fault to south of Shaft 1 (Figure 13.3).

Within the mine workings the major structures include the Cross Fault, a brecciated zone with gouge infill up to 2 m wide, which presents a potential risk to development due to its brittle and low-strength nature. In total, 11 significant faults have been modelled within the mine area. These structures trend northeast-southwest and exhibit steep dips, often aligning sub-parallel or oblique to the orebody. When fault orientations align obliquely or sub-parallel to excavations, it modifies stress fields, which can enhance or destabilise excavations depending on their properties and geometry. The location of the modelled faults in relation to the mine workings is presented in Figure 13.4.

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Figure 13.3 Location of regional faults within the Konkola mine area

![](ctm005_ex96-1img085.jpg)

Source: AMC, 2026.

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Figure 13.4 Location of modelled faults within mine workings

![](ctm005_ex96-1img086.jpg)

Source: AMC, 2026.

**Minor structures**

The rock mass is further subdivided by three dominant joint sets:

1 Bedding: Typically found in the ore shale with a dip range of 15<sup>o</sup> to 70<sup>o</sup> in the fold axis (nose area), and 51<sup>o</sup> to 80<sup>o</sup> is found in the fold hinges.

2 Oblique joints: Dipping from 33<sup>o</sup> to 74<sup>o</sup>, these joints trend at angles relative to bedding, with variable spacing and roughness.

3 Cross joints: Typically, steeply dipping (54<sup>o</sup> to 87<sup>o</sup>), orientated perpendicular to bedding, though often weakly developed.

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Joint characteristics vary across the mine. In the northern limb, joints are closely spaced and often partially infilled with clay or rock fragments, reducing rock mass quality. Subsidiary faults tend to follow bedding or orebody geometry and commonly intersect major faults, resulting in structurally complex zones.

13.2.2 Geotechnical considerations for mining

13.2.2.1 Stope stability and design

Stability assessed with modified stability graphs (dips 25°, 55°, 70°), resulted in generally stable, with paste backfill improving crown and hangingwall stability particularly in flatter dipping areas. Tactical pillars near major structures may be required. Stopes are to be mined and backfilled sequentially, forming sill pillars where required and cable bolt support is required in zones of variable ground or low dip. Site-specific reassessment is recommended during short-term planning using updated structural and mapping data.

13.2.2.2 Stope dilution estimation

Dilution was evaluated using the ELOS method (Clark & Pakalnis, 1997). In fair ground, ELOS estimates are low, typically 0.5-1.0 m. Increased overbreak may occur in the Extension and Bancroft North areas, or where stopes intersect major structures. Drill and blast designs should be adjusted to limit overbreak near persistent structures. In flatter dipping areas stope support is likely to be required in the hangingwall to enable mineable stope strike lengths.

13.2.2.3 Infrastructure placement

Major infrastructure, including declines, should be placed in competent footwall quartzite, maintaining a standoff of at least 20 m from major faults. Alignment should minimise intersections with faults or aquifers. Raise bore assessments are recommended for ore passes and shafts in jointed or near-surface ground.

13.2.2.4 Crown pillar and subsidence risk

Crown pillar designs consider dynamic loading, structural influence, and blasting effects. Ongoing monitoring and review of open stopes and paste backfill are advised to maintain stability.

Historic shallow mining has resulted in surface subsidence. KCM manages these risks through its Subsidence and Sinkhole Management Plan (2022), aligned with Zambian regulations. AMC recommends satellite-based monitoring for regional subsidence linked to dewatering.

13.2.3 Ground support and numerical modelling

Ground support requirements at Konkola were assessed using the Q-system and wedge analysis methods. Indicative support designs were developed for decline, level access, and ore drive dimensions under varying ground conditions. The assessment confirmed that current support standards are broadly appropriate, though cable bolting is required in areas of poor ground quality, especially where fault zones or weak units such as Unit A are encountered.

Unwedge modelling identified structurally controlled wedge failures as a potential hazard in certain development orientations. Intersection stability can be achieved with double-strand cable bolts, though high-stress areas and wide spans may require increased support or intersection redesign. Avoiding 4-way intersections at depth is advised to reduce instability risks.

Numerical modelling using FLAC3D was completed for both shallow and steeply dipping stoping zones. Results highlight stress relaxation and strain concentration around stope walls, with hangingwall displacement reaching up to 0.5 m in some areas. Plastic strain thresholds indicate that localised ground damage may occur near faults and in deeper zones, particularly where stopes or development intersect major structures.

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Stress redistribution is more pronounced in poor ground conditions, and numerical models indicate that hangingwall instability risks increase with depth. Modelling of multiple mining options shows that designs incorporating regional or central pillars offer improved stability, with central pillars performing best overall.

AMC recommends:

· Ongoing geotechnical inspections in areas approaching plastic strain thresholds.

· Calibration of models using CMS and stope performance data.

· Consideration of backfilling or sill pillars in critical zones.

· Optimisation of drilling and blasting practices to reduce overbreak.

· Implementation of a site monitoring program to track displacement and ground response.

13.2.4 Hydrogeology

13.2.4.1 Hydrology summary

The hydrogeological conditions across the KCM assets vary significantly, directly impacting dewatering strategies, groundwater inflows, and overall water management. These variations are primarily controlled by structural features, lithological permeability, and the presence of major fault and fracture networks. Regional fault systems and lithological interfaces act as primary groundwater conduits, influencing the connectivity between aquifers and mine workings.

The geological setting of the operation consists of a sequence of sedimentary and metamorphic units with varying degrees of permeability and water-bearing capacity. Structural deformation has further influenced hydrogeological conditions by creating preferential groundwater flow paths, particularly in fault zones and fractured lithologies.

The hydrogeological regime at Konkola Mine is characterised by fractured, permeable fault zones within schists and dolomites that require extensive dewatering. Less permeable lithologies such as quartzites and shales act as hydraulic barriers. Substantial historical inflows have necessitated a robust pumping system to maintain safe and efficient operations.

13.2.4.2 Aquifer parameters and testing

The following hydrogeological testing and monitoring has been established at Konkola:

· **Piezometer installation**: Monitoring wells established to measure groundwater levels and flow rates.

· **Pump testing**: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates
into mine workings. Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown
under current pumping conditions (~1,800 m³/day).

· **Water quality assessments**: Routine sampling of mine water to monitor contamination risks and compliance
with environmental standards.

Dewatering at Konkola has been on-going since the 1950s. As such, the operational data collected over more than 70 years of pumping is preferable to theoretical pump testing. Similar to most hard rock mine sites, groundwater flow is controlled by barriers (lithological contacts and structures) and conduits (cave cracks, old exploration drillholes, natural fracture zones) rather than the local-scale properties (K, T, S) of the geological formations.

The best way to assess the bulk-scale aquifer properties is to adjust the inputs to the groundwater model, which was done as part of the work in 2014. The model used 387 surface borehole records, more than 8,500 groundwater level measurements, many of which were related to underground drain hole records, flume flow records, and pumping records from all pump stations. Pumping tests were done in similar formations at a nearby site in 2001. The properties from the pumping tests were used as initial inputs to the 2014 model and were subsequently adjusted during model calibration. Hydraulic conductivity (K) values ranged from 0.7 m/d to 3 m/d. Storativity (S) values ranged from 5x10-4 to 3x10-6.

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There is currently no basis to adjust the aquifer properties that were used in the 2014 calibrated groundwater model. The only recent data is: (i) flow rates measured at the pumping stations, (ii) flow rates measured in underground drainage holes, and (iii) shut in pressures measured in underground drainage holes. All these data have been used as part of the on-going dewatering assessment. Sealed vibrating wire piezometers have been proposed as part of the hydrogeology studies going forward. In the current database, the drillholes (controlled water) only account of about 35% of the inflow, but they do show that sustained flows can be retained on the higher mine levels.

13.2.4.3 Dewatering volumes and rates

Groundwater inflows average ~350,000 m³/day, with inflows concentrated at levels 720L and 950L. Most discharge is pumped via VS1F (60%) and VS1B (30%) shafts using three main pump stations at 985L, 690L, and 370L. Future inflows are projected to increase moderately with depth.

13.2.4.4 Chingola dolomite

The Chingola dolomite is a regionally connected aquifer with a flat-water table at ~500L. Subsidence-related cracks tap into this aquifer, providing recharge to the mine. The Mwashia shale acts as a semi-confining layer (Figure 13.5).

Figure 13.5 Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left)

![](ctm005_ex96-1img087.jpg)

Source: AMC, 2026.

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13.2.4.5 Recharge

Recharge is driven primarily by rainfall, with 50–75% of mine water originating from surface infiltration and 25–50% from recirculation. Estimated recharge is ~200–300 mm/year across a 250 km² area. InSAR shows infiltration across the subsidence zone (Figure 13.6).

Figure 13.6 Subsidence area shown on InSAR ascending image

![](ctm005_ex96-1img088.jpg)

Source: AMC, 2026.

13.2.4.6 Dewatering system and boreholes

Dewatering relies on a combination of crosscut and drainage hole systems targeting both the footwall and hangingwall aquifers. Crosscuts are spaced approximately every 500 m along strike and provide access for installation of drainage holes, which are drilled upward into the hangingwall and downward into the footwall.

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A future drilling program aims to deliver ~48,000 m/year of drill length to support sustained depressurisation of the host rock. This approach will be critical to achieving pressure reductions ahead of production development and minimising water ingress into the mine workings. Drilling infrastructure is expected to include ~12 drainage holes per crosscut, with hole lengths typically between 200 to 350 m.

Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day). The low drawdown confirms regional interconnectivity of the dolomite and reinforces its role as the principal groundwater contributor to the mine system.

13.2.4.7 Water balance and groundwater model status

A numerical groundwater flow model is under development to predict future dewatering requirements and optimise water management strategies. Pending completion of this model, the following conceptual water balance is noted:

· Total average inflow: ~350,000 m³/day (current conditions, mining above 950 mL).

· Sources: Chingola dolomite (principal contributor), surface infiltration via subsidence cracks, fault-conduit
recharge.

· Short-term mining (Years 1–7): Focused on currently dewatered zones (Konkola East, Konkola Flats,
Konkola Extension) where inflows are better understood and controlled.

· Longer-term: Production from deeper zones (Bancroft sector) contingent on commissioning of the 1,390 mL
pump station. Short-term inflow spikes projected to exceed 450,000 m³/day as mine development progresses along the full 12 km strike.

The conceptual water balance diagram shown below is based on the most recent data from site. The dominant source in the water balance is the regional dolomite. The pump station capacities are shown in Figure 13.7.

Figure 13.7 Conceptual water balance

![](ctm005_ex96-1img089.jpg)

Source: AMC, 2026.

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The previous numerical model showed that a high proportion of the water can be captured on the 950L or above. The available monitoring data supports the model. The inflow data indicates it should be possible to retain about 40% of the inflow on the 950L, particularly if there is an increased density of future drainage holes. A plan has been prepared to update the 2014 numerical model. The flow rates in Table 13.5 have been predicted based on judgement following review of both the 2014 model and the most recent monitoring data from the drainage holes.

Table 13.5 Summary of water capture extrapolated over time

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 3** | **Year 6** | **Year 7** | **Year 10** | **Year 20** | **Year 30** |
| Total dewatering rate | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 430000 | 410000 | 410000 |
| Water that can be managed on 970L | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 240000 | 170000 | 170000 |
| Water to be managed on 1150L |  |  |  |  |  |  |  | 190000 | 190000 | 90000 |
| Water to be managed on 1350L |  |  |  |  |  |  |  |  | 50000 | 150000 |

---

Notes: Flow rates in m<sup>3</sup>/day, assumes no major ground collapse rapid subsidence, assumes no improvement in surface infrastructure, based on preliminary mine planning assumptions.

13.2.4.8 Water quality

The overall discharge water quality shows near-neutral pH, and major ions within target limits for both HWA and FWA. TSFs water has alkaline pH and elevated nitrate and chloride (beneficial to maintain separation of water pumped from UG from TSFs water). Total suspended solids (TSS) are the key challenge, along with potential copper and zinc levels which occasionally exceed guideline limits of 100 mg/litre.

13.2.4.9 Mine schedule and dewatering plan

Short-term mining (next 5-7 years), activities will focus on the currently dewatered zones of Konkola East, Konkola Flats, and Konkola Extension, where groundwater inflows are better understood and controlled. This allows mining to progress without requiring major new infrastructure in the immediate term. Figure 13.8 shows the currently inferred phreatic surface based on measurements from the available shut in holes. A pressure head of about 150 m (200 psi) can be inferred for the 720L.

In the longer term, production from deeper zones, particularly the Bancroft sector, will be contingent on the timely development of the 1390L pump station and associated dewatering infrastructure. This pump station is essential for enabling mining below 950L and unlocking the deeper Mineral Resources within the Bancroft sector.

Dewatering efforts must be synchronised with the mine schedule to avoid production delays and to ensure safe working conditions. As mine development progresses along the full 12 km strike of the orebody, inflows are expected to fluctuate, with short-term spikes projected to exceed 450,000 m³/day. Additional pumping capacity and infrastructure upgrades will be critical to maintaining production continuity and managing inflow variability.

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Figure 13.8 Currently inferred phreatic surface based on measurements from shut in holes

![](ctm005_ex96-1img090.jpg)

Source: AMC, 2026.

Figure 13.7 and Figure 13.8 show the planned hangingwall dewatering crosscuts located every 500 m strike length. In total, there will be about 15 dewatering crosscuts per level. Given that the main constraint on ore production has historically been slow footwall development because of water, a more systematic dewatering hole drilling plan will be required. This is currently expected to be:

· Crosscuts driven from the dewatering level towards the ore shale every 500 m spacing along strike to provide
drilling access for advanced dewatering holes.

· Drill stations will be about 100 m into each crosscut.

¾ The goal is: (i) to depressurise the crosscuts through the footwall in advance of the face, and (ii) to dewater the production development and workings in the ore shale. Given the wider spacing of the footwall dewatering crosscuts, lateral holes will also be required between the crosscuts.

¾ Most holes can be drilled at less than 45° (upward), but some holes will need to be drilled at steeper angles due to the dip of the orebody and the need to get the higher holes.

¾ For each crosscut, the budget should be about 4,000 m of drilling for the array of holes from the drill stations and any cover holes that may be required in advance of the crosscut.

· The crosscuts will be terminated about 20 m short of the ore shale (i.e. they don't go into the
hangingwall). A total of 12 drainage holes into the hangingwall is currently assumed: three at 45° up, six at 20° up, and three
flat, for a total of 4,000 m of drilling into the hangingwall. The holes would go 5-10 m past the HWA and would terminate within the Shale
with Grit.

· Drilling will be carried out at a nominal diameter of 125 mm using LM110 drills (or similar). Most hole
lengths would be between 200 and 350 m. Planning should currently assume a total of about 48,000 m per year drilling (based on six crosscuts
being advanced per year), so a minimum of three dewatering drills will be required.

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Figure 13.9 Rotated section showing the planned footwall dewatering drilling

![](ctm005_ex96-1img091.jpg)

Source: AMC, 2026.

13.2.4.10 Future dewatering rates

Planned depressurisation using crosscut-based drainage holes will enable 30–50 m pressure reduction in ~6 months with localised inflows of 45,000–60,000 m³/day. Long-term capacity must exceed current system (~360,000 m³/day), aiming for 500,000 m³/day. Current estimated inflow rates are shown in Table 13.6.

Table 13.6 Indicative future mine inflow rates for the next 7-year mine plan

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** |
| Konkola East 720L | 150000 | 170000 | 140000 | 100000 | 70000 | 60000 | 50000 |
| Konkola East 800L | 40000 | 30000 | 30000 | 40000 | 60000 | 30000 | 20000 |
| Konkola East 870L |  |  | 30000 | 30000 | 50000 | 50000 | 60000 |
| Konkola Flats 720L | 35000 | 45000 | 55000 | 50000 | 20000 | 20000 | 10000 |
| Konkola Flats 800L |  |  | 10000 | 30000 | 40000 | 50000 | 40000 |
| Konkola Flats 870L |  |  |  | 20000 | 40000 | 40000 | 60000 |
| Konkola Extension 720L | 60000 | 60000 | 40000 | 20000 | 20000 | 20000 | 10000 |
| Konkola Extension 800L |  |  | 20000 | 40000 | 40000 | 40000 | 30000 |
| Konkola Extension 870L |  |  |  | 10000 | 20000 | 40000 | 50000 |
| **Total 970L and below** | **95000** | **95000** | **95000** | **80000** | **70000** | **70000** | **90000** |
| **Total dewatering rate** | **380000** | **400000** | **420000** | **420000** | **430000** | **420000** | **410000** |

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Notes: Flow rates in m<sup>3</sup>/day. Assumes no major ground collapse or rapid subsidence.

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13.2.4.11 Pumping infrastructure – Konkola Mine

The current pumping infrastructure consists of staged systems at 370L, 690L, and 950L, with most inflows handled via VS1F and VS1B shafts. The 950L station is presently the deepest in operation. However, mining below this level, particularly in the Bancroft sector, requires the development of a new pump station at 1390L, along with new drainage drives at 1150L and 1350L, to provide the necessary dewatering capacity and operational redundancy (Figure 13.9).

Upgrades to the existing systems at 690L and 370L are required to increase the pumping rate beyond the current ~360,000 m³/day limit. Planned enhancements include additional pump columns, expansion of settlers and sumps, and optimisation of water handling networks. The target capacity is at least 450,000–500,000 m³/day to accommodate projected peak inflows and ensure resilience during high-water events or power disruptions.

Energy-efficient technologies such as variable frequency drives (VFDs) and automated pump control systems are recommended to reduce operating costs and improve performance. Redundant power supply systems, including diesel generators and ring-fed power lines, are also essential to mitigate the risks associated with load shedding and grid failure.

Emergency infrastructure includes a combination of control valves on dewatering boreholes, penstock valves, surge barriers, flood control doors, and temporary storage in haulage and drainage drives. These systems are critical for responding to short-term pump failures and allow the mine to manage water until backup systems are operational.

Figure 13.10 Konkola Mine dewatered, developed, and mined

![](ctm005_ex96-1img092.jpg)

Source: AMC, 2026.

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13.2.4.12 Konkola Mine water management infrastructure

Konkola's underground water management system incorporates a range of control and containment measures to manage inflows and ensure infrastructure protection:

· Control valves on dewatering boreholes allow water to be temporarily shut in during pump failures or power
outages. Valves are prioritised by flow rate, with higher-flow boreholes closed first. There were 48 such boreholes at 950L during the
2008 national power outage.

· Settlers and sumps provide sedimentation capacity and buffer inflows before pumping. Settlers slow flow
to drop suspended solids; sumps store water for transfer to pump stations.

· Surge barriers are temporary blockades in drainage and haulage drives to divert water from critical infrastructure
(e.g., No.1 shaft).

· Penstock valves, located near the 950L flood control door, regulate flow to downstream pumping systems
and are closed once sump capacity is exceeded.

· Flood control doors on 950L and 850L protect key pump stations during extreme inflow events. Timing of
closure is linked to available storage and system response.

· Emergency storage is provided by accessible drives on the footwall side. During major inflow events, these
areas offer temporary containment for up to ~2 hours before further controls must be activated to protect infrastructure.

13.2.4.13 Upgrade of existing pumping infrastructure

In the medium term (12-18 months), there is a need to upgrade the existing infrastructure from the current 370,000 m<sup>3</sup>/day to at least 450,000 m<sup>3</sup>/day. The upgrade works are shown in red on Figure 13.11 and should include:

· 690 mL (five additional pumps; and two to three pump columns).

· 370 mL (three Pump Columns).

· Water storage sumps and settlers, drain drives and dewatering crosscuts.

The series of projects required to complete the upgrade works will require close focus and significant financial support. The pipe columns are 500 mm in diameter and the pipe is a long-lead order item. This is an example component of the system that demonstrates the complexities that will likely be encountered whilst attempting the upgrade works.

The integration of energy-efficient technologies, such as VFDs and automated control systems, is also recommended to optimise power consumption and reduce operational costs. Such improvements would not only enhance system performance but also contribute to the overall sustainability of the mining operation.

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Figure 13.11 Dewatering schematic, with required upgrades shown in red

![](ctm005_ex96-1img093.jpg)

Source: AMC, 2026.

13.2.4.14 Risks

Due to continuous high groundwater inflows and significant pumping head, the dewatering system and associated emergency procedures must remain robust and highly reliable. Plans must account for power failures, ensuring back-up systems and clearly defined TARPs are in place.

Proactive maintenance and defined KPIs, for pump reliability, flow rates, and energy use; are essential to optimise system performance. In emergencies, short-term inflow reduction (e.g., closing dewatering valves) and underground water storage are key to preserving time for backup power restoration.

The two-day national power outage in January 2008 tested these procedures under real conditions. Groundwater inflows (~292,000 m³/day) were partially managed by closing borehole valves, temporarily reducing inflows and allowing activation of flood doors and emergency systems.

Emergency protocols should be reviewed quarterly, with audits identifying gaps and maintaining the integrity of the underground water management system. The 2008 event and subsequent outages have reinforced the importance of ongoing readiness and redundancy.

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13.2.5 Existing mining – Konkola Mine

Konkola Mine extracts ore from the Kirilabombwe anticline orebody using three principal production shafts: 1 Shaft, 3 Shaft, and 4 Shaft. These shafts support mining across two main areas referred to as the 3 Shaft and 4 Shaft mining areas. The operation commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007. While 1 Shaft remains in use for personnel and supplementary hoisting, 4 Shaft is now the primary hoisting shaft in the southern portion of the orebody.

The two mining areas are separated above the 720-m level by a geologically barren zone approximately 1.5 km wide. This zone lacks economic mineralisation and is primarily composed of unmineralised lithologies. It presents a natural boundary between the historically distinct 3 Shaft and 4 Shaft operations. Despite this separation, underground development has since connected the two areas, allowing for integrated haulage and dewatering systems.

Three principal mining methods are employed at Konkola Mine: Longhole Open Stoping, Post Pillar Cut and Fill, and a Hybrid Overcut and Bench method. The selection of each method is based on orebody dip, ore thickness, ground conditions, and infrastructure availability. These methods are applied within specific mining zones as summarised in Table 13.7. Ongoing refinement of the mining approach supports improved recovery, stability, and alignment with long-term production planning.

Table 13.7 Mining methods currently employed by mining area at Konkola Mine

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining area** | **Boundaries** | **Orebody dip<br> (<sup>o</sup>)** | **Orebody<br> thickness (m)** | **Primary mining<br> method(s)** | **Backfill** |
| Bancroft North | 1,750 – 3,000 mN | 45 to 70° | 6 to 10 m | Longhole Open Stoping (LHOS) | Planned |
| Bancroft Central | 1,000 – 1,750 mN | 45 to 65° | 5 to 9 m | LHOS | Planned |
| Bancroft Deeps | 100 mS – 1,000 mN | 55 to 70° | 6 to 10 m | LHOS | Future (awaiting infrastructure) |
| Konkola Extension | 3,000 – 4,000 mN | 25 to 50° | 5 to 10 m | LHOS, PPCF, Hybrid Overcut & Bench | Mixed (some unfilled zones) |
| Konkola Flats | 4,200 – 4,800 mN | 10 to 25° | 10 to 13 m | Post Pillar Cut and Fill (PPCF) | Active |
| Konkola East | 0 – 2,400 mW | 30 to 60° | 6 to 12 m | LHOS | Planned |

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13.2.6 Planned mining methods - Konkola Mine

Planned mining at Konkola Mine aims to progressively unlock deeper mineralised zones through staged dewatering and infrastructure upgrades. The mine will continue to rely on the application of LHOS, Post Pillar Cut and Fill (PPCF), and Modified Overcut and Bench (MOCB) methods, selected based on orebody geometry, dip, and prevailing ground conditions. These methods will be deployed in different areas of the mine according to updated geotechnical assessments and the evolving dewatering strategy.

The long-term mining vision incorporates expansion below the 1040L in the 4 Shaft area and continued extraction across dewatered sections of the 3 Shaft area. Target zones include Bancroft North, Bancroft Central, and Bancroft Deeps in the 4 Shaft area, as well as Konkola Flats, Konkola East, and Konkola Extension in the 3 Shaft area. Mining below 950L in 4 Shaft remains contingent on the commissioning of the 1390L pump station and associated infrastructure.

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Mining methods have been selected based on orebody geometry, depth, and ground conditions, with all areas anticipated to make use of variations of LHOS or panel stoping. In flatter or structurally complex areas, support-intensive approaches and paste fill are expected to be required to maintain excavation stability. Paste fill will also be used in the majority of steeply dipping zones, particularly where structural complexity is anticipated at depth. Areas accessed via Shaft 4, such as Bancroft South and Bancroft Deeps, represent the deepest high-grade targets, while Konkola East remains an exploratory and developmental area where the final mining method may vary depending on local orebody characteristics. A summary of the planned mining methods for the Konkola Mine, is provided in Table 13.8. Figure 13.12 shows a plan view isometric of the mine zones and key infrastructure .

Table 13.8 Konkola Mine mining methods

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| | | | |
|:---|:---|:---|:---|
| **Ore zones** | **Mining method** | **Summary** | **Summary** |
| Konkola East | LHOS and panel stoping | · | Exploratory / developmental area; method subject to geometry. |
| Konkola East | LHOS and panel stoping | · | Moderately to steeply dipping (50–70°) in upper / mid sections; flattens at depth (<45°). Method zoned by dip. Paste fill required for both. |
| Konkola Flats | LHOS and panel stoping | · | Flatter, bullnose geometry with variable dips. Requires zoned extraction. Central to regional stress transfer; high fill reliance. |
| Konkola Flats | LHOS and panel stoping | · | Paste fill. |
| Konkola Flats | LHOS and panel stoping | · | Likely to use support-intensive methods. |
| Konkola Extension | LHOS (Blind Stoping) | · | Steeply dipping (45–70°). Structural complexity at depth. |
| Konkola Extension | LHOS (Blind Stoping) | · | Minor folding and drag structures. |
| Konkola Extension | LHOS (Blind Stoping) | · | LHOS preferred; panel stoping possible in localised flatter areas. |
| Konkola Extension | LHOS (Blind Stoping) | · | Paste fill. |
| Bancroft North | LHOS (Blind Stoping) | · | Steeply dipping; increasing structural complexity at depth. Blind LHOS with paste fill. |
| Bancroft North | LHOS (Blind Stoping) | · | Paste fill. |
| Bancroft Central | LHOS (Blind Stoping) | · | Steep dips with structural complexity at depth. Paste fill required to manage crown and rib stability. |
| Bancroft South | LHOS | · | Zone with steepest orebody dip; high-grade target accessed via Shaft 4. |
|  |  | · | Paste fill planned. |
| Bancroft Deeps | LHOS | · | Deepest mineralised zone and high-grade target. |
|  |  | · | Paste fill recommended as mine deepens to preserve stability. |
|  |  | · | Shaft 4 access. |

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Figure 13.12 Final mine outline map - plan view showing mining zone boundaries and key infrastructure

![](ctm005_ex96-1img094.jpg)

Source: AMC, 2026.

13.2.7 Mining unit dimensions

Table 13.9 presents the typical stope dimensions for each mining method.

Table 13.9 Typical stope dimensions

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **LHOS** | **Panel stoping** | **Notes** |
| Stope strike length (m) | 20 m | 20 m | Determined by geotechnical domain and Q' stability assessment. |
| Stope height / dip extent (m) | 30 m | 5 – 10 m | LHOS: sublevel to sublevel. Panel: single cut height. |
| Stope width / orebody thickness (m) | 5–15 m (follows ore contacts + ELOS) | 15 m (follows ore contacts + ELOS) | Average ~9 m orebody thickness. |
| Hydraulic radius (m) | Approx. 3.5 m | Approx. 4.5 m | Used in Q' stability graph to assess stable span. |
| ELOS — hangingwall (m) | 0.5 | 1 | Derived from modified Q' stability assessment. |
| ELOS — footwall (m) | 0.5 | 0 | FW ELOS applied to LHOS only. |
| Sublevel interval (m) | 30 m | N/A | Determines drilling pattern and slot raise spacing. |

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13.2.8 Mining dilution and recovery factors

Mining recovery and dilution estimates at Konkola are based on AMC's use of the Equivalent Linear Overbreak / Slough (ELOS) method, which estimates undesired material loss or gain during stoping. ELOS values were derived from the modified Q' stability assessment (Section 13.2.2) and applied as follows:

· Panel stopes: ELOS of 1.0 m in the hangingwall, translating to an average planned dilution of 7.5%.

· Longhole open stopes: ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall, translating to an average
planned dilution of 9.4%.

In addition to the ELOS unplanned dilution estimate, an allowance for additional dilution of 5% has been applied to account for operational dilution, such as, backfill contamination at stope contacts, and incorporation of waste floor material during mucking.

Table 13.10 presents the total mining dilution and recovery factors applied to convert in situ Mineral Resource tonnes and grades to run-of-mine production tonnes and grades for the M&I Case mine plan.

Table 13.10 Mining dilution and recovery factors

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining method** | **ELOS Dilution<br> (Predicted<br> Unplanned<br> Dilution) (%)** | **Unplanned Dilution<br> (an allowance for<br> dilution additional to<br> ELOS (%)** | **Total<br> Dilution<br> (%)** | **Mining<br> Recovery<br> (%)** | **Dilution Grade** |
| LHOS | 9.4%% | 5% | 15% | 90% | zero-grade / country rock |
| Panel Stoping | 7.5%% | 5% | 13% | 90% | zero-grade / country rock |
| Post Pillar Cut & Fill | 7.5% | 5% | 13% | 75% | Zero |
| Ore Development | 0 | 0 | 0 | 100 | N/A |
| Waste Development | 3 | 0 | 3 | 100 | N/A |

---

Recovery factors of 90% account for losses due to stope underbreak, failed mucking, or structural failure. For ore development, 100% recovery is assumed as the full excavation profile is processed. Waste development assumes 3% dilution from incidental material incorporated during excavation.

13.2.9 Mine design

The underground mine design at Konkola incorporates a series of capital and operating developments to support LHOS and panel stoping across varying geotechnical and orebody conditions. Key development types, dimensions, gradients, and scheduling assumptions are summarised in Table 13.11.

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Table 13.11 Key development designs

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Development<br> type** | **Dimensions<br> (W x H, m)** | **Profile** | **Gradient** | **Typical length / notes** | **Rate<br> (m/month)** | **Classification** |
| Declines & Inclines | 5.5 x 5.5 | Arched 1 m | ±1:7 to ±1:8 | 500 m spacing, 60 m standoff from orebody | 50 | Capital |
| Rail & Haulage Drives | 5.0 x 5.0 | Arched 1 m | ±1:200 | One per decline loop, fed by ore / waste passes | 50 | Capital |
| Drainage Drives | 4.5 x 4.5 | Arched 1 m | ±1:200 | Linked to Shaft 4 pump system | 50 | Capital |
| Level Accesses | 5.5 x 5.5 | Arched 1 m | ±1:50 | 80–150 m (LHOS), up to 250 m (panel stoping) | 50 | Capital |
| Return Air Drives | 5.0 x 5.0 | Arched 1 m | +1:50 (or ±1:7) | T-configurations near decline access | 50 | Capital |
| Fresh Air Drives | 4.5 x 4.5 | Arched 1 m | +1:50 (or ±1:7) | Located off decline and access crosscuts | 50 | Capital |
| Stockpiles & Loading | 5.5 x 5.0 | Arched 1 m | Flat | 17.5 m (standard), 60 m (LHOS stockpiles) | 50–60 | Capital |
| Sumps | 4.5 x 4.5 | Arched 1.5 m | Flat | Two per crosscut, 12.5 m each | 50 | Capital |
| Diamond Drill Drives | 5.0 x 5.0 | Arched 1 m | Flat | 30 m every second decline loop | 50 | Capital |

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Figure 13.13 to Figure 13.14 illustrates typical loading configurations for LHOS and panel stoping areas.

Figure 13.13 Plan view of a loading level

![](ctm005_ex96-1img095.jpg)

Source: AMC, 2026.

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Figure 13.14 Isometric view of the loading system (LHOS)

![](ctm005_ex96-1img096.jpg)

Source: AMC, 2026.

In the panel stoping area in Konkola Flats, a centralised loading area has been established (Figure 13.15), with all ore to be trucked to the loading area.

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Figure 13.15 Isometric view of the loading system (panel stoping)

![](ctm005_ex96-1img097.jpg)

Source: AMC, 2026.

13.2.10 Mining operations

The Konkola Mine operation manages material movement through a structured haulage network that accommodates both ore and waste. Waste is largely hoisted to surface and processed or dumped, while ore follows designated tramming and hoisting routes to the surface concentrator. Handling systems differ by mining area and depth, reflecting the complexity of the orebody layout.

Waste rock from development headings is generally transported to surface, except for limited quantities in the Konkola Flats area. In this zone, selected development waste is temporarily deposited into open stopes and later recovered through lower access levels for use as backfill in panel stoping operations.

Across the remainder of the mine, waste is transported using the same tramming levels as ore but is segregated at tipping points. Dedicated waste tips are positioned adjacent to ore tips on the 590 mL, 875 mL, and 950 mL tramming levels. Waste is then delivered to shaft-specific passes and hoisted to surface, following this distribution:

· Waste hoisted via 3 Shaft is trucked to the 3 Shaft waste dump.

· Waste hoisted via 1 Shaft and 4 Shaft is conveyed to the 1 Shaft waste dump.

At surface, both dumps are equipped with crushing plants that process the waste rock into construction-grade aggregates for internal use or sale.

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Ore from stoping and development activities is collected using load haul dump (LHD) units and transferred to haul trucks. Trucks transport the ore to local tipping boxes positioned above the main tramming levels. From these points, the ore is transferred into rail cars and trammed to the shaft-specific tipping points for crushing and hoisting.

Material movement is dictated by both the mining area and the level of origin. Table 13.12 summarises the ore routing by area and tramming level.

Table 13.12 Materials handling locations

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mining location** | **Mining location** | **Tip location** | **Tip location** | | |
| <br>**Mining area** | **Level** | **Section** | **Level** | **Section** | **Tramming**<br>**level** | **Shaft hoisting**<br>**Route** |
|  | 610 mL | 600 mW-475 mW | 520 mL | 1,720 mW | 590 mL | 3 Shaft |
| Konkola East | 700 mL | 1,000 mW-800 mW | 520 mL | 1,865 mW | 590 mL | 3 Shaft |
|  | 760 mL | 2,200 mW-2,230 mW | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
| Konkola Flats | 760 mL | 2,520 mW-4,200 mN | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
| Konkola Extension | 825 mL | 3,700 mN-3,200 mN | 760 mL | 2,850 mN | 875 mL | 1 Shaft or 4 Shaft |
|  | 850 mL | 3,600 mN-3,645 mN | 840 mL | 3,600 mN | 875 mL | 1 Shaft or 4 Shaft |
| Bancroft North | 1,020 mL | 2,475 mN-2,440 mN | 930 mL | 2,120 mN & 2,475 mN | 950 mL | 1 Shaft or 4 Shaft |

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13.2.11 Backfill – Konkola Mine

Backfilling is a critical component of the planned mining operations at Konkola, supporting stope stability, minimising surface subsidence, and enabling safe recovery of secondary stopes. Due to historical limitations with hydraulic fill systems, AMC have recommended the following:

· AMC recommends new paste fill system to replace historic hydraulic fill due to poor recovery rates and
unreliable strength.

· A 1,180,000 m<sup>3</sup>pa paste fill system capacity, supporting Konkola East, Flats, and Extension.

A summary of the backfill infrastructure and strategic recommendations is provided in Table 13.13. The current hydraulic fill infrastructure is largely decommissioned or incomplete, with poor coarse tailings recovery previously constraining fill strength and performance. The proposed paste fill system incorporates filtration, cyclone classification, binder dosing, and dual-stage high-pressure pumping.

Table 13.13 Backfill infrastructure and strategic recommendations

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| | | |
|:---|:---|:---|
| **Element** | **Existing status** | **Recommendation** |
| East Fill Plant | Decommissioned | N/A |
| West Fill Plant | Only tanks in use | Consider rehab for Bancroft |
| Waste Rock Crusher | Incomplete | Not feasible |
| Paste Plant | Proposed at #3 Shaft | Fully new facility with tailings filtration and binder mixing |

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The system is designed to operate at approximately 72% solids content by weight, delivering paste at up to 230 m³/hr through a tandem-pump reticulation system. The estimated transit time to the furthest stopes is approximately 50 minutes. Backfill strength requirements are governed by exposure conditions and vertical stress, with unconfined compressive strength (UCS) targets ranging from 150 to 300 kPa. Geomechanical analysis confirms these values are adequate for the proposed stope geometries.

A dual-stage underground reticulation system will deliver paste from surface to production areas. Piping has been specified to meet pressure and wear requirements, with detailed routing and booster station locations defined. Flow velocities and pressure losses have been modelled using updated rheological inputs to confirm transport viability across a ~5.6 km range.

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The design also incorporates operational safeguards including in-line flushing systems, emergency sumps, and segmental reticulation control to minimise risk of paste line blockage or failure. Backfill barricades will be constructed using pre-fabricated arch kits and shotcrete. Placement will follow established sequencing, with curing periods prior to mucking secondary stopes.

Test results from 2006 indicate high binder demand when using local cement, with performance improving substantially when using higher-grade imported binders. Future test work will include updated tailings characterisation, rheology, and UCS strength analysis using current tailings output and alternative binder blends.

13.2.11.1 Paste fill geomechanics and fill strength

AMC's design follows UCS-based criteria adapted from Terzaghi, Bloss, and Grice for vertical exposures. Stope fill requirements are based on orebody dip and exposure configuration.

Stopes in the shallow-dipping Konkola Flats will be mined as primary and secondary panels, with paste filling beginning after initial extraction. Fill curing is assumed to be 28 days before recovery of secondary stopes. Based on the analysis of the Konkola test work completed in 2006, AMC recommends the cement dosing rates shown in Table 13.14, for paste fill at 72%Cw density. This test work will be repeated as soon as stable mill operations producing representative tailings size fractions are available to confirm this advice.

Figure 13.16 shows the strength calculations for a dual exposure stope and Figure 13.17 shows the strength calculations for a single exposure stope.

Figure 13.16 Target paste design strength – 2 Exposures

![](ctm005_ex96-1img098.jpg)

Source: AMC, 2026.

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Figure 13.17 Target paste design strength – 1 Exposure

![](ctm005_ex96-1img099.jpg)

Source: AMC, 2026.

The target design strengths for paste fill are summarised in Table 13.14. These are calculated with a factor of safety of 1.5 and rounded up to the next 50 kPa UCS increment.

Table 13.14 Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing

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| | | | | |
|:---|:---|:---|:---|:---|
| **Paste fill duty** | **Paste fill<br> exposures** | **Maximum vertical<br> stress (kPa)** | **Target strength<br> design (kPa)** | **Cement binder<br> dosing (%)** |
| Bulk Fill |  | 100 | 150 | 2 |
| Primary and continuous advance | One | 150 | 250 | 3.5 |
| Primary – secondary | Two | 200 | 300 | 4.0 |

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Future test work will verify binder content, investigate partial substitution using copper slag from the Chingola smelter, and refine strength / rheology parameters based on stable PSD tailings from the #4 Concentrator.

13.2.11.2 Paste fill placement and retention

Paste fill is placed using arched shotcrete barricades with standardised Doherty wall frame kits to provide structural support (Figure 13.18).

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Figure 13.18 Paste fill arched shotcrete barricades

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|:---|:---|
| **Doherty wall frame kits** | **Completed barricade** |
| ![](ctm005_ex96-1img100.jpg) | ![](ctm005_ex96-1img101.jpg) |

---

Source: AMC, 2026.

13.2.12 Ventilation – Konkola Mine

The ventilation system at Konkola Mine is essential for maintaining safe working conditions by supplying fresh air, diluting contaminants, controlling heat, and meeting regulatory standards. Airflow requirements are determined from diesel equipment usage, heat loads, depth, and mining methods. Ventilation modelling and empirical calculations were used to optimise airflow distribution.

Airway velocities must fall within defined ranges to ensure efficient airflow and manageable pressure losses. The Primary raises optimally sized at 4.5 m diameter and secondary raises at 3 m × 3 m.

Heat management is crucial due to geothermal gradients and equipment heat load. Refrigeration is required when virgin rock temperature reaches 36°C, particularly in deeper mine areas, using surface and underground cooling systems to maintain a safe environment. While immediate refrigeration may not be necessary based on current heat sources and cooling power, deeper mining may require it as virgin rock temperatures approach 36°C.

The minimum airflow requirement for diesel equipment is 0.06 m³/s per kW of engine power. The mining fleet includes cable bolters, jumbos, production loaders, and trucks, with airflow requirements per unit ranging from 1.9 m³/s to 30.8 m³/s as summarised in Table 13.15.

Table 13.15 Machine types, counts, and utilisation factors

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment description** | **Rated<br> power (kW)** | **Vent dilution<br> factor** | **Duty<br> cycle** | **Eff diesel<br> power (kW)** | **Engine Eff<br> (%)** | **Heat load<br> (kW)** | **Vent req<br> (m<sup>3</sup>/s)** |
| Sandvik DS422i Cable Bolter | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DD422i Jumbo Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DL432i Production Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik LH515i Production Loader | 268 | 0.1 | 51% | 135.7 | 90% | 122.1 | 12.2 |
| Sandvik TH663i Production Trucks | 585 | 0.1 | 58% | 342.1 | 90% | 307.9 | 30.8 |

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The primary ventilation system consists of fresh air supplied via intake shafts and exhaust air via return airways. The current performance impacted by fan maintenance of some fans. The primary ventilation system requirements are summarised in Table 13.16 and Figure 13.19.

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Table 13.16 Summary of primary ventilation airflows

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| | | | |
|:---|:---|:---|:---|
|  | **Capacity max <br> quantity<br> (m<sup>3</sup>/s)** | **Intake <br> requirements**<br> **(m<sup>3</sup>/s)** | **Variance (m<sup>3</sup>/s)** |
| Intake capacity | 2703 | 2185 | 520 |
| Return capacity | 1891 | 1456 | 435 |

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Figure 13.19 Ventilation compared to production

![](ctm005_ex96-1img102.jpg)

Source: AMC, 2026.

The future ventilation requirements for Konkola to meet production growth is necessary for sustaining planned production levels. To sustain production, a new 7.2 m diameter intake shaft and a matching return shaft are proposed.

13.3 Nchanga Operations

The Nchanga Business Unit (NBU) spans a broader range of geological variability, incorporating the following mining methods:

· Conventional open pit mining at COP DF and F Surface Pit.

· Block caving and remnant stoping in underground areas.

· Tailings reclamation from TD03 and TD04.

Active production is concentrated in two primary zones:

· COP D and F Surface Pit.

· Nchanga Underground (NUG) Inclined Block Cave, which targets the BSF and TFQ ore zones.

These operational zones are illustrated in Figure 13.15, with the NUG mine situated on the northwestern edge of the historical Nchanga Open Pit (NOP).

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Figure 13.20 NBU active production zones

![](ctm005_ex96-1img103.jpg)

Source: Google Earth, 2026 (modified).

13.3.1 COP D and F surface pit

Located approximately six kilometres southwest of the historical NOP, the COP D and F pit represents the sole active open pit operation within the Nchanga complex. This pit exploits shallow copper oxide and sulfide mineralisation along the southern limb of the Nchanga Syncline.

Mining activities follow a conventional approach, beginning with drill-and-blast techniques, followed by hydraulic shovel excavation and truck haulage. Extracted ore is transported to a nearby processing facility, while waste material is deposited in adjacent dumps.

The pit is developed through staged pushbacks and top-down benching, guided by Whittle optimisation models. The design integrates both geotechnical slope controls and hydrological management systems to ensure operational safety and efficiency. Current annual production from COP D and F is approximately 1.6 Mt of copper ore.

13.3.1.1 Geotechnical considerations

Geotechnical assessments were completed for both underground and open pit operations at Nchanga, drawing on historical ground control plans and current observations. The underground mine comprises the UOB and LOB, while open pit assessments focus on NOP Cut II and the COP DF.

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**Rock mass conditions**

Geotechnical characterisation based on Q-System and RMR classifications indicates that the LOB is generally defined by fair to very good ground conditions. Key units such as Arkose and Rhyolite-Gabbro exhibit competent behaviour, while Lower Banded Shale presents more variable quality. In the UOB, conditions are more heterogeneous, ranging from very poor to very good, depending on lithology. Particularly poor ground is associated with the Banded Siltstone Shale, while better conditions are observed in Arkose and TFQ units.

No in situ stress measurements have been conducted. However, field observations suggest that mining along strike increases joint opening and localised rock mass damage. Minor rock spalling has been reported near fault zones and around remnant pillars. Seismic monitoring is not currently installed.

**Structural observations**

The LOB features moderate to steeply dipping joint sets with flat bedding, whereas the UOB includes moderately dipping structures with smooth, planar surfaces. These may present stability challenges where weathering is present. Both GCMPs provide protocols for managing structural risks, although AMC recommends updating these documents to reflect current best practice.

13.3.1.2 Geotechnical considerations Nchanga open pits

This section summarises the geotechnical findings for the KCM open pits, including the NOP and the COP DF. The primary focus is on COP DF, where further development is planned.

The Nchanga Mineral Resources are situated around the northern edge of the township of Chingola. Figure 13.21 shows the aerial photo and locations of open pits at Nchanga. This geotechnical gap analysis to identify fatal flaws covers both NOP Cut II and COP DF open pits with the priority focus on COP DF.

There is a good knowledge of the geology and hydrogeological units around the Nchanga Open Pit area. There appears to be ongoing slope monitoring at both NOP Cut II and COP DF pits using pit inspections, Slope Stability Radar (SSR) and prism systems. The ground water monitoring is undertaken regularly at COP DF and water level measurements are up to date.

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Figure 13.21 Aerial photo and locations of open pits at Nchanga

![](ctm005_ex96-1img104.jpg)

Source: AMC, 2015.

**NOP Cut II**

NOP Cut II is the largest historic open pit at Nchanga, previously mined to a depth of 435 m and partially backfilled. The orebody dips north at ~25°, with mineralisation hosted in Feldspathic Quartzite (TFQ) and Upper Banded Shale (UBS). The north wall (hanging wall) maintains a stable slope of ~42°, while the footwall follows the orebody dip.

A formal geotechnical design review has been completed, supported by slope monitoring via SSR, pit inspections, and prism systems. NOP Cut II geotechnical domains are shown in Figure 13.22 (GCMP, 2020). Mapping from existing pit exposures were used as the primary data source for identifying areas of poor rock quality within the pit design. The design parameters are presented in Table 13.17.

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Figure 13.22 NOP Cut II geotechnical domains

![](ctm005_ex96-1img105.jpg)

Source: GCMP, 2020.

Table 13.17 NOP Cut II design parameters

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Location** | **Stack** | **Bench height <br> (m)** | **Bench face <br> angle (°)** | **Bench width<br> (m)** | **Stack angle<br> (°)** | **Elevation** |
|  | Upper | 15 | 38 | 9 - 12 | 20 | URD |
| North wall (hangingwall) | Middle | 15 | 60 | 9 - 12 | 35 | Above CDOL |
|  | Lower | 15 | 70 | 9 - 12 | 48 | Below CDOL |
| South wall (footwall) | Overall | 15 | 70 | 9 - 12 | Follow dip of TFQ | Overall wall |

---

Bench design includes 15 m high benches with varying face and stack angles depending on elevation and lithology. Dewatering is managed via two sumps that feed into underground drainage systems for surface treatment.

**COP DF Pit**

COP DF is a separate and currently active open pit area, located southwest of the exhausted COP A, COP C, and COP E pits. The pits are planned to reach ~270 m depth (Pit F) and ~345 m depth (Pit D).

Mineralisation occurs within the Arkose Formation, adjacent to the basement unconformity, with the hanging wall located in the lower banded shale. Rock types include feldspathic quartzites, calc-schists, and local conglomerates.

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Daily groundwater level monitoring and active dewatering are in place via surface and in-pit boreholes targeting key aquifers (URD, Chingola Dolomite, Banded Sandstone). A geotechnical domain model supports slope design and ongoing monitoring. Geotechnical domains determined by KCM for the COP DF are presented in Figure 13.23.

Figure 13.23 COP DF geotechnical zones

![](ctm005_ex96-1img106.jpg)

Source: GCMP, 2020.

Key geotechnical risks for COP DF open pit include:

· Western Wall: Historical tension cracks and circular failures were observed in the northwest pit sector.
Geotechnical assessment is recommended to manage and implement appropriate design and controls.

· South Wall: A major wall slip in 2012 involved toppling and circular failure. While material has stabilised,
a wide berm was established to mitigate future risk. Geotechnical assessment is recommended to manage and implement appropriate design
and controls.

· Additional hazards include slab collapses from unterraced high walls and low rock mass strength zones.

· Ongoing slope monitoring and regular review of groundwater behaviour and slope conditions are recommended.

· Mapping the open pits slopes for voids relating to artisanal mining is recommended implementation of a
void management plan.

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The additional geotechnical data should be used to confirm the geotechnical domains and update or confirm the supporting information. Ongoing monitoring in the existing mined areas will be important to develop an understanding of the actual performance of all excavations, development, and stopes. The additional geotechnical and monitoring data must be used to inform an update to the geotechnical hazard management plan for Nchanga operations.

13.3.2 Planned underground mining – Nchanga

The following section outlines the underground assets that form part of the Nchanga Operations these include COP D and F, COPE Extension. Locations of these deposits are shown in Figure 13.24.

Figure 13.24 Nchanga Underground mining operations (NUG)

![](ctm005_ex96-1img107.jpg)

Source: Google Earth, 2026.

Table 13.18 summarises the proposed mining methods for the key ore zones currently considered as part of the LOM production strategy.

Table 13.18 Nchanga underground mining methods

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| | | |
|:---|:---|:---|
| **Orebody** | **Mining method** | **Description** |
| COP DF, COPE | Transverse sub-level open stoping. | Orebody widths justify transverse development layouts and wider stope spans. |

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13.3.2.1 Mining dilution and recovery factors

Modifying factors applied to the Nchanga Underground operations were developed to account for the impact of dilution, ore loss, and overbreak during mining. These factors reflect the anticipated performance of the selected mining methods under the geological and geotechnical conditions observed across the various deposits.

Where scheduling quantities were prepared for the Nchanga LOM areas, ore recovery and dilution factors were tailored to individual deposits. The following modifying factors were applied to schedule quantities as summarised in Table 13.19.

Table 13.19 Schedule modifying factors

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| | | |
|:---|:---|:---|
| **Modifying factors** | **COP DF** | **COP E** |
| Ore Recovery | 90% | 90% |
| Ore Dilution | 15% | 15% |

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13.4 Tailings reclamation

13.4.1 Sources of production TD03, TD04, TD05

Tailings reclamation at the Nchanga site forms an important component of the production strategy, primarily supplying the Nchanga TLP with low-grade oxide material. Tailings originate from:

· Historical wet tailings deposited in Tailings Dams TD03 and TD04.

· Dry coarse tailings remaining on the walls of TD03 after previous hydraulic mining campaigns.

· Direct tailings streams from the New West Mill (NWM), New East Mill (NEM), and Old East Mill (OEM) concentrators.

· The TD05 Mineral Resource (Indicated portion under the M&I Case; Indicated plus Inferred under the
Full Resource Case) is included in both case mine plans.

The Nchanga TLP is designed to recover copper not previously extracted during initial flotation, including acid-soluble copper, residual sulfides, and fine unliberated particles. Leaching is supported by an on-site acid plant with a capacity of 1,850 tonnes per day, supplemented by third-party acid purchases as required.

Under the Full Resource Case, the proposed new TLP 2 facility will operate in parallel with the existing Nchanga TLP to process the larger TD05 throughput. Both facilities will incorporate Elevated Temperature Leach (ETL) under the Full Resource Case (refer Section 14.5); the existing Nchanga TLP will also be retrofitted with ETL under the M&I Case.

TD03 and TD04 are located approximately 7 km west of the main processing facilities (Figure 13.25). The wet tailings are recovered via hydraulic mining, while dry tailings from TD03 are loaded using conventional earthmoving equipment and transported by truck to the NEM, where they are re-slurried and pumped to the Nchanga TLP for leaching.

The TD05 Mineral Resource (Muntimpa TSF) is located just to the south of Chingola, in proximity to the Nchanga concentrator complex.

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Figure 13.25 Nchanga site layout

![](ctm005_ex96-1img108.jpg)

Source: Google Earth.

13.4.2 Tailings dam inventory

The March 2024 baseline tonnage estimate for the tailings deposits recorded 10.34 Mt dry tailings in TD03 and 27.65 Mt wet tailings in TD04. The inventory available for processing as at 1 April 2026, updated to reflect cumulative tailings reclamation at TD03, TD04, and TD5 from FY2026, is set out in Table 13.20 below. TCo is presented for information purposes and is not recovered in the solvent extraction process.

Table 13.20 Available inventory from TD03, TD04 and TD05 for the Nchanga TLP from 1 April 2026

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Facility** | **Cut-off**<br> **TCu%** | **Tonnes (Mt)** | **TCu%** | **AsCu%** | **TCo%** |
| TD03 | 0.0 | 2.8 | 0.75 | 0.60 | 0.01 |
| TD04 | 0.0 | 21.7 | 0.62 | 0.42 | 0.03 |
| TD05 | 0.0 | 423.3 | 0.54 | 0.30 | 0.01 |

---

Note: Inventory reflects Mineral Resources as at 1 April 2026. The total Mineral Resource for TD03 and TD04 is 24.5 Mt (see Table 11.24). Mineral Resources for TD05 are reported in this Initial Assessment. Advancement to PFS-level confidence would require additional metallurgical test work (including pilot- or demonstration-scale leach testing at intended plant operating temperature and feed variability studies) to validate the recovery assumptions, alongside engineering refinement of the proposed Elevated Temperature Leach retrofit and TLP 2 design.

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13.4.3 Processing methodology and plant design

The Nchanga TLP processes tailings at a nominal rate of 11 to 16 million tonnes per annum using a well-established three-stage hydrometallurgical process:

1 Sulfuric Acid Leaching: dissolves acid-soluble copper fractions from tailings material.

2 Solvent Extraction (SX): selectively recovers and purifies copper in solution.

3 Electrowinning (EW): produces high-purity copper cathode suitable for LME Grade A certification.

Under both the M&I Case and the Full Resource Case, the existing Nchanga TLP is proposed to be retrofitted with Elevated Temperature Leach (ETL) technology to increase copper recovery from refractory acid-insoluble copper (AICu) in the TD05 feed. The ETL retrofit operates at elevated temperature (approximately 80°C) using sulfuric acid, achieving higher overall TCu recovery to cathode than conventional ambient-temperature leach (refer Section 10.4.3).

Under the Full Resource Case, the proposed new TLP 2 facility will operate at a nominal rate of approximately 17.7 Mtpa in parallel with the existing Nchanga TLP, providing additional tailings processing capacity for the larger TD05 throughput required to process the Inferred portion of the TD05 Mineral Resource. TLP 2 is designed with integrated ETL and uses the same three-stage hydrometallurgical process (leach → SX → EW) as the existing facility (refer Section 14.5).

Dry tailings from TD03 are first ground at the New East Mill (NEM) or Old East Mill (OEM) before entering the leach circuit. Wet tailings from TD04 are pumped directly to the Nchanga TLP following hydraulic reclamation. TD05 reclamation under both cases is undertaken using hydraulic methods and pumped to the leach circuits at the existing Nchanga TLP and (under the Full Resource Case) TLP 2.

13.4.4 Production schedule

Tailings recovery will be staged to align with Nchanga TLP throughput and acid availability. The dry reclaim contract at TD03 is targeting an output of 2.84 Mt over its remaining reclamation period. Wet tailings recovery from TD04 is expected to ramp up progressively. AMC estimated the production tonnes for TD04. Mineral Resources in TD05 are included in both the M&I Case and the Full Resource Case mine plans.

The existing Nchanga TLP has an assumed throughput rate of approximately 16.7 Mtpa. Under the Full Resource Case, the proposed TLP 2 facility has an additional throughput rate of approximately 17.7 Mtpa, operating in parallel with the existing TLP (refer Section 14.5).

Total acid-soluble copper (ASCu) recovery from TD03 is projected at approximately 11,891 tonnes, while TD04 is expected to yield approximately 67,460 tonnes of ASCu across its reclamation schedule, assuming an ASCu recovery of 74.8%.

Over its reclamation life, TD05 is forecast to yield approximately 1,540 kt of payable copper under the Full Resource Case, processed over the period FY2027/28 to FY2041/42 (15 years) at an average of approximately 103 ktpa. Under the M&I Case, TD05 yields approximately 713 kt over the period FY2027/28 to FY2040/41 (14 years) at an average of approximately 51 ktpa. The difference between the two cases reflects the exclusion of the Inferred portion of the TD05 Mineral Resource from the M&I Case and, consequently, the absence of TLP 2 from the M&I Case mine plan.

Detailed year-by-year production schedules for both cases are presented in the Production Schedule sections of this report (refer Table 19.3 for the Full Resource Case schedule and Table 19.4 for the M&I Case schedule).

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13.4.5 Materials handling, slurry pumping

The dry tailings at TD03 are reclaimed by Hanhe Industries Zambia, using 70-tonne haul trucks over a 9.9 km haul route to the NEM plant. Dry tailings are then re-slurried and pumped to the Nchanga TLP for processing.

The wet tailings reclamation operation at TD04 is contracted to Fraser Alexander Zambia under a five-year agreement that commenced 1 December 2024. The scope of work includes:

· Hydro-mining using 5 to 6 high-pressure water cannons.

· Operation of two intermediate pumping stations.

· Full operational staffing (157 to 193 personnel) and maintenance responsibilities.

KCM retains responsibility for power, water, major infrastructure, lime for pH control, and electrical maintenance.

TD05 reclamation under both the M&I Case and the Full Resource Case is anticipated to be undertaken using hydraulic mining methods similar to those currently in operation at TD04, leveraging the operational experience from the Fraser Alexander Zambia contract. Slurried material will be pumped to the existing Nchanga TLP (under both cases) and, under the Full Resource Case, also to the proposed TLP 2 facility. Detailed contractor selection, contractual arrangements, and operating method confirmation for TD05 reclamation have not been finalised at the date of this Initial Assessment.

Under the Full Resource Case, the higher TD05 throughput required to process the Inferred portion of the Mineral Resource will necessitate either expansion of the TD05 hydraulic reclamation capacity, parallel reclamation operations, or a combination of both. The operational details will be confirmed as part of advancement to PFS-level confidence.

13.5 Konkola Mine – conceptual mining plan

13.5.1 Near-term production (Measured and Indicated Resources)

The near-term production profile for Konkola Mine, based on Measured and Indicated Resources, spans the period from 2025 to 2035. Ore production from Konkola Mine comprises 29 Mt of ore at a mined grade of 2.9% TCu and 0.06% TCo, with contained metal of 899 kt total copper and 19 kt total cobalt, delivered to the processing facility.

The total Konkola Mine development schedule (Figure 13.26) comprises a total of 33 km of lateral capital development meters, 5 km of capital vertical development and 60 km of lateral operating development.

The Konkola development has a high upfront lateral development requirement of 32,000 m which tapers down over the life of the mine M&I Case mine plan.

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Figure 13.26 Konkola Mine development schedule

![](ctm005_ex96-1img109.jpg)

Source: AMC, 2026.

13.5.2 Full Resource Case

The mined inventory in Table 13.21 is less than the in-situ Mineral Resource of 288 Mt @ 3.4% TCu (Section 11.3) due to mining recovery and dilution factors applied consistent with the proposed mining methods. Mining recovery accounts for material lost to pillars and un-mineable shapes; dilution introduces waste into the mined ore and reduces the head grade. Combined, these factors produce an approximately 19% reduction in tonnage and 15% reduction in grade in the Full Resource Case mined inventory, with the same factor framework applied to the M&I Case.

The two scenarios reflect different confidence bases for production planning. The M&I Case is constrained to Measured and Indicated Mineral Resources and supports a higher-confidence ~15-year mine life that maps directly to the companion PFS Mineral Reserve estimate (Section 12 of the PFS TRS). The Full Resource Case extends the production schedule to ~45 years at steady-state rates of 5–6 Mtpa by incorporating Inferred Mineral Resources, subject to the conversion and development activities listed below. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied that would enable categorisation as Mineral Reserves; there is no certainty that the Full Resource Case production will be realised.

Realisation of the Full Resource Case is contingent on:

· Conversion of Inferred Mineral Resources to Indicated and Measured categories through infill drilling.

· Staged development of dewatering infrastructure, including the 1390L pump station.

· Expansion of ventilation capacity (new intake and return shafts).

· Construction and commissioning of a paste fill plant (1,180,000 m<sup>3</sup>pa paste fill).

· Progressive development of deeper mining zones (Bancroft sector below 950L).

Table 13.21 Konkola Mine production scenarios

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|:---|:---|:---|:---|:---|:---|
| **Case** | **Basis** | **Tonnage (Mt)** | **TCu%** | **Cu (kt)** | **Mine Life** |
| M&I Case | M&I Resources | 29 | 2.9 | 839 | ~15years |
| Full Resource Case | M&I+Inf Resources | 233 | 2.9 | 6852 | ~45 years |

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Notes:

· M&I Case based on Measured and Indicated Mineral Resources per Section 11.

· Full Resource Case based on Measured, Indicated and Inferred Mineral Resources per Section 11.

· Approximately 86% of Konkola Mine Resources are classified as Inferred.

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Total project copper production in the Full Resource Case ramps from approximately 95 ktpa recovered copper in FY2026/27 to a peak of approximately 314 ktpa in FY2032/33, drawing on three contributing sources: Konkola Mine ROM ore, Nchanga ROM ore (processed through the Nchanga concentrators), and tailings processed through the Nchanga TLP and the proposed TLP 2 facility (14.3.2.2). Konkola Mine reaches its steady-state production rate of approximately 6 Mtpa from FY2032/33, contributing an average of 130 ktpa recovered copper over the life of mine. Combined TLP throughput grows from approximately 13 Mtpa in FY2026/27 to approximately 34 Mtpa from FY2030/31 onwards, drawing on fresh tailings from the Nchanga concentrators supplemented by reclaimed material from TD03 and TD04 (via the existing Nchanga TLP) and TD05. D05 is included in the Mineral Resource for the first time following completion of the 2025/26 auger drilling and characterisation campaign (refer Section 11.4.4), and is processed via the proposed TLP 2 facility (refer Section 14.3) (via the proposed TLP 2 facility - refer Sections 14.3 and 18.6). The first 10 years of the project ore feed and copper production schedule is shown in Figure 13.27.

Figure 13.27 Total project ore mining schedule

![](ctm005_ex96-1img110.jpg)

Source: AMC, 2026.

13.6 Mining personnel

The Konkola Mine is an existing and ongoing operation the workforce consists of a combination of, up to five, different mining contractors and fixed level of supporting KCM personnel. The costing and productivity planning for mining activities has been planned on unit cost rates from mining contractors and not on individual personnel allocations. The operations occupy a well populated area with a long history of mining exposure. It has been assumed that the KCM workforce will continue to be drawn from the local population, with a very limited number of temporary ex-patriot specialist advisors. As production levels increase, staff will be re-assigned from parts of the operations that are being depleted. Additional staff will be drawn from the local population and trained appropriately along with specialist partner mining contracting companies.

13.7 Full resource scenario

This IA evaluates the economic potential of the full KCM Mineral Resource base, comprising the Konkola Mine, the Nchanga Business Unit (COP DF and COP E Extension), and the tailings reclamation operations at TD03, TD04 and TD05. The following table summarises the Mineral Resources available for the conceptual mine plan.

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Table 13.22 KCM Mineral Resources by asset – 1 April 2026

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|:---|:---|:---|:---|:---|:---|
| **Asset** | **Measured &<br> Indicated (Mt)** | **Inferred (Mt)** | **Total (Mt)** | **TCu%** | **Cu (kt)** |
| Konkola Mine | 39 | 249 | 288 | 3.5 | 9783 |
| COP DF | 15 |  | 15 | 1.6 | 233 |
| COP E Extension | 13 | 9 | 23 | 2.5 | 566 |
| TD03/TD04 | 25 |  | 25 | 0.6 | 157 |
| TD05 | 198 | 225 | 423 | 0.5 | 2272 |
| **Total** | **290** | **483** | **773** | **1.68** | **13009** |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026. No Mineral Reserves are declared
as part of this Initial Assessment; the Reserve estimate is presented in the companion Pre-Feasibility Study Technical Report Summary.

· Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt). Inferred Mineral
Resources are considered too geologically speculative to have modifying factors applied to them that would enable them to be classified
as Mineral Reserves, and there is no certainty that Inferred Mineral Resources will be converted to higher confidence categories with
additional exploration.

· TD03 / TD04 figures represent the combined Indicated Resource (TD03 3 Mt + TD04 22 Mt) reclaimed via the
existing Nchanga TLP.

· TD05 is processed via the existing Nchanga TLP (retrofitted with Elevated Temperature Leach) under both
the M&I Case and the Full Resource Case; under the Full Resource Case, the additional TD05 throughput required to process the larger
Mineral Resource scope is also processed via the proposed TLP 2 facility (refer Section 14.5), with both plants operating in parallel
and using elevated temperature leach.

· Cobalt grades and contained metal are reported in the underlying Mineral Resource statements (refer Section
11) and are not summarised here. Cobalt is recovered from Konkola Mine and Nchanga Business Unit ore via the smelter and refinery; cobalt
is not recovered from the TLP route (TD03, TD04, TD05).

· Classification in accordance with S-K 1300.

· Rounding may cause apparent computational discrepancies.

13.7.1 Full Resource Case scenario assumptions

The Full Resource Case scenario assumes:

· Continued exploration is assumed to support potential future conversion of Inferred Mineral Resources
to Indicated and Measured categories. No certainty exists that any of the Inferred Resources will be converted to higher confidence categories.

· Staged infrastructure development at Konkola Mine, including dewatering to 1390L, expanded ventilation
(new intake and return shafts), and construction and commissioning of a 3 Mtpa paste fill plant.

· Progressive development of Nchanga Business Unit deposits (COP DF Open Pit, COP DF Underground, COP E
Extension), with Nchanga ROM depletion completing by approximately FY2037/38.

· Tailings reclamation from TD03 and TD04 (per the M&I Case mine plan schedule, processed through the
existing Nchanga TLP with conventional ambient leach during the initial reclamation period); TD05 reclamation through the existing Nchanga
TLP (retrofitted with Elevated Temperature Leach) commencing in Year 2.

· Commissioning of TD06 as a new active tailings storage facility, enabling cessation of fresh tailings
deposition at TD05.

· Construction and commissioning of TLP 2 in parallel with the existing Nchanga TLP (both facilities designed
with / retrofitted with Elevated Temperature Leach), supported by the larger Mineral Resource base (including Inferred Resources) processed
under the Full Resource Case (refer Section 14.5). Combined throughput across both facilities grows to approximately 34 Mtpa, with TD05
reclamation commencing in Year 2 and full TD05 inventory exhausted by approximately FY2041/42.

· Steady-state Konkola Mine production of approximately 6 Mtpa, supplemented by Nchanga Business Unit ROM
until depletion.

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· Total Full Resource Case mine life of approximately 45 years (FY2026/27 to FY2070/71), anchored by Konkola
Mine. Tailings-derived production from the combined existing Nchanga TLP and TLP 2 extends through to FY2041/42, after which the remaining
~28 years of mine life are sustained by Konkola Mine production alone.

13.7.2 Conceptual production profile

The conceptual production profile for the Full Resource Case is summarised in Table 13.23.

Table 13.23 Conceptual production profile – Full Resource scenario

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| | | | | |
|:---|:---|:---|:---|:---|
| **Phase** | **Years** | **Ore (Mtpa)** | **Cu (ktpa)** | **Primary source** |
| Ramp-up | 1-5 | 9-36 | 265-465 | Combined TLP ramping 13→34 Mt (TD03/TD04 reclamation plus current Nchanga concentrator tails through existing TLP in Years 1–2; TD05 reclamation via TLP 2 commences in Year 3 and reaches steady-state ~34 Mt by Year 4); KCM UG ramping 0→4 Mt; COP DF Open Pit 0.3–1.2 Mt. |
| Peak | 6-15 | 38-41 | 592-675 | TD05-dominated combined TLP at ~34 Mtpa + Konkola Mine UG at 5–6 Mtpa + Nchanga Business Unit (COP E Extension, COP DF Open Pit, COP DF Underground) |
| Steady-state (post-TLP) | 16-40 | 6 | 380-438 | Konkola Mine UG (~6 Mtpa); TD05/TLP and Nchanga Business Unit operations exhausted by approximately FY2041/42 (Year 16) |
| Decline | 41-45 | 1-5 | 140-360 | Konkola Mine UG (deep zones tapering off) |

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Note: Ore figures represent total ore processed across all facilities (KCM mining + NBU mining + TLP/TLP 2 reclamation). Cu (ktpa, payable) represents payable copper production. Phase year ranges are approximate; year-by-year detail is presented in the Production Schedule section (refer Table 19.3 for the Full Resource Case schedule).

13.7.3 Inferred Mineral Resource cautionary statement

 <br> **INFERRED MINERAL RESOURCE Cautionary Statement**<br>Approximately 63% of KCM Mineral Resources are classified as Inferred (483 t of 773 Mt). At Konkola Mine, approximately 86% of Mineral Resources are classified as Inferred (249 Mt of 288 Mt).<br>Inferred Mineral Resources have a lower level of geological confidence than Indicated or Measured Resources. There is no certainty that further exploration will result in conversion of Inferred Resources to higher confidence categories, or that the full Resource scenario will be realised. It is reasonably expected, however, that the majority of Inferred Resources could be upgraded to Indicated category with continued infill drilling.<br>

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14 Processing and recovery methods

The processing capability of KCM consists of assets at three sites:

· Konkola - concentrator and tailings storage facility.

· Nchanga - concentrators, the existing Nchanga TLP (with proposed Elevated Temperature Leach retrofit),
the proposed TLP 2 facility (refer Section 14.5), flash smelter, the acid plant, and the existing Muntimpa (TD05) and proposed TD06 tailings
storage facilities.

· Kitwe – Nkana refinery.

Current and future requirements and provision of utilities such as power, water and related infrastructure is described in Section 15 of this TRS. The KCM processing sites are an existing and ongoing operation, and current personnel levels are maintained during the life of operations for each site. As production rates improve, it is anticipated that the improved productivity will be absorbed by a reasonably static workforce contingent.

The existing processing infrastructure has sufficient capacity to support both the M&I Case and the Full Resource Case for the Konkola Mine, the Nchanga Business Unit ROM (Full Resource Case only), and tailings reclamation from TD03, TD04, and TD05 (Measured and Indicated portion under the M&I Case; full Mineral Resource under the Full Resource Case; refer Sections 11.4.4 and Table 11.28). This infrastructure comprises the Konkola concentrator (6 Mtpa capacity), the Nchanga concentrators (13.4 Mtpa combined capacity across OEM, NEM and NWM), the existing Nchanga TLP (nominal throughput approximately 16.7 Mtpa, retrofitted with Elevated Temperature Leach under both cases), processing fresh Nchanga concentrator tails and reclaimed material from TD03, TD04, and TD05, the Nchanga flash smelter and acid plant, and the Nkana refinery. These facilities accommodate the Konkola Mine over its full production schedule under either case, Nchanga Business Unit operations through ROM depletion (approximately FY2037/38, Full Resource Case only), and the integrated M&I Case mine life of approximately 15 years, without further processing-capacity expansion under the M&I Case.

A new active tailings storage facility, TD06, is required under both economic cases. Fresh tailings deposition currently directed to Muntimpa (TD05) must cease by approximately end of 2028, both to address the stability constraint on TD05's expandable capacity and to enable reclamation of the TD05 inventory under either case. TD06 is scheduled for commissioning by end of 2028 to take over fresh tailings from the Nchanga concentrators and barren leach residue from the existing Nchanga TLP (refer Section 15.9.2). A civil buttress program at TD05 (US$30M) extends its deposition life through the ramp-up years until TD06 is commissioned.

Additional processing infrastructure is required under the Full Resource Case only:

· TLP 2: a new tailings leach plant constructed and operated in parallel with the existing Nchanga TLP,
designed with integrated Elevated Temperature Leach (ETL). TLP 2 is supported by the larger Mineral Resource base (including Inferred
Resources) processed under the Full Resource Case, lifting combined tailings throughput from approximately 17 Mtpa to approximately 34
Mtpa, accelerating recovery of the TD05 inventory under the Full Resource Case and bringing forward associated revenue. The existing infrastructure
could in principle process the full TD05 Resource over a longer period; the construction of TLP 2 under the Full Resource Case reflects
an economic decision, supported by the larger Resource base, rather than a strict technical requirement. TLP 2 operates from Year 3 with
TD05 reclamation fully exhausted by approximately FY2041/42 (refer Section 14.5).

The total flowsheet is highly integrated due to material flows between each asset as shown in Figure 14.1.

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Figure 14.1 KCM total flowsheet

![](ctm005_ex96-1img111.jpg)

Source: KCM, 2026.

The overall processing philosophy is to treat sulfide ores where the valuable fraction is comprised mainly of chalcopyrite with 10% to 20% acid soluble copper minerals from the Konkola Mine and Nchanga Business Unit (open pit and underground operations) via conventional sulfide flotation to produce copper concentrates. Copper concentrates with copper grades exceeding 33% Cu are processed in the Nchanga flash smelter to produce copper anodes. Concentrates with lower grade copper content are produced by the Nchanga concentrators and are sold to third parties or may be blended with higher-grade concentrates for processing in the flash smelter. The smelter also produces cobalt alloy for sale from the Cobalt Refining Furnaces (see Figure 14.1).

Tails from the Nchanga concentrators at up to 16.7 Mtpa contain acid soluble copper and are processed in the Nchanga TLP. Reclaimed tails from historic TSFs are combined with the Nchanga concentrator tails to increase the available throughput to the Nchanga TLP. The Nchanga TLP is a sulfuric acid leaching plant that produces copper cathodes via solvent extraction and electrowinning.

Sulfuric acid for the Nchanga TLP and (under the Full Resource Case) TLP 2 is supplied by a sulfuric acid plant treating the flash smelter off-gas stream (1,850 tpd Acid Plant) and by a sulfur-burning acid plant (500 tpd SB Acid Plant). Under both the M&I Case and the Full Resource Case, total acid demand is anticipated to exceed internal smelter-derived supply, necessitating third-party acid purchases (refer Section 18 for the acid balance cost analysis). Smelter operation for acid production is a critical unit operation and a bottleneck where concentrate supplies are restricted. If insufficient acid is available for the Nchanga TLP, Nchanga concentrator operational throughput may be curtailed.

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The Nkana electrolytic refinery processes anodes from the Nchanga flash smelter and produces LME grade A copper cathodes, pure copper starter sheets for the Nchanga TLP electrowinning tank house, and slimes (residue from anode dissolution) containing precious metals for sale.

14.1 Konkola concentrator

The Konkola concentrator was designed as a nameplate 6.0 Mtpa throughput concentrator producing copper concentrate from an ore with copper sulfides and oxidised copper minerals.

14.1.1 Konkola process description

The flowsheet is shown in Figure 14.2.

Figure 14.2 Konkola concentrator flowsheet

![](ctm005_ex96-1img112.jpg)

Source: KCM, 2025.

Ore is recovered from underground via shaft haulage and conveyed or trucked to the stockpile. The ore is stored on a 21,000-t live capacity stockpile before it is fed to either one of two comminution circuits. Each circuit consists of a SAG mill in series with a ball mill in closed circuit with a 10-cyclone hydro cyclone cluster. Both mills use trommel screens at discharge with undersize streams combined in the cyclone feed sump. The cyclone overflows are combined, lime is added for pH control – target 9 to 9.5 – and the total stream is fed to a common flotation circuit. Each comminution circuit has a capacity of 3 Mtpa. The combined cyclone overflow has a product size of 90-92% passing 75 µm (P90-92 of 75 µm).

The flotation circuit is a conventional design comprised of a conditioning tank, Primary and Secondary sulfide Rougher flotation banks, CPS circuit, Oxide Roughers, Oxide Cleaners, Oxide Re-cleaners, a Flotation Column for cleaning of secondary rougher sulfide concentrate, and Scavenger cells. The flotation circuit has a design capacity of 6 Mtpa. Cyclone overflow feeds a conditioning tank where collectors Sodium Iso Propyl Xanthate (SIPX) and Flex 31 (an enhanced Xanthate collector) are added. Frother is added to the feed well of the first flotation cell, the junction between rougher and scavenger. Rougher concentrate reports directly to the high rate concentrate thickener. Rougher flotation tails report to secondary roughers and further collector added. Secondary rougher concentrate reports to the column cleaner cell. Column concentrate is combined with primary rougher concentrate and reports to the high rate concentrate thickener.

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Secondary rougher tails report to the controlled potential sulfidation tank of the oxide flotation circuit. NaHS, additional collector and frother are added to the slurry and then pumped to the oxide rougher cells. Oxide rougher tails report to final tails. Oxide rougher concentrates are pumped to the oxide cleaner cells. Oxide cleaner concentrate is pumped to the oxide recleaner cells. Oxide recleaner concentrates are pumped to the concentrate high-rate thickener. Oxide recleaner tails are recirculated to the oxide cleaner cells. Oxide cleaner cell tails report to the oxide circuit regrind mill discharge sump. Mill discharge is pumped to a cyclone classifier with overflow directed to the head of the oxide rougher circuit. Cyclone underflow is reground in the regrind mill and reports to the mill discharge sump.

The column cleaner cell tail is pumped to two scavenger flotation cells. The scavenger concentrate is combined with the secondary sulfide rougher concentrate and pumped to the column cleaner cell. Tails from the oxide scavengers is recombined with the main flotation circuit feed in the primary conditioning tank.

Tailings are stored in tailings holding tanks where the tailings feed a backfill plant or are pumped to the Lubengele tailings dam.

14.1.1.1 Historical performance

Performance prior to the 2023 shutdown is shown in the figures below.

The concentrator operation has been characterised by ongoing under design capacity performance (Figure 14.3).

Figure 14.3 Konkola historical ore treatment

![](ctm005_ex96-1img113.jpg)

Source: AMC, 2025.

14.1.1.2 Restart performance

The concentrator recommenced operations in August 2024. Performance since the restart is shown in the figures below (Figure 14.4 to Figure 14.7).

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Figure 14.4 Konkola daily ore received since restart

![](ctm005_ex96-1img114.jpg)

Source: AMC, 2025.

Figure 14.5 Konkola ore processed since restart

![](ctm005_ex96-1img115.jpg)

Source: AMC, 2025.

Figure 14.6 Konkola recoveries since restart

![](ctm005_ex96-1img116.jpg)

Source: AMC, 2025.

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Figure 14.7 Konkola concentrate produced since restart

![](ctm005_ex96-1img117.jpg)

Source: AMC, 2025.

Since the recommencement of operations, the concentrator has operated in an on / off mode to accommodate low ore supply. Ore is stockpiled until sufficient ore is available to operate for approximately seven days at a nominal daily throughput of 5,000 to 6,000 tonnes or approximately 2/3rds of capacity. This enables the concentrator to operate at acceptable efficiency for those periods. Copper recoveries and concentrate grades were generally close to plan for the period. Concentrate production and grade, and copper production and recovery for the restart period and the FY25-26 plan are shown in Figure 14.8 and Figure 14.9 below.

Figure 14.8 Concentrate production and grade - Restart and FY25-26 plan

![](ctm005_ex96-1img118.jpg)

Source: AMC, 2026.

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Figure 14.9 Copper production and recoveries - Restart and FY25-26 plan

![](ctm005_ex96-1img119.jpg)

Source: AMC, 2026.

14.1.2 Plant design and equipment

Major items of equipment are outlined in Table 14.1.

Table 14.1 Konkola concentrator major equipment

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| | | |
|:---|:---|:---|
| **Item** | **Size** | **Number** |
| SAG mill | 6.1 m x 6.7 m | 2 |
| Ball mill | 6.1 m x 9.1 m | 2 |
| Cyclone cluster | 10 x Krebs Gmax20 | 2 |
| Primary roughers | 100 m<sup>3</sup> | 4 |
| Secondary roughers | 100 m<sup>3</sup> | 4 |
| Oxide roughers | 100 m<sup>3</sup> | 4 |
| Oxide cleaners | 30 m<sup>3</sup> | 4 |
| Oxide recleaners | 10 m<sup>3</sup> | 3 |
| Scavengers | 30 m<sup>3</sup> | 2 |
| Column cleaner | 64 m<sup>3</sup> | 1 |
| Regrind ball mill | 2.8 m x 4 m | 1 |
| Regrind cyclone cluster | 3 x Krebs Gmax10 | 1 |
| High rate thickener | 12 m | 1 |
| Pressure filter | 54 tph | 1 |

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14.1.3 Plant operations

Current operating design criteria are given in Table 14.2, Table 14.3, and Table 14.4.

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Table 14.2 Capacity criteria

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| | |
|:---|:---|
| **Production capacity of plant** | **6,000,000 dry MT/year (Nominal)** |
| Operating days / year | 330 |
| Shifts / day | 2 |
| **Crushing** | **Crushing** |
| Effective working hours per shift | 8 |
| Effective operating hours / year | 5280 |
| Average hourly throughput of the plant | 1,136.37 dry MTPH (Nominal) |
| Average moisture | 5% |
| Capacity of feeding system | 1,200 dry MTPH or 19,200 MT/DAY |
| Design Capacity | 1,500 dry MTPH |
| Dust emission from stack | within 150 mg/Nm<sup>3</sup> |
| **Milling** | **Milling** |
| Production of mined ore | 19,200 MT/DAY for two stream operation |
| Operating hrs / day | 24 |
| Shifts / day | 3 |
| Moisture | 5% |
| Mill availability | 95% |
| Capacity of the Grinding system / stream | 380 DMTPH |
| Capacity of the Grinding system / stream | 400 dry MTPH |
| Design capacity (with 10% margin) / stream | 440 dry MTPH |
| **Stockpile live capacity** | **Stockpile live capacity** |
| Minimum hour feed considered | 30 hours |
| Capacity per hour (for both streams) | 842 MTPH |
| Live capacity of the Stockpile | 25,260 MT |
| Design live feed capacity of the Stockpile | 26,000 Tons |

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Table 14.3 Comminution criteria

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| | |
|:---|:---|
| **SAG Mill** | **Criteria** |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed moisture | 5% average |
| Feed size | 80% < 150 mm, 100% < 250 mm |
| Crusher Work Index | 18.8 KWH/T |
| Rod mill work index | 12.1 KWH/T |
| JK Drop parameters | Ta= 0.48, b=0.88, A=53.2, A\*b= 46.8 |
| Ball Mill |  |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed size | Approx. 80% < 2.8 mm |
| Ball Mill work index | 13.8 KWH/T |
| Product size | 85-88% < 74 microns |

---

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| Konkola Copper Mines Plc | 0424076 |

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Table 14.4 Flotation criteria

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| | |
|:---|:---|
| **Flotation** | **Criteria** |
| Specific gravity of ore | 2.75 |
| Bulk density | 1.59-1.62 t/m<sup>3</sup> |
| Total copper grade | 3.1-3.34% |
| Acid soluble copper grade | 0.25-0.6% |
| Acid insoluble copper grade | 2.5-2.99% |
| Design recovery - total copper | 89% |
| Design grade of recoverable copper | 40-41% |
| Feed rate | 880 MTPH (dry) |
| Solid concentration in feed slurry | 33/+2-1 % solids w/w |
| Collector | SIPX at 5% v/v |
| CPS reagent | NAHS at 2% v/v |
| Frother | BETA at 85% v/v |
| pH of feed slurry to flotation section | 7-8 |
| Feed particle size | 85% (-) 74 microns |
| Regrinding cyclone overflow particle size | 80% (-) 44 microns |
| pH modifier | Milk of Lime at 4% v/v |
| Froth factor | 3 minimum |
| Process water pH | Neutral pH |
| Sulfide rougher pH | 10 – 10.5 |
| Dosage SIPX | 48-50 g/t ore |
| Dosage Beta Froth | 72-75 g/t ore |
| Dosage NAHS | 130-135 g/t ore |
| Dosage Lime | 50 g/t ore |

---

14.1.4 Konkola LOMP production schedule

The LOMP Konkola concentrator production schedule is shown in Figure 14.10 based on planned ore receipts from the Konkola mine.

Figure 14.10 Konkola LOM ore feed

![](ctm005_ex96-1img120.jpg)

Source: AMC, 2026.

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| Konkola Copper Mines Plc | 0424076 |

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Concentrate produced by the concentrator is transported by road to the Nchanga smelter. The main assumptions for the LOMP are shown in Table 14.5.

Table 14.5 Konkola concentrator key assumptions

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| | |
|:---|:---|
| **Parameter** | **Value** |
| Total Cu recovery% | TCu rec = -95.824\*(ASCu/TCu) + 99.146 |
| Acid soluble Cu recovery% | 35 |
| Cu concentrate grade% | 33 |

---

Annual concentrate production is shown in Figure 14.11.

Figure 14.11 Konkola concentrate production

![](ctm005_ex96-1img121.jpg)

Source: AMC, 2026.

Total copper metal in concentrate is shown in Figure 14.12.

Figure 14.12 Total copper metal in Konkola concentrate

![](ctm005_ex96-1img122.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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14.2 Nchanga concentrators

The Nchanga concentrator group consists of three concentrators treating ore from underground, open pits, and reclaimed from stockpiles. The material flows are shown in Figure 14.13.

Figure 14.13 Nchanga business unit material flows

![](ctm005_ex96-1img123.jpg)

Source: KCM, 2025.

Capacities of the concentrators are given in Table 14.6.

Table 14.6 Nchanga concentrator capacities

---

| | | |
|:---|:---|:---|
| **Concentrator** | **Capacity** | **Ore feed** |
| Old East Mill | 4.4 | Cut II / CRO / COP |
| New East Mill | 6.5 | CRO |
| New West Mill | 2.5 | NUG |

---

14.2.1 Historical performance

Historical performance from 2015 to 2023 is shown in Figure 14.14, Figure 14.15, and Figure 14.16 below. The concentrators rarely achieved planned ore throughputs primarily due to mining constraints.

Figure 14.14 Old East Mill historical actual vs budget ore milled (t)

![](ctm005_ex96-1img124.jpg)

Source: AMC, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 14.15 New East Mill historical actual vs budget ore milled (t)

![](ctm005_ex96-1img125.jpg)

Source: AMC, 2025.

Figure 14.16 New West Mill historical actual vs budget ore milled (t)

![](ctm005_ex96-1img126.jpg)

Source: AMC, 2025.

Concentrate production and grades are also shown in Figure 14.17, Figure 14.18, and Figure 14.19. The ore feed to these concentrators has generally been low copper grades with high proportions of acid soluble copper minerals. Flotation recoveries consequently were poor and final copper grades in concentrates were generally very low and unsuitable as feeds to the smelter. A lower limit of approximately 20% Cu has been applied to concentrates to be blended with higher-grade concentrates to meet the copper grade feed specifications of the smelter.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 14.17 Old East Mill concentrate tonnes and grades

![](ctm005_ex96-1img127.jpg)

Source: AMC, 2025.

Figure 14.18 New East Mill concentrate tonnes and grades

![](ctm005_ex96-1img128.jpg)

Source: AMC, 2025.

Figure 14.19 New West Mill concentrate tonnes and grades

![](ctm005_ex96-1img129.jpg)

Source: AMC, 2025.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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14.2.2 Nchanga LOM production

The LOM production schedule for Nchanga is shown in Figure 14.20, Figure 14.21, and Figure 14.22. The schedule depletes Mineral Resources by 2037 / 2038. All three concentrators are in production for the period but are all underutilised with utilisations between 25 and 50% each. Efficiencies could be captured by consolidating feeds to two or even a single concentrator.

Figure 14.20 Total LOM ore feed to the Nchanga concentrators

![](ctm005_ex96-1img130.jpg)

Source: AMC, 2025.

Figure 14.21 Nchanga LOM high-grade concentrate production and grade

![](ctm005_ex96-1img131.jpg)

Source: AMC, 2025.

Figure 14.22 Nchanga LOM low-grade concentrate production and grade

![](ctm005_ex96-1img132.jpg)

Source: AMC, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The high-grade concentrate is derived from higher-grade satellite underground deposits and assumes lower recoveries with the maintenance of higher copper grades in the concentrates. This material is assumed suitable as a smelter feed. Low-grade concentrates are derived from lower grade refractory ores.

14.3 Nchanga TLP

The Nchanga TLP processes low-grade oxide tailings from the Nchanga concentrators (Old East Mill, New East Mill, New West Mill) and the Tailings Dam (TD03 and TD04).

The key operations are:

· Sulfuric Acid Leaching: Dissolves acid-soluble copper from tailings (~0.35% Cu feed grade).

· SX: Extracts copper from solution and concentrates it for EW.

· EW: Produces Grade A LME copper cathode.

The Nchanga TLP flowsheet is given in Figure 14.23.

Figure 14.23 Nchanga TLP flowsheet

![](ctm005_ex96-1img133.jpg)

Source: KCM, 2025.

The tailings streams from the Nchanga concentrators are combined and pumped to a pre-leach thickener (PLT) at up to 13.4 Mtpa. Hydraulically remined tailings from tailings dams TD03 and TD04 are combined and pumped to a second pre-leach thickener. Process water recovered from the PLTs is reused in tails reclamation and for general plant use. Thickened underflows from the PLTs are pumped to two pre-leach agitated tanks and then pumped directly to 4 leach pachucas (air agitated reaction tanks) – 3 operating, 1 standby. Concentrated sulfuric acid is added to the pachuca feed. Residence time in the pachucas is approximately two hours. Acidified and leached slurry is pumped to a counter current decantation train (CCD). Slurry enters at CCD2. The overflow consisting of pregnant copper containing leach solution (PLS) is pumped to CCD1 for further clarification before the clarified overflow is pumped to 2 pregnant liquor tanks. Underflow from CCD1 is returned to CCD2 to minimise solution losses. Underflow from CCD2 feeds CCD3 and subsequently CCD4 and 5. Overflow from CCD3 is pumped to the solvent extraction circuit. Overflows from CCD4 and CCD5 are returned to the previous CCD.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The now barren underflow from CCD5 is pumped to a neutralisation circuit where lime is added to neutralise acid and increase the pH to ~7. The neutralised product is pumped to the Muntimpa tailings dam.

The SX circuit consists of four trains each comprised of three extraction stages and two stripping stages. The PLS from the holding tanks is pumped to the SX circuit where it is mixed with a copper complexing reagent (lixiviant) in kerosene to remove the copper from the acidic aqueous PLS. The loaded organic phase now containing the copper is pumped to the stripping circuit where it contacts spent electrolyte from the tank house and the copper is redissolved in the aqueous electrolyte. The now high copper solution (advanced electrolyte) is pumped to the tank house for electrowinning of the copper onto cathodes. The solid copper cathodes are bundled for sale and export. The barren aqueous phase from the extraction circuit (raffinate) is collected and neutralised in the effluent treatment circuit for disposal.

14.3.1 Historical performance

The performance of the Nchanga TLP prior to 2023 is shown in Figure 14.24.

Figure 14.24 Historical Nchanga TLP throughput

![](ctm005_ex96-1img134.jpg)

Source: AMC, 2025.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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The recovery performance is in Figure 14.25.

Figure 14.25 Nchanga TLP historical recoveries

![](ctm005_ex96-1img135.jpg)

Source: AMC, 2025.

Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints. Maintenance, manpower, working capital reductions combined to impact availability and utilisation.

Historically the Nchanga TLP had highest annual throughput in 2015 / 2016 (Table 14.7).

Table 14.7 Nchanga TLP highest annual performance

---

| | |
|:---|:---|
| **Item** | **Value** |
| Annual Nchanga concentrator tailings (Mt) | 11.4 |
| Annual tailings reclaim (Mt) | 5.0 |
| Weighted average ASCu % | 0.44 |
| Copper recovery (%) | 77 |
| Copper produced (t/d) | 151 |

---

AMC estimates the following copper production is achievable (Table 14.8). The reduced recovery for future processing through the Nchanga TLP relates to the reduced expected ASCu% grade to be fed through the plant.

Table 14.8 Copper production estimate

---

| | |
|:---|:---|
| **Item** | **Value** |
| Existing TLP Plant capacity (tpd) | 50800 |
| Weighted average ASCu (%) | 0.35 |
| Existing TLP ASCu Copper recovery (%) | 74.8 |
| Existing TLP Total Copper recovery (%) | 48.5 |
| Existing TLP with ETL Copper Recovery (%) | 59.3 |
| TLP 2 Total Copper recovery (%) | 73.9 |
| Operational availability (%) | 90 |
| Existing TLP Operational capacity (tpd) | 45750 |
| TLP 2 Operational capacity (tpd) | 48150 |
| Combined operational capacity | 93900 |
| Combined Copper production (t/d) | 380 |

---

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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14.3.2 Restart performance

The Nchanga TLP recommenced operations in August 2024. Overall recovery performance, to January 2025, is shown in Figure 14.26.

Figure 14.26 Nchanga TLP copper recovery since restart

![](ctm005_ex96-1img136.jpg)

Source: AMC, 2025.

The throughput since the restart is shown below in Figure 14.27.

Figure 14.27 Nchanga TLP throughput since restart

![](ctm005_ex96-1img137.jpg)

Source: AMC, 2025.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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14.3.2.1 Plant design and equipment

Nchanga TLP major unit processes are in Table 14.9.

Table 14.9 Nchanga TLP major unit processes

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| | | |
|:---|:---|:---|
| **Equipment** | **Capacity / size** | **Units** |
| Pre-leach thickeners | >25,000 tpd | 2 |
| Pachuca leach | ~4,000 tph at 2-hour residence | 4 |
| Counter current decant | ~2,500 tph/unit | 5 |
| Neutralisation circuit | ~2,500 tph | 1 |
| Solvent Extraction and stripping | ~2,100 m<sup>3</sup>/hr | 4 |
| Tank house - EW | 280 tpd Cu | 1 |
| Neutralisation circuit |  | 1 |

---

14.3.2.2 Combined TLP and TLP 2 production schedule

The combined feed schedule for the existing Nchanga TLP and the proposed TLP 2 facility is shown in Figure 14.28. Combined throughput ramps from approximately 13 Mt in FY2026/27 to a steady-state level of approximately 34 Mtpa from FY2029/30, sustained through to FY2041/42 as TD05 reclamation runs in parallel with continuous Nchanga concentrator tails processing and the late-life completion of TD03 and TD04 reclamation.

Under the M&I Case, the existing Nchanga TLP (with ETL retrofit) operates without TLP 2, processing approximately 16–17 Mtpa of combined TD03/TD04/TD05 reclamation feed and Nchanga concentrator tails over the 15-year M&I Case mine life. Cathode production averages approximately 49 ktpa under the M&I Case, with blended TCu recovery of approximately 56.7% reflecting ETL operation on the existing TLP only.

Figure 14.28 Combined Nchanga TLP and TLP 2 LOMP feed schedule

![](ctm005_ex96-1img138.jpg)

Source: AMC, 2026.

The LOMP production schedule is outlined in Figure 14.28 below. Copper production and copper recovery are shown in Figure 14.29.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Combined cathode copper production and total copper recovery are shown in Figure 14.29. Cathode production ramps from approximately 46 kt in FY2026/27 to a peak of approximately 138 kt in FY2029/30, with total copper recovery improving from approximately 53% to approximately 69% over the same period as the elevated temperature leach (ETL) upgrade is implemented to the existing TLP (refer Section 14.3) and the high efficiency TLP 2 plant is commissioned. Cathode production averages approxamitely125 ktpa following the commissioning of TLP 2.

Figure 14.29 Combined Nchanga TLP and TLP 2 LOMP cathode production and total copper recovery

![](ctm005_ex96-1img139.jpg)

Source: AMC, 2026.

The combined steady-state throughput of approximately 34 Mtpa exceeds the existing Nchanga TLP nameplate capacity (~17 Mtpa); TLP 2 is therefore required to operate in parallel with the existing TLP rather than as an expansion, in order to accommodate the additional TD05 reclamation feed alongside continuous Nchanga concentrator tails processing.

14.4 Nchanga smelter

Figure 14.30 shows a basic block flow diagram of the smelter and the design values for internal flow parameters. Table 14.10 shows basic design production parameters for the smelter. Key assumptions used are as follows:

· Concentrate throughput of 850 ktpa results from feed rate of 112.5 tph and overall time utilisation of
86.1%.

· Cu production of 311.86 ktpa results from feed Cu content of 37.6% and Cu recovery of 97.7%.

· Strong acid production of 1,850 tpd results from sulfur (S) conversion of 2.9 (~95%).

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 14.30 Nchanga smelter block flow diagram – design rates shown

![](ctm005_ex96-1img140.jpg)

Source: KCM, 2025.

Table 14.10 Nchanga smelter – basic design production parameters

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Parameter** | **Units** | **Design value** | **Design value** |
| 1 | Feed rate | t/h |  | 112.5 |
| 2 | Feed rate | kt/a (annum) |  | 850 |
| 3 | Copper production | t Cu/a |  | 311860 |
| 4 | Strong acid production | t/day |  | 1850 |
| 5 | Cobalt Alloy | t/hr |  | 2.9 |

---

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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14.4.1 Recent smelter performance

The smelter completed a major shutdown (40 days duration) in 2016 when required repairs to the Flash Smelting Furnace (FSF) and slag cleaning furnace (SCF) were completed. In addition, major repairs to other in line, critical units, such as the waste heat boiler (WHB) and electrostatic precipitator (ESP) were completed. Table 14.11 shows smelter performance from FY2017 to FY2023.

Table 14.11 Nchanga smelter – historical production

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2017/18** | **2017/18** | **2018/19** | **2018/19** | **2019/20** | **2019/20** | **2020/21** | **2020/21** | **2021/22** | **2021/22** | **2022/23 YTD \|** | **2022/23 YTD \|** |
| <br>**Particulars** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | | | | |
| Cu-recovery | 98.70% | 98.78% | 98.70% | 98.8% | 98.646 | 97.838 | 98.70% | 98.50% | 98.70% | 98.47% | 98.70% | 98.23% |
| Avg. Dry Cone Feed rate - FSF T/Hr | 93.83 | 69.98 | 105.25 | 67.293 | 86.625 | 63.222 | 75.42 | 67.46 | 67.08 | 65.73 | 65.00 | 66.40 |
| Dry Concentrate feed (without Lime) | 693541 | 503741 | 781747 | 436268 | 569185 | 276399 | 569080 | 447115 | 447818 | 389361 | 223900 | 148561 |
| Lime Requirement | 36502 | 25696 | 32573 | 12931 | 29957 | 11123 | 28454 | 17335 | 25846 | 15613 | 11784 | 5778 |
| Avg Dry Cone Cu-Grade | 32.63% | 29.47% | 29.96% | 29% | 27% | 29% | 31.16% | 33.49% | 28.83% | 32.97% | 31.53% | 31.41% |
| Gross Anodes Production | 210482 | 138066 | 207618 | 113274 | 139018 | 75550 | 153672 | 133752 | 140269 | 118208 | 63853 | 39023 |
| Secondary Anode Production | 3300 | 6437 | 3600 | 5628 | 3600 | 4720 | 3600 | 3432 | 3300 | 2920 | 1500 | 1704 |
| Primary Production (Including Cu in alloy & Chunks) | 236780 | 155842 | 240021 | 129235 | 159315 | 82926 | 175361 | 149005 | 161140 | 136090 | 73357 | 44963 |
| Primary Anodes | 207182 | 131629 | 204018 | 107646 | 135418 | 70830 | 149057 | 130320 | 136969 | 115289 | 62353 | 37319 |
| Cobalt Alloy Generation | 42534 | 31124 | 51972 | 28241 | 35047 | 13541 | 30705 | 21295 | 31297 | 21193 | 14935 | 8500 |
| Cu in Cobalt Alloy | 29597 | 23028 | 36003 | 20001 | 23897 | 10409 | 26304 | 17219 | 24171 | 18517 | 11004 | 7140 |
| Co in Cobalt Alloy | 1718 | 916 | 2082 | 802 | 747 | 325 | 689 | 280 | 652 | 206 | 209 | 96 |
| Cu in Alloy/Primary Cu | 13% | 15% | 15% | 15% | 15% | 13% | 15% | 12% | 0.15% | 0.14% | 0.15% | 0.16% |
| Cu in Alloy/Total Alloy | 70% | 74% | 69% | 71% | 68% | 77% | 86% | 81% | 77% | 87% | 74% | 84% |

---

In April 2024, the FSF was forced to execute an emergency shutdown, permitting the contents of the furnace to freeze without drainage, leaving 70 cm of blister and 20 cm of slag in the hearth. Following cooling, the top slag layer was manually dug out. The smelter recommenced operations in October 2024 and an estimated 960 t of blister copper were melted out of the FSF during the restart sequence. The start-up was well managed, and no boiler leaks or other collateral damage were incurred.

The smelter is now operating steadily at 60-75 tph dry feed (see Table 14.12). Hearth temperatures remain a concern. Localised elevated readings on under-hearth thermocouples under the reaction shaft are likely indicative of diminished refractory lining in the area and the risk of a burn-through and liquid runout exists. Increased heat extraction fan capacity has been deployed beneath the furnace and thermocouple temperatures are being monitored continually. Operators intend to limit feed rate to the current range until the major shutdown in October 2025. The smelter processed 406.2 kt through Dec YTD which is an annualised run rate of 542 ktpa. Average Dec YTD feed rate was 72 tph. However, the smelter remains concentrate constrained and has been forced to take unplanned stoppages due to inability to assemble an appropriate concentrate feed blend while operating at 75 tph. Operators intend to continue with a feed rate set point of 70-75 tph as this rate generates a more pyrometallurgically stable environment in the FSF than when operating at 60-65 tph.

A feed rate of 102 tph has been demonstrated (FY11/12) and KCM operators express confidence that the design feed rate of 112.3 tph can be safely maintained subject to appropriate concentrates being available to present a feed blend that is within the thermodynamic operating envelope of the FSF. On-line time for the FSF (which determines the production rate of the smelter together with the concentrate feed rate) is planned to use the following downtime factors:

· 45 days every five years - Major rebuilds of furnaces, acid plant, oxygen plant.

· 2 days per month - repairs requiring feed being off.

· 30 minutes per day - time allotted for minor repairs requiring feed to be off.

· This schedule results in an overall time utilisation of 89.2% which is reasonable and in line with similar
smelter installations.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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Figure 14.31 shows the major sources of smelter downtime in the last three years. All of the unplanned downtime events shown are preventable:

· Low feed stock - Inability to source sufficient feed concentrates has been the largest contributor over
the last two years. The Konkola mine has not been able to supply concentrate to plan and KCM has not been able to locally source appropriate
replacement concentrate of appropriate metallurgical quality at acceptable commercial terms. The effects of this item can be expected
to decrease as output from the Konkola mine increases.

· Significant downtime has also been recorded to repair waste heat recovery boiler (WHRB) leaks and for
routine clearing of WHRB throat leaks. Throat build-up and WHRB leaks are accentuated by slow running (low feed rate) and erratic running
(stop-start operation of the FSF). Steady operation at feed rates inside the designed range can be expected to decrease the effects of
these items.

Figure 14.31 Smelter downtime - FY22, FY23, FY24

![](ctm005_ex96-1img141.jpg)

Source: AMC, 2025.

Copper recoveries averaged 97.27% in October which is ~1% below plan, however discard slag assays are now between 0.2% and 0.3% which will result in recoveries increasing to the planned level of 98.4%.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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Table 14.12 Nchanga smelter production – October 2024

**Smelter October performance and November Plan**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September** | **September** |  | **October, 2024** | **October, 2024** | **October, 2024** | **November** |
| **2024** | **2024** | **Description** | **MTD as at October 31t** | **MTD as at October 31t** | **MTD as at October 31t** | **2024** |
| **Plan** | **Actual** | **Input metrics** | **Plan** | **Actual** | **Var** | **Projection** |
| 0 | 0 | Operating hours hrs. | 589 | 496 | -92 | 589 |
| 0 | 0 | Total Concentrates Fed | 36200 | 30662 | -5538 | 37342 |
| 0 | 0 | Primary Cu Input | 10496 | 7649.61 | -2846 | 10446 |
| 0 | 0 | Avg. Dry Feed rate - FSF t/h | 62 | 61 | -1 | 62 |
| 0.00% | 0.00% | Avg Dry Cone Cu-Grade | 28.99% | 24.95% | -4.05% | 27.98% |
| 0.00% | 0.00% | Avg Dry Cone S-Grade | 17.84% | 18.27% | 0.43% | 18.18% |
|  |  | **Efficiency metrics** |  |  |  |  |
| 0.00% | 0.00% | Cu-recovery - Operational | 98.40% | 97.27% | -1.13% | 98.40% |
| 0.00% | 0.00% | Co-recovery | 60.00% | 60.02% | 0.02% | 60.00% |
| 0.00% | 0.00% | Cu in Alloy/Total Alloy | 75.00% | 80.46% | 5.46% | 85.48% |
|  |  | **Output metrics** |  |  |  |  |
| 0 | 76 | Primary Production Mt | 10328 | 6981 | -3348 | 10279 |
| 0 | 76 | Primary Anodes Mt | 8779 | 5615 | -3164 | 8737 |
| 0 | 0 | Sulphuric Acid Prod Mt | 17590 | 13411 | -4179 | 18485 |
| 0 | 0 | Sulphuric Acid Prod Mt 500TPD | 0 | 0 | 0 | 0 |

---

Source: KCM, 2025.

Regardless of the availability of KCM concentrate, particularly Konkola high-grade concentrate, the smelter must run due to the tightly integrated flowsheet of the overall KCM operation. Starter sheets for the conventional-style, Nchanga TLP EW are manufactured by the Nkana Refinery using stripper anodes produced by the Nchanga Smelter. Sulfuric acid produced from smelter off gas and from the 500 tpd sulfur-burning acid plant is essential for low-cost operation of the Nchanga TLP.

The smelter is now running at 65-75 tph. Although operation at the minimum, technically feasible, feed rate of 60-65 tph of dry concentrate feed is practical and has the advantage of conserving concentrate stocks and minimising the need for repeated shutdowns due to the shortage of concentrate, the FSF is thermodynamically more stable at 70-75 tph and the overall risk profile of the integrated complex is lowered.

14.4.2 Smelter condition

Following the unplanned shutdown of the Smelter in 2024, Hatch Limited (Hatch), a global multidisciplinary management, engineering and development company conducted a detailed assessment of the KCM concentrators, the Nchanga TLP, the Smelter and the Refinery. Hatch's remit was to assess process condition and readiness for re-start and to formulate a ramp-up plan and to identify risks to stable continued operation. Hatch delivered their final report in July 2024.

The Smelter successfully restarted in September 2024. The FSF is now due for a campaign rebuild including a full relining of the FSF including the hearth, having run since 2016 on the current hearth lining. The hearth brick was installed in 2008 and has lasted well. A major shutdown is planned for 45 days and is scheduled to begin in April 2026. KCM has drawn on the detailed condition assessments conducted by Hatch to develop the repair / rebuild program to be undertaken in conjunction with the relining of the FSF, SCF, and two cobalt refining furnaces (CoRFs).

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Capital expenditure allocated for the campaign rebuild is US$32.8M - US$10.0M in FY24/25 for advance purchase of long lead items such as specialty furnace refractories and bespoke water-cooled copper furnace cooling elements and $23.0M for replacement equipment, specialty contractors and consumables to be spent in FY25/26. Table 14.13 shows a breakdown of capital expenditure by smelter section. The scope of the rebuild has been thoroughly developed by Hatch and KCM operators and engineers. This work was aided by the extended, unplanned downtime in 2024 which permitted internal inspections and assessments that would not otherwise have been possible.

Table 14.13 Smelter rebuild CAPEX – by section

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|:---|:---|
| **Section** | **Cost (US$)** |
| Furnace rebuilds, WHB repairs, Dryer refurbishment, anode wheel upgrade | 19100550 |
| Acid plant refurbishment | 10041470 |
| Oxygen Plant refurbishment | 726230 |
| Miscellaneous items | 2886875 |
| Smelter rebuild total | 32755125 |

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The next campaign is planned for five years which is aligned with worldwide industry performance for similar furnaces and systems.

14.4.3 Concentrate blending and third-party feed requirements

Stable thermodynamic operation of the direct-to-blister smelting process relies on operators maintaining an appropriate feed concentrate blend to the FSF. The FSF requires a feed blend that achieves a specific Fe / SiO₂ ratio, a target total copper content, and controlled sulfur content. Multiple blending metrics are targeted simultaneously, as summarized in the example blend plan at Table 14.14.

Table 14.14 Example monthly concentrate blend plan – June 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Jun' 2025-26** <br> **blend plan** | **Blend** <br> **(%)** | **100<br> (%)** | **DMT** | **Cu<br> (%)** | **Fe <br> (%)** | **SiO<sub>2 </sub>(%)** | **CaO (%)** | **S <br> (%)** | **Bi<br> (ppm)** | **Co<br> (%)** | **AsCu** <br> **(%)** | **Au** |
| Nchanga | 5 | 5.00 | 2303 | 5 | 6.7 | 22 | 0 | 7.2 | 272.00 | 0.4 | 1.83 | 0.00 |
| Konkola | 20 | 20.00 | 9212 | 20 | 7.6 | 21.8 | 0 | 15.1 | 161.00 | 0.8 | 1.78 | 0.00 |
| Pyrite | 8 | 8.00 | 3685 | 8 | 23.6 | 1.4 | 11.3 | 30.4 | 0.00 | 0 | 0.00 | 0.00 |
| Zambian Chalcopyrite A | 36 | 36.00 | 16582 | 36 | 20.8 | 12.9 | 0.2 | 26.4 | 28.00 | 0.1 | 1.48 | 0.00 |
| Zambian Chalcopyrite B | 0 | 0.00 | 0 | 0 | 24.5 | 8 | 0.1 | 28.7 | 474.30 | 0 | 0.48 | 0.00 |
| Zambian Chalcopyrite C | 0 | 0.00 | 0 | 0 | 6.8 | 12.4 | 0.7 | 19.9 | 474.83 | 0 | 4.04 |  |
| Zambian Chalcopyrite D | 0 | 0.00 | 0 | 0 | 15.8 | 15.9 | 0.1 | 23.1 | 73.23 | 0.1 | 1.04 | 0.01 |
| Slag Concentrate (local) | 4 | 4.00 | 1842 | 4 | 14.5 | 13.5 | 2.9 | 17.3 | 146.00 | 0.5 | 3.59 |  |
| DRC Chalcopyrite | 0 | 0.00 | 0 | 0 | 1.6 | 16.3 | 1.1 | 12.4 | 131.00 | 0 | 7.47 |  |
| DRC Chalcocite A | 14 | 14.00 | 6448 | 14 | 2.6 | 21.9 | 0.6 | 5.1 | 13.00 | 0 | 1.12 | 0.00 |
| DRC Chalcocite B | 8 | 8.00 | 3685 | 8 | 6.7 | 0.2 | 0.1 | 10.3 | 95.00 | 0.1 | 4.90 |  |
| DRC Chalcocite C | 0 | 0.00 | 0 | 0 | 17.6 | 25.8 | 0.4 | 28 | 85.00 | 0 | 4.17 |  |
| Lime | 5 | 5.00 | 2303 | 5 | 0 | 2.6 | 49 | 0 | 0.00 | 0.1 | 0.00 |  |
| Total | 100.00 | 100.00 | 46060 | 20 | 12.63 | 13.95 | 3.64 | 17.54 | 70.34 | 0.26 | 1.67 | 0.00 |
|  |  |  |  |  | Fe / SiO<sub>2</sub> | 0.91 |  |  |  |  |  |  |
|  |  |  |  |  | Normalised Silica | 21.4 |  |  |  |  |  |  |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend chemistry and proportions shown are representative of actual operational blending as at the effective date.

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KCM's own concentrates, produced at the Konkola Concentrator and Nchanga Concentrators, carry elevated silica content, typically 20–22% SiO₂, which materially exceeds the preferred smelter feed limit of less than 15% SiO₂. Operating the FSF on KCM's own concentrates alone would result in an Fe / SiO₂ ratio below the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, reduced copper recovery into the blister phase, increased slag losses, and potential damage to the refractory lining. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a metallurgical design requirement of the FSF and is not a matter of commercial preference.

Third-party concentrate sourced from other Copperbelt mines serves this blending function. The principal feeds used in the current blend are chalcopyrite-dominant concentrates sourced from large-scale Zambian open pit producers and high-grade chalcocite concentrates from DRC underground operations proximate to the Zambian border, where available. These feeds are high-iron, lower-silica concentrates that counterbalance the silica-rich KCM internal feed and bring the blended FSF input within its operating parameters.

14.4.3.1 Sources of third-party concentrate

Third-party concentrate is sourced from copper mines operating in the Zambian and DRC Copperbelt region, which constitutes the world's second largest copper-producing region and generated an estimated combined 4.3 million tonnes of copper in 2025. The proximity of these mines, the majority within 200 to 500 kilometres of the Nchanga Smelter, enables road-based concentrate logistics at commercially viable freight rates.

Principal sources in recent supply history include large-scale Zambian open pit operations producing chalcopyrite concentrate at approximately 29% Cu with low silica content; Zambian chalcopyrite producers at approximately 23–24% Cu; high-grade DRC chalcocite concentrate sources at approximately 47% Cu with very low silica, which have historically been among KCM's preferred high-grade feed sources due to their proximity to the Zambian border and favourable blend chemistry; and various smaller Copperbelt producers including slag concentrate facilities located in the Chingola and Chililabombwe areas.

14.4.3.2 Availability of third-party concentrate

The overall concentrate supply environment on the Zambian and DRC Copperbelt is assessed as favourable for continued third-party procurement, for the following reasons.

Total copper production in the two-country Copperbelt region is growing materially. Zambia's copper output reached approximately 890,000 tonnes in calendar year 2025, up approximately 8% year-on-year, and the Zambian government has set a production target of 3 million tonnes per annum by 2031, underpinned by approximately US$10B in committed mining investment over 2022–2026. DRC production was approximately 3.4 million tonnes in 2025. Collectively the Copperbelt produced approximately 4.3 million tonnes of copper in 2025 and output is forecast to grow further through 2030.

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Not all of this production, however, generates concentrate available to third-party smelters such as the Nchanga FSF. A critical structural development occurred in December 2025 when Ivanhoe Mines commissioned the Kamoa-Kakula on-site direct-to-blister copper smelter (500,000 tpa capacity) in the DRC. This facility, constructed at a capital cost of approximately US$1.1B, is designed to process Kamoa-Kakula's own concentrate internally, transitioning the mine from a concentrate exporter to a refined anode producer. At full ramp-up (targeted by end of 2026), Kamoa-Kakula's own smelter is expected to absorb the approximately 400,000 tonnes per annum of copper produced at the complex, materially reducing the volume of Kamoa concentrate available to third-party smelters. Prior to this commissioning, Kamoa-Kakula concentrate was a sought-after high-grade, low-silica feed for regional smelters including the Nchanga FSF.

This development illustrates an important structural dynamic in the Copperbelt concentrate market: while total copper production is growing, a number of the largest individual mine expansions are being accompanied by dedicated on-site smelting and refining capacity. Large-scale projects with sufficient production volumes, power supply access, and capital availability, such as Kamoa-Kakula, can justify the investment in proprietary smelting infrastructure. Smaller producers and mines that lack access to reliable power supply, cannot justify the capital outlay (in excess of US$500M for a facility of meaningful scale), or are located outside established acid and logistics corridors, are not able to replicate this model and continue to sell concentrate into the regional market. The Nchanga Smelter, as an established 850 ktpa facility with existing acid plant infrastructure and Copperbelt logistics connectivity, is well-positioned to service these producers.

A further structural factor supporting supply continuity is the Zambian regulatory framework governing concentrate exports. The Government of Zambia applies a 10% export levy on copper concentrate, reflecting a deliberate national policy of encouraging value addition within Zambia rather than export of unprocessed or semi-processed material. This levy creates a material economic disincentive for Zambian concentrate producers to divert supply to export markets or to non-Zambian smelters, effectively anchoring domestically produced concentrate within the Zambian processing value chain. For Zambian producers, the export levy, combined with the additional logistics cost of trucking concentrate to Dar es Salaam or other export corridors for onward shipment, makes supply to regional Copperbelt smelters such as the Nchanga Smelter the economically dominant off-take route. An equivalent structural dynamic applies to high-grade concentrate sources located in the DRC proximate to the Zambian border. The cost of trucking DRC-origin concentrate to deep-water ports for shipment to smelters in Asia is substantially higher than the road freight cost to regional Copperbelt smelters; accordingly, DRC mines within the relevant catchment area have a strong commercial preference for supplying regional Zambian smelters. These structural economics provide a durable basis for the QPs' assessment that third-party concentrate will remain available to KCM throughout the life of operations at commercially reasonable terms. They do not, however, eliminate the commercial risk associated with the absence of binding long-term supply contracts, which is identified as a material risk to the LOM plan and is assessed in Section 14.4.3.5 below.

The net effect is that regional concentrate availability is expected to remain adequate, though sourcing requires active commercial management as the largest individual contributors reduce their open market volumes. KCM's smelting capacity, its position as a regional concentration hub, and its established relationships with multiple concentrate suppliers provide a structural advantage in securing ongoing supply.

14.4.3.3 Existing contracts and commercial terms

As of the effective date of this report (1 April 2026), KCM has entered into supply agreements with multiple third-party concentrate suppliers covering for the supply of concentrate during FY26/27. These agreements are short-term in nature, consistent with industry practice for concentrate trading in the Copperbelt region. Concentrate purchases are made on a metal-return basis, meaning KCM takes ownership of the purchased concentrate and pays a concentrate purchase price linked to the contained metal value, less treatment and refining charges, payability deductions, and freight. This is a standard commercial purchase arrangement, KCM is not operating as a toll processor of third-party material; it acquires the concentrate as a feedstock input and retains the processed metal output, bearing the associated market price risk on both the purchase and the refined product sale.

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| Konkola Copper Mines Plc | 0424076 |

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The terms of current supply agreements, as reflected in the FY2025/26 business plan blending schedule (Table 14.15), include: concentrate purchase prices calculated by reference to prevailing LME copper prices less treatment charges (at prevailing TC / RC rates in the African market, estimated at US$60/dmt and US$0.06/lb respectively for long-term planning purposes, consistent with the payability terms in Table 16.3); volumes procured under individual contracts ranging from approximately 10,000 to 60,000 dry metric tonnes per month per supplier, with multiple concurrent suppliers engaged to provide blend flexibility and supply security; and contract durations of one fiscal year or less, with renewal subject to commercial negotiation.

Table 14.15 Concentrate blending plan – FY25/26 business plan

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Opening stock** | **Opening stock** | **Opening stock** | **Receipts** | **Receipts** | **Receipts** | **Treatment** | **Treatment** | **Treatment** | **Closing stock** | **Closing stock** | **Closing stock** |
| <br>**Own <br> concentrates** | **DMT** | **TCu <br> (%)** | **Fine <br> Cu** | **DMT** | **TCu <br> (%)** | **Fine Cu** | **DMT** | **TCu <br> (%)** | **Fine Cu** | **DMT** | **TCu <br> (%)** | **Fine <br> Cu** |
| Nchanga hg |  | 20.0 |  | 63995 | 20.0 | 12799 | 19415 | 20.0 | 3883 | 44580 | 20.0 | 8916 |
| Konkola hg | 483 | 33.0 | 159 | 151608 | 33.00 | 50031 | 151653 | 33.00 | 50045 | 438 | 33.00 | 145 |
| Pyrite | 1000 | 0.3 | 3 | 72001 | 0 | 216 | 43288 | 0.3 | 130 | 29713 | 0.3 | 89 |
| Total own | 1483 |  | 162 | 287604 |  | 63046 | 214355 |  | 54058 | 74732 |  | 9150 |
| **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** | **Purchased concentrates** |
| Zambian Chalcopyrite A |  | 29.1 |  | 185233 | 29.00 | 53718 | 185233 | 29.00 | 53718 |  | 0.0 |  |
| Zambian Chalcopyrite C |  | 44.5 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Zambian Chalcopyrite D |  | 26.0 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Slag Concentrate (local) | 325 | 25.0 | 81 | 13416 | 25.0 | 3354 | 13416 | 25.0 | 3354 | 325 | 25.0 | 81 |
| Zambian Chalcopyrite B |  | 0.0 |  | 12569 | 0.0 |  | 12569 | 0.0 |  |  | 0.0 |  |
| DRC Chalcopyrite |  | 49.1 |  | 4688 | 48.00 | 2250 | 4688 | 48.0 | 2250 |  | 0.0 |  |
| DRC Chalcocite A | 235 | 48.0 | 113 | 60101 | 48.00 | 28848 | 60101 | 48.0 | 28848 | 235 | 48.0 | 113 |
| DRC Chalcocite B | 200 | 47.0 | 94 | 29333 | 47.0 | 13786 | 29333 | 47.0 | 13786 | 200 | 47.0 | 94 |
| DRC Chalcocite C |  | 29.6 |  |  | 0 |  |  | 0.0 |  |  | 0.0 |  |
| Total purchased | 759 |  | 288 | 292771 |  | 101957 | 292771 |  | 101957 | 759 |  | 288 |
| Total concentrates | 2242 |  | 450 | 580375 |  | 165002 | 507126 | 30.76 | 156015 | 75491 |  | 9438 |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend plan volumes and grades shown are based on the KCM FY25/26 business plan as at the effective date.

No binding concentrate supply contracts extend beyond 2026, and this is identified as a critical commercial risk requiring ongoing management. The LOM plan assumes that 300,000-315,000 tpa of third-party concentrate will be available throughout the mine life at commercially reasonable terms. This assumption is consistent with the observed regional supply environment but is not supported by binding long-term contractual commitments. The ability to renew and extend supply arrangements will depend on continued growth in Copperbelt concentrate production from mines that do not have access to proprietary smelting capacity, ongoing commercial relationships with concentrate traders and producers, and KCM's ability to offer competitive processing terms relative to alternative smelting routes available to concentrate sellers.

14.4.3.4 Alternatives to third-party concentrate procurement

In the absence of sufficient third-party concentrate, KCM has identified the following alternative pathways, each with differing economics and operability implications.

The primary operational mitigation is blend management using additional lime addition and pyrite concentrate from the Nampundwe Mine to partially adjust the FSF feed chemistry. These materials are available in limited volumes and can partially compensate for the silica imbalance, but cannot fully replicate the blend correction provided by high-volume chalcopyrite concentrate feed at required tonnages. Operating on a lime-heavy blend reduces smelter throughput and copper recovery into the blister phase.

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A second mitigation is operation of the sulfur-burning acid plant (500 tpd capacity) to partially compensate for reduced off-gas acid production where smelter throughput declines. This reduces the incremental acid shortfall but does not eliminate it; if off-gas acid production falls by more than 500 tpd (i.e. if smelter throughput falls to less than approximately 60% of current operating rate), net TLP acid availability would be constrained.

Third-party acid procurement from regional suppliers in Zambia, Namibia, and South Africa represents the fall-back option for KCM's tailings leaching operations under both economic cases. Current market prices for sulfuric acid on the Zambian Copperbelt have been elevated, with spot prices reaching up to US$700 per tonne in Kolwezi, DRC, in late 2025 following Zambia's imposition of an acid export ban in September 2025. The economic model applies an internal acid transfer price of US$130 per tonne, representing the estimated avoided cost of external procurement under normalised market conditions, credited against TLP operating costs.

If third-party concentrate were unavailable and the resulting LOM acid shortfall were sourced externally at the assumed market price of US$175 per tonne, the incremental NPV₈% impact, calculated as the US$45 per tonne delta between the external market price and the internal transfer price applied to the case-specific external acid volume, is approximately US$70M for the M&I Case (acid shortfall approximately 1.9 Mt, reflecting the third-party concentrate share of smelter feed over the M&I Case LOM) and approximately US$100M for the Full Resource Case (acid shortfall approximately 6.4 Mt, reflecting the longer combined operating life of the existing Nchanga TLP and TLP 2 and the higher LOM acid requirement under the Full Resource Case as fresh Nchanga concentrator tails processing continues through to approximately FY2037/38). At current Copperbelt spot acid prices, both impacts would be substantially higher. The acid cost exposure under each case is incorporated in the fully integrated third-party concentrate sensitivity analysis presented in Section 19.

14.4.3.5 Assessment of supply certainty

The QPs' assessment is that the availability of regional third-party concentrate at volumes sufficient to meet the LOM Full Resource plan requirements of 300,000–315,000tpa is plausible but not certain. The risk is assessed as moderate. Supporting factors for continued availability include the overall volume of Copperbelt concentrate production (which substantially exceeds KCM's requirements and is growing), the structural inability of many smaller regional producers to build proprietary smelting capacity, the established commercial relationships KCM has maintained with concentrate traders and mine operators, the geographical advantage of the Nchanga Smelter's location within the Zambian Copperbelt, and the competitive processing terms KCM can offer. Countervailing risk factors include the absence of long-term supply contracts, the Kamoa-Kakula smelter commissioning reducing one of the region's largest open-market concentrate sources, the potential for further mine-site smelter developments to reduce regional third-party concentrate availability over the LOM, and the competitive demand for regional concentrate from other Copperbelt smelters.

The NPV impact of losing third-party concentrate supply, incorporating both the direct smelter contribution and the incremental acid procurement cost, is estimated at approximately US$210M for the Measured and Indicated Case (an 8% reduction from the post-tax base case NPV₈% of US$2,640M, reducing to US$2,430M) and approximately US$296M for the Full Resource Case (a 3% reduction from the post-tax base case NPV₈% of US$8,637M, reducing to US$8,341M), as set out in the full sensitivity analysis in Section 19.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.4 Nkana refinery

14.4.4.1 Mode of operation, general condition

The Nkana Refinery (Tank house, Refinery) is a large, conventional electro-refinery with a nominal capacity of 300 ktpa of grade A refined cathode (see Figure 14.32). Production utilises the starter sheet process whereby thin starter sheets of refined copper are plated on titanium blanks in the Stripper Section of the Tank house. Sheets are manually stripped and fabricated prior to loading in the commercial sections of the Tank house where they are grown to full weight. Anodes are consumed in two 11-day cycles and two refined cathodes are produced per anode. Approximately 18% of the anode weight is returned to the smelter as anode scrap. Overall scrap rate for the refinery is 22%.

The commercial section of the Tank house is arranged in 72 independently powered sections. Nine independent electrolyte circuits service eight sections each.

The Refinery operated reliably and well in the past, achieving >95% current efficiency and producing >95% grade A quality refined copper. In recent years the capacity of the refinery was reduced to 50% due to issues related to inability to maintain the facility in full operating condition.

Figure 14.32 Nkana refinery – process flowsheet

![](ctm005_ex96-1img142.jpg)

Source: KCM, 2025.

The current mission of the Refinery is to produce starter sheets for the Nchanga TLP EW tank house. To accomplish this, stripper anodes are supplied by the Nchanga Smelter and consumed in the stripper section. Anodes produce good quality sheets while still dimensionally consistent which is about ½ weight. After this point the anodes are transferred to a commercial section to consume the remainder of the anodes and to produce refined cathode for sale. Anode scrap from these sections is returned to the Smelter for remelting.

In this mode of operation, one commercial electrolyte circuit is in service. As two sections only are required for this stripper anode refining duty, six sections in the operational electrolyte circuit are currently available for refining should copper be available in the smelter to produce and supply commercial anodes. Refining of such copper would be accomplished at minimal additional cost for power and reagents as operation of the electrolyte circuit (including labour) is a stay in business expense already incurred for production of Nchanga TLP starter sheets. The Refinery could currently be characterised as neat and tidy but very run down, with general observations as follows:

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· Some cell-top hardware is in storage and available.

· Cells are in serviceable condition.

· Structures are not painted and are acid affected but appear to be sound.

· Basement floors and sumps are acid compromised. While the damage is significant, acid infiltration below
the basement concrete floor has not yet resulted in sufficient "swell and heaving" to distort the basic structure of the building.

Operators are aware of the conditions described and the most critical areas have already been repaired. The worst floor area has been dug out, acid has been neutralised and the floor has been re-concreted. Plans are in place for similar repair of a second high-priority area. One high-priority area of steel structure has been sand blasted, repaired and re-painted.

14.4.4.2 Production

Table 14.16 shows Refinery production for 2024-2025 YTD to January 2025. Gross copper production was 4,763.1 t versus the business plan (BP) of 12,033 t. This significant production shortfall is largely due to availability of anodes from the Smelter. Basic refinery performance parameters were as follows:

· Current efficiency 91.8% v. 96.0% planned

· Anode scrap rate 34.2% v. 18.0%

· Plant utilisation 93.3% v. 90.0%

· Dispatchability 84.9% v. 95.0%

Although operators are experiencing some difficulties maintaining stable electro-chemical conditions in the Tank house due to the small number of sections operating and are not meeting planned current efficiency, scrap rate and cathode dispatchability levels, the operation is stable and the primary mission of supplying acceptable quality starter sheets to the Nchanga TLP is being met.

Table 14.16 Nkana Refinery production – 2024-2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024 -2025 YTD** | **2024 -2025 YTD** | **2024 -2025 YTD** | | | | **Januarv-25** | **Januarv-25** | **Januarv-25** | **Januarv-25** | **Feb-25** | **Feb-25** |
| **Actual** | **BP** | **Var [Actual- <br>BP]** | <br>**DECEMBER-**<br> **24 Actual** | <br>**Parameter** | <br>**Units** | **Actual** | **Projection** | **BP** | **Var <br>[Actual- <br>BP]** | **Projection** | **BP** |
| 4763.1 | 12033 | (7269.6) | 1084 | Gross Copper production | MT | **981** | 1707.0 | 4059.6 | (3078.7) | 1584.0 | 4197.1 |
| 2221 | 6997 | (4776.2) | 580 | REC Production | MT | **473** | **700.0** | 2611.7 | (2138.936) | 800.0 | 2914.0 |
| 2128 | 3293 | (1165.3) | 504 | S/S to TLP | **MT** | **508** | 656.0 | 840.4 | (332.246) | 550.0 | 675.6 |
| 414 | 1743 | (1328.1) | **0** | Q12 production | **MT** | **0.00** | 351.0 | 607.5 | (607.500) | 234.0 | 607.5 |
| 420 | 1743 | (1322.8) | 0 | Q12 Dispatch | MT | **0.00** | 351.0 | 607.5 | (607.5) | 234.0 | 607.5 |
| 6971 | 22000 | (15028.7) | 1194 | Nchanga Anodes Receipt | MT | **1578** | 2700.0 | 4500.0 | (2922.1) | 2160.0 | 4500 |
| 9.6 | 20.7 | (11.1) | 1 | Slimes Production | MT | **1.32** | 2.0 | 7.2 | (5.9) | 2.00 | 7.2 |
| 91.8 | 96.0 | (4.3) | 93 | Current Efficiency | **%** | **91.1** | 96.0 | 96.0 | (4.9) | 96.0 | 96.0 |
| 34.2 | 18.0 | (16.2) | 38 | Anodes Scrap Rate | **%** | **22.0** | 18.0 | 18.0 | 4.0 | 18.0 | 18.0 |
| 4.2 | 10.0 | 5.8 | 3 | Starter sheet scrap | **%** | **4.90** | 5.0 | 10.0 | 0.1 | 5.0 | 10.0 |
| 84.9 | 95.0 | (10.1) | 80 | Dispatchability | **%** | **88.2** | 95.0 | 95.0 | (6.8) | 95.0 | 95.0 |
| 93.3 | 90.0 | 3.3 | 94 | Plant Utilisation | **%** | **92** | 92 | 90.0 | 2.0 | 92 | 90.0 |

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Source: KCM, 2025.

14.5 Proposed processing methods

One new processing facility is proposed under the Full Resource Case: a second Tailings Leach Plant (TLP 2) to process reclaimed material from the TD05 Mineral Resource. TLP 2 is at Concept Study level (NERIN, completed November 2025) and is accordingly included in the Initial Assessment Full Resource Case only; it is not included in the Mineral Reserve estimate or the M&I Case mine plan in the companion PFS Technical Report Summary. No other new processing methods are proposed; the Konkola Concentrator (Section 14.1), Nchanga Concentrators (Section 14.2), existing Nchanga TLP (Section 14.3), and Nchanga Smelter and Nkana Refinery (Section 14.4) continue to operate as currently configured.

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The proposed TLP 2 facility is a new tailings leach plant designed to process reclaimed material from the TD05 (Muntimpa) tailings storage facility under the Full Resource Case. The project has been progressed to concept study level by NERIN with metallurgical test work completed by AHK on 611 samples from 585 m of reverse circulation drilling. The total project capital cost at IA-level disclosure is approximately US$741M (including engineering and contingency allowances appropriate to IA-level accuracy).

14.5.1 Process description

The TLP 2 flowsheet replicates the established hydrometallurgical route used at the existing Nchanga TLP, with adaptations to address the TD05 mineralogy:

· Hydro-mining of TD05 tailings using high-pressure water to produce a slurry feed

· Pumped slurry transfer to TLP 2

· Elevated temperature acid leaching at 70–80°C using on-site sulfuric acid

· Solvent extraction (SX) to recover and concentrate copper from the pregnant leach solution

· Electrowinning (EW) to produce LME Grade A copper cathode (>99.9935% Cu)

· Neutralisation and pumped transfer of barren leach residue to TD06 (the new tailings storage facility)

The elevated temperature leach circuit is required to achieve the design metallurgical recovery from TD05 material, which contains predominantly cupriferous mica (4–7%) with minor malachite, pseudomalachite, chrysocolla and chalcocite. Steam for elevated temperature leaching is generated on-site via coal combustion (175 kg coal per tonne of steam; approximately 277,000 tpa coal at design throughput).

14.5.2 Design parameters

Table 14.17 TLP 2 design parameters

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|:---|:---|
| **Parameter** | **Value** |
| Design throughput | 53,500 tpd / 19.5 Mtpa |
| Nominal throughput | 17.66 Mtpa |
| Plant availability / utilisation | 90.4% |
| TD05 head grade (TCu) | 0.55% |
| TCu leach efficiency | See Section 10.4.4.3 |
| TCu wash efficiency | 98.5% |
| SX-EW efficiency | 99.5% |
| Current efficiency | 91.0% |
| Overall TCu recovery | 73.9% |
| Annual cathode production | 70,470 tpa Grade A Cu |
| Power demand | 38 MW (3.7 MWh per tonne Cu) |

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14.5.3 TD06 tailings storage facility

A new tailings storage facility (TD06) is required to receive both fresh tailings from the Nchanga concentrators (currently directed to TD05) at approximately 13.4 Mtpa, and barren leach residue from TLP 2 at approximately 17.6 Mtpa (TCu grade 0.14% post-leach).

14.6 Proposed flow sheet

The proposed TLP 2 flowsheet is shown in Figure 14.33.

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Figure 14.33 Proposed TLP 2 flowsheet

![](ctm005_ex96-1img143.jpg)

Source: AMC, 2026.

Key features of the flowsheet are:

· Hydro-mined TD05 tailings pumped to TLP 2 at 17.7 Mtpa and leached at elevated temperature (70–80°C),
supplied by steam from an on-site coal-fired boiler.

· Conventional solvent extraction and electrowinning recovers 70.4 ktpa at design rate of LME Grade A copper
cathode at an overall TCu recovery of 73.9%.

· Barren leach residue reports to the new TD06 tailings storage facility at approximately 17.6 Mtpa, which
also receives continuous fresh tailings from the Nchanga concentrators following cessation of TD05 deposition.

14.7 Plant design and equipment

See Sections 14.1.2 and 14.1.4.

14.8 Plant operations

The smelter operates on the concentrate blending plan shown in Table 14.15. Planned throughput for the period FY2026/27 to FY2030/31 ramps to a maximum of 724 kt, requiring a feed rate of 91 tph at the standard time utilisation of 91.5% (downtime allowance of 0.5 hours per day and two days per month). FY2030/31 is a transition year as throughput ramps from the FY2029/30 level to the nominal maximum capacity. From FY2032/33 onwards, throughput is planned at approximately 850 ktpa - the nominal designed maximum production rate - requiring a feed rate of 112.3 tph at 86.4% time utilisation. Smelter technical staff are confident this rate can be maintained provided an appropriate feed blend can be sourced. AMC concurs with this opinion.

Basic operating performance parameters calculated by smelter technical staff (98.13% Cu recovery, 30% Co recovery, S conversion to sulfuric acid) have been used to model the planned performance of the smelter and refinery.

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15 Infrastructure

KCM benefits from established infrastructure including road and rail access, grid power supply, water supply from the Kafue River system, and extensive processing and materials handling facilities developed over decades of operation. This infrastructure is sufficient to support the full Mineral Resource scenario presented in this Initial Assessment, with the exception of tailings storage capacity which will require expansion beyond the near-term production period.

This section of the report outlines the various infrastructure components supporting the ongoing mining and processing operations at the KCM mine site. It provides an overview of roads, railways, water dams, dumps, and tailings disposals, detailing their locations and roles in sustaining operations. Additionally, it summarises essential services such as power and water, including their sources and overall usage statistics. Ancillary service infrastructure supporting mining and processing activities is also addressed.

Furthermore, the report highlights planned future infrastructure expansions where applicable, offering insights into upcoming developments.

15.1 Roads

The mine sites are all existing operations and are connected to multiple local roads in the Chililabombwe, Chingola, Kitwe and adjacent towns. Internal town roads in these areas are primarily not always marked roadways and are a mix of dirt and tar roads. However, the main interconnecting roadway through the towns, Chingola-Chililabombwe Rd (T3), is a tar road that is kept in a decent and usable state and serves as the major route between towns and various mining sites, operations and the DRC Border. Thus, road access to support ongoing and future operations is well established in the area.

Roads in the local area are however prone to deterioration especially during the rainy seasons, and potholes are a frequent occurrence and risk to be aware of and dealt with when travelling on roadways. The map below visualises the main roadway, Chingola-Chililabombwe Rd (T3), and also shows existing railway infrastructure in-between towns covered in the next section (see Figure 15.1).

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Figure 15.1 Map showing main roads connecting towns of Chingola and Chililabombwe

![](ctm005_ex96-1img144.jpg)

Source: Google Earth Pro. (2025). Map showing main roads and railways around Chingola & Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

On a national scale, Zambia has a functioning network of major highways that is the lifeline for mining operations in the Copperbelt region. Major highways also connected to the neighboring countries of Tanzania and Namibia where access can be gained to port infrastructure for exports. Through highways connected to the neighboring countries of Botswana and Zimbabwe, access can also be gained to South Africa for port access for exports.

15.2 Rail

In recent years, Zambia's railways in the areas surrounding KCM are characterised by aged infrastructure and similarly aged rolling stock. This has resulted in significant operational challenges with operating rail services in the local areas surrounding the mine. Due to the deteriorating condition of existing railways running through the towns of Chililabombwe and Chingola, final product is not initially transported by railway. The primary method of transporting final product, and for inbound shipments of equipment or consumables, is road freight.

A viable rail export corridor that has been utilised in the past by KCM includes the Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania and to the port of Der-es-salaam. Product still needs to be trucked via road for the initial 200 km from site to Kapiri Mphosi due to non-functioning local railways in the Copperbelt province. The Tazara railway is however not without its own challenges and has in recent years been plagued by operation challenges and infrastructure issues. At the time of reporting however the railway line is reported as open for freight and passenger use but needs extensive infrastructure upgrade and repair work. The below map shows current railway infrastructure reported in Zambia, showing both functioning and non-functioning networks (see Figure 15.2).

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There is a potential future rail corridor referred to as the Lubito Corridor that is planned to connect Angola's port of Lobito through the DRC to Zambia's Copperbelt. Current projections are for a completion date of 2029 (Lobito Corridor: What It Is & Why It Matters, 2025).

Figure 15.2 Map showing rail infrastructure of Zambia Railways Limited

![](ctm005_ex96-1img145.jpg)

Source: Zambia railways ltd, railway network Map showing major railway infrastructure. Available at: zrl.com.zm/rail -Accessed 17 March 2025.

15.3 Port facilities

Zambia is a landlocked country with no direct access to port facilities. Consequently, the transport of goods to and from the country and the mine relies exclusively on rail and road infrastructure. Accessible ports in other countries that have been utilised for product exports via existing logistical corridors include:

· Tanzania – Port of Dar-es-Salaam

· Namibia – Port of Walvis Bay

· South Africa – Port of Durban

15.4 Water dams

Due to the primary source of raw water for operations being derived from underground dewatering activities, there is no significant need for above-ground water storage. The volume of water inflows into the underground mine operations at Konkola Mine far exceeds the required raw water usage. At Nchanga Mining operations, raw water from underground dewatering is supplemented with water abstracted from the Kafue River pump station. Consequently, there is no substantial water dam infrastructure for surface operations. The only operational dam is an emergency pollution control dam, constructed from the footprint of an old, reclaimed stockpile located adjacent to the TD02 historical TSF, which has been successfully reclaimed.

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15.5 Dumps

As part of operations of both the Konkola and Nchanga Operations, waste rock dumps are utilised to dispose of any waste rock generated through mining operations. These facilities are subject to statutory compliance and operating waste rock dumps at Konkola Mine is subjected to statutory inspections conducted by an independent 3<sup>rd</sup> party inspector to ensure compliance to the applicable legislation.

15.6 Licensing and permitting

The framework for the independent inspection of mine dumps is outlined in The Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997), a subsidiary legislation of The Mines and Minerals Development Act (MMDA).

Licensing to own and operate waste dumps at Konkola is subject to The Environmental Management Act (EMA), 2011, Environmental Management (Licensing) Regulations, 2013. Statutory inspections are carried out in line with the required legislation to ensure compliance of the operated waste dumps.

15.7 Konkola operation waste dumps

The Konkola Mine, located on the outskirts of the town Chililabombwe, operates primarily two waste dumps, Dump A & B. Dump A is located west of the mine adjacent to shafts 1 & 4, and handles waste from these operations. Dump B is located North-west of shaft 3 about 2.5 km north of Dump A. Both dumps are in operation and are actively used to support ongoing operations, they respectively have coverage areas of approximately 48 ha for Dump B, and 48 – 50 ha for Dump A (see Figure 15.3).

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Figure 15.3 Map showing waste dump locations at KCM

![](ctm005_ex96-1img146.jpg)

Source: Google Earth Pro., 2025. Map showing waste dumps of Konkola Mine at Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

15.8 Nchanga Operation waste dumps

The primary source of waste dumps in the Nchanga mining operations is from historical open pit mining overburden stockpiles. The stockpiles are primarily located in the areas shown in the image below. The stockpiles in these areas are estimated to cover an area of over 1,200 ha based on historical overburden inventory dumps data from the mine (see Figure 15.4).

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Figure 15.4 Map showing locations of various waste dumps at Nchanga Mines

![](ctm005_ex96-1img147.jpg)

Source: Google Earth Pro., 2025. Map showing waste dump locations of Nchanga Mine located at Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

15.9 Tailings disposal

15.9.1 Tailings deposition locations

Tailings disposal is achieved through pumped tailings to various TSFs located at different geographical locations throughout the Konkola Mines operational footprint. The operations include historic tailings facilities that are no longer in operation and in various stages of reclamation, and two operational facilities.

The current overview and state of TSFs in summary includes:

· TD02 – No longer in operation and fully reclaimed.

· TD03 – No longer used for deposition of tailings and currently in process of being reclaimed through
hydraulic mining and truck and shovel operations.

· TD04 – No longer used for deposition of tailings and earmarked for reclamation by hydraulic mining.

· TD05 – in operation and nearing maximum capacity. Investigation into stability and capacity increase
conducted, but opportunity was limited due to stability issues (details below).

· Lubengele – in operation, no plans for expansion, however facility has about 50% of design capacity
left.

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Locations of various TSFs in relation to neighboring towns and the main mining operations shown below (see Figure 15.5).

Figure 15.5 Map showing locations of all TSFs of Konkola and Nchanga Operations

![](ctm005_ex96-1img148.jpg)

Source: Google Earth Pro., 2025. Map showing the location TSF and mining operations of Konkola Mines, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

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The two operational facilities which include Muntimpa (TD05) and Lubengele are each located in proximity to local towns and in close proximity to mining operations at Konkola and Nchanga.

The Muntimpa (TD05) facility is located just to the south of the town of Chingola and borders the outskirts of town (12°36'51.66"S, 27°53'13.16"E) (see Figure 15.6).

Figure 15.6 Map showing detail view of TD05 Muntimpa TSF

![](ctm005_ex96-1img149.jpg)

Source: Google Earth Pro., 2025. Map showing the location of Muntimpa TSF in Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

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The Lubengele facility is located just to the north of the town of Chililabombwe and borders the outskirts of town (12°20'27.25"S, 27°49'53.35"E) (see Figure 15.7).

Figure 15.7 Map showing detail view of Lubengele TSF

![](ctm005_ex96-1img150.jpg)

Source: Google Earth Pro. (2025). Map showing the location of Lubengele TSF in Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

15.9.2 LOM capacity and expansion opportunities

The principal active tailings storage facility, Muntimpa (TD05), is approaching the end of its useful life as a deposition facility, with fresh tailings deposition scheduled to cease by approximately end of 2028. An inspection into increasing its capacity by an independent third-party contractor was constrained by stability concerns to a maximum expandable capacity of 590 Mt against an initial target of 780 Mt. A civil buttress program (US$30M) is provided in the sustaining capital plan to extend TD05's deposition life through the ramp-up years until the new TD06 facility is commissioned.

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To replace TD05 as the active deposition facility, a new tailings storage facility (TD06) is proposed for commissioning by end of 2028. TD06 is required under both economic cases - the cessation of TD05 deposition is driven by TD05's expandable capacity constraint, and reclamation of the TD05 inventory under either case requires deposition to have ceased. TD06 will receive fresh tailings from the Nchanga concentrators (approximately 13.4 Mtpa combined output of the OEM, NEM, and NWM concentrators) and barren leach residue from the existing Nchanga TLP, and additionally, under the Full Resource Case, from the proposed TLP 2 facility (refer Section 14.3).

Concurrent with the cessation of TD05 deposition, the TD05 inventory transitions from a deposition destination to a reclamation feed source. Under the M&I Case, the Measured and Indicated portion of TD05 (198 Mt - refer Table 11.28) is processed through the existing Nchanga TLP as a life-of-mine extension following TD03 and TD04 depletion, contributing to the integrated M&I Case mine life of approximately 15 years. Under the Full Resource Case, the larger Inferred-inclusive TD05 resource base (423 Mt total) supports the capital investment in the proposed TLP 2 facility (refer Sections 11.4.4 and 14.3), which is constructed in parallel with the existing Nchanga TLP. The combined facilities lift total tailings throughput from approximately 13 Mtpa to approximately 34 Mtpa, accelerating recovery of the TD05 inventory under the FRC and bringing forward associated revenue, with TD05 reclamation extending to depletion in approximately FY2042/43.

There are no plans to extend the Lubengele TSF, which retains approximately 50% of its design capacity and continues to receive Konkola Mine concentrator tailings. Lubengele is being progressed as a future Mineral Resource exploration target, with auger drilling and characterisation now underway.

The combined infrastructure plan supports both the M&I Case and the Full Resource Case mine plans: continued use of TD05 to end of 2028, commissioning of TD06 from end of 2028, ongoing Lubengele deposition, and reclamation of TD03, TD04, and the M&I portion of TD05 through the existing Nchanga TLP. Under the Full Resource Case, this plan additionally includes construction of TLP 2 to enable parallel reclamation of the larger Inferred-inclusive TD05 resource base. Future TD06 expansion and additional capacity development remain available as long lead-time options as the project progresses.

Table 15.1 summarises the current conditions of operational TSF facilities.

Table 15.1 Operational TSF conditions, TD05 (Muntimpa) and Lubengele

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|:---|:---|:---|
| **Description** | **TD05 - Muntimpa** | **Lubengele** |
| Last Assessment conducted available | Nov 2024, Capacity increase investigation report & Quarterly inspection report. | Quarterly inspection report Jan 2025. |
| Management Standard / guidelines Followed | Global Industry Standard on Tailings Management (GISTM). | Global Industry Standard on Tailings Management (GISTM). |
| Total Storage capacity original Design [Mt] | 534.8 | 200 |
| Total Storage Used [Mt] | 546 (against the approved increased design capacity of 590 Mt) | 101 |
| Total Remaining [Mt] | 44 (Based on the 590 Mt increased capacity option). | 99 |
| Planned Capacity Increase [Mt] | 245 | None planned. |
| Final Planned Capacity [Mt] | 590 (780 not possible due to stability concerns). | 200 |
| Yearly deposition target [Mt] | To be confirmed based on new mining plan. | To be confirmed based on new mining plan. |
| Operational comments [During last reporting periods available] | Operating close to design freeboard and pond level reduction required.<br> Supernatant pond distance above limits, work was undertaken to lower levels. | Operating well within design freeboard limits.<br> Supernatant pond distance within limits.<br> Drains and spillways operational but needs repair work & cleaning. |
| Highlighted Major Risk / Scope required | Regardless of capacity increase, assessments pointed to stability issues, constraining the opportunity for additional capacity.<br> Increasing capacity is constrained to max of 590 Mt subject to the construction of a large Rockfill buttress to the south of the main wall, with interface filter drainage required. | Stability assessment update is required urgently to confirm stability in line with GISTM standards. Could infer additional scope for stability improvement dependent on outcome of work.<br> Needs update of 5YP deposition strategy to also infer LOM planning. |

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15.9.3 Licensing and permitting

TSF facilities are managed by conducting routine statutory inspections carried out by an independent consultant on TSF facilities in line with compliance with the MMDA No. of 2015, the principal Act, and its subsidiary legislation the Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997).

In addition, the reports produced on statutory compliance follows the licensing requirements as provided for under the Zambian EMA of 2011 and its subsidiary legislation the Environmental Management (Licensing) Regulations, 2013 (Statutory Instrument Number 112 of 2013).

15.9.4 Stability and TSF management processes

KCM tailing management systems are aligned with the GISTM.

Quarterly assessments are conducted by an independent consultant to report on TSF conditions and management. The inspections focus on:

· Tailings deposition in the quarter compared to planned targets.

· Pond water management and freeboard, also with focus on stability to deal with rainfall events.

· Beach profile.

· Piezometer readings are taken monthly at strategic locations on TSF dam walls for stability assessment.

· Environmental management is checked with effluent quality and limits of statutory limits of effluent discharge
verified. Air quality with regards to dust generation is checked.

· Appurtenant facilities inspected with focus on spillways and canals, wall slopes and toe areas and Filter
drains.

Quarterly reports are accompanied by dashboards highlighting risks, and priority of risks identified during the period of inspection, quarterly reports highlight any deviations from standards and advises remedial actions to be implemented to ensure continued compliance and safety of facilities.

In addition to the mentioned activities for statutory compliance as listed above, KCM also implement the following as part of their TSF Management policy:

· Maintaining a robust emergency response system, which includes developing plans in collaboration with
local communities and emergency services, as well as conducting regular mock exercises to test their emergency response procedures.

· Avoiding riverine and submarine tailings disposals in new projects.

· Maintaining transparency and building mutual trust with their stakeholders by keeping them informed about
tailings are managed and engaging with stakeholders throughout the entire lifecycle of the facilities.

· Working collaboratively with their community partners to develop long-term recovery actions required in
case of a tailing's facility failures.

· Review the performance on a periodic basis against their policy including the sharing of good practices
throughout the organization and stakeholders.

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15.10 Power

KCM operations primarily draw their power from the CEC which owns and operates electricity transmission infrastructure in the Copperbelt region. CEC primarily purchases electricity from ZESCO, the national power utility in Zambia a state-owned power company. The primary sources of power for the CEC include:

· ZESCO is the primary source of power purchased.

· CEC owns thermal power generation assets totalling 80 MW capacity.

· Approximately 34 MW of Solar PV located at Riverside Solar PV park, Kitwe.

· Future plans also include development of a 40 MW hydropower plant in the North-Western province of Zambia.

· There are future KCM plans for renewable energy at Chililabombwe (150 MW) and thermal South Province (150
MW).

The ZESCO national grid in Zambia is limited geographically and is plagued by an overall supply deficit, with many parts of the country not currently under electrification. The primary source of electricity is hydroelectric, with the rest coming from thermal coal and imports from various neighbouring countries.

Power sources that feed into the ZESCO national grid include:

· Hydroelectric power from various hydro power plants including Kariba North Bank, Kafue Gorge, Victoria
Falls, ITPC, Lunzua, Lusiwasi Lower, Chishimba Falls, Lunsemfwa Hydro.

· Thermo Coal plant located at Maamba Collieries.

· Imports come from various countries including South Africa, Mozambique, Malawi, and Zimbabwe.

· During times of additional power demand, like during smelter start-ups, or when grid failures occur, emergency
power capacity is available through the use of generators.

Some of the main characteristics of the power transmission system in the area of operations of Konkola Mines include:

· Transmission system has various voltage levels including 220 kV, 66 kV, and 11 kV.

· Konkola Mining operations tie into the 66 kV voltage lines at substations located in the towns of Chililabombwe
and Chingola.

· At the 66 kV substations, power is stepped down primarily to 11 kV, and in some cases to 33 kV, whereafter
power is then distributed to various other KCM operations substations before being stepped down further for use.

· Underground power reticulation is done at 11 kV, whereafter underground substations steps down power further
into required final usable voltages.

15.10.1 Existing operating power supply capacity and expansion

The existing operations at KCM have a current overall power capacity requirement of approximately 194 MW to fully operate all mining operations and supporting infrastructure. Power is distributed from substations located in Chingola, Chililabombwe, Nampundwe and Kitwe towns.

Power outages are a major threat to operations with emergency power only enough to cover critical loads and not continued operations. During unavailability of grid power, operations cannot continue until power is restored.

To support the expansion of mining operations and supporting infrastructure, power requirements are estimated to increase to approximately 250 MW during the initial development and ramp-up phase (Years 1-10). Power requirements for the steady-state production phase of the full Mineral Resource scenario will be confirmed as part of ongoing infrastructure planning.

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15.10.2 Emergency power supply and expansion

Current emergency power is limited to a 24 MW capacity backup power plant located at Konkola mine in Chililabombwe and also includes two generators owned by a utility company in the plant areas which has a combined 20 MW emergency generator capacity. Thus, current total emergency power capacity is around 44 MW installed across the mine locations.

Due to further mine expansions, especially expansions relating to the KDMP underground expansions, more critical infrastructure is being introduced that will require emergency backup power in the event of grid failures. Due to this increased requirement of emergency power, an expansion of the existing backup power plant is planned, increasing the 24 MW capacity by 16 MW with the installation of two additional generators of 8 MW each. This will bring the total capacity of the backup power facility to 40 MW, and the total backup power across the entire operation to 60 MW.

15.11 Water

Konkola Mine is among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 360,000 m³/day. Although the Nchanga Underground Mine is not as wet as Konkola, it also experiences substantial water inflow, with pumping rates frequently reaching peaks of around 75,000 m³/day.

The overall raw water balance at Konkola Mine is significantly net positive, primarily due to the substantial water inflow from underground operations at Konkola Mines. Additionally, a large amount of potable water, sourced from a local water services provider, is utilised by various operations and supporting infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.1 Raw water

The primary source of raw water is derived from underground mining dewatering activities at the Nchanga and Konkola Mines. Both mines experience significant water inflows and seepage, necessitating continuous dewatering to maintain access to mining faces. Water is extracted by underground pumping chambers and pumped through mining shafts and brought to the surface.

With the expansion of operations at Konkola through the KDMP, the volume of water inflow is anticipated to increase as mining activities further intersect groundwater aquifers, which will further increase water quantities being pumped to the surface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.2 Konkola Operations raw water balance

Konkola Mine's water balance involves discharging approximately 90% of the abstracted raw water from underground dewatering activities (360,000 m³/day) back into surface streams. The water is brought to the surface and discharged into surface channels, which then deposit it into the Kakosa Stream, ultimately leading to the Kafue River.

The remaining water is recirculated and used for various underground services, as process top-up water for the Konkola concentrator plant operations, and approximately 20,000 to 30,000 m³/day is supplied to the Mulonga Water and Sewerage Company, a local water and sewerage service provider. The Konkola Concentrator is reported to have a usage of up to 20,000 m³/day. However recent usage figures of operations show the usage over past few months being closer to around the 5,000 – 8,000 m³/day mark.

A significant portion of the water used in the Konkola Concentrator also eventually ends up in the Lubengele TSF as part of pumped tailings. A large portion of this water is mostly lost due to evaporation, seepage, and overflow, which is directed back to the Kafue River.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.3 Nchanga Operations raw water balance

The Nchanga Operations raw water supply is made up of a combination of water abstracted from the Nchanga Underground Mine and also abstraction from the Kafue River pump station, located just north of Nchanga mining operations. According to recent site water balances from operations, the balance between these sources is close to a 50% split between the two, with fluctuations of around 10% being witnessed on either end. According to recent operational water balance figures, the Nchanga Operations on average used fresh raw water feed of around 120,000 to 140,000 m³/day.

The primary usage of this raw water is for the operations of the Old East Mill, New East Mill and New West Mill. With a large portion of this water ultimately ending up in the Tailings Leaching plant and the Muntimpa tailings storage facility, where it is either lost through evaporation, seepage or overflow into surface level streams. A portion of raw water is also re-directed to the Mulonga water treatment plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11.4 Potable water (domestic water)

Potable water supply and infrastructure around Chingola, Mufulira, and Chililabombwe is provided by The Mulonga Water and Sewerage Company (MWSC). The existing infrastructure is aging and most of it has been in operation for about 50 years but still manages to provide the various operations with domestic water supply. In recent years local planned projects being led by MWSC is aiming to upgrade water treatment plants, pump stations, reservoirs and supply and transfer piping in the distribution network. According to recent operational water balances Nchanga Operations has used on average between 800 – 900 m³ of domestic water per day in the last few months of 2024 and beginning of 2025, a figure that seems to have steadily declined over the years from usage figures reported as far back as 2019. The Konkola operations is reported to use around anything from 1,500 up as high as 8,000 m³/day of domestic water, based on operational water balances from the last few months of 2024 and beginning of 2025. A value that seems to be fluctuating heavily on a month-by-month basis.

15.12 Pipelines

Operations do not rely heavily on services from overland pipelines, except for lines running to and from TSF at Lubengele and Muntimpa (TD05).

At Lubengele tailings is transported to the TSF from the Konkola Concentrator plant by an approximately 5 km line running north through the town of Chililabombwe in the same corridor as railway infrastructure. Because of deposition locations that can change depending on TSF management, this distance can vary over time.

Another tailings pipeline, running more on the outskirts of the town connects the Konkola concentrator plant and the operations at 3 Shaft just north of the concentrator plant. This line is approximately 3 km in length. These lines are running mostly on surface with a few culvert crossings along the way where roads are intersected.

A new return line is also planned to run between the paste plant at 3 Shaft and the Lubengele TSF. This new line will be approximately 3 km in length but would be subject to final design.

At the Nchanga Operations, the main pipeline being utilised is a pipe corridor that connects TD05, Muntimpa and the process operations at Nchanga mine. Depending on final deposition location at the TSF, this pipeline is estimated to be around 8-9 km in length and is used for transporting tailings.

15.13 Ancillary surface infrastructure and expansions

As an existing operation, supporting infrastructure is in place to support current operations at the various mining and processing facilities which include:

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· Various process plant infrastructure at Konkola & Nchanga Concentrators plants, Old East Mill, New
East Mill, New West Mill, Nchanga TLP, Nchanga Smelter, and the Nkana Refinery.

· Warehouses, maintenance shops, administration offices and other supporting infrastructure at the various
facilities.

· Other supporting infrastructure, various service workshops, wash bays, explosive storage sheds, water
treatment plant.

· Existing network of access and in in-plant roads, and railway infrastructure.

· Water supply and distribution systems.

· Existing power supply infrastructure including various substations for grid power tie-in, and power reticulation
and distribution to existing operations.

· Tailing storage facilities and paste backfill plants.

Following the implementation of the revival plan to restart operations, and ramp up production at existing operations , to support ongoing operations of mining at Konkola's 4 Shaft, the KDMP is also undertaken as an intensive brownfields capital upgrade project not only including underground expansions of mining and underground infrastructure, but also expansion of surface infrastructure which will include the development of additional surface level supporting infrastructure for mining operations at Shaft No.4. These upgrade items include:

· Various surface infrastructure including warehouses, maintenance workshops, administration offices, kitchen
and canteen, clinic, and change houses.

· Network of surface roads and railways.

· Network of surface canals.

· Upgrade of emergency power capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13.1 Internal rail network

The rail system envisaged will be constructed to connect with No.1 shaft existing rail infrastructure and will service all five conveyance compartments. The rail system will also interconnect the newly planned workshops, storage areas and hard standings. The rail system will also include marshalling yard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13.2 Office building

An administration building is provided for within the surface infrastructure. A three-story brick building shall be provided to include:

· Large open plan office space on all 3 levels for approximately 340 people total.

· Central control room on ground level.

· 1x boardroom on ground level.

· Kitchen facilities on all floors.

· Reception area on ground level.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13.3 Change houses and other buildings

Other supporting infrastructure for staff will include change houses with shower, laundry and locker room access, and to provide other services as follows:

· Managerial change house

· General payroll change house

· Lamp houses with racks to house approximately 1,000 cap lamps

· Kitchen and tea-room

· Banksman's cabin

· Winder and raise bore workshop

· Explosives storage shed

· Diesel storage

· Parking areas

· Storage sheds (wire rope, skip and sheave, roper reeler)

· Hard standings and waste bin areas

· First aid clinic

15.13.4 Infrastructure related to life of mine expansions

The KCM LOM plan comprises operations under both the M&I Case and the Full Resource Case. Beyond the Konkola Mine expansion project, the Konkola Deep Mining Project, and the reclamation of TD03 and TD04 through hydro mining, all included in the M&I Case, the Full Resource Case additionally considers:

· TD05 Mineral Resource reclamation via the proposed TLP 2 facility (refer Section 14.5)

· Konkola Mine Inferred Resources

· COP E, D & F

· Nchanga Open Pit

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16 Market studies and contracts

Copper demand is expected to remain strong due to electrification, the energy transition, AI infrastructure build-out, and continued urbanisation and industrialisation in emerging economies. KCM sells refined copper through established market channels with pricing based on LME copper prices. The approximately 45-year mine life presented in this IA provides long-term exposure to forecast copper demand growth.

16.1 Market information

Copper is a transition metal known for several distinctive properties – it is highly malleable, ductile, a notably good conductor of thermal and electrical energy, and does not readily corrode. These properties make copper especially useful for the manufacture of electrical wires; it is also widely used for piping, building material, and in alloys.

Copper is relatively abundant in the earth's crust, particularly in the South American Andes and the Central African Copperbelt. Copper concentrates and cathode are the most widely traded and shipped forms of the metal, the latter being made by purification of copper ores or scrap metal via smelting and/or electrowinning. Cathode takes the form of high (>99.5%) purity metal sheets, which can be directly processed by downstream manufacturers.

Cobalt is a ferromagnetic transition metal that historically was extensively used in blue pigments. Modern use is predominantly in "superalloys" that are resistant to wear, corrosion, and high temperatures, and – since the 1990s – in lithium-ion batteries (principally nickel-cobalt-manganese (NCM) chemistries used in higher-energy-density electric vehicle applications).

The large majority of the world's exploitable cobalt deposits are found in the Central African Copperbelt, where it is typically found alongside copper-containing ores. Crude cobalt hydroxide is the most widely traded and shipped form, alongside refined products such as cobalt metal and pure cobalt nitrate, sulfate, or hydroxide.

16.1.1 Market for KCM's products

KCM's assets form an integrated mine-concentrator-smelter-refinery complex, the end products of which are (and will continue to be) copper anode, copper cathode, and Co-Cu alloy. Since the smelter is a separate business unit, for the purpose of this study the marketed products are copper sulfide concentrates and copper-cobalt concentrates (produced by the concentrator and Nchanga TLP).

16.1.2 Copper demand

**Demand elasticity:** Copper demand is strongly dependent on prevailing global economic conditions, with consumption dominated by Asia and China alone accounting for approximately 58% of global refined copper usage in 2024. Growth in demand is influenced by the rate of economic and technological development, urbanisation, mechanisation, electrification, digitisation, the transition to renewable energy sources, and increasingly the build-out of AI infrastructure and data centres

Because of copper's unique physical properties, it is not readily substituted as an electrical conductor, hence demand has a significant impact on price. It is primarily traded in US$, so exchange rates may also influence price independently of underlying macroeconomic demand.

**Short-term demand (2026–2027)** will be primarily influenced by Chinese, US, and European economic conditions, the trajectory of the China property sector recovery, the impact of US tariff policy on global trade flows (a US Commerce Department recommendation on refined copper tariffs is expected by mid-2026), the pace of AI and data centre infrastructure build-out, and global EV adoption rates.

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**Medium-term demand** is expected to grow at approximately 2.5-3.0% per annum to 2030, supported by accelerating energy transition demand, AI infrastructure, and continued industrialisation in India and Southeast Asia. The ICSG forecasts global refined copper consumption growth of approximately 2.1% in 2026, slowing from 3% in 2025, with the market transitioning to a structural deficit.

**Long-term demand** for copper will be heavily influenced by the success of the energy transition, the scale of AI and data centre build-out, and emerging demand from India and Southeast Asia. Wood Mackenzie projects AI infrastructure alone could require approximately 1.1 Mtpa of copper for grid-related needs by 2030, while India and Southeast Asia industrialisation could add approximately 3.3 Mtpa of demand by 2035. Unlike metals such as nickel and cobalt, copper is agnostic to changes in battery technology. Estimates vary, but many sources expect total copper demand to reach 45-50 Mt by 2050.

16.1.3 Copper supply

The ICSG reports 2024 global copper production at approximately 23.0 Mt of mined output and 27.5 Mt of refined copper. Preliminary 2025 figures indicate mine production grew approximately 1% (constrained by operational disruptions at Grasberg in Indonesia and Kamoa in DRC) and refined production grew 4.2%, leaving an estimated refined market surplus of 380 kt. For 2026, ICSG forecasts mine production growth of 2.3% and refined production growth of 0.9%, with the market transitioning to a forecast 150 kt refined deficit.

**Supply elasticity:** Copper supply is inelastic due to the very long timescales (often 10+ years) and large financial commitments required to bring new mines into production, expand existing sites, or restart mothballed facilities. This slow supply-side response can create significant short-term price volatility even when medium-term supply is broadly balanced, as illustrated by the record LME copper price of approximately US$13,388/t reached in early January 2026, driven by a combination of supply disruptions, low exchange inventories, and rising demand expectations

**Short-term supply (2026–2027)** is expected to remain tight, with the global concentrate market continuing to face deficit conditions. Key factors include:

· The ongoing closure of FQM's Cobre Panamá mine (which produced 350 kt of copper in 2022 prior to
suspension in November 2023). In April 2026, the Government of Panama formally approved processing of approximately 38 Mt of stockpiled
ore at the site (containing approximately 70 kt of recoverable copper), and a decision on the broader mine restart is anticipated by mid-2026,
with S&P Global Ratings expecting a restart and ramp-up during the second half of 2026.

· Continuing impacts from operational disruptions at Grasberg (Indonesia) and Kamoa (DRC) reported in 2025.

· Robust Chinese smelter capacity additions, with concentrate treatment charges having fallen to record
lows.

· Limited greenfield production growth, with relatively few large projects in advanced stages of development.

**Medium-term,** S&P Global, Wood Mackenzie, ICSG, and major investment bank forecasts converge on a structural copper market deficit emerging in 2026 and persisting through the late 2020s and 2030s, with JP Morgan forecasting a deficit of approximately 330 kt in 2026 alone and ICSG forecasting 150 kt. Despite the contribution of brownfield expansions, scrap recycling, and improved leaching technologies, supply growth is unlikely to keep pace with structural demand growth.

**Long-term supply (2030 onwards)** is widely expected to remain in deficit. By 2035, the world's existing mines are expected to produce approximately 15% less copper than in 2024, with Wood Mackenzie estimating that meeting projected demand will require approximately 8 Mt of new mine capacity plus 3.5 Mt of additional scrap. A limited number of greenfield projects have been confirmed, leaving copper supply in the 2030-2050 period significantly dependent on metals prices - higher prices being required to justify the very large amounts of capital needed for greenfield and brownfield expansion.

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16.1.4 Cobalt demand

Global cobalt demand has grown rapidly over the past decade, from approximately 80 kt in 2014 to >190 kt in 2024, driven primarily by the increasing demand for electric vehicles (EVs) and renewable energy technologies.

The rise of lithium-iron-phosphate (LFP) batteries in EV applications has suppressed demand for cobalt chemicals, and global cobalt prices declined sharply through 2023 and 2024 to multi-decade lows in early 2025 prior to the DRC export restrictions. However, cobalt remains crucial for battery stability and performance in NCM chemistries, which retain a substantial share of the EV battery market and dominate in higher-energy-density applications. The IEA projects cobalt demand will rise to 344,000 metric tonnes in 2030 and 454,000 metric tonnes in 2040, supporting cobalt's continued importance in the energy transition.

16.1.5 Cobalt supply

Global cobalt mined production reached approximately 280 kt in 2025, with the Democratic Republic of Congo (DRC) continuing to account for more than 70% of global supply. Following a period of cobalt market oversupply that drove prices to nine-year lows in early 2025, the DRC government implemented a series of supply restrictions:

· **February 2025:** Complete cobalt export ban imposed (initially 4 months, subsequently extended).

· **October 2025:** Export ban lifted on 16 October and replaced with a quota system that will remain
in place through at least 2027.

· **Q4 2025 quota:** 18,125 tonnes (subsequently extended through end-Q1 2026 and again to April 2026
due to logistical and administrative bottlenecks).

· **2026 quota:** 87,000 tonnes for all DRC producers, with an additional 9,600 tonne strategic reserve
at the discretion of the regulator ARECOMS.

· **2027 quota:** 96,600 tonnes.

As at 1 April 2026, less than 50% of allocated Q4 2025 / Q1 2026 export volumes are estimated to have shipped, due to logistical disruptions including infrastructure damage and administrative delays in implementing the new quota framework.

The combination of restricted supply and structural demand growth has driven cobalt prices to multi-year highs. The DRC quota system is widely expected to maintain a structural supply deficit in cobalt markets through 2026 and 2027.

In the medium term, Australian and Indonesian producers are projected to ramp up production, partially offsetting DRC supply constraints. In the longer term, expansions in copper and nickel mining will further boost cobalt supply, since cobalt is typically found alongside copper- and nickel-containing ores.

16.1.6 Study price and sales terms

**Copper pricing:** The copper price used in the cashflow analysis of this report is based on P75 consensus price forecasts (as at March 2026). P75 represents the 75<sup>th</sup> percentile of analyst forecasts, meaning 75% of forecasts are at or below this price level. The pricing ranges from US$11,101/t to US$12,793/t over the LOM production period, with long-term prices from 2032 onwards at US$11,101/t. These forecasts are shown in Table 16.1. Table 16.2 shows five years of trailing prices.

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Table 16.1 Five-year copper forward prices (real US$2025)

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032 + LT** |
| Price (US$/tonne) | 12793 | 12556 | 12297 | 12295 | 11848 | 11101 | 11101 |

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Source: S&P Global Capital IQ Dec 2025 forecast.

Table 16.2 Five-year copper trailing prices

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|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Price (US$/tonne) | 6175 | 9317 | 8822 | 8490 | 9250 | 9940 |

---

Note: The 3-year trailing average is US$9,227/tonne (2023 – US$8,490/t; 2024 – US$9,250; 2025 – US$9,940/t).

Source: Statista, 2025.

**Copper payability:** Copper payability rates are taken from current internal Konkola and Nchanga rates. These are shown in Table 16.3. Treatment, refining and freight charges are taken from long term recent consensus forecasts within Africa however it should be noted that these are higher than current consensus forecasts in China where treatment and refining charges are currently forecast at $20/dmt and US$0.02/lb respectively and forecast to rise towards $67/dmt and US$0.07/lb in the long term. Current low treatment and refining charges put the smelters profitability at risk in the short-term.

Table 16.3 Copper payability terms for Konkola and Nchanga Copper Concentrate

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|:---|:---|:---|:---|
| **Item** | **Unit** | **Konkola** | **Nchanga TLP** |
| Copper Payability | % | 96.75 | 100.00 |
| Treatment Charge and premium adjustments | US$/dmt | 60 | 179 |
| Refining Charge | US$/lb | 0.06 |  |
| Freight Charge | US$/wmt | 175 | 180 |

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**Cobalt pricing:** Cobalt is contained in the Copper-Cobalt Concentrates produced but is not recognised as revenue within the Konkola and Nchanga mines. Cobalt alloy is recovered at the Nchanga Smelter where revenue is recognised. The cobalt value is recognised in the NSR calculations, at low payability rates, when assessing cut-off decisions. Payable rates for contained Copper and Cobalt within the Cobalt alloy are based on current short-term contracts with a sliding scale based on the Copper and Cobalt percentages contained within the alloy.

**Pricing note:** Commodity price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions. Natural volatility in the copper and cobalt markets due to supply and demand factors, government export regulations, and developments in battery technology means that future copper and especially cobalt prices will move significantly above and below the selected study price over the expected approximately 45-year life of the Project. In light of this expected volatility, the chosen prices represent transparent, neutral price point both in line with historical pricing and with expected long-term pricing. AMC and KCM take no responsibility for future metals pricing.

16.1.7 Copper pricing for NSR cut-off grade estimation

The copper price used for NSR cut-off grade determination is US$10,000 per tonne, applied consistently across all sulfide and mixed sulfide and oxide copper mineralisation. This price is intentionally conservative relative to the study price (Section 16.1.6) to ensure Mineral Resources reflect a robust reasonable prospect for eventual economic extraction across a range of market conditions. The NSR methodology, input parameters, and resulting cut-off grade by asset are set out in Section 11.2.2.

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16.2 Contracts and status

16.2.1 Forward sales and hedging

KCM currently does not engage in forward sales for the minerals produced.

16.2.2 Site development contracts

KCM will need to enter into a variety of contracts to develop the site expansion. As a brownfield expansion, certain contracts covering existing operations can be extended to cover the development areas (e.g. utilities, security, waste disposal). Some design work has already been contracted and carried out, but most construction contracts are still to be awarded.

Major proposed contracts for development are show in Table 16.4.

Table 16.4 Major development contracts

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| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted |
| Ops & Maintenance – Underground Mining | Backfill |
| Ops & Maintenance – Underground Mining | Production – currently contracted |
| Ops & Maintenance – Underground Mining | Development & Materials handling – currently contracted |
| Ops & Maintenance – Underground Mining | Ventilation |
| Ops & Maintenance – Underground Mining | SIB Projects |
| Ops & Maintenance – Underground Mining | Professional & Technical Services |
| Ops & Maintenance – Underground Mining | Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted |
| Ops & Maintenance – Underground Mining | Building Maintenance |
| Ops & Maintenance – Underground Mining | Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting |
| Ops & Maintenance – Open pit Mining | Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contracted |
| Ops & Maintenance – Open pit Mining | Development – COP DF currently contracted |
| Ops & Maintenance – Open pit Mining | SIB Projects |
| Ops & Maintenance – Open pit Mining | Professional & Technical Services |
| Ops & Maintenance – Open pit Mining | Equipment Maintenance |
| Ops & Maintenance – Open pit Mining | Building Maintenance |
| Ops & Maintenance – Open pit Mining | Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Professional & Technical Services |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Equipment Maintenance |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Building Maintenance |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted |
| Ops & Maintenance – Tailings Facilities | Professional & Technical Services |
| Ops & Maintenance – Tailings Facilities | Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Electrical Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Water (supply / treatment) Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Data / telecoms / surveillance / security Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Air and Ventilation Plants & Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Lighting Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Roads Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Warehouse / Transport / Logistics Infrastructure |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Other Infrastructure (e.g. fire suppression systems) |

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|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Acid plant |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Lime Plant |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Outbound transport & clearing |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Other |
| Ops & Maintenance – Camp & Site Services | Catering |
| Ops & Maintenance – Camp & Site Services | Housekeeping, cleaning & laundry |
| Ops & Maintenance – Camp & Site Services | Pest Control |
| Ops & Maintenance – Camp & Site Services | Landscaping |
| Ops & Maintenance – Camp & Site Services | Transport (within site and local) |
| Ops & Maintenance – Camp & Site Services | Clinic & OT |
| Ops & Maintenance – Camp & Site Services | Entertainment & Leisure |
| Ops & Maintenance – Camp & Site Services | Admin, Leisure, Residential & Security Buildings Maintenance |
| Ops & Maintenance – Camp & Site Services | Security & Surveillance services |
| Ops & Maintenance – Camp & Site Services | Emergency Response services |
| Ops & Maintenance – Camp & Site Services | Waste Disposal (biological, chemical, industrial) |
| Ops & Maintenance – Camp & Site Services | Environmental & Biodiversity Monitoring |
| Ops & Maintenance – Camp & Site Services | Health & Safety Monitoring |
| Ops & Maintenance – Camp & Site Services | Social and Community Services |
| Ops – General & Administrative | Legal Services |
| Ops – General & Administrative | Finance, Audit, Risk Services |
| Ops – General & Administrative | HR, Recruitment, Payroll Services & work permits |
| Ops – General & Administrative | International Travel & Visas |
| Ops – General & Administrative | Training & Educational |
| Ops – General & Administrative | IT services |
| Ops – General & Administrative | Professional Services & other G&A – |
| Key Consumables & Reagents | Concentrates |
| Key Consumables & Reagents | Scrap Copper |
| Key Consumables & Reagents | Diesel Fuel |
| Key Consumables & Reagents | Reagents (e.g. acid, lime, floccs) |
| Key Consumables & Reagents | Explosives |
| Key Consumables & Reagents | Grinding Media |
| Key Consumables & Reagents | Cement |
| Key Consumables & Reagents | Ground Engaging Tools |
| Key Consumables & Reagents | Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035 |
| Power & Other utilities supply | Water |
| Power & Other utilities supply | Data & Telecommunication |
| Power & Other utilities supply | Other |
| Equipment Rental | Underground Equipment |
| Equipment Rental | Open pit Mining Equipment |
| Equipment Rental | TMF Equipment |
| Equipment Rental | Processing Equipment |
| Equipment Rental | Logistics Equipment |
| Equipment Rental | Maintenance, SIB & Civils Equipment |
| Equipment Rental | Pumps & Generators |
| Equipment Rental | Other Equipment (LVs, buses, ERT, landscaping) |

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16.2.3 Operating contracts

The current major long-term contracts in place at Konkola and / or Nchanga include:

· Underground mining – drill and blast, production, development, materials handling, locomotive maintenance,
machinery maintenance.

· Open pit mining – load & haul of material from TD03 and TD04, rehandle at Old East Mill, Nchanga
open pit zones COP DF.

· Dewatering pump operations and maintenance.

· TSF material movement.

· Power.

Table 16.5 Example of long-term contract components

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| | |
|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted<br> Backfill<br> Production – currently contracted<br> Development & Materials handling – currently contracted<br> Ventilation<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted<br> Building Maintenance<br> Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting<br> Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contracted<br> Development – COP DF currently contracted<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted<br> Professional & Technical Services<br> Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station<br> Electrical Infrastructure<br> Water (supply / treatment) Infrastructure<br> Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown<br> Data / telecoms / surveillance / security Infrastructure<br> Air and Ventilation Plants & Infrastructure<br> Lighting Infrastructure<br> Roads Infrastructure<br> Warehouse / Transport / Logistics Infrastructure<br> Other Infrastructure (e.g. fire suppression systems) |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant<br> Acid plant<br> Lime Plant |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing<br> Outbound transport & clearing<br> Other |
| Ops & Maintenance – Camp & Site Services | Catering<br> Housekeeping, cleaning & laundry<br> Pest Control<br> Landscaping<br> Transport (within site and local)<br> Clinic & OT<br> Entertainment & Leisure<br> Admin, Leisure, Residential & Security Buildings Maintenance<br> Security & Surveillance services<br> Emergency Response services<br> Waste Disposal (biological, chemical, industrial)<br> Environmental & Biodiversity Monitoring<br> Health & Safety Monitoring<br> Social and Community Services |

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| | |
|:---|:---|
| **Area** | **Major contracts** |
| Ops – General & Administrative | Legal Services<br> Finance, Audit, Risk Services<br> HR, Recruitment, Payroll Services & work permits<br> International Travel & Visas<br> Training & Educational<br> IT services<br> Professional Services & other G&A – |
| Key Consumables & Reagents | Concentrates<br> Scrap Copper<br> Diesel Fuel<br> Reagents (e.g. acid, lime, floccs)<br> Explosives<br> Grinding Media<br> Cement<br> Ground Engaging Tools<br> Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035<br> Water<br> Data & Telecommunication<br> Other |
| Equipment Rental | Underground Equipment<br> Open pit Mining Equipment<br> TMF Equipment<br> Processing Equipment<br> Logistics Equipment<br> Maintenance, SIB & Civils Equipment<br> Pumps & Generators<br> Other Equipment (LVs, buses, ERT, landscaping) |

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16.2.4 Other agreements and contracts

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible (see Table 16.6).

Table 16.6 Royalty charge relation to copper price

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| | | |
|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4.0 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10.0 | Balance |

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17 Environmental studies, permitting, and plans

KCM operates under environmental permits issued by the ZEMA. Environmental management programs are in place for tailings, water quality, air emissions, and closure planning. The existing environmental approvals and management frameworks are expected to support the approximately 45-year mine life presented in this Initial Assessment, subject to periodic renewal and updates as operations progress.

17.1 Environmental studies, permitting, and social or community impact

Currently, the identified environmental and social risks, baseline information, and management measures for the Project are based on a 2001 site-wide comprehensive ESIA assessment and associated Final Environmental Management Plan (FEMP), subsequently updated in 2009. Closure plans and associated cost estimates have historically been derived from these 2009 FEMPs, supported by annual statutory audits. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The 2024 Zambian closure guidelines introduced enhanced requirements for long-term monitoring, water treatment, and community transition support, the financial implications of which have been incorporated into the December 2025 assessment. Estimated closure costs of US$133M for the Full Resource Case and US$133M for the M&I Case, based on preliminary closure planning, have been included in the economic analysis presented in Section 19 and may be refined as the updated closure plans are finalised.

Although still valid, the 2001/2009 baseline ESIA reports and management plans are no longer fully relevant to the current and proposed activities and do not accurately reflect the status of the operations (including demolished or decommissioned infrastructure). KCM has identified this risk and has commenced a consolidated update to reassess impacts and mitigation measures across all sites. New comprehensive ESIAs, Environmental and Social Management Plans (ESMPs), and Closure Plans are being prepared for all unit operations, with completion targeted for end of 2026.

KCM routinely engages with the national regulators to ensure it maintains a set of valid licenses and authorisations. Permitting and approvals encompass ESIA approvals, water access and discharge, emissions to atmosphere, waste, and other specific requirements, as well as exploration, mining, and processing licenses. As a member of the International Council on Mining and Metals (ICMM), KCM is in the process of aligning its tailings management practices with the Global Industry Standard on Tailings Management (GISTM, August 2020). Key elements - including independent reviews, emergency response planning, and stakeholder engagement - are in place, with full conformance targeted by end of 2027.

KCM operations are characterised by high water inflows, with the assets known as among the wettest mining operations in the world. Tailings dams have historically been encroached upon by communities who either reside in close proximity to the dams or plant seasonal crops within the tailings footprint due to a lack of alternative land. The socio-economic environment presents challenges common to a declining industry, exacerbated by a characteristic local dependency on mining activity. Additionally, artisanal manual and mechanised illegal mining occurs within the premises of KCM's Nchanga Operations.

Actions to address Restoration Orders and Compliance Orders issued by ZEMA from 2017 to address major non-compliances remain in progress. KCM has established action plans and expects progressive resolution through 2026 and 2027. These matters do not currently affect the validity of operating permits.

KCM is actively engaged in updating Environmental Impact Assessments and Closure Plans for all KCM operations. Progress, stakeholder communications, and reporting are managed by the KCM environmental management team. Environmental and Social Management Plans and Closure Plans for all KCM sites have been submitted to ZEMA.

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17.2 Permitting requirements

KCM operations are governed by Zambia's Mining and Minerals Development Act (2015) and associated environmental and labour regulations.

The Konkola operation is currently permitted under a valid Large-Scale Mining License 7076-HQ-LML, with Nchanga Operations permitted under license 7075-HQ-LML. These licenses allow for underground or open pit and underground copper extraction respectively, and associated processing activities through to March 2050.

Environmental approvals are in place through the EPF and project-specific Environmental Management Plans (EMPs), which govern water management, tailings disposal, and rehabilitation obligations. KCM maintains active compliance with these requirements through regular monitoring, internal audits, and reporting to the ZEMA.

Additional permits cover water abstraction, effluent discharge, and waste handling. Social and land-use agreements have been established with local communities to address resettlement, access, and stakeholder engagement obligations. These agreements are managed through structured compensation and sustainability programs.

No material permitting constraints are currently identified that would prevent continued operation under the current LOM plan. However, the renewal of certain licenses and approvals will require periodic reassessment to align with project expansion, infrastructure upgrades, and future resource development.

The current Large-Scale Mining Licenses expire in March 2050. For the full Mineral Resource scenario extending to approximately FY2069/70, license renewals will be required. Under the Zambia Mining and Minerals Development Act (2015), license renewals are routinely granted for operations in good standing, and KCM does not anticipate material constraints to renewal.

17.3 Rehabilitation, closure, and post closure planning

KCM has prepared updated closure plans in line with the IFC Environmental and Social Performance Standards which are currently pending before ZEMA. Closure plans address physical and socio-economic closure. The closure plans have been developed through a process of closure framework establishment, stakeholder consultation, and closure cost estimation.

The KCM operations are long-life operations, and closure plans will be subject to ongoing review as the operations progress. KCM aims to conduct progressive rehabilitation during the operational phase without hindering regular mining activities in areas no longer affected by mining operations.

Estimated closure costs of US$133M have been included in the economic analysis (refer Section 19), based on preliminary closure planning. The independent third-party assessment of EPF liabilities as at 31 December 2025 assessed the total EPF liability at US$144M, incorporating the enhanced requirements introduced by the 2024 Zambian closure guidelines for long-term monitoring, water treatment, and community transition support. Updated comprehensive closure cost estimates will be finalised following ZEMA approval, and closure plans may be refined in subsequent studies.

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18 Capital and operating costs

This section presents capital and operating cost estimates for the approximately 45-year life of mine of the KCM Integrated Operations. All cost figures are in real 2026 US dollars (1 April 2026 base date) unless otherwise stated. Cost estimates have been developed at varying study levels for individual asset components, ranging from Pre-Feasibility for the established Konkola and Nchanga TLP operations to Scoping Study or Concept level for the new underground projects (Nchanga COP E and COP DF) and the future TLP capacity expansion. A summary of the accuracy ranges and contingency allowances applied to each component is set out in Section 18.8. The overall confidence in the economic assessment is at an Initial Assessment level.

18.1 Konkola Mine operating cost estimate

The Konkola Mine operating cost estimate has been developed using a combination of historical site data, the FY2026/27 budget, current contractor agreements with KCM's mining business partners (Hahne, Tauro, Opermin, Reliant, and AAC), and AMC's benchmarking against comparable underground operations in the Central African Copperbelt. Operating cost categories comprise mining (production stoping, operating development, underground rail tramming, mine services, backfill, and dewatering), processing, KCM-direct labour, power, mill consumables and freight, stores and spares, site administration, and corporate overheads.

Operating development and stoping production are completed under contractor agreements at activity-based rates; for development profiles where established rates were not available, AMC developed proxy estimates based on comparable cross-section dimensions and expected ground support requirements. Power is supplied under a long-term agreement with Copperbelt Energy Corporation, supplemented by ZESCO grid power; the tariff structure assumed in the model reflects a transition from the current elevated import tariff back to a standard tariff structure from FY2030/31 onwards as drought-related grid constraints ease. Backfill is delivered through a new paste fill plant supplying both surface batching and underground reticulation, with the binder cost forming the principal operating cost component. Underground rail tramming has been costed at US$2.85 per tonne of rock moved, supported by an internal productivity assessment and review against the Costmine reference database. KCM-direct labour costs reflect the FY2026 organisation structure and tiered wage rates provided by the Registrant. Other operating cost categories (mill consumables, mine services, stores and spares, freight, water, site administration, and corporate overheads) have been estimated from the FY2026/27 budget, held broadly flat across the life of mine where appropriate, with consumption-based scaling applied to power and mill reagents.

The Konkola Mine LOM operating cost build-up by major cost line is summarised in Table 18.1. Production stoping, power, processing, and operating development together account for approximately 81% of total Konkola Mine operating cost. The LOM-average unit operating cost is US$94.3 per tonne of ore feed to mill.

Table 18.1 Konkola Mine cost build-up

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| | | |
|:---|:---|:---|
| **Cost line** | **LOM total (US$M)** | **Unit cost <br> (US$/t ore)** |
| Production Stoping | 6477 | 27.8 |
| Operating Development | 2819 | 12.1 |
| Backfill Operations | 366 | 1.6 |
| Power Costs | 5057 | 21.7 |
| KCM Laour (direct) | 1344 | 5.8 |
| G&A | 1195 | 5.1 |
| Mine Services | 313 | 1.3 |
| Tramming | 852 | 3.7 |
| **Mining Opex Subtotal** | **18423** | **79.1** |
| Processing Costs | 3524 | 15.1 |
| **Total Konkola Miner Operating Cost** | **21948** | **94.3** |

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Source: AMC, 2026.

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Figure 18.1 Konkola Mine operating cost profile for LOM schedule

![](ctm005_ex96-1img151.jpg)

Source: AMC, 2026.

Figure 18.2 Konkola LOM split by activity

![](ctm005_ex96-1img152.jpg)

Source: AMC, 2026.

18.2 Nchanga Business Unit operating cost estimate

The Nchanga Business Unit operating cost has been built up by activity, comprising:

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· Mining cost for the existing tailings reclamation operations at Tailings Dams 3 and 4, processed through
the Nchanga TLP.

· Mining cost for the new underground projects (COP E, COP DF) and the residual COP DF open pit.

· Processing cost across the three Nchanga concentrators (Old East Mill, New East Mill, New West Mill).

· Processing cost for the Nchanga TLP, including the attached anode production circuit.

· Operating cost for the active TD05 tailings storage facility and its replacement (TD06).

· Engineering services, site administration, and corporate overheads.

Tailings Dam 3 reclamation is scheduled for completion by the end of FY2027/28; the bulk of the material is mined by conventional truck-and-shovel and trucked to the TLP at a combined mining and transport cost of US$5.50 per tonne of feed. Tailings Dam 4 is reclaimed by hydraulic mining. The COP E and COP DF underground projects are estimated at Scoping Study level using assumed contractor rates of US$31.26/t for production stoping and US$324.06/m and US$152.68/m³ for capital lateral development. The processing cost estimates for the Nchanga concentrators and the TLP have been developed in accordance with the FY2025/26 KCM business plan, covering power, reagents, labour, and repairs and maintenance.

Treatment costs and payability rates for the Nchanga Smelter and the Nkana Refinery have been applied in line with the FY2026/27 business plan.

18.3 Operating cost summary - KCM Integrated Operations

Table 18.2 presents the average LOM operating cost per tonne of ore for each operation, categorised by Mining, Processing, and G&A costs. Konkola Mine has the highest total operating cost at US$94.3/t, reflecting the deep-level underground mining requirements, while Nchanga TLP Operations has the lowest at US$16.1/t due to the nature of tailings reprocessing.

Table 18.2 Average LOM operating cost by operation

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Mining <br> (US$/t)** | **Processing <br> (US$/t)** | **G&A <br> (US$/t)** | **Total <br> (US$/t)** |
| Konkola Mine | 74.0 | 15.1 | 5.1 | 94.3 |
| Nchanga (OP + UG) | 56.0 | 18.2 | 4.0 | 78.1 |
| Nchanga TLP Operations | 0.8 | 14.4 | 0.9 | 16.1 |

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Source: AMC, 2026.

18.4 Konkola Mine capital cost estimate

The Konkola Mine capital cost estimate covers the underground mine and connected shaft infrastructure, the Konkola Concentrator, the Lubengele Tailings Storage Facility, and supporting surface infrastructure. The estimate is split into four components:

· Initial Project Capital Package (KDMP): a defined list of projects identified as critical to restoring
and uprating the operation to support 6 Mtpa concentrator throughput. These projects are scheduled for completion within the first ten
years and comprise a mix of growth and "fix-up" capital.

· Lateral and vertical capital development: mine-wide backbone development (rail horizons, dewatering drives,
primary access) and panel-level access development, scheduled within the Deswik LOM mine plan.

· Standardised infrastructure modules (IMODs): a library of pre-priced fit-out modules (dewatering pump
stations, paste fill extensions, ventilation upgrades, mobile fleet workshops, electrical substations, refuge chambers, and similar) applied
to the LOM schedule on a unit basis as the production front advances and deepens.

· Sustaining capital: annual allowances for maintenance, refurbishment, and minor replacement of installed
facilities, with periodic larger expenditures at approximately 7- to 10-year intervals reflecting major overhauls.

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The Initial Project Capital Package totals US$510.9M, comprising US$104.9M of indirect cost (EPCM, owner's costs, and contingency) and US$406.0M of direct cost across approximately 22 individual project packages. The dominant direct-cost packages are the 1390 mL Pump Chamber (US$123.6M), the Vent Shafts (US$51.6M), the Backfill Plant (US$46.9M), and the Emergency Power Plant (US$39.5M); the balance comprises shaft loading, tramming, and surface development packages.

Diamond drilling campaigns to increase Mineral Resource confidence are treated as capital. KCM has committed to a substantial drilling program in the early years of the assessment period to support upgrade of the Inferred Mineral Resource base. Closure costs for Konkola have been estimated separately and are presented in Section 19.

The Konkola Mine capital expenditure profile is summarised in Table 18.3.

Table 18.3 Capital expenditure plan - Konkola Mine

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| | |
|:---|:---|
| **Capital category** | **LOM Total <br> (US$M)** |
| Growth Capital | 455 |
| Capital Development | 2887 |
| Sustaining Capital | 1612 |
| **Total** | **4954** |

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Source: AMC, 2026.

18.5 Nchanga Business Unit capital cost estimate

The Nchanga Business Unit capital cost estimate covers the existing tailings reclamation operations at TD03 and TD04, the proposed COP E and COP DF underground developments, and the three Nchanga concentrators (Old East, New East, and New West Mills). The Nchanga TLP and associated tailings storage facilities are presented separately in Section 18.6, reflecting their scale and distinct project execution profile.

There is no capital requirement for the existing tailings reclamation operations at TD03 and TD04. The COP E and COP DF underground projects are estimated at Scoping Study level on the basis of an underground capital fit-out appropriate for the indicative 13-year mine life, comprising portal establishment, surface workshop and laydown, paste fill supply, ventilation, electrical reticulation, and underground refuge and refuelling infrastructure. Capital allowances for the three Nchanga concentrators reflect a steady annual sustaining spend with periodic 5- to 6-yearly overhauls; no growth capital is provided for, as no expansion of baseplate capacity is planned.

The Nchanga Business Unit capital expenditure profile is summarised in Table 18.4.

Table 18.4 Capital expenditure plan - Nchanga Business Unit

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| | |
|:---|:---|
| **Capital category** | **LOM Total <br> (US$M)** |
| Growth Capital | 247 |
| Capital Development | 532 |
| Sustaining Capital | 44 |
| **Total** | **823** |

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Source: AMC, 2026.

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18.6 Nchanga TLP and tailings facilities capital cost estimate

The Nchanga Tailings Leach Plant and associated tailings storage infrastructure represent the single largest capital allocation across the KCM Integrated Operations after the Konkola Mine, with life-of-mine capital of approximately US$1,420M comprising Growth Capital (US$924M) and Sustaining Capital (US$496M). The capital plan supports four principal investment streams: the TLP capacity expansion (TLP 2), the Elevated Temperature Leach (ETL) upgrade, the TD5 reclamation infrastructure, and ongoing TLP and tailings storage sustaining capital.

18.6.1 TLP capacity expansion (TLP 2)

The combined TLP throughput (existing Nchanga TLP plus the proposed TLP 2 facility) is scheduled to ramp from approximately 13 Mtpa in FY2026/27 to approximately 34 Mtpa from FY2029/30 onwards, supporting the integrated processing of the TD03, TD04, and TD05 tailings inventory and the increased final tailings stream from the expanded Konkola and Nchanga concentrator throughput. Total TLP 2 project capital is estimated at approximately US$741.3M at IA-level disclosure, comprising direct project scope of approximately US$607.6M (process plant including the leach circuit, expanded solvent extraction and electrowinning, and slurry handling infrastructure; new tailings storage facility; tailings transfer pipelines and pumps; site preparation and regulatory approvals; and pre-operating costs and first fill), additional engineering and owner's costs of approximately US$42.5M (7% of direct project scope), and scope growth contingency of approximately US$91.1M (15% of direct project scope) appropriate to IA-level accuracy (±50% per S-K 1300 Item 1302(d)(4)(ii)). TLP 2 is scheduled for commissioning within the first five years of the assessment period, in line with the TLP throughput ramp.

18.6.2 Elevated Temperature Leach (ETL) upgrade

The ETL upgrade comprises the retrofit of the existing Nchanga TLP with heat exchange, thermal engineering, steam supply, and modified tank metallurgy required to enable elevated-temperature leaching at 70–80°C. The retrofit is scheduled to take place following the initial reclamation of the TD03 and TD04 inventory through the existing TLP under ambient leach conditions, with ETL operation commencing prior to the introduction of TD05 feed under both the M&I Case and the Full Resource Case (refer Sections 10.4.3 and 14.3).

Elevated-temperature leaching is required to achieve the design metallurgical recovery from TD05 material. The TD05 mineralogy is dominated by cupriferous mica with minor malachite, pseudomalachite, chrysocolla, and chalcocite, and responds poorly to ambient-temperature acid leaching. ETL conditions enable the higher case-level blended TCu recoveries reported in Section 10.4.3, and underpin the TD05 recovery basis adopted for the Mineral Resource economic analysis in this Initial Assessment. The TD03 and TD04 Mineral Reserves declared in the companion Preliminary Feasibility Study are based on ambient leach recovery (74.8% ASCu equivalent to approximately 48.5% TCu recovery to cathode) and do not depend on ETL.

Total project capital is estimated at US$86.8M, comprising US$60.0M of supply (heat exchangers, thermal engineering, electrical and instrumentation, piping, structural steel, and water and drainage infrastructure) and US$26.8M of site construction, fabrication, and installation. Steam for elevated-temperature leaching is generated on-site via coal combustion (175 kg coal per tonne of steam), consistent with the steam generation basis adopted for TLP 2 under the Full Resource Case (refer Section 14.5.1). The capital estimate is at AACE Class 4–5 (Concept / Pre-Feasibility) accuracy of ±50%, appropriate to an Initial Assessment under S-K 1300 Item 1302(d)(4)(ii).

Incremental operating costs associated with the ETL retrofit comprise coal-fired steam generation, additional acid demand (over ambient baseline), incremental electrical power, and additional minor reagents. These costs are captured within the Nchanga TLP operating cost build and are reflected in the C1 Cash Cost and AISC figures presented in Table 1.13 and Table 19.2 under both the M&I Case and the Full Resource Case.

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18.6.3 TD5 reclamation infrastructure (Phase 1)

A new hydro-mining reclamation system is required to mobilise TD5 inventory as feed for the TLP once TD5 has been transitioned from active tailings storage. Phase 1 of the reclamation infrastructure is sized for 40 ktpd nominal capacity and comprises four remotely operated mining units (ROMUs), high-pressure water supply systems, barge-mounted vertical sump pumps, booster pump stations, slurry transfer pipelines, and screening and reclaim facilities. Phase 1 project capital is estimated at US$28.5M at AACE Class 4 (Concept / Pre-Feasibility) accuracy of -30% / +50%, including US$24.2M for system supply and core infrastructure, US$1.4M for electrical cables, US$2.0M for construction and installation, and US$0.8M for logistics and import duties. Subsequent phases of TD5 reclamation are accommodated within the TLP sustaining capital allowance, and enable a ramp up to the design capacity of 53.5 ktpd, whilst also creating redundancy with the TD05 tailings mining process

TD05 tailings storage life extension. The active TD05 facility requires a sustaining capital civil buttress program (US$30M) to extend its operating life through the ramp-up years until commissioning of the new TD06 storage facility (provided for within the TLP 2 capital scope above).

Other TLP capital. The TLP project capital also includes replacement of the existing electrowinning cathodes with permanent cathodes (US$19.5M, growth capital), supporting improved cathode quality and reduced maintenance intervals. Ongoing TLP plant and tailings storage facility sustaining capital is provided over the life of mine, including a general sustaining allowance of US$0.50 per tonne of ore processed for the active tailings storage facility.

The Nchanga TLP and tailings facilities capital expenditure profile is summarised in Table 18.5.

Table 18.5 Capital expenditure plan - TLP and Tailings Reclamation

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| | |
|:---|:---|
| **Capital category** | **LOM Total <br> (US$M)** |
| Growth Capital | 924 |
| Capital Development |  |
| Sustaining Capital | 496 |
| **Total** | **1420** |

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Source: AMC, 2026; project-level capital estimates supplied by KCM.

18.7 Capital cost summary — KCM Integrated Operations

A summary of the capital expenditure plan for the KCM Integrated Operations is presented in Table 18.6. Total life-of-mine capital for the Full Resource Case is US$7,595M, comprising Capital Development (US$3,419M), Growth Capital (US$1,626M), and Sustaining Capital (US$2,551M). For the M&I Case (Excluding Inferred), total capital is US$1,699M over the approximately 15-year life of mine. In addition to the above capital totals, closure costs of US$133M are included in the economic analysis at Section 19 and are described in Sections 17.1 and 17.3.

Table 18.6 Capital expenditure plan - KCM Integrated Operations

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| | | |
|:---|:---|:---|
| **Capital category** | **Full Resource <br> Case <br> (US$M)** | **M&I Case <br> (US$M)** |
| Growth Capital | 1626 | 342 |
| Capital Development | 3419 | 569 |
| Sustaining Capital | 2551 | 788 |
| **Total Capital** | **7595** | **1699** |

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Source: AMC, 2026.

The allocation of life-of-mine capital across the four principal operating units is set out in Table 18.7. The Konkola Mine accounts for approximately 65% of total capital, reflecting the scale of underground development and sustaining capital required to support the long-life production profile, with the Nchanga TLP (19%) and the Nchanga Business Unit (11%) representing the bulk of the balance.

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Table 18.7 Capital allocation by operation — Full Resource Case

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| | | | | |
|:---|:---|:---|:---|:---|
| **Operation** | **Growth** <br> **(US$M)** | **Development** <br> **(US$M)** | **Sustaining** <br> **(US$M)** | **Total (US$M)** |
| Konkola Mine | 455 | 2887 | 1612 | 4954 |
| Nchanga Business Unit | 247 | 532 | 44 | 823 |
| Nchanga TLP | 924 |  | 496 | 1420 |
| Nchanga Smelter & Refinery |  |  | 399 | 399 |
| **Total Capital** | **1626** | **3419** | **2551** | **7595** |

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Source: AMC, 2026.

Capital intensity is heavily front-loaded: approximately 36% of life-of-mine capital, and 85% of Growth Capital, is scheduled within the first five years. The five-year forward schedule and the balance of life-of-mine spend are set out in Table 18.8. Total capital expenditure peaks in FY2026/27 at US$761M as the principal infrastructure investments are commissioned, before tapering from FY2028/29 onwards as the operation transitions to a profile dominated by capitalised development and sustaining capital.

Table 18.8 KCM Integrated Operations capital expenditure schedule

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year** | **Capital Development** <br> **(US$M)** | **Growth Capital** <br> **(US$M)** | **Sustaining** <br> **Capital (US$M)** | **Total<br> (US$M)** |
| FY2026/27 | 196 | 223 | 103 | 521 |
| FY2027/28 | 166 | 493 | 103 | 761 |
| FY2028/29 | 177 | 471 | 98 | 746 |
| FY2029/30 | 146 | 70 | 97 | 312 |
| FY2030/31 | 178 | 121 | 86 | 385 |
| First five years (FY2026/27–FY2030/31) | 861 | 1378 | 486 | 2726 |
| FY2031/32 – FY2069/70 | 2558 | 247 | 2064 | 4869 |
| **LOM Total** | **3419** | **1626** | **2551** | **7595** |

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Source: AMC, 2026.

The first-five-years capital expenditure is allocated by operation in Table 18.9. Of the US$2,726M scheduled across the KCM Integrated Operations over FY2026/27 to FY2030/31, approximately US$1,211M is attributable to the Konkola Complex, US$355M to the Nchanga Complex, US$1,087M to the Nchanga TLP, and US$74M to the Nchanga Smelter and Refinery, in each case comprising growth, capital development and sustaining capital.

Table 18.9 First five years capital expenditure by operation (FY2026/27–FY2030/31)

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|:---|:---|:---|:---|:---|
| **Operation** | **Capital Development (US$M)** | **Growth Capital (US$M)** | **Sustaining Capital (US$M)** | **Total<br> (US$M)** |
| Konkola Complex | 703 | 284 | 224 | 1211 |
| Nchanga Complex | 159 | 171 | 26 | 355 |
| Nchanga TLP |  | 924 | 163 | 1087 |
| Nchanga Smelter & Refinery |  |  | 74 | 74 |
| **Total Capital** | **861** | **1378** | **486** | **2726** |

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Source: AMC, 2026.

18.8 Cost estimate accuracy

The accuracy ranges and contingency allowances applied to each principal cost component are summarised in Table 18.10. The Konkola Mine, the Nchanga TLP (existing facility), and the Nchanga Smelter and Refinery are each estimated at Pre-Feasibility level. The new Nchanga underground projects (COP E and COP DF) are estimated at Scoping Study level, and the TD5 reclamation infrastructure is estimated at AACE Class 4 (Concept / Pre-Feasibility) level, reflecting their earlier stage of technical definition.

Table 18.10 KCM cost estimation accuracy

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| | | | |
|:---|:---|:---|:---|
| **Cost category** | **Study level** | **Accuracy** | **Contingency** |
| Konkola Mining Operations | Pre-Feasibility | ±25% | 10% |
| Konkola Processing & Tailings | Pre-Feasibility | ±25% | 15% |
| Nchanga TLP – Existing Operations | Pre-Feasibility | ±25% | 15% |
| Nchanga Smelter & Refinery | Pre-Feasibility | ±25% | 15% |
| Nchanga COP DF Open Pit | Initial Assessment | ±25–35% | 25% |
| Nchanga COP E, DF Underground | Initial Assessment | ±35–50% | 25% |
| Nchanga TLP ETL Retrofit | Initial Assessment | ±35% | 15% |
| TLP 2 (new facility) | Initial Assessment | ±35–50% | 25% |
| TD05 reclamation infrastructure | Initial Assessment | ±35–50% | Included |
| TD05 buttress civil works | Pre-Feasibility | ±25% | 15% |

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Note: Cost estimates and contingencies are as derived for the Initial Assessment cases (M&I Case and Full Resource Case). For the Reserve Case (PFS scope), the corresponding accuracy and contingency disclosure is presented in PFS Table 18.1. 'Included' indicates contingency is incorporated within the stated cost estimate rather than disclosed as a separate line item.

Source: AMC, 2026.

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19 Economic analysis

 <br> **CAUTIONARY STATEMENT REGARDING INITIAL ASSESSMENT**<br> This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to be categorised as Mineral Reserves. There is no certainty that this Initial Assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Economic results are presented for two cases - Full Resource Case (including Inferred) and M&I Case (excluding Inferred) - with equal prominence in accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K.<br>

 <br> **INFERRED MINERAL RESOURCE PROPORTION**<br>Approximately 63% of KCM Mineral Resources are classified as Inferred (483 Mt of 773 Mt); at Konkola Mine approximately 87% are classified as Inferred (249 Mt of 288 Mt). Inferred Mineral Resources cannot currently be categorised as Mineral Reserves and are included in the Full Resource Case only - the M&I Case in Section 19.2 excludes all Inferred Mineral Resources. It is reasonably expected, though not certain, that continued drilling could upgrade the majority of Inferred Mineral Resources to higher confidence categories.<br>

19.1 Full Resource Case (Including Inferred)

The first scenario is an Initial Assessment based on a comprehensive LOM Plan that includes mining from:

· Konkola Mine – Measured, Indicated, and Inferred Mineral Resources (operating).

· Nchanga Indicated and Inferred Resources:

¾ COP DF open pit mine – Indicated Resources (status to be confirmed).

¾ Nchanga COP E Extension – Indicated and Inferred Resources (planned).

¾ Nchanga COP DF Underground – Indicated and Inferred Resources (planned).

· Reclamation of Tailings Dams 03 and 04, and the full TD05 Mineral Resource (Indicated and Inferred), processed
through the existing Nchanga TLP (retrofitted with Elevated Temperature Leach) and the proposed TLP 2 facility operating in parallel (refer
Section 14.5).

The Initial Assessment is a preliminary technical and economic study of the KCM Integrated Operations, including Konkola Mine, Nchanga Business Unit (open pit and underground operations), Nchanga Tailings Recovery (TD03, TD04, and TD05), the existing Nchanga TLP (with proposed ETL retrofit), the proposed TLP 2 facility, the Nchanga Smelter, and the Nkana Refinery. The confidence in the overall LOM scenario is at an Initial Assessment level of confidence.

The Initial Assessment of the Nchanga deposits and the Inferred Mineral Resource component of the Konkola Mine is preliminary in nature. It includes Inferred Mineral Resources that are considered too geologically speculative to have modifying factors applied to them that would enable them to be classified as Mineral Reserves; as such, these Mineral Resources have not been classified as Mineral Reserves. There is no certainty that the results of the Initial Assessment will be realized.

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19.2 Measured and Indicated Resource Case

In accordance with Item 1302(d)(4)(ii)(C) of Regulation S-K, the economic analysis excluding Inferred Mineral Resources is presented with equal prominence to the Full Resource Case. This scenario is referred to as the 'M&I Case' throughout this report.

The M&I Case is a sub-set of the Full Resource Case Life-of-Mine plan, limited to the mining of Measured and Indicated Mineral Resources at the Konkola Mine and the recovery of tailings from TD03, TD04, and TD05 (Measured and Indicated portion only) all processed through the existing Nchanga TLP, retrofitted with Elevated Temperature Leach (ETL) to enable processing of TD05 reclamation feed. The Inferred portion of TD05 is excluded by virtue of its classification, as is the proposed TLP 2 facility, the capital investment for which is supported by the larger Inferred-inclusive resource base available under the Full Resource Case. Measured and Indicated Resources comprise approximately 13% of the total Konkola Mineral Resource by tonnage (39 Mt of 288 Mt); for TD05, the Measured and Indicated portion represents approximately 47% of the total TD05 resource (198 Mt of 423 Mt).

This Initial Assessment does not declare Mineral Reserves. The formal Mineral Reserve estimate, presented in the companion PFS Technical Report Summary (AMC, 2026), comprises the Konkola Mine, TD03, and TD04, and is a subset of the M&I Case scope. The TD05 Measured and Indicated portion is included in the M&I Case for the purpose of the economic analysis required under Item 1302(d)(4)(ii)(C) of Regulation S-K but has not been declared as a Mineral Reserve in the companion PFS, pending Pre-Feasibility-level study to support such a declaration.

The M&I Case mine plan has been constructed to reflect production from the Measured and Indicated Mineral Resources only, with any Inferred Mineral Resources included in the production profile treated as waste and assigned zero grade.

The Konkola Mine underground development plan has been focused on accessing and recovering the Measured and Indicated Mineral Resources at Konkola. The capital investment program has also been limited to expenditure that relates to the M&I Case mine plan only.

The purpose of the M&I Case is to demonstrate that the Measured and Indicated Mineral Resource portion of the KCM operations can support a positive economic outcome independent of Inferred Mineral Resources, and that the mine plan meets the technical requirements of a viable production schedule.

It should be noted that KCM intends to continue resource infill drilling to expand confidence in the Mineral Resource base and to continually develop the mine plan to adapt to improving resource definition of the Konkola Mine deposit. KCM will invest capital and drilling to develop the potential of the LOM plan scenario based on the positive potential from the investments.

The tailings recovery schedule for TD03 and TD04 is unchanged between the Full Resource Case and the M&I Case. NBU mining operations (COP DF Open Pit, COP DF Underground, and COP E Extension) are not included in the M&I Case. Although Measured and Indicated Mineral Resources have been estimated for COP DF (15 Mt M+I) and COP E Extension (13 Mt M+I), the mining plans and supporting capital and operating cost estimates for these operations have not been developed to a level of confidence sufficient to support inclusion in the M&I Case. The NBU mine plan and associated capital investment, supported by the larger Resource base available under the Full Resource Case (including Inferred Resources), is presented in the Full Resource Case only.

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19.3 Key assumptions

· Copper Price: P75 consensus pricing as per Table 16.1 (ranging from US$11,101/t to US$12,793/t over the
LOM assessment period).

· Cobalt Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the LOM assessment period).

· Discount Rate: 8% real, pre-tax.

· Royalty: 4-10% sliding scale based on copper price.

19.3.1 Byproducts

The KCM Integrated Operations generates two principal byproducts from the smelting and refining circuit: cobalt alloy and sulfuric acid. Both are credited against operating costs within the financial model. The quantities and price assumptions for each byproduct, for the Full Resource Case (45-year LOM) and the Measured and Indicated Case (15-year LOM), are set out in Table 19.1 below.

Table 19.1 Byproducts: Type, Quantity and Price Assumption

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Full Resource Case (FRC) <br> 45-Year LOM** | **Full Resource Case (FRC) <br> 45-Year LOM** | **Measured & Indicated Case <br> 15-Year LOM** | **Measured & Indicated Case <br> 15-Year LOM** | |
| <br>**Byproduct** | <br>**Unit** | **LOM Quantity** | **Price <br> Assumption** | **LOM <br> Quantity** | **Price <br> Assumption** | **Revenue** <br>**Treatment in <br> Financial Model** |
| Cobalt alloy (all smelter sources)<sup>1</sup> | t alloy | 2047432 | US$42,262 – 52,465/t Co<sup>2</sup> | 334286 | US$42,262 – 52,465/t Co<sup>2</sup> | Credited in Smelting & Credits line; sold externally |
| of which: KCM & Nchanga own concentrate | t alloy | 1233891 |  | 138081 |  |  |
| of which: third-party external concentrate³ | t alloy | 813541 |  | 196205 |  |  |
| Cobalt (Co) content in alloy | t Co | 53858 | US$42,262 – 52,465/t Co<sup>2</sup> | 8052 | US$42,262 – 52,465/t Co<sup>2</sup> | Payable Co fraction applied to market price |
| Sulfuric acid⁴ | t | 17554977 | US$130/t<sup>5</sup> | 3669650 | US$130/t<sup>5</sup> | Transfer-priced credit; consumed internally by Nchanga TLP for copper leaching |

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Notes:

1 Cobalt alloy is produced from blended smelter feed comprising KCM/Nchanga concentrate and third-party concentrate processed through the Nchanga Flash Smelter.

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|:---|:---|
| 2 | Cobalt price assumption represents the consensus forecast range, declining from US$52,465/t in FY26 to US$42,262/t and held flat from FY31 onwards. |

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3 Third-party concentrate volumes are required to maintain Nchanga Smelter throughput utilisation; refer to Section 19.3.2.1 for further discussion.

4 Includes strong and weak acid streams produced by the smelter acid plant.

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|:---|:---|
| 5 | Internal transfer price between Nchanga Smelter (producer) and Nchanga TLP (consumer). External market price of US$175/t applies in the third-party concentrate sensitivity (Section 19.3.2.1). |

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Source: AMC, 2026.

19.3.2 Third-party concentrate: basis for inclusion in economic analysis

The economic analysis for both the Full Resource Case and the M&I Case includes revenue and costs attributable to the purchase and processing of third-party copper concentrate through the Nchanga Flash Smelter. The QPs consider the inclusion of these cash flows to be appropriate and consistent with the requirements of Item 601(b)(96)(iii)(B)(19)(ii) of Regulation S-K for the reasons set out below.

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The primary basis for this inclusion is metallurgical. KCM's own concentrates, produced at the Konkola and Nchanga Concentrators, carry elevated silica content of typically 20–22% SiO₂, materially exceeding the preferred FSF feed limit of less than 15% SiO₂. Operating the flash smelter on KCM's own concentrates alone would produce an Fe/SiO₂ ratio outside the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, increased slag losses, reduced copper recovery into the blister phase, and potential refractory damage. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a design requirement of the FSF, not a matter of commercial preference. The Nchanga Flash Smelter has a design throughput capacity of approximately 850 ktpa of concentrate, and KCM's own mining operations do not generate sufficient concentrate volume to sustain that throughput across the life of operations. As a consequence of both the blending requirement and the capacity utilisation profile, the LOM plan assumes the purchase of 300,000–315,000tpa of third-party concentrate to supplement KCM's own feed (see Section 14.4.3 and the smelter feed profiles in Figure 19.1 and Figure 19.2).

The smelting of sulfide concentrates, whether KCM's own or third-party, is also the primary source of sulfur dioxide from which sulfuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd). This acid is the essential reagent for KCM's tailings leaching operations: the existing Nchanga TLP under both economic cases, and the proposed TLP 2 facility operating in parallel with the existing TLP under the Full Resource Case (refer Section 14.3). The existing TLP and TLP 2 together contributed 1,825kt of payable copper over the Full Resource Case LOM, and the existing TLP contributed 550 kt over the M&I Case LOM, representing a material component of KCM's own integrated production. Without third-party concentrate supplementing smelter feed, sulfuric acid output would be materially reduced; the shortfall would need to be sourced from external third-party acid suppliers at significantly higher cost (as disclosed in Section 14.4.3), materially altering the economics attributable to KCM's own mineralisation under both cases.

The QPs therefore conclude that the third-party concentrate processing activity is operationally integral to the economic viability of KCM's own Mineral Resources. The inclusion of associated revenues and costs in the economic model does not misrepresent the economics of the property's own mineralisation; rather, their exclusion would produce a materially distorted result by removing a cost-offset that is structurally dependent on KCM's own processing infrastructure and resource base.

In the interests of transparency, the financial contribution of third-party concentrate processing is separately identified throughout this report. Table 19.1 presents third-party concentrate volumes, grade, and attributable metal production as distinct line items. In Table 19.3 and Table 19.4, concentrate purchase costs (Full Resource Case: US$41.3B; M&I Case: US$11.5B) and smelter and refinery credits (Full Resource Case: US$4.1B; M&I Case: US$0.7B) are disclosed as separate cost line items, enabling readers to assess the net economic contribution of third-party processing activity. C1 and AISC unit cost metrics are calculated on KCM's integrated metal production only, excluding third-party concentrate metal, as noted in the footnotes to Table 19.3 and Table 19.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2.1 Third-party concentrate sensitivity (partial and adjusted scenarios)

To assess the sensitivity of project economics to the dependency on third-party concentrate, the following analysis models the removal of third-party concentrate from the LOM plan entirely for both the Full Resource Case and the M&I Case. The total NPV₈% impacts (post-tax basis) and their component parts are set out below.

**M&I Case**

The combined NPV₈% impact for the M&I Case is approximately US$210M, representing a reduction of approximately 8% from the base case post-tax NPV₈% of US$2,640M, reducing it to approximately US$2,430M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Resource production.

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The total impact comprises two components. The first is the direct smelter contribution. Under the M&I Case, third-party external concentrate represents approximately 60% of total smelter concentrate feed (3,425 kt of 5,644 kt LOM concentrate feed). Removal of the EBITDA contribution from external concentrate, treating smelter fixed costs as stranded (i.e. unsaved when external concentrate is removed), reduces NPV₈% by approximately US$140M, or approximately 5% of base case. The second is the incremental acid procurement cost. Reduced smelter throughput reduces internal sulfuric acid production proportionally, requiring the existing Nchanga TLP to source the shortfall externally. The incremental cost is calculated on the delta between the external market price for sulfuric acid on the Copperbelt (US$175/t) and the internal transfer price (US$130/t), or US$45 per tonne, applied to the incremental external acid volumes. The NPV₈% impact is approximately US$70M, or approximately 3% of base case.

**Full Resource Case**

The combined NPV₈% impact for the Full Resource Case is approximately US$296M, representing a reduction of approximately 3% from the base case post-tax NPV₈% of US$8,637M, reducing it to approximately US$8,341M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Resource production.

The two impact components are calculated on the same basis as the M&I Case. Direct smelter contribution: third-party external concentrate represents approximately 36% of total LOM smelter concentrate feed (12,833 kt of 31,233 kt LOM smelter feed). Removal of the EBITDA contribution, treating smelter fixed costs as stranded, reduces NPV₈% by approximately US$196M, or approximately 2% of base case. The lower percentage impact relative to the M&I Case reflects two factors: a larger base case NPV against which the impact is measured, and a higher internal concentrate share supported by Nchanga Business Unit ROM under the FRC. Incremental acid procurement cost: applying the US$45/t delta to the incremental external acid volumes generates an NPV₈% impact of approximately US$100M, or approximately 1% of base case. The longer FRC smelter operating life generates a larger absolute acid impact than under the M&I Case but a smaller percentage impact.

**Conservative assumptions**

The analysis uses conservative assumptions throughout both cases. The US$130/t acid transfer price reflects the QPs' estimate of normalised external procurement cost as at the effective date of this report. Acid prices on the Central African Copperbelt are subject to variability depending on regional smelter operating rates, export policy, and logistics availability; in periods of tighter supply the market price for sulfuric acid has historically exceeded the US$130/t assumption, which would increase the cost impact accordingly. The KCM Integrated Operations remain economic under this sensitivity in both cases on the basis of KCM's own Mineral Resource production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

19.3.3 Royalties and taxation

The economic analysis incorporates Zambian corporate income tax at the statutory mining rate of 30%, applied uniformly to taxable income across the life of mine. The taxable income calculation reflects revenue net of operating costs (including mineral royalties, which are deducted as an operating cost and not duplicated within this section), interest, and tax depreciation, with the opening tax loss pool described below applied subject to the statutory utilisation cap.

Capital expenditure (growth capital, capitalised development, and sustaining capital) is depreciated for tax purposes on a straight-line basis over an 8.33-year economic life, equivalent to a 12% annual allowance. This rate is adopted as a simplifying assumption that approximates the blended outcome of the capital-allowance regime under the Zambian Income Tax Act, which provides for differing rates across plant and machinery, industrial buildings, and mine development expenditure. The QPs consider this simplification reasonable for an Initial Assessment, where the precision of asset-class apportionment is below the level of detail otherwise applied in the economic analysis.

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Tax losses are carried forward for ten years from the year of incurrence in accordance with the Zambian Income Tax Act, and may offset up to 50% of taxable mining income in any given year.

No mineral variable profit tax, windfall tax, or other Zambian-specific resource tax is modelled. Withholding taxes on dividend distributions, deferred tax balances, and value-added tax on capital and operating expenditure inputs are not separately reflected in the economic analysis; VAT is assumed to be either recoverable or already embedded in input cost estimates as appropriate. The QPs have relied on the Registrant for the interpretation of Zambian fiscal legislation and the determination of the opening tax loss balance, as set out in Section 25.6.

The resulting cash taxes over the life of mine are US$11,674M for the Full Resource Case and US$1,290M for the M&I Case, as presented in Table 1.13 and Table 19.3.

19.4 Production plans

· The basis of the economic model is the mining, processing and smelting schedule as presented in this report
which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade and recoveries.

· The KCM Full Resource Case comprises production from Measured, Indicated and Inferred Resources.

· The KCM M&I Case comprises production from Measured and Indicated Mineral Resources at Konkola Mine
and Indicated Mineral Resources in TD03, TD04 and TD05.

· A concept blend plan was developed to determine the copper metal and cobalt alloy produced from the available
feed sources. Based on instructions from KCM, it was assumed that the excess smelter capacity in each year is filled by concentrates purchased
from external third parties. These concentrates are assumed to meet the specifications required by the smelter over the life of the operations.
No material (concentrate nor produced copper) generated from third party purchased concentrates has been included in any Mineral Resource
estimates for KCM.

The smelter feed profiles for both scenarios are shown in Figure 19.1 and Figure 19.2.

Figure 19.1 KCM Smelter Feed Profile – Full Resource Case (incl. external purchased concentrates)

![](ctm005_ex96-1img153.jpg)

Source: AMC, 2026.

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Figure 19.2 KCM Smelter Feed Profile – M&I Case (incl. external purchased concentrates)

![](ctm005_ex96-1img154.jpg)

Source: AMC, 2026.

The projected overall mining schedules for both scenarios, showing annual payable copper production by source, are shown in Figure 19.3 (Full Resource Case) and Figure 19.4 (M&I Case). The Full Resource Case recovers a total of 7,880kt (7.88 Mt) of payable copper over approximately 45 years, and the M&I Case recovers a total of 1,446 kt (1.45 Mt) of payable copper over approximately 15 years.

Figure 19.3 Projected overall mining schedule – Full Resource Case

![](ctm005_ex96-1img155.jpg)

Source: AMC, 2026.

Figure 19.4 Projected overall mining schedule – M&I Case

![](ctm005_ex96-1img156.jpg)

Source: AMC, 2026.

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19.5 Economic results - dual presentation

In accordance with Item 1302(d)(4)(ii)(C), economic results are presented with equal prominence for two scenarios: Full Resource Case (Including Inferred, based on Measured, Indicated, and Inferred Mineral Resources) and M&I Case (Excluding Inferred, based on Measured and Indicated Mineral Resources). The M&I Case demonstrates economic viability; a separate PFS TRS has been prepared for this case. A summary of the economic results is presented in Table 19.2.

Table 19.2 Economic results – KCM Integrated Operations

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| | | |
|:---|:---|:---|
| **Item** | **Full Resource Case<br> (With Inferred)** | **M&I Case<br> (Without Inferred)** |
| **Production** |  |  |
| &nbsp;&nbsp;&nbsp;Konkola Mine Ore mined | 232775 | 29066 |
| &nbsp;&nbsp;&nbsp;Konkola Ore head grade | 2.94 | 2.89 |
| &nbsp;&nbsp;&nbsp;Konkola Ore Recovery | 86.5 | 89.2 |
| &nbsp;&nbsp;&nbsp;Smelter Recovery | 98.10 | 98.10 |
| &nbsp;&nbsp;&nbsp;Konkola Mine Cu Payable | 5816 | 734 |
| &nbsp;&nbsp;&nbsp;NBU Ore mined | 20861 |  |
| &nbsp;&nbsp;&nbsp;NBU Ore head grade | 2.42 |  |
| &nbsp;&nbsp;&nbsp;NBU Ore Recovery | 53.9 |  |
| &nbsp;&nbsp;&nbsp;NBU Cu Payable | 266 |  |
| &nbsp;&nbsp;&nbsp;Nchanga TLP Ore mined | 473636 | 224607 |
| &nbsp;&nbsp;&nbsp;Nchanga TLP Ore head grade | 0.57 | 0.56 |
| &nbsp;&nbsp;&nbsp;Nchanga TLP Total Cu Recovery | 66.8 | 56.7 |
| &nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | 1798 | 713 |
| &nbsp;&nbsp;&nbsp;**Integrated Metal Production <sup>(1)</sup>** | **7880** | **1446** |
| &nbsp;&nbsp;&nbsp;Third-Party Concentrate processed | 12833 | 3425 |
| &nbsp;&nbsp;&nbsp;Third-Party Metal Production | 4180 | 1112 |
| &nbsp;&nbsp;&nbsp;**Total Metal <sup>(2)</sup>** | **12060** | **2558** |
| &nbsp;&nbsp;&nbsp;Mine Life | 45 | 15 |
| **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Gross Copper Revenue **<sup>(3)</sup>** | 129510 | 28235 |
| &nbsp;&nbsp;&nbsp;Concentrate Purchase Cost (third-party) | (41317) | (11511) |
| &nbsp;&nbsp;&nbsp;**Net Revenue <sup>(4)</sup>** | **88194** | **16724** |
| **C1 Cash Cost Build <sup>(5)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Mining Operating Costs (Konkola + NBU + Nchanga TLP) | 31378 | 7355 |
| &nbsp;&nbsp;&nbsp;Smelter & Refinery Operating Costs — in-house share | (3347) | (1390) |
| &nbsp;&nbsp;&nbsp;Smelter & Refinery By-Product Credits — in-house share | 2288 | 737 |
| &nbsp;&nbsp;&nbsp;*Net Smelter & Refinery Cost — in-house share* | (1059) | (653) |
| &nbsp;&nbsp;&nbsp;**C1 Cash Cost <sup>(6)</sup>** | **32437** | **6701** |
| &nbsp;&nbsp;&nbsp;**C1 Cash Cost per pound <sup>(7)</sup>** | **1.87** | **2.10** |
| **AISC Build <sup>(8)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;C1 Cash Cost | 32437 | 6701 |
| &nbsp;&nbsp;&nbsp;Total Royalties | 6443 | 1097 |
| &nbsp;&nbsp;&nbsp;Sustaining Capital **<sup>(9)</sup>** | 2551 | 788 |
| &nbsp;&nbsp;&nbsp;**All-in Sustaining Cost (AISC)** | **41430** | **8586** |
| &nbsp;&nbsp;&nbsp;**AISC per pound <sup>(8)</sup>** | **2.38** | **2.69** |
| **Reconciliation: C1 to Total Operating Costs <sup>(10)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;C1 Cash Cost | 32437 | 6701 |
| &nbsp;&nbsp;&nbsp;Smelter & Refinery — net of credits, total | 1898 | 647 |
| &nbsp;&nbsp;&nbsp;less: In-house share included in C1 ⁽⁶⁾ | 1059 | 653 |
| &nbsp;&nbsp;&nbsp;**Third-party share of smelter & refinery (net) ⁽⁶⁾** | **839** | **1300** |
| &nbsp;&nbsp;&nbsp;**Total Operating Costs** | **33276** | **8002** |
| **Capital Costs** |  |  |
| &nbsp;&nbsp;&nbsp;Growth Capital | 1626 | 342 |
| &nbsp;&nbsp;&nbsp;Capital Development | 3419 | 569 |
| &nbsp;&nbsp;&nbsp;Sustaining Capital | 2551 | 788 |
| &nbsp;&nbsp;&nbsp;**Total Capital Expenditure** | **7595** | **1699** |
| &nbsp;&nbsp;&nbsp;Closure Costs | 133 | 133 |
| **Economic Metrics** |  |  |
| &nbsp;&nbsp;&nbsp;Free Cash Flow (pre-tax) | 40746 | 5586 |
| &nbsp;&nbsp;&nbsp;Cash Taxes | (11674) | (1290) |
| &nbsp;&nbsp;&nbsp;**Free Cash Flow (post-tax)** | **29072** | **4296** |
| &nbsp;&nbsp;&nbsp;NPV₈% (pre-tax, real basis) | 12050 | 3418 |
| &nbsp;&nbsp;&nbsp;NPV₈% (post-tax, real basis) | 8637 | 2640 |
| &nbsp;&nbsp;&nbsp;IRR (pre-tax) <sup>(11)</sup> | 65 | N/A |
| &nbsp;&nbsp;&nbsp;IRR (post-tax) <sup>(11)</sup> | 52 | N/A |
| &nbsp;&nbsp;&nbsp;Payback Period <sup>(12)</sup> | ~3.3 | ~1.7 |

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Notes:

1. Integrated Metal Production is the sum of payable copper from KCM's own mining and processing operations:
Konkola Mine, NBU, and Nchanga TLP. Excludes copper from third-party concentrate processed at Nchanga Smelter and Nkana Refinery.

2. Total Metal is the sum of Integrated Metal Production and Third-Party Metal Production from processing
third-party concentrate at Nchanga Smelter and Nkana Refinery.

3. Gross Copper Revenue calculated on payable copper sold at consensus P75 copper pricing of US$11,101/t
to US$12,793/t over the production period. No adjustment for TC/RC or freight, which are presented as revenue deductions in the C1 framework.

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4. Net Revenue is Gross Copper Revenue less third-party concentrate purchase cost (cash outflow to suppliers
of third-party concentrate feed to Nchanga Smelter). Net Revenue is the figure used in free cash flow calculations.

5. C1 Cash Cost is a non-GAAP measure widely used in the mining industry to compare operating cost performance.
It represents the direct cash cost per pound of payable copper, comprising mining and processing costs (incl. site G&A) and the in-house
share of net smelter and refinery operating costs. Excludes royalties, sustaining capital, closure costs, D&A and financing costs.
Calculated on KCM's own payable copper (Integrated Metal Production basis).

6. C1 Cash Cost formula: C1 = Mining Op Costs + (Smelter & Refinery Op Costs - By-Product Credits)
× Integrated Metal Production / Total Metal.

7. Unit cost denominator: both C1 and AISC per-pound figures use Integrated Metal Production, not Total Metal.
On a Total Metal basis, unit costs would be lower but would not reflect KCM's own production economics.

8. All-in Sustaining Cost (AISC) is a non-GAAP measure widely used in the mining industry as a comprehensive
indicator of total cash and sustaining capital cost per pound of payable copper. AISC = C1 Cash Cost + Total Royalties + Sustaining Capital.
Excludes growth capital, capital development on incremental projects, and closure costs. Calculated on the same Integrated Metal Production
basis as C1.

9. Sustaining Capital is shown both in Capital Costs and AISC Build sections but is a single figure that
should not be double-counted.

10. Total Operating Costs Reconciliation. Total Operating Costs represent all cash operating expenditure of
KCM. Differs from C1 by components excluded from C1: (i) third-party share of net smelter and refinery costs (net = cost less credits);
(ii) freight on copper sales; and (iii) TC/RC on third-party concentrate. These are presented as revenue deductions and revenue offsets
in the C1 framework. Refer to Section 18.

11. IRR not reported for the Reserve Case. KCM is a brownfield producing operation; cumulative free cash flow
is positive from Year 1 of the Reserve Case, and a conventional IRR does not produce a meaningful measure of economic viability for an
operation with no greenfield-type construction outflow. IRR is calculable and reported for the Full Resource Case which includes the proposed
TLP 2 construction capital deployment phase.

12. Payback Period is calculated as cumulative time from Year 1.

At an 8% annual discount rate, the Full Resource Case yields a post-tax NPV of US$8.6B (US$12.1B pre-tax), while the M&I Case yields US$2.6B post-tax (US$3.4B pre-tax). The annual cashflow profile for the Full Resource Case (With Inferred) is shown in Figure 19.5 and Table 19.3, and for the M&I Case (Without Inferred) is shown in Figure 19.6 and Table 19.4.

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Figure 19.5 Full Resource Case cashflow

![](ctm005_ex96-1img157.jpg)

Source: AMC, 2026.

Figure 19.6 M&I Case cashflow

![](ctm005_ex96-1img158.jpg)

Source: AMC, 2026.

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Table 19.3 Full Resource Case production and cashflow schedule

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** | **FY2030/31** | **FY2031/32** | **FY2032/33** | **FY2033/34** | **FY2034/35** | **FY2035/36** | **FY2036/37** | **FY2037/38** | **FY2038/39** | **FY2039/40** | **FY2040/41** | **Block 1<sup>7</sup>**<br> **Subtotal** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Ore Mined | kt | 1669 | 2180 | 2639 | 3400 | 4189 | 5105 | 5998 | 6002 | 6000 | 6004 | 6000 | 5999 | 6000 | 6002 | 6000 | **73187** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Head Grade | %TCu | 2.99% | 2.91% | 2.87% | 3.06% | 2.91% | 2.81% | 2.84% | 2.85% | 2.94% | 2.98% | 2.99% | 3.02% | 3.06% | 3.04% | 2.99% | **2.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Recovery | % | 87.89% | 89.57% | 88.80% | 86.93% | 87.85% | 88.31% | 88.08% | 87.33% | 86.63% | 86.32% | 86.06% | 86.73% | 86.08% | 85.85% | 86.46% | **87.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Cu Payable | kt | 43 | 56 | 66 | 89 | 105 | 124 | 147 | 147 | 150 | 152 | 151 | 154 | 155 | 154 | 152 | **1845** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Ore Mined (OP + UG) | kt | 1397 | 340 | 490 | 1458 | 1958 | 2902 | 2902 | 2902 | 2902 | 1228 | 1014 | 1014 | 356 | 0 | 0 | **20861** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Cu Payable | kt | 9.2 | 2.8 | 8.4 | 20.6 | 29.6 | 42.6 | 34.4 | 32.7 | 31.3 | 16.1 | 17 | 16 | 5.2 | 0 | 0 | **265.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore Mined | kt | 13473 | 14529 | 15735 | 34200 | 33025 | 33020 | 33296 | 34200 | 32606 | 33991 | 34200 | 34200 | 33930 | 34200 | 34200 | **448804** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Head Grade | %TCu | 0.65% | 0.59% | 0.63% | 0.58% | 0.60% | 0.61% | 0.58% | 0.57% | 0.56% | 0.55% | 0.55% | 0.55% | 0.54% | 0.54% | 0.54% | **0.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Recovery | % | 52.88% | 51.13% | 66.12% | 69.10% | 69.37% | 67.63% | 67.91% | 67.75% | 69.47% | 66.49% | 66.16% | 66.26% | 67.86% | 67.99% | 67.99% | **66.77%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | kt | 46 | 44 | 65 | 138 | 137 | 137 | 132 | 133 | 127 | 125 | 126 | 125 | 124 | 125 | 125 | **1708** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate | kt | 338 | 295 | 303 | 308 | 308 | 215 | 157 | 208 | 202 | 243 | 241 | 234 | 266 | 286 | 290 | **3894** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate Grade | % | 32.53% | 31.80% | 32.04% | 33.29% | 33.29% | 33.21% | 33.12% | 33.20% | 33.19% | 33.24% | 33.24% | 33.23% | 33.26% | 33.27% | 33.28% | **32.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Metal Production | kt | 108 | 92 | 95 | 101 | 101 | 70 | 51 | 68 | 66 | 79 | 79 | 76 | 87 | 93 | 95 | **1260** |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Metal Production | kt | 98 | 102 | 140 | 248 | 272 | 304 | 314 | 312 | 308 | 292 | 294 | 296 | 284 | 279 | 277 | **3819** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Payable Copper | kt | 206 | 194 | 235 | 348 | 373 | 374 | 365 | 380 | 374 | 372 | 373 | 372 | 371 | 372 | 372 | **5079** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Revenue | US$M | 2525 | 2347 | 2777 | 4134 | 4269 | 4008 | 3908 | 4058 | 3993 | 3969 | 3979 | 3974 | 3954 | 3967 | 3968 | **55829** |
| Operating Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs | US$M | 605 | 542 | 693 | 1141 | 1185 | 1363 | 1359 | 1310 | 1261 | 1183 | 1161 | 1204 | 1120 | 1071 | 1071 | **16271** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery OPEX | US$M | 124 | 130 | 132 | 139 | 146 | 146 | 137 | 138 | 138 | 138 | 138 | 138 | 136 | 136 | 136 | **2049** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery Credits | US$M | -73 | -72 | -65 | -78 | -92 | -97 | -98 | -99 | -100 | -99 | -99 | -98 | -100 | -101 | -102 | **-1372** |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate Purchase Cost | US$M | 1247 | 1036 | 1049 | 1104 | 1059 | 679 | 489 | 656 | 634 | 769 | 763 | 740 | 842 | 908 | 922 | **12899** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Royalties | US$M | 96 | 97 | 129 | 229 | 239 | 245 | 253 | 251 | 248 | 235 | 237 | 238 | 229 | 224 | 223 | **3173** |
| Capital Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Capital | US$M | 223 | 493 | 471 | 70 | 121 | 120 | 69 | 35 | 21 | 0 | 0 | 0 | 0 | 1 | 1 | **1626** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Development | US$M | 196 | 166 | 177 | 146 | 178 | 209 | 207 | 216 | 175 | 119 | 111 | 110 | 103 | 85 | 86 | **2282** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital | US$M | 103 | 103 | 98 | 97 | 86 | 97 | 116 | 104 | 95 | 107 | 90 | 82 | 101 | 74 | 72 | **1423** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Capital | US$M | 521 | 761 | 746 | 312 | 385 | 425 | 392 | 355 | 291 | 226 | 201 | 192 | 204 | 160 | 159 | **5331** |
| Unit Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$M | 622 | 564 | 722 | 1173 | 1216 | 1397 | 1389 | 1338 | 1289 | 1209 | 1188 | 1231 | 1143 | 1092 | 1092 | **16668** |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$/lb Cu | 2.87 | 2.50 | 2.35 | 2.15 | 2.03 | 2.08 | 2.01 | 1.95 | 1.90 | 1.88 | 1.83 | 1.89 | 1.83 | 1.78 | 1.79 | **1.98** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$M | 821 | 764 | 950 | 1499 | 1541 | 1739 | 1758 | 1693 | 1632 | 1551 | 1514 | 1551 | 1474 | 1390 | 1387 | **21264** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$/lb Cu | 3.78 | 3.39 | 3.09 | 2.75 | 2.57 | 2.59 | 2.54 | 2.46 | 2.40 | 2.41 | 2.34 | 2.38 | 2.35 | 2.26 | 2.27 | **2.53** |
| Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Free Cash Flow (pre-tax) | US$M | 3 | -147 | 92 | 1286 | 1347 | 1247 | 1376 | 1447 | 1522 | 1516 | 1579 | 1560 | 1523 | 1569 | 1558 | **17479** |
| Free Cash Flow (post-tax) | US$M | -65 | -215 | 4 | 1090 | 1101 | 861 | 975 | 1050 | 1116 | 1115 | 1147 | 1127 | 1092 | 1128 | 1112 | **12640** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2041/42** | **FY2042/43** | **FY2043/44** | **FY2044/45** | **FY2045/46** | **FY2046/47** | **FY2047/48** | **FY2048/49** | **FY2049/50** | **FY2050/51** | **FY2051/52** | **FY2052/53** | **FY2053/54** | **FY2054/55** | **FY2055/56** | **Block 2<sup>7</sup>**<br> **Subtotal** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Ore Mined | kt | 6001 | 6000 | 6002 | 6003 | 6000 | 6000 | 6000 | 6002 | 6002 | 6004 | 6000 | 6000 | 5999 | 6000 | 6000 | **90014** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Head Grade | %TCu | 3.06% | 3.13% | 3.07% | 2.99% | 2.99% | 3.03% | 3.04% | 3.04% | 2.95% | 2.98% | 3.02% | 3.05% | 3.04% | 2.99% | 2.94% | **3.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Recovery | % | 86.17% | 86.25% | 85.19% | 85.39% | 85.73% | 85.37% | 85.75% | 85.74% | 84.91% | 85.09% | 84.48% | 84.09% | 84.18% | 84.66% | 85.89% | **85.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Cu Payable | kt | 155 | 159 | 154 | 151 | 151 | 152 | 154 | 153 | 148 | 149 | 150 | 151 | 151 | 149 | 149 | **2275** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Ore Mined (OP + UG) | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Cu Payable | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore Mined | kt | 24832 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **24832** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Head Grade | %TCu | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **0.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Recovery | % | 67.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **67.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | kt | 91 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate | kt | 281 | 269 | 285 | 296 | 295 | 291 | 286 | 287 | 308 | 308 | 297 | 294 | 296 | 308 | 308 | **4410** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate Grade | % | 33.27% | 33.26% | 33.27% | 33.28% | 33.28% | 33.28% | 33.27% | 33.27% | 33.29% | 33.29% | 34.56% | 33.64% | 33.05% | 31.93% | 33.29% | **33.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Metal Production | kt | 92 | 88 | 93 | 97 | 96 | 95 | 93 | 94 | 101 | 101 | 101 | 97 | 96 | 97 | 101 | **1440** |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Metal Production | kt | 246 | 159 | 154 | 151 | 151 | 152 | 154 | 153 | 148 | 149 | 150 | 151 | 151 | 149 | 149 | **2366** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Payable Copper | kt | 338 | 247 | 247 | 247 | 247 | 247 | 247 | 247 | 248 | 250 | 251 | 248 | 247 | 246 | 249 | **3806** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Revenue | US$M | 3593 | 2603 | 2607 | 2610 | 2610 | 2609 | 2607 | 2608 | 2623 | 2639 | 2610 | 2609 | 2610 | 2639 | 2631 | **40209** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs | US$M | 1065 | 552 | 542 | 543 | 540 | 553 | 554 | 560 | 560 | 558 | 552 | 557 | 545 | 535 | 529 | **8745** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery OPEX | US$M | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | 136 | **2037** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery Credits | US$M | -101 | -100 | -100 | -101 | -101 | -100 | -99 | -99 | -100 | -100 | -92 | -92 | -99 | -93 | -93 | **-1471** |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate Purchase Cost | US$M | 892 | 853 | 906 | 940 | 939 | 925 | 907 | 911 | 981 | 981 | 944 | 934 | 941 | 981 | 981 | **14016** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Royalties | US$M | 198 | 128 | 124 | 121 | 121 | 122 | 124 | 123 | 119 | 120 | 121 | 122 | 121 | 120 | 120 | **1905** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Capital | US$M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Development | US$M | 94 | 81 | 68 | 76 | 69 | 83 | 77 | 69 | 70 | 72 | 60 | 60 | 62 | 51 | 40 | **1032** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital | US$M | 72 | 49 | 56 | 61 | 39 | 38 | 66 | 55 | 35 | 53 | 31 | 33 | 39 | 29 | 27 | **684** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Capital | US$M | 165 | 131 | 124 | 137 | 108 | 120 | 143 | 124 | 106 | 125 | 91 | 93 | 101 | 79 | 68 | **1716** |
| **Unit Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$M | 1086 | 575 | 564 | 564 | 561 | 575 | 576 | 583 | 582 | 579 | 578 | 583 | 567 | 561 | 554 | **9092** |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$/lb Cu | 2.00 | 1.64 | 1.66 | 1.70 | 1.69 | 1.72 | 1.70 | 1.72 | 1.79 | 1.76 | 1.75 | 1.75 | 1.71 | 1.70 | 1.69 | **1.74** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$M | 1356 | 752 | 744 | 747 | 722 | 735 | 766 | 761 | 736 | 753 | 731 | 738 | 727 | 710 | 701 | **11680** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$/lb Cu | 2.50 | 2.15 | 2.19 | 2.25 | 2.17 | 2.19 | 2.26 | 2.25 | 2.26 | 2.29 | 2.21 | 2.21 | 2.19 | 2.16 | 2.14 | **2.24** |
| **Cash Flow** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Free Cash Flow (pre-tax) | US$M | 1239 | 904 | 876 | 833 | 867 | 852 | 843 | 852 | 820 | 818 | 858 | 860 | 865 | 881 | 891 | **13260** |
| Free Cash Flow (post-tax) | US$M | 880 | 649 | 627 | 590 | 619 | 603 | 588 | 599 | 580 | 572 | 609 | 609 | 609 | 625 | 634 | **9393** |

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2056/57** | **FY2057/58** | **FY2058/59** | **FY2059/60** | **FY2060/61** | **FY2061/62** | **FY2062/63** | **FY2063/64** | **FY2064/65** | **FY2065/66** | **FY2066/67** | **FY2067/68** | **FY2068/69** | **FY2069/70** | **FY2070/71** | **Block 3<sup>7</sup>**<br> **Subtotal** | **LOM Total** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Ore Mined | kt | 6003 | 6007 | 6000 | 6005 | 6002 | 6002 | 6001 | 6002 | 6000 | 5047 | 3947 | 3052 | 2185 | 1012 | 311 | **69575** | **232775** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Head Grade | %TCu | 2.98% | 3.03% | 3.02% | 2.94% | 2.76% | 2.73% | 2.70% | 2.69% | 2.72% | 2.75% | 2.77% | 2.88% | 2.86% | 3.02% | 2.76% | **2.83%** | **2.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Recovery | % | 86.78% | 87.10% | 87.41% | 88.72% | 88.46% | 87.47% | 87.09% | 87.50% | 86.67% | 87.10% | 88.03% | 88.54% | 89.81% | 88.41% | 93.00% | **87.63%** | **86.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Cu Payable | kt | 152 | 155 | 156 | 153 | 144 | 140 | 138 | 138 | 139 | 119 | 94 | 76 | 55 | 27 | 8 | **1695** | **5816** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Ore Mined (OP + UG) | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **20861** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Cu Payable | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0.0** | **266** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore Mined | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **473636** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Head Grade | %TCu | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **0.00%** | **0.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Recovery | % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **0.00%** | **66.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **1798** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate | kt | **290** | **280** | **279** | **287** | **308** | **308** | **308** | **308** | **308** | **308** | **308** | **308** | **308** | **308** | **308** | **4529** | **12833** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate Grade | % | 35.36% | 34.47% | 33.38% | 32.44% | 30.91% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | **33.28%** | **33.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Metal Production | kt | 101 | 95 | 92 | 91 | 94 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | **1479** | **4180** |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Metal Production | kt | 152 | 155 | 156 | 153 | 144 | 140 | 138 | 138 | 139 | 119 | 94 | 76 | 55 | 27 | 8 | **1695** | **7880** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Payable Copper | kt | 253 | 250 | 247 | 245 | 237 | 241 | 239 | 239 | 240 | 219 | 195 | 177 | 156 | 127 | 109 | **3175** | **12060** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Revenue | US$M | 2609 | 2606 | 2606 | 2608 | 2579 | 2545 | 2522 | 2524 | 2528 | 2315 | 2056 | 1864 | 1639 | 1335 | 1136 | **33472** | **129510** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs | US$M | 525 | 524 | 521 | 518 | 510 | 518 | 511 | 508 | 507 | 454 | 394 | 341 | 288 | 218 | 26 | **6361** | **31378** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery OPEX | US$M | 136 | 136 | 136 | 136 | 135 | 135 | 134 | 134 | 134 | 130 | 126 | 122 | 118 | 105 | 97 | **1913** | **5999** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery Credits | US$M | -92 | -92 | -92 | -92 | -98 | -98 | -99 | -99 | -99 | -91 | -77 | -70 | -62 | -51 | -46 | **-1258** | **-4101** |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate Purchase Cost | US$M | 922 | 890 | 887 | 910 | 981 | 981 | 981 | 981 | 981 | 981 | 981 | 981 | 981 | 981 | 981 | **14401** | **41317** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Royalties | US$M | 123 | 125 | 125 | 124 | 116 | 113 | 111 | 111 | 112 | 96 | 76 | 61 | 44 | 21 | 6 | **1365** | **6443** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Capital | US$M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** | **1626** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Development | US$M | 30 | 25 | 23 | 5 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 1 | 1 | 0 | 0 | **105** | **3419** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital | US$M | 48 | 33 | 33 | 26 | 39 | 34 | 31 | 40 | 27 | 26 | 27 | 25 | 27 | 23 | 5 | **444** | **2551** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Capital | US$M | 79 | 58 | 56 | 31 | 42 | 36 | 33 | 43 | 30 | 29 | 29 | 27 | 28 | 23 | 5 | **549** | **7595** |
| **Unit Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$M | 551 | 551 | 548 | 545 | 532 | 539 | 531 | 528 | 528 | 475 | 418 | 364 | 308 | 229 | 29 | **6677** | **32437** |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$/lb Cu | 1.64 | 1.61 | 1.60 | 1.61 | 1.68 | 1.74 | 1.74 | 1.73 | 1.72 | 1.82 | 2.01 | 2.16 | 2.53 | 3.91 | 1.71 | **1.79** | **1.87** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$M | 722 | 709 | 707 | 695 | 687 | 685 | 673 | 680 | 666 | 597 | 521 | 451 | 379 | 273 | 40 | **8486** | **41430** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$/lb Cu | 2.15 | 2.07 | 2.06 | 2.06 | 2.17 | 2.21 | 2.21 | 2.23 | 2.18 | 2.28 | 2.50 | 2.68 | 3.11 | 4.67 | 2.34 | **2.27** | **2.38** |
| **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** | **Cash Flow** |
| Free Cash Flow (pre-tax) | US$M | 916 | 966 | 973 | 981 | 893 | 861 | 850 | 845 | 863 | 716 | 489 | 351 | 203 | 36 | 66 | **10010** | **40746** |
| Free Cash Flow (post-tax) | US$M | 646 | 685 | 688 | 699 | 632 | 609 | 601 | 593 | 608 | 504 | 333 | 233 | 132 | 27 | 52 | **7042** | **29072** |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Notes:

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| 1 | This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered too geologically speculative to have modifying factors applied to them that would enable them to be classified as Mineral Reserves. There is no certainty that the results of this Initial Assessment will be realized. |

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| 2 | Approximately 63% of the Mineral Resources included in this case are classified as Inferred (483 Mt of 773 Mt). Inferred Mineral Resources have not been classified as Mineral Reserves and the economic viability of Inferred Mineral Resources has not been demonstrated. |

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3 Period head grades and recoveries represent weighted averages of ore processed during each period.

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|:---|:---|
| 4 | C1 Cash Cost and All-in Sustaining Cost (AISC) are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue and incremental copper profit generated by the Nchanga Smelter and Refinery from KCM concentrates). The incremental smelter margin attributable to third-party concentrate processing is excluded from the C1 calculation. Treatment and refining charges (TC/RC) and freight remain as revenue deductions and are excluded from C1. AISC is defined as C1 Cash Cost plus royalties and sustaining capital expenditure. Full definitions and reconciliation provided in Section 18. |

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| 5 | Pre-tax, real (2026) basis. Discount rate: 8%. |

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6 Rounding may cause apparent computational discrepancies.

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| 7 | Total Capital excludes Closure Costs. Closure Cost is included within Sustaining Capital and is presented separately in Table 1.13 for transparency; refer Sections 17.1, 17.3, and 19 for closure cost detail. |

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| 8 | Block 1 covers the first 15 years of the schedule (FY2026/27–FY2040/41). Includes Konkola Mine ramp-up from ~43 ktpa to ~150 ktpa, full TD03/TD04 TLP reclamation (FY2026/27–FY2029/30), and Nchanga Business Unit (NBU) production from COP DF and COP E Extension open pit and underground operations. The companion PFS TRS Mineral Reserve scope (Konkola Mine, TD03, and TD04 only) completes within approximately the first 11 years of this block. Capital intensity is highest in this block as the Konkola Deep Mine Project is executed. |

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| 9 | Block 2 covers the next 15 years (FY2041/42–FY2055/56) of Konkola Mine operating at sustained steady-state throughput of approximately 6 Mtpa, delivering ~150 ktpa of payable copper. NBU and existing-TLP operations have ceased; TLP 2 completes TD05 reclamation in the early years of Block 2 (FY2041/42). The smelter runs at near-nameplate capacity with third-party concentrate supplementing Konkola feed. Capital requirements reduce materially to sustaining-only levels. Unit costs reach their lowest point across the LOM. |

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| 10 | Block 3 covers the final 15 years (FY2056/57–FY2070/71) of Konkola Mine operations as the orebody transitions to deeper, lower-productivity zones and approaches mine closure. Production declines progressively from ~150 ktpa to ~8 ktpa in the final year. Sustaining capital remains active; closure costs of US$133M are incurred in the final years. Unit costs increase relative to Block 2 as fixed costs are spread over declining volumes. |

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| 11 | Gross Revenue represents total revenue from all copper sold (including copper produced from third-party concentrate), net of freight and refining costs. Net Revenue, as presented in Table 1.13, is Gross Revenue less third-party concentrate purchase cost. Over the life of mine, Gross Revenue of US$129,510M less concentrate purchase cost of US$41,317M equals Net Revenue of US$88,194M. |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Table 19.4 M&I Case production and cashflow schedule

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** | **FY2030/31** | **FY2031/32** | **FY2032/33** | **FY2033/34** | **FY2034/35** | **FY2035/36** | **FY2036/37** | **FY2037/38** | **FY2038/39** | **FY2039/40** | **FY2040/41** | **Total** |
| **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Ore Mined | kt | 1640 | 2194 | 2185 | 3828 | 3651 | 3417 | 3455 | 3424 | 2428 | 1757 | 1087 | 0 | 0 | 0 | 0 | **29066** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Head Grade | %TCu | 3.01% | 2.89% | 2.81% | 3.01% | 3.02% | 2.87% | 2.79% | 2.81% | 2.85% | 2.80% | 2.79% | 0.00% | 0.00% | 0.00% | 0.00% | **2.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Recovery | % | 88.30% | 90.00% | 91.22% | 88.07% | 88.35% | 88.39% | 89.00% | 89.95% | 89.90% | 89.71% | 89.31% | 0.00% | 0.00% | 0.00% | 0.00% | **89.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;KCM UG Cu Payable | kt | 43 | 56 | 55 | 99 | 96 | 85 | 84 | 85 | 61 | 43 | 27 | 0 | 0 | 0 | 0 | **734** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Ore Mined (OP + UG) | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** |
| &nbsp;&nbsp;&nbsp;&nbsp;NBU Cu Payable | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore Mined | kt | 6490 | 15207 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 16707 | 2425 | **224607** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Head Grade | %TCu | 0.57% | 0.61% | 0.61% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | **0.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Recovery | % | 49.05% | 54.56% | 54.83% | 56.12% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 57.72% | 43.32% | **56.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | kt | 18 | 50 | 56 | 52 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 6 | **713** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate | kt | 338 | 306 | 315 | 308 | 308 | 308 | 308 | 308 | 308 | 308 | 308 | 0 | 0 | 0 | 0 | **3425** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Concentrate Grade | % | 32.53% | 32.40% | 32.61% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 33.29% | 0.00% | 0.00% | 0.00% | 0.00% | **33.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Party Metal Production | kt | 108 | 97 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 0 | 0 | 0 | 0 | **1112** |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrated Metal Production | kt | 61 | 106 | 111 | 151 | 149 | 138 | 137 | 138 | 114 | 96 | 80 | 53 | 53 | 53 | 6 | **1446** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Payable Copper | kt | 169 | 204 | 212 | 252 | 249 | 239 | 238 | 239 | 215 | 197 | 180 | 53 | 53 | 53 | 6 | **2558** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Revenue | US$M | 2023 | 2382 | 2437 | 2907 | 2792 | 2539 | 2528 | 2534 | 2280 | 2092 | 1914 | 580 | 580 | 584 | 64 | **28235** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs | US$M | 425 | 574 | 595 | 677 | 676 | 663 | 634 | 632 | 567 | 531 | 482 | 269 | 269 | 268 | 93 | **7355** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery OPEX | US$M | 122 | 128 | 129 | 135 | 135 | 132 | 124 | 124 | 119 | 116 | 112 | 0 | 0 | 0 | 0 | **1376** |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery Credits | US$M | -59 | -59 | -60 | -78 | -76 | -73 | -73 | -74 | -66 | -59 | -52 | 0 | 0 | 0 | 0 | **-729** |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate Purchase Cost | US$M | 1247 | 1098 | 1110 | 1104 | 1059 | 985 | 983 | 982 | 981 | 981 | 981 | 0 | 0 | 0 | 0 | **11511** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Royalties | US$M | 59 | 91 | 95 | 130 | 121 | 102 | 102 | 102 | 83 | 69 | 55 | 34 | 34 | 20 | 0 | **1097** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Capital | US$M | 60 | 110 | 103 | 38 | 12 | 10 | 7 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **342** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Development | US$M | 191 | 134 | 109 | 48 | 28 | 19 | 15 | 13 | 8 | 4 | 1 | 0 | 0 | 0 | 0 | **569** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital | US$M | 67 | 55 | 68 | 90 | 64 | 67 | 81 | 59 | 55 | 68 | 39 | 26 | 24 | 24 | 0 | **788** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Capital | US$M | 318 | 299 | 279 | 176 | 104 | 96 | 102 | 75 | 63 | 72 | 40 | 26 | 24 | 24 | 0 | **1699** |
| **Unit Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$M | 442 | 600 | 619 | 706 | 704 | 690 | 657 | 654 | 587 | 548 | 494 | 0 | 0 | 0 | 0 | **6701** |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost⁴ | US$/lb Cu | 3.30 | 2.56 | 2.52 | 2.12 | 2.15 | 2.26 | 2.17 | 2.15 | 2.34 | 2.58 | 2.82 | 0.00 | 0.00 | 0.00 | 0.00 | **2.10** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$M | 569 | 746 | 782 | 926 | 889 | 860 | 839 | 815 | 725 | 685 | 589 | 59 | 58 | 44 | 0 | **8586** |
| &nbsp;&nbsp;&nbsp;&nbsp;AISC⁴ | US$/lb Cu | 4.24 | 3.18 | 3.19 | 2.78 | 2.71 | 2.82 | 2.77 | 2.68 | 2.88 | 3.23 | 3.35 | 0.51 | 0.50 | 0.38 | 0.00 | **2.69** |
| **Cash Flow** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow (pre-tax) | US$M | -89 | 242 | 274 | 746 | 757 | 617 | 639 | 676 | 516 | 366 | 265 | 216 | 197 | 157 | 7 | **5586** |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow (post-tax) | US$M | -117 | 172 | 207 | 627 | 649 | 533 | 466 | 503 | 389 | 273 | 198 | 160 | 138 | 90 | 7 | **4296** |

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Notes:

1 The M&I Case is presented in accordance with Item 1302(d)(4)(ii)(C) and is based on Measured and Indicated Mineral Resources only. Any Inferred Mineral Resources within mine designs are treated as waste and assigned zero grade.

2 No Mineral Reserves are declared in this Initial Assessment. The M&I Case mine plan and technical parameters are consistent with those underpinning the Mineral Reserve estimate declared in the companion PFS Technical Report Summary (AMC, 2026).

3 NBU operations are excluded from the M&I Case as no Measured or Indicated Resources have been estimated for Nchanga open pit and underground deposits.

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| 4 | C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, and smelter and refinery costs net of by-product credits (acid and cobalt revenue and incremental copper profit generated by the Nchanga Smelter and refinery from KCM concentrates). The incremental smelter margin attributable to third-party concentrate processing is excluded from the C1 calculation. Treatment and refining charges (TC/RC) and freight deductions, normally accounted for as reductions in revenue, are added back to C1 cash costs to derive an approximate cost of finished metal. |

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| 5 | Total Capital excludes Closure Costs, which are presented separately in Table 1.13 and discussed in Sections 17.1, 17.3, and 19. |

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| 6 | Pre-tax, real (2026) basis. Discount rate: 8%. |

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7 Rounding may cause apparent computational discrepancies.

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| 8 | Gross Revenue represents total revenue from all copper sold, including copper produced from third-party concentrate. Net Revenue, as presented in Table 1.13, is Gross Revenue less third-party concentrate purchase cost. Over the life of mine, Gross Revenue of US$28,235M less concentrate purchase cost of US$11,511M equals Net Revenue of US$16,724M. |

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| Konkola Copper Mines Plc | 0424076 |

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19.6 Sensitivity analysis

A sensitivity analysis on the NPV₈% was undertaken for both the Full Resource Case and M&I Case, testing copper price, cobalt price, operating costs, and capital costs. The results are shown in Figure 19.7, Figure 19.8, Table 19.5, and Table 19.6. In both cases, the project is most sensitive to changes in copper price and operating costs.

Figure 19.7 Sensitivity analysis graph – Full Resource Case

![](ctm005_ex96-1img159.jpg)

Source: AMC, 2026.

Sensitivity analysis on the NPV₈% for the Full Resource Case:

Table 19.5 Sensitivity analysis results – Full Resource Case

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|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 4344 | 6491 | 8637 | 10784 | 12930 |
| Co Price (NPV US$M) | 8587 | 8612 | 8637 | 8662 | 8687 |
| OPEX (NPV US$M) | 10355 | 9496 | 8637 | 7778 | 6919 |
| CAPEX (NPV US$M) | 9240 | 8938 | 8637 | 8336 | 8034 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 19.8 Sensitivity analysis graph – M&I Case

![](ctm005_ex96-1img160.jpg)

Source: AMC, 2026.

Sensitivity analysis on the NPV₈% for the M&I Case:

Table 19.6 Sensitivity analysis results – M&I Case

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|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 1385 | 2013 | 2640 | 3268 | 3895 |
| Co Price (NPV US$M) | 2630 | 2635 | 2640 | 2645 | 2650 |
| OPEX (NPV US$M) | 3254 | 2947 | 2640 | 2333 | 2026 |
| CAPEX (NPV US$M) | 2807 | 2724 | 2640 | 2556 | 2473 |

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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20 Adjacent properties

Properties within the immediate vicinity of the KCM license area, at different Copperbelt towns, that are engaged in the extraction of copper are listed in Table 20.1.

The descriptions provided here are based on publicly available information disclosed by the respective owners. The Qualified Person is unable to verify the information presented, and it is not necessarily indicative of the mineralisation, geological characteristics, or economic potential of the KCM properties that are the subject of this TRS.

Table 20.1 Summary of adjacent properties

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|:---|:---|:---|:---|:---|:---|
| **Property** | **Owner / Operator** | **Location** | **Commodity** | **Status** | **Adjacent KCM** <br> **License** |
| Lubambe Mine | EMR Capital / ZCCM-IH | Chililabombwe | Cu | Operating (UG) | 7076-HQ-LML |
| Mingomba Project | KoBold Metals / ZCCM-IH | Chililabombwe | Cu | Exploration | 7076-HQ-LML |
| Mimbula Project | Moxico Resources | Chingola | Cu | Operating (OP) | 7075-HQ-LML |
| Mopani Nkana Complex | ZCCM-IH (100%) | Kitwe | Cu, Co | Operating (UG) | 20945-HQ-MPL |

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Note: UG = underground, OP = open pit. Ownership and status based on publicly available information as of 1 April 2026.

20.1 Chililabombwe area

The Konkola mining license (7076-HQ-LML) is bordered to the north by the Lubambe Mine and the KoBold Mingomba exploration project, as shown in Figure 20.1 below. Both properties are hosted within the Konkola–Musoshi Basin and share geological continuity with the Konkola deposit through the Copperbelt Orebody Member (Ore Shale) of the Kitwe Formation.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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Figure 20.1 Konkola deposit and surrounding properties

![](ctm005_ex96-1img161.jpg)

Source: PorterGeo.

20.1.1 Lubambe Copper Mine

The Lubambe Copper Mine is an underground operation situated on a tenement area of approximately 58.1 km² within the Konkola–Musoshi Basin. The deposit is hosted within the same Copperbelt Orebody Member (Ore Shale) that hosts the Konkola deposit, reflecting geological continuity of the Lower Roan sedimentary sequence across the basin. Mineralisation has a global mean grade of approximately 1.95% TCu with orebody thickness ranging from 2.0 to 6.0 m across a strike length of approximately 5 km. The mine produces a high-grade concentrate averaging 40% Cu, sold under offtake agreements to smelters in Zambia. (Lubambe Copper Mine website, (https://lubambe.com/, 1 April 2025).

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
| Konkola Copper Mines Plc | 0424076 |

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20.1.2 Mingomba Project

The Mingomba Project is being developed by KoBold Metals in partnership with ZCCM-IH on a license area adjacent to the northern boundary of the Konkola license. The project is at the exploration stage, with approximately 120,000 m of drilling completed over 17 months as of the date of the public disclosure referenced below. According to KoBold's public disclosures, the company has stated an aspiration for production capacity of 300,000 t per annum of copper in concentrates, with an anticipated investment of approximately US$2.3 billion. The project has not advanced to a feasibility study and no Mineral Resource or Mineral Reserve has been publicly reported under S-K 1300 or any equivalent standard. However construction and shaft sinking has commenced. (KoBold Metals website, <u>https://koboldmetals.com/mingomba/</u>, 1 April 2026).

20.2 Chingola area

20.2.1 Mimbula Copper Project

In the Chingola area, adjacent to Nchanga license(7075-HQ-LML) the main project is Mimbula Minerals operated by Moxico Resources plc (Moxico).

Moxico's portfolio of mineral rights includes three mining licenses within the Chingola cluster under which the Mimbula Copper Project currently operates, namely the 92.5% owned Mimbula (21816-HQ-LML) and the 100% owned Zuka (8440-HQ-SML) mining license.

The Mimbula Copper Project is Moxico's first producing asset. The Phase 1 operations commenced in December 2022, producing approximately 10,000 tonnes of copper cathode per annum using a heap leach and SX / EW process. Mimbula Phase 2 expansion consisting of additional SX capacity is due for completion in early 2026, <u>https://www.moxicoresources.com/projects/republic-of-zambia/operations</u>. Mimbula website 1 April 2026.

20.3 Kitwe area

20.3.1 Mopani Copper Mines

The Mopani **Nkana** mining complex is situated immediately adjacent to the KCM Nkana Refinery license (20945-HQ-MPL) in Kitwe. In January 2021, Glencore transferred its 73.1% equity interest in Mopani Copper Mines Plc to ZCCM-IH, making Mopani a wholly state-owned operation. In 2024 Delta Mining Limited (a subsidiary of International Resources Holdings Plc of the United Arib Emirates) acquired a 51 percent shareholding from ZCCM-IH.

The Nkana complex comprises several underground mine sections, including the South Ore Body, Central Shaft, and Synclinorium shaft complexes to the south, and the Mindolo Deep Mine to the northwest.

Processing infrastructure includes the New Nkana Synclinorium Concentrator commissioned in March 2022, Mufilira ISA Smelter, and Refinery. and a cobalt plant (currently decommissioned).

The Nkana deposits are hosted within the Mine Series of the Lower Roan Group, the same broad stratigraphic sequence that characterises copper–cobalt mineralisation across the Zambian Copperbelt. The complex has been in continuous operation since the 1930s and produces copper in concentrates. (Mopani Copper Mines Plc, <u>https://mopani.com.zm/</u>, 1 April 2026).

20.4 Qualified Person's statement on adjacent properties

The Qualified Person is not aware of any material information regarding the adjacent properties described above that would affect the Mineral Resource or Mineral Reserve estimates, or the conclusions, of this TRS. The geological continuity between certain adjacent deposits and the KCM properties is noted for context only and does not imply that the characteristics of adjacent properties are indicative of those within the KCM license areas.

All adjacent properties described in this section are independently owned and operated. There are no current joint ventures, cooperative development agreements, or shared infrastructure arrangements between KCM and the owners of these adjacent properties, other than the processing of third-party purchased concentrates through the Nchanga Smelter under arm's-length commercial terms (refer to Section 19).

All information presented in this section is derived from publicly available sources as cited and has not been independently verified by the QP.

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21 Other relevant data and information

This section presents information on potential expansion opportunities that are incremental to the Full Resource Case mine plan presented in Section 13.7. These opportunities are based on Inferred Mineral Resources and conceptual studies that require further work to demonstrate technical and economic viability.

The TD05 Mineral Resource is included in the Mineral Resource statement (Section 11) and reclaimed under both economic cases. Under the M&I Case, the Measured and Indicated portion of TD05 is processed through the existing Nchanga TLP. Under the Full Resource Case, the larger reclamation scope (which incorporates the Inferred portion of TD05) is processed through the existing Nchanga TLP and the proposed TLP 2 facility operating in parallel (refer Section 14.5).

21.1 Konkola Deeps production expansion project

A conceptual study by AMC, utilising the HoV® modelling framework, evaluated the potential for the Konkola Deeps Mining Project (KDMP) to achieve a copper production rate of 300 ktpa, a step change beyond the current Konkola Mine production of approximately 167,500 tpa Cu and the steady-state Konkola production rate of approximately 170-200 ktpa Cu contemplated in the Full Resource Case. The study identified the need for significant infrastructure investment, including a new vertical hoisting shaft and additional concentrator plant capacity, with estimated capital expenditure exceeding US$3.0B.

The Konkola Mine Inferred Mineral Resource of 249 million tonnes at 3.4% TCu provides the geological foundation for this target. However, the unconfirmed nature of Inferred Mineral Resources and high execution complexity, particularly dewatering challenges in the Bancroft zones, introduce significant risks that have not yet been addressed to an appropriate level of confidence for further reporting to the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1.1 Project outlook

The 300 ktpa production target for Konkola Mine is technically possible but requires further studies to confirm economic viability. Production could be expanded through targeted upgrading of the mine's infrastructure and mining capacity, potentially increasing project value through significant capital investment.

However, achieving this target requires various assumptions to be validated, including:

· Significant improvements in underground systems such as dewatering, materials handling, and backfill supply.

· Substantial decrease in cut-off grade through increased productivities, removal of systemic inefficiencies,
cost savings through benefits of scale, application of new technology, and optimisation of mining methods.

· Significant improvement in the availability of utilities.

There is no certainty that additional resource infill drilling of Inferred Mineral Resources will result in an expanded Mineral Resource or Mineral Reserve, and investors are cautioned that these estimates are preliminary. Any decision to pursue this production target would be contingent on further detailed analysis and modelling to demonstrate, at the appropriate level of confidence, that value would be added to the operation.

21.1.2 Strategic opportunities

Opportunities exist to increase the current 167,500 tpa production through further drilling to convert Inferred Resources to Indicated Resources, supporting increased orebody definition, confidence and higher development and production rates. Investment in advanced infrastructure could enhance production scalability, subject to successful studies and risk mitigation.

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21.1.3 Recommended approach

To advance the KDMP toward the 300 ktpa copper production target, the following work is recommended. This work should be conducted by applying an integrated project development framework appropriate to the available information and investment appetite of the company:

· Conduct further study to validate the technical and economic viability of the proposed new vertical shaft,
concentrator plant expansion. The study costs are estimated at $3.5M over 24 months.

· Implement a $5M infill drilling program (15,000 m) over 18 months to convert Inferred Mineral Resources
(248.9 million tonnes at 3.35% TCu) to an Indicated Resource category, reducing geological uncertainty.

· Perform geotechnical and hydrogeological studies ($1M over 12 months) to address dewatering risks in the
Bancroft zones, critical to project execution. These recommendations aim to confirm the project's scalability, but there is no assurance
that they will result in expanded resources.

These recommendations aim to confirm the project's scalability, but there is no assurance that they will result in expanded Mineral Resources.

21.2 Nchanga LP and Smelter expansion studies

A high-level assessment was undertaken to evaluate the conditions required to reach 500 ktpa total copper output from the KCM operations. This target is incremental to the Full Resource Case base case (which incorporates the proposed TLP 2 facility processing reclaimed TD05 - refer Section 14.5) and is inclusive of the KDMP 300 ktpa opportunity discussed in Section 21.1.

21.2.1 Project outlook

To reach the targeted 500 ktpa output, the following conditions require assessment to demonstrate technical and economic viability. This assessment work has not been completed, and results have not been confirmed:

· Complete the design, engineering, and investment for the Konkola 300 ktpa project described in Section
21.1. · Construct an additional TLP at Konkola Mine to recover acid-soluble copper from fresh tailings from the
Konkola Concentrator and from the recovery and re-treatment of tailings deposited on the Lubengele TSF. This proposed facility is distinct
from the TLP 2 facility at Nchanga, which is included in the Full Resource Case.

· Expand the capacity of the Nchanga Smelter from approximately 850 ktpa to 1,300 ktpa of concentrate feed.

· Increase the purchase of third-party concentrate to feed the smelter and maintain maximum capacity.

21.2.2 Recommended approach

To increase the certainty of this assessment, the following work is recommended:

· Conduct further studies to validate the technical and economic viability of a proposed new TLP at Konkola
Mine.

· Complete sampling and test work on fresh and TSF tailings at Konkola Mine to confirm acid leach performance
for copper recovery.

· Quantify the amount and distribution of tailings on the Lubengele TSF.

· Conduct technical and economic studies on the expansion of the smelter.

· Confirm that sufficient third-party concentrate at an appropriate specification will be available to fill
the capacity of the expanded smelter.

· Upon confirmation of the feasibility, execute an effective, integrated implementation plan to achieve
these production levels.

The cost of these studies and test work is estimated at US$3-4M over 24 months. This estimate is separate from the cost of any development work to execute these projects. There is no assurance that these recommendations will result in expanded Mineral Resources.

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22 Qualified Person's interpretation and conclusions

22.1 Mineral Resource data

The QP notes that QAQC analysis identified some standards plotting outside two standard deviations (2SD), which may affect accuracy and precision. However, the QP is of the opinion that this adds a degree of uncertainty but does not materially affect the outcome of grade estimation.

22.2 Mineral Resources

The Konkola Mine resource block model is representative of the informing data and supports the Mineral Resource estimate at Measured, Indicated, and Inferred confidence levels. The Konkola Mineral Resource has the potential to increase in both confidence and size through campaigns of infill and extension drilling.

22.3 Initial Assessment conclusions

The QP emphasises that:

· This Initial Assessment is preliminary in nature and includes Inferred Mineral Resources that are considered
too speculative geologically to have economic considerations applied that would enable them to be categorised as Mineral Reserves.

· Approximately 87% of the Mineral Resources at Konkola Mine (249 Mt of 288 Mt) are classified as Inferred.

· There is no certainty that the Initial Assessment will be realised. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.

· Significant additional drilling and technical studies are required to upgrade Inferred Resources to higher
confidence categories.

22.4 Project economics

The economic analysis demonstrates substantial potential value from the KCM operations:

· The Full Resource Case (Including Inferred) returns a post-tax NPV₈% of US$8,637M (US$12,050M pre-tax)
over an approximately 45-year mine life.

· The M&I Case (Excluding Inferred) returns a post-tax NPV₈% of US$2,640M (US$3,418M pre-tax)
over an approximately 15-year mine life, demonstrating that the Measured and Indicated Mineral Resource portion of the KCM operations
has a positive economic outcome independent of Inferred Resources.

Realisation of this value is dependent on adequate and timely investment of capital and the successful upgrade of Inferred Resources to higher confidence categories through continued drilling programs.

22.5 Effective date and subsequent events

The effective date of the Mineral Resource estimates is 1 April 2026.

The QP confirms, based on a review of production records and mine planning data, that no material changes to the underlying geological model, grade estimates, resource classification, or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

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23 Recommendations

Based on the findings of this Initial Assessment, the QP recommends the following work programs to advance the KCM Integrated Operations toward higher confidence levels and to support future investment and funding processes.

23.1 Mineral Resource and geological recommendations

23.1.1 Konkola resource infill and extension drilling

A structured drilling program is recommended to increase geological confidence and upgrade the Mineral Resource classification at Konkola Mine. Approximately 87% of the Mineral Resources at Konkola Mine (249 Mt of 288 Mt) are classified as Inferred. The program comprises four phases:

**Phase 1 – Measured Resource Definition (Years 1–5 Production)**

· Objective: Achieve Measured classification for the first five years of production.

· Method: Underground and surface directional drilling at 60 m spacing.

· Estimated cost: US$3.0M.

· Duration: 12 months.

**Phase 2 – Indicated Resource Expansion (Years 6–15 Production)**

· Objective: Convert Inferred to Indicated Mineral Resources for an additional ten years of production.

· Method: Combination of surface directional and vertical drilling.

· Estimated cost: US$5.0M.

· Duration: 18 months.

**Phase 3 – Inferred Resource Confidence**

· Objective: Enhance confidence in the Inferred Mineral Resource through reduced drillhole spacing.

· Method: Infill drilling targeting areas of higher geological uncertainty.

· Estimated cost: US$2.0M.

· Duration: 12 months.

**Phase 4 – Resource Extension**

· Objective: Test for mineralisation extensions within the lease boundary.

· Method: Limited surface drillholes with average depth of 1,500 m.

· Estimated cost: US$1.5M.

· Duration: 12 months.

23.1.2 Nchanga

· Objective: Increase confidence and upgrade classification of COP E Extension and COP DF.

· Method: Infill and extension drilling.

· Objective: Identify additional mineralisation within historic region and along strike of known assets.

· Method: Generation of a digital regional Nchanga geological model, to identify potential additional mineralisation
along strike of and down dip of known mineralisation.

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23.1.2.1 Tailings storage facility drilling and test work

· Continue infill drilling at the TD05 Muntimpa (Nchanga) tailings storage facility to upgrade the classification
of the Inferred portion of the Mineral Resource to Indicated, through reduced drillhole spacing within the existing deposit extent.

· Complete the Lubengele (Konkola) auger drilling program currently underway to generate a first-time Mineral
Resource estimate.

· Investigation of relationship between 2021 and 2025 test work results.

· Additional metallurgical test work.

· Estimated cost: US$0.5M.

23.1.3 QAQC and data management

· Update standard operating procedures for sample preparation and analysis.

· Implement comprehensive QAQC protocols on all future drillholes.

· Undertake batch-by-batch review of all QAQC.

· Generate master QAQC reports and Mineral Resource statement reports.

· Prepare documentation for external audit of Mineral Resource estimates.

· Estimated cost: US$0.3M.

23.2 Mining recommendations

23.2.1 Konkola Mine

· Complete detailed mine design and scheduling to Feasibility Study level.

· Finalise contractor engagement strategy for underground mining operations.

· Complete geotechnical studies to confirm stope designs and ground support requirements.

· Advance dewatering infrastructure design, particularly the 1390 level pumping system.

· Complete paste fill plant detailed engineering.

· Estimated cost: US$2.0M.

23.2.2 TD03/TD04 tailings reclamation

· Continue ongoing tailings characterisation to refine recovery estimates.

· Optimise hydro sluicing operations based on current performance data.

· Estimated cost: US$0.2M.

23.2.3 Nchanga Underground projects

· Review and assess the geological understanding, inputs, and resource estimates for COP DF Underground
and COP E Underground.

· Complete Pre-Feasibility Study level work on COP E and COP DF Underground projects to advance these toward
potential Mineral Reserve estimates.

· Complete concept-level geotechnical and hydrogeological assessments.

· Estimated cost: US$1.5M.

23.3 Processing and metallurgical recommendations

23.3.1 Konkola Concentrator

· Complete Concentrator Stream 2 refurbishment to restore baseplate capacity.

· Conduct variability test work on ore from different mining areas.

· Estimated cost: US$0.5M (test work only; refurbishment capital included in economic analysis).

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23.3.2 Nchanga TLP

· Complete detailed engineering for the elevated temperature leaching upgrade.

· Conduct confirmatory test work on TD03/TD04/TD05 material to verify recovery assumptions.

· Estimated cost: US$0.3M.

23.3.3 TLP 2 / TD05 prefeasibility study

· Prefeasibility-level engineering and economic study covering the proposed TLP 2 facility design, capital
and operating cost estimation, and TD05 reclamation mining method.

· Update the TD05 Mineral Resource estimate to reflect additional infill drilling data, supporting the upgrade
of Inferred Mineral Resources to Indicated classification within the existing TD05 deposit footprint.

· Advance the Measured and Indicated portion of the TD05 Mineral Resource toward Mineral Reserve estimation.

· Estimated cost: US$1.5M.

23.4 Infrastructure recommendations

· Complete detailed engineering for ventilation upgrades.

· Finalise power supply arrangements with ZESCO.

· Advance dewatering system detailed design.

· Complete closure cost estimate update.

· Estimated cost: US$0.5M.

23.5 Economic and commercial recommendations

· Secure third-party concentrate supply agreements beyond 2026 to fill smelter capacity.

· Complete Feasibility Study on the KCM Integrated Operations to support future investment and funding processes.

· Update economic model with results from recommended studies.

· Estimated cost: US$1.0M (Feasibility Study).

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23.6 Summary of recommended work program

Table 23.1 Recommended work program

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| | | |
|:---|:---|:---|
| **Work program** | **Estimated Cost (US$M)** | **Duration** |
| Phase 1 Drilling – Measured Resource | 3 | 12 months |
| Phase 2 Drilling – Indicated Resource | 5 | 18 months |
| Phase 3 Drilling – Inferred Confidence | 2 | 12 months |
| Phase 4 Drilling – Resource Extension | 1.5 | 12 months |
| Tailings Facility Drilling (TD05/Lubengele) | 0.5 | 6 months |
| QAQC and Data Management | 0.3 | 6 months |
| Mining Studies (Konkola Mine) | 2 | 12 months |
| Mining Studies (TD03/TD04) | 0.2 | 6 months |
| TLP 2 / TD05 prefeasibility study | 1.5 | 6 months |
| Mining Studies (Nchanga UG Projects) | 1.5 | 12 months |
| Processing and Metallurgical Studies | 0.8 | 12 months |
| Infrastructure Studies | 0.5 | 12 months |
| Feasibility Study and Commercial | 1 | 18 months |
| **Total** | **19.8** | **18–24 months** |

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The QP recommends that these work programs be undertaken to advance the project to Feasibility Study level, to support the conversion of Inferred Resources to higher confidence categories, and to reduce the risks and uncertainties identified in this Initial Assessment.

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24 References

See companion PFS TRS document for full reference list.

The sources of data and information used in the preparation of this TRS are presented in Table 24.1.

Table 24.1 TRS data and information sources

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|:---|:---|:---|:---|:---|
| **Category** | **Source** | **Date** | **File type** | **Title** |
| Mineral Resources | KCM | 2025 | pdf | KCM Resource Reporting Procedure 2025 |
| Mineral Resources | KCM | 2024 | pdf | Geology of the Konkola Mine Area |
| Mineral Resources | KCM | 2025 | docx | Initial assessment report Nchanga Fitwaola |
| Mineral Resources | KCM | 2025 | docx | Initial assessment report Nchanga Mineral Resources R2 - Kakosa North and South |
| Mineral Resources | KCM | 2025 | docx | Initial assessment report Nchanga Mineral Resources R4 - Nchanga Deposits |
| Mineral Resources | KCM | 2025 | docx | Konkola Geological and Resource model update-v8 |
| Mineral Resources | KCM | 2016 | pdf | SRK Review of the update of the Konkola Mine resource model |
| Mineral Resources | KCM | 2019 | pdf | Appendix B - Drilling grid optimisation - Konkola Mine |
| Mineral Resources | KCM | 2000 | doc | KCM TD03_TD04 model November 2000 |
| Mineral Resources | KCM | 2021 | pdf | 05.01.15 TD5-Prefeasibility Test Work Report December 2021 Final R0 |
| Mineral Resources | KCM | 2006 | xlsx | XXXX MRMR tables |
| Mineral Resources | KCM | 2026 |  | XXXX- xpl update |
| Mineral Resources | ABGM | 2026 | pdf | E1234_KCM_TD5 Resource Classification Methodology Memo |
| Mineral Resources | AHK | 2025 | pdf | MET 102217 KCM Final Report |
| Mineral Resources | KCM | 2025 | docx | Scope of Work for Muntimpa Tailings Storage Facility (TD05)_Reverse Circulation Drilling_04062025 |
| Mineral Resources | AMC | 2025 | pdf | 0424061 Konkola KDMP Exploration Strategy Report – 31 Jan 2025 |
| Mineral Processing | KCM | 2023 | pdf | Konkola Concentrator Flow Sheet |
| Mineral Processing | KCM | 2023 | xlsx | Historical Production Numbers BP Vs Actual |
| Mineral Processing | KCM | 2023 | xlsx | KBU Concentrator Production Cost for FY2022-23 |
| Mineral Processing | KCM | 2023 | xlsx | KBU Concentrator Production Cost for FY2021-22 |
| Mineral Processing | KCM | 2023 | docx | Design Technical Specification Ball Mill and SAG Mill |
| Mineral Processing | KCM | 2023 | pdf | Mass & Water Balance_West Mill |
| Mineral Processing | KCM | 2023 | pdf | PFD Cum Mass Balance_East Mill |
| Mineral Processing | KCM | 2023 | xlsx | Old East Mill Flow Sheet (Crushing, Milling and Flotation) |
| Mineral Processing | KCM | 2023 | xlsx | Historical Operating Performance |
| Mineral Processing | KCM | 2023 | xlsx | Production Cost for FY2022-23 |
| Mineral Processing | KCM | 2023 | pdf | PFD Cum Mass Balance_East Mill |
| Mineral Processing | KCM | 2023 | pdf | Mass & Water Balance_West Mill_R6 |
| Mineral Processing | KCM | 2024 | xlsx | Historical Performance 042024 |
| Mineral Processing | Hatch | 2024 | pdf | Nchanga TLP Start-up Plan Review |
| Mineral Processing | Hatch | 2024 | pdf | Concentrator Report |
| Smelter | KCM | 2023 | xlsx | Historical Nchanga Smelter Production Performance and Plant Capacity |
| Smelter | KCM | 2023 | docx | Smelter Process Flow Chart |
| Refinery | KCM | 2024 | ppt | Nkana Refinery Process flow Sheet - December 2024 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Source** | **Date** | **File type** | **Title** |
| Hydrology | WSP | 2018 | pdf | 2018 Groundwater Model Calibration Update Report Final |
| Hydrology | WSP | 2018 | pdf | 2018 Groundwater Numerical Modeling History |
| Hydrology | WSP | 2018 | pdf | 2018 Hydrogeological Conceptual Model Report Final |
| Hydrology | KCM | 2024 | xlsx | Dewatering Crosscut Flows 2023-2024 |
| Hydrology | KCM | 2024 | ppt | 3FY Dewatering Crosscut Plan and Water Predictions |
| Environmental and Social | IBIS | 2024 | pdf | IBIS_KCM E&S Review Report_Draft V1.0_submission |
| Life of Mine Plan | AMC | 2025 | pdf | 0424076 KCM LoM Report_29 August 2025 |
| Mineral Reserves | AMC | 2026 | pdf | 0424076 S-K 1300 TRS: KCM Integrated Operations (PFS) |
| Mine Designs | AMC | 2025 | Deswik | 010 Report Export Per MLD_v4.9.9_FY |
| Mine Designs | AMC | 2025 | Deswik | 042014 KCM Schedule_Master_v4.9.9 |
| Mine Designs | AMC | 2025 | Deswik | 042014 KCM Schedule_Master_v4.9.9 |
| Mine Designs | AMC | 2025 | Deswik | KCM_LOM_Animation_875 v4.9.9 |
| Mine Designs | KCM | 2021 | xlsx | 590 mL tramming capacity study analysis - 3 Shaft 07122021 |
| Mine Designs | KCM | 2021 | xlsx | 950 mL tramming capacity study analysis - 4 Shaft 21102021 |
| Mine Designs | KCM | 2022 | pdf | Scheduling Parameters-KBU - 11.02.2022 |
| Cost and Cashflow | AMC | 2026 | xlsx | Full_KCM Cost Model_300Ktpa_V34_EndApril2026_COMBINED_CASES |

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24.1 Unit of measurement and abbreviations

24.1.1 Units of measurement

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| | |
|:---|:---|
| **Unit** | **Description** |
| % | percent |
| °C | degrees Celsius |
| g | gram |
| g/t | grams per tonne |
| ha | hectare |
| kg | kilogram |
| km | kilometer |
| kt | kilotonne (1,000 tonnes) |
| ktpa | kilotonnes per annum |
| kW | kilowatt |
| L | liter |
| m | meter |
| m² | square meter |
| m³ | cubic meter |
| m³/s | cubic meters per second |
| mm | millimeter |
| Mt | million tonnes |
| MW | megawatt |
| t | metric tonne |
| t/m³ | tonnes per cubic meter |
| tpa | tonnes per annum |
| tpm | tonnes per month |

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24.1.2 Abbreviations

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| AISC | All-in Sustaining Cost |
| AMC | AMC Consultants Pty Ltd |
| ASCu | Acid Soluble Copper |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| Cu | Copper |
| Co | Cobalt |
| DRC | Democratic Republic of the Congo |
| E&S | Environmental and Social |
| EIA | Environmental Impact Assessment |
| FS | Feasibility Study |
| FY | Fiscal Year |
| HoV | Hierarchy of Value |
| IA | Initial Assessment |
| KCM | Konkola Copper Mines PLC |
| KDMP | Konkola Deeps Mining Project |
| LOM | Life of Mine |
| M&I | Measured and Indicated |
| mRL | meters Relative Level |
| NPV | Net Present Value |
| NSR | Net Smelter Return |
| PFS | Preliminary Feasibility Study |
| QAQC | Quality Assurance / Quality Control |
| QP | Qualified Person |
| ROM | Run of Mine |
| S-K 1300 | Subpart 1300 of Regulation S-K |
| SEC | U.S. Securities and Exchange Commission |
| SG | Specific Gravity |
| TCu | Total Copper |
| TD03 | Tailings Dam 03 |
| TD04 | Tailings Dam 04 |
| TD05 | Tailings Dam 05 |
| Nchanga TLP | Nchanga TLP |
| TRS | Technical Report Summary |
| TSF | Tailings Storage Facility |
| UG | Underground |
| US$ | United States Dollar |
| US$M | United States Dollar (millions) |
| ZESCO | Zambia Electricity Supply Corporation |
| NPV₈% | Net Present Value calculated using an 8% discount rate |

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25 Reliance on information provided by the Registrant

In accordance with S-K Item 601(b)(96)(iii)(B)(25), this section: (i) identifies the categories of information provided by the Registrant upon which the QPs have relied; (ii) identifies the portions of this TRS prepared in reliance on such information; and (iii) explains why the QPs consider such reliance to be reasonable.

The QPs have relied on information provided by KCM, the Registrant, for various aspects of the KCM Integrated Operations. The QPs have not independently verified all information but have exercised professional judgment, assuming the information is accurate and complete as of the effective date of this report. Given the preliminary nature of this Initial Assessment and the inclusion of Inferred Mineral Resources, certain information may be subject to change as the project advances.

KCM staff provided the information openly and transparently during the preparation of this TRS. The QPs note that any material inaccuracies in the provided information could affect the reliability of this TRS.

The specific areas of reliance are as follows:

25.1 Legal matters

The QPs have not independently reviewed ownership of the KCM properties, underlying mineral tenure, surface rights, or permit conditions. Reliance is placed on representations provided by KCM.

 ****

***Relevant Sections: 3, 16, and 17.***

The QPs consider this reliance reasonable because verification of legal title, mineral tenure, and permit conditions requires legal expertise and access to official registries that are outside the technical scope of the QPs.

25.2 Environmental and community matters

The QPs have reviewed existing environmental and community matters and engaged with the Registrant to confirm understanding of the status of these matters at the time of review. The Registrant has provided, and the QPs have relied upon, information regarding the status and outlook for environmental impact assessments, closure plans, closure cost estimates, environmental bonds and liabilities, community impact and engagement, and related permitting.

 ****

***Relevant Sections: 17.***

The QPs consider this reliance reasonable because the Registrant has direct responsibility for environmental management and community engagement and has provided supporting documentation from qualified environmental specialists.

25.3 Tailings storage facilities

The Registrant has provided representations, independent expert reports, and plans for ongoing management of all active and dormant TSFs, confirming compliance with required standards. The QPs have relied on information and assurance provided by KCM and several specialists employed by KCM regarding the monitoring and stability assessment of the TSFs at the KCM operations.

 ****

***Relevant Sections: 3, 12, 13, and 17.***

The QPs consider this reliance reasonable because the Registrant has engaged independent specialists to assess TSF stability and compliance, and the QPs have reviewed the findings of these assessments.

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The QPs consider this reliance reasonable because marketing arrangements and commercial terms for product sales are within the control of and negotiated by the Registrant.

25.4 Macroeconomic assumptions

The QPs have relied on macroeconomic assumptions provided by the Registrant and third-party sources, including foreign exchange rates, inflation rates, and discount rates used in the economic analysis. The copper and cobalt price forecasts are based on consensus pricing data from independent analyst forecasts (March 2026) as disclosed in Section 19.

 ****

***Relevant Sections: 18 and 19.***

25.4.1 Market information

The QPs have relied on information provided by the Registrant regarding market and pricing assumptions for the sale of copper products and the purchase of third-party concentrates.

 ****

***Relevant Sections: 16 and 19.***

The QPs consider this reliance reasonable because macroeconomic forecasting is outside the technical expertise of the QPs, and the assumptions used are derived from reputable third-party sources and are consistent with industry practice for initial assessments.

25.5 Community accommodations

The QPs have relied on information provided by the Registrant regarding commitments and plans to provide accommodations to local individuals and communities in connection with the mine plan, including resettlement programs, community development agreements, and stakeholder engagement activities.

 ****

***Relevant Sections: 3 and 17.***

The QPs consider this reliance reasonable because community relations and social commitments are within the control of and managed by the Registrant.

25.6 Governmental factors

The QPs have relied on information provided by the Registrant regarding governmental factors outside the expertise of the QPs, including the status and interpretation of mining legislation, regulatory approvals, and licence terms in the Republic of Zambia; the applicable mineral royalty structure and rates; the corporate income tax rate, the capital-allowance regime applied for tax depreciation purposes, and the tax loss carry-forward provisions under the Zambian Income Tax Act; the opening tax loss balance as at 31 March 2026 and its apportionment by year of incurrence; and the applicability to KCM of recent and prospective Zambian fiscal measures, including the Minimum Alternative Tax introduced under the Income Tax (Amendment) Act No. 10 of 2025.

 ****

***Relevant Sections: 3, 12, 16, 17, and 19.***

The QPs consider this reliance reasonable because interpretation of Zambian mining law, government policy, and fiscal regulations, and the determination of historical tax loss balances, requires local legal, accounting, and regulatory expertise that is outside the technical scope of the QPs.

25.7 Historical production and operating data

The QPs have relied on historical production records, operating costs, and performance data provided by the Registrant for the Konkola Mine, Nchanga operations, and Nchanga TLP.

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***Relevant Sections: 7, 14, 15, and 18.***

The QPs consider this reliance reasonable because the Registrant maintains operational records in the normal course of business, and the QPs have reviewed the data for internal consistency and reasonableness.

25.8 Contractor and business partner information

The QPs have relied on contractual rates and productivity assumptions provided by the Registrant from agreements with mining contractors and business partners (including Hahne, Tauro, Opermin, Reliant, and AAC) for the development of operating cost estimates.

 ****

***Relevant Sections: 18.***

The QPs consider this reliance reasonable because the Registrant has existing contractual arrangements with these parties and has provided copies of relevant agreements for review.

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| **S-K 1300 TRS: KCM Integrated Operations (Initial Assessment)** |  |
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**Our offices**

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| **South Africa** |  |
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amcconsultants.com

## Exhibit 96.2

**Exhibit 96.2**

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|:---|:---|
| **AMC Consultants (UK) Limited**<br>Registered in England and Wales No. 3688365 | ![](ctm005_ex96-2img01.jpg) |
| Office 336a, Davidson House, Forbury Square |  |
| Reading RG1 3EU |  |
| United Kingdom |  |
| T +44 1628 778 256 |  |
| E unitedkingdom@amcconsultants.com |  |
| amcconsultants.com |  |

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**Report**

**S-K 1300 Technical Report Summary: KCM Integrated Operations (Preliminary Feasibility Study)**

Konkola Copper Mines Plc

AMC Project 0424076

2 June 2026

**mine smarter**

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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**QUALIFIED PERSON — DATE AND SIGNATURE PAGE**

This Technical Report Summary has been prepared by AMC Consultants (UK) Limited, acting as the Qualified Person for all sections of this report. In accordance with Instruction 5 to Item 601(b)(96) of Regulation S-K, AMC Consultants (UK) Limited is an entity that satisfies the requirements of a qualified person under § 229.1300(b) and assumes responsibility for the Technical Report Summary as a whole.

AMC Consultants (UK) Limited confirms that it has the relevant experience, competence, and professional qualifications required to prepare and take responsibility for all sections of this TRS. The individual professionals within AMC who contributed to this report possess qualifications and experience appropriate to the subject matter of their contributions and are members of recognised professional organizations.

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| **Qualified Person:** | **Sections Responsible:** |
| AMC Consultants (UK) Limited<br> Registered in England and Wales No. 3688365<br> Office 336a, Davidson House, Forbury Square<br> Reading RG1 3EU, United Kingdom | All sections (Sections 1 through 25) |

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|:---|:---|
| **Signature:** | **Date:** |
| Karl van Olden | 2 June 2026 |
| *Authorised Signatory*<br> *AMC Consultants (UK) Limited* | |

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| **Effective Date of TRS:** | 1 April 2026 |
| **Date of Report:** | 2 June 2026 |
| **AMC Project Number:** | 0424076 |

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Note: Pursuant to Instruction 5 to Item 601(b)(96), where an entity rather than an individual serves as the qualified person, the entity assumes responsibility for the Technical Report Summary. The authorised signatory executes this page on behalf of AMC Consultants (UK) Limited in its capacity as Qualified Person.

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**Contents**

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| 1 | Executive summary | Executive summary | Executive summary | 15 |
|  | 1.1 | Introduction | Introduction | 15 |
|  | 1.2 | Property description and ownership | Property description and ownership | 15 |
|  | 1.3 | Mineral rights | Mineral rights | 16 |
|  | 1.4 | Geology and mineralisation | Geology and mineralisation | 16 |
|  | 1.5 | Exploration status | Exploration status | 16 |
|  | 1.6 | Development and operations status | Development and operations status | 17 |
|  | 1.7 | Mineral Reserve estimate | Mineral Reserve estimate | 17 |
|  | 1.8 | Mineral Resources | Mineral Resources | 19 |
|  | 1.9 | Mining methods | Mining methods | 20 |
|  | 1.10 | Processing and recovery methods | Processing and recovery methods | 21 |
|  | 1.11 | Infrastructure | Infrastructure | 22 |
|  | 1.12 | Economic analysis summary | Economic analysis summary | 22 |
|  | 1.13 | Sensitivity analysis | Sensitivity analysis | 25 |
|  | 1.14 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 26 |
|  | 1.15 | Qualified Person's conclusions | Qualified Person's conclusions | 26 |
| 2 | Introduction | Introduction | Introduction | 27 |
|  | 2.1 | Registrant for whom the TRS was prepared | Registrant for whom the TRS was prepared | 27 |
|  | 2.2 | Terms of reference and purpose | Terms of reference and purpose | 27 |
|  | 2.3 | Units of measure | Units of measure | 27 |
|  | 2.4 | Defined terms and abbreviations | Defined terms and abbreviations | 27 |
|  | 2.5 | Sources of information | Sources of information | 28 |
|  | 2.6 | Personal inspection of the property | Personal inspection of the property | 29 |
|  | 2.7 | Summary of previously filed technical report | Summary of previously filed technical report | 29 |
|  | 2.8 | Qualified Persons | Qualified Persons | 29 |
|  | 2.9 | Reliance on the registrant | Reliance on the registrant | 29 |
| 3 | Property description | Property description | Property description | 30 |
|  | 3.1 | Property description | Property description | 30 |
|  | 3.2 | Project location | Project location | 30 |
|  | 3.3 | Description of property rights | Description of property rights | 32 |
|  |  | 3.3.1 | Surface and access rights | 33 |
|  | 3.4 | Mineral rights | Mineral rights | 33 |
|  | 3.5 | Royalty payments | Royalty payments | 34 |
|  | 3.6 | Significant encumbrances to the property | Significant encumbrances to the property | 34 |
|  |  | 3.6.1 | Environmental compliance obligations | 35 |
|  |  | 3.6.2 | Permit conditions | 35 |
|  |  | 3.6.3 | Social and land use obligations | 35 |
|  | 3.7 | Significant factors and risks affecting access | Significant factors and risks affecting access | 35 |
|  |  | 3.7.1 | Operational risks | 35 |
|  |  | 3.7.2 | Regulatory and social risks | 36 |
| 4 | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | Accessibility, climate, local resources, infrastructure, and physiography | 37 |
|  | 4.1 | Topography and land description | Topography and land description | 37 |
|  |  | 4.1.1 | Flora and fauna | 37 |
|  | 4.2 | Access to the property | Access to the property | 37 |
|  |  | 4.2.1 | Regional access | 37 |
|  |  | 4.2.2 | Highways and roads | 37 |
|  |  | 4.2.3 | Rivers and waterways | 38 |
|  |  | 4.2.4 | Railroads | 38 |
|  |  | 4.2.5 | Airports and air access | 38 |
|  |  | 4.2.6 | Inter-site access and product transport routes | 39 |
|  | 4.3 | Climate description | Climate description | 41 |

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|  | 4.4 | Availability of required infrastructure | Availability of required infrastructure | Availability of required infrastructure | 41.0 |
|  |  | 4.4.1 | Power | Power | 41.0 |
|  |  | 4.4.2 | Water | Water | 41.0 |
|  |  | 4.4.3 | Supplies | Supplies | 41.0 |
|  |  | 4.4.4 | Personnel | Personnel | 41.0 |
| 5.0 | History | History | History | History | 42.0 |
|  | 5.1 | Early exploration and discovery (pre-1950) | Early exploration and discovery (pre-1950) | Early exploration and discovery (pre-1950) | 42.0 |
|  |  | 5.1.1 | Nchanga | Nchanga | 42.0 |
|  |  | 5.1.2 | Konkola | Konkola | 42.0 |
|  | 5.2 | Systematic development and state ownership (1950s–1999) | Systematic development and state ownership (1950s–1999) | Systematic development and state ownership (1950s–1999) | 42.0 |
|  |  | 5.2.1 | Expansion under colonial and early independence era (1950s–1969) | Expansion under colonial and early independence era (1950s–1969) | 42.0 |
|  |  | 5.2.2 | Nationalisation and ZCCM era (1969–1999) | Nationalisation and ZCCM era (1969–1999) | 43.0 |
|  | 5.3 | Privatisation and Anglo American Corporation (2000–2002) | Privatisation and Anglo American Corporation (2000–2002) | Privatisation and Anglo American Corporation (2000–2002) | 43.0 |
|  | 5.4 | Vedanta Resources (2004–2019) | Vedanta Resources (2004–2019) | Vedanta Resources (2004–2019) | 43.0 |
|  | 5.5 | Provisional liquidation (2019–2024) | Provisional liquidation (2019–2024) | Provisional liquidation (2019–2024) | 44.0 |
|  |  | 5.5.1 | Production curtailment | Production curtailment | 44.0 |
|  |  | 5.5.2 | Exploration and development activity | Exploration and development activity | 45.0 |
|  |  | 5.5.3 | Infrastructure condition | Infrastructure condition | 45.0 |
|  |  | 5.5.4 | Resolution and resumption of control | Resolution and resumption of control | 45.0 |
|  | 5.6 | Production history | Production history | Production history | 45.0 |
|  | 5.7 | Key development milestones | Key development milestones | Key development milestones | 47.0 |
| 6.0 | Geological setting, mineralisation, and deposit | Geological setting, mineralisation, and deposit | Geological setting, mineralisation, and deposit | Geological setting, mineralisation, and deposit | 48.0 |
|  | 6.1 | Regional geology | Regional geology | Regional geology | 48.0 |
|  |  | 6.1.1 | Lithostratigraphy of the Central African Copperbelt | Lithostratigraphy of the Central African Copperbelt | 50.0 |
|  |  | 6.1.2 | Mineralisation genesis | Mineralisation genesis | 51.0 |
|  |  | 6.1.3 | Structural and tectonic evolution | Structural and tectonic evolution | 51.0 |
|  | 6.2 | Local and property geology | Local and property geology | Local and property geology | 52.0 |
|  |  | 6.2.1 | Stratigraphy | Stratigraphy | 52.0 |
|  |  | 6.2.2 | Mineralisation | Mineralisation | 53.0 |
|  |  |  | 6.2.2.1 | Primary sulfide mineralisation | 54.0 |
|  |  |  | 6.2.2.2 | Supergene enrichment and secondary mineralisation | 55.0 |
|  |  |  | 6.2.2.3 | Hydrothermal alteration | 56.0 |
|  |  |  | 6.2.2.4 | Variability in mineralisation across mining areas | 56.0 |
|  |  | 6.2.3 | Major structural controls on mineralisation | Major structural controls on mineralisation | 56.0 |
|  |  |  | 6.2.3.1 | Summary of geological characteristics | 57.0 |
|  | 6.3 | Nchanga – deposit geology summary | Nchanga – deposit geology summary | Nchanga – deposit geology summary | 59.0 |
|  | 6.4 | TD03 and TD04 – tailings characterisation | TD03 and TD04 – tailings characterisation | TD03 and TD04 – tailings characterisation | 60.0 |
|  | 6.5 | Nampundwe – pyrite deposit summary | Nampundwe – pyrite deposit summary | Nampundwe – pyrite deposit summary | 60.0 |
| 7.0 | Exploration | Exploration | Exploration | Exploration | 61.0 |
|  | 7.1 | Konkola Mine | Konkola Mine | Konkola Mine | 61.0 |
|  |  | 7.1.1 | Exploration history | Exploration history | 61.0 |
|  |  | 7.1.2 | Drilling methods | Drilling methods | 62.0 |
|  |  | 7.1.3 | Core recovery | Core recovery | 62.0 |
|  |  | 7.1.4 | Core logging | Core logging | 62.0 |
|  |  | 7.1.5 | Sample selection | Sample selection | 62.0 |
|  |  | 7.1.6 | QAQC program | QAQC program | 63.0 |
|  |  | 7.1.7 | Drillhole locations | Drillhole locations | 63.0 |
|  |  | 7.1.8 | Hydrogeology | Hydrogeology | 64.0 |
|  |  |  | 7.1.8.1 | Hydrogeological setting | 64.0 |
|  |  |  | 7.1.8.2 | Stratigraphic hydrogeological units | 64.0 |
|  |  |  | 7.1.8.3 | Hydrogeological investigations and data | 66.0 |
|  |  |  | 7.1.8.4 | Groundwater inflow summary | 66.0 |
|  |  |  | 7.1.8.5 | Aquifer characterisation | 67.0 |
|  |  |  | 7.1.8.6 | Assessment status and data gaps | 67.0 |

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|  |  | 7.1.9 | Geotechnical data, testing, and analysis | Geotechnical data, testing, and analysis | 68.0 |
|  |  |  | 7.1.9.1 | Geotechnical data sources | 68.0 |
|  |  |  | 7.1.9.2 | Geotechnical testing – rock properties | 69.0 |
|  |  |  | 7.1.9.3 | Rock mass classification summary by domain | 71.0 |
|  |  |  | 7.1.9.4 | Seismicity | 71.0 |
|  |  |  | 7.1.9.5 | In situ stress | 72.0 |
|  |  |  | 7.1.9.6 | Geotechnical data gaps and recommended actions | 72.0 |
|  | 7.2 | TD03 and TD04 – exploration and characterisation | TD03 and TD04 – exploration and characterisation | TD03 and TD04 – exploration and characterisation | 73.0 |
|  | 7.3 | Nchanga – exploration summary | Nchanga – exploration summary | Nchanga – exploration summary | 73.0 |
|  | 7.4 | Nampundwe – exploration summary | Nampundwe – exploration summary | Nampundwe – exploration summary | 74.0 |
| 8.0 | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | Sample preparation, analyses, and security | 75.0 |
|  | 8.1 | Sample preparation and analysis | Sample preparation and analysis | Sample preparation and analysis | 75.0 |
|  | 8.2 | Sample preparation method | Sample preparation method | Sample preparation method | 75.0 |
|  | 8.3 | Analytical method | Analytical method | Analytical method | 75.0 |
|  | 8.4 | Bulk density measurement | Bulk density measurement | Bulk density measurement | 75.0 |
|  | 8.5 | Quality assurance quality control | Quality assurance quality control | Quality assurance quality control | 76.0 |
|  |  | 8.5.1 | QAQC protocols | QAQC protocols | 76.0 |
|  |  | 8.5.2 | QAQC assessment — Konkola | QAQC assessment — Konkola | 76.0 |
|  |  |  | 8.5.2.1 | CRM analysis — Konkola | 77.0 |
|  |  |  | 8.5.2.2 | Repeat analysis — Konkola | 80.0 |
|  |  |  | 8.5.2.3 | Blank analysis — Konkola | 81.0 |
|  |  | 8.5.3 | QAQC conclusion | QAQC conclusion | 81.0 |
|  | 8.6 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 82.0 |
|  |  | 8.6.1 | Historical data | Historical data | 82.0 |
|  |  | 8.6.2 | QP's opinion on sample preparation, security and analytical procedures | QP's opinion on sample preparation, security and analytical procedures | 82.0 |
|  |  | 8.6.3 | Assessment of QAQC findings | Assessment of QAQC findings | 82.0 |
|  |  | 8.6.4 | Implication for Mineral Resource confidence | Implication for Mineral Resource confidence | 83.0 |
|  |  | 8.6.5 | Laboratory condition and umpire laboratory | Laboratory condition and umpire laboratory | 83.0 |
|  |  | 8.6.6 | QAQC recommendations for DFS | QAQC recommendations for DFS | 83.0 |
| 9.0 | Data verification | Data verification | Data verification | Data verification | 85.0 |
|  | 9.1 | Historic data | Historic data | Historic data | 85.0 |
|  | 9.2 | Modern data | Modern data | Modern data | 85.0 |
|  |  | 9.2.1 | Database | Database | 85.0 |
|  |  | 9.2.2 | Exported data validation | Exported data validation | 85.0 |
|  |  | 9.2.3 | Data verification | Data verification | 86.0 |
|  |  | 9.2.4 | Database security | Database security | 86.0 |
|  | 9.3 | Data verification limitations | Data verification limitations | Data verification limitations | 86.0 |
|  | 9.4 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 87.0 |
| 10.0 | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | Mineral processing and metallurgical testing | 89.0 |
|  | 10.1 | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | Testing nature, extent, and analytical procedures | 89.0 |
|  | 10.2 | Testing laboratories | Testing laboratories | Testing laboratories | 89.0 |
|  | 10.3 | Test sample representativity | Test sample representativity | Test sample representativity | 89.0 |
|  | 10.4 | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | Testing results, assumptions, and deleterious elements | 90.0 |
|  |  | 10.4.1 | Konkola Concentrator | Konkola Concentrator | 90.0 |
|  |  |  | 10.4.1.1 | Processing factors | 91.0 |
|  |  |  | 10.4.1.2 | Deleterious elements and gangue mineralogy | 91.0 |
|  |  |  | 10.4.1.3 | Qualified Person's opinion | 92.0 |
|  |  | 10.4.2 | Nchanga TLP | Nchanga TLP | 93.0 |
|  |  |  | 10.4.2.1 | Processing factors | 95.0 |
|  |  |  | 10.4.2.2 | Deleterious elements and gangue factors | 96.0 |
|  |  |  | 10.4.2.3 | Qualified Person's opinion | 96.0 |
|  | 10.5 | Qualified Person's opinion — Mineral processing and metallurgical testing | Qualified Person's opinion — Mineral processing and metallurgical testing | Qualified Person's opinion — Mineral processing and metallurgical testing | 97.0 |

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| 11.0 | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | Mineral Resource estimates | 99.0 |
|  | 11.1 | Context | Context | Context | 99.0 |
|  | 11.2 | Konkola Mineral Resource estimate | Konkola Mineral Resource estimate | Konkola Mineral Resource estimate | 100.0 |
|  |  | 11.2.1 | Classification criteria | Classification criteria | 101.0 |
|  |  | 11.2.2 | Cut-off grade derivation | Cut-off grade derivation | 102.0 |
|  |  |  | 11.2.2.1 | Mineral Resource cut-off grade | 102.0 |
|  |  |  | 11.2.2.2 | Mineral Reserve cut-off — relationship to Mineral Resource COG | 103.0 |
|  |  | 11.2.3 | Mineral Resource uncertainty | Mineral Resource uncertainty | 103.0 |
|  |  |  | 11.2.3.1 | Data | 103.0 |
|  |  |  | 11.2.3.2 | Data quality and QAQC | 104.0 |
|  |  |  | 11.2.3.3 | Geological model | 104.0 |
|  |  |  | 11.2.3.4 | Estimation | 104.0 |
|  |  |  | 11.2.3.5 | Economic assumptions | 104.0 |
|  |  | 11.2.4 | Uncertainty by classification — integrated assessment | Uncertainty by classification — integrated assessment | 105.0 |
|  |  | 11.2.5 | Mineral Resource estimate | Mineral Resource estimate | 107.0 |
|  | 11.3 | TD03 and TD04 | TD03 and TD04 | TD03 and TD04 | 108.0 |
|  |  | 11.3.1 | Data | Data | 108.0 |
|  |  | 11.3.2 | Generation of volume / tonnage and grade | Generation of volume / tonnage and grade | 108.0 |
|  |  | 11.3.3 | Mining, processing, and recovery | Mining, processing, and recovery | 109.0 |
|  |  | 11.3.4 | Classification criteria | Classification criteria | 109.0 |
|  |  | 11.3.5 | Mineral Resource uncertainty | Mineral Resource uncertainty | 110.0 |
|  |  | 11.3.6 | Mineral Resource estimate | Mineral Resource estimate | 110.0 |
|  | 11.4 | Qualified Person's opinion | Qualified Person's opinion | Qualified Person's opinion | 111.0 |
| 12.0 | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | Mineral Reserve estimates | 112.0 |
|  | 12.1 | Konkola Mine - Mineral Reserves | Konkola Mine - Mineral Reserves | Konkola Mine - Mineral Reserves | 112.0 |
|  |  | 12.1.1 | Scope of Mineral Reserves and relationship to companion IA TRS | Scope of Mineral Reserves and relationship to companion IA TRS | 112.0 |
|  |  | 12.1.2 | Reserve classification and statement | Reserve classification and statement | 113.0 |
|  | 12.2 | Key assumptions, parameters, and methods used | Key assumptions, parameters, and methods used | Key assumptions, parameters, and methods used | 114.0 |
|  | 12.3 | Modifying factors | Modifying factors | Modifying factors | 115.0 |
|  |  | 12.3.1 | Dilution and mining recovery | Dilution and mining recovery | 115.0 |
|  |  | 12.3.2 | Cut-off value | Cut-off value | 115.0 |
|  |  | 12.3.3 | Konkola NSR | Konkola NSR | 116.0 |
|  |  | 12.3.4 | Royalty payments | Royalty payments | 117.0 |
|  |  | 12.3.5 | NSR cut-off value | NSR cut-off value | 117.0 |
|  | 12.4 | Mineral Reserve risk factors | Mineral Reserve risk factors | Mineral Reserve risk factors | 117.0 |
| 13.0 | Mining methods | Mining methods | Mining methods | Mining methods | 118.0 |
|  | 13.1 | Cautionary statement regarding forward-looking information | Cautionary statement regarding forward-looking information | Cautionary statement regarding forward-looking information | 118.0 |
|  | 13.2 | Mining method selection | Mining method selection | Mining method selection | 118.0 |
|  | 13.3 | Geotechnical models and parameters | Geotechnical models and parameters | Geotechnical models and parameters | 121.0 |
|  |  | 13.3.1 | Rock mass classification | Rock mass classification | 121.0 |
|  |  | 13.3.2 | Geotechnical domains | Geotechnical domains | 121.0 |
|  |  | 13.3.3 | Structural geology | Structural geology | 130.0 |
|  |  | 13.3.4 | Geotechnical considerations for mining | Geotechnical considerations for mining | 130.0 |
|  |  | 13.3.5 | Ground support and numerical modelling | Ground support and numerical modelling | 131.0 |
|  | 13.4 | Hydrogeology | Hydrogeology | Hydrogeology | 131.0 |
|  |  | 13.4.1 | Hydrogeology - Konkola Mine | Hydrogeology - Konkola Mine | 132.0 |
|  |  | 13.4.2 | Aquifer parameters and testing | Aquifer parameters and testing | 132.0 |
|  |  | 13.4.3 | Dewatering volumes and rates | Dewatering volumes and rates | 132.0 |
|  |  | 13.4.4 | Chingola dolomite | Chingola dolomite | 133.0 |
|  |  | 13.4.5 | Recharge | Recharge | 133.0 |

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|:---|:---|:---|:---|:---|:---|
|  |  | 13.4.6 | Dewatering system and boreholes | Dewatering system and boreholes | 134.0 |
|  |  | 13.4.7 | Water Balance and groundwater model status | Water Balance and groundwater model status | 135.0 |
|  |  | 13.4.8 | Water quality | Water quality | 136.0 |
|  |  | 13.4.9 | Mine schedule and dewatering plan | Mine schedule and dewatering plan | 136.0 |
|  |  | 13.4.10 | Future dewatering rates | Future dewatering rates | 138.0 |
|  |  | 13.4.11 | Pumping infrastructure – Konkola Mine | Pumping infrastructure – Konkola Mine | 139.0 |
|  |  | 13.4.12 | Konkola Mine water management infrastructure | Konkola Mine water management infrastructure | 140.0 |
|  |  | 13.4.13 | Upgrade of existing pumping infrastructure | Upgrade of existing pumping infrastructure | 141.0 |
|  |  | 13.4.14 | Dewatering risks | Dewatering risks | 142.0 |
|  | 13.5 | Existing mining operations | Existing mining operations | Existing mining operations | 142.0 |
|  | 13.6 | Production rates, mine life, mining unit dimensions, and dilution and recovery factors | Production rates, mine life, mining unit dimensions, and dilution and recovery factors | Production rates, mine life, mining unit dimensions, and dilution and recovery factors | 143.0 |
|  |  | 13.6.1 | Production rates and expected mine life | Production rates and expected mine life | 143.0 |
|  |  | 13.6.2 | Mining unit dimensions | Mining unit dimensions | 144.0 |
|  |  | 13.6.3 | Mining dilution and recovery factors | Mining dilution and recovery factors | 145.0 |
|  | 13.7 | Underground development and backfilling requirements | Underground development and backfilling requirements | Underground development and backfilling requirements | 145.0 |
|  |  | 13.7.1 | Underground development | Underground development | 145.0 |
|  |  |  | 13.7.1.1 | Materials handling | 148.0 |
|  |  | 13.7.2 | Backfill requirements | Backfill requirements | 148.0 |
|  |  |  | 13.7.2.1 | Paste fill geomechanics and fill strength | 148.0 |
|  |  |  | 13.7.2.2 | Paste fill placement and retention | 150.0 |
|  |  |  | 13.7.2.3 | Paste fill costs | 150.0 |
|  |  |  | 13.7.2.4 | Paste fill project timeline and future test work | 151.0 |
|  | 13.8 | Ventilation | Ventilation | Ventilation | 151.0 |
|  |  | 13.8.1 | Air requirements | Air requirements | 151.0 |
|  |  | 13.8.2 | Ventilation design parameters | Ventilation design parameters | 151.0 |
|  |  | 13.8.3 | Development ventilation | Development ventilation | 151.0 |
|  |  | 13.8.4 | Stoping ventilation | Stoping ventilation | 152.0 |
|  |  | 13.8.5 | Temperature and refrigeration requirements | Temperature and refrigeration requirements | 152.0 |
|  |  | 13.8.6 | Ventilation requirements for diesel equipment | Ventilation requirements for diesel equipment | 152.0 |
|  |  | 13.8.7 | Primary ventilation | Primary ventilation | 153.0 |
|  | 13.9 | Mining equipment fleet | Mining equipment fleet | Mining equipment fleet | 155.0 |
|  | 13.10 | Mining personnel | Mining personnel | Mining personnel | 155.0 |
|  | 13.11 | Mining development and production schedule | Mining development and production schedule | Mining development and production schedule | 156.0 |
|  | 13.12 | Nchanga mining operations (Excluded from PFS) | Nchanga mining operations (Excluded from PFS) | Nchanga mining operations (Excluded from PFS) | 159.0 |
|  | 13.13 | Tailings reclamation | Tailings reclamation | Tailings reclamation | 159.0 |
|  |  | 13.13.1 | Sources of production TD03, TD04 | Sources of production TD03, TD04 | 159.0 |
|  |  | 13.13.2 | Tailings dam inventory | Tailings dam inventory | 160.0 |
|  |  | 13.13.3 | Processing methodology and plant design | Processing methodology and plant design | 160.0 |
|  |  | 13.13.4 | Production schedule | Production schedule | 161.0 |
|  |  | 13.13.5 | Materials handling, slurry pumping | Materials handling, slurry pumping | 161.0 |
|  |  | 13.13.6 | Tailings reclamation - Capital and operating costs | Tailings reclamation - Capital and operating costs | 161.0 |
|  |  |  | 13.13.6.1 | TD03 reclaim costs | 161.0 |
|  |  |  | 13.13.6.2 | TD04 reclaim costs | 161.0 |
|  |  |  | 13.13.6.3 | Capital provisions for TD04 | 161.0 |
| 14.0 | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | Processing and recovery methods | 162.0 |
|  | 14.1 | Konkola Concentrator | Konkola Concentrator | Konkola Concentrator | 163.0 |
|  |  | 14.1.1 | Konkola process description | Konkola process description | 163.0 |
|  |  |  | 14.1.1.1 | Historical performance | 164.0 |
|  |  |  | 14.1.1.2 | Restart performance | 165.0 |
|  |  | 14.1.2 | Plant design and equipment | Plant design and equipment | 168.0 |
|  |  | 14.1.3 | Plant operations | Plant operations | 168.0 |
|  |  | 14.1.4 | Konkola Concentrator production schedule | Konkola Concentrator production schedule | 170.0 |
|  | 14.2 | Nchanga concentrators | Nchanga concentrators | Nchanga concentrators | 172.0 |

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|:---|:---|:---|:---|:---|:---|
|  | 14.3 | Nchanga TLP | Nchanga TLP | Nchanga TLP | 172.0 |
|  |  | 14.3.1 | Historical performance | Historical performance | 174.0 |
|  |  | 14.3.2 | Restart performance | Restart performance | 175.0 |
|  |  |  | 14.3.2.1 | Plant design and equipment | 177.0 |
|  |  |  | 14.3.2.2 | Nchanga TLP production schedule | 177.0 |
|  | 14.4 | Nchanga Smelter | Nchanga Smelter | Nchanga Smelter | 178.0 |
|  |  | 14.4.1 | Recent smelter performance | Recent smelter performance | 179.0 |
|  |  | 14.4.2 | Smelter condition | Smelter condition | 183.0 |
|  |  | 14.4.3 | Concentrate blending and third-party feed requirements | Concentrate blending and third-party feed requirements | 183.0 |
|  |  |  | 14.4.3.1 | Sources of third-party concentrate | 184.0 |
|  |  |  | 14.4.3.2 | Availability of third-party concentrate | 185.0 |
|  |  |  | 14.4.3.3 | Existing contracts and commercial terms | 186.0 |
|  |  |  | 14.4.3.4 | Alternatives to third-party concentrate procurement | 187.0 |
|  |  |  | 14.4.3.5 | Assessment of supply certainty | 188.0 |
|  | 14.5 | Nkana Refinery | Nkana Refinery | Nkana Refinery | 188.0 |
|  |  | 14.5.1 | Mode of operation, general condition | Mode of operation, general condition | 188.0 |
|  |  | 14.5.2 | Production | Production | 190.0 |
|  | 14.6 | Nampundwe Mine – pyrite flux production | Nampundwe Mine – pyrite flux production | Nampundwe Mine – pyrite flux production | 192.0 |
|  | 14.7 | Sulfuric acid plant | Sulfuric acid plant | Sulfuric acid plant | 192.0 |
|  | 14.8 | Proposed processing methods | Proposed processing methods | Proposed processing methods | 192.0 |
|  | 14.9 | Proposed flow sheet | Proposed flow sheet | Proposed flow sheet | 192.0 |
|  | 14.10 | Plant design and equipment | Plant design and equipment | Plant design and equipment | 192.0 |
|  | 14.11 | Plant operations | Plant operations | Plant operations | 193.0 |
| 15.0 | Infrastructure | Infrastructure | Infrastructure | Infrastructure | 194.0 |
|  | 15.1 | Roads | Roads | Roads | 194.0 |
|  | 15.2 | Rail | Rail | Rail | 195.0 |
|  | 15.3 | Port facilities | Port facilities | Port facilities | 196.0 |
|  | 15.4 | Water dams | Water dams | Water dams | 196.0 |
|  | 15.5 | Dumps | Dumps | Dumps | 196.0 |
|  | 15.6 | Licensing and permitting | Licensing and permitting | Licensing and permitting | 197.0 |
|  | 15.7 | Konkola operation waste dumps | Konkola operation waste dumps | Konkola operation waste dumps | 197.0 |
|  | 15.8 | Tailings disposal | Tailings disposal | Tailings disposal | 198.0 |
|  |  | 15.8.1 | Tailings deposition locations | Tailings deposition locations | 198.0 |
|  |  | 15.8.2 | LOM capacity and expansion opportunities | LOM capacity and expansion opportunities | 201.0 |
|  |  | 15.8.3 | Licensing and permitting | Licensing and permitting | 202.0 |
|  |  |  | 15.8.3.1 | Stability and TSF management processes | 202.0 |
|  | 15.9 | Power | Power | Power | 203.0 |
|  |  | 15.9.1 | Existing operating power supply capacity and expansion | Existing operating power supply capacity and expansion | 204.0 |
|  |  | 15.9.2 | Emergency power supply and expansion | Emergency power supply and expansion | 204.0 |
|  | 15.10 | Water | Water | Water | 204.0 |
|  |  | 15.10.1 | Raw water | Raw water | 204.0 |
|  |  | 15.10.2 | Konkola Mine raw water balance | Konkola Mine raw water balance | 205.0 |
|  |  | 15.10.3 | Potable water (domestic water) | Potable water (domestic water) | 205.0 |
|  | 15.11 | Pipelines | Pipelines | Pipelines | 205.0 |
|  | 15.12 | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | Ancillary surface infrastructure and expansions | 206.0 |
|  |  | 15.12.1 | Internal rail network | Internal rail network | 206.0 |
|  |  | 15.12.2 | Office building | Office building | 206.0 |
|  |  | 15.12.3 | Change houses and other buildings | Change houses and other buildings | 206.0 |
|  | 15.13 | Nampundwe Mine infrastructure | Nampundwe Mine infrastructure | Nampundwe Mine infrastructure | 207.0 |
| 16.0 | Market studies | Market studies | Market studies | Market studies | 208.0 |
|  | 16.1 | Market information | Market information | Market information | 208.0 |
|  |  | 16.1.1 | Market for KCM's products | Market for KCM's products | 208.0 |
|  |  | 16.1.2 | Copper demand | Copper demand | 208.0 |

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|:---|:---|:---|:---|:---|
|  |  | 16.1.3 | Copper supply | 209.0 |
|  |  | 16.1.4 | Cobalt demand | 210.0 |
|  |  | 16.1.5 | Cobalt supply | 210.0 |
|  |  | 16.1.6 | Study price and sales terms | 210.0 |
|  |  | 16.1.7 | Copper pricing for NSR cut-off grade estimation | 211.0 |
|  | 16.2 | Contracts and status | Contracts and status | 211.0 |
|  |  | 16.2.1 | Forward sales and hedging | 211.0 |
|  |  | 16.2.2 | Site development contracts | 212.0 |
|  |  | 16.2.3 | Operating contracts | 214.0 |
|  |  | 16.2.4 | Other agreements and contracts | 216.0 |
| 17.0 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 217.0 |
|  | 17.1 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 217.0 |
|  | 17.2 | Environmental studies, permitting, and social or community impact | Environmental studies, permitting, and social or community impact | 217.0 |
|  | 17.3 | Permitting requirements | Permitting requirements | 218.0 |
|  | 17.4 | Rehabilitation, closure, and post closure planning | Rehabilitation, closure, and post closure planning | 218.0 |
| 18.0 | Capital and operating costs | Capital and operating costs | Capital and operating costs | 219.0 |
|  | 18.1 | Cost estimate basis and accuracy | Cost estimate basis and accuracy | 219.0 |
|  |  | 18.1.1 | Estimation methodology | 219.0 |
|  |  | 18.1.2 | Cost estimate accuracy and contingency disclosure | 219.0 |
|  |  | 18.1.3 | Key assumptions and exclusions | 219.0 |
|  | 18.2 | Operating cost summary | Operating cost summary | 220.0 |
|  |  | 18.2.1 | Operating development | 220.0 |
|  |  | 18.2.2 | Stoping production cost | 220.0 |
|  |  | 18.2.3 | Power supply and consumption | 221.0 |
|  |  |  | Dewatering power consumption | 223.0 |
|  |  |  | Ventilation power consumption | 223.0 |
|  |  | 18.2.4 | Backfill | 223.0 |
|  |  | 18.2.5 | Underground rail tramming operations | 224.0 |
|  |  | 18.2.6 | Mine service functions | 224.0 |
|  |  | 18.2.7 | Labor and workforce costs | 224.0 |
|  |  | 18.2.8 | Mill consumable costs | 224.0 |
|  |  | 18.2.9 | Freight cost of concentrate | 224.0 |
|  |  | 18.2.10 | Maintenance services and operating lease hire | 224.0 |
|  |  | 18.2.11 | Water | 225.0 |
|  |  | 18.2.12 | Stores and spares and operating projects | 225.0 |
|  |  | 18.2.13 | Administrative operating costs | 225.0 |
|  |  | 18.2.14 | Corporate allocations | 225.0 |
|  |  | 18.2.15 | Summary | 225.0 |
|  | 18.3 | Capital cost summary | Capital cost summary | 227.0 |
|  |  | 18.3.1 | Growth capital | 227.0 |
|  |  | 18.3.2 | Sustaining capital and capitalised mining development | 228.0 |
|  |  | 18.3.3 | Form of capital cost estimate | 229.0 |
|  |  | 18.3.4 | Capital cost estimation methodology | 229.0 |
|  |  | 18.3.5 | Lateral and vertical underground development | 229.0 |
|  |  | 18.3.6 | Konkola Mine capital fit out | 229.0 |
|  |  | 18.3.7 | Konkola diamond drilling capital campaigns | 230.0 |
|  |  | 18.3.8 | Konkola Concentrator facility capital estimate | 230.0 |
|  |  | 18.3.9 | TD03 AND TD04 tailings reclamation capital costs | 230.0 |
|  |  | 18.3.10 | Smelter and refinery capital costs | 230.0 |
|  | 18.4 | Mine closure | Mine closure | 231.0 |
|  | 18.5 | Risk mitigation and cost control measures | Risk mitigation and cost control measures | 231.0 |

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|:---|:---|:---|:---|:---|
| 19.0 | Economic analysis | Economic analysis | Economic analysis | 232.0 |
|  | 19.1 | Basis of economic analysis | Basis of economic analysis | 232.0 |
|  | 19.2 | Key assumptions | Key assumptions | 232.0 |
|  |  | 19.2.1 | Byproducts included in the cash flow model | 232.0 |
|  |  | 19.2.2 | Production plan | 233.0 |
|  |  | 19.2.3 | Revenue | 235.0 |
|  |  | 19.2.4 | Third-party concentrate: basis for inclusion in economic analysis | 236.0 |
|  |  |  | Third-party concentrate sensitivity | 237.0 |
|  |  | 19.2.5 | Taxation and royalties | 238.0 |
|  | 19.3 | Economic results | Economic results | 238.0 |
|  | 19.4 | Sensitivity analysis | Sensitivity analysis | 243.0 |
| 20.0 | Adjacent properties | Adjacent properties | Adjacent properties | 244.0 |
|  | 20.1 | Chililabombwe area | Chililabombwe area | 244.0 |
|  |  | 20.1.1 | Lubambe Copper Mine | 245.0 |
|  |  | 20.1.2 | Mingomba Project | 246.0 |
|  | 20.2 | Chingola area | Chingola area | 246.0 |
|  |  | 20.2.1 | Mimbula Copper Project | 246.0 |
|  | 20.3 | Kitwe area | Kitwe area | 246.0 |
|  |  | 20.3.1 | Mopani Copper Mines – Nkana Complex | 246.0 |
|  | 20.4 | Qualified Person's statement on adjacent properties | Qualified Person's statement on adjacent properties | 246.0 |
| 21.0 | Other relevant data and information | Other relevant data and information | Other relevant data and information | 247.0 |
| 22.0 | Interpretation and conclusions | Interpretation and conclusions | Interpretation and conclusions | 248.0 |
|  | 22.1 | Mineral Resource data | Mineral Resource data | 248.0 |
|  | 22.2 | Mineral Reserves | Mineral Reserves | 248.0 |
|  | 22.3 | Mining and infrastructure | Mining and infrastructure | 249.0 |
|  | 22.4 | Processing and recovery methods | Processing and recovery methods | 249.0 |
|  | 22.5 | Project economics | Project economics | 249.0 |
|  | 22.6 | Effective date and subsequent events | Effective date and subsequent events | 249.0 |
| 23.0 | Recommendations | Recommendations | Recommendations | 250.0 |
|  | 23.1 | Mineral Resource and geological recommendations | Mineral Resource and geological recommendations | 250.0 |
|  |  | 23.1.1 | Resource infill and extension drilling | 250.0 |
|  |  | 23.1.2 | QAQC and data management | 250.0 |
|  | 23.2 | Mining recommendations | Mining recommendations | 251.0 |
|  |  | 23.2.1 | Konkola Mine | 251.0 |
|  |  | 23.2.2 | TD03 AND TD04 tailings reclamation | 251.0 |
|  | 23.3 | Processing and metallurgical recommendations | Processing and metallurgical recommendations | 251.0 |
|  |  | 23.3.1 | Konkola Concentrator | 251.0 |
|  |  | 23.3.2 | Nchanga TLP | 251.0 |
|  | 23.4 | Infrastructure recommendations | Infrastructure recommendations | 251.0 |
|  | 23.5 | Economic and commercial recommendations | Economic and commercial recommendations | 251.0 |
|  | 23.6 | Summary of recommended work program | Summary of recommended work program | 252.0 |
| 24.0 | References | References | References | 253.0 |
|  | 24.1 | List of references | List of references | 253.0 |
|  | 24.2 | Units of measurement and abbreviations | Units of measurement and abbreviations | 254.0 |
|  |  | 24.2.1 | Units of measurement | 254.0 |
|  |  | 24.2.2 | Abbreviations | 254.0 |
| 25.0 | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | Reliance on information provided by the Registrant | 256.0 |
|  | 25.1 | Legal matters | Legal matters | 256.0 |
|  | 25.2 | Environmental Management and Community Engagement | Environmental Management and Community Engagement | 256.0 |
|  |  | 25.2.1 | Environmental and community matters | 256.0 |
|  |  | 25.2.2 | Tailings storage facility facilities | 256.0 |
|  | 25.3 | Economic assumptions | Economic assumptions | 257.0 |
|  |  | 25.3.1 | Macroeconomic assumptions | 257.0 |
|  |  | 25.3.2 | Market information | 257.0 |
|  | 25.4 | Community accommodations | Community accommodations | 257.0 |
|  | 25.5 | Governmental Factors | Governmental Factors | 257.0 |

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**Tables**

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| | | |
|:---|:---|:---|
| Table 1.1 | KCM mineral rights and licenses | 16 |
| Table 1.2 | KCM Mineral Reserve estimate summary – 1 April 2026 | 18 |
| Table 1.3 | KCM Mineral Resource estimate summary (Exclusive of Mineral Reserves) – 1 April 2026 | 20 |
| Table 1.4 | Capital cost summary – Mineral Reserve case | 23 |
| Table 1.5 | Operating cost summary – Mineral Reserve case | 23 |
| Table 1.6 | Summarised economic results | 24 |
| Table 1.7 | Sensitivity analysis results | 25 |
| Table 2.1 | Defined terms and abbreviations | 28 |
| Table 3.1 | KCM Integrated Operations — facility coordinates (WGS84 datum) | 32 |
| Table 3.2 | KCM mineral rights and tenure details | 34 |
| Table 4.1 | Inter-site distances and access routes | 39 |
| Table 5.1 | Principal capital investments by Vedanta Resources (2004–2019) | 44 |
| Table 5.2 | Cumulative copper production by operation | 46 |
| Table 5.3 | Key development milestones | 47 |
| Table 6.1 | KCM deposit mineralisation extent | 57 |
| Table 6.2 | Summary of geological characteristics of KCM operations | 57 |
| Table 6.3 | Summary of TCu variogram ranges by estimation domain — Konkola | 58 |
| Table 7.1 | Local geology and hydrogeological units — Konkola | 64 |
| Table 7.2 | Summary of hydrogeological investigations — Konkola | 66 |
| Table 7.3 | Principal aquifer units — Konkola | 67 |
| Table 7.4 | Hydrogeological data gaps and recommended actions | 68 |
| Table 7.5 | Geotechnical data sources — Konkola | 69 |
| Table 7.6 | Elastic rock properties | 69 |
| Table 7.7 | Material geotechnical assumptions - Konkola | 70 |
| Table 7.8 | Rock mass conditions by geotechnical domain - Konkola | 71 |
| Table 7.9 | Geotechnical data gaps and recommended actions | 73 |
| Table 8.1 | List of corrected outcomes for 16 GBM911-16 CRMs | 77 |
| Table 8.2 | Summary of QAQC performance by deposit | 82 |
| Table 8.3 | QP assessment of QAQC findings by deposit | 82 |
| Table 8.4 | QAQC recommendations for DFS | 84 |
| Table 9.1 | QP assessment of data verification limitations | 88 |
| Table 10.1 | Key processing factors — Konkola Concentrator | 91 |
| Table 10.2 | Deleterious elements and gangue — Konkola concentrate | 92 |
| Table 10.3 | Historical, restart, and planed Nchanga TLP recoveries | 94 |
| Table 10.4 | Key processing factors — Nchanga TLP | 95 |
| Table 10.5 | Deleterious factors — Nchanga TLP | 96 |
| Table 11.1 | Key assumptions, parameters, and methods — Mineral Resource estimation | 100 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| Table 11.2 | Cut-off grade input assumptions by asset | 102 |
| Table 11.3 | Uncertainty factor assessment by Mineral Resource classification — Konkola Mine | 103 |
| Table 11.4 | Mineral Resource Konkola Mine (Exclusive of Mineral Reserves) – 1 April 2026 | 107 |
| Table 11.5 | Summary statistics total copper tailings dam samples | 108 |
| Table 11.6 | Summary statistics acid soluble copper tailings dam samples | 109 |
| Table 11.7 | Mineral Resource TD03 and TD04 (exclusive of Reserves) – 1 April 2026 | 110 |
| Table 11.8 | Mineral Resource TD03 and TD04 (inclusive of Reserves) – 1 April 2026 | 111 |
| Table 12.1 | Konkola Mineral Reserve estimate – 1 April 2026 | 113 |
| Table 12.2 | Mining dilution and recovery factors | 115 |
| Table 12.3 | Konkola NSR elements (average across mining blocks) | 116 |
| Table 12.4 | Royalty charge relation to copper price | 117 |
| Table 12.5 | NSR cut-off by mining block | 117 |
| Table 13.1 | Mining method selection assessment | 119 |
| Table 13.2 | Mining method assignment by zone | 120 |
| Table 13.3 | KCM Shaft 3 summary of rock mass properties | 123 |
| Table 13.4 | KCM Shaft 4 summary of rock mass properties | 125 |
| Table 13.5 | Summary of water capture extrapolated over time | 136 |
| Table 13.6 | Indicative future mine inflow rates for the next 7-year mine plan | 139 |
| Table 13.7 | Mining methods currently employed by mining area at Konkola Mine | 142 |
| Table 13.8 | Typical stope dimensions | 144 |
| Table 13.9 | Mining dilution and recovery factors | 145 |
| Table 13.10 | Key development designs | 146 |
| Table 13.11 | Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing | 150 |
| Table 13.12 | Paste fill capital cost estimation | 150 |
| Table 13.13 | Planned velocity ranges for different mine airways | 151 |
| Table 13.14 | Maximum temperature limits for acclimatised and non-acclimatised workers | 152 |
| Table 13.15 | Ventilation design criteria for diesel-powered equipment | 153 |
| Table 13.16 | Machine types, counts, and utilisation factors | 153 |
| Table 13.17 | Summary of primary ventilation airflows | 153 |
| Table 13.18 | Mining equipment fleet — steady state | 155 |
| Table 13.19 | Estimated mining workforce summary | 155 |
| Table 13.20 | Available inventory from TD03 and TD04 for the Nchanga TLP from 1 April 2026 | 160 |
| Table 14.1 | Konkola Concentrator major equipment | 168 |
| Table 14.2 | Capacity criteria | 168 |
| Table 14.3 | Comminution criteria | 169 |
| Table 14.4 | Flotation criteria | 169 |
| Table 14.5 | Konkola Concentrator key assumptions | 170 |
| Table 14.6 | Nchanga Concentrator nominal capacities | 172 |
| Table 14.7 | Nchanga TLP highest annual performance | 175 |
| Table 14.8 | Copper production estimate | 175 |
| Table 14.9 | Nchanga TLP major unit processes | 177 |
| Table 14.10 | Nchanga Smelter – basic design production parameters | 179 |
| Table 14.11 | Nchanga Smelter – historical production | 180 |
| Table 14.12 | Nchanga Smelter production – October 2024 | 182 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| Table 14.13 | Smelter rebuild CAPEX – by section | 183 |
| Table 14.14 | Example monthly concentrate blend plan – June 2025 | 184 |
| Table 14.15 | Concentrate blending plan – FY25/26 business plan | 187 |
| Table 14.16 | Nkana Refinery production – 2024-2025 | 191 |
| Table 15.1 | Summary of infrastructure by operating site | 194 |
| Table 15.2 | Operational TSF conditions, TD05 (Muntimpa) and Lubengele | 202 |
| Table 16.1 | Five-year copper forward prices (real US$2025) | 211 |
| Table 16.2 | Five-year copper trailing prices | 211 |
| Table 16.3 | Copper payability terms for Konkola and Nchanga Copper Concentrate | 211 |
| Table 16.4 | Major development contracts | 212 |
| Table 16.5 | Example of long-term contract components | 214 |
| Table 16.6 | Royalty charge relation to copper price | 216 |
| Table 18.1 | Cost estimate accuracy and contingency disclosure | 219 |
| Table 18.2 | Rates assumed for operating lateral development | 220 |
| Table 18.3 | Stoping production cost | 221 |
| Table 18.4 | Konkola applicable power tariff assumptions | 221 |
| Table 18.5 | Konkola power estimate | 222 |
| Table 18.6 | Konkola operating costs – Mineral Reserve case | 225 |
| Table 18.7 | Capital cost summary | 227 |
| Table 18.8 | Growth capital summary for the Mineral Reserve | 227 |
| Table 18.9 | Development, sustaining and growth capital by complex (5 year and LOM) for Mineral Reserve | 228 |
| Table 18.10 | Summary by category | 228 |
| Table 18.11 | Smelter and refinery capital estimate schedule (first five years) | 231 |
| Table 19.1 | Byproducts: Type, quantity, and price assumption | 232 |
| Table 19.2 | Consensus pricing forecast – Mineral Reserve case | 235 |
| Table 19.3 | Economic analysis summary – Mineral Reserve case | 239 |
| Table 19.4 | Mineral Reserve production and cashflow schedule | 242 |
| Table 19.5 | Sensitivity analysis table – Mineral Reserve | 243 |
| Table 20.1 | Summary of adjacent properties | 244 |
| Table 23.1 | Recommended work program | 252 |
| Table 24.1 | TRS data and information sources | 253 |

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**Figures**

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| Figure 1.1 | Sensitivity analysis graph | 25 |
| Figure 3.1 | Map of Zambia showing the Copperbelt Region | 30 |
| Figure 3.2 | Property location map – KCM Integrated Operations | 31 |
| Figure 4.1 | Inter site logistics map | 40 |
| Figure 5.1 | KCM historical production FY06-FY24 | 46 |
| Figure 6.1 | Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa | 48 |
| Figure 6.2 | Schematic cross section of the Lufilian fold belt | 49 |
| Figure 6.3 | Simplified Katanga Supergroup stratigraphy | 51 |
| Figure 6.4 | Geological map of the greater Konkola area | 52 |
| Figure 6.5 | Stratigraphic column of the Konkola geology | 53 |

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| Figure 7.1 | Drillhole location plan - Konkola | 63 |
| Figure 7.2 | Location of three main aquifers in the Konkola Mine, section looking north | 65 |
| Figure 7.3 | Seismic system schematics at Konkola | 72 |
| Figure 8.1 | Location plan of holes drilled from 2016 to 2023 - Konkola | 78 |
| Figure 8.2 | Shewhart plots for CRMs A, B, C, and D - Konkola | 79 |
| Figure 8.3 | Shewhart plots for CRMs E, F, and G - Konkola | 79 |
| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data | 80 |
| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit | 81 |
| Figure 10.1 | Nchanga TLP copper production and recoveries - Restart and FY25-26 plan | 93 |
| Figure 10.2 | Historical Nchanga TLP copper recoveries | 94 |
| Figure 11.1 | Average distance to sample support - Konkola | 101 |
| Figure 13.1 | Final mine outline map - plan view showing mining zone boundaries & key infrastructure | 120 |
| Figure 13.2 | Plan view map of the Konkola Mine showing the geotechnical domains | 122 |
| Figure 13.3 | Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left) | 133 |
| Figure 13.4 | Subsidence area shown on InSAR ascending image | 134 |
| Figure 13.5 | Conceptual water balance | 136 |
| Figure 13.6 | Currently inferred phreatic surface based on measurements from shut in holes | 137 |
| Figure 13.7 | Rotated section showing the planned footwall dewatering drilling | 138 |
| Figure 13.8 | Konkola Mine dewatered, developed, and mined | 140 |
| Figure 13.9 | Dewatering schematic, with required upgrades shown in red | 141 |
| Figure 13.10 | Konkola Mine production schedule by area | 143 |
| Figure 13.11 | Konkola Mine hoisting schedule by shaft | 144 |
| Figure 13.12 | Plan view of a loading level | 146 |
| Figure 13.13 | Isometric view of the loading system (LHOS) | 147 |
| Figure 13.14 | Isometric view of the loading system (panel stoping) | 148 |
| Figure 13.15 | Target paste design strength – 2 Exposures | 149 |
| Figure 13.16 | Target paste design strength – 1 Exposure | 149 |
| Figure 13.17 | Paste fill arched shotcrete barricades | 150 |
| Figure 13.18 | Visual presentation of air flow through the mine | 154 |
| Figure 13.19 | Ventilation compared to production | 154 |
| Figure 13.20 | Konkola Mine development schedule | 156 |
| Figure 13.21 | Konkola Mine production schedule by area | 157 |
| Figure 13.22 | Ore hoisted by shaft | 157 |
| Figure 13.23 | Total hoisting (ore and waste) by shaft | 158 |
| Figure 13.24 | TD03 and TD04 mining schedule | 158 |
| Figure 13.25 | Total project ore mining schedule | 159 |
| Figure 13.26 | Nchanga site layout | 160 |
| Figure 14.1 | KCM total flowsheet | 162 |
| Figure 14.2 | Konkola Concentrator flowsheet | 163 |
| Figure 14.3 | Konkola historical ore treatment | 165 |
| Figure 14.4 | Konkola daily ore received since restart | 165 |
| Figure 14.5 | Konkola ore processed since restart | 166 |

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| Figure 14.6 | Konkola recoveries since restart | 166 |
| Figure 14.7 | Konkola concentrate produced since restart | 166 |
| Figure 14.8 | Concentrate production and grade - Restart and FY25-25 plan | 167 |
| Figure 14.9 | Copper production and recoveries - Restart and FY25-26 plan | 167 |
| Figure 14.10 | Konkola Concentrator ore feed schedule | 170 |
| Figure 14.11 | Konkola concentrate production | 171 |
| Figure 14.12 | Total copper metal in Konkola concentrate | 171 |
| Figure 14.13 | Nchanga TLP flowsheet | 173 |
| Figure 14.14 | Historical Nchanga TLP throughput | 174 |
| Figure 14.15 | Nchanga historical recoveries | 174 |
| Figure 14.16 | Nchanga TLP copper recovery since restart | 176 |
| Figure 14.17 | Nchanga TLP throughput since restart | 176 |
| Figure 14.18 | Nchanga TLP feed schedule – Mineral Reserve case | 177 |
| Figure 14.19 | Nchanga TLP Mineral Reserve mine plan copper production and recovery | 178 |
| Figure 14.20 | Nchanga Smelter block flow diagram – design rates shown | 179 |
| Figure 14.21 | Smelter downtime - FY22, FY23, FY24 | 182 |
| Figure 14.22 | Nkana Refinery – process flowsheet | 189 |
| Figure 15.1 | Map showing main roads connecting towns of Chingola and Chililabombwe | 195 |
| Figure 15.2 | Map showing rail infrastructure of Zambia Railways Limited | 196 |
| Figure 15.3 | Map showing waste dump locations at KCM | 198 |
| Figure 15.4 | Map showing locations of all TSFs of Konkola and Nchanga Operations | 199 |
| Figure 15.5 | Map showing detail view of TD05 Muntimpa TSF | 200 |
| Figure 15.6 | Map showing detail view of Lubengele TSF | 201 |
| Figure 18.1 | Konkola Mine operating cost profile – Mineral Reserve case | 226 |
| Figure 18.2 | Konkola Mine cost breakdown – Mineral Reserve case | 226 |
| Figure 19.1 | KCM Smelter Feed Profile – Mineral Reserve Case (incl. external purchased concentrates) | 234 |
| Figure 19.2 | Projected overall mining schedule | 234 |
| Figure 19.3 | KCM Mineral Reserve production profile | 235 |
| Figure 19.4 | Copper price forecast – consensus range | 236 |
| Figure 19.5 | Mineral Reserve cashflow | 242 |
| Figure 19.6 | Sensitivity analysis graph – Mineral Reserve | 243 |
| Figure 20.1 | Konkola deposit and surrounding properties | 245 |

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1 Executive summary

1.1 Introduction

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 tailings dam operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04 tailings dams. The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2026.

1.2 Property description and ownership

The Konkola Copper Mines Plc (KCM) Integrated Operations constitutes a single material property comprising an integrated copper production complex from ore extraction through to refined copper metal. KCM is an integrated copper mining, processing, and refining operation located in the Copperbelt Province of the Republic of Zambia. KCM's operations produce refined copper cathode (LME Grade A) and cobalt alloy from two principal sources: underground mining at the Konkola Mine and recovery of copper from historical tailings dams at the Nchanga site. Run-of-mine ore from the Konkola Mine is processed through the Konkola Concentrator to produce copper concentrate, which is smelted at the Nchanga Smelter (an Outotec flash smelting facility) and refined at the Nkana Refinery in Kitwe. Oxide copper from tailings is recovered through the Nchanga Tailings Leach Plant (the Nchanga TLP) via sulfuric acid leaching, solvent extraction, and electrowinning.

KCM's broader operations also include the Nchanga Business Unit (NBU), which comprises the Chingola Open Pit D and F (COP DF), underground operations (Nchanga Upper and Lower Ore Bodies), and several brownfield development prospects including COP E Extension, and Kakosa. These operations are covered in the companion Initial Assessment TRS. The Nchanga Business Unit mining operations are excluded from this PFS as they do not currently support Mineral Reserves.

KCM was privatised in March 2000 when assets were acquired from the state-owned Zambia Consolidated Copper Mines Limited (ZCCM). Following the exit of Anglo American in September 2002, Vedanta Resources assumed operational control from November 2004, investing in smelter construction, the Konkola Concentrator, Nchanga Concentrators, and the Konkola Mine, Konkola Deep Mining Project (No. 4 Shaft, 6 Mtpa hoisting capacity). KCM's integrated metal production peaked at 160,000 tonnes per annum in FY 2013. In 2019, Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) commenced provisional liquidation proceedings, and operations were managed by a provisional liquidator until July 2024, when they were returned to Vedanta with shareholding restored to pre-liquidation status. Further details are provided in Section 5.

The properties covered by this PFS TRS are:

· Konkola Mine: Located near Chililabombwe, Republic of Zambia, approximately 20 kilometers (km) north
of Chingola and 5 km south of the Democratic Republic of the Congo (DRC) border. The mine lies within the Zambian Copperbelt, a region
known for its extensive copper deposits and well-established mining infrastructure.

· TD03 and TD04: Historical tailings dams located at the Nchanga site near Chingola, containing oxide copper
deposited from past Nchanga Concentrators operations. Reclaimed tailings are reclaimed and processed through the Nchanga TLP to produce
copper cathode.

KCM is a subsidiary of CopperTech Metals Inc. (the registrant). Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a subsidiary of KCM. As of the effective date of this report, Vedanta Resources holds 79.42% of KCM's issued share capital, with ZCCM-IH holding 20.58%. Further details on the registrant are provided in Section 2.1 and on operational history, including ownership transitions, in Section 5.

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The Konkola Mine and adjacent mineral processing facilities contribute approximately 90% of recovered copper production over the life of the Mineral Reserve mine plan.

1.3 Mineral rights

KCM's mineral rights are governed by the Republic of Zambia's Minerals Regulation Commission Act (2024) and operate under Large-Scale Mining Licenses (LSMLs). The key licenses relevant to this PFS are shown in Table 1.1.

Table 1.1 KCM mineral rights and licenses

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| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry** |
| Konkola | 7076-HQ-LML | Mining and concentrator operations | 4054 | 30 Mar 2050 |
| Nchanga | 7075-HQ-LML | Nchanga mining operations | 10659 | 30 Mar 2050 |
| Nchanga TLP | 28174-HQ-MPL | Nchanga TLP operations | 177 | 16 Dec 2045 |
| Nkana Refinery | 20945-HQ-MPL | Refining activities at Kitwe | 50 | 18 Apr 2050 |

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As of the effective date of this report, and to the Qualified Person's (QP) knowledge, there are no material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations. Standard regulatory and environmental obligations applicable to mining operations in Zambia are described in Section 3.

1.4 Geology and mineralisation

The Konkola deposit is a stratiform, sediment-hosted copper-cobalt deposit located within the Central African Copperbelt. Mineralisation is hosted in Neoproterozoic metasedimentary rocks of the Katanga Supergroup, primarily within the Ore Shale Unit (OSU). Copper mineralisation occurs as disseminated and vein-hosted chalcopyrite and bornite, with associated cobalt mineralisation. The orebody dips between 35° and 70° with an average thickness of approximately 9 meters (m). TD03 and TD04 comprise historical tailings from Nchanga Concentrators operations containing residual copper amenable to acid leaching.

1.5 Exploration status

Exploration at the Konkola deposit has been ongoing since its discovery in 1924, with systematic diamond drilling programs conducted from the 1950s through 2019. The drilling database comprises historical and modern diamond core data collected across multiple campaigns by successive asset owners, including ZCCM (pre-2000), Anglo American (2000-2002), and Vedanta Resources (2004-2019). No exploration, infill, or extension drilling has been undertaken since the commencement of provisional liquidation in May 2019.

Drilling methods employed at Konkola include pneumatic and electric hydraulic diamond coring using BQ, NQ, HQ, and PQ diameter core, with a minimum core recovery expectation of 90% in mineralised zones. Core logging records lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. Sampling intervals are a maximum of 1 m within mineralisation, with 0.5 m intervals in the immediate footwall and hangingwall formations.

A quality assurance and quality control (QAQC) program is in place, incorporating blank and certified reference material (CRM) samples inserted at a rate of one per five primary samples (for batches of fewer than 20 samples) or one per ten primary samples (for batches exceeding 30 samples). Repeat analyses of coarse rejects and pulp samples comprise at least 20% of combined samples. Details of the QAQC program and sample preparation methods are provided in Sections 7 and 8.

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Infill drilling to convert Inferred Mineral Resources to Indicated, and subsequently to support additional Mineral Reserve conversion re-commenced in late 2025 and is ongoing. This is from both underground and surface. Further drilling is recommended as a priority activity (Section 23.1.1).

1.6 Development and operations status

KCM is a brownfield operation with over 95 years of continuous mining history. The Konkola Mine, Nchanga smelter, Nkana refinery, and associated processing infrastructure are established, operational facilities. Following the return of operational control to Vedanta in July 2024, KCM has commenced a restart and ramp-up of operations.

Konkola is an established underground copper mining operation located near Chililabombwe, Republic of Zambia. Underground mining is currently operational, with ore hoisted via No. 4 Shaft, No. 3 Shaft and No. 1 Shaft. Development activities are centred on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via underground declines, with No. 4 Shaft already extending to the lower levels of the known mineral resource. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods, with a planned transition from Post Pillar Cut and Fill (PPCF) to Panel Stoping with Paste Fill in flatly dipping areas of the orebody to increase resource recovery and improve the ore-to-waste development ratio. Paste fill is not currently used at the operation; however, it is a critical component for future extraction of flatly dipping areas, where panel stoping is planned, and will enable secondary stope extraction and assist with regional geotechnical stability.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety. Ventilation systems have been progressively expanded to address increasing depth and the use of underground diesel fleets. Personnel access is provided via shaft hoisting systems and declines, supported by underground refuge chambers and surface infrastructure.

Surface processing facilities are operational, including the Konkola Concentrator (crushing, milling, flotation, and dewatering), the Nchanga Flash Smelter, the Nkana Refinery (electrorefining), and the Nchanga Tailings Leach Plant (TLP) for acid soluble copper recovery from TD03 and TD04. The integrated processing route produces LME Grade A refined copper cathode and cobalt alloy.

Key infrastructure supporting operations includes a long-term power supply agreement with Copperbelt Energy Corporation (CEC) providing 200 MW capacity, a comprehensive dewatering system managing approximately 350,000 m³/day of groundwater inflows at the Konkola Mine, and established road and logistics infrastructure connecting the Konkola, Nchanga, and Nkana sites across the Copperbelt Province.

The PFS mine plan contemplates sustained production from the existing infrastructure with capital investment in underground development, dewatering expansion (including the critical 1390 level pumping infrastructure), and sustaining capital across all facilities. No new greenfield infrastructure or major expansion capital beyond the existing operational footprint is required for the activities contemplated in this PFS.

1.7 Mineral Reserve estimate

This sub-section contains forward-looking information related to the Mineral Reserve estimates for the KCM Integrated Operations. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions set forth in this sub-section, including geological and grade interpretations, commodity prices, mining dilution and recovery assumptions, and forecasts associated with establishing the economic viability of the project.

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The Mineral Reserve estimates presented herein have been prepared in accordance with the U.S. SEC S-K 1300 and have been reviewed and approved by the QPs. Mineral Reserves represent the economically mineable parts of Measured and Indicated Mineral Resources and include allowances for dilution and mining losses. Mineral Reserves based on Measured Mineral Resources have been classified as Proven Mineral Reserves, and Mineral Reserves based on Indicated Mineral Resources have been classified as Probable Mineral Reserves, consistent with S-K 1300 definitions. No Inferred Mineral Resources have been included in the Mineral Reserve estimate, the production schedule, or the economic analysis presented in this PFS. The Mineral Reserve estimate has been completed to a level appropriate for a Preliminary Feasibility Study and reflects the application of modifying factors, including mine design, production scheduling, metallurgical recovery, and economic parameters, to the Measured and Indicated Mineral Resources.

The Mineral Reserve estimates are based on a copper price assumption of US$9,000/t (US$4.08/lb) for Net Smelter Return (NSR) cut-off determination and US$28,000/t (US$12.70/lb) for cobalt. The economic analysis supporting the Mineral Reserve is based on P75 consensus copper price forecasts as detailed in Section 16. In the opinion of the QP, these price assumptions provide a reasonable basis for establishing the economic viability of the project and satisfy S-K 1300 requirements for commodity price disclosure.

The Mineral Reserve estimate as of 1 April 2026 is summarised in Table 1.2. The point of reference for Mineral Reserves is defined at the point where ore is delivered to the processing plant. As of the effective date of this report, Measured and Indicated Mineral Resources represent approximately 23% of the total Mineral Resource. The QPs consider that there is potential to increase Mineral Reserves through continued resource definition drilling as recommended in Section 23.1.1.

Table 1.2 KCM Mineral Reserve estimate summary – 1 April 2026

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|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes<br> (Mt)** | **TCu%** | **Cu (kt)** | **TCo%** | **Co (kt)** |
| Konkola UG | Proven | 2.1 | 2.5 | 54.6 | 0.06 | 1.36 |
| Konkola UG | Probable | 27 | 2.9 | 784 | 0.06 | 15.5 |
| **Konkola UG Total** | **Proven + Probable** | **29** | **2.9** | **839** | **0.06** | **16.8** |
| TD03 Tailings Complex | Proven |  |  |  |  |  |
| TD03 Tailings Complex | Probable | 2.8 | 0.8 | 22 |  |  |
| TD04 Tailings Complex | Proven |  |  |  |  |  |
| TD04 Tailings Complex | Probable | 22 | 0.6 | 135 |  |  |
| Tailings Complex (Total) | Proven |  |  |  |  |  |
| Tailings Complex (Total) | Probable | 25 | 0.6 | 157 | - | - |
| **Tailings Complex (Total)** | **Proven & Probable** | **25** | **0.6** | **157** | **-** | **-** |
| KCM Total | Proven | 2.1 | 2.5 | 54.6 | 0.06 | 1.36 |
| KCM Total | Probable | 51 | 1.8 | 941 | 0.03 | 15.5 |
| **KCM Total** | **Proven + Probable** | **54** | **1.9** | **995** | **0.03** | **16.8** |

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Notes:

· Mineral Reserves are reported with an effective date of 1 April 2026.

· Classification in accordance with S-K 1300. Mineral Reserves are derived from Measured and Indicated Mineral
Resources by application of mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social, and
governmental modifying factors. Inferred Mineral Resources are not included in Mineral Reserves and are not included in this table.

· Mineral Reserves are reported on a 100% basis as the Mineral Reserves of Konkola Copper Mines Plc.

· Cut-off grade, Konkola Mine: NSR cut-off values of US$50–125/t ROM apply, calculated using a copper
price of US$9,000/t (US$4.08/lb) and a cobalt price of US$28,000/t (US$12.70/lb). Cut-off range varies by mining area and reflects underground
access cost and depth.

· Cut-off grade, TD03 and TD04: No cut-off applied. The Mineral Reserve represents 100% of the TD04 and
TD03 Mineral Resource.

· Metallurgical recovery, Konkola Mine: Concentrator 89.2% Cu (Mineral
Reserve mine plan average), 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate payable Cu 96.8%.

· Metallurgical recovery, Nchanga TLP (ambient leach, TD03 and TD04 only): 74.8% Acid Soluble Copper (ASCu)
recovery, equivalent to approximately 48.5% Total Copper (TCu) recovery to cathode, derived from the 10-year historical average TLP performance
(2010–2019) and consistent with FY2025/26 actual. The Elevated Temperature Leach retrofit described in the companion Initial Assessment
Technical Report Summary is not part of the Mineral Reserve scope.

· Cobalt in TD03 and TD04: Cobalt is present in TD03 and TD04 tailings but is not recovered in the TLP electrowinning
process. No cobalt revenue is attributed to TD03 or TD04 in the economic analysis. The "–" entries in the cobalt grade
and content columns reflect non-recovery in the Mineral Reserve scope, not absence of cobalt mineralisation.

· Processing route for Konkola Mineral Reserves: Konkola Concentrator → Nchanga Smelter → Nkana
Refinery. Processing route for TD03 and TD04 Mineral Reserves: existing Nchanga TLP (ambient leach) → copper cathode.

· Point of reference: Ore delivered to the processing plant (mill feed). For TD03 and TD04, point of reference
is the reclaimed tailings stream delivered to the Nchanga TLP feed.

· Pricing convention: Mineral Reserves are reported using a copper price of US$9,000/t (US$4.08/lb) and
a cobalt price of US$28,000/t (US$12.70/lb) for NSR cut-off grade determination. The economic analysis in Section 19 applies P75 consensus
copper pricing of US$11,101/t to US$12,793/t over the production period. The lower NSR cut-off price provides a conservative reserve declaration
boundary that holds under reasonable downside copper price scenarios; the higher P75 consensus pricing applied in the economic analysis
represents the consensus market view over the production period and is the appropriate basis for evaluating project NPV and IRR. This
convention is consistent with industry practice for SK1300 Mineral Reserve disclosure.

· Tonnage and grade are rounded; this may result in minor apparent computational discrepancies in totals.

· Mineral Reserves are 100% attributable to Konkola Copper Mines Plc.

The Measured and Indicated portion of TD05 (198 Mt - refer companion Initial Assessment TRS Table 11.28) is reported as a Mineral Resource in the companion IA TRS but has not been declared as a Mineral Reserve in this PFS. The QPs consider that the engineering and economic definition required for TD05 Mineral Reserve declaration is below the PFS threshold at the effective date, and a prefeasibility-level study addressing TD05 reclamation through the existing Nchanga TLP is identified in Section 23 as essential to support a future Mineral Reserve declaration. Accordingly, the M&I Case in the companion IA TRS - which incorporates TD05 M&I via the existing Nchanga TLP and runs approximately 15 years - has a broader scope than the Mineral Reserve case presented in this PFS (approximately 11 years).

The QPs are not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors that could materially affect the Mineral Reserve estimates, other than as disclosed elsewhere in this report.

1.8 Mineral Resources

Mineral Resources for the KCM Integrated Operations are detailed in Section 11. Mineral Resources are reported exclusive of Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources with additional exploration. Mineral Resources that are not Mineral Reserves have not been included in the production schedule, mine plan, or economic analysis presented in this PFS. The full Mineral Resource case is assessed in the companion Initial Assessment TRS (AMC, 2026). The Mineral Resource estimate as of 1 April 2026 is summarised in Table 1.3.

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Table 1.3 KCM Mineral Resource estimate summary (Exclusive of Mineral Reserves) – 1 April 2026

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|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes (Mt)** | **TCu (%)** | **Cu (kt)** | **TCo (%)** | **Co (kt)** |
| Konkola Mine | Measured | 1.4 | 3.7 | 52 | 0.06 | 1 |
| Konkola Mine | Indicated | 5.9 | 3.8 | 221 | 0.07 | 4 |
| Konkola Mine | M + I | 7.3 | 3.8 | 273 | 0.06 | 4 |
| Konkola Mine | Inferred | 248 | 3.4 | 8322 | 0.06 | 149 |
| Tailings Dam 03 ("TD03") | Indicated | 0.0 |  |  |  |  |
| Tailings Dam 04 ("TD04") | Indicated | 0.0 | - | - | - | - |
| **KCM Total** | **M + I** | **7.3** | **3.8** | **273** | **0.06** | **4** |
| **KCM Total** | **Inferred** | **248** | **3.4** | **8322** | **0.06** | **149** |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· Mineral Resources are reported exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves
do not have demonstrated economic viability.

· Classification in accordance with S-K 1300.

· Point of reference: in situ material.

· Cut-off grade, Konkola Mine: 1.1% TCu, based on a copper price of US$10,000/t (US$4.54/lb).

· Cut-off grade, TD03 and TD04: no cut-off applied; tailings inventory not classified by grade.

· TD04 Mineral Resources have been fully converted to Probable Mineral Reserves (Table 1.2; Section 12).

· Inferred Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves
at this time, and there is no certainty that Inferred Mineral Resources will be converted to higher confidence categories with additional
exploration. As of the effective date, approximately 97% of the total Mineral Resource (exclusive of Mineral Reserves) is classified as
Inferred and is concentrated at the Konkola Mine. Inferred Mineral Resources are excluded from the PFS mine plan and economic assessment;
any Inferred material within mine designs has been treated as waste and assigned zero grade. The full Mineral Resource case (including
Inferred) is assessed in the companion Initial Assessment Technical Report Summary (AMC, 2026).

· Metallurgical recovery, Konkola Mine: Concentrator 89.2% Cu, 60%
Co; Smelter 98.1% Cu, 30% Co; Concentrate payable Cu 96.8%. Overall ROM to payable Cu: 84.7%; ROM to refined Co: 18.0%.

· Metallurgical recovery, Nchanga TLP (ambient leach, TD03 and TD04 only): 74.8% Acid Soluble Copper (ASCu)
recovery, equivalent to approximately 48.5% Total Copper (TCu) recovery to cathode.

· Mineral Resources are 100% attributable to Konkola Copper Mines Plc.

· Tonnage and grade are rounded; this may result in minor apparent computational discrepancies in totals.

As of the effective date of this report, approximately 63% of total KCM Mineral Resources are classified as Inferred and have not been included in the Mineral Reserve estimate; the Measured and Indicated Mineral Resources represent approximately 37% of the total Mineral Resource. The QPs consider that there is potential to increase Mineral Reserves through continued resource definition drilling as recommended in Section 23.1.1.

1.9 Mining methods

Konkola Mine is an established underground copper mining operation. Development activities are centered on the Konkola Deep Mining Project (KDMP), which provides access to deeper sections of the orebody via vertical shafts and underground declines. Mining is primarily undertaken using longitudinal longhole open stoping (LHOS) methods.

The orebody dips between 35° and 70°, with average thickness of 9 meters (m). A mine plan redesign of KDMP formed an integral component of the PFS. The mining method applied to flatly dipping (<40°) parts of the orebody has been changed from Post Pillar Cut and Fill (PPCF) to Panel Stoping with paste fill as a key enabler. The change in mining method increases resource recovery, thereby improving the ore to waste development ratio.

The operation is characterised by exceptionally high groundwater inflows and is regarded as one of the wettest underground mines globally, with an ore hoist-to-water pumping ratio of approximately 1:49. A comprehensive dewatering system is in place, including staged pumping stations, sumps, and water management infrastructure to maintain mine access and safety.

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1.10 Processing and recovery methods

KCM's processing infrastructure comprises the Konkola Concentrator, Nchanga concentrators, Nchanga TLP, Nchanga flash smelter, and Nkana refinery. These assets are operationally integrated and cannot be economically separated. Surface facilities at the Konkola Complex process run-of-mine (ROM) ore through crushing, milling, flotation, and dewatering. The produced concentrate is transported to the Nchanga Smelter, with final copper production completed at the Nkana Refinery via electrorefining.

Key processing parameters:

· Konkola Concentrator Recovery: 89.2% copper recovery to concentrate.

· Concentrate Grade: Approximately 33% copper.

· Smelter Recovery: 98.1% copper recovery.

· Concentrate Payable Cu: 96.8% payable copper.

· Nchanga TLP Recovery: 48.5% total copper recovery (refer to Section 10 for acid soluble copper recovery
details).

The LOM plan assumes purchase of 300,000–315,000 tpa of third-party concentrate from regional Zambian and DRC Copperbelt mines to supplement KCM's own internal feed. This is a process requirement of the Nchanga Flash Smelting Furnace, which requires a specific Fe / SiO₂ ratio in the feed blend that cannot be achieved using KCM's own concentrates alone, as both the Konkola and Nchanga concentrators produce high-silica concentrate (typically 20–22% SiO₂ against a preferred limit of less than 15% SiO₂). Third-party concentrate is purchased on a metal-return basis, KCM takes ownership of the concentrate and bears the associated price risk, and is not a toll processing arrangement.

Third-party concentrate has been sourced historically from large-scale open pit and underground copper producers in the Zambian and DRC Copperbelt, providing a diverse regional supply base within 200 to 500 kilometres of the Nchanga Smelter. The Copperbelt region represents one of the world's largest copper-producing areas and output is forecast to grow across the Mineral Reserve LOM period. A structural dynamic supporting supply continuity is the Zambian government's 10% export levy on copper concentrate, which creates a material economic incentive for Zambian producers to supply domestic smelters rather than export, and the comparatively high logistics cost of shipping DRC-origin concentrate to overseas smelters relative to regional Copperbelt facilities. However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga Flash Smelting Furnace (FSF) and its anticipated withdrawal from the regional market represents a material change in the third-party concentrate supply landscape over the LOM. Active management of the regional supply base will accordingly be required throughout the LOM to maintain the assumed 300,000–315,000 tpa of third-party concentrate.

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The QPs consider there is a reasonable basis to expect that sufficient concentrate will remain available at commercially reasonable terms given the scale of regional Copperbelt production, the structural inability of many smaller producers to develop proprietary smelting capacity, and the structural supply dynamics described in Section 14.4.3. However, the absence of binding supply contracts beyond FY2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. The sensitivity of project economics to this dependency is assessed in Section 19.2.4, which models the removal of third-party concentrate from the LOM plan entirely. The total NPV₈% impact comprises two components: the direct smelter contribution accounts for approximately US$140M or approximately 9% of the post-tax base case NPV₈% of US$1,588M; the incremental acid procurement cost arising from reduced smelter throughput accounts for a further approximately US$70M, reflecting the delta between the external market price of US$175/t and the internal transfer price of US$130/t applied to the acid shortfall of approximately 1.6 Mt over the Mineral Reserve life of mine. The combined post-tax NPV₈% reduction is approximately US$210M or approximately 13%, reducing the post-tax base case NPV₈% to approximately US$1,378M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

1.11 Infrastructure

KCM's integrated operations span three principal sites connected by established road infrastructure across the Copperbelt Province. Run-of-mine ore from the Konkola Mine at Chililabombwe is processed through the on-site Konkola Concentrator. Copper concentrate is transported approximately 20 km by road to the Nchanga Flash Smelter at Chingola, with blister copper then transported approximately 55 km to the Nkana Refinery at Kitwe for electrorefining to LME Grade A cathode. All inter-site routes utilise high-quality tarmac roads capable of supporting loads up to 50 tonnes.

Power is supplied under a long-term agreement with CEC, providing 200 MW capacity to all KCM sites. This agreement has been in place for over 20 years. Water supply for processing operations is sourced primarily from the Kafue River system and from dewatering operations at the Konkola Mine, which pumps approximately 350,000 m³/day. The Konkola Mine operates a comprehensive staged dewatering system including pumping stations, sumps, and water management infrastructure critical to maintaining mine access and safety.

Export logistics for refined copper cathode rely on road freight to rail transfer points and onward transport to regional ports, including Dar-es-Salaam (Tanzania), Walvis Bay (Namibia), and Durban (South Africa). Further details on infrastructure and logistics are provided in Sections 4 and 15.

1.12 Economic analysis summary

The before-tax economic analysis is based on the Mineral Reserve mine plan only. The economic model incorporates the operating cost, capital cost, and pricing inputs described in this report. Revenue assumptions are:

· Copper Price: P75 consensus pricing as per Table 19.2 (ranging from US$11,101/t to US$12,793/t over the
Mineral Reserve production period).

· Cobalt Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve
production period).

· Discount Rate: 8% real, pre-tax.

Capital expenditure for the Mineral Reserve mine plan totals US$1,238M, comprising growth capital, capitalised mining development, and sustaining capital. A summary by category is presented in Table 1.4.

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Table 1.4 Capital cost summary – Mineral Reserve case

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| | | |
|:---|:---|:---|
| **Capital category** | **Amount (US$M)** | **% of Total** |
| **Growth Capital** | **208** | **16.6** |
| 1390 mL Pump Chamber (Konkola) | 55 | 4.4 |
| Tramming Upgrade Phase 2 (875 mL) (Konkola) | 22 | 1.7 |
| Concentrator Stream 2 Refurbishment (Konkola) | 3.6 | 0.3 |
| Permanent Cathodes (TLP) | 20 | 1.6 |
| Other growth projects (incl. EPCM & contingency) | 109 | 8.7 |
| **Capitalised Mining Development (Sub-total)** | **569** | **45.3** |
| Lateral Development | 505 | 40.2 |
| Vertical Development | 64 | 5.1 |
| **Sustaining Capital (Sub-total)** | **461** | **36.7** |
| KCM Underground Sustaining | 302 | 24.1 |
| Nchanga Smelter Sustaining | 142 | 11.3 |
| Other sustaining (TLP) | 17 | 1.4 |
| **Total Capital** | **1238** | **100** |
| *Closure Costs (additional)* | *133* |  |

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Note: All values in US$M. Capital cost estimates are at PFS accuracy level (±25%) with contingency of 10–15%. Totals may not sum due to rounding. Refer to Section 18 for detail.

Growth capital of US$208MM comprises investments to support planned production rates, with the largest single item being the 1390 mL Pump Chamber (US$55M) for primary dewatering infrastructure. Capitalised mining development of US$569M reflects the underground lateral and vertical development required to access Mineral Reserves at the Konkola Mine. Approximately 60% of life-of-mine capital expenditure (US$742M of US$1,238M) is scheduled in the first three years (fiscal years 2027 through 2029), reflecting the front-loaded nature of the dewatering, shaft, and lateral development program. Sustaining capital of US$461M covers ongoing equipment replacement and infrastructure maintenance across both the KCM underground operations and the Nchanga Smelter and Refinery.

Life-of-mine operating costs total US$4,816, comprising KCM underground mining, Nchanga TLP tailings reclamation, and Nchanga Smelter and refinery operations, and excluding royalties. A summary by operational unit is presented in Table 1.5.

Table 1.5 Operating cost summary – Mineral Reserve case

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| | | | |
|:---|:---|:---|:---|
| **Operating Cost Category** | **LOM Total (US$M)** | **Unit Cost** | **Unit** |
| Konkola Underground Mining (Mining + G&A) | 3639 | 125 | US$/t ore |
| Nchanga Business Unit (NBU) | 11 | N/A |  |
| Nchanga TLP Operations | 519 | 15 | US$/t ore |
| Subtotal — Mining Operating Costs | 4169 |  |  |
| Smelter & Refinery Operating Costs | 1376 |  |  |
| Smelter & Refinery Credits | (729) |  |  |
| **Total Operating Costs** | **4816** |  |  |
| C1 Cash Cost<sup>1</sup> | 4415 | 2.46 | US$/lb Cu |
| All-in Sustaining Cost (AISC)<sup>1</sup> | 5583 | 3.11 | US$/lb Cu |

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Note: <sup>1</sup> C1 and AISC are non-GAAP measures. C1 Cash Cost includes all direct mining, processing, and site G&A costs, net of by-product credits. AISC includes C1 plus sustaining capital, and royalties. Full definitions and reconciliation provided in Section 18. Refer to Section 18 for annual cost profiles.

KCM underground mining costs of US$3,639M (US$125/t ore average) include operating development, stoping, power, dewatering, backfill, and mine services. Nchanga TLP operating costs of US$519M, equivalent to approximately US$15/t of total TLP mill throughput, cover tailings reclamation, leach circuit processing, and site administration. Smelter and refinery operating costs of US$1376M include the Nchanga Smelter, sulfuric acid plant, and Nkana Refinery.

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The Mineral Reserve case economic results are summarised in Table 1.6.

Table 1.6 Summarised economic results

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| | |
|:---|:---|
| **Item** | **Value** |
| **Production** |  |
| Konkola Ore Mined | 29066 |
| Konkola Underground Head Grade | 2.89 |
| Konkola Underground Recovery | 89.2 |
| Nchanga TLP Ore Mined | 24522 |
| Nchanga TLP Head Grade | 0.64 |
| Nchanga TLP Recovery (Total Cu Recovery) | 48.50 |
| Total Integrated Copper Production<sup>(1)</sup> | 814 |
| Mine Life | ~11 |
| **Economic Metrics** |  |
| Net Revenue | 9914 |
| Total Operating Costs<sup>(2)</sup> | 4816 |
| Total Capital Expenditure | 1238 |
| C1 Cash Cost<sup>(3)</sup> | 2.46 |
| All-in Sustaining Cost<sup>(3)</sup> | 3.11 |
| Free Cash Flow (post-tax) | 2425 |
| NPV₈% (post-tax, real) | 1588 |
| IRR (post-tax) | N/A<sup>(4)</sup> |
| Payback Period | ~2.0 |

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Notes:

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|:---|:---|
| 1 | Integrated Metal Production is KCM's own payable copper (Konkola Mine 734 kt + Nchanga TLP 80 kt). Excludes copper from third-party concentrate processed at the Nchanga Smelter and Nkana Refinery (Third-Party Metal Production: 1,112 kt; Total Metal: 1,925 kt). Refer to Table 19.2 for full breakdown. |

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| 2 | Total Operating Costs of US$4,816M comprises mining operating costs, smelter and refinery operating costs net of by-product credits, and treatment and refining charges (TC/RC). Refer to Table 19.2 for the full operating cost build. |

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3 C1 Cash Cost and AISC are non-GAAP measures calculated on KCM's own payable copper production (Integrated Metal Production basis: 814 kt). Refer to Table 19.2 and Section 18.

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| 4 | IRR is not reported for the Reserve Case. KCM is a brownfield producing operation, with capital distributed across the mine plan rather than concentrated in an initial construction phase. The modest Year 1 negative pre-tax free cash flow reflects incremental investment timing rather than a greenfield-type construction outflow, and a conventional IRR does not produce a meaningful measure of economic viability. |

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The Mineral Reserve Case demonstrates economic viability based on the Proven and Probable Mineral Reserves declared at the Konkola Mine and Tailings Dams TD03 and TD04, with an ~11 year mine life. An 8% annual real discount rate has been applied to the cashflows in the Mineral Reserve Case to yield a post-tax NPV of US$1.6B (US$2.0B pre-tax) and a post-tax free cash flow of approximately US$2.4B. The economic analysis includes the processing of third-party purchased concentrate through the Nchanga Smelter and Nkana Refinery, which contributes approximately US$140M to post-tax NPV₈% (approximately 9% of total post-tax NPV). No third-party material is included in any Mineral Reserve or Mineral Resource estimate. Excluding the third-party contribution, the post-tax NPV₈% attributable to KCM's own copper production is approximately US$1.4B; refer to Section 19 for further detail.

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1.13 Sensitivity analysis

A sensitivity analysis on the NPV₈% was undertaken on copper price, cobalt price, operating costs and capital costs. The results are shown in Figure 1.1 and summarised in Table 1.7. The project is most sensitive to changes in copper prices and operating costs.

Figure 1.1 Sensitivity analysis graph

![](ctm005_ex96-2img02.jpg)

Source: AMC, 2026.

Table 1.7 Sensitivity analysis results

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 626 | 1107 | 1588 | 2069 | 2550 |
| Co Price (NPV US$M) | 1577 | 1582 | 1588 | 1594 | 1600 |
| OPEX (NPV US$M) | 2079 | 1833 | 1588 | 1342 | 1098 |
| CAPEX (NPV US$M) | 1730 | 1660 | 1588 | 1517 | 1446 |

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1.14 Environmental studies, permitting, and social or community impact

KCM operates under valid Large-Scale Mining Licenses issued by the Zambian Ministry of Mines. Key permits include environmental authorisations under the Zambia Environmental Management Agency (ZEMA), water abstraction permits for dewatering operations, and tailings storage facility (TSF) operating permits. All required permits for current operations are in place. The Konkola license (7076-HQ-LML) expires 30 March 2050, and the Nchanga TLP license (28174-HQ-MPL) expires 16 December 2045. No new permits are required for the activities contemplated in this PFS. Environmental management at KCM is governed by the Environmental Management Act (EMA) of 2011 and its subsidiary regulations. Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129M. As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. The outstanding balance has been filed as a claim under the Creditors' Scheme of Arrangement by the Mines Safety Department (MSD), which falls under the Government of the Republic of Zambia (GRZ), and will be settled in accordance with the waterfall mechanism provided thereunder. In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024), during which no payments in respect of such liabilities are required. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment. Estimated closure costs of US$133M have been included in the economic analysis (Section 19) and are based on preliminary closure planning, which may be refined in subsequent studies. Tailings storage facilities are managed in accordance with the Global Industry Standard on Tailings Management (GISTM), with quarterly independent assessments conducted on all operational TSFs. Two operational TSFs (TD05 Muntimpa and Lubengele) are subject to ongoing stability monitoring and statutory compliance inspections. Further details on TSF conditions and management are provided in Section 15.8.

KCM's operations are located within established Copperbelt mining towns (Chililabombwe, Chingola, and Kitwe) with long-standing community relationships. Community development, resettlement programs, and stakeholder engagement activities are managed by KCM as described in Section 17. The QPs have relied on the Registrant for information regarding environmental and community matters as disclosed in Section 25.

1.15 Qualified Person's conclusions

The QP concludes that:

· The Konkola Mine Mineral Reserve estimate is based on the mine plan and adjusted mining methods and systems
described in this document.

· Mineral Reserves are currently derived exclusively from Measured and Indicated Mineral Resources, which
represent approximately 2.8% of the total Konkola Mineral Resource (exclusive of Reserves). The remaining, approximately 97.2%, is classified
as Inferred and has not been included in the Mineral Reserve estimate or the PFS mine plan. Conversion of Inferred Mineral Resources to
higher confidence categories through infill drilling, as recommended in Section 23.1.1, has the potential to materially increase
future Mineral Reserve estimates, subject to the application of applicable modifying factors.

· The economic analysis for the Mineral Reserve case demonstrates a positive outcome, with a post-tax NPV₈%
of US$1,588M, pre-tax NPV₈% of US$1,998 and a payback period of ~2.0years.

· The timely and effective installation of the 1390 level pumping infrastructure is critical to achieving
the required dewatering rates.

· Underground water management remains the principal technical risk to sustained production at the planned
rates. The dewatering strategy is described in Section 13 and its capital requirements in Section 18.

The QP recommends:

· A systematic infill drilling program targeting conversion of Inferred Mineral Resources to Indicated,
prioritizing areas adjacent to existing development and planned stoping blocks, to support future Mineral Reserve growth (Section 23.1.1).

· Prioritisation of the 1390 level pumping infrastructure installation.

· Ongoing monitoring of groundwater conditions and dewatering system performance.

· Continued geotechnical data collection and analysis to refine stope design parameters and dilution assumptions
as mining advances into new areas (Section 23.2.1).

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2 Introduction

AMC Consultants (UK) Limited (AMC) was engaged by Vedanta Resources Limited (Vedanta) to prepare this Preliminary Feasibility Study (PFS) Technical Report Summary (TRS) for the Konkola Mine and associated TD03 and TD04 operations located in the Zambian Copperbelt. This report has been prepared in compliance with Subpart 1300 of Regulation S-K (S-K 1300) as mandated by the United States Securities and Exchange Commission (SEC).

This PFS TRS presents the economic viability of mining Mineral Reserves at the Konkola Mine and the recovery of copper from TD03 and TD04. The Mineral Reserve mine plan and cash flow analysis are based exclusively on Mineral Reserves and do not include any Mineral Resources that have not been converted to Mineral Reserves.

The technical contents of this report adhere to requirements for reporting on Mineral Reserves, as required by S-K 1300. The effective date of this report is 1 April 2026.

2.1 Registrant for whom the TRS was prepared

This TRS has been prepared for the registrant, CopperTech Metals Inc., and its subsidiary, Konkola Copper Mines Plc (KCM). KCM is the operator of the Konkola Mine and associated TD03 and TD04 operations located in the Copperbelt Province of Zambia. KCM, and its subsidiary company Konkola Mineral Resources Limited (KMRL) is the legal holder of the mineral rights associated with the Konkola and Nchanga license areas and operates under large-scale mining licenses.

2.2 Terms of reference and purpose

This report has been prepared in accordance with S-K 1300 of the U.S. SEC and provides a TRS for the Konkola Mine and Konkola Concentrator, TD03, TD04, and the associated processing infrastructure including the Nchanga Smelter and Nkana Refinery.

The purpose of this report is to report information regarding Mineral Reserves, development progress, and associated technical assessments, including risk factors and economic considerations. The report constitutes a PFS focused on the Mineral Reserve estimate for the Konkola Mine, TD03 and TD04, incorporating revised mine planning, extraction rates, and modifying factors.

This report was prepared by AMC, an independent mining consultancy, on behalf of KCM. AMC has no material interest in KCM or its affiliates.

2.3 Units of measure

Unless otherwise stated, all units in this report are in metric (SI) units. Currency is presented in United States Dollars (US$). The exchange rate used for financial modelling and conversions is the FY2025/26 average exchange rate (12-months ended 31 March 2026) of ZMW 22.40 to US$1.00, unless stated otherwise.

Grades are reported as total copper (TCu) in percent (%), total cobalt (TCo) in percent and acid soluble copper (ASCu) in percent. Tonnages (t) are reported as dry metric tonnes (t) unless otherwise explicitly stated.

The unit mL refers to meter level and is the vertical elevation with reference to the collar position of 4 Shaft at the Konkola Mine.

2.4 Defined terms and abbreviations

Table 2.1 defines the principal facility names, abbreviations, and technical terms used throughout this TRS. Each term is defined at first use in the body of the report; the standardised form shown in Table 2.1 is used thereafter.

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Table 2.1 Defined terms and abbreviations

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| | | |
|:---|:---|:---|
| **Defined Term** | **Abbreviation** | **Description** |
| KCM Integrated Operations |  | The integrated mining, processing, smelting, and refining operations of Konkola Copper Mines Plc, comprising the Konkola Mine, Nchanga Concentrators, TD03, TD04, the Nchanga TLP, the Nchanga Smelter, and the Nkana Refinery, as described in Section 1.2. |
| Konkola Mine |  | The underground copper mine at Chililabombwe, Copperbelt Province, Zambia, operated by KCM. Includes all underground workings accessed via No. 1, No. 3, and No. 4 Shafts. |
| Konkola Deep Mining Project | KDMP | The development project providing deep-level access to the Konkola orebody via No. 4 Shaft and associated underground infrastructure. |
| Konkola Concentrator |  | The sulfide flotation concentrator located at the Konkola Mine site, processing run-of-mine ore from the Konkola Mine. |
| Tailings Dam 03 | TD03 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Tailings Dam 04 | TD04 | The historical tailings storage facility at the Nchanga site, from which tailings are reclaimed for processing through the Nchanga TLP. |
| Nchanga TLP | Nchanga TLP | The acid leach and solvent extraction–electrowinning (SX-EW) facility at Nchanga that processes reclaimed tailings from TD03 and TD04 and current Nchanga Concentrators tailings. |
| Nchanga Smelter |  | The Outotec flash smelting facility at Nchanga, Chingola, with nameplate capacity of 312,000 tpa concentrate. Includes the sulfuric acid plant. |
| Nkana Refinery |  | The electrolytic copper refinery at Kitwe, producing LME Grade A copper cathode from Nchanga Smelter anode. |
| Nchanga Concentrators |  | The three concentrating mills at the Nchanga site: Open Pit East Mill (OEM), Nchanga East Mill (NEM), and North West Mill (NWM). Excluded from the PFS mine plan; included in infrastructure descriptions. |
| Nchanga Business Unit | NBU | The Nchanga mining and processing operations at Chingola, including underground and open pit mines. Excluded from the PFS Mineral Reserve and mine plan. |
| Nampundwe Mine |  | The underground pyrite mine located approximately 50 km west of Lusaka, supplying flux to the Nchanga Smelter. Excluded from the PFS Mineral Reserve and mine plan. |
| Longitudinal longhole open stoping | LHOS | The primary underground mining method applied at Konkola Mine. |
| Post pillar cut and fill | PPCF | A secondary mining method historically applied at Konkola Mine for flatly dipping sections; replaced by panel stoping with paste fill in the PFS mine plan. |
| Ore Shale Unit | OSU | The principal mineralised horizon at Konkola, a carbonaceous and dolomitic shale unit within the Lower Roan Group. |
| S-K 1300 |  | Regulation S-K, subpart 1300 of the U.S. Securities and Exchange Commission, governing disclosure of mining-related information. |
| Qualified Person | QP | As defined in S-K 1300 §1300(a). |
| Fiscal year | FY | The financial year of Konkola Copper Mines Plc, running from 1 April to 31 March of the following calendar year. For example, FY2026/27 refers to the period 1 April 2026 to 31 March 2027. All production schedules and financial projections in this TRS are reported on this basis unless otherwise stated. |

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2.5 Sources of information

This report is based on data and information provided by KCM as outlined in Section 25 of this report, supplemented by AMC's own analysis, site inspections, historical reports, and public domain references. Sources include:

· KCM geological models, drillhole databases, and quality assurance / quality control (QAQC) records.

· Processing plant flow sheets, production records, and metallurgical test work.

· Cost models, operating assumptions, and infrastructure documentation.

· Site visits, interviews with KCM technical teams, and historical technical studies.

Data verification steps were conducted in accordance with S-K 1300, and the Qualified Persons (QPs) have reviewed all relevant datasets for consistency and completeness.

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2.6 Personal inspection of the property

In accordance with Item 1302(b)(2)(iii) of Regulation S-K, AMC confirms that personal inspections of the KCM operations were conducted by the technical professionals responsible for the preparation of this TRS.

AMC personnel conducted site inspections at the Konkola and Nchanga operations on the following occasions:

· November 2024: Initial site inspection covering Konkola Underground mine workings (including active development
headings, shaft systems, and ore passes), the Konkola Concentrator, surface infrastructure, and the Nchanga Smelter and Refinery. The
inspection included review of core storage facilities, geological logging practices, and sample preparation procedures at the on-site
laboratory.

· February 2025: Follow-up inspection focused on underground mining operations at Konkola, including observation
of longhole open stoping and panel stoping methods, rail haulage and tramming systems, dewatering infrastructure, and ventilation circuits.
Processing operations at the Nchanga Tailings Leach Plant (TLP) and tailings reclamation activities at TD03 and TD04 were also inspected.
Meetings were held with KCM operational and technical teams to verify production data, cost assumptions, and contractor arrangements.

· April 2025: This inspection covered the Konkola Concentrator refurbishment progress, paste fill plant
site, Nchanga Smelter operations, and the Lubengele tailings storage facility (TSF). Updated geological models and mine plans were reviewed
with KCM's geology and mine planning teams, and datasets used in the preparation of this TRS were verified against site records.

· July 2025: Follow-up inspection focused on geological data collection and collation for Mineral Resource
estimation, incorporating audit and review of inputs for Konkola and Nchanga hard rock assets. Including an inspection of the core storage
facilities and Konkola on-site laboratory. Review of geological logging practices, sample preparation procedures and QAQC procedures.
Inspection of ongoing core drilling at TD05 TSF.

IBIS Environmental personnel conducted site inspections during 2025 in support of the environmental and social assessments presented in Sections 16 and 20 of this report, including baseline environmental monitoring, stakeholder engagement activities, and assessment of tailings storage facility conditions.

All inspections occurred during active operational periods. Observations made during site visits were cross-referenced with geological models, mine plans, production records, and historical datasets to validate the assumptions used in Mineral Resource and Mineral Reserve estimation, mine planning, cost estimation, and economic analysis. The AMC professionals who conducted the site inspections are the same individuals responsible for the technical content of this TRS and who contributed to the conclusions and recommendations presented herein.

The QP is satisfied that the site inspections were of sufficient scope, frequency, and duration to support the conclusions presented in this report.

2.7 Summary of previously filed technical report

This report updates and supersedes any previous technical reports prepared for KCM in the United States of America or other jurisdictions, based on earlier geological models and classification criteria relying primarily on variogram ranges. The current assessment includes revised drillhole data, updated estimation methods, and a stricter classification framework as applied by AMC in line with current industry practice.

2.8 Qualified Persons

AMC is an independent third-party consulting firm comprising mining experts, including professional geologists and mining engineers. In accordance with S-K Item 1302(b)(1)(ii), AMC signs this TRS as a firm.

The AMC personnel who prepared this report are specialists in geology, Mineral Resource and Reserve estimation, underground mining, geotechnical engineering, mineral processing, and mineral economics. All contributing personnel have more than five years of relevant experience in sediment-hosted copper deposits and underground mining operations and are members in good standing of recognised professional organizations including the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG).

AMC takes responsibility for all sections of this Report.

2.9 Reliance on the registrant

AMC have relied on information and assurance provided by KCM and several specialists employed by KCM. The detail of this reliance is provided in Section 25 of this document.

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3 Property description

3.1 Property description

The KCM Integrated Operations is located in the Copperbelt Province of the Republic of Zambia. The properties covered by this PFS comprise the Konkola Mine and Concentrator near Chililabombwe, the Nchanga TLP and Nchanga Smelter near Chingola, the Nkana Refinery in Kitwe, and historical TD03 and TD04 at the Nchanga site. The total combined license area of the KCM operations is approximately 14,967 hectares (ha). Infrastructure, access, and climate conditions are described in Section 4.

3.2 Project location

The Konkola operations are located in the Copperbelt Province of Zambia, Africa (Figure 3.1), within a region known for its extensive copper mining operations. This region has historically been the backbone of Zambia's economy and continues to be a key player in global copper production.

Figure 3.1 Map of Zambia showing the Copperbelt Region

![](ctm005_ex96-2img03.jpg)

Source: Post-Mining Restoration in Zambia Screening native tree species for phytoremediation potential. 2021. ResearchGate. Retrieved from https://www.researchgate.net/figure/Map-of-Zambia-The-Copperbelt-region-is-marked-in-the-stripped-grey-and-the-sampled-areas_fig1_341293959. Accessed: 24 Mar 2025.

The Konkola Mine and concentrator is located at Chililabombwe, approximately 20 km north of Chingola and 5 km south of the Zambia–DRC border. The site lies at approximately latitude 12.375005°S and longitude 27.830647°E.

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The Nchanga Complex, including open pit and underground mines, concentrators, smelter, and the Nchanga TLP, is located approximately 4 km from the town of Chingola at latitude 12.512792°S and longitude 27.857893°E. The tailings storage facilities (TD03 and TD04) are situated between Konkola and Nchanga at latitude 12.501449°S and longitude 27.794603°E. The Nkana Refinery, where final copper cathode production is completed, is located in Kitwe at latitude 12.808555°S and longitude 28.251682°E. The Nampundwe Pyrite Mine, which supplies flux to the Nchanga Smelter, is located in the Shibuyunji District at latitude 15.491742°S and longitude 27.909511°E, approximately 320 km south of the Copperbelt operations. Geographic coordinates for all major facilities are presented in Table 3.1 and shown on the property location map (Figure 3.2).

Figure 3.2 Property location map – KCM Integrated Operations

![](ctm005_ex96-2img04.jpg)

Source: Base map tiles© OpenStreetMap contributors. Coordinate system: WGS 84 (EPSG:4326), Decimal Degrees. Map accuracy within ±50 m of stated coordinates.

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Table 3.1 KCM Integrated Operations — facility coordinates (WGS84 datum)

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| | | | |
|:---|:---|:---|:---|
| **Site / Facility** | **Latitude** | **Longitude** | **License No.** |
| **Konkola Complex — Chililabombwe** |  |  |  |
| Konkola Mine (No. 4 Shaft) | 12.378820°S | 27.829329°E | 7076-HQ-LML |
| Konkola Mine (No. 1 Shaft) | 12.380048°S | 27.829103°E | 7076-HQ-LML |
| Konkola Mine (No. 3 Shaft) | 12.359064°S | 27.818375°E | 7076-HQ-LML |
| Konkola Concentrator | 12.375666°S | 27.829844°E | 7076-HQ-LML |
| **Nchanga Complex — Chingola** |  |  |  |
| Nchanga Underground (D Shaft) | 12.524812°S | 27.854832°E | 7075-HQ-LML |
| Chingola Open Pit DF (COP DF) | 12.555909°S | 27.815651°E | 7075-HQ-LML |
| Chingola Open Pit E Extension | 12.542381°S | 27.814069°E | 7075-HQ-LML |
| Nchanga East Mill (Concentrator) | 12.526696°S | 27.858325°E | 28173-HQ-MPL |
| Nchanga West Mill (Concentrator) | 12.525773°S | 27.857918°E | 28173-HQ-MPL |
| Nchanga Smelter | 12.530508°S | 27.855137°E | 7075-HQ-LML |
| Nchanga TLP | 12.532698°S | 27.847922°E | 28174-HQ-MPL |
| **Tailings storage facility Facilities — Chingola** |  |  |  |
| TD03 — centroid | 12.502871°S | 27.794465°E | 7075-HQ-LML |
| TD04 — centroid | 12.513000°S | 27.797564°E | 7075-HQ-LML |
| TD05 — centroid | 12.618307°S | 27.885647°E | 7075-HQ-LML |
| **Nkana Refinery — Kitwe** |  |  |  |
| Nkana Refinery (Electrorefinery) | 12.657859°S | 28.082655°E | 20945-HQ-MPL |
| **Nampundwe Mine — Shibuyunji District** |  |  |  |
| Nampundwe Pyrite Mine | 15.492062°S | 27.909868°E | 7074-HQ-LML |

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Notes: All coordinates in WGS84 decimal degrees. Complex-level coordinates represent the approximate centroid of each operational area. Areas sourced from Large-Scale Mining License schedules.

3.3 Description of property rights

KCM holds exclusive rights to explore for, extract, process, and sell copper ores and related products within the boundaries of its large-scale mining licenses. These rights are granted under the Mines and Minerals Development Act (2015) of Zambia and are administered by the Ministry of Mines and Minerals Development.

The licenses provide legal authority for both surface and underground mining activities, as well as construction and operation of associated infrastructure including processing plants, TSFs, waste management areas, and water abstraction systems.

KCM's rights include:

· The exclusive right to access and extract copper-bearing ore within the defined license areas.

· The right to process ore and produce copper concentrates and cathodes.

· The right to construct, operate, and maintain infrastructure for mining, processing, tailings, and logistics.

· The authority to sell and export copper products in line with national export guidelines.

Surface rights within the license areas are secured either directly through the mining licenses or through agreements with local authorities and landholders where required. As of the effective date of this report, all property rights are considered to be in good legal standing. To the QP's knowledge, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

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KCM is an indirect subsidiary of CopperTech Metals Inc. (the Registrant). CopperTech holds its interest in KCM through Vedanta Resources (Jersey) Limited (VRJL). As of the effective date of this report, VRJL holds 79.42% of KCM's issued share capital, with Zambia Consolidated Copper Mines Investment Holdings Plc (ZCCM-IH) holding 20.58%. The Government of the Republic of Zambia holds one special share in KCM.

Mineral rights associated with the Konkola and Nchanga license areas are held by Konkola Mineral Resources Limited (KMRL), a wholly owned subsidiary of KCM. A complete schedule of mining licenses, mineral processing licenses, and associated areas is provided in Table 3.1.

In May 2019, ZCCM-IH petitioned the High Court of Zambia seeking to wind up KCM, and a provisional liquidator was appointed to oversee operations. On 6 November 2023, the parties entered into the KCM Shareholders Agreement, establishing the terms for the resumption of operational control by VRHL. The Scheme of Arrangement was sanctioned by the High Court on 28 June 2024 and became effective on 31 July 2024, at which point the provisional liquidator was removed and the board of directors of KCM was reinstated. In connection with the Scheme of Arrangement, VRHL entered into loan agreements with KCM for an aggregate principal amount of up to US$1.27 billion to fund capital expenditure, creditor settlement, and community support. Further details on the Scheme of Arrangement and KCM Shareholders Agreement are provided in the Registrant's Registration Statement on Form S-1.

3.3.1 Surface and access rights

KCM has secured surface rights through long-term leases with the Zambian Government. These rights permit the construction of mining infrastructure, roads, and processing facilities necessary for efficient operations. Additionally, water abstraction rights have been obtained to support dewatering and processing operations, which are critical to underground mining viability.

Land access agreements have been established with local communities and traditional authorities to ensure uninterrupted mining and exploration activities. These agreements outline land-use policies, compensation frameworks, and sustainability commitments.

In areas where project development has affected local landholders or settlements, resettlement action plans (RAPs) have been developed in line with Zambian regulatory requirements and international standards. These plans include structured consultation processes, physical relocation (where applicable), livelihood restoration programs, and monitoring mechanisms. Ongoing engagement with local communities is maintained to support KCM's social license to operate.

3.4 Mineral rights

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024). The company operates under Large-Scale Mining Licenses (LSML) issued by the Ministry of Mines and Minerals Development (MMMD). These licenses grant KCM exclusive rights to explore, mine, and process copper within its designated areas.

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Table 3.2 KCM mineral rights and tenure details

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|:---|:---|:---|:---|:---|
| **Asset** | **License** | **Description** | **Area (ha)** | **Expiry date** |
| Konkola Mine License | 7076-HQ-LML | Covers mining and concentrator operations at the Konkola Mine site in Chililabombwe | 4054 | 30 March 2050 |
| Nchanga License | 7075-HQ-LML | Covers Nchanga mining and tailings reclamation operations in Chingola | 10659 | 30 March 2050 |
| Nchanga TLP License | 28174-HQ-MPL | Covers Nchanga TLP in Chingola | 177.0 | 16 December 2045 |
| Nchanga Old East Mill License | 28173-HQ-MPL | Covers all Nchanga Concentrators operations in Chingola | 27.0 | 16 December 2045 |
| Nkana Refinery License | 20945-HQ-MPL | Covers refining activities at the Nkana smelter and electrorefining in Kitwe | 50 | 18 April 2050 |

---

All licenses are held in the name of KCM, the registrant, and are associated with relevant surface rights and environmental approvals. As of the effective date of this report, there are no known material encumbrances, legal proceedings, or compliance issues that would adversely affect the standing of these licenses or KCM's ability to conduct operations.

3.5 Royalty payments

KCM's mineral rights are governed by Zambia's Minerals Regulation Commission Act (2024), which mandates royalty payments based on copper production revenue:

· 4.0% for copper prices below $4,000/t.

· 6.5% for copper prices between $4,000/t and $5,000/t.

· 8.5% for copper prices between $5,000/t and $7,000/t.

· 10% for copper prices above $7,000/t.

Additionally, KCM is subject to a 30% corporate income tax and a 16% value-added tax (VAT) on applicable transactions. Compliance with these obligations is integral to the company's financial planning and investment strategy.

KCM's surface access agreements with local communities and authorities ensure continued mining and processing operations with minimal disruptions.

These fiscal obligations form part of the national revenue system and are not tied directly to community investment schemes. Community development initiatives are administered through separate corporate social responsibility (CSR) frameworks.

3.6 Significant encumbrances to the property

To the QP's knowledge, as of the effective date of this report, there are no material encumbrances to the KCM mining licenses or property rights that would adversely affect the ability to conduct mining operations.

KCM is subject to standard regulatory and environmental obligations that are typical for mining operations in Zambia, including contributions to the Environmental Protection Fund (EPF), compliance with environmental permits issued under the Environmental Management Act, and community engagement obligations associated with surface access agreements. These obligations are described below and are not considered encumbrances to the property.

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3.6.1 Environmental compliance obligations

Based on the 2020 EPF audit report, KCM's total EPF liability across all locations was US$129 million (M). As per the assessment, Nkana was classified under Category 1, while Nchanga, Konkola, and Nampundwe were classified under Category 2, with a total cash contribution liability of US$12,037,058. KCM made a cash contribution of US$5,464,682, leaving an outstanding balance of US$6,572,376 during the liquidation period. Following the introduction of the Creditors' Scheme of Arrangement, the Mines Safety Department (MSD) successfully filed a claim for US$6,572,376 under the Scheme. As MSD falls under the Government of the Republic of Zambia (GRZ), settlement of this claim will be governed by the waterfall mechanism provided under the approved Scheme of Arrangement and will be affected in accordance with the structure set out therein. In relation to the period of provisional liquidation, during which KCM was not under the control of Vedanta, KCM has been granted a two-year moratorium on liabilities from the date of Board reinstatement (31 July 2024). During this moratorium period, no payments in respect of such liabilities are required to be made. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. KCM is actively working across all operational sites to improve compliance with EPF requirements and enhance site categorisation, which is expected to reduce future cash contribution obligations. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The increase from the 2020 audit is attributable primarily to updated closure cost assumptions, revised scope of rehabilitation activities, inflationary adjustments, and expanded environmental obligations identified during the reassessment.

The recognised asset retirement obligation as of 31 March 2026 is US$66.6M. Environmental compliance is governed by permits issued under the Environmental Management Act, including conditions related to tailings management, water quality, air emissions, and waste handling. KCM is subject to compliance and prevention orders issued by ZEMA requiring, among other things, rehabilitation of TD05, desilting and ecological restoration of natural streams, installation of off-gas cleaning systems at the Nchanga Smelter anode furnaces, and measures to ensure dam stability and zero discharge from pollution control dam areas. KCM has planned capital expenditures of approximately US$28M over the next five years to address these compliance requirements. The PFS estimates total closure costs of US$133M (Section 18). Updated closure plans have been prepared in line with IFC Environmental and Social Performance Standards. Detailed rehabilitation, closure, and post-closure planning is presented in in Section 1.

3.6.2 Permit conditions

Mining and processing operations are subject to conditions outlined in licenses and permits issued by ZEMA and other regulatory authorities. These conditions address issues such as land disturbance, air and water discharge limits, hazardous materials management, and occupational health and safety standards. Non-compliance may result in fines, suspension of activities, or legal enforcement actions.

3.6.3 Social and land use obligations

KCM engages with local communities and traditional authorities on matters relating to land access, displacement, and environmental impacts. Where resettlement is required, KCM implements RAPs that include compensation mechanisms, livelihood restoration, and post-resettlement monitoring. These obligations are considered an integral part of maintaining the company's social license to operate.

3.7 Significant factors and risks affecting access

Several factors may impact KCM's ability to access and operate within its mining licenses.

3.7.1 Operational risks

KCM's operations at Konkola are exposed to a range of technical, environmental, and infrastructure-related risks that may affect the consistency of production and cost management. These include inherent geological complexity, the scale of dewatering required to maintain safe access, and dependence on stable power supply. Broader factors such as power load-shedding events and infrastructure constraints in Zambia's energy network may further exacerbate operational challenges, particularly given the continuous pumping requirements to manage high groundwater inflows.

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Additionally, while Zambia has a long-standing mining regulatory framework, changes in government policy or economic conditions may impact fiscal terms, permit timelines, or broader infrastructure availability (e.g. energy and logistics). These macro-level risks, though external to the immediate operation, can influence KCM's ability to meet production and development targets.

**Geological complexity:** The Konkola deposit is characterised by folded and faulted stratigraphy, variable mineralisation thickness, and locally disrupted mineralisation associated with thrust zones and synclinal folding. These geological features complicate stope layout, sequencing, and dilution control, particularly in areas where the mineralisation is pinched or offset. Variability in lithological contacts and the presence of soft interbedded units also pose geotechnical challenges for ground support and hangingwall stability. Ongoing reconciliation between modelled and actual mineralisation geometry is required to maintain operational efficiency and accurate reserve forecasting.

**Dewatering requirements:** The Konkola Mine is recognised as one of the wettest underground mines globally, with groundwater inflows averaging approximately 350,000 cubic meters per day (m³/day), resulting in a hoisted ore-to-water ratio of 1:49. Effective mine access and safety are contingent on continuous operation of multi-stage dewatering infrastructure, including underground pump chambers and high-capacity surface discharge systems. The scale and cost of dewatering represent a persistent operational and financial risk, particularly if equipment reliability, power supply, or maintenance programs are compromised. Dewatering limitations may also restrict access to deeper sections of the deposit and influence the achievable mining rate.

**Power supply reliability:** The operation is reliant on grid-connected hydroelectric power, which is subject to seasonal variability due to rainfall-dependent reservoir levels. Periodic national power shortages and scheduled load-shedding events can disrupt production and impact critical systems such as dewatering, hoisting, ventilation, and ore processing. As the mine cannot operate without constant dewatering, interruptions to power supply present a significant operational risk. Existing backup capacity is limited and not sufficient to maintain full dewatering or production rates. A power reliability assessment and contingency planning will be required to support sustained production, particularly during ramp-up phases.

3.7.2 Regulatory and social risks

KCM's ability to maintain uninterrupted access to its mining tenements and sustain long-term operations is subject to regulatory stability, community engagement, and ongoing compliance with environmental and license obligations. While Zambia has an established mining regulatory framework and a supportive investment environment, shifts in government policy, fiscal regimes, or local stakeholder dynamics can introduce risks that impact financial planning, project timelines, or social license to operate.

The regulatory environment continues to evolve in response to economic pressures, global commodity prices, and stakeholder expectations. KCM must maintain alignment with both statutory requirements and community expectations to minimise the risk of operational delays or reputational harm.

**Government policy changes:** Zambia's mining sector has experienced policy and fiscal shifts over the past decade, including changes to royalty structures, VAT rules, and corporate tax rates. These adjustments have sometimes occurred with limited notice, affecting financial models and operational planning. Uncertainty in taxation, foreign exchange controls, or investment regulations may impact investor confidence or capital allocation strategies. In addition, future policy reforms—particularly around beneficiation, local content, or energy use—could introduce new compliance requirements.

**Community relations:** KCM operates in proximity to densely populated communities, some of which are directly affected by land access, water usage, or environmental outcomes from mining operations. While community engagement frameworks are in place, there remains a risk that local concerns regarding resettlement, employment, or environmental impacts could escalate into resistance or protest, particularly in areas earmarked for expansion or infrastructure upgrades. Proactive engagement, grievance resolution mechanisms, and ongoing social investment are necessary to maintain trust and operational continuity.

**License renewals and regulatory compliance:** Retention of mineral rights is subject to compliance with license conditions, including reporting obligations, environmental monitoring, and demonstration of continued exploration or development activity. Failure to meet these obligations may lead to penalties, delays in license renewal, or revocation. Environmental permits, in particular, are subject to periodic review and may include evolving requirements on air quality, tailings management, or water discharge limits. Sustained compliance is critical to maintaining the right to operate.

**Artisanal mining:** Artisanal and small-scale mining activity along the Zambian Copperbelt is commonplace and may impact licensing and mining rights, surface access, and community relations in areas adjacent to KCM's operations.

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4 Accessibility, climate, local resources, infrastructure, and physiography

4.1 Topography and land description

KCM operations (including Nchanga and Konkola) are located on the Copperbelt and Central Provinces which are in North-Central Zambia and Central Zambia respectively. The Copperbelt Province is 13.06°S and 27.55°E and is host to the Konkola operations in the town of Chililabombwe and the Nchanga Mine in the town of Chingola. The Central Province which is home to the Nampundwe Mine is in the district of Shibuyunji, which lies between 15°S and 26°E.

The town of Chililabombwe lies at an elevation of 1,360 meters (m) on the Central African Plateau. It is a low-lying land which extends to the border with the DRC. The topography between the hills is gently undulating with deeply weathered red lateritic soils. The top-soils are generally sandy but with a heavier textured subsoil. Most of these lateritic soils are leached because of the high rainfall and hence tend to be acidic and relatively infertile. The town has a population of ~100,000 people.

The town of Chingola lies at an elevation of 1,363 m and has a topography that is generally hilly with steep slopes along the Kafue River. The soils are sandy in some areas and loamy in others. It has a population of ~157,000 people making it the third most populated town on the Copperbelt Province.

Shibuyunji District is located at an elevation of 1,202 m along the Great West Road. Its topography is generally flat and swampy with fertile soils conducive for farming. The district is bound by the Kafue River on one side and has a population of ~177,000 people.

4.1.1 Flora and fauna

Miombo woodland is principally the vegetation type found in the Copperbelt region. The common tree species found in this vegetation type are Brachystegia, Isoberliriia, and Julbernardia. The natural vegetation patterns of the region have, however, been extensively disturbed by human activities that include mining activities, wood harvesting for fuel (charcoal production), subsistence / shifting agriculture and plantations among other activities.

The vegetation within the KCM Nchanga Mining License Area has equally been significantly disturbed through mining, charcoal production, subsistence agriculture and other human activities. The diversity of wildlife species within the Nchanga mining license area is poor mainly because of mining operations, human settlements, agriculture and other human activities that have resulted in loss of wildlife habitat and subsequent loss in species diversity.

4.2 Access to the property

4.2.1 Regional access

The KCM Copperbelt operations are located within the towns of Chililabombwe (population approximately 100,000), Chingola (population approximately 157,000), and Kitwe (population approximately 520,000) in the Copperbelt Province of Zambia. Kitwe is the largest city on the Copperbelt and serves as the regional commercial and administrative centre. The Nampundwe pyrite mine is located in the Shibuyunji District of Central Province, approximately 50 km west of Lusaka (population approximately 3.5 million), the national capital.

4.2.2 Highways and roads

The primary regional access route is the T3 Highway (Chingola–Chililabombwe Road), a sealed, all-weather tarmac road with a carriageway width of approximately 10 m, capable of supporting loads of up to 50 tonnes with maximum transport dimensions of 12 m length, 5 m width, and 4.5 m height. The T3 Highway connects the Konkola and Nchanga operations over approximately 25 km and provides onward access to the Kasumbalesa Border Post to the north, which serves as a key point for imports from the DRC and copper product exports.

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The T2/T3 trunk road system connects the Copperbelt Province southward through Kapiri Mposhi to Lusaka and provides the principal road corridor for copper product export via the Kasumbalesa border (DRC) and, via the T2, onward to Dar es Salaam (Tanzania) and Durban (South Africa). The Nampundwe pyrite mine is accessed from Chingola via the T2/T3 route (approximately 350 km via Kapiri Mposhi).

Local roads connecting the Nchanga complex to the Nkana Refinery in Kitwe (approximately 55 km) are a mix of sealed regional road and sealed urban road, maintained by the Road Development Agency and the municipal authority, respectively. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

4.2.3 Rivers and waterways

The Kafue River, one of the principal tributaries of the Zambezi River, traverses the KCM operational area. The river passes through the Chingola district approximately 4 km south of the Nchanga complex, where its floodplain and steep valley slopes define the local topography (Section 4.1). The Kafue crosses the T3 Highway corridor between Chingola and Kitwe and continues southward through the Shibuyunji District, where it bounds the Nampundwe mining license area.

The Kafue River system is the primary source of process water for KCM's mining and processing operations (Section 4.4.2). Part of the Kafue recharge derives from the Konkola Mine dewatering system, which pumps approximately 350,000 m³/day. The river system maintains adequate flow for KCM's water requirements throughout the year, including during dry seasons.

The Kafue and its tributaries are not navigable for commercial purposes in the KCM operational area and do not serve as a means of transport access. Rivers are not a constraint on access to any of KCM's sites; all inter-site transport is by road (Section 4.2.5).

4.2.4 Railroads

The Copperbelt is served by the Tanzania–Zambia Railway Authority (TAZARA) and Zambia Railways Limited (ZRL) rail networks, which connect the province to the ports of Dar es Salaam (Tanzania), Durban and Richards Bay (South Africa), and Beira and Nacala (Mozambique) via interchange points at Kapiri Mposhi and Lusaka.

However, local railway infrastructure in the Chililabombwe–Chingola corridor is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track. The rehabilitation of local rail links is identified as a potential logistics improvement in Section 15.2 but does not form part of the Mineral Reserve mine plan. Road freight is the primary logistics mode for all inter-site intermediate product movement and final product export.

The regional rail network remains available for inbound transport of bulk consumables (reagents, grinding media) and heavy equipment, subject to scheduling and capacity constraints on the national network.

4.2.5 Airports and air access

Air access is provided by Simon Mwansa Kapwepwe International Airport (IATA: NLA) in Ndola, situated approximately 65 km from Kitwe, 120 km from Chingola, and 150 km from Chililabombwe. The airport provides scheduled domestic and international passenger and cargo flights, facilitating personnel movement and time-sensitive materials logistics. Ndola is connected to Lusaka by daily scheduled services, and to Johannesburg (South Africa) by regular international services.

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The Kenneth Kaunda International Airport in Lusaka provides additional international connectivity for personnel and air freight, located approximately 400 km south of the Copperbelt.

4.2.6 Inter-site access and product transport routes

The KCM Integrated Operations require the routine transport of intermediate products between sites. Copper concentrate produced at the Konkola Concentrator is transported by road to the Nchanga Smelter in Chingola. Copper anodes produced by the smelter are transported by road to the Nkana Refinery in Kitwe for electrorefining to copper cathode. Pyrite concentrate from the Nampundwe Mine is transported by road to the Nchanga Smelter for use in concentrate blending. Table 4.1 summarises the inter-site distances and access routes.

Table 4.1 Inter-site distances and access routes

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| | | | |
|:---|:---|:---|:---|
| **Route** | **Distance¹** | **Road type** | **Product / purpose** |
| Konkola → Nchanga <br> (Chililabombwe → Chingola) | ~25 km | Sealed (T3 Highway) | Copper concentrate (Konkola Concentrator to Nchanga Smelter) |
| Nchanga → Nkana Refinery <br> (Chingola → Kitwe) | ~55 km | Sealed (regional road) | Copper anodes (Nchanga Smelter to Nkana Refinery for electrorefining) |
| Konkola → Nkana Refinery <br> (Chililabombwe → Kitwe) | ~80 km | Sealed (via Chingola) | Personnel; combined route for concentrate and anode transport |
| Nampundwe → Nchanga <br> (Shibuyunji → Chingola) | ~350 km | Sealed (T2/T3 via Kapiri Mposhi) | Pyrite concentrate (Nampundwe Mine to Nchanga Smelter for blending) |
| Nchanga → Kasumbalesa Border Post <br> (Chingola → DRC border) | ~40 km | Sealed (T3 Highway) | Copper product export; equipment and reagent imports from DRC |
| Kitwe → Simon Mwansa Kapwepwe Airport (Ndola) | ~65 km | Sealed | Personnel, time-sensitive materials |

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Note: ¹Road distances are approximate road distances between town centers. Facility gate-to-gate distances may vary.

All inter-site product transport is by road. The local railway infrastructure in the Copperbelt is not currently operational for concentrate or product haulage due to the deteriorated condition of rolling stock and track in the Chililabombwe–Chingola corridor (refer to Section 15.2). Road freight is the primary logistics mode for both inter-site intermediate product movement and final product export.

The T3 Highway provides reliable year-round access between the Konkola and Nchanga operations. Local roads within the Copperbelt towns are generally maintained but are subject to deterioration during the wet season (November to March), with potholes a known hazard. Road conditions are not considered a material constraint on operations.

Detailed descriptions of road, rail, and port infrastructure are provided in Section 15. Export logistics, including routes to the ports of Dar es Salaam (Tanzania), Durban (South Africa), and Walvis Bay (Namibia), are described in Section 15.3.

Figure 4.1 illustrates the principal inter-site product transport routes connecting the KCM Integrated Operations, including the movement of copper concentrate, copper anodes, and pyrite concentrate between facilities.

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Figure 4.1 Inter site logistics map

![](ctm005_ex96-2img05.jpg)

Notes: Schematic representation; facilities not to geographic scale. All inter-site product transport is by road. Local rail infrastructure is not currently operational for product haulage (refer Section 15.2).

Source: AMC, 2026. Adapted from KCM operational data and S-1 Registration Statement.

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4.3 Climate description

The KCM operations are situated within a subtropical climate zone characterised by distinct wet and dry seasons. The wet season extends from approximately November to April, with the dry season from May to October. Mean annual rainfall across the Copperbelt region is approximately 1,200 mm, with the majority falling between December and March.

At the Konkola and Nchanga operations in the northern Copperbelt, average temperatures range from approximately 17°C in the cool dry season (June–August) to 27°C during the hot wet season (October-December). Conditions at the Nkana Refinery in Kitwe are broadly comparable given its proximity within the Copperbelt Province. The Nampundwe Mine, located approximately 320 km to the south in the Shibuyunji District, experiences a similar seasonal pattern but with marginally lower annual rainfall and slightly higher dry-season temperatures.

Increased rainfall during the wet season can affect surface transport between sites, tailings deposition rates, and water management at the TD03 and TD04 tailings storage facilities. However, all KCM operations, including Konkola underground mining, the Nchanga open pit and concentrators, and the Nkana Refinery, operate on a year-round basis. There is no seasonal restriction to the operating season.

4.4 Availability of required infrastructure

The mine site is within the districts of Chingola, Chililabombwe, Kitwe, and Shibuyunji, infrastructure availability is detailed below. Utilities required for operation, including power and water, are provided through established regional infrastructure. Access to tailings and backfill facilities, as well as haul and access roads linking to the processing and smelting operations, is also in place.

4.4.1 Power

The mining area of interest has access to grid power. Copperbelt towns get their power through Copperbelt Energy Corporation (CEC) under a long-term power supply agreement. All infrastructure is well established and has been providing 200 megawatts (MW) for over 20 years.

4.4.2 Water

The Kafue River system passes through all Copperbelt towns and remains a source of water for all mining operations associated with KCM. Part of Kafue recharge water comes from the Konkola Mine which pumps approximately 350,000 m³/day. Even in drought seasons, the Kafue River still maintains a reasonable recharge to adequately cater for KCM mining and processing requirements.

4.4.3 Supplies

The Copperbelt regions have historically housed mining houses since 1925. Over the years other support industries have been established to supply consumables such as Mill Balls, Bolts and Nuts, Rubber and other mining consumables. Further, a number of companies have come up to supply valves, fuels and other materials requirement to support the Mineral Reserve mine plan. Other supplies coming from overseas are transported through available international roads while some are air freighted through available airports.

4.4.4 Personnel

Surrounding areas have colleges that have consistently trained human resources for the mining industry. Of interest are institutions such as: The University of Zambia, The Copperbelt University, Northern Technical College all located within 500 km radius. KCM runs the Kitwe Trades School.

Over the years, Zambia has produced mining personnel with relevant experience. KCM has retained significant human capital in all fields in Sustainability, Human Capital Management, Metallurgy, Mining, Maintenance, Electrical to support the Mineral Reserve mine plan. There is a clear succession plan in place and training is provided to ensure sustained performance.

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| 5 | History |

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The KCM Integrated Operations encompass three mining license areas in Zambia: the Nchanga Large-scale Mining License (7075-HQ-LML) in Chingola, the Konkola Large-scale Mining License (7076-HQ-LML) in Chililabombwe, and the Nampundwe Large-scale Mining License (7074-HQ-LML) in Nampundwe. The mining history of these properties spans over nine decades and is closely tied to the broader development of the Zambian Copperbelt as one of the world's major copper-producing regions.

This section describes the type, amount, quality, and general results of exploration, development, and mining undertaken by previous owners. A detailed exploration history, including drilling campaigns and geological modelling, is presented in Section 7. Production history is discussed in Section 5.6.

5.1 Early exploration and discovery (pre-1950)

Copper prospecting in the Zambian Copperbelt intensified during the 1920s and 1930s under British colonial interests. In 1923, exclusive prospecting concessions were granted to the Anglo American Corporation (Anglo) for the Rhokana Concession and to Roan Selection Trust (RST) for the Rhodesia Congo Border Concession. Anglo operated the Nchanga and Konkola deposits; RST operated mines at Roan Antelope (Luanshya), Mufulira, and Chambishi.

5.1.1 Nchanga

Exploration at Nchanga commenced in 1923 with surface reconnaissance, geological mapping, and trenching that identified copper anomalies within the Lower Roan Group sediments. Development of the underground mine began in 1927. Initial underground mining commenced in 1931 but was suspended shortly thereafter due to catastrophic flooding and depressed copper prices. The mine was rehabilitated and underground mining recommenced in 1937 under Nchanga Consolidated Copper Mines Limited (NCCM). The town of Chingola was founded in 1943 to service the expanding Nchanga operations.

5.1.2 Konkola

Early exploration at Konkola (then known as Bancroft) was limited to surface mapping, trenching, and basic geochemical sampling. These activities identified copper anomalies within sedimentary formations and led to the recognition of the Ore Shale Unit (OSU) as the primary host of copper mineralisation. Shaft sinking commenced with No. 1 Shaft in 1953, with ore production beginning from the No. 1 and No. 2 Shafts in 1957. The mine was operated by Anglo under the Bancroft name until Zambia's independence in 1964, after which the town was renamed Chililabombwe.

5.2 Systematic development and state ownership (1950s–1999)

5.2.1 Expansion under colonial and early independence era (1950s–1969)

From the 1950s onwards, exploration at both Nchanga and Konkola transitioned towards systematic diamond drilling aimed at confirming the continuity and thickness of the mineralised horizons. Early drilling programs used spacings of 200–300 m, which were progressively reduced as the deposits became better defined. These programs confirmed the stratiform nature of the mineralisation and identified key structural controls including faults, folds, and lithological variations.

At Nchanga, open pit mining commenced in 1955 from the Nchanga Open Pit (NOP), targeting extensive near-surface oxide and supergene-enriched copper mineralisation. Subsequently, additional satellite open pits were developed around the Chingola arc, making the Nchanga complex one of the largest open pit copper operations in Africa. Underground mining continued in parallel, targeting deeper sulfide zones including what later became the Nchanga block cave.

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At Konkola, the No. 3 Shaft commenced production in 1963, accessing the Kirila Bombwe North ore body. Infrastructure expansion included rail links integrated into the colonial network connecting the Copperbelt to southern export ports. By the late 1960s, Zambian national copper production had reached approximately 769,000 tonnes per annum, with the Nchanga and Konkola operations contributing materially to this total.

5.2.2 Nationalisation and ZCCM era (1969–1999)

Following the Matero Reforms of August 1969, the GRZ acquired a 51% interest in the two major foreign mining corporations. Anglo's Zambian operations were reorganised as Nchanga Consolidated Copper Mines (NCCM), encompassing the Nchanga, Nkana, and Konkola Mines. RST's operations became Roan Consolidated Mines (RCM). In 1973, the GRZ redeemed all outstanding bonds and assumed full management control. In 1982, NCCM and RCM merged to form Zambia Consolidated Copper Mines Limited (ZCCM), a state-controlled parastatal.

During the ZCCM era, capital investment in exploration and development was severely constrained. No new mines were opened after 1979. The mining operations were used to fund social services and employment programs, reducing the capital available for reinvestment in geological exploration, equipment maintenance, and mine development. National copper production declined from a peak of approximately 750,000 tonnes in 1973 to approximately 250,000 tonnes in 2000. Throughout this period, limited exploration drilling was undertaken at the KCM properties and little investment was made in processing infrastructure or shaft deepening.

5.3 Privatisation and Anglo American Corporation (2000–2002)

The privatisation of ZCCM's operating divisions commenced in the late 1990s under the Mines and Minerals Act of 1995. KCM was formed in March 2000 to acquire the assets of the Konkola Mine, Nchanga Mine, and Nampundwe Mine from ZCCM. KCM was initially 65% owned by ZCI Holdings SA (a wholly owned subsidiary of Zambia Copper Investment Limited, itself 50.9% owned by Anglo), 20% by ZCCM, and 7.5% each by the International Finance Corporation (IFC) and CDC Financial Services (Mauritius) Limited. Anglo was the largest individual shareholder with an effective 33% interest.

During this short ownership period, Anglo initiated planning for the Konkola Deep Mining Project (KDMP), which envisaged deepening the Konkola Mine to access higher-grade ore below existing workings. However, depressed copper prices and the capital requirements of the project led Anglo to withdraw its investment in KCM on 16 September 2002. IFC and CDC exited at the same time. Following these departures, KCM was restructured with approximately 42% held by ZCCM-IH and approximately 58% by ZCI Holdings SA, with GRZ holding one special share.

5.4 Vedanta Resources (2004–2019)

Following a search for a strategic equity partner, Vedanta Resources (Vedanta) took over management of KCM in November 2004. Vedanta's shareholding subsequently increased to 79.42%, with ZCCM-IH retaining 20.58%. In 2003, prior to Vedanta's operational takeover, KCM had acquired the Nkana metallurgical complex (SmelterCo) comprising a smelter, refinery, and associated sulfuric acid plants and infrastructure in Kitwe.

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Vedanta undertook significant capital investment in both development and processing infrastructure:

Table 5.1 Principal capital investments by Vedanta Resources (2004–2019)

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|:---|:---|
| **Investment** | **Description** |
| **Nchanga Smelter** | New flash furnace smelter commissioned in 2008 incorporating Outotec technology, with nominal capacity of 312,000 tpa. Replaced the former Nkana smelter as the primary smelting facility. Integrated sulfuric acid plant producing approximately 1,850 tonnes per day (tpd) of sulfuric acid for leaching operations at the Nchanga TLP. |
| **Konkola No. 4 Shaft** | Sinking commenced in June 2006 as part of the KDMP. Designed with 6 Mtpa hoisting capacity to access the deeper Kirila Bombwe South ore body. The shaft provides access to mineralisation at approximately 1,000 m depth, with the ore body traced to below 1,800 m. |
| **Konkola Concentrator** | New 6 Mtpa nameplate capacity concentrator commissioned in 2008 at the Konkola site, employing conventional milling and flotation to produce copper concentrate for the Nchanga Smelter. |
| **Nchanga Concentrators** | Upgrades to the three existing concentrators (Old East Mill, New East Mill, and New West Mill), with a combined capacity of 13 Mtpa. |
| **KDMP (partial)** | Partial development of the Konkola Deep Mining Project, including No. 4 Shaft sinking and initial underground infrastructure development. The full KDMP, requiring dewatering and extension of underground infrastructure to access deeper mineralisation, was not completed. |

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Source: KCM, 2026.

Vedanta also invested in brownfield exploration studies for several satellite deposits within the existing license areas, including Kakosa North and South, Chingola Open Pit 'E' Extension (COP E Extension), COP DF underground, and the Upper Ore Body. Extension and infill drilling of known mineralisation was undertaken throughout this period, focused on geological development below and along strike of mineralisation in and around active mining areas. None of the brownfield projects had advanced to construction by the time of provisional liquidation in 2019.

Exploration during the Vedanta period (2004–2019) is described in detail in Section 7.1.1. The key exploration activities included higher-density infill and extension diamond drilling programs at Konkola and Nchanga, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These programs allowed the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories.

Integrated metal production reached a high of approximately 160,000 tonnes of copper in Financial Year (FY) 2013, reflecting the benefit of the Vedanta-era capital investments. However, production subsequently declined to approximately 90,000 tonnes in FY 2019, driven by mining challenges at Konkola (including water management), declining open pit inventory at Nchanga, and reduced smelter feed.

5.5 Provisional liquidation (2019–2024)

In May 2019, ZCCM-IH filed a winding-up petition in the High Court of Zambia, resulting from a shareholder dispute with Vedanta. The High Court appointed a provisional liquidator (the Provisional Liquidator) to oversee KCM's operations. During this period, KCM's board was suspended and the company operated outside of Vedanta's direct management.

5.5.1 Production curtailment

Under the Provisional Liquidator's control, total copper production declined significantly, falling from approximately 90,000 tonnes in FY 2019 to a low of approximately 54,000 tonnes in FY 2024. The principal factors contributing to the production decline were:

· Reduced capital investment in mine development, equipment replacement, and infrastructure maintenance,
resulting in declining ore production from both Konkola Mine and the Nchanga open pit and underground operations.

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· Less concentrate delivered to the Nchanga Smelter, leading to the smelter operating at less than 50% of
its nominal capacity.

· Minimal acid production from the smelter, restricting feed to the Nchanga TLP and curtailing cathode output
from Nchanga TLP operations.

· Failure to pay third-party concentrate suppliers on time, further reducing smelter utilisation of available
concentrate.

· A four-month care and maintenance period during FY 2025, prior to the resumption of normal operations.

5.5.2 Exploration and development activity

No exploration, infill, or extension drilling was undertaken by KCM during the provisional liquidation period. Geological and structural mapping was continued at Konkola to refine lithological contacts, structural deformation, and alteration patterns. The mapping program focused on surface and underground geological observations, detailed core logging, and high-resolution core photography to document lithological variations and structural controls on mineralisation.

Capital development expenditure was minimal. Net cash used in investing activities during FY 2024 (under the Provisional Liquidator) was approximately US$28M, declining to approximately US$13M in FY 2025 due to care and maintenance activities.

5.5.3 Infrastructure condition

During the provisional liquidation, limited investment in equipment maintenance and infrastructure refurbishment resulted in deterioration of key mining and processing assets. Underground mining equipment at Konkola experienced reduced availability, and the Nchanga processing circuits operated below designed capacity. The condition of the Nkana Refinery tank house and the Nchanga Smelter required substantial refurbishment upon resumption of control.

5.5.4 Resolution and resumption of control

In 2023, Vedanta and ZCCM-IH resolved the shareholder dispute through a scheme of arrangement under which Vedanta committed to a revised investment program. The scheme was sanctioned by the High Court of Zambia on 28 June 2024 and became effective on 31 July 2024 (the "Scheme Effective Date"). On that date, the Provisional Liquidator was removed and Vedanta's control and ownership of KCM was reinstated, with shareholding restored to 79.4% Vedanta (through VRHL) and 20.6% ZCCM-IH. The board was reconstituted.

Since the resumption of control, Vedanta has deployed approximately US$125M to refurbish assets across the integrated operations and restore production. Under Vedanta's management from 31 July 2024 through 31 December 2025, KCM has achieved a production run rate of approximately 140,000 tonnes per annum of copper.

5.6 Production history

Mining and metal production from the KCM properties is summarised below. Production data prior to FY 2006 is limited due to the transition from ZCCM records. Detailed exploration history from the pre-1950s through the current period is discussed in Section 7.

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Cumulative copper production from the KCM properties since commencement of operations is substantial:

Table 5.2 Cumulative copper production by operation

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|:---|:---|:---|
| **Operation** | **First Production** | **Cumulative Cu Extracted** |
| Konkola Complex | 1957 | ~3.2 Mt |
| Nchanga Complex | 1937 (UG); 1955 (OP) | ~14.3 Mt |

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Source: KCM historical operational records; first production dates corroborated by KCM corporate website (kcm.co.zm) and publicly available Zambian Copperbelt mining history sources. Cumulative extraction includes all production since commencement.

KCM integrated metal production was highest in FY 2013 at approximately 160,000 tonnes of copper. Production continued on a downward trajectory to approximately 90,000 tonnes in FY 2019, at which point provisional liquidation commenced. During the provisional liquidation period (FY 2020–FY 2024), metal production averaged approximately 55,000 tonnes per annum and reached a low of approximately 54,000 tonnes in FY 2024. Production has remained below historic levels during the restart period.

A summary of KCM's historical production from FY 2006 to FY 2024 is shown in Figure 5.1.

Figure 5.1 KCM historical production FY06-FY24

![](ctm005_ex96-2img06.jpg)

Source: KCM, 2025.

Due to mining challenges during the provisional liquidation, less concentrate was delivered to the smelter, leading to the smelter operating at less than 50% capacity. This led to minimal acid production, restricting Nchanga TLP production. The smelter did not adequately utilise available concentrate in the country due to failure to pay concentrate suppliers on time.

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KCM has demonstrated production capability of 160,000 tonnes per annum with all operations running optimally. The installed smelting and refining capacity is 300,000 tonnes per annum. KCM has installed capacity to produce in excess of 200,000 tonnes per annum of copper in concentrates at Konkola and 100,000 tonnes of copper cathodes from the tailings leach facility at Nchanga. With planned investment in mining and processing facilities, KCM is positioned to produce over 300,000 tonnes per annum of finished copper.

5.7 Key development milestones

Table 5.3 summarises the principal development milestones for the KCM Integrated Operations.

Table 5.3 Key development milestones

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|:---|:---|:---|
| **Year** | **Operation** | **Milestone** |
| 1923 | Nchanga | Exploration commenced; surface reconnaissance and geological mapping. |
| 1927 | Nchanga | Underground mine development commenced. |
| 1931 | Nchanga | Initial underground mining commenced; suspended due to flooding and low copper prices. |
| 1937 | Nchanga | Underground mining recommenced under NCCM. |
| 1943 | Nchanga | Town of Chingola founded to service Nchanga operations. |
| 1953 | Konkola | No. 1 Shaft sinking commenced (Bancroft Mine). |
| 1955 | Nchanga | Open pit mining commenced from the Nchanga Open Pit. |
| 1957 | Konkola | First ore production from No. 1 and No. 2 Shafts. |
| 1963 | Konkola | No. 3 Shaft commenced production. |
| 1969 | All | GRZ acquired 51% interest in mining companies (Matero Reforms). Anglo operations reorganised as NCCM. |
| 1982 | All | NCCM and RCM merged to form ZCCM. |
| 2000 | All | KCM formed; acquired Konkola, Nchanga, and Nampundwe assets from ZCCM. Anglo American as strategic partner. |
| 2002 | All | Anglo American, IFC, and CDC withdrew from KCM. |
| 2003 | Nkana | KCM acquired Nkana metallurgical complex (SmelterCo) comprising smelter, refinery, and sulfuric acid plants. |
| 2004 | All | Vedanta assumed management of KCM (November). |
| 2006 | Konkola | Sinking of No. 4 Shaft commenced (KDMP). |
| 2008 | Nchanga | New Nchanga Smelter commissioned (Outotec technology, 312,000 tpa capacity). |
| 2008 | Konkola | New 6 Mtpa Konkola concentrator commissioned. |
| 2019 | All | Provisional liquidation commenced (May). Production decline accelerated. |
| 2024 | All | Scheme of arrangement sanctioned (June). Provisional Liquidator removed; Vedanta control restored (July). |

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Source: KCM, 2025; public sources. Nampundwe development milestones are not available in sufficient detail for inclusion*.*

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6 Geological setting, mineralisation, and deposit

6.1 Regional geology

The KCM operations are part of the Zambian Copperbelt, a major segment of the Central African Copperbelt, one of the world's most significant sediment-hosted copper provinces, Figure 6.1. The Central African Copperbelt forms part of the Lufilian Arc, a large Neoproterozoic fold-and-thrust belt that developed due to the collision between the Congo and Kalahari cratons during the Pan-African Orogeny (~650-500 Ma). This collision shaped the arcuate Copperbelt structure, characterised by large-scale recumbent folding, thrust faulting, and shear zones, which significantly influenced copper mineralisation distribution. The Copperbelt comprises Neoproterozoic-age sedimentary sequences that were initially deposited in an ancient rift environment and later subjected to regional tectonic deformation, further impacting the structural and mineralisation framework of the region.

Figure 6.1 Location of Lufilian Arc within Pan-African Belts of Central and Southern Africa

![](ctm005_ex96-2img07.jpg)

Source: Wendorff, M., 2011. Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

The primary host rocks for copper-cobalt mineralisation belong to the Katanga Supergroup, a thick succession of marine sedimentary sequences that unconformably overlie the older Basement Complex, which consists of metamorphic and igneous rocks such as schists, gneisses, and granitic intrusions. These basement rocks form the structural foundation for the overlying stratigraphic sequences and influence local deposit geometry. The Katanga Supergroup is subdivided into several formations, with the most economically significant being the Lower Roan Subgroup, which hosts the bulk of copper mineralisation within sandstones, siltstones, and carbonate-rich rocks. The overlying Mwashia and Kundelungu Groups contain additional sedimentary sequences that play roles in fluid migration and structural modification of mineral deposits.

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The geological evolution of the Central African Copperbelt is defined by key processes that influenced mineralisation:

· Initial rift-related deposition (880-750 Ma): The formation of the Katanga Supergroup occurred within
a rift basin, leading to the accumulation of thick siliciclastic and carbonate sediments that laid the foundation for later mineralisation.

· Main phase of basin subsidence (750-650 Ma): Continued deposition of marine sediments, including black
shales, carbonates, and siltstones, established the stratigraphic framework that would later host copper deposits.

· Orogenic compression and mineral remobilisation (~650-500 Ma): The Lufilian Orogeny deformed the Katanga
rocks, inducing folding, thrusting, and faulting that created structural traps, facilitating fluid migration and concentrating copper-cobalt
mineralisation.

The copper deposits of the Zambian Copperbelt are classified as sediment-hosted stratiform copper deposits, with mineralisation occurring as disseminated sulfides within shales, siltstones, and dolomitic horizons. These deposits formed through the interaction of metal-bearing hydrothermal fluids with sulfur-rich reductants, leading to the precipitation of copper sulfides (Figure 6.2). The complex structural modifications from the Lufilian Orogeny played a crucial role in shaping the distribution and quality of mineralisation zones, making structural controls a key factor in the localisation of mineralisation.

Figure 6.2 Schematic cross section of the Lufilian fold belt

![](ctm005_ex96-2img08.jpg)

Source: Selley, D., Broughton, D., Scott, R., Hitzman, M., Bull, S., Large, R., McGoldrick, P., Croaker, M., & Pollington, N. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists, 100th Anniversary Volume, pp. 000-000.

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6.1.1 Lithostratigraphy of the Central African Copperbelt

The Katanga Supergroup is subdivided into three major stratigraphic groups that play a crucial role in copper mineralisation.

Roan Group (dominant copper host) consisting of:

· Lower Roan Subgroup (Mindola and Kitwe Formations) in Zambia, has a mixed upper and a predominantly siliciclastic
lower. With:

¾ Basal conglomerate arkoses of coarse clastic sediments of alluvial fans deposited in an intra-cratonic rift basin forming a porous and permeable unit that later acted as a conduit for mineralizing fluids.

¾ Quartzite and feldspathic sandstones from braided streams, interbedded with conglomerates.

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|:---|:---|
| ¾ | Organically rich finely laminated dolomitic shales, dolomites and siltstones. This unit contains the Ore Shale Unit (OSU), which hosts the stratiform copper-cobalt mineralisation found in the Konkola area. The high organic content created a reducing environment, leading to sulfide precipitation and the formation of extensive copper-rich zones. |

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· Upper Roan Subgroup overlies the Lower Roan, in Zambia it is a predominantly carbonate unit. Consisting
of thick often massive and recrystallised carbonate sequences, with interbedded shales and siltstones. With the change between the two
formations marked by the presence of by a conglomerate breccia.

Nguba Group (overlying marine sequences) composed of carbonates, black shales, and calcareous siltstones, deposited in a deeper marine setting. Acting as a regional aquitard, restricted hydrothermal fluid flow and impacting mineralisation patterns. Some zones within the Nguba Group contain secondary copper enrichment, where remobilised fluids have introduced additional mineralisation.

Kundelungu Group (late-stage overlying sequences) consisting of thick quartzites, sandstones, and glaciogenic diamictites, representing deposition in a post-orogenic setting. These units do not host significant copper mineralisation but provide structural control by acting as competent layers that influence the development of folds and thrust faults.

Figure 6.3 illustrates a simplified stratigraphic column of the Kataga Supergroup and geological units containing copper mineralisation.

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Figure 6.3 Simplified Katanga Supergroup stratigraphy

![](ctm005_ex96-2img09.jpg)

Source: Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in the Lufilian Arc, Neoproterozoic-Lower Palaeozoic, Central Africa. Geological Society of London Special Publications, 357, 69-83. https://doi.org/10.1144/SP357.5.

6.1.2 Mineralisation genesis

Copper deposits of the Zambian Copperbelt are sediment-hosted stratiform deposits, formed through the interplay of sedimentation, basin evolution, and hydrothermal fluid migration. During Neoproterozoic rifting, metal-bearing basinal brines circulated through permeable Roan Group sediments. Copper and cobalt were leached from basement rocks and precipitated upon reacting with sulfur-rich reductants (such as organic matter and pyrite) within the OSU. Near-surface oxidation led to the formation of oxide copper minerals (malachite, azurite, and chrysocolla). Supergene enrichment enhanced chalcocite-dominated mineralisation, improving mineralisation grades.

6.1.3 Structural and tectonic evolution

The Central African Copperbelt has experienced multiple deformational events. Key structural features include:

· The Lufilian Orogeny (~650-500 Ma) - deforming the Copperbelt with crustal shortening and folding that
led to the formation of broad northwest-trending synclines and anticlines.

· Compression resulted in the development of thrust faults, which served as secondary pathways for fluid
movement and mineralisation deposition.

· The Konkola Syncline preserves high-grade copper mineralisation by trapping mineralisation within fold
closures.

· Thrust faults and shear zones have segmented the mineralised horizons, resulting in localised enrichment
zones and structural complexity.

· The Nguba Group functions as a major aquitard, restricting hydrothermal fluid flow and impacting mineralisation
deposition.

Primary mineralisation is hosted within the OSU. Regional-scale shear zones and low-angle thrust faults have influenced the redistribution of mineralisation, creating high-grade copper zones. Reactivated fault structures have remobilised copper-cobalt mineralisation, leading to the formation of secondary enrichment zones.

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6.2 Local and property geology

6.2.1 Stratigraphy

The geological map of the greater Konkola areas is shown in Figure 6.4. The Konkola deposit (shown in grey) is adjacent to the Kirilabombwe anticline.

Figure 6.4 Geological map of the greater Konkola area

![](ctm005_ex96-2img10.jpg)

Source: KCM, 2026.

Konkola Mineralisation is hosted within the Lower Roan Subgroup, see the stratigraphic column in Figure 6.5. Key geological units include:

Lower Roan Subgroup consisting of:

· Multiple coarse-grained conglomerates and sandstones at the base of the sequence.

· Footwall Quartzite (FWQ) a thick, well-cemented quartzite, forming a structurally competent horizon beneath
the main mineralised zones.

· Ore Shale Unit (OSU), the primary copper-bearing unit, composed of carbonaceous shales and interbedded
siltstones. The mineralised OSU is characterised by fine-grained sulfide dissemination and bedding-parallel veinlets, with mineral deposition
controlled by sedimentary permeability, organic matter content, and structural influences. Key geological features include:

¾ Primary host rock: Carbonaceous black shale interbedded with dolomite and siltstone.

¾ Structural complexity: Folding and thrust faulting create zones of enhanced mineralisation.

¾ Hydrothermal alteration: Carbonate veining, and minor sericite alteration.

· Hangingwall Quartzite (HWQ), a sequence of arkosic and cherty sandstones above the OSU, influencing groundwater
movement and structural stability.

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Figure 6.5 Stratigraphic column of the Konkola geology

![](ctm005_ex96-2img11.jpg)

Source: KCM, 2026.

6.2.2 Mineralisation

The Konkola deposit is classified as a sediment hosted stratiform copper deposit, formed in low-energy, reducing sedimentary environments. Mineralisation is primarily hosted within fine-grained sedimentary units, where copper sulfides precipitated under anoxic conditions. The deposit exhibits two distinct styles of mineralisation, influenced by lithological and structural controls: shale-hosted and sandstone-hosted copper mineralisation.

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Shale-hosted fine grained copper mineralisation occurs within carbonaceous siltstones and shales of the OSU, forming laterally extensive, stratiform deposits. Copper deposition took place in multiple phases, beginning with primary hypogene sulfide mineralisation, followed by supergene enrichment, which enhanced mineralisation grades near the surface. Structural remobilisation further concentrated copper within fold hinges and fault intersections, creating localised high-grade zones.

In contrast, sandstone-hosted copper mineralisation is found in porous quarzitic sandstones of the FWQ, where mineralizing fluids migrated into high-permeability zones, leading to structurally controlled, localised mineralisation deposition. Although less laterally extensive than shale-hosted mineralisation, these zones often contain higher-grade copper concentrations.

The dominant economic minerals at Konkola include chalcopyrite, bornite, and chalcocite. These primary copper sulfide minerals define the economic potential of the deposit, with bornite and chalcocite typically associated with higher copper grades, while chalcopyrite remains the most widespread. Cobalt is present often occurring as the copper cobalt sulfide (CuCo<sub>2</sub>S<sub>4</sub>) carrollite.

The mineralogy of the KCM operation varies significantly across different mining areas, reflecting differences in host rock composition, structural complexity, hydrothermal alteration, and secondary enrichment processes.

6.2.2.1 Primary sulfide mineralisation

The primary (hypogene) mineralisation at Konkola is characterised by the deposition of copper-bearing sulfide minerals within the OSU under reducing conditions during the initial formation of the deposit. This mineralisation style represents the earliest stage of copper enrichment and is largely controlled by the chemical composition of the host rock, basin-scale fluid migration, and diagenetic processes. Unlike secondary mineralisation, which results from later enrichment or oxidation, primary mineralisation is associated with the original precipitation of copper sulfides from hydrothermal fluids during the deposit's formation.

The distribution of chalcopyrite, bornite, and pyrite varies according to temperature, fluid composition, and permeability at the time of deposition. Chalcopyrite-dominant zones represent the earliest sulfide mineralisation, forming as a stable copper-iron sulfide under moderate-temperature conditions. Bornite-rich zones indicate higher copper enrichment, often associated with hydrothermal upgrading, while pyrite-dominant areas suggest less copper availability during early diagenesis.

In addition to its layer-parallel stratiform distribution, primary mineralisation at Konkola has also been affected by later structural reworking. In some areas, copper sulfides have been remobilised along shear zones and fault intersections, locally increasing mineralisation grades. These structural features, combined with hydrothermal alteration, have influenced the spatial variability of primary mineralisation and its transition into enriched secondary mineralisation zones. Key sources of copper from primary mineralisation are summarised below:

· Chalcopyrite (CuFeS₂):

¾ The most abundant copper-bearing sulfide at Konkola, particularly in deeper, unaltered hypogene zones.

¾ Typically forms as fine-grained disseminations within the shale matrix or as vein-hosted mineralisation along bedding planes and fractures.

¾ Chalcopyrite is the primary mineral in lower-grade areas but can be locally enriched where it has been altered by later hydrothermal or supergene processes.

· Bornite (Cu₅FeS₄):

¾ Occurs in regions of increased thermal alteration, often in association with chalcopyrite.

¾ Found in higher-grade copper zones, where it partially replaces chalcopyrite, increasing the copper-to-iron ratio in the ore.

¾ Bornite is particularly notable in areas affected by hydrothermal fluid influx, where its formation is linked to sulfidation reactions and temperature variations.

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· Pyrite (FeS₂):

¾ Widespread across the OSU, with higher concentrations in lower-grade areas where it formed as an early diagenetic phase before copper mineralisation.

¾ Acts as an indicator of reducing conditions, which were crucial for the precipitation of copper sulfides.

¾ While not an economic source of copper, pyrite plays a role in buffering sulfur activity within the mineralizing system and influencing later enrichment processes.

6.2.2.2 Supergene enrichment and secondary mineralisation

The process of supergene enrichment enhances copper grades at Konkola by transforming primary sulfides into secondary, more copper-rich minerals. This enrichment occurs when meteoric water infiltrates the deposit, dissolving copper from upper oxidised zones and redepositing it at deeper levels where chemical conditions shift from oxidizing to reducing. This results in the conversion of chalcopyrite and bornite into higher-grade chalcocite and covellite, which has greater copper content per unit mass.

At Konkola, supergene enrichment is particularly evident in structurally favorable zones, such as areas with increased fracture permeability, shear zones, and fold hinges. These geological features provide pathways for descending copper-rich solutions and serve as natural deposition sites where secondary sulfides precipitate. As a result, supergene-enriched horizons often exhibit higher copper grades than the original primary sulfide mineralisation, making them economically significant for mining.

Secondary mineralisation, a broader term that encompasses supergene enrichment, refers to all mineral changes that occur after the initial formation of the deposit. This includes both sulfide transformations and the development of oxidised copper minerals. In the near-surface portions of the Konkola deposit, prolonged exposure to oxygen and acidic groundwater has altered sulfides into secondary copper oxides and carbonates, such as malachite, azurite, and chrysocolla.

· Chalcocite (Cu₂S) and Covellite (CuS): Formed due to the leaching of primary sulfides and redeposition
in enrichment blankets.

· Malachite (Cu₂(CO₃)(OH)₂) and Azurite (Cu₃(CO₃)₂(OH)₂): Common
in weathered zones, particularly in the Nchanga Open Pit and Kakosa deposits.

· Chrysocolla and Cuprite: Found in oxidised portions, particularly along structural conduits where groundwater
movement has promoted oxidation.

These oxidised minerals mark the transition from the weathered surface layers down to the enriched sulfide zone.

While secondary sulfide mineralisation generally improves copper recovery through flotation due to the higher copper-to-iron ratio of minerals like chalcocite and digenite, oxide mineralisation poses different processing challenges. Copper oxides are less responsive to flotation and require acid leaching methods for effective recovery. The extent of oxidation and supergene enrichment at Konkola influences metallurgical performance, with some areas containing both highly reactive secondary sulfides and less flotation-efficient oxidised copper zones.

The structural complexity of the Konkola deposit has a significant impact on the distribution of supergene enrichment and secondary mineralisation. Fault networks and shear zones have facilitated the downward migration of copper-bearing fluids, leading to localised zones of high-grade enrichment. At the same time, impermeable lithological boundaries, such as certain carbonate-rich layers, have acted as barriers, influencing where secondary mineralisation is concentrated.

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Together, these processes have resulted in a vertically zoned deposit, with near-surface oxidised minerals transitioning into secondary sulfide-rich enrichment zones, which in turn grade into the deeper primary hypogene sulfides. Understanding the interplay between these mineralisation styles is critical for mine planning and processing, as different zones require distinct extraction strategies to optimise recovery.

6.2.2.3 Hydrothermal alteration

Hydrothermal alteration plays a role in modifying and upgrading mineralisation, particularly near shear zones and fault-controlled structural corridors. These alterations have influenced both the primary and secondary mineralisation processes, affecting mineral assemblages, metal mobility, and grade distribution.

These alteration zones often mark fluid pathways that controlled sulfide precipitation and redistribution, making them critical for targeting high-grade mineralisation shoots.

The primary hydrothermal alteration phases linked to mineralisation in the Konkola region include:

· Silicification:

¾ Quartz veining and silica flooding occur in and around ore-bearing units, enhancing rock competency but reducing permeability.

¾ This process often preserves sulfide mineralisation and is commonly associated with chalcopyrite-rich zones in the OSU.

· Sericite-carbonate replacement:

¾ Fine-grained sericite (white mica) and carbonate minerals replace original feldspar and clay-rich components within shale and sandstone units.

¾ This alteration is associated with early-stage copper precipitation, often forming a chalcopyrite-pyrite assemblage, later overprinted by more copper-rich phases such as bornite and chalcocite.

· Chloritic overprinting:

¾ Localised along shear zones and fault boundaries, chlorite alteration is indicative of hydrothermal fluid interaction and mechanical deformation.

¾ This alteration style is frequently linked to structural remobilisation of copper, where early-deposited chalcopyrite is upgraded to bornite and chalcocite, enhancing mineralisation grades in these zones.

6.2.2.4 Variability in mineralisation across mining areas

The mineralisation styles in the OSU vary significantly depending on lithology, alteration intensity, and structural influences thus there are distinct differences existing between mineralisation in the different mining areas.

Konkola retains a predominantly primary sulfide assemblage, with disseminated chalcopyrite and bornite hosted in the OSU. Minimal supergene alteration has occurred due to limited fluid penetration and deep burial, preserving the hypogene mineralisation style.

6.2.3 Major structural controls on mineralisation

The dominant structural feature shaping mineralisation at Konkola is the Konkola Syncline, a large-scale fold that has helped preserve mineralised horizons by shielding them from erosion and oxidation. The syncline geometry has also acted as a mineralisation trap, concentrating copper-bearing fluids along the fold axis.

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In addition to folding, thrust faulting has played a role in mineralisation. Several major fault systems cut across the deposit, creating structural traps where mineralizing fluids were focused along shear zones, fault intersections, and competency contrasts between rock units. These faults have led to:

· Thickening of mineralised zones, particularly in areas where repeated thrusting has stacked ore-bearing
units.

· Structural reworking of sulfides, with some areas experiencing remobilisation, resulting in localised
grade increases.

· Formation of high-grade lenses, particularly where faults intersect with lithological permeability contrasts,
enhancing fluid-rock interaction.

6.2.3.1 Summary of geological characteristics

The geographic extents of the Konkola deposit reported as Mineral Resources are summarised in Table 6.1.

Table 6.1 KCM deposit mineralisation extent

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| **Deposit** | **Strike<br> Length<br> (km)** | **True<br> Thickness<br> (m)** | **Dip (°)** | **Depth<br> Below<br> Surface<br> (m)** | **Primary<br> Mineralisation** | **Geological Continuity** |
| Konkola | ~5 | 5–50 (avg. ~9) | 35–70 | >1,000 | Chalcopyrite, bornite | Stratiform; laterally extensive within OSU; structurally segmented by thrust faulting; confirmed by 60+ years mining |

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Table 6.2 summarises the variable geological conditions across the Konkola asset.

Table 6.2 Summary of geological characteristics of KCM operations

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| **Operation** | **Geological characteristics** |
| Konkola | **Location:** Centrally located in the Konkola mining district.<br>**Host lithology:** The OSU hosts the majority of copper mineralisation, overlain by the Hangingwall Quartzite. Dominated by chalcopyrite-pyrite mineralisation, with bornite becoming more prominent in structurally complex zones. Structural deformation, particularly thrust faulting, has created zones of higher permeability, allowing for localised remobilisation of copper and increased grade variability. Deep-seated hydrothermal fluids have contributed to minor silicification and sericite alteration, modifying the host rock and influencing metallurgical properties.<br>**Structural controls:** The deposit is preserved within the Konkola Syncline, a broad northwest-trending fold structure. Thrust faulting and shear zones segment the mineralisation, creating localised enrichment and structural complexity.<br>**Deposit geometry and dip:** The mineralisation is moderately to steeply dipping (45-70°), conforming to the synclinal structure. The dip increases sharply at depth, requiring specialised mining techniques.<br>**Hydrogeology:** Konkola is among the wettest underground mines, with high groundwater inflows along faulted and fractured zones, necessitating intensive dewatering measures. |

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**Geological continuity**

The Konkola deposit is a stratiform, sediment-hosted copper system in which mineralisation is hosted within the Ore Shale Unit (OSU) of the Lower Roan Subgroup. The stratiform geometry of the deposit — a laterally extensive, gently folded tabular body conforming to the Konkola Syncline — provides a strong basis for geological continuity along strike and down dip. The OSU has been confirmed as a continuous mineralised horizon over the full approximately 5 km strike extent of the deposit through diamond drilling, underground mapping, and over six decades of continuous mining activity since 1957. Development exposures and production reconciliation data provide direct physical confirmation of geological continuity within the actively mined areas (Shaft 3 and Shaft 4).

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The principal structural control is the Konkola Syncline, a broad northwest-trending fold that has preserved mineralised horizons and concentrated copper-bearing fluids along its axis. Thrust faulting segments the deposit into discrete structural blocks, with 11 significant faults modelled within the mine area trending northeast–southwest with steep dips (Section 13.3.3). These faults locally offset, thicken, or attenuate the OSU but do not disrupt overall deposit-scale continuity. In structurally complex zones, repeated thrusting has stacked ore-bearing units, creating localised thickening and high-grade lenses at fault intersections.

The OSU comprises five sub-units (A through E) with distinct compositional and mechanical properties. Sub-unit A is a weak, clay-altered siltstone that correlates with higher dilution potential; sub-unit B is the most massive and competent. This internal stratigraphy is laterally persistent and provides predictable geological layering for mine planning. The Hangingwall Quartzite (HWQ), a sequence of arkosic and cherty sandstones overlying the OSU, provides a reliable structural and stratigraphic marker that assists in geological interpretation and confirms continuity of the host sequence.

Uncertainty in geological continuity is greatest in areas distant from underground workings and drillhole intersections, particularly in the deeper and peripheral portions of the deposit where structural complexity may not be fully resolved. This geological uncertainty is reflected in the Mineral Resource classification, with Measured classification restricted to well-drilled and actively mined areas and Inferred classification applied to areas of lower geological confidence (Section 11).

**Grade continuity**

Grade continuity has been characterised through directional variogram analysis across seven estimation domains for total copper (TCu), acid-soluble copper (ASCu), and total cobalt (TCo) (Section 11). Variogram models were developed from composited drillhole data at 1 m intervals, with directional variograms generated along horizontal, across-strike, and dip-plane orientations using Supervisor® software.

The variogram analysis demonstrates that the maximum range of spatial correlation for TCu varies from approximately 60 m (Domain 7) to approximately 725 m (Domain 6) in the major continuity direction (Structure 2). The domain-by-domain variogram parameters are summarised in Table 6.3 below; the full variogram model parameters are presented in Section 11.

Table 6.3 Summary of TCu variogram ranges by estimation domain — Konkola

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| **Domain** | **Nugget / <br> Total Sill** | **Structure 2<br> Major Range<br> (m)** | **Structure 2<br> Semi-Major<br> Range (m)** | **Structure 2<br> Minor Range<br> (m)** | **Classification<br> Implication** | **QP Comment** |
| 1 | 0.15 / 0.85 | 150 | 50 | 15 | Supports Indicated at ≤150 m spacing | Moderate along-strike range |
| 2 | 0.20 / 0.82 | 150 | 120 | 8 | Supports Indicated at ≤150 m spacing | Thin minor range reflects tabular geometry |
| 3 | 0.10 / 0.90 | 300 | 150 | 8 | Supports Indicated; potential Measured with infill | Long major range; well-structured deposit zone |
| 4 | 0.10 / 0.90 | 220 | 180 | 25 | Supports Indicated; good isotropic character | Largest minor range; thicker mineralisation zone |
| 5 | 0.20 / 0.80 | 500 | 300 | 10 | Supports Indicated to Measured with progressive infill | Strong along-strike continuity |
| 6 | 0.10 / 0.90 | 725 | 650 | 20 | Longest range; supports classification at wider spacing | Exceptional lateral continuity; low nugget |
| 7 | 0.20 / 0.80 | 60 | 50 | 15 | Shortest range; higher spacing sensitivity | Structurally complex zone; limited lateral extent |

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Note: Full parameters in Section 11.

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Nugget-to-total-sill ratios range from approximately 0.10 to 0.25 across the seven TCu domains, indicating moderate short-range variability relative to total spatial variance. This is consistent with the disseminated nature of chalcopyrite–bornite mineralisation within a stratiform host, where grade variation is primarily controlled by stratigraphic position and proximity to structural enrichment zones rather than by erratic or nugget-dominated distributions.

The semi-major and minor direction ranges are materially shorter than the major direction, reflecting the tabular geometry of the OSU. Minor direction ranges are typically 6–25 m, approximating the true thickness of the mineralised horizon, while semi-major ranges are typically 50–650 m.

The observed grade continuity supports the classification thresholds established by a conditional simulation-based drillhole spacing study completed in 2019. That study concluded that an average distance of 50 m to sample support is appropriate for Measured classification and 150 m for Indicated classification. The QP considers these thresholds appropriate given the demonstrated geological and grade continuity, and notes that they are consistent with the variogram ranges for the majority of estimation domains (Domains 1–6). Domain 7, with a maximum range of only 60 m, represents a structurally complex zone of limited lateral extent where classification at wider spacing carries greater uncertainty.

**Continuity limitations — inferred Mineral Resources**

It is noted that the average distance to the nearest sample support for the Inferred Mineral Resources varies from several hundred meters to approximately 1,700 m, with a material portion of the Inferred Resource located beyond the demonstrated maximum variogram range of approximately 750 m (Section 11, Figure 11.1). In these distal areas, grade interpolation is not constrained by demonstrated spatial correlation, and the ordinary kriging estimates effectively revert toward the domain mean. This introduces material estimation uncertainty for the more distal Inferred blocks.

Swath plot (moving window) validation in Inferred areas shows poor correlation between composite grades and block model estimates (Section 11), consistent with the variography indicating no spatial correlation between sample pairs beyond the modelled range. In contrast, estimation validation in well-informed Measured and Indicated areas confirms reasonable correlation between drillhole data and block model grades, supporting the classification at those confidence levels.

The implication for investors is that the Inferred Mineral Resource tonnage and grade estimates in areas beyond the variogram range carry a level of geological uncertainty that is materially higher than for Measured or Indicated Resources, and there is no certainty that these Inferred Resources will be upgraded to higher-confidence categories with additional exploration. The recommended infill drilling program (Section 23.1.1) is designed to reduce drillhole spacing in priority areas and progressively convert Inferred Resources to Indicated classification.

6.3 Nchanga – deposit geology summary

The Nchanga mining complex is situated at the northwestern edge of the Kafue Anticline, approximately 22 km south of the Konkola Mine. Mineralisation is hosted within the Lower Roan Subgroup of the Katanga Supergroup, principally in two horizons: the Upper Ore Body (UOB) and the Lower Ore Body (LOB). The geological setting is broadly analogous to Konkola, with stratiform, sediment-hosted copper-cobalt mineralisation, but the Nchanga deposits display greater geological variability across multiple deposit areas including COP DF, COP E Extension, and several underground prospects in both the UOB and LOB.

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Mineralisation at Nchanga comprises a heterogeneous mix of oxide, supergene, and primary sulfide copper minerals reflecting prolonged weathering and groundwater interaction. Near-surface copper occurs in oxidised forms (malachite, chrysocolla), transitioning to supergene sulfides (chalcocite, covellite) in the enrichment zone and primary chalcopyrite and bornite at greater depth. The COP DF deposit is situated within a fault-bounded basin where thrust faulting and folding have enhanced the preservation of mineralisation in structural trap sites, with steep dips of 50–70°. The COP E Extension follows the regional synclinal trend with dips varying between 45–70°, shallowing to 30–40° where the syncline flattens.

The geographic extents and principal mineralisation characteristics of the Nchanga deposits are summarised in Table 6.1 of the companion IA TRS. A detailed description of Nchanga local geology, mineralisation, and structural controls is provided in Section 3 of the IA TRS.

6.4 TD03 and TD04 – tailings characterisation

TD03 and TD04 are historical tailings storage facilities located at the Nchanga site, approximately 7 km west of the main processing facilities. Both dams contain tailings deposited from historical Nchanga concentrator operations dating from the mid-20th century. The deposited material comprises fine-grained flotation tailings with residual copper mineralisation amenable to acid leaching.

TD03 contains approximately 3 Mt of material at a mean grade of 0.75% total copper (TCu) with 0.6% acid-soluble copper (ASCu). TD04 contains approximately 22 Mt at a mean grade of 0.6% TCu with 0.4% ASCu. The grade distributions for both dams are largely normal, with a small higher-grade tail observed in TD03. Total copper and acid-soluble copper exhibit a strong positive correlation, confirming the oxide-dominant character of the residual copper mineralisation.

The tailings material is characterised by relatively uniform particle size distribution reflecting the historical milling and flotation processes. Gangue acid consumption (GAC) has been determined from composite samples at an effective spacing of 300 m × 300 m, providing input to the leach circuit design parameters described in Section 14.2. The mineral assemblage, grade distribution, and leach amenability of TD03 and TD04 are described in further detail in Section 11.3 of this report.

6.5 Nampundwe – pyrite deposit summary

The Nampundwe Mine is an underground pyrite mining operation located approximately 50 km west of Lusaka in the Central Province of Zambia, within the district of Shibuyunji. The deposit is hosted in Neoproterozoic metasedimentary rocks and comprises massive to semi-massive pyrite mineralisation exploited primarily as a source of sulfur-bearing flux for the Nchanga Smelter.

Nampundwe pyrite concentrate is an essential component of the smelter feed blend, providing the sulfur balance required for stable thermodynamic operation of the Outotec flash smelting process. The concentrate is transported by road from Nampundwe to the Nchanga site, a distance of approximately 350 km.

The Nampundwe deposit is excluded from the PFS Mineral Reserve estimate and mine plan. No Mineral Resources have been estimated for Nampundwe under S-K 1300 for this TRS. The mine operates under Large-scale Mining License 7074-HQ-LML (area: 962 ha, expiry: 30 March 2050).

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7 Exploration

Exploration at Konkola has been ongoing since the deposit's discovery in 1924. The drilling database contains both historical and modern data, with drilling conducted using diamond core methods.

Modern drilling programs have focused on resource definition and upgrading classification, with emphasis on reducing drill spacing in areas planned for near-term production.

There is no active exploration being undertaken at Konkola. All exploration described below is historic and conducted by previous asset owners. All proposed drilling is resource infill or resource extension drilling. This includes all other means of exploration, for example geophysics.

7.1 Konkola Mine

7.1.1 Exploration history

The exploration history of Konkola spans over a century and includes:

· Multiple phases of geophysical surveys, geological mapping, hydrogeochemical sampling, and diamond drilling.

· Surface mapping and trenching, which provided the first indications of copper anomalies.

· Geochemical sampling, used to establish baseline geochemical signatures.

· Diamond drilling campaigns (1950s–1980s), which confirmed the stratiform nature of the OSU and outlined
the structural framework of the deposit.

· Higher-density drilling programs (1990s–2000s), improving confidence in grade continuity and allowing
for systematic Mineral Resource classification.

· Geostatistical modelling, integrating conditional simulation and variography techniques to refine resource
estimates.

**Early exploration (pre-1950s):** Initial Surface Reconnaissance: The earliest exploration efforts at Konkola were limited to surface mapping, trenching, and basic geochemical sampling. These activities aimed to identify copper anomalies and determine potential mineralised zones. Mapping efforts focused on understanding lithological and structural features; while trenching and shallow sampling confirmed the presence of copper within sedimentary formations. Although these early techniques were rudimentary, they led to the identification of the OSU, which was later recognised as the primary host of copper mineralisation at Konkola.

**Systematic diamond drilling phase (1950s–1980s):** From the 1950s onwards, exploration transitioned towards systematic diamond drilling, aimed at confirming the continuity and thickness of the OSU. Early drilling programs initially used wider spacing of 200–300 m, which was progressively reduced as the deposit was better defined. These programs provided critical insights into the stratiform nature of the deposit, confirming that copper mineralisation was laterally extensive and relatively continuous over several kilometers. Through this phase, key structural controls on mineralisation were identified, including faults, folds, and lithological variations, which were recognised as significant influences on grade distribution.

**Advancements in geological modelling (1990s–2004):** The 1990s marked a significant shift in geological strategy, coinciding with the privatisation of Zambian mining assets, which increased investment in geological studies. Higher-density infill and extension diamond drilling programs were undertaken, supported by improved drill rig technology, core recovery techniques, and enhanced geostatistical modelling. These advancements allowed for the systematic classification of Mineral Resources into Measured, Indicated, and Inferred categories, reducing uncertainty and improving the reliability of resource estimates.

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In November 2004 KCM commenced management of Konkola. From this time focus has been on production, then the development of smaller brownfields assets within and around the existing mining areas including COP E Extension, COP DF underground, Kakosa North and South, Upper Ore Body and tailings dams.

Recent production from 2006 onwards is discussed in Section 5.1.

**Drilling (2004 to 2019):** Extension and infill drilling of known mineralisation was undertaken prior to provisional liquidation through ZCCM-IH in May 2019. The geological development focused on infill drilling below and along strike of mineralisation in and around active mining areas.

**Since 2019**: No exploration, infill and extension drilling has been undertaken by KCM. Geological and structural mapping has been undertaken at Konkola to refine lithological contacts, structural deformation, and alteration patterns to update the geological interpretation. The mapping program has focused on surface and underground geological observations, detailed core logging and high-resolution core photography to documenting lithological variations and structural controls on mineralisation.

7.1.2 Drilling methods

Infill and extension drillholes are drilled using pneumatic or electric hydraulic diamond coring underground drill rigs. Drill rod sizes include BQ, NQ, HQ, and PQ diameter depending on length and purpose of hole (dewatering or resource infill) which are specified by site geologists / hydrogeologists. Diamond drilling is outsourced to specialist drilling companies.

All drilled core is cleaned, measured and placed in appropriately labelled core boxes and transported from underground to the surface core yard facilities. The contractor performs all the work necessary to complete or abandon each hole in the manner specified by KCM.

7.1.3 Core recovery

A minimum core recovery of 90% is expected in the mineralisation. Core recovery is measured and checked during core logging.

7.1.4 Core logging

Core logging procedure includes recording information such as lithology, rock type, visible mineralisation, degree of weathering, RQD, and joint density. The logging is done manually on paper log template. Drill logs are then checked and verified by the supervising geologist and approved. The logs are then entered into Excel spread sheets and are again checked for transcription errors.

7.1.5 Sample selection

After logging the drillhole, the geologist prepares a sampling sheet. The entire mineralisation unit is sampled, including some portion of the footwall and hangingwall so as to have a clear definition of the mineralisation boundary. The sample interval is a maximum of 1 m in mineralisation, and 0.5 centimeters (cm) in the immediate footwall and hangingwall formations.

Generally, for infill and extension drilling whole core is submitted for sample preparation and analysis. From mid-2025, for example sections, half core is being submitted so as to retain material in the core tray for audit purposes.

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7.1.6 QAQC program

As part of QAQC, blank and certified reference material (CRM) samples are inserted consecutively for every five primary samples for small batches <20 samples or every ten primary samples for batches >30 samples. As a general guide, a minimum of three and a maximum of five CRM samples are used per batch. CRMs are used for counterchecking the accuracy of analytical method applied. Repeats are also used as part of QAQC and are prepared by retrieving coarse rejects and pulp samples from the laboratory and re-submitting them for assaying. At least 20% of combined course and pulps samples are submitted to the laboratory. Repeat samples are aimed at checking reproducibility or precision of the laboratory. Repeat samples are repacked and assigned different sample numbers prior to resubmission to the laboratory for re-assay. CRMs are inserted after every tenth sample in all the drillholes within the mineralisation.

After logging the core, the core is sampled as per sampling procedure and is dispatched to the analytical laboratory for assaying.

7.1.7 Drillhole locations

Drillhole location plan for Konkola, showing 4,245 drillholes, see Figure 7.1. Drillholes pre-2016 are black. Drillholes from 2016 onwards are shown in red. Further detail is provided in context in<br> Section 11.2.

Figure 7.1 Drillhole location plan - Konkola

![](ctm005_ex96-2img12.jpg)

Source: AMC, 2026.

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7.1.8 Hydrogeology

The Konkola Mine is one of the wettest underground copper mines globally, with hydrogeological conditions that represent a defining operational characteristic and a material technical risk. Hydrogeological assessment is accordingly a central component of the data collection program, with ongoing investigations designed to characterise aquifer behavior, quantify groundwater inflows, and inform the dewatering strategy described in Section 13.3.

7.1.8.1 Hydrogeological setting

The hydrogeological regime at Konkola is controlled by fractured, permeable fault zones within schists and dolomites that act as principal groundwater conduits, while less permeable lithologies (quartzites and the Ore Shale) act as partial hydraulic barriers. The dominant aquifer system is the Chingola Dolomite, a regionally connected carbonate aquifer with a flat water table at approximately the 500 m level (500L). The Mwashia Shale acts as a semi-confining layer between the dolomite aquifer and the underlying mine workings (Section 13.3).

Subsidence-related cracking above historical mining areas has compromised the integrity of the semi-confining layer in places, creating secondary pathways for recharge from the Chingola Dolomite into the mine system. InSAR satellite imagery confirms surface deformation and infiltration across the subsidence zone (Section 13).

7.1.8.2 Stratigraphic hydrogeological units

The stratigraphic units of the Konkola Mine area and their hydrogeological significance are summarised in Table 7.1. The sequence comprises alternating aquifer and aquiclude units, with the three principal aquifer horizons being the Upper Roan Dolomite / Chingola Dolomite, the Upper and Lower Banded Sandstones (hosting the Hangingwall Aquifer), and the Arkose (hosting the Footwall Aquifer). The aquiclude units (shales, quartzites) provide partial hydraulic barriers between aquifer horizons, although these barriers are locally compromised by faulting and fracturing (GCMP, 2020).

Table 7.1 Local geology and hydrogeological units — Konkola

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| | | | |
|:---|:---|:---|:---|
| **PleaStratigraphy** | **Avg.<br> thickness (m)** | **Hydrogeological<br> unit** | **Significance for mine dewatering** |
| Upper Roan Dolomite | >400 | Aquifer | Major regional aquifer; regionally connected to Chingola Dolomite system. Primary long-term recharge source. |
| Shale with Grit | 70 | Aquiclude | Thick shale unit providing primary vertical hydraulic barrier between Upper Roan Dolomite and underlying sequence. |
| Chingola Dolomite | 15 | Aquifer | Regionally connected carbonate aquifer; flat water table at ~500L. High hydraulic conductivity confirmed by DW01 pump test (~1,800 m³/day, minimal drawdown). Principal groundwater contributor to mine system. |
| Dolomitic Schist | 20 | Minor aquifer | Secondary water-bearing unit; contributes to diffuse inflow. |
| Upper Banded Shale | 18 | Aquiclude | Partial barrier between Chingola Dolomite and Hangingwall Aquifer horizons. |
| Feldspathic Quartzite | 18 | Aquiclude | Low-permeability unit within Hangingwall Quartzite sequence. |
| Upper Banded Sandstone | 15 | Aquifer (HWA) | Upper component of the Hangingwall Aquifer. Base of modelled HWA structure is ~40 m above the OSU with very high flow rates (~2,000 mL/s). Drainage holes drilled upward from crosscuts into this horizon. |
| Pink Quartzite | 5 | Aquiclude | Thin aquitard between upper and lower sandstone aquifers. |
| Lower Banded Sandstone | 10 | Aquifer (HWA) | Lower component of Hangingwall Aquifer. Together with Upper Banded Sandstone, forms the principal near-orebody aquifer requiring active depressurisation. |
| Lower Banded Shale | 10 | Aquiclude | Barrier between Hangingwall Aquifer and ore horizon. Integrity controls direct inflow to stoping areas. |
| Ore Shale Unit — OSU | 5–50 (avg. ~9) | Mineralised host | Low primary permeability; acts as partial hydraulic barrier but does not fully isolate workings from adjacent aquifers. Mine workings within this unit. |
| Arkose | 15 | Minor aquifer (FWA) | Footwall Aquifer. Slightly cemented sands; characterised as "damp" conditions. Hosts mine infrastructure (declines, pump stations). Drainage holes drilled downward from crosscuts. |
| Footwall Quartzite / LPC |  | Minor aquifer | Minimum distance of approximately 100 m from mine workings. Characterised as "dripping" groundwater conditions. Does not require active dewatering at current mining levels. |
| Basement | >400 | Impermeable | Crystalline basement; no significant groundwater contribution. |

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Source: KCM GCMP, 2020; AMC, 2026. OSU row inserted by AMC for stratigraphic context; not a hydrogeological unit. Thicknesses are averages for the mine area.

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The spatial relationship between the three principal aquifer horizons and the mine workings is illustrated in Figure 7.2.

Figure 7.2 Location of three main aquifers in the Konkola Mine, section looking north

![](ctm005_ex96-2img13.jpg)

Source: KCM, 2026.

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7.1.8.3 Hydrogeological investigations and data

The following hydrogeological investigation program (Table 7.2) has been established at Konkola to support characterisation of the groundwater regime and inform dewatering design.

Table 7.2 Summary of hydrogeological investigations — Konkola

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| | | |
|:---|:---|:---|
| **Investigation type** | **Scope and methodology** | **Key findings / status** |
| Piezometer installation and monitoring | Monitoring wells installed across footwall aquifer (FWA) and hangingwall aquifer (HWA) to measure groundwater levels, pore pressures, and flow rates. Shut-in hole pressure measurements used to infer phreatic surface. | Pressure head of approximately 150 m (200 psi) inferred at the 720L level from available shut-in hole data (Section 13, Figure 13.7). Data used to calibrate numerical groundwater model. |
| Pump testing | Constant-rate and step-drawdown pump tests conducted to determine aquifer permeability, hydraulic conductivity, and transmissivity. Test well DW01 drilled into the Chingola Dolomite for dedicated aquifer characterisation. | DW01 demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day per well). Low drawdown confirms regional interconnectivity of the Chingola Dolomite and its role as the principal groundwater contributor. |
| Recharge assessment | Combination of water balance analysis, rainfall correlation, and InSAR satellite deformation monitoring to estimate recharge rates and identify infiltration pathways. | Estimated recharge of ~200–300 mm/year across an approximately 250 km² catchment. 50–75% of mine water originates from surface infiltration; 25–50% from recirculation of previously pumped water. |
| Underground drainage drilling | Crosscut and drainage hole systems targeting FWA and HWA. Crosscuts spaced approximately every 500 m along strike; ~12 drainage holes per crosscut, hole lengths 200–350 m, drilled upward into HWA and downward into FWA. | Future programme targets ~48,000 m/year of drainage drilling to achieve sustained depressurisation ahead of production development. Critical for managing inflows as mining progresses to deeper levels. |
| Numerical groundwater modelling | Three-dimensional numerical groundwater flow model under development to simulate aquifer behaviour, predict inflow response to mine advance, and optimise dewatering infrastructure requirements. | Model under development. To be calibrated against historical inflow records and piezometric data. Will inform dewatering capital planning for deeper mining (Bancroft sector below 950L). |
| Water quality monitoring | Routine sampling of mine discharge water from HWA and FWA sources. Parameters include pH, major ions, total suspended solids (TSS), and dissolved metals (Cu, Zn). | Discharge water near-neutral pH; major ions within target limits for both HWA and FWA. TSS is the key challenge. Copper and zinc levels occasionally exceed guideline limit of 100 mg/L. TSF return water alkaline with elevated nitrate and chloride (beneficial for separation from UG water). |
| Groundwater condition characterisation | Groundwater inflows collected and classified as "damp", "dripping", or "wet" by unit. Used for Q-system water inflow parameter and geotechnical stability analysis (GCMP, 2022). | HWA: wet to very wet (~2,000 mL/s at modelled structure ~40 m above OSU). FWA (Arkose): damp. FWQ/LPC: dripping (~100 m standoff from workings). Classifications feed into geotechnical design (Section 7.1.9). |

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Source: AMC, 2026. Compiled from KCM operational data, DW01 pump test results, and InSAR analysis.

7.1.8.4 Groundwater inflow summary

Current groundwater inflows at Konkola average approximately 350,000 m³/day (approximately 4.1 m³/s), making it one of the highest-inflow underground mines in the world. Inflows are concentrated at the 720L and 950L mining levels, where fractured dolomite and fault zone intersections provide the primary conduits for groundwater ingress. The dewatering system discharges via the VS1F shaft (approximately 60% of total flow) and the VS1B shaft (approximately 30%), using three staged pump stations at the 950L, 690L, and 370L levels.

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The estimated annual power cost for dewatering is approximately US$95 million, representing a material component of the Konkola operating cost structure. Future inflows are projected to increase moderately with depth as mining advances into the Bancroft sector below 950L, with short-term peak inflows projected to exceed 450,000 m³/day during periods of wet-season recharge and mine advance into new aquifer zones (Section 13.3.3).

7.1.8.5 Aquifer characterisation

The principal aquifer units and their hydrogeological characteristics are summarised below.

Table 7.3 Principal aquifer units — Konkola

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| | | | |
|:---|:---|:---|:---|
| **Hydrogeological unit** | **Lithology** | **Hydraulic character** | **Significance** |
| Chingola Dolomite (principal aquifer) | Dolomite; regionally extensive carbonate unit | High hydraulic conductivity; regionally connected; flat water table at ~500L; minimal drawdown under pumping (DW01) | Principal groundwater contributor to the mine system. Regional interconnectivity confirmed — extends laterally to adjacent Lubambe mine area (Figure 13.5) |
| Mwashia Shale (semi-confining layer) | Argillaceous shale; low permeability | Acts as aquitard between Chingola Dolomite and underlying mine workings; locally compromised by subsidence cracking | Integrity of semi-confining layer is critical to controlling vertical recharge. Subsidence damage creates secondary flow paths |
| Hangingwall Quartzite (HWA) | Arkosic and cherty sandstones; fractured | Moderate permeability; fracture-dominated flow along fault zones | Drainage holes drilled upward from crosscuts into HWA to depressurise ahead of stoping |
| Footwall Quartzite (FWA) | Conglomerates, sandstones; hosts infrastructure | Moderate permeability; aquifer-hosting formations at lithological contacts | Drainage holes drilled downward from crosscuts into FWA. Supports mine infrastructure; reduced strength at contacts |
| Ore Shale (OSU) | Carbonaceous siltstone/shale; five sub-units (A–E) | Low primary permeability; acts as partial hydraulic barrier | Mineralised host unit. Low permeability reduces direct inflow into stopes but does not fully isolate workings from adjacent aquifers |
| Fault zones (secondary conduits) | Brecciated zones with gouge infill; 11 modelled faults (§13.1.2.2) | High localised permeability; preferential flow paths; steep dips; NE–SW trending | Concentrate inflows at fault–excavation intersections. Cross Fault brecciated zone (up to 2 m wide) presents particular risk |

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Source: AMC, 2026. Compiled from KCM geological and hydrogeological data.

7.1.8.6 Assessment status and data gaps

The hydrogeological understanding of the Konkola Mine is supported by over six decades of operational dewatering data, which provides a substantial empirical basis for characterizing inflow behavior and aquifer response. The principal data strengths are the long-term pumping records from the three-stage pump station system, the DW01 pump test results confirming Chingola Dolomite connectivity, the InSAR-based recharge assessment, and the ongoing piezometric monitoring program.

The following data gaps and limitations have been identified by the QP:

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Table 7.4 Hydrogeological data gaps and recommended actions

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|:---|:---|
| **Data Gap / Limitation** | **Recommended Action / Implication** |
| Numerical groundwater model not yet completed | Model under development. Completion and calibration against historical data is required to support dewatering infrastructure capital planning for Bancroft sector (below 950L) and to validate projected inflow increases with depth. This is a prerequisite for the Definitive Feasibility Study (Section 23). |
| Limited piezometric coverage in deeper zones (below 950L) | Additional piezometer installations recommended as development advances into Bancroft sector to characterise aquifer pressures ahead of mining. Pressure head data from shut-in holes is currently limited to existing workings. |
| Inflow prediction uncertainty for new mining areas | Short-term peak inflows projected to exceed 450,000 m³/day are based on empirical extrapolation, not yet validated by calibrated numerical modelling. Actual inflows may differ materially, particularly in structurally complex zones with fault intersections. |
| Subsidence zone extent and recharge pathway characterisation | InSAR monitoring provides surface deformation data but does not directly quantify vertical recharge through the compromised Mwashia Shale. Additional investigation of recharge pathways and their sensitivity to seasonal variation is recommended. |
| Water quality — TSS and dissolved metals exceedances | Copper and zinc occasionally exceed guideline limits of 100 mg/L. Ongoing monitoring required; water treatment options may be needed to meet evolving environmental discharge standards (Section 17). |

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Source: AMC, 2026.

The dewatering strategy, pumping infrastructure, mine schedule integration, and emergency water management systems are described in detail in Section 13.4. The interaction between hydrogeological conditions and the mine plan, including the planned 1,390L pump station development required to enable mining below 950L in the Bancroft sector.

7.1.9 Geotechnical data, testing, and analysis

Geotechnical characterisation of the Konkola Mine has been developed progressively over several decades of underground mining activity, supplemented by dedicated geotechnical drilling, laboratory testing, underground mapping, and rock mass classification programs. The geotechnical assessment supporting this PFS was completed by AMC, incorporating data from the AMC (2012) KDMP Life-of-Mine Plan and additional rock mass data collected by the KCM site geotechnical team through ongoing underground mapping and logging.

7.1.9.1 Geotechnical data sources

The geotechnical database supporting this PFS comprises data from the sources summarised in Table 7.5.

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Table 7.5 Geotechnical data sources — Konkola

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|:---|:---|:---|
| **Data Source** | **Description** | **QP Assessment of Adequacy** |
| Geotechnical core logging | RQD, fracture frequency, joint condition, and lithological boundaries recorded from diamond drill core. Logging follows standard geotechnical procedures for Q-system and RMR input parameters. | Adequate for current study level. AMC has identified gaps in spatial coverage, particularly in deeper Bancroft sector. A geotechnical data collection program has been recommended to support KDMP mine expansion (Section 7.1.9.5). |
| Underground mapping | Face mapping, structural logging, and rock mass classification conducted by KCM site geotechnical team in active development headings and stope exposures (KCM GCMP, 2022). | Provides direct observation of ground conditions in Shaft 3 and Shaft 4 areas. Coverage limited to accessible workings; unmapped areas rely on extrapolation from drilling. |
| Laboratory rock property testing | Uniaxial compressive strength (UCS), elastic modulus, Poisson's ratio, cohesion, and friction angle determined from intact rock specimens. Testing performed by Itasca (1997) and AMC (2012). See Table 7.1. | Data vintage is a limitation — most recent laboratory testing dates from 2012 (AMC) and some parameters from 1997 (Itasca). Adequate for PFS-level assessment but new testing recommended for DFS (Section 7.1.9.5).Adequate for PFS-level assessment but new testing recommended for DFS (Section 7.1.9.5). |
| Rock mass classification (Q-system) | Barton Q-system (Barton et al., 1974) applied to assess rock mass quality in development excavations. Incorporates RQD, joint sets, roughness, alteration, water inflow, and stress reduction. | Q-system classification applied across all geotechnical domains. Appropriate for development support design. See Section 7.1.9.2 for domain-level summary. |
| Modified Q' system (stope stability) | Matthews / Potvin modified stability graph method (Matthews et al., 1981; Potvin, 1988). Omits water and stress terms; focuses on joint-controlled stability in HW and FW 10 m either side of orebody. | Applied for stope dimension assessment and ELOS overbreak estimation. Appropriate for PFS-level stope design. Results applied in Section 13.3.4. |
| Numerical stress modelling | Elastic and plastic stress analysis using rock properties in Table 7.6. Previous modelling by Itasca (1997) and AMC (2012); results used in Section 13.3. | Modelling provides conceptual understanding of stress redistribution with depth. Updated modelling with new rock property data recommended for DFS. |
| Seismic monitoring | Seismic monitoring system installed following first recorded event (8 January 1995). Four regional events >M6.0 Richter; mine-scale events up to ML 2.1 (most recent June 2020). See Section 7.1.9.4. | Operational seismic monitoring system in place. Data adequate for characterising current seismic regime; expanded coverage recommended as mining deepens. |

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Source: AMC, 2026. Compiled from KCM geotechnical records, AMC (2012) KDMP LOM Plan, and Itasca (1997).

7.1.9.2 Geotechnical testing – rock properties

Elastic rock properties used in numerical modelling in 2012 are listed in Table 7.6. Any new data collected for rock properties should be used to revise the previous work. Previous rock property testing for Konkola provided by Itasca 1997 was utilised for numerical modelling in Section 13.1.4.

Table 7.6 Elastic rock properties

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|:---|:---|:---|:---|:---|:---|
| **Rock unit** | **Rock Mass Modulus<br> (MPa)** | **Poisson's Ratio** | **UCS (MPa)** | **Cohesion (MPa)** | **Friction angle (°)** |
| Quartzite | 17800 | 0.2 | 150 | 5.3 | 48.0 |
| Ore Shale | 13300 | 0.2 | 150 | 4.0 | 37.5 |
| Conglomerate | 31600 | 0.2 | 170 | 7.0 | 52.6 |
| Unit 'A' | 168 | 0.3 | 5 | 2.4 | 3.0 |

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Source: AMC, 2012.

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**Qualified Person's interpretation of results**

The rock property data in Table 7.6 indicate a geotechnical environment characterised by competent quartzite and conglomerate host and infrastructure units (UCS 150–170 MPa, friction angles 48–53°), a moderately competent Ore Shale (UCS 150 MPa, friction angle 37.5°), and a critically weak Unit A siltstone (UCS 5 MPa, friction angle 3°). The contrast between Unit A and the surrounding rock mass is the single most significant geotechnical feature at Konkola. Unit A behaves mechanically as a shear surface, with strength properties approximately two orders of magnitude lower than the adjacent quartzite. This has the following material implications for mine design:

Dilution control: Unit A correlates with poor ground conditions and higher dilution potential. Its thickness increases with orebody dip, meaning dilution risk is greatest in the steeper Extension and Bancroft zones. The Equivalent Linear Overbreak / Slough (ELOS) method (Clark & Pakalnis, 1997) estimates overbreak of 0.5-1.0 m in fair ground, with higher values expected where stopes intersect Unit A or major structures (Section 13.3).

Stope stability: The low shear strength of Unit A requires that stope dimensions and sequencing account for the potential for hangingwall delamination along the Unit A contact. Paste backfill improves crown and hangingwall stability, particularly in flatter-dipping zones where the hangingwall span controls stability (Section 13.3).

Infrastructure placement: Major infrastructure (declines, pump stations) is designed to be placed in competent footwall quartzite with a minimum standoff of 20 m from major faults, avoiding Unit A where possible (Section 13.3).

· Stress behavior at depth: The low rock mass modulus of Unit A (168 MPa versus 17,800 MPa for quartzite)
creates a significant stiffness contrast that concentrates stress at lithological contacts. Numerical modelling indicates increased plastic
strain zones at depth, particularly in the hangingwall where structures intersect Unit A (Section 13.3). This drives the requirement for
more robust support designs in deeper development.

**Material assumptions**

The following material assumptions underpin the geotechnical assessment:

Table 7.7 Material geotechnical assumptions - Konkola

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| | |
|:---|:---|
| **Assumption** | **Basis and QP comment** |
| Rock properties from 2012/1997 testing are representative of conditions across the full mine plan extent | Assumption is reasonable for PFS level given the relatively uniform stratigraphy of the OSU and host sequence. However, testing was conducted on specimens from accessible areas; properties at depth (below 950L) and in structurally complex Bancroft zones may differ. New testing recommended for DFS. |
| Q-system and Q' classification parameters are applicable across all geotechnical domains | Reasonable assumption. Both classification systems are industry-standard for underground mining. Q-system is appropriate for development support; Q' is appropriate for open stope stability assessment. Each domain assessed independently. |
| Ground conditions in unmapped Bancroft Deeps are extrapolated from shallower observations | Conservative assumption applied: deeper areas assigned the range "very poor to good" based on Shaft 4 observations. Actual conditions may be more variable due to increased stress magnitudes and proximity to faulted zones. This is a material source of geotechnical uncertainty. |
| Paste backfill availability as assumed in mine design | Stope stability assessments assume paste backfill is available for sequential filling. If paste fill is delayed or unavailable, crown and hangingwall stability in flatter-dipping zones is materially reduced, potentially requiring tactical pillar placement and reduced stope dimensions. |
| Stress field orientation assumed from regional data and 2012 modelling | In situ stress measurements have not been updated since 2012. The stress field at depth may differ from the assumed orientation, affecting excavation stability predictions and support requirements. Updated stress measurement program recommended. |

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Source: AMC, 2026.

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7.1.9.3 Rock mass classification summary by domain

The Konkola Mine is divided into geotechnical domains aligned with orebody dip, structural setting, and observed ground conditions (Section 13.1.2, Figure 13.2). Rock mass quality varies significantly across the mine, as summarised in Table 7.8.

Table 7.8 Rock mass conditions by geotechnical domain - Konkola

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| | | | |
|:---|:---|:---|:---|
| **Geotechnical <br> domain** | **Dip (°)** | **Ground condition <br> range** | **Key geotechnical features** |
| Konkola East / Flats | 35–45 | Fair to good; localised poor zones | Shallow dip; competent overall rock mass; manageable stress levels. Poor zones associated with Unit A and lithological variability. HW span controls stope stability. |
| Konkola Extension | 45–55 | Fair to poor (Shaft 3); variable (Shaft 4) | Orebody steepens; transitional zone. Shaft 3 conditions fair–poor with weaker performance at Flats contact. Shaft 4 highly variable — very good to very poor near faulted zones. |
| Bancroft North | 55–65 | Fair to good; poor zones at 2,700–2,800 mN | Steep dip; increased stress. Localised poor ground in FW quartzite near stoping. Increased overbreak potential where stopes intersect major structures. |
| Bancroft Central / South | 60–70 | Variable: very poor to good | Greatest depth and stress magnitudes. Rock mass relaxation and plastic strain zones in HW near Unit A. Fault Zone 2650 associated with poor–fair HW conditions. Robust support designs required. |
| Bancroft Deeps | 65–70 | Inferred: poor to fair (limited data) | Below 950L; limited direct observation. Ground conditions extrapolated from Bancroft South and structural modelling. Poor ground noted at 200 mS–1,000 mS. 1,390L pump station development required before mining. |

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Source: AMC, 2026. Based on Q-system classification, underground mapping (KCM GCMP, 2022), and AMC (2012) KDMP data.

7.1.9.4 Seismicity

KCM has experienced seismicity, with the first recorded event on 8 January 1995. This prompted the purchase of a seismic monitoring system. Four events have since been recorded with Richter magnitudes greater than 6. The source of the earthquakes was found to be well outside the mine region. Mine scale seismic events have been recorded with local magnitudes up to 2.1 since November 1996. The most recent 2.1 event was in June 2020.

The Mine at No 1 Shaft and No 3 Shaft has previously identified a number of high stress pockets with seismic events recorded at No 1 Shaft. Seismic damage was predominantly observed in drives and included falls of ground, rock burst, fracturing and onion skin like unravelling.

Previous observations have noted that the intensity of ground damage from high stress conditions and seismic events reduces the further away the excavation is from the OSU and footwall (KCM, 2000).

Regions of the mine with relatively strong rock mass are likely to be associated with the seismicity. It is expected that seismicity will become more common as the mine develops deeper, particularly in this area.

Seismic monitoring continued during the KCM provisional liquidation proceedings period to allow a baseline prior to the mine restart. AMC recommends ongoing assessment of the seismic data in the future to understand the events and source in relation to rock mass, faults or dewatering. Figure 7.5 presents a schematic diagram of the Konkola IMS seismic system. The IMS system, commissioned in 2012 comprises of 12 sensors (triaxial and uniaxial 4.5 Hz geophones) and allows real time monitoring.

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Figure 7.3 Seismic system schematics at Konkola

![](ctm005_ex96-2img14.jpg)

Source: GCMP, 2022b.

7.1.9.5 In situ stress

Previous modelling indicated that stress on closure pillars was likely to significantly increase with vertical depth. An updated Mineral Reserve mine plan will require a detailed review of the expected damage to closure pillars and ability to recover these.

Since the pause in production, AMC recommends that the underground operations undertake a review of development performance for general convergence and damage in drives due to the orientation of drives, and standoff distance of the drives from stoping areas, including stress mapping guidance. Horizontal stress is noted as sub-parallel to the foliation and mineralisation and is the dominant influence on damage to development within pillars and the footwall.

AMC recommends that in situ stress testing is undertaken at the lowest level in the future to confirm the orientation of the stress field at depth which is based on the current limited testing. In situ stress has critical implications (safety, production reliability, etc.) that higher induced stress will cause at these mining depths.

7.1.9.6 Geotechnical data gaps and recommended actions

AMC has identified gaps in the available geotechnical data across KCM. The following table summarises the principal data gaps, their implications, and recommended actions.

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Table 7.9 Geotechnical data gaps and recommended actions

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|:---|:---|
| **Data Gap / Limitation** | **Recommended Action and Timing** |
| Rock property data vintage (most recent: AMC 2012; some parameters: Itasca 1997) | New laboratory testing program recommended as part of future resource definition drilling. UCS, triaxial, Brazilian tensile, and direct shear tests on specimens from each geotechnical domain, including Bancroft Deeps. Required for DFS. |
| Limited geotechnical core logging coverage in deeper Bancroft sector (below 950L) | AMC has designed a conceptual but executable resource definition program for the KDMP mining area (AMC Konkola KDMP Exploration Strategy, January 2025) which includes dedicated geotechnical logging. Geotechnical logging should be performed on all future resource definition holes. |
| No updated in situ stress measurements since 2012 | Overcoring or hydraulic fracturing stress measurements recommended in the Bancroft sector to validate stress field assumptions used in numerical modelling. Required for DFS-level stress analysis. |
| Underground mapping limited to accessible current workings | Systematic face mapping and rock mass classification should be incorporated into standard operating procedures for all new development headings as mining advances. Data to be entered into centralised geotechnical database. |
| Limited twin hole or adjacent-hole geotechnical variability assessment | Spatial variability of rock mass quality not systematically quantified. Consider paired geotechnical logging at selected locations to assess local variability for support design confidence. |
| Paste fill strength testing and quality control programme not yet established for PFS-level confidence | Paste fill mix design and unconfined compressive strength testing program required to confirm design fill strengths assumed in stope stability assessments. Required for DFS. |

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Source: AMC, 2026.

The application of the geotechnical data and classification results summarised above to mine design is described in Section 13.2 including geotechnical domains, stope stability and dilution estimation, and ground support and numerical modelling (Section 13.3).

7.2 TD03 and TD04 – exploration and characterisation

In September 2000, auger drilling campaigns were completed at both tailings dams to characterise the grade distribution and physical properties of the deposited tailings material. A total of 78 drillholes (1,645.5 m) were completed at TD03 and 64 drillholes (1,090.5 m) at TD04 using a 50 mm auger on a 150 m × 150 m grid spacing. Drillholes were terminated upon reaching the underlying soil profile.

Samples were collected at 1.5 m intervals and riffle-split to a one-eighth portion using a Jones riffle splitter. Adjacent 1.5 m samples were combined to produce 3 m composite samples for analysis. Samples were prepared and analysed for total copper (TCu) and acid-soluble copper (ASCu) at the Alfred H Knight (AHK) Kitwe, with analysis limited to samples where TCu exceeded 0.5%.

Pulp rejects were composited into a four-drillhole grid pattern for gangue acid consumption (GAC) leach tests, completed at the KCM Nchanga analytical laboratory at 25°C. The effective sample spacing for GAC data is 300 m × 300 m.

No additional drilling has been completed at TD03 or TD04 since the 2000 campaign. The existing drill data forms the basis of the Mineral Resource estimates reported in Section 11.3 and the Mineral Reserves reported in Section 12. The QP considers that the 150 m × 150 m drill spacing is adequate for Indicated classification given the relatively uniform grade distribution within the tailings material. Detailed resource estimation methodology and classification criteria are provided in Section 11.3.

7.3 Nchanga – exploration summary

Exploration at the Nchanga deposits is covered in detail in Section 7.8 of the companion IA TRS. Nchanga mining operations (the Nchanga Business Unit, or NBU) are excluded from the PFS Mineral Reserve estimate and mine plan; accordingly, only a summary of exploration status is provided here for context.

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The Nchanga drillhole database comprises 445 drillholes at COP DF and 283 drillholes at COP E Extension. Drilling spans multiple generations from the 1950s through to recent infill campaigns. The older generation of drillholes (pre-1975) was not subject to modern QAQC protocols; however, much of this historical drilling is in areas where mining has been completed and the data has been reconciled against production records.

Planned drilling programmes at Nchanga are designed to upgrade the current Inferred Mineral Resources to Indicated classification and support future prefeasibility studies for underground development. The target drill spacings are 60–80 m for COP DF, 80–100 m for COP DF Underground and COP E Extension. The Nchanga exploration program and associated budgets are summarised in Section 7.8.3 and Table 7.2 of the IA TRS, with recommendations for further work provided in Section 23 of this report.

7.4 Nampundwe – exploration summary

The Nampundwe pyrite deposit has been explored and mined since the mid-20th century. The deposit is accessed via an underground decline and is exploited for pyrite concentrate used as smelter flux at the Nchanga Smelter. The Nampundwe deposit is excluded from the PFS Mineral Reserve estimate and mine plan, and no S-K 1300 compliant Mineral Resource estimate has been prepared for this TRS.

No exploration programs are currently planned for Nampundwe. The existing geological knowledge is considered adequate for the limited role of the deposit as a flux supply source. Readers are referred to the property description in Section 3 for license details.

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8 Sample preparation, analyses, and security

8.1 Sample preparation and analysis

Sample preparation and analysis for Konkola analyses is undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

The laboratory is ISO/IEC 17025:2017 accredited by the Southern African Development Community Accreditation Service (SADCAS), representing internationally recognised standards for competence, impartiality, and consistent operation.

Future drilling analysis is planned to be analyzed by an internationally recognised external laboratory.

8.2 Sample preparation method

Sample preparation method:

· Drying the received samples at a temperature of 110°C plus or minus 5 degrees (110+/-5°C) for
a period up to four hours.

· Primary particle size reduction by crushing the samples from 150 mm to 12.7 mm.

· Secondary particle size reduction by crushing the entire primary crusher product of 12.7 mm or less to
than 4 mm.

· Repeated riffling of the secondary crusher product until a final portion measuring about 250 grams
(g) to 300 g is obtained.

· The final riffle product is then pulverised to pulp of 90 percent passing 75 micron sieve (200 mesh),
packed into envelops as laboratory samples, and finally submitted to main laboratory for analysis.

· Coarse rejects and pulps are reclaimed where the coarse rejects are stored until it is confirmed they
are not required to metallurgical test work. The pulp rejects are retained.

8.3 Analytical method

The analytical method for each sample is a partial digestion via nitric and sulfuric acid for soluble copper, and complete digestion for total copper and total cobalt, with an Atomic Absorption Spectrometry (AAS) finish.

If total copper is greater than 10% Cu, the sample(s) are re-analyzed by using the electro-gravimetric method.

8.4 Bulk density measurement

Bulk density measurements are done at KMRL site mineralogy laboratory using the Archimedes method.

Samples are selected from the hangingwall and footwall formations and mineralised material. For mineralised material the sample is selected from HQ or a larger size drillhole. The core samples are cut using core cutting machine. One half of the sample is sent to the analytical laboratory for assaying, the other half is sent to the mineralogy laboratory for bulk density measurement. The samples used in the bulk density measurement range from 50 to 70 mm. Cracked and poor-quality samples are excluded.

The samples are cleaned, dried at 105°C for 12 hours, cooled, weighted in air, dipped in wax, which is allowed to set, weighed in air, then immersed in water and weighted.

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Bulk density is calculated using the following equation:

![](ctm005_ex96-2img87.jpg)

Where:

W1=weight of sample in air

Wa=weight of wax in air, that is =W2-W1

W2=weight of sample with wax in air

W3=weight of total sample in water after waxing

p=density of wax used

1=density of water

8.5 Quality assurance quality control

This section describes the QAQC protocols applied to assay data across the KCM Integrated Operations (§8.5.1) and presents the results of QAQC assessments for the Konkola Mine and Nchanga Business Unit deposits. The assessment covers analysis of certified reference materials (CRMs) for accuracy, repeat samples for precision, and blank samples for contamination.

8.5.1 QAQC protocols

QAQC is undertaken on TCu% and ASCu% analysis and is done via the submission of repeat samples and the submission of CRMs and blanks.

Repeats consist of fine rejects of samples within potentially economic mineralisation grade ranges. Samples for which laboratory assay results have been received are repacked and assigned different sample numbers then resubmitted to the laboratory for re-assay. The assay results of these samples are then compared to the original assays. Samples are submitted at a 1 in 10 ratio.

If the original and repeat assay differ by less than 10%, precision is regarded as acceptable, and the original assay results are cleared for use in resource estimation.

CRMs are inserted after every tenth sample in all the drillholes within the mineralisation. The analytical results of the CRMs are then plotted against the original CRM grades. A ±2 standard deviations (SD) error difference from the CRM grade is considered an acceptable range, especially when dealing with relatively high grades (above 2% TCu). With grades lower than 2% TCu, a ±3SD error difference is considered acceptable.

Additional quality controls include:

· Blind checks: For every 10 samples, one sample is randomly picked and inserted as a blind check by the
sample preparers to measure reproducibility of the analysis.

· Independent checks: Periodic insertion of previously analyzed samples as independent checks to measure
reproducibility between analyses.

· Internal laboratory CRMs: Use of internal laboratory CRMs within each batch.

8.5.2 QAQC assessment — Konkola

During the audit of the 2020 Mineral Resource, KMRL provided the auditor with a cumulative database of all the QAQC work undertaken at Konkola Mine. In order to ascertain the quality of the post-2016 data, the auditor segmented the data to conduct separate analyses for the old and new data.

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For the post-2016 data the following observations were made:

· The repeats showed 54% of TCu samples and 23% of the ASCu being within 10% deviation. This observation
was deemed to be far short of the expectations for the assays to be included in the Mineral Resource work.

· The analysis of CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) showed consistently lower than expected results.
This is a concern and might indicate high-grade copper assays may be underestimated, that is a negative bias.

A QAQC assessment undertaken in 2024, discussed below, incorporates the post-2016 drilling. The exercise covered analysis of the CRM for accuracy, repeats for precision, and blanks for contamination.

8.5.2.1 CRM analysis — Konkola

For CRMs, specific tasks include:

· **QAQC records validation:** To ensure all results are recorded in the database, the QC results on
all the drillhole assay certificates for holes drilled after 2016 were examined.

· **CRM validation:** Konkola Mine utilises a range of CRMs sourced from Geostats Pty Ltd to monitor
the accuracy of the laboratory. Each CRM has a unique product ID associated with specific grade values and standard deviations.

The CRM results database was meticulously checked to verify that all CRM laboratory results were correctly linked to their corresponding certified values. It was discovered that the certified values for 16 analyses of GBM911-16 were initially assigned incorrectly in the database. After the corrections, 12 out of the 16 results have passed, with the remaining four values being outside ±2SD.

Table 8.1 shows a list of the corrected CRM values in comparison to the incorrect entry.

Table 8.1 List of corrected outcomes for 16 GBM911-16 CRMs

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Original** | **Corrected** | **Corrected** |
| <br>**BHID** | <br>**Sample ID** | <br>**CRM** | <br>**Laboratory**<br> **(TCu%)** | **Certified<br> (TCu%)** | **Certified CRM** | **Status** |
| BV1611 | MX9864 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1612 | MY33 | GBM911-16 | 2.42 | 3.44 Fail | 2.48 | Pass |
| BV1614 | MX9864 | GBM911-16 | 2.40 | 3.44 Fail | 2.48 | Pass |
| BV1615 | MY112 | GBM911-16 | 2.55 | 3.44 Fail | 2.48 | Pass |
| BV1616 | MY318 | GBM911-16 | 2.32 | 3.44 Fail | 2.48 | Pass |
| BV1619 | MY380 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1623 | MY433 | GBM911-16 | 2.57 | 3.44 Fail | 2.48 | Pass |
| BV1631 | MY1077 | GBM911-16 | 2.24 | 3.44 Fail | 2.48 | Fail |
| BV1631 | MY1093 | GBM911-16 | 2.35 | 3.44 Fail | 2.48 | Pass |
| BV1633 | MY1199 | GBM911-16 | 2.92 | 3.44 Fail | 2.48 | Fail |
| BV1635 | MY1242 | GBM911-16 | 2.33 | 3.44 Fail | 2.48 | Pass |
| BV1635 | MY1257 | GBM911-16 | 2.60 | 3.44 Fail | 2.48 | Pass |
| BV1636 | MY1311 | GBM911-16 | 2.52 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1363 | GBM911-16 | 2.59 | 3.44 Fail | 2.48 | Pass |
| BV1637 | MY1389 | GBM911-16 | 2.75 | 3.44 Fail | 2.48 | Fail |
| BV1638 | MY1400 | GBM911-16 | 2.74 | 3.44 Fail | 2.48 | Fail |

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Note: +/-1SD is between 2.39 to 2.56% TCu, +/-2SD is between 2.30 to 2.65% TCu.

Source: KCM.

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The rectified drillholes that passed the QAQC test were then plotted together with the failed drillholes and those without CRMs as shown in Figure 8.1. Also included are holes drilled up to November 2023.

Figure 8.1 Location plan of holes drilled from 2016 to 2023 - Konkola

![](ctm005_ex96-2img15.jpg)

Source: AMC, 2026.

The analysis conducted on the entire database showed that the majority of CRM results from the laboratory were within the acceptable range of ±2SD of the CRM mean as shown in Figure 8.2. However, Standard A showed a number of CRM values outside 2SD. Another observation was that the majority of the laboratory results outside 2SD plotted below the mean value, indicating a conservative negative bias. Figure 8.2 shows the results for Standards A, B, C, and D from the analytical laboratory. Results for Standards E, F, and G are presented as Figure 8.3.

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Figure 8.2 Shewhart plots for CRMs A, B, C, and D - Konkola

![](ctm005_ex96-2img16.jpg)

Source: AMC, 2026.

Figure 8.3 Shewhart plots for CRMs E, F, and G - Konkola

![](ctm005_ex96-2img17.jpg)

Source: AMC, 2026.

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8.5.2.2 Repeat analysis — Konkola

Repeat samples at Konkola Mine are utilised to evaluate the laboratory's precision. Samples submitted for re-assaying have been selected randomly without regard to the mineralisation or grade of the original sample. Therefore, the duplicate dataset comprises samples that are below the cut-off and outside the areas of mineralisation. The sample statistics indicate the below-cut-off assay values account for 35% of the entire dataset.

The repeatability analysis has shown that precision is very poor in the dataset with grades below cut-off. This is due to laboratory precision decreasing significantly for values proximal to the detection limit. Samples with values below cut-off are not regarded for most downstream processes and have minimal impact on geostatistical modelling and grade estimation.

Therefore, the inclusion of original sample assay values that are significantly below cut-off grade impacts the overall outlook of the level of precision of the data. Based on this observation, only samples with TCu% grades above cut-off of 1.5% were considered for precision analysis.

The relative paired difference (RPD) plot method was used to assess the precision for both unfiltered (no cut-off) and filtered (above cut-off) datasets.

The RPD plots for TCu% show that approximately 55% of the unfiltered sample results are within 10% of the half relative difference, whereas the filtered (above cut-off) dataset showed that approximately 76% of repeats fall within 10% of the half relative difference as shown in Figure 8.4. At 1.5% TCu cut-off, 75% of data passing 10% RPD is lower than ideal for an operating mine; 85 to 90% of the data at 10% RPD would be a good result.

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| Figure 8.4 | RPD plot TCu repeat samples no cut-off and at 1.5% TCu- Konkola - post 2016 data |

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![](ctm005_ex96-2img18.jpg)

Source: AMC, 2026.

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8.5.2.3 Blank analysis — Konkola

Blanks are comprised of local material. Analysis shows that blank sample analytical results are generally below the 0.5% TCu threshold which is used to define blank material. The variations observed are the result of using locally sourced non-mineralised material such as FWQ, AGSST, and PC. Figure 8.5 shows the blank sample plot, with the 0.5% TCu threshold line.

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| Figure 8.5 | Blank samples plot showing 0.5% TCu upper limit |

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![](ctm005_ex96-2img19.jpg)

Source: AMC, 2026.

8.5.3 QAQC conclusion

In drilling completed since the 2000s, some QAQC has been completed. Blanks have not always been submitted. The CRM results range from good, reasonable with slight negative bias, to poor. Similarly, the pulp repeats (same laboratory and second laboratory) results are mixed with both good and poor results.

Results, whether good or poor, are consistent within each drilling programme. This indicates the internal laboratory standards and potentially age of equipment is key to improved laboratory performance. Batch-by-batch analysis of the QAQC on receipt of the data will provide the laboratory with real-time performance feedback.

Table 8.2 provides a summary of QAQC performance for this PFS.

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Table 8.2 Summary of QAQC performance by deposit

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|:---|:---|:---|:---|:---|
| **Deposit** | **CRM Accuracy** | **Repeat Precision** | **Blank Contam.** | **QP Assessment** |
| Konkola | Moderate — negative bias at high grades (Std A) | Poor unfiltered (55% at 10% RPD); moderate filtered at 1.5% TCu (76% at 10% RPD) | Acceptable — generally below 0.5% TCu threshold | Adequate for PFS; negative bias is conservative for resource estimation. Repeat precision below ideal (target >85%). Equipment upgrade programme expected to improve performance. |

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Source: AMC, 2026. Compiled from 2024 QAQC assessment results.

8.6 Qualified Person's opinion

8.6.1 Historical data

There is limited, if any, sample preparation or analytical QAQC data for the historical samples. The QP notes that there has been no twin hole drilling to confirm the accuracy of the historical data. However, historical and modern/recent drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

8.6.2 QP's opinion on sample preparation, security and analytical procedures

Modern and recent sample preparation, security, and analytical procedures applied are appropriate for the style of mineralisation and the analytes of interest (TCu, ASCu, TCo). The partial acid digestion for soluble copper and complete digestion for total copper with AAS finish is an industry-standard method for sediment-hosted copper deposits. The Archimedes method for bulk density measurement is appropriate.

8.6.3 Assessment of QAQC findings

The QP has reviewed the available QAQC data. Modern QAQC programs have some standards plotting outside ±2SD, with repeats showing poor performance for sub economic grades. However, the QP is of the opinion that although these deficiencies add a degree of uncertainty, they would not significantly affect the outcome of the grade estimation for the purposes of this IA. See Table 8.3 for the QP opinion of the QAQC results for each deposit.

Table 8.3 QP assessment of QAQC findings by deposit

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| **Deposit** | **QP Assessment** |
| Konkola | CRM accuracy: The majority of CRM results fall within ±2SD. Standard A shows values outside 2SD, predominantly plotting below the mean, indicating a conservative negative bias. The 2024 reassessment identified and corrected a database error affecting 16 GBM911-16 CRM entries (Table 8.1); after correction, 12 of 16 passed. The negative bias is conservative for resource estimation purposes — it implies that reported TCu grades at higher ranges may be slightly understated rather than overstated, which does not result in an overestimation of the resource.<br> Repeat precision: At 1.5% TCu cut-off, 76% of repeats pass the 10% RPD threshold. This is below the ideal target of 85–90% for an operating mine. The poor precision in the unfiltered dataset (55%) is largely attributable to samples below cut-off (35% of the dataset), which have minimal impact on grade estimation for Mineral Resources where a 1.5% TCu cut-off applied in the resource model.<br> Blanks: Results generally below the 0.08% TCu threshold. Four results exceed 0.5% TCu; it is not clear whether these are due to contamination or low-grade mineralisation within the locally sourced blank material. The number of anomalous samples is small and is not considered material.<br> QP opinion: QAQC data for Konkola is adequate for PFS-level resource estimation. The identified deficiencies (negative CRM bias, below-ideal repeat precision) add uncertainty but do not materially compromise the grade estimates. The negative bias, if real, is conservative. |

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Source: AMC, 2026. Based on 2024 QAQC assessment.

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8.6.4 Implication for Mineral Resource confidence

The QP has considered the cumulative effect of the identified QAQC deficiencies on the reliability of the assay data used in the Mineral Resource estimates. The QP's opinion is that the data is adequate for the purposes of this PFS for the following reasons:

The negative CRM bias observed at Konkola (the principal deposit) is conservative: it implies potential understatement of TCu grade at higher ranges rather than overstatement. This does not create a risk of resource overestimation.

Repeat precision, while below ideal, is within acceptable bounds when filtered for samples above the 1.5% TCu cut-off grade that is applied in the resource model. Below-cut-off samples, which dominate the poor precision statistics, have minimal influence on grade estimation for the declared resource.

Blank results at Konkola show no material contamination. Blank contamination at Nchanga is a minor concern and is flagged for DFS investigation.

The geographic intermingling of historical and modern drilling, with consistent grade ranges across both datasets, provides indirect validation of the historical data despite the absence of formal QAQC records for older samples.

Production reconciliation at Konkola, where the mine has operated continuously since 1957, provides over six decades of independent grade confirmation in mined areas. This operational validation carries significant weight in assessing the reliability of the underlying assay data.

The QP is satisfied that the QAQC deficiencies, individually and in aggregate, add a degree of uncertainty to the assay database but do not materially compromise the reliability of the Mineral Resource estimates at the PFS level of confidence.

8.6.5 Laboratory condition and umpire laboratory

A site visit to the KMRL analytical laboratory showed that the laboratory, due to age and use, requires physical maintenance and the replacement of old sample preparation and analytical equipment. Where there is doubt as to the condition of any of the site sample preparation and laboratory analytical equipment, an external third-party laboratory should be used.

Where there is a question about the performance of the QAQC for sample batches from the site laboratory, an umpire laboratory must be used. The QP recommends that external umpire laboratories (such as Société Générale de Surveillance SA (SGS) Kalulushi or AHK) be used for independent verification of assay results on a routine basis, particularly for batches where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and resource models.

8.6.6 QAQC recommendations for DFS

The QP recommends the following actions to improve assay data confidence for the Definitive Feasibility Study.

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Table 8.4 QAQC recommendations for DFS

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|:---|:---|:---|
| **#** | **Recommendation** | **Priority / Timing** |
| 1 | Implement batch-by-batch QAQC analysis with real-time performance feedback to KMRL. CRM, blank, and duplicate results to be reviewed before each batch is accepted / finalised | Immediate. Implement for all current and future drilling programs. |
| 2 | Failed batches to be re-assayed at an umpire laboratory. | Implement within 3 months. Required for DFS data confidence. |
| 3 | Submit blanks on all drilling programs. Use certified blank material rather than locally sourced non-mineralised rock to eliminate ambiguity in blank results. | Immediate. Implement for all current and future drilling programs. |
| 4 | Establish routine umpire laboratory program with AHK or SGS for independent check assays on a minimum 1:20 basis. Repeated should focus on economic grade ranges, with limited low-grade material. | Implement within 3 months. Required for DFS data confidence. |
| 5 | Complete laboratory equipment upgrade program at KMRL. Replace ageing sample preparation and analytical equipment identified during AMC site visit. Equipment condition directly correlates with precision performance. | Phased program; priority items before DFS drilling commences. |
| 6 | Include twin hole drilling in the KDMP resource definition program (Section 23) to provide independent confirmation of historical data accuracy in areas where pre-2016 drilling is the sole data source. | Include in DFS drill program design. |
| 7 | Investigate and characterise the negative CRM bias at Konkola (Standard A). Determine whether bias is systematic (method-related) or episodic (equipment/operator-related) and implement corrective measures to eliminate the bias source in future analytical work. | Before DFS resource estimation. Priority investigation. |

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Source: AMC, 2026.

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9 Data verification

9.1 Historic data

The bulk of the data informing the current Mineral Resource estimates for most of the KCM assets is historical and was collected over a period spanning 50 years that the assets have been in operation.

Prior to the privatisation of the Zambian Copperbelt mines, all the data for the operations of all the mines on the Zambian Copperbelt was maintained centrally in a Borehole Master File database. On privatisation in the early 1990s, each of the new operators was able to extract from the repository the data pertaining to their operations.

The data verification undertaken for each of the KCM assets includes:

· Comparison of the modern database entries for the collar, assay and survey records against printouts from
the Borehole Master File downloads.

· Plotting plans and sections using data from the modern database and comparing the position of the drillhole
and geology with the drillhole and geology position on the historic manually generated plans and sections.

A significant portion of the historic drill data relates to areas that have since been mined out.

9.2 Modern data

9.2.1 Database

After drillhole logging the drill log spread sheets are sent to the database administrator who imports the data into the AcQuire Database. The database has validations switched on for lithological and assay type names, project codes, sample depths, i.e. the 'from' and 'to' depths of the samples, etc. Any errors associated with these fields and others are highlighted at import stage. Records with errors are not written to the database. A check report is run, with the database administrator sending import errors back to the originator geologist for correction. Once all errors are corrected, verification is done by the originator's supervisor, and the data is again sent to the database administrator for importation into the Acquire database. The check import method is run again, and if no further errors are detected, the entry method is changed to, insert, update or merge depending on the data type. The data is written into the database.

Consistency checks are done by extracting the newly imported data from the database, importing it into the mining software, e.g. Datamine®, de-surveying and displaying it in graphic windows for spatial and orientation visual validations.

9.2.2 Exported data validation

After data is exported from the database and imported to mining software the following validations are carried out to ensure data integrity:

· Check for missing data in collar file, survey file, geology file and assay file.

· Check survey data for bearing beyond 360° and inclination beyond ±90°.

· Check for data duplication.

· Check for outliers in terms of spatial location.

· Check for overlapping sample intervals.

· Missing intervals.

· Consistency in geological logging.

· Check that drillhole length is not less than the sampling length.

· Visual inspection of plotted drillhole trace.

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During validation, some drillholes were found to have missing assay values. A thorough check found that those missing values were also missing on the actual log sheets. Further analysis reviewed that the missing values were outside the 1% TCu and did not affect the downstream process. The checks also found several samples with very high-grades and physical checks were conducted which verified that there were no typographic errors and the high-grades in the database were as per the values provided on the laboratory certificates.

9.2.3 Data verification

Data validation has been undertaken on data provided. This included drillhole collar surveys, downhole geological logging observations, sample selection and preparation, sample analysis, analytical results, and other test data.

Random checking has been undertaken of the geological database against the drillhole log sheets. Analytical results in the database were reviewed against the laboratory output MS Excel files checking for importation and transcription errors.

Verification included reviewing adherence to the: geological logging procedures, and the sample selection and preparation procedures.

9.2.4 Database security

Database backup is done on a weekly basis. This is managed by the MS server support team Server Consultants.

Database changes are only done on request by the data originator, after discussing them with their supervisor, highlighting the changes that have been made which the data originator would like to have effect in the database, the changes are sent to the Database administrator together with the instructions for the changes. Once the changes are discussed and it's agreed to update the records concerned, the update is made in the database and the instructions are filed on the Geology server for possible future reference. For some records like lithological name and assay values, the old record is maintained in columns, Formation_C, TCu1, ASCu1, TCo1, and ASCo1, while the updated record is maintained in Columns Formation, TCu, ASCu, TCo, and ASCo.

Corruption due to typographic error is avoided mainly by restricting the number of users that can write to the database. Most users are only assigned copy rights and usually work with extracted data. Currently only the database administrator has access to import data. Manual inputting of data into the database is avoided. The preference is to import data in CSV format as an output of Excel spread sheets. The Excel spreadsheets have gone a rigorous verification process as described below.

A sign-off check list is used by all geologists in the generation of geological data.

9.3 Data verification limitations

During the data verification process, several limitations and challenges were identified:

· CRM Supply Shortages: Some assay batches lacked sufficient CRMs, limiting the ability to systematically
validate analytical accuracy.

· Quartz Blank Contamination: Independent audits identified trace mineralisation in quartz blanks, raising
concerns about their effectiveness in detecting contamination.

· Historical Data Gaps: Some older drillhole records lack complete metadata, particularly in relation to
core recovery rates and downhole surveys.

· Inconsistent Twin Drilling Data: While some historical twin drilling has been conducted, the coverage
is limited, reducing the ability to fully validate historical datasets.

· Incomplete Sample Disposal Records: Records on sample reject and pulp retention times were found to be
inconsistent, creating gaps in long-term data verification.

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These limitations impact on the ability to fully assess data reliability across all historical and current drilling programs.

9.4 Qualified Person's opinion

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP has reviewed the data verification procedures applied to both the historical and modern drilling databases across the KCM Integrated Operations. The verification scope included collar, assay, and survey records for the Konkola deposit, TD03, TD04. The QP's assessment of data adequacy for the purposes of this PFS TRS is set out below.

**Historical data**

The historical data has been verified by comparison of the modern AcQuire database entries against the Borehole Master File (original logs), and by plotting plans and sections from the database against historically generated hard-copy plans and sections. These verification methods are appropriate for the vintage of the data and are consistent with industry practice for long-operating Copperbelt mines where centralised data repositories (Borehole Master File) were maintained prior to individual mine privatisation.

A significant portion of the historical data relates to areas that have since been mined out, which reduces the reliance on historical data for the resource estimates supporting this PFS.

**Modern data**

The modern data management system is adequate for the purposes of this TRS. The AcQuire database incorporates validation controls at the import stage, including checks on lithological and assay type names, project codes, and sample interval depths. Records with errors are rejected prior to import. A two-stage verification process (originator correction followed by supervisor sign-off) is applied before data is written to the database. Post-import consistency checks are conducted in the mining software (Datamine®) including spatial and orientation visual validations. Exported data is subject to a further nine-point validation protocol covering missing data, survey errors, duplication, outliers, overlapping intervals, and drillhole trace integrity. The QP considers these procedures to be appropriate and consistent with good industry practice.

**Assessment of identified verification limitations**

The data verification process identified five limitations (Section 9.3) within the analytical areas only. The QP has assessed each limitation for its potential impact on the adequacy of the data used in this TRS:

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Table 9.1 QP assessment of data verification limitations

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|:---|:---|:---|
| **Limitation** | **QP Assessment** | **Impact on Data Adequacy for PFS** |
| CRM supply shortages: some assay batches lacked sufficient CRMs | CRM insertion rate target is 1:10. Shortages reduce the proportion of batches with independent accuracy checks. The 2024 QAQC reassessment (Section 8.5.2) reviewed the full CRM database and corrected identified errors. | Low. Shortages are episodic and do not invalidate the batches where CRMs were inserted. The negative CRM bias identified at Konkola is conservative. Does not compromise the PFS resource estimates. |
| Quartz blank contamination: trace mineralisation identified in quartz blanks | The blank material is locally sourced non-mineralised rock (FWQ, AGSST, PC). It is unclear whether elevated results reflect contamination or inherent low-grade mineralisation in the blank material itself. | Low. At Konkola, blank results are generally below the 0.5% TCu threshold (Section 8.5.2.3). |
| Historical data gaps: some older drillhole records lack complete metadata (core recovery, downhole surveys) | Older drillholes from the Borehole Master File era may lack core recovery and survey data. These holes are geographically intermingled with modern drilling that does have complete metadata. | Low. |
| Inconsistent twin drilling data: limited coverage reduces ability to fully validate historical datasets | Some historical twin drilling has been conducted but coverage is limited. No systematic twin hole program has been implemented. Modern drilling in the same areas as historical holes provides indirect validation. | Low to moderate. The absence of a systematic twin hole program is a recognised gap. However, the geographic consistency between historical and modern results, together with production reconciliation at Konkola, provides alternative validation. Twin hole drilling is recommended in the KDMP program (Section 23). |
| Incomplete sample disposal records: inconsistent reject and pulp retention records | Records on sample reject and pulp retention times are inconsistent. | Low. Sample disposal records do not affect the quality of the assay data already in the database. The limitation relates to the ability to perform retrospective verification, which is relevant only if re-assay is required. |

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Source: AMC, 2026.

**Data adequacy conclusion**

The QP is of the opinion that the data verification procedures applied to the KCM drilling database are adequate for the purposes of this PFS TRS. The historical data verification (comparison against Borehole Master File and historical plans and sections) and the modern data verification (AcQuire database validation controls, two-stage import process, nine-point exported data validation, and random checking against log sheets and laboratory certificates) together provide reasonable assurance that the data used in the Mineral Resource estimates is reliable.

The identified verification limitations are individually and collectively of low materiality. None of the limitations introduces a systematic bias or error source that would materially affect the Mineral Resource estimates or the Mineral Reserve mine plan. The only area of moderate concern relates to the QAQC deficiencies discussed in Section 8, which are addressed in the QP's opinion in §8.7. Those deficiencies add a degree of analytical uncertainty but, as discussed in that section, do not materially compromise the reliability of the grade estimates at the PFS level of confidence.

The data excluded from the resource estimation consists of a small subset of historical drilling where QAQC performance indicated unacceptable analytical accuracy or precision. The exclusion of this data is a conservative measure that removes potentially unreliable results from the estimation without materially reducing the spatial coverage of the drill database.

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10 Mineral processing and metallurgical testing

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The QP considers that the only potential material risk with respect to data verification relates to the QAQC issues discussed in Section 8. A small subset of historical data has been excluded from the resource estimation to address these concerns.

The primary processing method employed at the KCM concentrator at Konkola is conventional froth flotation, a technique for the beneficiation of mixed sulfide and oxide copper ores. The current processing circuits consist of grinding, sulfide flotation in roughing, scavenging and cleaner configuration stages to recover primary copper sulfides. Tails from the sulfide flotation circuit containing unrecovered sulfides and oxide copper species undergo controlled potential sulfidation (CPS) with sodium hydrosulfide (NaHS), and are subsequently floated in an oxide rougher, scavenger with regrind, and cleaner flotation circuit to recover a portion of the oxide copper species. The processing circuit is described in detail in Section 14.1.

This two-stage approach has been validated through extensive operational performance at the site, with the sulfidation step tailored to optimise recovery from the mineral assemblage present within the Konkola deposit, which includes chalcopyrite, bornite, chalcocite, malachite, and azurite.

No novel or experimental processing routes have been introduced. The employed methodology is widely used within the copper industry, particularly for base metal operations processing transition ores with a blend of sulfide and oxide minerals. As such, no additional metallurgical test work has been deemed necessary to validate the general applicability of the process.

10.1 Testing nature, extent, and analytical procedures

KCM is an active operating mine with multiple process streams at the Konkola Concentrator. The current metallurgical performance inputs used in the production plan are derived from ongoing plant data obtained since operations resumed in August 2024 and historical metallurgical performance. As such, past test work has been superseded by current performance data, which reflects actual operating conditions and ore variability encountered during production.

10.2 Testing laboratories

All metallurgical and analytical testing is conducted on site. Konkola analyses is undertaken at the KMRL laboratory at Konkola (Konkola analytical laboratory).

The laboratory is a wholly owned facility of KCM and is independent of external influence. It operates under internationally recognised quality assurance standards and is certified to BSI ISO9001:2015.

The laboratory performs routine process monitoring, metallurgical accounting, and quality control testing, which directly informs plant adjustments and long-term production planning.

10.3 Test sample representativity

Test samples are collected for confirmation of metallurgical performance and for testing of potential changes in reagents and operating conditions.

Samples used for metallurgical tracking and process control are considered indicative of the ore being processed. Sampling is ongoing and responsive to mining progression. As new zones are accessed within the deposit, representative samples are taken and metallurgically assessed to ensure processing parameters are continuously optimised for maximum recovery and concentrate quality. This practice ensures metallurgical performance remains reliable over the life of the mine.

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Despite strong internal QAQC protocols, several limitations were identified during independent reviews. These include occasional shortages of CRMs, trace mineralisation detected in quartz blanks, inconsistent sample disposal records, and limited twin-drilling coverage for validation. In particular, the quality of some assay batches was previously impacted by equipment ageing, although this is being addressed through a phased equipment upgrade program.

To ensure precision and mitigate data bias, QAQC reviews conducted in 2024 included reassessment of CRM results and corrections to historical data mismatches. Additional confirmation steps involved reanalysis of failed batches and implementation of stricter reference standard controls.

Where further validation is required, external umpire laboratories are recommended for independent verification of assay results, especially where internal QAQC results fall outside acceptable deviation limits. This layered approach provides additional confidence in the reliability of assay data used in the geological and metallurgical models.

Monthly Mineralogical Composite Reports, issued for October 2024, January 2025, and February 2025, further reinforce the robustness of the metallurgical data. These reports are prepared by the ISO-certified Konkola Analytical Services Department and follow a standardised methodology (Ref. KCM / MD / SIQ / MM01) to quantify copper and cobalt minerals in flotation feeds, tailings, and concentrates. The repeatability of analytical methods and the monthly reconciliation of flotation performance with mineralogical observations provide internal validation of laboratory and plant data. Trends in acid-soluble copper, mineral liberation, and gangue composition across months offer critical insight into both ore variability and plant response. Each report is signed by project mineralogists and approved by the Head Mineralogist, strengthening confidence in the internal QA process.

10.4 Testing results, assumptions, and deleterious elements

10.4.1 Konkola Concentrator

Konkola Concentrator is operational and will continue to be in operation for the mine life. The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. This real-time data supersedes earlier bench-scale test work. While historical metallurgical testing was performed during earlier phases and feasibility assessment, the operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Total copper recovery is closely related to the acid soluble copper content (ASCu). As the ratio of AsCu to TCu increases the oxide copper (AsCu) negatively impacts the TCu recovery. The total copper recovery (TCu%) has been estimated in the Mineral Reserve using the following relationship:

 

*TCu(%) = -95.824 x ASCu(%)/TCu(%) + 99.146*

The Mineral Reserve mine plan has an average recovery of 89.2%. The metallurgical recovery from April 2025 to March 2026 averaged 89.39%. The feed to the processing plant for 2025/26 had an AsCu content of 0.28% and a TCu content of 2.97%. Based on the feed composition and the metallurgical recovery predictor, TCu recovery was estimated to be 89.34% and the actual recovery was 89.39%. The performance during 2025/26 correlates well with historical performance and with the assumptions applied to the Mineral Reserve estimate. The concentrate produced from the Konkola ore body is relatively free of deleterious elements and is a suitable feed for the Nchanga Smelter. The main controls required are for silica and MgO content. Main gangue minerals in concentrate are argillite and quartz / feldspars. Gangue minerals comprise approximately 1/3<sup>rd</sup> of the concentrate mass. High silica and MgO are deleterious to smelter operation. The preferred contents are <15% and <1.5% respectively. Typical Konkola concentrate has 20-22% silica and 2.5 to 3% MgO. This is controlled by blending at the smelter.

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10.4.1.1 Processing factors

The key processing factors that influence metallurgical performance at the Konkola Concentrator are summarised in Table 10.1. The dominant factor controlling total copper recovery is the ratio of acid soluble copper to total copper (ASCu / TCu). As the ASCu / TCu ratio increases (indicating a higher proportion of oxide copper minerals relative to sulfide minerals), total copper recovery decreases. This relationship is quantified by the recovery equation presented above and is the basis for the recovery assumptions used in the Mineral Reserve mine plan (Section 14.1).

The mineral assemblage at Konkola comprises chalcopyrite, bornite, and chalcocite as the principal sulfide copper minerals, with malachite and azurite as the oxide copper species (Section 6.2). The two-stage flotation circuit (primary sulfide flotation followed by controlled potential sulfidation of the oxide fraction) is specifically configured for this assemblage. The CPS circuit using NaHS is an established technique for Copperbelt transition ores and is not considered novel or experimental.

Cobalt is present as a minor by-product, reporting to the concentrate at an estimated 60% recovery. Cobalt recovery is not a primary design parameter for the concentrator circuit but contributes to the revenue stream through subsequent smelter processing (Section 14.4).

Table 10.1 Key processing factors — Konkola Concentrator

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|:---|:---|:---|
| **Processing factor** | **Value / range** | **Influence on recovery** |
| ASCu / TCu ratio | Variable by mining area; design basis per recovery equation | Primary recovery driver. Higher ASCu / TCu ratio reduces total Cu recovery due to oxide copper minerals being less amenable to conventional flotation. |
| Mineral assemblage | Chalcopyrite, bornite, chalcocite (sulfide); malachite, azurite (oxide) | Sulfide minerals recover well in primary flotation circuit. Oxide minerals require CPS sulfidation stage. Assemblage is typical of Zambian Copperbelt sediment-hosted deposits. |
| Grind size | Target P₈₀ determined by operational optimisation | Finer grind improves liberation and recovery but increases energy consumption and reduces throughput. Current grind targets are established through operational practice. |
| Ore hardness / work index | Variable by lithology and mining area | Affects grinding circuit throughput and energy consumption. Harder ore (e.g., silicified zones) may reduce mill throughput. |
| Cobalt grade | By-product; ~60% recovery to concentrate | Minor contributor to revenue. Cobalt recovery is not a primary circuit design parameter. |

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Source: AMC, 2026.

10.4.1.2 Deleterious elements and gangue mineralogy

The Konkola concentrate is relatively free of penalty elements that would attract smelter deductions or restrict marketability. The primary deleterious constituents are silica (SiO₂) and magnesia (MgO), which are gangue minerals entrained in the concentrate rather than penalty trace elements. The concentrate is processed through the Nchanga Smelter (Section 14.4), which is an internal facility, and blending with third-party concentrates is used to manage gangue dilution.

Table 10.2 summarises the deleterious elements and gangue constituents identified in the Konkola concentrate. No penalty trace elements (such as arsenic, bismuth, antimony, or fluorine) have been identified at levels that would attract smelter penalties or require additional processing steps.

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Table 10.2 Deleterious elements and gangue — Konkola concentrate

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|:---|:---|:---|:---|
| **Constituent** | **Typical Level** | **Preferred Limit** | **Management** |
| SiO₂ (silica) | 20–22% | <15% | Controlled by blending at smelter with lower-silica third-party concentrates. Silica sources are argillite and quartz/feldspar gangue, comprising approximately ⅓ of concentrate mass. |
| MgO (magnesia) | 2.5–3.0% | <1.5% | Controlled by blending at smelter. MgO increases slag viscosity and refractory wear. Source is dolomitic and micaceous gangue minerals. |
| Penalty trace elements (As, Bi, Sb, F) | Not identified at penalty levels | Per smelter contract | Not a current concern. The sediment-hosted Copperbelt mineralisation style is characteristically low in penalty trace elements. |
| Iron (Fe) | Present in pyrite; minor | Not limiting | Iron in concentrate is beneficial for smelter flux balance within normal operating ranges. |

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Source: AMC, 2026.

**10.4.1.3** **Qualified Person's opinion** 

In the opinion of the QP, the metallurgical data available for the Konkola Concentrator is adequate for the purposes of the PFS. The processing methods employed — conventional sulfide froth flotation followed by controlled potential sulfidation (CPS) of the oxide copper fraction — are established, widely used techniques within the Copperbelt copper industry and are not considered novel or experimental.

The QP notes the following with respect to the metallurgical basis for the Konkola Concentrator assumptions used in the Mineral Reserve estimate:

Recovery basis: Total copper recovery is estimated using the empirical relationship TCu recovery = -95.824 × (ASCu / TCu) + 99.146, derived from operational performance data collected over multiple production campaigns. The QP considers this relationship to be adequately supported by the available operational dataset. The formula reflects the sensitivity of total recovery to the proportion of acid soluble copper, which is the dominant metallurgical variable for the Konkola ore. However, the QP notes that the relationship has been calibrated across a range of ASCu / TCu ratios observed historically, and its predictive accuracy outside this range has not been independently verified through bench-scale test work.

Operational data in lieu of bench testing: No formal metallurgical test work program (laboratory flotation, locked cycle, or pilot plant testing) has been undertaken to support the PFS. The QP considers this acceptable given that the Konkola Concentrator is an existing, operating facility with an established performance history. Operational data from an active plant processing the same orebody provides a more representative basis for recovery estimation than laboratory-scale test work, provided the ore characteristics within the reserve envelope remain consistent with those processed historically. The QP considers this condition to be satisfied for the Measured and Indicated Mineral Resources that underpin the Mineral Reserve.

Concentrate grade: A copper concentrate grade of 33% Cu is assumed for the PFS, consistent with the design specification and recent operational performance at the Konkola Concentrator. This grade is suitable as direct feed to the Nchanga Smelter without blending. The average concentrate grade for the 12month period from 2025/26 was 32.46%, which is closely aligned with historical data and concentrate assumptions for the Mineral Reserve estimate.

Deleterious elements: The primary gangue constituents in Konkola concentrate are silica (SiO₂ at 20-22%) and magnesia (MgO at 2.5–3.0%), which exceed the preferred smelter feed limits of <15% SiO₂ and <1.5% MgO respectively. These are managed through blending with third-party concentrates at the Nchanga Smelter (Section 14.4.3) and are not considered a constraint on concentrator operation or product marketability. No penalty trace elements (arsenic, bismuth, antimony, or fluorine) have been identified at concentrations that would attract smelter penalties or require additional processing steps.

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Restart performance: The Konkola Concentrator resumed operations in August 2024 following a period of care and maintenance. Restart data indicates performance consistent with historical operating parameters. The QP recommends continued monitoring of performance, particularly with respect to concentrate grade and recovery at increasing throughput rates to confirm the assumptions used in the PFS.

The QP is satisfied that no additional metallurgical test work is required at this time to support the PFS Mineral Reserve estimate for the Konkola Concentrator. However, the QP recommends that a formal metallurgical characterisation program be considered as part of any future feasibility study, particularly to validate recovery predictions for deeper ore zones where the mineralogical assemblage may differ from the upper portions of the orebody currently being mined.

10.4.2 Nchanga TLP

The primary data inputs for metallurgical forecasting are derived from plant operational data collected in the operational period up until 2022 and since the recommencement of production in August 2024. The operational data now used offers superior representativity by directly reflecting the current process streams and ore variability encountered across mining areas.

Figure 10.1 shows copper production and recovery performance since the restart.

Figure 10.1 Nchanga TLP copper production and recoveries - Restart and FY25-26 plan

![](ctm005_ex96-2img20.jpg)

Source: KCM, 2026.

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Historical copper recoveries are shown in Figure 10.2 below.

Figure 10.2 Historical Nchanga TLP copper recoveries

![](ctm005_ex96-2img21.jpg)

Source: KCM, 2026.

Recovery performance has been improving since the restart of operations in 2024. Planned maintenance and overhauls of the asset will be critical to sustaining and maximising recovery over its remaining life.

This data provides the basis for estimation of the long-term recovery performance of the Nchanga TLP. Collation of recovery data is given in Table 10.3.

Table 10.3 Historical, restart, and planed Nchanga TLP recoveries

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|:---|:---|:---|
| **Recovery data** | **ASCu recovery (%)** | **Note** |
| Historical average 2010 to 2024 | 70.62 | 14 yr period. |
| Historical average excluding 2020 to 2024 data | 74.75 | 10 yr period. Excludes 4 yr period of operating and financial constraint. |
| Restart period August 2024 to January 2025 | 69.05 | 6 months. |
| Last 3 months of restart | 76.51 | Excludes first 3 months of restart. |
| Plan FY25-26 | 71.05 | Plan ramps up from 69.7% recovery to 74.8% recovery. |
| Plan FY25-26 Q4 | 74.82 | 3 months of plan. |
| Actual FY25-26 Q3 | 74.00 | 3 months of actual operating performance. |
| Actual FY25-26 Q4 | 74.60 | 3 months of actual operating performance; 0.3 percentage points below plan. |

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The final period of the FY25-26 coincides with a relatively consistent 10-year period of operational performance. A recovery of 74.8% ASCu is suitable for long-term planning of the Nchanga TLP performance. The last seven months (Aug 24 – Feb 26) of TLP production has achieved actual recoveries of 75.09%, which exceeds the Mineral Reserve recovery assumption of 74.82%.

10.4.2.1 Processing factors

The key processing factors that influence metallurgical performance at the Nchanga TLP are summarised in Table 10.C. The dominant factor controlling copper recovery is the acid soluble copper (ASCu) grade of the feed, which determines the proportion of copper amenable to sulfuric acid leaching under the current ambient temperature circuit conditions. A secondary factor is gangue acid consumption (GAC), which affects reagent costs and can reduce copper extraction efficiency where acid is consumed by reactive gangue minerals rather than copper dissolution.

The TLP currently operates as an ambient temperature leach circuit. An elevated temperature leach upgrade is proposed (Section 11.3.3), which is expected to increase acid soluble copper recovery by approximately 20 percentage points through improved leaching kinetics at higher temperatures. This upgrade represents a material processing factor for the LOMP production forecast.

The feed to the TLP comprises two streams: current tailings from the Nchanga Concentrators, and reclaimed tailings from TD03 and TD04. The blended feed grade and ASCu / TCu ratio vary depending on the proportion of each stream. As mine production from Nchanga decreases in later years of the LOMP, the proportion of reclaimed tailings increases, which affects the weighted average ASCu grade.

Table 10.4 Key processing factors — Nchanga TLP

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| | | |
|:---|:---|:---|
| **Processing factor** | **Value / range** | **Influence on recovery** |
| ASCu grade of feed | Weighted average 0.35% ASCu (design basis) | Primary recovery driver. Higher ASCu grade increases copper available for acid leaching and improves recovery economics. Feed grade declining as higher-grade sources deplete. |
| ASCu / TCu ratio of feed | Variable; typically 0.60–0.75 for tailings | Determines the proportion of total copper recoverable by acid leaching. Non-acid-soluble copper (sulfide fraction) is largely unrecoverable at ambient temperature. |
| Gangue acid consumption (GAC) | Determined by leach tests at 25°C on 300 m × 300 m composite grid | High GAC increases sulfuric acid reagent consumption and can reduce copper extraction where acid is consumed by reactive gangue (carbonates, clays) before dissolving copper. |
| Leach temperature | Ambient (current); elevated temperature upgrade proposed | Elevated temperature increases leach kinetics and ASCu recovery by ~20 percentage points. Critical assumption for LOMP recovery forecast (Section 14.3). |
| Residence time | <br> ~2 hours in pachuca leach tanks | Current residence time is adequate for ambient leaching. May require optimisation following elevated temperature upgrade. |
| Feed particle size | Tailings material; predominantly fine-grained | Tailings are already finely divided from prior grinding and flotation. No additional comminution is required. Coarser beached tailings from TD03 are recovered by excavator. |

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Source: AMC, 2026.

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10.4.2.2 D eleterious elements and gangue factors

In the context of the Nchanga TLP, the concept of deleterious elements differs from that of a concentrator or smelter. The TLP produces LME Grade A copper cathode by solvent extraction and electrowinning (SX-EW), and the product specification is determined by the electrowinning circuit rather than by concentrate or smelter chemistry. The principal deleterious factors for TLP performance relate to gangue mineralogy and its effect on acid consumption and circuit operability, rather than to trace element penalties.

Table 10.5 summarises the deleterious factors identified for the Nchanga TLP. No penalty trace elements have been identified in the tailings feed that would compromise copper cathode quality or require additional purification steps in the SX-EW circuit.

Table 10.5 Deleterious factors — Nchanga TLP

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|:---|:---|:---|
| **Deleterious factor** | **Source / mechanism** | **Management and impact** |
| Acid-consuming gangue (carbonates, dolomite) | Reactive carbonate minerals in tailings consume sulfuric acid without contributing to copper dissolution. | GAC is characterised by leach testing on composite samples at 300 m × 300 m spacing. Acid consumption is a significant operating cost. Managed through acid dosage control in pachuca feed. The Nchanga Smelter acid plant produces approximately 1,850 tpd sulfuric acid (Section 14.4), a portion of which supplies the TLP. |
| Clay minerals | Fine clay fractions in tailings can increase slurry viscosity and impair CCD thickener performance. | Managed through CCD circuit design and flocculant addition. Not currently identified as a limiting factor for TLP throughput. |
| Iron minerals | Dissolved iron from leaching of iron-bearing gangue minerals can consume acid and accumulate in SX circuit. | Managed through SX bleed and raffinate neutralisation. Iron levels are within normal operating range for Copperbelt acid leach operations. |
| Penalty trace elements (As, Mn, Co, Ni) | May dissolve during acid leaching and report to electrolyte. | Not identified at levels that compromise cathode quality. SX circuit provides selectivity for copper over most impurity metals. Cobalt reports to raffinate and is not currently recovered. |

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Source: AMC, 2026.

10.4.2.3 Qualified Person's opinion

In the opinion of the QP, the metallurgical data available for the Nchanga TLP is adequate for the purposes of the PFS. The processing method — sulfuric acid leaching of oxide copper tailings followed by solvent extraction and electrowinning (SX-EW) — is a conventional hydrometallurgical route widely employed in the Zambian Copperbelt and globally for oxide copper processing.

The QP notes the following with respect to the metallurgical basis for the Nchanga TLP assumptions used in the Mineral Reserve estimate:

Recovery basis: Acid soluble copper (ASCu) recovery of 74.8% has been adopted for long-term planning. This figure is derived from a 10-year historical average (2010–2019, excluding the 2020–2024 period of operating and financial constraint) and is aligned with recent performance. The QP considers the exclusion of the restart ramp up period to be appropriate, as that period does not reflect the intended steady-state operating conditions. As acid soluble copper represents approximately 68% of total copper in the TD03 / TD04 feed, the overall total copper recovery to cathode is 48.5%.

Restart validation: The Nchanga TLP resumed operations in August 2024. The first six months of restart is not considered a representative data set due to plant instability during the restart phase. Recoveries since this period are aligned with the long-term average and the assumptions applied in the PFS.

Performance in the FY25/26 financial year, which includes and an average recover of 75.09% for the last seven months of actual data available (Aug 25–Feb 26) correlates well with the historical average from the 10-year period excluding 2020–2024, and supports the use of a Mineral Reserve recovery assumption of 74.8%.

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Feed variability: The TLP feed comprises two streams: current Nchanga Concentrator tailings (at up to 13.4 Mtpa) and reclaimed tailings from TD03 and TD04. The blended ASCu / TCu ratio and gangue acid consumption characteristics vary depending on the proportion of each stream. The 74.8% ASCu recovery assumption is based on the blended feed; if the proportion of reclaimed tailings increases materially (as anticipated in later years of the LOMP as Nchanga mine production declines), the recovery assumption should be reviewed against the specific characteristics of the reclaimed material.

Acid supply dependency: TLP performance is contingent on adequate sulfuric acid supply, sourced primarily from the Nchanga Smelter off-gas acid plant (1,850 tpd capacity) and supplemented by a sulfur-burning acid plant (500 tpd). Any interruption to smelter operations directly constrains acid availability and, consequently, TLP throughput and copper production. The QP notes that acid supply is identified as a critical operating risk in Section 14.7 and that the availability of third-party acid from regional markets provides a partial mitigation, albeit at additional cost.

Product quality: The Nchanga TLP produces LME Grade A copper cathode via the SX-EW circuit. No penalty trace elements have been identified in the tailings feed that would compromise cathode quality. Iron in the TLP electrolyte is managed within normal operating parameters and does not represent a constraint on cathode grade.

The QP is satisfied that no additional metallurgical test work is required at this time to support the PFS Mineral Reserve estimate for the Nchanga TLP. The operational dataset from 14 years of production history, combined with recent data post restart, provides an adequate basis for recovery estimation at PFS level. The QP recommends ongoing reconciliation of actual versus forecast recovery performance as the restart matures.

10.5 Qualified Person's opinion - Mineral processing and metallurgical testing

In the opinion of the QP, the metallurgical data and operational performance history available for the KCM Integrated Operations are adequate to support the processing and recovery assumptions used in the PFS Mineral Reserve estimate and associated economic analysis. All processing methods employed are conventional, established techniques with extensive precedent in the Copperbelt copper industry and globally.

The PFS relies on two processing routes, each with a distinct metallurgical basis:

Konkola Concentrator: Conventional sulfide flotation with CPS oxide recovery, producing 33% Cu concentrate for the Nchanga Smelter. Recovery is estimated using an empirically derived formula based on the ASCu / TCu ratio of the feed ore. The concentrator is an existing facility with a nameplate capacity of 6.0 Mtpa and an operational history since 2008. The QP's opinion on the Konkola Concentrator metallurgical basis is provided at Section 10.4.1.3.

Nchanga TLP: Sulfuric acid leaching with SX-EW, processing reclaimed tailings from TD03 and TD04 and current Nchanga Concentrator tailings. ASCu recovery of 74.8% is adopted for long-term planning, yielding an overall TCu recovery of 48.5%. The TLP has a production history dating to 2010 and resumed operations in August 2024. The QP's opinion on the Nchanga TLP metallurgical basis is provided at Section 10.4.2.3.

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The QP notes the following overarching considerations regarding the processing and metallurgical basis for the PFS:

Absence of formal test work: No laboratory-scale metallurgical test work program has been undertaken to support the PFS. The QP considers this acceptable for a PFS-level study of an existing, integrated operation where the ore types within the Mineral Reserve are the same as those currently being processed. Operational data from active plants processing the same orebodies provides a more representative basis for recovery estimation than laboratory-scale testing. However, the QP recommends that formal metallurgical characterisation (including variability testing across different spatial domains and ore types) be undertaken to support any future feasibility study, particularly for deeper ore zones at Konkola where limited production data is available.

Integrated processing chain dependencies: The KCM processing flowsheet is highly integrated, with material and reagent flows between the Konkola Concentrator, Nchanga Concentrators, Nchanga TLP, Nchanga Smelter, and Nkana Refinery. Key interdependencies include sulfuric acid supply from the smelter to the TLP, copper starter sheet supply from the Nkana Refinery to the TLP electrowinning circuit, and concentrate blending at the smelter. An interruption to any single facility has the potential to affect throughput and recovery at others. The economic analysis in Section 19 reflects these dependencies, and the associated risks are identified in Section 22.

Smelter and refinery assumptions: The Nchanga Smelter (312 ktpa nameplate capacity, Outotec flash furnace) and the Nkana Refinery (300 ktpa nameplate capacity, electrolytic refinery) are existing facilities with established operating histories. Smelter copper recovery of 98.1% is assumed. The smelter and refinery are not direct subjects of the Mineral Reserve estimate but are critical components of the integrated flowsheet through which the final copper products (LME Grade A cathode, copper anode, and cobalt alloy) are produced. The QP notes that both facilities are currently operating well below nameplate capacity and that achieving the production rates assumed in the PFS will require sustained capital investment in refurbishment and debottlenecking as described in Section 18.

Restart maturity: Both the Konkola Concentrator and the Nchanga TLP resumed operations in August 2024 following a period of care and maintenance. Performance since the restart has improved, and is now at a level at least equal to the life of mine recovery assumptions based on FY2025/26 performance.

The QP is satisfied that the processing and metallurgical data available is adequate for a PFS-level Technical Report Summary prepared in accordance with S-K 1300. The procedures and processing methods employed are conventional industry practice. The QP has identified no material risks arising from the metallurgical basis that would preclude the declaration of Mineral Reserves, subject to the qualifications and recommendations noted above and in Section 10.4.1.3 and Section 10.4.2.3.

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11 Mineral Resource estimates

11.1 Context

This section presents the Mineral Resource estimates for the Konkola Mine, and the TD03 and TD04 tailings dams. Mineral Resources are reported exclusive of Mineral Reserves as the primary reporting basis, with tables inclusive of Mineral Reserves provided for reference where applicable. The Mineral Reserve estimates derived from these resources are presented in Section 12. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Mineral Resource estimates have been prepared by AMC in accordance with the U.S. Securities and Exchange Commission Regulation S-K, subpart 1300 (S-K 1300), with an effective date of 1 April 2026. The Mineral Resource has been depleted for production to the effective date of 1 April 2026. The Mineral Resource estimates and associated classification were originally derived as part of the companion Initial Assessment TRS and have been reviewed and confirmed by the QP as appropriate for reporting in this PFS.

The KCM material property comprises two distinct resource types, each estimated using methods appropriate to the nature of the deposit:

Konkola Mine (underground, stratiform sediment-hosted copper): The Mineral Resource is supported by 4,245 diamond drillholes spanning multiple drilling campaigns from 1957 to the present. Core is sampled at a maximum interval of 1.0 m within mineralisation. The geological model is based on three-dimensional wireframe interpretation of the mineralised horizons within the Ore Shale of the Lower Roan Group, constrained by structural and lithological controls, and validated by over six decades of continuous mining history. Grade estimation was performed using ordinary kriging for TCu, ASCu, and TCo, informed by variogram models developed from composited drillhole data, with a maximum demonstrated range of continuity of approximately 750 m. Estimation was validated by visual comparison, swath plot analysis, and statistical comparison of composite and block model grades. Classification is based on a conditional simulation drillhole spacing study (2019), with Measured classification applied at ≤50 m average distance to sample support, Indicated at ≤150 m, and Inferred beyond 150 m above the shaft bottom. A geological cut-off grade of 1.1% TCu has been applied, based on a metal price of US$10,000/t Cu (Section 11.2).

Tailings Dams TD03 and TD04 (surface tailings reprocessing): The Mineral Resource is supported by 78 auger drillholes at TD03 and 64 auger drillholes at TD04, drilled on a 150 m × 150 m grid in September 2000. Samples were collected at 1.5 m intervals and composited to 3 m for analysis of total copper and acid soluble copper. The tailings volume was modelled using digitised dam surface topography and the pre-dam base surface, with tonnage derived using an adopted bulk density of 1.55 t/m³. Grade was estimated from the arithmetic mean of composited auger samples. No cut-off grade has been applied, as the tailings dams are recovered by bulk mining methods (hydraulic sluicing and excavator) that do not permit selective extraction. The Mineral Resources are classified as Indicated based on systematic drilling coverage, analytical data, metallurgical test work, and ongoing production reconciliation at TD03, and have been fully converted to Probable Mineral Reserves (Section 11.3, Section 12).

Approximately 97% of the total Mineral Resource (exclusive of Mineral Reserves) is classified as Inferred and is concentrated at the Konkola Mine. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that all or any part of the Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources with additional exploration. Inferred Mineral Resources are excluded from the PFS mine plan and economic assessment presented in this TRS; any Inferred material falling within mine designs has been treated as waste and assigned zero grade. The full Mineral Resource case, incorporating Inferred Mineral Resources into an extended life-of-mine plan, is assessed in the companion S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment) (AMC, 2026).

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Table 11.1 summarises the key assumptions, parameters, and methods used to estimate the Mineral Resources for each deposit. Detailed discussion of each parameter is provided in the deposit-specific subsections that follow.

Table 11.1 Key assumptions, parameters, and methods — Mineral Resource estimation

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|:---|:---|:---|
| **Parameter** | **Konkola Mine** | **Tailings Dams TD03 and TD04** |
| **Deposit type** | Stratiform sediment-hosted copper; Ore Shale of the Lower Roan Group, Katanga Supergroup | Historical flotation tailings deposited in engineered surface impoundments |
| **Data source** | 4,245 diamond drillholes (1957–present); core sampled at ≤1.0 m intervals within mineralisation | 78 auger drillholes (TD03) and 64 auger drillholes (TD04); 50 mm auger on 150 m × 150 m grid; sampled at 1.5 m intervals, composited to 3 m (September 2000) |
| **Geological model** | Three-dimensional wireframe interpretation of mineralised horizons constrained by structural and lithological controls; validated by >60 years of underground mining history | Three-dimensional solid model defined by digitised dam surface topography and pre-dam base topography; validated against drillhole collar spot heights |
| **Grade estimation** | Ordinary kriging (TCu, ASCu, TCo) informed by variogram models developed from composited drillhole data; maximum demonstrated range of continuity ~750 m | Arithmetic mean grade from composited auger samples; no geostatistical interpolation applied |
| **Estimation validation** | Visual comparison of drillhole grades vs block model; swath (moving window) plot analysis; statistical comparison of composite and estimated values (≤10% difference in well-informed domains) | Validated by ongoing TLP production reconciliation at TD03 (in production since 2021) |
| **Bulk density** | Assigned by lithology from measured core samples. | 1.55 t/m³ (historical operational value adopted for consolidated tailings at depth); measured surface values of 1.1–1.3 t/m³ from trench samples of upper unconsolidated material |
| **Cut-off grade** | 1.1% TCu, based on a metal price of US$10,000/t Cu and estimated underground mining costs (Section 11.2.1, Section 11.2.5) | No cut-off grade applied; bulk mining methods require total extraction of the tailings dam volume (Section 11.3.4) |
| **Classification criteria** | Conditional simulation drillhole spacing study (2019): Measured ≤50 m average distance to sample support; Indicated ≤150 m; Inferred >150 m above shaft bottom (Section 11.2.1) | Indicated classification based on systematic auger drilling on 150 m × 150 m grid, analytical data, metallurgical test work, and TLP production history (Section 11.3.4) |
| **Commodities reported** | Total copper (TCu%), acid soluble copper (ASCu%), total cobalt (TCo%) | Total copper (TCu%), acid soluble copper (ASCu%), total cobalt (TCo%) |
| **Point of reference** | In situ material | In situ material (tailings in place) |
| **Metallurgical recovery** | See Section 10 (Processing and Recovery Methods) | See Section 10 (Processing and Recovery Methods) |

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Source: AMC, 2026.

11.2 Konkola Mineral Resource estimate

The total Measured and Indicated Mineral Resource is concentrated within areas of high drilling density and well-established geological control, particularly in the central and upper portions of the Konkola deposit. Inferred material is more prevalent at depth and along strike extensions, where drilling density remains limited.

Approximately 97% of the Konkola Mineral Resource is classified as Inferred and is excluded from this PFS.

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11.2.1 Classification criteria

The Konkola Mine is an established operation with a history of production since 1957. The economic outcomes described within the report underpin support for the eventual economic extraction.

The Mineral Resource classification criteria and cut-off grade are based on:

· Geological and grade continuity

· Drill data density and spacing

· Data quality

· Estimation quality

· Mining and production history

A drillhole spacing study developed at site in 2019 is the basis for the general classification outlines. This is a conditional simulation technique to determine the optimal drilling spacing for Measured and Indicated. The study concluded that a drillhole spacing of 50 m by 25 m can be used for Measured classification and 150 m by 200 m can be used for an Indicated classification.

Parent blocks with an average distance of 50 m to a drillhole are classified as Measured and those with an average of 150 m to a drillhole are classified as Indicated. Resources with an average distance of more than 150 m and above the shaft bottom are classified as Inferred.

Where parent blocks are than 150 m below the base of mining in mineralisation (in ore development) and classified as Inferred the classification has been upgraded to Indicated. This gives in ore development the same weight as a drillhole.

It is noted that the average distance to sample support for the Inferred Resources varies from several hundred meters to approximately 1,700 m (Figure 11.1). Analysis of the ranges of the variograms shows a maximum range of 750 m, outside which correlation between sample points cannot be demonstrated.

Figure 11.1 Average distance to sample support - Konkola

![](ctm005_ex96-2img22.jpg)

Source: AMC, 2026.

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11.2.2 Cut-off grade derivation

11.2.2.1 Mineral Resource cut-off grade

Cut-off grades (COGs) for the Konkola Mine are derived using a Net Smelter Return (NSR) breakeven method, in which the NSR per tonne of mineralization at a given grade equals the total operating cost. The general expression is:

 

*COG (%TCu) = (Cm + Cp + CG&A - CCo) ÷ NSR₁%*

Where:

*NSR₁% (US$/t mineralization per 1% TCu) = PCu × (Rconc × Rsmelt × Rpay) ÷ 100*

The variables are defined as follows:

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|:---|:---|:---|
| **Symbol** | **Description** | **Unit** |
| Cm | Mine operating cost | US$/t ore |
| Cp | Processing cost | US$/t ore |
| CG&A | Site general and administration cost | US$/t ore |
| CCo | Cobalt by-product credit, recognized at low payability rates per Section 16 | US$/t ore |
| PCu | Copper price used for COG estimation | US$/t Cu |
| Rconc | Concentrator metallurgical recovery | % |
| Rsmelt | Smelter recovery | % |
| Rpay | Refinery copper payability | % |

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The key input assumptions and resulting COG are summarised in Table 11.2. Operating costs shown are net of cobalt by-product credit (CCo), applied at low payability rates consistent with Section 1**.** Smelter treatment, refining, and freight charges reduce the effective NSR and are reflected in the net operating cost inputs.

Table 11.2 Cut-off grade input assumptions by asset

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset** | **Mining <br> method** | **Cm + Cp + CG&A<br> - CCo (US$/t ore,<br> net of cobalt by-<br> product credit)<sup>1</sup>** | **Rconc (%)** | **Rsmelt (%)** | **Rpay (%)** | **PCu (US$/t)** | **Resulting<br> COG** |
| Konkola Mine | Underground | 76.6 | 89.2 | 98.1 | 96.8 | 10000 | 1.1% TCu |
| TD03 / TD04 | Tailings reclamation |  |  |  |  |  | None applied<sup>2</sup> |

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Notes:

1 Operating costs shown are net of the cobalt by-product credit (CCo), applied at low payability rates per Section 1. The column value represents the net numerator (Cm + Cp + CG&A - CCo) used in the COG derivation.

2 TD03 and TD04 are tailings deposits processed entirely through the Nchanga TLP. All material is required to be processed by bulk methods (hydraulic sluicing and excavator); no grade-based cut-off is applied. See Section 11.3.6.

The copper price of US$10,000/t Cu used for Mineral Resource COG determination is intentionally conservative relative to the study price (Section 1) and is distinct from the US$9,000/t Cu adopted for Mineral Reserve NSR cut-off determination (Section 12.3), which applies additional conservatism appropriate to the higher confidence standard required for Mineral Reserve classification. The basis for the US$10,000/t price selection is discussed in Section 11.2.5.

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11.2.2.2 Mineral Reserve cut-off - relationship to Mineral Resource COG

For the Mineral Reserve, the COG is expressed as a US$/t run-of-mine (ROM) NSR value rather than a %TCu grade, incorporating both copper and cobalt revenue. The NSR per tonne of ROM is calculated as:

 

*NSR (US$/t ROM) = [PCu × TCu% × Rconc × Rsmelt × Rpay ÷ 100] + [PCo × TCo% × Rco_conc × Rco_smelt ÷ 100] - transport, treatment, refining, and freight costs per tonne ROM*

The NSR inputs, including prices, recoveries, and deductions, are set out in Table 12.3. The AMC Hill of Value® Strategic Optimisation then selects the NSR threshold that maximizes Net Present Value (NPV) for each mining zone, resulting in zone-specific cut-off values ranging from US$50/t to US$125/t ROM Table 12.5). The Mineral Resource COG of 1.1% TCu represents the floor below which no material is included in the resource; the reserve NSR cut-off reflects value-based selectivity applied within that resource boundary. Full details of the reserve COG methodology are provided in Section 12.3.

11.2.3 Mineral Resource uncertainty

Mineral Resources are not Mineral Reserves and do not necessarily demonstrate economic viability. There is no certainty that all or any part of this Mineral Resource will be converted into a Mineral Reserve. The Konkola Mineral Resource was classified into Measured, Indicated, and Inferred categories. The following discussion addresses the principal sources of uncertainty associated with the Mineral Resource estimate and explains how each source was considered in deriving the resource classification and estimate.

The Mineral Resource classification reflects the QP's integrated assessment of uncertainty arising from five principal sources: (a) data density and drillhole spacing (Section 11.2.3.1); (b) data quality and QAQC coverage (Section 11.2.3.2); (c) geological model confidence (Section 11.2.3.3); (d) estimation method and validation (Section 11.2.3.4); and (e) economic assumptions underpinning reasonable prospects for eventual economic extraction (Section 11.2.3.5). These factors are not independent; they interact and compound, such that wide drillhole spacing combined with limited QAQC and geological extrapolation produces materially greater aggregate uncertainty than any single factor in isolation. The classification applied to each block within the resource model represents the combined effect of all applicable uncertainty sources.

11.2.3.1 Data

The Mineral Resource is supported by 4,245 diamond drillholes spanning multiple drilling campaigns from 1957 to the present. Core is sampled at a maximum interval of 1.0 m within mineralisation and 0.5 m in the immediate footwall and hangingwall formations, with a minimum target core recovery of 90%. A QAQC program incorporating certified reference materials (CRMs), blanks, and coarse reject and pulp repeat samples has been implemented for post-2016 drilling. CRM results are predominantly within ±2 standard deviations of the certified mean, although CRMs STD_A (3.44% TCu) and STD_C (2.48% TCu) returned consistently lower-than-expected values, indicating a potential conservative (negative) bias in higher-grade copper assays. Repeat sample analysis for post-2016 data showed 54% of TCu samples and 23% of ASCu samples within 10% relative paired difference, which is below the level typically expected for inclusion in Mineral Resource estimation. Independent audits also identified trace mineralisation in quartz blank samples, raising concerns about sample preparation contamination. These analytical precision limitations have been considered by the QP in assigning resource classification, with areas of lower data confidence restricted to Inferred classification. For drilling prior to 2016, no systematic QAQC records are available, which introduces additional uncertainty in the historical portion of the database. This uncertainty has been mitigated by restricting classification in areas reliant solely on historical data and by cross-referencing geological interpretations against the extensive underground mining history at Konkola.

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11.2.3.2 Data quality and QAQC

Geological logging is performed manually on paper templates and subsequently transcribed into Excel spreadsheets, which are verified for transcription errors prior to import into the central geological database in CSV format. Database write access is restricted to the database administrator to minimise corruption risk, and weekly backups are maintained. Random verification checks of the geological database against original drillhole log sheets and laboratory output files have been undertaken. Several data handling limitations were identified during the data verification process, including incomplete metadata for some older drillhole records (particularly core recovery rates and downhole surveys), inconsistent pulp and reject sample disposal records, and limited twin drilling coverage to validate historical datasets. These data processing limitations have been considered in the resource classification through the application of more conservative classification boundaries in areas where data integrity cannot be fully verified.

11.2.3.3 Geological model

The geological block model is based on three-dimensional interpretation of the mineralised horizons within the Ore Shale of the Lower Roan Group, constrained by structural and lithological wireframes. The Konkola deposit benefits from a well-understood stratigraphy and structural setting, supported by over six decades of continuous mining activity. Geological and grade continuity have been confirmed through underground mapping, development exposures, and reconciliation with production data. Uncertainty in the geological model is greatest in areas distant from underground workings and drillhole intersections, particularly in the deeper and peripheral portions of the deposit where structural complexity may not be fully resolved. This geological uncertainty is reflected in the resource classification, with Measured classification restricted to well-drilled and actively mined areas and Inferred classification applied to areas of lower geological confidence.

11.2.3.4 Estimation

Grade estimation was performed using ordinary kriging, informed by variogram models developed from composited drillhole data. Estimation validation was undertaken by visual comparison of drillhole grades against block model estimates and by swath (moving window) plot analysis. The variogram analysis shows a maximum range of continuity of approximately 750 m, beyond which spatial correlation between sample points cannot be demonstrated. The average distance to the nearest sample support for the Inferred Mineral Resources varies from several hundred meters to approximately 1,700 m, with a portion of the Inferred resource located beyond the demonstrated range of spatial correlation. This introduces material estimation uncertainty for the more distal Inferred blocks, as grade interpolation in these areas is less well-constrained by the available data. Estimation validation confirms a reasonable correlation between drillhole data and block model grades in well-informed areas supporting Measured and Indicated classification. A conditional simulation-based drillhole spacing study (2019) established the classification thresholds: an average distance of 50 m to sample support for Measured classification and 150 m for Indicated classification, which the QP considers appropriate given the observed geological and grade continuity.

11.2.3.5 Economic assumptions

The Mineral Resource estimate is further subject to uncertainty in the economic assumptions underpinning reasonable prospects for eventual economic extraction, including commodity prices, metallurgical recovery, and mining and processing costs. Sensitivity of the Mineral Resource to changes in the cut-off grade commodity price assumption of US$10,000/t Cu is addressed in Section 11.2.5.

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11.2.4 Uncertainty by classification — integrated assessment

Table 11.3 summarises how each principal source of uncertainty contributes to the overall level of confidence for each resource classification category. The progressive upgrade from Inferred through Indicated to Measured reflects a corresponding reduction in the aggregate uncertainty from all sources described above.

Table 11.3 Uncertainty factor assessment by Mineral Resource classification — Konkola Mine

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| **Uncertainty source** | **Measured** | **Indicated** | **Inferred** |
| Data density (Section 11.2.3.1) | Low: ≤50 m to sample support; dense drilling in actively mined areas | Moderate: ≤150 m to sample support; adequate for geological continuity but wider spacing than Measured | High: >150 m, ranging to ~1,700 m; a portion of blocks located beyond the demonstrated variogram range of 750 m |
| Data quality and QAQC (Section 11.2.3.2) | Low: Located in areas with post-2016 QAQC-verified drilling and cross-referenced against mining history | Moderate: Includes some pre-2016 drilling without systematic QAQC; partially offset by in-ore development reclassification (Section 11.2.1) | High: Predominantly pre-2016 data with limited or absent QAQC; CRM negative bias at higher grades and below-expected repeat precision identified in post-2016 data (Section 8) |
| Geological model (Section 11.2.3.3) | Low: Well-understood stratigraphy confirmed by underground mapping and development exposures | Low to moderate: Reasonable geological continuity demonstrated; some structural complexity in deeper portions | Moderate to high: Geological extrapolation beyond direct observation; structural complexity may not be fully resolved at depth and along strike extensions |
| Estimation confidence (Section 11.2.3.4) | Low: Swath plot and statistical validation confirm good correlation between composites and block model (≤10% difference) | Low to moderate: Positive estimation validation; ordinary kriging well-constrained by data in most domains | High: Grade interpolation less well-constrained; swath plots show poor correlation in distal blocks; kriging operates beyond variogram range in some areas |
| Economic assumptions (Section 11.2.3.5) | Applies equally across all classifications: sensitivity to cut-off grade commodity price assumption (US$10,000/t Cu) is addressed in Section 11.2.5 | As for Measured | As for Measured; additionally, the speculative nature of Inferred resources means economic viability has not been demonstrated |
| Mining history validation | Strong mitigant: >60 years of continuous production history directly validates tonnage, grade, and geological model in mined areas | Partial mitigant: Some Indicated blocks supported by in-ore development exposures; adjacent to historically mined areas | Limited mitigant: Located in unmined areas at depth and along strike; no direct production validation available |
| Overall uncertainty | Low: All factors contribute to high confidence in tonnage and grade estimates | Moderate: Adequate data density and positive geological indicators, partially offset by wider spacing and QAQC limitations in some areas | High: Multiple compounding factors — wide drillhole spacing, limited QAQC, geological extrapolation, and poor estimation validation in distal areas — result in material uncertainty |

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Source: AMC, 2026.

**Measured Mineral Resources** are located in areas of dense drilling (≤50 m average distance to sample support), where post-2016 QAQC programs have verified analytical quality, estimation validation demonstrates good correlation between composite and block model grades (≤10% difference across all domains), and over six decades of continuous mining history directly confirm the geological model, tonnage, and grade. The convergence of high data density, verified data quality, robust estimation performance, and mining validation results in the lowest level of overall uncertainty. The QP concludes that the Measured Mineral Resources are estimated with sufficient confidence that their tonnage and grade are well-established.

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**Indicated Mineral Resources** are supported by drilling at moderate spacing (≤150 m average distance to sample support), with reasonable geological and grade continuity demonstrated by the variogram analysis and positive estimation validation. These resources carry greater uncertainty than Measured, primarily because wider data spacing reduces the precision of grade estimation at the block scale and, in some areas, blocks have been reclassified from Inferred to Indicated on the basis of proximity to in-ore development (Section 11.2.1). Additionally, some Indicated blocks are informed by pre-2016 drilling for which systematic QAQC is not available, introducing analytical uncertainty that is partially mitigated by cross-referencing with mining history and post-2016 QAQC results. The QP concludes that the Indicated Mineral Resources are estimated with sufficient confidence that their tonnage, grade, shape, and physical characteristics are reasonably established, but acknowledges that the reclassification of in-ore development blocks represents a less conventional basis for Indicated confidence than direct drillhole support.

**Inferred Mineral Resources** carry the highest level of uncertainty. This reflects the compounding effect of multiple uncertainty sources acting simultaneously: wide drillhole spacing (in some cases exceeding the demonstrated variogram range of approximately 750 m, with average distances to sample support reaching approximately 1,700 m); reliance on geological extrapolation into areas where the stratigraphy and structure have not been directly observed through mining or closely-spaced drilling; limited or absent historical QAQC for much of the pre-2016 drill database; and poor correlation between composite and block model grades in distal areas as demonstrated by swath plot analysis. The classification of Inferred is nonetheless considered appropriate because the geological setting — a laterally continuous stratiform orebody with a well-understood stratigraphy — provides reasonable geological grounds to support continuity of mineralisation, and the extensive mining history of the deposit provides indirect confirmation that the Ore Shale horizon extends at depth along the projected strike and dip. However, the grade and tonnage estimate for the Inferred Mineral Resources is inherently speculative, and there is no certainty that any part of the Inferred Mineral Resource will be upgraded to a higher-confidence category with additional exploration.

**Overall conclusion.** The QP concludes that the principal driver of uncertainty in the Konkola Mineral Resource is drillhole spacing relative to the demonstrated range of grade continuity, which directly controls the reliability of grade estimation and is the primary basis for classification. Data quality and QAQC coverage are secondary but material contributors, particularly for the Inferred category where the absence of systematic QAQC reduces the ability to independently verify the accuracy of analytical results. Geological model confidence is the least uncertain factor, owing to the well-characterised stratiform nature of the deposit and extensive mining history, but contributes incrementally to uncertainty at depth and along strike where direct geological observation is absent. Economic assumptions (principally the commodity price used for the cut-off grade) apply uniformly across all categories and introduce sensitivity to the total reported tonnage (Section 11.2.5) rather than to the classification itself. The interaction and compounding of these factors is reflected in the classification boundaries, with Measured and Indicated resources restricted to approximately 4% of the total Mineral Resource (exclusive of Reserves) where multiple factors converge to support higher confidence, and the remaining approximately 97% classified as Inferred where the compounding of wide spacing, limited QAQC, and geological extrapolation results in material aggregate uncertainty.

Resource classification upgrades are achieved through increasing geological understanding by reducing the drillhole spacing; for Konkola this will come from the planned resource infill and extension drilling programs, for more detail see Section 23.1.1. This sub-section contains forward-looking information; actual outcomes may differ materially from the statements made herein.

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11.2.5 Mineral Resource estimate

The Mineral Resource estimate for the Konkola Mine, reported using a geological cut-off grade of 1.1% TCu, is shown in Table 11.4 (exclusive of Mineral Reserves). The Mineral Resource is reported for TCu, ASCu, and TCo, with contained metal quantities provided for both copper and cobalt. The Mineral Resource classification considers drillhole spacing studies, data quality, structural and lithological continuity, and estimation confidence. The Mineral Resource has been depleted for production to the effective date of 1 April 2026.

Table 11.4 Mineral Resource Konkola Mine (Exclusive of Mineral Reserves) – 1 April 2026

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Copper** | **Copper** | **Cobalt** | **Cobalt** |
| <br>**Classification** |<br>**Cut-off** |<br>**Tonnes** | **TCu (%)** | **Contained<br> Cu (kt)** | **TCo (%)** | **Contained <br> Co (kt)** |
| Measured | 1.1 | 1.4 | 3.7 | 52 | 0.06 | 1 |
| Indicated | 1.1 | 5.9 | 3.8 | 221 | 0.07 | 4 |
| **Measured + Indicated** | **1.1** | **7.3** | **3.8** | **273** | **0.06** | **4** |
| Inferred | 1.1 | 248 | 3.4 | 8322 | 0.06 | 149 |

---

Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· Mineral Resources are reported exclusive of Mineral Reserves. Mineral Reserves are reported separately
in Section 12. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

· Classification in accordance with S-K 1300.

· Point of reference: in situ material.

· Cut-off grade: 1.1% TCu (Konkola Mine), based on a copper metal price of US$10,000/t Cu and estimated
underground mining costs (Section 11.2.1). No separate cut-off grade is applied for cobalt; cobalt is recovered as a by-product of copper
mining and its value is incorporated into the NSR calculation used for Mineral Reserve estimation (Section 12.3).

· Cobalt: Total cobalt (TCo%) is estimated within the block model. Cobalt is recovered as cobalt alloy at
the Nchanga Smelter. Cobalt grades are reported for completeness; cobalt economics are not used in determining the Mineral Resource cut-off
grade (Cu-only NSR cut-off at 1.1% TCu) but contribute to the Mineral Reserve NSR calculation downstream (Section 12.3). The cobalt price
assumption used in the Reserve NSR is US$28,000/t Co. Contained cobalt is calculated from in situ tonnes and grade; actual recovered cobalt
is subject to metallurgical recovery (Section 10).

· Approximately 97% of Konkola Mineral Resources (exclusive of Reserves) are classified as Inferred. Inferred
Mineral Resources are considered too speculative geologically to be categorised as Mineral Reserves at this time, and there is no certainty
that Inferred Mineral Resources will be converted to higher confidence categories with additional exploration. Inferred Mineral Resources
are excluded from the PFS mine plan and economic assessment presented in this TRS. Any Inferred material falling within mine designs has
been treated as waste and assigned zero grade.

· The full Mineral Resource case, incorporating Inferred Mineral Resources into an extended life-of-mine
plan, is assessed in the companion S-K 1300 Technical Report Summary: KCM Integrated Operations (Initial Assessment) (AMC, 2026).

· Metallurgical recovery — Konkola Mine: Concentrator 89.2%
Cu, 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate payable Cu 96.8%. Full discussion in Section 10.

· Processing route: Konkola Concentrator → Nchanga Smelter → Nkana Refinery.

· Mineral Resources are 100% attributable to Konkola Copper Mines Plc.

· Tonnage and grade are rounded; this may result in minor apparent computational discrepancies in totals.

The copper price of US$10,000/t Cu used for Mineral Resource cut-off grade determination is based on the QP's conservative view on long term Cu prices. The adopted price of US$10,000/t does not represent a short-term forecast but is intended as a conservative long-term planning assumption. The assumed copper price supports the assessment of reasonable prospects of eventual economic extraction. This price is further supported by the P75 consensus forward price forecasts (S&P Global Capital IQ, December 2025), which range from US$11,101/t to US$12,793/t over the forecast period, with a long-term price of US$11,101/t from 2031 onwards, confirming that the selected Mineral Resource cut-off price sits below prevailing forward expectations. The Mineral Resource estimate and associated cut-off grades were originally derived as part of the companion Initial Assessment TRS, using assumed unit costs for underground mining operations and estimated mineral prices applied to mine designs appropriate to that level of study. The QP has reviewed the Mineral Resource cut-off assumptions in the context of the more detailed PFS-level economic and technical parameters presented in Sections 12 through 19 of this report, including the NSR-based cut-off optimisation and updated operating cost estimates, and considers the Mineral Resource cut-off grade of 1.1% TCu to remain valid and appropriately conservative for the purpose of reporting Mineral Resources exclusive of Mineral Reserves. The Mineral Resource cut-off price of US$10,000/t Cu is distinct from, and should not be confused with, the copper price of US$9,000/t Cu adopted for Mineral Reserve NSR cut-off grade determination as described in Section 12, which applies additional conservatism appropriate to the higher confidence standard required for Mineral Reserve classification.

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11.3 TD03 and TD04

The tailings dams were originally identified as having the potential to provide material that could be used to neutralise excess acid from sulfur dioxide capture. With the sulfuric acid produced from smelting off-gas capture being consumed by the TLP leach circuits, improving site-wide acid balance.

11.3.1 Data

In September 2000, 1,645.5 m representing 78 drillholes were drilled at TD03 and 1,090.5 m representing 64 drillholes were drilled at TD04.

Drilling was conducted using a 50 mm auger on a 150 m by 150 m grid spacing. Drillholes were terminated upon reaching the underlying soil profile. Samples were collected at 1.5 m intervals and riffle-split to a 1/8<sup>th</sup> portion using a Jones riffle splitter. Adjacent 1.5 m samples were combined to produce 3 m composite samples for analysis. The remaining 7/8<sup>th</sup> portion was discarded.

Samples were prepared and analysed for total copper and acid soluble copper, where total copper is greater than 0.5% TCu, at AHK.

Pulp rejects were composited into a four-drillhole grid pattern for leach tests. KCM Nchanga analytical laboratory completed the leach tests at 25°C to determine gangue acid consumption (GAC). Sample spacing for GAC is in effect 300 m by 300 m.

11.3.2 Generation of volume / tonnage and grade

Histograms of the 3 m samples indicate a largely normal grade distribution with a small higher-grade tail for the total copper mineralisation within TD03.

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| Table 11.5 | Summary statistics total copper tailings dam samples |

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|:---|:---|:---|
| **Total copper (%)** | **TD03** | **TD04** |
| Number of Samples | 538 | 394 |
| Minimum | 0.06 | 0.07 |
| Maximum | 1.27 | 1.61 |
| Mean | 0.71 | 0.62 |
| Median | 0.71 | 0.61 |
| Mode | 0.73 | 0.57 |
| Standard Deviation | 0.16 | 0.17 |
| Variance | 0.026 | 0.028 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.0137 | 0.017 |

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Table 11.6 Summary statistics acid soluble copper tailings dam samples

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| | | |
|:---|:---|:---|
| **Acid soluble copper (%)** | **TD03** | **TD04** |
| Number of Samples | 509 | 344 |
| Minimum | 0.23 | 0.16 |
| Maximum | 1.06 | 1.49 |
| Mean | 0.52 | 0.44 |
| Median | 0.51 | 0.40 |
| Mode | 0.49 | 0.42 |
| Standard Deviation | 0.15 | 0.19 |
| Variance | 0.02 | 0.04 |
| Standard Error | 0.01 | 0.01 |
| Confidence Level (95.0%) | 0.013 | 0.019 |

---

The TD03 and TD04 dam surface profiles were digitised from the Nchanga topographic survey and validated against drillhole collar spot heights. The pre-dam topographic surface was used as the base, and three-dimensional solid models were created to define the tailings volume.

Small trenches were excavated at TD03 and TD04 to collect samples for bulk density determination. As these samples were limited to the upper unconsolidated material, measured values ranged from 1.1 to 1.3 t/m³, which is lower than anticipated. A historical bulk density value of 1.55 t/m³, considered representative of the consolidated tailings at depth, was adopted for converting the tailings dam volume to tonnage.

11.3.3 Mining, processing, and recovery

TD03 is generally mined using hydraulic methods, while the coarser beached reclaimed tailings is currently recovered by excavator. In 2024, the Nchanga TLP achieved 78.3% recovery of acid soluble copper. However, due to lower recovery of non-acid soluble copper, the overall total copper recovery was 37%.

An elevated temperature leach upgrade is proposed for the Nchanga TLP, which is expected to increase acid soluble copper recovery by 20 percentage points, with total copper recovery anticipated to increase to 67%. It should be noted that the Nchanga TLP treats all tailings from the Nchanga Concentrators, not solely material reclaimed from TD03 and TD04.

11.3.4 Classification criteria

Material within TD03 and TD04 has been classified as Indicated Mineral Resource on the basis of systematic drilling on a nominal 150 m × 150 m grid using 50 mm diameter auger drillholes, sampled on 1.5 m intervals. Analytical data quality underpinning the classification comprised 538 samples for TD03 and 394 samples for TD04 for total copper determination. Gangue acid consumption sampling, which informs the acid demand inputs used in the TLP metallurgical model, was carried out on an effective 300 m × 300 m grid across both deposits.

The tonnage estimate is supported by dam surface profiles digitised from topographic survey data, updated with drillhole collar spot heights. Three-dimensional tailings dam shells were created from pre-dam topographic profiles held in the KCM survey archive, providing an independent geometric basis for the volume estimate that does not rely solely on drillhole intercepts.

The metallurgical basis for classification draws on test work conducted on composite samples from both TD03 and TD04, including bottle roll leach tests and column leach tests that characterise acid soluble copper recovery under the sulfuric acid leaching conditions of the Nchanga TLP. The test work results, together with reconciliation of TLP production data from the ongoing processing of TD03, provide confirmation that the modelled acid soluble copper recoveries applied in the economic analysis are representative of actual plant performance.

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All material within the defined tailings dam boundaries is classified as Indicated; no Inferred classification has been applied. The relatively homogeneous grade distribution inherent in reprocessed flotation tailings, combined with adequate drill coverage and the production reconciliation described above, support classification of all in situ material at the Indicated confidence level.

For the purposes of this PFS, the full Indicated Mineral Resource at TD03 and TD04 has been converted to Probable Mineral Reserve. The conversion is supported by the modifying factors set out in Section 12, including the confirmed processing route through the Nchanga TLP, the metallurgical recovery parameters established through test work and production reconciliation, the hydraulic sluicing and excavator mining method applicable to all material within the dam boundaries, and the economic analysis in Section 19. Measured classification, and therefore Proven Reserve status, has not been assigned, reflecting the absence of a closer-spaced infill drilling programme of sufficient density to meet Measured criteria; however, the QP considers the Indicated classification, and the resulting Probable Reserve conversion, to be appropriate and adequately supported for PFS-level disclosure.

No cut-off grade has been applied to TD03 or TD04. All material within the defined tailings dam boundaries is required to be processed; selective extraction on a grade basis is not practicable given the hydraulic sluicing recovery method and the relatively homogeneous grade distribution of the deposits.

11.3.5 Mineral Resource uncertainty

TD03 and TD04 are classified as Indicated Mineral Resource and have been converted to Probable Mineral Reserves. TD03 is in production and being mined by hydro sluicing.

11.3.6 Mineral Resource estimate

TD03 and TD04 are classified as Indicated Mineral Resources and have been fully converted to Probable Mineral Reserves. TD03 is currently in production, with tailings recovered by hydro sluicing and excavator. Table 11.7 presents the TD03 and TD04 Mineral Resources exclusive of Mineral Reserves. As the Mineral Resources have been fully converted, no Mineral Resources remain exclusive of Mineral Reserves.

Table 11.8 presents the Mineral Resources inclusive of Mineral Reserves for reference.

Table 11.7 Mineral Resource TD03 and TD04 (exclusive of Reserves) – 1 April 2026

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu%** | **Acid soluble copper**<br>**ASCu%** | **Total cobalt**<br>**TCo%** |
| TD03 | Indicated | 0.0 | 0.0 | 0.0 | 0.0 |
| TD04 | Indicated | 0.0 | 0.0 | 0.0 | 0.0 |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· Mineral Resources are reported exclusive of Mineral Reserves; Mineral Reserves are declared separately
in Section 12.

· Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

· Classification in accordance with S-K 1300.

· No cut-off grade has been applied; TD03 and TD04 are tailings storage facilities reclaimed in their entirety,
and conventional cut-off grade methodology is not applicable.

· Point of reference: in situ material.

· All Indicated Mineral Resources for TD03 and TD04 have been declared as Probable Mineral Reserves in Table
1.2 (Section 12). No Mineral Resources remain exclusive of Mineral Reserves for either deposit.

· Processing route: Nchanga TLP → copper cathode. Metallurgical recovery — Nchanga TLP (ambient
leach, TD03 and TD04 only): 74.8% Acid Soluble Copper (ASCu) recovery, equivalent to approximately 48.5% Total Copper (TCu) recovery to
cathode. Cobalt is not recovered in the TLP electrowinning process; no cobalt revenue is attributed to TD03 or TD04 in the economic analysis.
The Elevated Temperature Leach retrofit described in the companion Initial Assessment Technical Report Summary is not part of the Mineral
Reserve scope.

· Mineral Resources are 100% attributable to Konkola Copper Mines Plc.

· Tonnage and grade are rounded; this may result in minor apparent computational discrepancies in totals.

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Table 11.8 Mineral Resource TD03 and TD04 (inclusive of Reserves) – 1 April 2026

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|:---|:---|:---|:---|:---|:---|
| <br>**Asset** | <br>**Classification** | **Tonnes**<br>**Mt** | **Total copper**<br>**TCu%** | **Acid soluble copper**<br>**ASCu%** | **Total cobalt**<br>**TCo%** |
| TD03 | Indicated | 2.8 | 0.8 | 0.6 | 0.01 |
| TD04 | Indicated | 22 | 0.6 | 0.4 | 0.03 |

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Notes:

· Mineral Resources are reported with an effective date of 1 April 2026.

· Mineral Resources are reported inclusive of Mineral Reserves for reference, as permitted under S-K 1300.
Mineral Reserves are declared separately in Table 1.2 (Section 12).

· All Indicated Mineral Resources for TD03 and TD04 have been declared as Probable Mineral Reserves in Table
1.2; no Mineral Resources remain exclusive of Mineral Reserves for either deposit.

· Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

· Classification in accordance with S-K 1300.

· No cut-off grade has been applied; TD03 and TD04 are tailings storage facilities reclaimed in their entirety,
and conventional cut-off grade methodology is not applicable.

· Point of reference: in situ material.

· Processing route: Nchanga TLP → copper cathode. Metallurgical recovery — Nchanga TLP (ambient
leach, TD03 and TD04 only): 74.8% Acid Soluble Copper (ASCu) recovery, equivalent to approximately 48.5% Total Copper (TCu) recovery to
cathode. Cobalt is not recovered in the TLP electrowinning process; no cobalt revenue is attributed to TD03 or TD04 in the economic analysis.
The Elevated Temperature Leach retrofit described in the companion Initial Assessment Technical Report Summary is not part of the Mineral
Reserve scope.

· Mineral Resources are 100% attributable to Konkola Copper Mines Plc.

· Tonnage and grade are rounded; this may result in minor apparent computational discrepancies in totals.

11.4 Qualified Person's opinion

It is the QP's opinion that the Konkola Mineral Resource block models are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to Measured, Indicated, and Inferred confidence levels.

It is the QP's opinion that the TD03 and TD04 volume, tonnage and grade are representative of the informing data and that this data is of sufficient quality to support the Mineral Resource estimate to an Indicated confidence level.

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12 Mineral Reserve estimates

This section presents the Mineral Reserve estimates for the KCM Integrated Operations material property covered by this PFS. The Mineral Reserves comprise the Konkola Mine and TD03 and TD04, which together form a single integrated production system as described in Section 1.2.

The Mineral Reserve estimates have been prepared in accordance with the U.S. Securities and Exchange Commission Regulation S-K 1300. Mineral Reserves represent the economically mineable parts of Measured and Indicated Mineral Resources after the application of modifying factors, including mine design, production scheduling, metallurgical recovery, and economic parameters. No Inferred Mineral Resources have been included in the Mineral Reserve estimates; any Inferred material within mine designs has been treated as waste and assigned zero grade. The Mineral Reserve estimates are based on a copper price assumption of US$9,000/t (US$4.08/lb.) for NSR cut-off determination and US$28,000/t (US$12.70/lb.) for cobalt. The economic analysis supporting the Mineral Reserve is based on P75 consensus copper price forecasts as detailed in Section 16. In the opinion of the QP, these price assumptions provide a reasonable basis for establishing the economic viability of the project and satisfy S-K 1300 requirements for commodity price disclosure.

A conservative copper price of US$9,000/t has been adopted for NSR cut-off grade determination to ensure that all material classified as Mineral Reserve remains economically viable under a range of plausible price scenarios, including prices below the consensus forecast. This approach provides a margin of safety in the classification of marginal material and reduces the risk of including blocks that would become uneconomic under lower-than-expected copper prices over the life of the operation. The P75 consensus price forecasts (US$11,101/t to US$12,793/t) applied in the economic analysis in Section 19 reflect the QP's assessment of expected market conditions for the purpose of estimating project revenue and evaluating economic viability. The use of a lower price for resource-to-reserve conversion relative to the price used for cash flow estimation is standard industry practice and is consistent with the principle that cut-off grade assumptions should be robust to commodity price downside, while economic analysis should reflect the most likely forward pricing environment. As noted in Section 11, the cut-off grades derived from the HoV® strategic optimisation were tested across a range of commodity price scenarios, and the mine plan remains valid under the P75 price assumptions used in the economic analysis.

This sub-section contains forward-looking information. The material factors that could cause actual results to differ materially from the estimates presented include any significant differences from the material factors or assumptions set forth herein, including geological and grade interpretations, commodity prices, mining dilution and recovery assumptions, and the continued ability to obtain required permits and maintain mineral tenure.

12.1 Konkola Mine - Mineral Reserves

12.1.1 Scope of Mineral Reserves and relationship to companion IA TRS

The Mineral Reserves declared in this Pre-Feasibility Study comprise Probable Mineral Reserves at the Konkola Mine, TD03, and TD04 only. The Measured and Indicated portion of TD05 (198 Mt - refer companion IA TRS Table 11.28) is reported as a Mineral Resource but has not been declared as a Mineral Reserve in this PFS.

The QPs consider that the engineering and economic definition required for TD05 Mineral Reserve declaration under S-K 1300 is below the PFS threshold at the effective date, principally because:

· the hydromining method, slurry transport, and TLP integration parameters specific to TD05 reclamation
through the existing Nchanga TLP are at conceptual study level;

· capital and operating cost estimates for the Nchanga TLP modifications required to accept TD05 feed have
not been progressed to PFS confidence;

· metallurgical test work on TD05 composite samples is ongoing.

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A prefeasibility-level study addressing these matters is identified in Section 23 as essential to support a future Mineral Reserve declaration for TD05. The QPs consider that conversion of TD05 Measured and Indicated Mineral Resources to Mineral Reserves is reasonably achievable subject to completion of that study and confirmation of economic viability under PFS-level technical and economic parameters; however, there is no certainty that such conversion will occur. Until that work is completed, the M&I Case in the companion IA TRS - which incorporates TD05 M&I via the existing Nchanga TLP and runs approximately 15 years - represents the QPs' assessment of the integrated economic potential at the M&I confidence level, and has a broader scope than the Mineral Reserve case presented in this PFS (approximately 11 years).

12.1.2 Reserve classification and statement

The defined Mineral Reserves for the Konkola Mine represent a portion of the total Mineral Resource, reflecting the current extent of drilling coverage, geotechnical and hydrogeological modelling, and mine design confidence required to support Mineral Reserve classification. Measured and Indicated Mineral Resources are approximately twenty three percent (23%) of the total Mineral Resource (exclusive of Mineral Reserves).

Mineral Reserve classification has been assigned in accordance with the underlying Mineral Resource category: Measured Mineral Resources have been converted to Proven Mineral Reserves, and Indicated Mineral Resources have been converted to Probable Mineral Reserves. Any Inferred Mineral Resources within the mine design have been treated as waste and assigned zero grade.

Ongoing mine planning is supported by short-term stope designs targeting areas of higher geological confidence. A phased drilling and data acquisition program is underway to improve geological confidence, address data quality gaps, and support future Mineral Reserve conversion in accordance with classification standards.

Table 12.1 Konkola Mineral Reserve estimate – 1 April 2026

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|:---|:---|:---|:---|:---|:---|:---|
| **Deposit** | **Classification** | **Tonnes**<br> **(Mt)** | **TCu%** | **Cu (kt)** | **TCo%** | **Co (kt)** |
| Konkola UG | Proven | 2.1 | 2.5 | 55 | 0.06 | 1.4 |
| Konkola UG | Probable | 27 | 2.9 | 784 | 0.06 | 15 |
| **Konkola UG Total** | **Proven + Probable** | **29** | **2.9** | **839** | **0.06** | **17** |
| TD03 Tailings Complex | Proven |  |  |  |  |  |
| TD03 Tailings Complex | Probable | 2.8 | 0.8 | 21.5 |  |  |
| TD04 Tailings Complex | Proven |  |  |  |  |  |
| TD04 Tailings Complex | Probable | 22 | 0.6 | 135 | - | - |
| **Tailings Complex (Total)** | **Proven** | **-** | **-** | **-** | **-** | **-** |
| **Tailings Complex (Total)** | **Probable** | **25** | **0.6** | **157** | **-** | **-** |
| **Tailings Complex (Total)** | **Proven & Probable** | **25** | **0.6** | **157** | **-** | **-** |
| KCM Total | Proven | 2.1 | 2.5 | 55 | 0.06 | 1.4 |
| KCM Total | Probable | 51 | 1.8 | 941 | 0.03 | 15 |
| **KCM Total** | **Proven + Probable** | **54** | **1.9** | **995** | **0.03** | **17** |

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Notes:

· Mineral Reserves are reported with an effective date of 1 April 2026.

· Classification of Mineral Reserves is in accordance with S-K 1300. Mineral Reserves are derived from Measured
and Indicated Mineral Resources by application of mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental,
social, and governmental modifying factors. Inferred Mineral Resources are not included in Mineral Reserves; any Inferred material falling
within mined shapes has been treated as zero grade waste.

· Mineral Reserves are reported on a 100% basis as the Mineral Reserves of Konkola Copper Mines Plc; 100%
attributable to KCM.

· Tonnes and grade are diluted values.

· Point of reference: ore delivered to processing plant (ROM stockpile).

· NSR cut-off — Konkola Mine: US$50–125/t ROM, calculated using a copper price of US$9,000/t
Cu (US$4.08/lb) and a cobalt price of US$28,000/t Co (US$12.70/lb). Cut-off range varies by mining area and reflects underground access
cost and depth.

· NSR cut-off — TD03 and TD04: No cut-off applied; all Mineral Resource as estimated is declared as
Mineral Reserve (100% recovery of resource planned).

· Metallurgical recovery — Konkola Mine: Concentrator 89.2%
Cu, 60% Co; Smelter 98.1% Cu, 30% Co; Concentrate payable Cu 96.8%. Overall recovery from ROM to payable Cu: 86.4%; ROM to refined Co:
18.0%. Stage-by-stage recoveries detailed in Table 12.3.

· Metallurgical recovery — Nchanga TLP (ambient leach, TD03 and TD04 only): 74.8% Acid Soluble Copper
(ASCu) recovery, equivalent to approximately 48.5% Total Copper (TCu) recovery to cathode. Cobalt is not recovered in the TLP electrowinning
process; no cobalt revenue is attributed to TD03 or TD04 in the economic analysis. The Elevated Temperature Leach retrofit described in
the companion Initial Assessment Technical Report Summary is not part of the Mineral Reserve scope.

· Processing route — Konkola Mine: Konkola Concentrator → Nchanga Smelter → Nkana Refinery.
Processing route — TD03 and TD04: Nchanga TLP → copper cathode.

· Mineral Reserves are reported using a copper price of US$9,000/t (US$4.08/lb) and a cobalt price of US$28,000/t
(US$12.70/lb) for NSR cut-off grade determination. The economic analysis in Section 19 applies P75 consensus copper pricing of US$11,101/t
to US$12,793/t over the production period. The lower NSR cut-off price provides a conservative reserve declaration boundary that holds
under reasonable downside copper price scenarios; the higher P75 consensus pricing applied in the economic analysis represents the consensus
market view over the production period.

· Contained metal calculated from unrounded survey estimates: TD03 2.84 Mt at 0.75% TCu; TD04 21.68 Mt at
0.62% TCu (refer to Section 11.3 for full unrounded Resource figures). Rounding may cause apparent computational discrepancies in totals.

12.2 Key assumptions, parameters, and methods used

The mine plan defining the Konkola Mine Mineral Reserve estimate has been constructed to reflect production from the Measured and Indicated Mineral Resources only, with any Inferred Mineral Resources included in the mine designs treated as waste (zero grade).

The underground operations are accessed by three vertical shafts, with primary access to the orebody via rail haulage levels and declines for mechanised machinery access closer to the orebody. Mining methods include:

· Development with jumbo drill rigs.

· Longhole mining methods including Panel Stoping shallow dipping areas (<35° dip) and longhole open
stoping (LHOS) mining method in steeper-dipping areas (>35° dip).

· Planned mining activities include the use of paste fill as a backfill solution.

The Mineral Reserve estimate has been generated through a detailed mine planning approach which includes individual stope designs, estimates of dilution and mining recovery, detailed scheduling, cost estimation and financial analysis.

The recovery of the TD03 and TD04 is planned to include the total recovery of the in situ material, leaving open land available for rehabilitation or another future use. The method comprises a combination of hydraulic mining and excavation of dry material with a loader and truck.

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12.3 Modifying factors

12.3.1 Dilution and mining recovery

Mining recovery and dilution estimates at Konkola are based on AMC's use of the ELOS method, which estimates undesired material loss or gain during stoping. ELOS values were derived from the modified Q' stability assessment (Section 13.2) and applied as follows:

· Panel stopes: ELOS of 1.0 m in the hangingwall, translating to an average external dilution (unplanned
overbreak) of 7.5%.

· Longhole open stopes: ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall, translating to an average
external dilution (unplanned overbreak) of 9.4%.

In addition to the ELOS unplanned dilution estimate, an allowance for additional dilution of 5% has been applied to account for operational dilution, such as, backfill contamination at stope contacts, and incorporation of waste floor material during mucking.

Table 12.2 presents the total mining dilution and recovery factors applied to convert in situ Mineral Resource tonnes and grades to run-of-mine production tonnes and grades for the declared Mineral Reserves.

Table 12.2 Mining dilution and recovery factors

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining method** | **ELOS Dilution<br> (Predicted<br> Unplanned<br> Dilution) (%)** | **Unplanned Dilution<br> (an allowance for <br> dilution additional to<br> ELOS (%)** | **Total<br> Dilution<br> (%)** | **Mining<br> Recovery <br> (%)** | **Dilution Grade** |
| LHOS | 9.4%% | 5% | 15% | 90% | zero-grade / country rock |
| Panel Stoping | 7.5%% | 5% | 13% | 90% | zero-grade / country rock |
| Post Pillar Cut & Fill | 7.5% | 5% | 13% | 75% | Zero |
| Ore Development | 0 | 0 | 0 | 100 | N/A |
| Waste Development | 3 | 0 | 3 | 100 | N/A |

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Recovery factors of 90% account for losses due to stope underbreak, failed mucking, or structural failure. For ore development, 100% recovery is assumed as the full excavation profile is processed. Waste development assumes 3% dilution from incidental material incorporated during excavation.

Between FY26/27 to FY29/30 Konkola will be transitioning from a post-pillar cut and fill mining method to a panel stoping method. During this period the recovery has been decreased to 75%.

12.3.2 Cut-off value

An NSR approach has been adopted for the Konkola Mine to determine the economic viability of mining each portion of the deposit. Rather than applying a traditional cut-off based solely on copper grade, an NSR value is assigned to each block in the Resource Block Model to reflect the estimated revenue that could be generated from both copper and cobalt.

This NSR-based approach provides a more comprehensive economic assessment of material, accounting for by-product contributions such as cobalt and enabling improved value recognition in polymetallic zones. The use of NSR cut-off values also supports better integration of operational constraints and financial assumptions into long-term planning.

As part of the Konkola strategy optimisation process, AMC applied the HoV® methodology to evaluate a range of mining scenarios and their respective NSR thresholds. This optimisation considered production targets, development sequencing, processing capacity, and shaft hoisting limits, resulting in zone-specific NSR cut-off values ranging from US$50/t ROM to US$125/t ROM, as summarised in Table 12.5.

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Key outcomes of the cut-off grade optimisation process include:

· Improved economic selectivity through the application of differentiated cut-off values based on orebody
geometry, depth, and development access.

· Incremental NPV uplift of approximately US$0.8 billion, achieved by targeting higher-margin zones and
deferring or excluding lower-value material.

· Trade-off analysis between NPV maximisation and copper-equivalent production, ensuring that the applied
cut-off strategy does not sterilise significant tonnages of potentially economic material.

· Operational alignment with production rates between 5 Mtpa and >6 Mtpa, constrained by available shaft
capacity and concentrator throughput.

The cut-off grade determination is supported by mine planning inputs and economic assumptions considered reasonable and appropriate by the QP. The selected NSR values reflect current and forecast metal prices, recovery rates, operating costs, and royalties. NSR calculation parameters reflect an effective date of 1 April 2026.

This methodology complies with S-K 1300 requirements by providing:

· Transparent disclosure of the economic basis for resource and reserve classification.

· Consideration of reasonable prospects for economic extraction.

· Integration of modifying factors including metallurgical recovery, infrastructure capacity, and financial
performance.

12.3.3 Konkola NSR

The NSR calculation for the Konkola Mine, processed through the Konkola Concentrator and smelted at the Nchanga Smelter, is determined using the formula set out in Section 11.2.2. The key input assumptions applied to each mining block are summarized in Table 12.3.

Table 12.3 Konkola NSR elements (average across mining blocks)

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| | | |
|:---|:---|:---|
| **Element Description** | **Units of measure** | **Value** |
| **Long term price** |  |  |
| Copper | US$/tonne of refined Cu metal | 9000 |
|  | US$/lb. of refined Cu metal |  |
| Cobalt | US$/tonne of refined Co metal | 28000 |
|  | US$/lb. of refined Co metal |  |
| **Net Recovery into Concentrate** |  |  |
| Copper | % | 89.2 |
| Cobalt | % | 60.0 |
| **Recovery through Smelter** |  |  |
| Copper | % | 98.1 |
| Cobalt | % | 30.0 |
| **Net recovery from ROM to Smelt** |  |  |
| Copper | % | 87.5 |
| Cobalt | % | 18.0 |
| **Transport, Refining and Freight Costs** |  |  |
| Moisture content | % | 5.26 |
| Copper grade in concentrate | %Cu | 33 |
| Payable metal factor for Concentrate | % | 96.8 |
| Transport Cost of Concentrate to Smelter | US$/tonne of conc | 62.5 |
| Transport Cost per tonne of contained copper | US$/tonne of cont Cu Metal | 191.9 |
| Refining cost per Cu t in concentrate | US$/tonne Cu in Conc | 412.57 |
| Freight Cost | US$/dry tonne of concentrate | 170.00 |
| Payable Copper Penalty | US$/t recovered Smlt Copper | 279.50 |
| NET Achieved Price Copper (excludes royalty) | US$/tonne of Refined Cu Metal | 7167 |
| NET Achieved Price Cobalt (excludes royalty) | US$/tonne of Refined Co Metal | 7000 |

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Notes: <sup>(1)</sup> Recovery of copper to concentrate in the NSR calculation is impacted by the ratio of AsCu% to TCu%. The recovery formula is outlined in Section 10.4.1. The average recovery for the Mineral Reserve is presented in Table 12.3.

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12.3.4 Royalty payments

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible.

Table 12.4 Royalty charge relation to copper price

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| | | |
|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10 | Balance |

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12.3.5 NSR cut-off value

The NSR cut-off values applied to differentiate between economic ore and waste have been applied to mining blocks. These are shown in Table 12.5.

Table 12.5 NSR cut-off by mining block

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|:---|:---|
| **Mining block** | **NSR cut-off value (US$/t)** |
| Konkola East | 125 |
| Konkola Flats | 100 |
| Konkola Extension | 100 |
| Bancroft North | 85 |
| Bancroft Central | 100 |
| Bancroft Deeps | 100 |
| Bancroft South | 50 |

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12.4 Mineral Reserve risk factors

In the opinion of the QP, the Mineral Reserves are subject to the type of risks that are common to underground mining operations and may be materially affected by the following risk factors:

· Changes in realised metal prices from what was assumed.

· Changes to the mining costs, processing and G&A costs used to calculate the cut-off grade.

· Changes in local interpretation of mineralisation geometry or modelled continuity of mineralised zones.

· Changes to geotechnical or hydrogeological design assumptions resulting in schedule delays, increased
dilution, or reduced recoveries.

· Changes to mining and metallurgical recoveries.

· Changes in the long-term assumptions relating to product payability, marketability, and penalty terms.

· Assumptions as to the continued ability to access the site, retain mineral tenure, obtain required environmental,
mining, and other regulatory permits, and maintain a social license to operate.

A structured drilling program to upgrade resource classification and extend known mineralisation is recommended in Section 23.1.1. The development programs required to deliver the Mineral Reserve mine plan are described in Section 13, and the associated capital expenditure is summarised in Section 18.3.

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13 Mining methods

13.1 Cautionary statement regarding forward-looking information

This section contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements in this section include, but are not limited to, statements regarding: planned mining methods and their expected performance; anticipated production rates, mine life, and development schedules; projected mining dilution and recovery factors; planned underground development, paste fill infrastructure, and ventilation systems; equipment fleet requirements and workforce plans; expected dewatering rates, pump infrastructure upgrades, and groundwater management; and geotechnical assumptions underpinning mine design.

Actual results may differ materially from those expressed or implied by such forward-looking statements due to risks and uncertainties including, but not limited to: variations in actual geotechnical conditions from those modelled; changes in groundwater inflow rates or failure to achieve projected dewatering capacity; delays in commissioning of the paste fill plant, 1,390 mL pump station, or ventilation shaft upgrades; contractor performance and equipment productivity below plan; unforeseen geological structures or ground conditions; changes in commodity prices affecting cut-off grades; and regulatory, labour, or supply chain disruptions. See Section 2 for a comprehensive discussion of risk factors.

13.2 Mining method selection

The Konkola Mine extracts ore from the Kirilabombwe anticline orebody, a stratiform copper-cobalt deposit hosted in the Ore Shale Unit of the Katangan Supergroup. The orebody extends approximately 12 km along strike with thickness ranging from 5 m to 13 m (average ~9 m) and dips between 35° and 70°. Mining commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007.

Three underground mining methods have been evaluated for the Mineral Reserve mine plan at Konkola. The following considerations guided method selection:

· Orebody geometry: Narrow to moderate width (5–13 m), variable dip (35°–70°), and 12
km strike length.

· Geotechnical conditions: Rock mass quality ranging from very poor (near faults) to good, with weak Unit
A clay-altered ore shale at the hangingwall contact.

· Structural complexity: Major regional faults, local fault series, bedding planes, and joint sets affecting
stope geometry.

· Groundwater: Very high inflows of ~350,000 m³/day requiring robust dewatering ahead of development.

· Depth: Current mining depth extends from ~500 mL to ~1,100 mL, with planned extensions to ~1,430 mL,
with the mL representing the meters below the surface collar location of shaft 4.

· Backfill requirement: Ground stability at depth requires systematic backfilling of flatly dipping stope
voids in panel stoping areas. No Backfill is planned for steeply dipping longhole open stopes (LHOS). The paste fill plant has a modular
configuration and can be expanded if backfill is required in Bancroft as mining depth increases.

· Existing infrastructure: Three production shafts (1, 3, and 4 Shaft) with established tramming, hoisting,
and ventilation systems.

· Contractor capability: Five experienced mining contractors (Hahne, Tauro, Opermin, Reliant, AAC) with
established fleet and workforce. High speed development contractors / teams will be utilised in priority development areas (1390 pump
station and critical Main Level Development (MLD))

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Table 13.1 Mining method selection assessment

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| | | | |
|:---|:---|:---|:---|
| **Criterion** | **LHOS** | **Panel stoping** | **PPCF (rejected)** |
| Applicable dip range | 45°–70° (steeply dipping zones) | 35°–55° (flatter dipping zones) | 25°–45° (flat zones) |
| Production rate | High — mechanised drill & blast, large stope volumes | Moderate — panel progression with paste fill cycles | Low — labour-intensive cut-and-fill cycle |
| Ground support | Cable bolting and bolting in development drives. | Post pillars replaced by paste fill; HW Cable bolt support to increase the effect span | Post pillars with cemented backfill; labour-intensive |
| Backfill | Paste fill not required | Paste fill required | Cemented rock fill or hydraulic fill |
| External Dilution | 9.4% (0.5 m HW + 0.5 m FW ELOS) + 5% additional operational dilution | 7.5% (1.0 m HW ELOS)<br> + 5% additional operational dilution | 5–8% (controlled cut geometry) |
| Internal waste dilution | 17.1% | 16.3% | 20% |
| Recovery | 90% | 90% | 75% |
| Selection status | PRIMARY METHOD<br> Adopted for all steeply dipping zones | SECONDARY METHOD<br> Adopted for flatter zones (replaces PPCF) | REJECTED<br> Low recovery, low productivity, high waste to ore development ration, high unit cost, does not support target production rates |

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Source: AMC, 2026.

LHOS was selected as the primary method for all steeply dipping zones (Konkola East, Konkola Extension, Bancroft North through Bancroft Deeps) based on its ability to achieve the target production rate of ~4 Mtpa ore from Konkola Mine using mechanized drill and blast with Sandvik equipment. Panel stoping with paste fill was selected for the flatter-dipping Konkola Flats area as a direct replacement for the historical PPCF method, offering higher productivity and better compatibility with the planned paste fill system. PPCF was rejected due to its low resource recovery, high waste to ore development ratio, low production rate, high labour intensity, and inability to sustain the target ore throughput.

The external and internal dilution figures for LHOS and Pannel stoping areas are based on PFS accuracy stope design shapes, and the dilution factors presented have been calculated based on stopes generated using the Datamine stope optimiser tool combined with operational dilution incorporated into the Deswik schedule file.

ELOS (equivalent linear overbreak slough) is a method were overbreak is incorporated into the stope designs to ensure accurate estimation of overbreak (external dilution) factors. The numbers presented in Table 13.1 represent a global average for all LHOS and panel stopes designed and scheduled.

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Table 13.2 presents the zone-by-zone mining method assignments.

Table 13.2 Mining method assignment by zone

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| | | | |
|:---|:---|:---|:---|
| **Mining zone** | **Mining method** | **Key characteristics** | **Backfill** |
| Konkola East | Hybrid Panel Stoping / LHOS | Moderate dip; good rock quality in upper levels. Established mining area with known ground conditions. | Paste fill |
| Konkola Flats | Panel Stoping | Low dip (35°–45°); laterally extensive. Transition from PPCF to panel stoping with paste fill. Centralized loading area. | Paste fill |
| Konkola Extension | Hybrid Panel Stoping / LHOS | Currently mined using hybrid method; transitioning to LHOS as depth increases. Structural complexity at depth with minor folding and drag structures. | Paste fill in Pannel Stopes, but not in LHOS areas |
| Bancroft North | LHOS (Blind Uphole Stoping) | Steeply dipping; increasing structural complexity at depth. Blind LHOS without paste fill. | No Paste fill |
| Bancroft Central | LHOS (Blind Uphole Stoping) | Steeply diping with structural complexity at depth. Blind LHOS without paste fill. | No Paste fill |
| Bancroft South | LHOS (Blind Uphole Stoping) | Steepest orebody dip zone; high-grade target accessed via 4 Shaft. | No Paste fill |
| Bancroft Deeps | LHOS (Blind Uphole Stoping) | Deepest mineralised zone and high-grade target. 4 Shaft access. Blind LHOS without paste fill. | No Paste fill |

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Source: AMC, 2026.

Figure 13.1 Final mine outline map - plan view showing mining zone boundaries & key infrastructure

![](ctm005_ex96-2img23.jpg)

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13.3 Geotechnical models and parameters

13.3.1 Rock mass classification

Two classification systems were used to assess the rock mass conditions and to develop design parameters:

· **Q-system (Barton et al., 1974):** Applied to assess rock mass conditions in development. This system
incorporates RQD, joint characteristics, water inflow, and stress reduction to classify rock mass quality to enable ground support type
recommendations.

· **Modified Q' system (Matthews et al., 1981; Potvin, 1988):** Used for evaluating stope stability.
This system omits water and stress terms to focus on joint-controlled stability some 10 m either side of the orebody in the hangingwall
and footwall, for an assessment of stable stope dimension and an estimate for the potential of unplanned overbreak (ELOS).

13.3.2 Geotechnical domains

The orientation of the orebody and associated mining areas are aligned with the dip of mineralisation and ground conditions. The orebody dips between 35° and 70°, with average thickness of 9 m. Konkola East and Flats orebody dips are relatively shallow with ground conditions ranging from fair to good, with localized poor-quality zones typically associated with weaker lithologies such as Unit A. The overall rock mass is competent with manageable stress levels. Ground support requirements are largely influenced by lithological variability and structural intersections. Stope stability will be influenced by the span of the relatively shallow dipping hangingwall.

The orebody steepens from Konkola Extension through the Bancroft zones. The deeper areas show greater variability in rock mass quality, ranging from very poor, particularly near faulted zones, to good. Increased stress magnitudes, rock mass relaxation, and plastic strain zones are evident at depth, especially in the hangingwall where structures intersect weaker units (e.g., Unit A and ore shale). These zones are more prone to deformation and overbreak, necessitating more robust support designs, particularly in development headings and stope hangingwalls.

Primary lithology units include:

· **Hangingwall quartzite:** Generally competent; sequence of siltstones, sandstones, and shales, with
interbedded dolomite and gabbro intrusions, localised weak zones at the contact with the ore shale, occasionally where Unit A is present.

· **Ore Shale Units A–E:** Variable siltstone
unit with five subunits (A to E), with mechanical behaviour closely tied to dip and composition. Unit A is the weakest unit, clay-altered,
that behaves like a shear surface, correlating with poor ground and higher dilution potential. Thickness increases with orebody dip; Units
B–E show improved rock strength, with Unit B being the most massive and competent. Unit D is gradational with carbonate bands, while
Unit E marks the orebody top and progressively thickens.

· **Footwall quartzite:** Generally competent quartzite; supports much of the mine's infrastructure
and comprises conglomerates, sandstones, and aquifer-hosting formations local weakness at lithological contacts.

The mining areas and geotechnical domains are presented in the following zones outlined in Table 13.3 and Table 13.4. Figure 13.2 shows the locations of the geotechnical domains in relation to mine infrastructure. These were assessed independently from available geotechnical mapping data to determine ground conditions and support requirements.

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Figure 13.2 Plan view map of the Konkola Mine showing the geotechnical domains

![](ctm005_ex96-2img24.jpg)

Source: AMC, 2026.

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Table 13.3 KCM Shaft 3 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone (mW)** | **Rock mass properties** | **Hangingwall quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RQD | 52 | 81.2 | 0 | 68 | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | RMR | 67.5 | 58 | 4 | 59 | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q | 13.6 | 5.0 | 0.02 | 5.6 | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Q' | - | - | - | - | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Ground water | Flowing | Flowing | Flowing | Flowing | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 2200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) uphole panel stoping<br> Steep dip (above 45°) LHOS |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RQD | 80 | 24 | 0 | 31 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | RMR | 60 | 57.5 | 4 | 50 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q | 6.20 | 4.80 | 0.02 | 2.12 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Q' | 32.5 | 5.2 | 2.1 | 4.0 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1800 | Stress state | Low | Low | Low | Low |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Fair | Fair | Poor | Poor |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RQD | 62 | 21 | 0 | 65 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | RMR | 67.5 | 60 | 4 | 50 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q | 13.9 | 6.2 | 0 | 2.1 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Q' | - | - | - | - |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1400 | Stress state | Low | Low | Low | Low |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | poor |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RQD | 72 | 43 | 0 | 60.5 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | RMR | 69 | 64 | 12 | 65.5 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q | 16.4 | 9.6 | 0 | 11.2 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Q' | 11.5 | 2.7 | 0 | 3.8 - 10.6 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Ground water | Flowing | wet | wet | wet |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 1000 | Stress state | Low | Low | Low | Low |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Poor to good |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RQD | 61 | 43 | 0 | 51 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | RMR | 64.5 | 56 | 12 | 64 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q | 10.1 | 4 | 0 | 9.6 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Q' | 8.4 | 2.3 | 0 | 3.2 – 8.4 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 600 | Stress state | Low | Low | Low | Low |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RQD | 61 | 43 | 0 | 51 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | RMR | 64.5 | 56 | 12 | 64 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q | 10.1 | 4 | 0 | 9.6 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Q' | - | - | - | - |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Ground water | Flowing | Flowing | Flowing | Flowing |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL | 200 | Stress state | Low | Low | Low | Low |  |
|  KONKOLA EAST<br> Average orebody dip is 57° from 800 mRL to 600 mRL<br> Average ore body dip is 25° <600 mRL |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone (mW)** | **Rock mass properties** | **Hangingwall quartzite** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RQD | 68 | 47.5 | 21 | 56 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | RMR | 67.5 | 56.5 | 5 | 64 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q | 13.9 | 4.3 | 0 | 9.6 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Q' | 11.1 | 3.5 | 0 | 2.4 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Ground water | Damp / wet | Damp | Damp | Damp | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3200 | Stress state | Moderate to high | Moderate to high | Moderate to high | Moderate to high | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Good | Fair | Very poor | Fair |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RQD | 86.5 | 66.5 | 0 | 72.5 |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | RMR | 60 | 57.5 | 7.5 | 54.5 |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q | 6.2 | 4.8 | 0 | 3.4 |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Q' | - | - | - | - |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Ground water | Damp / wet | Damp | Damp | Damp |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° | 3600 | Stress state | Low | Low to moderate | Low | Low |  |
|  KONKOLA EXTENSION<br> Average ore body dip is 30° |  | Rockmass characterisation | Fair | Fair | Very poor | Poor |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RQD | 62 | 73.2 | 0 | 63 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | RMR | 60 | 60 | 9.5 | 62.5 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q | 6.2 | 6.2 | 0 | 8.1 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Q' | 11.1 | 3.8 | 0 | 14.6 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Ground water | Damp | Damp | Damp | Damp | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4200 | Stress state | Low | Low | Low | Low | Shallow dip (below 30°) Uphole panel stoping |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Fair | Very poor | Fair |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RQD | 45 | 57 | 0.2 | - |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | RMR | 59 | 53 | 9.5 | 62 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q | 5.6 | 2.9 | 0 | 7.7 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Q' | - | - | - | - |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Ground water | Wet / flowing | wet | wet | Wet |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 4800 | Stress state | Low to moderate | Low | Low | Low |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Fair | Poor | Very poor | Fair |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RQD | 50 | 85.5 | 0 | 70 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | RMR | 53.5 | 47.5 | 12 | 64 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q | 3.1 | 1.6 | 0 | 9.6 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Q' | - | - | - | - |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Intact rock strength (MPa) | >250 | >200 | 12.5 | >200 |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Ground water | Flowing | wet | wet | Wet |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) | 2520 | Stress state | Low To moderate | Moderate to high | Moderate to high | Low to moderate |  |
|  KONKOLA FLATS<br> Average ore body dip is 30° (400 mRL to 600 mRL)<br> Average ore body dip is 20° (<400 mRL) |  | Rockmass characterisation | Poor | Poor | Very poor | Fair |  |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 13.4 KCM Shaft 4 summary of rock mass properties

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | RMR | 69 | 55.5 | 17.5 | 63.5 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q | 16.4 | 3.8 | 0.1 | 9.1 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Ground water | Damp | Damp | Dry | Damp / wet / drip / flow | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,250 mN – 2,300 mN | Rockmass characterisation | Good | Poor | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RQD | 90 | 80 | 20 | 85 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | RMR | 69 | 60 | 17.5 | 63.5 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q | 16.4 | 6.2 | 0.1 | 9.1 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Joint Orientation | Unfavourable | Fair | Unfavourable | Unfavourable | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Ground water | Damp / wet | Damp / wet | Dry | Damp / wet | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,300 mN – 2,330 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RQD | 87 | - | 20 | 75 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | RMR | 76 | 59 | 17.5 | 63.5 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q | 34.8 | 5.6 | 0.1 | 9.1 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 165 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Joint Orientation | Very favorable | Fair | Unfavourable | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Ground water | Damp | Damp | Dry | Wet | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Stress state | Medium | Medium | Medium | Low to moderate | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,330 mN – 2,450 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RQD | 70 | 60 | 10 | 65 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | RMR | 76 | 57.5 | 17.5 | 60 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q | 34.8 | 4.8 | 0.1 | 6.2 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Intact rock strength (MPa) | 150 | 150 | 150 | 150 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Joint Orientation | Very favorable | Fair | Unfavourable | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Ground water | Damp | Dry | Dry | Wet | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Stress state | High | Medium | Medium | Low to moderate | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,450 mN – 2,650 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RQD | 70 | 60 | 10 | 65 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Intact rock strength (MPa) | 150 | 100 | 2 | 129 | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Joint Orientation | Unfavourable | Unfavourable | Very unfavourable | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Ground water | Dry | Dry | Dry | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Stress state | High | Medium | High | - | LHOS |
|  BANCROFT NORTH (2,475 mN)<br> Average ore body dip is 41° (600 mRL to 400 mRL)<br> Average ore body dip is 48° (<400 mRL) | 2,650 mN – Fault Zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RQD | 100 | 100 | 0 | 100 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | RMR | 85 | 79 | 30 | 68 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q | 91.5 | 48 | 0.2 | 14.7 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Q' | - | - | - | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Joint Orientation | Favorable | Very favorable | Very favorable | Fair / Unfavourable | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,870 mN – 2,050 mN | Rockmass characterisation | Very good | Very good | Very poor | Good | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RQD | 87 | 90 | 0 | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | RMR | 74.5 | 56 | 23 | 63 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q | 29.6 | 4 | 0.4 | 8.6 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Q' | - | - | - | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Intact rock strength (MPa) | 150 | 100 | 0 | 150 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Joint Orientation | Unfavourable | Fair / Very unfavourable | Fair | Unfavourable | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Stress state | Medium | High | Medium | Medium | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,050 mN – 2,150 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RQD | 100 | 82.5 | 0 | 100 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | RMR | 67 | 55.5 | 16 | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q | 13.2 | 3.8 | 0.1 | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Q' | - | - | - | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Intact rock strength (MPa) | 150 | 87.5 | 0 | 125 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Joint Orientation | Fair | Fair / Very unfavourable | Very unfavourable | Fair | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Ground water | Wet | Damp / wet | Damp | Flowing | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Stress state | High | High | Low | Medium | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,150 mN – 2,200 mN – Fault Zone | Rockmass characterisation | Good | Poor | Very poor | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RQD | 100 | 100 | 10 | 70 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | RMR | 67 | 61 | 17.5 | 63 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q | 13.2 | 6.9 | 0.1 | 8.6 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Q' | - | 19 | - | - | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Intact rock strength (MPa) | 150 | >200 | 150 | 100 | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Joint Orientation | Fair | Unfavourable | Very unfavourable | Unfavourable | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Ground water | Wet | Wet | Damp / wet | Damp / wet / drip / flow | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Stress state | High | High | Low | Medium | LHOS |
|  BANCCROFT NORTH (2120)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 2,200 mN – 2,250 mN | Rockmass characterisation | Good | Fair | Very poor | Fair | LHOS |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RQD | - | - | - | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | RMR | 66.5 | 65.5 | 23.5 | 61.5 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q | 12.5 | 11.2 | 0.1 | 7.3 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Q' | - | >424 | - | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Intact rock strength (MPa) | 200 | 150 | 3 | 143 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Joint Orientation | Unfavourable | Very unfavourable | Very unfavourable | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Ground water | Dry | Dry | Dry | Wet | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Stress state | High | High | Low | Low to moderate | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,500 mN – 1,600 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / Unfavourable | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,600 mN – 1,700 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / Unfavourable | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,700 mN – 1,800 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RQD | 90 | 100 | 0 | 100 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | RMR | 74 | 79 | 30 | 68 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q | 28 | 48 | 0.2 | 14.7 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Intact rock strength (MPa) | >200 | >200 | 100 | 175 | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Joint Orientation | Favorable | Very favorable | Very unfavourable | Fair / unfavourable | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Ground water | Damp | Damp | Damp | Damp / wet / drip / flow | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (1,700 mN)<br> Average ore body dip is 48° (600 mRl to 300 mRL)<br> Average ore body dip is 65° (<300 mRL) | 1,800 mN – 1,870 mN | Rockmass characterisation | Good | Very good | Very poor | Good | LHOS |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RQD | 70 | 80 | 12.5 | 80 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | RMR | 62.5 | 35.5 | 12 | 56 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q | 8.1 | 0.4 | 0 | 4 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Q' | - | - | 0 | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Intact rock strength (MPa) | 150 | 150 | 2 | 129 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Joint Orientation | Unfavourable | Unfavourable | Unfavourable | Fair | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Ground water | Dry | Dry | Dry | Wet | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Stress state | High | High | High | Medium | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – Fault zone | Rockmass characterisation | Fair | Very poor | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RQD | 69.5 | 66 | 0 | 75 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | RMR | 73 | 66.5 | 24 | 56 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q | 25 | 12.5 | 0.1 | 4 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Intact rock strength (MPa) | 220 | 200 | 2 | 150 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Joint Orientation | Fair | Very unfavourable | - | Unfavourable | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Stress state | - | Medium / High | High | Medium | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,640 mN – 2,700 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RQD | 69.5 | 85 | - | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | RMR | 73 | 6.5 | 24 | 50 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q | 25 | 6.5 | 0.1 | 2 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Intact rock strength (MPa) | 220 | 150 | 2 | 175 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Joint Orientation | Fair | Fair / Unfavorable | Unfavorable | Unfavorable | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,700 mN – 2,800 mN | Rockmass characterisation | Good | Fair | Very poor | Poor | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RQD | 90 | 85 | 0 | 70 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | RMR | 63 | 58 | 24 | 60 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q | 8.6 | 5 | 0.1 | 6 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Intact rock strength (Mpa) | 150 | - | 2 | 150 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Ground water | Dry / damp | Dry | Dry | Dry | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,800 mN – 2,900 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RQD | 90 | 82.5 | 0 | 82.5 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | RMR | 63 | 64.5 | 24 | 58 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q | 8.6 | 10 | 0.1 | 5 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Intact rock strength (Mpa) | 150 | 150 | 2 | 160 | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Joint Orientation | Unfavorable | Unfavorable | Very unfavorable | Unfavorable | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT NORTH (2,800 mN)<br> Average orebody dip is 44° (600 mRL – 400 mRL)<br> Average orebody is dip 67° (<400 mRL) | 2,900 mN – 3,000 mN | Rockmass characterisation | Fair | Fair | Very poor | Fair | LHOS |

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| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RQD | 25 | - | - | - | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | RMR | 59.5 | 56 | 28 | 68 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q | 5.9 | 4 | 0.2 | 14.7 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Intact rock strength (Mpa) | 150 | 150 | 2.5 | >200 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Joint Orientation | Fair / unfavorable | Fair / unfavorable | Very unfavorable | Unfavorable | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Ground water | Dry / damp | Damp / wet | Dry | Wet | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Stress state | High | High | Low | Medium | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 700 mN – 1,100 mN | Rockmass characterisation | Fair | Fair | Very poor | Good | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RQD | 78 | 100 | 35 | - | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | RMR | 66.5 | 65.5 | 28.5 | 61.5 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q | 12.5 | 11.2 | 0.2 | 7.3 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Q' | - | >424 | - | - | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Intact rock strength (Mpa) | 200 | 150 | 3 | 193 | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Joint Orientation | Unfavorable | Very unfavorable | Very unfavorable | Unfavorable | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Stress state | High | High | Low | Low to moderate | LHOS |
|  BANCROFT CENTRAL (920 mN and 1,220 mN)<br> Average orebody dip is 61° | 1,100 mN – 1,500 mN | Rockmass characterisation | Good | Good | Very poor | Fair | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RQD | 85 | 100 | 35 | 90 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | RMR | 52.5 | 65.5 | 23.5 | 56 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q | 2.8 | 11 | 0.1 | 4 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Intact rock strength (Mpa) | 150 | 150 | 3 | 152 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Joint Orientation | Fair / Unfavorable | Very unfavorable | Very unfavorable | Unfavorable | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Ground water | Dry / Damp | Dry | Dry | Dry | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Stress state | High | High | Low | Medium | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 500 mN – 700 mN | Rockmass characterisation | Poor | Good | Very poor | Fair | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RQD | 85 | 80 | 38 | 80 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | RMR | 85 | 74.5 | 39 | 69.5 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q | 91.5 | 29.6 | 0.7 | 17.3 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Intact rock strength (Mpa) | >200 | >250 | 50 | 200 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Joint Orientation | Very unfavorable | Very unfavorable | Very unfavorable | Very unfavorable | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Ground water | Dry | Dry | Dry | Dry | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Stress state | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | Very high (seismicity) | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mN – 500 mN | Rockmass characterisation | Very good | Good | Very poor | Good | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RQD | 100 | 85 | 33 | 80 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | RMR | 57.5 | 41 | 7 | 69 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q | 4.8 | 0.8 | 0.02 | 16.4 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Q' | - | - | - | - | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Intact rock strength (Mpa) | 200 | 40-150 | 5 | 150 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Ground water | Wet | Wet | Wet | Wet | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Stress state | Medium | Medium | Medium | Medium | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 200 mN | Rockmass characterisation | Fair | Very poor | Very poor | Good | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RQD | 24 | 65 | 33 | 57.5 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | RMR | 67 | 66 | 7 | 52 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q | 13.2 | 11.9 | 0.02 | 2.6 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Q' | - | - | - | - | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Intact rock strength (Mpa) | 150 | 150 | 5 | 150 | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Ground water | Wet | Wet | Wet | Wet | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Stress state | Low | High | Medium | Medium | LHOS |
|  BANCROFT DEEPS (700 mN – 1,000 mS)<br> Average orebody dip is 54° | 200 mS – 600 mS | Rockmass characterisation | Good | Good | Very poor | Poor | LHOS |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area** | **Zone** | **Rock mass properties** | **Hangingwall Q** | **Ore shale** | **Unit A** | **Footwall** | **Mining method** |
|  | 600 mS – 1,000 mS | RQD | 60 | 70 | 12.5 | 60 |  |
|  | 600 mS – 1,000 mS | RMR | 65 | 47 | 3.5 | 45 |  |
|  | 600 mS – 1,000 mS | Q | 10.7 | 1.5 | 0.01 | 1.2 |  |
|  | 600 mS – 1,000 mS | Q' | - | - | - | - |  |
|  | 600 mS – 1,000 mS | Intact rock strength (Mpa) | 150 | 100 | 0 - 5 | 130 |  |
|  | 600 mS – 1,000 mS | Joint Orientation | Unfavorable | Unfavorable | Unfavorable | Unfavorable |  |
|  | 600 mS – 1,000 mS | Ground water | Wet | Wet | Wet | Wet |  |
|  | 600 mS – 1,000 mS | Stress state | Medium | Medium | Low | Medium |  |
|  | 600 mS – 1,000 mS | Rockmass characterisation | Good | Poor | Very poor | Poor |  |

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13.3.3 Structural geology

The structural framework of Konkola Underground is influenced by major regional faults, a fault series local to the mine working, and the associated minor structural features, including bedding planes and joint sets. These structures influence rock mass behaviour, stress redistribution, and excavation stability. Stress and strain numerical modelling analyses conducted by AMC, 2025 indicate that some relaxation and overbreak could be expected in locations intersected by faults.

Fault intersections with development and stopes lead to localised rock mass damage that might require heavier ground support for development or allowance for increased dilution for any affected stopes. Furthermore, experience at other projects indicates that the interactions between faults and stope excavations needs to be carefully considered in the mine plan and extraction sequence. Avoiding contemporaneous stope extraction on major structures and careful adherence to the sequence is advised as stoping progresses.

13.3.4 Geotechnical considerations for mining

Geotechnical considerations for mining include:

· Stope stability and design: Stope stability was assessed using the empirical modified stability graph
method (Potvin, 1988; Villaescusa, 2014), supported by the Q' system and stability modifiers for stress, jointing, and gravity.
Stope designs were developed for varying orebody dips (25°, 55°, 70°), with analysis indicating generally stable conditions
across most areas. Crown and hangingwall stability are improved with paste backfill and cable bolting, particularly in flatter-dipping
zones controlled by the hangingwall span and strike length. Tactical pillar placement may be required near major structures. Cable bolting
of the HW in the pannel stopes is planned will increase the effective stable span.

· Pannel stopes are to be mined and backfilled sequentially, forming sill pillars where required. Site-specific
reassessment is recommended during short-term planning using updated structural and mapping data. Cable bolt support will be required
in zones of variable ground or low dip.

· No paste fill is currently planned in the steeply dipping zones where long hole open stoping will be applied.
In these areas stopes will be extract in a top down sequence with sill and rib pillars left as required. There is an option to expand
the pastefill plant in the future to enable filling of stopes within Bancroft if required from a mining recovery or safety perspective.

· Stope dilution estimation: Dilution was evaluated using the ELOS method (Clark & Pakalnis, 1997).
In fair ground, ELOS estimates are low, typically 0.5–1.0 m. Increased overbreak may occur in the Extension and Bancroft North areas,
or where stopes intersect major structures. Drill and blast designs should be adjusted to limit overbreak near persistent structures.
In flatter dipping areas stope support is likely to be required in the hangingwall to enable mineable stope strike lengths.

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· Infrastructure placement: Major infrastructure, including declines, should be placed in competent footwall
quartzite, maintaining a standoff of at least 20 m from major faults. Alignment should minimise intersections with faults or aquifers.
Raise bore assessments are recommended for ore passes and shafts in jointed or near-surface ground.

· Crown pillar and subsidence risk: Crown pillar designs consider dynamic loading, structural influence,
and blasting effects. Ongoing monitoring and review of open stopes and paste backfill are advised to maintain stability.

Historic shallow mining has resulted in surface subsidence. KCM manages these risks through its Subsidence and Sinkhole Management Plan (2022), aligned with Zambian regulations. AMC recommends satellite-based monitoring for regional subsidence linked to dewatering.

13.3.5 Ground support and numerical modelling

Ground support requirements at Konkola were assessed using the Q-system and wedge analysis methods. Indicative support designs were developed for decline, level access, and ore drive dimensions under varying ground conditions. The assessment confirmed that current support standards are broadly appropriate, though cable bolting is required in areas of poor ground quality, especially where fault zones or weak units such as Unit A are encountered.

Unwedge modelling identified structurally controlled wedge failures as a potential hazard in certain development orientations. Intersection stability can be achieved with double-strand cable bolts, though high-stress areas and wide spans may require increased support or intersection redesign. Avoiding 4-way intersections at depth is advised to reduce instability risks.

Numerical modelling using FLAC3D was completed for both shallow and steeply dipping stoping zones. Results highlight stress relaxation and strain concentration around stope walls, with hangingwall displacement reaching up to 0.5 m in some areas. Plastic strain thresholds indicate that localised ground damage may occur near faults and in deeper zones, particularly where stopes or development intersect major structures.

Stress redistribution is more pronounced in poor ground conditions, and numerical models indicate that hangingwall instability risks increase with depth. Modelling of multiple mining options shows that designs incorporating regional or central pillars offer improved stability, with central pillars performing best overall.

AMC recommends:

· Ongoing geotechnical inspections in areas approaching plastic strain thresholds.

· Calibration of models using CMS and stope performance data.

· Consideration of backfilling or sill pillars in critical zones.

· Optimisation of drilling and blasting practices to reduce overbreak.

· Implementation of a site monitoring program to track displacement and ground response.

13.4 Hydrogeology

The hydrogeological conditions across the KCM assets vary significantly, directly impacting dewatering strategies, groundwater inflows, and overall water management. These variations are primarily controlled by structural features, lithological permeability, and the presence of major fault and fracture networks. Regional fault systems and lithological interfaces act as primary groundwater conduits, influencing the connectivity between aquifers and mine workings. As a result, groundwater inflow rates differ across mining zones, necessitating tailored dewatering solutions.

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The geological setting of the operation consists of a sequence of sedimentary and metamorphic units with varying degrees of permeability and water-bearing capacity. Structural deformation has further influenced hydrogeological conditions by creating preferential groundwater flow paths, particularly in fault zones and fractured lithologies. Understanding the hydrogeological characteristics of each unit is crucial for optimizing dewatering efforts and minimizing operational risks associated with excess water ingress.

13.4.1 Hydrogeology - Konkola Mine

The hydrogeological regime at the Konkola Mine is characterised by fractured, permeable fault zones within schists and dolomites that require extensive dewatering. Less permeable lithologies such as quartzites and shales act as hydraulic barriers. Substantial historical inflows have necessitated a robust pumping system to maintain safe and efficient operations.

13.4.2 Aquifer parameters and testing

The following hydrogeological testing and monitoring has been established at Konkola:

Piezometer installation: Monitoring wells established to measure groundwater levels and flow rates.

Pump testing: Conducted to determine aquifer permeability, hydraulic conductivity, and inflow rates into mine workings. Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day).

Water quality assessments: Routine sampling of mine water to monitor contamination risks and compliance with environmental standards.

Dewatering at Konkola has been on-going since the 1950s. As such, the operational data collected over more than 70 years of pumping is preferable to theoretical pump testing. Similar to most hard rock mine sites, groundwater flow is controlled by barriers (lithological contacts and structures) and conduits (cave cracks, old exploration drillholes, natural fracture zones) rather than the local-scale properties (K, T, S) of the geological formations.

The best way to assess the bulk-scale aquifer properties is to adjust the inputs to the groundwater model, which was done as part of the work in 2014. The model used 387 surface borehole records, more than 8,500 groundwater level measurements, many of which were related to underground drain hole records, flume flow records, and pumping records from all pump stations. Pumping tests were done in similar formations at a nearby site in 2001. The properties from the pumping tests were used as initial inputs to the 2014 model and were subsequently adjusted during model calibration. Hydraulic conductivity (K) values ranged from 0.7 m/d to 3 m/d. Storativity (S) values ranged from 5x10-4 to 3x10-6.

There is currently no basis to adjust the aquifer properties that were used in the 2014 calibrated groundwater model. The only recent data is: (i) flow rates measured at the pumping stations, (ii) flow rates measured in underground drainage holes, and (iii) shut in pressures measured in underground drainage holes. All these data have been used as part of the on-going dewatering assessment. Sealed vibrating wire piezometers have been proposed as part of the hydrogeology studies going forward. In the current database, the drillholes (controlled water) only account of about 35% of the inflow, but they do show that sustained flows can be retained on the higher mine levels.

13.4.3 Dewatering volumes and rates

Groundwater inflows average ~350,000 m³/day, with inflows concentrated at levels 720L and 950L. Most discharge is pumped via VS1F (60%) and VS1B (30%) shafts using three main pump stations at 985L, 690L, and 370L. Future inflows are projected to increase moderately with depth. Estimated annual power costs for dewatering are ~US$95 million (M).

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13.4.4 Chingola dolomite

The Chingola dolomite is a regionally connected aquifer with a flat-water table at ~500L. Subsidence-related cracks tap into this aquifer, providing recharge to the mine. The Mwashia shale acts as a semi-confining layer.

Figure 13.3 Cross section showing the interconnected nature of the Chingola dolomite (light blue) between KCM (right) and Lubambe (left)

![](ctm005_ex96-2img25.jpg)

Source: AMC, 2026.

13.4.5 Recharge

Recharge is driven primarily by rainfall, with 50–75% of mine water originating from surface infiltration and 25–50% from recirculation. Estimated recharge is ~200–300 mm/year across a 250 km² area. InSAR shows infiltration across the subsidence zone.

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Figure 13.4 Subsidence area shown on InSAR ascending image

![](ctm005_ex96-2img26.jpg)

Source: AMC, 2026.

13.4.6 Dewatering system and boreholes

Dewatering relies on a combination of crosscut and drainage hole systems targeting both the footwall and hangingwall aquifers. Crosscuts are spaced approximately every 500 m along strike and provide access for installation of drainage holes, which are drilled upward into the hangingwall and downward into the footwall.

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A future drilling program aims to deliver ~48,000 m/year of drill length to support sustained depressurisation of the host rock. This approach will be critical to achieving pressure reductions ahead of production development and minimising water ingress into the mine workings. Drilling infrastructure is expected to include ~12 drainage holes per crosscut, with hole lengths typically between 200 to 350 m. A draw down rate of 25 m per annum is planned in most mining areas. In the first three years of the production plan a draw down rate of 30 m per annum is being targeted in critical mining areas.

Test well DW01, drilled into the Chingola dolomite, demonstrates high hydraulic conductivity with minimal drawdown under current pumping conditions (~1,800 m³/day). The low drawdown confirms regional interconnectivity of the dolomite and reinforces its role as the principal groundwater contributor to the mine system.

13.4.7 Water Balance and groundwater model status

A numerical groundwater flow model is under development to predict future dewatering requirements and optimise water management strategies. Pending completion of this model, the following conceptual water balance is noted:

· Total average inflow: ~350,000 m³/day (current conditions, mining predominantly above 950 mL).

· Sources: Chingola dolomite (principal contributor), surface infiltration via subsidence cracks, fault-conduit
recharge.

· Short-term mining (Years 1–7): Focused on currently dewatered zones (Konkola East, Konkola Flats,
Konkola Extension) where inflows are better understood and controlled.

· Longer-term: Production from deeper zones (Bancroft sector) contingent on commissioning of the 1390 mL
pump station. Short-term inflow spikes projected to exceed 450,000 m³/day as mine development progresses along the full 12 km strike.

The conceptual water balance diagram shown below is based on the most recent data from site. The dominant source in the water balance is the regional dolomite. The pump station capacities are shown in Figure 13.9.

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Figure 13.5 Conceptual water balance

![](ctm005_ex96-2img27.jpg)

The previous numerical model showed that a high proportion of the water can be captured on the 950L or above. The available monitoring data supports the model. The inflow data indicates it should be possible to retain about 40% of the inflow on the 950L, particularly if there is an increased density of future drainage holes. A plan has been prepared to update the 2014 numerical model. The flow rates in Table 13.5 have been predicted based on judgement following review of both the 2014 model and the most recent monitoring data from the drainage holes.

Table 13.5 Summary of water capture extrapolated over time

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 3** | **Year 6** | **Year 7** | **Year 10** | **Year 20** | **Year 30** |
| Total dewatering rate | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 430000 | 410000 | 410000 |
| Water that can be managed on 970L | 380000 | 400000 | 420000 | 420000 | 430000 | 420000 | 410000 | 240000 | 170000 | 170000 |
| Water to be managed on 1150L |  |  |  |  |  |  |  | 190000 | 190000 | 90000 |
| Water to be managed on 1350L |  |  |  |  |  |  |  |  | 50000 | 150000 |

---

Notes: Flow rates in m<sup>3</sup>/day, assumes no major ground collapse rapid subsidence, assumes no improvement in surface infrastructure, based on preliminary mine planning assumptions.

13.4.8 Water quality

The overall discharge water quality shows near-neutral pH, and major ions within target limits for both HWA and FWA. TSFs water has alkaline pH and elevated nitrate and chloride (beneficial to maintain separation of water pumped from UG from TSFs water). Total suspended solids (TSS) are the key challenge, along with potential copper and zinc levels which occasionally exceed guideline limits of 100 mg/litre.

13.4.9 Mine schedule and dewatering plan

Short-term mining (next 5 – 7 years), activities will focus on the currently dewatered zones of Konkola East, Konkola Flats, and Konkola Extension, where groundwater inflows are better understood and controlled. This allows mining to progress without requiring major new infrastructure in the immediate term. Figure 13.6 shows the currently inferred phreatic surface based on measurements from the available shut in holes. A pressure head of about 150 m (200 psi) can be inferred for the 720L.

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In the longer term, production from deeper zones, particularly the Bancroft sector, will be contingent on the timely development of the 1390L pump station and associated dewatering infrastructure. This pump station is essential for enabling mining below 950L and unlocking deeper reserves.

Dewatering efforts must be synchronised with the mine schedule to avoid production delays and to ensure safe working conditions. As mine development progresses along the full 12 km strike of the orebody, inflows are expected to fluctuate, with short-term spikes projected to exceed 450,000 m³/day. Additional pumping capacity and infrastructure upgrades will be critical to maintaining production continuity and managing inflow variability.

Figure 13.6 Currently inferred phreatic surface based on measurements from shut in holes

![](ctm005_ex96-2img28.jpg)

Source: AMC, 2026.

Figure 13.7 and Figure 13.8 show the planned dewatering crosscuts located every 500 m strike length. In total, there will be about 15 dewatering crosscuts per level. Given that the main constraint on ore production has historically been slow footwall development because of water, a more systematic dewatering hole drilling plan will be required. This is currently expected to be:

· Crosscuts driven from the dewatering level towards the ore shale every 500 m spacing along strike to provide
drilling access for advanced dewatering holes.

· Drill stations will be about 100 m into each crosscut.

a The goal is:

i To depressurise the crosscuts through the footwall in advance of the face.

ii To dewater the production development and workings in the ore shale. Given the wider spacing of the footwall dewatering crosscuts, lateral holes will also be required between the crosscuts.

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b Most holes can be drilled at less than 45° (upward), but some holes will need to be drilled at steeper angles due to the dip of the orebody and the need to get the higher holes.

c For each crosscut, the budget should be about 4,000 m of drilling for the array of holes from the drill stations and any cover holes that may be required in advance of the crosscut.

· The crosscuts will be terminated about 20 m short of the ore shale (i.e. they don't go into the
hangingwall). A total of 12 drainage holes into the hangingwall is currently assumed: three at 45° up, six at 20° up, and three
flat, for a total of 4,000 m of drilling into the hangingwall. The holes would go 5-10 m past the HWA and would terminate within the Shale
with Grit.

· Drilling will be carried out at a nominal diameter of 125 mm using LM110 drills (or similar). Most hole
lengths would be between 200 and 350 m. Planning should currently assume a total of about 48,000 m per year drilling (based on six crosscuts
being advanced per year), so a minimum of three dewatering drills will be required.

Figure 13.7 Rotated section showing the planned footwall dewatering drilling

![](ctm005_ex96-2img29.jpg)

Source: AMC, 2026.

13.4.10 Future dewatering rates

Planned depressurisation using crosscut-based drainage holes will enable 30-50 m pressure reduction in ~6 months with localised inflows of 45,000-60,000 m³/day. Long-term capacity must exceed current system (~350,000 m³/day), aiming for 500,000 m³/day to provide redundancy in the system. Disruption to power supply is common at Konkola and redundancy will ensure the recovery time following the loss of power is minimised, whilst also not interrupting the dewatering of the orebody. Current estimated inflow rates are shown on Table 13.6.

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Table 13.6 Indicative future mine inflow rates for the next 7-year mine plan

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** |
| Konkola East 720L | 150000 | 170000 | 140000 | 100000 | 70000 | 60000 | 50000 |
| Konkola East 800L | 40000 | 30000 | 30000 | 40000 | 60000 | 30000 | 20000 |
| Konkola East 870L |  |  | 30000 | 30000 | 50000 | 50000 | 60000 |
| Konkola Flats 720L | 35000 | 45000 | 55000 | 50000 | 20000 | 20000 | 10000 |
| Konkola Flats 800L |  |  | 10000 | 30000 | 40000 | 50000 | 40000 |
| Konkola Flats 870L |  |  |  | 20000 | 40000 | 40000 | 60000 |
| Konkola Extension 720L | 60000 | 60000 | 40000 | 20000 | 20000 | 20000 | 10000 |
| Konkola Extension 800L |  |  | 20000 | 40000 | 40000 | 40000 | 30000 |
| Konkola Extension 870L | - | - | - | 10000 | 20000 | 40000 | 50000 |
| **Total 970L and below** | **95000** | **95000** | **95000** | **80000** | **70000** | **70000** | **90000** |
| **Total dewatering rate** | **380000** | **400000** | **420000** | **420000** | **430000** | **420000** | **410000** |

---

Notes: Flow rates in m<sup>3</sup>/day. Assumes no major ground collapse or rapid subsidence.

13.4.11 Pumping infrastructure – Konkola Mine

The current pumping infrastructure consists of staged systems at 370L, 690L, and 950L, with most inflows handled via VS1F and VS1B shafts. The 950L station is presently the deepest in operation. However, mining below this level, particularly in the Bancroft sector, requires the development of a new pump station at 1390L, along with new drainage drives at 1150L and 1350L, to provide the necessary dewatering capacity and operational redundancy.

Upgrades to the existing systems at 690L and 370L are required to increase the pumping rate beyond the current ~350,000 m³/day limit. Planned enhancements include additional pump columns, expansion of settlers and sumps, and optimisation of water handling networks. The target system capacity is at least 450,000-500,000 m³/day to accommodate projected peak inflows and ensure resilience during high-water events or power disruptions.

Energy-efficient technologies such as variable frequency drives (VFDs) and automated pump control systems are recommended to reduce operating costs and improve performance. Redundant power supply systems, including diesel generators and ring-fed power lines, are also essential to mitigate the risks associated with load shedding and grid failure.

Emergency infrastructure includes a combination of control valves on dewatering boreholes, penstock valves, surge barriers, flood control doors, and temporary storage in haulage and drainage drives. These systems are critical for responding to short-term pump failures and allow the mine to manage water until backup systems are operational.

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Figure 13.8 Konkola Mine dewatered, developed, and mined

![](ctm005_ex96-2img30.jpg)

Source: AMC, 2026.

13.4.12 Konkola Mine water management infrastructure

Konkola's underground water management system incorporates a range of control and containment measures to manage inflows and ensure infrastructure protection:

· Control valves on dewatering boreholes make it possible to temporarily stop water flow during pump failures
or power outages. Boreholes with higher flow rates are closed first as a priority. In 2008, there were 48 of these boreholes at the 950L
level during the national power outage.

· Settlers and sumps provide sedimentation capacity and buffer inflows before pumping. Settlers slow flow
to drop suspended solids; sumps store water for transfer to pump stations.

· Surge barriers are temporary blockades in drainage and haulage drives to divert water from critical infrastructure
(e.g., No.1 shaft).

· Penstock valves, located near the 950L flood control door, regulate flow to downstream pumping systems
and are closed once sump capacity is exceeded.

· Flood control doors on 950L and 850L protect key pump stations during extreme inflow events. Timing of
closure is linked to available storage and system response.

· Emergency storage is provided by accessible drives on the footwall side. During major inflow events, these
areas offer temporary containment for up to ~2 hours before further controls must be activated to protect infrastructure.

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13.4.13 Upgrade of existing pumping infrastructure

In the medium term (12-18 months), there is a need to upgrade the existing infrastructure from the current 370,000 m<sup>3</sup>/day to at least 450,000 m<sup>3</sup>/day. The upgrade works are shown in red on Figure 13.9 and include:

· 690 mL (five additional pumps; and two to three pump columns).

· 370 mL (three Pump Columns).

· Water storage sumps and settlers, drain drives and dewatering crosscuts.

The series of projects required to complete the upgrade works will require close focus and significant financial support. The pipe columns are 500 mm in diameter and the pipe is a long-lead order item. This is an example component of the system that demonstrates the complexities that will likely be encountered whilst attempting the upgrade works.

The integration of energy-efficient technologies, such as VFDs and automated control systems, is also recommended to optimise power consumption and reduce operational costs. Such improvements would not only enhance system performance but also contribute to the overall sustainability of the mining operation.

Figure 13.9 Dewatering schematic, with required upgrades shown in red

![](ctm005_ex96-2img31.jpg)

Source: AMC, 2026.

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13.4.14 Dewatering risks

Due to continuous high groundwater inflows and significant pumping head, the dewatering system and associated emergency procedures must remain robust and highly reliable. Plans must account for power failures, ensuring back-up systems and clearly defined TARPs are in place.

Proactive maintenance and defined KPIs, for pump reliability, flow rates, and energy use; are essential to optimise system performance. In emergencies, short-term inflow reduction (e.g., closing dewatering valves) and underground water storage are key to preserving time for backup power restoration.

The two-day national power outage in January 2008 tested these procedures under real conditions. Groundwater inflows (~292,000 m³/day) were partially managed by closing borehole valves, temporarily reducing inflows and allowing activation of flood doors and emergency systems.

Emergency protocols should be reviewed quarterly, with audits identifying gaps and maintaining the integrity of the underground water management system. The 2008 event and subsequent outages have reinforced the importance of ongoing readiness and redundancy.

13.5 Existing mining operations

Konkola Mine extracts ore from the Kirilabombwe anticline orebody using three principal production shafts: 1 Shaft, 3 Shaft, and 4 Shaft. These shafts support mining across two main areas referred to as the 3 Shaft and 4 Shaft mining areas. The operation commenced in 1957 with the commissioning of 1 Shaft, followed by 3 Shaft in 1963 and 4 Shaft in 2007.

The two mining areas are separated above the 720-m level by a geologically barren zone approximately 1.5 km wide. This zone lacks economic mineralisation and is primarily composed of unmineralised lithologies. It presents a natural boundary between the historically distinct 3 Shaft and 4 Shaft operations. Despite this separation, underground development has since connected the two areas, allowing for integrated haulage and dewatering systems.

Three principal mining methods are employed at Konkola Mine: LHOS, Post Pillar Cut and Fill (PPCF), and a Hybrid Overcut and Bench method. The selection of each method is based on orebody dip, ore thickness, ground conditions, and infrastructure availability. These methods are applied within specific mining zones as summarised in Table 13.7. Ongoing refinement of the mining approach supports improved recovery, stability, and alignment with long-term production planning.

Table 13.7 Mining methods currently employed by mining area at Konkola Mine

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining area** | **Boundaries** | **Orebody dip (<sup>o</sup>)** | **Orebody<br> thickness (m)** | **Primary mining<br> method(s)** | **Backfill** |
| Bancroft North | 1,750 – 3,000 mN | 45 to 70° | 6 to 10 m | LHOS | Not Planned |
| Bancroft Central | 1,000 – 1,750 mN | 45 to 65° | 5 to 9 m | LHOS | Not Planned |
| Bancroft Deeps | 100 mS – 1,000 mN | 55 to 70° | 6 to 10 m | LHOS | Not Planned |
| Konkola Extension | 3,000 – 4,000 mN | 25 to 50° | 5 to 10 m | LHOS, PPCF, Hybrid Overcut & Bench | Mixed (some unfilled zones) |
| Konkola Flats | 4,200 – 4,800 mN | 10 to 25° | 10 to 13 m | PPCF | Rockfill only |
| Konkola East | 0 – 2,400 mW | 30 to 60° | 6 to 12 m | LHOS | Planned |

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13.6 Production rates, mine life, mining unit dimensions, and dilution and recovery factors

13.6.1 Production rates and expected mine life

The production profile for Konkola Mine spans the period from 2026 to 2037, an expected mine life of approximately 11 years based on the declared Mineral Reserves (Section 12). Ore production from Konkola Mine, based on the Mineral Reserve, comprises 29 Mt of ore at a mined grade of 2.89% TCu and 0.06% TCo, containing 839 kt total copper and 17 kt total cobalt, delivered to the processing facility.

Supplementary ore feed from tailings reclamation (TD03 and TD04) provides approximately 25 Mt at lower grades during the Konkola Mine ramp-up period. Total ore feed to processing (Konkola underground + tailings reclamation) generates peak recovered Cu Metal production of 99kt in 2029/30 and an average recovered Cu Metal production of 74 ktpa over 11 year Mineral Reserve production period.

The mining schedules for each of the underground areas in Konkola is displayed in Figure 13.10 and by shaft material hoisted in Figure 13.11. This shows a ramp up in Konkola Mine up to 5 Mtpa in FY2031/32.

Figure 13.10 Konkola Mine production schedule by area

![](ctm005_ex96-2img32.jpg)

Source: AMC, 2026.

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Figure 13.11 Konkola Mine hoisting schedule by shaft

![](ctm005_ex96-2img33.jpg)

Source: AMC, 2026.

13.6.2 Mining unit dimensions

Table 13.8 presents the typical stope dimensions for each mining method.

Table 13.8 Typical stope dimensions

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| | | | |
|:---|:---|:---|:---|
| **Parameter** | **LHOS** | **Panel stoping** | **Notes** |
| Stope strike length (m) | 20 m | 20 m | Determined by geotechnical domain and Q' stability assessment |
| Stope height / dip extent (m) | 30 m | 5 – 10 m | LHOS: sublevel to sublevel. Panel: single cut height. |
| Stope width / orebody thickness (m) | 5–15 m (follows ore contacts + ELOS) | 15 m (follows ore contacts + ELOS) | Average ~9 m orebody thickness |
| Hydraulic radius (m) | Approx. 3.5 m | Approx. 4.5 m | Used in Q' stability graph to assess stable span |
| ELOS — hangingwall (m) | 0.5 | 1 | Derived from modified Q' stability assessment |
| ELOS — footwall (m) | 0.5 | 0 | FW ELOS applied to LHOS only |
| Sublevel interval (m) | 30 m | N/A | Determines drilling pattern and slot raise spacing |

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13.6.3 Mining dilution and recovery factors

Mining recovery and dilution estimates at Konkola are based on AMC's use of the ELOS method, which estimates undesired material loss or gain during stoping. ELOS values were derived from the modified Q' stability assessment (Section 13.2) and applied as follows:

· Panel stopes: ELOS of 1.0 m in the hangingwall, translating to an average external dilution (unplanned
overbreak) of 7.5%.

· Longhole open stopes: ELOS of 0.5 m in the hangingwall and 0.5 m in the footwall, translating to an average
external dilution (unplanned overbreak) of 9.4%.

In addition to ELOS unplanned dilution estimate, an allowance for additional dilution factor of 5% has been applied to account for operational dilution, such as: backfill contamination at stope contacts, and incorporation of waste floor material during mucking.

Table 13.9 presents the total mining dilution and recovery factors applied to convert in situ Mineral Resource tonnes and grades to ROM production tonnes and grades for the declared Mineral Reserves.

Table 13.9 Mining dilution and recovery factors

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mining method** | **ELOS dilution<br> (predicted<br> unplanned<br> dilution) (%)** | **Unplanned dilution<br> (an allowance for<br> dilution additional to<br> ELOS (%)** | **Total<br> dilution<br> (%)** | **Mining<br> recovery<br> (%)** | **Dilution grade** |
| LHOS | 9.4% | 5% | 15% | 90% | Zero-grade / country rock |
| Panel Stoping | 7.5% | 5% | 13% | 90% | Zero-grade / country rock |
| Post Pillar Cut & Fill | 7.5% | 5% | 13% | 75% | Zero |
| Ore Development | 0 | 0 | 0 | 100 | N/A |
| Waste Development | 3 | 0 | 3 | 100 | N/A |

---

Recovery factors of 90% account for losses due to stope underbreak, failed mucking, or structural failure. For ore development, 100% recovery is assumed as the full excavation profile is processed. Waste development assumes 3% dilution from incidental material incorporated during excavation.

Between FY26/27 to FY29/30 Konkola will be transitioning from a post-pillar cut and fill mining method to a panel stoping method. During this period the recovery has been decreased to 75%.

13.7 Underground development and backfilling requirements

13.7.1 Underground development

The underground mine design at Konkola incorporates a series of capital and operating developments to support LHOS and panel stoping across varying geotechnical and orebody conditions. Table 13.10 summarises the key development types, dimensions, gradients, and scheduling assumptions.

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Table 13.10 Key development designs

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|:---|:---|:---|:---|:---|:---|:---|
| **Development type** | **Dimensions<br> (W×H, m)** | **Profile** | **Gradient** | **Typical length / notes** | **Rate<br> (m/mth)** | **Class** |
| Declines & Inclines | 5.5 × 5.5 | Arched 1 m | ±1:7 to ±1:8 | 500 m spacing, 60 m standoff from orebody | 50 | Capital |
| Rail & Haulage Drives | 5.0 × 5.0 | Arched 1 m | ±1:200 | One per decline loop, fed by ore/waste passes | 50 | Capital |
| Drainage Drives | 4.5 × 4.5 | Arched 1 m | ±1:200 | Linked to 4 Shaft pump system | 50 | Capital |
| Level Accesses | 5.5 × 5.5 | Arched 1 m | ±1:50 | 80–150 m (LHOS), up to 250 m (panel) | 50 | Capital |
| Return Air Drives | 5.0 × 5.0 | Arched 1 m | +1:50/±1:7 | T-configurations near decline access | 50 | Capital |
| Fresh Air Drives | 4.5 × 4.5 | Arched 1 m | +1:50/±1:7 | Off decline and access crosscuts | 50 | Capital |
| Stockpiles & Loading | 5.5 × 5.0 | Arched 1 m | Flat | 17.5 m (standard), 60 m (LHOS stockpiles) | 50–60 | Capital |
| Sumps | 4.5 × 4.5 | Arched 1.5 m | Flat | Two per crosscut, 12.5 m each | 50 | Capital |
| Diamond Drill Drives | 5.0 × 5.0 | Arched 1 m | Flat | 30 m every second decline loop | 50 | Capital |

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Source: AMC, 2026.

Figure 13.12 to Figure 13.14 illustrate typical loading configurations for LHOS and panel stoping areas.

Figure 13.12 Plan view of a loading level

![](ctm005_ex96-2img34.jpg)

Source: AMC, 2026.

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Figure 13.13 Isometric view of the loading system (LHOS)

![](ctm005_ex96-2img35.jpg)

Source: AMC, 2026.

In the panel stoping area in Konkola Flats, a centralised loading area has been established (Figure 13.14), with all ore to be trucked to the loading area.

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Figure 13.14 Isometric view of the loading system (panel stoping)

![](ctm005_ex96-2img36.jpg)

Source: AMC, 2026.

13.7.1.1 Materials handling

The Konkola Mine manages material movement through a structured haulage network that accommodates both ore and waste. Waste is largely hoisted to surface and processed or dumped, while ore follows designated tramming and hoisting routes to the surface concentrator. Handling systems differ by mining area and depth, reflecting the complexity of the orebody layout.

Waste rock from development headings is generally transported to surface, except for limited quantities in the Konkola Flats area where selected development waste is temporarily deposited into open stopes and later recovered for use as backfill. Dedicated waste tips are positioned adjacent to ore tips on the 590 mL, 875 mL, and 950 mL tramming levels.

13.7.2 Backfill requirements

Paste fill is the primary backfill method adopted for the Konkola Mine plan. All stoping zones from Konkola East through Bancroft Deeps require paste fill for ground stability at depth (Table 13.2). A dedicated paste fill plant with a capacity of 1,180,000 m<sup>3</sup>pa is planned, to meet the backfilling requirements of panel stoping areas.

13.7.2.1 Paste fill geomechanics and fill strength

AMC's design follows UCS-based criteria adapted from Terzaghi, Bloss, and Grice for vertical exposures. Stope fill requirements are based on orebody dip and exposure configuration.

Stopes in the shallow-dipping Konkola Flats will be mined as primary and secondary panels, with paste filling beginning after initial extraction. Fill curing is assumed to be 28 days before recovery of secondary stopes. Based on the analysis of the Konkola test work completed in 2026, AMC recommends the cement dosing rates shown in Figure 13.15, for paste fill at 72%Cw density. This test work will be repeated as soon as stable mill operations producing representative tailings size fractions are available to confirm this advice.

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Figure 13.15 shows the strength calculations for a dual exposure stope and Figure 13.16 shows the strength calculations for a single exposure stope.

Figure 13.15 Target paste design strength – 2 Exposures

![](ctm005_ex96-2img37.jpg)

Figure 13.16 Target paste design strength – 1 Exposure

![](ctm005_ex96-2img38.jpg)

The target design strengths for paste fill are summarised in Table 13.11. These are calculated with a factor of safety of 1.5 and rounded up to the next 50 kPa UCS increment.

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Table 13.11 Konkola paste fill design strengths (FoS=1.5) and paste fill recipes at 28 days curing

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|:---|:---|:---|:---|:---|
| <br>**Paste fill duty** | **Paste fill<br> exposures** | **Maximum vertical<br> stress (kPa)** | **Target strength<br> design (kPa)** | **Cement binder<br> dosing (%)** |
| Bulk Fill |  | 100 | 150 | 2 |
| Primary and continuous advance | One | 150 | 250 | 3.5 |
| Primary – secondary | Two | 200 | 300 | 4.0 |

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The paste fill design and binder addition rates assumes full plant tailings at 72wt% solids and is based on 2026 test work (Grice, 2026).

Future test work will investigate partial substitution using copper slag from the Chingola smelter, and refine strength / rheology parameters based on stable PSD tailings from the #4 Concentrator.

13.7.2.2 Paste fill placement and retention

Paste fill is placed using arched shotcrete barricades with standardised Doherty wall frame kits to provide structural support (Figure 13.17).

Figure 13.17 Paste fill arched shotcrete barricades

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| | |
|:---|:---|
| **Doherty wall frame kits** | **Completed barricade** |
| ![](ctm005_ex96-2img39.jpg) | ![](ctm005_ex96-2img40.jpg) |

---

Source: AMC.

13.7.2.3 Paste fill costs

Table 13.12 Paste fill capital cost estimation

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| | | |
|:---|:---|:---|
| **Cost Category** | **2.0 Mtpa (US$)** | **3.0 Mtpa (US$)** |
| Surface Direct | 7000000 | 10500000 |
| Underground Direct | 5310000 | 5310000 |
| Total Directs | 12310000 | 15810000 |
| Total Indirects | 22158000 | 28458000 |
| Grand Total | 34468000 | 44268000 |

---

Source: AMC, 2026.

Operating costs are driven by binder consumption (67,050 tonnes at 3.0 Mtpa), accounting for ~70% of total operating costs. Cement is assumed at US$120/t. Total paste fill operating costs are US$3.70/t ore at 3.0 Mtpa and US$3.85/t ore at 2.0 Mtpa.

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13.7.2.4 Paste fill project timeline and future test work

The estimated implementation timeline is:

· Detailed engineering: ~3 to 6 months.

· Procurement and fabrication: ~8 to 10 months for specialised high-pressure components.

· Construction and commissioning: ~12 months total.

Test work completed in 2026 indicates cyclone sizing of the tailings is not required. Test work indicates full plant tailings at 72wt% solids is the most suitable engineered backfill fill for Konkola.

13.8 Ventilation

13.8.1 Air requirements

The ventilation system for the KCM underground mine is critical to ensuring a safe and efficient working environment by providing adequate airflow to dilute contaminants, manage heat, and maintain air quality. The total airflow requirement is determined by factors such as the number of diesel-powered equipment, mine depth, mining methods, and blasting requirements. Key considerations include:

· Maintaining minimum air velocities.

· Controlling temperatures.

· Diluting gases like CO<sub>2</sub>, NO<sub>2</sub>, and diesel particulate matter.

· Meeting regulatory standards.

Ventilation simulation software and empirical calculations, regulatory guidelines were used to optimise air distribution across the mine.

13.8.2 Ventilation design parameters

The airway velocities within the workings must be maintained within specific ranges (Table 13.13) to ensure efficient airflow without excessive turbulence or pressure drops. Friction factors, which impact ventilation efficiency, vary by airway type, with values ranging from 0.0025 for smooth steel ducts to 0.025 for rough unlined airways. Air utilisation factors account for leakage, with a primary ventilation air utilisation factor of 80% and a 20% allowance for workshops and crushers.

Table 13.13 Planned velocity ranges for different mine airways

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| | |
|:---|:---|
| **Component** | **Velocity range (m/s)** |
| Downcast shafts – men, material, and rock | 10 - 12 |
| Dedicated downcast shafts | 18 - 22 |
| Upcast shafts (not equipped) | 18 - 22 |
| Intake airways | 7 |
| Return airways (travelling and tramming) | 7 |
| Dedicated return airways | 12 - 15 |
| Material decline | 7 |

---

Note: The airway circuit shall have a primary and a secondary circuit. The primary circuit will be used for the life of the mine, while the secondary circuit will serve the production areas. The primary circuit should be planned in very competent ground. It is worth noting that the optimum size of primary raises shall be a 4.5 m diameter, connecting horizontal primary airways. Secondary raises should be planned at 3 m x 3 m.

13.8.3 Development ventilation

Adequate development ventilation is essential for maintaining air quality and ensuring worker safety during underground excavation. Proper airflow distribution in development headings helps to dilute and remove dust, diesel emissions, and blast fumes while maintaining adequate oxygen levels. The ventilation design must accommodate both single-shift blasting and multi-shift blasting operations to ensure efficient dilution of gases and rapid clearing of fumes before re-entry.

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Both force ventilation systems and adequate development ventilation is essential for maintaining air quality and ensuring worker safety during underground excavation. Single-shift blasting requires force ventilation (>0.4 m³/s/m²) or force-exhaust systems (>0.8 m³/s/m²), with specific column distances to clear fumes efficiently.

13.8.4 Stoping ventilation

In LHOS, the ventilation system directs fresh air to stope faces while exhausting contaminated air. A minimum airflow of >0.25 m³/s/m² is required for longhole stope faces to control dust and gas accumulation. Backfill is used to minimise air leakage and improve efficiency. Primary and auxiliary fans, along with monitoring systems, ensure compliance with safety regulations and mitigate risks from heat and hazardous gases.

13.8.5 Temperature and refrigeration requirements

Temperature control is vital to prevent heat stress and ensure worker safety. The ventilation system manages heat from virgin rock, geothermal gradients, and equipment. Acclimatisation is the physiological adaptation process where workers gradually adjust to higher temperatures. This process allows the body to improve sweat efficiency, stabilise core temperature, and reduce cardiovascular strain, enhancing overall heat tolerance and work performance. Acclimatisation is achieved through controlled exposure to heat, proper hydration, and a structured work-rest regimen. The maximum allowable temperatures for different conditions in the mine are outlined in Table 13.14.

Table 13.14 Maximum temperature limits for acclimatised and non-acclimatised workers

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| | |
|:---|:---|
| **Temperature requirement** | **Maximum value (°C)** |
| Wet bulb / dry bulb (not acclimatised) | 27.5/32.5 |
| Wet bulb / dry bulb (acclimatised) | 32.5/37.0 |

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Refrigeration is required when virgin rock temperature reaches 36°C, particularly in deeper mine areas, using surface and underground cooling systems to maintain a safe environment. While immediate refrigeration may not be necessary based on current heat sources and cooling power, deeper mining may require it as virgin rock temperatures approach 36°C. Heat tolerance screening (HTS) is not currently required but may become necessary later. Cooling systems will be integrated into the ventilation design to manage heat loads effectively.

13.8.6 Ventilation requirements for diesel equipment

Diesel-powered equipment used in underground mines, such as diesel trucks, loaders, and drills, produces exhaust emissions, including harmful gases, particulate matter, and heat. Proper ventilation is necessary to dilute and remove these emissions from the working areas to maintain air quality and ensure the safety and health of the workforce. The equipment produces emissions like Nox, CO, and SO₂ and requires adequate ventilation to dilute these contaminants. The minimum ventilation requirement for diesel powered equipment is calculated as:

 

*Ventilation Rate (m³/s) = Number of Diesel Units × Airflow per Diesel Unit*

The ventilation design requirements for diesel equipment are summarised in Table 13.15.

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Table 13.15 Ventilation design criteria for diesel-powered equipment

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| | |
|:---|:---|
| Ventilation design criteria for diesel equipment | Minimum value (m³/s/kW) |
| Air per kilowatt requirements Tier 3 or higher Equipment | 0.06 m³/s/kW |
| Air per kilowatt requirements Tier 1 and 2 Equipment | 0.1 m³/s/kW |
| Diesel heat load (Total Mine Fleet) | 0.1 m³/s/kW |

---

Notes: During the final design, the following must be considered:

· Engine specifications [EU-Type 3 / Tier 3 or higher].

· Diesel sulfur content [<50 ppm].

· After-exhaust treatment [Catalytic Converter and Diesel Particulate Filter].

· Engine maintenance strategy to further reduce the air per kilowatt requirements underground.

The diesel equipment fleet proposed at Konkola, including cable bolters, jumbo drills, production loaders, and trucks, is critical to operations is summarised in Table 13.16.

Table 13.16 Machine types, counts, and utilisation factors

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment description** | **Rated<br> power<br> (kW)** | **Vent<br> dilution<br> factor** | **Duty<br> cycle** | **Eff diesel<br> power<br> (kW)** | **Engine Eff<br> (%)**  | **Heat load<br> (kW)** | **Vent req<br> (m<sup>3</sup>/s)** |
| Sandvik DS422i Cable Bolter | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DD422i Jumbo Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik DL432i Production Drill | 119 | 0.1 | 18% | 20.9 | 90% | 18.8 | 1.9 |
| Sandvik LH515i Production Loader | 268 | 0.1 | 51% | 135.7 | 90% | 122.1 | 12.2 |
| Sandvik TH663i Production Trucks | 585 | 0.1 | 58% | 342.1 | 90% | 307.9 | 30.8 |

---

13.8.7 Primary ventilation

The primary system delivers fresh air via intake shafts and removes contaminated air through return airways. The current return air volumes from the mine total 966 m³/s, however some fans are non-operational or on standby due to maintenance issues. Table 13.17 summarises the intake and return airflow requirements at Konkola Mine.

Table 13.17 Summary of primary ventilation airflows

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| | | | |
|:---|:---|:---|:---|
|  | **Capacity max quantity (m<sup>3</sup>/s)** | **Intake requirements (m<sup>3</sup>/s)** | **Variance (m<sup>3</sup>/s)** |
| Intake capacity | 2703 | 2185 | 520 |
| Return capacity | 1891 | 1456 | 435 |

---

The success and safety of Konkola is contingent upon the establishment of a precisely defined ventilation system that addresses the unique characteristics of the underground environment.<br> Figure 13.18, highlights the necessity for additional air supply to maintain the production profile, thereby necessitating the installation of supplementary ventilation shafts. To sustain production, a new 7.2 m diameter intake shaft and a matching return shaft are proposed. Figure 13.19 highlights the ventilation requirements against the proposed production profile.

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Figure 13.18 Visual presentation of air flow through the mine

![](ctm005_ex96-2img41.jpg)

Source: AMC, 2026.

Figure 13.19 Ventilation compared to production

![](ctm005_ex96-2img42.jpg)

Source: AMC, 2026.

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13.9 Mining equipment fleet

Mining activities at KCM are outsourced to a number of contractors, who are responsible for their own mining equipment. Table 13.18 presents the planned mining equipment fleet for Konkola Mine at steady-state production.

Table 13.18 Mining equipment fleet — steady state

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MMS** | **AAC** | **Operman** | **Reliant** | **Total** |
| Loaders | 13 | 2 | 2 | 3 | 20 |
| Trucks | 11 | 2 | 3 | 5 | 21 |
| Face Drills | 7 | 2 | 2 | 3 | 14 |
| Longhole | 2 | 1 | 1 | 1 | 5 |
| Electric Locomotives |  |  |  |  | 19 |

---

Source: AMC, 2026.

All diesel equipment is specified as EU-Type 3 / Tier 3 or higher, with diesel sulfur content <50 ppm, and catalytic converter and diesel particulate filter (DPF) after-treatment systems. Ventilation requirements for diesel equipment are calculated at 0.06 m³/s/kW for Tier 3+ equipment and 0.1 m³/s/kW for Tier 1–2 equipment.

13.10 Mining personnel

Mining operations at Konkola are performed by a combination of up to five mining contracting companies (Hahne, Tauro, Opermin, Reliant, AAC) together with KCM personnel. Contractor scope includes lateral and vertical development, production drilling and blasting, loading and hauling, underground rail operations, and dewatering system management.

Costing has been planned on unit cost rates from mining contractors and not on individual personnel allocations. The workforce is drawn from the local population with extensive mining industry exposure. Limited temporary expatriate specialist advisors are engaged for specific technical roles. As production increases, staff are reassigned from depleting mining areas, supplemented by additional recruitment from the local population with training, and by specialist partner mining contracting companies.

Table 13.19 Estimated mining workforce summary

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| | |
|:---|:---|
| **Head count equivalent positions** | **Max** |
| KBU - Safety, Health Environment | 39 |
| KBU - Services Dept | 91 |
| KBU - Technical Services Department - all planning horizons and day to day operations | 212 |
| KBU - Mobile Unit Operators | 3 |
| KBU - SHAFT Number 4 | **616.0** |
| KBU - SHAFT Number 3 | **398.0** |
| KBU - Additional New Mine Service Functions | 41.4 |
| KBU - Engineering Services | 195 |
| KBU - Underground Stores & Logistics | 1 |
| KBU - Miscellaneous |  |
| KBU-Concentrator Staffing | 216 |
| KBU Subtotal | 1812.4 |
| Bus Partner - MMS | 336 |
| Bus Partner - AAC | 611 |
| Bus Part - RELIANT | 517 |
| Bus Part - Opermin | 272 |
| Bus Part - Hannhe | 350 |
| Bus Part - Tauro | 392 |
| **Business partners Subtotal** | **2200** |
| Project Labour (contract)- Working UG on Capital Construction Projects | 12 |
| **Total** | **4024** |

---

Source: AMC / KCM, 2026.

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13.11 Mining development and production schedule

The production profile for Konkola Mine spans the period from FY26/27 to 2036/37. Ore production from Konkola Mine, over the life-of-mine, is 29 Mt at a mined grade of 2.89%TCu and 0.06%TCo and contained metal of 839 kt total copper and 17 kt total cobalt, delivered to the processing facility.

The total Konkola Mine development schedule (Figure 13.20), includes 156 km of lateral development and 6.7 km of vertical development. Capital lateral development totals 96 km.

The Konkola development as a high upfront lateral development requirement of 32,000 m which tapers down over the life of the mine.

Figure 13.20 Konkola Mine development schedule

![](ctm005_ex96-2img43.jpg)

Source: AMC, 2026.

The mining schedules for each of the underground areas in Konkola is displayed in Figure 13.21 and by shaft ore hoisted in the Konkola Mine ramp up to 3.8 Mtpa in FY2029/30 in Figure 13.22 and total material hoisted in Figure 13.23.

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Figure 13.21 Konkola Mine production schedule by area

![](ctm005_ex96-2img44.jpg)

Source: AMC, 2026.

Figure 13.22 Ore hoisted by shaft

![](ctm005_ex96-2img45.jpg)

Source: AMC, 2026.

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|:---|:---|
| Figure 13.23 | Total hoisting (ore and waste) by shaft |

---

![](ctm005_ex96-2img46.jpg)

Source: AMC, 2026.

Konkola reprocess tailings, from tailings dam TD3 & TD4, to leach and recover predominantly the AsCu. The TLP feed from TD3 & TD4 is displayed in Figure 13.24. The TLP is a significant contributor to the total metal production in the first three years of the life-of-mine and coincides with the ramp up in production from Konkola underground mine Figure 13.25.

Figure 13.24 TD03 and TD04 mining schedule

![](ctm005_ex96-2img47.jpg)

Source: AMC, 2026.

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| Figure 13.25 | Total project ore mining schedule |

---

![](ctm005_ex96-2img48.jpg)

Source: AMC, 2026.

13.12 Nchanga mining operations (Excluded from PFS)

Nchanga Business Unit mining operations (underground and open pit) are excluded from the PFS Mineral Reserve and mine plan. Nchanga processing infrastructure is included in Section 14 as it supports tailings reclamation and reprocessing operations.

13.13 Tailings reclamation

13.13.1 Sources of production TD03, TD04

Tailings reclamation at the Nchanga site forms an important component of the production strategy, primarily supplying the Nchanga TLP with low-grade oxide material. Tailings originate from:

· Historical wet tailings deposited in Tailings Dams 3 (TD03) and 4 (TD04).

· Dry coarse tailings remaining on the walls of TD03 after previous hydraulic mining campaigns.

· Direct tailings streams from the New West Mill (NWM), New East Mill (NEM), and Old East Mill (OEM) concentrators.

The Nchanga TLP is designed to recover copper not previously extracted during initial flotation, including acid-soluble copper, residual sulfides, and fine unliberated particles. Leaching is supported by an on-site sulfuric acid plant with a capacity of 1,850 tonnes per day, supplemented by third-party acid purchases as required.

TD03 and TD04 are located approximately 7 km west of the main processing facilities (Figure 13.26). The wet tailings are recovered via hydraulic mining, while dry tailings from TD03 are loaded using conventional earthmoving equipment and transported by truck to the NEM, where they are re-slurried and pumped to the Nchanga TLP for leaching.

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Figure 13.26 Nchanga site layout

![](ctm005_ex96-2img49.jpg)

Source: Google Earth.

13.13.2 Tailings dam inventory

The March 2024 baseline tonnage estimate for the tailings deposits recorded 10.34 Mt dry tailings in TD03 and 27.65 Mt wet tailings in TD04. The inventory available for processing as at 1 April 2026, updated to reflect cumulative tailings reclamation at TD03 and at TD04 from FY2026, is set out in Table 13.20 below.

Table 13.20 Available inventory from TD03 and TD04 for the Nchanga TLP from 1 April 2026

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Facility** | **CoG (% TCu)** | **Tonnes (Mt)** | **TCu (%)** | **AsCu (%)** | **TCo (%)** |
| TD03 | 0.0 | 2.8 | 0.75 | 0.60 | 0.01 |
| TD04 | 0.0 | 22 | 0.62 | 0.42 | 0.03 |

---

13.13.3 Processing methodology and plant design

The Nchanga TLP processes tailings at a nominal rate of 11 to 16 million tonnes per annum using a well-established three-stage hydrometallurgical process:

1 Sulfuric Acid Leaching: dissolves acid-soluble copper fractions from reclaimed tailings.

2 Solvent Extraction (SX): selectively recovers and purifies copper in solution.

3 Electrowinning (EW): produces high-purity copper cathode suitable for LME Grade A certification.

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Dry tailings from TD03 are first ground and preconditioned at the NEM or OEM before entering the leach circuit. Wet tailings from TD04 are pumped directly to the Nchanga TLP following hydraulic reclamation.

The cobalt contained in the tailings is not recovered the electrowinning process and is shown for information purposes only.

13.13.4 Production schedule

Tailings recovery will be staged to align with Nchanga TLP throughput and acid availability. The dry reclaim contract at TD03 is targeting an output of 2.84 Mt over its remaining reclamation period. Wet tailings recovery from TD04 is expected to ramp up progressively. AMC estimated the production tonnes for TD04.

Total acid-soluble copper (ASCu) recovery from TD03 is projected at approximately 11,891 tonnes, while TD04 is expected to yield approximately 67,460 tonnes of ASCu across its reclamation schedule, assuming an ASCu recovery of 74.8%.

Detailed year-by-year production schedules for both cases are presented in the Production Schedule sections of this report (refer to Table 19.4).

13.13.5 Materials handling, slurry pumping

The wet tailings reclamation operation at TD04 is contracted to Fraser Alexander Zambia under a five-year agreement commencing 1 December 2024. The scope of work includes:

· Hydro-mining using 5 to 6 high-pressure water cannons.

· Operation of two intermediate pumping stations.

· Full operational staffing (157 to 193 personnel) and maintenance responsibilities.

KCM retains responsibility for power, water, major infrastructure, lime for pH control, and electrical maintenance.

The dry tailings at TD03 are reclaimed by Hanhe Industries Zambia, using 70-tonne haul trucks over a 9.9 km haul route to the NEM plant. Dry tailings are then re-slurried and pumped to the Nchanga TLP for processing.

13.13.6 Tailings reclamation - Capital and operating costs

13.13.6.1 TD03 reclaim costs

· Contract unit rate: $3.01/t (inclusive of haulage and road maintenance).

· Processing to NEM: ~$0.45–$0.55/t (based on comparable purchase orders).

· No planned capital works: Any bridge upgrades or road improvements will be funded from within the operating
budget, as mining will be complete within 2 years.

13.13.6.2 TD04 reclaim costs

· Phase 1 (10–15 kilotonnes per day (ktpd)): $0.43–$0.65/t.

· Phase 2 (20–25 ktpd): $0.37–$0.42/t.

· AMC's estimated all-inclusive cost: ~$0.80/t (including KCM owner's costs and utilities).

13.13.6.3 Capital provisions for TD04

Mining of TD04 has commenced and no further capital has been allocated. Mining of TD04 will be complete within 3 years. Given the short asset life, any sustaining expenditure will be funded from within the operating budget.

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14 Processing and recovery methods

The processing capability of KCM consists of assets at three sites:

· Konkola - concentrator and tailings storage facility

· Nchanga - concentrators, Nchanga TLP, Nchanga Smelter, sulfuric acid plant

· Kitwe – Nkana Refinery

Current and future requirements and provision of utilities such as power, water and related infrastructure are described in Section 15 of this TRS. The KCM Processing sites are an existing and ongoing operation, and current personnel levels are maintained during the life of operations for each site. As production rates improve, it is anticipated that the improved productivity will be absorbed by a reasonably static workforce contingent.

The total flowsheet is highly integrated due to material flows between each asset as shown in Figure 14.1.

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|:---|:---|
| Figure 14.1 | KCM total flowsheet |

---

![](ctm005_ex96-2img50.jpg)

Source: KCM, 2026.

The overall processing philosophy is to treat sulfide ores where the valuable fraction is comprised mainly of chalcopyrite with 10% to 20% acid soluble copper minerals from the Konkola Mine via conventional sulfide flotation to produce copper concentrates. Copper concentrates with copper grades exceeding 33% Cu are processed in the Nchanga Smelter to produce copper anodes. Concentrates with lower grade copper content are produced by the Nchanga Concentrators and are sold to third parties or may be blended with higher-grade concentrates for processing in the Nchanga Smelter. The smelter also produces cobalt alloy for sale from the Cobalt Refining Furnaces (see Figure 14.1).

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Tails from the Nchanga Concentrators, at up to 13.4 Mtpa, contain acid soluble copper and are processed in the Nchanga TLP. Reclaimed tails from historic TSFs are combined with the Nchanga Concentrators tails to increase the available throughput to the Nchanga TLP. The Nchanga TLP is a sulfuric acid leaching plant that produces copper cathodes via solvent extraction and electrowinning.

Sulfuric acid for the Nchanga TLP can be supplied by a sulfuric acid plant treating the Nchanga Smelter off gas stream (1,850 tpd sulfuric acid plant) and by a sulfur-burning sulfuric acid plant (500 tpd SB sulfuric acid plant). Acid can also be supplied by third parties from the Zambian, Namibian and South African markets if required. Smelter operation for acid production is a critical unit operation and a bottleneck where concentrate supplies are restricted. Make up supplies of acid are purchased on market as required. If insufficient acid is available for the Nchanga TLP, Nchanga Concentrators operational throughput may be curtailed.

The Nkana electrolytic refinery processes anodes from the Nchanga Smelter and produces LME grade A copper cathodes, pure copper starter sheets for the Nchanga TLP electrowinning tank house, and slimes (residue from anode dissolution) containing precious metals for sale.

14.1 Konkola Concentrator

The Konkola Concentrator was designed as a nameplate 6.0 Mtpa throughput concentrator producing copper concentrate from an ore with copper sulfides and oxidised copper minerals.

14.1.1 Konkola process description

The flowsheet is shown in Figure 14.2.

Figure 14.2 Konkola Concentrator flowsheet

![](ctm005_ex96-2img51.jpg)

Source: KCM, 2026.

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Ore is recovered from underground via shaft haulage and conveyed or trucked to the stockpile. The ore is stored on a 21,000 t live capacity stockpile before it is fed to either one of two comminution circuits. Each circuit consists of a SAG mill in series with a ball mill in closed circuit with a 10-cyclone hydro cyclone cluster. Both mills use trommel screens at discharge with undersize streams combined in the cyclone feed sump. The cyclone overflows are combined; lime is added for pH control – target 9 to 9.5 - and the total stream is fed to a common flotation circuit. Each comminution circuit has a capacity of 3 Mtpa. The combined cyclone overflow has a product size of 90-92% passing 75 µm (P90-92 of 75 µm).

The flotation circuit is a conventional design comprised of a conditioning tank, Primary and Secondary sulfide Rougher flotation banks, CPS circuit, Oxide Roughers, Oxide Cleaners, Oxide Re-cleaners, a Flotation Column for cleaning of secondary rougher sulfide concentrate, and Scavenger cells. The flotation circuit has a design capacity of 6 Mtpa. Cyclone overflow feeds a conditioning tank where collectors Sodium Iso Propyl Xanthate (SIPX) and Flex 31 (an enhanced Xanthate collector) are added. Frother is added to the feed well of the first flotation cell, the junction between rougher and scavenger. Rougher concentrate reports directly to the high rate concentrate thickener. Rougher flotation tails report to secondary roughers and further collector added. Secondary rougher concentrate reports to the column cleaner cell. Column concentrate is combined with primary rougher concentrate and reports to the high rate concentrate thickener.

Secondary rougher tails report to the controlled potential sulfidation tank of the oxide flotation circuit. NaHS, additional collector and frother are added to the slurry and then pumped to the oxide rougher cells. Oxide rougher tails report to final tails. Oxide rougher concentrates are pumped to the oxide cleaner cells. Oxide cleaner concentrate is pumped to the oxide recleaner cells. Oxide recleaner concentrates are pumped to the concentrate high-rate thickener. Oxide recleaner tails are recirculated to the oxide cleaner cells. Oxide cleaner cell tails report to the oxide circuit regrind mill discharge sump. Mill discharge is pumped to a cyclone classifier with overflow directed to the head of the oxide rougher circuit. Cyclone underflow is reground in the regrind mill and reports to the mill discharge sump. The column cleaner cell tail is pumped to two scavenger flotation cells. The scavenger concentrate is combined with the secondary sulfide rougher concentrate and pumped to the column cleaner cell. Tails from the oxide scavengers is recombined with the main flotation circuit feed in the primary conditioning tank.

Tailings are stored in tailings holding tanks where the tailings feed a backfill plant or are pumped to the Lubengele tailings dam.

14.1.1.1 Historical performance

Performance prior to the 2023 shutdown is shown in the following figures.

The concentrator operation has been characterised by ongoing under design capacity performance (Figure 14.3).

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Figure 14.3 Konkola historical ore treatment

![](ctm005_ex96-2img52.jpg)

Source: AMC, 2026.

14.1.1.2 Restart performance

The concentrator recommenced operations in August 2024. Performance since the restart is shown in the figures below (Figure 14.4 to Figure 14.7).

Figure 14.4 Konkola daily ore received since restart

![](ctm005_ex96-2img53.jpg)

Source: AMC, 2026.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

---

Figure 14.5 Konkola ore processed since restart

![](ctm005_ex96-2img54.jpg)

Source: AMC, 2026.

Figure 14.6 Konkola recoveries since restart

![](ctm005_ex96-2img55.jpg)

Source: AMC, 2026.

Figure 14.7 Konkola concentrate produced since restart

![](ctm005_ex96-2img56.jpg)

Source: AMC, 2026.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Since the recommencement of operations, the concentrator has operated in an on / off mode to accommodate low ore supply. Ore is stockpiled until sufficient ore is available to operate for approximately seven days at a nominal daily throughput of 5,000 to 6,000 tonnes or approximately 2/3<sup>rds</sup> of capacity. This enables the concentrator to operate at acceptable efficiency for those periods. Copper recoveries and concentrate grades were generally close to plan for the period. Concentrate production and grade, and copper production and recovery for the restart period and the FY25-26 plan are shown in Figure 14.8 and Figure 14.9 below.

Figure 14.8 Concentrate production and grade - Restart and FY25-25 plan

![](ctm005_ex96-2img57.jpg)

Source: AMC, 2026.

Figure 14.9 Copper production and recoveries - Restart and FY25-26 plan

![](ctm005_ex96-2img58.jpg)

Source: AMC, 2026.

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.1.2 Plant design and equipment

Major items of equipment are outlined in Table 14.1.

Table 14.1 Konkola Concentrator major equipment

---

| | | |
|:---|:---|:---|
| **Item** | **Size** | **Number** |
| SAG mill | 6.1 m x 6.7 m | 2 |
| Ball mill | 6.1 m x 9.1 m | 2 |
| Cyclone cluster | 10 x Krebs Gmax20 | 2 |
| Primary roughers | 100 m<sup>3</sup> | 4 |
| Secondary roughers | 100 m<sup>3</sup> | 4 |
| Oxide roughers | 100 m<sup>3</sup> | 4 |
| Oxide cleaners | 30 m<sup>3</sup> | 4 |
| Oxide recleaners | 10 m<sup>3</sup> | 3 |
| Scavengers | 30 m<sup>3</sup> | 2 |
| Column cleaner | 64 m<sup>3</sup> | 1 |
| Regrind ball mill | 2.8 m x 4 m | 1 |
| Regrind cyclone cluster | 3 x Krebs Gmax10 | 1 |
| High rate thickener | 12 m | 1 |
| Pressure filter | 54 tph | 1 |

---

Note: tpa - tonnes per annum, tph – tonnes per hour

14.1.3 Plant operations

Current operating design criteria are given in Table 14.2, Table 14.3, and Table 14.4.

Table 14.2 Capacity criteria

---

| | |
|:---|:---|
| **Production capacity of plant** | **6,000,000 dry MT/year (Nominal)** |
| Operating days / year | 330 |
| Shifts / day | 2 |
| **Crushing** |  |
| Effective working hours per shift | 8 |
| Effective operating hours / year | 5280 |
| Average hourly throughput of the plant | 1,136 dry MTPH (Nominal) |
| Average moisture | 5% |
| Capacity of feeding system | 1,200 dry MTPH or 19,200 MT/DAY |
| Design Capacity | 1,500 dry MTPH |
| Dust emission from stack | within 150 mg/Nm<sup>3</sup> |
| **Milling** |  |
| Production of mined ore | 19,200 MT/DAY for two stream operation |
| Operating hrs. / day | 24 |
| Shifts / day | 3 |
| Moisture | 5% |
| Mill availability | 95% |
| Capacity of the Grinding system / stream | 380 DMTPH |
| Capacity of the Grinding system / stream | 400 dry MTPH |
| Design capacity (with 10% margin) / stream | 440 dry MTPH |
| **Stockpile live capacity** |  |
| Minimum hour feed considered | 30 hours |
| Capacity per hour (for both streams) | 842 MTPH |
| Live capacity of the Stockpile | 25,260 MT |
| Design live feed capacity of the Stockpile | 26,000 Tons |

---

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.3 Comminution criteria

---

| | |
|:---|:---|
| **SAG Mill** | **Criteria** |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed moisture | 5% average |
| Feed size | 80% < 150 mm, 100% < 250 mm |
| Crusher Work Index | 18.8 KWH/T |
| Rod mill work index | 12.1 KWH/T |
| JK Drop parameters | Ta= 0.48, b=0.88, A=53.2, A\*b= 46.8 |
| Ball Mill |  |
| Specific Gravity | 2.75 |
| Bulk density | 1.6 t/m<sup>3</sup> |
| Feed size | Approx. 80% < 2.8 mm |
| Ball Mill work index | 13.8 KWH/T |
| Product size | 85-88% < 74 microns |

---

Table 14.4 Flotation criteria

---

| | |
|:---|:---|
| **Flotation** | **Criteria** |
| Specific gravity of ore | 2.75 |
| Bulk density | 1.59-1.62 t/m<sup>3</sup> |
| Total copper grade | 3.1-3.34% |
| Acid soluble copper grade | 0.25-0.6% |
| Acid insoluble copper grade | 2.5-2.99% |
| Design recovery - total copper | 89% |
| Design grade of recoverable copper | 40-41% |
| Feed rate | 880 MTPH (dry) |
| Solid concentration in feed slurry | 33/+2-1 % solids w/w |
| Collector | SIPX at 5% v/v |
| CPS reagent | NAHS at 2% v/v |
| Frother | BETA at 85% v/v |
| pH of feed slurry to flotation section | 7-8 |
| Feed particle size | 85% (-) 74 microns |
| Regrinding cyclone overflow particle size | 80% (-) 44 microns |
| pH modifier | Milk of Lime at 4% v/v |
| Froth factor | 3 minimum |
| Process water pH | Neutral pH |
| Sulfide rougher pH | 10 – 10.5 |
| Dosage SIPX | 48-50 g/t ore |
| Dosage Beta Froth | 72-75 g/t ore |
| Dosage NAHS | 130-135 g/t ore |
| Dosage Lime | 50 g/t ore |

---

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| | |
|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.1.4 Konkola Concentrator production schedule

The Konkola Concentrator ore feed schedule is shown in Figure 14.10 below, based on planned ore receipts from the Konkola Mine as defined in the Mineral Reserve mine plan.

Figure 14.10 Konkola Concentrator ore feed schedule

![](ctm005_ex96-2img59.jpg)

Source: AMC, 2026.

Concentrate produced by the concentrator is transported by road to the Nchanga Smelter. The main assumptions for the Mineral Reserve mine plan are shown in Table 14.5.

Table 14.5 Konkola Concentrator key assumptions

---

| | |
|:---|:---|
| **Parameter** | **Value** |
| Total Cu recovery% | TCu rec = -95.824\*(ASCu/TCu) + 99.146 |
| Acid soluble Cu recovery% | 35 |
| Cu concentrate grade% | 33 |

---

Annual concentrate production is shown in Figure 14.11.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.11 Konkola concentrate production

![](ctm005_ex96-2img60.jpg)

Source: AMC, 2026.

Total copper metal in concentrate is shown in Figure 14.12.

---

| | |
|:---|:---|
| Figure 14.12 | Total copper metal in Konkola concentrate |

---

![](ctm005_ex96-2img61.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.2 Nchanga concentrators

The Nchanga concentrator group comprises three milling and flotation circuits located at the Nchanga site in Chingola, treating ore from underground, open pit, and stockpile sources within the NBU. The three concentrators and their nominal capacities are summarised in Table 14.6.

Table 14.6 Nchanga Concentrator nominal capacities

---

| | | |
|:---|:---|:---|
| **Concentrator** | **Capacity (Mtpa)** | **Primary ore feed** |
| Old East Mill (OEM) | 4.4 | COP DF open pit ore, CRO stockpile |
| New East Mill (NEM) | 6.5 | CRO stockpile |
| New West Mill (NWM) | 2.5 | NUG underground ore |
| **Total** | **13.4** |  |

---

The Nchanga Concentrators employ conventional froth flotation for the beneficiation of mixed sulfide and oxide copper ores. The processing circuit at each mill consists of crushing, grinding, sulfide flotation in roughing, scavenging, and cleaning stages, followed by concentrate dewatering.

The ore feed to the Nchanga Concentrators has historically comprised lower-grade material with higher proportions of acid-soluble copper minerals compared to the Konkola ore. Consequently, flotation recoveries are variable and final concentrate copper grades are generally lower than those achieved at the Konkola Concentrator. A practical minimum of approximately 20% Cu in concentrate has been applied for material to be acceptable as smelter feed; concentrates below this threshold are either sold to third parties or blended with higher-grade Konkola concentrate at reduced ratios.

The concentrators have rarely achieved planned ore throughputs, primarily due to mining constraints at the NBU operations. Historical utilisation rates between 2015 and 2023 ranged from 25% to 50% across the three mills. The companion IA TRS (Section 14.2) identifies potential efficiencies through consolidation of feed to fewer concentrators.

The Nchanga Concentrators are excluded from the PFS Mineral Reserve mine plan. Their relevance to the PFS is twofold: (a) Nchanga concentrate contributes to the smelter feed blend (Section 14.4.3), supplementing Konkola and third-party concentrates; and (b) flotation tailings from the Nchanga Concentrators (at up to 13.4 Mtpa) are directed to the Nchanga TLP (Section 14.3), providing a continuous feed stream that supplements reclaimed material from TD03 and TD04. Detailed historical performance data and the Nchanga LOM production schedule are provided in Section 14.2 of the companion IA TRS.

14.3 Nchanga TLP

The Nchanga TLP processes low-grade oxide tailings from the Nchanga Concentrators (OEM, NEM, NWM) and the Tailings Dam (TD03 and TD04).

The key operations are:

· Sulfuric Acid Leaching: Dissolves acid-soluble copper from tailings (~0.35% Cu feed grade).

· SX: Extracts copper from solution and concentrates it for EW.

· EW: Produces Grade A LME copper cathode.

The Nchanga TLP flowsheet is given in Figure 14.13.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.13 Nchanga TLP flowsheet

![](ctm005_ex96-2img62.jpg)

Source: KCM, 2026.

The tailings streams from the Nchanga Concentrators are combined and pumped to a pre-leach thickener (PLT) at up to 13.4 Mtpa. Hydraulically remined tailings from TD03 and TD04 are combined and pumped to a second pre-leach thickener. Process water recovered from the PLTs is reused in tails reclamation and for general plant use. Thickened underflows from the PLTs are pumped to two pre-leach agitated tanks and then pumped directly to 4 leach pachucas (air agitated reaction tanks) – 3 operating, 1 standby. Concentrated sulfuric acid is added to the pachuca feed. Residence time in the pachucas is approximately 2 hours. Acidified and leached slurry is pumped to a counter current decantation train (CCD). Slurry enters at CCD2. The overflow consisting of pregnant copper containing leach solution (PLS) is pumped to CCD1 for further clarification before the clarified overflow is pumped to 2 pregnant liquor tanks. Underflow from CCD1 is returned to CCD2 to minimise solution losses. Underflow from CCD2 feeds CCD3 and subsequently CCD4 and 5. Overflow from CCD3 is pumped to the solvent extraction circuit. Overflows from CCD4 and CCD5 are returned to the previous CCD.

The now barren underflow from CCD5 is pumped to a neutralisation circuit where lime is added to neutralise acid and increase the pH to ~7. The neutralised product is pumped to the Muntimpa tailings dam.

The SX circuit consists of four trains each comprised of three extraction stages and two stripping stages. The PLS from the holding tanks is pumped to the SX circuit where it is mixed with a copper complexing reagent (lixiviant) in kerosene to remove the copper from the acidic aqueous PLS. The loaded organic phase now containing the copper is pumped to the stripping circuit where it contacts spent electrolyte from the tank house and the copper is redissolved in the aqueous electrolyte. The now high copper solution (advanced electrolyte) is pumped to the tank house for electrowinning of the copper onto cathodes. The solid copper cathodes are bundled for sale and export. The barren aqueous phase from the extraction circuit (raffinate) is collected and neutralised in the effluent treatment circuit for disposal.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.3.1 Historical performance

The performance of the Nchanga TLP prior to 2023 is shown in Figure 14.14.

Figure 14.14 Historical Nchanga TLP throughput

![](ctm005_ex96-2img63.jpg)

Source: AMC, 2026.

The recovery performance is in Figure 14.15.

Figure 14.15 Nchanga historical recoveries

![](ctm005_ex96-2img64.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Recovery performance was reduced in the four-year period from 2020 to 2024 due to operating and financial constraints. Maintenance, manpower, working capital reductions combined to impact availability and utilisation.

Historically the Nchanga TLP had highest annual throughput in 2015 / 2016 (Table 14.6).

Table 14.7 Nchanga TLP highest annual performance

---

| | |
|:---|:---|
| <br>**Item** | **Value** |
| Annual Nchanga Concentrators tailings (Mt) | 11.4 |
| Annual tailings reclaim (Mt) | 5.0 |
| Weighted average ASCu (%) | 0.44 |
| Copper recovery (%) | 77 |
| Copper produced (t/d) | 151 |

---

AMC notes that in a single year (2012/13) 7.0 Mt of tailings were reclaimed.

AMC estimates the following copper production is achievable (Table 14.7). The reduced recovery for future processing through the Nchanga TLP relates to the reduced expected ASCu% grade to be fed through the plant.

Table 14.8 Copper production estimate

---

| | |
|:---|:---|
| <br>**Item** | **Value** |
| Plant capacity (tpd) | 50000 |
| Weighted average ASCu (%) | 0.35 |
| Copper recovery (%) | 74.8 |
| Operational availability (%) | 90 |
| Copper production (t/d) | 118 |

---

14.3.2 Restart performance

The Nchanga TLP recommenced operations in August 2024. Overall recovery performance is shown in Figure 14.16.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.16 Nchanga TLP copper recovery since restart

![](ctm005_ex96-2img65.jpg)

Source: AMC, 2026.

The throughput since the restart is shown below in Figure 14.17.

Figure 14.17 Nchanga TLP throughput since restart

![](ctm005_ex96-2img66.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.3.2.1 Plant design and equipment

Nchanga TLP major unit processes are in Table 14.8.

Table 14.9 Nchanga TLP major unit processes

---

| | | |
|:---|:---|:---|
| <br>**Equipment** | **Capacity / size** | **Units** |
| Pre-leach thickeners | >25,000 tpd | 2 |
| Pachuca leach | ~4,000 tph at 2-hour residence | 4 |
| Counter current decant | ~2,500 tph/unit | 5 |
| Neutralisation circuit | ~2,500 tph | 1 |
| Solvent Extraction and stripping | <br>~2,100 m<sup>3</sup>/hr. | 4 |
| Tank house - EW | 280 tpd Cu | 1 |
| Neutralisation circuit |  | 1 |

---

14.3.2.2 Nchanga TLP production schedule

The Nchanga TLP production schedule, based on tailings reclamation from TD03 and TD04 as defined in the Mineral Reserve mine plan, is presented in Figure 14.18 below. Annual copper production and recovery performance are shown in Figure 14.19.

Figure 14.18 Nchanga TLP feed schedule – Mineral Reserve case

![](ctm005_ex96-2img67.jpg)

Source: AMC, 2026.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.19 Nchanga TLP Mineral Reserve mine plan copper production and recovery

![](ctm005_ex96-2img68.jpg)

Source: AMC, 2026.

The Nchanga TLP has substantial unused capacity from 2028 / 2029 when both Nchanga Concentrators tails volume and tailings reclaim volume reduce. A doubling of copper cathode production is possible with additional feed sources.

14.4 Nchanga Smelter

Figure 14.20 shows a basic block flow diagram of the smelter and the design values for internal flow parameters. Table 14.9 shows basic design production parameters for the smelter. Key assumptions used are as follows:

· Concentrate throughput of 850 ktpa results from feed rate of 112.5 tph and overall time utilisation of
86.1%.

· Cu production of 312 ktpa results from feed Cu content of 37.6% and Cu recovery of 97.7%.

· Strong acid production of 1,850 tpd results from sulfur (S) conversion of 2.9 (~95%).

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.20 Nchanga Smelter block flow diagram – design rates shown

![](ctm005_ex96-2img69.jpg)

Source: KCM, 2026.

Table 14.10 Nchanga Smelter – basic design production parameters

---

| | | | |
|:---|:---|:---|:---|
| <br>**No.** | **Parameter** | **Units** | **Design value** |
| 1 | Feed rate | t/h | 112.5 |
| 2 | Feed rate | t/a (annum) | 849000 |
| 3 | Copper production | t Cu/a | 311860 |
| 4 | Strong acid production | t/day | 1850 |
| 5 | Cobalt Alloy | t/hr. | 2.9 |

---

14.4.1 Recent smelter performance

The smelter completed a major shutdown (40 days duration) in 2016 when required repairs to the Flash Smelting Furnace (FSF) and slag cleaning furnace (SCF) were completed. In addition, major repairs to other in line, critical units, such as the waste heat boiler (WHB) and electrostatic precipitator (ESP) were completed. Table 14.11 shows smelter performance from FY2017 to FY2023.

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|:---|:---|
| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.11 Nchanga Smelter – historical production

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2017/18** | **2017/18** | **2018/19** | **2018/19** | **2019/20** | **2019/20** | **2020/21** | **2020/21** | **2021/22** | **2021/22** | **2022/23 YTD** | **2022/23 YTD** |
| <br>**Particulars** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** | **Budget** | **Actual** |
| Cu-recovery (%) | 98.70 | 98.78 | 98.70 | 98.80 | 98.646 | 97.838 | 98.70 | 98.50 | 98.70 | 98.47 | 98.70 | 98.23 |
| Avg. Dry conc feed rate - FSF T/hr. | 93.83 | 69.98 | 105.25 | 67.293 | 86.625 | 63.222 | 75.42 | 67.46 | 67.08 | 65.73 | 65.00 | 66.40 |
| Dry Concentrate feed (without Lime) | 693541 | 503741 | 781747 | 436268 | 569185 | 276399 | 569080 | 447115 | 447818 | 389361 | 223900 | 148561 |
| Lime requirement | 36502 | 25696 | 32573 | 12931 | 29957 | 11123 | 28454 | 17335 | 25846 | 15613 | 11784 | 5778 |
| Avg Dry Conc Cu-Grade (%) | 32.63 | 29.47 | 29.96 | 29 | 27 | 29 | 31.16 | 33.49 | 28.83 | 32.97 | 31.53 | 31.41 |
| Gross Anodes Production | 210482 | 138066 | 207618 | 113274 | 139018 | 75550 | 153672 | 133752 | 140269 | 118208 | 63853 | 39023 |
| Secondary Anode Production | 3300 | 6437 | 3600 | 5628 | 3600 | 4720 | 3600 | 3432 | 3300 | 2920 | 1500 | 1704 |
| Primary production (including Cu in alloy & Chunks) | 236780 | 155842 | 240021 | 129235 | 159315 | 82926 | 175361 | 149005 | 161140 | 136090 | 73357 | 44963 |
| Primary Anodes | 207182 | 131629 | 204018 | 107646 | 135418 | 70830 | 149057 | 130320 | 136969 | 115289 | 62353 | 37319 |
| Cobalt Alloy Generation | 42534 | 31124 | 51972 | 28241 | 35047 | 13541 | 30705 | 21295 | 31297 | 21193 | 14935 | 8500 |
| Cu in Cobalt Alloy | 29597 | 23028 | 36003 | 20001 | 23897 | 10409 | 26304 | 17219 | 24171 | 18517 | 11004 | 7140 |
| Co in Cobalt Alloy | 1718 | 916 | 2082 | 802 | 747 | 325 | 689 | 280 | 652 | 206 | 209 | 96 |
| Cu in Alloy / Primary Cu (%) | 13 | 15 | 15 | 15 | 15 | 13 | 15 | 12 | 0.15 | 0.14 | 0.15 | 0.16 |
| Cu in Alloy / Total Alloy (%) | 70 | 74 | 69 | 71 | 68 | 77 | 86 | 81 | 77 | 87 | 74 | 84 |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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In April 2024, the FSF was forced to execute an emergency shutdown, permitting the contents of the furnace to freeze without drainage, leaving 70 cm of blister and 20 cm of slag in the hearth. Following cooling, the top slag layer was manually dug out. The smelter recommenced operations in October 2024 and an estimated 960 t of blister copper were melted out of the FSF during the restart sequence. The start-up was well managed, and no boiler leaks or other collateral damage were incurred.

The smelter is now operating steadily at 60-75 tph dry feed (see Table 14.11). Hearth temperatures remain a concern. Localised elevated readings on under-hearth thermocouples under the reaction shaft are likely indicative of diminished refractory lining in the area and the risk of a burn-through and liquid runout exists. Increased heat extraction fan capacity has been deployed beneath the furnace and thermocouple temperatures are being monitored continually. The smelter processed 406.2 kt through Dec YTD which is an annualised run rate of 542 ktpa. Average Dec YTD feed rate was 72 tph. However, the smelter remains concentrate constrained and has been forced to take unplanned stoppages due to inability to assemble an appropriate concentrate feed blend while operating at 75 tph. Operators intend to continue with a feed rate set point of 70-75 tph as this rate generates a more pyrometallurgically stable environment in the FSF than when operating at 60-65 tph.

A feed rate of 102 tph has been demonstrated (FY11/12) and KCM operators express confidence that the design feed rate of 112.3 tph can be safely maintained subject to appropriate concentrates being available to present a feed blend that is within the thermodynamic operating envelope of the FSF. On-line time for the FSF (which determines the production rate of the smelter together with the concentrate feed rate) is planned to use the following downtime factors:

· 45 days every five years - Major rebuilds of furnaces, sulfuric acid plant, oxygen plant.

· 2 days per month - repairs requiring feed being off.

· 30 minutes per day - time allotted for minor repairs requiring feed to be off.

· This schedule results in an overall time utilisation of 89.2%, which is reasonable and in line with similar
smelter installations. Figure 14.21 shows the major sources of smelter downtime in the last three years. All of the unplanned downtime
events shown are preventable:

---

| | |
|:---|:---|
| ¾ | Low feed stock - Inability to source sufficient feed concentrates has been the largest contributor over the last two years. The Konkola Mine has not been able to supply concentrate to plan and KCM has not been able to locally source appropriate replacement concentrate of appropriate metallurgical quality at acceptable commercial terms. The effects of this item can be expected to decrease as output from the Konkola Mine increases. |

---

---

| | |
|:---|:---|
| ¾ | Significant downtime has also been recorded to repair waste heat recovery boiler (WHRB) leaks and for routine clearing of WHRB throat leaks. Throat build-up and WHRB leaks are accentuated by slow running (low feed rate) and erratic running (stop-start operation of the FSF). Steady operation at feed rates inside the designed range can be expected to decrease the effects of these items. |

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.21 Smelter downtime - FY22, FY23, FY24

![](ctm005_ex96-2img70.jpg)

Source: AMC, 2026.

Copper recoveries averaged 97.27% in October which is ~1% below plan, however discard slag assays are now between 0.2% and 0.3% which will result in recoveries increasing to the planned level of 98.4%.

Table 14.12 Nchanga Smelter production – October 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** | <br> **Smelter October performance and November plan** |
|  |  | | **October 2024** | **October 2024** | | |
| **September 2024** | **September 2024** | <br>**Description** | **MTD as of 31 October** | **MTD as of 31 October** | **November 2024** | **November 2024** |
| Plan | Actual | Input metrics | Plan | Actual | Var | Projection |
| 0 | 0 | Operating hours hrs. | 589 | 496 | -92 | 589 |
| 0 | 0 | Total Concentrates Fed | 36200 | 30662 | -5538 | 37342 |
| 0 | 0 | Primary Cu Input | 10496 | 7649.61 | -2846 | 10446 |
| 0 | 0 | Avg. Dry Feed rate – FSF t/h | 62 | 61 | -1 | 62 |
| 0.00% | 0.00% | Avg Dry Conc Cu-Grade | 28.99% | 24.95% | -4.05% | 27.98% |
| 0.00% | 0.00% | Avg Dry Conc S-Grade | 17.84% | 18.27% | 0.43% | 18.18% |
| Plan | Actual | Efficiency metrics | Plan | Actual | Var | Projection |
| 0.00% | 0.00% | Cu-recovery – Operational | 98.40% | 97.27% | -1.13% | 98.40% |
| 0.00% | 0.00% | Co-recovery | 60.00% | 60.02% | 0.02% | 60.00% |
| 0.00% | 0.00% | Cu in Alloy/Total Alloy | 75.00% | 80.46% | 5.46% | 85.48% |
| Plan | Actual | Output metrics | Plan | Actual | Var | Projection |
| 0 | 76 | Primary Production Mt | 10328 | 6981 | -3348 | 10279 |
| 0 | 76 | Primary Anodes Mt | 8779 | 5615 | -3164 | 8737 |
| 0 | 0 | Sulfuric Acid Prod Mt | 17590 | 13411 | -4179 | 18485 |
| 0 | 0 | Sulfuric Acid Prod Mt – 500TPD | 0 | 0 | 0 | 0 |

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Regardless of the availability of KCM concentrate, particularly Konkola high-grade concentrate, the smelter must run due to the tightly integrated flowsheet of the overall KCM operation. Starter sheets for the conventional-style, Nchanga TLP EW are manufactured by the Nkana Refinery using stripper anodes produced by the Nchanga Smelter. Sulfuric acid produced from smelter off gas and from the 500 tpd sulfur-burning sulfuric acid plant is essential for low-cost operation of the Nchanga TLP.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The smelter is now running at 65-75 tph. Although operation at the minimum, technically feasible, feed rate of 60-65 tph of dry concentrate feed is practical and has the advantage of conserving concentrate stocks and minimizing the need for repeated shutdowns due to the shortage of concentrate, the FSF is thermodynamically more stable at 70-75 tph and the overall risk profile of the integrated complex is lowered.

14.4.2 Smelter condition

Following the unplanned shutdown of the Smelter in 2024, Hatch Limited (Hatch), a global multidisciplinary management, engineering and development company conducted a detailed assessment of the KCM concentrators, the Nchanga TLP, the Smelter and the Refinery. Hatch's remit was to assess process conditions and readiness for re-start and to formulate a ramp-up plan and to identify risks to stable continued operation. Hatch delivered their final report in July 2024.

The Smelter successfully restarted in September 2024. The FSF is now due for a campaign rebuild including a full relining of the FSF including the hearth, having run since 2016 on the current hearth lining. The hearth brick was installed in 2008 and has lasted well. A major shutdown is planned for 45 days and is scheduled to begin in April 2026. KCM has drawn on the detailed condition assessments conducted by Hatch to develop the repair / rebuild program to be undertaken in conjunction with the relining of the FSF, SCF, and two cobalt refining furnaces (CoRFs).

Capital expenditure allocated for the campaign rebuild is US$32.8M - US$10.0M in FY 2024/25 for advance purchase of long lead items such as specialty furnace refractories and bespoke water-cooled copper furnace cooling elements and $23.0M for replacement equipment, specialty contractors and consumables to be spent in FY 2026/27. Table 14.12 shows a breakdown of capital expenditure by smelter section. The scope of the rebuild has been thoroughly developed by Hatch and KCM operators and engineers. This work was aided by the extended, unplanned downtime in 2024 which permitted internal inspections and assessments that would not otherwise have been possible.

Table 14.13 Smelter rebuild CAPEX – by section

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|:---|:---|
| **Section** | **Cost (US$)** |
| Furnace rebuilds, WHB repairs, Dryer refurbishment, anode wheel upgrade | 19100550 |
| Sulfuric acid plant refurbishment | 10041470 |
| Oxygen Plant refurbishment | 726230 |
| Miscellaneous items | 2886875 |
| Smelter rebuild total | 32755125 |

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The next campaign is planned for five years which is aligned with worldwide industry performance for similar furnaces and systems.

14.4.3 Concentrate blending and third-party feed requirements

Stable thermodynamic operation of the direct-to-blister smelting process relies on operators maintaining an appropriate feed concentrate blend to the FSF. The FSF requires a feed blend that achieves a specific Fe / SiO₂ ratio, a target total copper content, and controlled sulfur content. Multiple blending metrics are targeted simultaneously, as summarised in the example blend plan at Table 14.14.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.14 Example monthly concentrate blend plan – June 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Jun' 2025-26 blend plan** | **Blend (%)** | **100 (%)** | **DMT** | **Cu (%)** | **Fe<br> (%)** | **SiO<sub>2 </sub>(%)** | **CaO (%)** | **S<br> (%)** | **Bi (ppm)** | **Co (%)** | **AsCu (%)** | **Au** |
| Nchanga | 5 | 5.00 | 2303 | 5 | 6.7 | 22 | 0 | 7.2 | 272.00 | 0.4 | 1.83 | 0.00 |
| Konkola | 20 | 20.00 | 9212 | 20 | 7.6 | 21.8 | 0 | 15.1 | 161.00 | 0.8 | 1.78 | 0.00 |
| Pyrite | 8 | 8.00 | 3685 | 8 | 23.6 | 1.4 | 11.3 | 30.4 | 0.00 | 0 | 0.00 | 0.00 |
| Zambian Chalcopyrite A | 36 | 36.00 | 16582 | 36 | 20.8 | 12.9 | 0.2 | 26.4 | 28.00 | 0.1 | 1.48 | 0.00 |
| Zambian Chalcopyrite B | 0 | 0.00 | 0 | 0 | 24.5 | 8 | 0.1 | 28.7 | 474.30 | 0 | 0.48 | 0.00 |
| Zambian Chalcopyrite C | 0 | 0.00 | 0 | 0 | 6.8 | 12.4 | 0.7 | 19.9 | 474.83 | 0 | 4.04 |  |
| Zambian Chalcopyrite D | 0 | 0.00 | 0 | 0 | 15.8 | 15.9 | 0.1 | 23.1 | 73.23 | 0.1 | 1.04 | 0.01 |
| Slag Concentrate (local) | 4 | 4.00 | 1842 | 4 | 14.5 | 13.5 | 2.9 | 17.3 | 146.00 | 0.5 | 3.59 |  |
| DRC Chalcopyrite | 0 | 0.00 | 0 | 0 | 1.6 | 16.3 | 1.1 | 12.4 | 131.00 | 0 | 7.47 |  |
| DRC Chalcocite A | 14 | 14.00 | 6448 | 14 | 2.6 | 21.9 | 0.6 | 5.1 | 13.00 | 0 | 1.12 | 0.00 |
| DRC Chalcocite B | 8 | 8.00 | 3685 | 8 | 6.7 | 0.2 | 0.1 | 10.3 | 95.00 | 0.1 | 4.90 |  |
| DRC Chalcocite C | 0 | 0.00 | 0 | 0 | 17.6 | 25.8 | 0.4 | 28 | 85.00 | 0 | 4.17 |  |
| Lime | 5 | 5.00 | 2303 | 5 | 0 | 2.6 | 49 | 0 | 0.00 | 0.1 | 0.00 |  |
| Total | 100.00 | 100.00 | 46060 | 20 | 12.63 | 13.95 | 3.64 | 17.54 | 70.34 | 0.26 | 1.67 | 0.00 |
|  |  |  |  |  | Fe / SiO<sub>2</sub> | 0.91 |  |  |  |  |  |  |
|  |  |  |  |  | Normalised Silica | 21.4 |  |  |  |  |  |  |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend chemistry and proportions shown are representative of actual operational blending as at the effective date.

KCM's own concentrates, produced at the Konkola Concentrator and Nchanga Concentrators, carry elevated silica content, typically 20–22% SiO₂, which materially exceeds the preferred smelter feed limit of less than 15% SiO₂. Operating the FSF on KCM's own concentrates alone would result in an Fe / SiO₂ ratio below the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, reduced copper recovery into the blister phase, increased slag losses, and potential damage to the refractory lining. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a metallurgical design requirement of the FSF and is not a matter of commercial preference.

Third-party concentrate sourced from other Copperbelt mines serves this blending function. The principal feeds used in the current blend are chalcopyrite-dominant concentrates sourced from large-scale Zambian open pit producers and high-grade chalcocite concentrates from DRC underground operations proximate to the Zambian border, where available. These feeds are high-iron, lower-silica concentrates that counterbalance the silica-rich KCM internal feed and bring the blended FSF input within its operating parameters.

14.4.3.1 Sources of third-party concentrate

Third-party concentrate is sourced from copper mines operating in the Zambian and DRC Copperbelt region, which constitutes the world's second largest copper-producing region. The proximity of these mines, the majority within 200 to 500 kilometres of the Nchanga Smelter, enables road-based concentrate logistics at commercially viable freight rates.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Principal sources in recent supply history include large-scale Zambian open pit operations producing chalcopyrite concentrate at approximately 29% Cu with low silica content; Zambian chalcopyrite producers at approximately 23–24% Cu; high-grade DRC chalcocite concentrate sources at approximately 47% Cu with very low silica, which have historically been among KCM's preferred high-grade feed sources due to their proximity to the Zambian border and favourable blend chemistry; and various smaller Copperbelt producers including slag concentrate facilities located in the Chingola and Chililabombwe areas.

14.4.3.2 Availability of third-party concentrate

The overall concentrate supply environment on the Zambian and DRC Copperbelt is assessed as supportive for continued third-party procurement over the Mineral Reserve life of mine, for the following reasons.

Total copper production in the two-country Copperbelt region is substantial and growing. Zambia's copper output has been increasing year-on-year, underpinned by significant committed mining investment, and the Zambian government has set ambitious production targets through 2031. DRC production from major operations including Kamoa-Kakula, Tenke Fungurume, and Kinsafu has been growing materially. Collectively, the Copperbelt represents one of the world's largest concentrations of copper production and output is forecast to grow further across the Mineral Reserve LOM period.

However, a number of the largest Copperbelt mine expansions are expected to be accompanied by dedicated on-site smelting capacity over the LOM period, which would reduce the volume of concentrate available to third-party buyers such as KCM. In particular, Ivanhoe Mines has announced plans to commission an on-site direct-to-blister smelter at the Kamoa-Kakula Copper Complex in the DRC (500,000 tpa capacity), which, once operational, is expected to process Kamoa-Kakula's own concentrate internally rather than making it available to regional third-party smelters. Kamoa-Kakula concentrate has historically been one of the most desirable high-grade, low-silica feeds available to the Nchanga FSF. Its transition to internal processing is a structural development in the regional concentrate market that will require active supply management by KCM, and is expected to be substantially offset over time by growing production from smaller Copperbelt producers that do not have access to proprietary smelting capacity and will continue to sell concentrate into the regional market. The QPs consider the overall regional supply base to remain adequate for the LOM plan, though the absence of binding long-term supply contracts beyond FY2026 is an area requiring ongoing commercial attention, as assessed further in Section 0.

This development illustrates an important structural dynamic in the Copperbelt concentrate market: while total copper production is growing, a number of the largest individual mine expansions are being accompanied by dedicated on-site smelting and refining capacity. Large-scale projects with sufficient production volumes, power supply access, and capital availability can justify the investment in proprietary smelting infrastructure, which requires capital expenditure in excess of US$500M for a facility of meaningful scale. Smaller producers and mines that lack access to reliable power supply, cannot justify the capital outlay, or are located outside established acid and logistics corridors are not able to replicate this model and will continue to sell concentrate into the regional market. The Nchanga Smelter, as an established 850,000 tpa facility with existing acid plant infrastructure and Copperbelt logistics connectivity, is well-positioned to service these producers.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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A further structural factor supporting supply continuity is the Zambian regulatory framework governing concentrate exports. The Government of Zambia applies a 10% export levy on copper concentrate, reflecting a deliberate national policy of encouraging value addition within Zambia rather than export of unprocessed or semi-processed material. This levy creates a material economic disincentive for Zambian concentrate producers to divert supply to export markets or to non-Zambian smelters, effectively anchoring domestically produced concentrate within the Zambian processing value chain. For Zambian producers, the export levy, combined with the additional logistics cost of trucking concentrate to Dar es Salaam or other export corridors for onward shipment, makes supply to regional Copperbelt smelters such as the Nchanga Smelter the economically dominant off-take route. An equivalent structural dynamic applies to high-grade concentrate sources located in the DRC proximate to the Zambian border. The cost of trucking DRC-origin concentrate to deep-water ports for shipment to smelters in Asia is substantially higher than the road freight cost to regional Copperbelt smelters; accordingly, DRC mines within the relevant catchment area have a strong commercial preference for supplying regional Zambian smelters. These structural economics provide a durable basis for the QPs' assessment that third-party concentrate will remain available to KCM throughout the Mineral Reserve life of mine at commercially reasonable terms. They do not, however, eliminate the commercial risk associated with the absence of binding long-term supply contracts, which is an area requiring ongoing commercial management and is assessed in Section 0 below.

14.4.3.3 Existing contracts and commercial terms

As of the effective date of this report (1 April 2026), KCM has entered into supply agreements with multiple third-party concentrate suppliers covering the FY2026/27 period. These agreements are short-term in nature, consistent with industry practice for concentrate trading in the Copperbelt region. Concentrate purchases are made on a metal-return basis, meaning KCM takes ownership of the purchased concentrate and pays a concentrate purchase price linked to the contained metal value, less treatment and refining charges, payability deductions, and freight. This is a standard commercial purchase arrangement, KCM is not operating as a toll processor of third-party material; it acquires the concentrate as a feedstock input and retains the processed metal output, bearing the associated market price risk on both the purchase and the refined product sale.

The terms of current supply agreements, as reflected in the FY2026/27 business plan blending schedule (Table 14.15), include: concentrate purchase prices calculated by reference to prevailing LME copper prices less treatment charges (at prevailing TC / RC rates in the African market, estimated at US$60/dmt and US$0.06/lb respectively for long-term planning purposes, consistent with the payability terms in Table 16.3); volumes procured under individual contracts ranging from approximately 10,000 to 60,000 dry metric tonnes per month per supplier, with multiple concurrent suppliers engaged to provide blend flexibility and supply security; and contract durations of one fiscal year or less, with renewal subject to commercial negotiation.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.15 Concentrate blending plan – FY25/26 business plan

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Opening stock** | **Opening stock** | **Opening stock** | **Receipts** | **Receipts** | **Receipts** | **Treatment** | **Treatment** | **Treatment** | **Closing stock** | **Closing stock** | **Closing stock** |
| <br>**Own concentrates** | **DMT** | **TCu<br> (%)** | **Fine<br> Cu** | **DMT** | **TCu<br> (%)** | **Fine<br> Cu** | **DMT** | **TCu<br> (%)** | **Fine<br> Cu** | **DMT** | **TCu<br> (%)** | **Fine<br> Cu** |
| Nchanga hg |  | 20.0 |  | 63995 | 20.0 | 12799 | 19415 | 20.0 | 3883 | 44580 | 20.0 | 8916 |
| Konkola hg | 483 | 33.0 | 159 | 151608 | 33.00 | 50031 | 151653 | 33.00 | 50045 | 438 | 33.00 | 145 |
| Pyrite | 1000 | 0.3 | 3 | 72001 | 0 | 216 | 43288 | 0.3 | 130 | 29713 | 0.3 | 89 |
| Total own | 1483 |  | 162 | 287604 |  | 63046 | 214355 |  | 54058 | 74732 |  | 9150 |
| **Purchased concentrates** |  |  |  |  |  |  |  |  |  |  |  |  |
| Zambian Chalcopyrite A |  | 29.1 |  | 185233 | 29.00 | 53718 | 185233 | 29.00 | 53718 |  | 0.0 |  |
| Zambian Chalcopyrite C |  | 44.5 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Zambian Chalcopyrite D |  | 26.0 |  |  | 0.0 |  |  | 0.0 |  |  | 0.0 |  |
| Slag Concentrate (local) | 325 | 25.0 | 81 | 13416 | 25.0 | 3354 | 13416 | 25.0 | 3354 | 325 | 25.0 | 81 |
| Zambian Chalcopyrite B |  | 0.0 |  | 12569 | 0.0 |  | 12569 | 0.0 |  |  | 0.0 |  |
| DRC Chalcopyrite |  | 49.1 |  | 4688 | 48.00 | 2250 | 4688 | 48.0 | 2250 |  | 0.0 |  |
| DRC Chalcocite A | 235 | 48.0 | 113 | 60101 | 48.00 | 28848 | 60101 | 48.0 | 28848 | 235 | 48.0 | 113 |
| DRC Chalcocite B | 200 | 47.0 | 94 | 29333 | 47.0 | 13786 | 29333 | 47.0 | 13786 | 200 | 47.0 | 94 |
| DRC Chalcocite C |  | 29.6 |  |  | 0 |  |  | 0.0 |  |  | 0.0 |  |
| Total purchased | 759 |  | 288 | 292771 |  | 101957 | 292771 |  | 101957 | 759 |  | 288 |
| Total concentrates | 2242 |  | 450 | 580375 |  | 165002 | 507126 | 30.76 | 156015 | 75491 |  | 9438 |

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Note: Third-party concentrate sources are identified by concentrate type and origin. The blend plan volumes and grades shown are based on the KCM FY25/26 business plan as at the effective date.

No binding concentrate supply contracts extend beyond 2026, and this is identified as an essential commercial risk requiring ongoing management. The LOM plan assumes that 300,000–315,000 tpa of third-party concentrate will be available throughout the Mineral Reserve mine life at commercially reasonable terms. This assumption is consistent with the observed regional supply environment but is not supported by binding long-term contractual commitments. The ability to renew and extend supply arrangements will depend on continued growth in Copperbelt concentrate production from mines that do not have access to proprietary smelting capacity, ongoing commercial relationships with concentrate traders and producers, and KCM's ability to offer competitive processing terms relative to alternative smelting routes available to concentrate sellers.

14.4.3.4 Alternatives to third-party concentrate procurement

In the absence of sufficient third-party concentrate, KCM has identified the following alternative pathways, each with differing economics and operability implications.

The primary operational mitigation is blend management using additional lime addition and pyrite concentrate from the Nampundwe Mine to partially adjust the FSF feed chemistry. These materials are available in limited volumes and can partially compensate for the silica imbalance but cannot fully replicate the blend correction provided by high-volume chalcopyrite concentrate feed at required tonnages. Operating on a lime-heavy blend reduces smelter throughput and copper recovery into the blister phase.

A second mitigation is operation of the sulfur-burning acid plant (500 tpd capacity) to partially compensate for reduced off-gas acid production where smelter throughput declines. This reduces the incremental acid shortfall but does not eliminate it; if off-gas acid production falls by more than 500 tpd (i.e. if smelter throughput falls to less than approximately 60% of current operating rate), net TLP acid availability would be constrained.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Third-party acid procurement from regional suppliers in Zambia, Namibia, and South Africa represents the fall-back option for TLP operations. The economic model applies an internal acid transfer price of US$130 per tonne, representing the QPs' estimate of normalised external procurement cost as at the effective date of this report; this is an internal transfer between KCM cost centres and nets to zero at the consolidated entity level. The external market price for sulfuric acid on the Copperbelt is US$175 per tonne, used as the external procurement assumption in the third-party concentrate sensitivity.

If third-party concentrate were unavailable and the resulting LOM acid shortfall (approximately 1.9 Mt over the Mineral Reserve life of mine) were sourced externally, the true incremental cash cost to the consolidated KCM entity would be the US$45 per tonne delta between the external market price and the internal transfer price already embedded in the model. Applying this delta gives an incremental NPV₈% impact of approximately US$70M post-tax. Acid prices on the Central African Copperbelt are subject to variability; in periods of tighter supply the market price has historically exceeded US$175/t, which would increase this cost impact accordingly. The full third-party concentrate sensitivity, incorporating this acid procurement cost together with the direct smelter contribution, is presented in Section 19.2.4.1.

14.4.3.5 Assessment of supply certainty

The QPs consider that there is a reasonable basis to expect that third-party concentrate will remain available at the volumes assumed in the LOM plan, given the scale of regional Copperbelt production and the structural inability of many smaller producers to develop proprietary smelting capacity. However, the absence of binding supply contracts beyond 2026 introduces commercial uncertainty that the QPs consider to be a material risk to the LOM plan, and securing ongoing supply arrangements is identified as an essential commercial requirement. The actual post-tax NPV₈% impact of losing third-party concentrate supply, incorporating both the direct smelter contribution and the incremental acid procurement cost, is estimated at approximately US$210M against the base case post-tax NPV₈% of US$1,588, representing a reduction of approximately 13%, as set out in the full sensitivity analysis in Section 19.2.4.

14.5 Nkana Refinery

14.5.1 Mode of operation, general condition

The Nkana Refinery (Tank house, Refinery) is a large, conventional electro-refinery with a nominal capacity of 300 ktpa of grade A refined cathode (see Figure 14.22). Production utilises the starter sheet process whereby thin starter sheets of refined copper are plated on titanium blanks in the Stripper Section of the Tank house. Sheets are manually stripped and fabricated prior to loading in the commercial sections of the Tank house where they are grown to full weight. Anodes are consumed in two 11-day cycles and two refined cathodes are produced per anode. Approximately 18% of the anode weight is returned to the smelter as anode scrap. Overall scrap rate for the refinery is 22%.

The commercial section of the Tank house is arranged in 72 independently powered sections. Nine independent electrolyte circuits service eight sections each.

The Refinery operated reliably and well in the past, achieving >95% current efficiency and producing >95% grade A quality refined copper. In recent years the capacity of the refinery was reduced to 50% due to issues related to inability to maintain the facility in full operating condition.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 14.22 Nkana Refinery – process flowsheet

![](ctm005_ex96-2img71.jpg)

Source: KCM, 2026.

The current mission of the Refinery is to produce starter sheets for the Nchanga TLP EW tank house. To accomplish this, stripper anodes are supplied by the Nchanga Smelter and consumed in the stripper section. Anodes produce good quality sheets while still dimensionally consistent which is about ½ weight. After this point the anodes are transferred to a commercial section to consume the remainder of the anodes and to produce refined cathode for sale. Anode scrap from these sections is returned to the Smelter for remelting.

In this mode of operation, one commercial electrolyte circuit is in service. As two sections only are required for this stripper anode refining duty, six sections in the operational electrolyte circuit are currently available for refining should copper be available in the smelter to produce and supply commercial anodes. Refining of such copper would be accomplished at minimal additional cost for power and reagents as operation of the electrolyte circuit (including labour) is a stay in business expense already incurred for production of Nchanga TLP starter sheets. The Refinery could currently be characterised as neat and tidy but very run down, with general observations as follows:

· Some cell-top hardware is in storage and available.

· Cells are in serviceable condition.

· Structures are not painted and are acid affected but appear to be sound.

· Basement floors and sumps are acid compromised. While the damage is significant, acid infiltration below
the basement concrete floor has not yet resulted in sufficient "swell and heaving" to distort the basic structure of the building.

Operators are aware of the conditions described and the most critical areas have already been repaired. The worst floor area has been dug out, acid has been neutralised and the floor has been re-concreted. Plans are in place for similar repair of a second high-priority area. One high-priority area of steel structure has been sand blasted, repaired and re-painted.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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14.5.2 Production

Table 14.15 shows Refinery production for 2024-2025 YTD to January 2025. Gross copper production was 4,763.1 t versus the business plan (BP) of 12,033 t. This significant production shortfall is largely due to availability of anodes from the Smelter. Basic refinery performance parameters were as follows:

· Current efficiency 91.8% v. 96.0% planned

· Anode scrap rate 34.2% v. 18.0%

· Plant utilisation 93.3% v. 90.0%

· Dispatchability 84.9% v. 95.0%

Although operators are experiencing some difficulties maintaining stable electro-chemical conditions in the Tank house due to the small number of sections operating and are not meeting planned current efficiency, scrap rate and cathode dispatchability levels, the operation is stable and the primary mission of supplying acceptable quality starter sheets to the Nchanga TLP is being met.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 14.16 Nkana Refinery production – 2024-2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **2024 - 2025 YTD** | <br> **2024 - 2025 YTD** | <br> **2024 - 2025 YTD** | | | | **January 2025** | **January 2025** | **January 2025** | **January 2025** | **February 2025** | **February 2025** |
| **Actual** | **BP** | **Var<br> (actual BP)** | <br>**December<br> 2024 Actual** | <br>**Parameter** | <br>**Units** | **Actual** | **Projection** | **BP** | **Var<br> (actual BP)** | **Projection** | **BP** |
| 4763.1 | 12033 | (7269.6) | 1084 | Gross Copper production | Mt | 981 | 1707.0 | 4059.6 | (3078.7) | 1584.0 | 4197.1 |
| 2221 | 6997 | (4776.2) | 580 | REC Production | Mt | 473 | 700.0 | 2611.7 | (2138.936) | 800.0 | 2914.0 |
| 2128 | 3293 | (1165.3) | 504 | S/s to Nchanga TLP | Mt | 508 | 656.0 | 840.4 | (332.246) | 550.0 | 675.6 |
| 414 | 1743 | (1328.1) | 0 | Q12 production | Mt | 0.00 | 351.0 | 607.5 | (607.500) | 234.0 | 607.5 |
| 420 | 1743 | (1322.8) | 0 | Q12 Dispatch | Mt | 0.00 | 351.0 | 607.5 | (607.5) | 234.0 | 607.5 |
| 6971 | 22000 | 15028.7 | 1194 | Nchanga Anodes Receipt | Mt | 1578 | 2700.0 | 4500.0 | (2922.1) | 2160.0 | 4500 |
| 9.6 | 20.7 | (11.1) | 1 | Slimes Production | % | 1.32 | 2.0 | 7.2 | (5.9) | 2.00 | 7.2 |
| 91.8 | 96.0 | (4.3) | 93 | Current Efficiency | % | 91.1 | 96.0 | 96.0 | (4.9) | 96.0 | 96.0 |
| 34.2 | 18.0 | (16.2) | 38 | Anodes Scrap Rate | % | 22.0 | 18.0 | 18.0 | 4.0 | 18.0 | 18.0 |
| 4.2 | 10.0 | 5.8 | 3 | Starter sheet scrap | % | 4.90 | 5.0 | 10.0 | 0.1 | 5.0 | 10.0 |
| 84.9 | 95.0 | (10.1) | 80 | Dispatchability | % | 88.2 | 95.0 | 95.0 | (6.8) | 95.0 | 95.0 |
| 93.3 | 90.0 | 3.3 | 94 | Plant Utilisation | % | 92 | 92 | 90.0 | 2.0 | 92 | 90.0 |

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14.6 Nampundwe Mine – pyrite flux production

The Nampundwe Mine produces pyrite concentrate that is an essential input to the Nchanga Smelter feed blend (Section 14.4.3). Nampundwe pyrite provides the sulfur balance required for stable thermodynamic operation of the Outotec direct-to-blister flash smelting process. The concentrate is described by KCM smelter technical staff as essential for fine-tuning the blend chemistry of the flash smelter feed.

Pyrite concentrate is transported by road from Nampundwe to the Nchanga site. The smelter concentrate blending plan (Table 14.15 of the companion IA TRS) includes Nampundwe pyrite as a standing component of the annual blend. Any interruption to Nampundwe supply would require sourcing alternative sulfur-bearing material to maintain smelter operational stability.

The Nampundwe Mine is excluded from the PFS Mineral Reserve estimate and mine plan. No processing of copper-bearing material occurs at Nampundwe; the sole product is pyrite concentrate for smelter flux purposes. Operating details for the Nampundwe Mine are summarised in Section 14.11.

14.7 Sulfuric acid plant

Sulfuric acid for the Nchanga TLP leach circuit is supplied from two on-site sources and, when required, from third-party purchases:

· Smelter off-gas acid plant: A contact acid plant treating sulfur dioxide (SO₂) captured from the
Nchanga Smelter flash furnace off-gas stream, with a production capacity of 1,850 tpd. This is the primary acid source.

· Sulfur-burning acid plant: A supplementary 500 tpd acid plant that combusts elemental sulfur to produce
additional sulfuric acid when smelter off-gas production is insufficient to meet TLP demand.

· Third-party acid: Purchased from the Zambian, Namibian, and South African markets when on-site production
is insufficient. Make-up acid supplies are purchased on the open market as required.

Acid production from the smelter off-gas plant is directly linked to smelter throughput. When concentrate supplies are restricted and smelter throughput declines, acid production decreases proportionally, creating a bottleneck for TLP operations. If insufficient acid is available, Nchanga concentrator operational throughput and TLP copper recovery may be constrained. The interdependence between smelter throughput and acid supply is a key operational consideration for the integrated KCM flowsheet. The economic consequence of an acid shortfall arising from reduced smelter throughput is quantified in the third-party concentrate sensitivity analysis (Section 19.2.4.1); the commercial basis for external acid procurement is set out in Section 14.4.3.4.

The sulfuric acid plant was refurbished as part of the most recent smelter campaign, at an estimated cost of US$10.0M.

14.8 Proposed processing methods

No new processing methods are proposed.

14.9 Proposed flow sheet

No new processing methods are proposed.

14.10 Plant design and equipment

See Sections 14.1.2 and 14.1.4.

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14.11 Plant operations

The smelter operates on the concentrate blending plan shown in Table 14.15. Planned throughput for the period FY2026/27 to FY2030/31 ramps to a maximum of 724 kt, requiring a feed rate of 91 tph at the standard time utilisation of 91.5% (downtime allowance of 0.5 hours per day and two days per month). FY2030/31 is a transition year as throughput ramps from the FY2029/30 level to the nominal maximum capacity. From FY2032/33 onwards, throughput is planned at 850,000 tpa - the nominal designed maximum production rate - requiring a feed rate of 112.3 tph at 86.4% time utilisation. Smelter technical staff are confident this rate can be maintained provided an appropriate feed blend can be sourced. AMC concurs with this opinion.

Basic operating performance parameters assumed for the Mineral Reserve included 98.13% Cu recovery, 30% Co recovery, S conversion to sulfuric acid, have been used to model the planned performance of the smelter and refinery.

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15 Infrastructure

Table 15.1 summarizes the principal infrastructure at each KCM operating site. Detailed descriptions of each infrastructure category are provided in the subsections that follow.

Table 15.1 Summary of infrastructure by operating site

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| <br>**Infrastructure** | **Konkola Mine** | **Nchanga Site (incl. TD03/TD04)** |
| Shafts / mine access | No. 1, 3, 4 Shafts; decline access | COP DF portal; UG shafts (NBU; excl. from PFS) |
| Concentrator | Konkola Concentrator (6 Mtpa) | OEM, NEM, NWM (13 Mtpa combined) |
| Leach plant | N/A | Nchanga TLP (SX-EW) |
| Smelter | N/A | Nchanga Smelter (flash; 312 ktpa) |
| Refinery | N/A | N/A |
| Acid plant | N/A | Sulfuric acid plant (1,850 tpd) |
| Tailings storage | N/A | TD03, TD04, TD05 (active deposition) |
| Power supply | CEC 66 kV (Konkola substation) | CEC (Nchanga substation) |
| Water supply | Kafue River; mine dewatering (reuse) | Kafue River intake |
| Transport links | T3 Highway; rail siding | T3 Highway; rail siding |

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Note: CEC = Copperbelt Energy Corporation.

This section of the report outlines the various infrastructure components supporting the ongoing mining and processing operations at the KCM mine site. It provides an overview of roads, railways, water dams, dumps, and tailings disposals, detailing their locations and roles in sustaining operations. Additionally, it summarises essential services such as power and water, including their sources and overall usage statistics. Ancillary service infrastructure supporting mining and processing activities is also addressed.

Furthermore, the report highlights planned future infrastructure expansions where applicable, offering insights into upcoming developments.

15.1 Roads

The mine sites are all existing operations and are connected to multiple local roads in the Chililabombwe, Chingola, Kitwe and adjacent towns. Internal town roads in these areas are primarily not always marked roadways and are a mix of dirt and tar roads. However, the main interconnecting roadway through the towns, Chingola-Chililabombwe Rd (T3), is a tar road that is kept in a decent and usable state and serves as the major route between towns and various mining sites, operations and the DRC Border. Thus, road access to support ongoing and future operations is well established in the area.

Roads in the local area are, however, prone to deterioration especially during the rainy seasons, and potholes are a frequent occurrence and risk to be aware of and dealt with when travelling on roadways. The map below visualises the main roadway, Chingola-Chililabombwe Rd (T3), and also shows existing railway infrastructure in-between towns covered in the next section (see Figure 15.1).

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Figure 15.1 Map showing main roads connecting towns of Chingola and Chililabombwe

![](ctm005_ex96-2img72.jpg)

Source: Google Earth Pro. (2025). Map showing main roads and railways around Chingola & Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

On a national scale, Zambia has a functioning network of major highways that is the lifeline for mining operations in the Copperbelt region. Major highways also connected to the neighboring countries of Tanzania and Namibia where access can be gained to port infrastructure for exports. Through highways connected to the neighboring countries of Botswana and Zimbabwe, access can also be gained to South Africa for port access for exports.

15.2 Rail

In recent years, Zambia's railways in the areas surrounding KCM are characterised by aged infrastructure and similarly aged rolling stock. This has resulted in significant operational challenges with operating rail services in the local areas surrounding the mine. Due to the deteriorating condition of existing railways running through the towns of Chililabombwe and Chingola, final product is not initially transported by railway. The primary method of transporting final product, and for inbound shipments of equipment or consumables, is road freight.

A viable rail export corridor that has been utilised in the past by KCM includes the Tazara railway line that stretches from the Zambian town of Kapiri Mphosi, through Tanzania and to the port of Der-es-salaam. Product still needs to be trucked via road for the initial 200 km from site to Kapiri Mphosi due to non-functioning local railways in the Copperbelt province. The Tazara railway is, however, not without its own challenges and has in recent years been plagued by operation challenges and infrastructure issues. At the time of reporting, however, the railway line is reported as open for freight and passenger use but needs extensive infrastructure upgrade and repair work. The below map shows current railway infrastructure reported in Zambia, showing both functioning and non-functioning networks (see Figure 15.2).

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Figure 15.2 Map showing rail infrastructure of Zambia Railways Limited

![](ctm005_ex96-2img73.jpg)

Source: Zambia railways ltd, railway network Map showing major railway infrastructure. Available at: zrl.com.zm/rail -Accessed 17 March 2025.

There is a potential future rail corridor referred to as the Lubito Corridor that is planned to connect Angola's port of Lobito through the DRC to Zambia's Copperbelt. Current projections are for a completion date of 2029 (Lobito Corridor: What It Is & Why It Matters, 2025).

15.3 Port facilities

Zambia is a landlocked country with no direct access to port facilities. Consequently, the transport of goods to and from the country and the mine relies exclusively on rail and road infrastructure. Accessible ports in other countries that have been utilised for product exports via existing logistical corridors include:

· Tanzania – Port of Dar-es-Salaam

· Namibia – Port of Walvis Bay

· South Africa – Port of Durban

15.4 Water dams

Due to the primary source of raw water for operations being derived from underground dewatering activities, there is no significant need for above-ground water storage. The volume of water inflows into the underground mine operations at Konkola Mine far exceeds the required raw water usage.

15.5 Dumps

As part of operations of the Konkola Mine, waste rock dumps are utilised to dispose of any waste rock generated through mining operations. These facilities are subject to statutory compliance and operating waste rock dumps at Konkola Mine is subjected to statutory inspections conducted by and independent 3<sup>rd</sup> party inspector to ensure compliance to the applicable legislation.

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15.6 Licensing and permitting

The framework for the independent inspection of mine dumps is outlined in The Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997), a subsidiary legislation of The Mines and Minerals Development Act (MMDA).

Licensing to own and operate waste dumps at Konkola is subject to The Environmental Management Act (EMA), 2011, Environmental Management (Licensing) Regulations, 2013. Statutory inspections are carried out in line with the required legislation to ensure compliance of the operated waste dumps.

15.7 Konkola operation waste dumps

The Konkola Mine, located on the outskirts of the town Chililabombwe, operates primarily two waste dumps, Dump A & B. Dump A is located west of the mine adjacent to shafts 1 & 4, and handles waste from these operations. Dump B is located North-west of shaft 3 about 2.5 km north of Dump A. Both dumps are in operation and are actively used to support ongoing operations, they respectively have coverage areas of approximately 48 ha for Dump B, and 48 – 50 ha for Dump A (see Figure 15.3).

Figure 15.3 Map showing waste dump locations at KCM

![](ctm005_ex96-2img74.jpg)

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Source: Google Earth Pro., 2025. Map showing waste dumps of Konkola Mine at Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 19 March 2025.

15.8 Tailings disposal

15.8.1 Tailings deposition locations

Tailings disposal is achieved through pumped tailings to various TSFs located at different geographical locations throughout the Konkola Mines operational footprint. The operations include historic tailings facilities that are no longer in operation and in various stages of reclamation, and two operational facilities.

The current overview and state of TSFs in summary includes:

· TD02 – No longer in operation and fully reclaimed.

· TD03 – No longer used for deposition of tailings and currently in process of being reclaimed through
hydraulic mining and truck and shovel operations.

· TD04 – No longer used for deposition of tailings and currently in process of being reclaimed through
hydraulic mining and truck and shovel operations.

· TD05 – in operation and nearing maximum capacity. Buttressing dam walls underway to address stability
issues. Capacity increase conducted, but opportunity was limited due to stability issues (details below). Study planned to convert from
Mineral Resource to and Ore Reserve.

· Lubengele – in operation, no plans for expansion, however facility has about 50% of design capacity
left.

Locations of various TSFs in relation to neighboring towns and the main mining operations shown below (see Figure 15.4).

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Figure 15.4 Map showing locations of all TSFs of Konkola and Nchanga Operations

![](ctm005_ex96-2img75.jpg)

Source: Google Earth Pro., 2025. Map showing the location TSF and mining operations of Konkola Mines, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

The two operational facilities which include Muntimpa (TD05) and Lubengele are each located in proximity to local towns and in close proximity to mining operations at Konkola and Nchanga.

The Muntimpa (TD05) facility is located just to the south of the town of Chingola and borders the outskirts of town (12°36'51.66"S, 27°53'13.16"E) (see Figure 15.6).

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Figure 15.5 Map showing detail view of TD05 Muntimpa TSF

![](ctm005_ex96-2img76.jpg)

Source: Google Earth Pro., 2025. Map showing the location of Muntimpa TSF in Chingola, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

The Lubengele facility is located just to the north of the town of Chililabombwe and borders the outskirts of town (12°20'27.25"S, 27°49'53.35"E) (see Figure 15.7).

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Figure 15.6 Map showing detail view of Lubengele TSF

![](ctm005_ex96-2img77.jpg)

Source: Google Earth Pro. (2025). Map showing the location of Lubengele TSF in Chililabombwe, Zambia. Google Earth. Available at: https://earth.google.com. Accessed 12 March 2025.

15.8.2 LOM capacity and expansion opportunities

With regards to the current capacity of available facilities, the Muntimpa (TD05) TSF is nearing its end of life and is expected at current mining rates to reach end of life near the end of 2028. An inspection into increasing its capacity was conducted by an independent third-party contractor, however capacity expansion was constrained due to concerns about stability. Initially the expansion capacity aimed for was 780 Mt, but according to report findings relating to stability issues, this has been constrained to a maximum expandable capacity of 590 Mt.

Currently there are no plans to extend the capacity of the Lubengele TSF and based on historical deposited tailings, the facility still has about 50% capacity remaining.

Table 15.1 summarises the current conditions of operational TSF facilities.

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Table 15.2 Operational TSF conditions, TD05 (Muntimpa) and Lubengele

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|:---|:---|:---|
| **Description** | **TD05 - Muntimpa** | **Lubengele** |
| Last Assessment conducted available | Nov 2024, Capacity increase investigation report & Quarterly inspection report. | Quarterly inspection report Jan 2025. |
| Management Standard / guidelines followed | Global Industry Standard on Tailings Management (GISTM). | Global Industry Standard on Tailings Management (GISTM). |
| Total Storage capacity original Design (Mt) | 534.8 | 200 |
| Total Storage Used (Mt) | 546 | 101 |
| Total Remaining (Mt) | 44 (Based on the 590 Mt increased capacity option). | 99 |
| Planned Capacity Increase (Mt) | 245 | None planned. |
| Final Planned Capacity (Mt) | 590 (780 not possible due to stability concerns). | 200 |
| Yearly deposition target (Mt) | To be confirmed based on new mining plan. | To be confirmed based on new mining plan. |
| Operational comments (During last reporting periods available) | Operating close to design freeboard and pond level reduction required. <br>Supernatant pond distance above limits, work was undertaken to lower levels. | Operating well within design freeboard limits. <br>Supernatant pond distance within limits. <br>Drains and spillways operational but needs repair work & cleaning. |
| Highlighted Major Risk / Scope required | Regardless of capacity increase, assessments pointed to stability issues, constraining the opportunity for additional capacity. <br>Increasing capacity is constrained to max of 590 Mt subject to the construction of a large Rockfill buttress to the south of the main wall, with interface filter drainage required. | Stability assessment update is required urgently to confirm stability in line with GISTM standards. Could infer additional scope for stability improvement dependent on outcome of work. <br>Needs update of 5YP deposition strategy to also infer LOM planning. |

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15.8.3 Licensing and permitting

TSF facilities are managed by conducting routine statutory inspections carried out by an independent consultant on TSF facilities in line with compliance with the MMDA No. of 2015, the principal Act, and its subsidiary legislation the Mines and Minerals (Environmental) Regulations, 1997 (Statutory Instrument No. 29 of 1997).

In addition, the reports produced on statutory compliance follows the licensing requirements as provided for under the Zambian EMA of 2011 and its subsidiary legislation the Environmental Management (Licensing) Regulations, 2013 (Statutory Instrument Number 112 of 2013).

15.8.3.1 Stability and TSF management processes

KCM tailing management systems are aligned with the GISTM.

Quarterly assessments are conducted by an independent consultant to report on TSF conditions and management. The inspections focus on:

· Tailings deposition in the quarter compared to planned targets.

· Pond water management and freeboard, also with focus on stability to deal with rainfall events.

· Beach profile.

· Piezometer readings are taken monthly at strategic locations on TSF dam walls for stability assessment.

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· Environmental management is checked with effluent quality and limits of statutory limits of effluent discharge
verified. Air quality with regards to dust generation is checked.

· Appurtenant facilities inspected with focus on spillways and canals, wall slopes and toe areas and Filter
drains.

Quarterly reports are accompanied by dashboards highlighting risks, and priority of risks identified during the period of inspection, quarterly reports highlight any deviations from standards and advises remedial actions to be implemented to ensure continued compliance and safety of facilities.

In addition to the mentioned activities for statutory compliance as listed above, KCM also implements the following as part of their TSF Management policy:

· Maintaining a robust emergency response system, which includes developing plans in collaboration with
local communities and emergency services, as well as conducting regular mock exercises to test their emergency response procedures.

· Avoiding riverine and submarine tailings disposals in new projects.

· Maintaining transparency and building mutual trust with their stakeholders by keeping them informed about
tailings are managed and engaging with stakeholders throughout the entire lifecycle of the facilities.

· Working collaboratively with their community partners to develop long-term recovery actions required in
case of a tailing's facility failures.

· Review the performance on a periodic basis against their policy including the sharing of good practices
throughout the organisation and stakeholders.

15.9 Power

KCM operations primarily draw their power from the CEC which owns and operates electricity transmission infrastructure in the Copperbelt region. CEC primarily purchases electricity from ZESCO, the national power utility in Zambia a state-owned power company. The primary sources of power for the CEC include:

· ZESCO is the primary source of power purchased.

· CEC owns thermal power generation assets totaling 80 MW capacity.

· Approximately 34 MW of Solar PV located at Riverside Solar PV park, Kitwe.

· Future plans also include development of a 40 MW hydropower plant in the North-Western province of Zambia.

· There are future KCM plans for renewable energy at Chililabombwe (150 MW) and thermal South Province (150
MW).

The ZESCO national grid in Zambia is limited geographically and is plagued by an overall supply deficit, with many parts of the country not currently under electrification. The primary source of electricity is hydroelectric, with the rest coming from thermal coal and imports from various neighboring countries.

Power sources that feed into the ZESCO national grid include:

· Hydroelectric power from various hydro power plants including Kariba North Bank, Kafue Gorge, Victoria
Falls, ITPC, Lunzua, Lusiwasi Lower, Chishimba Falls, Lunsemfwa Hydro.

· Thermo Coal plant located at Maamba Collieries.

· Imports come from various countries including South Africa, Mozambique, Malawi and Zimbabwe.

· During times of additional power demand, like during smelter start-ups, or when grid failures occur, emergency
power capacity is available through the use of generators.

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Some of the main characteristics of the power transmission system in the area of operations of Konkola Mines include:

· Transmission system has various voltage levels including 220 kV, 66 kV, and 11 kV.

· Konkola mining operations tie into the 66 kV voltage lines at substations located in the towns of Chililabombwe
and Chingola.

· At the 66 kV substations, power is stepped down primarily to 11 kV, and in some cases to 33 kV, whereafter
power is then distributed to various other KCM operations substations before being stepped down further for use.

· Underground power reticulation is done at 11 kV, whereafter underground substations steps down power further
into required final usable voltages.

15.9.1 Existing operating power supply capacity and expansion

The existing operations at KCM have a current overall power capacity requirement of approximately 194 MW to fully operate all mining operations and supporting infrastructure. Power is distributed from substations located in Chingola, Chililabombwe, Nampundwe and Kitwe towns.

Power outages are a major threat to operations with emergency power only enough to cover critical loads and not continued operations. During unavailability of grid power, operations cannot continue until power is restored.

To support expansion of mining operations and supporting infrastructure expansions, this figure is estimated to increase to approximately 250 MW over the next ten years.

15.9.2 Emergency power supply and expansion

Current emergency power is limited to a 24 MW capacity backup power plant located at Konkola Mine in Chililabombwe and also includes two generators owned by a utility company in the plant areas which has a combined 20 MW emergency generator capacity. Thus, current total emergency power capacity is around 44 MW installed across the mine locations.

Due to further mine expansions, especially expansions relating to the KDMP underground expansions, more critical infrastructure is being introduced that will require emergency backup power in the event of grid failures. Due to this increased requirement of emergency power, an expansion of the existing backup power plant is planned, increasing the 24 MW capacity by 16 MW with the installation of two additional generators of 8 MW each. This will bring the total capacity of the backup power facility to 40 MW, and the total backup power across the entire operation to 60 MW.

15.10 Water

Konkola Mine is among the wettest underground mines globally, with recent underground dewatering pumping rates peaking at approximately 350,000 m³/day. Although the Nchanga Underground Mine is not as wet as Konkola, it also experiences substantial water inflow, with pumping rates frequently reaching peaks of around 75,000 m³/day.

The overall raw water balance at Konkola Mine is significantly net positive, primarily due to the substantial water inflow from underground operations at Konkola Mines. Additionally, a large amount of potable water, sourced from a local water services provider, is utilised by various operations and supporting infrastructure.

15.10.1 Raw water

The primary source of raw water is derived from underground mining dewatering activities at the Nchanga and Konkola Mines. Both mines experience significant water inflows and seepage, necessitating continuous dewatering to maintain access to mining faces. Water is extracted by underground pumping chambers and pumped through mining shafts and brought to the surface.

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With the expansion of operations at Konkola through the KDMP, the volume of water inflow is anticipated to increase as mining activities further intersect groundwater aquifers, which will further increase water quantities being pumped to the surface.

15.10.2 Konkola Mine raw water balance

Konkola Mine's water balance involves discharging approximately 90% of the abstracted raw water from underground dewatering activities (350,000 m³/day) back into surface streams. The water is brought to the surface and discharged into surface channels, which then deposit it into the Kakosa Stream, ultimately leading to the Kafue River.

The remaining water is recirculated and used for various underground services, as process top-up water for the Konkola Concentrator plant operations, and approximately 20,000 to 30,000 m³/day is supplied to the Mulonga Water and Sewerage Company, a local water and sewerage service provider. The Konkola Concentrator is reported to have a usage of up to 20,000 m³/day. However recent usage figures of operations show the usage over past few months being closer to around the 5,000 – 8,000 m³/day mark.

A significant portion of the water used in the Konkola Concentrator also eventually ends up in the Lubengele TSF as part of pumped tailings. A large portion of this water is mostly lost due to evaporation, seepage, and overflow, which is directed back to the Kafue River.

15.10.3 Potable water (domestic water)

Potable water supply and infrastructure in the area of Chingola, Mufulira, and Chililabombwe is provided by The Mulonga Water and Sewerage Company (MWSC). The existing infrastructure is aging and most of it has been in operation for about 50 years but still manages to provide the various operations with domestic water supply. In recent years local planned projects being led by MWSC is aiming to upgrade water treatment plants, pump stations, reservoirs and supply and transfer piping in the distribution network. The Konkola operations is reported to use around anything from 1,500 up as high as 8,000 m³/day of domestic water, based on operational water balances from the last few months of 2024 and beginning of 2025. A value that seems to be fluctuating heavily on a month-by-month basis.

15.11 Pipelines

Operations do not rely heavily on services from overland pipelines, except for lines running to and from TSF at Lubengele and Muntimpa (TD05).

At Lubengele tailings is transported to the TSF from the Konkola Concentrator plant by an approximately 5 km line running north through the town of Chililabombwe in the same corridor as railway infrastructure. Because of deposition locations that can change depending on TSF management, this distance can vary over time.

Another tailings pipeline, running on the outskirts of the town connects the Konkola Concentrator plant and the operations at 3 Shaft just north of the concentrator plant. This line is approximately 3 km in length. These lines are running mostly on surface with a few culvert crossings along the way where roads are intersected.

A new return line is also planned to run between the paste plant at 3 Shaft and the Lubengele TSF. This new line will be approximately 3 km in length but would be subject to final design.

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15.12 Ancillary surface infrastructure and expansions

As an existing operation, supporting infrastructure is in place to support current operations at the various mining and processing facilities which include:

· Various process plant infrastructure at Konkola & Nchanga Concentrators plants, OEM, NEM, NWM, Nchanga
TLP, Nchanga Smelter, and the Nkana Refinery.

· Warehouses, maintenance shops, administration offices and other supporting infrastructure at the various
facilities.

· Other supporting infrastructure, various service workshops, wash bays, explosive storage sheds, water
treatment plant.

· Existing network of access and in in-plant roads, and railway infrastructure.

· Water supply and distribution systems.

· Existing power supply infrastructure including various substations for grid power tie-in, and power reticulation
and distribution to existing operations.

· Tailing storage facilities and paste backfill plants.

Following the implementation of the revival plan to restart operations, and ramp up production at existing operations , to support ongoing operations of mining at Konkola's 4 Shaft, the KDMP is also undertaken as an intensive brownfields capital upgrade project not only including underground expansions of mining and underground infrastructure, but also expansion of surface infrastructure which will include the development of additional surface level supporting infrastructure for mining operations at Shaft No.4. These upgrades items include:

· Various surface infrastructure including warehouses, maintenance workshops, administration offices, kitchen
and canteen, clinic, and change houses.

· Network of surface roads and railways.

· Network of surface canals.

· Upgrade of emergency power capacity.

15.12.1 Internal rail network

The rail system envisaged will be constructed to connect with No.1 shaft existing rail infrastructure and will service all five conveyance compartments. The rail system will also interconnect the newly planned workshops, storage areas and hard standings. The rail system will also include marshalling yard.

15.12.2 Office building

An administration building is provided for within the surface infrastructure. A three-story brick building shall be provided to include:

· Large open plan office space on all 3 levels for approximately 340 people total.

· Central control room on ground level.

· 1x boardroom on ground level.

· Kitchen facilities on all floors.

· Reception area on ground level.

15.12.3 Change houses and other buildings

Other supporting infrastructure for staff includes change houses with shower, laundry and locker room access, and to provide other services as follows:

· Change house.

· Lamp houses with racks to house approximately 1,000 cap lamps.

· Kitchen and tea-room.

· Banksman's cabin.

· Winder and raise bore workshop.

· Explosives storage shed.

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· Diesel storage.

· Parking areas.

· Storage sheds (wire rope, skip and sheave, roper reeler).

· Hard standings and waste bin areas.

· First aid clinic.

15.13 Nampundwe Mine infrastructure

The Nampundwe Mine is located approximately 50 km west of Lusaka in the Central Province, accessed via the T2 highway. The mine operates under Large-scale Mining License 7074-HQ-LML (area: 962 ha, expiry: 30 March 2050).

Site infrastructure comprises an underground decline for mine access, surface ore handling and crushing facilities, a small concentrating plant producing pyrite concentrate, mine offices, a workshop, and a change house. Power is supplied from the CEC grid via a substation at Nampundwe. Water supply is from local boreholes.

Pyrite concentrate is loaded onto road trucks at the Nampundwe mine site and transported approximately 350 km by road to the Nchanga Smelter in Chingola. There is no rail connection at Nampundwe.

The Nampundwe Mine is excluded from the PFS Mineral Reserve estimate and mine plan. Infrastructure at Nampundwe is maintained to support the ongoing supply of pyrite flux to the Nchanga Smelter, as described in Section 14.4 and Section 14.6.

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16 Market studies

Copper demand is expected to remain strong due to electrification, the energy transition, AI infrastructure build-out, and continued urbanisation and industrialisation in emerging economies. KCM sells refined copper through established market channels with pricing based on LME copper prices. The approximately 45-year mine life presented in this IA provides long-term exposure to forecast copper demand growth.

16.1 Market information

Copper is a transition metal known for several distinctive properties – it is highly malleable, ductile, a notably good conductor of thermal and electrical energy, and does not readily corrode. These properties make copper especially useful for the manufacture of electrical wires; it is also widely used for piping, building material, and in alloys.

Copper is relatively abundant in the earth's crust, particularly in the South American Andes and the Central African Copperbelt. Copper concentrates and cathode are the most widely traded and shipped forms of the metal, the latter being made by purification of copper ores or scrap metal via smelting and/or electrowinning. Cathode takes the form of high (>99.5%) purity metal sheets, which can be directly processed by downstream manufacturers.

Cobalt is a ferromagnetic transition metal that historically was extensively used in blue pigments. Modern use is predominantly in "superalloys" that are resistant to wear, corrosion, and high temperatures, and – since the 1990s – in lithium-ion batteries (principally nickel-cobalt-manganese (NCM) chemistries used in higher-energy-density electric vehicle applications).

The large majority of the world's exploitable cobalt deposits are found in the Central African Copperbelt, where it is typically found alongside copper-containing ores. Crude cobalt hydroxide is the most widely traded and shipped form, alongside refined products such as cobalt metal and pure cobalt nitrate, sulfate, or hydroxide.

16.1.1 Market for KCM's products

KCM's assets form an integrated mine-concentrator-smelter-refinery complex, the end products of which are (and will continue to be) copper anode, copper cathode, and Co-Cu alloy. Since the smelter is a separate business unit, for the purpose of this study the marketed products are copper sulfide concentrates and copper-cobalt concentrates (produced by the concentrator and Nchanga TLP).

16.1.2 Copper demand

**Demand elasticity:** Copper demand is strongly dependent on prevailing global economic conditions, with consumption dominated by Asia and China alone accounting for approximately 58% of global refined copper usage in 2024. Growth in demand is influenced by the rate of economic and technological development, urbanisation, mechanisation, electrification, digitisation, the transition to renewable energy sources, and increasingly the build-out of AI infrastructure and data centres

Because of copper's unique physical properties, it is not readily substituted as an electrical conductor, hence demand has a significant impact on price. It is primarily traded in US$, so exchange rates may also influence price independently of underlying macroeconomic demand.

**Short-term demand (2026–2027)** will be primarily influenced by Chinese, US, and European economic conditions, the trajectory of the China property sector recovery, the impact of US tariff policy on global trade flows (a US Commerce Department recommendation on refined copper tariffs is expected by mid-2026), the pace of AI and data centre infrastructure build-out, and global EV adoption rates.

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**Medium-term demand** is expected to grow at approximately 2.5-3.0% per annum to 2030, supported by accelerating energy transition demand, AI infrastructure, and continued industrialisation in India and Southeast Asia. The ICSG forecasts global refined copper consumption growth of approximately 2.1% in 2026, slowing from 3% in 2025, with the market transitioning to a structural deficit.

**Long-term demand** for copper will be heavily influenced by the success of the energy transition, the scale of AI and data centre build-out, and emerging demand from India and Southeast Asia. Wood Mackenzie projects AI infrastructure alone could require approximately 1.1 Mtpa of copper for grid-related needs by 2030, while India and Southeast Asia industrialisation could add approximately 3.3 Mtpa of demand by 2035. Unlike metals such as nickel and cobalt, copper is agnostic to changes in battery technology. Estimates vary, but many sources expect total copper demand to reach 45-50 Mt by 2050.

16.1.3 Copper supply

The ICSG reports 2024 global copper production at approximately 23.0 Mt of mined output and 28.5 Mt of refined copper. Preliminary 2025 figures indicate mine production grew approximately 1% (constrained by operational disruptions at Grasberg in Indonesia and Kamoa in DRC) and refined production grew 4.2%, leaving an estimated refined market surplus of 380 kt. For 2026, ICSG forecasts mine production growth of 2.3% and refined production growth of 0.9%, with the market transitioning to a forecast 150 kt refined deficit.

**Supply elasticity:** Copper supply is inelastic due to the very long timescales (often 10+ years) and large financial commitments required to bring new mines into production, expand existing sites, or restart mothballed facilities. This slow supply-side response can create significant short-term price volatility even when medium-term supply is broadly balanced, as illustrated by the record LME copper price of approximately US$13,388/t reached in early January 2026, driven by a combination of supply disruptions, low exchange inventories, and rising demand expectations

**Short-term supply (2026–2027)** is expected to remain tight, with the global concentrate market continuing to face deficit conditions. Key factors include:

· The ongoing closure of FQM's Cobre Panamá mine (which produced 350 kt of copper in 2022 prior to
suspension in November 2023). In April 2026, the Government of Panama formally approved processing of approximately 38 Mt of stockpiled
ore at the site (containing approximately 70 kt of recoverable copper), and a decision on the broader mine restart is anticipated by mid-2026,
with S&P Global Ratings expecting a restart and ramp-up during the second half of 2026.

· Continuing impacts from operational disruptions at Grasberg (Indonesia) and Kamoa (DRC) reported in 2025.

· Robust Chinese smelter capacity additions, with concentrate treatment charges having fallen to record
lows.

· Limited greenfield production growth, with relatively few large projects in advanced stages of development.

**Medium-term,** S&P Global, Wood Mackenzie, ICSG, and major investment bank forecasts converge on a structural copper market deficit emerging in 2026 and persisting through the late 2020s and 2030s, with JP Morgan forecasting a deficit of approximately 330 kt in 2026 alone and ICSG forecasting 150 kt. Despite the contribution of brownfield expansions, scrap recycling, and improved leaching technologies, supply growth is unlikely to keep pace with structural demand growth.

**Long-term supply (2030 onwards)** is widely expected to remain in deficit. By 2035, the world's existing mines are expected to produce approximately 15% less copper than in 2024, with Wood Mackenzie estimating that meeting projected demand will require approximately 8 Mt of new mine capacity plus 3.5 Mt of additional scrap. A limited number of greenfield projects have been confirmed, leaving copper supply in the 2030-2050 period significantly dependent on metals prices - higher prices being required to justify the very large amounts of capital needed for greenfield and brownfield expansion.

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16.1.4 Cobalt demand

Global cobalt demand has grown rapidly over the past decade, from approximately 80 kt in 2014 to >190 kt in 2024, driven primarily by the increasing demand for electric vehicles (EVs) and renewable energy technologies.

The rise of lithium-iron-phosphate (LFP) batteries in EV applications has suppressed demand for cobalt chemicals, and global cobalt prices declined sharply through 2023 and 2024 to multi-decade lows in early 2025 prior to the DRC export restrictions. However, cobalt remains crucial for battery stability and performance in NCM chemistries, which retain a substantial share of the EV battery market and dominate in higher-energy-density applications. The IEA projects cobalt demand will rise to 344,000 metric tonnes in 2030 and 454,000 metric tonnes in 2040, supporting cobalt's continued importance in the energy transition.

16.1.5 Cobalt supply

Global cobalt mined production reached approximately 280 kt in 2025, with the Democratic Republic of Congo (DRC) continuing to account for more than 70% of global supply. Following a period of cobalt market oversupply that drove prices to nine-year lows in early 2025, the DRC government implemented a series of supply restrictions:

· **February 2025:** complete cobalt export ban imposed (initially 4 months, subsequently extended).

· **October 2025:** export ban lifted on 16 October and replaced with a quota system that will remain
in place through at least 2027.

· **Q4 2025 quota:** 18,125 tonnes (subsequently extended through end-Q1 2026 and again to April 2026
due to logistical and administrative bottlenecks).

· **2026 quota:** 87,000 tonnes for all DRC producers, with an additional 9,600 tonne strategic reserve
at the discretion of the regulator ARECOMS.

· **2027 quota:** 96,600 tonnes.

As at 1 April 2026, less than 50% of allocated Q4 2025 / Q1 2026 export volumes are estimated to have shipped, due to logistical disruptions including infrastructure damage and administrative delays in implementing the new quota framework.

The combination of restricted supply and structural demand growth has driven cobalt prices to multi-year highs. The DRC quota system is widely expected to maintain a structural supply deficit in cobalt markets through 2026 and 2027.

In the medium term, Australian and Indonesian producers are projected to ramp up production, partially offsetting DRC supply constraints. In the longer term, expansions in copper and nickel mining will further boost cobalt supply, since cobalt is typically found alongside copper- and nickel-containing ores.

16.1.6 Study price and sales terms

**Copper pricing:** The copper price used in the cashflow analysis of this report is based on P75 consensus price forecasts (as at March 2026). P75 represents the 75<sup>th</sup> percentile of analyst forecasts, meaning 75% of forecasts are at or below this price level. The pricing ranges from US$11,101/t to US$12,793/t over the LOM production period, with long-term prices from 2032 onwards at US$11,101/t. These forecasts are shown in Table 16.1. Table 16.2 shows five years of trailing prices.

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| Table 16.1 | Five-year copper forward prices (real US$2025) |

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| **Year** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032 + LT** |
| Price (US$/tonne) | 12793 | 12556 | 12297 | 12295 | 11848 | 11101 | 11101 |

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Source: Consensus Price March 2026

Table 16.2 Five-year copper trailing prices

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| <br>**Year** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Price (US$/tonne) | 6175 | 9317 | 8822 | 8490 | 9250 | 9940 |

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Note: The 3-year trailing average is US$9,227/tonne (2023 – US$8,490/t; 2024 – US$9,250; 2025 – US$9,940/t).

Source: Statista, 2025.

**Copper payability:** Copper payability rates are taken from current internal Konkola and Nchanga rates. These are shown in Table 16.3. Treatment, refining and freight charges are taken from long term recent consensus forecasts within Africa however it should be noted that these are higher than current consensus forecasts in China where treatment and refining charges are currently forecast at $20/dmt and US$0.02/lb respectively and forecast to rise towards $67/dmt and US$0.07/lb in the long term. Current low treatment and refining charges put the smelters profitability at risk in the short-term.

Table 16.3 Copper payability terms for Konkola and Nchanga Copper Concentrate

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| <br>**Item** | **Unit** | **Konkola** | **Nchanga TLP** |
| Copper Payability | % | 96.8 | 100 |
| Treatment Charge and premium adjustments | US$/dmt | 60 | 179 |
| Refining Charge | US$/lb | 0.06 |  |
| Freight Charge | US$/wmt | 175 | 180 |

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**Cobalt pricing:** Cobalt is contained in the Copper-Cobalt Concentrates produced but is not recognised as revenue within the Konkola and Nchanga mines. Cobalt alloy is recovered at the Nchanga Smelter where revenue is recognised. The cobalt value is recognised in the NSR calculations, at low payability rates, when assessing cut-off decisions. Payable rates for contained Copper and Cobalt within the Cobalt alloy are based on current short-term contracts with a sliding scale based on the Copper and Cobalt percentages contained within the alloy.

**Pricing note:** Commodity price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions. Natural volatility in the copper and cobalt markets due to supply and demand factors, government export regulations, and developments in battery technology means that future copper and especially cobalt prices will move significantly above and below the selected study price over the expected approximately 45-year life of the Project. In light of this expected volatility, the chosen prices represent transparent, neutral price point both in line with historical pricing and with expected long-term pricing. AMC and KCM take no responsibility for future metals pricing.

16.1.7 Copper pricing for NSR cut-off grade estimation

The copper price used for NSR cut-off grade determination is US$9,000 per tonne, applied consistently across all sulfide and mixed sulfide and oxide copper mineralisation. This price is intentionally conservative relative to the study price (Section 16.1.6) to ensure Mineral Resources reflect a robust reasonable prospect for eventual economic extraction across a range of market conditions. The NSR methodology, input parameters, and resulting cut-off grade by asset are set out in Section 11.2.2.1.

16.2 Contracts and status

16.2.1 Forward sales and hedging

KCM currently does not engage in forward sales for the minerals produced.

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16.2.2 Site development contracts

KCM will need to enter into a variety of contracts to develop the site expansion. As a brownfield expansion, certain contracts covering existing operations can be extended to cover the development areas (e.g. utilities, security, waste disposal). Some design work has already been contracted and carried out, but most construction contracts are still to be awarded.

Major proposed contracts for development are show in Table 16.4.

Table 16.4 Major development contracts

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| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted<br> Backfill<br> Production – currently contracted<br> Development & Materials handling – currently contracted<br> Ventilation<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted<br> Building Maintenance<br> Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting<br> Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contracted<br> Development – COP DF currently contracted<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted<br> Professional & Technical Services<br> Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station<br> Electrical Infrastructure<br> Water (supply / treatment) Infrastructure<br> Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown<br> Data / telecoms / surveillance / security Infrastructure<br> Air and Ventilation Plants & Infrastructure<br> Lighting Infrastructure<br> Roads Infrastructure<br> Warehouse / Transport / Logistics Infrastructure<br> Other Infrastructure (e.g. fire suppression systems) |

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| **Area** | **Major contracts** |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant<br> Acid plant<br> Lime Plant |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing<br> Outbound transport & clearing<br> Other |
| Ops & Maintenance – Camp & Site Services | Catering<br> Housekeeping, cleaning & laundry<br> Pest Control<br> Landscaping<br> Transport (within site and local)<br> Clinic & OT<br> Entertainment & Leisure<br> Admin, Leisure, Residential & Security Buildings Maintenance<br> Security & Surveillance services<br> Emergency Response services<br> Waste Disposal (biological, chemical, industrial)<br> Environmental & Biodiversity Monitoring<br> Health & Safety Monitoring<br> Social and Community Services |
| Ops – General & Administrative | Legal Services<br> Finance, Audit, Risk Services<br> HR, Recruitment, Payroll Services & work permits<br> International Travel & Visas<br> Training & Educational<br> IT services<br> Professional Services & other G&A – |
| Key Consumables & Reagents | Concentrates<br> Scrap Copper<br> Diesel Fuel<br> Reagents (e.g. acid, lime, floccs)<br> Explosives<br> Grinding Media<br> Cement<br> Ground Engaging Tools<br> Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035<br> Water<br> Data & Telecommunication<br> Other |
| Equipment Rental | Underground Equipment<br> Open pit Mining Equipment<br> TMF Equipment<br> Processing Equipment<br> Logistics Equipment<br> Maintenance, SIB & Civils Equipment<br> Pumps & Generators<br> Other Equipment (LVs, buses, ERT, landscaping) |

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16.2.3 Operating contracts

The current major long-term contracts in place at Konkola and / or Nchanga include:

· Underground mining – drill and blast, production, development, materials handling, locomotive maintenance,
machinery maintenance.

· Open pit mining – load & haul of material from TD03 and TD04, rehandle at Old East Mill, Nchanga
open pit zones COP DF.

· Dewatering pump operations and maintenance.

· TSF material movement.

· Power.

Table 16.5 Example of long-term contract components

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|:---|:---|
| **Area** | **Major contracts** |
| Ops & Maintenance – Underground Mining | Drilling & Blasting – currently contracted<br> Backfill<br> Production – currently contracted<br> Development & Materials handling – currently contracted<br> Ventilation<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance – locomotive maintenance contracted; UG production machinery maintenance contracted<br> Building Maintenance<br> Other |
| Ops & Maintenance – Open pit Mining | Drilling & Blasting<br>Production – Rehandle at Old East Mill and L&H from TD03 and TD04 currently contractedDevelopment – COP DF currently contracted<br> SIB Projects<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Concentrator, Smelter, SXEW | Production Operations<br> Professional & Technical Services<br> Equipment Maintenance<br> Building Maintenance<br> Other |
| Ops & Maintenance – Tailings Facilities | Operations – material movement contracted<br> Professional & Technical Services<br> Equipment Maintenance |
| Ops & Maintenance – Infrastructure, Utilities, Civil Works | Fuel Farm / Emergency Power Station<br> Electrical Infrastructure<br> Water (supply / treatment) Infrastructure<br> Dewatering Infrastructure – UG pump ops & maintenance contracted. Piping unknown<br> Data / telecoms / surveillance / security Infrastructure<br> Air and Ventilation Plants & Infrastructure<br> Lighting Infrastructure<br> Roads Infrastructure<br> Warehouse / Transport / Logistics Infrastructure<br> Other Infrastructure (e.g. fire suppression systems) |

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| **Area** | **Major contracts** |
| Ops & Maintenance – Ancillary Plants (e.g. cement, acid) | Cement / Paste backfill plant<br> Acid plant<br> Lime Plant |
| Ops & Maintenance – Supply Chain, Procurement & Logistics | Inbound transport & clearing<br> Outbound transport & clearing<br> Other |
| Ops & Maintenance – Camp & Site Services | Catering<br> Housekeeping, cleaning & laundry<br> Pest Control<br> Landscaping<br> Transport (within site and local)<br> Clinic & OT<br> Entertainment & Leisure<br> Admin, Leisure, Residential & Security Buildings Maintenance<br> Security & Surveillance services<br> Emergency Response services<br> Waste Disposal (biological, chemical, industrial)<br> Environmental & Biodiversity Monitoring<br> Health & Safety Monitoring<br> Social and Community Services |
| Ops – General & Administrative | Legal Services<br> Finance, Audit, Risk Services<br> HR, Recruitment, Payroll Services & work permits<br> International Travel & Visas<br> Training & Educational<br> IT services<br> Professional Services & other G&A – |

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|:---|:---|
| **Area** | **Major contracts** |
| Key Consumables & Reagents | Concentrates<br> Scrap Copper<br> Diesel Fuel<br> Reagents (e.g. acid, lime, floccs)<br> Explosives<br> Grinding Media<br> Cement<br> Ground Engaging Tools<br> Other |
| Power & Other utilities supply | Electricity – ESP in place with ZESCO till 2035<br> Water<br> Data & Telecommunication<br> Other |
| Equipment Rental | Underground Equipment<br> Open pit Mining Equipment<br> TMF Equipment<br> Processing Equipment<br> Logistics Equipment<br> Maintenance, SIB & Civils Equipment<br> Pumps & Generators<br> Other Equipment (LVs, buses, ERT, landscaping) |

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16.2.4 Other agreements and contracts

As a condition of the commercial and licensing agreement with the Government of Zambia, mining and processing production is subject to a royalty on copper (depending on the copper spot price). Mining and processing operations are also subject to 30% Corporate Income Tax, from which the royalty tax is deductible (see Table 16.6).

Table 16.6 Royalty charge relation to copper price

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|:---|:---|:---|
| **Price range** | **Rate (%)** | **Taxable amount** |
| Less than US$4,000 per tonne | 4 | The first US$4,000 per tonne |
| Between US$4,001 and US$5,000 per tonne | 6.5 | The next US$1,000 per tonne |
| Between US$5,001 and US$7,000 per tonne | 8.5 | The next US$2,000 per tonne |
| US$7,001 per tonne or more | 10 | Balance |

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17 Environmental studies, permitting, and social or community impact

17.1 Environmental studies, permitting, and social or community impact

KCM operates under environmental permits issued by the ZEMA. Environmental management programs are in place for tailings, water quality, air emissions, and closure planning. The existing environmental approvals and management frameworks are expected to support the approximately 45-year mine life presented in this Initial Assessment, subject to periodic renewal and updates as operations progress.

17.2 Environmental studies, permitting, and social or community impact

Currently, the identified environmental and social risks, baseline information, and management measures for the Project are based on a 2001 site-wide comprehensive ESIA assessment and associated Final Environmental Management Plan (FEMP), subsequently updated in 2009. Closure plans and associated cost estimates have historically been derived from these 2009 FEMPs, supported by annual statutory audits. To strengthen compliance and provide an updated position, KCM commissioned an independent third-party assessment of EPF liabilities as at 31 December 2025, which assessed the total EPF liability at US$144M. The 2024 Zambian closure guidelines introduced enhanced requirements for long-term monitoring, water treatment, and community transition support, the financial implications of which have been incorporated into the December 2025 assessment. Estimated closure costs of US$133M, based on preliminary closure planning, may be refined as the closure plans are finalised.

Although still valid, the 2001/2009 baseline ESIA reports and management plans are no longer fully relevant to the current and proposed activities and do not accurately reflect the status of the operations (including demolished or decommissioned infrastructure). KCM has identified this risk and has commenced a consolidated update to reassess impacts and mitigation measures across all sites. New comprehensive ESIAs, Environmental and Social Management Plans (ESMPs), and Closure Plans are being prepared for all unit operations, with completion targeted for end of 2026.

KCM routinely engages with the national regulators to ensure it maintains a set of valid licenses and authorisations. Permitting and approvals encompass ESIA approvals, water access and discharge, emissions to atmosphere, waste, and other specific requirements, as well as exploration, mining, and processing licenses. As a member of the International Council on Mining and Metals (ICMM), KCM is in the process of aligning its tailings management practices with the Global Industry Standard on Tailings Management (GISTM, August 2020). Key elements - including independent reviews, emergency response planning, and stakeholder engagement - are in place, with full conformance targeted by end of 2027.

KCM operations are characterised by high water inflows, with the assets known as among the wettest mining operations in the world. Tailings dams have historically been encroached upon by communities who either reside in close proximity to the dams or plant seasonal crops within the tailings footprint due to a lack of alternative land. The socio-economic environment presents challenges common to a declining industry, exacerbated by a characteristic local dependency on mining activity. Additionally, artisanal manual and mechanised illegal mining occurs within the premises of KCM's Nchanga Operations.

Actions to address Restoration Orders and Compliance Orders issued by ZEMA from 2017 to address major non-compliances remain in progress. KCM has established action plans and expects progressive resolution through 2026 and 2027. These matters do not currently affect the validity of operating permits.

KCM is actively engaged in updating Environmental Impact Assessments and Closure Plans for all KCM operations. Progress, stakeholder communications, and reporting are managed by the KCM environmental management team. Environmental and Social Management Plans and Closure Plans for all KCM sites have been submitted to ZEMA.

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17.3 Permitting requirements

KCM operations are governed by Zambia's Mining and Minerals Development Act (2015) and associated environmental and labour regulations.

The Konkola operation is currently permitted under a valid Large-Scale Mining License 7076-HQ-LML, with Nchanga Operations permitted under license 7075-HQ-LML. These licenses allow for underground or open pit and underground copper extraction respectively, and associated processing activities through to March 2050.

Environmental approvals are in place through the EPF and project-specific Environmental Management Plans (EMPs), which govern water management, tailings disposal, and rehabilitation obligations. KCM maintains active compliance with these requirements through regular monitoring, internal audits, and reporting to the ZEMA.

Additional permits cover water abstraction, effluent discharge, and waste handling. Social and land-use agreements have been established with local communities to address resettlement, access, and stakeholder engagement obligations. These agreements are managed through structured compensation and sustainability programs.

No material permitting constraints are currently identified that would prevent continued operation under the current LOM plan. However, the renewal of certain licenses and approvals will require periodic reassessment to align with project expansion, infrastructure upgrades, and future resource development.

The current Large-Scale Mining Licenses expire in March 2050. For the full Mineral Resource scenario extending to approximately FY2069/70, license renewals will be required. Under the Zambia Mining and Minerals Development Act (2015), license renewals are routinely granted for operations in good standing, and KCM does not anticipate material constraints to renewal.

17.4 Rehabilitation, closure, and post closure planning

KCM has prepared updated closure plans in line with the IFC Environmental and Social Performance Standards which are currently pending before ZEMA. Closure plans address physical and socio-economic closure. The closure plans have been developed through a process of closure framework establishment, stakeholder consultation, and closure cost estimation.

The KCM operations are long-life operations, and closure plans will be subject to ongoing review as the operations progress. KCM aims to conduct progressive rehabilitation during the operational phase without hindering regular mining activities in areas no longer affected by mining operations.

Estimated closure costs of US$133M have been included in the economic analysis (refer Section 19), based on preliminary closure planning. The independent third-party assessment of EPF liabilities as at 31 December 2025 assessed the total EPF liability at US$144M, incorporating the enhanced requirements introduced by the 2024 Zambian closure guidelines for long-term monitoring, water treatment, and community transition support. Updated comprehensive closure cost estimates will be finalised following ZEMA approval, and closure plans may be refined in subsequent studies.

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18 Capital and operating costs

18.1 Cost estimate basis and accuracy

Cost estimates for this PFS were developed using multiple methodologies appropriate to the level of study and data availability. The principal sources and estimation approaches are summarised below.

18.1.1 Estimation methodology

Operating and capital cost estimates were developed using the following approaches:

· **First principles build-up:** Detailed bottom-up estimates were prepared for mining operations, incorporating
equipment productivities, crew configurations, consumable consumption rates, and maintenance requirements.

· **Supplier quotations:** Budget quotations were obtained from equipment suppliers and contractors for
major capital items including ventilation fans, pumping systems, paste fill plant equipment, and electrical infrastructure.

· **FY2024 actual costs:** Historical operating costs from KCM's FY2024 financial records were used as
the basis for ongoing operations, adjusted for planned production rates and operational changes.

· **Contractor agreements:** Existing contract rates and terms were applied where current agreements
are expected to continue, including mining development contracts and specialist services.

· **AMC benchmark database:** Where site-specific data was unavailable, costs were estimated using AMC's
internal database of comparable African copper mining operations, adjusted for local conditions.

· **Engineering estimates:** Preliminary engineering designs were used to estimate quantities for infrastructure,
development, and processing modifications.

18.1.2 Cost estimate accuracy and contingency disclosure

In accordance with Item 1302(e) of Regulation S-K, the following cost estimate accuracy and contingency ranges are disclosed for this PFS. Operating and capital cost estimates meet the minimum accuracy level of approximately ±25% with contingency not exceeding 15%, as required for a PFS under Table 1 of Item 1302.

Table 18.1 Cost estimate accuracy and contingency disclosure

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| | | | |
|:---|:---|:---|:---|
| **Cost category** | **Study level** | **Accuracy (%)** | **Contingency (%)** |
| Konkola Mining Operations | Pre-Feasibility | ±25 | 10 |
| Konkola Processing & Tailings | Pre-Feasibility | ±25 | 15 |
| Nchanga TLP | Pre-Feasibility | ±25 | 15 |
| Nchanga Smelter Operation | Pre-Feasibility | ±25 | 15 |
| Infrastructure & Services | Pre-Feasibility | ±25 | 15 |

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18.1.3 Key assumptions and exclusions

The cost estimates are based on the following key assumptions:

· All costs are expressed in United States dollars (US$) on a real basis (no inflation adjustment).

· Exchange rates are based on April 2026 rates.

· Labor costs reflect current Zambian wage rates and anticipated workforce requirements.

· Power costs are based on current ZESCO tariffs and contractual arrangements.

· No allowance has been made for financing costs, taxation, or working capital requirements.

· Contingency is included within the stated capital cost estimates.

· Closure costs are based on preliminary closure planning and may be refined in subsequent studies.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The QP considers that the cost estimation methodology and accuracy levels are appropriate for a PFS and consistent with industry practice for projects at this stage of development.

18.2 Operating cost summary

The average unit operating cost for the Konkola Mine over the Mineral Reserve mine plan is US$125/t ore. The average unit operating cost for Nchanga TLP operations is ~US$15/t ore. Operating costs include mining, processing, and site administration costs.

Operating costs were categorised into the following principal components:

· Operating development (underground drives within production zones).

· Stoping production costs (drill and blast, load and haul).

· Power costs (supply and consumption).

· Underground rail system operation.

· Mine services (compressed air, underground light vehicles, etc.).

· Backfill operations.

· Dewatering.

· Labor costs.

· Mill consumables and freight costs.

· General and administrative (G&A) costs.

· Corporate overheads.

All cost figures are presented in real 2026 (1 April 2026) US$ unless otherwise specified.

The basis for each cost estimate includes detailed inputs from contractor agreements, utility pricing, site productivity assumptions, workforce models, and historical cost records.

18.2.1 Operating development

Development cost estimates are based on agreed contract rates from business partners Hahne, Tauro, Opermin, Reliant, and AAC Mining Executors Group (AAC). These contractors complete mine lateral and vertical development, production activities, and provide labor to the operation of underground rail and management of dewatering systems in inactive mining blocks.

Unit costs rates were based on contractual rates for each individual contractor and a summary of the weighted average of activity-based rates is presented in Table 18.2. Where future development profiles lacked established rates, AMC developed proxy estimates based on comparable dimensions, equipment type, and expected ground support requirements.

Table 18.2 Rates assumed for operating lateral development

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of development** | **Profile - Cross section** | **Excavation cost<br> (US$/m<sup>3</sup>)** | **Ground support <br> allowance<br> (US$/m<sup>3</sup>)** | **Total<br> (US$/m<sup>3</sup>)** |
| Ore drive | 5.5 m W x 5.5 m H (arch) | 163.8 | 18.6 | 183.3 |
| Fill drive (mining through paste fill) | 5.5 m W x 5.5 m H (arch) | 157.2 | 15.8 | 173.0 |

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18.2.2 Stoping production cost

Stoping costs covering drill and blast, and load and haul of broken mineralised rock to the material handling system) Table 18.3. Where the distance between the stope and an available ore pass is close (within 250 m), the production loaders will tram and tip direct into passes. Alternatively, they will load into trucks that will then haul rock to the nearest operating pass. No differentiation on cost by the two main mining methods is made. The main component difference between the two main mining methods proposed is the backfill placement cost which is considered separately within its own category. AMC would suggest that KCM negotiate with business partners once the panel stoping method has been approved on a unique applicable rate.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Table 18.3 Stoping production cost

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| | | |
|:---|:---|:---|
| **Activity** | **Rate (US$)** | **Unit** |
| Production Ore | 31 | $ per tonne |

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Mining areas were assigned to each business partner / mining contractor in accordance with existing agreements. These allocations were honored in production and development scheduling and informed the cost and equipment modelling across each mining zone. The allocation of these areas may require future review to ensure the best utilisation of the business partners' capability.

18.2.3 Power supply and consumption

The Konkola asset power costs are split into two components:

· The cost for the amount of installed power equipment (a small proportion of the total) based on the power
rating of equipment connected to the network.

· A cost for the consumption of power (measured in kWh), where several different power tariffs are applicable.

Power is supplied by two separate utility companies (Kanona and ZESCO).

During FY2024/25 and FY2025/26, Zambia experienced significant drought-related reductions in hydropower generation, necessitating increased power imports by ZESCO and the implementation of temporary emergency tariffs to recover higher supply costs.

As of November 2025, these emergency tariffs have been discontinued and replaced by the Multi-Year Tariff Framework (2025–2027), under which tariffs are more cost-reflective and no longer explicitly linked to import pricing.

For FY2026/27, it is therefore assumed that no temporary import-related tariff premium applies. However, prevailing tariffs still reflect a structurally higher cost base, and some ongoing reliance on higher-cost power sources (including imports or alternative generation) cannot be ruled out depending on hydrological conditions.

The detail of the power tariff is presented in Table 18.4.

Table 18.4 Konkola applicable power tariff assumptions

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| | | | |
|:---|:---|:---|:---|
| **Category** | **Units** | **FY2026/27** | **FY2029/30 onwards** |
| Kanona Power | % | 50 | 0 |
| ZESCO Local Power | % | 33 | 100 |
| ZESCO Imported Power | % | 18<sup>1</sup> | 0 |
| Kanona Tarriff | US$/kWh | 0.13 | 0.095 |
| ZESCO Local Tariff | US$/kWh | 0.116 | 0.090 |
| ZESCO Imported Tarriff | US$/kWh | 0.145 | 0.145 |
| Connection Charges on MD | US$/kW | 2.33 | 2.33 |
| Connection Charges on Energy | US$/kWh | 0.025 | 0.025 |
| Excise Duty (of total cost) | % | 3 | 3 |

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Note: <sup>1</sup>It is assumed that the temporary emergency tariff adjustments implemented to recover imported power costs applied only to FY2025/26, in line with guidance from KCM. From November 2025 onward, tariffs are assumed to follow the Multi-Year Tariff Framework (2025–2027), with no explicit import-related premium.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The power cost estimate is presented in Table 18.5.

Table 18.5 Konkola power estimate

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| | | | | |
|:---|:---|:---|:---|:---|
| **Area** | **FY2026/27<br> installed capacity<br> (mW)** | **Basis for adjustment** | **Peak (not <br> necessarily in <br> same year)** | **Total<br> consumed <br> power (MWh)** |
| Mill / Concentrator | 124 | Production Rate | 130 |  |
| Pumping (i.e. Mine dewatering) | 707 | Production Rate | 816 |  |
| Workshops | 2 | Fixed | 3.75 |  |
| 3 Shaft Mining Area | 82 | Fixed + Variable upon expansion | 90.8 |  |
| 4 Shaft Mining Area | 118 | Fixed | 130 |  |
| Others | 35 | Production Rate | 38.8 |  |
| Total | 1068 |  | 1209 |  |
| Mill / Concentrator | 118808 | Mill feed (tonnes input) | 322193 | 13365752 |
| Pumping (i.e. Mine dewatering) | 357909 | Production Rate | 412697 | 18126007 |
| Workshops | 1283 | Mostly fixed | 1389 | 62345 |
| 3 Shaft Mining Area | 162909 | Fixed + Mostly Variable | 228682 | 7499243 |
| 4 Shaft Mining Area | 34852 | Fixed + Mostly Variable | 330062 | 12378106 |
| Others | 68274 | Production Rate | 75102 | 3400070 |
| **Total** | **744035** |  | **1287443** | **54831523** |

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| | | | |
|:---|:---|:---|:---|
| **Power Cost Split** | **FY 2026/27 Cost<br> (US$M)** | **Peak (not<br> necessarily in<br> same year)** | **Total (US$M)** |
| Mill / Concentrator, (US$M) | 17.69 | 30.42 | 394 |
| Pumping (i.e. Mine dewatering) (US$M) | 56.16 | 59.22 | 2193 |
| Workshops (US$M) | 0.20 | 0.21 | 7 |
| 3 Shaft Mining Area (US$M) | 25.56 | 25.56 | 254 |
| 4 Shaft Mining Area (US$M) | 5.47 | 32.85 | 443 |
| Others (US$M) | 10.71 | 11.24 | 403 |
| **TOTAL (US$M)** | **115.80** | **159.51** | **3693** |
| Kanona Power (US$M) | 47.97 | 54.7 | 201 |
| ZESCO Local Power (US$M) | 27.82 | 100.36 | 2572 |
| ZESCO Imported Power (US$M) | 18.73 | 21.35 | 76 |
| Connection Service Charge on Energy (US$M) | 18.45 | 27.88 | 758 |
| Excise Duty (US$M) | 2.84 | 3.23 | 85 |
| Unit Cost (US$/MWh) | 115.80 | 207.52 | 3693 |

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The power consumption of the concentrator is mostly variable with a significant portion of the cost associated with the primary grinding circuits.

The power consumption of Shaft 3 and Shaft 4 mining regions will be mostly variable related to the volume of rock passing along the material transport network and through primary underground crushing and hoisting. There is a fixed component that will slowly grow over time as more fixed infrastructure is added (e.g., new loading stations and primary and secondary ventilation additions).

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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The power consumption associated with dewatering is expected to increase over time. While the actual volumes of water removed from the mine are not expected to increase significantly over the life of the mine, the vertical distance that water must be pumped to remove it from the mine to surface will increase as the main operating areas of the mine will be deeper with continued mining.

18.2.3.1 Dewatering power consumption

Dewatering is a critical component of underground mine operations at KCM due to the substantial volume of water encountered throughout the mine. Effective water management is necessary to maintain safe and stable working conditions, prevent flooding, and enable continuous access to production areas.

The KCM dewatering system consists of a tiered approach comprising major pump stations, secondary dewatering infrastructure, and mobile units. Dewatering costs are categorised into the following operational functions:

· Major Dewatering Pump Stations: These fixed installations represent the backbone of the dewatering network
and are responsible for lifting the bulk of inflowing water to surface.

· Secondary Dewatering Pump Stations: These support stations assist with regional water movement and are
strategically placed to manage inflows from shafts, development areas, and inactive headings.

· Tertiary Dewatering: Mobile pumps are deployed in active mining zones to manage short-term inflows and
development water. These units are frequently relocated. The main types are submersible.

18.2.3.2 Ventilation power consumption

Ventilation power consumption was calculated for both primary surface fans and secondary underground fans.

Primary fans located at the surface provide bulk airflow for the mine's production zones.

Power consumption is calculated as follows:

 

*Power (kWh/year) = Days per year × Fan operating hours × Rated fan power (kW) × Availability × Utilization*

Secondary ventilation includes localised fans and booster fans serving haulage areas, development headings, and shaft access links. Fan types include:

· Single 90 kW units

· Twin 90 kW configurations (180 kW total)

Power costs follow the same formula as primary fans, adjusted by fan duty cycle and location-specific factors.

18.2.4 Backfill

The backfill operating cost is split into Surface plant operation, costs for maintaining the delivery system to underground, the production cost of the paste fill and contractor cost. It was assumed that either an existing business partner or a new specialist will be used for day-to-day filling operations underground in setting up for fill pours, building fill barricades etc. The main component cost of the paste fill is the binding agent with the rest of the raw material coming from the tailings stream and thus the cost of producing is already included in the process costs.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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18.2.5 Underground rail tramming operations

It was assumed that the trains used for the new rail levels (1150 and 1350) would consist of electric 20 t class locomotives with the types of wagons being bottom dump wagons although side tip wagons are also a possible alternative. This is based on details of the capital projects associated with these levels.

Within the 2026/27 Budget model, KCM have used a US$3.0/tonne rock moved for tramming operations. AMC were also supplied with a short productivity assessment on the Konkola Mine rail system though this was for a time period prior to 2019.

AMC did a simplistic buildup of costs using information from the Costmine database to confirm that this budget cost was appropriate to apply to the Mineral Reserve mine plan.

AMC have assumed that this cost also includes the allowance for the operation of personnel trains, which are currently an important aspect of moving the underground workforce from shaft plat areas to production areas at the start and end of shifts.

Based on this work a cost of US$2.85/tonne rock was applied in the model, assuming efficiency saving from the higher volumes of train movements that will occur.

18.2.6 Mine service functions

Several of mine service functions were assigned specific costs.

· Compressed air services: a small allowance for the operation of this infrastructure.

· Underground road maintenance: it was assumed that to achieve the required efficiencies in production fleet
performance, that this area would require additional focus. It was assumed that there will be sufficient dedicated motor graders used
to maintain underground roadways. It was assumed that suitable road sheeting material would be available for application to high traffic
flow trucking paths.

· Underground light vehicles: an allowance for operating consumables for the fleet.

18.2.7 Labor and workforce costs

KCM provides labor for non-contracted mining activities. These include technical services, shaft operation and maintenance team, engineering services, stores, logistics, concentrator staff and health and safety. KCM provided detailed personnel counts, salary tiers, and organizational structures of the current operational workforce which was used as starting point of the model. Labor costs include wages, benefits, and payroll overheads for permanent staff, business partners, and contractors assigned to operational areas.

18.2.8 Mill consumable costs

The mill consumable costs at the Konkola Concentrator cover the main reagent / chemicals and grinding media that are used in grinding, flotation and concentrate production. Cost estimates used the budget consumption rates at a starting point with small improvement in efficiency assumed as the mill operates up at its baseplate capacity for most of the Mineral Reserve mine plan.

18.2.9 Freight cost of concentrate

This cost is incurred in management of the concentrate produced and loading onto suitable trucks for transport to the Nchanga Smelter. The applied rate is US$7.0/tonne of concentrate produced.

18.2.10 Maintenance services and operating lease hire

These costs largely relate to shaft and headframe management (e.g. mud pumping, scaffolding for inspections) and other surface assets.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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18.2.11 Water

The required water supply for KCM operations was estimated split by major function. The Concentrator is the main use of water on site, and the applicable rate of consumption is 0.13 m<sup>3</sup>/tonne processed. The consumption for the other functions was left flat using the 2025/2026 Budget estimates.

18.2.12 Stores and spares and operating projects

The allocation for stores and spares and operating projects was left at budget settings. These were US$10.89M for stores and spares in the budget year 2026/27 and then US$10.35M for majority of Mineral Reserve mine plan. Operating projects were set at US$4.17M/year. It was assumed that this cost allocation would include ongoing operational readiness and efficiency works.

18.2.13 Administrative operating costs

Administrative costs cover site administration, regulatory compliance, workforce management, and business partner agreements that ensure smooth and efficient operation of the mine.

These expenditures include human capital management, training, logistics, and IT services.

18.2.14 Corporate allocations

The budget 2026/27 value of US$14.75M/year was assumed to be applied for each year of the Mineral Reserve mine plan.

18.2.15 Summary

The operating cost summary for the Konkola Mine over the Mineral Reserve mine plan is presented in Table 18.5, Figure 18.1, and Figure 18.2. The average unit operating cost for the Konkola Mine over the Mineral Reserve mine plan is US$125/t ore. The average unit operating cost for Nchanga TLP operations is US$15/t ore.

Operating costs include mining, processing, and site administration costs and over the life of the Mineral Reserve case are distributed across cost categories as illustrated in Figure 18.2.

Table 18.6 Konkola operating costs – Mineral Reserve case

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Parameter** | **Unit** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **LOM total** |
| Ore Processed | kt | 1640 | 2194 | 2185 | 3828 | 3651 | 29066 |
| Operating Costs | US$M | 282.9 | 320.1 | 316.3 | 414.1 | 407.1 | 3639 |
| Unit Costs | US$/t | 172.5 | 145.9 | 144.8 | 108.2 | 111.5 | 125.2 |

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Note: Operating costs include mining, processing, and site administration costs for the Konkola Mine.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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Figure 18.1 Konkola Mine operating cost profile – Mineral Reserve case

![](ctm005_ex96-2img78.jpg)

Source: AMC, 2026.

Figure 18.2 Konkola Mine cost breakdown – Mineral Reserve case

![](ctm005_ex96-2img79.jpg)

Source: AMC, 2026.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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18.3 Capital cost summary

Capital expenditure for the Mineral Reserve mine plan (Table 18.7) includes growth capital for processing improvements and infrastructure upgrades, development capital for the KDMP underground development, and sustaining capital for ongoing operations including the Nchanga Smelter and Refinery.

Table 18.7 Capital cost summary

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| | |
|:---|:---|
| <br>**Capital category** | **Amount (US$M)** |
| Growth Capital | 189 |
| Capital Development | 569 |
| Sustaining Capital | 461 |
| **Total Capital** | **1238** |

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18.3.1 Growth capital

Growth capital for the Konkola Mine totals US$189.0M over the Mineral Reserve production period and comprises investments required to support planned production rates and operational efficiency improvements. Key projects include the 1390 mL Pump Chamber (US$55M) for primary dewatering, tramming and rail upgrades to improve ore haulage capacity, and the Concentrator Stream 2 refurbishment to enhance processing throughput. Capital cost estimates have been developed to a Pre-Feasibility Study level of accuracy (±25%) based on vendor quotations, historical cost data, and engineering estimates. Indirect costs include engineering, procurement, and construction management (EPCM) allowances. A contingency of 10% has been applied to direct and indirect costs to account for scope uncertainty and estimating risk at this stage of study. The growth capital expenditure schedule is summarised in Table 18.8.

Table 18.8 Growth capital summary for the Mineral Reserve

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **WBS Package** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **Sub-total<br> (5Yr)** | **LOM<br> Total** |
| **Direct Costs** |  |  |  |  |  |  |  |
| Mid Shaft Loading (1010mL) | 0 | 0 | 0 | 1 | 0 | **2** | **2** |
| 1390mL Pump Chamber | 13 | 25 | 17 | 0 | 0 | **55** | **55** |
| New Vent Shafts | 0 | 0 | 0 | 2 | 2 | **5** | **5** |
| Concentrator Stream 2 | 0 | 0 | 4 | 0 | 0 | **4** | **4** |
| Tramming Upgrade Phase 2 (875mL) | 0 | 9 | 13 | 0 | 0 | **22** | **22** |
| 875 Track Rehab | 0 | 0 | 0 | 0 | 0 | **1** | **1** |
| 950 Track Rehab | 0 | 0 | 0 | 2 | 2 | **4** | **4** |
| 590mL Rail Upgrade | 1 | 0 | 0 | 0 | 0 | **1** | **1** |
| Automation of the Winder | 0 | 0 | 0 | 0 | 0 | **1** | **1** |
| Backfill | 11 | 20 | 10 | 0 | 0 | **41** | **61** |
| **Indirect Costs** |  |  |  |  |  |  |  |
| EPCM & Indirect Costs | 2 | 5 | 5 | 5 | 5 | **21** | **21** |
| Contingency (10%) | 3 | 3 | 3 | 3 | 3 | **14** | **14** |
| **Total Growth Capital (US$M)** | **31** | **62** | **52** | **12** | **12** | **169** | **189** |

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Note: All values in US$M. Contingency applied at 10% of direct and indirect costs.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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18.3.2 Sustaining capital and capitalised mining development

Capitalised mining development and sustaining capital for the Mineral Reserve case totals US$1030M over the 11-year production period. Capitalised mining development of US$569M comprises lateral and vertical development required to access mineral reserves at the Konkola Mine, with the majority of expenditure (US$433M) occurring in the first three years to establish production infrastructure. Sustaining capital of US$461M includes ongoing equipment replacement, infrastructure maintenance, and operational support costs for both the KCM underground operations (US$302) and the Nchanga Smelter and Refinery (US$142M) and the TLP operations (US$17M). The sustaining capital profile reflects relatively lower expenditure initially while development activities are prioritised, increasing to a steady-state level of approximately US$35–40M per annum from FY 2027/28 onwards. The annual capitalised mining development and sustaining capital schedule is presented in Table 18.9, with a summary by cost category provided in Table 18.10.

Table 18.9 Development, sustaining and growth capital by complex (5 year and LOM) for Mineral Reserve

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Category** | **FY26/27** | **FY27/28** | **FY28/29** | **FY29/30** | **FY30/31** | **5 Yr Total** | **LOM Total** |
| **Konkola Underground** |  |  |  |  |  |  |  |
| Lateral Development | 173 | 105 | 104 | 45 | 26 | **453** | **505** |
| Vertical Development | 18 | 29 | 4 | 3 | 2 | **56** | **64** |
| **Konkola Capitalised Development** | **191** | **134** | **109** | **48** | **28** | **509** | **569** |
| KCM Sustaining Capital | 13 | 37 | 33 | 37 | 34 | **155** | **302** |
| KCM Growth | 31 | 62 | 52 | 12 | 12 | **169** | **189** |
| **KCM Subtotal** | **235** | **234** | **193** | **97** | **74** | **833** | **1060** |
| **Nchanga Smelter** |  |  |  |  |  |  |  |
| Smelter & Refinery Sustaining Cap. | 35 | 5 | 5 | 25 | 5 | **74** | **142** |
| **TLP** |  |  |  |  |  |  |  |
| TLP Growth | 20 | 0 | 0 | 0 | 0 | **20** | **20** |
| TLP Sustaining Capital | 8 | 4 | 5 | 0 | 0 | **17** | **17** |
| **Total** | **297** | **242** | **203** | **122** | **79** | **943** | **1238** |

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Note: All values in US$M. Totals may not sum due to rounding.

Table 18.10 Summary by category

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| | | |
|:---|:---|:---|
| **Category** | **Total (US$M)** | **% of Total** |
| Capitalised Mining Development | 569 | 46% |
| KCM Sustaining Capital | 302 | 24% |
| KCM Growth | 189 | 15% |
| Nchanga Smelter Sustaining | 142 | 11% |
| TLP Growth | 20 | 2% |
| TLP Sustaining Capital | 17 | 1% |
| **Total** | **1238** | **100%** |

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Note: All values in US$M. Totals may not sum due to rounding.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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18.3.3 Form of capital cost estimate

The capital cost estimate was completed for the underground schedule built on the Mineral Reserve minable shapes. The capital estimate was split into:

· Growth capital projects: A specific list of capital projects identified as vital for the business to rejuvenate
the operation and achieve future production goals, particularly an increase in total production from Konkola. These packages of work are
expected to be completed within the first six years of operation.

· Underground lateral and vertical capital development: Grouped into two main cost areas: development that
forms the backbone of the infrastructure systems (e.g., dewatering drives, rail horizons), and development that allows for access and
production from the mineralisation (e.g., access declines to individual stoping panels).

· New capital infrastructure items: Primarily fit outs of underground drives or installation of equipment,
such as new underground mobile fleet workshops constructed as the depth and center of mining activities increases.

· Sustaining capital infrastructure expenditure: Maintaining, refurbishment, or minor replacements of items
that form the installed facilities, such as yearly allowances for the Konkola Concentrator.

18.3.4 Capital cost estimation methodology

Capital cost estimates were derived using the following methodologies:

· Updated supplier quotations.

· Price calculations based on industry rates and derived quantities.

· Previous supplier quotations with escalation rates applied.

· Industry database pricing.

The estimation accuracy meets and in places exceeds PFS guidelines and standards. This capital profile has been developed by AMC with input from KCM management and will require more detailed scheduling with participation from the KCM project team to coordinate with all simultaneous activities.

18.3.5 Lateral and vertical underground development

The underground development is split into three major types:

**Lateral capital development:** Horizontal or inclined tunnels (max ±1 in 7 gradient) required to mine the mineralisation of the deposit. This development is further divided into:

· Primary – Backbone infrastructure including all capital chambers and drives around the shafts and
the mine-wide rail levels incorporating the material handling system.

· KDMP development – Panel / production area development, including incline / declines that connect
the mine-wide rail drives and set up the production stoping areas.

**Vertical capital development:** Vertical or inclined development (max 30 degrees from vertical) including all ventilation rises, rock passes, and dewatering drillholes. This is limited to development that would be completed by the existing mining contractors.

18.3.6 Konkola Mine capital fit out

As the mine develops and the production front moves into new mining areas and levels at depth, there is a continual requirement to complete capital fit out of various mined development to extend mine services and function.

These requirements were estimated by defining infrastructure modules (IMODs), which are scoped lists of components that make up complete fit out items. IMODs were grouped into categories by function including:

· Production support infrastructure

· Dewatering infrastructure

· Mine services infrastructure

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· Material handling infrastructure

· Workforce support infrastructure

· Mobile fleet support infrastructure

· Electrical infrastructure

· Mine ventilation infrastructure

· Rail fixed capital infrastructure

The design team evaluated the underground design and built up a table of requirements for each major zone of the mine. These IMODs can be scaled where necessary and no contingency or owner's costs are included in the individual module estimates.

18.3.7 Konkola diamond drilling capital campaigns

Diamond drilling campaigns to increase confidence in mineralisation are considered capital costs. There are two categories of drilling campaign:

· Major drilling campaigns: Engagement of a suitable external contractor to place multiple drill rigs underground
and complete an extended program of drilling.

· Production-focused campaigns: Smaller and more regular campaigns focused on proving up material that will
be mined in the near term.

KCM have committed to completing substantial diamond drilling in the next few years to increase the Mineral Reserve inventory.

18.3.8 Konkola Concentrator facility capital estimate

Future growth capital spent on the Konkola Concentrator is proposed to be limited due to there being no planned expansion of the baseplate capacity of the facility. Baseplate capacity will be restored by the "Concentrator Stream 2" work package included in growth capital. Growth capital is limited to general improvement projects, with an allowance of US$0.15M per year included in the Mineral Reserve case.

Future sustaining capital spend on the Konkola Concentrator consists of general annual sustaining spend for most operating years, with larger expenditure likely to occur at approximately 7–10 yearly intervals representing extended overhauls or major refurbishment projects. This cost was approximated by assuming a sustaining cost of 2% of the estimated FY 25/26 replacement cost of the concentrator (approximately US$350M). The combined capital expenditure is presented with slightly less forecast for the initial years given the refurbishment work already completed as part of the restart of the operation.

18.3.9 TD03 AND TD04 tailings reclamation capital costs

There is no capital requirements for the existing tailings reclaim operations at TD03 and TD04.

18.3.10 Smelter and refinery capital costs

The sustaining costs for the smelter were based on required spending to maintain baseplate capacity without any allowance for new features or functions. There is significant refurbishment cost assumed to be spent in the next year to restore function of the asset given previous significant periods of non-operation and general aging of the facility. Planned life of asset capital expenditure in the smelter is $142M.

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Table 18.11 Smelter and refinery capital estimate schedule (first five years)

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|:---|:---|:---|:---|:---|:---|:---|
| <br>**Item category** | **FY 26/27<br> Year 1** | **FY 27/28<br> Year 2** | **FY 28/29<br> Year 3** | **FY 29/30<br> Year 4** | **FY 30/31<br> Year 5** | **Total project<br> life** |
| **Smelter & Refinery** |  |  |  |  |  |  |
| New Growth Capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Sustaining Capital | 35.0 | 4.5 | 4.5 | 25.0 | 4.5 | 35.0 |
| **Total** | **35.0** | **4.5** | **4.5** | **25.0** | **4.5** | **35.0** |

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Note: All values in US$M. Totals may not sum due to rounding.

18.4 Mine closure

Closure costs of US$133M have been estimated for the KCM Integrated Operations based on preliminary closure planning and are included in the economic analysis at Section 19. The estimate reflects the requirements of the 2024 Zambian closure guidelines and the independent third-party EPF audit referenced in Section 17.1. Detailed rehabilitation, closure, and post-closure planning is presented in Section 17.3.

18.5 Risk mitigation and cost control measures

To improve estimate reliability and reduce financial risk, the following measures are implemented:

· Progressive Refinement of Cost Models: Cost estimates will be continuously updated as engineering designs
advance and operational data becomes available during project execution.

· Independent Peer Reviews: Third-party validation of cost assumptions and risk factors has been undertaken
by AMC as part of this PFS.

· Contingency Allocations: Cost contingencies have been included to account for market volatility, foreign
exchange fluctuations, and unforeseen conditions.

· Vendor and Contractor Engagement: Fixed-price contracts will be pursued where practicable to minimise
cost overruns during project execution.

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19 Economic analysis

19.1 Basis of economic analysis

This economic analysis is based on Mineral Reserves as defined in Section 12.

The Mineral Reserve mine plan comprises:

· Konkola Mine: Production from Measured and Indicated Mineral Resources, with any Inferred Mineral Resources
within the mine designs treated as waste at zero grade.

· TD03 AND TD04 Tailings: Production from Indicated Mineral Resources converted to Probable Mineral Reserves,
processed through the Nchanga TLP.

The underground development plan has been focused on accessing and recovering the Measured and Indicated Mineral Resources. The capital investment program is limited to expenditure required to execute the Mineral Reserve mine plan.

The economic analysis presented in this section relates exclusively to the Mineral Reserve mine plan described above. Readers comparing these results to the M&I Case in the companion Initial Assessment TRS should note that the IA M&I Case has a broader scope - additionally incorporating the Measured and Indicated portion of TD05 (refer Section 12.1) processed through the existing Nchanga TLP - and runs approximately 15 years, against the approximately 11-year Mineral Reserve life presented in this PFS. The basis for excluding TD05 from the Mineral Reserves at the effective date is set out in Section 12.1.

19.2 Key assumptions

The following key assumptions, parameters, and methods were used in the economic analysis:

19.2.1 Byproducts included in the cash flow model

The cash flow model includes revenue from two byproducts produced at the Nchanga Smelter: cobalt alloy and sulfuric acid. Both are integral to the KCM integrated flowsheet and are credited within the Smelter and Refinery Credits line of Table 19.3 and Table 19.4. Table 19.1 summarizes the type, quantity, and price assumption for each byproduct in accordance with Item 601(b)(96)(iii)(B)(19) of Regulation S-K.

Table 19.1 Byproducts: Type, quantity, and price assumption

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| | | | | |
|:---|:---|:---|:---|:---|
| **Byproduct** | **Unit** | **LOM Quantity<br> (**~**11-year Mineral<br> Reserve LOM)** | **Price assumption** | **Revenue Treatment in Financial <br> Model** |
| Cobalt alloy (all smelter sources)<sup>1</sup> | t (alloy) | 405566 | US$42,262 – 52,465/t Co<sup>2</sup> | Credited in Smelting & Credits line; sold externally |
| Of which: KCM & Nchanga own concentrate | t (alloy) | 161152 |  |  |
| Of which: third-party external concentrate<sup>3</sup> | t (alloy) | 244415 |  |  |
| Cobalt (Co) content in alloy | t (Co) | 8131 | US$42,262 – 52,465/t Co<sup>2</sup> | Payable Co fraction applied to market price |
| Sulfuric acid<sup>4</sup> | t | 3689525 | US$130/t<sup>5</sup> | Transfer-priced credit; consumed internally by Nchanga TLP for copper leaching |

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Notes:

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| 1 | Cobalt alloy quantities reflect total smelter output, inclusive of cobalt alloy attributable to third-party external concentrate processed at the KCM Nchanga Smelter. Third-party concentrate is acquired by KCM on a metal-return ownership basis - KCM is not operating as a toll processor. The inclusion of third-party concentrate in the smelter feed is a metallurgical requirement of the flash smelting process (see Section 14.4.3); for financial treatment of associated revenues and costs, see Section 19.2.4. |

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| 2 | Cobalt price based on P50 analyst consensus ranging from US$42,262/t to US$52,465/t Co over the Mineral Reserve life of mine (FY26–FY42). Revenue is calculated on the payable cobalt fraction within the alloy product. Payability is 32% for the majority of the LOM (FY32 onwards), stepping down to 19% and 16% during ramp-up years (FY26–FY31), as per marketing terms and consistently applied in the financial model. |

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| 3 | Cobalt alloy attributable to third-party external concentrate: 244,415 t alloy over the Mineral Reserve LOM. The cobalt revenue from this stream is captured in the Smelter and Refinery Credits line of the financial model alongside KCM's own cobalt production. No material derived from third-party concentrates has been included in any Mineral Resource or Mineral Reserve estimate. |

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4 Sulfuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd) from smelter off-gas. Quantity shown represents gross production over the Mineral Reserve LOM, consumed internally as a reagent at the Nchanga Tailings Leach Plant (TLP); no acid is sold externally.

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| 5 | Internal transfer price between Nchanga Smelter (producer) and Nchanga TLP (consumer). External market price of US$175/t applies in the third-party concentrate sensitivity Section 19.2.4. |

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Source: AMC, 2026.

19.2.2 Production plan

The basis of the economic model is the mining, processing and smelting schedule as presented in this report which includes mined tonnes (ore and waste), development meters, processed ore tonnes, grade and recoveries.

The KCM Mineral Reserve Plan comprises production from Measured and Indicated Mineral Resources at Konkola Mine and Indicated Mineral Resources in TD03 and TD04.

A concept blend plan was developed to determine the copper metal and cobalt alloy produced from the available feed sources. Based on assumptions provided by KCM, excess smelter capacity in each year is filled by concentrates purchased from external third parties (refer Figure 19.1 below). These concentrates are assumed to meet the specifications required by the smelter over the life of the operations. No material (concentrate nor produced copper) generated from third party purchased concentrates has been included in any Mineral Resource or Mineral Reserve estimates for KCM.

The projected overall mining schedule over the Mineral Reserve life is presented in Figure 19.2, showing annual payable copper production from the KCM underground mines, Nchanga, the Nchanga TLP, and third-party concentrate sources.

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Figure 19.1 KCM Smelter Feed Profile – Mineral Reserve Case (incl. external purchased concentrates)

![](ctm005_ex96-2img80.jpg)

Source: AMC, 2026.

Figure 19.2 Projected overall mining schedule

![](ctm005_ex96-2img81.jpg)

Source: AMC, 2026.

The production profile from Mineral Reserves is shown in Figure 19.3.

The Mineral Reserve case produces a total of approximately 803 kt of payable copper, comprising 723 kt from the Konkola Mine and 80 kt from the Nchanga TLP, increasing to approximately 814kt of integrated metal production after smelter recovery.

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Figure 19.3 KCM Mineral Reserve production profile

![](ctm005_ex96-2img82.jpg)

Source: AMC, 2026.

19.2.3 Revenue

The copper price selected by KCM for the cashflow analysis is based on current and consensus price forecasts (April 2026) as discussed in this document and presented in Table 19.2 and Figure 19.4 below.

The selected copper prices for the economic analysis are the P75 values, which align with the spot price achieved at the start of 2025. P75 represents the 75<sup>th</sup> percentile of the consensus price forecast, meaning there is a 25% probability of actual prices exceeding this level. Revenue is derived from copper and cobalt sales from the Nchanga Smelter and copper cathode sales from the Nchanga TLP.

Revenue assumptions:

· Copper Price: P75 consensus pricing as per Table 19.2 (ranging from US$11,101/t to US$12,793/t over the
Mineral Reserve production period).

· Cobalt Price: P50 consensus pricing (ranging from US$42,262/t to US$52,465/t over the Mineral Reserve
production period).

· Discount Rate: 8% real, pre-tax.

Table 19.2 Consensus pricing forecast – Mineral Reserve case

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**US$/t Cu Real** | **FY<br> 26/27** | **FY<br> 27/28** | **FY<br> 28/29** | **FY<br> 29/30** | **FY<br> 30/31** | **FY<br> 31/32** | **FY<br> 32/33** | **FY<br> 33/34** | **FY<br> 34/35** | **FY<br> 35/36** | **FY<br> 36/37** |
| Max | 12793 | 12556 | 12297 | 12295 | 11848 | 11101 | 11101 | 11101 | 11101 | 11101 | 11101 |
| P75 | 12793 | 12556 | 12297 | 12295 | 11848 | 11101 | 11101 | 11101 | 11101 | 11101 | 11101 |
| P50 | 12283 | 11874 | 11639 | 11447 | 11390 | 10762 | 10762 | 10762 | 10762 | 10762 | 10762 |
| Avg | 12268 | 11811 | 11604 | 11628 | 11308 | 10339 | 10339 | 10339 | 10339 | 10339 | 10339 |
| P25 | 11727 | 11101 | 10876 | 11142 | 10685 | 9154 | 9154 | 9154 | 9154 | 9154 | 9154 |
| Min | 11727 | 11101 | 10876 | 11142 | 10685 | 9154 | 9154 | 9154 | 9154 | 9154 | 9154 |

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Source: Consensus Economics and analyst forecasts (March 2026). P75 (shaded) used for economic analysis.

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Figure 19.4 Copper price forecast – consensus range

![](ctm005_ex96-2img83.jpg)

Source: Consensus Economics and analyst forecasts (April 2026). P75 used for economic analysis.

19.2.4 Third-party concentrate: basis for inclusion in economic analysis

The economic analysis includes revenue and costs attributable to the purchase and processing of third-party copper concentrate through the Nchanga Flash Smelter. The QP considers the inclusion of these cash flows to be appropriate and consistent with the requirements of Item 601(b)(96)(iii)(B)(19)(ii) of Regulation S-K for the reasons set out below.

The primary basis for this inclusion is metallurgical. KCM's own concentrates, produced at the Konkola Concentrator and the Nchanga Concentrator, carry elevated silica content of typically 20–22% SiO₂, materially exceeding the preferred FSF feed limit of less than 15% SiO₂. Operating the flash smelter on KCM's own concentrates alone would produce an Fe/SiO₂ ratio outside the thermodynamic operating envelope of the furnace, causing instability in the reaction shaft, increased slag losses, reduced copper recovery into the blister phase, and potential refractory damage. To correct this imbalance, chalcopyrite-dominant concentrates with higher iron and lower silica content must be incorporated into the feed blend. This is a design requirement of the FSF, not a matter of commercial preference. The Nchanga Flash Smelter has a design throughput capacity of 850,000 tpa of concentrate, and KCM's own Mineral Reserve production from the Konkola Mine does not generate sufficient concentrate volume to sustain that throughput across the Mineral Reserve life of mine, particularly during the ramp-up period when shaft rehabilitation and development capital is being deployed. As a consequence of both the blending requirement and the capacity utilisation profile, the LOM plan assumes the purchase of 300,000–315,000 tpa of third-party concentrate to supplement KCM's own feed (see Section 14.4.3 and the smelter feed profile in Figure 19.1).

Critically, the smelting of sulfide concentrates, whether KCM's own or third-party, is the primary source of sulfur dioxide from which sulfuric acid is produced at the Nchanga acid plant (capacity 1,850 tpd). This acid is the essential reagent for the Nchanga Tailings Leach Plant (TLP), which processes the tailings from TD03 and TD04. In this PFS, TD03 and TD04 are declared as Probable Mineral Reserves (Table 12.1) contributing 80 kt of payable copper, representing 10% of total Mineral Reserve copper production. Without third-party concentrate supplementing smelter feed, sulfuric acid output would be materially reduced; the shortfall would need to be sourced from external third-party acid suppliers at significantly higher cost (Section 14.4.3.4), materially altering the economics attributable to KCM's own Mineral Reserve. The exclusion of third-party concentrate cash flows would therefore not produce a more conservative or more accurate representation of the Mineral Reserve economics; it would produce a materially distorted result by removing a cost-offset that is structurally necessary to realise the declared TD03/TD04 Mineral Reserve.

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The QP therefore concludes that the third-party concentrate processing activity is operationally integral to the economic viability of KCM's own Mineral Reserves. The inclusion of associated revenues and costs in the economic model does not misrepresent the economics of the property's own mineralisation; rather, their exclusion would undermine the economic basis on which the Mineral Reserve is declared.

In the interests of transparency, the financial contribution of third-party concentrate processing is separately identified throughout this report. Table 19.1 presents third-party concentrate volumes, grade, and attributable cobalt alloy production as distinct line items within the byproducts disclosure. In Table 19.3 and Table 19.4, concentrate purchase costs (US$11,511M) and Smelter and Refinery Credits (US$729M) are disclosed as separate cost line items, enabling readers to assess the net economic contribution of third-party processing activity. C1 and AISC unit cost metrics are calculated on KCM's integrated metal production only, excluding third-party concentrate metal, as noted in the foot notes to Table 19.3 and Table 19.4.

19.2.4.1 Third-party concentrate sensitivity

To assess the sensitivity of project economics to the dependency on third-party concentrate, the following analysis models the removal of third-party concentrate from the LOM plan entirely. The combined post-tax NPV₈% impact is approximately US$210M, representing a reduction of approximately 13% from the base case post-tax NPV₈% of US$1,588M, reducing it to approximately US$1,378M. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production.

The total impact comprises two components.

**Direct smelter contribution**

Under the Mineral Reserve case, third-party external concentrate represents approximately 60% of total smelter feed (3,425 kt of 5,644 kt LOM smelter feed). Removal of the EBITDA contribution from external concentrate, treating smelter fixed costs as stranded (i.e. unsaved when external concentrate is removed), reduces NPV₈% by approximately US$140M, or approximately 9% of base case. The incremental margin on third-party concentrate processing is significantly lower than on KCM's own Mineral Reserve production, as the revenue benefit is substantially offset by concentrate purchase costs, treatment charges, and associated smelter operating expenses. Accordingly, the KCM Integrated Operations remain robustly economic on the basis of KCM's own Mineral Reserve production when considering the direct smelter impact alone.

**Incremental acid procurement cost**

Reduced smelter throughput reduces internal sulfuric acid production proportionally, requiring the Nchanga TLP to source the shortfall externally. The incremental cost is calculated on the delta between the external market price for sulfuric acid on the Copperbelt (US$175/t) and the internal transfer price (US$130/t), or US$45 per tonne, applied to the incremental external acid volumes required when smelter throughput is reduced. The NPV₈% impact is approximately US$70M, or approximately 4% of base case.

**Conservative assumptions**

The analysis uses conservative assumptions throughout. The US$130/t internal acid transfer price reflects the QPs' estimate of normalised external procurement cost as at the effective date of this report. Acid prices on the Central African Copperbelt are subject to variability depending on regional smelter operating rates, export policy, and logistics availability; in periods of tighter supply the market price for sulfuric acid has historically exceeded the US$130/t assumption, which would increase the cost impact accordingly. Additionally, the analysis does not model the operating consequences of running the FSF below its thermodynamic stability threshold, which could result in reduced copper recovery and furnace damage over and above the cost impacts quantified above. The KCM Integrated Operations remain economic under this sensitivity on the basis of KCM's own Mineral Reserve production, and the uninterrupted sourcing of third-party concentrate is identified as an essential operational and commercial requirement throughout the life of mine.

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19.2.5 Taxation and royalties

The economic analysis incorporates Zambian fiscal obligations comprising mineral royalties and corporate income tax. Mineral royalties are levied on a sliding scale based on the prevailing copper price, ranging from 4.0% at copper prices below US$4,000/t to 10.0% at copper prices above US$7,000/t. The full royalty structure is set out in Section 0 and Table 12.4, and royalty payments are deducted as an operating cost within the cash flow model.

Zambian corporate income tax is applied at the statutory mining rate of 30%, applied uniformly to taxable income across the life-of-mine. The taxable income calculation reflects revenue net of operating costs (including mineral royalties, which are deducted as an operating cost and not duplicated within this section), interest, and tax depreciation, with the opening tax loss pool described below applied subject to the statutory utilisation cap.

Capital expenditure (growth capital, capitalized development, and sustaining capital) is depreciated for tax purposes on a straight-line basis over an 8.33-year economic life, equivalent to a 12% annual allowance. This rate is adopted as a simplifying assumption that approximates the blended outcome of the capital-allowance regime under the Zambian Income Tax Act, which provides for differing rates across plant and machinery, industrial buildings, and mine development expenditure. The QPs consider this simplification reasonable for a Preliminary Feasibility Study, where the precision of asset-class apportionment is below the level of detail otherwise applied in the economic analysis.

Tax losses are carried forward for ten years from the year of incurrence in accordance with the Zambian Income Tax Act and may offset up to 50% of taxable mining income in any given year.

No mineral variable profit tax, windfall tax, or other Zambian-specific resource tax is modelled. Withholding taxes on dividend distributions, deferred tax balances, and value-added tax on capital and operating expenditure inputs are not separately reflected in the economic analysis; VAT is assumed to be either recoverable or already embedded in input cost estimates as appropriate. The QPs have relied on the Registrant for the interpretation of Zambian fiscal legislation and the determination of the opening tax loss balance, as set out in Section 25.5.

19.3 Economic results

The pre-tax economic analysis is based on a financial model developed to estimate annual cash flows for the KCM Integrated Operations, comprising the Konkola Mine, the Nchanga TLP processing material from TD03 and TD04, and the Nchanga Smelter. The economic model incorporates the operating costs, capital costs, and pricing inputs described in this report.

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The Mineral Reserve case economic results are summarised in Table 19.3.

Table 19.3 Economic analysis summary – Mineral Reserve case

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| | |
|:---|:---|
| **Item** | **Value** |
| **Production** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Mine Ore mined | 29066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Ore head grade | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Ore Recovery | 89.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter Recovery | 98.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Konkola Mine Cu Payable | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore mined | 24522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Ore head grade | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Total Cu Recovery | 48.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nchanga TLP Cu Payable | 80 |
| **Integrated Metal Production <sup>(1)</sup>** | **814** |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-Party Concentrate processed | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-Party Metal Production | 1112 |
| **Total Metal <sup>(2)</sup>** | **1925** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine Life | 11 |
| **Revenue** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Copper Revenue **<sup>(3)</sup>** | 21426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate Purchase Cost (third-party) | (11511) |
| **Net Revenue <sup>(4)</sup>** | **9914** |
| **C1 Cash Cost Build <sup>(5)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining Operating Costs (Konkola + NBU + Nchanga TLP) | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery Operating Costs — in-house share | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery By-Product Credits — in-house share | (278) |
| *Net Smelter & Refinery Cost — in-house share* | *246* |
| **C1 Cash Cost <sup>(6)</sup>** | **4415** |
| **C1 Cash Cost per pound <sup>(7)</sup>** | **2.46** |
| **AISC Build <sup>(8)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Royalties | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital **<sup>(9)</sup>** | 461 |
| **All-in Sustaining Cost (AISC)** | **5583** |
| **AISC per pound <sup>(8)</sup>** | **3.11** |
| **Reconciliation: C1 to Total Operating Costs <sup>(10)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;C1 Cash Cost | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smelter & Refinery — net of credits, total | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;less: In-house share included in C1 ⁽⁶⁾ | (246) |
| **Third-party share of smelter & refinery (net) ⁽⁶⁾** | **401** |
| **Total Operating Costs** | **4816** |
| **Capital Costs** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth Capital | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Development | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining Capital | 461 |
| **Total Capital Expenditure** | **1238** |
| &nbsp;&nbsp;&nbsp;&nbsp;Closure Costs | 133 |
| **Economic Metrics** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow (pre-tax) | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Taxes | (595) |
| **Free Cash Flow (post-tax)** | **2425** |
| &nbsp;&nbsp;&nbsp;&nbsp;NPV₈% (pre-tax, real basis) | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;NPV₈% (post-tax, real basis) | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;IRR (pre-tax) <sup>(11)</sup> | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;IRR (post-tax) <sup>(11)</sup> | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Payback Period <sup>(12)</sup> | 2 |

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Notes:

1. Integrated Metal Production is the sum of payable copper from KCM's own mining and processing operations:
Konkola Mine (734 kt) and Nchanga TLP (80 kt). Excludes copper from third-party concentrate processed at Nchanga Smelter and Nkana Refinery.

2. Total Metal is the sum of Integrated Metal Production (814 kt) and Third-Party Metal Production (1,112
kt) from processing third-party concentrate at Nchanga Smelter and Nkana Refinery.

3. Gross Copper Revenue calculated on payable copper sold (Total Metal of 1,925 kt) at consensus P75 copper
pricing of US$11,101/t to US$12,793/t over the production period. No adjustment for TC/RC or freight, which are presented as revenue deductions
in the C1 framework.

4. Net Revenue is Gross Copper Revenue less third-party concentrate purchase cost (cash outflow to suppliers
of third-party concentrate feed to Nchanga Smelter). Net Revenue is the figure used in free cash flow calculations.

5. C1 Cash Cost is a non-GAAP measure widely used in the mining industry to compare operating cost performance.
It represents the direct cash cost per pound of payable copper, comprising mining and processing costs (incl. site G&A) and the in-house
share of net smelter and refinery operating costs. Excludes royalties, sustaining capital, closure costs, D&A and financing costs.
Calculated on KCM's own payable copper (Integrated Metal Production basis).

6. C1 Cash Cost formula: C1 = Mining Op Costs + (Smelter & Refinery Op Costs - By-Product Credits)
× Integrated Metal Production / Total Metal.

7. Unit cost denominator: both C1 and AISC per-pound figures use Integrated Metal Production (814 kt ≈
1,795 Mlb), not Total Metal. C1/lb = US$4,415M ÷ 1,795 Mlb = US$2.46/lb Cu. AISC/lb = US$5,583M ÷ 1,795 Mlb = US$3.11/lb
Cu. On a Total Metal basis, unit costs would be lower but would not reflect KCM's own production economics.

8. All-in Sustaining Cost (AISC) is a non-GAAP measure widely used in the mining industry as a comprehensive
indicator of total cash and sustaining capital cost per pound of payable copper. AISC = C1 Cash Cost + Total Royalties + Sustaining Capital.
Excludes growth capital, capital development on incremental projects, and closure costs. Calculated on the same Integrated Metal Production
basis as C1.

9. Sustaining Capital of US$461M comprises Konkola Mine (US$302M), existing Nchanga TLP (US$17M), and Nchanga
Smelter & Nkana Refinery (US$142M). Shown both in Capital Costs and AISC Build sections, but is a single figure that should not be
double-counted.

10. Total Operating Costs Reconciliation. Total Operating Costs (US$4,816M) represent all cash operating expenditure
of KCM. Differs from C1 by components excluded from C1: (i) third-party share of net smelter and refinery costs (US$181M net = US$384M
cost less US$203M credits); (ii) freight on copper sales (US$17M); and (iii) TC/RC on third-party concentrate (US$203M). These are presented
as revenue deductions and revenue offsets in the C1 framework. Refer to Section 18.

11. IRR not reported for the Reserve Case. KCM is a brownfield producing operation; cumulative free cash flow
is positive from Year 1 of the Reserve Case, and a conventional IRR does not produce a meaningful measure of economic viability for an
operation with no greenfield-type construction outflow. IRR is calculable and reported for the Full Resource Case which includes the proposed
TLP 2 construction capital deployment phase.

12. Payback Period is calculated as cumulative time from Year 1 of the Reserve Case.

KCM is a brownfield producing operation with established infrastructure, an operating workforce, and an existing production base. Capital expenditure for the Mineral Reserve mine plan is distributed across the production period to support ongoing operations rather than concentrated in an initial project construction phase. The modest Year 1 negative pre-tax free cash flow reflects incremental investment timing rather than a greenfield-type construction outflow, and a conventional internal rate of return (IRR) calculation does not produce a meaningful measure of economic viability. S-K 1300 Item 1302(d)(4)(i)(ii) identifies IRR as a measure of economic viability; however, the Qualified Person has determined that net present value and payback period, as presented in this section, are the appropriate measures for evaluating the economic viability of the KCM Integrated Operations. The payback period is calculated against initial capital investment (growth capital and capitalised mining development) on a post-tax basis, with sustaining capital and closure costs netted into recovery cashflow as ongoing operating obligations of the producing brownfield asset. This is consistent with industry practice for producing operations where incremental capital investment supports ongoing production rather than a defined project construction phase.

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The annual and cumulative cashflows are presented on an annual basis in Figure 19.5 and Table 19.4.

Figure 19.5 Mineral Reserve cashflow

![](ctm005_ex96-2img84.jpg)

Source: AMC, 2026.

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Table 19.4 Mineral Reserve production and cashflow schedule

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Unit** | **FY2026/27** | **FY2027/28** | **FY2028/29** | **FY2029/30** | **FY2030/31** | **FY2031/32** | **FY2032/33** | **FY2033/34** | **FY2034/35** | **FY2035/36** | **FY2036/37** | **FY2037/38** | **FY2038/39** | **FY2039/40** | **FY2040/41** | **Total** |
| **Production** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| KCM Ore Mined | kt | 1640 | 2194 | 2185 | 3828 | 3651 | 3417 | 3455 | 3424 | 2428 | 1757 | 1087 | 0 | 0 | 0 | 0 | **29066** |
| KCM Head Grade | %TCu | 3.01% | 2.89% | 2.81% | 3.01% | 3.02% | 2.87% | 2.79% | 2.81% | 2.85% | 2.80% | 2.79% | 0.00% | 0.00% | 0.00% | 0.00% | **2.89%** |
| KCM Recovery | % | 88.30% | 90.00% | 91.22% | 88.07% | 88.35% | 88.39% | 89.00% | 89.95% | 89.90% | 89.71% | 89.31% | 0.00% | 0.00% | 0.00% | 0.00% | **89.17%** |
| KCM Cu Payable | kt | 42 | 55 | 54 | 98 | 94 | 84 | 83 | 84 | 60 | 43 | 26 | 0 | 0 | 0 | 0 | **723** |
| Smelter Recovery | % | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% |  |  |  |  | **98.1%** |
| KCM Cu Payable with Smelter Recovery | kt | 43 | 56 | 55 | 99 | 96 | 85 | 84 | 85 | 61 | 43 | 27 |  |  |  |  | **734** |
| NBU Ore Mined | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0** |
| NBU Cu Payable | kt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **0.0** |
| Nchanga TLP Ore Mined | kt | 6490 | 10021 | 8011 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **24522** |
| Nchanga TLP Ore Head Grade | %TCu | 0.57% | 0.64% | 0.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **0.64%** |
| Nchanga TLP Ore Recovery | % | 49.05% | 50.54% | 46.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | **48.54%** |
| Nchanga TLP Cu Payable | kt | 18 | 32 | 29 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **80** |
| Third Party Concentrate | kt | 338 | 306 | 315 | 308 | 308 | 308 | 308 | 308 | 308 | 308 | 308 | 0 | 0 | 0 | 0 | **3425** |
| Third Party Concentrate Grade | % | 32.5% | 32.4% | 32.6% | 33.3% | 33.3% | 33.3% | 33.3% | 33.3% | 33.3% | 33.3% | 33.3% | 0 | 0 | 0 | 0 | **33.1%** |
| Third Party Metal Production | kt | 108 | 97 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 101 | 0 | 0 | 0 | 0 | **1112** |
| Integrated Metal Production | kt | 61 | 88 | 84 | 99 | 96 | 85 | 84 | 85 | 61 | 43 | 27 | 0 | 0 | 0 | 0 | **814** |
| Total Metal | kt | 169 | 185 | 185 | 200 | 196 | 186 | 185 | 186 | 162 | 144 | 127 | 0 | 0 | 0 | 0 | **1925** |
| **Revenue** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Revenue | US$M | 2054 | 2230 | 2179 | 2343 | 2212 | 1959 | 1948 | 1954 | 1700 | 1512 | 1335 | 0 | 0 | 0 | 0 | **21426** |
| **Operating Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mining Operating Costs | US$M | 472 | 510 | 467 | 414 | 407 | 395 | 365 | 363 | 299 | 262 | 213 | 0 | 0 | 0 | 0 | **4169** |
| Smelter & Refinery OPEX | US$M | 122 | 128 | 129 | 135 | 135 | 132 | 124 | 124 | 119 | 116 | 112 | 0 | 0 | 0 | 0 | **1376** |
| Smelter & Refinery Credits | US$M | -59 | -59 | -60 | -78 | -76 | -73 | -73 | -74 | -66 | -59 | -52 | 0 | 0 | 0 | 0 | **-729** |
| Concentrate Purchase Cost | US$M | 1247 | 1098 | 1110 | 1104 | 1059 | 985 | 983 | 982 | 981 | 981 | 981 | 0 | 0 | 0 | 0 | **11511** |
| Total Royalties | US$M | 59 | 84 | 78 | 92 | 84 | 69 | 68 | 68 | 49 | 35 | 21 | 0 | 0 | 0 | 0 | **707** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Growth Capital | US$M | 50 | 62 | 52 | 12 | 12 | 10 | 7 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | **208** |
| Capital Development | US$M | 191 | 134 | 109 | 48 | 28 | 19 | 15 | 13 | 8 | 4 | 1 | 0 | 0 | 0 | 0 | **569** |
| Sustaining Capital | US$M | 56 | 46 | 42 | 62 | 39 | 42 | 55 | 33 | 29 | 43 | 14 | 0 | 0 | 0 | 0 | **461** |
| **Total Capital** | US$M | 297 | 242 | 203 | 122 | 79 | 71 | 77 | 49 | 37 | 46 | 14 | 0 | 0 | 0 | 0 | **1238** |
| Unit Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C1 Cash Cost⁴ | US$M | 490 | 535 | 491 | 443 | 435 | 422 | 388 | 386 | 319 | 279 | 226 | 0 | 0 | 0 | 0 | **4415** |
| C1 Cash Cost⁴ | US$/lb Cu | 3.65 | 2.75 | 2.64 | 2.02 | 2.07 | 2.24 | 2.09 | 2.06 | 2.37 | 2.93 | 3.85 | 0.00 | 0.00 | 0.00 | 0.00 | **2.46** |
| AISC⁴ | US$M | 606 | 665 | 612 | 597 | 558 | 532 | 511 | 487 | 397 | 357 | 261 | 0 | 0 | 0 | 0 | **5583** |
| AISC⁴ | US$/lb Cu | 4.51 | 3.42 | 3.29 | 2.72 | 2.65 | 2.83 | 2.75 | 2.61 | 2.95 | 3.74 | 4.45 | 0.00 | 0.00 | 0.00 | 0.00 | **3.11** |
| Cash Flow |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Free Cash Flow (pre-tax)<sup>9</sup> | US$M | -109 | 196 | 227 | 552 | 524 | 381 | 403 | 441 | 281 | 130 | 29 | -19 | -15 | -0.5 | -1.5 | **3020** |
| Free Cash Flow (post-tax)<sup>9</sup> | US$M | -135 | 135 | 173 | 466 | 451 | 331 | 351 | 335 | 221 | 105 | 29 | -19 | -15 | 0 | 0 | **2425** |

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Source: AMC, 2026. Notes:

 

<sup>1</sup> C1 Cash Cost includes direct mining, processing, site G&A, and smelter and refinery operating costs, net of by-product credits (acid and cobalt). The incremental smelter margin from third-party concentrate processing is excluded. TC/RC and freight are added back to derive an approximate cost of finished metal.

<sup>2</sup> C1 Cash Cost per payable pound is calculated as total C1 cash costs divided by payable copper pounds produced during the period.

<sup>3</sup> AISC is defined as C1 Cash Cost plus sustaining capital expenditure, and royalties. AISC is a non-GAAP measure presented for illustrative purposes and is reconciled to the operating and capital cost estimates in Section 18.

<sup>4</sup> AISC ($/lb. payable Cu) = (C1 cash costs + sustaining CAPEX + royalties) ÷ payable copper pounds produced. AISC is a non-GAAP measure presented for illustrative purposes; reconciled in Section 18.

<sup>5</sup> Comprises Tailings reclamation from TD03 and TD04 only.

<sup>6</sup> Gross Copper Revenue represents payable copper revenue associated with KCM and Nchanga TLP.

<sup>7</sup> Smelter and By-Product Credits comprise cobalt and sulfuric acid revenue.

<sup>8</sup> Figures in this table may not sum to totals shown due to rounding.

<sup>9</sup> Pre-tax free cash flow includes closure costs of US$133M. Cash taxes (US$595M) and post-tax free cash flow (US$2,425M) are presented in Table 1.6 and Section 22.5.

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19.4 Sensitivity analysis

A sensitivity analysis on the post-tax NPV₈% was undertaken on copper price, cobalt price, operating costs and capital costs. The results are summarised in Figure 19.6 and Table 19.5. The project is most sensitive to changes in copper prices and operating costs.

Figure 19.6 Sensitivity analysis graph – Mineral Reserve

![](ctm005_ex96-2img85.jpg)

Source: AMC, 2026.

Table 19.5 Sensitivity analysis table – Mineral Reserve

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **80%** | **90%** | **100%** | **110%** | **120%** |
| Cu Price (NPV US$M) | 626 | 1107 | 1588 | 2069 | 2550 |
| Co Price (NPV US$M) | 1577 | 1582 | 1588 | 1594 | 1600 |
| OPEX (NPV US$M) | 2079 | 1833 | 1588 | 1342 | 1098 |
| CAPEX (NPV US$M) | 1730 | 1660 | 1588 | 1517 | 1446 |

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20 Adjacent properties

Properties within the immediate vicinity of the KCM license area, at different Copperbelt towns, that are engaged in the extraction of copper are listed in Table 20.1.

The descriptions provided here are based on publicly available information disclosed by the respective owners. The Qualified Person is unable to verify the information presented, and it is not necessarily indicative of the mineralisation, geological characteristics, or economic potential of the KCM properties that are the subject of this TRS.

Table 20.1 Summary of adjacent properties

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property** | **Owner / Operator** | **Location** | **Commodity** | **Status** | **Adjacent KCM License** |
| Lubambe Mine | EMR Capital / ZCCM-IH | Chililabombwe | Cu | Operating (UG) | 7076-HQ-LML |
| Mingomba Project | KoBold Metals / ZCCM-IH | Chililabombwe | Cu | Exploration | 7076-HQ-LML |
| Mimbula Project | Moxico Resources | Chingola | Cu | Operating (OP) | 7075-HQ-LML |
| Mopani Nkana Complex | ZCCM-IH (100%) | Kitwe | Cu, Co | Operating (UG) | 20945-HQ-MPL |

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Note: UG = underground, OP = open pit. Ownership and status based on publicly available information as of 1 April 2026.

20.1 Chililabombwe area

The Konkola mining license (7076-HQ-LML) is bordered to the north by the Lubambe Mine and the KoBold Mingomba exploration project, as shown in Figure 20.1.

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Figure 20.1 Konkola deposit and surrounding properties

![](ctm005_ex96-2img86.jpg)

Source: PorterGeo.

20.1.1 Lubambe Copper Mine

The Lubambe Copper Mine is an underground operation situated on a tenement area of approximately 58.1 km² within the Konkola–Musoshi Basin. The deposit is hosted within the same Copperbelt Orebody Member (Ore Shale) that hosts the Konkola deposit, reflecting geological continuity of the Lower Roan sedimentary sequence across the basin. Mineralisation has a global mean grade of approximately 1.95% TCu with orebody thickness ranging from 2.0 to 6.0 m across a strike length of approximately 5 km. The mine produces a high-grade concentrate averaging 40% Cu, sold under offtake agreements to smelters in Zambia. (Lubambe Copper Mine website, <u>https://lubambe.com/</u>, 6 March 2026).

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20.1.2 Mingomba Project

The Mingomba Project is being developed by KoBold Metals in partnership with ZCCM-IH on a license area adjacent to the northern boundary of the Konkola license. The project is at the exploration stage, with approximately 120,000 m of drilling completed over 17 months as of the date of the public disclosure referenced below. According to KoBold's public disclosures, the company has stated an aspiration for production capacity of 300,000 tonnes per annum of copper in concentrates, with an anticipated investment of approximately US$2.3 billion. The project has not advanced to a feasibility study and no Mineral Resource or Mineral Reserve has been publicly reported under S-K 1300 or any equivalent standard. However construction and shaft sinking has commenced. (KoBold Metals website, <u>https://koboldmetals.com/mingomba/,1</u> April 2026).

20.2 Chingola area

20.2.1 Mimbula Copper Project

The Mimbula Copper Project is operated by Moxico Resources Plc on mining licenses adjacent to the Nchanga license (7075-HQ-LML) in the Chingola area. Moxico's portfolio includes three mining licenses within the Chingola cluster: Mimbula (21816-HQ-LML, 92.5% owned), Luano OB18 (8514-HQ-SML, 92.5% owned), and Zuka (8440-HQ-SML, 100% owned). The deposit is hosted within the Lower Roan Group, the same stratigraphic sequence that hosts the Nchanga mineralisation.

The Mimbula Copper Project is Moxico's first producing asset. Phase 1 operations commenced in December 2022, producing approximately 10,000 tonnes of copper cathode per annum via a heap leach and SX/EW process. Mimbula Phase 2 expansion consisting of additional SX capacity is due for completion in early 2026, <u>(https://www.moxicoresources.com/projects/republic-of-zambia/operations)</u>, Mimbula website, 1 April 2026).

20.3 Kitwe area

20.3.1 Mopani Copper Mines – Nkana Complex

The Mopani Nkana mining complex is situated immediately adjacent to the KCM Nkana Refinery license (20945-HQ-MPL) in Kitwe. In January 2021, Glencore transferred its 73.1% equity interest in Mopani Copper Mines Plc to ZCCM-IH, making Mopani a wholly state-owned operation. In 2024 Delta Mining Limited (a subsidiary of International Resources Holdings Plc of the United Arib Emirates) acquired a 51 percent shareholding from ZCCM-IH.

The Nkana complex comprises several underground mine sections, including the South Ore Body, Central Shaft, and Synclinorium shaft complexes to the south, and the Mindolo Deep Mine to the northwest.

Processing infrastructure includes the New Nkana Synclinorium Concentrator commissioned in March 2022, Mufilira ISA Smelter, and Refinery. and a cobalt plant (currently decommissioned).

The Nkana deposits are hosted within the Mine Series of the Lower Roan Group, the same broad stratigraphic sequence that characterises copper–cobalt mineralisation across the Zambian Copperbelt. The complex has been in continuous operation since the 1930s and produces copper in concentrates. (Mopani Copper Mines Plc, <u>https://mopani.com.zm/</u>, 1 April 2026).

20.4 Qualified Person's statement on adjacent properties

The Qualified Person is not aware of any material information regarding the adjacent properties described above that would affect the Mineral Resource or Mineral Reserve estimates, or the conclusions, of this TRS. The geological continuity between certain adjacent deposits and the KCM properties is noted for context only and does not imply that the characteristics of adjacent properties are indicative of those within the KCM license areas.

All adjacent properties described in this section are independently owned and operated. There are no current joint ventures, cooperative development agreements, or shared infrastructure arrangements between KCM and the owners of these adjacent properties, other than the processing of third-party purchased concentrates through the Nchanga Smelter under arm's-length commercial terms (refer to Section 19).

All information presented in this section is derived from publicly available sources as cited and has not been independently verified by the Qualified Person.

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21 Other relevant data and information

This section presents information on potential expansion opportunities that are not included in the Mineral Reserve economic analysis presented in this report.

The Konkola deposit hosts a substantial Inferred Mineral Resource, as reported in the KCM Technical Report Summary – Initial Assessment, which provides a foundation for potential future expansion of the KCM operations.

Conceptual assessments have been undertaken to evaluate the conditions required to increase copper production at the Konkola Mine and to expand the processing and smelting capacity at the Nchanga complex. These assessments are based on Inferred Mineral Resources, which do not have demonstrated economic viability, and are evaluated in the separate Initial Assessment Technical Report Summary filed concurrently with this PFS.

No production targets, capital estimates, or economic analyses associated with these expansion opportunities have been included in the Mineral Reserve mine plan, production schedule, or economic analysis presented in this report.

This section presents information on potential expansion opportunities that are not included in the Mineral Reserve economic analysis. These opportunities are based on Inferred Mineral Resources and conceptual studies that require further work to demonstrate technical and economic viability. The KCM Mineral Resource base includes a significant proportion of Inferred Mineral Resources, as reported in Section 11. The economic potential of the full Mineral Resource, including Inferred Mineral Resources, is evaluated in the separate Initial Assessment Technical Report Summary: KCM Integrated Operations (AMC Consultants, effective 1 April 2026), filed concurrently with this PFS. The reader is directed to the IA TRS for details on exploration upside, conceptual expansion opportunities, and the full resource economic assessment.

No Inferred Mineral Resources, production targets, capital estimates, or economic analyses associated with expansion opportunities have been included in the Mineral Reserve mine plan, production schedule, or economic analysis presented in this PFS. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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22 Interpretation and conclusions

22.1 Mineral Resource data

There is limited sample preparation or analytical QAQC data for historical samples. The QP notes that no twin hole drilling has been conducted to confirm the accuracy of historical data. However, historical and modern drilling are intermingled geographically, and at no time have recent drillholes provided results outside the values or range indicated by historic drilling.

The QP notes that as mining progresses, there is reduced reliance on historical data.

Modern and recent sample preparation, security, and analytical procedures are appropriate. The QP is of the opinion that QAQC protocols should be conducted on all drillholes to ensure improved accuracy and precision.

The Konkola Mineral Resource was classified into Measured, Indicated, and Inferred categories reflecting geological uncertainty and risk in the estimate. Sources of risk and uncertainty are discussed in Section 11.2 and include reduced precision of estimates relying on historic drilling and sampling data, reduced geological confidence in deeper regions distant from mining activities, and material estimation uncertainty for the more distal Inferred blocks, as grade interpolation in these areas is less well-constrained by the available data.

22.2 Mineral Reserves

The Konkola Mineral Reserve estimate is based on the mine plan and adjusted mining methods and systems described in this report. The required capital investment and project development milestones are clearly outlined and form the basis of the Mineral Reserve mine plan that underpins the economic analysis in this report. These factors combined to comprise the modifying factors applied to the Mineral Resource to estimate Mineral Reserves.

Mineral Reserves have been derived exclusively from Measured and Indicated Mineral Resources. As of the effective date, approximately 97% of the Konkola Mineral Resource (exclusive of Reserves) is classified as Inferred, which under S-K 1300 cannot be converted to Mineral Reserves. No Inferred Mineral Resources have been included in the Mineral Reserve estimate; any Inferred material falling within mine designs has been treated as waste and assigned zero grade. The QP considers that the planned infill drilling program (Section 23.1.1), which targets conversion of Inferred Resources to Indicated, has the potential to materially increase future Mineral Reserve estimates, subject to the application of applicable modifying factors including mine design, economic parameters, and metallurgical recovery. The rate and extent of such conversion will depend on drilling results, geological continuity, and the degree to which infill data confirms the assumptions underlying the current Mineral Resource model.

The Mineral Reserve estimate for TD03 and TD04 is based on the Mineral Resource estimate and the application of modifying factors demonstrated by the current continuing operation of tailings reclamation and processing.

In the opinion of the QP, the Mineral Reserves are subject to the type of risks that are common to underground mining operations and may be materially affected by the following risk factors:

· Changes in realised metal prices from what was assumed.

· Changes to the mining costs, processing and G&A costs used to calculate the cut-off value.

· Changes in local interpretation of mineralisation geometry or modelled continuity of mineralised zones.

· Changes to geotechnical or hydrogeological design assumptions resulting in schedule delays, increased
dilution, or reduced mining recoveries.

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· Changes to metallurgical recoveries.

· Changes in the long-term assumptions relating to product payability, marketability, and penalty terms.

· Assumptions as to the continued ability to access the site, retain mineral tenure, obtain required environmental,
mining, and other regulatory permits, and maintain a social license to operate.

· Execution of the of the mine plan, particularly a ramp up in waste development required to dewater the
orebody prior to mining.

22.3 Mining and infrastructure

The mining approach described in this report projects a substantial improvement in mining performance at the Konkola Mine. This improvement requires the engagement of mining contractors who possess the capability to deliver safe, reliable, and effective mining practices that compare with the top tier of the international mining industry.

This mining performance improvement also requires that KCM invest in providing the infrastructure to support world-class mining performance. This infrastructure investment includes development access, shafts and materials handling infrastructure, substantial dewatering capacity, paste fill, ventilation, and power reticulation systems. Compliance to the waste mining schedule and subsequent dewatering of the orebody are critical to ensure ramp up targets are achieved. The timely and effective installation of the 1390 level pumping infrastructure is critical to achieving the required dewatering rates that underpin the production forecasts for Konkola Mine, particularly to Bancroft mining areas. The Bancroft mining areas are critical to future ramp up plans.

22.4 Processing and recovery methods

The processing facilities at KCM have the potential to generate substantial value for the business. The recent period of restricted cash flow and investment has left most facilities in need of maintenance and upgrade to produce reliable performance. KCM has studied, reviewed, and understands the necessary investment required to improve these facilities.

22.5 Project economics

The economic analysis for the Mineral Reserve case has identified substantial potential value to be generated from the KCM Integrated Operations, comprising the Konkola Mine, the Nchanga TLP processing material from TD03 and TD04, and the Nchanga Smelter. This value is dependent on the adequate and timely investment of capital funds into the operation to establish mining and processing systems that can reliably deliver the inherent value in the deposit.

The Mineral Reserve case demonstrates a positive economic outcome with a post-tax net present value at a discount rate of 8% per year (NPV₈%) of US$1,588M (pre-tax US$1,998M).

The payback period is approximately 2.0 years, calculated on a post-tax basis as the time required for cumulative undiscounted recovery cashflow to equal initial capital investment (growth capital and capitalised mining development), with sustaining capital, closure costs, and Zambian corporate income tax netted into recovery cashflow as ongoing operating obligations of the producing brownfield asset.

22.6 Effective date and subsequent events

The effective date of the Mineral Reserve estimates is 1 April 2026.

The QP confirms, based on a review of production records and mine planning data, that no material changes to the underlying geological model, grade estimates, resource classification, or economic assumptions have occurred since the effective date. There have been no changes from the effective date of the TRS that would materially disaffirm or otherwise change any aspect of the TRS or require the filing of a new TRS in accordance with Regulation S-K.

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23 Recommendations

Based on the findings of this PFS, the QP recommends the following work programs to advance the KCM Integrated Operations toward a Feasibility Study and to support future investment and funding processes.

23.1 Mineral Resource and geological recommendations

23.1.1 Resource infill and extension drilling

A structured drilling program is recommended to increase geological confidence and upgrade the Mineral Resource classification at Konkola Mine. The program comprises four phases:

**Phase 1 – Measured Resource Definition (Years 1–5 Production)**

· Objective: Achieve Measured classification for the first five years of production.

· Method: Underground and surface directional drilling at 60 m spacing.

· Estimated cost: US$3.0M.

· Duration: 12 months.

**Phase 2 – Indicated Resource Expansion (Years 6–15 Production)**

· Objective: Convert Inferred to Indicated Mineral Resources for an additional ten years of production.

· Method: Combination of surface directional and vertical drilling.

· Estimated cost: US$5.0M.

· Duration: 18 months.

**Phase 3 – Inferred Resource Confidence**

· Objective: Enhance confidence in the Inferred Mineral Resource through reduced drillhole spacing.

· Method: Infill drilling targeting areas of higher geological uncertainty.

· Estimated cost: US$2.0M.

· Duration: 12 months.

**Phase 4 – Resource Extension**

· Objective: Test for mineralisation extensions within the lease boundary.

· Method: Limited surface drillholes with average depth of 1,500 m.

· Estimated cost: US$1.5M.

· Duration: 12 months.

23.1.2 QAQC and data management

· Update standard operating procedures for sample preparation and analysis.

· Implement comprehensive QAQC protocols on all future drillholes.

· Undertake batch-by-batch review of all QAQC.

· Generate master QAQC reports and Mineral Resource statement reports.

· Prepare documentation for external audit of Mineral Resource estimates.

· Estimated cost: US$0.3M.

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23.2 Mining recommendations

23.2.1 Konkola Mine

· Complete detailed mine design and scheduling to Feasibility Study level.

· Finalise contractor engagement strategy for underground mining operations.

· Complete geotechnical studies to confirm stope designs and ground support requirements.

· Advance dewatering infrastructure design, particularly the 1390 level pumping system.

· Complete paste fill plant detailed engineering.

· Estimated cost: US$2.0M.

23.2.2 TD03 AND TD04 tailings reclamation

· Continue ongoing tailings characterisation to refine recovery estimates.

· Optimise hydro sluicing operations based on current performance data.

· Estimated cost: US$0.2M.

23.3 Processing and metallurgical recommendations

23.3.1 Konkola Concentrator

· Complete Concentrator Stream 2 refurbishment to restore baseplate capacity.

· Conduct variability test work on ore from different mining areas.

· Estimated cost: US$0.5M (test work only; refurbishment capital included in economic analysis).

23.3.2 Nchanga TLP

· Complete detailed engineering for the elevated temperature leaching upgrade.

· Conduct confirmatory test work on TD03 AND TD04 material to verify recovery assumptions.

· Completion of a prefeasibility-level study for TLP 2 and TD05 reclamation to advance the M&I portion
of TD05 toward Mineral Reserve estimation.

· Estimated cost: US$0.3M.

23.4 Infrastructure recommendations

· Complete detailed engineering for ventilation upgrades.

· Finalise power supply arrangements with ZESCO.

· Advance dewatering system detailed design.

· Complete closure cost estimate update.

· Estimated cost: US$0.5M.

23.5 Economic and commercial recommendations

· Secure third-party concentrate supply agreements beyond 2026 to fill smelter capacity.

· Complete Feasibility Study on the KCM Integrated Operations to support future investment and funding processes.

· Update economic model with results from recommended studies.

· Estimated cost: US$1.0M (Feasibility Study).

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23.6 Summary of recommended work program

Table 23.1 Recommended work program

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| | | |
|:---|:---|:---|
| **Work program** | **Estimated Cost (US$M)** | **Duration** |
| Phase 1 Drilling – Measured Resource | 3 | 12 months |
| Phase 2 Drilling – Indicated Resource | 5 | 18 months |
| Phase 3 Drilling – Inferred Confidence | 2 | 12 months |
| Phase 4 Drilling – Resource Extension | 1.5 | 12 months |
| QAQC and Data Management | 0.3 | 6 months |
| Mining Studies (Konkola Mine) | 2 | 12 months |
| Mining Studies (TD03 AND TD04) | 0.2 | 6 months |
| TLP 2 / TD05 prefeasibility study | 1.5 | 6 months |
| Processing and Metallurgical Studies | 0.8 | 12 months |
| Infrastructure Studies | 0.5 | 12 months |
| Feasibility Study and Commercial | 1 | 18 months |
| **Total** | **17.8** | **18–24 months** |

---

The QP recommends that these work programs be undertaken to advance the project to Feasibility Study level and to reduce the risks and uncertainties identified in this PFS.

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24 References

24.1 List of references

The following references were consulted in the preparation of this TRS:

· AMC Consultants, 2026. Internal technical reports and memoranda.

· KCM, 2025. Geological and production data, site documentation.

· Selley, D., et al. (2005). A new look at the geology of the Zambian Copperbelt. Society of Economic Geologists,
100th Anniversary Volume.

· Wendorff, M. (2011). Tectonosedimentary expressions of the evolution of the Fungurume foreland basin in
the Lufilian Arc. Geological Society of London Special Publications, 357, 69-83.

· WSP, 2018. Groundwater Model Calibration and Hydrogeological Conceptual Model Reports.

The sources of data and information used in the preparation of this TRS are presented in Table 24.1.

Table 24.1 TRS data and information sources

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Source** | **Date** | **File type** | **Title** |
| Mineral Resources | KCM | 2025 | pdf | KMRL Resource Reporting Procedure 2025 |
| Mineral Resources | KCM | 2024 | pdf | Geology of the Konkola Mine Area |
| Mineral Resources | KCM | 2025 | docx | Konkola Geological and Resource model update-v8 |
| Mineral Resources | KCM | 2016 | pdf | SRK Review of the update of the Konkola Mine resource model |
| Mineral Resources | KCM | 2019 | pdf | Appendix B - Drilling grid optimisation - Konkola Mine |
| Mineral Resources | KCM | 2000 | doc | KCM TD03_TD04 model November 2000 |
| Mineral Resources | AMC | 2025 | pdf | 0424061 Konkola KDMP Exploration Strategy Report |
| Mineral Processing | KCM | 2023 | pdf | Konkola Concentrator Flow Sheet |
| Mineral Processing | KCM | 2023 | xlsx | Historical Production Numbers |
| Mineral Processing | KCM | 2023 | xlsx | Historical Performance 042024 |
| Mineral Processing | Hatch | 2024 | pdf | Nchanga TLP Start-up Plan Review |
| Mineral Processing | Hatch | 2024 | pdf | Concentrator Report |
| Smelter | KCM | 2023 | xlsx | Historical Nchanga Smelter Production Performance and Plant Capacity |
| Smelter | KCM | 2023 | docx | Smelter Process Flow Chart |
| Refinery | KCM | 2024 | ppt | Nkana Refinery Process flow Sheet - December 2024 |
| Hydrology | WSP | 2018 | pdf | Groundwater Model Calibration Update Report |
| Hydrology | WSP | 2018 | pdf | Hydrogeological Conceptual Model Report |
| Hydrology | KCM | 2024 | xlsx | Dewatering Crosscut Flows 2023-2024 |
| Environmental and Social | IBIS | 2024 | pdf | IBIS_KCM E&S Review Report_ |
| Life-of-Mine Plan | AMC | 2025 | pdf | 0423014 KCM LoM Report_29 August 2025 |
| Mine Designs | AMC | 2026 | Deswik | 042014 KCM Schedule_Master_v4.9.9 (1350L 2yr pause)_0I_v2 |
| Mine Designs | KCM | 2022 | pdf | Scheduling Parameters-KBU |
| Cost and Cashflow | AMC | 2026 | xlsx | Full_KCM Cost Model_300Ktpa_V30_EndApril2026_COMBINED _CASE |

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24.2 Units of measurement and abbreviations

24.2.1 Units of measurement

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| | |
|:---|:---|
| **Unit** | **Description** |
| % | percent |
| °C | degrees Celsius |
| g | gram |
| g/t | grams per tonne |
| ha | hectare |
| kg | kilogram |
| km | kilometer |
| kt | kilotonne (1,000 tonnes) |
| ktpa | kilotonnes per annum |
| kW | kilowatt |
| L | liter |
| m | meter |
| m² | square meter |
| m³ | cubic meter |
| m³/s | cubic meters per second |
| mm | millimeter |
| Mt | million tonnes |
| MW | megawatt |
| t | metric tonne |
| t/m³ | tonnes per cubic meter |
| tpa | tonnes per annum |
| tpm | tonnes per month |

---

24.2.2 Abbreviations

---

| | |
|:---|:---|
| **Abbreviation** | **Description** |
| AISC | All-in Sustaining Cost |
| AMC | AMC Consultants Pty Ltd |
| ASCu | Acid Soluble Copper |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| Cu | Copper |
| Co | Cobalt |
| DRC | Democratic Republic of the Congo |
| E&S | Environmental and Social |
| EIA | Environmental Impact Assessment |
| FS | Feasibility Study |
| FY | Fiscal Year |
| HoV | Hierarchy of Value |
| IA | Initial Assessment |
| KCM | Konkola Copper Mines PLC |
| KDMP | Konkola Deeps Mining Project |
| LOM | Life of Mine |
| M&I | Measured and Indicated |
| mRL | meters Relative Level |
| NPV | Net Present Value |

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| NSR | Net Smelter Return |
| PFS | Preliminary Feasibility Study |
| QAQC | Quality Assurance / Quality Control |
| QP | Qualified Person |
| ROM | Run of Mine |
| S-K 1300 | Subpart 1300 of Regulation S-K |
| SEC | U.S. Securities and Exchange Commission |
| SG | Specific Gravity |
| TCu | Total Copper |
| TD03 | Tailings Dam 03 |
| TD04 | Tailings Dam 04 |
| TRS | Technical Report Summary |
| TSF | Tailings storage facility |
| UG | Underground |
| US$ | United States Dollar |
| US$M | United States Dollar (millions) |
| ZESCO | Zambia Electricity Supply Corporation |

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25 Reliance on information provided by the Registrant

In accordance with S-K Item 601(b)(96)(iii)(B)(25), this section: (i) identifies the categories of information provided by the Registrant upon which the QPs have relied; (ii) identifies the portions of this TRS prepared in reliance on such information; and (iii) explains why the QPs consider such reliance to be reasonable.

The QPs have relied on information provided by KCM, the Registrant, for various aspects of the KCM Integrated Operations. The QPs have not independently verified all information but have exercised professional judgment.

KCM staff provided the information openly and transparently during the preparation of this TRS. The QPs note that any material inaccuracies in the provided information could affect the reliability of this TRS.

The specific areas of reliance are as follows:

25.1 Legal matters

The QPs have not independently reviewed ownership of the KCM properties, underlying mineral tenure, surface rights, or permit conditions. Reliance is placed on representations provided by KCM.

 ****

***Relevant Sections: 3, 16, and 17.***

The QPs consider this reliance reasonable because verification of legal title, mineral tenure, and permit conditions require legal expertise and access to official registries that are outside the technical scope of the QPs.

25.2 Environmental Management and Community Engagement

25.2.1 Environmental and community matters

The QPs have reviewed existing environmental and community matters and engaged with the Registrant to confirm understanding of the status of these matters at the time of review. The Registrant has provided, and the QPs have relied upon, information regarding the status and outlook for environmental impact assessments, closure plans, closure cost estimates, environmental bonds and liabilities, community impact and engagement, and related permitting.

 ****

***Relevant Sections: 17.***

The QPs consider this reliance reasonable because the Registrant has direct responsibility for environmental management and community engagement and has provided supporting documentation from qualified environmental specialists.

25.2.2 Tailings storage facility facilities

The Registrant has provided representations, independent expert reports, and plans for ongoing management of all active and dormant TSFs, confirming compliance with required standards. The QPs have relied on information and assurance provided by KCM and several specialists employed by KCM regarding the monitoring and stability assessment of the TSFs at the KCM operations.

 ****

***Relevant Sections: 3, 12, 13, and 17.***

The QPs consider this reliance reasonable because the Registrant has engaged independent specialists to assess TSF stability and compliance, and the QPs have reviewed the findings of these assessments.

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| **S-K 1300 TRS: KCM Integrated Operations (PFS)**<br>Konkola Copper Mines Plc | 424076 |

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25.3 Economic assumptions

25.3.1 Macroeconomic assumptions

The QPs have relied on macroeconomic assumptions provided by the Registrant and third-party sources, including foreign exchange rates, inflation rates, and discount rates used in the economic analysis. The copper and cobalt price forecasts are based on consensus pricing data from independent analyst forecasts (March 2026) as disclosed in Section 19.

 ****

***Relevant Sections: 18 and 19.***

The QPs consider this reliance reasonable because macroeconomic forecasting is outside the technical expertise of the QPs, and the assumptions used are derived from reputable third-party sources and are consistent with industry practice for preliminary feasibility studies.

25.3.2 Market information

The QPs have relied on information provided by the Registrant regarding market and pricing assumptions for the sale of copper products and the purchase of third-party concentrates.

 ****

***Relevant Sections: 16 and 19.***

The QPs consider this reliance reasonable because marketing arrangements and commercial terms for product sales are within the control of and negotiated by the Registrant.

25.4 Community accommodations

The QPs have relied on information provided by the Registrant regarding commitments and plans to provide accommodation to local individuals and communities in connection with the mine plan, including resettlement programs, community development agreements, and stakeholder engagement activities.

 ****

***Relevant Sections: 3 and 17.***

The QPs consider this reliance reasonable because community relations and social commitments are within the control of and managed by the Registrant.

25.5 Governmental Factors

The QPs have relied on information provided by the Registrant regarding governmental factors outside the expertise of the QPs, including the status and interpretation of mining legislation, regulatory approvals, and licence terms in the Republic of Zambia; the applicable mineral royalty structure and rates; the corporate income tax rate, the capital-allowance regime applied for tax depreciation purposes, and the tax loss carry-forward provisions under the Zambian Income Tax Act; the opening tax loss balance as at 31 March 2026 and its apportionment by year of incurrence; and the applicability to KCM of recent and prospective Zambian fiscal measures, including the Minimum Alternative Tax introduced under the Income Tax (Amendment) Act No. 10 of 2025.

 ****

***Relevant Sections: 3, 12, 16, 17, and 19.***

The QPs consider this reliance reasonable because interpretation of Zambian mining law, government policy, and fiscal regulations, and the determination of historical tax loss balances, requires local legal, accounting, and regulatory expertise that is outside the technical scope of the QPs.

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**Our offices**

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| | |
|:---|:---|
| **Australia** |  |
| **Adelaide**<br> Level 2, 12 Pirie Street<br> Adelaide SA 5000 Australia<br>T +61 8 8201 1800<br> E adelaide@amcconsultants.com | **Brisbane**<br> Level 15, 100 Creek Street<br> Brisbane Qld 4000 Australia<br>T +61 7 3230 9000<br> E brisbane@amcconsultants.com |
| **Melbourne**<br> Level 12, 477 Collins Street<br> Melbourne Vic 3000 Australia<br>T +61 3 8601 3300<br> E melbourne@amcconsultants.com | **Perth**<br> Level 3, 1100 Hay Street<br> West Perth WA 6005 Australia<br>T +61 8 6330 1100<br> E perth@amcconsultants.com |
| **Canada** |  |
| **Toronto**<br> 140 Yonge Street, Suite 200<br> Toronto ON M5C 1X6 Canada<br>T +1 647 953 9730<br> E toronto@amcconsultants.com | **Vancouver**<br> 200 Granville Street, Suite 202<br> Vancouver BC V6C 1S4 Canada<br>T +1 604 669 0044<br> E vancouver@amcconsultants.com |
| **South Africa** |  |
| **Cape Town**<br> First Floor, Willowbridge Centre<br> Carl Cronje Drive<br> Cape Town 7530 South Africa<br>T +27 720 833 231<br> E capetown@amcconsultants.com | **Centurion**<br> Ground Floor (G05), Building 14, Block B<br> Byls Bridge Office Park<br> Corner of Olievenhoutbosch and Jean Ave<br> Centurion 0157 South Africa<br>T +27 720 833 231<br> E capetown@amcconsultants.com |
| **United Kingdom** |  |
| **Reading**<br> Registered in England and Wales<br> Company No. 3688365<br> Office 336a, Davidson House<br> Forbury Square<br> Reading, Berkshire RG1 3EU United Kingdom<br>T +44 1628 778 256<br> E unitedkingdom@amcconsultants.com<br>Registered Office:<br> Kinetic Centre<br> Theobald Street<br> Elstree<br> Hertfordshire WD6 4PG United Kingdom |  |

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amcconsultants.com

## Exhibit 99.1

**Exhibit 99.1**

**Consent to be Named as a Director Nominee**

In connection with the filing by CopperTech Metals Inc. of the Registration Statement on Form S-l with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors by CopperTech Metals Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: March 12, 2026

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| |
|:---|
| /s/ Moses Banda |
| Moses Banda |

---

## Exhibit 99.2

**Exhibit 99.2**

**Consent to be Named as a Director Nominee**

In connection with the filing by CopperTech Metals Inc. of the Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors by CopperTech Metals Inc. Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: March 13, 2026

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| |
|:---|
| /s/ Upendra Kumar Sinha |
| Upendra Kumar Sinha |

---

## Exhibit 99.3

**Exhibit 99.3**

**Consent to be Named as a Director Nominee**

In connection with the filing by CopperTech Metals Inc. of the Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors by CopperTech Metals Inc. Inc. in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

Dated: March 25, 2026

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| |
|:---|
| /s/ Rishi Sethia |
| Rishi Sethia |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CopperTech Metals Inc.**  |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common stock, $0.01 par value per share | 457(o) | $100000000.00 | 0.0001381 | $13810.00 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $100000000.00  |  | $13810.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $13810.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase to cover over-allotments, if any. (2) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---